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~1 (B) are approved in writing by the Insurer; and <br />2 <br />3 (6) .repurchase agreements':that pro~ide for the transfer of securiti s from a dealer <br />4 bank or securities ,firm (seller/borrower) to the <br />Trustee and the transf r of Certificate <br />5 , <br />proceeds'.to'tlie'dealer~:bank o~:securities firm with a written agreement tha the dealer bank <br />6 or securit~es~fum w111 repay the cash plus a yield: to the :Trustee in exchange ar the securities <br />7 at a s~ecific date, pra'vided tha"t the repurchase agreement meets the follo "' ' g requirements: <br />8 <br />9 (A) the securities that are the subj ect of the repurchase agree ent musf be one <br />10 of the securities. described in (1) `or (2) of this definition and mu have a term to <br /> <br />11 > <br />matuirify of not more',than three years from the date of acquisition <br />` <br />y the Trustee; <br />12 <br />13 (B) the: written repurchase agreement must be executed-i advance of the <br />14 initial acquisition o~the subject securities by the Trustee; <br /> <br />15 , <br />I <br />16 ~C) the deale~ bank or securities .firm must be: ~ <br />17 <br />i 8 (i) a primary,dealer; on the Federal Reserve reporting ealer list which <br />i y falls under the jurisdiction of the SIPC and who is rated ` " or better by <br />2o S&P; or <br />. <br />21 <br />~ 22 (ii) banks rated "A" or better by S&P; I, <br />~~3 <br />24 (D) the term of the repurchase:agreement must not exceed O days; <br />25 <br />26 (E) the collateral for the repurchase agreement must: I, <br />L/ ~ <br />2~ (i) be delivered to the Trustee (if the Trustee is not supplying such <br />29 collateral) or a third party;acting' as agent for the Trustee ( the Trustee is <br />3o supplying such collateral); ~ <br />31 I <br />32 (ii) be.free arid clear of third party liens and, in the ase of an SIPC <br />33 bi~oker;;was not acquired pursuant to a repurchase agree ent or reverse <br />34 repurchase agreement; i <br />35 <br />36 (ui) be valued weekly, marked to market at current m <br />, ket price plus <br />37 aecrued"interest; and <br />38 <br />39 (iv) have a value equal to 104% of tlie amount of cas transferred by <br />40 the Trustee to "the dealer bank or security firm under the purc ase agreement <br />41 pIus :accrued interest, and' if the value falls 'below such ercentage, the <br />~ <br />DEFINITIONS APPENDIX <br />PAGE 9 <br />