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unconJitionally guaranteed by, the United States of America, incl~Ji~J obligations of any of the federal agencies set forth in clause (o) oelow to the extent unconditionally g~aranteed by the uni~2J 5t~tes of America; (b) obligations of the Federal National Mortgage Associution, Government National Mortgage Association, Federal Financi.ag uank, Federal Intermediate Credit Corporation, Federal 3an:-;s for Cooperatives, Federal T.,and Banks, Federal !iome Loan :Jank!!, ~·.:ir:ners Home Administration and Federal Home Loan Mortgage .:\ssociution~ (c) direct and general obligations of any state of the Jnite<l States of America, to the payment of the principal of .i11ci 1.ntero?st on which the full faith and credit of such state is pl~<lgeJ; provided, that at the time of their purchase, such obliga- ~ions ~r~ rateJ in the highest rating category by a nationally r~co~nized bond rating agency: (J) time deposits (which may be represented by cer- tificates of deposit) in any bank or trust company (including the rrustae or any Paying Agent); provided, that ~uch time deposits (1) aC"e continuously and fully insured by the Federal Deposit Insurance Corporation, or (2) do not exceed at any one time in the u<J-;1re•Jate 10% of the total of the capital and surplus of such ban~ v r trust company, and such bank or trust company has a com- bineJ ~apital and surplus of at least $15,000,000 (or, in the cast.? '.lf ,1 bank or trust company not organized under the laws of the Unitatl States or any state thereof, a combined capital and surplus of at least Sl,000,000,000), or (3) are continuously and fully s~cureJ by such securities as aC"e described above in clauses (a), (b) or (cl hereof, which shall have a market value (exclusive of accrued interest) at all times at least equal to the principal amount of such time deposits and shall be Lodged with the Trustee, as custodian, by the bank or trust company issuing !lUCh time deposits, and such bank or trust company shall fuC"nish the Trustee an undertaking satisfactory to it that ~e aggregate market value of all such obligations securing such time deposits will at all times be an amount equal to the principal ;:imount ".lf !:>uch time deposits, and the 'rr-ustee shall be cmtitled to C"ely on each such undeC"taking; ( e) r,:u:isne commercial paper rated A-2, P-2 or their ey:ui•;alent or higher by a nationally recognized rating agency; (f) prime finance company papeC"; (g) banker's acceptances drawn on and accepted by comml!!rr.iul banks and certificates of <Jeposit issued by federal -6-