Document:

EXHIBIT
10.23

    

    EXECUTION
COPY

     

    
      

    

     

    FEDERAL
AGRICULTURAL

    MORTGAGE
CORPORATION

     

    CFC
ADVANTAGE, LLC

     

    NATIONAL
RURAL UTILITIES

    COOPERATIVE
FINANCE CORPORATION

     

    
      
        

      

    

     

    REGISTRATION
RIGHTS AGREEMENT SERIES 2007-1

     

    
      
 

    Dated
as of February 15, 2007

     

    
      
  

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        ARTICLE
      I

                                      
	
                                        DEFINITIONS

                                      
	 
      	 
      	 
      
	
                                        Section
      1.01.

                                      	
                                        Definitions.

                                      	
                                        1

                                      
	 
      
	
                                        ARTICLE
      II

                                      
	
                                        REGISTRATION
      AND SALE

                                      
	 
      	 
      	 
      
	
                                        Section
      2.01.

                                      	
                                        Registration
      Request.

                                      	
                                        1

                                      
	
                                        Section
      2.02.

                                      	
                                        Registration.

                                      	
                                        1

                                      
	
                                        Section
      2.03.

                                      	
                                        Expenses.

                                      	
                                        2

                                      
	
                                        Section
      2.04.

                                      	
                                        Conditions.

                                      	
                                        2

                                      
	
                                        Section
      2.05.

                                      	
                                        Rating.

                                      	
                                        3

                                      
	
                                        Section
      2.06.

                                      	
                                        Blackout
      Periods.

                                      	
                                        3

                                      
	 
      
	
                                        ARTICLE
      III

                                      
	
                                        MISCELLANEOUS

                                      
	 
      	 
      	 
      
	
                                        Section
      3.01.

                                      	
                                        GOVERNING
      LAW.

                                      	
                                        3

                                      
	
                                        Section
      3.02.

                                      	
                                        WAIVER
      OF JURY TRIAL.

                                      	
                                        3

                                      
	
                                        Section
      3.03.

                                      	
                                        Notices.

                                      	
                                        3

                                      
	
                                        Section
      3.04.

                                      	
                                        Benefit
      of Agreement.

                                      	
                                        3

                                      
	
                                        Section
      3.05.

                                      	
                                        Amendments
      and Waivers.

                                      	
                                        4

                                      
	
                                        Section
      3.06.

                                      	
                                        Counterparts.

                                      	
                                        4

                                      
	
                                        Section
      3.07.

                                      	
                                        Severability.

                                      	
                                        4

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    REGISTRATION
RIGHTS AGREEMENT, dated as of February 15, 2007 between FEDERAL AGRICULTURAL
MORTGAGE CORPORATION, a federally-chartered instrumentality of the United States
and an institution of the Farm Credit System (“Farmer
Mac”), CFC ADVANTAGE, LLC, a limited liability company existing
under the laws of the State of Delaware (the “Depositor”), and
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a cooperative
association existing under the laws of the District of Columbia (“CFC”).

     

    RECITALS

     

    WHEREAS,
the Depositor wishes to cause Series 2007-1 Rural Utilities Trust, a grantor
trust (the “Issuer”) to deliver
the Certificates, and Farmer Mac wishes to purchase such Certificates, all on
the terms and subject to the conditions set forth in the Certificate Purchase
Agreement dated as of the date hereof by and among Farmer Mac, the Depositor and
CFC (the “Certificate
Purchase Agreement”); and

     

    WHEREAS,
Farmer Mac wishes to have the right to resell the Class A Certificates from time
to time, including in a public offering registered under the Securities Act of
1933 (the “Act”);

     

    NOW,
THEREFORE, Farmer Mac, the Depositor and CFC agree as follows:

     

    ARTICLE
I

    Definitions

     

    SECTION
1.01.   Definitions.  Capitalized
terms used herein and not defined herein shall have the meanings given to those
terms in the Certificate Purchase Agreement.

     

    ARTICLE
II

    Registration and
Sale

     

    SECTION
2.01.   Registration
Request.  Under
the conditions described herein, Farmer Mac may request the Depositor (such
request, a “Registration
Request”) to effect the registration under the Act of the issuance of
Exchange Certificates (as defined below) in an amount set forth in the
Registration Request and to deliver such Exchange Certificates to Farmer Mac in
exchange for an equal amount of the Certificates (the “Sale Certificates”),
and the sale by Farmer Mac of the Exchange Certificates.

     

    SECTION
2.02.   Registration.

     

    (a)           Upon
receipt of a Registration Request, the Depositor shall be obligated to file a
registration statement under the Act for the registration (the “Registration”) of
such principal amount of Exchange Certificates (as defined below) as set forth
in the Registration Request, registering the exchange by the Depositor with
Farmer Mac of the Exchange Certificates for the Sale Certificates and the sale
of the Exchange Certificates by Farmer Mac.  The Depositor shall use
its reasonable best efforts to cause such registration statement to become
effective within 180 days of receipt of the Registration Request.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           As
used herein, “Exchange
Certificates” shall mean the Certificates delivered by the Issuer under
the Master Agreement and the Issue Supplement having terms identical to the Sale
Certificates except that they will be without the transfer restrictions set
forth in Section 3.03(c) of the Master Agreement (other than the transfer
restrictions set forth in the last paragraph of Section 3.03 of the Master
Agreement), will be payable to the registered holder, available in denominations
of $1,000 and integral multiples thereof and, to the extent the Master Agreement
and Issue Supplement are required to be qualified under the Trust Indenture Act,
will contain any terms required in order for the Master Agreement as
supplemented by the Issue Supplement to be so qualified.

     

    (c)           Periods of
Effectiveness.  The Depositor agrees to keep the Registration
Statement effective, and to update as necessary (including by incorporation by
reference) any prospectus included in the Registration Statement, until the
later of the completion of the distribution of the Exchange Certificates and 45
days after the Registration Statement has become effective.  The
45-day period provided in the preceding sentence, and the 180-day period
provided in Section 2.02(a), shall be suspended during any Blackout Period as
defined in Section 2.06 hereof.

     

    SECTION
2.03.   Expenses.  Farmer
Mac shall be responsible for the following expenses in connection with the
Registration:  the SEC filing fee for the Registration Statement; the
fees and expenses of its counsel, if any; the costs of having the Exchange
Certificates rated; the underwriting commissions and discounts of its
underwriters for the sale of the Exchange Certificates, if any; the reasonable
fees and expenses of the Depositor’s and CFC’s counsel, if any; the reasonable
fees and expenses of the Depositor’s and CFC’s auditors, if any; and the
printing costs of the prospectus, if any.

     

    SECTION
2.04.   Conditions.  The
right of Farmer Mac to make a Registration Request shall be subject to the
following conditions:

     

    (a)           Farmer
Mac can issue no more than one Registration Request with respect to the
Certificates;

     

    (b)           Farmer
Mac shall provide all information (such as the plan of distribution) reasonably
required by the Depositor to be included in the registration statement that
relates to Farmer Mac’s sale of the Exchange Certificates;

     

    (c)           If
the sale of the Exchange Certificates by Farmer Mac is proposed to be by
underwriters, then the firm or firms acting as underwriters for the offering
will be subject to reasonable approval by CFC; and

     

    (d)           The
Issuer is not required to be registered under the Investment Company Act of
1940, as amended (the “Investment Company
Act”) as a result of the issuance of the Registration Request or the sale
by Farmer Mac of Exchange Certificates pursuant to a Registration
Statement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    SECTION
2.05.   Rating.  If,
in connection with the Registration Request and the sale of the Exchange
Certificates by Farmer Mac, Farmer Mac requests that some or all of the Exchange
Certificates be rated by one or more rating agencies, then, to the extent, if
any, that such rating by any rating agency is conditioned upon the furnishing of
documents or information or the taking of reasonable actions by the Depositor or
CFC, each shall furnish such documents or information and take such reasonable
actions; provided, that,
without limiting the generality of the foregoing, for purposes of this Section
2.05, “reasonable action” shall not include any change in the structure of the
transactions contemplated by the Certificate Documents, any material change in
the servicing obligations of the Master Servicer or any requirement to obtain
credit enhancement in respect of the Exchange Certificates.

     

    SECTION
2.06.   Blackout
Periods.  The
Depositor shall have no obligation to cause the Registration Statement to become
or to remain effective, and Farmer Mac agrees that it will not sell any Exchange
Certificates, during any period or periods (which may not exceed 45 continuous
days or 90 days in any calendar year) during which CFC has reasonably determined
that it is not appropriate for Rural Utilities MBS Program Certificates to be
sold pursuant to a Registration Statement; provided that CFC
shall not during any such period be selling for its own account any debt
securities registered under the Act (each such period, a “Blackout
Period”).

     

    ARTICLE
III

    Miscellaneous

     

    SECTION
3.01.   GOVERNING
LAW.  THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE UNITED STATES OF AMERICA, TO THE EXTENT APPLICABLE.

     

    SECTION
3.02.   WAIVER OF JURY
TRIAL.  EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.02.

     

    SECTION
3.03.   Notices.  All
notices and other communications hereunder to be made to any party shall be in
writing and shall be addressed as specified in Schedule I attached hereto as
appropriate.  The address, telephone number or facsimile number for
any party may be changed at any time and from time to time upon written notice
given by such changing party to the other parties hereto.  A properly
addressed notice or other communication shall be deemed to have been delivered
at the time it is sent by facsimile (fax) transmission to the party or parties
to which it is given.

     

    SECTION
3.04.   Benefit of
Agreement.  This
Agreement shall become effective when it shall have been executed by Farmer Mac,
the Depositor and CFC, and thereafter shall be binding upon and inure to the
respective benefit of the parties and their permitted successors and
assigns.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    SECTION
3.05.   Amendments and
Waivers.

     

    (a)           No
provision of this Agreement may be amended or modified except pursuant to an
agreement in writing entered into by Farmer Mac, the Depositor and
CFC.  No provision of this Agreement may be waived except in writing
by the party or parties receiving the benefit of and under such
provision.

     

    (b)           No
failure or delay of Farmer Mac, the Depositor or CFC in exercising any power or
right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or
power.  No waiver of any provision of this Agreement or consent to any
departure by Farmer Mac, the Depositor or CFC therefrom shall in any event be
effective unless the same shall be authorized as provided in paragraph (a) of
this Section 3.05, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given.  No notice
or demand on Farmer Mac, the Depositor or CFC in any case shall entitle such
party to any other or further notice or demand in similar or other
circumstances.

     

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

     

    SECTION
3.07.   Severability.  If
any term or provision of this Agreement or any Certificate Document or the
application thereof to any circumstance shall in any jurisdiction and to any
extent, be invalid or unenforceable, such term or such provision shall be
ineffective as to such jurisdiction to the extent of such invalidity or
enforceability without invalidating or rendering unenforceable any remaining
terms or provisions of such Certificate Document or the application of such term
or provision to circumstances other than those as to which it is held invalid or
unenforceable.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        	 
      	
                FEDERAL
      AGRICULTURAL

                MORTGAGE
      CORPORATION

              
	 
      	 
      
	 
      	
                By

              	 
      
	 
      	 
      	
                             

              
	 
      	 
      	
                Name:

              
	 
      	 
      	
                Title:

              
	 
      	 
      
	 
      	
                CFC
      ADVANTAGE, LLC

              
	 
      	 
      
	 
      	
                By

              	 
      
	 
      	 
      	
                             

              
	 
      	 
      	
                Name:

              
	 
      	 
      	
                Title:

              
	 
      	 
      
	 
      	
                NATIONAL
      RURAL UTILITIES

                COOPERATIVE
      FINANCE CORPORATION

              
	 
      	 
      
	 
      	
                By

              	 
      
	 
      	 
      	
                             

              
	 
      	 
      	
                Name:

              
	 
      	 
      	
                Title:

              

      

    

     

    [Signature
Page to Series 2007-1 Registration Rights Agreement]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
I

     

    Addresses for
Notices

     

    The
addresses referred to in Section 3.03 hereof, for purposes of delivering
communications and notices, are as follows:

     

    
      
        
          	
                  If
      to Farmer Mac:

                
	 
      	 
      
	 
      	
                  Federal
      Agricultural Mortgage Corporation

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

                  Washington,
      DC 20036

                  Fax:
      202-872-7713

                  Attention
      of: Nancy E. Corsiglia, Chief Financial Officer

                
	 
      	 
      
	 
      	
                  With
      a copy to:

                
	 
      	 
      
	 
      	
                  Federal
      Agricultural Mortgage Corporation

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

                  Washington,
      DC 20036

                  Fax:
      202-872-7713

                  Attention
      of:  Jerome G. Oslick, Vice President - General
      Counsel

                
	 
      	 
      
	
                  If
      to CFC:

                
	 
      	 
      
	 
      	
                  National
      Rural Utilities Cooperative Finance Corporation

                  2201
      Cooperative Way

                  Herndon,
      VA 20171-3025

                  Telephone:  703-709-6718

                  Fax:  703-709-6819

                  Attention
      of:  Steven L. Lilly, Chief Financial Officer

                
	 
      	 
      
	 
      	
                  With
      a copy to:

                
	 
      	 
      
	 
      	
                  National
      Rural Utilities Cooperative Finance Corporation

                  2201
      Cooperative Way

                  Herndon,
      VA 20171-3025

                  Telephone:  703-709-6712

                  Fax:  703-709-6811

                  Attention
      of: John J. List, Esq., General Counsel

                
	 
      	 
      
	
                  If
      to Depositor:

                
	 
      	 
      
	 
      	
                  CFC
      Advantage, LLC

                  2201
      Cooperative Way

                  Herndon,
      VA 20171-3025

                  Telephone:  703-709-6712

                  Fax:  703-709-6811

                  Attention
      of: John J. ListEXHIBIT
10.24

      

      
        EXECUTION
VERSION

      

      

      
        FEDERAL
AGRICULTURAL

        MORTGAGE
CORPORATION

      

      
        

      

      
        CFC
ADVANTAGE, LLC

      

      
        

      

      
        NATIONAL
RURAL UTILITIES

        COOPERATIVE
FINANCE CORPORATION

      

      
        

      

      
        REGISTRATION
RIGHTS AGREEMENT SERIES 2007-2

      

      
        

      

      
        Dated
as of August 10, 2007

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      TABLE OF
CONTENTS

       

      
        
          
            
              
                
                  
                    	
                            ARTICLE
      I

                          	 
      
	 
      	
                            DEFINITIONS

                          	 
      
	 
      	
                            SECTION
      1.01.Definitions

                          	
                            1

                          
	
                            ARTICLE
      II

                          	 
      
	 
      	
                            REGISTRA
      TION AND SALE

                          	 
      
	 
      	
                            SECTION
      2.0 l.Registration Request.

                          	
                            1

                          
	 
      	
                            SECTION
      2.02.Registration

                          	
                            1

                          
	 
      	
                            SECTION
      2.03.Expenses

                          	
                            2

                          
	 
      	
                            SECTION
      2.04.Conditions

                          	
                            2

                          
	 
      	
                            SECTION
      2.05.Rating

                          	
                            2

                          
	 
      	
                            SECTION
      2.06.Blackout Periods

                          	
                            3

                          
	
                            ARTICLE
      III

                          	 
      
	 
      	
                            MISCELLANEOUS

                          	 
      
	 
      	
                            SECTION
      3.0l.GOVERNING LAW

                          	
                            3

                          
	 
      	
                            SECTION
      3.02.WAIVER OF JURY TRIAL.

                          	
                            3

                          
	 
      	
                            SECTION
      3.03.Notices

                          	
                            3

                          
	 
      	
                            SECTION
      3.04.Benefit of Agreement.

                          	
                            3

                          
	 
      	
                            SECTION
      3.05.Amendments and Waivers

                          	
                            4

                          
	 
      	
                            SECTION
      3.06.Counterparts

                          	
                            4

                          
	 
      	
                            SECTION
      3.07.Severability

                          	
                            4

                          

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        REGISTRATION
RIGHTS AGREEMENT, dated as of August 10, 2007 between FEDERAL AGRICULTURAL
MORTGAGE CORPORATION, a federally chartered instrumentality of the United States
and an institution of the Farm Credit System ("Farmer Mac"), CFC
ADVANTAGE, LLC, a limited liability company existing under the laws of the State
of Delaware (the "Depositor"), and
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a cooperative
association existing under the laws of the District of Columbia ("CFC").

      

      
        

      

      
        RECITALS

      

      
        

      

      
        WHEREAS,
the Depositor wishes to cause Series 2007-2 Rural Utilities Trust, a grantor
trust (the "Issuer") to deliver
the Certificates, and Farmer Mac wishes to purchase such Certificates, all on
the terms and subject to the conditions set forth in the Certificate Purchase
Agreement dated as of the date hereof by and among Farmer Mac, the Depositor and
CFC (the "Certificate
Purchase Agreement"); and

      

      
        

      

      
        WHEREAS,
Farmer Mac wishes to have the right to resell the Series 2007-2 Tranche I Class
A Certificates and Series 2007-2 Tranche II Class A Certificates (collectively,
the "Certificates") from
time to time, including in a public offering registered under the Securities Act
of 1933 (the "Act");

      

      
        

      

      
        NOW,
THEREFORE, Farmer Mac, the Depositor and CFC agree as
follows:

      

      
        

      

      
        
          ARTICLE
I Definitions

        

      

      
        

      

      
        SECTION
1.01. Definitions.
Capitalized terms used herein and not defined herein shall have the meanings
given to those terms in the Certificate Purchase Agreement.

      

      
        

      

      
        ARTICLE
II

        Registration and
Sale

      

      
        

      

      
        SECTION
2.01. Registration
Request. Under the conditions described herein, Farmer Mac may request
the Depositor (such request, a "Registration
Request") to effect the registration under the Act of the issuance of
Exchange Certificates (as defined below) in an amount set forth in the
Registration Request and to deliver such Exchange Certificates to Farmer Mac in
exchange for an equal amount of the Certificates (the "Sale Certificates"),
and the sale by Farmer Mac of the Exchange Certificates.

      

      
        

      

      
        SECTION
2.02. Registration.

      

      
        

      

      
        (a)           Upon
receipt of a Registration Request, the Depositor shall be obligated to file a
registration
statement under the Act for the registration (the "Registration") of
such principal amount of Exchange Certificates (as defined below) as set forth
in the Registration Request, registering the exchange by the Depositor with
Farmer Mac of the Exchange Certificates for the Sale Certificates and the sale
of the Exchange Certificates by Farmer Mac. The Depositor shall use its
reasonable best efforts to cause such registration statement to become effective
within 180 days of receipt of the Registration Request.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
      

      
         

        (b)           As
used herein, "Exchange
Certificates" shall mean the Certificates delivered by the
Issuer under the Master Agreement and the Issue Supplement having terms
identical to the Sale Certificates except that they will be without the transfer
restrictions set forth in Section 3.03(c) of the Master Agreement (other than
the transfer restrictions set forth in the last paragraph of Section 3.03 of the
Master Agreement), will be payable to the registered holder, available in
denominations of $1,000 and integral multiples thereof and, to the extent the
Master Agreement and Issue Supplement are required to be qualified under the
Trust Indenture Act, will contain any terms required in order for the Master
Agreement as supplemented by the Issue Supplement to be so
qualified.

      

      
        

      

      
        (c)           Periods of
Effectiveness. The Depositor agrees to keep the Registration Statement
effective, and to update as necessary (including by incorporation by reference)
any prospectus included in the Registration Statement, until the later of the
completion of the distribution of the Exchange Certificates and 45 days after
the Registration Statement has become effective. The 45-day period provided in
the preceding sentence, and the 180-day period provided in Section 2.02(a),
shall be suspended during any Blackout Period as defined in Section 2.06
hereof.

      

      
        

      

      
        SECTION
2.03. Expenses.
Farmer Mac shall be responsible for the following expenses in connection with
the Registration: the SEC filing fee for the Registration Statement; the fees
and expenses of its counsel, if any; the costs of having the Exchange
Certificates rated; the underwriting commissions and discounts of its
underwriters for the sale of the Exchange Certificates, if any; the reasonable
fees and expenses of the Depositor's and CFC's counsel, if any; the reasonable
fees and expenses of the Depositor's and CFC's auditors, if any; and the
printing costs of the prospectus, if any.

      

      
        

      

      
        SECTION
2.04. Conditions. The right
of Farmer Mac to make a Registration Request shall be subject to the following
conditions:

      

      
        

      

      
        (a)           Farmer
Mac can issue no more than one Registration Request with respect to the
Certificates;

      

      
        

      

      
        (b)           Farmer
Mac shall provide all information (such as the plan of distribution) reasonably
required by the Depositor to be included in the registration statement that
relates to Farmer Mac's sale of the Exchange Certificates;

      

      
        

      

      
        (c)           If
the sale of the Exchange Certificates by Farmer Mac is proposed to be by
underwriters, then the firm or firms acting as underwriters for the offering
will be subject to reasonable approval by CFC; and

      

      
        

      

      
        (d)           The
Issuer is not required to be registered under the Investment Company Act of
1940, as amended (the "Investment Company
Act") as a result of the issuance of the Registration Request or the sale
by Farmer Mac of Exchange Certificates pursuant to a Registration
Statement.

      

      
         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

      

      
        SECTION
2.05. Rating.
If, in connection with the Registration Request and the sale of the Exchange
Certificates by Farmer Mac, Farmer Mac requests that some or all ofthe Exchange
Certificates be rated by one or more rating agencies, then, to the extent, if
any, that such rating by any
rating agency is conditioned upon the furnishing of documents or information or
the taking of reasonable actions by the Depositor or CFC, each shall furnish
such documents or information and take such reasonable actions; provided, that,
without limiting the generality of the foregoing, for purposes of this Section
2.05, "reasonable action" shall not include any change in the structure of the
transactions contemplated by the Certificate Documents, any material change in
the servicing obligations of the Master Servicer or any requirement to obtain
credit enhancement in respect of the Exchange Certificates.

      

      
        

      

      
        SECTION
2.06. Blackout
Periods. The Depositor shall have no obligation to cause the Registration
Statement to become or to remain effective, and Farmer Mac agrees that it will
not sell any Exchange Certificates, during any period or periods (which may not
exceed 45 continuous days or 90 days in any calendar year) during which CFC has
reasonably determined that it is not appropriate for Rural Utilities MBS Program
Certificates to be sold pursuant to a Registration Statement; provided that CFC
shall not during any such period be selling for its own account any debt
securities registered under the Act (each such period, a "Blackout
Period").

      

      
        

      

      
        ARTICLE
III

        Miscellaneous

      

      
        

      

      
        SECTION
3.01. GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE UNITED STATES OF AMERICA, TO THE EXTENT
APPLICABLE.

      

      
        

      

      
        SECTION
3.02. WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY W AlVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
3.02.

      

      
        

      

      
        SECTION
3.03. Notices.
All notices and other communications hereunder to be made to any party shall be
in writing and shall be addressed as specified in Schedule I attached hereto as
appropriate. The address, telephone number or facsimile number for any party may
be changed at any time and from time to time upon written notice given by such
changing party to the other parties hereto. A properly addressed notice or other
communication shall be deemed to have been delivered at the time it is sent by
facsimile (fax) transmission to the party or parties to which it is
given.

      

      
        

      

      
        SECTION
3.04. Benefit of
Agreement. This Agreement shall become effective when it shall have been
executed by Farmer Mac, the Depositor and CFC, and thereafter shall be binding
upon and inure to the respective benefit of the parties and their permitted
successors and assigns.

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        SECTION
3.05. Amendments and
Waivers.

      

      
        

      

      
        (a)           No
provision of this Agreement may be amended or modified except pursuant to an
agreement in writing entered into by Farmer Mac, the Depositor and CFC. No
provision of this Agreement may be waived except in writing by the party or
parties receiving the benefit of and under such provision.

      

      
        

      

      
        (b)           No
failure or delay of Farmer Mac, the Depositor or CFC in exercising any power or
right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. No waiver
of any provision of this Agreement or consent to any departure by Farmer Mac,
the Depositor or CFC therefrom shall in any event be effective unless the same
shall be authorized as provided in paragraph (a) of this Section 3.05, and then
such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. No notice or demand on Farmer Mac, the Depositor or
CFC in any case shall entitle such party to any other or further notice or
demand in similar or other circumstances.

      

      
        

      

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

      

      
        

      

      
        SECTION
3.07. Severability. If any
term or provision of this Agreement or any Certificate Document or the
application thereof to any circumstance shall in any jurisdiction and to any
extent, be invalid or unenforceable, such term or such provision shall be
ineffective as to such jurisdiction to the extent of such invalidity or
enforceability without invalidating or rendering unenforceable any remaining
terms or provisions of such Certificate Document or the application of such term
or provision to circumstances other than those as to which it is held invalid or
unenforceable.

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

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

      

      
        

      

      
        FEDERAL
AGRICULTURAL MORTGAGE

        CORPORATION

         

        CFC
ADVANTAGE, LLC

         

      

      
        NATIONAL
RURAL UTILITIES COOPERATIVE

        FINANCE
CORPORATION

      

      
        

      

      
        [Signature
Page to Series 2007-2 Registration Rights Agreement]

      

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

      
        SCHEDULE
I

      

      
        

      

      
        Addresses for
Notices

      

      
        

      

      
        The
addresses referred to in Section 3.03 hereof, for purposes of delivering
communications and notices, are as follows:

      

      
        

      

      
        If to
Farmer Mac:

      

      
        

      

      
        Federal
Agricultural Mortgage Corporation

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

        DC
20036

      

      
        Fax:
202-872-7713

        Attention
of: Nancy E. Corsiglia, Chief Financial Officer

         

        With a
copy to:

         

        Federal
Agricultural Mortgage Corporation

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

        DC
20036

        Fax:
202-872-7713

        Attention
of: Jerome G. Oslick, Vice President - General Counsel

      

      
        

      

      
        Ifto
CFC:

      

      
        

      

      
        National
Rural Utilities Cooperative Finance Corporation

        2201
Cooperative Way

        Herndon,
VA 20171-3025

        Telephone:
703-709-6718

        Fax:
703-709-6819

        Attention
of: Steven L. Lilly, Chief Financial Officer

         

        With a
copy to:

         

        National
Rural Utilities Cooperative Finance Corporation

        2201
Cooperative Way

        Herndon,
VA 20171-3025

        Telephone:
703-709-6712

        Fax:
703-709-6811

        Attention
of: John J. List, Esq., General Counsel

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        If to
Depositor:

      

      
        

      

      
        CFC
Advantage, LLC

        2201
Cooperative Way

        Herndon,
VA 20171-3025

        Telephone:
703-709-6712

        Fax:
703-709-6811

        Attention
of: John J. List

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