Document:

registrationrights_agreement.htm

    Exhibit 4.24

    
      	
               

              FEDERAL
      AGRICULTURAL

              MORTGAGE
      CORPORATION

              NATIONAL
      RURAL UTILITIES

              COOPERATIVE
      FINANCE CORPORATION

               

              _______________________________

              REGISTRATION
      RIGHTS AGREEMENT

              _______________________________

              Dated
      as of March 27, 2008

               

            

    

    
 

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    REGISTRATION RIGHTS AGREEMENT, dated as
of March 27, 2008, between FEDERAL AGRICULTURAL MORTGAGE CORPORATION, a
federally-chartered instrumentality of the United States and an institution of
the Farm Credit System (“Farmer Mac”); and
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a cooperative
association existing under the laws of the District of Columbia (“National
Rural”).

     

    RECITALS

     

    WHEREAS,
National Rural wishes from time to time to issue and sell Notes to Farmer Mac,
and Farmer Mac wishes from time to time to purchase such Notes from National
Rural, all on the terms and subject to the conditions set forth in the Note
Purchase Agreement dated as of March 27, 2008, between Farmer Mac and National
Rural (the “Note
Purchase Agreement”); and

     

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

     

    
      NOW,
THEREFORE, Farmer Mac and National Rural 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 Note Purchase Agreement.

         

        ARTICLE
II

         

        Registration
and Sale

         

      

    

    SECTION
2.01. Registration
Request.  Under the conditions described herein, Farmer Mac may
request National Rural (a “Registration
Request”) to effect the registration under the Act of the issuance of the
Exchange Notes (as defined below) to Farmer Mac in exchange for a specified
amount (but not less than $100 million principal amount) of its Notes (the
“Sale Notes”),
and the sale by Farmer Mac of the Exchange Notes.

     

    SECTION
2.02. Purchase
Option.  Upon receipt of a Registration Request, National Rural
may, in lieu of the requested registration, elect, by written notice delivered
to Farmer Mac no later than 30 days after receipt of such request, to purchase
all, but not less than all, the Sale Notes subject to such request (National
Rural’s “Purchase
Option”).  Upon such election, National Rural shall become
obligated to purchase, and Farmer Mac shall be obligated to sell to National
Rural, such Sale Notes on 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      2

       

      a
mutually agreed date no later than 15 days after written notice of such
election, at a purchase price equal to the outstanding principal amount of such
Sale Notes including accrued and unpaid interest thereon through the date of
purchase, payable in the same manner as payments of interest on the Notes are
made by National Rural to Farmer Mac.

    

     

    SECTION
2.03. Registration.  (a)  Upon
receipt of a Registration Request, and so long as National Rural has not
exercised its Purchase Option and purchased the Sale Notes covered thereby,
National Rural shall be obligated to file a registration statement under the Act
for the registration (a “Registration”) of a
principal amount of Exchange Notes (as defined below) equal to the principal
amount of the Sale Notes and for the qualification of an Indenture (as defined
below) under the Trust Indenture Act of 1939 (the “Trust Indenture
Act”), registering the exchange by National Rural with Farmer Mac of the
Exchange Notes for the Sale Notes and the sale of the Exchange Notes by Farmer
Mac.  National Rural 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 Notes” shall
mean notes issued by National Rural under an Indenture, having terms identical
to the Sale Notes except that they will be payable to the registered holder,
available in denominations of $1,000 and integral multiples thereof and
otherwise contain any terms required in order for the Indenture to be qualified
under the Trust Indenture Act; and “Indenture” shall mean
the Indenture pursuant to which the Exchange Notes are to be issued, with a
qualified trustee selected by National Rural and reasonably acceptable to Farmer
Mac, which provides for the Exchange Notes to have terms identical to the Sale
Notes, but without the transfer restrictions and except for provisions required
by the Trust Indenture Act.

     

    (c)  Periods of
Effectiveness.  National Rural agrees to keep any Registration
Statement effective, and to update as necessary (including by incorporation by
reference) any prospectus included in any Registration Statement, until the
later of the completion of the distribution of the Exchange Notes 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
the first sentence of Section 2.03(a), shall be suspended during any Blackout
Period as defined in Section 2.06 hereof.

     

    SECTION
2.04. Expenses.  (a)  Farmer
Mac shall be responsible for the following expenses in connection with any
Registration:  the SEC filing fee for the Registration Statement; the
fees and expenses of its counsel, if any; the underwriting commissions and
discounts of its underwriters for the sale of the Exchange Notes, if any; the
fees and expenses of the trustee under the Indenture, and its counsel; and the
printing costs of the prospectus, if any.

     

    (b)  National Rural shall be
responsible for the following expenses in connection with any
Registration:  the fees and expenses of its auditors; and the fees and
expenses of its counsel.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3

     

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

     

    (a)           Each
Registration Request shall relate to a principal amount of Sale Notes equal to
$100 million, or an integral multiple of $10 million in excess
thereof.

     

    (b)           Farmer
Mac can issue no more than one Registration Request in any calendar
year.

     

    (c)           Farmer
Mac may not issue a Registration Request (i) in respect of any Sale Notes that
have a maturity of less than five years, prior to the first anniversary of the
issuance thereof, and (ii) in respect of any Sale Notes that have a maturity of
five years or greater, prior to the second anniversary of the issuance
thereof.

     

    (c)           Farmer
Mac shall provide all information (such as the plan of distribution) reasonably
required by National Rural to be included in the registration statement that
relates to its sale of the Exchange Notes.

     

    (d)           If
the sale of the Exchange Notes by Farmer Mac is proposed to be by underwriters,
then the firm or firms acting as underwriters for the offering will be subject
to approval by National Rural.

     

    (e)           National
Rural is not required to be registered under the Investment Company Act of 1940,
as amended as a result of the issuance of the Registration Request or the sale
by Farmer Mac of Exchange Notes pursuant to a Registration
Statement.

     

    SECTION
2.06. Blackout
Periods.  National Rural shall have no obligation to cause a
Registration Statement to become or to remain effective, and Farmer Mac agrees
that it will not sell any Exchange Notes, during any period or periods during
which National Rural has reasonably determined that it is not appropriate for
its securities to be sold pursuant to a Registration Statement, provided that
National Rural 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, AND OTHERWISE THE LAWS OF THE DISTRICT OF
COLUMBIA.

     

    SECTION
3.02. WAIVER OF JURY
TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      4

       

      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 and National Rural, and thereafter shall be
binding upon and inure to the respective benefit of the parties and their
permitted successors and assigns.

     

    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 and National Rural.  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 or National Rural 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 National Rural or Farmer Mac
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 National Rural or Farmer Mac
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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5

     

    SECTION
3.07. Severability.  If
any term or provision of this Agreement or any Note 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 unenforceability without
invalidating or rendering unenforceable any remaining terms or provisions of
such Note Document or the application of such term or provision to circumstances
other than those as to which it is held invalid or unenforceable.

     

    

     

    

     

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    6

    
 

    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

              	
                /s/
      NANCY E. CORSIGLIA

              	 
      
	 
      	
                Name:
      Nancy E. Corsiglia

              
	 
      	
                Title:
      Executive Vice President &
CFO

              

      

    

     

    
      
        	 
      	
                NATIONAL
      RURAL UTILITIES COOPERATIVE FINANCE CORPORATION,

              
	
                by

              	
                /s/
      STEVEN L. LILLY

              	 
      
	 
      	
                Name:
      Steven L. Lilly

              
	 
      	
                Title: Sr.
      Vice President & CFO

              

      

    

    
 

    

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

        
          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
National Rural:

     

    National
Rural Utilities Cooperative Finance Corporation

    2201
Cooperative Way

    Herndon,
VA 20171-3025

    Telephone:  703-709-6718

    Fax:  703-709-6779

    Attention
of: Steven L. Lilly, Senior Vice President &

    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., Senior Vice President &

       General
Counselseniornote.htm

    Exhibit
4.25

    NATIONAL
RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

    Variable
Rate Senior Note due 2013

    

    

    Washington,
D.C.

    March 27,
2008

     

    FOR VALUE
RECEIVED, the undersigned, NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION (“National
Rural”), a District of Columbia cooperative association, hereby promises
to pay to FEDERAL AGRICULTURAL MORTGAGE CORPORATION (“Farmer Mac”), or
registered assigns, the principal sum of FOUR HUNDRED MILLION DOLLARS
($400,000,000.00) on April 1, 2013, together with interest computed from the
date hereof according to the terms of the Note Purchase Agreement (as defined
below).

     

    Payments
of principal and interest on this Note are to be made in lawful money of the
United States of America at such place as shall have been designated by written
notice to National Rural from the registered holder of this Note as provided in
the Note Purchase Agreement referred to below.

     

    This Note
is issued pursuant to a Note Purchase Agreement dated as of March 27, 2008 (as
from time to time amended, the “Note Purchase
Agreement”) between National Rural and Farmer Mac and is entitled to the
benefits thereof.  This Note is also entitled to the benefits of the
Pledge Agreement dated as of March 27, 2008, among National Rural, Farmer Mac
and the Collateral Agent named therein.

     

    Capitalized
terms used herein and not defined herein shall have the meanings given to those
terms in the Note Purchase Agreement.

     

    This Note
is a registered Note and, upon surrender of this Note for registration of
transfer or exchange, accompanied by a written instrument of transfer duly
executed by the registered holder hereof or such holder’s attorney duly
authorized in writing, a new Note will be issued to, and registered in the name
of, the transferee.  Prior to due presentment for registration of
transfer, National Rural may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and National Rural will not be affected by any notice to the
contrary.

     

    This Note
may be prepaid at any time, in whole or in part, at the option of National
Rural, according to the terms of the Note Purchase Agreement and provided that,
if such optional prepayment is made on a date other than an Interest Payment
Date, accrued interest on the principal amount hereof that is being prepaid
shall be payable through and including the last day of the Interest Period in
which such optional prepayment is made.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If an
Event of Default, as defined in the Note Purchase Agreement, occurs and is
continuing, the principal of this Note may be declared due and payable in the
manner, at the price and with the effect provided in the Note Purchase
Agreement.

     

    This Note
shall be construed and enforced in accordance with, and the rights of National
Rural and the holder hereof shall be governed by, the laws of the District of
Columbia, excluding choice-of-law principles of the law of the District of
Columbia that would require the application of the laws of another
jurisdiction.

     

    
      	
              NATIONAL
      RURAL UTILITIES COOPERATIVE FINANCE CORPORATION,

            
	
              By

            	
               

            
	 
      	
              /s/
      STEVEN L. LILLY

            
	 
      	
              Name: 
      Steven L. Lilly

            
	 
      	
              Title:  Sr. Vice President & Chief Financial
      Officer

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