Document:

EXHIBIT
10.39

            

    

     

    National
Rural Utilities

    Cooperative
Finance Corporation

    Company

    

    U.S.
Bank National Association

    Trustee

    

    and

    

    Federal
Agricultural Mortgage Corporation

    Guarantor

     

    Indenture

     

    Dated as
of September 1, 2009

     

    National
Rural Utilities Cooperative Finance Corporation

    Clean
Renewable Energy Bonds, Secured Tax Credit Series 2009A

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    Table
of Contents

     

    
      
        
          
            
              
                	
                        Section

                      	 	
                        Heading

                      	 	
                        Page

                      
	 
      	 	 
      	 	 
      
	
                        Granting
      Clauses

                      	 	 
      	 	
                        2

                      
	 
      	 	 
      	 	 
      
	
                        Article
      One

                      	 	
                        Definitions
      and Other Provisions of General Application

                      	 	
                        3

                      
	 
      	 	 
      	 	 
      
	
                        Section
      101.

                      	 	
                        Definitions

                      	 	
                        3

                      
	
                        Section
      102.

                      	 	
                        Compliance
      Certificates and Opinions

                      	 	
                        13

                      
	
                        Section
      103.

                      	 	
                        Form
      of Documents Delivered to Trustee

                      	 	
                        14

                      
	
                        Section
      104.

                      	 	
                        Acts
      of Holders

                      	 	
                        15

                      
	
                        Section
      105.

                      	 	
                        Notices,
      Etc., to Trustee and Company

                      	 	
                        16

                      
	
                        Section
      106.

                      	 	
                        Notice
      to Holders of Securities; Waiver

                      	 	
                        16

                      
	
                        Section
      107.

                      	 	
                        Language
      of Notices, Etc.

                      	 	
                        16

                      
	
                        Section
      108.

                      	 	
                        Effect
      of Headings and Table of Contents

                      	 	
                        17

                      
	
                        Section
      109.

                      	 	
                        Successors
      and Assigns

                      	 	
                        17

                      
	
                        Section
      110.

                      	 	
                        Separability
      Clause

                      	 	
                        17

                      
	
                        Section
      111.

                      	 	
                        Benefits
      of Indenture

                      	 	
                        17

                      
	
                        Section
      112.

                      	 	
                        Governing
      Law

                      	 	
                        17

                      
	
                        Section
      113.

                      	 	
                        Legal
      Holidays

                      	 	
                        17

                      
	 
      	 	 
      	 	 
      
	
                        Article
      Two

                      	 	
                        Security
      Forms

                      	 	
                        17

                      
	 
      	 	 
      	 	 
      
	
                        Section
      201.

                      	 	
                        Forms
      Generally

                      	 	
                        17

                      
	
                        Section
      202.

                      	 	
                        Form
      of Trustee’s Certificate of Authentication

                      	 	
                        18

                      
	
                        Section
      203.

                      	 	
                        Securities
      in Global Form

                      	 	
                        18

                      
	 
      	 	 
      	 	 
      
	
                        Article
      Three

                      	 	
                        The
      Securities

                      	 	
                        19

                      
	 
      	 	 
      	 	 
      
	
                        Section
      301.

                      	 	
                        Issuance
      of the Series 2009A Bonds

                      	 	
                        19

                      
	
                        Section
      302.

                      	 	
                        Denominations

                      	 	
                        19

                      
	
                        Section
      303.

                      	 	
                        Execution,
      Authentication, Delivery and Dating

                      	 	
                        20

                      
	
                        Section
      304.

                      	 	
                        Temporary
      Securities; Exchange of Temporary Securities

                      	 	
                        21

                      
	
                        Section
      305.

                      	 	
                        Registration,
      Registration of Transfer and Exchange

                      	 	
                        21

                      
	
                        Section
      306.

                      	 	
                        Mutilated,
      Destroyed, Lost and Stolen Securities

                      	 	
                        23

                      
	
                        Section
      307.

                      	 	
                        Payment
      of Interest; Interest Rights Preserved

                      	 	
                        24

                      
	
                        Section
      308.

                      	 	
                        Persons
      Deemed Owners

                      	 	
                        25

                      
	
                        Section
      309.

                      	 	
                        Cancellation

                      	 	
                        25

                      
	
                        Section
      310.

                      	 	
                        Computation
      of Interest

                      	 	
                        26

                      
	
                        Section
      311.

                      	 	
                        CUSIP
      Numbers

                      	 	
                        26

                      
	 
      	 	 
      	 	 
      
	
                        Article
      Four

                      	 	
                        Application
      of Proceeds; Project Fund; Bond Fund; Borrower Repayments
    Fund

                      	 	
                        26

                      
	 
      	 	 
      	 	 
      
	
                        Section
      401.

                      	 	
                        Deposit
      of Funds

                      	 	
                        26

                      
	
                        Section
      402.

                      	 	
                        Project
      Fund

                      	 	
                        26

                      

              

            

          

        

      

       

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                	
                        Section
      403.

                      	 	
                        Bond
      Fund

                      	 	
                        30

                      
	
                        Section
      404.

                      	 	
                        Borrower
      Repayments Fund

                      	 	
                        31

                      
	 
      	 	 
      	 	 
      
	
                        Article
      Five

                      	 	
                        Guarantee;
      Action by the Trustee

                      	 	
                        33

                      
	 
      	 	 
      	 	 
      
	
                        Section
      501.

                      	 	
                        Guarantee
      of the Series 2009A Bonds

                      	 	
                        33

                      
	
                        Section
      502.

                      	 	
                        Action
      by the Trustee

                      	 	
                        34

                      
	 
      	 	 
      	 	 
      
	
                        Article
      Six

                      	 	
                        Events
      of Default; Remedies

                      	 	
                        36

                      
	 
      	 	 
      	 	 
      
	
                        Section
      601.

                      	 	
                        Events
      of Default; Remedies

                      	 	
                        36

                      
	
                        Section
      602.

                      	 	
                        Acceleration
      of Maturity, Rescission and Annulment

                      	 	
                        37

                      
	
                        Section
      603.

                      	 	
                        Collection
      of Indebtedness

                      	 	
                        37

                      
	
                        Section
      604.

                      	 	
                        Trustee
      May Enforce Claims Without Possession of Securities

                      	 	
                        38

                      
	
                        Section
      605.

                      	 	
                        Application
      of Proceeds

                      	 	
                        38

                      
	
                        Section
      606.

                      	 	
                        Suits
      for Enforcement

                      	 	
                        40

                      
	
                        Section
      607.

                      	 	
                        Restoration
      of Rights on Abandonment of Proceedings

                      	 	
                        40

                      
	
                        Section
      608.

                      	 	
                        Limitations
      on Suits by Holders

                      	 	
                        40

                      
	
                        Section
      609.

                      	 	
                        Powers
      and Remedies Cumulative; Delay or Omission Not Waiver of
      Default

                      	 	
                        40

                      
	
                        Section
      610.

                      	 	
                        Control
      by the Holders

                      	 	
                        41

                      
	
                        Section
      611.

                      	 	
                        Waiver
      of Past Defaults

                      	 	
                        41

                      
	
                        Section
      612.

                      	 	
                        Costs
      of Litigation

                      	 	
                        41

                      
	
                        Section
      613.

                      	 	
                        Unconditional
      Right of Holders to Receive Principal, Premium and
Interest

                      	 	
                        41

                      
	
                        Section
      614.

                      	 	
                        Undertaking
      for Costs

                      	 	
                        42

                      
	
                        Section
      615.

                      	 	
                        Waiver
      of Stay, Extension or Usury Laws

                      	 	
                        42

                      
	 
      	 	 
      	 	 
      
	
                        Article
      Seven

                      	 	
                        Control
      By the Guarantor; Additional Rights of the Guarantor

                      	 	
                        42

                      
	 
      	 	 
      	 	 
      
	
                        Section
      701.

                      	 	
                        Control
      by the Guarantor

                      	 	
                        42

                      
	
                        Section
      702.

                      	 	
                        Rights
      of the Guarantor to Direct Actions of the Trustee

                      	 	
                        43

                      
	
                        Section
      703.

                      	 	
                        Additional
      Rights of the Guarantor

                      	 	
                        43

                      
	 
      	 	 
      	 	 
      
	
                        Article
      Eight

                      	 	
                        The
      Trustee

                      	 	
                        45

                      
	 
      	 	 
      	 	 
      
	
                        Section
      801.

                      	 	
                        Certain
      Duties and Responsibilities.

                      	 	
                        45

                      
	
                        Section
      802.

                      	 	
                        Notice
      of Defaults

                      	 	
                        46

                      
	
                        Section
      803.

                      	 	
                        Certain
      Rights of Trustee

                      	 	
                        46

                      
	
                        Section
      804.

                      	 	
                        Not
      Responsible for Recitals or Issuance of Securities

                      	 	
                        48

                      
	
                        Section
      805.

                      	 	
                        May
      Hold Securities

                      	 	
                        48

                      
	
                        Section
      806.

                      	 	
                        Money
      Held in Trust

                      	 	
                        48

                      
	
                        Section
      807.

                      	 	
                        Compensation
      and Reimbursement

                      	 	
                        48

                      
	
                        Section
      808.

                      	 	
                        Disqualification;
      Conflicting Interests

                      	 	
                        49

                      
	
                        Section
      809.

                      	 	
                        Corporate
      Trustee Required; Eligibility

                      	 	
                        54

                      
	
                        Section
      810.

                      	 	
                        Resignation
      and Removal; Appointment of Successor

                      	 	
                        54

                      

              

            

          

        

      

       

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              	
                      Section
      811.

                    	 	
                      Acceptance
      of Appointment by Successor

                    	 	
                      56

                    
	
                      Section
      812.

                    	 	
                      Merger,
      Conversion, Consolidation or Succession to Business

                    	 	
                      57

                    
	
                      Section
      813.

                    	 	
                      Preferential
      Collection of Claims Against Company

                    	 	
                      57

                    
	
                      Section
      814.

                    	 	
                      Appointment
      of Authenticating Agent

                    	 	
                      61

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Nine

                    	 	
                      Holders’
      Lists and Reports by Trustee and Company

                    	 	
                      62

                    
	 
      	 	 
      	 	 
      
	
                      Section
      901.

                    	 	
                      Holder
      Lists; Communications to Holders

                    	 	
                      62

                    
	
                      Section
      902.

                    	 	
                      Reports
      by Trustee

                    	 	
                      63

                    
	
                      Section
      903.

                    	 	
                      Reports
      by Company

                    	 	
                      64

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Ten

                    	 	
                      Consolidation,
      Merger, Conveyance or Transfer

                    	 	
                      66

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1001.

                    	 	
                      Company
      May Consolidate, Etc., Only on Certain Terms.

                    	 	
                      66

                    
	
                      Section
      1002.

                    	 	
                      Successor
      Substituted.

                    	 	
                      66

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Eleven

                    	 	
                      Supplemental
      Indentures

                    	 	
                      67

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1101.

                    	 	
                      Supplemental
      Indentures Without Consent of Holders.

                    	 	
                      67

                    
	
                      Section
      1102.

                    	 	
                      Supplemental
      Indentures with Consent of Holders.

                    	 	
                      68

                    
	
                      Section
      1103.

                    	 	
                      Execution
      of Supplemental Indentures

                    	 	
                      69

                    
	
                      Section
      1104.

                    	 	
                      Effect
      of Supplemental Indentures

                    	 	
                      69

                    
	
                      Section
      1105.

                    	 	
                      Reference
      in Securities to Supplemental Indentures

                    	 	
                      69

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Twelve

                    	 	
                      Covenants

                    	 	
                      69

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1201.

                    	 	
                      Payment
      of Principal, Premium and Interest

                    	 	
                      69

                    
	
                      Section
      1202.

                    	 	
                      Maintenance
      of Office or Agency

                    	 	
                      69

                    
	
                      Section
      1203.

                    	 	
                      Money
      for Securities Payments to Be Held in Trust

                    	 	
                      70

                    
	
                      Section
      1204.

                    	 	
                      Officers’
      Certificate

                    	 	
                      71

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Thirteen

                    	 	
                      Redemption
      of Securities

                    	 	
                      72

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1301.

                    	 	
                      Applicability
      of Article.

                    	 	
                      72

                    
	
                      Section
      1302.

                    	 	
                      Election
      to Redeem; Notice to Trustee

                    	 	
                      72

                    
	
                      Section
      1303.

                    	 	
                      Extraordinary
      Mandatory Redemption

                    	 	
                      72

                    
	
                      Section
      1304.

                    	 	
                      Mandatory
      Sinking Fund Redemption

                    	 	
                      73

                    
	
                      Section
      1305.

                    	 	
                      Selection
      by Trustee of Securities to Be Redeemed

                    	 	
                      73

                    
	
                      Section
      1306.

                    	 	
                      Notice
      of Redemption

                    	 	
                      73

                    
	
                      Section
      1307.

                    	 	
                      Deposit
      of Redemption Price

                    	 	
                      74

                    
	
                      Section
      1308.

                    	 	
                      Securities
      Payable on Redemption Date

                    	 	
                      74

                    
	
                      Section
      1309.

                    	 	
                      Securities
      Redeemed in Part

                    	 	
                      75

                    
	 
      	 	 
      	 	 
      
	
                      Article  Fourteen

                    	 	
                      Meetings
      of Holders of Securities

                    	 	
                      75

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1401.

                    	 	
                      Purposes
      for Which Meetings May Be Called

                    	 	
                      75

                    
	
                      Section
      1402.

                    	 	
                      Call,
      Notice and Place of Meetings

                    	 	
                      75

                    
	
                      Section
      1403.

                    	 	
                      Persons
      Entitled to Vote at Meetings

                    	 	
                      75

                    

            

          

        

      

       

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              	
                      Section
      1404.

                    	 	
                      Quorum;
      Action

                    	 	
                      76

                    
	
                      Section
      1405.

                    	 	
                      Determination
      of Voting Rights; Conduct and Adjournment of Meetings

                    	 	
                      77

                    
	
                      Section
      1406.

                    	 	
                      Counting
      Votes and Recording Action of Meetings

                    	 	
                      77

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Fifteen

                    	 	
                      Sinking
      Funds

                    	 	
                      78

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1501.

                    	 	
                      Applicability
      of Article

                    	 	
                      78

                    
	
                      Section
      1502.

                    	 	
                      Satisfaction
      of Sinking Fund Payments with Securities

                    	 	
                      78

                    
	
                      Section
      1503.

                    	 	
                      Redemption
      of Securities for Sinking Fund

                    	 	
                      78

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Sixteen

                    	 	
                      Satisfaction
      and Discharge

                    	 	
                      78

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1601.

                    	 	
                      Satisfaction
      and Discharge of Indenture

                    	 	
                      78

                    
	
                      Section
      1602.

                    	 	
                      Application
      of Trust Money

                    	 	
                      80

                    
	
                      Section
      1603.

                    	 	
                      Satisfaction,
      Discharge and Defeasance of Securities

                    	 	
                      80

                    
	
                      Section
      1604.

                    	 	
                      Reinstatement

                    	 	
                      82

                    
	 
      	 	 
      	 	 
      
	
                      Article Seventeen

                    	 	
                      Grant
      of Security Interest in Pledged Collateral

                    	 	
                      83

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1701.

                    	 	
                      Security
      Interest

                    	 	
                      83

                    
	 
      	 	 
      	 	 
      
	
                      Article
      Eighteen

                    	 	
                      Immunity
      of Incorporators, Stockholders, Officers and Directors

                    	 	
                      83

                    
	 
      	 	 
      	 	 
      
	
                      Section
      1801.

                    	 	
                      Exemption
      from Individual Liability

                    	 	
                      83

                    

            

          

        

      

    

     

    Exhibit
A     Form of Security

    Exhibit
B     Form of Expense Requisition Statement

    Exhibit
C     Form of Demand Letter

    Exhibit
D     Form of Control Party Instructions

    Exhibit
E     Form of Funds Direction Statement

    

    
      
        
           

        

        
          -iv-

          
            

          

        

        
           

        

      

    

     

    Indenture,
dated as of September 1, 2009, among National
Rural Utilities Cooperative Finance Corporation, a District of Columbia
cooperative association (herein called the “Company”), having its
principal executive office and mailing address at 2201 Cooperative Way,
Herndon, Virginia 20171-3025, U.S. Bank
National Association, a national banking association, as Trustee (herein
called the “Trustee”)
and the Federal
Agricultural Mortgage Corporation, a federally chartered instrumentality
of the United States, as guarantor (herein called the “Guarantor”) having its
principal executive office and mailing address at 1133 21st Street, N.W., Suite
600, Washington, D.C.

     

    Recitals
of the Company

     

    Whereas,
the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of its clean renewable energy bonds, to be issued as in
this Indenture provided.

     

    Whereas,
the Company desires to provide for the creation of a series of clean renewable
energy bonds to be known as the National Rural Utilities Cooperative Finance
Corporation Clean Renewable Energy Bonds, Secured Tax Credit Series 2009A
(herein called the “Series 2009A Bonds” or
the “Securities”).

     

    Whereas,
the Company intends to lend the proceeds of the Securities to one or more
members of the Company, as borrowers, to finance the cost of certain clean
renewable energy facilities.

     

    Whereas,
the Guarantor has agreed to fully and unconditionally guarantee to the Trustee
for the benefit of the Holders of the Series 2009A Bonds and the Company,
the timely payment of the interest on the Series 2009A Bonds and, in the
case of principal, an amount equal to the amount of outstanding principal of the
Series 2009A Bonds less any amounts in the Series 2009A Project
Account (as defined below), as set forth in this Indenture (the “Guarantee”).

     

    Whereas,
all things necessary to make this Indenture a valid and legally binding
agreement of the Company, enforceable in accordance with its terms, have been
done and the Company proposes to do all things necessary to make the Bonds, when
issued by the Company, valid and legally binding obligations of the Company as
hereinafter provided;

     

    Whereas,
all Securities will be secured by an assignment to the Trustee of the
Company’s interest in the Pledged Collateral (as defined herein) and all moneys
and securities from time to time held by the Trustee under the terms of this
Indenture (except for moneys or securities in the Series 2009A Expense
Account) and any and all other property conveyed as and for additional security
hereunder by the Company.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    Granting
Clauses

     

    Now,
Therefore, This Indenture of Trust Witnesseth:

     

    That the
Company in consideration of the premises and the acceptance by the Trustee of
the trusts hereby created and of the purchase and acceptance of the Securities
by the Holders thereof, and of the sum of one dollar, lawful money of the United
States of America, to it duly paid by the Trustee at or before the execution and
delivery hereof, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, in order to secure the payment of
the principal and interest on the Securities according to their tenor and
effect, to secure the performance and observance by the Company of the
Obligations (as hereinafter defined) and of all the covenants expressed or
implied herein and in the Securities, does hereby grant, bargain, sell, convey,
assign and pledge to the Trustee, and its successors in trust and assigns
forever, to the extent provided in this Indenture, a security interest in the
following, whether now owned, existing or held or hereafter acquired, and
wherever located (the “Trust
Estate”):

     

    Granting
Clause First

     

    All
rights, title and interest of the Company in, to and under the Pledged
Collateral assigned pursuant to Article Seventeen hereof; and the proceeds of
all thereof in accordance with the Pledge and Security Agreement.

     

    Granting
Clause Second

     

    All
rights, title and interest of the Company in, to and under all moneys and
securities from time to time held directly or indirectly by the Trustee under
the terms of this Indenture, including, without limitation, moneys and
securities held in the Bond Fund and the Series 2009A Project Account, but
not moneys or securities in the Series 2009A Expense Account, and any and
all other real and personal property of every name and nature from time to time
hereafter by delivery or by writing of any kind conveyed, mortgaged, pledged,
assigned or transferred, as and for additional security hereunder by the Company
or by anyone on its behalf or with its written consent, to the Trustee which is
hereby authorized to receive any and all such property at any and all times and
to hold and apply the same subject to the terms hereof;

     

    To
Have and To Hold all and singular the Trust Estate, whether now owned or
hereafter acquired, unto the Trustee and its respective successors in said trust
and assigns forever;

     

    In
Trust Nevertheless, upon the terms and trusts herein set forth for the
equal and proportionate benefit, security and protection of all present and
future owners of Securities, without privilege, priority or distinction as to
the lien or otherwise of any of the Securities over any of the other bonds,
except as expressly provided herein;

    

    
      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

    

    

     

    Provided,
however, that if the Company, its successors or assigns, shall well and truly
pay, or cause to be paid, the principal of and interest on all of the Securities
due or to become due thereon, at the times and in the manner mentioned in the
Securities according to the true intent and meaning thereof, and shall cause all
payments to be made on the Securities as required herein, or shall provide, as
permitted hereby, for the payment thereof by depositing with the Trustee the
entire amount due or to become due thereon (or United States Treasury Securities
sufficient for the purpose as provided in Article Sixteen hereof), and
shall well and truly keep, perform and observe all the covenants and conditions
pursuant to the terms of this Indenture to be kept, performed and observed by
it, and shall pay or cause to be paid to the Trustee all sums of money due or to
become due to it in accordance with the terms and provisions hereof, then upon
the final payment thereof this Indenture and the rights hereby granted shall
cease, determine and be void except as otherwise provided herein; otherwise this
Indenture to be and remain in full force and effect.

     

    This
Indenture Further Witnesseth and it is expressly declared that all
Securities issued and secured hereunder are to be issued, authenticated and
delivered and all said property, rights and interests, including, without
limitation, the amounts hereby assigned and pledged, are to be dealt with and
disposed of under, upon and subject to the terms, conditions, stipulations,
covenants, agreements, trusts, uses and purposes as hereinafter expressed, and
the Company has agreed and covenanted, and does hereby agree and covenant, with
the Trustee and with the respective Holders of Securities as
follows:

     

    Article
One

     

    Definitions
and Other Provisions of General Application

     

    Section
101.          Definitions. For all purposes
of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

     

    (1)         
the terms defined in this Article have the meanings assigned to them in
this Article and include the plural as well as the singular;

     

    (2)         
all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles in
the United States of America, and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to
any computation required or permitted hereunder shall mean such accounting
principles as are generally accepted in the United States of America at the date
of such computation;

     

    (3)         
the words “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision; and

     

    (4)         
certain terms, used principally in Article Eight, are defined in that
Article.

    

    
      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

    

    

     

    “Act”, when used with respect
to any Holder of a Security, has the meaning specified in Section
104.

     

    “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified
Person.  For the purposes of this definition, “control”, when used
with respect to any specified Person, means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the
foregoing.

     

    “Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 814 to act on
behalf of the Trustee to authenticate Securities.

     

    “Authorized Newspaper” means
a newspaper, in the English language or in an official language of the country
of publication, customarily published on each Business Day, whether or not
published on Saturdays, Sundays or holidays, and of general circulation in the
place in connection with which the term is used or in the financial community of
such place.  Where successive publications are required to be made in
Authorized Newspapers, the successive publications may be made in the same or in
different newspapers in the same city meeting the foregoing requirements and in
each case on any Business Day.

     

    “Authorized Officer of the
Borrower” means the Chairman, General Manager or Chief Financial Officer
of the Borrower or any other person authorized by the Board of the Borrower so
to act or any other person performing a function similar to the function
performed by any such officer or authorized person.

     

    “Authorized Officer of the
Company” means one or more of the following officers of the Company: its
Chief Executive Officer, President, Chief Financial Officer, one of its Vice
Presidents, its Secretary-Treasurer, Secretary, or one of its Assistant
Secretary-Treasurers, or any other person authorized by the Board of the Company
so to act or any other person performing a function similar to the function
performed by any such officer or authorized person.

     

    “Board of Directors” means
the board of directors of the Company, the executive committee or any other
committee of such board duly authorized to act hereunder.

     

    “Board Resolution” means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the
Trustee.

     

    “Bond Counsel” means an
attorney at law or a firm of attorneys (designated by the Company and acceptable
to the Trustee) of nationally recognized standing in matters pertaining to the
tax-exempt nature of interest or tax credits on bonds issued by states and their
political subdivisions, duly admitted to the practice of law before the highest
court of any state of the United States of America.

     

    “Bond Fund” means the Bond
Fund created in Section 403.

    

    
      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

    

     

    “Borrower” means a member of
the Company that has entered into a Loan Agreement with the Company for a loan
of proceeds from the Securities.

     

    “Borrower Repayments Fund”
means the Borrower Repayments Fund created in Section 404.

     

    “Business Day” means, any
day, other than a (i) Saturday, (ii) Sunday, (iii) a day on which banking
institutions are authorized or required by law, regulation or executive order to
close in the City of New York or the City of Chicago, (iv) a day that
the Company is not open for business, or, (v) for any place when used with
respect to any Place of Payment or any other particular location referred to in
this Indenture or in the Securities, means any day that is not a day on which
banking institutions in that Place of Payment or other location, as the case may
be, are authorized or required by law, regulation or executive order to
close.

     

    “Code” means Internal Revenue
Code of 1986, as supplemented and amended, including any successor statutes and
any applicable rules, regulations, notices or orders promulgated
thereunder.

     

    “Company” means the Person
named as the “Company” in the first paragraph of this instrument until a
successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter “Company” shall mean such successor
Person.

     

    “Company Request” and “Company Order” mean,
respectively, a written request or order signed in the name of the Company by
its Chief Executive Officer, President, Chief Financial Officer or one of its
Vice Presidents, and by its Secretary-Treasurer, or one of its Assistant
Secretary-Treasurers, and delivered to the Trustee.  Such request may
be incorporated into any Officers’ Certificate delivered hereunder.

     

    “Control Party” means (i) the
Guarantor, so long as no Guarantor Default is existing and continuing or (ii)
the Holders of a majority of the aggregate principal amount of the
Series 2009A Bonds Outstanding, or the Trustee acting on their behalf, in
accordance with the provisions of this Indenture, for so long as a Guarantor
Default is existing and continuing.

     

    “Corporate Trust Office”
means the designated office of the Trustee, at which at any particular
time corporate trust business of the Trustee shall be administered, which office
at the date of original execution of this Indenture is located at 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust
Services, or at any other time at such other address as the Trustee may
designate from time to time by notice to the Holders.

     

    “corporation” shall include
any cooperative association, voluntary association, company, corporation,
joint-stock company, business trust or similar organization.

     

    “Credit Support Agreement”
means the credit support agreement between the Company and the Guarantor dated
as of September 1, 2009.

    

    
      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

    

     

    “Determination of Potential Tax
Credit Ineligibility” shall mean a determination by the Company that the
Securities may cease to be eligible for a tax credit for the owner thereof under
Section 54 of the Code in the absence of some corrective action to be taken
on the part of the Company, which determination may be supported by a written
opinion of Bond Counsel to that effect.

     

    “Determination of Tax Credit
Ineligibility” shall mean a determination that the Securities does not
qualify for a tax credit for the owner thereof under Section 54 of the
Code, which determination shall be deemed to have been made upon the occurrence
of the first to occur of the following:

     

    (a)         
the date on which the Company determines that there is a significant
likelihood that the Securities may not qualify for a tax credit, if such
determination is supported by a written opinion of Bond Counsel to that effect;
or

     

    (b)         
the date on which the Company shall receive notice in writing that the
Trustee has been advised by the owner of any Security that the Securities does
not qualify for a tax credit for the owner thereof, based upon a final
determination made either by: (A) the Internal Revenue Service in a published or
private ruling or technical advice memorandum or (B) any court of competent
jurisdiction in the United States of America, as a result of a failure by the
Company or any borrower to observe any agreement or representation in the Tax
Compliance Agreement or a Loan Agreement or Project Agreement relating to the
proceeds of the Securities.  Any such determination will not be
considered final for this purpose unless the Owner of the Securities involved in
the proceeding or action resulting in the determination (i) gives the Company
and the Trustee prompt written notice of the commencement thereof and (ii) if
the Company agrees to pay all expenses in connection therewith and to indemnify
such Owner of the Securities against all liabilities in connection therewith,
offers the Company an opportunity to contest the determination, either directly
or in the name of the Owner of the Securities, and until conclusion of any
review, if sought.

     

    “Discharged” means that the
Company will be deemed to have paid and discharged the entire indebtedness
represented by, and obligations under, the Securities and all provisions of this
Indenture relating to the Securities shall no longer be deemed in effect (and
the Trustee, at the expense of the Company, will execute proper instruments
acknowledging the same), except as to (A) the rights of Holders thereof to
receive, from the trust fund described in clause 1603(q)(1) above, payment
of the principal of and the interest on the Securities when such payments are
due, (B) the Company’s obligations with respect to the Securities under
Sections 305, 306, 1202, 1203 (last paragraph only) and 1602 and the
Company’s obligations to the Trustee under Sections 807 and 810,
(C) the rights of Holders of the Securities with respect to the payments
which they are to receive of principal, premium and interest and (D) the
rights, powers, trusts, duties and immunities of the Trustee hereunder, will
survive such discharge.  The Company will reimburse the trust fund for
any loss suffered by it as a result of any tax, fee or other charge imposed on
or assessed against deposited U.S. Government Obligations, or any principal or
interest paid on such obligations, and, subject to the provisions of
Section 807, will indemnify the Trustee against any claims made against the
Trustee in connection with any such loss.

    

    
      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

    

    

     

    “Dollar” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for the payment of public and private
debts.

     

    “Equivalent Principal Terms”
has the meaning specified in Section 1302.

     

    “Event of Default” has the
meaning specified in Section 601.

     

    “Expense Requisition
Statement” means the written direction of the Company as described in
Section 402(c).

     

    “FCA” means the Farm Credit
Administration, or any successor agency having oversight authority over the
Guarantor.

     

    “Funds Direction Statement”
means the certificate of the Company as described in
Section 404(c).

     

    “Funds Requisition Statement”
means the certificate of a Borrower as described in
Section 402(b).

     

    “Guarantee” shall mean the
full and unconditional guarantee by the Guarantor to the Trustee for the benefit
of the Holders of the Series 2009A Bonds and the Company of the timely
payment of interest on the Series 2009A Bonds and, in the case of
principal, an amount equal to the amount of outstanding principal of the
Series 2009A Bonds less any amounts in the Series 2009A Project
Account, as set forth in this Indenture.

     

    “Guarantee Event” shall mean
with respect to the Series 2009A Bonds the occurrence and continuation (for
whatever the reason) of a failure by the Company to make or cause to be made the
required payment into the Bond Fund at the Trustee of any amounts needed to pay
interest on or principal of the Series 2009A Bonds by the close of business
two (2) Business Days prior to when such amount becomes due for a Payment Date
with respect to the Series 2009A Bonds.

     

    “Guarantor” means the Person
named as the “Guarantor” in the first paragraph of this instrument until a
successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter “Guarantor” shall mean such successor
Person.

     

    “Guarantor Default” means
(1) a default by the Guarantor under its obligations pursuant to
Section 501 which is existing and continuing; or (2) the appointment of a
receiver, voluntary liquidation and involuntary liquidation pursuant to 12
U.S.C. § 2279cc; provided,
however, the appointment of a conservator (or other similar official) by
a regulator having jurisdiction over the Guarantor, whether or not the Guarantor
consents to that appointment, will not constitute a Guarantor Default
hereunder.

    

    
      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

    

     

    “Holder”, when used with
respect to any Security means the Person in whose name the Security is
registered in the Security Register.

     

    “Indenture” means this
instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof.

     

    “Initial Purchaser” means
Merrill Lynch, Pierce Fenner & Smith, Incorporated and its successor or
assigns.

     

    “Insolvency Event” means, for
a specified Person, other than the Guarantor, (a) the filing of a decree or
order for relief by a court or administrative or governmental body having
jurisdiction in the premises in respect of such Person in an involuntary case
under any applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrate or similar official for such Person, or ordering
the winding-up or liquidation of such Person’s affairs, and such decree or order
shall remain unstayed and in effect for a period of sixty (60) consecutive days;
or (b) the commencement by such Person of a voluntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect, or the consent by such Person to the appointment of or taking possession
by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person, or the making by such Person of any general assignment
for the benefit of creditors, or the failure by such Person generally to pay its
debts as such debts become due, or the taking of action by such Person in
furtherance of any of the foregoing; and for the Guarantor, as specified in 12
U.S. C. §2279cc and the rules and regulations thereunder.

     

    “Insolvency Law” means any
United States federal or state bankruptcy, insolvency or similar law for relief
of debtors, now or thereafter in effect or any amendment thereto or the Federal
Deposit Insurance Act, as amended by the Financial Institutions Reform, Recovery
and Enforcement Act of 1989, and any subsequent amendments.

     

    “Interest”, when used with
respect to the Securities, means interest payable to the owner thereof including
any Supplemental Interest thereon.

     

    “Interest Payment Date”, when
used with respect to any Security, means the Stated Maturity of an installment
of interest on such Security, payable semi-annually on June 15 and
December 15, commencing December 15, 2009.

     

    “Loan Agreement” means a loan
agreement between the Company and a Borrower relating to all or a portion of
proceeds of an issue of Securities, as amended from time to time.

     

    “Maturity”, when used with
respect to any Security, means the date on which the principal of such Security
or an installment of principal becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call
for redemption, exercise of option for repayment or otherwise.

    

    
      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

    

    

     

    “Mortgage” means the mortgage
and security agreement applicable to substantially all of the property of a
Borrower.

     

    “Note” means a secured
promissory note, payable to the order of the Company, executed by a Borrower,
pursuant to a Loan Agreement.

     

    “Obligations” means the
obligations of the Company under this Indenture and the Series 2009A Bonds
including, without limitation, (i) all principal of, interest and Unpaid
Interest (including, without limitation, any interest that accrues after the
commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency or reorganization of the Company, whether or not allowed or allowable
as a claim in any such proceeding) on such Series 2009A Bonds or pursuant
to this Indenture, (ii) all other amounts payable by the Company hereunder,
under the Series 2009A Bonds, including (A) all costs and expenses
(including reasonable attorneys’ fees) incurred by the Trustee or any Holder
thereof in realizing on the Pledged Accounts or Pledged Collateral to satisfy
such obligations and (B) all costs and expenses of, including reasonable
compensation to, the Trustee (or its agents, as applicable) payable in
accordance with the provisions of this Indenture and (iii) any renewals or
extensions of the foregoing.

     

    “Officers’ Certificate” means
a certificate signed by the Chief Executive Officer, the President, the Chief
Financial Officer or a Vice President, and by the Secretary-Treasurer, or one of
the Assistant Secretary-Treasurers of the Company, and delivered to the
Trustee.  Each such Officers’ Certificate shall contain the statements
set forth in Section 102.

     

    “Opinion of Counsel” means a
written opinion of counsel, who may (except as otherwise expressly provided in
this Indenture) be counsel for the Company.  Each such Opinion of
Counsel shall contain the statements set forth in Section 102.

     

    “Original Issue Discount
Security” means any Security which provides for an amount less than the
principal amount thereof to be due and payable at the Maturity
thereof.

     

    “Outstanding”, when used with
respect to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture,
except:

     

    (i)         
Securities theretofore cancelled by the Trustee or delivered to the
Trustee for cancellation;

     

    (ii)       
Securities for whose payment or redemption money in the necessary amount
has been theretofore deposited with the Trustee or any Paying Agent (other than
the Company) in trust or set aside and segregated in trust by the Company (if
the Company shall act as its own Paying Agent) for the Holders of such
Securities; provided
that, if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made; and

    

    
      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

    

     

    (iii)       
Securities which have been paid pursuant to Section 306 or in
exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect
of which there shall have been presented to the Trustee proof satisfactory to it
that such Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Company;

     

    provided, however, that in
determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or whether a quorum is present at a meeting
of Holders of Securities (i) the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of
the principal thereof that would be due and payable as of the date of such
determination upon the Maturity thereof, and (ii) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the Company
or of such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver or upon any such determination as to the presence of a quorum, only
Securities which a Responsible Officer in the Corporate Trust Office of the
Trustee knows to be so owned shall be so disregarded.  Securities so
owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right
so to act with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company
or of such other obligor.

     

    “Payment Date” means, any
Interest Payment Date, Stated Maturity or Maturity of the principal of or
interest on the Securities.

     

    “Paying Agent” means any
Person authorized by the Company to pay the principal of and premium or interest
on any Securities on behalf of the Company.

     

    “Person” means any
individual, corporation, partnership, joint venture, association, joint stock
company, trust, unincorporated organization, limited liability company or other
entity, or government or any agency, instrumentality or political subdivision
thereof.

     

    “Place of Payment”, when used
with respect to the Securities, means the place or places where, subject to the
provisions of Section 1202, the principal of and premium or interest on the
Securities are payable as specified as contemplated by
Section 301.

     

    “Pledge and Security
Agreement” means the pledge and security agreement, dated as of the date
hereof, between the Company and the Trustee for the benefit of the Secured
Parties.

     

    “Pledged Collateral” shall
have the meaning set forth in the Granting Clause of the Pledge and Security
Agreement.

     

    “Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of
the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under
Section 306 in exchange for or in lieu of a mutilated, lost, destroyed or
stolen Security shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Security.

    

    
      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

    

     

    “Proceeds”
means:  (i) all “proceeds” as defined in Article 9 of the UCC as in
effect from time to time in the State of New York; (ii) all interest, dividends,
payments or distributions made with respect to any of the Pledged Collateral;
and (iii) whatever is receivable or received when the Pledged Collateral or
proceeds are sold, exchanged, collected, converted or otherwise disposed of,
whether such disposition is voluntary or involuntary.

     

    “Project” shall mean a
project being financed under a Loan Agreement, as described in Schedule 1
to such Loan Agreement.

     

    “Project Agreement” shall
mean the Project Agreement between the Company and a Borrower, with respect to
the Borrower’s Project and the Series 2009A Bonds.

     

    “Project Fund” means the
Project Fund created in Section 402.

     

    “Qualified Investments” shall
mean, subject to the applicable provisions of the Tax Compliance Agreement, any
obligations having a maturity date not later than the final maturity date of the
Securities in which the Company is authorized to invest, including, without
limitation, certificates of deposit, money market funds, revenue obligations of
state or local governments or their agencies or instrumentalities, the interest
on which is excludable from gross income of the owner thereof for Federal income
tax purposes, guaranteed investment contracts or other liquid
investments.

     

    “Redemption Date”, when used
with respect to any Security to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture.

     

    “Redemption Price”, when used
with respect to any Security to be redeemed, means the price at which it is to
be redeemed pursuant to this Indenture.

     

    “Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities means the
15th day immediately preceding such Interest Payment Date.

     

    “Required Collateralization
Level” shall have the meaning set forth in the Pledge
Agreement.

     

    “Responsible Officer”, when
used with respect to the Trustee, shall mean any officer within the Corporate
Trust Office having direct responsibility for the administration of this
Indenture.

     

    “Secured Parties” shall have
the meaning set forth in Section 1701 of this Indenture.

     

    “Security Register” has the
meaning specified in Section 305.

    

    
      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

    

     

    “Security Registrar” means
the Person appointed by the Company to register Securities and transfers of
Securities as provided in Section 305 and Section 1202.

     

    “Series 2009A Bonds” or
the “Securities” has
the meaning stated in the first recital of this Indenture and more particularly
means any Securities authenticated and delivered under this
Indenture.

     

    “Series 2009A Expense
Account” has the meaning specified in Section 402.

     

    “Series 2009A Project
Account” has the meaning specified in Section 402.

     

    “Special Record Date” for the
payment of any Unpaid Interest on the Securities means a date fixed by the
Company pursuant to Section 307.

     

    “Stated Maturity”, when used
with respect to any Security or any installment of principal thereof or interest
thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is
due and payable.

     

    “Supplemental Indenture”
means a supplemental indenture amending this Indenture signed by the Chief
Executive Officer, the President, the Chief Financial Officer or a Vice
President, and by the Secretary-Treasurer, or one of the Assistant
Secretary-Treasurer, of the Company, and an authorized officer of the
Trustee.

     

    “Supplemental Interest” means
the amount of interest to be payable on the Securities.

     

    “Tax Compliance Agreement”
means the tax compliance certificate and agreement of the Company, with respect
to the Securities, accepted by the Trustee, as amended.

     

    “Tax Credit Rate” means the
tax credit rate for each maturity of the Securities, as set forth in the
Indenture and  the Tax Compliance Agreement relating to the
Securities.

     

    “Trustee” means the Person
named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such with respect to the Securities pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall
mean or include each Person who is then a Trustee hereunder, and if at any time
there is more than one such Person, “Trustee” shall mean the Trustee with
respect to the Securities.

     

    “United States” means the
United States of America (including the States and the District of Columbia) and
its possessions.

     

    “United States Alien” means
any Person who, for United States federal income tax purposes, is a foreign
corporation, a nonresident alien individual, a non-resident alien fiduciary of a
foreign estate or trust, or a foreign partnership one or more of the members of
which is, for United States federal income tax purposes, a foreign corporation,
a non-resident alien individual or a non-resident alien fiduciary of a foreign
estate or trust.

    

    
      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

    

     

    “United States Person” means
a citizen or resident of the United States, a corporation, partnership or other
entity created or organized in or under the laws of the United States and an
estate or trust the income of which is subject to United States federal income
taxation regardless of its source.

     

    “Unpaid Interest” has the
meaning set forth in Section 307 hereof.

     

    “U.S. Government Obligations”
means securities which are (i) direct obligations of the United States of
America for the payment of which its full faith and credit is pledged or
(ii) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the
United States of America, which, in either case are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any
such U.S. Government Obligation held by such custodian for the account of the
holder of a depository receipt, provided, that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Obligation or the specific payment of interest on
or principal of the U.S. Government Obligation evidenced by such depository
receipt.

     

    “Vice President”, when used
with respect to the Trustee, means any vice president, whether or not designated
by a number or a word or words added before or after the title “vice
president.”

     

    “Voting Stock” means, with
respect to any Person, any and all shares, interests, participations or other
equivalents (however designated) in the equity interests of such Person,
including, without limitation, capital stock, partnership interests and limited
liability company interests, in each case having voting power for the election
of, or to appoint or approve the appointment of, the directors, trustees or
other persons holding similar positions or other governing body of such Person,
whether at all times or only so long as no senior class of stock or other equity
interests has such voting power because of default in dividends or other
default.

     

    Section
102.          Compliance Certificates and
Opinions.  Except as otherwise expressly provided by this
Indenture, upon any application or request by the Company to the Trustee to take
any action or refrain from taking any action under any provision of this
Indenture, the Company shall furnish to the Trustee an Officers’ Certificate
stating that all conditions precedent or covenants, if any, provided for in this
Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of such counsel all such conditions
precedent or covenants, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

    

    
      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

    

     

    Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

     

    (1)         
a statement that each individual signing such certificate or opinion has
read such covenant or condition and the definitions herein relating
thereto;

     

    (2)         
a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;

     

    (3)         
a statement that, in the opinion of each such individual, he has made
such examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

     

    (4)         
a statement as to whether, in the opinion of each such individual, such
condition or covenant has been complied with.

     

    Section
103.          Form of Documents Delivered to
Trustee.  In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.

     

    Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows that the certificate or opinion or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous.  Any such certificate or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the
Company stating that the information with respect to such factual matters is in
the possession of the Company, unless such counsel knows that the certificate or
opinion or representations with respect to such matters are
erroneous.  An officer of the Company who signs any certificate or
opinion shall be identified by the position(s) he or she holds at the Company
that are relevant to such certificate or opinion, and the certificate or opinion
may, but need not, identify every position such officer holds at the
Company.

     

    Where any
Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one
instrument.  Each party agrees to accept a consolidated instrument
produced by the other party, as long as the consolidated instrument gives the
recipient substantively the same assurances the recipient would have obtained if
individual instruments were used.

    

    
      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

    

     

    Section
104.          Acts of
Holders.  (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor and terms signed by such Holders in
person or by agent duly appointed in writing.  Except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments or record or both are delivered to the Trustee and,
where it is hereby expressly required, to the Company.  Such
instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the
Holders signing such instrument or instruments and so voting at any such
meeting.  Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Security, shall
be sufficient for any purpose of this Indenture and (subject to
Section 801) conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section.  The record of any meeting of
Holders of Securities shall be proved in the manner provided in
Section 1406.

     

    Without
limiting the generality of this Section 104, unless otherwise provided in
or pursuant to this Indenture, a Holder, including a depositary that is (or
whose nominee is) a Holder of a global Security, may make, give or take, by a
proxy or proxies, duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other Act provided in or pursuant to this
Indenture or the Securities to be made, given or taken by Holders, and a
depositary that is (or whose nominee is) a Holder of a global Security may
provide its proxy or proxies to the beneficial owners of interests in any such
global Security through such depositary’s standing instructions and customary
practices.

     

    (b)         
The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof.  Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority.  The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Trustee deems
sufficient.

     

    (c)         
The ownership of Securities shall be proved by the Security
Register.

     

    (d)         
Any request, demand, authorization, direction, notice, consent, waiver or
other Act of the Holder of any Security shall bind every future Holder of the
same Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

     

    (e)         
The Company may set a record date for purposes of determining the
identity of Holders of Securities entitled to vote or consent to any action by
vote or consent authorized or permitted by Sections 610, 611 or
1102.  Such record date shall be the later of 30 days prior to
the first solicitation of such consent or the date of the most recent list of
Holders of such Securities furnished to the Trustee pursuant to Section 901
prior to such solicitation.

    

    
      
        
           

        

        
          -15-

          
            

          

        

        
           

        

      

    

     

    Section
105.          Notices, Etc., to Trustee and
Company.  Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed
with,

     

    (1)        
the Trustee by any Holder or by the Company or the  Guarantor
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at its Corporate Trust Office,
Attention: Corporate Trust
Services, or such other address provided in writing by the Trustee,
or

     

    (2)        
the Company by the Trustee or the  Guarantor or by any Holder
shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid (or by
overnight delivery), to the Company addressed to it at the address of its
principal office specified in the first paragraph of this instrument,
Attention:  Chief Financial Officer, or at any other address
previously furnished in writing to the Trustee by the Company for such purpose,
or

     

    (3)        
the Guarantor by the Company or the Trustee or by any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid (or by overnight
delivery), to the  Guarantor addressed to it at the address of its
principal office specified in the first paragraph of this instrument,
Attention:  Vice President-Finance, or at any other address previously
furnished in writing to the Trustee by the  Guarantor for such
purpose.

     

    Section
106.          Notice to Holders of Securities;
Waiver.  Where this Indenture provides for notice to Holders of
any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in the Security
Register, not later than the latest date (if any), and not earlier than the
earliest date (if any), prescribed for the giving of such notice.  In
any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder
shall affect the sufficiency of such notice with respect to other
Holders.  Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice.  Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.  In case by reason of
the suspension of regular mail service or by reason of any other cause it shall
be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

     

    Section
107.          Language of Notices,
Etc.  Any request, demand, authorization, direction, notice,
consent or waiver required or permitted under this Indenture shall be in the
English language, except that any published notice may be in an official
language of the country of publication.

    

    
      
        
           

        

        
          -16-

          
            

          

        

        
           

        

      

    

     

    Section
108.          Effect of Headings and Table of
Contents.  The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction
hereof.

     

    Section
109.         Successors and
Assigns.  All covenants and agreements in this Indenture by the
Company shall bind its successors and assigns, whether so expressed or not, and
all covenants and agreements in this Indenture by the Guarantor shall bind its
successors and assigns, whether so expressed or not.

     

    Section
110.         Separability
Clause.  In case any provision in this Indenture or the
Securities shall be invalid, illegal or unenforceable, then, to the extent
permitted by law, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     

    Section
111.         Benefits of
Indenture.  Nothing in this Indenture or the Securities,
express or implied, shall give to any Person, other than the parties hereto,
their successors hereunder and the Holders of Securities, any benefit or any
legal or equitable right, remedy or claim under this Indenture.

     

    Section
112.         Governing
Law.  This Indenture and the Securities shall be governed by
and construed in accordance with the laws of the State of New York, except to
the extent set forth in Section 501(g) with respect to the
Guarantee.  The Guarantee shall be governed by federal law as
specified in Section 501(g).

     

    Section
113.         Legal Holidays. In any case
where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment for that Security,
then payment of principal or interest and premium, if any, need not be made at
such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date or Redemption Date, or at the Stated Maturity,
provided that no
interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date, Redemption Date or Stated Maturity, as the case may
be.

     

    Article
Two

     

    Security
Forms

     

    Section
201.         Forms
Generally.  The Securities shall be substantially in the form
set forth in Exhibit A
hereto, with such variations from such form (including temporary or
permanent global form) as shall be established by or pursuant to a Board
Resolution or a Supplemental Indenture and set forth in, or determined in the
manner provided in, an Officers’ Certificate or established in one or more
Supplemental Indentures, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution of the Securities.  Any such legends
or endorsements placed on such Securities by the Company after the execution of
the Securities shall be delivered in writing to the Trustee by the
Company.  If temporary Securities are issued in global form as
permitted by Section 304, the form thereof shall be established as provided
in the second preceding sentence.  If the forms of Securities are
established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary-Treasurer
or an Assistant Secretary-Treasurer of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by
Section 303 for the authentication and delivery of such Securities (or any
such temporary global Security); provided, however, that if
the Secretary-Treasurer or Assistant Secretary-Treasurer of the Company is a
signatory to an Officers’ Certificate delivered pursuant to this
Section 201, then a separate certification by the Secretary-Treasurer or
Assistant Secretary-Treasurer of the Company shall not be required.

    

    
      
        
           

        

        
          -17-

          
            

          

        

        
           

        

      

    

     

    The
definitive Securities shall be typed, printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by
the officers executing such Securities, as evidenced by their execution of such
Securities.

     

    Section
202.          Form of Trustee’s Certificate of
Authentication.  The Trustee’s certificate of authentication
shall be in substantially the following form:

     

    This is
one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

    

    
      
        
          
            
              	 
      	
                      U.S.
      Bank National Association, as Trustee

                    
	 	 
	 
      	
                      By

                    	 
      
	 
      	
                      Authorized
      Signatory

                    

            

          

        

      

    

     

    Section
203.          Securities in Global
Form.  If the Securities are issuable in global form, any such
Security shall represent such of the Outstanding Securities as shall be
specified therein and may provide that it shall represent the aggregate amount
of Outstanding Securities from time to time endorsed thereon and that the
aggregate amount of Outstanding Securities represented thereby may from time to
time be reduced or increased to reflect exchanges.  Any endorsement of
a Security in global form to reflect the amount, or any increase or decrease in
the amount, of Outstanding Securities represented thereby shall be made by the
Trustee in such manner and upon written instructions given by such Person or
Persons as shall be specified therein, or in the Company Order to be delivered
to the Trustee pursuant to Section 303 or
Section 304.  Subject to the provisions of Section 303 and,
if applicable, Section 304, the Trustee shall deliver and redeliver any
Security in global form in the manner and upon written instructions given by the
Person or Persons specified therein or in the applicable Company
Order.  If a Company Order pursuant to Section 303 or
Section 304 has been, or simultaneously is, delivered, any instructions by
the Company with respect to endorsement or delivery or redelivery of a Security
in global form shall be in writing but need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel.

    

    
      
        
           

        

        
          -18-

          
            

          

        

        
           

        

      

    

     

    The
provisions of the last sentence of Section 303 shall apply to any Security
represented by a Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee the Security in
global form together with written instructions (which need not comply with
Section 102 and need not be accompanied by an Opinion of Counsel) with
regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence
of Section 303.

     

    Article
Three

     

    The
Securities

     

    Section
301.          Issuance of the Series 2009A
Bonds.  There shall be a series of Securities entitled
“National Rural Utilities Cooperative Finance Corporation Clean Renewable Energy
Bonds, Tax Credit Series 2009A” and the form thereof shall be substantially
as set forth as Exhibit A hereto.  The aggregate principal amount of
the Series 2009A Bonds at any one time outstanding shall be limited to
$28,908,000, exclusive of substitution or replacement Series 2009A Bonds
authenticated and delivered under this Indenture.  The
Series 2009A Bonds are issuable only in registered form without
coupons.  The Series 2009A Bonds shall bear the tax credit rates,
bear interest per annum at the rates and mature on December 15 of the years
and in the amounts set forth below:

    

    
      
        
          
            	
                    Maturity
Date

                    (December
      15)

                  	 	
                    Principal
Amount

                  	 	 	
                    Tax

                    Credit

                    Rate

                  	 	 	
                    
                    

                     

                    Interest

                    Rate

                  	 	
                    Maturity

                    Date

                    (December
      15)

                  	 	
                    Principal

                    Amount

                  	 	 	
                    Tax

                    Credit

                    Rate

                  	 	 	
                    
                    

                     

                    Interest

                    Rate

                  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    2009

                  	 	$	1,807,000	 	 	 	2.12	%	 	 	3.19	%	
                    2017

                  	 	$	1,807,000	 	 	 	5.37	%	 	 	3.29	%
	
                    2010

                  	 	 	1,807,000	 	 	 	2.82	%	 	 	3.20	%	
                    2018

                  	 	 	1,807,000	 	 	 	5.62	%	 	 	3.04	%
	
                    2011

                  	 	 	1,807,000	 	 	 	3.59	%	 	 	3.25	%	
                    2019

                  	 	 	1,807,000	 	 	 	5.73	%	 	 	2.93	%
	
                    2012

                  	 	 	1,806,000	 	 	 	4.24	%	 	 	3.30	%	
                    2020

                  	 	 	1,806,000	 	 	 	5.84	%	 	 	2.82	%
	
                    2013

                  	 	 	1,807,000	 	 	 	4.47	%	 	 	3.33	%	
                    2021

                  	 	 	1,807,000	 	 	 	5.95	%	 	 	2.71	%
	
                    2014

                  	 	 	1,807,000	 	 	 	4.85	%	 	 	3.23	%	
                    2022

                  	 	 	1,807,000	 	 	 	6.04	%	 	 	2.62	%
	
                    2015

                  	 	 	1,807,000	 	 	 	5.07	%	 	 	3.30	%	
                    2023

                  	 	 	1,807,000	 	 	 	6.10	%	 	 	2.56	%
	
                    2016

                  	 	 	1,806,000	 	 	 	5.15	%	 	 	3.31	%	
                    2024

                  	 	 	1,806,000	 	 	 	6.18	%	 	 	2.48	%

          

        

      

    

     

    Interest
on the Bonds will be computed as provided in Section 310 hereof and will be
paid semi-annually on June 15 and December 15 of each year, commencing
December 15, 2009.

     

    Section
302.          Denominations.  The
Securities shall be issuable in denominations of $100,000 and any integral
multiple of $1,000 over $100,000.

    

    
      
        
           

        

        
          -19-

          
            

          

        

        
           

        

      

    

     

    Section
303.          Execution, Authentication, Delivery
and Dating.  The Securities shall be executed on behalf of the
Company by its Chief Executive Officer, the President, the Chief Financial
Officer or a Vice President, and by the Secretary-Treasurer or one of the
Assistant Secretary-Treasurers of the Company.  The signature of any
of these officers on the Securities may be manual or facsimile.

     

    Securities
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities.

     

    At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver the Securities executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities.

     

    In
connection with the issuance of the Securities, in authenticating such
Securities, and accepting the responsibilities under this Indenture in relation
to such Securities, the Trustee shall be entitled to receive, and (subject to
Section 803(a)) shall be fully protected in relying upon, an Opinion of
Counsel substantially to the effect that such Securities, when executed by the
Company, authenticated and delivered by the Trustee and issued in accordance
with this Indenture, will constitute legal, valid and binding obligations of the
Company, enforceable in accordance with their terms and the terms of the
Indenture, subject to such matters as shall be specified therein.

     

    In giving
such Opinion of Counsel, (i) such Counsel may rely as to matters governed
by the law of any particular jurisdiction upon opinions of counsel in any such
jurisdiction upon whom they believe they and the Trustee are justified in
relying, and, in such event, they shall deliver copies of such opinions to the
Trustee, (ii) such Counsel may include in any such Opinions customary
qualifications and assumptions, including without limitation qualifications to
the effect that (x) any sale or transfer by the Trustee of any of the
Pledged Collateral (other than a transfer into the name of the Trustee or a
nominee thereof) may be subject to the provisions of the Securities Act of 1933,
other applicable securities laws and regulations promulgated thereunder, and
(y) the enforceability of certain of the remedies under the Indenture are
subject to equitable requirements of good faith which may render ineffective any
consent by the Company to the sale of Pledged Collateral at private sale, and
(iii) that the enforceability thereof may be limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the
enforcement of creditors’ rights and that the enforceability thereof may be
limited by laws with respect to or affecting the remedies provided for in said
agreement or instrument (provided that such laws do
not in the opinion of such Counsel make inadequate the remedies afforded thereby
for the realization of the benefits provided for in such agreement or
instrument).

     

    The
Trustee shall not be required to authenticate such Securities if the issue of
such Securities pursuant to this Indenture will affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee.

    

    
      
        
           

        

        
          -20-

          
            

          

        

        
           

        

      

    

     

    Each
Security shall be dated the date of its authentication.

     

    No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder.  Notwithstanding the foregoing,
if any Security shall have been duly authenticated and delivered hereunder but
never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309
together with a written statement (which need not comply with Section 102
and need not be accompanied by an Opinion of Counsel) stating that such Security
has never been issued and sold by the Company, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this
Indenture.

     

    Section
304.          Temporary Securities; Exchange of
Temporary Securities.  Pending the preparation of definitive
Securities, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor and terms of the definitive Securities in lieu of
which they are issued, in registered form or, if authorized, in bearer form with
one or more coupons or without coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such
Securities.

     

    If
temporary Securities are issued, the Company will cause definitive Securities to
be prepared without unreasonable delay.  After the preparation of
definitive Securities, the temporary Securities shall be exchangeable for
definitive Securities upon surrender of the temporary Securities at the office
or agency of the Company in a Place of Payment for the Securities, without
charge to the Holder.  Upon surrender for cancellation of any one or
more temporary Securities the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor one or more definitive Securities,
of any authorized denominations and of like tenor and aggregate principal
amount.

     

    Until so
exchanged, the temporary Securities shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities of such
tenor.

     

    Section
305.          Registration, Registration of
Transfer and Exchange. The Company shall cause to be kept at an office or
agency to be maintained in accordance with Section 1202 a register (being
the combined register of the Security Registrar and all transfer agents
designated pursuant to Section 1202 for the purpose of registration of
transfer of Securities and sometimes collectively referred to as the “Security Register”) in
which, subject to such reasonable regulations as may be prescribed, the Company
shall cause to be provided the registration of Securities and the registration
of transfers of Securities.

    

    
      
        
           

        

        
          -21-

          
            

          

        

        
           

        

      

    

     

    Upon
surrender for registration of transfer of any Security at the office or agency
of the Security Register maintained pursuant to Section 1202 for such
purpose in a Place of Payment for such Securities, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of any authorized
denominations and of a like aggregate principal amount and tenor and
terms.

     

    At the
option of the Holder, the Securities may be exchanged for other Securities in
any authorized denominations and of a like aggregate principal amount and tenor
and terms, upon surrender of the Securities to be exchanged at any such office
or agency.

     

    Whenever
any Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive.

     

    The
global Securities shall be exchangeable for definitive certificated Securities
if (i) the depositary for such global Securities notifies the Company that it is
unwilling or unable to continue as depositary for such global Securities or at
any time such depositary ceases to be a clearing agency registered as such under
the Securities Exchange Act of 1934, as amended (or any successor thereto), if
so required by applicable law or regulation, and the Company shall not have
appointed a successor depositary for such Securities within 90 days of such
notification or of the Company becoming aware of the depositary’s ceasing to be
so registered, as the case may be or (ii) the Company, in its sole discretion,
determines that the global Securities shall be exchangeable for definitive
certificated Securities and executes and delivers to the Trustee a Company Order
to the effect that such global Securities shall be so
exchangeable.  If the Holders of, or beneficial owners of interests
in, a global Security are entitled to exchange such interests for definitive
Securities as a result of an event described in the preceding sentence, such
exchanges shall be effected in accordance with the provisions set forth in the
immediately preceding paragraph.  Any global Security that is
exchangeable for definitive certificated Securities pursuant to this paragraph
will be exchangeable for definitive certificated Securities registered in such
name or names as the depositary for such global Security shall instruct the
Trustee in writing.

     

    All
Securities issued upon any registration of transfer or in exchange for
Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.

     

    Every
Security presented or surrendered for registration of transfer or for exchange
shall (if so required by the Company or the Trustee or any transfer agent) be
duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar or any transfer agent
duly executed, by the Holder thereof or his attorney duly authorized in
writing.

     

    No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 1105 or 1308 not involving any
transfer.

    

    
      
        
           

        

        
          -22-

          
            

          

        

        
           

        

      

    

     

    If the
Securities are to be redeemed in part, neither the Trustee nor the Company shall
be required, pursuant to the provisions of this Section 305, (A) to
issue, register the transfer of or exchange any Securities (of any specified
tenor) during a period beginning at the opening of business 15 days before the
day of the mailing of a notice of redemption of any such Securities selected for
redemption under Section 1305 and ending at the close of business on the
day of such mailing, or (B) to register the transfer of or exchange any
Security so selected for redemption, in whole or in part, except, in the case of
any Security to be redeemed in part, any portion not to be
redeemed.

     

    Section
306.          Mutilated, Destroyed, Lost and
Stolen Securities.  If any mutilated Security is surrendered to
the Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security and of like tenor and terms and
principal amount and bearing a number not contemporaneously outstanding and
shall cancel and dispose of such mutilated Security in accordance with customary
procedures.

     

    If there
shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and
(ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice of
the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its written request the Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of like tenor and terms and principal amount and
bearing a number not contemporaneously outstanding.

     

    In case
any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a
new Security, pay such Security.

     

    Upon the
issuance of any new Security under this Section, the Company may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the reasonable
fees and expenses of the Trustee) connected therewith.

     

    Every new
Security issued pursuant to this Section in lieu of any destroyed, lost or
stolen Security, shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be
at any time enforceable by anyone, and any such new Security shall be entitled
to all the benefits of this Indenture equally and proportionately with any and
all other Securities and of like tenor and terms duly issued
hereunder.

     

    The
provisions of this Section are (to the extent lawful) exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen
Securities.

    

    
      
        
           

        

        
          -23-

          
            

          

        

        
           

        

      

    

     

    Section
307.          Payment of Interest; Interest Rights
Preserved. Interest, if any, on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
with respect to such Interest Payment Date. At the option of the Company,
payment of interest on any Security may be made by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security
Register or by wire transfer to an account designated by such Person pursuant to
an arrangement that is satisfactory to the Trustee and the
Company.  In the event that payments shall be made by wire transfer,
the Company shall arrange by 10:00 a.m. New York time on the Interest Payment
Date for the wire transfer of money in immediately available funds to the
Trustee or Paying Agent.  The Trustee shall not be responsible or held
liable for any loss resulting from a failure of the federal funds wire system or
any other occurrence beyond its control in connection with wire transfers made
pursuant to this Section.

     

    Any
interest on any Security which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called “Unpaid Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder, and such Unpaid Interest may be paid by
the Company, at its election in each case, as provided in Clause (1) or (2)
below:

     

    (1)         
The Company may elect to make payment of any Unpaid Interest to the
Persons in whose names the Securities (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for
the payment of such Unpaid Interest, which shall be fixed in the following
manner.  The Company shall notify the Trustee in writing of the amount
of Unpaid Interest proposed to be paid on each Security and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Unpaid Interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to
such Unpaid Interest as in this Clause provided.  At the same time the
Company shall fix a Special Record Date for the payment of such Unpaid Interest
which shall be not more than 15 days and not less than 10 days prior to the date
of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment.  Upon receipt of
written notice of such Special Record Date from the Company the Trustee, in the
name and at the expense of the Company, shall cause notice of the proposed
payment of such Unpaid Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to each Holder of Securities at the address
of such Holder as it appears in the Security Register, not less than 10 days
prior to such Special Record Date.  Notice of the proposed payment of
such Unpaid Interest and the Special Record Date therefor having been so mailed,
such Unpaid Interest shall be paid to the Persons in whose names the Securities
(or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following Clause (2).

     

    (2)         
The Company may make payment of any Unpaid Interest on the Securities in
any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be
required by such exchange, if, after written notice given by the Company to the
Trustee of the proposed payment pursuant to this Clause, such manner of payment
shall be deemed practicable by the Trustee.

    

    
      
        
           

        

        
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    Subject
to the foregoing provisions of this Section and Section 305, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other
Security.

     

    Section
308.          Persons Deemed
Owners.  Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Security is registered as
the owner of such Security for the purpose of receiving payment of principal of
and premium, if any, and (subject to Sections 305 and 307) interest on such
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee nor any agent of the Company or
the Trustee shall be affected by notice to the contrary.

     

    No owner
of any beneficial interest in any global Security held on its behalf by a
depositary (or its nominee) shall have any rights under this Indenture with
respect to such global Security, and such depositary may be treated by the
Company, the Trustee, and any agent of the Company or the Trustee as the owner
of such global Security for all purposes whatsoever.  None of the
Company, the Trustee, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Security issued
in global form or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

     

    Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee, any Paying
Agent or the Security Registrar from giving effect to any written certification,
proxy or other authorization furnished by the applicable depositary or its
nominee, as a Holder, with respect to a global Security or impair, as between
such depositary and the owners of beneficial interests in such global Security,
the operation of customary practices governing the exercise of the rights of
such depositary (or its nominees) as the Holder of such global
Security.

     

    Section
309.          Cancellation. All Securities
surrendered for payment, redemption, repayment, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee.  All
Securities so delivered shall be promptly cancelled by the
Trustee.  The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever and may deliver to
the Trustee (or to any Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has not issued
and sold, and all Securities so delivered shall be promptly cancelled by the
Trustee.  No Securities shall be authenticated in lieu of or in
exchange for any Securities cancelled as provided in this Section, except as
expressly permitted by this Indenture.  All cancelled Securities held
by the Trustee shall be disposed of by the Trustee in accordance with its
customary practices.

    

    
      
        
           

        

        
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    Section
310.          Computation of
Interest.  Interest on the Securities, if any, shall be
computed on the basis of a 360-day year of twelve 30-day months.  If
any principal of or premium, if any, or interest on the Securities is not paid
when due then, to the extent permitted by law, interest will accrue and be
payable by the Company on such overdue principal, premium, if any, and interest
at the rate or rates prescribed therefor in such Securities.  Accrual
of the Tax Credit Rate shall be computed on the basis provided by the Internal
Revenue Service.

     

    Section 311.         
CUSIP
Numbers.  The Company in issuing the Securities may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers.  The Company will
promptly notify the Trustee in writing of any change in the “CUSIP”
numbers.

     

    Article
Four

     

    Application
of Proceeds; Project Fund; Bond Fund; Borrower Repayments Fund

     

    Section 401.         
Deposit of
Funds.  The Company shall apply the proceeds from the sale of
the Securities (less Initial Purchaser’s discount, original issue discount or
accrued interest, if any) to make loans to the Borrowers for whose benefit, and
at whose request, such Securities are issued, and to pay related expenses, and
shall deposit with the Trustee all such sale proceeds.  The Trustee
shall deposit proceeds from the sale of the Securities into the Project Fund
created below in order that such proceeds may be used (i) to reimburse
Borrowers for the costs of acquiring, constructing, or equipping Projects and
(ii) to pay costs relating to the issuance of the Securities hereunder, all
as more fully described in Section 402 hereof.

     

    Section 402.         
Project
Fund.

     

    (a)         
General.  The
Trustee shall establish and maintain so long as any Securities are outstanding a
separate Fund to be known as the “Project Fund—CREBs Program” (the “Project Fund”) and within
the Project Fund the Trustee shall establish two separate Accounts to be known
as the “Series 2009A Project Account” of the Project Fund and the
“Series 2009A Expense Account” of the Project Fund.

     

    In
accordance with the specific direction provided in the Company Request, the
Trustee shall divide the proceeds from the sale of the Securities into the
portion to be deposited into the Series 2009A Project Account and the
portion to be deposited into the Series 2009A Expense Account.

     

    (b)         
Disbursements from
Series 2009A Project Account of the Project Fund.

    

    
      
        
           

        

        
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    (i)         
Withdrawals.  Except
for withdrawals made in accordance with the Tax Compliance Agreements, moneys
deposited in the Series 2009A Project Fund shall be paid out from time to
time by the Trustee to the Company in order to reimburse a Borrower for payments
made, for costs of a Borrower’s Project (including any capital expenditure for
planning, financing or other services constituting a cost of the Project), in
each case only upon receipt by the Trustee from the Company of the
following:

     

    A copy of
the Funds Requisition Statement of such Borrower, which must be approved by
signature of an Authorized Officer of the Company, in substantially the form
attached as
Exhibit A to the Loan Agreement with such Borrower, which
Exhibit A shall include, among other things, representations:

     

    (1)     stating the
number of such Funds Requisition Statement, the issue of Securities to which
such Funds Requisition Statement relates, the name of the Borrower to whom each
such payment is due, each amount to be reimbursed and the general classification
of the costs for which each obligation to be paid was incurred;

     

    (2)     stating
that such costs have been incurred by the Borrower and have been paid by the
Borrower in connection with the Project and are reimbursable under the Loan
Agreement and each item thereof is a capital expenditure and has not been
previously reimbursed from the Series 2009A Project Fund;

     

    (3)    
stating that the representations and warranties contained in such
Borrower’s Loan Agreement and Project Agreement are true and will continue to be
true upon use of the funds as requested herein; and

     

    (4)    
stating that no event of default has occurred and is continuing under
such Borrower’s Loan Agreement or its Mortgage.

     

    (ii)       
Completion
Certificate.  A Borrower with respect to its Project is
required by its related Loan Agreement to submit to the Company within
30 days after the completion of such Project, a Completion Certificate
signed by an Authorized Officer of the Borrower, which shall promptly be
submitted by the Company to the Trustee:

     

    A.         
stating that all portions of such Project have been fully completed
substantially in accordance with any plans and specifications therefor, as then
amended, and the date of completion; and

     

    B.         
stating that the amounts advanced on the Loan and the use of the property
financed, refinanced or reimbursed therefrom will not cause any of the
representations or certifications contained in such Borrower’s Project Agreement
to be untrue or result in a violation of any covenant in such Borrower’s Project
Agreement.

     

    (iii)        Termination
Certificate.  If a Borrower determines that its Project will
not be completed as described in Section 402(b)(ii) above, the Borrower is
required by its related Loan Agreement to submit to the Company within
30 days of such determination, a Termination Certificate signed by an
Authorized Officer of the Borrower, which shall promptly be submitted by the
Company to the Trustee:

    

    
      
        
           

        

        
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    A.         
stating that no more acquisition, construction or installation will occur
with respect to the Project; and

     

    B.         
stating that the Borrower does not intend to request any further Advances
on the Loan.

     

    (iv)        Disposition of Moneys after
Completion, Termination Borrower Default or Draw Period Expiry; Financing
Additional Project Costs.  When (y) the Company shall have
received a Completion Certificate as described in subparagraph (b)(ii) of
this Section 402 or a Termination Certificate as described in
subparagraph (b)(iii) of this Section 402 with respect to any Project
of a Borrower and shall have submitted such Completion Certificate or
Termination Certificate to the Trustee or determined that it will cease making
Advances to a Borrower under a Loan Agreement following an Event of Default (as
defined therein) thereunder or (z) the Draw Period (as defined in the Loan
Agreement) has ended, and the Company has paid all Funds Requisition Statements
theretofore tendered by such Borrower to the Company under the provisions of
subparagraph (b)(i) of this Section 402 with respect to such Project,
the Company shall calculate what portion the proceeds of the Securities which
were expected to be loaned to such Borrower will thus be unused by the Borrower
for such Project.  Likewise, if a Borrower has defaulted on the terms
and conditions of the related Loan Agreement, the Company may require the
Borrower to prepay the Loan under the terms of the Loan
Agreement.  The Company shall then determine how to allocate such
unused proceeds remaining in the Series 2009A Project Account or such
prepaid amounts following a default among one or more of following
purposes:

     

    A.         
to the extent permitted by law (expressed in an Opinion of Bond Counsel),
except in the case of a Draw Period expiration referred to in (z) above, to be
applied to pay additional unreimbursed costs of other “qualifying projects” (as
such term is defined in the Section 54 of the Code) of borrowers (including
such Borrower) which have received loans of the proceeds of Securities, provided
that each such project has obtained an allocation of clean renewable energy bond
cap from the Internal Revenue Service;

     

     B.        
if the Company makes a Determination of Potential Tax Credit
Ineligibility, to be withdrawn by the Trustee from the Series 2009A
Project Account and deposited into the Bond Fund to redeem Securities pursuant
to Section 1303 hereof; and/or

     

    C.         
to be held or applied in any other lawful manner, provided that there
shall be delivered to the Trustee and the Company an Opinion of Bond Counsel to
the effect that such application will not adversely affect the validity of the
Securities or any tax credit to which the owners of the Securities would
otherwise be entitled.

    

    
      
        
           

        

        
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    (c)         Disbursement from Series 2009A
Expense Account of the Project Fund.  Moneys deposited in the
Expense Account of the Project Fund shall be paid out from time to time by the
Trustee to the Company, upon receipt by the Trustee of an Expense Requisition
Statement of the Company, in substantially the form attached as Exhibit B, which
Exhibit B shall state that such amount is due and owing, has not been
previously paid with moneys disbursed from such Account and is a proper cost of
issuing the Securities, and shall be used to pay the fees, costs and expenses of
issuing Securities, including, without limitation, all printing expenses in
connection with this Indenture, Borrower Loan Agreements, Project Agreements and
Series 2009A Bonds, Rating Agency fees, legal fees, administrative charges
of the Company and the initial fees and expenses of the Trustee.  Any
moneys that remain on deposit in the Series 2009A Expense Account on the
earlier of (i) the date on which the Company notifies the Trustee that all
such fees and expenses to be paid by the Company have been paid, or (ii) six
months following the issuance date of the Securities shall be transferred by the
Trustee and deposited in the Series 2009A Project Account, as directed by
the Company.

     

    (d)         Investment of Project Fund
Moneys.  Subject to the provisions of Section 403(h) of
this Indenture, moneys at any time on deposit in the Project Fund shall be
invested or reinvested by the Trustee at the written direction of the Company in
Qualified Investments maturing, redeemable or marketable at such time or times
so that funds will be available from time to time for the purposes set forth in
this Section 402, provided,
however, that moneys in the Project Fund may only be invested in money
market funds or short-term federal securities direct obligations of (including
obligations issued or held in book entry form on the books of) or obligations
the principal of and interest on which are guaranteed by, the United States of
America and having a maturity date of less than 12 months.  The
Trustee and the Company shall be entitled to rely upon a schedule of anticipated
payments of construction and equipment costs approved by a Borrower, in
scheduling such investments.  Any interest or profit on such
investments shall be credited to, and any losses on such investments shall be
charged against, the Account in which such investments are held.  The
Company may direct the sale or present for redemption any obligations so
purchased whenever it shall be necessary in order to provide moneys to meet any
payment pursuant to this Section 402 and neither the Trustee nor the
Company shall be liable or responsible for any loss resulting from such
investments.  Notwithstanding any other provisions of this
Section 402, all investment earnings shall be subject to the provisions of
the Tax Compliance Agreement(s).

     

    (e)         Disposition of Excess Moneys in the
Series 2009A Project Account; Financing Additional Project
Costs.  When the Company determines that excess proceeds exist
in the Series 2009A Project Account due to a return of unused monies from
the related Expense Account pursuant to subsection (c) of this
Section 402 or because of investment earnings on such account pursuant to
subsection (d) of this Section 402, the Company shall calculate the amount
of such excess.  The Company shall then determine how to allocate such
unused proceeds remaining in the Project Fund among one or more of following
purposes:

     

    A.        
to the extent permitted by law (expressed in an Opinion of Bond Counsel), to be
applied to pay additional unreimbursed costs of other “qualifying projects” (as
such term is defined in the Section 54 of the Code) of borrowers which have
received loans of the proceeds of Securities, provided that each such project
has obtained an allocation of clean renewable energy bond cap from the Internal
Revenue Service;

    

    
      
        
           

        

        
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     B.         
if the Company makes a Determination of Potential Tax Credit
Ineligibility, to be withdrawn by the Trustee from the Series 2009A
Project Account and deposited into the  Bond Fund to redeem
Securities  pursuant to Section 1303 hereof; and/or

     

    C.         
to be held or applied in any other lawful manner, provided that there
shall be delivered to the Trustee and the Company an Opinion of Bond Counsel to
the effect that such application will not adversely affect the validity of the
Securities or any tax credit to which the owners of the Securities would
otherwise be entitled.

     

    Section 403.         
Bond
Fund.

     

    (a)         General.  The
Trustee shall establish and maintain so long as any Securities are outstanding a
separate Fund to be known as the “Bond Fund—CREBs Program” (the “Bond Fund”).

     

    (b)         Payments into Bond Fund; Excess
Amount.  There shall be deposited in the Bond Fund, as and when
received (a) any amount in the Project Fund directed by the Company to be
deposited in the Bond Fund under Section 402 hereof; (b) all
repayments and revenues from a Borrower or the Company under a Loan Agreement or
a Note intended to pay principal and premium and interest on the Securities;
(c) all income or other gain realized from the investment of moneys in the
Bond Fund; (d) any amount deposited by the Company in the Bond Fund; and
(e) all other moneys received by the Trustee under and pursuant to any of the
provisions of any Loan Agreement, any Note or a Tax Compliance Agreement that is
specifically directed to be deposited in the Bond Fund.  So long as no
acceleration of principal or any interest on the Securities has occurred, the
amounts due to be deposited in the Bond Fund shall be reduced by any “Excess
Amount” in the Bond Fund.  The term “Excess Amount” as of a payment
date shall mean the amount of cash in the Bond Fund on such date already on hand
and available for payment of the principal or interest on the
Securities.

     

    (c)         Use of Moneys in Bond
Fund.  Except as provided in Section 403(h) hereof, moneys
in the Bond Fund shall be used solely for the payment of the principal of and
premium and interest on the Securities, including for the redemption of
Securities prior to maturity.  As provided in the Tax Compliance
Agreement, other than any amounts being held to pay principal on matured
Securities that have not been presented for payment, any moneys deposited in the
Bond Fund shall be spent within the 12-month period beginning on the date of
deposit therein.

     

    (d)         Custody of Bond
Fund.  Moneys held in the Bond Fund shall be in the custody of
the Trustee.  The Company hereby authorizes and directs the Trustee to
withdraw sufficient funds from the Bond Fund to pay the principal of and premium
and interest on the Securities as the same become due and payable, including for
the redemption of Series 2009A Bonds prior to maturity, which authorization
and direction the Trustee hereby accepts.

     

    (e)         Moneys to Be Held in
Trust.  All moneys deposited under any provision of this
Indenture in the Bond Fund, the Project Fund or the Borrower Repayments Fund
created below shall be held by the Trustee in trust and, except for moneys
deposited with or paid to the Trustee for the payment of Series 2009A Bonds
or for the redemption of Series 2009A Bonds notice of the redemption of
which has been duly given, shall, while held in the Bond Fund, the
Series 2009A Project Account or the Borrowers Repayment Fund by the
Trustee, constitute part of the Trust Estate as defined herein and be subject to
the lien or security interest created hereby.

    

    
      
        
           

        

        
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    (f)         
Investment of Bond Fund
Moneys.  Subject to the provisions of Section 403(h) of
this Indenture, moneys at any time on deposit in the Bond Fund shall be invested
or reinvested by the Trustee at the written direction of the Company in
Qualified Investments maturing, redeemable or marketable at such time or times
in order to pay principal, premium, if any, and interest on the Securities when
due.  During the period that the Project Fund is actively being used
to provide loans to Borrowers from the Securities and prior to the completion or
termination of such Borrower projects, any interest or profit on the investments
in the Bond Fund shall be credited to, and any losses on such investments shall
be charged against, the Project Fund. Thereafter, any interest or profit on the
investments in the Bond Fund shall be credited to, and any losses on such
investments shall be charged against, the Bond Fund in which such investments
are held. Notwithstanding any other provisions of this Section 403, all
investment earnings shall be subject to the provisions of the Tax Compliance
Agreement.

     

    (g)         Repayment to the Company from Bond
Fund.  After payment in full of (i) the Securities (or
provision for payment thereof having been made in accordance with the provisions
of Article Sixteen hereof), (ii) the related fees, charges and
expenses of the Trustee and any Paying Agent in accordance with this Indenture,
(iii) all other amounts required to be paid under this Indenture and the
Loan Agreements relating to such Securities, and (iv) all amounts relating to
the Guarantee required to be paid under this Indenture, any amounts remaining in
the Bond Fund, shall belong to, and upon written order of an Officer of the
Company shall be paid by the Trustee to, the Company.  The Trustee
shall be entitled to rely upon a certificate of an Officer of the Company as to
any amount payable to the Company under the provisions of this
Section.

     

    (h)         Compliance with Tax Compliance
Agreement.  Notwithstanding anything herein to the contrary
with respect to the funds discussed in Article Four hereof, moneys held
under the provisions of this Indenture shall be used in accordance with the
applicable provisions of the Tax Compliance Agreement.

     

    Section 404.         
Borrower Repayments
Fund.

     

    (a)         General.  The
Trustee shall establish and maintain so long as any Securities are outstanding a
separate Fund to be known as the “Borrower Repayments Fund—Series 2009A
CREBs Program” (the “Borrower
Repayments Fund”).

     

    (b)         Payments into Borrower Repayments
Fund.  The Company will collect all repayments and revenues
from Borrowers on their Notes pursuant to a Loan Agreement and, after making
certain deductions, will deliver such monies intended to pay principal and
interest on the Securities to the Trustee for deposit into the Borrower
Repayments Fund.

    

    
      
        
           

        

        
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    (c)         
Use of Moneys in
Borrower Repayments Fund.  Except as provided in
Sections 404(d) and (f) hereof, moneys in the Borrower Repayments Fund may
be used, without limitation, (i) for transfer to the Bond Fund, pursuant to
a Funds Direction Statement from the Company to the Trustee in the form attached
as Exhibit E, for the payment of the principal of and premium and interest
on the Securities, including for the redemption of such Securities prior to
maturity; (ii) to the extent not needed for (i) above, as determined by the
Company, to be withdrawn by the Company, pursuant to a Funds Direction Statement
from the Company to the Trustee, on each payment date with respect to the
Securities, to pay the Company for the costs of operating the Securities
program.  As provided in the Tax Compliance Agreement, any moneys
deposited in the Borrower Repayments Fund shall be used as provided in
(i) or (ii) above within the 12-month period beginning on the date of
deposit therein or in the related Bond Fund.

     

    The
Company agrees to direct the Trustee to transfer to the Bond Fund from the
Borrower Repayments Fund, or otherwise remit, at least two (2) business days
prior to a Payment Date on the Series 2009A Bonds sufficient amounts to
make full payment of any principal and/or interest on the Series 2009A
Bonds to be due on such Payment Date.

     

    (d)         
Investment of Borrower
Repayments Fund Moneys.  Subject to the provisions of
Section 404(f) of this Indenture, moneys at any time on deposit in the
Borrower Repayments Fund shall be invested or reinvested by the Trustee at the
written direction of the Company in Qualified Investments maturing, redeemable
or marketable at such time or times in order to pay principal, premium, if any,
and interest on the Securities when due.  Any interest or profit on
such investments shall be credited to, and any losses on such investments shall
be charged against, the Company, and need not be used for the purpose specified
in subsection (c) above. Notwithstanding any other provisions of this
Section 404, all investment earnings shall be subject to the provisions of
the Tax Compliance Agreement(s).

     

    (e)         
Repayment to the
Company from Borrower Repayments Fund.  After payment in full
of (i) the Securities (or provision for payment thereof having been made in
accordance with the provisions of Article Sixteen hereof), (ii) the fees,
charges and expenses of the Trustee and any Paying Agent relating to the
Securities in accordance with this Indenture, and (iii) all other amounts
relating to such Securities required to be paid under this Indenture and the
related Loan Agreements, any amounts remaining in the account within the
Borrower Repayments Fund shall belong to, and upon written order of an Officer
of the Company shall be paid by the Trustee to, the Company.  The
Trustee shall be entitled to rely upon a certificate of an Officer of the
Company as to any amount payable to the Company under the provisions of this
Section.

     

    (f)         
Compliance with Tax
Compliance Agreement.  Notwithstanding anything herein to the
contrary with respect to the funds discussed in Article Four hereof, moneys
held under the provisions of this Indenture shall be used in accordance with the
applicable provisions of the Tax Compliance Agreement.

    

    
      
        
           

        

        
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    Article
Five

     

    Guarantee;
Action by the Trustee

     

    Section 501.         
Guarantee of the
Series 2009A Bonds.  In addition to the provisions of the
Indenture regarding the Securities generally:

     

    (a)         
If a Guaranty Event shall occur, the Guarantor agrees to pay in full to
the Trustee, for deposit into the Bond Fund, for the benefit of the Holders of
the Series 2009A Bonds, an amount equal to the interest on the
Series 2009A Bonds and principal of the Series 2009A Bonds then due,
as set forth in Section 301 of this Indenture, whether at maturity, by
acceleration or otherwise, not later than 2:30 p.m. New York City time on the
applicable due date, subject to the Company’s right to pay as set forth in
Section 502(b); provided,
however, that the amount of principal paid hereunder shall not exceed an
amount equal to the outstanding principal of the Series 2009A Bonds less
any amounts in the Series 2009A Project Account.

     

    (b)         
The Guarantor’s obligations hereunder shall inure to the benefit of and
shall be enforceable by any Holder of a Series 2009A Bond through the
Trustee (or individually by any such Holder in the event the Trustee shall have
failed to make prompt demand upon the Guarantor after due notification from any
such Holder) if, for any reason beyond the control of such Holder, such Holder
shall have failed to receive on any Payment Date of the interest or principal,
as applicable, payable to such Holder on such date.

     

    The
Guarantor hereby irrevocably agrees that its obligations hereunder shall be
unconditional, irrespective of the validity, legality or enforceability of, or
any change in or amendment to, the Indenture or any Series 2009A Bond, or
any breach of any obligation of the Company to the Guarantor in consideration of
its Guarantee, the absence of any action to enforce the same, the waiver or
consent by the Holder of any Series 2009A Bond or by the Trustee with
respect to any provisions of the Indenture, or any action to enforce the same or
any other circumstance that might otherwise constitute a legal or equitable
discharge or defense of a guarantor. The Guarantor hereby waives diligence,
presentment, demand of payment, protest or notice with respect to each
Series 2009A Bond or the interest represented thereby, and all demands
whatsoever, and covenants that the Guarantee will not be discharged except upon
complete irrevocable payment of the principal and interest obligations
represented by the Series 2009A Bonds.

     

    (c)         
To the fullest extent permitted by applicable law, the Guarantor hereby
waives and agrees not to assert, solely for the benefit of Holders of the
Series 2009A Bonds, all defenses, set-offs and counterclaims of any kind
(including, without limitation, the defense of fraud in inducement or fact, any
defense based on any duty claimed to arise from the doctrine of “utmost good
faith” or any similar or related doctrine or any other circumstances that would
have the effect of discharging a surety, guarantor or any other person in law or
in equity) that the Guarantor otherwise might have asserted as a defense to its
obligation to pay in full any amounts that have become due and payable in
accordance with the terms and conditions of the Indenture. Nothing in this
paragraph, however, shall be deemed to constitute a waiver of any rights,
remedies, claims or counterclaims that the Guarantor may have with respect to
the Company.

    

    
      
        
           

        

        
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    (d)         
No reference herein shall alter or impair the Guarantee, which is
absolute and unconditional, of the due and punctual payment of principal of, and
interest on, the Series 2009A Bonds, on the dates specified in (a)
above.

     

    (e)         
The Guarantee is not an obligation of, and is not a guarantee as to
principal or interest by the Farm Credit Administration, the United States or
any other agency or instrumentality of the United States (other than the
Guarantor). The Guarantor’s obligations under the Guarantee will not be backed
by the full faith and credit of the United States.

     

    (f)         
The Guarantee shall not be valid or become obligatory for any purpose
with respect to any Series 2009A Bond until the certificate of
authentication on such Series 2009A Bond shall have been signed by the
Trustee under the Indenture.

     

    (g)         
The Guarantee and this Article V shall be governed by, and construed in
accordance with, federal law. To the extent federal law incorporates state law,
that state law shall be the laws of the State of New York applicable to
contracts made and performed therein.

     

    Section 502.         
Action by the
Trustee.

     

    (a)         
If a Guaranty Event occurs, the Trustee shall promptly (but in no event
later than 10:00 a.m. on the Payment Date) make a written demand for payment to
the Guarantor, substantially in the form attached hereto as Exhibit C,
delivering to the Company at the same time a copy of such demand.

     

    (b)         
If the Company remits to the Trustee the required amount on the next
Business Day following a Guarantee Event, the Trustee shall promptly notify the
Guarantor that the Guarantee Event is no longer continuing, cancelling the
request for a payment by the Guarantor.

     

    (c)         
If any Guaranty Event shall have occurred and be continuing, then, not
later than 2:30 p.m. New York City time on the Payment Date, the Guarantor
will pay to the Trustee for the benefit of the Holders of the Series 2009A
Bonds, immediately upon demand by the Trustee, such of the principal or interest
amounts then due and payable and any other amounts payable with respect to, the
Series 2009A Bonds as set forth in Section 501(a) hereof.

    

    
      
        
           

        

        
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    (d)         
If the Guarantor shall fail to pay to the Trustee such amounts described
in (c) above following a Guaranty Event, the Trustee, in its own name and as
trustee of an express trust, shall be entitled and empowered to institute any
action or proceedings at law or in equity for the collection of the sums so due
and unpaid, and may prosecute any such action or proceedings to judgment or
final decree, and may enforce any such judgment or final decree against the
Company, the Guarantor or other obligor upon the Series 2009A Bonds, as
applicable, and collect in the manner provided by law out of the property of the
Company, the Guarantor or other obligor upon the Series 2009A Bonds, as
applicable, wherever the funds adjudged or decreed to be payable are situated.
If there shall be pending proceedings relative to the Company, the Guarantor or
any other obligor upon the Series 2009A Bonds, as applicable, under
Insolvency Law, or if a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Company, the Guarantor, such other
obligor, or any such party’s property or in case of any other comparable
judicial proceedings relative to the Company, the Guarantor or other obligor
upon the Series 2009A Bonds, as applicable, or to the creditors or property
of the Company, the Guarantor or such other obligor, the Trustee, irrespective
of whether the principal of the Series 2009A Bonds shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such
proceedings or otherwise:

     

    (i)         
to file such proofs of a claim or claims and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for reasonable compensation to the Trustee and each
predecessor Trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all expenses and liabilities incurred, by the Trustee and each
predecessor Trustee, except as those adjudicated in a court of competent
jurisdiction to be the result of any such Trustee’s negligence or bad faith) and
of the Holders of the Series 2009A Bonds and the Guarantor allowed in any
judicial proceedings relative to the Company, the Guarantor or other obligor
upon the Series 2009A Bonds, or to the creditors or property of the
Company, the Guarantor or such other obligor, as applicable;

     

    (ii)        
unless prohibited by applicable law and regulations, to vote on behalf of
the Holders of the Series 2009A Bonds in any election of a receiver,
liquidator or trustee or a standby receiver, liquidator or trustee in
arrangement, reorganization, liquidation or other bankruptcy or insolvency
proceedings or Person performing similar functions in comparable proceedings;
and

     

    (iii)       
to collect and receive any funds or other property payable or deliverable
on any such claims, and to distribute all amounts received with respect to the
claims of each Holder, the Guarantor and of the Trustee on each Holder’s behalf;
and any trustee, receiver, or liquidator, custodian or other similar official is
authorized by each Holder and the Guarantor to make payments to the Trustee,
and, in the event that the Trustee shall consent to the making of payments
directly to any Holder and to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as those adjudicated in a court of competent
jurisdiction to be the result of any such Trustee’s negligence or bad
faith.

    

    
      
        
           

        

        
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    (e)         
Nothing contained herein shall be deemed to authorize the Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any Holder
any plan or reorganization, arrangement, adjustment or composition affecting the
Series 2009A Bonds or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or
similar Person.

     

    (f)         
All rights of action and of asserting claims under this Indenture and the
Series 2009A Bonds may be enforced by the Trustee without any possession of
any of the Series 2009A Bonds or the production thereof at trial or any
other proceeding relative thereto, and any such action or proceedings instituted
by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall be distributed in accordance with the terms
of the Indenture.

     

    (g)         
In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture) the Trustee
shall be held to represent every Holder of the Series 2009A Bonds, and it
shall not be necessary to make any Holder of the Series 2009A Bonds party
to any such proceedings.

     

    Article
Six

     

     Events
of Default; Remedies

     

    Section
601.          Events of Default; Remedies.
“Event of Default”, wherever used herein with respect to the Securities
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental
body):

     

    (1)         
default in the payment of any interest on any Security when it becomes
due and payable; or

     

    (2)         
default in the payment of any principal of or any premium on any Security
at its Maturity; or

     

    (3)         
default in the performance, or breach, of any covenant or warranty of the
Company in this Indenture or in the Securities, and continuance of such default
or breach for a period of 60 days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee
by the Holders of not less than 25% in principal amount of the Outstanding
Securities a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

     

    (4)         
an Insolvency Event relating to the Company shall have occurred and be
continuing; or

    

    
      
        
           

        

        
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    (5)         
a failure by the Company to maintain the Required Collateralization Level
and a continuation of such default for a period of five (5) Business Days after
the Company becomes aware of such default.

     

    Section
602.          Acceleration of Maturity, Rescission
and Annulment.

     

    (a)         
Subject to the provisions of Section 701, if an Event of Default occurs
and is continuing, the Control Party may, or the Trustee acting at the direction
of the Control Party shall (subject to Section 803) or, if the Guarantor is not
the Control Party, the Trustee acting at the direction of the Holders of at
least 50% of the aggregate principal amount of the Series 2009A Bonds
Outstanding shall (subject to Section 803), in each case, by written notice to
each of the Guarantor and the Company, accelerate the maturity of the Bonds by
declaring the principal and all accrued and unpaid interest, if any, of such
Bonds due and owing and any other amounts payable with respect thereto to be due
and payable immediately.

     

    (b)         
Notwithstanding Section 602 (a), if at any time after the principal of
the Bonds, any interest due and owing and any other amounts payable with respect
thereto shall have been so declared due and payable and before any judgment or
decree for the payment of the funds due shall have been obtained or entered as
hereinafter provided, the Company shall pay or shall deposit with the Trustee a
sum sufficient to pay all due and payable interest on, and any other amounts
payable with respect to, the Series 2009A Bonds and the principal of the
Series 2009A Bonds which shall have become due and payable otherwise than
by acceleration pursuant to Section 602(a) (in each case, with interest
(including post-petition interest in any proceeding under any Insolvency Law, to
the extent lawful) on such principal at the same rate as the rate of interest
applicable to the Series 2009A Bonds to the date of such payment or
deposit) and such amount as shall be sufficient to cover reasonable compensation
to the Trustee and each predecessor Trustee, their respective agents, attorneys
and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Trustee and each predecessor Trustee except as a result of
negligence or bad faith, and if any and all Events of Default, other than the
non-payment of the principal of or interest on the Series 2009A Bonds which
shall have become due by acceleration, shall have been cured, waived or
otherwise remedied as provided herein, then and in every such case the Control
Party or, if the Guarantor is not the Control Party, the holders of at least 50%
of the aggregate principal amount of the Series 2009A Bonds Outstanding by
written notice to the Guarantor, the Company and the Trustee, may waive all
defaults and rescind and annul such declaration and its consequences, but no
such waiver or rescission and annulment shall extend to or shall affect any
subsequent default or shall impair any right consequent thereon.

     

    Section
603.          Collection of
Indebtedness.  If an Event of Default under Section 601(1)
or (2) occurs and is continuing, the Company covenants that the Company will,
upon demand of the Trustee upon Act of the Control Party, or if Farmer Mac is
not the Control Party, not less than 50% in principal amount of the Securities,
pay to it, for the benefit of the Holders of such Securities, the whole amount
then due and payable on such Securities for principal and any premium, sinking
fund installment and interest, and, to the extent that payment of such interest
shall be legally enforceable, interest on any overdue principal and premium,
sinking fund installment and on any overdue interest, computed from the date of
default in the payment of such interest, at the rate or rates prescribed
therefor in such Securities and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

    

    
      
        
           

        

        
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    If the
Company fails to pay such amounts and the Guarantor fails to pay the amounts
required pursuant to Section 501(a) hereof, the Company shall pay, to the
extent that payment of such interest shall be legally enforceable, interest on
any overdue principal and premium, sinking fund installment and on any overdue
interest, computed from the date of default in the payment of such interest, at
the rate equivalent to the Tax Credit Rate prescribed therefor for such
Securities pursuant to Section 301.

     

    If the
Company fails to pay such amounts, the Trustee, in its own name and as trustee
of an express trust, may upon Act of the Control Party, or if Farmer Mac is not
the Control Party, the Holders of not less
than 50% in principal amount of the Securities institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding
to judgment or final decree and may enforce the same against the Company or any
other obligor upon such Securities and collect the moneys adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or
any other obligor upon such Securities, wherever situated.

     

    Section
604.          Trustee May Enforce Claims Without
Possession of Securities.  All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the
Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the
Securities in respect of which such judgment has been recovered.

     

    Section
605.          Application of
Proceeds.  (a) So long as there is no Guarantor Default,
funds collected by the Trustee (i) following the occurrence and during the
continuance of an Event of Default, from the Company or the Guarantor for the
payment of the principal of, and interest (including Unpaid Interest) on, the
Series 2009A Bonds and (ii) under Section 3.02 of the Pledge and Security
Agreement shall be applied in the following order:

     

    (i)         
first, to the payment in full of all accrued and unpaid interest on the
Series 2009A Bonds that is then due and payable, ratably, according to the
aggregate principal amounts due and payable on such Series 2009A Bonds
(including, to reimburse the Guarantor for any such amounts paid to Holders
pursuant to the Guarantee), which shall be paid to the Trustee or to the
Guarantor;

     

    (ii)        
second, to the payment in full of all principal on Outstanding
Series 2009A Bonds then due (including, to reimburse the Guarantor for any
such amounts paid to holders of Series 2009A Bonds pursuant to the
Guarantee), which shall be paid to the Trustee or to the Guarantor;

    

    
      
        
           

        

        
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    (iii)        
third, to the payment of costs, expenses and liabilities of the Trustee,
if any, to the extent not paid directly to the Trustee by the
Company;

     

    (iv)       
fourth, to the payment of all other obligations then due and owing with
respect to such Series 2009A Bonds, ratably, without preference or priority
of any kind, which shall be paid to the Trustee; and

     

    (v)        
fifth, to the payment of any remaining balance to the Company in the case
of Proceeds from the sale of Pledged Collateral under Section 3.02 of the
Pledge and Security Agreement, only after the payment in full of all principal
on Outstanding Series 2009A Bonds at maturity.

     

    (b)     If a
Guarantor Default has occurred and is continuing, funds collected by the Trustee
(i) following the occurrence and during the continuance of an Event of Default
from the Company or the Guarantor for the payment of the principal of, and
interest (including Unpaid Interest) on, the Series 2009A Bonds and (ii)
under Section 3.02 of the Pledge and Security Agreement shall be applied in the
following order:

     

    (i)         
first, to the payment in full of all accrued and unpaid interest on the
Series 2009A Bonds that is then due and payable, ratably, according to the
aggregate principal amounts due and payable on such Series 2009A Bonds,
which shall be paid to the Trustee;

     

    (ii)        
second, to the payment in full of all principal on Outstanding
Series 2009A Bonds then due, which shall be paid to the
Trustee;

     

    (iii)       
third, to the payment of costs, expenses and liability of the Trustee, if
any, to the extent not paid directly to the Trustee by the Company;

     

    (iv)      
fourth, to the payment of all other obligations then due and owing with
respect to such Series 2009A Bonds, ratably, without preference or priority
of any kind, which shall be paid to the Trustee; and

     

    (v)        
fifth, to the payment of any remaining balance to the Company in the case
of Proceeds from the sale of Pledged Collateral under Section 3.02 of the Pledge
and Security Agreement only after the payment in full of all principal on
Outstanding Series 2009A Bonds at maturity.

     

    The
Trustee shall, in applying funds pursuant to this Section 605, follow the
written instructions of the Control Party at the time of such application, as
transmitted in a form substantially similar to Exhibit D
hereof.  Funds drawn under the Guarantee shall be applied solely to
the payment of interest on and principal of the Series 2009A Bonds
(including any Series 2009A Bonds held by the Guarantor) and shall not be
paid to the Guarantor for payments it is due as subrogee as described in Section
703 until the Holders of the Series 2009A Bonds (including any
Series 2009A Bonds held by the Guarantor) have been paid all amounts owed
under the Series 2009A Bonds.

    

    
      
        
           

        

        
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    Section
606.          Suits for
Enforcement.  If an Event of Default has occurred, has not been
waived and is continuing, with respect to the Series 2009A Bonds, the
Trustee may in its discretion proceed to protect and enforce the rights vested
in it by this Indenture by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such rights, either at
law or in equity or in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid
of the exercise of any power granted in this Indenture or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by
law.

     

    Section
607.          Restoration of Rights on Abandonment
of Proceedings.  If the Trustee, the Guarantor or any Holder
shall have proceeded to enforce any right under this Indenture, and such
proceedings shall have been discontinued or abandoned for any reason, or shall
have been determined adversely to the Trustee, the Guarantor or such Holder,
then and in every such case, the Company, the Trustee, the Guarantor and such
Holder shall be restored respectively to their former positions and rights
hereunder, and all rights, remedies and powers of the Company, the Trustee, the
Guarantor and such Holder shall continue as though no such proceedings had been
taken.

     

    Section
608.          Limitations on Suits by
Holders.  Except as provided in Sections 501(b) and 601,
neither the Control Party nor any Holder has the right under this Indenture to
institute any action or proceeding at law or in equity or in bankruptcy or
otherwise, or for the appointment of a receiver or trustee, or for any other
remedy, unless:

     

    (a)         
the Control Party or, if the Guarantor is not the Control Party, the
Holders of at least 50% of the aggregate principal amount of the
Series 2009A Bonds Outstanding previously has given each of the Guarantor
and the Company written notice of an Event of Default and its continuance;
and

     

    (b)         
the Event of Default continues unremedied for forty-five (45) days
following the date written notice of such Event of Default by the Control Party
or, if the Guarantor is not the Control Party, the Holders of at least 50% of
the aggregate principal amount of the Series 2009A Bonds Outstanding has
been given to each of the Guarantor and the Company; it being understood and
intended that no Holder or Holders of Series 2009A Bonds shall have any
right in any manner whatever by virtue of, or by availing of any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holder,
or to obtain or to seek to obtain priority or preference over any other Holder
of any Note or to enforce any right under this Indenture, except in the manner
provided in this Indenture and for the equal and ratable benefit of all of the
Holders.  For the protection and enforcement of the provisions of this
Section 608, each Holder and the Trustee shall be entitled to such relief
as can be given either at law or in equity.

     

    Section
609.          Powers and Remedies Cumulative;
Delay or Omission Not Waiver of Default.  (a) No right or
remedy herein conferred upon or reserved to the Trustee, the Control Party or to
any Holder is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise.  The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or
remedy.

    

    
      
        
           

        

        
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    (b)         
No delay or omission of the Trustee, the Control Party, or of any Holder
to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power or shall be
construed to be a waiver of any such Event of Default or an acquiescence
therein; and, subject to Section 608, every power and remedy given by this
Indenture or by law to the Trustee, the Control Party or to any Holder may be
exercised from time to time, and as often as shall be deemed expedient, by the
Trustee, the Control Party or by such Holder.

     

    Section 610.         
Control by the
Holders.  Subject to Article Seven hereof, Holders of a
majority of the aggregate principal amount of the Series 2009A Bonds
Outstanding shall have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee by this Indenture.

     

    Section
611.          Waiver of Past
Defaults.  (a) Prior to the declaration of the maturity of
the Bonds as provided in Section 601, the Control Party or, if the
Guarantor is not the Control Party, the Holders of at least 50% of the aggregate
principal amount of the Series 2009A Bonds Outstanding may on behalf of the
Holders of all Series 2009A Bonds waive any past default or Event of
Default hereunder and its consequences.

     

    (b)         
Upon any such waiver, such default shall cease to exist and be deemed to
have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured, and not to have occurred for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other default or Event of Default or impair any right consequent
thereon.

     

    Section 612.         
Costs of
Litigation.  In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action
taken or omitted by it as an Trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of
the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorney’s fees and expenses, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by
the party litigant.  This Section 612 does not apply to a suit by
the Trustee, a suit by a Holder for right to payment or pursuant to Section 606
hereof, a suit by Holders of more than 10% of the aggregate principal amount of
the then Outstanding Series 2009A Bonds or a suit by the Guarantor as
subrogee or assignee in connection with the Guarantee.

     

    Section
613.          Unconditional Right of Holders to
Receive Principal, Premium and Interest.  Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Sections 305 and 307) any interest on such
Security or payment on the Stated Maturity or Maturities expressed in such
Security (or, in the case of redemption or repayment, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.

    

    
      
        
           

        

        
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    Section
614.          Undertaking for
Costs.  All parties to this Indenture agree, and each Holder of
any Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder or group of
Holders holding in the aggregate more than 10% in principal amount of the
Outstanding Securities, or to any suit instituted by any Holder of any Security
for the enforcement of the payment of the principal of or any premium or
interest on any Security on or after the Stated Maturity or Maturities expressed
in such Security (or, in the case of redemption or repayment, on or after the
Redemption Date or Repayment Date, as the case may be).

     

    Section
615.          Waiver of Stay, Extension or Usury
Laws.  The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture or the Securities or
that would prohibit or forgive the Company from paying all or any portion of the
principal of or premium or interest on any Securities as contemplated herein and
therein; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

     

    Article
Seven

     

    Control
By the Guarantor; Additional Rights of the Guarantor

     

    Section
701.          Control by the
Guarantor.  (a) If the Guarantor is the Control Party, the
Guarantor shall be considered the Holder of all Series 2009A Bonds
Outstanding for all purposes under this Indenture and shall be permitted to take
any and all actions permitted to be taken by the Holders or a specified
percentage of Holders hereunder, provided, however, the Guarantor shall not be
entitled to receive payments of principal of and interest on the
Series 2009A Bonds other than (i) pursuant to the Guarantor’s subrogation
rights provided in Section 703 or (ii) to the extent that the Guarantor is
a Holder of the Series 2009A Bonds.  The Control Party will have
the sole right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee with respect to the Series 2009A
Bonds or exercising any trust or power conferred on the Trustee with respect to
the Series 2009A Bonds provided that:

     

    (i)         
such direction shall not be in conflict with any rule of law or with this
Indenture;

    

    
      
        
           

        

        
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    (ii)        
the Trustee shall have been provided with indemnity from the Control
Party reasonably satisfactory to it;

     

    (iii)       
the Trustee may take any other action deemed proper by such trustee that
is not inconsistent with such direction, provided, however, that the Trustee
need not take any action which it determines might expose it to liability;
and

     

    (iv)      
 the Guarantor shall not be permitted to declare all of the
Series 2009A Bonds to be immediately due and payable unless it
simultaneously delivers to the Trustee, for deposit into the Bond Fund, an
amount equal to the full amount guaranteed by the Guarantor under Section 501(a)
hereof.

     

    Section
702.          Rights of the Guarantor to Direct
Actions of the Trustee.   (a) The Trustee agrees that
so long as the Guarantor is the Control Party, following the written request of
a Responsible Party of the Guarantor with a copy to the Company, the Trustee
will take or refrain from taking any action and exercise or refrain from
exercising any rights of the Trustee hereunder in the manner described in the
Guarantor’s written request; provided, however, that the obligation of the
Trustee to take or refrain from taking, or to exercise or refrain from
exercising, any such action or rights shall be limited to those actions and
rights that can be exercised or taken (or not exercised or taken, as the case
may be) in full compliance with the provisions hereof and applicable
law.

     

    (b)     The Trustee
hereby irrevocably makes, designates, constitutes and appoints the Guarantor for
so long as the Guarantor is still the Control Party as its attorney-in-fact,
with power in the name of the Trustee, subject to the conditions and limitations
set forth herein, to:

     

    (i)         
enforce, foreclose upon or repossess any Pledged Collateral;
and

     

    (ii)        
exercise or direct the Trustee in writing to exercise (in which case the
Trustee agrees to exercise) any and all rights of the Trustee pursuant to this
Indenture.

     

    Section
703.          Additional Rights of the
Guarantor.  (a) The Trustee shall receive as
attorney-in-fact of each Holder any amount paid by the Guarantor.  Any
and all amounts disbursed by the Trustee from amounts received under the
Guarantee shall not be considered payment by the Company with respect to the
Series 2009A Bonds and shall not discharge the obligations of the Company
with respect thereto.  The Guarantor shall, to the extent it makes any
payment of any amount with respect to the Series 2009A Bonds, become
subrogated to the rights of the recipient of such payments to the extent of such
payments.  Subject to and conditioned upon any payment with respect to
the Series 2009A Bonds by or on behalf of the Guarantor, the Trustee hereby
assigns to the Guarantor all rights to the payment of interest or principal with
respect to the Series 2009A Bonds which are then due for payment to the
extent of all payments made by the Guarantor, and the Guarantor may exercise any
option, vote, right, power or the like with respect to the Series 2009A
Bonds to the extent that it has made a payment on the Series 2009A Bonds
pursuant to the Guarantee.  To evidence such subrogation, the Trustee
shall note the Guarantor’s rights as subrogee in the Bond Register upon receipt
from the Guarantor of payment by the Guarantor of any amount with respect to the
Series 2009A Bonds.  The foregoing subrogation shall in all cases
not impair the rights of the Holders of the Series 2009A Bonds to receive
all amounts payable by the Guarantor in respect of the Series 2009A Bonds
pursuant to the Guarantee.  Each Holder of Series 2009A Bonds is
hereby deemed to acknowledge and agree to the rights of subrogation of the
Guarantor hereunder, under the Guarantee and otherwise under applicable
law.

    

    
      
        
           

        

        
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    (b)         
In furtherance and not in limitation of the Guarantor’s equitable right
of subrogation and the Guarantor’s rights under the Guarantee, each Holder of
the Series 2009A Bonds acknowledges that the Guarantor shall be fully
subrogated to, and shall be vested with, all of the options, rights, powers and
remedies of the Trustee and the Holders of the Series 2009A Bonds under the
Transaction Documents to which any such Person is a party or under which any of
the Trustee or the Holders of the Series 2009A Bonds has any options,
rights, powers or remedies in respect of such amounts and, to the extent of such
payment only, shall be fully subrogated to each such Person’s rights against any
and all parties in connection with the Series 2009A Bonds until such
nonpayment has been cured by or on behalf of the Company, and the Guarantor
shall have been reimbursed in full by or on behalf of the Company, for amounts
paid by the Guarantor to the Holders of the Series 2009A Bonds as a result
of the nonpayment by or on behalf of the Company, plus Unpaid Interest accrued
on the amount of such nonpayment.  Each Holder of Series 2009A
Bonds hereby acknowledges that the Guarantor shall have the absolute right and
discretion, without notice to any of the Trustee, the Holders of the
Series 2009A Bonds or any other Person, to exercise or fail to exercise any
right, power or remedy that the Guarantor may have under the Guarantee or this
Indenture or under any assignment required hereby or thereby.  Each
Holder of Series 2009A Bonds hereby acknowledges that the Guarantor shall
have no liability to any of the Trustee, the Holders of Series 2009A Bonds
or any other Person for any loss, damage or injury resulting from the
Guarantor’s exercise or failure to exercise any right, power or remedy that the
Guarantor may have under the Guarantee or this Indenture or under any assignment
required hereby or thereby, so long as such exercise or failure to exercise is
in accordance with the Transaction Documents and applicable law.

     

    (c)         
Each Holder of Series 2009A Bonds agrees that it will, at the
Company’s expense, execute and deliver such documents, instruments, and
assurances and to take, or cause to be taken, all actions reasonably required by
the Guarantor to evidence, preserve, enforce, perfect, or maintain the
perfection in the Guarantor’s favor of such interests, rights, and remedies and
such equitable rights of subrogation.  Each Holder of
Series 2009A Bonds agrees that it shall not without the prior written
consent of the Guarantor, settle or compromise or consent to the entry of any
judgment in any pending or threatened claim, action, suit or proceeding relating
to the preservation, enforcement, perfection or maintenance of the Guarantor’s
rights of subrogation or assignment with respect to the Series 2009A Bonds,
to the extent of any payment made by the Guarantor that has not been reimbursed
by or on behalf of the Company.

    

    
      
        
           

        

        
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    Article
Eight

     

    The
Trustee

     

    Section
801.          Certain Duties and
Responsibilities.  (a) Except during the continuance of an
Event of Default,

     

    (1)        
the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee;
and

     

    (2)         
in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
substantially conforming to the requirements of this Indenture; but in the case
of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they substantially
conform to the requirements of this Indenture but need not confirm the accuracy
of the information contained therein.

     

    (b)     In case an
Event of Default has occurred and is continuing, the Trustee shall exercise such
of the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his own affairs.

     

    (c)     No
provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that

     

    (1)        
this Subsection shall not be construed to limit the effect of
Subsection (a) of this Section;

     

    (2)        
the Trustee shall not be liable for any error of judgment made by it in
good faith, unless it shall be conclusively determined by a court of competent
jurisdiction that the Trustee was negligent in ascertaining the pertinent
facts;

     

    (3)        
the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the
Holders of a majority in principal amount of the Outstanding Securities relating
to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee under this Indenture with respect to such Securities; and

     

    (4)        
no provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

    

    
      
        
           

        

        
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    (d)    
Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this
Section.

     

    Section
802.          Notice of
Defaults.  Within 90 days after the occurrence of any default
hereunder with respect to the Securities the Trustee shall transmit to all
Holders of the Securities in the manner and to the extent provided in
Section 106, notice of all such defaults hereunder known to the Trustee,
except for such defaults as shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of or premium or
interest on any Security or in the payment of any sinking fund installment with
respect to the Securities, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors or officers of the Trustee in good faith determines
that the withholding of such notice is in the interest of the Holders of the
Securities.  For the purpose of this Section, the term “default” means
any event which is, or after notice or lapse of time or both would become, an
Event of Default with respect to the Securities.

     

    The
Trustee shall not be charged with knowledge of any default unless either (1) a
Responsible Officer of the Trustee shall have actual knowledge or (2) the
Trustee shall have received written notice thereof from the Company or a
Holder.

     

    Section
803.          Certain Rights of
Trustee.  Subject to the provisions of
Section 801:

     

    (a)        
the Trustee may conclusively rely and shall be fully protected in acting
or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;

     

    (b)       
any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution
of the Board of Directors may be sufficiently evidenced by a Board
Resolution;

     

    (c)        
whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part,
conclusively rely upon an Officers’ Certificate;

     

    (d)        
before the Trustee acts or refrains from acting, the Trustee may consult
with counsel of its selection and the advice of such counsel, or any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon;

    

    
      
        
           

        

        
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    (e)         the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders
of any Securities or of any related Coupons pursuant to this Indenture, unless
such Holders shall have offered to the Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;

     

    (f)         
the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or
attorney;

     

    (g)         the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, custodians or
nominees and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent, attorney, custodian or nominee appointed
with due care by it hereunder;

     

    (h)         the
Trustee shall not be liable for any action taken or omitted to be taken by it in
good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;

     

    (i)         
in no event shall the Trustee be liable for the selection of investments
or for investment losses incurred thereon; the Trustee shall have no liability
in respect of losses incurred as a result of the liquidation of any such
investment prior to its stated maturity or the failure of the party directing
such investment to provide timely written investment directions; the Trustee
shall have no obligation to invest or reinvest any amounts held hereunder in the
absence of such written investment directions;

     

    (j)         
in no event shall the Trustee be responsible or liable for special,
indirect, punitive or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the
Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action; and

     

    (k)         
the Trustee shall not be deemed to have notice of any default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof
or unless written notice of any event which is in fact such a default is
received by the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Securities and this Indenture.

    

    
      
        
           

        

        
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    In the
event that the Trustee is also acting as Paying Agent, Security Registrar or
transfer agent hereunder, the rights and protections afforded to the Trustee
pursuant to this Article Eight shall also be afforded to such Paying Agent,
Security Registrar or transfer agent.

     

    The
parties hereto acknowledge that, in order to comply with the United States
Patriot Act, U.S. Bank National Association, like all financial institutions, is
required to obtain, verify and record certain information and documentation from
the other parties hereto.  Each of the parties hereby agree that they
will provide U.S. Bank National Association with such information as it may
reasonably request in order for it to satisfy the requirements of the USA
Patriot Act.

     

    Section
804.          Not Responsible for Recitals or
Issuance of Securities. The recitals contained herein and in the
Securities (except the Trustee’s certificates of authentication) shall be taken
as the statements of the Company, and the Trustee or any Authenticating Agent
assumes no responsibility for their correctness.  The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities.  The Trustee or any Authenticating Agent shall not be (i)
accountable for the use or application by the Company of Securities or the
proceeds thereof, (ii) accountable for any money paid to the Company, or upon
the Company’s direction, if made under and in accordance with any provision of
this Indenture or (iii) responsible for the use or application of any money
received by any Paying Agent other than the Trustee.

     

    Section
805.          May Hold Securities. The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or
any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and, subject to Sections 808 and 813,
may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other agent.

     

    Section 806.         
Money Held in
Trust.  Money held by the Trustee in trust hereunder need not
be segregated from other funds except to the extent required by law or by this
Indenture.  The Trustee or any Paying Agent shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.

     

    Section
807.          Compensation and Reimbursement.
The Company agrees

     

    (1)         
to pay to the Trustee from time to time such compensation for all
services rendered by it hereunder as may be agreed upon by the Company and the
Trustee in writing (which compensation shall not be limited by any provision of
law in regard to the compensation of a trustee of an express
trust);

     

    (2)         
to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any provision of this Indenture (including the reasonable compensation and the
expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith;
and

    

    
      
        
           

        

        
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    (3)     
to indemnify the Trustee in its individual capacity and as Trustee, and each of
its officers, directors, attorneys-in-fact, employees and agents for, and to
hold it harmless against, any loss, claim, liability, obligation, damage,
injury, penalty, action, suit, judgment, cost or expense (including attorneys’
fees and expenses) incurred without negligence or bad faith on its part, arising
out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses of defending itself against
any claim or liability in connection with the exercise or performance of any of
its powers or duties hereunder.

     

    The
foregoing provisions shall survive the termination of this Indenture or any
resignation or removal of the Trustee.

     

    As
security for the performance of the obligations of the Company under this
Section the Trustee shall have a lien prior to the Securities upon all property
and funds held or collected by the Trustee as such.  Such lien shall
survive the satisfaction and discharge of this Indenture and, to the extent
permitted by law, any rejection or termination of this Indenture under any
federal or state bankruptcy law.

     

    To the
fullest extent permitted by law, when the Trustee incurs reasonable expenses or
renders services in connection with an Event of Default specified in
Section 601(4), the Holders of the Securities, by their acceptance of such
Securities, agree that such reasonable expenses and the compensation for such
services are intended to constitute expenses of administration under any
applicable bankruptcy law.

     

    Section 808.    
Disqualification;
Conflicting Interests.  (a) If the Trustee has or shall
acquire any conflicting interest, as defined in this Section, with respect to
the Securities then, within 90 days after ascertaining that it has such
conflicting interest, and if the Event of Default, but exclusive of any period
of grace or requirement of notice, to which such conflicting interest relates
has not been cured or duly waived or otherwise eliminated before the end of such
90-day period, the Trustee shall either eliminate such conflicting interest or,
except as otherwise provided below in this Section, resign in the manner and
with the effect hereinafter specified in this Article and the Company shall take
prompt steps to have a successor appointed in the manner provided
herein.

     

    (b)   
(1) If the Trustee shall fail to comply with the provisions of
Subsection (a) of this Section with respect to the Securities, the Trustee
shall, within 10 days after the expiration of such 90-day period, transmit, in
the manner and to the extent provided in Section 106, to all Holders of
Securities notice of such failure.

     

    (2)   
Subject to the provisions of Section 614, unless the Trustee’s duty to
resign is stayed as provided in Subsection (f) of this Section, any Holder
who has been a bona fide Holder of Securities referred to in Subsection (a)
of this Section for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal
of such Trustee, and the appointment of a successor, if such Trustee fails,
after written request thereof by such Holder to comply with the provisions of
Subsection (a) of this Section.

     

    
      
        
        

      

      
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    (c)    
For the purposes of this Section, the Trustee shall be deemed to have a
conflicting interest with respect to the Securities if a default (defined as an
Event of Default hereunder, but exclusive of any period of grace or requirement
of notice) has occurred with respect to the Securities and;

     

    (1)     
the Trustee is trustee under another indenture under which any other securities,
or certificates of interest or participation in any other securities, of the
Company are outstanding, unless such other indenture is a collateral trust
indenture under which the only collateral consists of the Securities issued
under this Indenture, provided that there shall be excluded from the operation
of this paragraph any indenture or indentures under which other securities, or
certificates of interest or participation in other securities, of the Company
are outstanding and this Indenture and such other indenture or indentures (and
all securities issuable thereunder) are wholly unsecured and rank equally with
such other indenture or indentures of the Company;

     

    (2)      
the Trustee or any of its directors or executive officers is an underwriter for
the Company;

     

    (3)      
the Trustee directly or indirectly controls or is directly or indirectly
controlled by or is under direct or indirect common control with an underwriter
for the Company;

     

    (4)     
the Trustee or any of its directors or executive officers is a director,
officer, partner, employee, appointee or representative of the Company, or of an
underwriter (other than the Trustee itself) for the Company who is currently
engaged in the business of underwriting, except that (i) one individual may be a
director or an executive officer, or both, of the Trustee and a director or
an  executive officer, or both, of the Company but may not be at the
same time an executive officer of both the Trustee and the Company; (ii) if
and so long as the number of directors of the Trustee in office is more than
nine, one additional individual may be a director or an executive officer, or
both, of the Trustee and a director of the Company; and (iii) the Trustee
may be designated by the Company or by any underwriter for the Company to act in
the capacity of transfer agent, registrar, custodian, paying agent, fiscal
agent, escrow agent or depositary, or in any other similar capacity, or, subject
to the provisions of paragraph (1) of this Subsection, to act as trustee,
whether under an indenture or otherwise;

     

    (5)      10%
or more of the voting securities of the Trustee is beneficially owned either by
the Company or by any director, partner or executive officer thereof, or 20% or
more of such voting securities is beneficially owned, collectively, by any two
or more of such persons; or 10% or more of the voting securities of the Trustee
is beneficially owned either by an underwriter for the Company or by any
director, partner or executive officer thereof, or is beneficially owned,
collectively, by any two or more such persons;

     

    (6)     
the Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default (as hereinafter in this Subsection defined),
(i) 5% or more of the voting securities, or 10% or more of any other class
of security, of the Company not including the Securities issued under this
Indenture and securities issued under any other indenture under which the
Trustee is also trustee, or (ii) 10% or more of any class of security of an
underwriter for the Company;

     

    
      
        
        

      

      
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    (7)     
the Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default (as hereinafter in this Subsection defined), 5%
or more of the voting securities of any person who, to the knowledge of the
Trustee, owns 10% or more of the voting securities of, or controls directly or
indirectly or is under direct or indirect common control with, the
Company;

     

    (8)     
the Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default (as hereinafter in this Subsection defined), 10%
or more of any class of security of any person who, to the knowledge of the
Trustee, owns 50% or more of the voting securities of the Company;

     

    (9)     
the Trustee owns, on the date any default (defined as an Event of Default
hereunder, but exclusive of any period of grace or requirement of notice) has
occurred upon the Securities or any anniversary of such default while such
default upon such Securities remains outstanding, in the capacity of executor,
administrator, testamentary or inter vivos trustee,
guardian, committee or conservator, or in any other similar capacity, an
aggregate of 25% or more of the voting securities, or of any class of security,
of any person, the beneficial ownership of a specified percentage of which would
have constituted a conflicting interest under paragraph (6), (7) or
(8) of this Subsection.  As to any such securities of which the
Trustee acquired ownership through becoming executor, administrator or
testamentary trustee of an estate which included them, the provisions of the
preceding sentence shall not apply, for a period of not more than two years from
the date of such acquisition, to the extent that such securities included in
such estate do not exceed 25% of such voting securities or 25% of any such class
of security.  Promptly after the dates of any such default upon the
Securities and annually in each succeeding year that such default upon such
Securities continues, the Trustee shall make a check of its holdings of such
securities in any of the above-mentioned capacities as of such
dates.  If the Company fails to make payment in full of the principal
of or any premium or interest on any of the Securities when and as the same
becomes due and payable, and such failure continues for 30 days thereafter,
the Trustee shall make a prompt check of its holdings of such securities in any
of the above-mentioned capacities as of the date of the expiration of such
30-day period, and after such date, notwithstanding the foregoing provisions of
this paragraph, all such securities so held by the Trustee, with sole or joint
control over such securities vested in it, shall, but only so long as such
failure shall continue, be considered as though beneficially owned by the
Trustee for the purposes of paragraphs (6), (7) and (8) of this Subsection;
or

     

    (10)    
except under the circumstances described in paragraphs (1), (3), (4), (5) or (6)
of Section 813(b), the Trustee shall be or shall become a creditor of the
Company.

     

    The
specification of percentages in paragraphs (5) to (9), inclusive, of this
Subsection shall not be construed as indicating that the ownership of such
percentages of the securities of a person is or is not necessary or sufficient
to constitute direct or indirect control for the purposes of paragraph
(3) or (7) of this Subsection.

     

    
      
        
        

      

      
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    For the
purposes of paragraphs (6), (7), (8) and (9) of this Subsection only,
(i) the terms “security” and “securities” shall include only such
securities as are generally known as corporate securities, but shall not include
any note or other evidence of indebtedness issued to evidence an obligation to
repay moneys lent to a person by one or more banks, trust companies or banking
firms, or any certificate of interest or participation in any such note or
evidence of indebtedness; (ii) an obligation shall be deemed to be “in default”
when a default in payment of principal shall have continued for 30 days or
more and shall not have been cured; and (iii) the Trustee shall not be
deemed to be the owner or holder of (A) any security which it holds as
collateral security, as trustee or otherwise, for an obligation which is not in
default as defined in clause (ii) above, or (B) any security
which it holds as collateral security under this Indenture, irrespective of any
default hereunder, or (C) any security which it holds as agent for
collection, or as custodian, escrow agent or depositary, or in any similar
representative capacity.

     

    (d)    
For the purposes of this Section:

     

    (1)     
The term “underwriter,” when used with reference to the Company, means every
person who, within one year prior to the time as of which the determination is
made, has purchased from the Company with a view to, or has offered or sold for
the Company in connection with, the distribution of any security of the Company
outstanding at such time, or has participated or has had a direct or indirect
participation in any such undertaking, or has participated or has had a
participation in the direct or indirect underwriting of any such undertaking,
but such term shall not include a person whose interest was limited to a
commission from an underwriter or dealer not in excess of the usual and
customary distributors’ or sellers’ commission.

     

    (2)      
The term “director” means any director of a corporation or any individual
performing similar functions with respect to any organization, whether
incorporated or unincorporated.

     

    (3)      
The term “person” means an individual, a corporation, a partnership, an
association, a joint-stock company, a trust, an unincorporated organization or a
government or political subdivision thereof.  As used in this
paragraph, the term “trust” shall include only a trust where the interest or
interests of the beneficiary or beneficiaries are evidenced by a
security.

     

    (4)      
The term “voting security” means any security presently entitling the owner or
holder thereof to vote in the direction or management of the affairs of a
person, or any security issued under or pursuant to any trust, agreement or
arrangement whereby a trustee or trustees or agent or agents for the owner or
holder of such security are presently entitled to vote in the direction or
management of the affairs of a person.

     

    (5)      
The term “Company” means any obligor upon the Securities.

     

    
      
        
        

      

      
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    (6)      
The term “executive officer” means the president, every vice president, every
trust officer, the cashier, the secretary and the treasurer of a corporation,
and any individual customarily performing similar functions with respect to any
organization whether incorporated or unincorporated, but shall not include the
chairman of the board of directors.

     

    (e)    
The percentages of voting securities and other securities specified in this
Section shall be calculated in accordance with the following
provisions:

     

    (1)     
A specified percentage of the voting securities of the Trustee, the Company or
any other person referred to in this Section (each of whom is referred to as a
“person” in this paragraph) means such amount of the outstanding voting
securities of such person as entitles the holder or holders thereof to cast such
specified percentage of the aggregate votes which the holders of all the
outstanding voting securities of such person are entitled to cast in the
direction or management of the affairs of such person.

     

    (2)      
A specified percentage of a class of securities of a person means such
percentage of the aggregate amount of securities of the class
outstanding.

     

    (3)      
The term “amount,” when used in regard to securities, means the principal amount
if relating to evidences of indebtedness, the number of shares if relating to
capital shares and the number of units if relating to any other kind of
security.

     

    (4)      
The term “outstanding” means issued and not held by or for the account of the
issuer.  The following securities shall not be deemed outstanding
within the meaning of this definition:

     

    (i)    
securities of an issuer held in a sinking fund relating to securities of the
issuer of the same class;

     

    (ii)   
securities of an issuer held in a sinking fund relating to another class of
securities of the issuer, if the obligation evidenced by such other class of
securities is not in default as to principal or interest or
otherwise;

     

    (iii)   securities
pledged by the issuer thereof as security for an obligation of the issuer not in
default as to principal or interest or otherwise; and

     

    (iv)  
securities held in escrow if placed in escrow by the issuer
thereof;

     

    provided, however, that any
voting securities of an issuer shall be deemed outstanding if any person other
than the issuer is entitled to exercise the voting rights thereof.

     

    
      
        
        

      

      
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    (5)     
A security shall be deemed to be of the same class as another security if both
securities confer upon the holder or holders thereof substantially the same
rights and privileges; provided, however, that, in
the case of secured evidences of indebtedness, all of which are issued under a
single indenture, differences in the interest rates or maturity dates of various
series thereof shall not be deemed sufficient to constitute such series
different classes and
provided, further, that, in the case of unsecured evidences of
indebtedness, differences in the interest rates or maturity dates thereof shall
not be deemed sufficient to constitute them securities of different classes,
whether or not they are issued under a single indenture.

     

    (f)     
Except in the case of a default in the payment of the principal of or interest
on any Securities, or in the payment of any sinking or purchase fund
installment, the Trustee shall not be required to resign as provided by this
Section if the Trustee shall have sustained the burden of proving that
(i) the Event of Default may be cured or waived during a reasonable period
and under the procedures described in such application, and (ii) a stay of
the Trustee’s duty to resign will not be inconsistent with the interests of
Holders of such Securities.

     

    Section 809.   
Corporate Trustee
Required; Eligibility.  There shall at all times be a Trustee
hereunder which shall be a corporation or national banking association organized
and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$5,000,000 and subject to supervision or examination by Federal or State
authority.  If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so
published.  Neither the Company nor any person directly or indirectly
controlling, controlled by or under common control with the Company may serve as
Trustee.  If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this
Article.

     

    Section 810.    
Resignation and
Removal; Appointment of Successor.  (a) No resignation or
removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of
Section 811.

     

    (b)    
The Trustee may resign at any time with respect to the Securities by giving
written notice thereof to the Company.  If the instrument of
acceptance by a successor Trustee required by Section 811 shall not have
been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may, at the expense of the Company,
petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities.

     

    (c)     
The Trustee may be removed at any time by Act of the Holders of two-thirds in
principal amount of the Outstanding Securities delivered to the Trustee and to
the Company if at any time:

     

    (1)     
the Trustee shall fail to comply with Section 808 with respect to the
Securities after written request therefor by the Company or by any Holder of a
Security who has been a bona fide Holder of a Security for at least six months,
unless the Trustee’s duty to resign has been stayed as provided in
Section 808(f), or

     

    
      
        
        

      

      
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    (2)      
the Trustee shall cease to be eligible under Section 809 and shall fail to
resign after written request therefor by the Company or by any Holder,
or

     

    (3)     
the Trustee shall become incapable of acting with respect to the Securities or a
decree or order for relief by a court having jurisdiction in the premises shall
have been entered in respect of the Trustee in an involuntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or similar law, or a decree
or order by a court having jurisdiction in the premises shall have been entered
for the appointment of a receiver, custodian, liquidator, assignee, trustee,
sequestrator or other similar official of the Trustee or its  property
or affairs, or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation,
winding up or liquidation, or

     

    (4)      
the Trustee shall commence a voluntary case under the federal bankruptcy laws,
as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or similar law or shall consent to the appointment of or
taking possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Trustee or its property or
affairs, or shall make an assignment for the benefit of creditors, or shall
admit in writing its inability to pay its debts generally as they become due, or
shall take corporate action in furtherance of any such action, then, in any such
case, (i) the Company by a Board Resolution may remove the Trustee, or
(ii) subject to Section 614, any Holder of a Security who has been a
bona fide Holder of a Security for at least six months may, on behalf of himself
and all others similarly situated (including those who have been Holders for
less than six months), petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee or
Trustees.

     

    (d)     
In addition to (c) above, the Trustee may be removed at any time by an
instrument in writing delivered to the Trustee and the Holders of the
Securities, and signed by an Officer of the Company, provided that the Company is
not in default under the Indenture, and such removal shall take effect at the
appointment of a successor Trustee pursuant to the provisions of
Section 810(e) hereof and acceptance by the successor  Trustee of
such trusts.

     

    (e)     
If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, the Company, by a
Company Order, shall promptly appoint a successor Trustee or Trustees and shall
comply with the applicable requirements of Section 811.  If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee shall be appointed by Act of the
Holders of two-thirds in principal amount of the Outstanding Securities
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 811, become the successor
Trustee and to that extent supersede the successor Trustee appointed by the
Company, provided that
such successor shall be acceptable to the Company.  If no successor
Trustee shall have been so appointed by the Company or the Holders of Securities
and accepted appointment in the manner required by Section 811, any Holder
of a Security who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated (including
those who have been Holders for less than six months), or the Trustee may,
petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities.

    
      
         

      

      
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    (f)      
The Company shall give notice of each resignation and each removal of the
Trustee and each appointment of a successor Trustee in the manner provided in
Section 106.  Each notice shall include the name of the successor
Trustee and the address of its Corporate Trust Office.

     

    Section 811.    
Acceptance of
Appointment by Successor.  (a) In case of the appointment
hereunder of a successor Trustee, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such retiring Trustee shall,
upon payment of its charges, execute and deliver an instrument transferring to
such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder, subject nevertheless
to its liens, if any, provided for in Section 807.

     

    (b)    
In case of the appointment hereunder of a successor Trustee, the Company, the
retiring Trustee and each successor Trustee shall execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Trustee all
the rights, powers, trusts and duties of the retiring Trustee, and
(2) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees as co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder.

     

    (c)     
Upon request of any such successor Trustee, the Company shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section, as the case may be.

     

    
      
        
        

      

      
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    (d)    
No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article.

     

    Section 812.     
Merger, Conversion,
Consolidation or Succession to Business.  Any corporation into
which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.  In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such
Securities.

     

    Section 813.    
Preferential Collection
of Claims Against Company.    (a) Subject to
Subsection (b) of this Section, if the Trustee shall be or shall become a
creditor, directly or indirectly, secured or unsecured, of the Company within
three months prior to a default, as defined in Subsection (c) of this
Section, or subsequent to such a default, then, unless and until such default
shall be cured, the Trustee shall set apart and hold in a special account for
the benefit of the Trustee individually, the Holders of the Securities and the
holders of other indenture securities, as defined in Subsection (c) of
this Section:

     

    (1)      an
amount equal to any and all reductions in the amount due and owing upon any
claim as such creditor in respect of principal or interest, effected after the
beginning of such three-month period and valid as against the Company and its
other creditors, except any such reduction resulting from the receipt or
disposition of any property described in paragraph (2) of this Subsection,
or from the exercise of any right of set-off which the Trustee could have
exercised if a voluntary or involuntary case had been commenced in respect of
the Company under the federal bankruptcy laws, as now or hereafter constituted,
or any other applicable federal or state bankruptcy, insolvency or other similar
law upon the date of such default; and

     

    (2)     
all property received by the Trustee in respect of any claims as such creditor,
either as security therefor, or in satisfaction or composition thereof, or
otherwise, after the beginning of such three months’ period, or an amount equal
to the proceeds of any such property, if disposed of, subject, however, to the
rights, if any, of the Company and its other creditors in such property or such
proceeds.

     

    Nothing
herein contained, however, shall affect the right of the Trustee:

     

    (A)    
to retain for its own account (i) payments made on account of any such
claim by any Person (other than the Company) who is liable thereon, and
(ii) the proceeds of the bona fide sale of any such claim by the Trustee to
a third Person, and (iii) distributions made in cash, securities or other
property in respect of claims filed against the Company in bankruptcy or
receivership or in proceedings for reorganization pursuant to federal bankruptcy
laws, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law;

    
      
         

      

      
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    (B)     
to realize, for its own account, upon any property held by it as security for
any such claim, if such property was so held prior to the beginning of such
three-month period;

     

    (C)     
to realize, for its own account, but only to the extent of the claim hereinafter
mentioned, upon any property held by it as security for any such claim, if such
claim was created after the beginning of such three-month period and such
property was received as security therefor simultaneously with the creation
thereof, and if the Trustee shall sustain the burden of proving that at the time
such property was so received the Trustee had no reasonable cause to believe
that a default, as defined in Subsection (c) of this Section, would
occur within three months; or

     

    (D)    
to receive payment on any claim referred to in paragraph (B) or (C),
against the release of any property held as security for such claim as provided
in paragraph (B) or (C), as the case may be, to the extent of the fair
value of such property.

     

    For the
purposes of paragraphs (B), (C) and (D), property substituted after the
beginning of such three-month period for property held as security at the time
of such substitution shall, to the extent of the fair value of the property
released, have the same status as the property released, and, to the extent that
any claim referred to in any of such paragraphs is created in renewal of or in
substitution for or for the purpose of repaying or refunding any pre-existing
claim of the Trustee as such creditor, such claim shall have the same status as
such pre-existing claim.

     

    If the
Trustee shall be required to account, the funds and property held in such
special account and the proceeds thereof shall be apportioned among the Trustee,
the Holders of Securities and the holders of other indenture securities in such
manner that the Trustee, the Holders of Securities and the holders of other
indenture securities realize, as a result of payments from such special account
and payments of dividends on claims filed against the Company in bankruptcy or
receivership or in proceedings for reorganization pursuant to the federal
bankruptcy laws, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law, the same
percentage of their respective claims, figured before crediting to the claim of
the Trustee anything on account of the receipt by it from the Company of the
funds and property in such special account and before crediting to the
respective claims of the Trustee and the Holders of Securities and the holders
of other indenture securities dividends on claims filed against the Company in
bankruptcy or receivership or in proceedings for reorganization pursuant to the
federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law, but
after crediting thereon receipts on account of the indebtedness represented by
their respective claims from all sources other than from such dividends and from
the funds and property so held in such special account.  As used in
this paragraph, with respect to any claim, the term “dividends” shall include
any distribution with respect to such claim, in bankruptcy or receivership or
proceedings for reorganization pursuant to the federal bankruptcy laws, as now
or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, whether such distribution is made in cash,
securities or other property, but shall not include any such distribution with
respect to the secured portion, if any, of such claim.  The court in
which such bankruptcy, receivership or proceedings for reorganization is pending
shall have jurisdiction (i) to apportion among the Trustee, the Holders of
Securities and the holders of other indenture securities, in accordance with the
provisions of this paragraph, the funds and property held in such special
account and proceeds thereof, or (ii) in lieu of such apportionment, in
whole or in part, to give to the provisions of this paragraph due consideration
in determining the fairness of the distributions to be made to the Trustee and
the Holders of Securities and the holders of other indenture securities with
respect to their respective claims, in which event it shall not be necessary to
liquidate or to appraise the value of any securities or other property held in
such special account or as security for any such claim, or to make a specific
allocation of such distributions as between the secured and unsecured portions
of such claims, or otherwise to apply the provisions of this paragraph as a
mathematical formula.

    
      
         

      

      
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    Any
Trustee which has resigned or been removed after the beginning of such
three-month period shall be subject to the provisions of this Subsection as
though such resignation or removal had not occurred.  If any Trustee
has resigned or been removed prior to the beginning of such three-month period,
it shall be subject to the provisions of this Subsection if and only if the
following conditions exist:

     

    (i)       
the receipt of property or reduction of claim, which would have given rise to
the obligation to account, if such Trustee had continued as Trustee, occurred
after the beginning of such three-month period; and

     

    (ii)      
such receipt of property or reduction of claim occurred within three months
after such resignation or removal.

     

    (b)     
There shall be excluded from the operation of Subsection (a) of this
Section a creditor relationship arising from:

     

    (1)      
the ownership or acquisition of securities issued under any indenture, or any
security or securities having a maturity of one year or more at the time of
acquisition by the Trustee;

     

    (2)      advances
authorized by a receivership or bankruptcy court of competent jurisdiction or by
this Indenture, for the purpose of preserving any property which shall at any
time be subject to the lien of this Indenture or of discharging tax liens or
other prior liens or encumbrances thereon, if notice of such advances and of the
circumstances surrounding the making thereof is given to the Holders of
Securities at the time and in the manner provided in this
Indenture;

     

    (3)      disbursements
made in the ordinary course of business in the capacity of trustee under an
indenture, transfer agent, registrar, custodian, paying agent, fiscal agent or
depositary, or other similar capacity;

    
      
         

      

      
        -59-

        
          

        

      

      
         

      

    

     

    (4)      
an indebtedness created as a result of services rendered or premises rented; or
an indebtedness created as a result of goods or securities sold in a cash
transaction, as defined in Subsection (c) of this
Section;

     

    (5)      
the ownership of stock or of other securities of a corporation organized under
the provisions of Section 25(a) of the Federal Reserve Act, as amended,
which is directly or indirectly a creditor of the Company; or

     

    (6)      
the acquisition, ownership, acceptance or negotiation of any drafts, bills of
exchange, acceptances or obligations which fall within the classification of
self-liquidating paper, as defined in Subsection (c) of this
Section.

     

    (c)     
For the purposes of this Section only:

     

    (1)     
the term “default” means any failure to make payments in full of the principal
of or interest on any of the Securities or upon the other indenture securities
when and as such principal or interest becomes due and payable;

     

    (2)     
the term “other indenture securities” means securities upon which the Company is
an obligor outstanding under any other indenture (i) under which the
Trustee is also trustee, (ii) which contains provisions substantially
similar to the provisions of this Section, and (iii) under which a default
exists at the time of the apportionment of the funds and property held in such
special account;

     

    (3)     
the term “cash transaction” means any transaction in which full payment for
goods or securities sold is made within seven days after delivery of the goods
or securities in currency or in checks or other orders drawn upon banks or
bankers and payable upon demand;

     

    (4)     
the term “self-liquidating paper” means any draft, bill of exchange, acceptance
or obligation which is made, drawn, negotiated or incurred by the Company for
the purpose of financing the purchase, processing, manufacturing, shipment,
storage or sale of goods, wares or merchandise and which is secured by documents
evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods,
wares or merchandise previously constituting the security, provided the security
is received by the Trustee simultaneously with the creation of the creditor
relationship with the Company arising from the making, drawing, negotiating or
incurring of the draft, bill of exchange, acceptance or obligation;
and

     

    (5)      
the term “Company” means any obligor upon the Securities.

    
      
         

      

      
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    Section 814.    
Appointment of
Authenticating Agent.  The Trustee may appoint an
Authenticating Agent or Agents with respect to the Securities which shall be
authorized to act on behalf of the Trustee to authenticate the Securities issued
upon original issue or upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 306, and if the Trustee is
required to appoint one or more Authenticating Agents with respect to the
Securities, to authenticate the Securities  upon original issuance and
to take such other actions as are specified in Sections 303, 304, 305, 309,
905, 1305 and 1603, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee hereunder.  Wherever reference is made
in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.  Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any
State thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$5,000,000 and subject to supervision or examination by Federal or State
authority or authority of such country.  If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.  If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

     

    Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation succeeding to all or substantially all the corporate agency
or corporate trust business of such Authenticating Agent, shall continue to be
an Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or such Authenticating Agent.

     

    An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company.  The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company.  Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall provide notice to the
Holders as provided in Section 106.  Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as
if originally named as an Authenticating Agent.  No successor
Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

     

    The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be
entitled to be reimbursed for such payments, subject to the provisions of
Section 807.

    
      
         

      

      
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    If an
appointment is made pursuant to this Section, the Securities may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an
alternative certificate of authentication in the following form:

     

    This is
one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

    
      
        
          
            
              
                	 
      	 
      
	
                        U.S.
      Bank National Association,

                      
	
                          as
      Trustee

                      
	
                         
      

                      
	
                        By

                      	 
      
	
                         
      

                      	
                        Authorized
      Signatory

                      
	
                         
      

                      
	
                        By

                      	 
      
	
                         
      

                      	
                        As
      Authenticating
Agent

                      

              

            

          

        

      

    

     

     If
all of the Securities may not be originally issued at one time, and if the
Trustee does not have an office capable of authenticating Securities upon
original issuance located in a Place of Payment where the Company wishes to have
Securities authenticated upon original issuance, the Trustee, if so requested by
the Company in writing (which writing need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel), shall appoint in accordance
with this Section an Authenticating Agent having an office in a Place of Payment
designated by the Company with respect to such Securities.

     

    Article
Nine

     

    Holders’
Lists and Reports by Trustee and Company

     

    Section 901.     
Holder Lists;
Communications to Holders.  (a) Trustee shall preserve, in
as current a form as is reasonably practicable, the names and addresses of
Holders received by the Trustee in its capacity as Security Registrar or Paying
Agent.

     

    (b)    
If 3 or more Holders of Securities (hereinafter referred to as “applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each
such applicant has owned a Security for a period of at least 6 months preceding
the date of such application, and such application states that the applicants
desire to communicate with other Holders of Securities with respect of their
rights under this Indenture or under the Securities and is accompanied by a copy
of the form of proxy or other communication which such applicants propose to
transmit, then the Trustee shall, within 5 business days after the receipt of
such application, at its election, either

    
      
         

      

      
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    (i)        afford
such applicants access to the information preserved at the time by the Trustee
in accordance with Section 901(a), or

     

    (ii)      
inform such applicants as to the approximate number of Holders of Securities
whose names and addresses appear in the information preserved at the time by the
Trustee in accordance with Section 901(a), and as to the approximate cost
of mailing to such Securityholders the form of proxy or other communication, if
any, specified in such application.

     

    If the
Trustee shall elect not to afford such applicants access to such information,
the Trustee shall, upon the written request of such applicants, mail to each
Securityholder whose name and address appear in the information preserved a the
time by the Trustee in accordance with Section 901(a), a copy of the form
of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be mailed
and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless within 5 days after such tender, the Trustee shall mail to such
applicants a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interest of the Holders of
Securities or would be in violation of applicable law.  Such written
statement shall specify the basis of such opinion.

     

    (c)    
Every Holder of Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Securities in accordance with
Section 901(b), regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 901(b).

     

    Section
902.    Reports by
Trustee.  (a) The term “reporting date,” as used in
this Section, means the date specified in Article Seven.  Within
60 days after the reporting date in each year, the Trustee shall transmit by
mail to all Securityholders, as their names and addresses appear in the Security
Register, a brief report dated as of such reporting date with respect
to:

     

    (1)     
 its eligibility under Section 809 and its qualifications under
Section 808, or in lieu thereof, if to the best of its knowledge it has
continued to be eligible and qualified under said Sections, a written statement
to such effect;

     

    (2)      
the character and amount of any advances (and if the Trustee elects so to state,
the circumstances surrounding the making thereof) made by the Trustee (as such)
which remain unpaid on the date of such report, and for the reimbursement of
which it claims or may claim a lien or charge, prior to that of the Securities,
on any property or funds held or collected by it as Trustee, except that the
Trustee shall not be required (but may elect) to report such advances if such
advances so remaining unpaid aggregate not more than 1/2 of 1% of the principal
amount of the Securities Outstanding on the date of such
report;

    
      
         

      

      
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    (3)      
the amount, interest rate and maturity date of all other indebtedness owing by
the Company (or by any other obligor on the Securities) to the Trustee in its
individual capacity, on the date of such report, with a brief description of any
property held as collateral security therefor, except an indebtedness based upon
a creditor relationship arising in any manner described in
Section 813(b)(2), (3), (4) or (6);

     

    (4)      
the property and funds, if any, physically in the possession of the Trustee as
such on the date of such report;

     

    (5)      
any additional Securities which the Trustee has not previously reported;
and

     

    (6)      
any action taken by the Trustee in the performance of its duties hereunder which
it has not previously reported and which in its opinion materially affects the
Securities, except action in respect of a default, notice of which has been or
is to be withheld by the Trustee in accordance with
Section 802.

     

    (b)     
The Trustee shall transmit by mail to all Securityholders, as their names and
addresses appear in the Security Register, a brief report with respect to the
character and amount of any advances (and if the Trustee elects so to state, the
circumstances surrounding the making thereof) made by the Trustee (as such)
since the date of the last report transmitted pursuant to Subsection (a) of
this Section (or if no such report has yet been so transmitted, since the date
of execution of this instrument) for the reimbursement of which it claims or may
claim a lien or charge, prior to that of the Securities, on property or funds
held or collected by it as Trustee, and which it has not previously reported
pursuant to this Subsection, except that the Trustee shall not be required (but
may elect) to report such advances if such advances remaining unpaid at any time
aggregate 10% or less of the principal amount of the Securities Outstanding at
such time, such report to be transmitted within 90 days after such
time.

     

    (c)     
A copy of each such report shall, at the time of such transmission to
Securityholders, be filed by the Trustee with each stock exchange upon which the
Securities are listed, and also with the Commission.

     

    Section 903.    
Reports by
Company.  The Company will

     

    (a)      
file with the Trustee, within 15 days after the Company files the same with the
Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the
Company may be required to file with the Commission pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company
is not required to file information, documents or reports pursuant to either of
said Sections, then it will file with the Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Securities
Exchange Act of 1934 in respect of a security listed and registered on a
National Securities Exchange as may be prescribed from time to time in such
rules and regulations;

    
      
         

      

      
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    (b)     
file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by the Company
with the conditions and covenants of this Indenture as may be required from time
to time by such rules and regulations;

     

    (c)     
transmit by mail to all Securityholders, as their names and addresses appear in
the Security Register, within 30 days after the filing thereof with the Trustee,
such summaries of any information, documents and reports required to be filed by
the Company pursuant to paragraphs (a) and (b) of this Section as may be
required by rules and regulations prescribed from time to time by the
Commission; and

     

    (d)     
in addition, the Company agrees that for so long as any Securities remain
Outstanding, the Company will furnish to the Securityholders and to securities
analysts and prospective investors, upon their request, the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Exchange
Act of 1934, as amended.  As of September 1, 2009, the requirements of
such Rule 144A(d)(4) shall be met if the Holder and a prospective purchaser
designated by the Holder have the right to obtain from the Company, upon request
of the Holder, and the prospective purchaser has received from the Company, the
seller, or a person acting on either of their behalf, at or prior to the time of
sale, upon such prospective purchaser’s request to the Holder or the Company,
the following information (which shall be reasonably current in relation to the
date of resale under this section):  a very brief statement of the
nature of the business of the Company and the products and services it offers;
and the Company’s most recent balance sheet and profit and loss and retained
earnings statements, and similar financial statements for such part of the two
preceding fiscal years as the Company has been in operation (the financial
statements should be audited to the extent reasonably available).

     

    (e)     
delivery of any reports, information and documents by the Company to the Trustee
pursuant to the provisions of this Section 903 is for informational
purposes only and the Trustee’s receipt of same shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of
the covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers’ Certificates).

     

    (f)      
the Company intends to file the reports referred to in this Section 903
hereof with the Commission in electronic form pursuant to Regulation S-T of the
Commission using the Commission’s Electronic Data Gathering, Analysis and
Retrieval system.  Compliance with the foregoing, or any successor
electronic system approved by the Commission, shall constitute delivery by the
Company of such reports to the Trustee and Holders in compliance with the
provision of Section 903.  Notwithstanding anything to the
contrary herein, the Trustee shall have no duty to search for or obtain any
electronic or other filings that the Company makes with the Commission,
regardless of whether such filings are periodic, supplemental or
otherwise.  Delivery of the reports, information and documents to the
Trustee pursuant to this Section 903(f) shall be solely for the purposes of
compliance with Section 903.  The Trustee’s receipt of such
reports, information and documents shall not constitute notice to it of the
content thereof or of any matter determinable from the content thereof (and the
Trustee shall not have any duty to ascertain or inquire as to such content or
matter), including the Company’s compliance with any of its covenants hereunder,
as to which the Trustee is absolutely entitled to rely upon Officers’
Certificates.

    
      
         

      

      
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    Article
Ten

     

    Consolidation,
Merger, Conveyance or Transfer

     

    Section 1001.  
Company May
Consolidate, Etc., Only on Certain Terms.  The Company shall
not consolidate with or merge into any Person or sell, assign, lease, convey or
otherwise transfer its properties and assets substantially as an entirety to any
Person, unless

     

    (1)      
the Person formed by such consolidation or into which the Company is merged or
the Person which acquires by sale, assignment, lease, conveyance or other
transfer the properties and assets of the Company substantially as an entirety
shall be a corporation, instrumentality, partnership, cooperative association,
other association, limited liability company or similar organization or a trust
organized and existing under the laws of the United States of America or any
State thereof or the District of Columbia, and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, the due
and punctual payment of the principal of and premium and interest on all the
Securities and the performance and observance of every covenant of this
Indenture and the Securities on the part of the Company to be performed or
observed;

     

    (2)      
immediately after giving effect to such transaction, no Event of Default, and no
event which, after notice or lapse of time or both, would become an Event of
Default, shall have happened and be continuing; and

     

    (3)      
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel each stating that such consolidation, merger, sale, assignment,
lease, conveyance or other transfer and such supplemental indenture comply with
this Article and that all conditions precedent herein provided for relating to
such transactions have been complied with.

     

    Section 1002.    
Successor
Substituted.  Upon any consolidation of the Company with, or
merger of the Company into, any other Person or any sale, assignment, lease,
conveyance or other transfer of the properties and assets of the Company
substantially as an entirety in accordance with Section 1001, the successor
Person formed by such consolidation or into which the Company is merged or to
which such sale, assignment, lease, conveyance or other transfer is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and thereafter, except in the case
of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

    
      
         

      

      
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    Article
Eleven

     

    Supplemental
Indentures

     

    Section 1101.   
Supplemental Indentures
Without Consent of Holders.  Without the consent of any Holders
of Securities or the Control Party, the Company, the Guarantor and the Trustee,
at any time and from time to time, may enter into one or more Supplemental
Indentures amending and supplementing this Indenture, for any of the following
purposes:

     

    (1)      
to evidence the succession of another Person to the Company or the Guarantor and
the assumption by any such successor of the covenants of the Company or the
Guarantor herein and in the Securities; or

     

    (2)      
to add to the covenants of the Company for the benefit of the Control Party or,
if the Guarantor is not the Control Party, the Holders of the Securities or to
surrender any right or power herein conferred upon the Company or the Guarantor;
or

     

    (3)      
to add any additional Events of Default; or

     

    (4)      
to add to or change any of the provisions of this Indenture to such extent as
shall be necessary to permit or facilitate the issuance of Securities in bearer
form, registrable or not registrable as to principal, and with or without
interest coupons, or to permit or facilitate the issuance of Securities in
uncertificated form; or

     

    (5)      
to change or eliminate any of the provisions of this Indenture, provided that
any such change or elimination (a) shall become effective only when there
is no Security Outstanding created prior to the execution of such supplemental
indenture which is entitled to the benefit of such provision or (b) shall
not apply to any Security Outstanding; or

     

    (6)      
to establish the form of Securities as permitted by Sections 201 and 301;
or

     

    (7)      
to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee
pursuant to the requirements of Section 811(b); or

     

    (8)      
(A) to cure any ambiguity or to correct or supplement any provision herein
which may be defective or inconsistent with any other provision herein, or
(B) to make any other provisions with respect to matters or questions
arising under this Indenture, provided that such action shall not adversely
affect the interests of the Control Party or, if the Guarantor is not the
Control Party, the Holders of Securities in any material respect.

     

    
      
        
        

      

      
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    Section 1102.    
Supplemental Indentures
with Consent of Holders. The Company, the Trustee and the Guarantor also
may from time to time and at any time enter into an indenture or indentures
supplemental to this Indenture to amend or supplement the terms of the
Series 2009A Bonds with (1) the written consent of the Control Party, or,
if the Guarantor is not the Control Party, the written consent of the Holders of
at least 50% of the aggregate principal amount of the Series 2009A Bonds
Outstanding, or (2) the approval by resolution of the Control Party or, if the
Guarantor is not the Control Party, holders of over 50% of the aggregate
principal amount of the Series 2009A Bonds Outstanding represented at a
meeting of Holders where a Quorum is present.  However, each affected
Holder (for purposes of this Section the Control Party shall not be considered
such affected Holder or permitted to take action on their behalf) and the
Control Party or, if the Guarantor is not the Control Party, each affected
Holder and the Guarantor, must consent for the parties to amend or supplement
the terms of the Indenture or the Series 2009A Bonds to: 

     

    (1)     
change the Stated Maturity of the principal of, or any installment of principal
of or interest on, any Security, or reduce the principal amount thereof, or the
rate of interest thereon or any premium payable thereon, or reduce the amount of
the principal of an Original Issue Discount Security that would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 602 or change the coin or currency in which any Security or any
premium or any interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption at the option of the Company, on or after
the Redemption Date), or

     

    (2)      
reduce the percentage in principal amount of the Outstanding Securities, the
consent of whose Holders is required for any such Supplemental Indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in Section 611 of this Indenture, or reduce the
requirements of Section 1404 for quorum or voting, or

     

    (3)      
change any obligation of the Company to maintain an office or agency in the
places and for the purposes specified in Section 1202, or

     

    (4)      
adversely affect the right to repayment, if any, of any Securities at the option
of the Holders thereof;

     

    (5)      
eliminate or modify the mandatory redemption provided by Section 1303;
or

     

    (6)      
modify any of the provisions of this Section or Section 611, except to
increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder of a Security
with respect to changes in the references to “the Trustee” and concomitant
changes in this Section, or the deletion of this proviso, in accordance with the
requirements of Sections 811(b) and 1101(7).

     

    
      
        
        

      

      
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    It shall
not be necessary for any Act of Holders of Securities under this Section to
approve the particular form of any proposed Supplemental Indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

     

    Section 1103.   
Execution of
Supplemental Indentures.  In executing, or accepting the
additional trusts created by, any Supplemental Indenture permitted by this
Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall receive, and (subject to Section 801) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such Supplemental Indenture is authorized or permitted by this Indenture and
such Supplemental Indenture constitutes the legal, valid and binding obligation
of the Company enforceable in accordance with its terms, subject to customary
exceptions.  The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

     

    Section 1104.   
Effect of Supplemental
Indentures.  Upon the execution of any Supplemental Indenture
under this Article, this Indenture shall be modified in accordance therewith,
and such Supplemental Indenture shall form a part of this Indenture for all
purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

     

    Section 1105.   
Reference in Securities
to Supplemental Indentures.  Securities authenticated and
delivered after the execution of any Supplemental Indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such Supplemental
Indenture.  If the Company shall so determine, new Securities so
modified as to conform, in the opinion of the Trustee and the Company, to any
such Supplemental Indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding
Securities.

     

    Article
Twelve

Covenants

     

    Section 1201.   
Payment of Principal,
Premium and Interest.  The Company covenants and agrees for the
benefit of the Holders of the Securities that it will duly and punctually pay
the principal of and premium and interest on the Securities in accordance with
the terms of the Securities and this Indenture.

     

    Section 1202.   
Maintenance of Office
or Agency.  The Company will maintain in each Place of Payment
for the Securities an office or agency where the Securities may be presented or
surrendered for payment, where Securities may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served.  The
Company will give prompt written notice to the Trustee and the Holders of the
Securities of the location, and any change in the location, of any such office
or agency.  If at any time the Company shall fail to maintain any such
required office or agency in respect of the Securities or shall fail to furnish
the Trustee with the address thereof, such presentations, and surrenders of the
Securities may be made and notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

     

    
      
        
        

      

      
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    The
Company may also from time to time designate one or more other offices or
agencies where the Securities may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in accordance with the requirements
set forth above for the Securities for such purposes.  The Company
will give prompt written notice to the Trustee and the Holders of such
Securities of any such designation or rescission and of any change in the
location of any such other office or agency.

     

    The
Company hereby designates the Corporate Trust Office of the Trustee as a Place
of Payment for the Securities, initially appoints the Corporate Trust Office of
the Trustee as its agency for the purposes of the first sentence of this Section
and initially appoints the Trustee, acting through its Corporate Trust Office,
as Paying Agent, transfer agent and Security Registrar for the Securities, and
the Trustee accepts such appointments.

     

    Section 1203.    
Money for Securities
Payments to Be Held in Trust.  If the Company shall at any time
act as its own Paying Agent with respect to the Securities, it will, on or
before each due date of the principal of and any premium or interest on any of
the Securities, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium or
interest so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and will promptly notify the Trustee in
writing of its action or failure so to act.

     

    Whenever
the Company shall have one or more Paying Agents for the Securities, it will, on
each due date of the principal of and any premium or interest on any Securities,
deposit or instruct the Trustee to deposit with a Paying Agent a sum sufficient
to pay the principal and any premium or interest so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal, premium
or interest and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee in writing of its action or failure so to
act.

     

    The
Company will cause each Paying Agent for the Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent will:

     

    (1)     
hold all sums held by it for the payment of the principal of and any premium or
interest on the Securities in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of
as herein provided;

     

    (2)     
give the Trustee notice in writing of any default by the Company (or any other
obligor upon the Securities) in the making of any payment of principal of and
any premium or interest on the Securities; and

     

    
      
        
        

      

      
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    (3)     
at any time during the continuance of any such default, upon the written request
of the Trustee, forthwith pay to the Trustee all sums so held in trust by such
Paying Agent.

     

    The
Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such
money.

     

    Any money
deposited with the Trustee or any Paying Agent or held by the Company in trust
for the payment of the principal of and any premium or interest on any Security
and remaining unclaimed for two years after such principal or any premium or
interest, as the case may be, has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Security shall thereafter, as an
unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in an Authorized Newspaper in each Place of Payment, notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the
Company.

     

    Section 1204.   
Officers’
Certificate.  The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, a written
statement signed by the Chief Financial Officer, Secretary-Treasurer or an
Assistant Secretary-Treasurer of the Company, stating, as to each signer
thereof, that

     

    (1)      
a review of the activities of the Company during such year and of performance
under this Indenture has been made under his supervision, and

     

    (2)     
to the best of his knowledge, based on such review, (a) the Company has
fulfilled all its obligations under this Indenture throughout such year, or, if
there has been a default in the fulfillment of any such obligation, specifying
each such default known to him and the nature and status thereof, and
(b) no event has occurred and is continuing which is, or upon notice or
lapse of time or both would become, an Event of Default, or, if such an event
has occurred and is continuing, specifying each such event known to him and the
nature and status thereof.

     

    The
Company will deliver a written notice to the Trustee promptly after any officer
of the Company has knowledge of the occurrence of any event which with the
giving of notice or the lapse of time or both would become an Event of
Default.

     

    
      
        
        

      

      
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    Article
Thirteen

     

    Redemption
of Securities

     

    Section 1301.    
Applicability of
Article.  Securities which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and in accordance
with this Article.

     

    Section 1302.   
Election to Redeem;
Notice to Trustee.  In the case of any redemption at the
election of the Company of less than all the Securities with the same
(i) Stated Maturity, (ii) period or periods within which, price or
prices at which and terms and conditions upon which such Securities may or shall
be redeemed or purchased, in whole or in part, at the option of the Company or
pursuant to any sinking fund or analogous provision or repayable at the option
of the Holder, (iii) rate or rates at which the Securities bear interest or
formula pursuant to which such rate or rates accrue, and (iv) date or dates
on which any interest shall be payable (collectively, the “Equivalent Principal
Terms”), the Company shall, at least 45 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee in writing of such Redemption Date and of the
principal amount of the Securities and with such Equivalent Principal Terms to
be redeemed.  In the case of any redemption of Securities
(i) prior to the expiration of any restriction on such redemption provided
in the terms of such Securities with Equivalent Principal Terms or elsewhere in
this Indenture, or (ii) pursuant to an election of the Company which is
subject to a condition specified in the terms of such Securities with Equivalent
Principal Terms, the Company shall furnish the Trustee with an Officers’
Certificate evidencing compliance with such restriction or
condition.

     

    Section 1303.   
Extraordinary Mandatory
Redemption.  (a) The Securities are subject to
extraordinary mandatory redemption, and shall be redeemed, with funds provided
by the Company, on a redemption date selected by the Trustee, which shall not be
more than 60 days following a Determination of Tax Credit Ineligibility, at a
redemption price equal to the principal amount thereof of the Securities being
so redeemed plus accrued interest therein to the redemption date.  Any
such redemption shall be in whole, unless the Trustee receives an opinion of
Bond Counsel delivered to the Trustee by the 45th day prior to the redemption
date that the redemption of a portion of the Outstanding Securities would have
the result that the tax credit under Section 54 of the Code will be
available to the Holders of the Securities remaining outstanding after such
redemption, in which case only such portion need be redeemed.  If
fewer than all Securities are redeemed, the Trustee will select the Securities
to be redeemed as provided in Section 1305 hereof, subject to
Section 54 of the Code.

     

    (b)     
The Securities are subject to extraordinary mandatory redemption, and shall be
redeemed, with funds on hand with the Trustee in the Project Account pursuant to
a written direction by the Company, on a redemption date selected by the
Trustee, which shall be at least 45 days but not more than 225 days following a
Determination of Potential Tax Credit Ineligibility, at a redemption price equal
to the principal amount thereof of the Securities being so redeemed plus accrued
interest therein to the redemption date.  Any such redemption shall
only be that portion of the Outstanding Securities that need to be redeemed so
that the tax credit under Section 54 of the Code will continue to be
available to the Holders of the Securities remaining outstanding after such
redemption.  If fewer than all Securities are redeemed, the Trustee
will select the Securities to be redeemed as provided in Section 1305
hereof, subject to Section 54 of the Code.

     

    
      
        
        

      

      
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    Section 1304.    
Mandatory Sinking Fund
Redemption.  The Securities are also subject to mandatory
redemption pursuant to the terms of the sinking fund as provided in the form of
Securities and in Article Fifteen hereof, at a redemption price equal to 100% of
the principal amount thereof plus (if the redemption date is not an Interest
Payment Date) accrued interest thereon to the redemption date.

     

    As and
for a sinking fund for the retirement of a part of the Series 2009A Bonds,
the Company shall deposit or cause to be deposited in the Bond Fund in Federal
or other immediately available funds current in New York, New York, on or before
each sinking fund redemption date referred to in the form of the Security hereto
an amount sufficient to redeem (after credit as provided in Article Fifteen) the
principal amount of the Series 2009A Bonds to be redeemed on such date as
set forth in such Security.

     

    Section 1305.    
Selection by Trustee of
Securities to Be Redeemed.  If less than all the Securities
with Equivalent Principal Terms are to be redeemed, the particular Securities to
be redeemed shall be selected not more than 60 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities with Equivalent Principal
Terms not previously called for redemption, by such method as the Trustee shall
deem fair and appropriate and which may provide for the selection for redemption
of portions (equal to the minimum authorized denomination for the Securities or
any integral multiple thereof) of the principal amount of Securities with
Equivalent Principal Terms of a denomination larger than the minimum authorized
denomination for Securities with Equivalent Principal Terms.

     

    The
Trustee shall promptly notify the Company in writing of the Securities selected
for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed.

     

    For all
purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case of
any Securities redeemed or to be redeemed only in part, to the portion of the
principal amount of such Securities which has been or is to be
redeemed.

     

    Section 1306.    
Notice of
Redemption.  Notice of redemption shall be given in the manner
provided in Section 106 to the Holders of Securities to be redeemed not
less than 30 nor more than 60 days prior to the Redemption
Date.

     

    All
notices of redemption shall state:

     

    (1)      the
Redemption Date,

     

    (2)     
the Redemption Price,

     

    
      
        
        

      

      
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    (3)     
if less than all the Outstanding Securities with Equivalent Principal
Terms  are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular Securities to be
redeemed,

     

    (4)     
that on the Redemption Date the Redemption Price will become due and payable
upon each such Security to be redeemed and, if applicable, that interest thereon
will cease to accrue on and after said date unless the Company shall default in
the payment of the Redemption Price plus accrued interest,

     

    (5)      the
place or places where such Securities are to be surrendered for payment of the
Redemption Price,

     

    (6)      that
the redemption is for a sinking fund, if such is the case, and

     

    (7)      the
CUSIP number of the Securities, if any.

     

    Notice of
redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s written request, by the Trustee in the
name and at the expense of the Company in which event the Company shall provide
the Trustee with the information required by Clauses (1) through
(7) above.

     

    Section 1307.    
Deposit of Redemption
Price.  On or prior to any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as
its own Paying Agent, segregate and hold in trust as provided in
Section 1203) an amount of money in immediately available funds sufficient
to pay the Redemption Price of, and (if accrued interest is to be paid to the
Persons surrendering the relevant Securities for redemption) accrued interest
on, all the Securities which are to be redeemed on that date.

     

    Section 1308.   
Securities Payable on
Redemption Date.  Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date,
become due and payable at the Redemption Price therein specified, and from and
after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear
interest.  Upon surrender of any such Security for redemption in
accordance with said notice, maturing after the Redemption Date, such Security
shall be paid by the Company at the Redemption Price, together (if accrued
interest is to be paid to the Persons surrendering the relevant Securities for
redemption) with accrued interest to the Redemption Date; provided, however, that,
unless otherwise specified as contemplated by Section 301, installments of
interest on Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of
Section 307.

     

    If any
Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from
the Redemption Date at the rate prescribed therefor in the Security or with
respect to such Securities pursuant to Section 301, as the case may be, or,
if no such interest rate is prescribed therefor, at the interest rate or rates,
if any, borne by such Securities.

     

    
      
        
        

      

      
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    Section 1309.   
Securities Redeemed in
Part.  Any Security which is to be redeemed only in part shall
be surrendered at a Place of Payment therefor (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Security or Securities and of like tenor
and terms, of any authorized denomination as requested by such Holder, in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered.

     

    Article
Fourteen

     

    Meetings
of Holders of Securities

     

    Section 1401.    Purposes for Which Meetings May Be
Called.  A meeting of Holders of Securities may be called at
any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of the
Securities.

     

    Section 1402.   
Call, Notice and Place
of Meetings.   (a) The Trustee may at any time call a
meeting of Holders of Securities for any purpose specified in Section 1401,
to be held at such time and at such place in the Borough of Manhattan, The City
of New York as the Trustee shall determine.  Notice of every
meeting of Holders of Securities, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 106, not less than 21 nor
more than 180 days prior to the date fixed for the meeting.

     

    (b)     
In case at any time the Company, pursuant to a Board Resolution, or the Holders
of at least 10% in principal amount of the Outstanding Securities shall have
requested the Trustee to call a meeting of the Holders of the Securities for any
purpose specified in Section 1401, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication of the notice of such meeting
within 21 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or
the Holders of the Securities in the amount above specified, as the case may be,
may determine the time and the place in the Borough of Manhattan, The City of
New York for such meeting and may call such meeting for such purposes by
giving notice thereof as provided in Subsection (a) of this
Section.

     

    Section 1403.   
Persons Entitled to
Vote at Meetings.  To be entitled to vote at any meeting of
Holders of Securities, a Person shall be (1) a Holder of one or more
Outstanding Securities, or (2) a Person appointed by an instrument in
writing as proxy for a Holder or Holders of one or more Outstanding Securities
by such Holder or Holders.  The only Persons who shall be entitled to
be present or to speak at any meeting of Holders of Securities shall be the
Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Company and its
counsel.

     

    
      
        
        

      

      
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    Section 1404.   
Quorum;
Action.  The Persons entitled to vote a majority in principal
amount of the Outstanding Securities shall constitute a quorum for a meeting of
Holders of the Securities; provided, however, that if
any action is to be taken at such meeting with respect to a request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture or the Securities expressly provides may be given, made or taken by
the Holders of not less than 66-2/3% in principal amount of the Outstanding
Securities, the Persons entitled to vote 66-2/3% in principal amount of the
Outstanding Securities shall constitute a quorum.  In the absence of a
quorum within 30 minutes of the time appointed for any such meeting, the meeting
shall, if convened at the request of Holders of the Securities, be
dissolved.  In any other case the meeting may be adjourned for a
period of not less than 10 days as determined by the chairman of the
meeting prior to the adjournment of such meeting.  In the absence of a
quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such adjourned
meeting.  Notice of the reconvening of any adjourned meeting shall be
given as provided in Section 1402(a), except that such notice need be given
only once not less than five days prior to the date on which the meeting is
scheduled to be reconvened.  Notice of the reconvening of an adjourned
meeting shall state expressly the percentage, as provided above, of the
principal amount of the Outstanding Securities which shall constitute a
quorum.

     

    Except as
limited by the proviso set forth in the first paragraph of Section 1102,
any resolution presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be adopted by the affirmative vote of
the Holders of a majority in principal amount of the Outstanding Securities;
provided, however,
that, except as limited by the proviso set forth in the first paragraph
of Section 1102, any resolution with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture or the Securities expressly provides may be given, made or taken by
the Holders of not less than 66-2/3% in principal amount of the Outstanding
Securities may be adopted at a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid only by the affirmative vote of
the Holders of 66-2/3% in principal amount of the Outstanding Securities; and
provided, further,
that, except as limited by the proviso set forth in the first paragraph of
Section 1102, any resolution with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture or the Securities expressly provides may be made, given or taken by
the Holders of a specified percentage, which is less than a majority, in
principal amount of the Outstanding Securities may be adopted at a meeting or an
adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of such specified percentage in principal
amount of the Outstanding Securities.

     

    Any
resolution passed or decision taken at any meeting of Holders of Securities duly
held in accordance with this Section shall be binding on all the Holders of
Securities, whether or not present or represented at the meeting.

     

    
      
        
        

      

      
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    Section 1405.    
Determination of Voting
Rights; Conduct and Adjournment of
Meetings.  (a) Notwithstanding any other provisions of
this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of the Securities in regard to proof of the
holding of the Securities and of the appointment of proxies and in regard to the
appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall deem
appropriate.

     

    (b)    
The Trustee shall, by an instrument in writing, appoint a temporary chairman of
the meeting, unless the meeting shall have been called by the Company or by
Holders of the Securities as provided in Section 1402(b), in which case the
Company or the Holders of Securities calling the meeting, as the case may be,
shall appoint a temporary chairman.  A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities
represented at the meeting.

     

    (c)     
At any meeting each Holder of a Security and each proxy shall be entitled to one
vote for each $1,000 principal amount of the Outstanding Securities held or
represented by him; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Security challenged as not Outstanding and ruled
by the chairman of the meeting to be not Outstanding.  The chairman of
the meeting shall have no right to vote, except as a Holder of a Security or as
a proxy.

     

    (d)     
Any meeting of Holders of Securities duly called pursuant to Section 1402
at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities
represented at the meeting; and the meeting may be held as so adjourned without
further notice.

     

    Section 1406.   
Counting Votes and
Recording Action of Meetings.  The vote upon any resolution
submitted to any meeting of Holders of Securities shall be by written ballots on
which shall be subscribed the signatures of the Holders of Securities or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities held or represented by them.  The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make
and file with the secretary of the meeting their verified written reports in
duplicate of all votes cast at the meeting.  A record, at least in
duplicate of the proceedings of each meeting of Holders of Securities shall be
prepared by the secretary of the meeting and there shall be attached to such
record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the
facts setting forth a copy of the notice of the meeting and showing that such
notice was given as provided in Section 1402 and, if applicable,
Section 1404.  Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting.  Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

     

    
      
        
        

      

      
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    Article
Fifteen

     

    Sinking
Funds

     

    Section 1501.   
Applicability of
Article.  The provisions of this Article shall be applicable to
any sinking fund for the retirement of the Securities.

     

    The
minimum amount of any sinking fund payment provided for by the terms of the
Securities is herein referred to as a “mandatory sinking fund
payment.”  If provided for by the terms of the Securities, the cash
amount of any sinking fund payment may be subject to reduction as provided in
Section 1502.  Each sinking fund payment shall be applied to the
redemption of Securities as provided for by the terms of the
Securities.

     

    Section 1502.  
Satisfaction of Sinking
Fund Payments with Securities.  The Company (1) may
deliver Outstanding Securities (other than any previously called for redemption)
and (2) may apply as a credit Securities which have been redeemed either at
the election of the Company pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case under Clause (1) or
(2) above in satisfaction of all or any part of any sinking fund payment
with respect to the Securities required to be made pursuant to the terms of such
Securities; provided that such Securities have not been previously so
credited.  Such Securities shall be received and credited for such
purpose by the Trustee at the Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

     

    Section 1503.  
Redemption of
Securities for Sinking Fund.  Not less than 60 days prior
to each sinking fund payment date for the Securities or such shorter period as
shall be satisfactory to the Trustee, the Company will deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing sinking fund
payment for such Securities pursuant to the terms of such Securities, the
portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting
the Securities pursuant to Section 1502 and will also deliver to the
Trustee any Securities to be so delivered.  The Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 1305 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the manner provided in
Section 1306.  Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in
Sections 1308 and 1309.

     

    Article
Sixteen

     

    Satisfaction
and Discharge

     

    Section 1601.  
Satisfaction and
Discharge of Indenture. This Indenture shall upon Company Request cease
to be of further effect (except as to any surviving rights expressly provided
for in the last paragraph of this Section 1601), and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

     

    
      
        
        

      

      
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    (1)   
 either

     

    (A)     
all Securities theretofore authenticated and delivered (other than
(i) Securities which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 306, (ii) Securities for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 1203) have been delivered to the
Trustee for cancellation; or

     

    (B)      
all such Securities not theretofore delivered to the Trustee for
cancellation

     

    (i)     
have become due and payable, or

     

    (ii)     will
become due and payable at their Stated Maturity within ninety days,

     

    and the
Company, in the case of (i) or (ii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose (A) an
amount of cash or (B) U.S. Government Obligations, which through the
payment of interest and principal in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment of
principal (including any premium), and interest under the Securities, money in
an amount or (C) a combination of (A) and (B) sufficient (in the opinion
with respect to (B) and (C) of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the
Trustee) to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal and
premium, if any, and interest to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be; provided, however, that the
Company shall not make or cause to be made the deposit provided by
subclause (B) unless the Company shall have delivered to the Trustee an
Opinion of Bond Counsel to the effect that such deposit will not impair the tax
credit of the owners of the Securities or violate the provisions of the Tax
Compliance Agreement;

     

    (2)     the
Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     

    (3)   
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied
with.

     

    
      
        
        

      

      
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    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 807, the obligations of the Company to the
Holders of any Securities which are repayable by the Company at the option of
such Holders in accordance with Article Fifteen, the provisions of Sections 304,
305, 306, 307, 1202, 1203 and 1205 and the payment obligations to any
Authenticating Agent under Section 814 shall survive and, if cash or U.S.
Government Obligations shall have been deposited with the Trustee pursuant to
Clause (1)(B) of clause (1) of this Section, or if money, U.S.
Government Obligations shall have been deposited with or received by the Trustee
pursuant to Section 1603, the obligations of the Trustee under
Section 1602 and the last paragraph of Section 1203 shall survive this
Section, the provisions of Section 1602, the rights of Holders of
Outstanding Securities to receive, from the trust funds described in this
Section and as more fully provided in Section 1602, payments in respect of
the principal of and any premium and interest on such Securities when such
payments are due, the other provisions of this Article Sixteen and, if
applicable, the provisions of Article Thirteen, shall also
survive.

     

    Section
1602.     Application of Trust Money.
Subject to the provisions of the last paragraph of Section 1203, all
cash or U.S. Government Obligations deposited with the Trustee pursuant to
Section 1601 shall be held in trust and applied by it, in accordance with
the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (other than the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal and premium and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

     

    Section 1603.    
Satisfaction, Discharge
and Defeasance of Securities.  If, at the Company’s option,
either

     

    (a)     
the Company will be deemed to have been Discharged from its obligations with
respect to the Securities or

     

    (b)    
the Company will cease to be under any obligation to comply with any term,
provision or condition set forth in (x) Sections 1001 and 1002 or
(y) the instrument or instruments setting forth the terms, provisions or
conditions of such Securities pursuant to Section 301 (provided in case of this
subclause (y) that such instrument or instruments specify which terms,
provisions or conditions, if any, are subject to this clause (b); provided further, however,
that no such instrument may specify that the Company may cease to comply with
any obligations as to which it may not be Discharged pursuant to the definition
of “Discharged”);

     

    in each
case (a) and (b) with respect to the Securities and Coupons, if any, thereof, on
the 91st day after the applicable conditions set forth below in (p) and either
(q) or (r) have been satisfied:

     

    (p)(1)   
the Company has paid or caused to be paid all other sums payable with respect to
the Outstanding Securities, if any (in addition to any sums required under (q)
or (r)); and

     

    
      
        
        

      

      
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       (2)   
 the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel as contemplated by Section 102 and each stating that all
conditions precedent herein provided for relating to the satisfaction and
discharge of the entire indebtedness on all Outstanding Securities, if any, have
been complied with;

     

    (q)(1)  
the Company shall have deposited or caused to be deposited irrevocably with the
Trustee as a trust fund specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of the Securities (i) money in an
amount or (ii) U.S. Government Obligations (as defined below), which
through the payment of interest and principal in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any
payment of principal (including any premium) and interest under the Securities,
money in an amount (or (iii) a combination of (i) and (ii)) sufficient (in
the opinion with respect to (ii) and (iii) of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee) to pay and discharge each installment of principal of
and premium, if any, and interest on, the Outstanding Securities, if any, on the
dates such installments of interest or principal are due; provided, however, that the
Company shall not make or cause to be made the deposit provided by this
clause (1) unless the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that such deposits will not impair the tax
credit of the owners of the Securities or violate the provisions of the Tax
Compliance Agreement;

     

    (2)(i)   
no Event of Default or event (including such deposit) which with notice or lapse
of time or both would become an Event of Default with respect to the Securities
shall have occurred and be continuing on the date of such deposit, (ii) no
Event of Default as defined in clause (4) of Section 601, or event
which with notice or lapse of time or both would become an Event of Default
under either such clause, shall have occurred within 90 days after the date of
such deposit and (iii) such deposit and the related intended consequence
under (a) or (b) will not result in any default or event of default under any
material indenture, agreement or other instrument binding upon the Company or
any of its properties;

     

       
(3)    the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that Holders of the Securities will not
recognize income, gain or loss for Federal income tax purposes as a result of
the Company’s exercise of its option under this Section 1603 and will be
subject to Federal income tax in the same amount, in the same manner and at the
same times as would have been the case if such option had not been exercised;
and

     

    (r)    
the Company has properly fulfilled such other means of satisfaction and
discharge as is specified, as contemplated by Section 301, to be applicable
to the Securities.

     

    
      
        
        

      

      
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    Any
deposits with the Trustee referred to in clause (q)(1) above will be made
under the terms of an escrow trust agreement in form and substance satisfactory
to the Trustee.  If any Outstanding Securities are to be redeemed
prior to their Stated Maturity, whether pursuant to any mandatory redemption
provisions or in accordance with any mandatory sinking fund requirement, the
applicable escrow trust agreement will provide therefor and the Company will
make arrangements for the giving of notice of redemption by the Trustee in the
name, and at the expense, of the Company.

     

    (c)     
The Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government Obligations or money held by it as provided in
Section 1601 or 1603 which, in the opinion of a nationally-recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are then in excess of the amount thereof which then
would have been required to be deposited for the purpose for which such
obligations or money were deposited or received.  The Trustee shall
also deliver or pay to the Company from time to time upon Company Request any
U.S. Government Obligations or money held by it as provided in Section 1601
or 1603, in exchange for other U.S. Government Obligations or money, upon the
following conditions:

     

    (1)      
such exchange shall occur simultaneously;

     

    (2)     
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for
relating to the exchange contemplated by paragraph (c) of this Section have
been complied with; and

     

    (3)     
in the opinion of a nationally-recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee,
immediately after such exchange the U.S. Government Obligations or money then
held by the Trustee as provided in Section 1601 or 1603 shall be in such
amount as then would have been required to be deposited in order to comply with
Section 1601(l) or 1603(q)(1) hereof, as the case may be.

     

    Section 1604.    
Reinstatement.  If
the Trustee is unable to apply any money or U.S. Government Obligations in
accordance with Section 1601 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company’s obligations
under this Indenture and the Securities shall be revived and reinstated as
though no deposit had occurred pursuant to Section 1601 until such time as
the Trustee is permitted to apply all such money or U.S. Government Obligations
in accordance with Section 1601; provided, however, that if
the Company has made any payment of any interest on or principal of (and
premium, if any) on any Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee.

     

    
      
        
        

      

      
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    Article
Seventeen

     

    Grant
of Security Interest in Pledged Collateral

     

    Section
1701.     Security
Interest.  To secure the full and punctual payment of the
Obligations in accordance with the terms of this Indenture, the Securities and
the Credit Support Agreement, the Company shall enter into the Pledge and
Security Agreement with the Trustee, pursuant to which the Company shall grant a
security interest to the Trustee for the ratable benefit of the Holders from
time to time of the Securities (such Trustee and Holders from time to time being
collectively the “Secured
Parties”) in, and shall pledge and collaterally assign to and with the
Trustee for the ratable benefit of the Secured Parties, the Pledged Collateral
and all of the rights and remedies of the Company in and to the Pledged
Collateral (such security interest, pledge and collateral assignment being
the “Security
Interest”).

     

    Article
Eighteen

     

    Immunity of Incorporators,
Stockholders, Officers and Directors

     

    Section 1801.    
Exemption from
Individual Liability.  No recourse under or upon any
obligation, covenant or agreement of this Indenture, or of any Security, or for
any claim based thereon or otherwise in respect thereof, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company or of any successor Person, either directly or through
the Company, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever shall attach
to, or is or shall be incurred by, the incorporators, stockholders, officers or
directors, as such, of the Company or of any successor Person, or any of them,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or inferred therefrom; and that any and all such
personal liability, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every such
incorporator, stockholder, officer or director, as such, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issue of
such Securities.

     

    *     *     *

     

    This
instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

    
      
         

      

      
        -83-

        
          

        

      

      
         

      

    

     

    In
Witness Whereof, the parties hereto have caused this Indenture to be duly
executed, all as of the day and year first written above.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          National
      Rural Utilities Cooperative

                                                          Finance
      Corporation

                                                        
	 
      	 
      	 
      
	
                                                          By

                                                        	 
      	 
      
	 
      	
                                                          Name:

                                                        	 
      
	 
      	
                                                          Title:

                                                        	 
      
	 
      	 
      	 
      
	
                                                          U.S.
      Bank National Association, as Trustee

                                                        
	 
      	 
      	 
      
	
                                                          By

                                                        	 
      	 
      
	 
      	
                                                          Name:

                                                        	 
      
	 
      	
                                                          Title:

                                                        	 
      
	 
      	 
      	 
      
	
                                                          Federal
      Agricultural Mortgage

                                                          Corporation,
      as Guarantor

                                                        
	 
      	 
      	 
      
	
                                                          By

                                                        	 
      	 
      
	 
      	
                                                          Name:

                                                        	 
      
	 
      	
                                                          Title:

                                                        	 
      

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
A

    

    [Form
of Series 2009A Bond]

    

    
      
        	
                Number

              	
                Dollars

              
	
                No.

              	
                $             
      

              

      

    

     

    This
Security is a Global Security registered in the name of the Depositary (referred
to herein) or a nominee thereof and, unless and until it is exchanged in whole
or in part for the individual Securities represented hereby, this Global
Security may not be transferred except as a whole by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee or such successor Depositary.

     

    Unless
this Global Security is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York), to the Trustee
for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or such other name as requested by an
authorized representative of The Depository Trust Company and any payment is
made to Cede & Co., any transfer, pledge or other use hereof for value or
otherwise by or to any person is wrongful since the Registered Owner hereof,
Cede & Co., has an interest herein.

     

    This
Security is not a savings account deposit or obligation of any bank and is not
insured or guaranteed by any governmental agency of the United States, including
the Federal Deposit Insurance Corporation, Bank Insurance Fund or Savings
Association Insurance Fund.

     

    National
Rural Utilities

    Cooperative
Finance Corporation

    Clean
Renewable Energy Bonds

    Secured
Tax Credit Series 2009A

    

    
      
        	
                Original
      Issue Date:

              	
                CUSIP:  637432
      ___

              
	
                October
      23, 2009

              	 
      

      

    

    Maturity
Date:  December 15,
           

    

    
      
        	
                Registered
      Owner:  Cede & Co.

              	 
      	 
      
	 
      	 
      	 
      
	
                Principal
      Amount:

              	 
      	 
      
	 
      	 
      	 
      
	
                Tax
      Credit Rate:

              	
                Interest
      Rate:

              	
                per
      annum

              

      

    

     

    National
Rural Utilities Cooperative Finance Corporation, a cooperative association duly
organized and existing under the laws of the District of Columbia (herein called
the “Company,” which
term includes any successor Person under the Indenture hereinafter referred to),
for value received, hereby promises to pay to the Registered Owner
identified above, or registered assigns, on the Maturity Date identified above,
the Principal Amount identified above.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    This
Security has been designated by the Company as a Clean Renewable Energy Bond
under Section 54 of the Internal Revenue Code of 1986, as
amended.  An Owner of this Security (an “Owner”) on any Credit
Allowance Date of this Security occurring during any taxable year will be
allowed a credit against the Owner’s federal income tax.  The total
annual credit with respect to the Series 2009A Bonds is equal to the
product of (a) the Tax Credit Rate identified above; multiplied by
(b) the outstanding face amount of such Securities.  The credit
allowed to an Owner for its taxable year is equal to the sum of the credits
determined on each Credit Allowance Date that falls within the Owner’s tax
year.  The Credit Allowance Dates are March 15, June 15,
September 15, December 15, and the last day on which the Securities
are outstanding.  The amount of the credit allowed on each Credit
Allowance Date is equal to 25% of the annual credit unless the Securities are
issued less than three months prior to the first credit allowance date or
redeemed less than three months after the last credit allowance
date.  With respect to those periods, the amount of credit allowed on
the respective credit allowance date is a ratable portion of the otherwise
allowable credit, based upon the portion of the three-month period during which
the Security is outstanding.  Ownership of the Securities may result
in other federal income tax consequences to certain taxpayers.  Each
owner of a Security should consult its own tax advisor concerning tax
consequences of ownership of the Securities.

     

    Interest
on the Bonds will be computed on the basis of a 360-day year of twelve 30-day
months and will be paid semi-annually on June 15 and December 15 of
each year, commencing December 15, 2009.  Payment of the
principal of (and premium, if any) and interest on this Security will be made at
the office or agency of the Paying Agent maintained for that purpose in New
York, New York, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts;
provided, however, that
at the option of the Company payment of interest may be made (i) by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or (ii) by wire transfer in immediately
available funds at such place and to such account as may be designated in
writing by the Person entitled thereto as specified in the Security Register at
least fifteen days prior to the relevant Interest Payment Date.

     

    This
Security has not been registered under the Securities Act of 1933 (the “1933 Act”).  The
Bondholder hereof, by purchasing this Security, agrees for the benefit of the
Company that this Security may not be resold, pledged or otherwise transferred
other than (i) in a transaction exempt from registration under the 1933 Act
and only to the Initial Purchaser or through the Initial Purchaser to an
institutional investor approved by the Initial Purchaser as an institutional
accredited investor or a qualified institutional buyer purchasing for its own
account or for the account of an institutional accredited investor or qualified
institutional buyer, respectively, or (ii) to a qualified institutional
buyer that purchases for its own account or for the account of a qualified
institutional buyer and to whom notice is given that the transfer is being made
in reliance on Rule 144A, in each case in accordance with any applicable
securities laws of any state of the United States.  The Bondholder
hereof further agrees for the benefit of the Company that it will notify any
purchaser hereof of the resale restrictions referred to above.  Any
Bondholder holding this Security agrees that it will notify the Company and the
Trustee of any transfer by it of this Security and that it will furnish to the
Company and the Initial Purchaser such certificates and other information as
they may reasonably require to confirm that any transfer by it of this Security
complies with the foregoing restrictions.  The Bondholder hereof, by
purchasing this Security represents and agrees for the benefit of the Company
that it is (1) a qualified institutional buyer within the meaning of
Rule 144A or (2) an institution that is an “Accredited Investor” as
defined in Rule 501(A)(1), (2), (3) or (7) under the 1933 Act and that it
is holding this Security for investment purposes and not for
distribution.

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

     

    This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”), issued under
an Indenture, dated as of September 1, 2009 (the “Indenture”) among the
Company, U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture) and the Federal Agricultural
Mortgage Corporation (the
“Guarantor”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered.  This Security is one of the
series designated National Rural Utilities Cooperative Finance Corporation Clean
Renewable Energy Bonds, Secured Tax Credit Series 2009A (the “Series 2009A Bonds”)
and limited in aggregate principal amount to $28,908,000.

     

    Pursuant
to the Indenture, the Guarantor has agreed to fully and unconditionally
guarantee (the “Guarantee”) to the Trustee
for the benefit of the Holders of the Series 2009A Bonds and the Company,
the timely payment of interest on the Series 2009A Bonds and, in the case
of principal, an amount equal to the amount of outstanding principal of the
Series 2009A Bonds less any amounts in the Series 2009A Project
Account (as set forth in the Indenture).  Although the Guarantor is a
federally chartered instrumentality of the United States, the obligations of the
Guarantor under the Indenture will be obligations solely of the Guarantor, and
the Guarantee will not be an obligation of, and will not be guaranteed by, the
Farm Credit Administration, the United States or any agency or instrumentality
of the United States.

     

    Payment
by the Guarantor under the Indenture of any amount required to be paid by the
Company under the Indenture shall be deemed to be a payment thereunder for
purposes of determining whether there is an Event of Default under the Indenture
which will permit the Trustee to exercise any remedies under such
instrument.

     

    The
Series 2009A Bonds are subject to redemption by the Company prior to their
Stated Maturity, in the following events:

     

    (a)     
Not more than 60 days following a Determination of Tax Credit Ineligibility, at
a redemption price equal to the principal amount thereof of the Securities being
so redeemed plus accrued interest thereon to the redemption date.  Any
such redemption shall be in whole, unless the Trustee receives an opinion of
Bond Counsel delivered to the Trustee by the 45th day prior to the redemption
date that the redemption of a portion of Series 2009A Bonds would have the
result that the tax credit under Section 54 of the Code will be available
to the Holders of the Series 2009A Bonds remaining outstanding after such
redemption, in which case only such portion need be redeemed.  If
fewer than all Series 2009A Bonds are redeemed, the Trustee will select the
Series 2009A Bonds to be redeemed as provided in the Indenture, subject to
Section 54 of the Code; or

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

     

    (b)    
At least 45 days but not more than 225 days following a Determination of
Potential Tax Credit Ineligibility, at a redemption price equal to the principal
amount thereof of the Series 2009A Bonds being so redeemed plus accrued
interest thereon to the redemption date.  Any such redemption shall
only be that portion of the Series 2009A Bonds that need to be redeemed so
that the tax credit under Section 54 of the Code will continue to be
available to the Holders of the Series 2009A Bonds remaining outstanding
after such redemption.  If fewer than all Series 2009A Bonds are
redeemed, the Trustee will select the Series 2009A Bonds to be redeemed as
provided in the Indenture, subject to Section 54 of the Code.

     

    So long
as no “Guarantor Default” (as defined under the Indenture) is existing and
continuing, the Guarantor shall be the “Control Party” under the
Indenture.  If the Guarantor is the Control Party, the Guarantor shall
be considered the Holder of all Series 2009A Bonds Outstanding for all
purposes under the Indenture and shall be permitted to take any and all actions
permitted to be taken by the Holders or a specified percentage of Holders
thereunder, provided, however,
the Guarantor shall not be entitled to receive payments of principal of
and interest on the Series 2009A Bonds other than (i) pursuant to the
Guarantor’s subrogation rights and (ii) to the extent that the Guarantor is a
Holder of the Series 2009A Bonds.  The Control Party will have
the sole right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee with respect to the Series 2009A
Bonds or exercising any trust or power conferred on the Trustee with respect to
the Series 2009A Bonds.  The Guarantor shall, to the extent it
makes any payment of any amount with respect to the Series 2009A Bonds,
become subrogated to the rights of the recipient of such payments to the extent
of such payments.  Subject to and conditioned upon any payment with
respect to the Series 2009A Bonds by or on behalf of the Guarantor, the
Trustee assigns to the Guarantor, pursuant the Indenture, all rights to the
payment of interest or principal with respect to the Series 2009A Bonds
which are then due for payment to the extent of all payments made by the
Guarantor, and the Guarantor may exercise any option, vote, right, power or the
like with respect to the Series 2009A Bonds to the extent that it has made
a payment on the Series 2009A Bonds pursuant to the
Guarantee.  To evidence such subrogation, the Trustee shall note the
Guarantor’s rights as subrogee in the Bond Register upon receipt from the
Guarantor of payment by the Guarantor of any amount with respect to the
Series 2009A Bonds.  Such subrogation shall in all cases not
impair the rights of the Holders of the Series 2009A Bonds to receive all
amounts payable by the Guarantor in respect of the Series 2009A Bonds
pursuant to the Guarantee.  Each Holder of Series 2009A Bonds is
hereby deemed to acknowledge and agree to the rights of subrogation of the
Guarantor hereunder, under the Indenture, under the Guarantee and otherwise
under applicable law.

     

    The
Indenture contains provisions for satisfaction and discharge of the entire
indebtedness of this Security upon compliance by the Company with certain
conditions set forth in the Indenture.

     

    If an
Event of Default with respect to the Series 2009A Bonds shall occur and be
continuing, the principal of the Series 2009A Bonds may be declared due and
payable in the manner and with the effect provided in the
Indenture.

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a
majority in principal amount of the Securities at the time Outstanding to be
affected, treated as one class.  The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities at the time Outstanding, on behalf of the Holders of all
Securities, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange here for or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

     

    As
provided in and subject to the provisions of the Indenture, the Holder of this
Security shall not have the right to institute any proceeding with respect to
the Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the
Series 2009A Bonds, the Holders of not less than 25% in principal amount of
the Series 2009A Bonds at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee indemnity satisfactory to it, the
Trustee shall not have received from the Holders of a majority in principal
amount of Series 2009A Bonds at the time Outstanding a direction
inconsistent with such request, and the Trustee shall have failed to institute
any such proceeding, for 60 days after receipt of such notice, request and
offer of indemnity.  The foregoing shall not apply to any suit
instituted by the Holder of this Bond for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed or provided for herein.

     

    No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed.

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest
on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Series 2009A Bonds and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.  No
service charge shall be made for any such registration of transfer or exchange,
but the Company and the Security Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection
therewith.

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

     

    Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary.

     

    The
Series 2009A Bonds are issuable only in registered form without coupons in
denominations of $100,000 and any integral multiple of $1,000 in excess of
$100,000.  As provided in the Indenture and subject to certain
limitations therein set forth, Series 2009A Bonds are exchangeable for a
like aggregate principal amount of Securities of like tenor of a different
authorized denomination, as requested by the Holder surrendering the
same.

     

    All terms
used in this Bond which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     

    The
Indenture and this Security shall be governed by and construed in accordance
with the laws of the State of New York without regard to conflicts of laws
principles thereof.

     

    This
Security is a global security within the meaning of the Indenture hereinafter
referred to and is registered in the name of a depositary or a nominee of a
depositary.  This Security is exchangeable for securities registered
in the name of a person other than the depositary or its nominee only in the
limited circumstances described in the indenture and may not be transferred
except as a whole by the depositary to a nominee of the depositary or by a
nominee of the depositary to the depositary or another nominee of the
depositary.

     

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.
 

    
      
         

      

      
        A-6

        
          

        

      

      
         

      

    

     

    In
Witness Whereof, the Company has caused this instrument to be duly
executed.

       

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Dated:

                                  	 
      	 
      	
                                    National
      Rural Utilities Cooperative

                                    Finance
      Corporation

                                  
	 	 	 	 
	 
      	 
      	 
      	
                                    By:

                                  	 
      	 
      
	 
      	 
      	 
      	 
      	
                                    Name:

                                  	 
      
	 
      	 
      	 
      	 
      	
                                    Title:

                                  	 
      

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Certificate
of Authentication

     

    This is
one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

       

    
      
        
          
            
              
                	
                        Date:

                      	 
      	 	
                        U.S.
      Bank National Association, as Trustee

                      
	 	 	 	 	 
	 
      	 
      	 	
                        By:

                      	 
      
	 
      	 
      	 	 
      	
                        Authorized
      Signatory

                      

              

            

          

        

      

    
 

    
      
         

      

      
        A-7

        
          

        

      

      
         

      

    

    Assignment

     

    The
following abbreviations, when used in the inscription on the face of the within
Security, shall be construed as though they were written out in full according
to applicable laws or regulations

     

    
      
        
          	
                	
                  TEN
      COM 

                	
                  —  as
      tenants in common

                

        

      

    

     

    
      	
            	
              TENANT

            	
              —  as
      tenants by the entireties

            

    

     

    
      
        	
              	
                JT
      TEN

              	
                —  as
      joint tenants with right of survivorship and not as tenants in
      common

              

      

    

     

    UNIF GIFT
MIN
ACT          —  _____________   Custodian   _____________

    (Cust)                                      (Minor)

    under
Uniform Gifts to Minors Act

     

    Additional
abbreviations may also be used though not in the above list.

     

    For
Value Received, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

     

    ____________________________________________________________

     

    Please
Insert Social Security or

    other
Identifying Number of Assignee:

     

    
      
        
          
            
              
                	
                           
      

                      

              

               

            

          

        

      

    

    ________________________________________________________________________________________________________

    ________________________________________________________________________________________________________

    (Please
Print or Typewrite Name and Address, Including Postal Zip Code, of
Assignee)

     

    ________________________________________________________________________________________________________

    the
within Security and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________________________________ to transfer said
Security on the books of the Company, with full power of substitution in the
premises.

     

    If less than the entire principal
amount of the within Security is to be sold, transferred or assigned, specify
the portion thereof which the Holder elects to have sold, transferred or
assigned:  ______________; and specify the denomination or
denominations (which shall not be less than the minimum-authorized denomination)
of the Securities to be issued to the Holder for the portion of the within
Security not being sold, transferred or assigned (in the absence of any such
specification, one such Security will be issued for the portion not being sold,
transferred or
assigned):  ______________________.
 

    
      
         

      

      
        A-8

        
          

        

      

      
         

      

    

     

    Dated:  ______________

     

    Signature:  _________________________

    (Sign
exactly as your name appears on the other side of this Security
Certificate)

     

    Signature
Guarantee*:  _________________________

     

    
      
        

      

    

    
      
        	
                *

              	
                Signature
      must be guaranteed by an “eligible guarantor institution” that is a bank,
      stockbroker, savings and loan association or credit union meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Securities Transfer Agents Medallion Program
      (“STAMP”)
      or such other “signature guarantee program” as may be determined by the
      Registrar in addition to, or in substitution for, STAMP, all in accordance
      with the Securities and Exchange Act of 1934, as
  amended.

              

      

    
 

    
      
         

      

      
        A-9

        
          

        

      

      
         

      

    

    Exhibit
B

    

    Form
of Expense Requisition Statement

    (pursuant
to Section 402(c) of the Indenture)

     

    U.S. Bank
National Association

    100 Wall
Street

    Suite
1600

    New York,
NY  10005

    Attn:  Corporate
Trust Services

    

    
      
        
          
            	 
      	
                    Requisition
      No: ___

                  
	 
      	
                    Requisition
      Amount:  $________

                  
	 
      	
                    Date:  ___________,
      200_

                  

          

        

      

    

     

    Ladies
and Gentlemen:

     

    This
Certificate is provided pursuant to Section 402(c) of the Indenture, dated as of
September 1, 2009 (the “Indenture”) by and among
National Rural Utilities Cooperative Finance Corporation (the “Company”), Federal
Agricultural Mortgage Corporation and U.S. Bank National Association,
Trustee (the “Trustee”), relating to that
issue of Clean Renewable Energy Bonds, Secured Tax Credit Series 2009A of
National Rural Utilities Cooperative Finance Corporation (the “Series 2009A Bonds”),
requesting payment out of the Series 2009A Expense Account of the Project
Fund (the “Account”),
as defined and established in the Indenture.  Capitalized terms used
herein and not otherwise defined herein shall have the meaning assigned to them
in the Indenture.  Payment in the amount listed above as the
“Requisition Amount” should be wired to Company.  The account
information is as follows:

     

    [Name of
Bank]

    ABA
Routing
Number:           
__________

    Account
Name:                       
__________

    Account
Number:                    
__________

     

    The
undersigned Authorized Officer of the Company, on behalf of the Company, does
hereby represent as follows:

     

    (i)      
the amount of money listed above as the “Requisition Amount” is due and owing,
has not been previously paid with moneys disbursed from the Account and is a
proper cost of issuing the Series 2009A Bonds; and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii)     
the money received pursuant to this requisition will be used to pay the fees,
costs and expenses of issuing the Series 2009A Bonds, including, without
limitation, all printing expenses in connection with the Indenture, Loan
Agreements, Project Agreements and Series 2009A Bonds, Rating Agency fees,
legal fees, administrative charges of the Company and the initial fees and
expenses of the Trustee.

     

    
      
        
          
            
              	
                      Sincerely,

                    
	 
      
	
                      National
      Rural Utilities Cooperative Finance

                      Corporation

                    
	 	 
	
                      By

                    	 
      
	 
      	
                      Authorized
      Company
Representative

                    

            

          

        

      

    
 

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

    Exhibit
C

    

    Form
of Demand Letter

     

    [Date]

    

    Federal
Agricultural Mortgage Corporation

    1133 21st
Street, N.W., Suite 600

    Washington,
D.C.  20036

    Attn:  Timothy
L. Buzby, Vice President – Finance

    Telecopier:  202-872-7713

     

    Re:
Indenture dated as of September 1, 2009 (the “Indenture”), among
National
Rural Utilities Cooperative Finance Corporation, as Company (the “Company”), Federal
Agricultural Mortgage Corporation, as guarantor (the “Guarantor”), and U.S. Bank
National Association, as trustee (the “Trustee”)

    
      

    

    Ladies
and Gentlemen:

     

    In
accordance with Section 502(a) of the Indenture, the Trustee hereby makes a
claim under the Guarantee due to a Guaranty Event.  Please remit funds
in the amount of ______________________________ ($__________) to the Trustee by
2:30 p.m. Eastern time on the following payment
date:_______________________.  Capitalized terms used but not
otherwise defined herein have the meanings set forth in the
Indenture.

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Sincerely,

                              	 
      
	 
      	 
      	 
      
	
                                U.S.
      Bank National Association, as Trustee

                              
	
                                 
      

                              	 
      	 
      
	
                                By:

                              	 
      	 
      
	 
      	
                                Name:

                              	 
      
	 
      	
                                Title:

                              	 
      

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        	
                cc:

              	
                CFO
      of National Rural Utilities

              
	 
      	
                Cooperative
      Finance Corporation

              

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
D

    

    Form
of Control Party Instructions

     

    [Date]

     

    U.S. Bank
National Association

    100 Wall
Street

    Suite
1600

    New York,
NY  10005

    Attn:  Corporate
Trust Services

     

    Re:
Indenture dated as of September 1, 2009 (the “Indenture”), among
National
Rural Utilities Cooperative Finance Corporation, as Company (the “Company”), Federal
Agricultural Mortgage Corporation, as guarantor (the “Guarantor”), and U.S. Bank
National Association, as trustee (the “Trustee”)

    
      

    

    Ladies
and Gentlemen:

     

    [__________________],
as Control Party, hereby directs U.S. Bank National Association, as Trustee, to
distribute funds in the following amounts to the following parties as required
by Section 605 of the Indenture:

     

    [List of
amounts and locations $s/b sent]

     

     Capitalized
terms used but not otherwise defined herein have the meanings set forth in the
Indenture.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Sincerely,

                                  
	
                                     
      

                                  	 
      	 
      
	
                                     
      

                                  	 
      	 
      
	
                                     
      

                                  	 
      	 
      
	
                                    By:

                                  	 
      	 
      
	
                                     
      

                                  	
                                    Name:

                                  	 
      
	
                                     
      

                                  	
                                    Title:

                                  	 
      

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        	
                cc:

              	
                CFO
      of National Rural Utilities

              
	 
      	
                Cooperative
      Finance Corporation

              

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
E

    

    Form
of Funds Direction Statement

    (pursuant
to Section 404(c) of the Indenture)

     

    U.S. Bank
National Association

    100 Wall
Street

    Suite
1600

    New York,
NY  10005

    Attn:  Corporate
Trust Services

    

    
      
        
          	 
      	
                  Direction
      No: ___

                
	 
      	
                  Direction
      Amount:  $________

                
	 
      	
                  Date:  ___________,
      200_

                

        

      

    

     

    Ladies
and Gentlemen:

     

    This
Certificate is provided pursuant to Section 404(c) of the Indenture, dated as of
September 1, 2009 (the “Indenture”) by and among
National Rural Utilities Cooperative Finance Corporation (the “Company”), Federal
Agricultural Mortgage Corporation and U.S. Bank National Association,
Trustee (the “Trustee”), relating to that
issue of Clean Renewable Energy Bonds, Secured Tax Credit Series 2009A of
National Rural Utilities Cooperative Finance Corporation (the “Series 2009A Bonds”),
requesting transfer out of the Borrower Repayments Fund relating (the “Fund”), as defined and
established in the Indenture.  Capitalized terms used herein and not
otherwise defined herein shall have the meaning assigned to them in the
Indenture.

     

    The
Trustee is hereby requested to transfer $_________ from the Borrower Repayments
Account to be used as set forth below.

     

    The
undersigned Authorized Officer of the Company, on behalf of the Company, does
hereby represent as follows:

     

    (i)      
For transfer to the Bond Fund to be used to pay principal or interest on the
Series 2009A Bonds; or

     

    (ii)     
for payment to the Company, to be used to pay the fees, costs and expenses of
maintaining the Series 2009A Bonds program, including, without limitation,
all administrative charges of the Company.

    

    
      
        
          
            
              
                
                  
                    	
                            Sincerely,

                          
	 
      	 
      
	
                            National
      Rural Utilities Cooperative

                            Finance
      Corporation

                          
	 	 
	
                            By

                          	 
      
	 
      	
                            Authorized
      Company
RepresentativeKERYX BIOPHARMACEUTICALS,
INC.

    SECOND AMENDED AND RESTATED DIRECTORS
EQUITY COMPENSATION PLAN

    

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    KERYX BIOPHARMACEUTICALS,
INC.

    SECOND AMENDED AND RESTATED DIRECTORS
EQUITY COMPENSATION PLAN

    

    

    ARTICLE 1

    PURPOSE

     

    

    1.1.           PURPOSE.  The purpose of the Keryx
Biopharmaceuticals, Inc. Second Amended and Restated Directors Equity
Compensation Plan is to attract, retain and compensate highly-qualified
individuals who are not employees of Keryx Biopharmaceuticals, Inc. or any of
its subsidiaries or affiliates for service as members of the Board by providing
them with an opportunity to participate in the Company’s future growth through
the granting of stock-based incentive awards.  The Company intends
that the Plan will benefit the Company and its stockholders by allowing
Non-Employee Directors to have a personal financial stake in the Company through
an ownership interest in the Common Stock and will closely associate the
interests of Non-Employee Directors with that of the Company’s
stockholders.

    

    1.2.           ELIGIBILITY.  All active Non-Employee
Directors shall automatically be participants in the Plan.

    

    

    ARTICLE 2

    DEFINITIONS

    

    2.1.           DEFINITIONS. Capitalized terms used herein and not
otherwise defined shall have the meanings given such terms in the LTIP.
 Unless the context clearly indicates
otherwise, the following terms shall have the following
meanings:

    

    (a)           “Award” means any Option or Restricted
Stock Award granted to a Non-Employee Director under Article 5 of the
Plan.

    

    (b)           “Award Certificate” means a written
document, in such form as the Board prescribes from time to time, setting forth
the terms and conditions of the Award.

    

    (c)           “Board” means the Board of Directors of
the Company.

    

    (d)           “Code” means the Internal Revenue Code
of 1986, as amended from time to time.

    

    (e)           “Company” means Keryx
Biopharmaceuticals, Inc., a Delaware corporation.

    

    (f)           “Common Stock” means the common stock,
$0.001 par value, of the Company.

    

    (g)           “Disability” has the same meaning as
provided in the long-term disability plan or policy maintained by the Company or
if applicable, most recently maintained, by the Company, whether or not such
Grantee actually receives disability benefits under such plan or policy. If no
long-term disability plan or policy was ever maintained on behalf of Grantee,
Disability means Permanent and Total Disability as defined in Section 22(e)(3)
of the Code. In the event of a dispute, the determination whether a Grantee is
Disabled will be made by the Board and may be supported by the advice of a
physician competent in the area to which such Disability
relates.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (h)           “Grantee” means a Non-Employee Director
of the Company to whom an Award has been granted under Article
5.

    

    (i)           “LTIP” means the Keryx
Biopharmaceuticals, Inc. 2007 Incentive Plan, or any subsequent equity
compensation plan approved by the Board and designated as the LTIP for purposes
of this Plan.

    

    (j)           “Non-Employee Director” means a director
of the Company who is not an employee of the Company or any of its Subsidiaries
or Affiliates.

    

    (k)           “Option” means an option to purchase
Common Stock granted under Article 5 of the Plan.  Options granted
under the Plan are not incentive stock options within the meaning of Section 422
of the Code.

    

    (l)           “Plan” means the Keryx
Biopharmaceuticals, Inc. Second Amended and Restated Directors Equity
Compensation Plan, as amended from time to time.

    

    (m)           “Restricted Stock” means Common Stock
granted under Article 5 of the Plan that is subject to certain restrictions and
to risk of forfeiture.

    

    (n)           “Retirement” means retirement as a
director of the Company in accordance with normal Company
policies.

    

    ARTICLE 3

    ADMINISTRATION

    

    3.1.           ADMINISTRATION.  The Plan shall be administered by the
Board.  Subject to the provisions of the Plan, the Board shall be
authorized to interpret the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan, and to make all other determinations necessary
or advisable for the administration of the Plan.  The Board’s
interpretation of the Plan, and all actions taken and determinations made by the
Board pursuant to the powers vested in it hereunder, shall be conclusive and
binding upon all parties concerned including the Company, its stockholders and
persons granted awards under the Plan.  Notwithstanding the above, the
selection of the directors to whom Awards are to be granted, the timing of such
grants, the number of shares subject to such grant, the exercise price of any
Option, the periods during which any Option may be exercised or any Restricted
Stock vests, and the term of any Award shall be as hereinafter provided, and the
Board shall have no discretion as to such matters.  The Board may
appoint a plan administrator to carry out the ministerial functions of the Plan,
but the administrator shall have no other authority or powers of the
Board.

    

    3.2.           RELIANCE.  In administering the Plan,
the Board may rely upon any information furnished by the Company, its public
accountants and other experts.  No individual will have personal
liability by reason of anything done or omitted to be done by the Company or the
Board in connection with the Plan.

    

    3.3.           INDEMNIFICATION.  Each person who is or has
been a member of the Board or who otherwise participates in the administration
or operation of the Plan shall be indemnified by the Company against, and held
harmless from, any loss, cost, liability or expense that may be imposed upon or
incurred by him or her in connection with or resulting from any claim, action,
suit or proceeding in which such person may be involved by reason of any action
taken or failure to act under the Plan and shall be fully reimbursed by the
Company for any and all amounts paid by such person in satisfaction of judgment
against him or her in any such action, suit or proceeding, provided he or she
will give the Company an opportunity, by written notice to the Board, to defend
the same at the Company’s own expense before he or she undertakes to defend it
on his or her own behalf.  This right of indemnification shall not be
exclusive of any other rights of indemnification.

     

    
      
         

      

      
        - 2 -

        
          

        

      

      
         

      

    

    

    ARTICLE 4

    SHARES

    

    4.1.           SOURCE OF
SHARES FOR THE PLAN.  The Awards and shares of Common Stock
that may be issued pursuant to the Plan shall be issued under the LTIP, subject
to all of the terms and conditions of the LTIP.  The terms contained
in the LTIP are incorporated into and made a part of this Plan with respect to
Awards granted pursuant hereto and any such Awards shall be governed by and
construed in accordance with the LTIP.  In the event of any actual or
alleged conflict between the provisions of the LTIP and the provisions of this
Plan, the provisions of the LTIP shall be controlling and
determinative.  This Plan does not constitute a separate source of
shares for the grant of the Awards provided herein.

    

    ARTICLE 5

    EQUITY AWARDS

    

    

    5.1           INITIAL
OPTION AWARD.  Subject to share
availability under the LTIP, on the first date a Non-Employee Director is
initially elected or appointed to the Board, he or she shall receive an Option
to purchase 50,000 shares of Common Stock.  Such Option shall vest and
become exercisable as to one-third of the Option on each of the first three
anniversaries of the date of grant of the Option. Such Option shall be subject
to the terms and restrictions described below in this Article
5.

    

    5.2           ANNUAL
OPTION AWARD.  Effective as of the 2010 annual meeting
and subject to share
availability under the LTIP, on the day following each annual meeting of the
Company’s stockholders, each Non-Employee Director serving as such on that date
(other than a director who first became a Non-Employee Director at the
stockholders meeting held on the previous day) shall be granted an Option to
purchase 25,000 shares of Common
Stock.  Such Option shall vest and become exercisable as to one-third
of the Option on each of the first three anniversaries of the date of grant of
the Option.  Such Option shall be subject to the terms and
restrictions described below in this Article 5, and shall be in addition to any
otherwise applicable annual grant of Restricted Stock granted to such
Non-Employee Director under Section 5.3.

    

    5.3           ANNUAL
RESTRICTED STOCK AWARD.  Effective as of the 2010 annual meeting
and subject to share
availability under the LTIP, on the day following each annual meeting of the
Company’s stockholders, each Non-Employee Director serving as such on that date
(other than a director who first became a Non-Employee Director at the
stockholders meeting held on the previous day) shall be granted 15,000 shares of
Restricted Stock.  Such Restricted Stock shall vest and become
non-forfeitable as to one-third of the shares on each of the first three
anniversaries of the date of grant of the Restricted Stock.  Such
Restricted Stock shall be subject to the terms and restrictions described below
in this Article 5, and shall be in addition to any otherwise applicable annual
grant of Options granted to such Non-Employee Director under Section
5.2.

     

    
      
         

      

      
        - 3 -

        
          

        

      

      
         

      

    

    

    5.4           TERMS AND
CONDITIONS OF AWARDS.  Awards granted under this
Article 5 shall be subject to the terms and conditions described below and in
the LTIP.

    

    (a)           Vesting.  Each Award granted under
this Plan shall vest as provided in Sections 5.1, 5.2 and 5.3 above,
respectively; provided, however, that each Award shall become fully vested upon
the occurrence of a Change of Control.

    

    (b)           Exercise Price of
Options. The exercise price per Share under an Option shall be equal to
Fair Market Value of the underlying Common Stock on the date of
grant.

    

    (c)           Effect of
Termination of Directorship.

    

    (i)           Options.  Upon termination of a
Grantee’s membership on the Board for any reason
other than for cause (including without limitation, by reason of death,
Disability, Retirement or failure to be re-nominated or re-elected as a
director), (i) the Grantee’s Options, to the extent they were exercisable on the
date of termination, shall remain exercisable until the first anniversary of the
Grantee’s termination as a director, and (ii) the Grantee’s Options that were
not exercisable on the date of termination shall expire upon the date of such
termination.  In the event of the death of a Grantee, the Grantee’s
personal representatives, heirs or legatees may exercise the Options held by the
Grantee on the date of death, upon proof satisfactory to the Company of their
authority.  Such exercise otherwise shall be subject to the terms and
conditions of the Plan.  If a Grantee’s membership on the Board is
terminated for cause, all of such Grantee’s Options, whether vested or unvested,
shall expire upon the date of such termination.

    

    (ii)           Restricted
Stock. Upon termination of
a Grantee’s membership on the Board for any reason (including without
limitation, by reason of death, Disability, Retirement or failure to be
re-nominated or re-elected as a director), the Grantee shall forfeit all of his
or her right, title and interest in and to any unvested shares of Restricted
Stock as of the date of such termination from the Board and such Restricted
Stock shall be reconveyed to the Company without further consideration or any
act or action by the Grantee.

    

    (d)           Transferability
of Awards.  No
right or interest of a Grantee in any Award may be pledged, encumbered, or
hypothecated to or in favor of any party other than the Company or an affiliate,
or shall be subject to any lien, obligation, or liability of such Grantee to any
other party other than the Company, an affiliate, or a member of the Grantee’s
immediate family, a trust for the benefit of the Grantee or such family members,
or a partnership or other entities in which the Grantee and such family members
are the only partners, stockholders, or owners (each a “Permitted Transferee”).
Unless otherwise specifically provided in an Award Certificate, no Award shall
be assignable or transferable by a Grantee other than (a) by will or the laws of
descent and distribution, or (b) pursuant to a domestic relations order that
would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an
Award under the Plan, or (c) except in the case of an Award for which such
transferability would result in accelerated taxation, to a Permitted
Transferee.

    

    (e)           Rights as
Stockholder.  No
Option gives a Grantee any of the rights of a stockholder of the Company unless
and until shares of Common Stock are in fact issued to such person in connection
with such Option. The Grantee shall have all of the rights of a stockholder with
respect to the Restricted Stock.

     

    
      
         

      

      
        - 4 -

        
          

        

      

      
         

      

    

    

    (f)           No Awards
after Ten Years.  No Award shall be granted
except within a period of ten (10) years after the effective date of the
Plan.

    

    (g)           Award
Certificates.  All Awards shall be
evidenced by a written Award Certificate between the Company and the
Non-Employee Director, which shall include such provisions, not inconsistent
with the Plan or the LTIP, as may be specified by the Board.

    

    5.5           ADJUSTMENTS.  The adjustment provisions of
the LTIP shall apply with respect to Awards granted pursuant to this
Plan.  Without limiting the foregoing, in the event of a subdivision
of the outstanding Common Stock (stock-split), a declaration of a dividend
payable in shares of Common Stock, or a combination or consolidation of the
outstanding Common Stock into a lesser number of shares of Common Stock, the
number of Awards to be granted to Grantees in accordance with Article 5 hereof
shall be adjusted proportionately and the shares of Common Stock then subject to
each Award shall automatically be adjusted proportionately without any change in
the aggregate purchase price therefore.

    

    ARTICLE 6

    AMENDMENT, MODIFICATION AND
TERMINATION

    

    6.1.           AMENDMENT,
MODIFICATION AND TERMINATION.  The Board may, at any time
and from time to time, amend, modify or terminate the Plan without stockholder
approval; provided, however, that if an amendment to the Plan would, in the
reasonable opinion of the Board, require stockholder approval under applicable
laws, policies or regulations or the applicable listing or other requirements of
a securities exchange on which the Common Stock is listed or traded, then such
amendment shall be subject to stockholder approval; and provided further, that
the Board may condition any other amendment or modification on the approval of
stockholders of the Company for any reason.

    

    ARTICLE 7

    GENERAL PROVISIONS

    

    7.1.           EXPENSES OF
THE PLAN.  The expenses of
administering the Plan shall be borne by the Company.

    

    7.2.           EFFECTIVE
DATE AND DURATION OF THE PLAN.  The Plan shall be effective
as of the date it is approved by the Board.  The Plan shall remain in
effect until terminated by the Board.  The Plan was originally
adopted by the Board on March 7, 2005.  The first amended and restated
Plan was adopted by the Board on September 19, 2006, and subsequently amended on
September 20, 2007.  The Second Amended and Restated Plan was adopted
by the Board of Directors on June 15, 2010.

     

    
      
        	 	KERYX
      BIOPHARMACEUTICALS, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Ron
      Bentsur	 

      

    

     

    
      
         

      

      
        - 5 -

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