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<br />8 <br />respectively, the provider must, at the direction of the City, the Authority or the Trustee, within <br />10 days of receipt of such direction, repay the principal of and accrued but unpaid interest on <br />the investment, in either case with no penalty or premium to the Authority; (3) in the event that <br />the provider shall default in its payment obligations, the provider’s obligations under the <br />investment agreement shall, at the direction of the City, the Authority or the Trustee, be <br />accelerated and, amounts invested and accrued but unpaid interest thereon shall be repaid to <br />the Authority or the Trustee, as appropriate; and (4) should the provider become insolvent, not <br />pay its debts as they become due, be declared or petition to be declared bankrupt, etc. (“event <br />of insolvency”), the provider’s obligations shall automatically be accelerated and amounts <br />invested and accrued but unpaid interest thereon shall be repaid to the Authority or the Trustee, <br />as appropriate. For purposes of this definition, a rating category includes any rating with the <br />same letter, regardless of the modifier. For purposes of illustration, “A”, “A+” and “A-“ are in the <br />“A” rating category. <br /> <br />7. Commercial paper rated, at the time of purchase, “Prime -1” by Moody’s and <br />“A¬1” or better by S&P. <br /> <br />8. Bonds or notes issued by any state or municipality which are rated by Moody’s <br />and S&P in one of the two highest rating categories assigned by such agencies. <br /> <br />9. Federal funds or bankers acceptances with a maximum term of one year of any <br />bank which has an unsecured, uninsured and unguaranteed obligation rating of “Prime -1” or <br />“A3” or better by Moody’s and “A-1+” by S&P. <br /> <br />10. Repurchase agreements for 30 days or less must provide for the transfer of <br />securities from a dealer bank or securities firm (seller/borrower) to the Trustee (buyer/lender), <br />and the transfer of cash from the Trustee to the dealer bank or securities firm with an agreement <br />that the dealer bank or securities firm will repay the cash plus a yield to the Trustee in exchange <br />for the securities at a specified date. <br /> <br />11. Medium-term Notes: Corporate notes issued by corporations organized and <br />operating within the United States with a rating of “AAA” or higher at the time of purchase by a <br />nationally recognized rating service and with a maximum remaining maturity of no more than <br />three (3) years after the date of purchase. <br /> <br />12. The Local Agency Investment Fund created pursuant to Section 16429.1 of the <br />California Government Code, to the extent the Trustee is authorized to register such investment <br />in its name. <br /> <br />13. The San Mateo County Pooled Investment Fund. <br /> <br />14. Investment Trust of California, doing business as CalTRUST. <br /> <br />15. Shares in a California common law trust established pursuant to Title 1, Division <br />7, Chapter 5 of the Government Code of the State of California which invests exclusively in <br />investments permitted by Section 53601 of Title 5, Division 2, Chapter 4 of the Government <br />Code of California, as it may be amended. <br /> <br />“Payment Account” means the account of that name established by the Trustee pursuant <br />to Section 3.04 hereof. <br /> <br />8.C. - Page 119