Document:

Exhibit

W. R. BERKLEY CORPORATION

DEFERRED COMPENSATION PLAN FOR OFFICERS

AS AMENDED AND RESTATED November 2, 2016 

Section 1. Effective Date

This Plan was created as a spin-off from the W. R. Berkley Corporation Deferred Compensation Plan for Officers, as adopted September 1, 1986, and subsequently amended effective on January 1, 1989, January 1, 1991, and January 1, 2004 (the “Prior Plan”).  On December 3, 2007, the Plan was amended and restated for purposes of complying with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).  The Plan, as so amended and restated, shall apply only to amounts deferred with respect to calendar years 2005 and thereafter, and the Prior Plan shall govern all prior deferrals.

Section 2. Eligibility

Any officer of W. R. Berkley Corporation (the “Company”), or any President or Executive Vice President of any subsidiary or any officer of any subsidiary whose base salary is greater than or equal to $200,000, is eligible to participate in the Plan; provided, however, that participation in the Plan shall be limited to a “select group of management or highly compensated employees” (as such term is used in DOL Reg. § 2520.104-23).

Section 3. Amount of Deferral

Prior to the beginning of each calendar year, a Participant may elect to defer receipt     of:

(a) all or a portion of the Bonus Pay Compensation payable to the Participant for     that year;

(b) all or a portion of the Base Salary of the Participant for that year;

and/or

(c)    all or part of the Profit Sharing Excess Contributions (as defined below).  For the purposes hereof, a Participant’s “Profit Sharing Excess Contributions” for any year means the excess of (a) the contributions that would be made by the Company to the W. R. Berkley Corporation Profit Sharing Plan (the “Profit Plan”) on behalf of the Participant for such year (exclusive of any pre-tax (401(k)) contributions), without taking into account the Profit Plan’s limitations on a participant’s earnings and maximum annual additions under Sections 401(a) (17) and 415 of the Internal Revenue Code, over (b) the actual amount of Company contributions (exclusive of pre-tax (401(k)) contributions) allocated to the Participant under the Profit Plan for such year.

Deferral Election in First Year of Eligibility. Notwithstanding the provisions set forth in this Section 3 to the contrary, for any calendar year in which an individual first becomes eligible to participate in the Plan pursuant to Section 2 above (such 

individual being an “Eligible Employee”), the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) or its designee may allow such Eligible Employee to elect to defer receipt of his/her Bonus Pay Compensation, Base Salary and/or Excess Profit Sharing Contribution (such amounts being, the “Annual Compensation”) for the calendar year in which he or she first becomes an Eligible Employee; provided, however, that any such deferral may only apply to that portion of the Annual Compensation attributable to services to be performed after such election.  Unless otherwise determined by the Compensation Committee, in accordance with Treasury Regulation Section 1.409A-2(a)(7)(i), such deferral election shall be deemed to apply to the portion of the Annual Compensation attributable to services to be performed after such election only if the election applies to no more than the amount equal to the total amount of the Annual Compensation for the calendar year multiplied by the ratio of the number of days remaining in the calendar year after the election over the total number of days in the calendar year.  Any such deferral election must be made within thirty (30) days after the date such Eligible Employee first becomes an Eligible Employee by delivery of a completed and executed deferral election form to the Compensation Committee or its designee.  Each such deferral election form shall indicate the amount or percentage of such Eligible Employee’s Annual Compensation for the calendar year to be deferred pursuant to the Plan, the specified year in the future in which the Deferred Compensation will be paid pursuant to Section 7 below (subject to earlier payment upon a Separation from Service or death), and the form of payment pursuant to Section 8 below.  Each deferral election form shall be subject to the approval of the Compensation Committee or its designee and the Compensation Committee or its designee may choose for any reason or for no reason, in its sole discretion, to accept or reject a deferral election form prior to the time such election would otherwise become irrevocable.  Deferral elections properly made pursuant to this paragraph and accepted by the Compensation Committee or its designee shall be irrevocable after 11:59 pm ET on the thirtieth (30th) day following the date the Eligible Employee first becomes an Eligible Employee hereunder.

All amounts deferred will be classified as “Deferred Compensation”.

Section 4. Type of Plan

The Plan is a non-qualified voluntary deferred compensation type of plan. This Plan is maintained primarily to provide deferred compensation for a select group of management or highly compensated employees, and, therefore, is not intended to be a “qualified plan” within the meaning of Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and is not subject to any of the participation, vesting, funding or fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended and the rules and regulations promulgated thereunder (“ERISA”).

Section 5. Funding

The Company will not fund the amount of any Participant’s Deferred     Compensation.  The     amount of Deferred Compensation is secured only by the     Company’s promise to pay it from the assets of the Company

Section 6. Investment Income

A reasonable rate of interest will be credited to a Participant’s account, from the date of the deferral, and will be compounded quarterly.  The interest rate will be established by the Compensation Committee of the Board of Directors prior to the beginning of each year.

Section 7. Deferral Period

A Participant may elect to defer his/her Bonus Pay Compensation and/or his/her Base Salary and/or his/her Excess Profit Sharing Contribution until the earlier of (a) a specified year in the future and (b) his/her “separation from service” with the Company (as such term is defined in Treasury Regulation § 1.409A-1(h) and hereinafter referred to as a “Separation from Service”) (or if such Participant is a “specified employee” (as such term is defined in Treasury Regulation § 1.409A-1(i)), the six-month anniversary of such Separation from Service).  The actual payment will be made or will commence within sixty days after the date specified or the actual date of Separation from Service, or if applicable, after the six-month anniversary of such Separation from Service.

Section 8. Form of Payment

A Participant may elect to receive his/her Deferred Compensation under the Plan in     either a lump sum or in annual installments (not to exceed five), as specified by the     Participant at the time the election to defer is made.

Section 9. Death Prior to Receipt

In the event that a Participant dies prior to receipt of any or all of the amounts payable to him/her pursuant to this Plan, any amounts that are then credited as Deferred Compensation will be paid to his/her designated beneficiary in a lump sum within sixty days following the Company’s notification of the Participant’s death.  Such payment shall be made no later than the later of (i) the last day of the year in which death occurred and (ii) the 15th day of the third calendar month following the date of such death.  In the event the Company is not notified of the Participant’s death at least sixty (60) days prior to the later of such dates, the Participant’s Deferred Compensation hereunder shall continue to be paid in accordance with Sections 7 and 8 hereof.  The Participant (or his/her designated beneficiary or estate) shall not be permitted, directly or indirectly, to designate the taxable year of the payment.

At the time the election to defer is made, a Participant may designate a beneficiary under this Plan.  The Participant may change the beneficiary by writing to the General Counsel of the Company.  If a beneficiary is not named, the value of the Participant’s Deferred Compensation Account will be paid to his/her estate.

Section 10. Effect of Election

An election to defer Compensation for any year will be irrevocable once the term to which it applies has commenced, and can be revoked only due to an “unforeseeable emergency” (as such term is defined in Treasury Regulation § 1.409A-3(i)(3)), as determined by the Compensation Committee of the Board of Directors of the Company.

Section 11. Participant’s Rights Unsecured

The right of any Participant to receive future payments under the provisions of the Plan will be an unsecured contractual claim against the general assets of the Company.  The Plan will not be funded.  The Company will not be required to establish any special or separate fund or to make any segregation of assets to assure the payment of any amounts under the Plan.

Section 12. Statement of Account

Statements will be sent to each Participant by February 15th each year as to the value of his/her Deferred Compensation Account as of the end of the preceding December.

Section 13. Assignability

No right to receive payments hereunder will be transferable or assignable by a Participant, except by will or by the laws of descent and distribution.

Section 14. Administration

This Plan will be administered on a day-to-day basis on behalf of the Compensation Committee of the Board of Directors of the Company by the General Counsel of the Company, who will have the authority to adopt rules and regulations for carrying out the Plan.  The Compensation Committee of the Board of Directors of the Company will have the authority to interpret, construe and implement the provisions of the Plan and to prescribe the form of the request for deferral of compensation under the Plan.

Section 15. Amendment/Termination

This Plan may at any time or from time to time be amended, modified or terminated by the Board of Directors of the Company; provided, however, that any termination of the Plan must comply with the requirements of Treasury Regulation § 1.409A-3(j)(4)(ix).  No amendment, modification or termination will, without the consent of the Participant, adversely affect any amounts credited to such Participant’s Deferred Compensation Account; unless the Board determines, in its sole discretion, that such amendment, modification or termination is appropriate or necessary to cause this Plan to comply with Section 409A (including the distribution requirements thereunder) or any Deferred Compensation to be exempt from the tax penalty under Section 409A(a)(1)(B).

Section 16. Tax Treatment

Deferred Compensation and credited interest are taxed as ordinary income when payment is actually received.  Distributions received from the Plan are not eligible for favorable tax treatment or rollovers as permitted under qualified plans.  This Plan is maintained with the intention that income deferred pursuant to its terms will not be treated as taxable income to any Participant under the Code until such Participant receives actual payment of such deferred amounts.  This Plan is intended to comply with the provisions of Section 409A and, to the extent that there are any ambiguities in this document, shall be interpreted and administered consistent with Section 409A.  Notwithstanding the immediately prior sentence, if 

any term or provision of this Plan is found to be noncompliant with Section 409A in any jurisdiction, such provision shall be struck as void ab initio and a compliant term or provision shall be deemed substituted for such noncompliant provision that preserves, to the maximum lawful extent, the intent of the Plan, and any court or arbitrator so holding shall have authority and shall be instructed to substitute such compliant provision; provided, however, that if any such noncompliance is due to a deficiency of one or more terms or provisions, such appropriate terms or provisions shall be deemed to be added to cure such noncompliance that preserves, to the maximum lawful extent, the intent of the Plan, and any such court or arbitrator shall have authority and shall be instructed to supplement the Plan with such compliant terms or provisions.  None of the Board, the Compensation Committee, the Company or their respective designees shall be liable to anyone for any federal, state, local, or foreign taxes, interest, or penalties incurred by anyone in connection with the participation in or receipt of benefits under the Plan, including, but not limited to, any taxes, interest or penalties incurred on account of the failure of the Plan or the operation of the Plan to comply with Section 409A.

The Company may withhold from any payments made under this Plan all applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be required or permitted by applicable law.

Section 17. Other Benefits

The computation and basis for other Company provided benefits may be affected if a Participant elects to defer a portion of his/her Base Salary.

Section 18. Governing Law

This Plan shall be construed in accordance with and governed by U.S. federal tax   law (and ERISA) and the laws of the State of Delaware (without giving effect to the choice of law principles thereof).

Capitalized terms used herein but not defined shall have the meaning ascribed to them in the Plan.

To the extent not amended hereby, the Plan shall continue in full force and effect in accordance with its terms.

This amendment shall be governed by, and construed under, the laws of the state of Delaware, and all rights and remedies shall be governed by said laws, without regard to conflict of law principles.

W. R. BERKLEY CORPORATION
DEFERRED COMPENSATION PLAN FOR OFFICERS
ELECTION FORM- 2016

In accordance with and subject to the W. R. Berkley Corporation Deferred Compensation Plan for Officers (the “Plan”), I hereby request to defer the receipt of compensation for the year ending December 31,      , as follows:

Amount of Bonus Pay to be Deferred:
         (a)  ALL (100%)                            OR
         (b)    ___________       % (multiples of 10%)            OR
         (c)  $___________        (multiples of $1,000)

Amount of Base Salary to be Deferred:
         (a)  ALL  (100%)                            OR
         (b)    __________     % (multiples of 10%)            OR
         (c)  $__________     (multiples of $1,000)

Amount of Excess Profit Sharing Contribution to be Deferred:
         (a) ALL 100%                            OR
         (b)   __________    % (multiples of 10%)            OR
         (c) $__________     (multiples of $1,000)

Period of Deferral:
         (a)  Year in which payments should be made or commence
       (not later than my Separation from Service (as defined in the Plan)______________    OR
         (b)  Until my Separation from Service

Form of Distribution:
         Lump sum                                OR
         Annual installments____________________
                (not to exceed 5)

A Participant should contact his/her Tax Advisor prior to making an election to defer compensation.

I have received a copy of the Plan and agree to be bound by the terms and conditions thereof.  I understand that, in the event of my death prior to receipt of all amounts payable to me pursuant to the Plan, the amount credited to my Deferred Compensation Account will be paid to my designated beneficiary in the form of a lump sum.  I further understand that this election is subject to approval of the Company as provided by the terms and conditions thereof. 

Beneficiary Name                                 Officer Name                                                  
      
Address                                           Address                                                           

Beneficiary                    Officer
Social Security No.                                Social Security No.                                          

                                                         Date                                                                
Signature of OfficerExhibit

Exhibit 10.1

CONFIDENTIAL TREATMENT FOR THIS EXHIBIT HAS BEEN REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED, AND THE REDACTED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

SECOND SUPPLEMENTAL NOTE PURCHASE AGREEMENT

SECOND SUPPLEMENTAL NOTE PURCHASE AGREEMENT, dated as of July 31, 2018 (the “Agreement”), among FARMER MAC MORTGAGE SECURITIES CORPORATION (the “Purchaser”), a wholly owned subsidiary of FEDERAL AGRICULTURAL MORTGAGE CORPORATION, a federally-chartered instrumentality of the United States and an institution of the Farm Credit System (“Farmer Mac” or the “Guarantor”), 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, the Purchaser and the Guarantor have heretofore executed and delivered the Master Note Purchase Agreement dated as of July 31, 2015, among National Rural, the Purchaser and the Guarantor (as amended from time to time, the “Master Agreement”); and

WHEREAS, pursuant to the Master Agreement, the parties desire to establish hereby the terms of one or more series of Notes to be issued by National Rural and purchased by the Purchaser.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, Farmer Mac, the Purchaser and National Rural agree as follows:

1.Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Master Agreement.

2.Title of Series.  The series of Note issued hereunder shall be designated as “Series 2018-1.”  Failure to make a notation of the name on the Note shall not affect the validity and effect of such Note.

3.Note Funding.  On each Funding Date, the Purchaser shall fund draws under the Note as requested from National Rural from time to time during the Draw Period, in each case pursuant to a Draw Notice, in an aggregate principal amount, not in excess of $300,000,000.00 outstanding at any one time (the “Maximum Purchase Amount”), subject to the terms and conditions set forth in the Master Agreement. For purposes hereof, “Draw Period” means the period beginning on July 31, 2018 to and including the earlier of (i) the Early Termination Date or (ii) December 20, 2023. National Rural may borrow, repay and reborrow funds at any time or from time to time during the Draw Period in accordance with the procedures set forth in the Master Agreement.  The outstanding principal balance of the Note shall reflect each such borrowing, repayment and reborrowing during the Draw Period, as indicated on the books and records of the Purchaser (as may be evidenced by a schedule of exchanges of notes), copies of which records of the Purchaser shall be made available by the Purchaser to National Rural not more frequently than monthly upon 

1

Exhibit 10.1

CONFIDENTIAL TREATMENT FOR THIS EXHIBIT HAS BEEN REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED, AND THE REDACTED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

National Rural’s written request.  Disbursements under the Note shall be in an initial minimum amount of $25 million and additional increments of $5 million in excess thereof.

4.(a)    The following additional defined terms shall apply to each Note issued pursuant to this Agreement:

Applicable Margin: [REDACTED PORTION FILED SEPARATELY WITH SEC PURSUANT TO CONFIDENTIAL TREATMENT REQUEST], provided that Farmer Mac may adjust the Applicable Margin in its sole discretion on any Facility Renewal Date with at least 30 days’ notice to Issuer prior to the respective Facility Renewal Date.

Early Termination Date: The date that either the Issuer or the Purchaser elects to terminate this Agreement, provided that (i) if such termination is at the Issuer’s election, the Issuer shall have provided at least 30 days’ prior written notice to Purchaser and Farmer Mac and (ii) if such termination is at Purchaser’s election, such Early Termination Date may only be on a Facility Renewal Date and Purchaser shall have provided at least 30 days’ prior written notice to Issuer.

Facility Renewal Date:  January 31, 2019 and thereafter on the 20th of each June and December to but excluding December 20, 2023.

Funding Date:  The date of each funding under the Note pursuant to a Draw Notice.

LIBOR: The London Interbank Offered Rate for one-month U.S. Dollar deposits, as calculated by Farmer Mac in the following order of priority:

•the rate that appears at 11:00 a.m. (London time) on the LIBOR Determination Date equal to the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for
U.S. Dollars for a period equal in length to such Interest Period) as displayed on page LIBOR01 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time) for one-month U.S. Dollar deposits;

•if a rate does not so appear, Farmer Mac will select four leading banks in the London interbank market and request those banks to provide their offered quotations to prime banks in the London interbank market for one-month U.S. Dollar deposits at 11:00 a.m. (London time) on the LIBOR Determination Date. If at least two of the selected banks provide the requested quotations, LIBOR will be the arithmetic mean of the quotations obtained, as determined by Farmer Mac;

•if fewer than two of the selected banks provide the requested quotations, Farmer Mac will select three major banks in New York City and request those banks to provide their offered quotations to leading European banks for one-month U.S. Dollar loans, beginning on the applicable Interest Rate Reset Date, at approximately 11:00 a.m. (London time) on 

2

Exhibit 10.1

CONFIDENTIAL TREATMENT FOR THIS EXHIBIT HAS BEEN REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED, AND THE REDACTED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

the LIBOR Determination Date. LIBOR will be the arithmetic mean of the quotations obtained, as determined by Farmer Mac; and

•if fewer than three of the selected banks provide the requested quotations, it shall be deemed that LIBOR is no longer recognized as an industry standard benchmark interest rate.

Notwithstanding anything herein to the contrary, if Farmer Mac determines (or it is deemed pursuant to the immediately preceding bullet) that LIBOR has been discontinued, is no longer being published or is no longer recognized as an industry standard benchmark interest rate, in each case whether due to lack of contributing banks or for any other reason, then Farmer Mac, in its sole discretion, may, in lieu of any provision above, designate a substitute or successor index rate, taking into account general comparability to LIBOR, acceptance as a market-based benchmark interest rate and any other adjustments or factors as Farmer Mac deems appropriate.  If Farmer Mac determines a substitute or successor index rate in accordance with the foregoing, Farmer Mac, in its sole discretion, may, notwithstanding anything herein to the contrary, also determine the Business Day convention, the definition of Business Day (or London Banking Day), the Interest Reset Date and the index rate determination date to be used and any other relevant methodology for calculating the substitute or successor index rate, including any adjustment factor needed to make such substitute or successor index rate comparable to LIBOR, in a manner that is consistent with industry accepted practices for such substitute or successor index rate.

LIBOR Determination Date: The second London Banking Day before the first day of the applicable Interest Period.

London Banking Day: Any day on which commercial banks are open for business, including dealings in foreign exchange and deposits in U.S. Dollar deposits, in London, England.

(b)    The following defined terms set forth in the Master Agreement as applied to the Note issued pursuant to this Agreement shall be amended in their entirety as set forth below:

Closing Date:  The date hereof.

Facility Fee: [REDACTED PORTION FILED SEPARATELY WITH SEC PURSUANT TO CONFIDENTIAL TREATMENT REQUEST] of the Maximum Purchase Amount, payable on the date hereof and on each Facility Renewal Date during the Draw Period, provided that Farmer Mac may adjust the Facility Fee in its sole discretion on any Facility Renewal Date with at least 30 days’ notice prior to the respective Facility Renewal Date.  The Facility Fee is nonrefundable in whole or part.

Index:  LIBOR

3

Exhibit 10.1

CONFIDENTIAL TREATMENT FOR THIS EXHIBIT HAS BEEN REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED, AND THE REDACTED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

Interest Payment Date: On the 20th (or next succeeding Business Day) of each month for which principal amounts under the Note were outstanding in the preceding Interest Period.

Interest Period: Initially, the period commencing on the effective date of a Note Funding to but excluding the next Interest Payment Date, and thereafter, each period from and including the prior Interest Payment Date to but excluding the next Interest Payment Date.

Note:  A variable funding promissory note of National Rural payable to the Purchaser, having the terms provided for in Article II of the Master Agreement and otherwise in the form of Annex A attached to this Agreement.

(c)    The following additional terms and conditions shall apply to the Note issued under this Agreement:

(i)On each Funding Date, each of the conditions precedent set forth in Section 3.01(b), (d), (e), (g), and (h) shall have been met as of such Funding Date.

(ii)The representations of each of the parties hereto as set forth in Sections 5.01 and 5.02, respectively, shall be made as of each Funding Date.

(iii)Section 2.03(c) of the Master Agreement is hereby amended by replacing the second and third sentences thereof with the following:  “National Rural shall provide the Purchaser with a Notice of Prepayment at least two (2) Business Days prior to the date scheduled for prepayment as set forth in such Notice of Prepayment.”

(iv)Section 4.01 of the Master Agreement is hereby amended by replacing subsection (a) thereof with the following:  “(a)    within the earlier of (i) two (2) Business Days after filing with the Securities and Exchange Commission and (ii) 120 calendar days after the end of each Fiscal Year, the Financial Statements for such Fiscal Year;”.

5.GOVERNING LAW. EXCEPT AS SET FORTH IN SECTION 9.01 OF THE MASTER AGREEMENT, THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, FEDERAL LAW. TO THE EXTENT FEDERAL LAW INCORPORATES STATE LAW, THAT STATE LAW SHALL BE THE LAWS OF THE DISTRICT OF COLUMBIA APPLICABLE TO CONTRACTS MADE AND PERFORMED THEREIN.

6.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.

4

Exhibit 10.1

CONFIDENTIAL TREATMENT FOR THIS EXHIBIT HAS BEEN REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED, AND THE REDACTED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

7.Inconsistency. In the event of any inconsistency between the terms of this Supplemental Note Purchase Agreement and the Master Agreement, the terms of this Supplemental Note Purchase Agreement shall apply.

[Remainder of page intentionally left blank.]

5

Exhibit 10.1

CONFIDENTIAL TREATMENT FOR THIS EXHIBIT HAS BEEN REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED, AND THE REDACTED PORTIONS HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION

IN WITNESS WHEREOF, each party hereto has caused this Agreement to be executed by an authorized officer as of the day and year first above written.

FARMER MAC MORTGAGE SECURITIES CORPORATION

By:  _/s/ R. Dale Lynch __________________
Name:  R. Dale Lynch
Title:  Executive Vice President – Chief Executive Officer

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

By:  _/s/ R. Dale Lynch __________________
Name:  R. Dale Lynch
Title: Executive Vice President – Chief Executive Officer

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

By:  _/s/ J. Andrew Don __________________
Name:  J. Andrew Don
Title: Senior Vice President and Chief Financial Officer

ANNEX A
FORM OF SERIES 2018-1 NOTE

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Floating Rate, Variable Funding Senior Note due December 20, 2023
Washington, D.C. 
July 31, 2018
FOR VALUE RECEIVED, the undersigned, NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (“National Rural”), a District of Columbia cooperative association, hereby promises to pay to FARMER MAC MORTGAGE SECURITIES CORPORATION (the “Purchaser”), a wholly owned subsidiary of FEDERAL AGRICULTURAL MORTGAGE CORPORATION, a federally-chartered instrumentality of the United States and an institution of the Farm Credit System (“Farmer Mac”), or registered assigns, the principal sum as set forth in the “Schedule of Exchanges of Notes” attached hereto, which amount shall not exceed THREE HUNDRED MILLION DOLLARS ($300,000,000.00) outstanding hereunder at any one time, on December 20, 2023 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 the Master Note Purchase Agreement, dated as of July 31, 2015, as well as the Second Supplemental Note Purchase Agreement dated as of July 31, 2018 (together, as from time to time amended, the “Note Purchase Agreement”), between National Rural, the Purchaser, and Farmer Mac and is entitled to the benefits thereof.  This Note is also entitled to the benefits of the Second Amended, Restated and Consolidated Pledge Agreement, dated as of July 31, 2015 (as from time to time amended), among National Rural, Farmer Mac, the Purchaser 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 is prepayable at any time by National Rural, in whole or in part at the option of National Rural on the terms set forth in the Note Purchase Agreement. In the event that any such repayment or prepayment of the principal amount of any Note is made on a day other than an Interest Payment Date, accrued interest on the principal amount thereof shall be payable through and excluding the call date on which such repayment or prepayment is made.  The outstanding principal balance of this Note shall reflect each borrowing, repayment and reborrowing during the Draw Period as described more fully in the Note Purchase Agreement and as reflected in the books and records of the Purchaser.  The outstanding principal amount under this Note at any given time during the Draw Period may not reflect the full face amount set forth on the first page of this Note, and may be less.

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

	 
	 

	 
	Name:   

	 
	Title:   

SCHEDULE OF EXCHANGES OF NOTES

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Floating Rate, Variable Funding Senior Note due December 20, 2023
The initial principal amount of this Bond is [XXX MILLION XXX THOUSAND DOLLARS ($XX,XXX,XXX.00)].  The following increases or decreases in this Bond have been made:

	
					
	

Date of Exchange
	

Amount of decrease in principal amount of this Bond
	

Amount of increase in principal amount of this Bond
	Principal amount of this Bond following such decrease or increase
	Signature of authorized officer or signatory of Issuer

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