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including obligations of any of the federal agencies set forth in clause (b) below to the extent unconditionally guaranteed by the United Stutes of America; (b) obligations of the Federal National Mortgage Association, Government National Mortgage Association, Federal Financing Bank, Federal Intermediate Credit Cor~oration, Federal Danks for Cooperatives, Federal Land Oank3, Federal Home Loan Banks, Farmers Home Ad1ninistration and Federal Home Loan Mortgage Association, (c} direct and general obligations of any state of the United States of l\merica, to the payment of the principal of and interest on which the full faith and credit of such state is plec.lged, provided that at the time of their purchase such obliga- tions are rated in the highest. rating category by a nationally recognized bond rating agency, (d) time deposits (which may be represented by cer- tificates of deposit} in any bank or trust company (including the Trustee or any Paying Agent); provided, that such time deposits ( l} are continuously and fully insur•~<l by the Federal Deposit Insurance Corporation, or (2} do not exceed at any one time in the aggregate 10% of the total of the capital and surplus of such bank or trust company, and such bank or trust <:ompany has a com- bined capital and surplus of at least $15,000,000 (or, in the case of a bank or trust company not organized under the laws of the United States or any st.ate thereof, a combined capital and surplus of at least $1,000,000,000}, or (3} are continuously and fully secured by such securities ~s are described above in clauses (a), (b) or (c) hereof, which shall have a market value (exclusive of accrueJ interest) at all times at least equal to the principal amount of such time deposits and shall be lodged ~ith the Trustee, as custodian, by the bank or trust company issuing such time deposits, and such bank or trust company shall furnish the Trustee an undertaking satisfactory to it that the aggregate market value of all such obligations securing such time deposits will at all times be an amo~nt equal to the principal amount of such time c.leposits, and the Trustee shall be entitled to rely on each such undertaking; (e) prime commercial paper r<lteu A-2, P-2 0r their equivalent or hiyher by a nationally recognize,l rating agency; {f} prime finance com~any paper: ( g} banker's :1cce[)t_ances drc11,m on an.J i'l.ccept.e,l by commercial banks and certificates of deposit ii:;sued by federal