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behalf of the City (unless such agent is obligated under the <br /> repurchase agreement) or a third party which is a Federal <br /> Reserve Bank or a commercial bank which is a member of the <br /> Federal Deposit Insurance Corporation with capital surplus <br /> and undivided profits of not less than $50 million, and the <br /> City shall have received written confirmation from such third <br /> party that it holds such securities, free of any lien, as <br /> agent for the City; <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. ; <br /> C. the securities on the date of execution of the <br /> repurchase agreement or throughout the term of the repurchase <br /> agreement have a fair market value of at least 100% of the <br /> amount of the repurchase obligation, including both principal <br /> and interest, and the repurchase agreement has a term to <br /> maturity of thirty days or less; and <br /> D. the repurchase agreement shall mature at least ten <br /> days (or other appropriate liquidation period) prior to a <br /> debt service payment date if the funds invested in such <br /> repurchase agreement are needed to pay debt service on that <br /> date; <br /> and (9) an investment agreement approved by the Bond Insurer with <br /> (i ) an insurance company whose unsecured obligations are rated Aaa <br /> by Moody' s and AAA by S&P, respectively, or (ii ) which is the lead <br /> bank of a bank holding company whose unsecured obligations are <br /> rated Aa2 or better by Moody' s and AA or better by S&P, provided <br /> that (x) such agreement shall provide that it is not subordinated <br /> to any other obligations of such insurance company or banking <br /> institution, and (y) the City shall receive an Opinion of Counsel <br /> -9- KR180 88/01/11 <br />