Common use of Tax-Exempt Notes Clause in Contracts

Tax-Exempt Notes. Tax-exempt Notes; provided, however, that at the time of each investment such Tax-exempt Notes shall be rated by either Xxxxx’x or S&P as follows: (i) Xxxxx’x: MIG 1 or MIG 2 for notes; P-1 for commercial paper; or (ii) S&P: SP-1 or SP-2 for short-term municipal notes; A-1 or A-2 for commercial paper. For purposes of this provision, Tax-exempt Notes shall include such securities as Tax Anticipation Notes, Revenue Anticipation Notes, Bond Anticipation Notes, Construction Loan Notes, and Tax-exempt commercial paper. These investments will be made when justified without regard to their tax-exempt status;