liquid and readily-marketable
(1) Definitions In this subsection— (A) the term “investment grade”, with respect to an obligation, has the meaning given the term in section 1.2 of title 12, Code of Federal Regulations , or any successor thereto; (B) the term “liquid and readily-marketable” has the meaning given the term in section 249.3 of title 12, Code of Federal Regulations , or any successor thereto; and (C) the term “municipal obligation” means an obligation of— (i) a State or any political subdivision thereof; or (ii) any agency or instrumentality of a State or any political subdivision thereof.