definiens: means any of the following ( a ) negotiable instruments orsecurities represented by instruments in bearer or registerea or mlUtof.-#t.y form whichevidence ( i ) obligations fully guaranteed by the United States of America ; 1ii ; time deposits in, orbankers acceptances issued by, any deposiiary institution or trust company incorporated underthe laws of the United States of America or any state thereof and subject to supervision andexamination by Federal or state banking or depositary institution authorities ; provided, however, that at the time of investment or contractual commitment to invest therein, thJcertificates ofdeposit or short - term deposits, if any, or long - term unsecured debt obligations ( other than suchobligation whose rating is based on collateral or on the credit of a person other than suchinstitution or trust company ) of such depositary institution or trust company shall have a creditrating from Moody 's and S&P of at leait A-1 ", respectively, irthe case of thecertificates of deposit or short - term deposits, or a rating not Iower thanone of the two highestinvestment categories granted by Moody 's and by sai ; ( iii ) certificates of deposit having, at thetime of investment or contractual commitment toinvesttireiein, a rating from'Moody, s and S&pof at least and A-1y;".k;frrds rated in thehighest investment category or otherwise approved in writing by the applicable rating agencies;(b ) demand deposits in - any depositary institution or trust company referred to in ( a ) ( ii ) above;(c ) commercial paper ( having original or remaining maturities of no more than 30 days ) having, at the time of investment or contractual commit - p-1A-1 ", respectively ; and ( e ) repurchase agreementsinvolving any of the Eligible Investments described in clauses f"ltil, lajliii ; and ( d ) hereof sol^ong as the other party to the repurchase agreement has at the time of investment therein, a ratingfrom Moody 's and S&p of at least,.p-1,,*d .,A-1,,, respectively