Document:

exv4w1

Exhibit 4.1

     Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York Corporation (“DTC”), to the Company or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

	 	 	 
	Certificate No.: 1

	 	CUSIP No.: 637432LM5
	ISIN No.: US637432LM57
	 	 
	PRINCIPAL AMOUNT: $500,000,000
	 	 
	MATURITY DATE: July 1, 2013
	 	 
	ISSUE DATE: June 30, 2008

	 	CERTIFICATE INTEREST RATE: 5.50%

5.50% COLLATERAL TRUST BOND DUE 2013

          National Rural Utilities Cooperative Finance Corporation, a District of Columbia cooperative
association (hereinafter called the “Company”, which term includes any successor corporation under
the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of $500,000,000 on the Maturity Date set forth
above; and to pay interest thereon from the Issue Date set forth above at the Certificate Interest
Rate set forth above, until the principal hereof is paid or made available for payment.

          Interest on the Bonds will be payable on July 1 and January 1 of each year commencing on
January 1, 2009 to the persons in whose names such Bonds are registered at the close of business on
the fifteenth calendar day preceding the payment date, or if not a Business Day, the next
succeeding Business Day. Interest on the Bonds will accrue from and including the date of issue or
from and including the last date in respect of which interest has been paid, as the case may be,
to, but excluding, the relevant interest payment date, date of redemption or the date

 

 

of maturity, as the case may be. Interest on the Bonds will be computed on the basis of a
360-day year of twelve 30-day months.

          If any of the interest payment dates or the maturity date falls on a day that is not a
Business Day, the payment of interest or principal will be postponed to the next succeeding
Business Day, but the payment made on such dates will be treated as being made on the date payment
was first due and the holders of the Bonds will not be entitled to any further interest or other
payments with respect to such postponements.

          Reference is hereby made to the further provisions of this Bond set forth on the reverse
hereof which further provisions shall for all purposes have the same effect as if set forth at this
place.

          Unless the certificate of authentication hereon has been executed by or on behalf of U.S. Bank
National Association, as Trustee under the Indenture, or its successor thereunder, by manual
signature, this Bond shall not be entitled to any benefit under such Indenture, or be valid or
obligatory for any purpose.

 

 

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 
	 	NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORPORATION

 	 
	 	By:  	 	 
	 	 	Steven L. Lilly 	 
	 	 	Senior Vice President, Financial Services &

Chief Financial Officer

Assistant Secretary-Treasurer 	 
	 

	 	 	 	 	 
	(Seal)

Attest:

 	 	 
	By:  	 	 	 
	 	 	 	 
	 
	Trustee’s Certificate of
Authentication

This is one of the Bonds
of the series designated therein,
described in the within-mentioned Indenture

Dated:

By:   U.S. BANK NATIONAL ASSOCIATION,

         Trustee
 	 	 
	 
	By:  	 	 	 
	 	Authorized Officer 	 	 
	 	 	 	 

 

 

REVERSE OF BOND

          This Bond is one of an authorized issue of Bonds of the Company known as its “5.50% Collateral
Trust Bonds due 2013”, issued and to be issued in one or more series under, and all equally and
ratably secured (except as any sinking or other fund may afford additional special security for the
Bonds of any particular series) by, an Indenture dated as of October 25, 2007 (as amended,
supplemented and modified and in effect from time to time, the “Indenture”), executed by the
Company to U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term
includes any successor Trustee under the Indenture), to which Indenture reference is hereby made
for a description of the nature and extent of the securities and other property assigned, pledged,
transferred and mortgaged thereunder the rights of the Holders of said Bonds and of the Trustee and
of the Company in respect of such security, and the terms upon which said Bonds are to be
authenticated and delivered.

          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
Bonds under the Indenture at any time by the Company with the consent of the Holders of not less
than a majority in aggregate principal amount of the Bonds at the time Outstanding as defined in
the Indenture. The Indenture also permits, without the consent of the holders of any Bonds, the
parties to any Mortgage Notes pledged under the Indenture, and any Mortgages or Loan Agreements
pursuant to which they were issued, to modify, alter, supplement or amend such Mortgage Notes,
Mortgages and Loan Agreements, so long as thereafter such Mortgage will comply with the
requirements of the Company’s standard lending practices, as such policies may be amended from time
to time. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds, 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 Bond shall be
binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such action is
made upon this Bond.

          As provided in the Indenture, said Bonds are issuable in series which may vary as in said
Indenture provided or permitted. This Bond is one of a series entitled 5.50% Collateral Trust
Bonds due 2013.

          The Company may redeem the Bonds in whole or in part at any time, at a “make-whole” redemption
price equal to the greater of (1) the principal amount being redeemed or (2) the sum of the present
values of the remaining scheduled payments of the principal and interest (other than accrued
interest) on the Bonds being redeemed, discounted to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis
points for the Bonds, plus in each case accrued interest to the redemption date.

          If the Company elects to redeem less than all of the Bonds, and such Bonds are at the time
represented by a global security, then the depositary will select by lot the particular interest to
be redeemed. If the Company elects to redeem less than all of the Bonds, and such Bonds are not
represented by a global security, the particular Bonds to be redeemed shall be selected by the
Trustee from the outstanding Bonds not previously called for redemption, in a manner the Trustee
deems appropriate and fair.

          Notice of any redemption will be mailed at least 30 days but not more than 60 days before the
date of redemption to each holder of the Bonds to be redeemed. Unless the Company defaults in
payment of the redemption price, on and after the date of redemption,

 

 

interest will cease to accrue on such Bonds or the portions called for redemption.

          If an Event of Default, as defined in the Indenture, shall occur, the principal of this Bond
may become or be declared due and payable immediately, in the manner and with the effect provided
in the Indenture.

          This Bond is transferable by the registered owner hereof in person or by attorney authorized
in writing at the office or agency of the Company in the Borough of Manhattan, City and State of
New York or any other place or places where such Bond may be paid, upon surrender of this Bond, and
upon any such transfer a new Bond for the same series, for the same aggregate principal amount,
will be issued to the transferee in exchange hereof.

          The Bonds of this series are issuable only as registered Bonds without coupons in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in, and
subject to the provisions of, the Indenture, Bonds of this series are exchangeable for other Bonds
of this series of any authorized denominations, of a like aggregate principal amount, as requested
by the Holder surrendering the same.

          No service charge will be made for any such transfer or exchange, but the Company or the
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

          Prior to due presentment for transfer at any office or agency of the Company designated for
such purpose, the Company, the Trustee and any agent of the Company or the Trustee may treat the
person in whose name this Bond is registered as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes whether or not this Bond be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

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

          The following terms shall have the following meanings:

          “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which banking institutions in the Borough of Manhattan, City and State of New York are
authorized by law to close.

          “Comparable Treasury Issue’’ means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds
being redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Bonds.

          “Comparable Treasury Price’’ means, for any redemption date, (1) the average of the bid and
ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) on the third business day preceding the redemption date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities’’ or (2) if that
release (or any successor release) is not published or does not contain those prices on that
Business Day, (A) the average of the Reference Treasury Dealer Quotations for the redemption date,
after excluding the highest and lowest Reference Treasury Dealer Quotations for that redemption
date, or (B) if the Company obtains fewer than four Reference Treasury Dealer Quotations, the
average of all the Reference Treasury Dealer Quotations obtained.

 

 

          “Independent Investment Banker’’ means one of the Reference Treasury Dealers appointed by the
trustee after consultation with the Company.

          “Reference Treasury Dealer’’ means (1) each of Merrill Lynch, Pierce, Fenner & Smith Inc., UBS
Securities LLC, HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. and their respective
successors; provided, however, that if any of them ceases to be a primary U.S. Government
securities dealer in the United States, the Company will appoint another primary U.S. Government
securities dealer as a substitute and (2) any other U.S. Government securities dealers selected by
the Company.

          “Reference Treasury Dealer Quotations’’ means, for each Reference Treasury Dealer and any
redemption date, the average, as determined by the trustee, of the bid and ask prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m. New York City time on the
third business day preceding the redemption date for the bonds being redeemed.

          “Treasury Rate’’ means, for any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for the redemption date.

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

 

 

ASSIGNMENT

          For value received the undersigned sells, assigns and transfers unto (name, address including
zip code and taxpayer I.D. or Social Security number of assignee)

 

the within
Certificate

and does
hereby irrevocably constitute and appoint

attorney
to transfer the said Certificate on the books kept for

registration
thereof with full power of substitution on the premises.

Dated:                                         

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Signature by or on behalf of Assignor 	 
	 	 	 
	 

 

 

     Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York Corporation (“DTC”), to the Company or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

	 	 	 
	Certificate No.: 2
	 	CUSIP No.:  637432LM5
	ISIN No.: US637432LM57
	 	 
	PRINCIPAL AMOUNT: $400,000,000
	 	 
	MATURITY DATE: July 1, 2013
	 	 
	ISSUE DATE: June 30, 2008
	 	CERTIFICATE INTEREST RATE:  5.50%

5.50% COLLATERAL TRUST BOND DUE 2013

          National Rural Utilities Cooperative Finance Corporation, a District of Columbia cooperative
association (hereinafter called the “Company”, which term includes any successor corporation under
the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of $400,000,000 on the Maturity Date set forth
above; and to pay interest thereon from the Issue Date set forth above at the Certificate Interest
Rate set forth above, until the principal hereof is paid or made available for payment.

          Interest on the Bonds will be payable on July 1 and January 1 of each year commencing on
January 1, 2009 to the persons in whose names such Bonds are registered at the close of business on
the fifteenth calendar day preceding the payment date, or if not a Business Day, the next
succeeding Business Day. Interest on the Bonds will accrue from and including the date of issue or
from and including the last date in respect of which interest has been paid, as the case may be,
to, but excluding, the relevant interest payment date, date of redemption or the date

 

 

of maturity, as the case may be. Interest on the Bonds will be computed on the basis of a
360-day year of twelve 30-day months.

          If any of the interest payment dates or the maturity date falls on a day that is not a
Business Day, the payment of interest or principal will be postponed to the next succeeding
Business Day, but the payment made on such dates will be treated as being made on the date payment
was first due and the holders of the Bonds will not be entitled to any further interest or other
payments with respect to such postponements.

          Reference is hereby made to the further provisions of this Bond set forth on the reverse
hereof which further provisions shall for all purposes have the same effect as if set forth at this
place.

          Unless the certificate of authentication hereon has been executed by or on behalf of U.S. Bank
National Association, as Trustee under the Indenture, or its successor thereunder, by manual
signature, this Bond shall not be entitled to any benefit under such Indenture, or be valid or
obligatory for any purpose.

 

 

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 
	 	NATIONAL RURAL UTILITIES 

COOPERATIVE FINANCE CORPORATION

 	 
	 	By:  	 	 
	 	 	Steven L. Lilly 	 
	 	 	Senior Vice President, Financial Services &
Chief Financial Officer

Assistant Secretary-Treasurer 	 
	 

	 	 	 	 	 
	(Seal)

Attest:

 	 
	By:  	 	 
	 	 	 	 
	Trustee’s Certificate of
Authentication

This is one of the Bonds
of the series designated therein,
described in the within-
mentioned Indenture

Dated: 	 
	 
	By:  U.S. BANK NATIONAL ASSOCIATION,

           Trustee

 	 
	By:  	 	 
	 	Authorized Officer 	 

 

 

REVERSE OF BOND

          This Bond is one of an authorized issue of Bonds of the Company known as its “5.50% Collateral
Trust Bonds due 2013”, issued and to be issued in one or more series under, and all equally and
ratably secured (except as any sinking or other fund may afford additional special security for the
Bonds of any particular series) by, an Indenture dated as of October 25, 2007 (as amended,
supplemented and modified and in effect from time to time, the “Indenture”), executed by the
Company to U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term
includes any successor Trustee under the Indenture), to which Indenture reference is hereby made
for a description of the nature and extent of the securities and other property assigned, pledged,
transferred and mortgaged thereunder the rights of the Holders of said Bonds and of the Trustee and
of the Company in respect of such security, and the terms upon which said Bonds are to be
authenticated and delivered.

          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
Bonds under the Indenture at any time by the Company with the consent of the Holders of not less
than a majority in aggregate principal amount of the Bonds at the time Outstanding as defined in
the Indenture. The Indenture also permits, without the consent of the holders of any Bonds, the
parties to any Mortgage Notes pledged under the Indenture, and any Mortgages or Loan Agreements
pursuant to which they were issued, to modify, alter, supplement or amend such Mortgage Notes,
Mortgages and Loan Agreements, so long as thereafter such Mortgage will comply with the
requirements of the Company’s standard lending practices, as such policies may be amended from time
to time. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds, 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 Bond shall be
binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such action is
made upon this Bond.

          As provided in the Indenture, said Bonds are issuable in series which may vary as in said
Indenture provided or permitted. This Bond is one of a series entitled 5.50% Collateral Trust
Bonds due 2013.

          The Company may redeem the Bonds in whole or in part at any time, at a “make-whole” redemption
price equal to the greater of (1) the principal amount being redeemed or (2) the sum of the present
values of the remaining scheduled payments of the principal and interest (other than accrued
interest) on the Bonds being redeemed, discounted to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis
points for the Bonds, plus in each case accrued interest to the redemption date.

          If the Company elects to redeem less than all of the Bonds, and such Bonds are at the time
represented by a global security, then the depositary will select by lot the particular interest to
be redeemed. If the Company elects to redeem less than all of the Bonds, and such Bonds are not
represented by a global security, the particular Bonds to be redeemed shall be selected by the
Trustee from the outstanding Bonds not previously called for redemption, in a manner the Trustee
deems appropriate and fair.

          Notice of any redemption will be mailed at least 30 days but not more than 60 days before the
date of redemption to each holder of the Bonds to be redeemed. Unless the

 

 

Company defaults in payment of the redemption price, on and after the date of redemption, interest
will cease to accrue on such Bonds or the portions called for redemption.

          If an Event of Default, as defined in the Indenture, shall occur, the principal of this Bond
may become or be declared due and payable immediately, in the manner and with the effect provided
in the Indenture.

          This Bond is transferable by the registered owner hereof in person or by attorney authorized
in writing at the office or agency of the Company in the Borough of Manhattan, City and State of
New York or any other place or places where such Bond may be paid, upon surrender of this Bond, and
upon any such transfer a new Bond for the same series, for the same aggregate principal amount,
will be issued to the transferee in exchange hereof.

          The Bonds of this series are issuable only as registered Bonds without coupons in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in, and
subject to the provisions of, the Indenture, Bonds of this series are exchangeable for other Bonds
of this series of any authorized denominations, of a like aggregate principal amount, as requested
by the Holder surrendering the same.

          No service charge will be made for any such transfer or exchange, but the Company or the
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

          Prior to due presentment for transfer at any office or agency of the Company designated for
such purpose, the Company, the Trustee and any agent of the Company or the Trustee may treat the
person in whose name this Bond is registered as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes whether or not this

 

 

Bond be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

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

          The following terms shall have the following meanings:

          “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which banking institutions in the Borough of Manhattan, City and State of New York are
authorized by law to close.

          “Comparable Treasury Issue’’ means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds
being redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Bonds.

          “Comparable Treasury Price’’ means, for any redemption date, (1) the average of the bid and
ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) on the third business day preceding the redemption date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities’’ or (2) if that
release (or any successor release) is not published or does not contain those prices on that
Business Day, (A) the average of the Reference Treasury Dealer Quotations for the redemption date,
after excluding the highest and lowest Reference Treasury Dealer Quotations

 

 

for that redemption date, or (B) if the Company obtains fewer than four Reference Treasury
Dealer Quotations, the average of all the Reference Treasury Dealer Quotations obtained.

          “Independent Investment Banker’’ means one of the Reference Treasury Dealers appointed by the
trustee after consultation with the Company.

          “Reference Treasury Dealer’’ means (1) each of Merrill Lynch, Pierce, Fenner & Smith Inc., UBS
Securities LLC, HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. and their respective
successors; provided, however, that if any of them ceases to be a primary U.S. Government
securities dealer in the United States, the Company will appoint another primary U.S. Government
securities dealer as a substitute and (2) any other U.S. Government securities dealers selected by
the Company.

          “Reference Treasury Dealer Quotations’’ means, for each Reference Treasury Dealer and any
redemption date, the average, as determined by the trustee, of the bid and ask prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m. New York City time on the
third business day preceding the redemption date for the bonds being redeemed.

          “Treasury Rate’’ means, for any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for the redemption date.

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

 

 

ASSIGNMENT

          For value received the undersigned sells, assigns and transfers unto (name, address including
zip code and taxpayer I.D. or Social Security number of assignee)

 

the within
Certificate

and does
hereby irrevocably constitute and appoint

attorney
to transfer the said Certificate on the books kept for

registration
thereof with full power of substitution on the premises.

Dated:                                         

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Signature by or on behalf of Assignorexv4w2

Exhibit 4.2

     Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York Corporation (“DTC”), to the Company or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

	 	 	 
	Certificate No.: 1

	 	CUSIP No.: 637432LN3
	ISIN No.: US637432LN31
	 	 
	PRINCIPAL AMOUNT: $400,000,000
	 	 
	MATURITY DATE: July 1, 2010
	 	 
	ISSUE DATE: June 30, 2008

	 	FRACTIONAL SHARE: 100%

FLOATING RATE COLLATERAL TRUST BOND

          National Rural Utilities Cooperative Finance Corporation, a District of Columbia cooperative
association (hereinafter called the “Company”, which term includes any successor corporation under
the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of $400,000,000 on the Maturity Date set forth
above, and to pay interest thereon as set forth below, until the principal hereof is paid or made
available for payment.

          Interest on the Bonds will be payable on January 1, April 1, July 1 and October 1 of each year
in arrears, beginning on October 1, 2008, subject to the Day Count Convention. A date on which an
interest payment is made (following any adjustment made in accordance with the terms of the Day
Count Convention) is referred to herein as an “Interest Payment Date.” Interest on the Bonds will
be paid to the persons in whose names the Bonds are registered at the close of business on the
fifteenth calendar day preceding the applicable Interest Payment Date, or if not a

 

 

Business Day, the next succeeding Business Day. Interest on the Bonds will accrue from and
including the date of original issuance or from and including the last Interest Payment Date in
respect of which interest has been paid, to, but excluding, the relevant Interest Payment Date or
date of maturity, as the case may be.

          Reference is hereby made to the further provisions of this Bond set forth on the reverse
hereof which further provisions shall for all purposes have the same effect as if set forth at this
place.

          Unless the certificate on authentication hereon has been executed by or on behalf of U.S. Bank
National Association, as Trustee under the Indenture, or its successor thereunder, by manual
signature, this Bond shall not be entitled to any benefit under such Indenture, or be valid or
obligatory for any purpose.

 

 

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 
	 	NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORPORATION

 	 
	 	By:  	 	 
	 	 	Steven L. Lilly 	 
	 	 	Chief Financial Officer 	 
	 

	 	 	 	 	 
	(Seal)

Dated: June 30, 2008

Attest:

 	 	 
	By:  	 	 	 
	 	 	 	 
	 
	Trustee’s Certificate of Authentication

This is one of the Bonds of the series designated therein, described in the within-mentioned Indenture 

By:   U.S. BANK NATIONAL ASSOCIATION,

         Trustee

 	 	 
	By:  	 	 	 
	 	Authorized Officer 	 	 
	 	 	 	 

 

 

REVERSE OF BOND

          This Bond is one of an authorized issue of Bonds of the Company known as its “Floating Rate
Collateral Trust Bonds due 2010”, issued and to be issued in one or more series under, and all
equally and ratably secured (except as any sinking or other fund may afford additional special
security for the Bonds of any particular series) by, an Indenture dated as of October 25, 2007 (as
amended, supplemented and modified and in effect from time to time, the “Indenture”), executed by
the Company to U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term
includes any successor Trustee under the Indenture), to which Indenture reference is hereby made
for a description of the nature and extent of the securities and other property assigned, pledged,
transferred and mortgaged thereunder the rights of the Holders of said Bonds and of the Trustee and
of the Company in respect of such security, and the terms upon which said Bonds are and are to be
authenticated and delivered.

          The Bonds will bear interest for each interest period at a rate determined by the Calculation
Agent, which shall initially be the Trustee, until such time as the Company appoints a successor
calculation agent (herein called the “Calculation Agent”, which term includes any successor
Calculation Agent). The interest rate for the first interest period will be the three-month U.S.
Dollar London Interbank Offered Rate (“LIBOR”) as determined on June 26, 2008, plus 0.775%.
Thereafter, the interest rate for any interest period will be the three-month U.S. Dollar LIBOR as
determined on the applicable Interest Determination Date plus 0.775%. The interest rate will be
reset quarterly on each Interest Reset Date. Interest on the Bonds will be computed on the basis
of the actual number of days in the applicable interest period divided by 360. All calculations of
the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and
binding on the Company, holders of the Bonds and the Trustee.

 

 

          LIBOR will be determined by the Calculation Agent in accordance with the following provisions:

          With respect to any Interest Determination Date, LIBOR will be the rate for deposits in U.S.
dollars having a maturity of three months commencing on the Interest Reset Date that appears on the
designated LIBOR page as of 11:00 a.m., London time, in respect of that Interest Determination
Date. If no rate appears at such time on an Interest Determination Date, LIBOR on such Interest
Determination Date will be determined as follows:

          The Calculation Agent will request the principal London offices of each of four major
reference banks in the London interbank market, as selected by the calculation agent, to provide
the Calculation Agent with its offered quotation for deposits in United States dollars for the
period of three months, commencing on the Interest Reset Date, to prime banks in the London
Interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and
in a principal amount that is representative for a single transaction in United States dollars in
the market at the time. If at least two quotations are so provided, LIBOR on the Interest
Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are
so provided, LIBOR on the Interest Determination Date will be arithmetic mean of the rates quoted
at approximately 11:00 A.M., New York City time, on the Interest Determination Date by three major
banks in the City of New York selected by the Calculation Agent for loans in United States dollars
to leading European banks, having a three-month maturity and in a principal amount that is
representative for a single transaction in U.S. dollars in that market at that time. If the banks
so selected by the Calculation Agent are not providing quotations as provided above, LIBOR
determined as of that Interest Determination Date will be LIBOR in effect on that Interest
Determination Date.

 

 

          The Calculation Agent will, upon the request of the holder of any Bond, provide the interest
rate then in effect.

          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
Bonds under the Indenture at any time by the Company with the consent of the Holders of not less
than a majority in aggregate principal amount of the Bonds at the time Outstanding as defined in
the Indenture. The Indenture also permits, without the consent of the holders of any Bonds, the
parties to any Mortgage Notes pledged under the Indenture, and any Mortgages or Loan Agreements
pursuant to which they were issued, to modify, alter, supplement or amend such Mortgage Notes,
Mortgages and Loan Agreements, so long as thereafter such Mortgage will comply with the
requirements of the Company’s standard lending practices, as such policies may be amended from time
to time. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds, 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 Bond
shall be binding upon such Holder and upon all future Holders of this Bond and of any Bond issued
upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
action is made upon this Bond.

          As provided in the Indenture, said Bonds are issuable in series which may vary as in said
Indenture provided or permitted. This Bond is one of a series entitled Floating Rate Collateral
Trust Bonds due 2010.

          The Bonds may not be redeemed by the Company prior to maturity.

 

 

          If an Event of Default, as defined in the Indenture, shall occur, the principal of this Bond
may become or be declared due and payable immediately, in the manner and with the effect provided
in the Indenture.

          This Bond is transferable by the registered owner hereof in person or by attorney authorized
in writing at the office or agency of the Company in the Borough of Manhattan, City and State of
New York or any other place or places where such Bond may be paid, upon surrender of this Bond, and
upon any such transfer a new Bond for the same series, for the same aggregate principal amount,
will be issued to the transferee in exchange hereof.

          The Bonds of this series are issuable only as registered Bonds without coupons in minimum
denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in, and
subject to the provisions of, the Indenture, Bonds of this series are exchangeable for other Bonds
of this series of any authorized denominations, of a like aggregate principal amount, as requested
by the Holder surrendering the same.

          No service charge will be made for any such transfer or exchange, but the Company or the
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

          Prior to due presentment for transfer at any office or agency of the Company designated for
such purpose, the Company, the Trustee and any agent of the Company or the Trustee may treat the
person in whose name this Bond is registered as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes whether or not this Bond be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

 

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

          The following terms shall have the following meanings:

          “Business Day” means any week day other than a day on which banking institutions in the
Borough of Manhattan, City and State of New York or in London are authorized by law to close.

          The “Day Count Convention” is “modified following”, which means that if an Interest Payment
Date falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the
next succeeding Business Day unless such next succeeding Business Day would be in the following
month, in which case the Interest Payment Date shall be the immediately preceding Business Day.

          The “designated LIBOR page” is the Reuters screen “LIBOR01”, or any successor service for the
purpose of displaying the London interbank rates of major banks for U.S. dollars. The Reuters
screen “LIBOR01” is the display designated as the Reuters screen “LIBOR01”, or such other page as
may replace the Reuters screen “LIBOR01” on that service or such other service or services as may
be denominated by the British Bankers’ Association for the purpose of displaying London interbank
offered rates for U.S. dollar deposits.

          The “Interest Determination Date” relating to a particular Interest Payment Date will be the
second London Business Day preceding such Interest Reset Date.

          “Interest Reset Dates” means January 1, April 1, July 1 and October 1, commencing October 1,
2008, subject to the Day Count Convention.

 

 

          “London Business Day” means any day on which deposits in U.S. dollars are transacted in the
London Interbank market.

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

 

 

ASSIGNMENT

          For value received the undersigned sells, assigns and transfers unto (name, address including
zip code and taxpayer I.D. or Social Security number of assignee)

 

the within
Certificate

and does
hereby irrevocably constitute and appoint

attorney
to transfer the said Certificate on the books kept  for

registration
thereof with full power of substitution on the premises.

Dated:                                         

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Signature by or on behalf of Assignor

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]