Common use of AUTHORIZED INSTRUMENTS Clause in Contracts

AUTHORIZED INSTRUMENTS. Consistent with the investment criteria contained in the Participation Agreement, the Board and the Investment Advisor are authorized to invest investment property in only the following: (a) US Treasury Bonds, Bills, Notes, and Treasury Strips, (b) Obligations of an agency or instrumentality of the United States. (c) Commercial paper rated at the time of purchase within the highest two classifications established by not less than two standard rating services (i.e., as of September 18, 2009, A- 1+ and A-1 by S&P Global Ratings Service, P-1 by Xxxxx’x Investors Service, or F1+ and F1 by Fitch, Inc.) and that matures not more than 270 days after the date of purchase. (d) Bankers’ acceptances issued by FDIC member United States banks. F-2 (e) Repurchase agreements consisting of instruments listed in a subdivision (a or b) Repurchase agreements shall be 102% collateralized with Public Securities Association (PSA) Master Repurchase agreement on file and or tri-party custody agreement on file. (f) Certificates of deposit of a financial institution eligible under law to be a depository of Participant public agencies of government so long as such articles of deposit are secured 102% at the value of each by eligible collateral listed on Schedule I for any amount of principal and accrued interest not insured by an agency of the United States. (g) In addition to the investments authorized in subsection (f), certificates of deposit issued in accordance with all of the following conditions: a. The funds are initially invested through a financial institution that is not ineligible to be a depository of surplus funds belonging to the state of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the investment of the funds in certificates of deposit in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGE. c. The full amount of the principal and any accrued interest of each certificate of deposit is insured by an agency of the United States. d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each certificate of deposit. e. At the same time that the funds of Michigan CLASS EDGE are deposited and the certificate or certificates of deposit are issued, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially invested by the Michigan CLASS EDGE through the financial institution. (h) In addition to the investments authorized in subsection (f), deposit accounts that meet all of the following conditions: a. The funds are initially deposited in a financial institution that is not ineligible to be a depository of surplus funds belonging to the State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the deposit of the funds in deposit accounts in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGE. c. The full amount of the principal and any accrued interest of each deposit account is insured by an agency of the United States. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each deposit account. d. On the same date that the funds of Michigan CLASS EDGE are deposited, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially deposited by Michigan CLASS EDGE in the financial institution. (i) Mutual funds registered under the investment company act of 1940 maintaining a $1.00 per share net asset value and with authority to purchase investment vehicles that are legal for direct investment by all participant public agencies whose monies are invested in mutual funds that such participants acknowledge that the funds be placed in a special sub account created pursuant to the Participation Agreement, as amended. (j) Any other investment permissible to all Participants individually under Michigan law and authorized by the board.

AUTHORIZED INSTRUMENTS. Consistent with the investment criteria Investment Criteria contained in the Participation AgreementAgreement and attached thereto as Exhibit E, the Board board and the Investment Advisor are authorized to invest investment property Investment Property in only the following: (a) US Treasury Bonds, Bills, Notes, Notes and Treasury Strips, (b) Obligations of an agency or instrumentality of the United States. (c) Commercial paper rated at the time of purchase within the highest two classifications established by not less than two standard rating services (i.e., as of September 18, 2009, A- 1+ and A-1 by S&P Global Standard & Poor’s Ratings Service, P-1 by Xxxxx’x Investors Service, or F1+ and F1 by Fitch, Inc.) and that matures not more than 270 days after the date of purchase. (d) Bankers’ acceptances issued by FDIC member United States banks. F-2. (e) Repurchase agreements consisting of instruments listed in a subdivision (a or b) Repurchase agreements shall be 102% collateralized with Public Securities Association (PSA) Master Repurchase agreement on file and or tri-party custody agreement on file. (f) Certificates of deposit of a financial institution eligible under law to be a depository of Participant public agencies of government so long as such articles of deposit are secured 102% at the value of each by eligible collateral listed on Schedule I for any amount of principal and accrued interest not insured by an agency of the United States. (g) In addition to the investments authorized in subsection (f), certificates of deposit issued in accordance with all of the following conditions: a. The funds are initially invested through a financial institution that is not ineligible to be a depository of surplus funds belonging to the state State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the investment of the funds in certificates of deposit in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each certificate of deposit is insured by an agency of the United States. d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each certificate of deposit. e. At the same time that the funds of Michigan CLASS EDGE are deposited and the certificate or certificates of deposit are issued, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially invested by the Michigan CLASS EDGE through the financial institution. (h) In addition to the investments authorized in subsection (f), deposit accounts that meet all of the following conditions: a. The funds are initially deposited in a financial institution that is not ineligible to be a depository of surplus funds belonging to the State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the deposit of the funds in deposit accounts in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each deposit account is insured by an agency of the United States. . d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each deposit account. d. e. On the same date that the funds of Michigan CLASS EDGE are deposited, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially deposited by Michigan CLASS EDGE in the financial institution. (i) Mutual funds registered under the investment company act of 1940 1940, maintaining a $1.00 per share net asset value value, and with authority to purchase investment vehicles that are legal for direct investment by all participant public agencies whose monies are invested in mutual funds that such participants acknowledge that the funds be placed in a special sub account created pursuant to the Participation Agreement, as amended. (j) Any other investment permissible to all Participants individually under Michigan law Law and authorized by the board.

AUTHORIZED INSTRUMENTS. Consistent with the investment criteria Investment Criteria contained in the Participation AgreementAgreement and attached thereto as Exhibit E, the Board board and the Investment Advisor are authorized to invest investment property Investment Property in only the following: (a) US Treasury Bonds, Bills, Notes, and Treasury Strips, (b) Obligations of an agency or instrumentality of the United States. (c) Commercial paper rated at the time of purchase within the highest two classifications established by not less than two standard rating services (i.e., as of September 18, 2009, A- 1+ and A-1 by S&P Global Ratings Service, P-1 by Xxxxx’x Investors Service, or F1+ and F1 by Fitch, Inc.) and that matures not more than 270 days after the date of purchase. (d) Bankers’ acceptances issued by FDIC member United States banks. F-2. (e) Repurchase agreements consisting of instruments listed in a subdivision (a or b) Repurchase agreements shall be 102% collateralized with Public Securities Association (PSA) Master Repurchase agreement on file and or tri-party custody agreement on file. (f) Certificates of deposit of a financial institution eligible under law to be a depository of Participant public agencies of government so long as such articles of deposit are secured 102% at the value of each by eligible collateral listed on Schedule I for any amount of principal and accrued interest not insured by an agency of the United States. (g) In addition to the investments authorized in subsection (f), certificates of deposit issued in accordance with all of the following conditions: a. The funds are initially invested through a financial institution that is not ineligible to be a depository of surplus funds belonging to the state State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the investment of the funds in certificates of deposit in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each certificate of deposit is insured by an agency of the United States. d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each certificate of deposit. e. At the same time that the funds of Michigan CLASS EDGE are deposited and the certificate or certificates of deposit are issued, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially invested by the Michigan CLASS EDGE through the financial institution. (h) In addition to the investments authorized in subsection (f), deposit accounts that meet all of the following conditions: a. The funds are initially deposited in a financial institution that is not ineligible to be a depository of surplus funds belonging to the State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the deposit of the funds in deposit accounts in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each deposit account is insured by an agency of the United States. . d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each deposit account. d. e. On the same date that the funds of Michigan CLASS EDGE are deposited, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially deposited by Michigan CLASS EDGE in the financial institution. (i) Mutual funds registered under the investment company act of 1940 maintaining a $1.00 per share net asset value and with authority to purchase investment vehicles that are legal for direct investment by all participant public agencies whose monies are invested in mutual funds that such participants acknowledge that the funds be placed in a special sub account created pursuant to the Participation Agreement, as amended. (j) Any other investment permissible to all Participants individually under Michigan law and authorized by the board.

AUTHORIZED INSTRUMENTS. Consistent with the investment criteria Investment Criteria contained in the Participation AgreementAgreement and attached thereto as Exhibit E, the Board board and the Investment Advisor are authorized to invest investment property Investment Property in only the following: (a) US Treasury Bonds, Bills, Notes, Notes and Treasury Strips, (b) Obligations of an agency or instrumentality of the United States. (c) Commercial paper rated at the time of purchase within the highest two classifications established by not less than two standard rating services (i.e., as of September 18, 2009, A- 1A-1+ and A-1 by S&P Global Standard & Poor’s Ratings Service, P-1 by Xxxxx’x Investors Service, or F1+ and F1 by Fitch, Inc.) and that matures not more than 270 days after the date of purchase. (d) Bankers’ acceptances issued by FDIC member United States banks. F-2. (e) Repurchase agreements consisting of instruments listed in a subdivision (a or b) Repurchase agreements shall be 102% collateralized with Public Securities Association (PSA) Master Repurchase agreement on file and or tri-party custody agreement on file. (f) Certificates of deposit of a financial institution eligible under law to be a depository of Participant public agencies of government so long as such articles government. Certificates of deposit are within the Prime Fund shall be secured at 102% at of the value of each by eligible collateral listed on Schedule I for any amount of principal and accrued interest not insured by an agency of the United States. (g) In addition to the investments authorized in subsection (f), certificates of deposit issued in accordance with all of the following conditions: a. The funds are initially invested through a financial institution that is not ineligible to be a depository of surplus funds belonging to the state State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the investment of the funds in certificates of deposit in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each certificate of deposit is insured by an agency of the United States. d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each certificate of deposit. e. At the same time that the funds of Michigan CLASS EDGE are deposited and the certificate or certificates of deposit are issued, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially invested by the Michigan CLASS EDGE through the financial institution. (h) In addition to the investments authorized in subsection (f), deposit accounts that meet all of the following conditions: a. The funds are initially deposited in a financial institution that is not ineligible to be a depository of surplus funds belonging to the State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the deposit of the funds in deposit accounts in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each deposit account is insured by an agency of the United States. . d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each deposit account. d. e. On the same date that the funds of Michigan CLASS EDGE are deposited, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially deposited by Michigan CLASS EDGE in the financial institution. (i) Mutual funds registered under the investment company act of 1940 1940, maintaining a $1.00 per share net asset value value, and with authority to purchase investment vehicles that are legal for direct investment by all participant public agencies whose monies are invested in mutual funds that such participants acknowledge that the funds be placed in a special sub account created pursuant to the Participation Agreement, as amended. (j) Any other investment permissible to all Participants individually under Michigan law Law and authorized by the board.

AUTHORIZED INSTRUMENTS. Consistent with the investment criteria Investment Criteria contained in the Participation AgreementAgreement and attached thereto as Exhibit E, the Board board and the Investment Advisor are authorized to invest investment property Investment Property in only the following: (a) US Treasury Bonds, Bills, Notes, and Treasury Strips, (b) Obligations of an agency or instrumentality of the United States. (c) Commercial paper rated at the time of purchase within the highest two classifications established by not less than two standard rating services (i.e., as of September 18, 2009, A- 1+ and A-1 by S&P Global Ratings Service, P-1 by Xxxxx’x Investors Service, or F1+ and F1 by Fitch, Inc.) and that matures not more than 270 days after the date of purchase. (d) Bankers’ acceptances issued by FDIC member United States banks. F-2. (e) Repurchase agreements consisting of instruments listed in a subdivision (a or b) F-1 Repurchase agreements shall be 102% collateralized with Public Securities Association (PSA) Master Repurchase agreement on file and or tri-party custody agreement on file. (f) Certificates of deposit of a financial institution eligible under law to be a depository of Participant public agencies of government so long as such articles of deposit are secured 102% at the value of each by eligible collateral listed on Schedule I for any amount of principal and accrued interest not insured by an agency of the United States. (g) In addition to the investments authorized in subsection (f), certificates of deposit issued in accordance with all of the following conditions: a. The funds are initially invested through a financial institution that is not ineligible to be a depository of surplus funds belonging to the state State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the investment of the funds in certificates of deposit in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each certificate of deposit is insured by an agency of the United States. d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each certificate of deposit. e. At the same time that the funds of Michigan CLASS EDGE are deposited and the certificate or certificates of deposit are issued, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially invested by the Michigan CLASS EDGE through the financial institution. (h) In addition to the investments authorized in subsection (f), deposit accounts that meet all of the following conditions: a. The funds are initially deposited in a financial institution that is not ineligible to be a depository of surplus funds belonging to the State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the deposit of the funds in deposit accounts in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each deposit account is insured isinsured by an agency of the United States. . d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each deposit account. d. e. On the same date that the funds of Michigan CLASS EDGE are deposited, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially deposited by Michigan CLASS EDGE in the financial institution. (i) Mutual funds registered under the investment company act of 1940 maintaining a $1.00 per share net asset value and with authority to purchase investment vehicles that are legal for direct investment by all participant public agencies whose monies are invested in mutual funds that such participants acknowledge that the funds be placed in a special sub account created pursuant to the Participation Agreement, as amended. (j) Any other investment permissible to all Participants individually under Michigan law and authorized by the board.. F-1

AUTHORIZED INSTRUMENTS. Consistent with the investment criteria Investment Criteria contained in the Participation AgreementAgreement and attached thereto as Exhibit E, the Board board and the Investment Advisor are authorized to invest investment property Investment Property in only the following: (a) US Treasury Bonds, Bills, Notes, and Treasury Strips, (b) Obligations of an agency or instrumentality of the United States. (c) Commercial paper rated at the time of purchase within the highest two classifications established by not less than two standard rating services (i.e., as of September 18, 2009, A- 1+ and A-1 by S&P Global Ratings Service, P-1 by Xxxxx’x Investors Service, or F1+ and F1 by Fitch, Inc.) and that matures not more than 270 days after the date of purchase. (d) Bankers’ acceptances issued by FDIC member United States banks. F-2. (e) Repurchase agreements consisting of instruments listed in a subdivision (a or b) Repurchase X-0 Xxxxxxxxxx agreements shall be 102% collateralized with Public Securities Association (PSA) Master Repurchase agreement on file and or tri-party custody agreement on file. (f) Certificates of deposit of a financial institution eligible under law to be a depository of Participant public agencies of government so long as such articles of deposit are secured 102% at the value of each by eligible collateral listed on Schedule I for any amount of principal and accrued interest not insured by an agency of the United States. (g) In addition to the investments authorized in subsection (f), certificates of deposit issued in accordance with all of the following conditions: a. The funds are initially invested through a financial institution that is not ineligible to be a depository of surplus funds belonging to the state State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the investment of the funds in certificates of deposit in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each certificate of deposit is insured by an agency of the United States. d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each certificate of deposit. e. At the same time that the funds of Michigan CLASS EDGE are deposited and the certificate or certificates of deposit are issued, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially invested by the Michigan CLASS EDGE through the financial institution. (h) In addition to the investments authorized in subsection (f), deposit accounts that meet all of the following conditions: a. The funds are initially deposited in a financial institution that is not ineligible to be a depository of surplus funds belonging to the State of Michigan under section 6 of 1855 PA 105, MCL 21.146. b. The financial institution arranges for the deposit of the funds in deposit accounts in 1 or more insured depository institutions, as defined in 12 USC 1813, or 1 or more insured credit unions, as defined in 12 USC 1752, for the account of Michigan CLASS EDGECLASS. c. The full amount of the principal and any accrued interest of each deposit account is insured isinsured by an agency of the United States. . d. The financial institution acts as custodian for Michigan CLASS EDGE with respect to each deposit account. d. e. On the same date that the funds of Michigan CLASS EDGE are deposited, the financial institution receives an amount of deposits from customers of other insured depository institutions or insured credit unions equal to or greater than the amount of the funds initially deposited by Michigan CLASS EDGE in the financial institution. (i) Mutual funds registered under the investment company act of 1940 maintaining a $1.00 per share net asset value and with authority to purchase investment vehicles that are legal for direct investment by all participant public agencies whose monies are invested in mutual funds that such participants acknowledge that the funds be placed in a special sub account created pursuant to the Participation Agreement, as amended. (j) Any other investment permissible to all Participants individually under Michigan law and authorized by the board.. F-1