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"Outstanding" or "Bonds outstanding" means all Bonds <br /> which have been authenticated and delivered by Trustee under this <br /> Indenture, except: <br /> (a) Bonds canceled after purchase in the open market or <br /> because of payment at or redemption prior to maturity; <br /> (b) Bonds for the payment or redemption of which cash <br /> funds or non-callable direct obligations of the United States <br /> of America or any combination thereof shall have been there- <br /> tofore deposited with Custodian or any paying agent (whether <br /> upon or prior to the maturity or redemption date of any such <br /> Bonds) ; provided that, if such Bonds are to be redeemed prior <br /> to the maturity thereof, notice of such redemption shall have <br /> been given or arrangements satisfactory to Custodian shall <br /> have been made therefor , or waiver of such notice satisfac- <br /> tory in form to Custodian shall have been filed with Custo- <br /> dian; and <br /> (c) Bonds in lieu of which other Bonds have been <br /> authenticated under Section 2.07 hereof. <br /> "Permitted Investments" means any investment approved <br /> in writing by the Bond Insurer or any of the following which at <br /> the time are legal investments under the Indenture, to the extent <br /> permitted by law; ( i ) Governmental Obligations; ( ii ) obligations <br /> rated "Aa3" or better by Moody' s Investors Service, Inc. and "AA- <br /> " or better by Standard & Poor ' s Corporation; ( iii) Deposits, <br /> Federal funds or bankers acceptances of any bank which: (a) has <br /> an unsecured, uninsured and unguaranteed obligation rated "Aa3" <br /> or better by Moody' s Investors Service, Inc. and "AA-" or better <br /> by Standard & Poor ' s Corporation; or (b) is the lead bank of a <br /> parent bank holding company with an uninsured, unsecured and <br /> unguaranteed obligation meeting the rating requirements in (a) <br /> above; ( iv) deposits of any bank or savings and loan association <br /> which has combined capital, surplus and undivided profits of not <br /> less than $3 million, provided such deposits are fully insured by <br /> the Federal Deposit Insurance Corporation or Federal Savings and <br /> Loan Insurance Corporation; (v) investments in a money-market <br /> fund rated "AAm" or "AAm-G" or better by Standard & Poor ' s Corpo- <br /> ration; (vi) repurchase agreements collateralized by securities <br /> described in ( i) or ( ii) of the definition of Governmental Obli- <br /> gations above with any registered broker/dealer subject to the <br /> Securities Investors ' Protection Corporation jurisdiction or any <br /> commercial bank, if such broker/dealer or bank has an uninsured, <br /> unsecured and unguaranteed obligation rated "Aa3" or better by <br /> Moody ' s Investors Service, Inc. and "AA-" or better by Standard & <br /> Poor ' s Corporation, provided: (a) a specific written repurchase <br /> agreement governs the transaction, and (b) the securities are <br /> held free and clear of any lien by the bond trustee or an inde- <br /> -6- <br />