AMENDMENT NO. 2
Dated as of November 20, 2017
to the
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
Dated as of November 19, 2015
Among
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORPORATION,
THE BANKS PARTY HERETO,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and Initial Issuing Bank,
MIZUHO BANK (USA),
as Syndication Agent
and
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
THE BANK OF NOVA SCOTIA
and
ROYAL BANK OF CANADA,
as Co-Documentation Agents

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AMENDMENT NO. 2

AMENDMENT NO. 2 dated as of November 20, 2017 (this “Amendment”) to the Amended
and Restated Revolving Credit Agreement dated as of November 19, 2015 among
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a not-for-profit
cooperative association incorporated under the laws of the District of Columbia,
the BANKS party thereto from time to time, JPMORGAN CHASE BANK, N.A., as
Administrative Agent and as Initial Issuing Bank, MIZUHO BANK (USA), as
Syndication Agent, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., THE BANK OF NOVA
SCOTIA and ROYAL BANK OF CANADA, as Co- Documentation Agents (the “Existing
Credit Agreement” and, as amended by this Amendment, the “Amended Credit
Agreement”).

W I T N E S S E T H :
WHEREAS, the Borrower has requested that the Banks party to the Existing Credit
Agreement, immediately prior to the effectiveness of this Amendment (each, an
“Existing Bank”) enter into this Amendment pursuant to which (i) the Existing
Banks agree to extend the termination of their Commitments to November 20, 2022
(the “Extended Commitment Termination Date”) and (ii) certain other provisions
of the Existing Credit Agreement will be amended;

WHEREAS, each financial institution identified on Schedule 1 hereto as an
“Extending Bank” (each, an “Extending Bank”) has agreed, on the terms and
conditions set forth herein, to provide Commitments terminating on the Extended
Commitment Termination Date in the amounts set forth on Schedule 1 hereto
opposite such Extending Bank’s name under the heading “Commitment” (the
“Extended Commitments”);

WHEREAS, on the Second Amendment Effective Date (as defined in Section 7 below),
the existing Commitment of each Extending Bank will be converted into an
Extended Commitment;

WHEREAS, certain other financial institutions referred to herein as “Non-
Extending Banks” (each, a “Non-Extending Bank”) have informed the Borrower of
their desire to terminate their existing Commitment; and

WHEREAS, Mizuho Bank (USA) intends to resign as Syndication Agent and be
replaced by Mizuho Bank, Ltd.;

NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

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Section 1. Defined Terms; References. Unless otherwise specifically defined
herein, each term used herein that is defined in the Existing Credit Agreement
or in the Amended Credit Agreement, as the context shall require, has the
meaning assigned to such term in the Existing Credit Agreement or in the Amended
Credit Agreement, as applicable. Each reference to “hereof”, “hereunder”,
“herein” and “hereby” and each other similar reference and each reference to
“this Amendment” and each other similar reference contained in the Existing
Credit Agreement shall, on and after the Second Amendment Effective Date, refer
to the Amended Credit Agreement.

Section 2. Amended Terms and Second Amendment Effective Date Transactions.

(a)    Each of the parties hereto agrees that, effective on the Second Amendment
Effective Date, the Existing Credit Agreement shall be amended to delete the
stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the double-underlined text (indicated textually in the
same manner as the following example: double-underlined text) as set forth in
the amended pages of the Existing Credit Agreement attached hereto as Exhibit A,
and the Banks party hereto authorize the Administrative Agent and the Borrower
to prepare a conformed copy of the Amended Credit Agreement that includes the
changes contained in, and consistent with, the amended pages attached as Exhibit
A.

(b)    On the Second Amendment Effective Date, the Commitment of each Existing
Bank that is an Extending Bank will be converted into an Extended Commitment
under the Amended Credit Agreement, so that the aggregate Commitment of such
Extending Bank under the Amended Credit Agreement shall equal such Extended
Bank’s Extended Commitments.

(c)    Notwithstanding Section 2.10 of the Existing Credit Agreement, on the
Second Amendment Effective Date, the Commitment of each Non-Extending Bank shall
be terminated and such Non-Extending Bank shall no longer be considered as a
Bank under the Amended Credit Agreement.

(d)    The definition of “Syndication Agent” contained in Section 1.01 of the
Existing Credit Agreement is hereby amended by deleting the name “Mizuho Bank
(USA)” and inserting in its place, the name “Mizuho Bank, Ltd.”.

Section 3. Representations of Borrower. The Borrower represents and warrants, as
of
the date hereof, that:

(a)    the Borrower has the corporate power and authority to execute, deliver
and perform its obligations under this Amendment and under the Amended Credit
Agreement, and has taken all necessary corporate action to authorize the
execution, delivery and performance by it of this Amendment and the Amended
Credit Agreement. The Borrower has duly executed and delivered this Amendment,
and this Amendment and the Amended Credit Agreement constitutes its legal, valid
and binding obligation enforceable in accordance with its terms, except as
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (regardless of
whether enforcement is sought by proceeding in equity or at law);

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(b)    no material authorization, consent, approval or license of, or
declaration, filing or registration with or exemption by, any Governmental
Authority, body or agency is required in connection with the execution, delivery
and performance by the Borrower of this Amendment.The Banks acknowledge that the
Borrower may file this Amendment with the Securities and Exchange Commission on
or after the Second Amendment Effective Date; and

(c)    the execution, delivery and performance by the Borrower of this Amendment
and the Amended Credit Agreement, the borrowings contemplated hereunder and the
use of the proceeds thereof will not (i) contravene any material provision of
any law, statute, rule or regulation or any order, writ, injunction or decree of
any court or Governmental Authority to which the Borrower is subject, (ii)
require any consent under, or violate or result in any breach of any of the
material terms, covenants, conditions or provisions of, or constitute a material
default under, or give rise to any right to accelerate or to require the
prepayment, repurchase or redemption of any obligation under, or result in the
creation or imposition of (or the obligation to create or impose) any Lien upon
any of the property or assets of the Borrower pursuant to the terms of the
Amended Credit Agreement or any material indenture, mortgage, deed of trust,
agreement or instrument, in each case to which the Borrower is a party or by
which it or any its property or assets is bound or to which it may be subject,
or (iii) violate any provision of the articles of incorporation or by-laws, as
applicable, of the Borrower.

Section 4. GOVERNING LAW. (a) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

(b)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF
THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES
DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT
FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AMENDMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW
YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH
OF THE PARTIES HERETO AGREES, TO THE FULLEST EXTENT PERMITTED BY LAW, THAT A
FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AMENDMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY
HERETO OR ANY BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AMENDMENT AGAINST ANY OTHER PARTY HERETO OR ANY BANK OR THEIR RESPECTIVE
PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT IT MAY LEGALLY AND
3

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EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AMENDMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT.

(d)    EACH PARTY TO THIS AMENDMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 9.01 OF THE AMENDED CREDIT
AGREEMENT. NOTHING IN THIS AMENDMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS
AMENDMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

Section 5. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 6. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

Section 7. Effectiveness. This Amendment shall become effective on the date (the
“Second Amendment Effective Date”) on which the Administrative Agent shall have
received the following documents or other items, each dated the Second Amendment
Effective Date unless otherwise indicated:

(a)    receipt by the Administrative Agent of counterparts hereof signed by each
of the parties hereto (or, in the case of any party as to which an executed
counterpart shall not have been received, receipt by the Administrative Agent in
form satisfactory to it of telegraphic, telex or other written confirmation from
such party of execution of a counterpart hereof by such party), including
receipt of consent from (i) each Extending Bank, (ii) each Non-Extending Bank
and (iii) the Required Banks under the Existing Credit Agreement;

(b)    receipt by the Administrative Agent of an opinion of the General Counsel
of the Borrower, substantially in the form of Exhibit F to the Existing Credit
Agreement, provided that an enforceability opinion under New York law, that is
reasonably acceptable to the Administrative Agent, shall be furnished by the
Borrower’s New York counsel, Norton Rose Fulbright US LLP, subject to customary
assumptions, qualifications and limitations;

(c)    receipt by the Administrative Agent of a certificate signed by any one of
the Chief Financial Officer, the Chief Executive Officer, the Treasurer, an
Assistant Secretary-Treasurer, the Controller or the Vice President, Capital
Markets Relations of the Borrower to the effect that the conditions set forth in
clauses (c) through (g), inclusive, of Section 3.03 of the Amended Credit
Agreement have been satisfied as of the Second Amendment Effective Date and, in
the

4

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case of clauses (c), (d) and (g), setting forth in reasonable detail the
calculations required to establish such compliance;

(d)    receipt by the Administrative Agent of a certificate of an officer of the
Borrower acceptable to the Administrative Agent stating that all consents,
authorizations, notices and filings required or advisable in connection with
this Amendment are in full force and effect, and the Administrative Agent shall
have received evidence thereof reasonably satisfactory to it;

(e)    receipt by the Administrative Agent and the Syndication Agent (or their
respective permitted assigns) and by each Bank Party of all fees, including such
fees that are owed to each Non-Extending Bank, required to be paid in the
respective amounts heretofore mutually agreed in writing, and all expenses
required to be reimbursed pursuant to the terms of the Existing Credit Agreement
and for which invoices have been presented, at least one (1) business day prior
to the Second Amendment Effective Date;

(f)    receipt by the Administrative Agent and the Banks of all documentation
and other information required by regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including,
without limitation, the USA PATRIOT Act (Title III of Pub. L. 107-56; and

(g)    receipt by the Administrative Agent of all documents the Administrative
Agent may reasonably request relating to the existence of the Borrower, the
corporate authority for and the validity of this Amendment all in form and
substance reasonably satisfactory to the Administrative Agent.

The Administrative Agent shall promptly notify the Borrower and the Bank Parties
of the Second Amendment Effective Date, and such notice shall be conclusive and
binding on all
parties hereto.

5

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORPORATION
By:
/s/ J. ANDREW DON
Name: J. Andrew Don
Title: Senior Vice President and
Chief Financial Officer

Signature Page to Amendment No. 2 – 2022 Facility

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JPMORGAN CHASE BANK, N.A., as
Administrative Agent, Initial Issuing Bank and Extending Bank
By:
/s/ JUAN J. JAVELLANA
Name: /s/ Juan J. Javellana
Title: Executive Director

Signature Page to Amendment No. 2 – 2022 Facility

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MIZUHO BANK, LTD., as Syndication Agent and Extended Bank
By:
/s/ NELSON CHANG
Name: Nelson Chang
Title: Authorized Signatory
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing
Commitment and consents to this Amendment
with respect to the full amount of its existing
Commitment, which amount will be converted
in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank”and consents to this Amendment and the
termination of its existing Commitment.

ROYAL BANK OF CANADA

By:
/s/ RAHUL D. SHAH
Name: Rahul D. Shah
Title: Authorized Signatory
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

THE BANK OF NOVA SCOTIA

By:
/s/ DAVID DEWAR
Name: David Dewar
Title: Director
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

By:
/s/ NICHOLAS BATTISTA
Name: Nicholas Battista
Title: Managing Director
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing
Commitment, which amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

KEYBANK, NATIONAL ASSOCIATION

By:
/s/ BENJAMIN C. COOPER
Name: Benjamin C. Cooper
Title: Vice President
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

PNC Bank, National Association

By:
/s/ NANCY ROSAL BONNELL
Name: Nancy Rosal Bonnell
Title: Sr. Vice President
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

US Bank National Association

By:
/s/ ERIC J. COSGROVE
Name: Eric J. Cosgrove
Title: Senior Vice President
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

SUNTRUST BANK

By:
/s/ ARIZE AGUMADU
Name: Arize Agumadu
Title: Vice President
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

REGIONS BANK

By:
/s/ BRAND HOSFORD
Name: Brand Hosford
Title: Vice President
 

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☒
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☐
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

APPLE BANK FOR SAVINGS
By:
/s/ JONATHAN C. BYRON
Name: Jonathan C. Byron
Title: Senior Vice President

Signature Page to Amendment No. 2 – 2022 Facility

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SIGNATURE PAGE TO AMENDMENT NO. 2 (THE “AMENDMENT”) TO THE AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2015, AS AMENDED BY
AMENDMENT NO. 1 TO THE EXISTING CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2016,
AMONG NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, AS BORROWER, THE
BANKS PARTY THERETO, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT, MIZUHO
BANK (USA) AS SYNDICATION AGENT AND THE OTHER AGENTS PARTY THERETO (THE
“EXISTING CREDIT AGREEMENT”).

Check only one of the following:
☐
The undersigned is a Bank with an existing Commitment and consents to this
Amendment with respect to the full amount of its existing Commitment, which
amount will be converted in full to an Extended Commitment.

☐
The undersigned Bank with an existing Commitment consents to this Amendment with
respect to its existing Commitment and also confirms its willingness to provide
additional Commitment under the Amended Credit Agreement in an aggregate
principal amount of $___________.

☒
The undersigned is a “Non-Extending Bank” and consents to this Amendment and the
termination of its existing Commitment.

By:
/s/ JEFFREY ROTH
Name: Jeffrey Roth
Title: Director

By:
/s/ SHOLIN PENG
Name: Sholin Peng
Title: Managing Director

Signature Page to Amendment No. 2 – 2022 Facility

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SCHEDULE 1
EXTENDED COMMITMENTS

Extending Banks 
 
Commitment
JPMorgan Chase Bank, N.A.
 
$180,000,000.00
Mizuho Bank, Ltd.
 
$187,500,000.00

Royal Bank of Canada
 
$187,5000,00.00
The Bank of Nova Scotia
 
$187,5000,00.00
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
 
$187,500,000.00
KeyBank National Association
 
$180,000,000.00
PNC Bank, National Association
 
$150,000,000.00
US Bank National Association
 
$125,000,000.00
SunTrust Bank
 
$125,000,000.00
Regions Bank
 
$75,000,000.00
Apple Bank for Savings
 
$7,500,000.00
Total
 
$1,592,500,000.00
 

--------------------------------------------------------------------------------

EXHIBIT A

79580.000005 EMF_US 66859756v6

--------------------------------------------------------------------------------

NOT A LEGAL DOCUMENT
COMPOSITE COPY REFLECTING
AMENDMENT NO. 12
DATED AS OF NOVEMBER 1820, 20162017

AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
dated as of
November 19, 2015
among
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORPORATION,
THE BANKS LISTED HEREIN,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and Initial Issuing Bank,
MIZUHO BANK (USA), LTD.,
as successor Syndication Agent,
and
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
THE BANK OF NOVA SCOTIA,
and
ROYAL BANK OF CANADA
as Co-Documentation Agents
_________________________
J.P. MORGAN CHASE BANK, N.A.
MIZUHO BANK (USA), LTD.
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
THE BANK OF NOVA SCOTIA,
and
RBC CAPITAL MARKETS

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TABLE OF CONTENTS
——————————
PAGE

ARTICLE 1
DEFINITIONS
Section 1.01.
Definitions.........................................................................................................................1
Section 1.02. Accounting Terms and
Determinations.......................................................................2423
Section 1.03. Types of
Borrowings....................................................................................................2524
Section 1.04. Letter
ofCredit............................................................................................................2524

ARTICLE 2
THE CREDITS
Section 2.01. Commitments to Lend and Issue Letters of
Credit......................................................2524
Section 2.02. Notice of Committed
Borrowings................................................................................2827
Section 2.03. Money Market
Borrowings..........................................................................................2827
Section 2.04. Notice to Banks; Funding of
Loans.............................................................................3231
Section 2.05.
Notes............................................................................................................................3332
Section 2.06. Maturity of
Loans........................................................................................................3433
Section 2.07. Interest
Rates...............................................................................................................3433
Section 2.08. Method of Electing Interest
Rates...................................................................................36
Section 2.09.
Fees.............................................................................................................................3837
Section 2.10. Optional Termination or Reduction of
Commitments.....................................................39
Section 2.11. Mandatory Termination of
Commitments....................................................................4039
Section 2.12. Optional
Prepayments.................................................................................................4039
Section 2.13. General Provisions as to
Payments............................................................................
4039
Section 2.14. Funding
Losses............................................................................................................4140
Section 2.15. Computation of Interest and
Fees...............................................................................4140
Section 2.16.
Taxes............................................................................................................................4241
Section 2.17. Increase of
Commitments............................................................................................4645
Section 2.18. Replacement of
Banks.................................................................................................4746
Section 2.19. Defaulting
Banks.........................................................................................................4948
Section 2.20.    Issuance of Letters of Credit; Drawings and            
Reimbursements; Auto-Extension Letters of Credit;            
Funding of
Participations...........................................................................................5251
Section 2.21.    2019 Conversions
6[Reserved]......................................................................................59
Section 2.22. Extension of Commitment Termination
Date...............................................................59

ARTICLE 3
CONDITIONS
Section 3.01.
Effectiveness....................................................................................................................61
Section 3.02.
[Reserved]...................................................................................................................6263
Section 3.03. Borrowings and L/C Credit
Extensions......................................................................6263

i

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ARTICLE 4
REPRESENTATIONS AND WARRANTIES
Section 4.01. Corporate Existence, Power and
Authority....................................................................64
Section 4.02. Financial
Statements...................................................................................................6465
Section 4.03.
Litigation.....................................................................................................................6566
Section 4.04. Governmental
Authorizations.....................................................................................6566
Section 4.05. Members’ Subordinated
Certificates...............................................................................66
Section 4.06. No Violation of
Agreements.............................................................................................66
Section 4.07. No Event of Default under the
Indentures...................................................................6667
Section 4.08. Compliance with
ERISA..............................................................................................6667
Section 4.09. Compliance with Other
Laws......................................................................................6768
Section 4.10. Tax
Status....................................................................................................................6768
Section 4.11. Investment Company
Act.............................................................................................6768
Section 4.12.
Disclosure.................................................................................................................    6768
Section 4.13.
Subsidiaries.................................................................................................................6768
Section 4.14. Environmental
Matters....................................................................................................68
Section 4.15. Anti-Corruption Laws and
Sanctions..........................................................................6869

ARTICLE 5
COVENANTS
Section 5.01. Corporate
Existence........................................................................................................69
Section 5.02. Disposition of Assets, Merger, Character of Business,
etc..............................................69
Section 5.03. Financial
Information.................................................................................................6970
Section 5.04. Default
Certificates.....................................................................................................7071
Section 5.05. Notice of Litigation and
Defaults................................................................................7172
Section 5.06.
ERISA..........................................................................................................................7172
Section 5.07. Payment of
Charges........................................................................................................72
Section 5.08. Inspection of Books and
Assets...................................................................................7273
Section 5.09.
Indebtedness................................................................................................................7273
Section 5.10.
Liens............................................................................................................................7374
Section 5.11. Maintenance of
Insurance...........................................................................................7475
Section 5.12. Subsidiaries and Joint
Ventures..................................................................................7475
Section 5.13. Minimum
TIER............................................................................................................7576
Section 5.14. Retirement of Patronage
Capital................................................................................7576
Section 5.15. Use of
Proceeds...........................................................................................................7576
Section 5.16. Compliance with
Laws................................................................................................7677

ARTICLE 6
DEFAULTS
Section 6.01. Events of
Default.........................................................................................................7677
Section 6.02. Actions In Respect Of Letters Of Credit Upon
Default...................................................79
Section 6.03. Notice of
Default.........................................................................................................7980

ii

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ARTICLE 7
THE ADMINISTRATIVE AGENT

Section 7.01. Appointment and
Authorization..................................................................................7980
Section 7.02. Administrative Agent and
Affiliates.............................................................................7980
Section 7.03. Action by Administrative
Agent...................................................................................7980
Section 7.04. Consultation with
Experts...............................................................................................80
Section 7.05. Liability of Administrative
Agent....................................................................................80
Section 7.06.
Indemnification.............................................................................................................8081
Section 7.07. Credit
Decision..................................................................................................................81
Section 7.08. Successor Administrative
Agent...................................................................................8182
Section 7.09.    Co-Documentation Agents, Syndication Agent and Co-
Lead Arrangers Not Liable
..............................................................................................82
Section 7.10.
Calculations......................................................................................................................82

ARTICLE 8
CHANGE IN CIRCUMSTANCES

Section 8.01.    Basis for Determining Interest Rate Inadequate or
Unfair........................................8283
Section
8.02.    Illegality.........................................................................................................................83
Section 8.03.    Increased Cost and Reduced
Return..........................................................................8384
Section 8.04.    Base Rate Loans Substituted for Affected Euro-Dollar
Loans..................................8586

ARTICLE 9
MISCELLANEOUS

Section
9.01.    Notices...........................................................................................................................86
Section 9.02.    No
Waivers.................................................................................................................8788
Section 9.03.    Expenses; Documentary Taxes;
Indemnification...........................................................88
Section 9.04.    Sharing of
Set-offs......................................................................................................8889
Section 9.05.    Amendments and
Waivers..............................................................................................89
Section 9.06.    Successors and
Assigns..................................................................................................90
Section
9.07.    Collateral...................................................................................................................9293
Section 9.08.    Governing
Law...........................................................................................................9293
Section 9.09.    Counterparts;
Integration..........................................................................................9394
Section 9.10.    Several
Obligations...................................................................................................9394
Section
9.11.    Severability................................................................................................................9394
Section
9.12.    Confidentiality................................................................................................................94
Section 9.13.    WAIVER OF JURY
TRIAL.........................................................................................9495
Section 9.14.    USA Patriot
Act.........................................................................................................9495
Section 9.15.    ICC
Transactions.......................................................................................................9495
Section 9.16.    Acknowledgement and Consent to
Bail-In.................................................................9596

iii

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AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

This AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT dated as of November 19,
2015, is made by and among NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION, a not-for-profit cooperative association incorporated under the
laws of the District of Columbia, as Borrower, the BANKS listed on the signature
pages hereof, JPMORGAN CHASE BANK, N.A., as Administrative Agent and as Initial
Issuing Bank for the Letters of Credit issued or to be issued pursuant to this
Agreement, MIZUHO BANK (USA), LTD., as successor Syndication Agent, and THE BANK
OF TOKYO- MITSUBISHI UFJ, LTD., THE BANK OF NOVA SCOTIA and ROYAL BANK OF
CANADA, as Co-Documentation Agents.

WHEREAS, the Borrower, the several Banks, the Administrative Agent, the
Syndication Agent and Co-Documentation Agents (as each is defined hereinafter)
entered into a Revolving Credit Agreement dated as of October 21, 2011, as
amended by Amendment No. 1 dated as of March 28, 2013, Amendment No. 2 dated as
of October 28, 2013 and Amendment No. 3 dated as of October 28, 2014
(collectively, the “Existing Credit Agreement”); and

WHEREAS, the Borrower has requested that the Banks, the Administrative Agent,
the Syndication Agent and the Co-Documentation Agents agree, on the terms and
conditions set forth herein, to amend and restate the Existing Credit Agreement.
The Banks, Administrative Agent, Syndication Agent and Co- Documentation Agents
have indicated their willingness to amend and restate the Existing Credit
Agreement on the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby amend and restate the Existing Credit
Agreement in its entirety and the parties hereto hereby agree as follows:

ARTICLE 1
DEFINITIONS
Section 1.01. Definitions. The following terms, as used herein, have the
following meanings:

“1994 Indenture” means the Indenture dated as of February 15, 1994 and as
amended as of September 16, 1994 between the Borrower and U.S. Bank National
Association, as trustee, as amended and supplemented from time to time,
providing for the issuance in series of certain collateral trust bonds of the
Borrower.

“2007 Indenture” means the Indenture dated as of October 25, 2007 between the
Borrower and U.S. Bank National Association, as trustee, as amended

--------------------------------------------------------------------------------

and supplemented from time to time, providing for the issuance in series of
certain collateral trust bonds of the Borrower.

“2015 Fee Letters” means those certain Fee Letters dated October 13, 20152016
Amendment” means Amendment No. 1 to this Agreement dated as of November 18, 2016
among the Borrower, the Administrative Agent and, the Syndication Agent and the
Banks thereto.

“20162017 Amendment” means Amendment No. 12 to this Agreement dated as of
November 1820, 20162017 among the Borrower, the Administrative Agent, the
Syndication Agent and the Banks thereto.

“20162017 Fee Letters” means those certain Fee Letters dated SeptemberOctober
13, 20162017 among the Borrower, the Administrative Agent and the Syndication
Agent.

“2019 Aggregate Commitment” means the aggregate amount that is equal to the sum
of the amounts of each of the 2019 Commitments.

“2019 Bank” means at any time, any Bank that has a 2019 Commitment specified on
the 2019 Commitment Schedule hereto or any Assignee thereof and any subsequent
Assignee of such Assignee.

“2019 Commitment Schedule” means the commitment schedule attached hereto under
the heading, 2019 Commitment Schedule.

“2019 Commitment Termination Date” means October 28, 2019 or, if such day is not
a Euro-Dollar Business Day, the immediately preceding Euro-Dollar Business Day.

“2019 Commitment” means (i) with respect to any Bank, the amount, if any, set
forth opposite the name of such Bank on the 2019 Commitment Schedule and (ii)
with respect to any Bank that is an Assignee pursuant to Section 9.06(c), the
amount of the transferor Bank’s commitment specified on the 2019 Commitment
Schedule that is assigned to such Bank, and further, any subsequent assignment
made by an Assignee to another Assignee of such amounts pursuant to Section
9.06(c), in each case as such amount may from time to time be increased or
decreased from time to time in accordance with the terms and conditions of this
Agreement.

“2019 Conversion” has the meaning set forth in Section 2.21.

“2019 Conversion Offer” has the meaning set forth in Section 2.21.

“2019 Credit Exposure” means with respect to any 2019 Bank at any time, such
Bank’s Pro Rata Share of each of (i) the aggregate principal amount of the 2019
Loans outstanding at such time and (ii) the Outstanding Amount of all L/C
Obligations at such time (for the avoidance of doubt, the

2

--------------------------------------------------------------------------------

aggregate amount of such 2019 Bank’s participation in L/C Obligations are deemed
to be “held” by such 2019 Bank for purposes of this definition).

2019 Loan” means a Loan made by a 2019 Bank.

“2021 Aggregate Commitment” means the aggregate amount that is equal to the sum
of the amounts of each of the 2021 Commitments.

“2021 Bank” means at any time, any Bank that has a 2021 Commitment specified on
the 2021 Commitment Schedule hereto and any Bank that pursuant to the terms
herein consummates a 2019 Conversion or any Assignee thereof and any subsequent
Assignee of such Assignee.

“2021 Commitment Schedule” means the commitment schedule attached hereto under
the heading, 2021 Commitment Schedule.

“2021 Commitment Termination Date” means November 19, 2021 or, if such day is
not a Euro-Dollar Business Day, the immediately preceding Euro-Dollar Business
Day.

“2021 Commitment” means (i) with respect to any Bank, the amount, if any, set
forth opposite the name of such Bank on the 2021 Commitment Schedule and (ii)
with respect to any Bank that is an Assignee pursuant to Section 9.06(c), the
amount of the transferor Bank’s commitment specified on the 2021 Commitment
Schedule that is assigned to such Bank, and further, any subsequent assignment
made by an Assignee to another Assignee of such amounts pursuant to Section
9.06(c), in each case as such amount may from time to time be increased or
decreased from time to time in accordance with the terms and conditions of this
Agreement.

“2021 Credit Exposure” means with respect to any 2021 Bank at any time, such
Bank’s Pro Rata Share of each of (i) the aggregate principal amount of the 2021
Loans outstanding at such time and (ii) the Outstanding Amount of all L/C
Obligations at such time (for the avoidance of doubt, the aggregate amount of
such 2021 Bank’s participation in L/C Obligations are deemed to be “held” by
such 2021 Bank for purposes of this definition).

“2021 Loan” means a Loan made by a 2021 Bank.

“Absolute Rate Auction” means a solicitation of Money Market Quotes setting
forth Money Market Absolute Rates pursuant to Section 2.03.

“Additional Commitment Bank” has the meaning set forth in Section 2.22(d).

“Adjusted London Interbank Offered Rate” has the meaning set forth in
Section 2.07(b).

3

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“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as
administrative agent for the Banks hereunder, and its successors in such
capacity.

“Administrative Questionnaire” means, with respect to each Bank, the
administrative questionnaire in the form submitted to such Bank by the
Administrative Agent and submitted to the Administrative Agent (with a copy to
the Borrower) duly completed by such Bank.

“Aggregate Commitment” means the aggregate amount that is equal to the sum of
the 2019 Aggregate Commitment and the 2021 Aggregate Commitmentamounts of each
of the Commitments.

“Agreement” means this Amended and Restated Revolving Credit Agreement, as the
same may be amended from time to time.

“Amendment Effective Date” means the date this Agreement becomes effective in
accordance with Section 3.01.

“Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to the Borrower or its Subsidiaries from time to time
concerning or relating to bribery or corruption.

“Anniversary Date” has the meaning set forth in Section 2.22(a).

“Applicable Law” means, with respect to any Person, any and all laws, statutes,
regulations, rules, orders, injunctions, decrees, judgments, writs
determinations or awards having the force or effect of binding such Person at
law and issued by any Governmental Authority, applicable to such Person,
including all Environmental Laws.

“Applicable Lending Office” means, with respect to any Bank, (i) in the case of
its Base Rate Loans, its Domestic Lending Office, (ii) in the case of its
Euro-Dollar Loans, its Euro-Dollar Lending Office and (iii) in the case of its
Money Market Loans, its Money Market Lending Office.

“ASC 815” means Accounting Standards Codification No. 815 Derivatives and
Hedging, as amended from time to time (or any successor provision thereto).

“ASC 830” means Accounting Standards Codification No. 830 Foreign Currency
Matters, as amended from time to time (or any successor provision
thereto).

“Assignee” has the meaning set forth in Section 9.06(c).

“Auto-Extension Letter of Credit” has the meaning specified in Section
2.20(a)(iii).

4

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“Back-Up Letter of Credit” has the meaning set forth in Section 2.01(b).

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by
the applicable EEA Resolution Authority in respect of any liability of an EEA
Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule.

“Bank” means each bank listed on the signature pages hereof, eachat any time,
any Bank that has a Commitment specified on the Commitment Schedule hereto or
any Assignee thereof and any subsequent Assignee of suchAssignee which becomes a
Bank pursuant to Section 9.06(c), and their respective successors in interest
from time to timeSection 9.06(c).

“Bank Extension Notice Date” has the meaning set forth in Section
2.22(b).

“Bank Parties” mean the Banks and the Issuing Banks.

“Bankruptcy Event” means, with respect to any Person, such Person becomes the
subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, administrator, custodian, assignee for the benefit of
creditors or similar Person charged with the reorganization or liquidation of
its business appointed for it, or, in the good faith determination of the
Administrative Agent, has taken any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any such proceeding or appointment,
provided that a Bankruptcy Event shall not result solely by virtue of any
ownership interest, or the acquisition of any ownership interest, in such Person
by a Governmental Authority or instrumentality thereof, provided, further, that
such ownership interest does not result in or provide such Person with immunity
from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Person (or such
Governmental Authority or instrumentality) to reject, repudiate, disavow or
disaffirm any contracts or agreements made by such Person.

“Bank Parties” mean the Banks and the Issuing Banks.

“Base Rate” means, for any day, a rate per annum equal to the highest of (i) the
Prime Rate for such day, (ii) the Federal Funds Rate for such day plus 0.50% and
(iii) the Adjusted London Interbank Offered Rate, taking into account any London
Interbank Offered Rate floor under the definition of “London Interbank Offered
Rate”, or a comparable or successor rate, which rate is selected by the
Administrative Agent and the Borrower as described in the

5

--------------------------------------------------------------------------------

definition of London Interbank Offered Rate in Section 2.07(b), for a one month
Interest Period on such day (or if such day is not a Euro-Dollar Business Day,
the immediately preceding Euro-Dollar Business Day) plus 1.00%.

“Base Rate Loan” means a Committed Loan that bears interest at the Base Rate
pursuant to the applicable Notice of Committed Borrowing or Notice of Interest
Rate Election or the last sentence of Section 2.08(a) or Article 8.

“Base Rate Margin” means a rate per annum determined in accordance with the
Pricing Schedule.

“Bonds” means any bonds issued pursuant to any of the Indentures, as the
context may require.

“Borrower” means the National Rural Utilities Cooperative Finance Corporation, a
not-for-profit cooperative association incorporated under the laws of the
District of Columbia, and its successors.

“Borrowing” has the meaning set forth in Section 1.03.

“Cash Collateral Account” means a deposit account or a non-interest bearing
securities account (as contemplated by Section 2.20(e)) opened, or to be opened,
by the Administrative Agent and in which a Lien has been granted to the
Administrative Agent for the benefit of each Bank and each Issuing Bank pursuant
to documentation in form and substance reasonably satisfactory to the
Administrative Agent and each Issuing Bank (which documents are hereby consented
to by the Banks) to the extent that any Letter of Credit is required to be Cash
Collateralized in accordance with this Agreement.

“Cash Collateralize” means to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of each Issuing Bank and each Bank, as
collateral for the L/C Obligations, cash or deposit account balances, and “Cash
Collateral” shall refer to such cash or deposit account balances.

“Central Banking Authority” means any central bank, reserve bank or monetary
authority that is principally engaged in the regulation of the currency, money
supply or commercial banking system of any given sovereign state or states.

“Change in Law” means (a) the adoption of any law, rule, regulation or treaty
after the Effective Date, (b) any change in any law, rule, regulation or treaty
or in the interpretation or application thereof by any Governmental Authority
after the Effective Date or (c) compliance by any Bank Party (or, for purposes
of Section 8.03(b), by its Applicable Lending Office or by such Bank Party’s
holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after
the Effective Date; provided however, that notwithstanding anything therein to
the contrary, (i) any requirements imposed under the Dodd-Frank Wall Street
Reform and

6

--------------------------------------------------------------------------------

Consumer Protection Act and all requests, rules, regulations, guidelines or
directives thereunder or enacted, adopted or issued in connection therewith and
(ii) any requests, rules, guidelines or directives concerning capital adequacy
promulgated by the Bank for International Settlements, the Basel Committee on
Banking Regulations and Supervisory Practices (or any successor or similar
authority) or the United States financial regulatory authorities, in each case
pursuant to Basel III, shall be deemed to be a “Change in Law”, regardless of
the date adopted, issued, promulgated or implemented, but only if any such
requirements are generally applicable to (and for which reimbursement is
generally being sought by the Banks in respect of) credit transactions similar
to this transaction from borrowers similarly situated to the Borrower.

“Code” means the Internal Revenue Code of 1986, as amended.

“Co-Documentation Agents” means The Bank of Tokyo-Mitsubishi UFJ, Ltd., The Bank
of Nova Scotia and Royal Bank of Canada, each in their respective capacity as
documentation agent hereunder, and their respective successors in such capacity.

“Co-Lead Arrangers” means J.P. Morgan Chase Bank, N.A., Mizuho Bank (USA), Ltd.,
The Bank of Tokyo-Mitsubishi UFJ, Ltd., The Bank of Nova Scotia, and RBC Capital
Markets, 1 each in their capacity as co-lead arranger and joint bookrunner.

“Commitment” means (i) with respect to each 2019any Bank, such Bank’s 2019the
amount, if any, set forth opposite the name of such Bank on the Commitment
Schedule and (ii) with respect to each 2021 Bank, such Bank’s 2021
Commitment.any Bank that is an Assignee pursuant to Section 9.06(c), the amount
of the transferor Bank’s commitment specified on the Commitment Schedule that is
assigned to such Bank, and further, any subsequent assignment made by an
Assignee to another Assignee of such amounts pursuant to Section 9.06(c), in
each case as such amount may from time to time be increased or decreased from
time to time in accordance with the terms and conditions of this Agreement.

“Commitment Schedule” means the commitment schedule attached hereto under the
heading, Commitment Schedule.

“Commitment Termination Date” means November 20, 2022 or, if such day is not a
Euro-Dollar Business Day, the immediately preceding Euro- Dollar Business Day.

___________
1RBC Capital Markets is a brand name for the capital markets businesses of Royal
Bank of Canada and its affiliates.

7

--------------------------------------------------------------------------------

“Committed Borrowing” means a Borrowing under Section 2.01(a).

“Committed Loan” means a Revolving Loan; provided that, if any such loan or
loans (or portions thereof) are combined or subdivided pursuant to a Notice of
Interest Rate Election, the term “Committed Loan” shall refer to the combined
principal amount resulting from such combination or to each of the separate
principal amounts resulting from such subdivision, as the case may be.

“Commitment Termination Date” means (i) with respect to 2019 Commitments and any
2019 Loans and any participations purchased in L/C Obligations by any 2019 Bank,
the 2019 Commitment Termination Date and (ii) with respect to 2021 Commitments
and any 2021 Loans and any participations purchased in L/C Obligations by any
2021 Bank, the 2021 Commitment Termination Date.

“Confidential Information” has the meaning set forth in Section 9.12.

“Consolidated Entity” means at any date any Subsidiary, and any other entity the
accounts of which would be combined or consolidated with those of the Borrower
in its combined or consolidated financial statements if such statements were
prepared as of such date.

“Credit Documentation” has the meaning set forth in Section 9.15.

“Credit Exposure” means (i) with respect to each 2019any Bank, each at any time,
such 2019 Bank’s 2019 Credit Exposure and (ii) with respect to each 2021 Bank,
each such 2021 Bank’s 2021 Credit Exposure.Pro Rata Share of each of (i) the
aggregate principal amount of the Loans outstanding at such time and (ii) the
Outstanding Amount of all L/C Obligations at such time (for the avoidance of
doubt, the aggregate amount of such Bank’s participation in L/C Obligations are
deemed to be “held” by such Bank for purposes of this definition).

“Default” means any occurrence or event which constitutes an Event of Default or
which with the giving of notice or lapse of time or both (as specified in
Section 6.01) would, unless cured or waived, become an Event of Default.

“Defaulting Bank” means any Bank that (a) has failed, within two Domestic
Business Days of the date required to be funded or paid, to (i) fund any portion
of its Loans, (ii) fund any portion of its participations in Letters of Credit
or (iii) pay over to the Administrative Agent or any Bank Party any other amount
required to be paid by it hereunder, unless, in the case of clause (i) above,
such Bank notifies the Administrative Agent and the Borrower, in writing that
such failure is the result of such Bank’s good faith determination that a
condition precedent to funding (specifically identified and including the
particular default, if any) has not been satisfied, (b) has notified the
Borrower, the Administrative Agent or any Bank Party in writing, or has made a
public statement to the effect,

8

--------------------------------------------------------------------------------

“Euro-Dollar Lending Office” means, as to each Bank, its office, branch or
affiliate located at its address set forth in its Administrative Questionnaire
(or identified in its Administrative Questionnaire as its Euro-Dollar Lending
Office) or such other office, branch or affiliate of such Bank as it may
hereafter designate as its Euro-Dollar Lending Office by notice to the Borrower
and the Administrative Agent.

“Euro-Dollar Loan” means a Committed Loan that bears interest at a Euro-Dollar
Rate pursuant to the applicable Notice of Committed Borrowing or Notice of
Interest Rate Election.

“Euro-Dollar Margin” means a rate per annum determined in accordance with the
Pricing Schedule.

“Euro-Dollar Rate” means, for any day, a rate per annum determined in accordance
with Section 2.07(b).

“Euro-Dollar Reserve Percentage” has the meaning set forth in Section
2.07(b).

“Event of Default” has the meaning set forth in Section 6.01.

“Excluded Taxes” means, with respect to any payment made by the Borrower under
this Agreement or the Notes, any of the following Taxes imposed
on or with respect to a Recipient:

(a)    income Taxes imposed on (or measured by) net income and franchise Taxes
by the United States of America, or by the jurisdiction under the laws of which
such Recipient is organized or in which its principal office is located or, in
the case of any Bank Party, in which its applicable lending office is located or
are Other Connection Taxes, (b) any branch profits Taxes imposed by the United
States of America or any similar Taxes imposed by any other jurisdiction in
which the Borrower is located or are Other Connection Taxes, (c) in the case of
a Non U.S. Bank Party (other than an assignee pursuant to a request by the
Borrower under Section 2.19(b)), any U.S. Federal withholding Taxes resulting
from any law in effect on the date such Non U.S. Bank Party becomes a party to
this Agreement (or designates a new lending office) or is attributable to such
Non U.S. Bank Party’s failure to comply with Section 2.16(f), except to the
extent that such Non U.S. Bank Party (or its assignor, if any) was entitled, at
the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding Taxes
pursuant to Section 2.16(a) and (d) any U.S. Federal withholding Taxes imposed
under FATCA.

“Existing Commitment Termination Date” has the meaning set forth
in Section 2.22(a).

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“Existing Credit Agreement” has the meaning set forth in first WHEREAS clause
above.

“Existing Letters of Credit” means the letters of credit issued and outstanding
under the Existing Credit Agreement as of the Amendment Effective Date and set
forth in the Existing Letters of Credit Schedule hereto.

“Extended Commitment” means an Extended Commitment as defined in the 20162017
Amendment.

“Extension Date” has the meaning set forth in Section 2.22(d).

“Facility Fee Rate” means a rate per annum determined in accordance with the
Pricing Schedule.

“Farmer Mac” means the Federal Agricultural Mortgage Corporation, a corporation
organized and existing under the laws of the United States of America and a
federally-chartered instrumentality of the United States of America and an
institution of the Farm Credit System.

“Farmer Mac Master Note Purchase Agreement” means that certain Master Note
Purchase Agreement, dated as of July 31, 2015, among Farmer Mac Mortgage
Securities Corporation, a wholly owned subsidiary of Farmer Mac, Farmer Mac and
the Borrower.

“Farmer Mac Master Note Purchase Agreement Liens” means Liens on any assets of
the Borrower required to be pledged as collateral to support obligations of the
Borrower with respect to any notes issued pursuant to the Farmer Mac Master Note
Purchase Agreement.

“Farmer Mac Master Note Purchase Agreement Limit” shall be the lesser of (i) the
aggregate purchase amount of notes available for purchase at any such time,
without regards to whether any such notes have been purchased, pursuant to one
or more supplemental note purchase agreements to the Farmer Mac Master Note
Purchase Agreement in effect at such time or (ii) $1,000,000,000.

“Farmer Mac Master Note Purchase Agreement Obligations” means notes issued
pursuant to the Farmer Mac Master Note Purchase Agreement.

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)
of the Code, and any applicable intergovernmental agreements and related
legislation and official administrative rules or practices with respect thereto.

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“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof, the extension of the expiry date thereof or the increase of the amount
thereof.

“L/C Obligations” means, as at any date of determination, the aggregate undrawn
amount of all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including all L/C Borrowings. For all purposes of this
Agreement, if on any date of determination a Letter of Credit has expired by its
terms but any amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

“Letter of Credit Application” means an application and agreement for the
issuance or amendment of a Letter of Credit to be issued hereunder by any
Issuing Bank in the form from time to time in use by such Issuing Bank.

“Letter of Credit Expiration Date” means the day that is five Domestic Business
Days prior to the 2021 Commitment Termination Date.

“Letter of Credit Fee” has the meaning specified in Section 2.09(c).

“Letter of Credit Sublimit” means $150,000,000. The Letter of Credit Sublimit is
part of , and not in addition to, the aggregate Commitments.

“Letters of Credit” means letters of credit issued by any Issuing Bank pursuant
to Section 2.01(b) and any Existing Letters of Credit.

“LIBOR Auction” means a solicitation of Money Market Quotes setting forth Money
Market Margins based on the London Interbank Offered Rate
pursuant to Section 2.03.

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such asset. For the
purposes of this Agreement, the Borrower or any Subsidiary shall be deemed to
own subject to a Lien any asset which it has acquired or holds subject to the
interest of a vendor or lessor under any conditional sale agreement, capital
lease or other title retention agreement relating to such asset.

“Lien Exception Amount” means $10,000,000,000 plus an amount equal to the
incremental increase in the allocated amount of REDLG Obligations from the
Amendment Effective Date; provided that the Lien Exception Amount shall at no
time exceed $12,500,000,000.

“Loan” means a Base Rate Loan or a Euro-Dollar Loan or a Money Market Loan in
each case, made by any 2019 Bank or any 2021 Bank, as applicable and “Loans”
means Base Rate Loans or Euro-Dollar Loans or Money

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Market Loans or any combination of the foregoing in each case made hereunder by
a 2019 Bank or a 2021 Bank.

“London Interbank Offered Rate” has the meaning set forth in Section 2.07(b).

“Maturity Date” means (i) with respect to any Revolving Loan, the Commitment
Termination Date and (ii) with respect to any Money Market Loan, the last day of
the Interest Period applicable thereto.

“Member” means any Person which is a member or a patron of the Borrower.

“Members’ Subordinated Certificate” means a note of the Borrower or its
Consolidated Entities substantially in the form of the membership subordinated
subscription certificates and the loan and guarantee subordinated certificates
outstanding on the date of the execution and delivery of this Agreement and any
other Indebtedness of the Borrower or its Consolidated Entities having
substantially similar provisions as to subordination as those contained in said
outstanding membership subordinated subscription certificates and loan and
guarantee subordinated certificates.

“Money Market Absolute Rate” has the meaning set forth in Section
2.03(d)(ii)(D).

“Money Market Absolute Rate Loan” means a loan to be made to the Borrower by a
Bank pursuant to an Absolute Rate Auction.

“Money Market Lending Office” means, as to each Bank, its Domestic Lending
Office or such other office, branch or affiliate of such Bank as it may
hereafter designate as its Money Market Lending Office by notice to the Borrower
and the Administrative Agent; provided that any Bank may from time to time by
notice to the Borrower and the Administrative Agent designate separate Money
Market Lending Offices for its Money Market LIBOR Loans, on the one hand, and
its Money Market Absolute Rate Loans, on the other hand, in which case all
references herein to the Money Market Lending Office of such Bank shall be
deemed to refer to either or both of such offices, as the context may require.

“Money Market LIBOR Loan” means a loan to be made to the Borrower by a Bank
pursuant to a LIBOR Auction (including such a loan bearing interest at the Prime
Rate pursuant to Section 8.01(a)).

“Money Market Loan” means a Money Market LIBOR Loan or a Money Market Absolute
Rate Loan.

“Money Market Margin” has the meaning set forth in Section 2.03(d).

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“Money Market Quote” means an offer by a Bank to make a Money Market Loan in
accordance with Section 2.03.

“Moody’s” means Moody’s Investors Service, Inc., and its successors.

“Multiple Employer Plan” means a single employer plan, as defined in Section
4001 of ERISA and subject to Title IV of ERISA, which has two or more
contributing sponsors, one of whom is the Borrower or a Subsidiary of the
Borrower or any member of the ERISA Group, at least two of whom are not under
common control, within the meaning of Section 4063 of ERISA.

“Net Income” means, for any period, the line item “net income” on the
consolidated statement of operations of the Borrower and its Consolidated
Entities, as it appears in the financial statements for such period delivered to
the Banks pursuant to Section 5.03(b), and each calculated in accordance with
U.S.GAAP as in effect from time to time; provided that non-cash adjustments
(whether positive or negative) required to be made pursuant to ASC 815 and ASC
830 on each such line item shall be excluded from the calculation thereof to the
extent otherwise included therein.

“Non-Extending Bank” has the meaning set forth in Section 2.22(b).

“Non-Extension Notice Date” has the meaning specified in Section 2.20(a)(iii).

“Non-U.S. Bank Party” means a Bank Party that is not a U.S. Person.

“Notes” means, to the extent requested by Bank, promissory notes of the
Borrower, substantially in the form of Exhibit A hereto, evidencing the
obligation of the Borrower to repay the Loans, and “Note” means any one of such
promissory notes issued hereunder.

“Notice of Borrowing” means a Notice of Committed Borrowing or a Notice of Money
Market Borrowing.

“Notice of Committed Borrowing” has the meaning set forth in Section 2.02.

“Notice of Interest Rate Election” has the meaning set forth in Section 2.08(a).

“Notice of Money Market Borrowing” has the meaning set forth in Section 2.03(f).

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as
a result of a present or former connection between such Recipient and the
jurisdiction imposing such Taxes (other than a connection arising from such
Recipient having executed, delivered, enforced, become a party to, performed its

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“Regulation U” means Regulation U of the Board of Governors of the Federal
Reserve System, as in effect from time to time.

“Regulation X” means Regulation X of the Board of Governors of the Federal
Reserve System, as in effect from time to time.

“Reportable Event” means an event described in Section 4043(c) of ERISA or
regulations promulgated by the Department of Labor thereunder (with respect to
which the 30 day notice requirement has not been waived by the PBGC).

“Required Banks” means, subject to Section 2.19, at any time Banks having at
least 51% of the sum of (i) the aggregate amount of the unused Commitments, (ii)
the aggregate principal outstanding amount of the Loans and (iii) the
Outstanding Amount of all L/C Obligations (with the aggregate amount of each
Bank’s participation in L/C Obligations deemed “held” by such Bank for purposes
of this definition).

“Responsible Officer” means (i) with respect to the Borrower, the Chief
Financial Officer, the Chief Executive Officer, the Chief Operating Officer, an
Assistant Secretary-Treasurer, the Controller, the Vice President, Capital
Markets Relations or, in each case, an authorized signatory of such Person and
(ii) with respect to any other Person, the president, any vice-president, the
chief financial officer, any assistant-treasurer or, in each case, an authorized
signatory of such Person.

“Revolving Credit Period” means the period from and including the Effective Date
to but excluding (x) in the case of the 2019 Commitments, the 2019 Commitment
Termination Date and (y) in the case of the 2021 Commitments, the 2021the
Commitment Termination Date.

“Revolving Loan” means a loan made by a Bank pursuant to Section 2.01(a).

“RUS” means the Rural Utilities Service of the Department of Agriculture of the
United States of America (as successor to the Rural Electrification
Administration of the Department of Agriculture of the United States of America)
or any other regulatory body which succeeds to its functions.

“RUS Guaranteed Loan” means any loan made by any Person, which loan is
guaranteed, in whole or in part, as to principal and interest by the United
States of America through the RUS pursuant to a guarantee, which guarantee
contains provisions no less favorable to the holder thereof than the provisions
set forth in the form of Exhibit B-1 or Exhibit B-2 hereto; and “Guaranteed
Portion” of any RUS Guaranteed Loan means that portion of principal of, and
interest on,

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such RUS Guaranteed Loan which is guaranteed by the United States of America
through the RUS.

“S&P” means Standard and Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and its successors.S&P Global Ratings, a business unit of
Standard & Poor’s Financial Services LLC, or any successor thereto.

“Sanctioned Country” means, at any time, a country or territory which is the
subject or target of any Sanctions.

“Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign
Assets Control of the U.S. Department of the Treasury, the U.S. Department of
State or any other U.S. Governmental Authority, as may be amended, supplemented
or substituted from time to time, (b) any Person operating, organized or
resident in a Sanctioned Country or (c) any Person controlled by any such
Person.

“Sanctions” means economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by the U.S. government, including
those administered by the Office of Foreign Assets Control of the U.S.Department
of the Treasury or the U.S. Department of State.

“Second Amendment Effective Date” means the Second Amendment Effective Date as
defined in the 2017 Amendment.

“Securities and Exchange Commission” means the Securities and Exchange
Commission or any other U.S. federal governmental authority succeeding to any or
all of the functions of the Securities and Exchange Commission.

“Special Purpose Subsidiary” has the meaning set forth in Section 5.12.

“Specified Date” has the meaning set forth in Section 2.22(c).

“Standby Letter of Credit” means any Letter of Credit issued under this
Agreement, other than (i) a Trade Letter of Credit, (ii) a Performance Letter of
Credit or (iii) a Backup Letter of Credit in support of either a performance
letter of credit or a trade letter of credit issued by the Borrower.

“Start-up Investments” has the meaning set forth in Section 5.12.

“Subsidiary” of any Person means (i) any corporation more than 50% of whose
stock of any class or classes having by the terms thereof ordinary voting power
to elect a majority of the directors of such corporation (irrespective of
whether or not at the time stock of any class or classes of such corporation
shall have or might have voting power by reason of the happening of any
contingency)

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is at the time owned by such Person directly or indirectly through its
Subsidiaries, and (ii) any other Person in which such Person directly or
indirectly through Subsidiaries has more than a 50% voting and equity interest;
provided that no Person whose only assets are RUS Guaranteed Loans and
investments incidental thereto shall be deemed a Subsidiary.

“Superior Indebtedness” means all Indebtedness of the Borrower and its
Consolidated Entities (other than Members’ Subordinated Certificates and
Qualified Subordinated Indebtedness), but excluding (i) Indebtedness of the
Borrower or any of its Consolidated Entities to the extent that the proceeds of
such Indebtedness are used to fund Guaranteed Portions of RUS Guaranteed Loans
and (ii) any indebtedness of any Member Guaranteed by the Borrower or any of its
Consolidated Entities (“Guaranteed Indebtedness”), to the extent that either (x)
the long-term unsecured debt of such Member is rated at least BBB+ by S&P or
Baal by Moody’s, (y) the long-term secured debt of such Member is rated at least
A- by S&P or A3 by Moody’s or (z) the payment of principal and interest by the
Borrower or any of its Consolidated Entities in respect of such Guaranteed
Indebtedness is covered by insurance or reinsurance provided by an insurer
having an insurance financial strength rating of AAA by S&P or a financial
strength rating of Aaa by Moody’s.

“Syndication Agent” means Mizuho Bank (USA), Ltd., in its capacity as
Syndication Agent hereunder, and its successors in such capacity.

“Taxes” means any present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable
thereto.

“TIER” means, for any period, the ratio of (x) Net Income plus Interest Expense
plus Derivative Cash Settlements to (y) Interest Expense plus Derivative Cash
Settlements, in each case for such period.

“Trade Letter of Credit” means any Existing Letter of Credit issued under the
Existing Credit Agreement or any Letter of Credit issued under this Agreement,
in each case, for the benefit of a supplier of goods or services to effect
payment for such goods or services, the conditions to drawing under which
include the presentation to an Issuing Bank.

“Type” refers to whether a Loan is a Base Rate Loan, a Euro-Dollar Loan, a Money
Market Absolute Rate Loan or a Money Market LIBOR Loan.

“Unreimbursed Amount” has the meaning specified in Section 2.20(b)(i).

“U.S. GAAP” means the generally accepted accounting principles as promulgated,
from time to time, by the Financial Accounting Standards Board.

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amount is in effect at such time. All Existing Letters of Credit issued and
outstanding on the Amendment Effective Date shall be deemed to be Letters of
Credit under this Agreement and from and after the Amendment Effective Date
shall be subject to and governed by the terms and conditions hereof.

ARTICLE 2
THE CREDITS
Section 2.01. Commitments to Lend and Issue Letters of Credit.(a)Revolving
Loans. During the Revolving Credit Period each Bank severally agrees, on the
terms and conditions set forth in this Agreement, to make loans to the Borrower
pursuant to this Section from time to time in amounts such that the sum of (x)
the aggregate principal amount of Revolving Loans by such Bank at any one time
outstanding plus (y) such Bank’s Pro Rata Share of the Outstanding Amount of all
L/C Obligations shall not exceed the amount of its Commitment.Each Borrowing
shall be in an aggregate principal amount of $10,000,000 or any larger multiple
of $1,000,000 (except that any such Borrowing may be in the maximum aggregate
amount available in accordance with Section 3.03(d)) and shall be made from the
several Banks ratably in proportion to their respective Commitments. Within the
foregoing limits, the Borrower may borrow under this Section, repay or, to the
extent permitted by Section 2.12, prepay Loans and reborrow at any time during
the Revolving Credit Period under this Section. All Loans will be made by all
Banks (pro rata between the 2019 Banks and 2021 Banks) in accordance with their
Pro Rata Share of the Aggregate Commitments until the 2019 Commitment
Termination Date; thereafter, all Loans will be made by the 2021 Banks in
accordance with their Pro Rata Share of the 2021 Aggregate Commitments until the
2021 Commitment Termination Date, in each case subject to the limitations set
forth in Section 3.03(d).

(b)    Letters of Credit. Subject to the terms and conditions set forth herein,
(i) each Issuing Bank agrees, in reliance upon the agreements of the other Banks
set forth in Section 2.20, (A) from time to time on any Domestic Business Day
during the period from the Amendment Effective Date until the Letter of Credit
Expiration Date, to make L/C Credit Extensions either (i) for the account of the
Borrower, its Consolidated Entities, its Members or members of its Consolidated
Entities or (ii) in support of a letter of credit issued by the Borrower as a
back-up confirmation or backup credit support of such letter of credit (“Back-Up
Letter of Credit”), and to amend or extend Letters of Credit previously issued
by it, in accordance with Section 2.20(a)(i) and (ii), and (B) to honor drawings
under the Letters of Credit issued by it; and (ii) the Banks severally agree to
participate in Letters of Credit issued for the account of the Borrower, its
Consolidated Entities, its Members or members of its Consolidated Entities and
any L/C Borrowings thereunder; provided that after giving effect to any L/C
Credit Extension with respect to any Letter of Credit, (1) the sum of (x) the
aggregate principal amount of Revolving Loans of any Bank, plus (y) such Bank’s

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Pro Rata Share of the Outstanding Amount of all L/C Obligations shall not exceed
such Bank’s Commitment, (2) the Outstanding Amount of all L/C Obligations shall
not exceed the Letter of Credit Sublimit and (3) the Outstanding Amount of all
L/C Obligations of each Initial Issuing Bank shall not exceed the Initial
Issuing Bank Sublimit of such Initial Issuing Bank unless otherwise agreed by
such Initial Issuing Bank; provided, further that the 2019 Banks agreement to
purchase participations in Letters of Credit shall be limited to their Pro Rata
Share of any Letters of Credit with an expiration date that is no later than
five Domestic Business Days prior to the 2019 Commitment Termination Date and is
otherwise subject to the limitations set forth in Section 3.03(d). Each request
by the Borrower for the issuance of, or an amendment to increase the amount of,
any Letter of Credit shall be deemed to be a representation by the Borrower that
the L/C Credit Extension so requested complies with the condition set forth in
the proviso to the preceding sentence. Within the foregoing limits, and subject
to the terms and conditions hereof, the Borrower’s ability to obtain Letters of
Credit shall be fully revolving, and accordingly the Borrower may, during the
foregoing period, obtain Letters of Credit to replace Letters of Credit that
have expired or that have been drawn upon and reimbursed.

(c)    Letters of Credit Generally. (i) No Issuing Bank (c) shall issue any
Letter of Credit if the expiry date of such requested Letter of Credit would
occur after the Letter of Credit Expiration Date, unless all the Banks have
approved such expiry date; provided that in no event shall the expiry date of
any requested Letter of Credit occur on or after the Domestic Business Day
immediately preceding the Commitment Termination Date.

(ii)    No Issuing Bank shall be under any obligation to make any L/C Credit
Extension if:

(A)    any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain such Issuing Bank from issuing
such Letter of Credit, or any Applicable Law applicable to such Issuing Bank or
any request or directive (whether or not having the force of law, but if not
having the force of law, being a request or directive which is generally
complied with by comparable financial institutions) from any Governmental
Authority with jurisdiction over such Issuing Bank shall prohibit, or request
that the Issuing Bank refrain from the issuance of Letters of Credit generally
or such Letter of Credit in particular or shall impose upon such Issuing Bank
with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which such Issuing Bank is not otherwise compensated hereunder)
not in effect on the FirstSecond Amendment Effective Date, or shall impose upon
such Issuing Bank any unreimbursed loss, cost or expense which was not
applicable on the FirstSecond Amendment Effective Date and which such Issuing
Bank in good

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attach to and make a part of its Note a continuation of any such schedule as and
when required.

(d)    Any Note evidencing a Loan (as such term is defined in the Existing
Credit Agreement) made prior to the Amendment Effective Date may be exchanged
upon request of the relevant Bank, made through the Administrative Agent, and
simultaneous surrender of such Note to the Borrower through the Administrative
Agent in exchange for one or more new Notes evidencing the 2019 Loans and the
2021 Loans, respectively, outstanding hereunder, if any, as of the Amendment
Effective Date.

Section 2.06. Maturity of Loans. Each Loan hereunder shall mature, and the
principal amount thereof shall be due and payable on the Maturity Date with
respect to such Loan.

Section 2.07. Interest Rates. (a) Each Base Rate Loan shall bear interest on the
outstanding principal amount thereof, for each day from the date such Loan is
made until it becomes due, at a rate per annum equal to the Base Rate plus the
applicable Base Rate Margin for such day. Such interest shall be payable for
each Interest Period on the last day thereof and, with respect to the principal
amount of any Base Rate Loan that is prepaid or converted to a Euro-Dollar Loan,
on the date of such prepayment or conversion. Any overdue principal of or
interest on any Base Rate Loan shall bear interest, payable on demand, for each
day until paid at a rate per annum equal to the sum of 2% plus the rate
otherwise applicable to Base Rate Loans for such day.

(b)    Each Euro-Dollar Loan shall bear interest on the outstanding principal
amount thereof, for the Interest Period applicable thereto, at a rate per annum
equal to the sum of the Euro-Dollar Margin plus the applicable Adjusted London
Interbank Offered Rate. Such interest shall be payable for each Interest Period
on the last day thereof and, if such Interest Period is longer than three
months, three months after the first day thereof and, with respect to the
principal amount of any Euro-Dollar Loan that is prepaid or converted to a Base
Rate Loan, on the date of such prepayment or conversion.

The “Adjusted London Interbank Offered Rate” applicable to any Interest Period
means a rate per annum equal to the quotient obtained (rounded upward, if
necessary, to the next higher 1/100 of 1%) by dividing (i) the applicable London
Interbank Offered Rate by (ii) 1.00 minus the Euro-Dollar Reserve Percentage.

The “London Interbank Offered Rate” applicable to any Interest Period means the
rate appearing on pages LIBOR01 or LIBOR02 of the Reuters screen that displays
such rate (or on any successor or substitute page of such Reuters Service, or if
the Reuters Service ceases to be available, any successor to or substitute for
such Reuters Service, providing rate quotations comparable to those currently
provided on such page of such Reuters Service, as determined by the

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Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 A.M. (London time) two Euro-Dollar Business Days prior to
the commencement of such Interest Period, as the rate for the offering of dollar
deposits with a maturity comparable to such Interest Period; provided, that if
such rate shall be less than zero, such rate shall be deemed to be zero for the
purposes of this Agreement; provided further, that if the London Interbank
Offered Rate is not available for such Interest Period, then the applicable
London Interbank Offered Rate shall be the Interpolated Rate. “Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded
to the same number of decimal places as the London Interbank Offered Rate)
reasonably determined by the Administrative Agent (which determination shall be
conclusive absent manifest error) to be equal to the rate that results from
interpolating on a linear basis between: (a) the London Interbank Offered Rate
for the longest period (for which the London Interbank Offered Rate is
available) that is shorter than the Interest Period and (b) the London Interbank
Offered Rate for the shortest period (for which the London Interbank Offered
Rate is available) that exceeds the Interest Period; provided that, if the
Administrative Agent reasonably determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means still do
not exist for ascertaining the Interpolated Rate, then the Administrative Agent
shall give written notice thereof to the Borrower and the Banks as promptly as
practicable thereafter and, until the Administrative Agent notifies the Borrower
and the Banks that the circumstances giving rise to such notice no longer exist,
(i) any interest election request that requests the conversion of any Base Rate
Loan to, or continuation of any Euro-Dollar Loan as, a Euro- Dollar Loan shall
be ineffective and (ii) if any Loan requests a Euro-Dollar Loan, such Borrowing
shall be made as a Base Rate Loan.

If at any time the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that (i) the circumstances set forth in the
paragraph above have arisen and such circumstances are unlikely to be temporary
or (ii) the circumstances set forth above have not arisen but the supervisor for
the administrator of the rate appearing on pages LIBOR01 or LIBOR02 of the
Reuters screen that displays such rate or a Governmental Authority having
jurisdiction over the Administrative Agent has made a public statement
identifying a specific date after which the rate appearing on pages LIBOR01 or
LIBOR02 of the Reuters screen that displays such rate shall no longer be used
for determining interest rates for loans, then the Administrative Agent and the
Borrower shall endeavor to establish an alternate rate of interest to the London
Interbank Offered Rate that gives due consideration to the then prevailing
market convention for determining a rate of interest for syndicated loans in the
United States at such time, and shall enter into an amendment to this Agreement
to reflect such alternate rate of interest and such other related changes to
this Agreement as may be applicable. Notwithstanding anything to the contrary in
Section 9.05, such amendment shall become effective

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without any further action or consent of any other party to this Agreement so
long as the Administrative Agent shall not have received, within five Business
Days of the date notice of such alternate rate of interest is provided to the
Banks, a written notice from the Required Banks stating that such Required Banks
object to such amendment. Until an alternate rate of interest shall be
determined in accordance with this paragraph (but, in the case of the
circumstances described in clause (ii) of the first sentence of this paragraph,
only to the extent the rate appearing on pages LIBOR01 or LIBOR02 of the Reuters
screen that displays such rate for such Interest Period is not available or
published at such time on a current basis), (x) any interest election request
that requests the conversion of any Base Rate Loan to, or continuation of any
Euro-Dollar Loan as, a Euro-Dollar Loan shall be ineffective and (y) if any Loan
requests a Euro-Dollar Loan, such Borrowing shall be made as a Base Rate Loan;
provided that if such alternate rate of interest shall be less than zero, such
rate shall be deemed to be zero for purposes of this Agreement.

To the extent a comparable or successor rate to the London Interbank Offered
Rate is approved by the Administrative Agent in connection herewith, the
approved rate shall be applied in a manner consistent with market practice;
provided that to the extent such market practice is not administratively
feasible for the Administrative Agent, such approved rate shall be applied in a
manner as otherwise reasonably determined by the Administrative Agent.

“Euro-Dollar Reserve Percentage” means for any day that percentage (expressed as
a decimal) which is in effect on such day, as prescribed by the Board of
Governors of the Federal Reserve System (or any successor) for determining the
maximum reserve requirement for a member bank of the Federal Reserve System in
New York City with deposits exceeding five billion Dollars in respect of
“Eurocurrency liabilities” (or in respect of any other category of liabilities
which includes deposits by reference to which the interest rate on Euro-Dollar
Loans is determined or any category of extensions of credit or other assets
which includes loans by a non-United States office of any Bank to United States
residents). The Adjusted London Interbank Offered Rate shall be adjusted
automatically on and as of the effective date of any change in the Euro-Dollar
Reserve Percentage.

(c)    Any overdue principal of or interest on any Euro-Dollar Loan and any
other overdue amount payable hereunder (other than in respect of any Money
Market Loan as provided in the following paragraph) shall bear interest, payable
on demand, for each day from and including the date payment thereof was due to
but excluding the date of actual payment, at a rate per annum equal to the sum
of 2% plus (i) in the case of principal, the rate otherwise applicable to
Euro-Dollar Loans for such day or (ii) in the case of interest and any other
overdue amount payable hereunder (other than in respect of any Money Market Loan
as provided in

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issued hereunder on the average daily maximum amount available to be drawn under
such Letter of Credit in an amount to be agreed between the Borrower and the
applicable Issuing Bank of the L/C Obligations (whether or not such maximum
amount is then in effect under such Letter of Credit) (the “Fronting Fee”). The
Fronting Fee shall be computed on a quarterly basis in arrears on the basis of
the actual number of days elapsed in a year of 360 days (including the first day
but excluding the last day), as pro-rated for any partial quarter, as
applicable, and shall be due and payable on each January 1, April 1, July 1 and
October 1, commencing with the first such date to occur after the issuance of
such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on
demand. In addition, the Borrower shall, with respect to all Letters of Credit
issued at its request, pay directly to each Issuing Bank for its own account the
customary issuance, presentation, amendment and other processing fees, and other
standard costs and charges, of such Issuing Bank relating to letters of credit
as from time to time in effect. Such customary fees and standard costs and
charges are due and payable on demand and are nonrefundable.

(e)    Amendment Fees. The Borrower agrees to pay to the Administrative Agent
for the account of each 2021 Bank on the FirstSecond Amendment Effective Date
the upfront fees required to be paid on such date, as set forth in the 20162017
Fee Letters.

Section 2.10. Optional Termination or Reduction of Commitments.During the
Revolving Credit Period, the Borrower may, upon at least three Domestic Business
Days’ notice to the Administrative Agent (which notice the Administrative Agent
will promptly deliver to the Banks), (i) terminate all 2019 Commitments at any
time, if no 2019 Loans are outstanding at such time, (ii) terminate all
Commitments at any time, if no Loans are outstanding at such time or (iiiii)
ratably reduce from time to time by an aggregate amount of $10,000,000 or any
larger multiple of $1,000,000, the aggregate amount of the 2019 Commitments, the
2021 Commitments or the Commitments in excess of the aggregate outstanding
principal amount of the Loans.

Section 2.11. Mandatory Termination of Commitments. The Commitments shall
terminate on the Commitment Termination Date.

Section 2.12. Optional Prepayments. (a) Subject in the case of Euro-Dollar Loans
to Section 2.14, the Borrower may (i) on any Domestic Business Day, upon notice
to the Administrative Agent, prepay any Group of Base Rate Loans (or any Money
Market Borrowing bearing interest at the Base Rate pursuant to Section 8.01(a))
or (ii) upon at least three Euro-Dollar Business Days’ notice to the
Administrative Agent, prepay any Group of Euro-Dollar Loans, in each case in
whole at any time, or from time to time in part in amounts aggregating
$10,000,000 or any larger multiple of $1,000,000, by paying the principal amount
to be prepaid together with accrued interest thereon to the date of prepayment;
provided that prior to the 2019 Commitment Termination Date, to the extent an
applicable Group of Loans contains both 2019 Loans and 2021 Loans, any

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such optional prepayment shall be applied to the 2019 Loans and 2021 Loans in
such Group of Loans on a pro rata basis; and provided further if the Borrower
desires to terminate all 2019 Commitments in accordance with Section 2.10(i),
the Borrower may prepay all 2019 Loans outstanding at such time and upon such
prepayment, terminate the 2019 Commitments in accordance with 2.10(i). Each such
optional prepayment shall be applied to prepay ratably the Loans of the several
Banks included in such Group of Loans (or such Money Market Borrowing).

(b)    Except as provided in Section 2.12(a), the Borrower may not prepay all or
any portion of the principal amount of any Money Market Loan prior to the
maturity thereof.

(c)    Upon receipt of a notice of prepayment pursuant to this Section, the
Administrative Agent shall promptly notify each Bank of the contents thereof and
of such Bank’s ratable share (if any) of such prepayment and such notice shall
not thereafter be revocable by the Borrower.

Section 2.13. General Provisions as to Payments. (a) The Borrower shall make
each payment of principal of, and interest on, the Loans or L/C Obligations and
of fees hereunder, not later than 1:00 P.M. (New York City time) on the date
when due, in Federal or other funds immediately available in New York City, to
the Administrative Agent at its address referred to in Section 9.01.The
Administrative Agent will promptly distribute to each Bank Party its ratable
share of each such payment received by the Administrative Agent for the account
of the Bank Parties. Whenever any payment of principal of, or interest on, the
Base Rate Loans or of fees shall be due on a day which is not a Domestic
Business Day, the date for payment thereof shall be extended to the next
succeeding Domestic Business Day. Whenever any payment of principal of, or
interest on, the Euro-Dollar Loans or Money Market Loans shall be due on a day
which is not a Euro-Dollar Business Day, the date for payment thereof shall be
extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar
Business Day falls in another calendar month, in which case the date for payment
thereof shall be the next preceding Euro-Dollar Business Day. If the date for
any payment of principal is extended by operation of law or otherwise, interest
thereon shall be payable for such extended time.

(b)    Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment is due to the Bank Parties
hereunder that the Borrower will not make such payment in full, the
Administrative Agent may assume that the Borrower has made such payment in full
to the Administrative Agent on such date and the Administrative Agent may (but
shall have no obligation to), in reliance upon such assumption, cause to be
distributed to each Bank Party on such due date an amount equal to the amount
then due such Bank Party. If and to the extent that the Borrower shall not have
so made such payment, each Bank Party shall repay to the Administrative Agent
forthwith on demand such amount distributed to such Bank Party together with

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necessary for the Withholding Agent to comply with its obligations under FATCA,
to determine that such Bank Party has or has not complied with such Bank Party’s
obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this Section 2.16(f)(iii), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.

(g)    Treatment of Certain Refunds. If any party determines, in its sole
discretion exercised in good faith, that it has received a refund of any Taxes
as to which it has been indemnified pursuant to this Section 2.16 (including
additional amounts paid pursuant to this Section 2.16), it shall pay the
indemnifying party an amount equal to such refund (but only to the extent of
indemnity payments made, under this Section with respect to the Taxes giving
rise to such refund), net of all out-of-pocket expenses (including any Taxes) of
such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid such indemnified party pursuant to the
previous sentence (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event such indemnified party is required
to repay such refund to such Governmental Authority. Notwithstanding anything to
the contrary in this Section 2.16(g), in no event will any indemnified party be
required to pay any amount to any indemnifying party pursuant to this Section
2.16(g) if such payment would place such indemnified party in a less favorable
position (on a net after-Tax basis) than such indemnified party would have been
in if the indemnification payments or additional amounts giving rise to such
refund had never been paid. This Section 2.16(g) shall not be construed to
require indemnified party to make available its Tax returns (or any other
information relating to its Taxes which it deems confidential) to the
indemnifying party or any other Person.

(h)    FATCA. For purposes of determining withholding Taxes imposed under FATCA,
from and after the Amendment Effective Date, the Borrower and the Administrative
Agent shall treat (and the Banks hereby authorize the Administrative Agent to
treat) the Agreement as not qualifying as a “grandfathered obligation” within
the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

(i)    Survival. Each party’s obligations under this Section 2.16 shall survive
any assignment of rights by, or the replacement of, a Bank Party, the
termination of the Commitments and the repayment, satisfaction or discharge of
all other obligations under this Agreement or the Notes.

Section 2.17. Increase of Commitments. (a) Upon at least five days’ prior notice
to the Administrative Agent (which notice the Administrative Agent shall
promptly transmit to each of the Banks), the Borrower shall have the right,
subject to the terms and conditions set forth below, to increase the aggregate
amount of the Commitments in multiples of $5,000,000; provided that (i) such
increase may be effected by increasing the 2019 Commitment, the 2021

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Commitment or any combination of the foregoing, so long as such increase
satisfies all terms and conditions herein, including, but not limited to, this
Section 2.17, (ii) the amount of such increase when added to the aggregate
amount of all such prior increases in the Commitments hereunder (including by
way of creating new Commitments), on or after the Amendment Effective Date, does
not exceed the sum of $500,000,000 and the amount of any Commitments terminated
by the Borrower pursuant to Section 2.19(c) and (iii) the total aggregate amount
of Commitments hereunder does not, at any time, exceed $2,200,000,000.

(b)    Any such increase in the Commitments (the “Incremental Commitments”)
hereunder shall apply, at the option of the Borrower, (x) to the Commitment of
one or more Banks; provided that (i) the Administrative Agent, each Issuing Bank
and each Bank the Commitment of which is to be increased shall consent to such
increase, (ii) the amount set forth on the Commitment Schedule opposite the name
of each Bank the Commitment of which is being so increased shall be amended to
reflect the increased Commitment of such Bank and (iii) if any Committed Loans
are outstanding at the time of such an increase, the Borrower will,
notwithstanding anything to the contrary contained in this Agreement, on the
date of such increase, incur and repay or prepay one or more Committed Loans
from the Banks in such amounts so that after giving effect thereto the Committed
Loans shall be outstanding on a pro rata basis (based on the Commitments of the
Banks after giving effect to the changes made pursuant to this Section 2.17 on
such date) from all the Banks or (y) to the creation of a new Commitment of one
or more institutions not then a Bank hereunder; provided that (i) such
institution becomes a party to this Agreement as a Bank by execution and
delivery to the Borrower and the Administrative Agent of counterparts of this
Agreement, (ii) the Commitment Schedule shall be amended to reflect the
Commitment of such new Bank, (iii) if requested by such new Bank, the Borrower
shall issue a Note to such new Bank in conformity with the provisions of Section
2.05, (iv) if any Committed Loans are outstanding at the time of the creation of
such Commitment of such Bank, the Borrower will, notwithstanding anything to the
contrary contained in this Agreement, on the date of the creation of such
Commitment, incur and repay or prepay one or more Committed Loans from the Banks
in such amounts so that after giving effect thereto the Committed Loans shall be
outstanding on a pro rata basis (based on the Commitments of the Banks after
giving effect to the changes made pursuant to this Section 2.17 on such date)
from all the Banks and (v) if such institution is neither a banking institution
nor an affiliate of a Bank, such institution must be consented to by the
Administrative Agent and the Issuing Bank. The date on which the conditions set
forth in this paragraph are satisfied is the “Increased Amount Date” and each
such Bank providing an Incremental Commitment, an “Incremental Bank”.

(c)    On any Increased Amount Date on which any Incremental Commitments are
effective, subject to the satisfaction of the foregoing

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Issuing Bank, as applicable. The Administrative Agent shall notify the Banks of
any such replacement or addition, as applicable, of an Issuing Bank. Where an
Issuing Bank is replaced, at the time such replacement shall become effective,
the Borrower shall pay all unpaid fees accrued for account of the replaced
Issuing Bank. Furthermore, from and after the effective date of such
replacement, the successor Issuing Bank, shall have all the rights and
obligations of the replaced Issuing Bank under this Agreement with respect to
Letters of Credit to be issued thereafter. References herein to the term
“Issuing Bank” shall be deemed to refer to any successor or additional Issuing
Bank, as applicable, or to any previous Issuing Bank, or to any successor or
additional Issuing Banks, as applicable, and all previous Issuing Banks, as the
context shall require. After the replacement of an Issuing Bank hereunder, the
replaced Issuing Bank shall remain a party hereto and shall continue to have all
the rights and obligations of an Issuing Bank under this Agreement with respect
to Letters of Credit issued by it prior to such replacement, but shall not be
required to issue additional Letters of Credit.

Section 2.21. 2019 Conversions. Notwithstanding anything to the contrary in this
Agreement, subject to the consent of the Administrative Agent and the Issuing
Bank, such consent not to be unreasonably withheld, conditioned or delayed and
pursuant to an offer (a “2019 Conversion Offer”) made by the Borrower after the
Amendment Effective Date to any 2019 Bank, the Borrower is hereby permitted to
consummate from time to time transactions with any individual 2019 Bank that in
its sole and absolute discretion elects to consent to and accept such 2019
Conversion Offer to convert all (but not less than all) of such accepting 2019
Bank’s 2019 Commitment and 2019 Credit Exposure to an equal principal amount of
a 2021 Commitment and 2021 Credit Exposure (a “2019 Conversion”). Upon the
effectiveness of any such 2019 Conversion, (i) such accepting 2019 Bank shall
become a 2021 Bank, (ii) such accepting 2019 Bank’s 2019 Commitments shall
become 2021 Commitments in an aggregate principal amount equal to such accepting
2019 Bank’s 2019 Commitments and (iii) such accepting 2019 Bank’s 2019 Credit
Exposure shall become a 2021 Credit Exposure in an aggregate principal amount
equal to such accepting 2019 Bank’s 2019 Credit Exposure. In connection with any
2019 Conversion, the Borrower shall provide the Administrative Agent and Issuing
Bank at least five Domestic Business Days’ (or such shorter period as may be
agreed by the Administrative Agent) prior written notice thereof.

Section 2.21. [Reserved]

Section 2.22. Extension of Commitment Termination Date. (a) The Borrower may, by
notice to the Administrative Agent (which shall promptly notify the Banks) not
earlier than 45 days prior to any anniversary of the Second Amendment Effective
Date (each, an “Anniversary Date”) but no later than 30 days prior to any such
Anniversary Date, request that each Bank extend such Bank’s Commitment
Termination Date for an additional

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one year after the Commitment Termination Date then in effect for such Bank
hereunder (the “Existing Commitment Termination Date”); provided, however, the
Borrower may request no more than two extensions pursuant to this Section.

(b)    In the event it receives a notice from the Administrative Agent pursuant
to Section 2.22(a), each Bank, acting in its sole and individual discretion,
shall, by notice to the Administrative Agent given not earlier than 30 days
prior to the applicable Anniversary Date and not later than the date (the “Bank
Extension Notice Date”) that is 20 days prior to the applicable Anniversary
Date, advise the Administrative Agent whether or not such Bank agrees to such
extension (and each Bank that determines not to so extend its Existing
Commitment Termination Date (a “Non-Extending Bank”) shall notify the
Administrative Agent of such fact promptly after such determination (but in any
event no later than the Bank Extension Notice Date)), and any Bank that does not
so advise the Administrative Agent on or before the Bank Extension Notice Date
shall be deemed to be a Non-Extending Bank. The election of any Bank to agree to
any such extension shall not obligate any other Bank to so agree.

(c)    The Administrative Agent shall notify the Borrower of each Bank’s
determination (or deemed determination) under this Section no later than the
date that is 15 days prior to the applicable Anniversary Date, or, if such date
is not a Business Day, on the next preceding Business Day (the “Specified
Date”).

(d)    The Borrower shall have the right on or before the fifth Business Day
after the Specified Date (the “Extension Date”) to replace each Non-Extending
Bank (i) with an existing Bank, and/or (ii) by adding as “Banks” under this
Agreement in place thereof, one or more Persons (each Bank in clauses (i) and
(ii), an “Additional Commitment Bank”), each of which Additional Commitment
Banks shall be an Assignee and shall have entered into an agreement in form and
substance satisfactory to the Borrower and the Administrative Agent pursuant to
which such Additional Commitment Bank shall, effective as of the Extension Date,
undertake a Commitment (and, if any such Additional Commitment Bank is already a
Bank, its Commitment shall be in addition to such Bank’s Commitment hereunder on
such date); provided that the aggregate amount of the Commitments for all
Additional Commitment Banks shall be no more than the aggregate amount of the
Commitments of all Non-Extending Banks; provided, further, that the existing
Banks shall have the right to increase their Commitments up to the amount of the
Non-Extending Banks’ Commitments before the Borrower shall have the right to
substitute any other Person for any Non-Extending Bank.

(e)    If (and only if) the aggregate amount of the Commitments of the Banks
that have agreed to extend their Existing Commitment

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Termination Dates plus the aggregate additional Commitments of the Additional
Commitment Banks shall be more than 50% of the aggregate amount of the
Commitments in effect immediately prior to the Specified Date, then, effective
as of the Extension Date, the Existing Commitment Termination Date of each Bank
agreeing to an extension and of each Additional Commitment Bank shall be
extended to the date that is one year after the Existing Commitment Termination
Date, and each Additional Commitment Bank shall thereupon become a “Bank” for
all purposes of this Agreement.

(f)    Notwithstanding the foregoing, the extension of any Bank’s Existing
Commitment Termination Date (and the accession of each Additional Commitment
Bank) pursuant to this Section shall be effective on the Extension Date only if
(i) the following statements shall be true: (A) no Default or Event of Default
has occurred and is continuing, or would result from the extension of the
Existing Commitment Termination Date and (B) all the representations and
warranties of the Borrower set forth in this Agreement shall be true and correct
in all material respects (without duplication of materiality qualifications
otherwise set forth in such representations and warranties, before and after
giving effect to such extension), and (ii) on or prior to the Extension Date the
Administrative Agent shall have received the following, each dated the Extension
Date and in form and substance satisfactory to the Administrative Agent: (1) a
certificate signed by any one of the Chief Financial Officer, the Chief
Executive Officer, the Treasurer, an Assistant Secretary-Treasurer, the
Controller or the Vice President, Capital Markets Relations of the Borrower to
the effect that the conditions set forth in clauses (c) through (g), inclusive,
of Section 3.03 have been satisfied as of the Extension Date and, in the case of
clauses (c), (d) and (g), setting forth in reasonable detail the calculations
required to establish such compliance, (2) a certificate of an officer of the
Borrower acceptable to the Administrative Agent stating that all consents,
authorizations, notices and filings required or advisable in connection with the
extension of the Existing Commitment Termination Date are in full force and
effect, and the Administrative Agent shall have received evidence thereof
reasonably satisfactory to it, (3) an opinion of the General Counsel of the
Borrower, substantially in the form of Exhibit F hereof, provided that an
enforceability opinion under New York law, that is reasonably acceptable to the
Administrative Agent, shall be furnished by the Borrower’s New York counsel,
Norton Rose Fulbright US LLP, subject to customary assumptions, qualifications
and limitations and (4) such other documents reasonably requested by the
Administrative Agent in connection with any such transaction.

(g)    Subject to subsection (e) above, the Commitment of any Non- Extending
Bank that has not been replaced pursuant to subsection (d) above shall (i)
automatically terminate on its Existing Commitment Termination

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Date or (ii) at the option of the Borrower, with respect to the Commitments
of all Non-Extending Banks that have advised the Borrower of their
unwillingness to agree to an extension in response to a notice delivered
pursuant to Section 2.22(a), terminate on any Anniversary Date occurring
prior thereto (in each case without regard to any extension by any other
Bank); it being understood and agreed that such Non-Extending Bank’s
participations in Letters of Credit outstanding on such Existing Commitment
Termination Date or such Anniversary Date, as the case may be, shall
terminate thereon and any and all fees and expenses owed to each Non-
Extending Bank as of that date shall be paid by the Borrower to such Non-
Extending Bank.

ARTICLE 3
CONDITIONS

Section 3.01. Effectiveness. (i) The Existing Credit Agreement became effective
on the Effective Date and (ii) this Agreement shall become effective on the date
(the “Amendment Effective Date”) on which the Administrative Agent shall have
received the following documents or other items, each dated the Amendment
Effective Date unless otherwise indicated:

(a)    receipt by the Administrative Agent of counterparts hereof signed by each
of the parties hereto (or, in the case of any party as to which an executed
counterpart shall not have been received, receipt by the Administrative Agent in
form satisfactory to it in facsimile transmission, electronic submission or
other writing from such party of execution of a counterpart hereof by such
party);

(b)    receipt by the Administrative Agent for the account of each Bank that has
requested a Note of a duly executed Note dated on or before the Amendment
Effective Date complying with the provisions of Section 2.05;

(c)    receipt by the Administrative Agent of an opinion of the General Counsel
of the Borrower, substantially in the form of Exhibit F hereto, provided that an
enforceability opinion under New York law, that is reasonably acceptable to the
Administrative Agent, shall be furnished by the Borrower’s New York counsel,
Norton Rose Fulbright US LLP, subject to customary assumptions, qualifications
and limitations;

(d)    receipt by the Administrative Agent of a certificate signed by any one of
the Chief Financial Officer, the Chief Executive Officer, the Chief Operating
Officer, an Assistant Secretary-Treasurer, the Controller or the Vice President,
Capital Markets Relations of the Borrower to the effect that the conditions set
forth in clauses (c) through (g), inclusive, of Section 3.03 have been satisfied
as of the Amendment Effective Date and, in the case of clauses (c), (e) and (g),
setting forth in reasonable detail the calculations required to establish such
compliance;

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(e)    receipt by the Administrative Agent, with a copy for each Bank, of a
certificate of an officer of the Borrower acceptable to the Administrative Agent
stating that all consents, authorizations, notices and filings required or
advisable in connection with this Agreement are in full force and effect, and
the Administrative Agent shall have received evidence thereof reasonably
satisfactory to it;

(f)    receipt by the Administrative Agent and the Syndication Agent (or their
respective assigns) and by each Bank Party of all fees required to be paid in
the respective amounts heretofore mutually agreed in writing, and all expenses
for which invoices have been presented, on or before the Amendment Effective
Date;

(g)    receipt by the Administrative Agent and the Banks of all documentation
and other information requested by the Administrative Agent or such Bank and
required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including, without limitation, the
USA PATRIOT Act (Title III of Pub. L. 107-56; and

(h)    receipt by the Administrative Agent of all documents the Required Banks
may reasonably request relating to the existence of the Borrower, the corporate
authority for and the validity of this Agreement and the Notes, and any other
matters relevant hereto, all in form and substance reasonably satisfactory to
the Administrative Agent.

The Administrative Agent shall promptly notify the Borrower and the Bank Parties
of the Amendment Effective Date, and such notice shall be conclusive and binding
on all parties hereto.

Section 3.02. [Reserved]

Section 3.03. Borrowings and L/C Credit Extensions. The obligation of any Bank
to make a Loan on the occasion of any Borrowing and the obligation of the
Issuing Bank to issue, amend or increase the principal amount thereof or extend
any Letter of Credit (other than an extension pursuant to an Auto- Extension
Letter of Credit in accordance with the original terms thereof) is subject to
the satisfaction of the following conditions, in each case at the time of such
Borrowing or L/C Credit Extensions and immediately thereafter:

(a)    The Amendment Effective Date shall have occurred on or prior to November
19, 2015 and, the First Amendment Effective Date shall have occurred on or prior
to November 18, 2016 and the Second Amendment Effective Date shall have occurred
on or prior to November 20, 2017;

(b)    receipt by the Administrative Agent of a Notice of Borrowing as required
by Section 2.02 or 2.03, as the case may be;

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(c)    the fact that the Borrower is in compliance with Section 7.11 of the 1994
Indenture, as such Indenture is in effect as of the Effective Date and the
Amendment Effective Date;

(d)    Prior to the 2019 Commitment Termination Date, the fact that the sum of
(i) the aggregate outstanding principal amount of the Loans and (ii) the
Outstanding Amount of L/C Obligations will not exceed the Aggregate Commitments
(as such Commitments may be increased or decreased from time to time in
accordance with the terms and conditions of this Agreement) and that after the
2019 Commitment Termination Date, the fact that the sum of (i) the aggregate
outstanding principal amount of the 2021 Loans and (ii) the Outstanding Amount
of L/C Obligations will not exceed the 2021 Agreement Commitments (as such
Commitments may be increased or decreased from time to time in accordance with
the terms and conditions of this Agreement);;

(e)    the fact that no Default shall have occurred and be continuing;

(f)    the fact that the representations and warranties of the Borrower (in the
case of a Borrowing or L/C Credit Extension, other than the representations set
forth in Section 4.02(c), Section 4.03 and Section 4.14) contained in this
Agreement shall be true in all material respects (other than any such
representations or warranties that, by their terms, refer to a specific date
other than the date of Borrowing or L/C Credit Extension, in which case such
representations and warranties shall be true in all material respects as of such
specific date); provided that, (i) in the case of the representations set forth
in Section 4.02(a) and Section 4.02(b) being made after the Amendment Effective
Date shall be deemed to refer to the most recent balance sheets and statements
furnished pursuant to Section 5.03(b)(ii) and Section 5.03(b)(i), respectively
and (ii) in the case of the representation set forth in Section 4.06 being made
after the FirstSecond Amendment Effective Date, such representation shall be
true except to the extent not reasonably expected to have a material adverse
effect on the business, financial position or results of operations of the
Borrower; and

(g)    the fact that (i) there shall be no collateral securing Bonds issued
pursuant to any Indenture of a type other than the types of collateral permitted
to secure Bonds issued pursuant to such Indenture as of the date hereof, (ii)
the allowable amount of eligible collateral then pledged under any Indenture
shall not exceed 150% of the aggregate principal amount of Bonds then
outstanding under such Indenture and (iii) no collateral shall secure Bonds
other than (A) eligible collateral under such Indenture, the allowable amount of
which is included within the computation under subsection (ii) above or (B)
collateral previously so pledged which ceases to be such eligible collateral not
as a result of any acts or omissions to act of the Borrower (other than the
declaration of an “event of default” as defined in a mortgage which results in
the exercise of any right or remedy described in such mortgage).

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Email: BankingRelations@nrucfc.coop

with a copy to:

National Rural Utilities Cooperative Finance Corporation
20701 Cooperative Way
Dulles, Virginia 20166
Attn: General Counsel
Phone: (703) 467-7404
Fax: (703) 467-5651

(x) in the case of the Administrative Agent:
JPMorgan Chase Bank, N.A.
500 Stanton Christiana Road, Ops 2, Floor 03
Newark, DE 19713
Attn: Ido Yehuda
Fax: 302-634-1911
Telephone: 302-634-1417

with a copy to:

JPMorgan Chase Bank, N.A.
383 Madison Ave, 24th Floor
New York, NY 10079
Attn: Bridget Killackey
Fax: 212-270-3308
Telephone: 212-270-3308

(y) in the case of any Bank, at its address, email address or telecopier number
set forth in its Administrative Questionnaire or (z) in the case of any other
party, such other address, email address or telecopier number as such party may
hereafter specify for the purpose by notice to the Administrative Agent and the
Borrower.Each such notice, request, direction, consent, approval or other
communication shall be effective (i) if given by facsimile transmission or other
electronic submission, when such facsimile transmission or other electronic
submission is transmitted to the facsimile number or email address specified in
this Section and receipt is confirmed or (iiiii) if given by any other means,
when delivered or received at the address specified in this Section; provided
that (A) notices to the Administrative Agent under Article 2 or Article 8 shall
also be confirmed by telephone call and shall not be effective until received
and (B) any communications deemed received hereunder must have been received
during the recipient’s normal business hours; provided, however, that any
communication that is not received during the recipient’s normal business hours
on a particular Domestic Business

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counsel, which may be incurred by any Indemnitee (or by the Administrative Agent
in connection with its actions as Administrative Agent hereunder) in connection
with any investigative, administrative or judicial proceeding (whether or not
such Indemnitee shall be designated a party thereto) relating to or arising out
of this Agreement or any actual or proposed use of proceeds of Loans hereunder;
provided that no Indemnitee shall have the right to be indemnified hereunder for
its own gross negligence, willful misconduct or unlawful conduct as determined
by a final, non-appealable judgment of a court of competent jurisdiction.

Section 9.04. Sharing of Set-offs. Each bank agrees that if it shall, by
exercising any right of set-off or counterclaim or otherwise, receive payment of
a proportion of the aggregate amount of principal and interest then due with
respect to any Loans made by it which is greater than the proportion received by
any other Bank in respect of the aggregate amount of principal and interest due
with respect to any Loans made by such other Bank, the Bank receiving such
proportionately greater payment shall purchase such participations in the Loans
held by the other.Banks, and such other adjustments shall be made, as may be
required so that all such payments of principal and interest with respect to the
Loans held by the Banks shall be shared by the Banks pro rata; provided that
nothing in this Section shall impair the right of any Bank to exercise any right
of set-off or counterclaim it may have and to apply the amount subject to such
exercise to the payment of indebtedness of the Borrower other than its
indebtedness under the Loans. The Borrower agrees, to the fullest extent it may
effectively do so under applicable law, that any holder of a participation in a
Loan, whether or not acquired pursuant to the foregoing arrangements, may
exercise rights of set-off or counterclaim and other rights with respect to such
participation as fully as if such holder of a participation were a direct
creditor of the Borrower in the amount of such participation.

Section 9.05. Amendments and Waivers. Except as provided by Section 2.17 or
Section 2.19(a)(iii), any provision of this Agreement or the Notes may be
amended or waived if such amendment or waiver is in writing and is signed by the
Borrower and either (a) the Required Banks (and, if the rights or duties of the
Administrative Agent are affected thereby, by the Administrative Agent) or (b)
the Administrative Agent if, but only if, the Administrative Agent has received
the prior written consent of the Required Banks; provided that, no such
amendment or waiver shall (i) increase the Commitment of any Bank or subject any
Bank to any additional obligation without the written consent of such Bank, (ii)
reduce the principal of or rate of interest on any Loan or any fees hereunder
without the written consent of each Bank directly affected thereby, (iii)
postpone the date fixed for any payment of principal of or interest on any Loan
or any fees hereunder without the written consent of each Bank directly affected
thereby, (iv) change the aggregate unpaid principal amount of the Notes without
the written consent of each Bank directly affected thereby, (v) change any
provision which requires the pro rata sharing of payments among the Banks
hereunder without the written consent of each Bank directly affected thereby,
(vi) change clauses (i) through (vi)

94

--------------------------------------------------------------------------------

AGENT SCHEDULE
Institution
 
Title
JPMorgan Chase Bank, N.A.
 
Administrative Agent
Mizuho Bank (USA), Ltd. 
 
Syndication Agent
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
 
Co-Documentation Agent
The Bank of Nova Scotia
 
Co-Documentation Agent
Royal Bank of Canada
 
Co-Documentation Agent
 
 
 
 
 
 
 
 
 
 
 
 

Agent Schedule

--------------------------------------------------------------------------------

EXISTING COMMITMENT SCHEDULE
Institution
Commitment Prior
to the FirstSecond  
Amendment
Effective Date

Loans
Outstanding on
the FirstSecond  
Amendment
Effective Date

 
 
 
2019 Bank
 
 
National Cooperative Services Corporation

$30,000,000.00

$0

Compass Bank

$25,000,000.00

$0

Bank of Communications

$20,000,000.00

$0

PNC Bank, National Association

$25,000,000.00

$0

 
 
 
2020 Bank
 
 
JPMorgan Chase Bank, N.A.

$180,000,000.00

$0

Mizuho Bank (USA)

$187,500,000.00

$0

TheRoyal Bank of Tokyo-Mitsubishi UFJ,  
Ltd.Canada

$187,500,000.00

$0

RoyalThe Bank of CanadaNova Scotia 

$187,500,000.00

$0

KeyBank National AssociationThe Bank of Tokyo-
Mitsubishi UFJ, Ltd.
$180,000,000.0018
7,500,000.00

$0

The Bank of Nova ScotiaKeyBank National
Association

$180,000,000.00

$0

U.S.PNC Bank, National Association
$125,000,000.0015
0,000,000.00

$0

SunTrustUS Bank National Association 

$125,000,000.00

$0

PNCSunTrust Bank, National Association 

$125,000,000.00

$0

Regions Bank

$75,000,000.00

$0

Industrial and Commercial Bank of China Limited,
New York Branch

$40,000,000.00

$0

Apple Bank for Savings

$7,500,000.00

$0

 
 
 
Total:
$1,700,000,000.001
,632,500,000.00

$0

Existing Commitment Schedule

--------------------------------------------------------------------------------

COMMITMENT SCHEDULE

2021 Commitment Schedule
2021 Bank 
2021 Commitment

JPMorgan Chase Bank, N.A.

$180,000,000.00

Mizuho Bank (USA), Ltd. 

$187,500,000.00

Royal Bank of Canada

$187,500,000.00

The Bank of Nova Scotia

$187,500,000.00

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

$187,500,000.00

KeyBank National Association

$180,000,000.00

PNC Bank, National Association

$150,000,000.00

US Bank National Association

$125,000,000.00

SunTrust Bank

$125,000,000.00

Regions Bank

$75,000,000.00

Industrial and Commercial Bank of China Limited, New York
Branch

$40,000,000.00

Apple Bank for Savings

$7,500,000.00

 
 
Total:
$1,632,500,000.001,59
2,500,000.00

Commitment Schedule

--------------------------------------------------------------------------------

EXISTING LETTERS OF CREDIT SCHEDULE

L/C# TFTX-374881 – Deseret Generation & Transmission Cooperative
Beneficiary: Rockwood Casualty Insurance Company
Amount: $1,000,000
Effective Date: October 16, 2012
Expiration Date: October 16November 30, 2017

L/C# SLCLSTL11173 – Allamakee- ClaytonAllamakee-Clayton Electric
Cooperative, Inc.
Beneficiary: Universal Service Administrative Company
Amount: $290,720436,080
Effective Date: March 18, 2016
Expiration Date: March 18, 20172018

--------------------------------------------------------------------------------

ExitingExisting Letters of Credit

--------------------------------------------------------------------------------

PRICING SCHEDULE

The “Euro-Dollar Margin”, the “Base Rate Margin” and the “Facility Fee Rate” for
the Borrower at any date are the respective percentages set forth below in the
applicable row and column based upon the Status of the Borrower that exists on
such date.
Status
Level I
Level II
Level III
Level IV
Level V
Euro-Dollar Margin
0.6900
%
0.8000
%
0.9000
%
1.0000
%
1.1000
%
Base Rate Margin
0
%
0
%
0
%
0
%
0.1000
%
Facility Fee Rate
0.0600
%
0.0750
%
0.1000
%
0.1250
%
0.1500
%

For purposes of this Pricing Schedule, the following terms have the following
meanings, subject to the concluding paragraph of this Pricing Schedule:

“Level I Status” exists at any date if, at such date, the Borrower’s Unsecured
Long-Term Debt is rated AA- or higher by S&P or Aa3 or higher by
Moody’s.

“Level II Status” exists at any date if, at such date, (i) the Borrower’s
Unsecured Long-Term Debt is rated A+ or higher by S&P or A1 or higher by
Moody’s, and (ii) Level I Status does not exist.

“Level III Status” exists at any date if, at such date, (i) the Borrower’s
Unsecured Long-Term Debt is rated A or higher by S&P or A2 or higher by Moody’s,
and (ii) Level II Status does not exist.

“Level IV Status” exists at any date if, at such date, (i) the Borrower’s
Unsecured Long-Term Debt is rated A- or higher by S&P or A3 or higher by
Moody’s, and (ii) Level III Status does not exist.

“Level V Status” exists at any date if, at such date, neither Level I Status,
Level II Status, Level III Status or Level IV Status exists.

“Moody’s” means Moody’s Investors Services, Inc.

“Rating Agencies” means each of S&P and Moody’s.

“S&P” means S&P Global Ratings, a business unit of Standard & Poor’s
RatingFinancial Services LLC, or any successor thereto.

“Status” refers to the determination of which of Level I Status, Level II
Status, Level III Status, Level IV Status or Level V Status exists at any date.

The credit ratings to be utilized for purposes of this Pricing Schedule are
those assigned to the senior unsecured long-term debt securities of the Borrower

Pricing Schedule

--------------------------------------------------------------------------------

SCHEDULE 9.15
ICC TRANSACTIONS
Background
As described in the Borrower’s filings with the U.S. Securities and Exchange
Commission, Rural Telephone Finance Cooperative (“RTFC”), a Consolidated Entity
of the Borrower, made secured loans to Innovative Communication Corporation
(“ICC”), a diversified telecommunications company organized under the laws of
the United States Virgin Islands (“USVI”) and headquartered in St. Croix, USVI
and its affiliates. Through operating divisions and subsidiaries, ICC provided
cellular, wireline local and long-distance telephone, cable television, Internet
access and other telecommunications services in the eastern and southern
Caribbean among other places. ICC and its subsidiaries are hereby defined as the
“ICC Companies.”

Beginning in 2006, ICC and certain of its affiliates were the subject of pending
bankruptcy proceedings and a Bankruptcy Trustee was appointed to manage the
operations and assets of the ICC bankruptcy estate (the “Trustee”).The Trustee
separated the assets of the bankruptcy estates, including certain of the ICC
Companies, into three asset groups (“Group 1,” “Group 2” and “Group 3”). Group 2
and Group 3 were sold in 2009 and 2010 to parties unrelated to the Borrower,
with the proceeds from the sale being applied to pay administrative expenses of
the estates and a portion of RTFC debt. Group 1, which was sold to direct and
indirect subsidiaries of the Borrower, as detailed in the ICC Transactions
below, included companies engaged in wireline telephone operations in the USVI,
wireless telephone operations in the USVI and St. Maarten, cable television
service operations in the USVI, the British Virgin Islands and St.Maarten, and
related telecommunications and complementary operations (collectively, as
ownedby direct and indirect subsidiaries of the Borrower, the “ICC Assets”):
ICC Transactions
Borrower’s Acquisition of the ICC Assets.
In order to effect the acquisition of the ICC Assets, including the equity
interests in the ICC Companies in Group 1, RTFC and the Trustee entered into a
Purchase Agreement, approved by the Bankruptcy Court and proving for a $250
million credit bid (collectively, “ICC Assets”). Following regulatory approval
and satisfaction of other conditions, Borrower’s direct subsidiary, Caribbean
Asset Holdings, LLC (“CAH”), and its direct and indirect subsidiaries took
ownership of the ICC Assets (collectively as the “ICC Related Companies”) in
2010 and 2011.

As part of and following the acquisitions of the ICC Related Companies, (i) the
Borrower has provided equity and/or debt capitalization and ongoing funding,

Schedule 9.15

--------------------------------------------------------------------------------

including working capital and capital expense to the ICC Related Companies; (ii)
Borrower provided funding directly or through the ICC Related Companies for
settlement or satisfaction of third-party claims against the ICC Companies;
(iii) Borrower has provided credit support and/or credit enhancement for
obligations of ICC Related Companies, including guaranties or letters of credit;
(iv) Borrower holdsheld such ICC Assets through the ICC Related Companies, and
operates or providesoperated or provided for their operation for the purpose of
preserving and rehabilitating such ICC Assets, preparing them for resale or
other disposition and reselling or disposing of them in one or more transactions
at a price or prices or for other consideration satisfactory to the Borrower;
and (v) Borrower, through its subsidiaries, has engaged staff and outside
consultants, agents, managers, management companies and other professional
advisers to advise and assist with respect to, or to carry out, the foregoing.

Disposition of the ICC Companies and ICC Assets.
As set forth in greater detail in Borrower’s Form 8-K filed with the
U.S.Securities and Exchange Commission (the “SEC”), dated September 30, 2015,
Borrower entered into a definitive agreement for a sale to ATN VI Holdings, LLC
(the “Buyer”) and Atlantic Tele-Network, Inc., the parent corporation of the
Buyer (“Atlantic”), of all the issued and outstanding membership interests of
Borrower’s direct subsidiary CAH, which owns the other ICC Related
Companies.(the “Disposition”) for a purchase price of $145 million, subject to
certain adjustments. RTFC has committed to provide debt financing of up to $60
million, providing Buyer with the option to finance a portion of the purchase
price. Atlantic willcommitted to provide a guarantee on an unsecured basis of
Buyer’sobligations to RTFC pursuant to the financing.

On July 1, 2016, Borrower filed a Form 8-K with the SEC announcing that the
purchase agreement was amended to adjust the purchase price by $1.25 million,
for a purchase price of approximately $144 million, and the Disposition was
completed. Net proceeds from the Disposition arewere subject to post-closing
adjustments. Additionally, Borrower remains subject to potential indemnification
claims, as more particularly described in the purchase agreement. In connection
with the Disposition, $16 million of the sale proceeds were deposited into
escrow to fund potential indemnification claims for a period of 15 months
following the closing. Borrower has received $12.9 million from the escrow and
is evaluating whether claims asserted are subject to indemnification and what
amounts, if any, would be owed to Buyer under the purchase agreement.

All of the transactions, actions and other matters referred to above (together
with such other related transactions and steps, occurring prior to or
concurrently with or within a reasonable time after the transactions, actions
and other matters referred to above and as may be reasonably necessary to carry
out

Schedule 9.15

--------------------------------------------------------------------------------

EXHIBIT F
OPINION OF GENERAL COUNSEL OF THE BORROWER
November [ ], 20162017

To the Administrative Agent and each of the Banks party
to the Revolving Credit Agreement referred to below
c/o JPMorgan Chase Bank, N.A.
1111 Fannin Street, 10th Floor
Houston, TX 77002

Ladies and Gentlemen:

Reference is hereby made to (i) that certain Amended and Restated Revolving
Credit Agreement dated as of November 19, 2015 (as amended by the
AmendmentAmendments (defined below), the “Extended Agreement”), by and among the
Borrower, the Banks listed on the signature pages thereof, JPMorgan Chase Bank,
N.A., as Administrative Agent and Initial Issuing Bank, Mizuho Bank (USA), as
successor Syndication Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., The
Bank of Nova Scotia, and Royal Bank of Canada, as Co-Documentation Agents and,
(ii) that certain Amendment No. 1 dated as of November 18, 2016 (the “Amendment
No. 1”), by and among the Borrower, the Banks listed on the signature pages
thereof, JPMorgan Chase Bank, N.A., as Administrative Agent and Initial Issuing
Bank, Mizuho Bank (USA), as Syndication Agent, and The Bank of Tokyo-Mitsubishi
UFJ, Ltd., The Bank of Nova Scotia, and Royal Bank of Canada, as
Co-Documentation Agents and (iii) that certain Amendment No. 2 dated as of
November 20, 2017 (“Amendment No. 2” and together with Amendment No. 1, the
“Amendments”), by and among the Borrower, the Banks listed on the signature
pages thereof, JPMorgan Chase Bank, N.A., as Administrative Agent and Initial
Issuing Bank, Mizuho Bank, Ltd., as Syndication Agent, and The Bank of
Tokyo-Mitsubishi UFJ, Ltd., The Bank of Nova Scotia, and Royal Bank of Canada,
as Co-Documentation Agents. I, Roberta B. Aronson, General Counsel of the
National Rural Utilities Cooperative Finance Corporation (the “Borrower”), am
delivering this opinion at the request of the Borrower pursuant to Section 7(b)
of the Amendment No. 2. Terms defined in the Extended Agreement are used herein
as therein defined.

I have examined originals or copies, certified or otherwise identified to my
satisfaction, of such documents, corporate records, certificates of public
officials and other instruments and have conducted such other investigations of
fact and law as I have deemed necessary or advisable for purposes of this
opinion. This opinion is limited to the laws of the District of Columbia.

Upon the basis of the foregoing, I am of the opinion that:

F-1

--------------------------------------------------------------------------------

1.    The Borrower is a cooperative association duly incorporated, validly
existing and in good standing under the laws of the District of Columbia and has
the corporate power and authority and all material governmental licenses,
authorizations, consents and approvals required to own its property and assets
and to transact the business in which it is engaged. The Borrower is duly
qualified or licensed as a foreign corporation in good standing in every
jurisdiction in which the nature of the business in which it is engaged makes
such qualification or licensing necessary, except in those jurisdictions in
which the failure to be so qualified or licensed would not (after qualification,
assuming that the Borrower could so qualify without the payment of any fee or
penalty and retain its rights as they existed prior to such qualification all to
an extent so that any fees or penalties required to be so paid or any rights not
so retained would not, individually or in the aggregate, have a material adverse
effect on the business or financial position of the Borrower), individually or
in the aggregate, have a material adverse effect upon the business or financial
position of the Borrower.

2.     The Borrower has the corporate power and authority to execute, deliver
and carry out the terms and provisions of the Extended Agreement and each of the
Notes dated the date hereof (the “Subject Notes”). The Extended Agreement and
the Subject Notes have been duly and validly authorized, executed and delivered
by the Borrower.1 

3.     There are no actions, suits, proceedings or investigations pending or, to
my knowledge, threatened against or affecting the Borrower by or before any
court or any governmental authority, body or agency or any arbitration board
which are reasonably likely to materially adversely affect the business,
financial position or results of operations of the Borrower or the authority or
ability of the Borrower to perform its obligations under the Extended Agreement
or the Subject Notes. Without limiting the foregoing opinion, I would like to
draw your attention to the legal actions described on Annex A.

4.     No authorization, consent, approval or license of, or declaration, filing
or registration with or exemption by, any governmental authority, body or agency
is required in connection with the execution, delivery or performance by the
Borrower of the Extended Agreement or the Subject Notes.

5.     The holders of the Borrower’s Members’ Subordinated Certificates are not
and will not be entitled to receive any payments with respect to the principal
thereof or interest thereon solely because of withdrawing or being expelled from
membership in the Borrower.

        
1The opinion with respect to the enforceability of the Amended and Restated
Revolving Credit Agreement under New York law shall be provided by Borrower’s
New York counsel, Norton Rose Fulbright US LLP, subject to customary
assumptions, qualifications and limitations.

F-2

--------------------------------------------------------------------------------

6.     Neither the Borrower nor any Consolidated Entity is in default in any
material respect under any material agreement or other instrument to which it is
a party or by which it or its property or assets is bound. No event or condition
exists which constitutes, or with the giving of notice or lapse of time or both
would constitute, such a default under any such agreement or other
instrument.Neither the execution and delivery of the Extended Agreement or the
Subject Notes, nor the consummation of any of the transactions therein
contemplated, nor compliance with the terms and provisions thereof, will
contravene any provision of law, statute, rule or regulation to which the
Borrower is subject or any judgment, decree, award, franchise, order or permit
applicable to the Borrower, or will conflict or be inconsistent with, or will
result in any material breach of, any of the material terms, covenants,
conditions or provisions of, or constitute (or with the giving of notice or
lapse of time, or both, would constitute) a default under (or condition or event
entitling any Person to require, whether by purchase, redemption, acceleration
or otherwise, the Borrower to perform any obligations prior to the scheduled
maturity thereof), or result in the creation or imposition of any Lien upon any
of the property or assets of the Borrower pursuant to the terms of, any
indenture, mortgage, deed of trust, agreement or other instrument to which it
may be subject, or violate any provision of the certificate of incorporation or
by-laws of the Borrower. Without limiting the generality of the foregoing, the
Borrower is not a party to, or otherwise subject to any provision contained in,
any instrument evidencing Indebtedness of the Borrower, any agreement or
indenture relating thereto or any other contract or agreement (including its
certificate of incorporation and by-laws), which would be violated by the
incurring of the Indebtedness to be evidenced by the Subject Notes.

7.    The Borrower has complied fully with all of the material provisions of
each Indenture. No Event of Default (within the meaning of such term as defined
in any Indenture) and no event, act or condition (except for possible
non-compliance by the Borrower with any immaterial provisions of such Indenture
which in itself is not such an Event of Default under such Indenture) which with
notice or lapse of time, or both, would constitute such an Event of Default has
occurred and is continuing under such Indenture. The borrowings by the Borrower
contemplated by the Extended Agreement will not cause such an Event of Default
under, or the violation of any covenant contained in, any Indenture.

8.    Set forth on Annex BA attached hereto is a true, correct and complete list
of all of the Borrower’s Subsidiaries and Joint Ventures, the jurisdiction of
incorporation or organization of each such Subsidiary and Joint Venture and the
nature and percentage of the Borrower’s ownership of each such Subsidiary and
Joint Venture.

9.    The Borrower has received a ruling from the Internal Revenue Service to
the effect that it is exempt from payment of Federal income tax under Section
501(c)(4) of the Internal Revenue Code of 1986, and nothing has come to our
attention that leads us to believe that the Borrower is not so exempt.

F-3

--------------------------------------------------------------------------------

Annex A
In June 2015, the Rural Telephone Finance Cooperative (“RTFC”), a Consolidated
Entity of CFC, received a notice of deficiency from the Virgin Islands Bureau of
Internal Revenue (the “BIR”) alleging that RTFC owes tax or other amounts, plus
interest, in connection with tax years 1996 and 1997, and 1999 through 2005. On
September 4, 2015, RTFC filed a petition with the District Court of the Virgin
Islands in response to the BIR’s notice of deficiency. RTFC believes that these
allegations are without merit and plans to timely contest this determination in
the Federal District Court of the Virgin Islands.

Nothing herein constitutes an admission that the foregoing are reasonably likely
to materially adversely affect the business, financial position or results of
CFC or the authority or ability of CFC to perform its obligations under the
Agreement or the Subject Notes.

F-6

--------------------------------------------------------------------------------

Annex B
Subsidiaries, Special Purpose Subsidiaries and Joint Ventures:
Borrower owns 100% of the membership interests of CAH
Residual Holdings, LLC, organized in the State of Delaware.
None
CAH Residual Holdings, LLC owns 100% of the stock of
Group B-200, Inc., organized in the Commonwealth of Puerto
Rico.

F-7
79580.000005 EMF_US 67467937v1