A.__Is rated at the time of the transaction by a nationally recognized statistical rating organization in one of its 4 highest rating categories; or

B.__Has a fixed maturity or a fixed interest or dividend if:

(1)__A default has not occurred during the current fiscal year or within the 3 previous fiscal years or during the existence of the issuer and any predecessor if less than 3 fiscal years in the payment of principal, interest or dividends on the security; and

(2)__The issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership and is not and has not been within the previous 12 months a blank check, blind pool or shell company that has no specific business plan or purpose or has indicated that its primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person;

6.__Unsolicited brokerage transactions.__A nonissuer transaction by or through a broker-dealer licensed under or exempt from licensing under this chapter effecting an unsolicited order or offer to purchase;

7.__Nonissuer transactions by pledgees.__A nonissuer transaction executed by a bona fide pledgee without the purpose of evading this chapter;

8.__Nonissuer transactions with federal covered investment advisers.__A nonissuer transaction by a federal covered investment adviser with investments under management in excess of $100,000,000 acting in the exercise of discretionary authority in a signed record for the account of others;

9.__Specified exchange transactions.__A transaction in a security, whether or not the security or transaction is otherwise exempt, in exchange for one or more bona fide outstanding securities, claims or property interests or partly in such exchange and partly for cash, if the terms and conditions of the issuance and exchange or the delivery and exchange and the fairness of the terms and conditions have been approved by the administrator after a hearing.__The administrator may impose