Form of Floating Rate Demand Note






	
		Exhibit 4.3

	    
	
		Variable Denomination Floating Rate Demand Note

	   
	
		(Face of Note)

	   
	No. 
	   
	                    NATIONAL RURAL UTILITIES
		COOPERATIVE FINANCE CORPORATION promises to pay U.S. Bank, National
		Association, not personally but solely for the benefit of the Holders of
		the Securities described in the Indenture or registered assigns, the
		Principal Amount of the Securities Outstanding from time to time, on
		demand, plus any accrued and unpaid interest thereon.
	   
	Dated: 
	   
	   	NATIONAL RURAL UTILITIES

		COOPERATIVE FINANCE

		CORPORATION
	 	 
	 	
		By:                                                            
		

	 	Title:
	
		   
	
		   

	Authenticated:   	
		   

	   	
		   

	U.S. BANK, NATIONAL ASSOCIATION, as
		Trustee	
		   

	   	
		   

	    	
		   

	    	
		   

	By:	 
	Authorized Officer	 
	
		(SEAL)
	
		   






	
		(Back of Note)

	   
	
		NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
		CORPORATION

	   
	
		Variable Denomination Floating Rate Demand Note

	   
	                    1.     Interest. National Rural Utilities
		Cooperative Finance Corporation (the "Company"), a District of Columbia
		cooperative association, promises to pay interest on the Principal
		Amount of this Security at a per annum rate determined by the Company on
		a daily basis. The Company will credit interest on the Securities on the
		second business day of the month. Interest so credited will be added to
		the principal balance of the Security until redeemed. Interest on the
		Securities will accrue on a daily basis. Interest will be computed on
		the basis of a 365-day year.
	   
	                    2.     Method of Payment. The Company will
		pay accrued and unpaid interest on the Securities only on redemption of
		the Principal Amount of the Security in whole or in part. Payment on all
		sums due on the Securities shall be deemed satisfied by payments
		remitted or offset by the Company to the beneficial owners of the
		Securities.
	   
	                    3.     Paying Agent. Initially, the Company
		will act as Paying Agent. The Company may change the Paying Agent
		without notice.
	   
	                    4.     Indenture. The Company issued the
		Securities under an Indenture, dated as of May 15, 2000 between the
		Company and Bank One Trust Company, N.A., as supplemented by a First
		Supplemental Indenture, dated as of March 12, 2007 between the Company,
		U.S. Bank, National Association, as successor trustee (the "Trustee")
		and The Bank of New York Trust Company, N.A., as resigning trustee and
		ultimate successor to Bank One Trust Company, N.A. (the "Indenture").
		The terms of the Securities include those stated in the Indenture and
		those made part of the Indenture by reference to the Trust Indenture Act
		of 1939 (15 U.S. Code 77aaa-77bbbb) as in effect on the date of the
		Indenture. The Securities are subject to all such terms, and
		Securityholders are referred to the Indenture and the Act for a
		statement of such terms. The Securities are unsecured general
		obligations of the Company and are not limited in aggregate Principal
		Amount.
	    
	                    5.     Redemption at Option of Company. The
		Company may redeem all the Securities at any time or some of them from
		time to time at their Principal Amounts, plus accrued interest to the
		redemption date.
	    
	                    6.     Redemption at Option of Holder. The
		Company will redeem Securities at the option of the holder in minimum
		amounts of at least $50,000 at any time and from time to time on demand
		at a redemption price equal to the Principal Amount, plus accrued
		interest to the redemption date.
	    
	                    7.     Notice of Redemption. Notice of
		redemption at the Company's option will be mailed at least 30 days but
		not more than 90 days before the redemption date to each holder of
		Securities to be redeemed at his registered address. On and after the
		redemption date interest ceases to accrue on Securities or portions of
		them called for redemption.
	    
	                    8.     Denominations, Transfer. The
		Securities are in registered form without coupons in denominations of
		$50,000 and whole multiples of $50,000. The Securities may not be
		transferred.
	    
	                    9.     Persons Deemed Owners. The
		registered holder of a Security may be treated as its owner for all
		purposes.
	   
	


	                    10.     Amendments and Waivers. Subject to
		certain exceptions, the Indenture or the Securities may be amended with
		the consent of the holders of a least a majority in Principal Amount of
		the Securities, and any existing default may be waived with the consent
		of the holders of a majority in principal amount of the Securities.
		Without the consent of any Securityholder, the Indenture or the
		Securities may be amended to cure any ambiguity, defect or
		inconsistency, to provide for assumption of Company obligations to
		Securityholders or to make any change that does not adversely affect the
		rights of any Securityholder in any material respect.
	   
	                    11.     Defaults and Remedies. An Event of
		Default is: default for 20 days in payment of interest on the Securities
		or in payment of Principal Amount on them; failure by the Company for 90
		days after notice to it to comply with any of its other agreements in
		the Indenture or the Securities; and certain events of bankruptcy or
		insolvency. If an Event of Default occurs and is continuing, the Trustee
		or the holders of at least 50% in principal amount of the Securities may
		declare all the Securities to be due and payable immediately. Securityholders may not enforce the Indenture or the Securities except
		as provided in the Indenture. The Trustee may require indemnity
		satisfactory to it before it enforces the Indenture or the Securities.
		Subject to certain limitations, holders of a majority in Principal
		Amount of the Securities may direct the Trustee in its exercise of any
		trust or power. The Trustee may withhold from Securityholders notice of
		any continuing default (except a default in payment of Principal Amount
		or interest) if it determines that withholding notice is in their
		interests. The Company must furnish an annual compliance certificate to
		the Trustee.
	    
	                    12.     Trustee Dealings with Company. The
		Trustee, in its individual or any other capacity, and its affiliates,
		may make loans to, accept deposits from, and perform services for the
		Company or its Affiliates, and may otherwise deal with the Company or
		its Affiliates, as if it were not Trustee, subject to the terms of the
		Indenture and the Act.
	    
	                    13.     No Recourse Against Others. A
		director, officer, employee or stockholder, as such, of the Company
		shall not have any liability for any obligations of the Company under
		the Securities or the Indenture or for any claim based on, in respect of
		or by reason of such obligations or their creation. Each Securityholder
		by accepting a Security waives and releases all such liability. The
		waiver and release are part of the consideration for the issue of the
		Securities.
	    
	                    14.     Authentication. This Security shall
		not be valid until authenticated by the manual signature of the Trustee.