Unassociated Document


    
      

    

    
      Exhibit 4.6

       

      


       

      FEDERAL
AGRICULTURAL MORTGAGE CORPORATION

      


      AMENDED
AND RESTATED

      CERTIFICATE
OF DESIGNATION OF TERMS AND CONDITIONS

      


      of

      


      SENIOR
CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES B-1

      


      (par
value $1.00 per share; initial liquidation preference of $1,000 per
share)

      


      I, Jerome
G. Oslick, Corporate Secretary of the Federal Agricultural Mortgage Corporation,
a federally chartered instrumentality of the United States of America (the
“Corporation”),
do hereby certify that, pursuant to authority vested in the Board of Directors
of the Corporation (the “Board of Directors”)
by Section 8.4(e) of Title VIII of the Farm Credit Act of 1971, as amended (12
U.S.C. §§2279aa-4(e)) (the “Act”), the Board of
Directors adopted resolutions on September 30, 2008, which resolutions are now,
and at all times since such date have been, in full force and effect, and that
the Vice Chairman and Acting Chairman of the Board of Directors of the
Corporation, pursuant to the authority delegated to him by such resolutions,
approved the final terms of the issuance and sale of the preferred stock of the
Corporation designated below.

      


      The
Senior Cumulative Perpetual Preferred Stock, Series B-1, shall have the
following designation, powers, preferences, rights, privileges, qualifications,
limitations, restrictions, terms and conditions:

      


      
        	
                1.

              	
                Designation, Par
      Value, Number of Shares and
Seniority.

              


      

       

      The class
of preferred stock of the Corporation created hereby (the “Preferred Stock”)
shall be designated “Senior Cumulative Perpetual Preferred Stock, Series B-1,”
shall have a par value of $1.00 per share and a liquidation preference per share
equal to $1,000 (subject to adjustment of such fixed dollar amount for any stock
splits, stock dividends, combinations, recapitalizations or similar
transactions) plus Accumulated Dividends thereon (the “Liquidation
Preference”), and shall consist of 60,000 shares.  The
Preferred Stock shall, with respect to dividend distributions and distributions
upon a Change of Control, liquidation, dissolution or winding up of the
Corporation, rank (a) senior to (i) the Class A Voting Common Stock, par value
$1.00 per share, of the Corporation (the “Class A Common
Stock”), (ii) the Class B Voting Common Stock, par value $1.00 per share,
of the Corporation (the “Class B Common
Stock”), (iii) the Class C Non-Voting Common Stock, par value $1.00 per
share, of the Corporation (the “Class C Common Stock”
and, together with the Class A Common Stock, the Class B Common Stock and any
other similar common equity securities, the “Common Stock”), (iv)
the 6.40% Cumulative Preferred Stock, Series A, par value $1.00 per share, of
the Corporation (the “Junior Preferred
Stock”), (v) any other capital stock of the Corporation outstanding as of
the Issue Date and (vi) any capital stock of the Corporation that may be issued
after the Issue Date (the securities referred to in sub-clauses (i) through
(vi), collectively, the “Junior Stock”) and
(b) pari passu with the
Senior Cumulative Perpetual Preferred Stock, Series B-2, par value $1.00 per
share, of the Corporation.


      
        
           


        

        
           

          
            

          

        

        
           


        

      

       

      
        	
                2.

              	
                Dividends.

              


      

       

      (a)    The holders
of outstanding shares of the Preferred Stock shall be entitled to receive,
ratably, when and as declared by the Board of Directors, or a duly authorized
committee thereof, out of funds legally available for dividend payments, cash
dividends which compound quarterly at the annual rate of (i) 10% of the
then-applicable Liquidation Preference per share of Preferred Stock, from the
period commencing on the Issue Date and ending on the first anniversary of the
Issue Date, (ii) 12% of the then-applicable Liquidation Preference per share of
Preferred Stock, from and after the period commencing on the day following the
first anniversary of the Issue Date and ending on the second anniversary of the
Issue Date, (iii) 14% of the then-applicable Liquidation Preference per share of
Preferred Stock, from and after the period commencing on the day following the
second anniversary of the Issue Date and ending on the third anniversary of the
Issue Date and (iv) 16% of the then-applicable Liquidation Preference per share
of Preferred Stock, from and after the day following the third anniversary of
the Issue Date.  Dividends on the Preferred Stock shall accrue and
cumulate from and including the Issue Date whether or not declared and shall be
payable quarterly in arrears when and as declared by the Board of Directors on
each Dividend Payment Date, beginning on December 31, 2008.  If a
Dividend Payment Date is not a Business Day, the related dividend shall be paid
on the next Business Day with the same force and effect as though paid on the
Dividend Payment Date, without any increase to account for the period from such
Dividend Payment Date through the date of actual payment.  The “Dividend Period”
relating to a Dividend Payment Date shall be the period from, but not including,
the preceding Dividend Payment Date (or from and including the Issue Date in the
case of the first Dividend Payment Date) through and including the related
Dividend Payment Date.  Dividends on the Preferred Stock shall be
computed based on a 360-day year consisting of twelve 30-day months, and
dividends on the Preferred Stock for any period less than a year shall be
computed based on a 360-day year consisting of twelve 30-day months and the
actual number of days elapsed in the period for which such dividends were
payable.  Dividends shall be paid to holders of record of outstanding
shares of the Preferred Stock as they appear in the books and records of the
Corporation on the record date, not to be earlier than 45 days nor later than 10
days preceding the applicable Dividend Payment Date, as shall be fixed by the
Board of Directors from time to time.     

      


      (b)    The holders
of shares of Preferred Stock shall be entitled to receive the dividends provided
for in Section
2(a) hereof in preference to and in priority over any dividends upon any
Junior Stock.  So long as any shares of Preferred Stock are
outstanding, the Corporation shall not declare, pay or set apart for payment any
dividend on any Junior Stock, or make any payment on account of, or pay into or
set funds aside for a sinking fund for, the repurchase, redemption or other
acquisition or retirement of any Junior Stock or any Options or Convertible
Securities exercisable or exchangeable for, or convertible into, any Junior
Stock (other than the repurchase, redemption or other acquisition or retirement
for value of Junior Stock solely in exchange for Junior Stock), during or in
respect of any Dividend Period unless all cumulative dividends on the Preferred
Stock determined in accordance herewith have been or contemporaneously are
declared and paid in full (or declared and a sum of cash sufficient for the
payment thereof is set apart or reserved for such payment) for all Dividend
Periods terminating on or prior to the date of payment of such amounts on
account of or for such Junior Stock or any Options or Convertible Securities
exercisable or exchangeable for, or convertible into, any Junior
Stock.  The Corporation shall take all actions necessary or advisable
under the Act or any other applicable law to permit the payment of the dividends
provided for in Section 2(a) hereof
to the holders of shares of Preferred Stock.  Holders of shares of
Preferred Stock shall not be entitled to any dividend, whether payable in cash,
in kind or other property in excess of the full dividends provided for in Section 2(a)
hereof.

      


      (c)    Notwithstanding any
other provision of this Certificate, the Board of Directors, in its discretion,
may choose to pay dividends on the Preferred Stock without the payment of any
dividends on the Common Stock or on any other outstanding class or series of
stock ranking junior to the Preferred Stock with respect to the payment of
dividends.


      
        
           


        

        
          2

          
            

          

        

        
           


        

      

       

      
        	
                3.

              	
                Redemption.

              


      

       

      (a)    Unless the
Preferred Stock is earlier redeemed pursuant to Section 3(b) hereof,
in the event that (i) any indebtedness of the Corporation for money borrowed or
credit extended (“Corporation Debt”)
becomes or is declared due and payable (after any applicable grace period) prior
to the stated maturity thereof or is not paid as and when it becomes due and
payable, (ii) a default occurs under any instrument, agreement or evidence of
any Corporation Debt, (iii) a court or regulatory authority having jurisdiction
over the Corporation or any of its subsidiaries enters a decree or order for (A)
relief in respect of the Corporation or any of its subsidiaries in an
involuntary case under any applicable bankruptcy law now or hereafter in effect,
(B) appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Corporation or any of its subsidiaries
or for all or any substantial portion of the property and assets of the
Corporation or any of its subsidiaries or (C) the winding up or liquidation of
the affairs of the Corporation or any of its subsidiaries or (iv) the
Corporation or any of its subsidiaries (A) commences a voluntary case under any
applicable bankruptcy law now or hereafter in effect, or consents to the entry
of an order for relief in an involuntary case under any such law, (B) consents
to the appointment of, or taking possession by, a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the
Corporation or any of its subsidiaries or for all or any substantial portion of
the property and assets of the Corporation or any of its subsidiaries or (C)
effects any general assignment for the benefit of creditors (any such event, a
“Voluntary Bankruptcy
Event”) (each of the events described in clauses (i) through (iv), a
“Mandatory Redemption
Event”), the Corporation shall redeem all, but not less than all, of the
issued and outstanding shares of Preferred Stock at a price per share equal to
the then-applicable Liquidation Preference on the Mandatory Redemption Date (the
“Mandatory Redemption
Amount”), on the Mandatory Redemption Date, subject to any mutually
agreed-upon extensions of the Mandatory Redemption Date in order to obtain any
final determination of the Fair Market Value of the Designated Assets pursuant
to Section 3(i)
hereof. 

      


      (b)    Unless
earlier redeemed pursuant to Section 3(a) hereof,
subject to receipt of the prior written approval of the Farm Credit
Administration, if required, on the date that is nine months from the Issue Date
and on each subsequent Dividend Payment Date (each such date, the “Optional Redemption
Date”), the Corporation shall, in its sole discretion, be entitled to
redeem all, but not less than all, of the issued and outstanding shares of
Preferred Stock at a price per share equal to the then-applicable Liquidation
Preference on the Optional Redemption Date (the “Optional Redemption
Amount” and, together with the Mandatory Redemption Amount, the “Redemption Amount”),
on the Optional Redemption Date, subject to any mutually agreed-upon extensions
of the Optional Redemption Date in order to obtain any final determination of
the Fair Market Value of the Designated Assets pursuant to Section 3(i)
hereof.

      


      (c)    The
applicable Redemption Amount with respect to each share of Preferred Stock
then-outstanding shall be payable in cash or, at the election of the
Corporation, by transfer of the Designated Assets to the holder of such share of
Preferred Stock.  In the event that the Corporation elects to pay the
applicable Redemption Amount in the form of the Designated Assets, the
Corporation shall pay and transfer to each holder of shares of Preferred Stock
such Designated Assets having a Fair Market Value equal to the applicable
Redemption Amount. In the event the Corporation elects to pay the applicable
Redemption Amount in the form of Designated Assets, the Corporation shall be
obligated to maintain at all times beginning at the date it provides the
applicable Mandatory Redemption Notice or Optional Redemption Notice through the
applicable Redemption Date such amount of Designated Assets such that the
aggregate Fair Market Value of such Designated Assets owned by the Corporation
and available for use to pay the Redemption Amount equals to or exceeds the
amount determined by multiplying (i) the applicable Redemption Amount multiplied
by (ii) the aggregate number of then-outstanding shares of Preferred
Stock.  Any Designated Assets transferred in connection with the
payment of the applicable Redemption Amount shall be so transferred free and
clear of any liens, encumbrances or restrictions of any kind
whatsoever.

      


      (d)    In the event
the Corporation is obligated to redeem all issued and outstanding shares of
Preferred Stock in connection with a Mandatory Redemption Event pursuant to
Section 3(a)
hereof, within five Business Days after the Corporation or any of its
subsidiaries becomes aware of any fact, circumstance, event, change, violation,
development, effect, condition or occurrence which has given rise to a Mandatory
Redemption Event, the Corporation shall send a written notice (the “Mandatory Redemption
Notice”) by first-class mail to each holder of record of shares of
Preferred Stock at such holder’s registered address stating (i) the events
causing such Mandatory Redemption Event, (ii) the date on which the Mandatory
Redemption Event occurred, (iii) the date on which such shares of Preferred
Stock will be so redeemed, which date shall be no later than 30 days after the
date of mailing of the Mandatory Redemption Notice (the “Mandatory Redemption
Date” and, together with the Optional Redemption Date, in each case, as
may be extended, the “Redemption Date”),
(iv) the Mandatory Redemption Amount that will be payable with respect to the
shares of Preferred Stock on the Mandatory Redemption Date, (v) whether such
Mandatory Redemption Amount will be paid in cash or in the form of Designated
Assets and, if in the form of Designated Assets, the Fair Market Value thereof
and (vi) the place at which such holder’s certificate(s) representing shares of
Preferred Stock must be presented for cancellation upon such
redemption.


      
        
           


        

        
          3

          
            

          

        

        
           


        

      

       

      (e)    In the event
that the Corporation elects to redeem all issued and outstanding shares of
Preferred Stock on any Optional Redemption Date, not less than 30 days prior to
the Optional Redemption Date pursuant to Section 3(b) hereof,
the Corporation shall send a written notice (the “Optional Redemption
Notice”) by first class mail to each holder of record of shares of
Preferred Stock at such holder’s registered address stating (i) the Optional
Redemption Date, (ii) the Optional Redemption Amount that will be payable with
respect to the shares of Preferred Stock on the Optional Redemption Date, (iii)
whether such Optional Redemption Amount will be paid in cash or in the form of
Designated Assets and, if in the form of Designated Assets, the Fair Market
Value thereof and (iv) the place at which such holder’s certificate(s)
representing shares of Preferred Stock must be presented for cancellation upon
such redemption.

      


      (f)    On or prior
to the applicable Redemption Date, the Corporation shall deposit cash and/or the
Designated Assets, the aggregate Fair Market Value of which is equal to the
aggregate applicable Redemption Amount with a bank or trust corporation in good
standing and organized under the laws of the United States of America or any
jurisdiction thereof, having aggregate capital and surplus in excess of
$1,000,000,000.  Such cash and/or Designated Assets shall be deposited
in a trust fund for the benefit of the holders of shares of Preferred
Stock.  The Corporation shall issue to such bank or trust corporation
irrevocable instructions and authority to pay and/or transfer the allocable
portion of the applicable Redemption Amount for such shares of Preferred Stock
to their respective holders on or immediately after the applicable Redemption
Date upon receipt of the certificate(s) representing the shares of Preferred
Stock to be so redeemed.  Notwithstanding the deposit of funds, the
Corporation shall remain liable for the payment of the applicable Redemption
Amount to the extent such Redemption Amount is not paid as provided
herein.  From and after the applicable Redemption Date, unless there
shall have been a default in payment of the applicable Redemption Amount, all
rights of the holders of shares of Preferred Stock as holders of Preferred Stock
(except the right to receive the applicable Redemption Amount upon surrender of
their certificate(s)) shall cease and such shares shall not thereafter be
transferred on the transfer books of the Corporation or be deemed to be
outstanding for any purpose whatsoever.  Until the applicable
Redemption Amount for each issued and outstanding share of Preferred Stock shall
have been paid in full, each such share of Preferred Stock not so redeemed shall
remain outstanding for all purposes and entitle the holder thereof to all the
rights and privileges provided herein, including, without limitation, the
accrual and payment of dividends and conversion rights, and, if unpaid prior to
the date such shares are redeemed, shall be included as part of the applicable
Redemption Amount.

      


      (g)    If any
Redemption Date is not a Business Day, payment of the applicable Redemption
Amount may be made on the next Business Day with the same force and effect as if
made on the applicable Redemption Date, and no interest, additional dividends or
other sums will accrue on the amount payable from the Redemption Date to the
next Business Day.

      


      (h)    The
Corporation may not, whether by any amendment of the Title VIII of the Act or
Bylaws, by any reclassification or other change to its capital stock, by any
merger, consolidation or other combination involving the Corporation, by any
sale, conveyance or other transfer of assets, by the liquidation, dissolution or
winding up of the Corporation, or by any other way, impair or restrict the
redemption of shares of Preferred Stock pursuant to this Section 3, or avoid
or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Corporation, but will at all times in
good faith assist in the carrying out of all provisions of this Section 3 and in the
taking of all such action as may be necessary or appropriate in order to protect
the redemption rights of the holders of shares of Preferred Stock against
impairment to the extent required hereunder.


      
        
           


        

        
          4

          
            

          

        

        
           


        

      

       

      (i)    Notwithstanding
anything in the definition of “Fair Market Value” in Section 12(t) hereof
to the contrary, the term “Fair Market Value” when used in reference to the
Designated Assets in this Section 3 shall mean
such fair market value of the Designated Assets as determined in good faith by
the Board of Directors and stated in the applicable redemption notice required
to be mailed to all holders of shares of Preferred Stock pursuant to Section 3(d) or Section 3(e)
hereof.  If holders of a majority of the then-outstanding shares of
Preferred Stock disagree with the Fair Market Value of the Designated Assets as
so determined by the Board of Directors, then such holders (the “Objecting Holders”)
shall notify the Board of Directors of such disagreement in writing specifying
in detail the particulars of such disagreement within 15 calendar days of
receipt of the applicable redemption notice.  The Board of Directors
and such holders of shares of Preferred Stock shall use their respective
reasonable best efforts to resolve any disagreements raised by such holders of
shares of Preferred Stock within 15 calendar days of the Board of Directors’
receipt of such notice of disagreement.  If, at the end of such
period, the Board of Directors and such holders of shares of Preferred Stock are
unable to resolve such disagreement, the Board of Directors and such holders of
shares of Preferred Stock shall select a mutually agreeable nationally
recognized investment bank, appraisal or accounting firm which is independent of
the Corporation and the Objecting Holders (whose fees and expenses shall be
borne equally by the Corporation, on the one hand, and the Objecting Holders, on
the other hand) to resolve any remaining disagreements.  The
determination of such investment bank, appraisal or accounting firm shall be
final, binding and conclusive on such parties.  The Board of Directors
and such holders of shares of Preferred Stock shall use their reasonable best
efforts to cause such investment bank, appraisal or accounting firm to make its
determination within 15 calendar days of accepting its
selection.  

      


      
        	
                4.

              	
                Voting
      Rights.

              


      

       

      Except as
required by applicable law, holders of shares of Preferred Stock shall not have
any voting powers, either general or special.

      


      
        	
                5.

              	
                Protective
      Provisions.

              


      

       

      Notwithstanding
anything to the contrary herein, so long as any shares of Preferred Stock are
issued and outstanding, the consent of holders of at least two-thirds of the
then-outstanding shares of Preferred Stock shall be required for any of the
following; provided, that no
such consent shall be required if provision is made for the redemption of shares
of Preferred Stock then-outstanding pursuant to Section 3 hereof at
or before the time any of the following is to be consummated or made, as the
case may be:

      


      (a)    any proposal
by the Corporation to amend, alter, delete, repeal or otherwise change any
provision of Title VIII of the Act, or any amendment, alteration, deletion,
repeal or other change of any provision of the Bylaws in any manner that
adversely affects the designation, powers, preferences, rights, privileges,
qualifications, limitations, restrictions, terms or conditions of the Preferred
Stock;

      


      (b)    any increase
or decrease in the authorized amount of shares of Preferred Stock, except for
the redemption and retirement of shares of Preferred Stock as provided for in
Section 3
hereof;

      


      (c)    (i) any
issuance of, or any agreement to be obligated to issue, any capital stock of the
Corporation that ranks senior to, or on parity with, the Preferred Stock with
respect to dividend distributions and distributions upon a liquidation,
dissolution or winding up of the Corporation, or any debt or other securities of
the Corporation that is convertible into or exercisable for such securities or
(ii) any amendment or reclassification of any existing equity security of the
Corporation such that such security would rank senior to, or on parity with, the
Preferred Stock;

      


      (d)    taking of any
action, or proposing to take any action to effect, a Voluntary Bankruptcy
Event;

      


      (e)    to the extent
material, individually or in the aggregate, incurring, creating, assuming,
refinancing or otherwise becoming liable for any indebtedness for borrowed money
or material credit extended, or, to the extent material, individually or in the
aggregate, assuming, guaranteeing, endorsing or otherwise becoming responsible
or liable for the obligations of any other individual, corporation or other
entity, other than, in each case, in the ordinary course of business consistent
with past practice;


      
        
           


        

        
          5

          
            

          

        

        
           


        

      

       

      (f)    repurchasing,
redeeming or otherwise acquiring (or paying into or setting funds aside for a
sinking fund for such purpose) any equity securities of the Corporation, except
for the redemption and retirement of shares of Preferred Stock as provided for
in Section 3
hereof;

      


      (g)    (i) except to
the extent specifically permitted pursuant to clause (j) below, to the extent
material, individually or in the aggregate, selling, transferring, leasing,
pledging, mortgaging, encumbering or otherwise disposing of any property or
asset of the Corporation or any of its subsidiaries (including stock interests
or other ownership interests of its subsidiaries), or, to the extent material,
individually or in the aggregate, acquiring any property or asset of any other
Person (including stock interests or other ownership interests of any such other
Person), other than, to the extent not material, individually or in the
aggregate, any sales of securities of any other Person or any creation of
encumbrances, pledges, mortgages or liens pursuant to securities guaranteed by
the Corporation or any of its subsidiaries in the ordinary course of business
consistent with past practice under the Farmer Mac I or Farmer Mac II programs
and which creation of any such encumbrance, pledge, mortgage or lien would not
otherwise require the consent of holders of at least two-thirds of the
then-outstanding shares of Preferred Stock pursuant to clause (k) below or (ii)
approving, adopting or entering into any agreement or arrangement which
prohibits or limits the Corporation or any of its subsidiaries from creating,
individually or in the aggregate, any material encumbrances;

      


      (h)    offering any
equity securities or securities convertible into or exercisable for any equity
securities other than pursuant to equity compensation grants (or the exercise
thereof) to employees, officers and directors pursuant to plans or arrangements
approved or adopted by the Board of Directors, or a committee thereof, in each
case, to the extent such plans or arrangements were approved or adopted prior to
the Issue Date (without giving effect to any extensions, amendments or
expansions of such plans or arrangements on or after the Issue Date), and other
than issuances of Class C Common Stock pursuant to the Corporation’s policy in
existence on the Issue Date (without giving effect to any extensions, amendments
or expansions of such policy on or after the Issue Date) that permits directors
of the Corporation to elect to receive shares of Class C Common Stock in
lieu of their annual cash retainers;

      


      (i)    merging or
consolidating with any other Person, entering into any other Change of Control
transaction, or approving or effecting a plan of complete or partial
liquidation, dissolution or winding up;

      


      (j)    approving,
adopting or entering into any transaction (i) with any Affiliate of the
Corporation, other than arms’-length transactions in the ordinary course of
business consistent with past practice or (ii) providing for the transfer of
assets or securities between the Corporation and any of its subsidiaries or
among any of its subsidiaries, other than any transfer of third party loans or
mortgages by the Corporation to any of its subsidiaries in order to permit such
subsidiary to issue securities under the Farmer Mac I or Farmer Mac II programs
in existence on the Issue Date;

      


      (k)    adopting or
approving any material new business initiative or program or any material
expansion of the business of the Corporation or any of its subsidiaries as such
business was being conducted on the Issue Date; and

      


      (l)    any
employment, termination or replacement of any member of the executive management
of the Corporation or any of its subsidiaries.

      


      Solely
with respect to clause (k) above, upon the Corporation’s written request, which
request shall not be made until after the date that is nine months from the
Issue Date, the holders of shares of the Preferred Stock will evaluate the
financial condition of the Corporation in order to determine whether or not, in
such holders’ good faith judgment, the Corporation is in sound financial
condition.  If a positive determination is so made, such holders will
consider waiving the consent right described in clause (k) above (which waiver
shall not be unreasonably withheld or delayed).


      
        
           


        

        
          6

          
            

          

        

        
           


        

      

       

      
        	
                6.

              	
                Liquidation Rights and
      Preference.

              


      

       

      (a)    Upon the
occurrence of a liquidation, dissolution or winding up of the Corporation,
holders of the then-outstanding shares of Preferred Stock shall be entitled to
receive and be paid out of the assets of the Corporation available for
distribution, before any payment or distribution shall be made to any holder of
shares of Junior Stock (without duplication of any Redemption Amounts paid
pursuant to Section
3 hereof), an amount in cash equal to the then-applicable Liquidation
Preference on the date of such liquidation, dissolution or winding up of the
Corporation.  If upon a liquidation, dissolution or winding up of the
Corporation, the assets of the Corporation available for distribution are
insufficient to pay the holders of Preferred Stock the full Liquidation Amount
upon the occurrence of such an event, then all of the assets of the Corporation
available for distribution shall be distributed to the holders of
then-outstanding shares of Preferred Stock ratably in proportion to the full
respective amounts to which they are entitled.  Solely for purposes of
Section 8.4(e)(3) of the Act, the Preferred Stock shall be deemed to have a par
value equal to the then-applicable Liquidation Preference per
share.

      


      (b)    The value of
any property not consisting of cash that may be distributed by the Corporation
to the holders of Preferred Stock will equal the Fair Market Value
thereof.

      


      (c)    Neither the
voluntary sale, conveyance, transfer, lease or exchange of all or substantially
all of the property or business of the Corporation, nor the merger,
consolidation or combination of the Corporation into or with any other
corporation or entity, shall be deemed to be a liquidation, dissolution or
winding up of the Corporation for the purpose of this Section
6.  The Corporation shall provide each holder of Preferred
Stock notice no later than five days after the Corporation or any of its
subsidiaries becomes aware of any fact, circumstance, event, change, violation,
development, effect, condition or occurrence which has given rise to, or could
reasonably be expected to give rise to, a liquidation, dissolution or winding up
of the Corporation.

      


      
        	
                7.

              	
                Change of
      Control.

              


      

       

      (a)    In the event
of a Change of Control, holders of issued and outstanding shares of Preferred
Stock shall be entitled to receive, in exchange for each such holder’s shares of
Preferred Stock and subject to and upon consummation of such Change of Control,
an amount in cash equal to the then-applicable Liquidation Preference on the
date of consummation of such Change of Control.

      


      (b)    The
Corporation shall, prior to the consummation of a Change of Control, make all
appropriate provisions (in form and substance reasonably satisfactory to holders
of at least two-thirds of the then-outstanding shares of Preferred Stock) to
insure that each holder of Preferred Stock shall receive, upon consummation of
such Change of Control, such applicable amount provided for in Section 7(a)
hereof and, if necessary, shall require the successor entity (if other than the
Corporation) resulting from the Change of Control to assume by written
instrument (in form and substance reasonably satisfactory to holders of at least
two-thirds of the then-outstanding shares of Preferred Stock) the obligation to
pay such amounts to holders of then-outstanding shares of Preferred
Stock.  The Corporation shall provide each holder of Preferred Stock
notice of any Change of Control for purposes of this Section 7 no later than 15
days prior to the payment date stated therein.

      


      
        	
                8.

              	
                Additional Classes or
      Series of Stock.

              


      

       

      Subject
to Section 5
hereof, the Board of Directors shall have the right at any time in the future to
authorize, create and issue, by resolution or resolutions, one or more
additional classes or series of stock of the Corporation, and to determine and
fix the distinguishing characteristics and the relative rights, preferences,
privileges and other terms of the shares thereof.


      
        
           


        

        
          7

          
            

          

        

        
           


        

      

       

      
        	
                9.

              	
                Information
      Rights.

              


      

       

      Upon the
reasonable request of any holder of shares of Preferred Stock, the Corporation
shall, and shall cause its representatives to, provide such information
(including, without limitation, periodic financial statements and budgets) to
the extent necessary for any such holder to satisfy any applicable tax or
regulatory requirements.

      


      
        	
                10.

              	
                Amendments.

              


      

       

      Notwithstanding
anything to the contrary herein, subject to Section 5 hereof, the
Corporation, upon approval of at least two-thirds of the then-outstanding shares
of Preferred Stock, may amend, alter, supplement or repeal any provision of this
Certificate pursuant to the following terms and conditions:

      


      (a)    The annual
dividend rate, the Redemption Amount or the Liquidation Preference of the
Preferred Stock shall not be reduced without the unanimous consent of the
holders of all shares of Preferred Stock.

      


      (b)    Holders of
the Preferred Stock shall be entitled to one vote per share on matters on which
their consent is required pursuant to Section 5 hereof or
this Section
10. Consents shall be effective when duly executed and delivered to the
Corporation.  In connection with any meeting of such holders, the
Board of Directors shall fix a record date, neither earlier than 60 days nor
later than 10 days prior to the date of such meeting, and holders of record of
shares of the Preferred Stock on such record date shall be entitled to notice of
and to vote at any such meeting and any adjournment.  The Board of
Directors, or such person or persons as it may designate, may establish
reasonable rules and procedures as to the solicitation of the consent of holders
of the Preferred Stock at any such meeting or otherwise, which rules and
procedures shall conform to the requirements of any national securities exchange
on which the Preferred Stock may be listed at such time.

      


      
        	
                11.

              	
                Notices.

              


      

       

      Any
notice, demand or other communication that by any provision of this Certificate
is required or permitted to be given or served to or upon the Corporation shall
be given or served in writing addressed (unless and until another address shall
be published by the Corporation) to the Federal Agricultural Mortgage
Corporation, 1133 Twenty-First Street, N.W., Suite 600, Washington, D.C. 20036,
Attention:  Vice President - General Counsel and
Secretary.  Such notice, demand or other communication to or upon the
Corporation shall be deemed to have been sufficiently given or made only upon
actual receipt of a writing by the Corporation. Any notice, demand or other
communication that by any provision of this Certificate is required or permitted
to be given or served by the Corporation hereunder may be given or served by
being deposited first class, postage prepaid, in the United States mail
addressed (a) to the holder as such holder’s name and address may appear at such
time in the books and records of the Corporation or (b) if to a person or entity
other than a holder of record of the Preferred Stock, to such person or entity
at such address as it appears to the Corporation to be appropriate at such time.
Such notice, demand or other communication shall be deemed to have been
sufficiently given or made, for all purposes, upon mailing.

      


      
        	
                12.

              	
                Definitions.

              


      

       

      As used
herein, the following terms shall have the following meanings:

       

      (a)    “Accumulated
Dividends” means, with respect to each share of Preferred Stock, as of
any date, an amount computed at the annual dividend rate for Preferred Stock,
from the Issue Date to and including the date to which such dividends are to be
accrued (whether or not such dividends have been declared), less the aggregate
amount of all dividends previously paid on such share (subject to adjustment of
such dollar amount for any stock splits, stock dividends, combinations,
recapitalizations or similar transactions).


      
        
           


        

        
          8

          
            

          

        

        
           


        

      

       

      (b)    “Act” shall have the
meaning set forth in the recitals.

      


      (c)    “Affiliate”
means any person that, directly or indirectly, controls, is controlled by or is
under common control with another Person, for so long as such other person
remains so associated with such specified Person; provided, however, that any
holder of Preferred Stock or Senior Cumulative Perpetual Preferred Stock, Series
B-2, of the Corporation shall not be deemed an Affiliate.  As used in
this definition, “control” (including its correlative meanings, “controlled by”
and “under common control with”) shall mean, the possession, directly or
indirectly, of power to direct or cause the direction of management or policies
(whether through ownership of securities or partnership or other ownership
interests, by contract or otherwise).

      


      (d)    “Board of
Directors” shall have the meaning set forth in the recitals.

      


      (e)    “Business
Day” means any day other than a Saturday, Sunday or a day on which banks are
required or authorized to close in New York, New York.

      


      (f)     “Bylaws”
means the By-Laws of the Corporation.

      


      (g)    “Certificate”
means this Amended and Restated Certificate of Designation of Terms and
Conditions of Senior Cumulative Perpetual Preferred Stock, Series
B-1.

      


      (h)    “Change of
Control” means the occurrence of (i) any consolidation or merger of the
Corporation with or into any other entity, or any other corporate reorganization
or transaction (including the acquisition of capital stock of the Corporation),
in which the stockholders of the Corporation immediately prior to such
consolidation, merger, reorganization or transaction own capital stock
representing directly, or indirectly through one or more entities, less than
fifty percent (50%) of  the voting power of the Corporation or other
surviving entity immediately after such consolidation, merger, reorganization or
transaction, (ii) any transaction or series of related transactions, after
giving effect to which in excess of fifty percent (50%) of the Corporation’s
voting power is owned directly, or indirectly through one or more entities, by
any “person” (as that term is used in Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended) or (iii) a sale, lease or other disposition of
all or substantially all of the assets of the Corporation and its subsidiaries
on a consolidated basis in any transaction or series of related transactions to
any “person”; excluding, in the case of clause (i) or (ii), any bona fide
primary or secondary public offering of securities. 

      


      (i)     “Class A
Common Stock” shall have the meaning ascribed to such term in Section 1
hereof.

      


      (j)    “Class B
Common Stock” shall have the meaning ascribed to such term in Section 1
hereof.

      


      (k)    “Class C
Common Stock” shall have the meaning ascribed to such term in Section 1
hereof.

      


      (l)     “Common
Stock” shall have the meaning ascribed to such term in Section 1
hereof.

      


      (m)    “Convertible
Securities” means any bonds, debentures, notes or other evidence of
indebtedness, capital stock or other securities directly or indirectly
convertible into, or exercisable or exchangeable for, Common Stock.

      


      (n)    “Corporation”
shall have the meaning ascribed to such term in the recitals.

      


      (o)    “Corporation
Debt” shall have the meaning ascribed to such term in Section 3(a)
hereof.


      
        
           


        

        
          9

          
            

          

        

        
           


        

      

       

      (p)    “Designated
Assets” means securities and loans that are qualified under the Farmer Mac I or
Farmer Mac II programs or such other assets that are otherwise acceptable to the
holders of Preferred Stock.

       

      (q)    “Dividend
Payment Date” means March 31, June 30, September 30 and December 31 of each
year.

       

      (r)     “Dividend
Period” shall have the meaning ascribed to such term in Section 2(a)
hereof.

      


      (s)    “Fair Market
Value” of Common Stock or any other security or property of the Corporation
means the fair market value thereof as determined in accordance with the
following rules:

       

      (i)           For
Common Stock or other security of the Corporation traded or quoted on the NYSE
or other national securities exchange or automated quotation system, the Fair
Market Value will be the average closing price of shares of Common Stock or such
other security on the NYSE or such exchange or quotation system for a five
consecutive trading-day period, ending on the trading day immediately prior to
the date of determination;

       

      (ii)          For
any security that is not so traded or quoted, the Fair Market Value shall be
determined: (x) mutually by the Board of Directors and the holders of at least a
two-thirds of the then-outstanding shares of Preferred Stock or (y) by a
nationally recognized investment bank, appraisal or accounting firm which is
independent of the Corporation and the holders of outstanding shares of
Preferred Stock (whose fees and expenses shall be borne equally by the
Corporation, on the one hand, and the holders of outstanding shares of Preferred
Stock, on the other hand) selected by mutual agreement between the Board of
Directors and the holders representing a majority of the then-outstanding shares
of Preferred Stock; and

       

      (iii)        
For any other property, the Fair Market Value shall be determined by the Board
of Directors in good faith, assuming a willing buyer and a willing seller in an
arms’-length transaction; provided, that if holders representing two-thirds of
the then-outstanding shares of Preferred Stock object to a determination by the
Board of Directors made pursuant to this clause (iii), the Fair Market Value of
such property shall be as determined by a nationally recognized investment bank,
appraisal or accounting firm which is independent of the Corporation and the
holders of outstanding shares of Preferred Stock (whose fees and expenses shall
be borne equally by the Corporation, on the one hand, and the holders of
outstanding shares of Preferred Stock, on the other hand) selected by mutual
agreement between the Board of Directors and such holders.

       

      (t)     “Issue Date”
means, with respect to each share of Preferred Stock, the date of the initial
issuance of such share of Preferred Stock.

      


      (u)    “Junior
Stock” shall have the meaning ascribed to such term in Section 1
hereof.

      


      (v)    “Liquidation
Amount” shall have the meaning ascribed to such term in Section 6(a)
hereof.

      


      (w)   “Liquidation
Preference” shall have the meaning ascribed to such term in Section 1
hereof.

       

      (x)     “Mandatory
Redemption Amount” shall have the meaning ascribed to such term in Section 3(a)
hereof.

      


      (y)    “Mandatory
Redemption Event” shall have the meaning ascribed to such term in Section 3(a)
hereof.

      


      (z)     “Mandatory
Redemption Date” shall have the meaning ascribed to such term in Section 3(d)
hereof.


      
        
           


        

        
          10

          
            

          

        

        
           


        

      

       

      (aa)        
  “Mandatory Redemption Notice” shall have the meaning ascribed to such
term in Section 3(d) hereof.

      


      (bb)        
 “NYSE” means the New York Stock Exchange.

      


      (cc)       
   “Objecting Holders”  shall have the meaning ascribed to
such term in Section 3(i) hereof.

      


      (dd)       
  “Optional Redemption Amount” shall have the meaning ascribed to such term
in Section 3(b) hereof.

      


      (ee)        
  “Optional Redemption Date” shall have the meaning ascribed to such term
in Section 3(b) hereof.

      


      (ff)      
     “Optional Redemption Notice” shall have the
meaning ascribed to such term in Section 3(e) hereof.

      


      (gg)      
   “Options” means any rights, options, warrants or similar securities
to subscribe or exchange for, purchase or otherwise acquire Common Stock or
Convertible Securities.

      


      (hh)         
“Person” means any individual, corporation (including not-for-profit), general
or limited partnership, limited liability company, joint venture, estate, trust,
association, organization, Governmental Entity or other entity of any kind or
nature.

      


      (ii)          
  “Preferred Stock” shall have the meaning ascribed to such term in Section
1 hereof.

      


      (jj)       
     “Redemption Amount” shall have the meaning ascribed to
such term in Section 3(b) hereof.

      


      (kk)     
     “Redemption Date” shall have the meaning ascribed to
such term in Section 3(d) hereof.

      


      (ll)        
    “Voluntary Bankruptcy Event” shall have the meaning ascribed
to such term in Section 3(a) hereof.

      


      
        	
                13.

              	
                Miscellaneous.

              


      

       

      (a)    The
Corporation and any agent of the Corporation may deem and treat the holder of a
share or shares of Preferred Stock, as shown in the Corporation’s books and
records, as the absolute owner of such share or shares of Preferred Stock for
the purpose of receiving payment of dividends and redemption proceeds in respect
of such share or shares of Preferred Stock and for all other purposes
whatsoever, and neither the Corporation nor any agent of the Corporation shall
be affected by any notice to the contrary. All payments made to or upon the
order of any such person shall be valid and, to the extent of the sum or sums so
paid, effectual to satisfy and discharge liabilities for moneys payable by the
Corporation on or with respect to any such share or shares of Preferred
Stock.

      


      (b)    The shares of
the Preferred Stock, when duly issued, shall be fully paid and
non-assessable.

      


      (c)    The Preferred
Stock shall be issued and shall be transferable on the books of the Corporation,
only in whole shares, it being intended that no fractional interests in shares
of Preferred Stock shall be created or recognized by the
Corporation.

      


      (d)    For purposes
of this Certificate, the term the “Corporation” shall mean the Federal
Agricultural Mortgage Corporation and any successor thereto by operation of law
or by reason of a merger, consolidation or combination.


      
        
           


        

        
          11

          
            

          

        

        
           


        

      

       

      (e)    This
Certificate and the respective rights and obligations of the Corporation and the
holders of the Preferred Stock with respect to such Preferred Stock shall be
construed in accordance with and governed by the laws of the United States,
provided that the law of the District of Columbia shall serve as the federal
rule of decision in all instances except where such law is inconsistent with the
Corporation’s enabling legislation, its public purposes or any provision of this
Certificate.

      


      (f)    RECEIPT AND
ACCEPTANCE OF A SHARE OR SHARES OF THE PREFERRED STOCK BY OR ON BEHALF OF A
HOLDER SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER (AND ALL
OTHERS HAVING BENEFICIAL OWNERSHIP OF SUCH SHARE OR SHARES) OF ALL OF THE TERMS
AND PROVISIONS OF THIS CERTIFICATE.  NO SIGNATURE OR OTHER FURTHER
MANIFESTATION OF ASSENT TO THE TERMS AND PROVISIONS OF THIS CERTIFICATE SHALL BE
NECESSARY FOR ITS OPERATION OR EFFECT AS BETWEEN THE CORPORATION AND THE HOLDER
(AND ALL SUCH OTHERS).

      


      (g)    Shares of
Preferred Stock which have been redeemed, repurchased or otherwise cancelled
shall be retired and have the status of authorized and unissued shares of
Preferred Stock, without designation as to series until such shares are once
more designated as a part of a particular series by the Board of
Directors.

      


      (h)    If any right,
power, preference, privilege or limitation of the Preferred Stock set forth
herein (as the same may be amended from time to time), is invalid, unlawful or
incapable of being enforced by reason of any rule of law or public policy, all
other rights, powers, preferences, privileges and limitations set forth herein
(as so amended) which can be given effect without the invalid, unlawful or
unenforceable right, power, preference, privilege or limitation shall,
nevertheless, remain in full force and effect, and no right, power, preference,
privilege or limitation herein set forth shall be deemed dependent upon any
other such right, power, preference, privilege or limitation.

      


      (i)     The headings
of the various subdivisions hereof are for convenience of reference only and
shall not affect the interpretation of any of the provisions
hereof.

      


      (j)     This
Certificate amends, restates and replaces in all respects the Corporation’s
Certificate of Designation of Terms and Conditions of Senior Cumulative
Perpetual Preferred Stock, Series B-1, dated September 30,
2008.


      
        
           


        

        
          12

          
            

          

        

        
           


        

      

       

      IN
WITNESS WHEREOF, this Amended and Restated Certificate of Designation of Terms
and Conditions of Senior Cumulative Perpetual Preferred Stock, Series B-1, is
executed on behalf of the Corporation by its Vice Chairman and Acting Chairman
of the Board of Directors and attested by its Corporate Secretary as of the
30th day of
September, 2008.

       

      


      
        
          
            
              
                	 
      	
                        FEDERAL
      AGRICULTURAL MORTGAGE CORPORATION

                      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                        By:

                      	
                        /s/
      Lowell L. Junkins

                      
	 
      	 
      	
                        Name:

                      	
                        Lowell
      L. Junkins

                      
	 
      	 
      	
                        Title:

                      	
                        Vice
      Chairman and Acting Chairman of the Board of
  Directors

                      


              

            

          

        

      

      


      


      


      Attest:

      


      


      
        	
                By:

              	
                  
      /s/ Jerome G. Oslick

              


      

      Name:  Jerome
G. Oslick

      Title:    Corporate
Secretary