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(unless such agent is obligated under the repurchase <br /> agreement) or a third party which is a Federal Reserve Bank <br /> or a commercial bank with capital surplus and undivided <br /> profits of not less than $50 million; <br /> B. a perfected security interest in favor of the City <br /> in the securities has been created under the Uniform <br /> Commercial Code or pursuant to the book entry procedures <br /> described in 31 C. F.R. 306 . 1 et seq. or 31 C. F.R. 350 . 0 et <br /> seq. ; and <br /> C. the securities on the date of execution of the <br /> repurchase agreement have a value of at least 100% of the <br /> amount of the repurchase obligation, including both <br /> principal and interest; provided, (a) the repurchase <br /> agreement has a term to maturity of thirty days or less, or <br /> (b) throughout the term of the repurchase agreement the <br /> securities have a fair market value equal to at least 100% <br /> of the amount of the repurchase obligation; <br /> and (9) an investment agreement approved by the Bond Insurer with <br /> (i) an insurance company whose unsecured obligations are rated <br /> Aaa by Moody' s and AAA by S&P, respectively, or (ii) which is the <br /> lead bank of a bank holding company whose unsecured obligations <br /> are rated Aa-2 or better by Moody' s and AA or better by S&P, <br /> provided that (x) such agreement shall provide that it is not <br /> subordinated to any other obligations of such insurance company <br /> or banking institution, and (y) the City shall receive an Opinion <br /> 11 FWW003.DOC 92/09/21 <br />