EXHIBIT 10.25.1

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FARMER MAC MORTGAGE SECURITIES CORPORATION,
As Note Purchaser
 
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORPORATION,
As Borrower
 
FEDERAL AGRICULTURAL MORTGAGE CORPORATION,
As Guarantor

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FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT
 

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Dated as of July 13, 2009 
 

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FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT
 
FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT, dated as of July 13, 2009
(“Amendment”), among FARMER MAC MORTGAGE SECURITIES CORPORATION (the
“Purchaser”), a wholly owned subsidiary of FEDERAL AGRICULTURAL MORTGAGE
CORPORATION, a federally-chartered instrumentality of the United States and an
institution of the Farm Credit System (“Farmer Mac” or the “Guarantor”);
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a cooperative
association existing under the laws of the District of Columbia (“National
Rural”); and Farmer Mac, as Guarantor.
 
RECITALS
 
WHEREAS, the Purchaser, Farmer Mac, and National Rural are parties to a certain
Note Purchase Agreement dated as of December 15, 2009 (“Note Purchase
Agreement”); and

WHEREAS, the parties have agreed to modify the Note Purchase Agreement as set
forth herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained,
Farmer Mac, the Purchaser and National Rural agree as follows:

1.           Recitals.  The foregoing Recitals are hereby incorporated by
reference into this Amendment.

2.           Definitions.  Capitalized terms used herein and not otherwise
defined shall have the meanings assigned to them in the Note Purchase Agreement.

3.           Amendment.

(a)           The Note Purchase Agreement is hereby amended by deleting the
existing definition of Closing Date and replacing it with the following
definition in Section 1.01:

“Closing Date” means the date of the funding of each issuance of Notes
hereunder, which date shall be set forth in the applicable Pricing Agreement.

(b)           The Note Purchase Agreement is hereby amended by adding the
following definition of Final Maturity Date in Section 1.01:

“Final Maturity Date” means December 31, 2016, or such other date as agreed to
by the parties.

(c)           The Note Purchase Agreement is hereby amended by deleting Section
2.01 in its entirety and replacing it with the following:

 
 

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SECTION 2.01         Purchase of Notes; Minimum Denominations.  The Purchaser
agrees to purchase Notes, at 100% of their principal amount, from time to time,
on or before the Final Maturity Date, as requested by National Rural by written
notice (each, a “Notice of Borrowing”) to Farmer Mac in an aggregate principal
amount, for all Notes outstanding hereunder at any one time, not in excess of
$500 million, subject to satisfaction of the conditions set forth
herein.  National Rural may borrow, repay (subject to the terms of the
applicable Notes being repaid) and reborrow funds at any time or from time to
time up to, but not including the Final Maturity Date.  Each advance under this
Agreement shall be disbursed in a minimum amount of $50 million and additional
increments of $5 million in excess thereof or such other amounts as agreed to in
the applicable Pricing Agreement.  Each advance shall price within 3 Business
Days of National Rural providing a Notice of Borrowing to Farmer Mac and shall
close and fund within 3 Business Days of pricing, subject to satisfaction of the
conditions set forth herein and in accordance with the procedures set forth in
Section 2.02(d) hereof, unless otherwise agreed by the parties hereto and set
forth in the applicable Pricing Agreement.
 
(d)          The Note Purchase Agreement is hereby amended by deleting Section
2.02(d) in its entirety and replacing it with the following:

(d)           Notice of Borrowing; Determination of Applicable Margin; Procedure
for Pricing.  (i)  Each Notice of Borrowing shall indicate the amount of the
Note and the desired maturity date of such Note that National Rural requests to
be advanced.  A Notice of Borrowing may request preliminary pricing indications
for more than one type of Note, with the understanding that only one type of
Note will be issued on any particular Closing Date, unless otherwise agreed by
the parties hereto in a Pricing Agreement.  Each Notice of Borrowing shall also
provide name, telephone and email contact information of an authorized
representative of National Rural.
 
(ii) Upon receipt of a Notice of Borrowing from National Rural, Farmer Mac
shall, within 2 Business Days, provide to National Rural a preliminary
indication of the Applicable Margin (LIBOR) or Applicable Margin (Treasury), or
both, as applicable to any Notice of Borrowing; provided that Farmer Mac shall
not be obligated to provide an indication of pricing if Farmer Mac uses its best
efforts to obtain and provide such preliminary indication, but determines in its
sole discretion reasonably exercised after consultation with National Rural that
market conditions are unfavorable for the issuance of debt to fund Notes with
the terms set forth in the Notice of Borrowing.  Upon an acceptance of such
preliminary indication of pricing by National Rural, the applicable Note will
price within one Business Day (and may price on the day of the preliminary
pricing if the parties so agree) thereafter, unless the parties otherwise agree
to a longer period of time as set forth in the applicable Pricing
Agreement.  Farmer Mac shall provide National Rural with written notice of the
final Applicable Margin (LIBOR) or Applicable Margin (Treasury) no later than
the time of pricing of each advance.  National Rural shall be deemed to approve
of such pricing so long as the Applicable Margin (LIBOR) or Applicable Margin
(Treasury) shall not exceed the preliminary indication by more than 5 basis
points (0.05%).  If the final pricing does exceed the preliminary indication by
more than 5 basis points (0.05%), an authorized representative of National Rural
must agree via email confirmation prior to or simultaneously with the pricing to
accept such margin.
 

 
 

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(e)          The Note Purchase Agreement is hereby amended by deleting Section
2.03 in its entirety and replacing it with the following:

SECTION 2.03          Maturity.  Each Note shall mature on the maturity date set
forth in the applicable Pricing Agreement and in any event no later than the
Final Maturity Date.

(f)          The Note Purchase Agreement is hereby amended by deleting Section
4.01(d) in its entirety and replacing it with the following:

(d)           such other information concerning National Rural or the Pledged
Collateral as is reasonably requested by Farmer Mac.

4.           GOVERNING LAW.    THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, FEDERAL LAW.  TO THE EXTENT FEDERAL LAW
INCORPORATES STATE LAW, THAT STATE LAW SHALL BE THE LAWS OF THE DISTRICT OF
COLUMBIA APPLICABLE TO CONTRACTS MADE AND PERFORMED THEREIN.
 
5.           Inconsistency with Note Purchase Agreement.  Except as otherwise
amended or modified herein, the terms, conditions and provisions of the Note
Purchase Agreement remain in full force and effect.  In the event of any
conflict or inconsistency between the terms of this Amendment and the Note
Purchase Agreement, the terms of this Amendment shall control.

6.           Counterparts.  This Amendment may be executed in two or more
counterparts, each of which shall be an original, but all of which together
shall constitute one and the same instrument.

 
[SIGNATURE PAGE FOLLOWS]
 

 
 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.

 
FARMER MAC MORTGAGE
SECURITIES CORPORATION
   
By:
 
Name: 
 
Title:
 

 
FEDERAL AGRICULTURAL
MORTGAGE CORPORATION
   
By:
 
Name: 
 
Title:
 

 
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORPORATION
   
By:
 
Name: 
 
Title:
 

 

 
 

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