Document:

notepurchase_agreement.htm

     

     

     

    
 

     

     

     

     

     

    Exhibit 4.22

    
      
        	
                 

                FEDERAL
      AGRICULTURAL

                MORTGAGE
      CORPORATION

                as
      Note Purchaser

                NATIONAL
      RURAL UTILITIES

                COOPERATIVE
      FINANCE CORPORATION

                as
      Borrower

                _______________________________

                NOTE
      PURCHASE AGREEMENT

                _______________________________

                Dated
      as of March 27, 2008

                 

              

      

      

    

    
 

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    
      	
              Table
      of Contents

            	 
      
	 
      	 
      
	 
      	
              Page

            
	
              RECITALS

            	
              1

            
	 
      	 
      
	 
      	 
      
	
              ARTICLE
      I

            	 
      
	 
      	 
      
	
              DEFINITIONS

            	 
      
	
              SECTION
      1.01

            	
              Definitions

            	
              1

            
	
              SECTION
      1.02.

            	
              Principles
      of Construction

            	
              4

            
	 
      	 
      
	 
      	 
      
	
              ARTICLE
      II

            	 
      
	 
      	 
      
	
              PURCHASE
      OF NOTES

            	 
      
	 
      	 
      
	
              SECTION
      2.01.

            	
              Purchase
      of Notes; Minimum Denominations

            	
              4

            
	
              SECTION
      2.02.

            	
              Interest
      Rates and Payment

            	
              4

            
	
              SECTION
      2.03.

            	
              Maturity

            	
              6

            
	 
      	 
      
	 
      	 
      
	
              ARTICLE
      III

            	 
      
	 
      	 
      
	
              CONDITIONS
      PRECEDENT

            	 
      
	 
      	 
      
	
              SECTION
      3.01.

            	
              Conditions
      Precedent to the Purchase of Each Note

            	
              6

            
	
              SECTION
      3.02.

            	
              Certificate
      of Pleged Collateral

            	
              7

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              ARTICLE
      IV

            	 
      
	 
      	 
      
	
              REPORTING
      REQUIREMENTS

            	 
      
	 
      
	
              SECTION
      4.01.

            	
              Annual
      Reporting Requirements

            	
              7

            
	
              SECTION
      4.02.

            	
              Default
      Notices

            	
              7

            
	 
      	 
      
	 
      	 
      
	
              ARTICLE
      V

            	 
      
	 
      	 
      
	
              REPRESENTATIONS
      OF THE PARTIES

            	 
      
	 
      	 
      

    

    

    

    
      
        
          
            CFC
DOC

            AA001-X-0000
(KHETANA)

            119456-5

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    

    
      	 
      	 
      
	
              SECTION
      5.01.

            	
              Representation
      of Farmer Mac

            	
              8

            
	
              SECTION
      5.02.

            	
              Representations
      of National Rural

            	
              8

            
	 
      
	 
      
	
              ARTICLE
      VI

            
	 
      
	
              SECURITY
      AND COLLATERAL

            
	 
      
	
              SECTION
      6.01.

            	
              Security
      and Collateral

            	
              10

            
	 
      
	 
      
	
              ARTICLE
      VII

            
	 
      
	
              EVENTS
      OF DEFAULT

            
	 
      
	
              SECTION
      7.01.

            	
              Events
      of Default

            	
              10

            
	
              SECTION
      7.02.

            	
              Acceleration

            	
              11

            
	
              SECTION
      7.03.

            	
              Remedies
      Not Exclusive

            	
              11

            
	 
      
	 
      
	
              ARTICLE
      VIII

            
	 
      
	
              MISCELLANEOUS

            
	 
      
	
              SECTION
      8.01.

            	
              GOVERNING
      LAW

            	
              11

            
	
              SECTION
      8.02.

            	
              WAIVER
      OF JURY TRIAL

            	
              12

            
	
              SECTION
      8.03.

            	
              Notices

            	
              12

            
	
              SECTION
      8.04.

            	
              Benefit
      of Agreement

            	
              12

            
	
              SECTION
      8.05.

            	
              Entire
      Agreement

            	
              12

            
	
              SECTION
      8.06.

            	
              Amendments
      and Waivers

            	
              12

            
	
              SECTION
      8.07.

            	
              Counterparts

            	
              13

            
	
              SECTION
      8.08.

            	
              Termination
      of Agreement

            	
              13

            
	
              SECTION
      8.09.

            	
              Survival

            	
              13

            
	
              SECTION
      8.10.

            	
              Severability

            	
              13

            
	 
      
	
              Schedule
      I -

            	
              Addresses
      for Notices

            
	
              Schedule
      II -

            	
              Applicable
      Margin Notice

            
	
              Schedule
      II -

            	
              Pricing
      Agreement

            
	 
      
	
              Annex
      A –

            	
              Form
      of Note

            
	
              Annex
      B –

            	
              Opinion
      of Counsel to National Rural

            
	
              Annex
      C –

            	
              Officers’
      Certificate

            

    

     

    
      
        
          
          

           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

    

    NOTE
PURCHASE 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 herein provided;
and

     

    WHEREAS
Farmer Mac is an instrumentality of the United States formed to provide for
a secondary marketing arrangement for agricultural real estate mortgages;
National Rural is a non-profit cooperative formed in part to provide financing
for rural electric distribution cooperatives and to finance the infrastructure
in rural America; and Farmer Mac and National Rural have agreed that the Notes
will be secured by the pledge of mortgage notes for borrowings from National
Rural by rural electric distribution cooperative members of National Rural that
serve primarily communities with fewer than 50,000 inhabitants, as provided
herein;

     

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

     

     

    ARTICLE
I

     

    DEFINITIONS

     

    SECTION
1.01. Definitions.  As
used in this Agreement, the following terms shall have the following
meanings:

     

    “Agreement” means this
Note Purchase Agreement, as the same may be amended from time to
time.

     

    “AM Term” means, as to
each determination of the Applicable Margin by Farmer Mac, the period of time
during which such Applicable Margin shall apply, as determined in accordance
with Section 2.02(a) hereof.

     

    “Applicable Margin”
means the margin to be added to the LIBOR Rate to determine the rate of interest
payable on the Notes from time to time.  The Applicable Margin shall
be communicated by Farmer Mac to National Rural in accordance with Section
2.02(a) hereof and calculated by Farmer Mac as follows: (i) Farmer Mac’s
actual

     

    

    
      
        
          
          

           

        

        
           

          
            

          

        

        
           

          
             

            Note Purchase
Agreement 

            

          

        

      

    

    2

    
 

    cost of
funds (expressed in relation to the LIBOR Rate) plus 0.575% minus (ii) the LIBOR
Rate.  The initial Applicable Margin shall be set in the Pricing
Agreement.

     

    “Applicable Margin
Notice” means a notice by Farmer Mac to National Rural notifying National
Rural of each new determination of the Applicable Margin and AM Term in
accordance with Section 2.02(a), in the form of Schedule II hereto.

     

    “Business Day” means
any day other than a Saturday, a Sunday, or a day on which the Federal Reserve
Bank of New York is closed.

     

    “Certificate of Pledged
Collateral” has the meaning given to that term in the Pledge
Agreement.

     

    “Closing Date” has the
meaning given to that term in Section 2.01.

     

    “Collateral Agent”
means U.S. Bank Trust National Association, or its successor, as collateral
agent under the Pledge Agreement.

     

    “Dollar” or “$” means the lawful
money of the United States of America.

     

    “Eligible Member” has
the meaning given to that term in the Pledge Agreement.

     

    “Event of Default” has
the meaning given to that term in Section 7.01.

     

    “Financial
Statements”, in respect of a Fiscal Year, means the consolidated
financial statements (including footnotes) of National Rural for that Fiscal
Year as audited by independent certified public accountants appointed by
National Rural.

     

    “Fiscal Year” means
the fiscal year of National Rural, as such may be changed from time to time,
which at the date hereof commences on June 1 of each calendar year and ends on
May 31 of the following calendar year.

     

    “Interest Payment
Date” means the first (1st) day of
each January, April, July and October beginning April 1, 2008; provided,
however, that if any such date is not a Business Day, such Interest Payment Date
that would otherwise be such date will be the next Business Day following such
date.

     

    “Interest Period” means, initially, the
period from and including the Closing Date to and including March 31, 2008 and,
thereafter until all outstanding principal amount of the Notes and interest
accrued thereon have been paid in full, each 3-month period comprising a
calendar quarter from and including the first day of a calendar quarter (i.e.,
January 1st, April
1st,
July 1st and
October 1st) to and
including the last day of the same calendar quarter (i.e., March 31st, June
30th,
September 30th and
December 31st); provided, that if any
Interest Period would end on a day other than a Business Day, then such Interest
Period shall be extended to and including the next succeeding Business Day and
the next Interest Period shall commence on the next succeeding day.

     

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

          
             

            Note Purchase
Agreement 

            

          

        

      

    

    3

    
 

    “LIBOR Rate” shall
mean, for any Interest Period, the rate appearing on Page 3750 of the Telerate
service (or on any successor or substitute page of such service, or if the
Telerate service ceases to be available, any successor to or substitute for such
service providing rate quotations comparable to those currently provided on such
page of such service, as mutually agreed by National Rural and Farmer Mac, from
time to time for purposes of providing quotations of interest rates applicable
to Dollar deposits in the London interbank market) as of 11:00 a.m., London
time, on the day that is two London Banking Days prior to the commencement of
such Interest Period, as the rate for the offering of Dollar deposits with a
maturity comparable to such Interest Period.

     

    “London Banking Day”
shall mean any day on which commercial banks and foreign exchange markets settle
payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in the Dollar, in London,
England.

     

    “Member” shall mean
any Person who is member of National Rural.

     

    “National Rural
Notice” has the meaning given to that term in the Pledge
Agreement.

     

    “Notes” means one or
more notes of National Rural payable to Farmer Mac, having the terms provided
for in Article II of this Agreement and otherwise in the form of Annex A
attached hereto, except to the extent Farmer Mac and National Rural may have
approved changes therein.

     

    “Note Documents” means
the Notes, this Agreement, the Pledge Agreement and the Registration Rights
Agreement.

     

    “Payment Notice” means
a notice furnished by Farmer Mac to National Rural that indicates the amount of
each payment of interest and the date when each payment is due, determined in
each case in accordance with Section 2.02 hereof.

     

    “Person” means an
individual, a corporation, a partnership, an association, a trust or any other
entity or organization, including a government or political subdivision or an
agency or instrumentality thereof.

     

    “Pledge Agreement”
means the Pledge Agreement dated as of the date hereof, among National Rural,
Farmer Mac and the Collateral Agent.

     

    “Pledged Collateral”
has the meaning given to that term in the Pledge Agreement.

     

    “Pledged Securities”
has the meaning given to that term in the Pledge Agreement.

     

    “Pricing Agreement”
means the Pricing Agreement between Farmer Mac and National Rural in the form of
Schedule III attached hereto.

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

          
             

            Note Purchase
Agreement 

            

          

        

      

    

    4

    "Registration Rights
Agreement" means the Registration Rights Agreement dated as of the date
hereof between Farmer Mac and National Rural.

     

    SECTION
1.02. Principles of
Construction.  Unless the context shall otherwise indicate, the
terms defined in Section 1.01 hereof include the plural as well as the
singular and the singular as well as the plural.  The words
“hereafter”, “herein”, “hereof”, “hereto” and “hereunder”, and words of similar
import, refer to this Agreement as a whole.  The descriptive headings
of the various articles and sections of this Agreement were formulated and
inserted for convenience only and shall not be deemed to affect the meaning or
construction of the provisions hereof.

     

    ARTICLE
II

     

    PURCHASE
OF NOTES

     

    SECTION
2.01. Purchase of Notes; Minimum
Denominations.  Farmer Mac agrees to purchase Notes, at 100% of
their principal amount, from time to time, but not after March 31, 2008, as
requested by National Rural by written notice to Farmer Mac (and, if the
purchase is other than on March 27, 2008 upon at least five Business Days’
advance notice to Farmer Mac) (the “Closing Date”) in an aggregate principal
amount, for all Notes purchased hereunder, not in excess of $400 million,
subject to satisfaction of the conditions set forth herein.

     

    SECTION
2.02. Interest Rates and
Payment.  Each Note shall bear interest on the outstanding
principal amount thereof (computed on the basis of a 360-day year and the actual
number of days elapsed) from its date of issuance until final payment on the
maturity date thereof or otherwise at a variable rate per annum equal to the
LIBOR Rate for each Interest Period plus the Applicable Margin for such Interest
Period; provided, however, that, only
for the initial Interest Period, which is the period from and including the
Closing Date through and including March 31, 2008, the “LIBOR Rate” shall be the
1-week LIBOR Rate as set forth in the Pricing Agreement.  To the
extent any payment of interest or principal is not paid when due, interest shall
continue to accrue thereon at the rate per annum determined as provided above
plus one percent.

     

    (a)  AM Term; Applicable
Margin.  The initial AM Term shall be for a period of twelve
(12) months and five (5) days from the Closing Date, ending on March 31,
2009.  Unless Farmer Mac and National Rural expressly and mutually
agree to a different notice schedule for any new AM Term and Applicable Margin
in a writing signed by each of them that refers to this Section 2.02 (an “Agreed Variance”),
Farmer Mac shall provide to National Rural (i) a preliminary indication in
writing of the new Applicable Margin and the new AM Term at least 14 days prior
to the end of each AM Term, (ii) an updated indication in writing of the new
Applicable Margin and the new AM Term by no later than 4:00 p.m. New York time
on the Business Day immediately preceding each AM Notice Date (as defined
below), and (iii) written notice (by facsimile transmission) of the new
Applicable Margin and AM Term by giving an Applicable Margin Notice, in the form
of Schedule II hereto, so that such Applicable Margin Notice 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Note Purchase
Agreement

        

      

       

      5

       

                  is received by
National Rural between 9:00 a.m. and noon New York time on the seventh (7th) day
prior to the end of each AM Term (including the initial AM Term) or if such
seventh (7th) day is
not a Business Day, then the Business Day immediately preceding such seventh
(7th) day
(the date on which each Applicable Margin Notice is to be provided pursuant to
this clause (iii) (including pursuant to any Agreed Variance), the “AM Notice Date”);
provided, however, that in no
event shall any AM Term have a duration of less than twelve months; provided, further, that if
Farmer Mac does not deliver an Applicable Margin Notice in accordance with the
preceding terms of this clause (iii) (including any Agreed Variance), the then
current AM Term shall be automatically extended (and the Applicable Margin then
in effect shall continue in effect) until the end of the next Interest Period,
and shall thereafter be repeatedly extended (and such Applicable Margin
continued) automatically until the end of each succeeding Interest Period, until
such time as Farmer Mac delivers an Applicable Margin Notice in accordance with
the preceding terms of this clause (iii).  In the event an AM Term
terminates during an Interest Period, the AM Term and the then current
Applicable Margin shall be automatically extended until the last day of such
Interest Period.  Within two (2) Business Days after written request
made by National Rural at any time and from time to time, Farmer Mac shall
provide National Rural with a written notice setting forth its computation of
the then current Applicable Margin and its offer of the AM Term relating thereto
(except that the initial AM Term shall be twelve (12) months and five (5) days,
as provided above).

    

     

    (b)  Payments and
Prepayments.  Farmer Mac shall furnish to National Rural a
Payment Notice within seven (7) days after the beginning of each Interest Period
relating to such Interest Period.  The principal amount of each Note
shall be due and payable in full at the stated maturity date thereof (as set
forth in Section 2.03 hereof), subject to National Rural’s right to prepay the
Notes, in whole or in part, as provided below.  Interest accrued on
the outstanding principal amount of each Note for each Interest Period will be
payable quarterly in arrears on the Interest Payment Date immediately following
the last day of such Interest Period.  National Rural shall have the
right, at its option, on the last day of any AM Term, to repay or prepay the
principal amount of any Note, in whole or in part, together with unpaid interest
accrued on the principal amount so repaid or prepaid through and including such
date, upon written notice to Farmer Mac given by National Rural no later than on
the seventh (7th) day prior to the end of such AM Term (or any substituted
deadline specified in an Agreed Variance).  If Farmer Mac gives an
Applicable Margin Notice by facsimile transmission so that it is received by
National Rural on the AM Notice Date between 9:00 a.m. and noon New York time on
such date, in accordance with Section 2.02(a)(iii) above (or in accordance with
any Agreed Variance), and if Farmer Mac does not receive written notice from
National Rural of its acceptance of the terms contained in an Applicable Margin
Notice, in the form of Schedule II hereto, at or prior to the time that is three
(3) hours after National Rural’s receipt of such Applicable Margin Notice on
such AM Notice Date (or at or prior to any substituted deadline specified in an
Agreed Variance), then that event shall be deemed to be notice to Farmer Mac of
National Rural’s intent to repay or prepay the Notes on the last day of the AM
Term.  In addition, National Rural shall have the right, at its
option, at any time and from time to time to repay or prepay the principal
amount of any Note, in whole or in part, during any AM Term, upon nine (9)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      
        

         

        Note
Purchase Agreement

         

      

      6

       

                  days prior written
notice to Farmer Mac, together with unpaid interest accrued on the principal
amount so repaid or prepaid through and including (i) the last day of the
immediately preceding Interest Period, if such optional repayment or prepayment
is made on an Interest Payment Date, or (ii) the last day of the Interest Period
in which such optional repayment or prepayment is made, if such optional
repayment or prepayment is made on a date other than an Interest Payment
Date.  If the Notes are repaid or prepaid in full during an AM Term,
such AM Term shall terminate on the date of such repayment or prepayment (if
such date is an Interest Payment Date) or on the last day of the then current
Interest Period (if such prepayment or repayment is made on a date other than an
Interest Payment Date).

    

     

    SECTION
2.03. Maturity.  The
Notes will mature on April 1, 2013.  The principal amount of each Note
will be payable as provided in Section 2.02(b).

     

    ARTICLE
III

     

    CONDITIONS
PRECEDENT

     

    SECTION
3.01. Conditions Precedent to the
Purchase of Each Note.  Farmer Mac shall be under no obligation
to purchase any Note unless and until the following conditions have been
satisfied:

     

    (a) The
Notes.  Farmer Mac shall have received the original of such
Notes, duly executed on behalf of National Rural, in form and substance,
including interest rate and maturity date, as is acceptable to Farmer
Mac.

     

    (b) The Pledge
Agreement.  Farmer Mac shall have received an original of the
Pledge Agreement duly executed on behalf of National Rural and the Collateral
Agent.

     

    (c) The Registration Rights
Agreement.  Farmer Mac shall have received an original of the
Registration Rights Agreement duly executed on behalf of National
Rural.

     

    (d) Opinion of
Counsel.  Farmer Mac shall have received an opinion of counsel
to National Rural substantially in the form of Annex B, attached
hereto.

     

    (e) Financial and Other
Information.  National Rural shall have provided Farmer Mac
with its most recent Financial Statements and such other information concerning
National Rural as Farmer Mac shall have reasonably requested.

     

    (f) No Material Adverse
Change.  National Rural shall have certified to Farmer Mac (in
the manner specified in paragraph (i) of this Section 3.01), and Farmer Mac
shall be satisfied, that no material adverse change shall have occurred in the
financial condition or business of National Rural between the end of National
Rural’s most recently completed Fiscal Year for which Financial Statements have
been made publicly available and the date of the purchase of such Note, as
provided herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

       

      Note
Purchase Agreement

       

    

    7

     

    (g) UCC
Filing.  National Rural shall have provided Farmer Mac with
evidence that National Rural has filed the financing statement required pursuant
to Section 2.02(i) of the Pledge Agreement.

     

    (h) No Event of
Default.  National Rural shall have certified to Farmer Mac and
Farmer Mac shall be satisfied that no Event of Default shall have occurred and
be continuing.

     

    (i) Certification of Senior
Management.  National Rural shall have provided Farmer Mac a
certification by its Chief Executive Officer and its Chief Financial Officer (or
other senior management acceptable to Farmer Mac), substantially in the form of
Annex C attached hereto, as to the following: (i) that National Rural is a
lending institution organized as a private, not-for-profit, cooperative
association with the appropriate expertise, experience and qualifications to
make loans to its rural electric distribution cooperative Members for rural
electrification and related purposes; (ii) the matters to be certified under
paragraphs (f) and (h) of this Section 3.01; and (iii) the
representations and warranties of National Rural.

     

    SECTION
3.02. Certificate of Pledged
Collateral.  No later than April 1, 2008, National Rural shall
provide Farmer Mac a copy of a Certificate of Pledged Collateral, dated as of
the last day of the calendar month most recently ended at least 10 Business Days
prior to such authentication and delivery, in accordance with the terms of the
Pledge Agreement.

     

     

    ARTICLE
IV

     

    REPORTING
REQUIREMENTS

     

    SECTION
4.01. Annual Reporting
Requirements.  So long as any Notes remain outstanding,
National Rural shall provide Farmer Mac with the following items within 90 days
of the end of each Fiscal Year, in each case, in form and substance satisfactory
to Farmer Mac:

     

    (a) the
Financial Statements for such Fiscal Year;

     

    (b) a
Certificate of Pledged Collateral;

     

    (c) a receipt
from the Collateral Agent, or such other evidence as is satisfactory to Farmer
Mac, as to the Pledged Collateral held by the Collateral Agent at the end of
such Fiscal Year; and

     

    (d) such
other information concerning National Rural as is reasonably requested by Farmer
Mac.

     

    SECTION
4.02. Default
Notices.  If an action, occurrence or event shall happen that
is, or with notice and the passage of time would become, an Event of Default,
National Rural shall deliver a National Rural Notice of such action, occurrence
or event 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      
        

         

        Note
Purchase Agreement

         

      

      8

       

                      to Farmer Mac before
4:00 p.m. District of Columbia time on the Business Day following the date
National Rural becomes aware of such action, occurrence or event, and, if such
Event of Default should occur, shall submit to Farmer Mac, within five days
thereafter, a report setting forth its views as to the reasons for the Event of
Default, the anticipated duration of the Event of Default and what corrective
actions National Rural is taking to cure such Event of
Default.

    

     

     

    ARTICLE
V

     

    REPRESENTATIONS
OF THE PARTIES

     

    SECTION
5.01. Representation of Farmer
Mac.  Farmer Mac represents to National Rural that on the date
hereof and on each date on which Farmer Mac purchases a Note from National
Rural:

     

    (a) it has
all necessary authority and has taken all necessary corporate action, and
obtained all necessary approvals, in order for it to execute and deliver all
Note Documents to which it is a party and for its obligations and agreements
under the Note Documents to constitute valid and binding obligations of Farmer
Mac; and in particular the terms of the transaction, and the actions taken by
Farmer Mac, are in compliance with and in satisfaction of the requirements of
the approval letter dated October 19, 2007 from the Farm Credit Administration,
as amended or waived by the Farm Credit Administration; and

     

    (b) Farmer
Mac is purchasing the Notes for its own account and, except pursuant to the
Registration Rights Agreement, not with a view to the distribution thereof,
provided that the disposition by Farmer Mac of its property shall at all times
be within its control.  Farmer Mac understands that the Notes have not
been registered under the Act and may be resold only as provided in the
Registration Rights Agreement or if an exemption from registration is
available.

     

    SECTION
5.02. Representations of National
Rural.  National Rural hereby represents to Farmer Mac that on
the date hereof and on each date on which Farmer Mac purchases a Note from
National Rural:

     

    (a) National
Rural has been duly organized and is validly existing and in good standing as a
cooperative association under the laws of the District of Columbia;

     

    (b) National
Rural has the corporate power and authority to execute and deliver this
Agreement and each of the other Note Documents, to consummate the transactions
contemplated hereby and thereby and to perform its obligations hereunder and
thereunder;

     

    (c) National
Rural has taken all necessary corporate and other action to authorize the
execution and delivery of this Agreement and each of the other Note

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      
        

         

        Note
Purchase Agreement

        9

      

       

                      Documents, the
consummation by National Rural of the transactions contemplated hereby and
thereby and the performance by National Rural of its obligations hereunder and
thereunder;

    

     

    (d) this
Agreement and each of the other Note Documents have been duly authorized,
executed and delivered by National Rural and constitute the legal, valid and
binding obligations of National Rural, enforceable against National Rural in
accordance with their respective terms, subject to: (i) applicable
bankruptcy, reorganization, insolvency, moratorium and other laws of general
applicability relating to or affecting creditors’ rights generally; and
(ii) the application of general principles of equity regardless of whether
such enforceability is considered in a proceeding in equity or at
law;

     

    (e) no
approval, consent, authorization, order, waiver, exemption, variance,
registration, filing, notification, qualification, license, permit or other
action is now, or under existing law in the future will be, required to be
obtained, given, made or taken, as the case may be, with, from or by any
regulatory body, administrative agency or governmental authority having
jurisdiction over National Rural or any third party under any agreement to which
National Rural is a party to authorize the execution and delivery by National
Rural of this Agreement or any of the other Note Documents, or the consummation
by National Rural of the transactions contemplated hereby or thereby or the
performance by National Rural of its obligations hereunder or
thereunder;

     

    (f) neither
the execution or delivery by National Rural of this Agreement or any of the
other Note Documents nor the consummation by National Rural of any of the
transactions contemplated hereby or thereby nor the performance by National
Rural of its obligations hereunder or thereunder, including, without limitation,
the pledge of the Pledged Securities (as such term is defined in the Pledge
Agreement) to Farmer Mac, conflicts with or will conflict with, violates or will
violate, results in or will result in a breach of, constitutes or will
constitute a default under, or results in or will result in the imposition of
any lien or encumbrance pursuant to any term or provision of the articles of
incorporation or the bylaws of National Rural or any provision of any existing
law or any rule or regulation currently applicable to National Rural or any
judgment, order or decree of any court or any regulatory body, administrative
agency or governmental authority having jurisdiction over National Rural or the
terms of any mortgage, indenture, contract or other agreement to which National
Rural is a party or by which National Rural or any of its properties is
bound;

     

    (g) there is
no action, suit, proceeding or investigation before or by any court or any
regulatory body, administrative agency or governmental authority presently
pending or, to the knowledge of National Rural, threatened with respect to
National Rural, this Agreement or any of the other Note Documents challenging
the validity or enforceability of this Agreement or any of the other Note
Documents or seeking to restrain, enjoin or otherwise prevent National Rural
from engaging in its business as currently conducted or the consummation

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

       

      Note
Purchase Agreement

      10

    

     

    by
National Rural of the transactions contemplated by this Agreement or any of the
other Note Documents or which, if adversely determined, would have a material
adverse effect on National Rural’s financial condition or its ability to perform
its obligations under this Agreement or any of the other Note
Documents;

     

    (h) National
Rural is a lending institution organized as a private, not-for-profit,
cooperative association with the appropriate expertise, experience and
qualifications to make loans to its rural electric distribution cooperative
Members for rural electrification purposes; and

     

    (i) no
material adverse change has occurred in the financial condition or business of
National Rural between the end of National Rural’s most recently completed
Fiscal Year for which Financial Statements have been made publicly available and
the date this representation is given.

     

     

    ARTICLE
VI

     

    SECURITY
AND COLLATERAL

     

    SECTION
6.01. Security and
Collateral.  (a)   National Rural shall cause
the Allowable Amount of the Pledged Collateral (as such terms are defined in the
Pledge Agreement) to be at all times not less than 100% of the aggregate
outstanding principal amount of the Notes.

     

    (b) National
Rural shall not create, or permit to exist, any pledge, lien, charge, mortgage,
encumbrance, debenture, hypothecation or other similar security instrument that
secures, or in any way attaches to, such Pledged Collateral, other than the lien
of the Pledge Agreement, without the prior written consent of Farmer
Mac.

     

    (c) The
Pledged Securities will at all times be mortgage notes issued to National Rural
by rural electric distribution cooperatives that are Eligible
Members.

     

     

    ARTICLE
VII

     

    EVENTS OF
DEFAULT

     

    SECTION
7.01. Events of
Default.  Each of the following actions, occurrences or events
shall, but only (except in the case of subsections (a), (d) and (e) below) if
National Rural does not cure such action, occurrence or event within
30 days of notice from Farmer Mac requesting that it be cured, constitute
an “Event of
Default” under the terms of this Agreement:

     

    (a) a failure
by National Rural to make a payment of principal or interest on any Note for
more than ten days after the same becomes due and payable;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

       

      Note
Purchase Agreement

      11

    

     

    (b) a
material representation by National Rural to Farmer Mac in connection with this
Agreement, any Note or the Pledge Agreement, or any material information
reported pursuant to Article V, shall prove to be incorrect or untrue in any
material respect when made or deemed made;

     

    (c) a failure
by National Rural to comply with any other material covenant or provision
contained in this Agreement or any of the other Note Documents;

     

    (d) the entry
of a decree or order by a court having jurisdiction in the premises adjudging
National Rural a bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or in
respect of National Rural under the Federal Bankruptcy Act or any other
applicable Federal or State law or law of the District of Columbia, or
appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of National Rural or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive
days; or

     

    (e) the
commencement by National Rural of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by it to the institution of bankruptcy or insolvency
proceedings against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under the Federal Bankruptcy Act or any other
applicable Federal or State law or law of the District of Columbia, or the
consent by it to the filing of any such petition or to the appointment of
receiver, liquidator, assignee, trustee, sequestrator (or similar official) of
National Rural or of any substantial part of its property, or the making by it
of an assignment for the benefit of creditors, or the admission by it in writing
of its inability to pay its debts generally as they become due, or the taking of
corporate action by National Rural in furtherance of any such
action.

     

    SECTION
7.02. Acceleration.  Upon
the occurrence, and during the continuance, of an Event of Default, Farmer Mac
may, upon notice to that effect to National Rural, declare the entire principal
amount of, and accrued interest on, the Notes at the time outstanding to be
immediately due and payable.

     

    SECTION
7.03. Remedies Not
Exclusive.  Upon the occurrence, and during the continuance, of
an Event of Default, Farmer Mac shall be entitled to take such other action as
is provided for by law, in this Agreement, or in any of the other Note
Documents, including injunctive or other equitable relief.

     

     

    ARTICLE
VIII

     

    MISCELLANEOUS

     

    SECTION
8.01. GOVERNING
LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

       

      Note
Purchase Agreement

      12

    

     

     

    THE LAWS
OF THE UNITED STATES OF AMERICA, TO THE EXTENT APPLICABLE, AND OTHERWISE THE
LAWS OF THE DISTRICT OF COLUMBIA.

     

    SECTION
8.02. WAIVER OF JURY
TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 8.02.

     

    SECTION
8.03. 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
8.04. 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
8.05. Entire
Agreement.  This Agreement, including Schedule I hereto
and Annexes A to C hereto, and the other Note Documents, constitute the
entire agreement between the parties hereto concerning the matters contained
herein and supersede all prior oral and written agreements and understandings
between the parties.

     

    SECTION
8.06. 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 therefrom shall in any event be effective unless the
same shall be authorized as provided in paragraph (a) of this
Section 8.06, and 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
        

         

        Note
Purchase Agreement

        13

      

       

    

    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 in any
case shall entitle National Rural to any other or further notice or demand in
similar or other circumstances.

     

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

     

    SECTION
8.08. Termination of
Agreement.  This Agreement shall terminate upon the
indefeasible payment in full of all amounts payable hereunder and under the
Notes.

     

    SECTION
8.09. Survival.  The
representations and warranties of each of the parties hereto contained in this
Agreement and contained in each of the other Note Documents, and the parties’
obligations under any and all thereof, shall survive and shall continue in
effect following the execution and delivery of this Agreement, any disposition
of the Notes and the expiration or other termination of any of the other Note
Documents, but, in the case of each Note Document, shall not survive the
expiration or the earlier termination of such Note Document, except to the
extent expressly set forth in such Note Document.

     

    SECTION
8.10. 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]

     

    

    
      
        
          
          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    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.

     

    
      	
              FEDERAL
      AGRICULTURAL

              MORTGAGE
      CORPORATION,

            
	 
      	 
      
	
              By:

            	 /s/
      NANCY E. CORSIGLIA	
               

            
	
              Title:

            	
              Nancy
      E. Corsiglia

              Executive
      Vice President & CFO

            

    

    

    

    
      	
              NATIONAL
      RURAL UTILITIES COOPERATIVE FINANCE CORPORATION,

            
	 
      	 
      
	
              By:

            	 /s/
      STEVEN L. Lilly	
               

            
	
              Title:

            	
              Steven
      L. Lilly

              Sr.
      Vice President & Chief Financial
Officer

            

    

    

    

    
      
        
          
          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
I

     

    TO

     

    NOTE
PURCHASE AGREEMENT

     

    Addresses
for Notices

     

    
      	
              1.

            	
              The
      addresses referred to in Section 8.03 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, Executive Vice President &

          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: Robert Owens/Jitin Singhal, Capital Markets Group

    

    With a
copy also 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:  703-709-6748

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

       

      Note
Purchase Agreement

      2

    

     

    Fax:  703-709-6779

    Attention
of: John Suter, Vice President, Capital Market Funding

    

    With a
copy also 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
Counsel

    

    

    
      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

          
             

            Note Purchase
Agreement 

            

          

        

      

    

    3

    SCHEDULE
II

    TO

    NOTE
PURCHASE AGREEMENT

    

    FORM
OF

    APPLICABLE
MARGIN NOTICE

    
 

    Issuer Name: National Rural Utilities
Cooperative Finance Corporation

     

    Date
of Note(s):  __________________________

     

    Applicable
Margin:  ________________________

     

    Effective
Date of Applicable Margin:  _________________________

     

    AM
Term:  __________________

    
This
Applicable Margin Notice is delivered pursuant to the Note Purchase Agreement
dated as of March 27, 2008 between Federal Agricultural Mortgage Corporation and
National Rural Utilities Cooperative Finance Corporation (the “Note Purchase
Agreement”).  Capitalized terms used but not defined herein shall have
the meanings given to them in the Note Purchase Agreement.

    

    FEDERAL
AGRICULTURAL MORTGAGE CORPORATION

    

    By:

     

    _______________________________                             __________________________________

    Signature                                           Date                                Title
of Authorized Officer

     

    Name:  _____________________

     

    PLEASE
FAX
TO:  ______________________   ATTN:  ________________________

    

    ACCEPTED
BY:

    

    NATIONAL
RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

    

    By:

    

    _______________________________                             __________________________________

    Signature                                           Date                                Title
of Authorized Officer

     

    Name:  _____________________

    

    
      
        
          
          

           

        

        
           

          
            

          

        

        
           

          
             

            Note Purchase
Agreement 

            

          

        

      

    

    4

    SCHEDULE
III

    TO

    NOTE
PURCHASE AGREEMENT

    

    PRICING
AGREEMENT

    

    The
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”), agree that, on March 27, 2008 (the “Closing Date”), Farmer
Mac will purchase from National Rural and National Rural will sell to Farmer Mac
$400,000,000.00 aggregate principal amount of 5-year secured notes (the “Notes”)
bearing interest at a rate per annum equal to the LIBOR Rate for each Interest
Period plus the Applicable Margin; except that the interest rate for the Notes
during the initial Interest Period described below shall be 3.26125 percent per
annum, representing the 1-week LIBOR Rate as of the date hereof of 2.68625
percent plus the Applicable Margin of 0.575 percent.  The Applicable
Margin for the first 12 months following the Closing Date shall be 0.575
percent.  The initial Interest Period for the Notes shall commence on
the Closing Date and end on March 31, 2008.  Thereafter, the Interest
Period for the Notes shall be each successive calendar quarter (e.g., April 1,
2008 through June 30, 2008).  The issuance and sale of the Notes by
National Rural to Farmer Mac shall occur under the terms and conditions of a
Note Purchase Agreement to be entered into between Farmer Mac and National Rural
(the “Note Purchase Agreement”), substantially in the form of which is attached
hereto.  Capitalized terms used herein and not defined herein shall
have the meanings given to those terms in the Note Purchase
Agreement.

     

    Agreed to
this 19th day of
March, 2008.

     

    Federal
Agricultural Mortgage Corporation,

     

    By:
______________________

    Name:
Nancy E. Corsiglia

    Title:
Executive Vice President &

    Chief
Financial Officer

    

    

    National
Rural Utilities Cooperative

                                           
Finance Corporation,

     

    By: ______________________                                     

    Name:  John
F. Suter

    Title:  Vice
President, Capital 

    Market
Funding

    

    
      
        
          
          

           

        

        
           

          
            

          

        

        
           

          
            ANNEX
A

          

        

      

    

    

    [FORM OF
NOTE]

     

    NATIONAL
RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

     

    Variable
Rate Senior Note due _______

     

    Washington,
D.C.

     

    ____________,
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 __________________, 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 ____________, 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 _____________, 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	 	 
	 
      	
              Name:

            
	 
      	
              Title:

            

    

    

    

    

    

    
      
        
          
          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    ANNEX
B

     

    [FORM OF
OPINION OF COUNSEL TO NATIONAL RURAL]

    
 

     

    

    _______________,
2008

    

    Federal
Agricultural Mortgage Corporation

    1133
Twenty-First Street, NW

    Suite
600

    Washington,
DC 20036

    

    Gentlemen:

    

    I am
delivering this opinion as general counsel (“Counsel”) of National Rural
Utilities Cooperative Finance Corporation, a District of Columbia cooperative
association (“Borrower”), and am familiar with matters pertaining to the loan to
Borrower in the principal amount of $400,000,000.00, provided for in the
Note Purchase Agreement dated as of _____________, 2008 (“Note
Purchase Agreement"), made by and between Borrower and Federal Agricultural
Mortgage Corporation (“Farmer Mac”).

    

    I have
examined such corporate records and proceedings of Borrower, and such other
documents as I have deemed necessary as a basis for the opinions hereinafter
expressed.

    

    I have
also examined the following documents as executed and delivered: (a) the Note
Purchase Agreement; (b) the Note dated as of _______________, in the
principal amount of $400,000,000.00 (“Note”), said Note payable to Farmer Mac;
(c) the Pledge Agreement, dated as of _____________, 2008, made by and among
Borrower, Farmer Mac and U.S. Bank Trust National Association, and (d) the
Registration Rights Agreement, dated as of ______________, 2008, by and between
Borrower and Farmer Mac.  The documents described in items (a) through
(d) above are collectively referred to herein as the "Note
Documents."

    

    Based on
the foregoing, but subject to the assumptions, exceptions, qualifications and
limitations hereinafter expressed, I am of the opinion that:

    

    (1) The
Borrower has been duly incorporated and is validly existing as a not-for-profit
corporation in good standing under the laws of the District of Columbia with
corporate power and authority to execute and perform its obligations under the
Note Documents.

    

    (2) The Note
Documents have been duly authorized, executed and delivered by the Borrower, and
such documents constitute the legal, valid and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     binding
agreements of the Borrower, enforceable against the Borrower in accordance with
their respective terms.

    

    (3) Neither
the execution nor the delivery by the Borrower of any of the Note Documents nor
the consummation by the Borrower of any of the transactions contemplated
therein, including, without limitation, the pledge of the Pledged Securities (as
such term is defined in the Pledge Agreement) to Farmer Mac, nor the fulfillment
by the Borrower of the terms of any of the Note Documents will conflict with or
violate, result in a breach of or constitute a default under any term or
provision of the Articles of Incorporation or By-laws of the Borrower or any law
or any regulation or any order known to Counsel currently applicable to the
Borrower of any court, regulatory body, administrative agency or governmental
body having jurisdiction over the Borrower or the terms of any indenture, deed
of trust, note, note agreement or instrument to which the Borrower is a party or
by which the Borrower or any of its properties is bound.

    

    (4) No
approval, authorization, consent, order, registration, filing, qualification,
license or permit of or with any state or Federal court or governmental agency
or body having jurisdiction over the Borrower is required for any consummation
by the Borrower of the transactions contemplated by the Note Documents; provided, however, no opinion
is expressed as to the applicability of any Federal or state securities law to
any sale, transfer or other disposition of the Note after the date
hereof.

    

    (5) Except as
set forth in writing and previously delivered to Farmer Mac, there is no pending
or, to Counsel’s knowledge, threatened action, suit or proceeding before any
court or governmental agency, authority or body or any arbitrator with respect
to the Borrower, or any of the Note Documents, which, if adversely determined,
would have a material adverse effect on the Borrower’s financial condition or
its ability to perform its obligations under any of the Note
Documents.

    

    The foregoing opinions are subject to
the following assumptions, exceptions, qualifications and
limitations:

     

    

    A.           I
am a member of the Bar of the District of Columbia and render no opinion on the
laws of any jurisdiction other than the laws of the District of Columbia, the
federal laws of the United States of America and the General Corporation Law of
the District of Columbia.

    

    B.           My
opinions are limited to the present laws and to the facts, as they presently
exist.  I assume no obligation to revise or supplement this opinion
should the present laws of the jurisdictions referred to in paragraph A above be
changed by legislative action, judicial decision or otherwise.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    C.           The
opinions expressed in paragraph 2 above shall be understood to mean only that if
there is a default in performance of an obligation, (i) if a failure to pay or
other damage can be shown and (ii) if the defaulting party can be brought into a
court which will hear the case and apply the governing law, then, subject to the
availability of defenses, and to the exceptions set forth in the next paragraph,
the court will provide a money damage (or perhaps injunctive or specific
performance) remedy.

    

    D.           My
opinions are also subject to the effect of:  (1) bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting
creditors’ rights (including, without limitation, the effect of statutory and
other law regarding fraudulent conveyances, fraudulent transfers and
preferential transfers); and (2) the exercise of judicial discretion and the
application of principles of equity, good faith, fair dealing, reasonableness,
conscionability and materiality (regardless of whether the applicable agreements
are considered in proceeding in equity or at law).

    

    E.           This
letter is rendered to you in connection with the Note Documents and the
transactions related thereto, and may not be relied upon by any other person or
by you in any other context or for any other purpose.

    

    F.           I
have assumed with your permission (i) the genuineness of all signatures by each
party other than the Borrower, (ii) the authenticity of documents submitted to
me as originals and the conformity to authentic original documents of all
documents submitted to me as copies, and (iii) the due execution and delivery,
pursuant to due authorization, of the Note Documents by each party other than
the Borrower.

    
 

    

    Yours
sincerely,

     

    

    John J.
List

    General
Counsel

    

      
        
          
          

           

        

        
           

          
            

          

        

        
           

        

      

    ANNEX
C

     

    [FORM OF
OFFICERS’ CERTIFICATE]

     

    Officers’
Certificate

     

    TO:                      Federal
Agricultural Mortgage Corporation.

     

    We,
[                           ],
Chief Executive Officer, and
[                           ],
Chief Financial Officer, of National Rural Utilities Cooperative Finance
Corporation (“National
Rural”), pursuant to the Note Purchase Agreement dated as of
_______________, 2008, between National Rural and Federal Agricultural Mortgage
Corporation (the “Note
Purchase Agreement”), hereby certify on behalf of National Rural that as
at the date hereof:

     

    (1)           National
Rural is a lending institution organized as a private, not-for-profit,
cooperative association with the appropriate expertise, experience and
qualifications to make loans to its rural electric distribution cooperative
Members for rural electrification and related purposes;

     

    (2)           no
material adverse change has occurred in the financial condition of National
Rural between the date of the end of National Rural’s most recently completed
Fiscal Year for which Financial Statements have been made publicly available and
the date hereof;

     

    (3)           all
of the representations contained in Section 5.02 of the Note Purchase Agreement
remain true and correct in all material respects on and as of the date hereof;
and

     

    (4)           no
Event of Default exists.

     

    Capitalized
terms used in this certificate shall have the meanings given to those terms in
the Note Purchase Agreement.

     

    DATED as
of this ____day of _______________, 200__.

     

    NATIONAL
RURAL UTILITIES COOPERATIVE FINANCE CORPORATION,

    

    ______________________________

    Chief
Executive Officer

    

    

    ______________________________

    Chief
Financial Officerpledge_agreement.htm

    
      

 

       

       

       

       

       

      
        Exhibit 4.23

        
          
            	
                     

                    FEDERAL
      AGRICULTURAL

                    MORTGAGE
      CORPORATION

                     

                    NATIONAL
      RURAL UTILITIES

                    COOPERATIVE
      FINANCE CORPORATION

                     

                    U.S.
      BANK TRUST NATIONAL ASSOCIATION

                    _______________________________

                    PLEDGE
      AGREEMENT

                    _______________________________

                    Dated
      as of March 27, 2008

                     

                  

          

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
          
          

        

         

         

         

      

      
        	 TABLE
      OF CONTENTS	 
	 	 
	 
      	 
      
	
                ARTICLE
      I

              	 
      
	 
      	 
      
	
                DEFINITIONS

              	 
      Page
	
                SECTION
      1.01

              	
                Definitions

              	
                2

              
	
                SECTION
      1.02.

              	
                Principles
      of Construction

              	
                4

              
	 
      	 
      
	 
      	 
      
	
                ARTICLE
      II

              	 
      
	 
      	 
      
	
                Provisions
      as to Pledged Collateral

              	 
      
	 
      	 
      
	
                SECTION
      2.01.

              	
                Holding
      of Pleded Securities

              	
                4

              
	
                SECTION
      2.02.

              	
                UCC
      Filings

              	
                5

              
	
                SECTION
      2.03.

              	
                Withdrawal
      and Substitution of Pledged Collateral

              	
                5

              
	
                SECTION
      2.04.

              	
                Reassignement
      of Pledged Securities upon Payment

              	
                6

              
	
                SECTION
      2.05.

              	
                Addition
      of Pledged Collateral

              	
                6

              
	
                SECTION
      2.06.

              	
                Accompanying
      Documentation

              	
                6

              
	
                SECTION
      2.07.

              	
                Renewal;
      Extension; Substitution

              	
                6

              
	
                SECTION
      2.08.

              	
                Voting
      Rights; Interest and Principal

              	
                7

              
	
                SECTION
      2.09.

              	
                Protection
      of Title; Payment of Taxes; Liens, etc

              	
                8

              
	
                SECTION
      2.10.

              	
                Maintenance
      of Pledged Collateral

              	
                9

              
	
                SECTION
      2.11.

              	
                Representations,
      Warrenties and Covenants

              	
                9

              
	
                SECTION
      2.12.

              	
                Further
      Assurances

              	
                10

              
	 
      	 
      
	 
      	 
      
	
                ARTICLE
      III

              	 
      
	 
      	 
      
	
                Application
      of Moneys Included in Pledged Collateral

              	 
      
	 
      	 
      
	
                SECTION
      3.01.

              	
                Investment
      of Moneys by Collateral Agent

              	
                10

              
	
                SECTION
      3.02.

              	
                Collateral
      Agent To Retain Moneys During Event of Default

              	
                11

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                ARTICLE
      IV

              	 
      
	 
      	 
      
	
                Remedies

              	 
      
	 
      
	
                SECTION
      4.01.

              	
                Events
      of Default

              	
                11

              
	
                SECTION
      4.02.

              	
                Remedies
      upon Default

              	
                12

              
	
                SECTION
      4.03.

              	
                Application
      of Proceeds

              	
                13

              
	
                SECTION
      4.04.

              	
                Securites
      Act

              	
                14

              

      

                                                                                                                                 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	TABLE OF CONTENTS	 
	 (continued)	 
	 	 
	
                ARTICLE
      V

              	 
	 
      	 
      
	
                The
      Collateral Agent

              	 
      Page
	 
      	 
      
	
                SECTION
      5.01.

              	
                Certain
      Duties and Responsibilities

              	
                15

              
	
                SECTION
      5.02.

              	
                Certain
      Rights of Collateral Agent

              	
                16

              
	
                SECTION
      5.03.

              	
                Money
      Held by Collateral Agent

              	
                17

              
	
                SECTION
      5.04.

              	
                Compensation
      and Reimbursement

              	
                17

              
	
                SECTION
      5.05.

              	
                Corporate
      Collateral Agent Required; Eligibility

              	
                18

              
	
                SECTION
      5.06.

              	
                Resignation
      and Removal; Appointment of Successor

              	
                19

              
	
                SECTION
      5.07.

              	
                Acceptance
      of Appointment by Successor

              	
                19

              
	
                SECTION
      5.08.

              	
                Merger,
      Conversion, Consolidation or Successor to Business

              	
                20

              
	 
      
	 
      
	
                ARTICLE
      VI

              
	 
      
	
                Miscellaneous

              
	 
      
	
                SECTION
      6.01.

              	
                Notices

              	
                20

              
	
                SECTION
      6.02.

              	
                Waivers;
      Amendment

              	
                20

              
	
                SECTION
      6.03.

              	
                Successors
      and Assigns

              	
                21

              
	
                SECTION
      6.04.

              	
                Counterparts;
      Effectiveness

              	
                21

              
	
                SECTION
      6.05.

              	
                Severability

              	
                21

              
	
                SECTION
      6.06.

              	
                GOVERNING
      LAW

              	
                21

              
	
                SECTION
      6.07.

              	
                WAIVER
      OF JURY TRIAL

              	
                21

              
	
                SECTION
      6.08.

              	
                Headings

              	
                22

              
	
                SECTION
      6.09.

              	
                Securitites
      Interest Absolute

              	
                22

              
	
                SECTION
      6.10.

              	
                Termination
      or Release

              	
                22

              
	
                SECTION
      6.11.

              	
                Collateral
      Agent Appointed Attorney-in Fact

              	
                22

              
	 
      
	 
      
	
                Schedule
      I -

              	
                Agreed
      Eligible Members

              
	
                Schedule
      II -

              	
                Address
      for Notices

              
	 
      
	
                Annex
      A –

              	
                Form
      of Certificate of Pledged
Collateral

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      PLEDGE
AGREEMENT, dated as of March 27, 2008, among NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORPORATION, a District of Columbia cooperative association
and its successors and assigns (hereinafter called “National Rural”),
having its principal executive office and mailing address at 2201 Cooperative
Way, Herndon, VA 20171-3025, FEDERAL AGRICULTURAL MORTGAGE CORPORATION, a
federally-chartered instrumentality of the United States and an institution of
the Farm Credit System and its successors and assigns (“Farmer Mac”), and
U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association and its
successors and assigns (hereinafter called the “Collateral Agent”),
having its corporate office at 100 Wall Street, Suite 1600, New York, NY
10005-3701.

       

      RECITALS
OF NATIONAL RURAL

       

      WHEREAS,
National Rural may from time to time issue one or more Notes to Farmer Mac, and
Farmer Mac may purchase such Notes, all upon the terms and subject to the
conditions set forth in the Note Purchase Agreement; and

       

      WHEREAS,
National Rural is required pursuant to the terms of the Note Purchase Agreement
to pledge certain property to the Collateral Agent for the benefit of Farmer Mac
to secure National Rural’s obligations on the Notes;

       

      NOW,
THEREFORE, THIS PLEDGE AGREEMENT WITNESSETH that, to secure the performance of
the certain Obligations contained in the Notes, the Note Purchase Agreement and
herein, National Rural hereby assigns and pledges to the Collateral Agent, its
successors and assigns, for the benefit of Farmer Mac, and grants to the
Collateral Agent, its successors and assigns, for the benefit of Farmer Mac, a
security interest in the following (collectively referred to as the “Pledged Collateral”)
as provided in Article II: (a)(i) the Pledged Securities and the
certificates representing the Pledged Securities; (ii) subject to
Section 2.08, all payments of
principal or interest, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of, in exchange for,
and all other Proceeds received in respect of, the Pledged Securities pledged
hereunder; (iii) subject to Section 2.08, all rights and privileges of National
Rural with respect to the Pledged Securities; (iv) all Proceeds of any of
the foregoing above; and (b) any property, including cash and Permitted
Investments, that may, on the date hereof or from time to time hereafter, be
subjected to the Lien hereof by National Rural by delivery, assignment or pledge
thereof to the Collateral Agent hereunder and the Collateral Agent is authorized
to receive the same as additional security hereunder (subject to any
reservations, limitations or conditions agreed to in writing by National Rural
and Farmer Mac respecting the scope or priority of such security or the use and
disposition of such property or the Proceeds thereof).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      TO HAVE
AND TO HOLD the Pledged Collateral, together with all right, title, interest,
powers, privileges and preferences pertaining or incidental thereto, unto the
Collateral Agent, its successors and assigns, for the benefit of Farmer Mac,
forever; subject, however, to the
terms, covenants and conditions hereinafter set forth.

       

       

      ARTICLE
I

       

      Definitions

       

      SECTION
1.01. Definitions.  As
used in this Pledge Agreement, the following terms shall have the following
meanings:

       

      “Allowable Amount” on
any date, means:

       

      (a) with
respect to cash, 100% thereof;

       

      (b) with
respect to Eligible Securities, the aggregate principal amount of such Eligible
Securities theretofore advanced thereon which remains unpaid on such date;
and

       

      (c) with
respect to Permitted Investments, the cost to National Rural or the Collateral
Agent thereof (exclusive of accrued interest or brokerage commissions) except
that with respect to any Permitted Investments which are traded on any national
securities exchange or over-the-counter market, Allowable Amount on any date
shall mean the fair market value thereof (as determined by National
Rural).

       

      “Certificate of Pledged
Collateral” means a certificate delivered to the Collateral Agent and
Farmer Mac substantially in the form of Annex A attached
hereto.

       

      “Collateral Agent”
means the Person named as the “Collateral Agent” in
the first paragraph of this instrument.

       

      “Eligible Member”
means a rural electric distribution cooperative that is a member of National
Rural and serves primarily communities with fewer than 50,000 inhabitants and in
any event includes those rural electric distribution cooperatives listed on
Schedule I hereto.

       

      “Eligible Security”
means a note or bond of any Eligible Member payable or registered to, or to the
order of, National Rural, (A) in respect of which (i) the outstanding
principal amount under such note or bond, together with the outstanding
principal amount of any other notes or bonds of such Eligible Member pledged
hereunder or pledged to secure any other notes or bonds issued by National Rural
to Farmer Mac or sold by National Rural to any trust whose beneficial ownership
is owned or controlled by Farmer Mac, does not aggregate more than $22.5
million, (ii) no default has occurred in the payment of principal or interest in
accordance with the terms of such note or bond that is continuing beyond the
contractual grace period (if any) provided in such note or 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      bond for
such payment and (iii) no “event of default” as defined in such note or
bond (or in any instrument creating a security interest in favor of National
Rural in respect of such note or bond), shall exist that has resulted in the
exercise of any right or remedy described in such note or bond (or in any such
instrument); and (B) which is not classified by National Rural as a
non-performing loan under generally accepted accounting principles in the United
States.

       

      “Event of Default” has
the meaning set forth in Section 4.01.

       

      “Farmer Mac Notice”
and “Farmer Mac
Order” mean, respectively, a written notice or order signed by any Vice
President of Farmer Mac and delivered to the Collateral Agent and National
Rural.

       

      “Farmer Mac Notice of
Default” has the meaning given to that term in Section 4.02.

       

      “Lien” means any lien,
pledge, charge, mortgage, encumbrance, debenture, hypothecation or other similar
security interest attaching to any part of the Pledged Collateral.

       

      “Lien of this Pledge
Agreement” or “Lien hereof” means
the Lien created by these presents.

       

      “National Rural
Notice” and “National Rural Order”
mean, respectively, a written notice or order signed in the name of National
Rural by either its Chief Executive Officer or its Chief Financial Officer, and
by any Vice President of National Rural, and delivered to the Collateral Agent
and Farmer Mac.

       

      “Note Purchase
Agreement” means the Note Purchase Agreement dated the date hereof
between National Rural and Farmer Mac, as the same may be amended from time to
time in accordance with the terms thereof.

       

      “Notes” means the note
or notes issued by National Rural to Farmer Mac under the Note Purchase
Agreement.

       

      “Obligations” means
the due and punctual performance of the obligations of National Rural to make
payments of principal, interest and Break Funding Payment (as defined in the
Note Purchase Agreement), if any, on the Notes.

       

      “Officers’
Certificate” means a certificate signed by either the Chief Executive
Officer or the Chief Financial Officer of National Rural, and by any Vice
President of National Rural, and delivered to Farmer Mac and/or the Collateral
Agent, as applicable.

       

      “Permitted
Investments” has the meaning given to that term in Section 3.01.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      “Pledge Agreement”
means this Pledge Agreement, as originally executed and as it may from time to
time be amended pursuant to the applicable provisions hereof.

       

      “Pledged Collateral”
has the meaning set forth in the Granting Clause.

       

      “Pledged Securities”
means at any time the Eligible Securities listed on Schedule A to the
Certificate of Pledged Collateral most recently delivered.

       

      “Proceeds” has the
meaning specified in Section 9-102 of the Uniform Commercial
Code.

       

      “Uniform Commercial
Code” means the Uniform Commercial Code as from time to time in effect in
the District of Columbia.

       

      “Vice President” means
any vice president of National Rural or Farmer Mac, as applicable, whether or
not designated by a number or a word or words added before or after the title
“vice president”.

       

      SECTION
1.02. Other Defined Terms;
Principles of Construction.  Capitalized terms used but not
defined in this Pledge Agreement shall have the meanings given to them in the
Note Purchase Agreement.  Unless the context shall otherwise indicate,
the terms defined in Section 1.01 hereof include the plural as well as the
singular and the singular as well as the plural.  The words
“hereafter”, “herein”, “hereof”, “hereto” and “hereunder”, and words of similar
import, refer to this Agreement as a whole.  The descriptive headings
of the various articles and sections of this Agreement were formulated and
inserted for convenience only and shall not be deemed to affect the meaning or
construction of the provisions hereof.

      
        ARTICLE
II

         

        Provisions as to Pledged
Collateral

         

      

      SECTION
2.01. Holding of Pledged
Securities.  The Collateral Agent, on behalf of Farmer Mac,
shall hold the Pledged Securities in the name of National Rural (or its
nominee), endorsed or assigned in blank or in favor of the Collateral
Agent.  Upon occurrence of an Event of Default, the Collateral Agent,
on behalf of Farmer Mac, shall have the right (in its sole and absolute
discretion), to the extent a register is maintained therefor, to register the
Pledged Securities in the Collateral Agent’s own name as pledgee, or in the name
of the Collateral Agent’s nominee (as pledgee or as sub-agent) or to continue to
hold the Pledged Securities in the name of National Rural, endorsed or assigned
in blank or in favor of the Collateral Agent.  Upon cessation of such
Event of Default, the Collateral Agent shall take such action as is necessary to

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      again
cause the Pledged Securities to be registered in the name of National Rural (or
its nominee).

       

      SECTION
2.02. UCC
Filings.  National Rural shall prepare and file in the proper
Uniform Commercial Code filing office in the District of Columbia (i) on or
prior to the date of the first purchase of a Note under the Note Purchaser
Agreement, a financing statement recording the Collateral Agent’s interest in
the Pledged Collateral; and (ii) from time to time thereafter, continuation
statements or such other filings as are necessary to maintain the perfection of
the Lien hereof on the Pledged Collateral.

       

      SECTION
2.03. Withdrawal and Substitution
of Pledged Collateral.

       

      (a)  Any
part of the Pledged Collateral may be withdrawn by National Rural or substituted
for cash or other Eligible Securities or Permitted Investments by National Rural
and shall be delivered to National Rural by the Collateral Agent upon National
Rural Order at any time and from time to time, together with any other documents
or instruments of transfer or assignment necessary to reassign to National Rural
said Pledged Collateral and the interest of National Rural, provided the
aggregate Allowable Amount of Pledged Collateral remaining after such withdrawal
or substitution shall at least equal the aggregate principal amount of the Notes
outstanding after such withdrawal or substitution, as shown by the Certificate
of Pledged Collateral furnished to the Collateral Agent pursuant to
Subsection (b)(i) of this Section.

       

      (b) Prior to
any such withdrawal or substitution, the Collateral Agent shall be furnished
with the following instruments:

       

      (i) a
Certificate of Pledged Collateral, dated as of the last day of the calendar
month most recently ended at least 10 Business Days prior to such withdrawal or
substitution, showing that immediately after such withdrawal or substitution the
requirements of Subsection (a) of this Section will be satisfied;
and

       

      (ii) an
Officers’ Certificate certifying that no Event of Default has occurred which has
not been remedied.

       

      Upon any
such withdrawal or substitution, National Rural shall deliver any cash or
Eligible Securities or Permitted Investments to be substituted and the
Collateral Agent shall execute any instruments of transfer or assignment
specified in a National Rural Order as necessary to vest in National Rural any
part of the Pledged Collateral withdrawn.

       

      In case
an Event of Default shall have occurred and be continuing, National Rural shall
not withdraw or substitute any part of the Pledged Collateral, provided that any
Pledged Collateral may be withdrawn (a) as provided for in Section 2.04; or (b) upon the deposit with the
Collateral Agent of an amount of cash at least equal to the Allowable Amount (at
the time of such withdrawal) of the Pledged Collateral so withdrawn and the
delivery to the Collateral Agent of the instruments referred to in
Subsection (b)(i) of this Section and a National Rural
Order.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
2.04. Reassignment of Pledged
Securities upon Payment.  Upon receipt of:

       

      (i) an
Officers’ Certificate stating that all payments of principal, premium (if any)
and interest have been made upon any Pledged Securities held by the Collateral
Agent other than payment of an amount (if any) specified in said certificate
required fully to discharge all obligations on said Pledged Securities;
and

       

      (ii) cash in
the amount (if any) so specified fully to discharge said Pledged
Securities,

       

      the
Collateral Agent shall deliver to National Rural upon National Rural Order said
Pledged Securities, together with any other documents or instruments of transfer
or assignment necessary to reassign to National Rural said Pledged Securities
and the interest of National Rural specified in such National Rural
Order.

       

      SECTION
2.05. Addition of Pledged
Collateral.  At any time, National Rural may pledge additional
Eligible Securities, cash or Permitted Investments under this Pledge Agreement
by delivering such Pledged Collateral to the Collateral Agent, accompanied by a
Certificate of Pledged Collateral specifying such additional collateral and
dated as of the last day of the calendar month most recently ended at least 10
Business Days prior thereto, provided that, in the
case of additional Permitted Investments, no such Permitted Investments shall be
subject to any reservations, limitations or conditions referred to in the
Granting Clause hereof.

       

      SECTION
2.06. Accompanying
Documentation.  Where Eligible Securities are delivered to the
Collateral Agent under Section 2.01, 2.03 or Section 2.05, such securities
shall be accompanied by the appropriate instruments of transfer executed in
blank and in a form satisfactory to the Collateral Agent and by such other
instruments and documents as the Collateral Agent may reasonably
request.  All other property delivered to the Collateral Agent under
Section 2.01, 2.03 or Section 2.05 and comprising part of the Pledged
Collateral shall be accompanied by proper instruments of assignment duly
executed by National Rural and such other instruments or documents as the
Collateral Agent may reasonably request.

       

      SECTION
2.07. Renewal; Extension;
Substitution.  Unless and until an Event of Default shall have
occurred and be continuing, National Rural may at any time renew or extend,
subject to the Lien of this Pledge Agreement, any Pledged Security upon any
terms or may accept in place of and in substitution for any such
Pledged  Security, another Eligible Security or Securities of the same
issuer or of any successor thereto for at least the same unpaid principal
amount, all as evidenced by a National Rural Order delivered to the Collateral
Agent; provided, however, that in case
of any substitution, Eligible Securities substituted as aforesaid shall be
subject to the Lien of this Pledge Agreement as part of the Pledged Collateral
and be held in the same manner as those for which they shall be substituted, and
in the case of each substituted Eligible Security National Rural shall provide
an Officers’ Certificate certifying to the Collateral 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        
          
            Agent
that such substituted security satisfies the requirements of this
Section.  So long as no Event of Default shall have occurred and be
continuing, the Collateral Agent, upon National Rural Order stating that no
Event of Default shall have occurred and be continuing, shall execute any
consent to any such renewal, extension or substitution as shall be specified in
such National Rural Order.

             

          

        

      

      SECTION
2.08. Voting Rights; Interest and
Principal.  (a)  Unless
and until an Event of Default has occurred and is continuing, and Farmer Mac
delivers to the Collateral Agent a Farmer Mac Notice of Default suspending
National Rural’s rights under this clause:

       

      (i) National
Rural shall be entitled to exercise any and all voting and/or other consensual
rights and powers inuring to an owner of Pledged Securities or any part thereof
provided that
such rights and powers shall not be exercised in any manner inconsistent with
the terms of the Note Purchase Agreement or this Pledge Agreement.

       

      (ii) The
Collateral Agent shall execute and deliver to National Rural, or cause to be
executed and delivered to National Rural, all such proxies, powers of attorney
and other instruments as National Rural may reasonably request for the purpose
of enabling National Rural to exercise the voting and/or consensual rights and
powers it is entitled to exercise pursuant to subparagraph (i)
above.

       

      (iii) National
Rural shall be entitled to receive and retain any and all interest, principal
and other distributions paid on or distributed in respect of the Pledged
Securities; provided that any
non-cash interest, principal or other distributions that would constitute
Pledged Securities if pledged hereunder, and received in exchange for Pledged
Securities or any part thereof pledged hereunder, or in redemption thereof, or
as a result of any merger, consolidation, acquisition or other exchange of
assets to which such issuer of Pledged Securities may be a party or otherwise,
shall be and become part of the Pledged Collateral, and, if received by National
Rural, shall not be commingled by National Rural with any of its other funds or
property but shall be held separate and apart therefrom, shall be held in trust
for the benefit of the Collateral Agent and shall be forthwith delivered to the
Collateral Agent in the same form as so received (with any necessary
endorsement).

       

      (b) If an
Event of Default shall have occurred and be continuing, then, to the extent such
rights are suspended by the applicable Farmer Mac Notice of Default, all rights
of National Rural to interest, principal or other distributions that National
Rural is authorized to receive pursuant to paragraph (a)(iii) of this
Section 2.08, shall cease, and
all such suspended rights shall thereupon become vested in the Collateral Agent,
which shall have the sole and exclusive right and authority to receive and
retain such interest, principal or other distributions.  All interest,
principal or other distributions received by National Rural contrary to the
provisions of this Section 2.08 shall be held in trust for the

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        benefit
of the Collateral Agent, shall be segregated from other property or funds of
National Rural and shall be forthwith delivered to the Collateral Agent in the
same form as so received (with any necessary endorsement).  Any and
all money and other property paid over to or received by the Collateral Agent
pursuant to the provisions of this paragraph (b) shall be retained by the
Collateral Agent in an account to be established by the Collateral Agent upon
receipt of such money or other property and shall be applied in accordance with
the provisions of Section 4.03 to the fullest extent permitted
by applicable law.  After all Events of Default have ceased, the
Collateral Agent shall promptly repay to National Rural (without interest) all
interest, principal or other distributions that National Rural would otherwise
be permitted to retain pursuant to the terms of paragraph (a)(iii) of this
Section 2.08 and that remain in such account.

      

       

      (c) If an
Event of Default shall have occurred and be continuing, then, to the extent such
rights are suspended by the applicable Farmer Mac Notice of Default, all rights
of National Rural to exercise the voting and consensual rights and powers it is
entitled to exercise pursuant to paragraph (a)(i) of this
Section 2.08, and the obligations of the Collateral Agent under
paragraph (a)(ii) of this Section 2.08, shall cease, and all such
rights shall thereupon become vested in the Collateral Agent, which shall have
the sole and exclusive right and authority to exercise such voting and
consensual rights and powers; provided that the
Collateral Agent shall have the right from time to time during the existence of
such Event of Default to permit National Rural to exercise such rights and
powers.

       

      SECTION
2.09. Protection of Title; Payment
of Taxes; Liens, etc.  National Rural will:

       

      (i) duly and
promptly pay and discharge, or cause to be paid and discharged, before they
become delinquent, all taxes, assessments, governmental and other charges
lawfully levied, assessed or imposed upon or against any of the Pledged
Collateral, including the income or profits therefrom and the interests of the
Collateral Agent in such Pledged Collateral;

       

      (ii) duly
observe and conform to all valid requirements of any governmental authority
imposed upon National Rural relative to any of the Pledged Collateral, and all
covenants, terms and conditions under or upon which any part thereof is
held;

       

      (iii) cause to
be paid and discharged all lawful claims (including, without limitation, income
taxes) which, if unpaid, might become a lien or charge upon Pledged Collateral;
and

       

      (iv) do all
things and take all actions necessary to keep the Lien of this Pledge Agreement
a first and prior lien upon the Pledged Collateral and protect its title to the
Pledged Collateral against loss by reason of any foreclosure or other proceeding
to enforce any lien prior to or pari passu with the Lien
of this Pledge Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Nothing
contained in this Section shall require the payment of any such tax,
assessment, claim, lien or charge or the compliance with any such requirement so
long as the validity, application or amount thereof shall be contested in good
faith; provided, however, that
National Rural shall have set aside on its books such reserves (segregated to
the extent required by generally accepted accounting principles) as shall be
deemed adequate with respect thereto as determined by the Board of Directors of
National Rural (or a committee thereof).

       

      SECTION
2.10. Maintenance of Pledged
Collateral.  National Rural shall cause the Allowable Amount of
Pledged Collateral held by the Collateral Agent at all times to be not less than
100% of the aggregate principal amount of the Notes outstanding.

       

      SECTION
2.11. Representations, Warranties
and Covenants.  National Rural represents, warrants and
covenants to the Collateral Agent, for the benefit of Farmer Mac, that from the
time that they are pledged hereunder, and for so long as they are required to
remain pledged:

       

      (a) except
for the Lien hereof and any Lien consented to in writing by Farmer Mac, National
Rural (i) is and will continue to be the direct owner, beneficially and of
record, of the Pledged Securities from time to time pledged hereunder,
(ii) holds and will continue to hold the same free and clear of all Liens,
other than Liens created by this Pledge Agreement, (iii) will make no
assignment, pledge, hypothecation or transfer of, or create or permit to exist
any security interest in or other Lien on, the Pledged Collateral, other than
Liens created by this Pledge Agreement and (iv) will defend its title or
interest thereto or therein against any and all Liens (other than the Lien
created by this Pledge Agreement), however arising, of all Persons
whomsoever;

       

      (b) except
for restrictions and limitations imposed by the Note Purchase Agreement or
securities laws generally, the Pledged Securities are and will continue to be
freely transferable and assignable, and none of the Pledged Securities are or
will be subject to any restriction of any nature that might prohibit, impair,
delay or otherwise affect the pledge of such Pledged Securities hereunder, the
sale or disposition thereof pursuant hereto or the exercise by the Collateral
Agent of rights and remedies hereunder;

       

      (c) National
Rural has the power and authority to pledge the Pledged Collateral pledged by it
hereunder in the manner hereby done or contemplated;

       

      (d) no
consent or approval of any governmental authority, any securities exchange or
any other Person was or is necessary to the validity of the pledge effected
hereby (other than such as have been obtained and are in full force and effect);
and

       

      (e) by virtue
of the execution and delivery by National Rural of this Pledge Agreement, when
any Pledged Securities are delivered to the Collateral 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Agent in
accordance with this Pledge Agreement, the Collateral Agent will obtain a legal
and valid Lien upon and security interest in such Pledged Securities as security
for the payment and performance of the Obligations.

       

      SECTION
2.12. Further
Assurances.  National Rural will execute and deliver, or cause
to be executed and delivered, all such additional instruments and do, or cause
to be done, all such additional acts as (a) may be necessary or proper,
consistent with the Granting Clause hereof, to carry out the purposes of this
Pledge Agreement and to make subject to the Lien hereof any property intended so
to be subject or (b) may be necessary or proper to transfer to any
successor the estate, powers, instruments and funds held hereunder and to
confirm the Lien of this Pledge Agreement.  National Rural will also
cause to be filed, registered or recorded any instruments of conveyance,
transfer, assignment or further assurance in all offices in which such filing,
registering or recording is necessary to the validity thereof or to give notice
thereof.

       

       

      ARTICLE
III

       

      Application of Moneys
Included in Pledged Collateral

       

      SECTION
3.01. Investment of Moneys by
Collateral Agent.  Any moneys held by the Collateral Agent as
part of the Pledged Collateral shall, upon National Rural Order and as stated
therein, be invested or reinvested by the Collateral Agent until required to be
paid out by the Collateral Agent as provided in this Pledge Agreement, in any
one or more of the following (herein called “Permitted
Investments”):

       

      (i) obligations
of or guaranteed by the United States of America or any agency thereof for which
the full faith and credit of the United States of America or such agency shall
be pledged;

       

      (ii) obligations
of any state or municipality, or subdivision or agency of either thereof, which
are rated AA (or equivalent) or better by at least two nationally recognized
statistical rating organizations or having a comparable rating in the event of
any future change in the rating system of such agencies;

       

      (iii) certificates
of deposit issued by, or time deposits of, any bank or trust company (including
the Collateral Agent) organized under the laws of the United States of America
or any State thereof having capital and surplus of not less than $500,000,000
(determined from its most recent report of condition, if it publishes such
reports at least annually pursuant to law or the requirements of Federal or
State examining or supervisory authority); and

       

      (iv) commercial
paper of bank holding companies or of other issuers (excluding National Rural)
generally rated in the highest category by at least two nationally recognized
statistical rating organizations and maturing not more than one year after the
purchase thereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Unless
and until an Event of Default shall have occurred and be continuing, any
interest received by the Collateral Agent on any such investments which shall
exceed the amount of accrued interest, if any, paid by the Collateral Agent on
the purchase thereof, and any profit which may be realized from any sale,
redemption or maturity of such investments, shall be paid to National
Rural.  Such investments shall be held by the Collateral Agent as a
part of the Pledged Collateral, but upon National Rural Order the Collateral
Agent shall sell all or any designated part of the same, and the proceeds of
such sale shall be held by the Collateral Agent subject to the same provisions
hereof as the cash used by it to purchase the investments so sold.  In
case the net proceeds realized upon any sale, redemption or maturity shall
amount to less than the purchase price paid by the Collateral Agent for the
purchase of the investments so sold, the Collateral Agent shall notify National
Rural in writing thereof, and National Rural shall pay to the Collateral Agent
the amount of the difference between such purchase price and the amount so
realized, and the amount so paid shall be held by the Collateral Agent in like
manner and subject to the same conditions as the proceeds realized upon such
sale.  National Rural will reimburse the Collateral Agent for any brokerage
commissions or other expenses incurred by the Collateral Agent in connection
with the purchase or sale of such investments. The Collateral Agent may
aggregate such costs and expenses of and such receipts from such investments on
a monthly basis (or such other periodic basis as National Rural and the
Collateral Agent may agree in writing from time to time) so as to net each
against the other during such period and pay to National Rural amounts due to it
or notify National Rural of amounts due from it on a net basis for such
period.

       

      SECTION
3.02. Collateral Agent To Retain
Moneys During Event of Default.  If an Event of Default shall
have occurred and be continuing, moneys held by the Collateral Agent as a part
of the Pledged Collateral shall not be paid over to National Rural upon National
Rural Order except pursuant to Section 4.03 or as otherwise required by
applicable law.

       

      ARTICLE
IV

       

      Remedies

       

      SECTION
4.01. Events of
Default.  “Event of Default”,
wherever used herein, means any “Event of Default” as defined in
Sections 7.01(a) of the Note Purchase Agreement, provided that, for
the purposes of this Pledge Agreement:

       

      (a) the
Collateral Agent shall not be required to recognize that an Event of Default
exists before such time as the Collateral Agent receives a Farmer Mac Notice or
National Rural Notice stating that an Event of Default exists and specifying the
particulars of such default in reasonable detail; and

       

      (b) the
Collateral Agent shall not be required to recognize that an Event of Default has
ceased until (i) such time as the Collateral Agent receives a Farmer Mac Notice
stipulating that such event has ceased to exist; or (ii) 30 days after receipt
by the Collateral Agent of a National Rural Notice stipulating that such

       

      
        
          
          

        

        
          
          

        

        
          
            

          

        

         

        
          Nothing
contained in this Section shall require the payment of any such tax,
assessment, claim, lien or charge or the compliance with any such requirement so
long as the validity, application or amount thereof shall be contested in good
faith; provided, however, that
National Rural shall have set aside on its books such reserves (segregated to
the extent required by generally accepted accounting principles) as shall be
deemed adequate with respect thereto as determined by the Board of Directors of
National Rural (or a committee thereof).

           

        

      

      SECTION
4.02. Remedies upon
Default.  If an Event of Default shall have occurred and be
continuing, Farmer Mac may issue a notice (a “Farmer Mac Notice of
Default”), which may be combined with the notice provided under
Section 4.01(b), suspending the
rights of National Rural under Section 2.08 in part without suspending all
such rights (as specified by Farmer Mac in its sole and absolute discretion)
without waiving or otherwise affecting Farmer Mac’s rights to give additional
Farmer Mac Notices of Default from time to time suspending other rights under
Section 2.08 so long as an Event of
Default has occurred and is continuing.  Subject to paragraph (b) of
this Section 4.02, upon cessation of an Event of Default, all rights of
National Rural suspended under the applicable Farmer Mac Notice of Default shall
revest in National Rural.

       

      (a) Upon the
occurrence of an Event of Default, the Collateral Agent shall, for the benefit
and at the direction of Farmer Mac, have the right to exercise any and all
rights afforded to a secured party under the Uniform Commercial Code or other
applicable law.  Without limiting the generality of the foregoing,
National Rural agrees that the Collateral Agent shall have the right, but only
if so instructed by a Farmer Mac Order and subject to the requirements of
applicable law and the Collateral Agent’s right (in its sole and absolute
discretion) to receive indemnification or other reasonable assurances that its
costs and expenses in connection therewith will be paid, to sell or otherwise
dispose of all or any part of the Pledged Collateral at a public or private sale
or at any broker’s board or on any securities exchange, for cash, upon credit or
for future delivery as the Collateral Agent shall deem
appropriate.  The Collateral Agent shall be authorized at any such
sale of securities (if it deems it advisable to do so) to restrict the
prospective bidders or purchasers to Persons who will represent and agree that
they are purchasing the Pledged Collateral for their own account for investment
and not with a view to the distribution or sale thereof, and upon consummation
of any such sale the Collateral Agent shall have the right to assign, transfer
and deliver to the purchaser or purchasers thereof the Pledged Collateral so
sold.  Each such purchaser at any sale of Pledged Collateral shall
hold the property sold absolutely, free from any claim or right on the part of
National Rural, and National Rural hereby waives (to the extent permitted by
law) all rights of redemption, stay and appraisal which National Rural now has
or may at any time in the future have under any rule of law or statute now
existing or hereafter enacted.

       

      (b) The
Collateral Agent shall give National Rural 10 days’ written notice (which
National Rural agrees is reasonable notice within the meaning of
Section 9-611 of the Uniform Commercial Code or its equivalent in other
jurisdictions) of the Collateral Agent’s intention to make any sale of Pledged
Collateral.  Such notice, in the case of a 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      public
sale, shall state the time and place for such sale and, in the case of a sale at
a broker’s board or on a securities exchange, shall state the board or exchange
at which such sale is to be made and the day on which the Collateral, or portion
thereof, will first be offered for sale at such board or
exchange.  Any such public sale shall be held at such time or times
within ordinary business hours and at such place or places as the Collateral
Agent may fix and state in the notice (if any) of such sale.  At any
such sale, the Pledged Collateral, or portion thereof, to be sold may be sold in
one lot as an entirety or in separate parcels, as the Collateral Agent may (in
its sole and absolute discretion) determine.  The Collateral Agent
shall not be obligated to make any sale of any Pledged Collateral if it shall
determine not to do so, regardless of the fact that notice of sale of such
Pledged Collateral shall have been given.  The Collateral Agent may,
without notice or publication, adjourn any public or private sale or cause the
same to be adjourned from time to time by announcement at the time and place
fixed for sale, and such sale may, without further notice, be made at the time
and place to which the same was so adjourned.  In case any sale of all
or any part of the Pledged Collateral is made on credit or for future delivery,
the Pledged Collateral so sold may be retained by the Collateral Agent until the
sale price is paid by the purchaser or purchasers thereof, but the Collateral
Agent shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Pledged Collateral so sold and, in case of
any such failure, such Pledged Collateral may be sold again upon like
notice.  At any public (or, to the extent permitted by law, private)
sale made pursuant to this Pledge Agreement, Farmer Mac may bid for or purchase,
free (to the extent permitted by law) from any right of redemption, stay,
valuation or appraisal on the part of National Rural (all said rights being also
hereby waived and released to the extent permitted by law), the Pledged
Collateral or any part thereof offered for sale and may make payment on account
thereof by using any claim then due and payable to Farmer Mac from National
Rural as a credit against the purchase price, and Farmer Mac may, upon
compliance with the terms of sale, hold, retain and dispose of such property
without further accountability to Pledged Collateral therefor.  For
purposes hereof, a written agreement to purchase the Pledged Collateral or any
portion thereof shall be treated as a sale thereof; the Collateral Agent shall
be free to carry out such sale pursuant to such agreement and National Rural
shall not be entitled to the return of the Pledged Collateral or any portion
thereof subject thereto, notwithstanding the fact that after the Collateral
Agent shall have entered into such an agreement all Events of Default shall have
been remedied and the Obligations paid in full.  As an alternative to
exercising the power of sale herein conferred upon it, the Collateral Agent may
proceed by a suit or suits at law or in equity to foreclose this Pledge
Agreement and to sell the Collateral or any portion thereof pursuant to a
judgment or decree of a court or courts having competent jurisdiction or
pursuant to a proceeding by a court-appointed receiver.  Any sale
pursuant to the provisions of this Section 4.02 shall be deemed to conform
to the commercially reasonable standards as provided in Section 9-610(b) of
the Uniform Commercial Code or its equivalent in other
jurisdictions.

       

      SECTION
4.03. Application of
Proceeds.  The Collateral Agent shall apply the proceeds of any
collection or sale of Pledged Collateral, including any Pledged Collateral
consisting of cash, as follows to the fullest extent permitted by applicable
law:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FIRST, to the
payment of all reasonable costs and expenses incurred by the Collateral Agent in
connection with or reasonably related or reasonably incidental to such
collection or sale or otherwise in connection with or related or incidental to
this Pledge Agreement or any of the Obligations, including all court costs and
the reasonable fees and expenses of its agents and legal counsel, the repayment
of all advances made by the Collateral Agent (in its sole discretion) hereunder
on behalf of National Rural and any other reasonable costs or expenses incurred
in connection with the exercise of any right or remedy hereunder;

       

      SECOND, to the
payment to Farmer Mac in full of the Obligations; such payment to be for an
amount certified in a Farmer Mac Notice delivered to the Collateral Agent as
being the amount due and owing to Farmer Mac under the Obligations;
and

       

      THIRD, to National
Rural, its successors or assigns, or as a court of competent jurisdiction may
otherwise direct.

       

      Upon any
sale of the Pledged Collateral by the Collateral Agent (including pursuant to a
power of sale granted by statute or under a judicial proceeding), the receipt of
the Collateral Agent or of the officer making the sale shall be a sufficient
discharge to the purchaser or purchasers of the Pledged Collateral so sold and
such purchaser or purchasers shall not be obligated to see to the application of
any part of the purchase money paid over to the Collateral Agent or such officer
or be answerable in any way for the misapplication thereof.

       

      SECTION
4.04. Securities Act.  In
view of the position of National Rural in relation to the Pledged Collateral, or
because of other current or future circumstances, a question may arise under the
Securities Act of 1933, as now or hereafter in effect, or any similar statute
hereafter enacted analogous in purpose or effect (such Act and any such similar
statute as from time to time in effect being called the “Federal Securities
Laws”) with respect to any disposition of the Pledged Collateral
permitted hereunder.  National Rural understands that compliance with
the Federal Securities Laws might very strictly limit the course of conduct of
the Collateral Agent if the Collateral Agent were to attempt to dispose of all
or any part of the Pledged Collateral, and might also limit the extent to which
or the manner in which any subsequent transferee of any Pledged Collateral could
dispose of the same.  Similarly, there may be other legal restrictions
or limitations affecting the Collateral Agent in any attempt to dispose of all
or part of the Pledged Collateral under applicable Blue Sky or other state
securities laws or similar laws analogous in purpose or
effect.  National Rural recognizes that in light of such restrictions
and limitations the Collateral Agent may, with respect to any sale of the
Pledged Collateral, limit the purchasers to those who will agree, among other
things, to acquire such Pledged Collateral for their own account, for
investment, and not with a view to the distribution or resale
thereof.  National Rural acknowledges and agrees that in light of such
restrictions and limitations, the Collateral Agent, in its sole and absolute
discretion (a) may proceed to make such a sale whether or not a
registration statement for the purpose of registering such Pledged Collateral or
part thereof shall have been filed under the Federal Securities Laws and
(b) may 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      approach
and negotiate with a single potential purchaser to effect such
sale.  National Rural acknowledges and agrees that any such sale might
result in prices and other terms less favorable to the seller than if such sale
were a public sale without such restrictions.  In the event of any
such sale, the Collateral Agent shall incur no responsibility or liability for
selling all or any part of the Pledged Collateral at a price that the Collateral
Agent, in its sole and absolute discretion, may in good faith deem reasonable
under the circumstances, notwithstanding the possibility that a substantially
higher price might have been realized if the sale were deferred until after
registration as aforesaid or if more than a single purchaser were
approached.  The provisions of this Section 4.04 will apply
notwithstanding the existence of a public or private market upon which the
quotations or sales prices may exceed substantially the price at which the
Collateral Agent sells.

       

      ARTICLE V

       

      The Collateral
Agent

                           

      SECTION
5.01. Certain Duties and
Responsibilities.  (a)  At all times under this
Pledge Agreement:

       

      (i) the
Collateral Agent undertakes to perform such duties and only such duties as are
specifically set forth in this Pledge Agreement, and no implied covenants or
obligations shall be read into this Pledge Agreement against the Collateral
Agent; and

       

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

       

      (b) No
provision of this Pledge Agreement shall be construed to relieve the Collateral
Agent from liability for its own grossly negligent action, its own grossly
negligent failure to act, or its own willful misconduct, except
that:

       

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

       

      (ii) the
Collateral Agent shall not be liable for any error of judgment made in good
faith, unless it shall be proved that the Collateral Agent was grossly negligent
in ascertaining the pertinent facts; and

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      (c) Whether
or not therein expressly so provided, every provision of this Pledge Agreement
relating to the conduct or affecting the liability of or affording protection to
the Collateral Agent shall be subject to the provisions of this
Section.

       

      SECTION
5.02. Certain Rights of Collateral
Agent.  Except as otherwise provided in
Section 5.01:

       

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

       

      (b) any
request or direction of National Rural mentioned herein shall be sufficiently
evidenced by a National Rural Notice or National Rural Order;

       

      (c) any
request or direction of Farmer Mac mentioned herein shall be sufficiently
evidenced by a Farmer Mac Notice or Farmer Mac Order;

       

      (d) whenever
in the administration of this Pledge Agreement the Collateral Agent shall deem
it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Collateral Agent (unless other evidence be
herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officers’ Certificate in the case of National Rural, and a
certificate signed by any Vice President of Farmer Mac in the case of Farmer
Mac;

       

      (e) the
Collateral Agent may consult with counsel and the advice of such counsel shall
be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

       

      (f) the
Collateral Agent shall be under no obligation to exercise any of the rights or
powers vested in it by this Pledge Agreement at the request or direction of
either National Rural or Farmer Mac pursuant to this Pledge Agreement, unless
such party shall have offered to the Collateral Agent reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction;

       

      (g) the
Collateral Agent shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument,

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      opinion,
report, notice, request, direction, consent, order, bond, debenture or other
paper or document, or to recompute, verify, reclassify or recalculate any
information contained therein, but the Collateral Agent, in its sole and
absolute discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Collateral Agent shall determine
to make such further inquiry or investigation, it shall be entitled to examine
the books, records and premises of National Rural, personally or by agent or
attorney;

       

      (h) the
Collateral Agent may execute any of the powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the
Collateral Agent shall not be responsible for any misconduct or negligence on
the part of any agent or attorney appointed with due care by it
hereunder;

       

      (i) unless
explicitly stated herein to the contrary, the Collateral Agent shall have no
duty to inquire as to the performance of National Rural’s covenants
herein.  In addition, the Collateral Agent shall not be deemed to have
knowledge of any Event of Default unless the Collateral Agent has received a
Farmer Mac Notice in accordance with Section 4.01(a), and shall not be
deemed to have knowledge of the cessation of the same until such time as it
receives a National Rural Notice in accordance with Section 4.01(b);
and

       

      (j) unless
explicitly stated herein to the contrary, the Collateral Agent shall have no
obligation to take any action with respect to any Event of Default until it has
received a Farmer Mac Notice applicable to such event in accordance with
Section 4.01(a), and the Collateral Agent shall have no liability for any
action or inaction taken, suffered or omitted in respect of any such event by it
prior to such time as the applicable Farmer Mac Notice is
delivered.  Similarly, the Collateral Agent shall have no obligation
to take any action with respect to the cessation of an Event of Default until it
has received a National Rural Notice applicable to such event in accordance in
accordance with Section 4.01(b), and the Collateral Agent shall have no
liability for any action or inaction taken, suffered or omitted in respect of
any such event by it prior to such time as the applicable National Rural Notice
is delivered.

       

      SECTION
5.03. Money Held by Collateral
Agent.  Money held by the Collateral Agent hereunder need not
be segregated from other funds except to the extent required by
law.  The Collateral Agent shall have no liability to pay interest on
or (except as expressly provided herein) invest any such moneys.

       

      SECTION
5.04. Compensation and
Reimbursement.  (a)   National Rural
agrees:

       

      (i) to pay to
the Collateral Agent from time to time such reasonable compensation for all
services rendered by it hereunder as shall have been set forth in an agreement
signed by National Rural;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (ii) except as
otherwise expressly provided herein, to reimburse the Collateral Agent upon its
request for all reasonable expenses, out-of-pocket costs, disbursements and
advances incurred or made by the Collateral Agent in accordance with any
provision of this Pledge Agreement (including the reasonable compensation and
the expenses and disbursements of its agents and counsel), except to the extent
any such expense, disbursement or advance may be attributable to its gross
negligence or bad faith; and

       

      (iii) to
indemnify the Collateral Agent for, and to defend and hold it harmless against,
any loss, liability or expense incurred without gross negligence or bad faith on
its part, arising out of or in connection with the acceptance or administration
of this Pledge Agreement or the performance of its duties hereunder, including
the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent such loss, liability or expense may be
attributable to its gross negligence or bad faith; provided, however, that
National Rural shall have no liability under this clause for any settlement of
any litigation or other dispute effected without the prior written consent of
National Rural (such consent not to be unreasonably withheld).

       

      (b) Any such
amounts payable as provided hereunder shall be additional Obligations secured by
the Lien hereof.  The provisions of this Section 5.04 shall
remain operative and in full force and effect regardless of the termination of
this Pledge Agreement or the Note Purchase Agreement, the consummation of the
transactions contemplated hereby, the repayment of any of the Obligations, the
invalidity or unenforceability of any term or provision of this Pledge Agreement
or the Note Purchase Agreement, or any investigation made by or on behalf of the
Collateral Agent or Farmer Mac.  All amounts due under this
Section 5.04 shall be payable on written demand therefor.

       

      SECTION
5.05. Corporate Collateral Agent
Required; Eligibility.  There shall at all times be a
Collateral Agent hereunder which shall be a corporation or association organized
and doing business under the laws of the United States of America or of any
State, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least $50,000,000, subject to supervision or
examination by Federal or State authority.  If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.  Neither National Rural nor
any Person directly or indirectly controlling, controlled by or under common
control with National Rural shall serve as Collateral Agent
hereunder.  If at any time the Collateral Agent shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
5.06. Resignation and Removal;
Appointment of Successor.  (a)  No resignation or
removal of the Collateral Agent and no appointment of a successor Collateral
Agent pursuant to this Article shall become effective until the acceptance of
appointment by the successor Collateral Agent under
Section 5.07.

       

      (b) The
Collateral Agent may resign at any time by giving written notice thereof to
National Rural.  If an instrument of acceptance by a successor
Collateral Agent shall not have been delivered to the Collateral Agent within 30
days after the giving of such notice of resignation, the resigning Collateral
Agent may petition any court of competent jurisdiction for the appointment of a
successor Collateral Agent.

       

      (c) If at any
time:

       

      (i) except if
an Event of Default has occurred and is continuing, National Rural, in its sole
and absolute discretion, elects to remove the Collateral Agent; or

       

      (ii) the
Collateral Agent shall cease to be eligible under Section 5.05 or shall
become incapable of acting or shall be adjudged a bankrupt or insolvent or a
receiver of the Collateral Agent or of its property shall be appointed or any
public officer shall take charge or control of the Collateral Agent or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation,

       

      then, in
any such case, National Rural may remove the Collateral Agent by delivery of a
National Rural Order to that effect.

       

      (d) If the
Collateral Agent shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Collateral Agent for any cause, National
Rural shall promptly appoint a successor Collateral Agent by delivering a
National Rural Notice to the retiring Collateral Agent, the successor Collateral
Agent and Farmer Mac to such effect.

       

      SECTION
5.07. Acceptance of Appointment by
Successor.  Every successor Collateral Agent appointed
hereunder shall execute, acknowledge and deliver to National Rural, Farmer Mac
and to the retiring Collateral Agent an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Collateral Agent shall
become effective and such successor Collateral Agent, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Collateral Agent; but, on request of National Rural,
Farmer Mac or the successor Collateral Agent, such retiring Collateral Agent
shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Collateral Agent all the rights, powers and
trusts of the retiring Collateral Agent, and shall duly assign, transfer and
deliver to such successor Collateral Agent all property and money held by such
retiring Collateral Agent hereunder, subject nevertheless to its Lien, if any,
provided for in Section 5.04.  Upon request of any such successor
Collateral Agent, National Rural shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Collateral Agent
all such rights, powers and trusts.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      No
successor Collateral Agent shall accept its appointment unless at the time of
such acceptance such successor Collateral Agent shall be eligible under
Section 5.05 hereof.

       

      SECTION
5.08. Merger, Conversion,
Consolidation or Succession to Business.  Any corporation into
which the Collateral Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Collateral Agent shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Collateral Agent, shall be the successor of the Collateral Agent hereunder,
provided such corporation shall be eligible under Section 5.05 hereof
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.

       

       

      ARTICLE
VI

       

      Miscellaneous

       

      SECTION
6.01. 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 II 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.

       

      (a) All
National Rural Notices and National Rural Orders delivered to the Collateral
Agent shall be contemporaneously copied to Farmer Mac by National Rural; all
Farmer Mac Notices and Farmer Mac Orders delivered to the Collateral Agent shall
be contemporaneously copied by Farmer Mac to National Rural; and all Collateral
Agent notices delivered to either National Rural or Farmer Mac shall be
contemporaneously copied to the other such party by the Collateral
Agent.

       

      SECTION
6.02. Waivers;
Amendment.  (a)  No failure or delay by a party in
exercising any right or power 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.  The rights and remedies of each party hereunder are
cumulative and are not exclusive of any rights or remedies that such party would
otherwise have.  No waiver of any provision of this Pledge Agreement
or consent to any departure by any party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this
Section 6.02, 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 any party in any case shall entitle any party to any other or
further notice or demand in similar or other circumstances.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b) Neither
this Pledge Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into
by National Rural, the Collateral Agent and Farmer Mac.

       

      SECTION
6.03. Successors and
Assigns.  Whenever in this Pledge Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the successors
and assigns of such party; and all covenants, promises and agreements by or on
behalf of National Rural, the Collateral Agent or Farmer Mac that are contained
in this Pledge Agreement shall bind and inure to the benefit of their respective
successors and assigns.

       

      SECTION
6.04. Counterparts;
Effectiveness.  This Pledge Agreement may be executed in
counterparts, each of which shall constitute an original but all of which when
taken together shall constitute a single contract.  Delivery of an
executed signature page to this Pledge Agreement by facsimile transmission shall
be as effective as delivery of a manually signed counterpart of this Pledge
Agreement.

       

      SECTION
6.05. Severability.  Any
provision of this Pledge Agreement held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and
the invalidity of a particular provision in a particular jurisdiction shall not
invalidate such provision in any other jurisdiction.  The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

       

      SECTION
6.06. GOVERNING
LAW.  THIS PLEDGE 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 STATE OF NEW
YORK.

       

      SECTION
6.07. WAIVER OF JURY
TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
PLEDGE 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 PLEDGE AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 6.07.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
6.08. Headings.  Article
and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Pledge Agreement and are not
to affect the construction of, or to be taken into consideration in
interpreting, this Pledge Agreement.

       

      SECTION
6.09. Security Interest
Absolute.  All rights of the Collateral Agent and/or Farmer Mac
hereunder, the grant of a security interest in the Pledged Collateral and all
obligations of National Rural hereunder shall be absolute and unconditional
irrespective of (a) any lack of validity or enforceability of the Note
Purchase Agreement, any Note, any agreement with respect to any of the
Obligations or any other agreement or instrument relating to any of the
foregoing, (b) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations, or any other amendment or
waiver of or any consent to any departure from the Note Purchase Agreement, any
Note or any other agreement or instrument, (c) any exchange, release or
non-perfection of any Lien on other collateral, or any release or amendment or
waiver of or consent under or departure from any guarantee, securing or
guaranteeing all or any of the Obligations, or (d) any other circumstance
that might otherwise constitute a defense available to, or a discharge of,
National Rural in respect of the Obligations or this Pledge
Agreement.

       

      SECTION
6.10. Termination or
Release.  (a)  This Pledge Agreement shall terminate
on the date when the Collateral Agent receives a Farmer Mac Notice to the effect
that all of the Obligations have been indefeasibly paid in full, and at such
time the Lien hereof shall be released.

       

      (b) Upon any
withdrawal, substitution or other disposal by National Rural of any Pledged
Collateral that is permitted by the terms of this Pledge Agreement, or upon the
effectiveness of any written consent to the release of the security interest
granted hereby in any Pledged Collateral, the Lien hereof securing such Pledged
Collateral shall be automatically released.

       

      (c) In
connection with any termination or release pursuant to paragraph (a) or (b)
the Collateral Agent shall deliver to National Rural the Pledged Collateral and
shall execute and deliver to National Rural, at National Rural’s expense, all
documents that National Rural shall reasonably request to evidence such
termination or release.  Any execution and delivery of documents
pursuant to this Section 6.10 shall be without recourse to or warranty by
the Collateral Agent.

       

      SECTION
6.11. Collateral Agent Appointed
Attorney-in-Fact.  National Rural hereby appoints the
Collateral Agent the attorney-in-fact of National Rural for the purpose of, upon
the occurrence and during the continuance of an Event of Default, carrying out
the provisions of this Pledge Agreement with respect to the Pledged Collateral
and taking any action and executing any instrument that the Collateral Agent may
deem necessary or advisable to accomplish the purposes hereof, which appointment
is irrevocable and coupled with an interest but is subject nevertheless to the
terms and conditions of this Pledge Agreement.  Without limiting the
generality of the foregoing, the Collateral Agent shall have the right, upon the
occurrence and during the 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      continuance
of an Event of Default, with full power of substitution either in the Collateral
Agent’s name or in the name of National Rural (a) to receive, endorse,
assign and/or deliver any and all notes, acceptances, checks, drafts, money
orders or other evidences of payment relating to the Pledged Collateral or any
part thereof; (b) to demand, collect, receive payment of, give receipt for
and give discharges and releases of all or any of the Pledged Collateral;
(c) to commence and prosecute any and all suits, actions or proceedings at
law or in equity in any court of competent jurisdiction to collect or otherwise
realize on all or any of the Pledged Collateral or to enforce any rights in
respect of any Pledged Collateral; (d) to settle, compromise, compound,
adjust or defend any actions, suits or proceedings relating to all or any of the
Pledged Collateral; (e) to notify, or to require National Rural to notify,
obligors under Pledged Securities to make payment directly to the Collateral
Agent; and (f) subject to the second sentence of Section 4.02(a), to
use, sell, assign, transfer, pledge, make any agreement with respect to or
otherwise deal with all or any of the Pledged Collateral, and to do all other
acts and things necessary to carry out the purposes of this Pledge Agreement, as
fully and completely as though the Collateral Agent were the absolute owner of
the Pledged Collateral for all purposes; provided that nothing
herein contained shall be construed as requiring or obligating the Collateral
Agent to make any commitment or to make any inquiry as to the nature or
sufficiency of any payment received by the Collateral Agent, or to present or
file any claim or notice, or to take any action with respect to the Pledged
Collateral or any part thereof or the moneys due or to become due in respect
thereof or any property covered thereby.  The Collateral Agent and
Farmer Mac shall be accountable only for amounts actually received as a result
of the exercise of the powers granted to them herein, and neither they nor their
officers, directors, employees or agents shall be responsible to National Rural
for any act or failure to act hereunder, except for their own gross negligence
or willful misconduct.

       

      

       

      [SIGNATURE
PAGE FOLLOWS]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Pledge 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 & Chief Financial
Officer

                

        

      

       

      
        
          	 	
                  

                  U.S.
      BANK TRUST NATIONAL ASSOCIATION,

                
	
                  By

                	 
      
	 
      	
                  /s/
      BEVERLY A. FREENEY

                
	 
      	
                  Name:
      Beverly A. Freeney

                
	 
      	
                  Title:Vice
      President

                

        

      

      
         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
I

      TO

      PLEDGE
AGREEMENT

       

      Agreed Eligible
Members

      

      Name

      Black
Hills Electric Co-op, Inc.

      Dakota
Electric Association

      Butler
REC, Inc.

      Jones-Onslow
EMC

      Central
Electric Co-op, Inc.

      Cobb
EMC

      Matanuska
Electric Assn., Inc.

      Northern
Virginia Electric Co-op

      Oklahoma
Electric Co-op

      Magic
Valley Electric Co-op, Inc.

      Community
Electric Co-op

      Coast
Electric Power Assn.

      Taylor
Electric Co-op, Inc.

      Southeastern
Electric Co-op

      Eau
Claire Energy Co-op

      Dixie
Electric Co-op

      York
Electric Co-op, Inc.

      Cass
County Electric Co-op, Inc.

      Corn Belt
Energy Corporation

      Panola-Harrison
Electric Co-op

      Warren
RECC

      Mitchell
EMC

      Wright-Hennepin
Co-op Elec. Assn.

      Wiregrass
Electric Co-op, Inc.

      Inland
Power & Light Company

      Edgecombe-Martin
County EMC

      High West
Energy, Inc.

      Missoula
Electric Co-op, Inc.

      Victoria
Electric Co-op, Inc.

      Bartlett
Electric Co-op, Inc.

      Rock
County Electric Co-op Assn.

      Withlacoochee
River Electric Co-op

      Lane
Electric Co-op

      Grayson-Collin
Electric Co-op, Inc.

      Pedernales
Electric Co-op, Inc.

      McLennan
County Electric Co-op

      South
River EMC

      Co-op
Light & Power Association

      Lumbee
River EMC

      Kenergy
Corporation

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      United
REMC

      Cuivre
River Electric Co-op, Inc.

      Sawnee
EMC

      Cherokee
County Elec. Co-op Assn.

      Kaw
Valley Elec. Co-op, Inc.

      Southwest
Tennessee EMC

      Cumberland
EMC

      Utilities
Dist. of Western Indiana REMC

      Stearns
Co-op Electric Assn.

      Nueces
Electric Co-op, Inc.

      Connexus
Energy

      Dixie
Electric Membership Co-op

      Craighead
Electric Co-op Corp.

      Intermountain
REA

      Southwest
Louisiana EMC

      Cotton
Electric Co-op

      Ozark
Electric Co-op

      Maquoketa
Valley REC

      Southwest
Texas Elec. Co-op, Inc.

      Middle
Tennessee EMC

      Union
Power Cooperative

      Midland
Power Cooperative

      Rusk
County Electric Co-op, Inc.

      C & L
Electric Co-op Corp.

      First
Electric Co-op Corp.

      Medina
Electric Co-op, Inc.

      J.A.C.
Electric Co-op Inc.

      Blue
Grass Energy Co-op Corp.

      Joe
Wheeler EMC

      Central
REC

      Haywood
EMC

      Norris
PPD

      Big
Country Electric Co-op

      Jefferson
Davis Electric Co-op

      Upshur
RECC

      Belfalls
Electric Co-op, Inc.

      South
Central Indiana REMC

      Fairfield
Electric Co-op, Inc.

      Coleman
County Electric Co-op, Inc.

      South
Central Power Company

      Mountain
Parks Electric, Inc.

      Piedmont
EMC

      Sioux
Valley-Southwestern Elec.

      Eastern
Iowa Light & Power Co-op

      Fannin
County Electric Co-op, Inc.

      Paulding-Putnam
Electric Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Berkeley
Electric Co-op, Inc.

      Walton
EMC

      United
Power, Inc.

      Rayle
EMC

      Chippewa
Valley Electric Co-op

      Clay
Electric Co-op, Inc.

      Arkansas
Valley Elec. Co-op Corp.

      Bluebonnet
Electric Co-op, Inc.

      Midstate
Electric Co-op, Inc.

      San
Isabel Electric Assn.

      Diverse
Power, Inc.

      Wood
County Electric Co-op, Inc.

      Wake
EMC

      Oconee
EMC

      Rutherford
EMC

      Homer
Electric Assn., Inc.

      Carroll
County REMC

      Laurens
Electric Co-op, Inc.

      Singing
River Elec. Power Assn.

      Jackson
EMC

      Sun River
Electric Co-op, Inc.

      Northeastern
REMC

      Clark
County REMC

      Tri-County
EMC

      Southwest
Electric Co-op

      Leavenworth-Jefferson
Elec. Co-op

      Hendricks
Power Cooperative

      Planters
EMC

      Warren
County REMC

      Sierra
Electric Co-op

      Blachly-Lane
Co. Co-op Elec. Assn.

      Minnesota
Valley Electric Co-op

      Comanche
County Elec. Co-op Assn.

      Consumers
Energy

      Halifax
EMC

      Cimarron
Electric Co-op

      Shelby
Electric Cooperative

      EnergyUnited

      Linn
County REC

      Callaway
Electric Co-op

      Okefenoke
REMC

      Lake
Region Electric Co-op, Inc.

      Coosa
Valley Electric Co-op, Inc.

      Webster
Electric Co-op

      Dunn
Electric Co-op

      White
River Valley Elec. Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Tideland
EMC

      Fergus
Electric Co-op, Inc.

      Clarke
Electric Co-op, Inc.

      Tri-County
Electric Co-op, Inc.

      East-Central
Iowa REC

      Carroll
Electric Co-op Corp.

      Verdigris
Valley Electric Co-op

      Farmers
Electric Co-op, Inc.

      Lake
Country Power

      White
County REMC

      Sangre De
Cristo Electric Assn.

      Pitt
& Greene EMC

      Cooke
County Electric Co-op Assn.

      GreyStone
Power Corporation

      Navasota
Valley Electric Co-op

      Mor-Gran-Sou
Electric Co-op, Inc.

      Noble
REMC

      Barron
Electric Cooperative

      Peace
River Electric Co-op, Inc.

      Ralls
County Electric Co-op

      Kosciusko
County REMC

      Craig-Botetourt
Electric Co-op

      Beauregard
Electric Co-op, Inc.

      Baldwin
County EMC

      Caddo
Electric Co-op

      Amicalola
EMC

      PUD No. 1
of Kittitas County

      Orcas
Power & Light Co-op

      Pointe
Coupee EMC

      Copper
Valley Electric Assn., Inc.

      Plumas-Sierra
Rural Electric Co-op

      Guthrie
County RECA

      Lower
Valley Energy

      Lorain-Medina
REC, Inc.

      Carroll
Electric Co-op, Inc.

      Blue
Ridge Electric Co-op, Inc.

      Canadian
Valley Electric Co-op

      Meade
County RECC

      Rio
Grande Electric Co-op, Inc.

      HomeWorks
Tri-County Electric Co-op

      Central
Florida Electric Co-op

      WIN
Energy REMC

      Carteret-Craven
Electric Co-op

      Butler
County REC

      Warren
Electric Co-op, Inc.

      Southside
Electric Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Eastern
Illini Electric Co-op

      Guadalupe
Valley Elec. Co-op, Inc.

      Jasper-Newton
Electric Co-op, Inc.

      Pennyrile
RECC

      Four
County EMC

      Benton
REA

      Deep East
Texas Elec. Co-op, Inc.

      Petit
Jean Electric Co-op

      Pea River
Electric Co-op

      Southwest
Rural Electric Assn.

      Flathead
Electric Co-op, Inc.

      Central
Virginia Electric Co-op

      Clay
County Electric Co-op Corp.

      Cullman
Electric Cooperative

      Consolidated
Electric Co-op

      Mille
Lacs Electric Co-op

      Three
Notch EMC

      Sam
Houston Electric Co-op, Inc.

      Clarke-Washington
EMC

      Highline
Electric Association

      Central
EMC

      Boone
County REMC

      East
Central Energy

      Harrison
County REMC

      Rappahannock
Electric Co-op

      Randolph
EMC

      Broad
River Electric Co-op, Inc.

      East
Central Oklahoma Elec. Co-op

      Golden
Valley Electric Assn., Inc.

      Mid-South
Electric Co-op Assn.

      Duck
River EMC

      Parke
County REMC

      Woodruff
Electric Co-op Corp.

      Valley
EMC

      Licking
Energy Cooperative

      Jackson
County REMC

      Gibson
EMC

      Meriwether
Lewis Electric Co-op

      Great
Lakes Energy Cooperative

      Intercounty
Electric Co-op Assn.

      North
Arkansas Electric Co-op, Inc.

      Volunteer
Electric Co-op

      Surry-Yadkin
EMC

      Carroll
EMC

      Upper
Cumberland EMC

      Southern
Pine Elec. Power Assn.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Trinity
Valley Electric Co-op

      Kodiak
Electric Assn., Inc.

      Naknek
Electric Assn., Inc.

      Kotzebue
Electric Assn., Inc.

      Nushagak
Electric & Telephone Co-op, Inc.

      Alaska
Village Electric Co-op, Inc.

      Tlingit-Haida
Electrical Authority

      I-N-N
Electric Cooperative, Inc.

      Cordova
Electric Cooperative

      Yakutat
Power, Inc.

      Barrow
Utilities & Electric Co-op

      Unalakleet
Valley Electric Co-op

      Cherokee
Electric Co-op

      Pioneer
Electric Cooperative

      South
Alabama Electric Co-op

      Southern
Pine Electric Co-op

      Tallapoosa
River Electric Co-op

      Central
Alabama Electric Co-op

      North
Alabama Electric Co-op

      Sand
Mountain Electric Co-op

      Tombigbee
Electric Co-op, Inc.

      Marshall
DeKalb Electric Co-op

      Covington
Electric Co-op

      Franklin
Electric Co-op, Inc.

      Arab
Electric Cooperative, Inc.

      Farmers
Electric Co-op Corp.

      Southwest
Arkansas Elec. Co-op Corp

      Mississippi
County Elec. Co-op

      Ouachita
Electric Co-op Corp.

      South
Central Arkansas Elec. Co-op

      Ashley-Chicot
Electric Co-op, Inc.

      Rich
Mountain Electric Co-op, Inc.

      Navopache
Electric Co-op, Inc.

      Sulphur
Springs Valley Elec. Co-op

      Graham
County Electric Co-op, Inc.

      Trico
Electric Co-op, Inc.

      Mohave
Electric Co-op, Inc.

      Duncan
Valley Electric Co-op, Inc.

      Navajo
Tribal Utility Authority

      Electrical
District #2 Pinal County

      Tohono
O'odham Utility Authority

      Electrical
District #5 Pinal County

      Electrical
District #4 Pinal County

      Surprise
Valley Electrification

      Anza
Electric Co-op, Inc.

      Truckee-Donner
PUD

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Trinity
PUD

      Grand
Valley Rural Power Lines

      San Luis
Valley REC, Inc.

      Morgan
County REA

      Southeast
Colorado Power Assn.

      Gunnison
County Electric Assn.

      Delta-Montrose
Electric Assn.

      San
Miguel Power Assn., Inc.

      La Plata
Electric Assn., Inc.

      Empire
Electric Assn., Inc.

      Holy
Cross Energy

      Yampa
Valley Electric Assn., Inc.

      Mountain
View Electric Assn., Inc.

      Y-W
Electric Assn., Inc.

      K. C.
Electric Association

      White
River Electric Assn., Inc.

      Delaware
Electric Co-op, Inc.

      Suwannee
Valley Electric Co-op

      Sumter
Electric Co-op, Inc.

      West
Florida Electric Co-op Assn.

      Escambia
River Electric Co-op, Inc.

      Florida
Keys Electric Co-op Assn.

      Tri-County
Electric Co-op, Inc.

      Choctawhatchee
Electric Co-op, Inc.

      Gulf
Coast Electric Co-op, Inc.

      Glades
Electric Co-op, Inc.

      North
Georgia EMC

      Colquitt
EMC

      Upson
EMC

      Hart
EMC

      Altamaha
EMC

      Sumter
EMC

      Snapping
Shoals EMC

      Central
Georgia EMC

      Irwin
EMC

      Satilla
REMC

      Grady
EMC

      Washington
EMC

      Ocmulgee
EMC

      Lamar
EMC

      Habersham
EMC

      Blue
Ridge Mountain EMC

      Canoochee
EMC

      Little
Ocmulgee EMC

      Excelsior
EMC

      Slash
Pine EMC

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Middle
Georgia EMC

      Pataula
EMC

      Coastal
Electric Cooperative

      Coweta-Fayette
EMC

      Tri-State
EMC

      Kauai
Island Utility Co-op

      Glidden
REC

      Humboldt
County REC

      Harrison
County REC

      Boone
Valley Electric Co-op

      Nishnabotna
Valley REC

      Franklin
REC

      Grundy
County REC

      Calhoun
County Electric Co-op Assn.

      Pella
Co-op Electric Assn.

      Lyon
REC

      Hawkeye
Tri-County REC

      T.I.P.
Rural Electric Co-op

      Woodbury
County RECA

      Sac
County REC

      Access
Energy Cooperative

      Osceola
Electric Co-op, Inc.

      Farmers
Electric Co-op, Inc.

      Allamakee-Clayton
Elec. Co-op, Inc.

      Southern
Iowa Electric Co-op, Inc.

      Rideta
Electric Co-op, Inc.

      Chariton
Valley Electric Co-op

      Iowa
Lakes Electric Cooperative

      North
West Rural Electric Co-op

      Western
Iowa Power Co-op

      Heartland
Power Co-op

      Prairie
Energy Cooperative

      Southwest
Iowa Service Co-op

      Northern
Lights, Inc.

      Clearwater
Power Company

      Kootenai
Electric Co-op, Inc.

      Idaho
County Light & Power Co-op

      Raft
River REC, Inc.

      Fall
River REC, Inc.

      Lost
River Electric Co-op, Inc.

      Salmon
River Electric Co-op, Inc.

      Riverside
Electric Company

      United
Electric Co-op.

      South
Side Electric Lines, Inc.

      Wayne-White
Counties Electric Co-op

      Farmers
Mutual Electric Company

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Coles-Moultrie
Electric Co-op

      Illinois
Rural Electric Cooperative

      Menard
Electric Co-op

      Rural
Electric Convenience Co-op

      Enerstar
Power Corp

      Adams
Electric Cooperative

      Monroe
County Electric Co-operative

      McDonough
Power Co-op

      Western
Illinois Electrical Coop.

      Egyptian
Electric Co-op Assn.

      Norris
Electric Co-op

      SouthEastern
Illinois Elec. Co-op

      Spoon
River Electric Cooperative

      M.J.M.
Electric Co-op, Inc.

      Tri-County
Electric Co-op, Inc.

      Southern
Illinois Electric Co-op

      Jo-Carroll
Energy, Inc.

      Clinton
County Electric Co-op, Inc.

      Southwestern
Electric Co-op, Inc.

      Clay
Electric Co-op, Inc.

      Wabash
County REMC

      Marshall
County REMC

      Henry
County REMC

      RushShelby
Energy, Inc.

      Bartholomew
County REMC

      Daviess-Martin
County REMC

      Decatur
County REMC

      Fulton
County REMC

      Central
Indiana Power

      Jasper
County REMC

      Jay
County REMC

      Johnson
County REMC

      LaGrange
County REMC

      Miami-Cass
County REMC

      Orange
County REMC

      Southeastern
Indiana REMC

      Steuben
County REMC

      Dubois
REC, Inc.

      Kankakee
Valley REMC

      Southern
Indiana REC, Inc.

      Newton
County REMC

      Whitewater
Valley REMC

      Brown-Atchison
Electric Co-op Assn.

      Sumner-Cowley
Electric Coop, Inc.

      DS&O
Rural Electric Co-op Assn.

      Sedgwick
County Electric Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Butler
RECA, Inc.

      Doniphan
Electric Co-op Assn., Inc.

      Flint
Hills RECA, Inc.

      Prairie
Land Electric Co-op Inc.

      Nemaha-Marshall
Electric Co-op

      Ark
Valley Electric Co-op Assn.

      Ninnescah
RECA, Inc.

      Caney
Valley Electric Co-op Assn.

      Radiant
Electric Co-op, Inc.

      Lane-Scott
Electric Co-op, Inc.

      Pioneer
Electric Co-op

      C.M.S.
Electric Co-op, Inc.

      Western
Co-op Electric Assn., Inc.

      Victory
Electric Co-op Assn., Inc.

      Twin
Valley Electric Co-op

      Wheatland
Electric Co-op, Inc.

      Midwest
Energy, Inc.

      Lyon-Coffey
Electric Co-op

      Heartland
REC

      Bluestem
Electric Co-op, Inc.

      Rolling
Hills Electric Co-op

      Jackson
Energy Cooperative

      Jackson
Purchase Energy Corp.

      Salt
River Electric Co-op Corp.

      Taylor
County RECC

      Inter-County
Energy Co-op

      Shelby
Energy Cooperative

      Farmers
RECC

      Owen
Electric Cooperative, Inc.

      Hickman-Fulton
Counties RECC

      Clark
Energy Cooperative, Inc.

      West
Kentucky RECC

      Nolin
RECC

      Fleming-Mason
Energy Co-op

      South
Kentucky RECC

      Licking
Valley RECC

      Cumberland
Valley Electric, Inc.

      Big Sandy
RECC

      Grayson
RECC

      South
Louisiana Electric Co-op

      Washington-St.
Tammany Elec. Co-op

      Northeast
Louisiana Power Co-op

      Claiborne
Electric Co-op, Inc.

      Concordia
Electric Co-op, Inc.

      Southern
Maryland Electric Co-op

      Choptank
Electric Co-op, Inc.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Eastern
Maine Electric Co-op, Inc.

      Swan's
Island Electric Co-op

      Fox
Islands Electric Co-op

      Alger-Delta
Co-op Electric Assn.

      Presque
Isle Electric & Gas Co-op

      Ontonagon
County REA

      Thumb
Electric Co-op, Inc.

      Cloverland
Electric Co-op

      Cherryland
Electric Cooperative

      Midwest
Energy Cooperative

      Meeker
Co-op Light & Power Assn.

      Goodhue
County Co-op Electric Assn.

      Runestone
Electric Assn.

      McLeod
Co-op Power Assn.

      Tri-County
Electric Co-op

      Brown
County REA

      Federated
REA

      Minn.
Valley Co-op L & P Assn.

      Steele-Waseca
Co-op Electric

      South
Central Electric Assn.

      Crow Wing
Co-op Power & Light Co.

      Lake
Region Co-op Electrical Assn.

      Kandiyohi
Power Cooperative

      Redwood
Electric Co-op

      Freeborn-Mower
Co-op Services

      Nobles
Cooperative Electric

      Renville-Sibley
Co-op Power Assn.

      Red River
Valley Co-op Power Assn.

      Red Lake
Electric Co-op, Inc.

      Agralite
Electric Cooperative

      Lyon-Lincoln
Electric Co-op, Inc.

      Wild Rice
Electric Co-op, Inc.

      Itasca-Mantrap
Co-op Elec. Assn.

      Traverse
Electric Co-op, Inc.

      Todd-Wadena
Electric Co-op

      P.K.M.
Electric Co-op, Inc.

      North
Itasca Electric Co-op

      North
Star Electric Co-op, Inc.

      Beltrami
Electric Co-op, Inc.

      Roseau
Electric Co-op, Inc.

      Clearwater-Polk
Electric Co-op

      Arrowhead
Electric Co-op, Inc.

      BENCO
Electric Cooperative

      Pemiscot-Dunklin
Electric Co-op

      Missouri
REC

      Howard
Electric Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Lewis
County RECA

      Barton
County Electric Co-op

      SEMO
Electric Cooperative

      Atchison-Holt
Electric Co-op

      Ozark
Border Electric Co-op

      Macon
Electric Co-op

      Tri-County
Electric Co-op Assn.

      Consolidated
Electric Co-op

      Osage
Valley Electric Co-op Assn.

      Black
River Electric Co-op

      Central
Missouri Electric Co-op

      Platte-Clay
Electric Co-op, Inc.

      Farmers'
Electric Co-op, Inc.

      Laclede
Electric Co-op

      Grundy
Electric Co-op, Inc.

      Three
Rivers Electric Co-op

      Co-Mo
Electric Co-op, Inc.

      New-Mac
Electric Co-op, Inc.

      Howell-Oregon
Electric Co-op, Inc.

      West
Central Electric Co-op, Inc.

      Crawford
Electric Co-op, Inc.

      Sac Osage
Electric Co-op, Inc.

      North
Central Missouri Elec. Co-op

      Citizens
Electric Corp.

      Se-Ma-No
Electric Co-op

      Gascosage
Electric Co-op

      Barry
Electric Co-op

      United
Electric Cooperative

      Monroe
County EPA

      Pontotoc
Electric Power Assn.

      Yazoo
Valley Electric Power Assn.

      Coahoma
Electric Power Assn.

      Central
Electric Power Assn.

      Southwest
Mississippi EPA

      North
East Mississippi EPA

      Tallahatchie
Valley EPA

      Four
County Electric Power Assn.

      Dixie
Electric Power Assn.

      Twin
County Electric Power Assn.

      Delta
Electric Power Assn.

      Pearl
River Valley Elec. Power Assn

      Magnolia
Electric Power Assn.

      Tishomingo
County EPA

      East
Mississippi EPA

      Prentiss
County Elec. Power Assn.

      Tippah
Electric Power Assn

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Northcentral
Mississippi EPA

      Tombigbee
EPA

      Natchez
Trace Electric Power

      Alcorn
County Electric Power Assn.

      Ravalli
County Electric Co-op, Inc.

      Lower
Yellowstone REA, Inc.

      Vigilante
Electric Co-op, Inc.

      Park
Electric Co-op, Inc.

      Mid-Yellowstone
Electric Co-op

      Beartooth
Electric Co-op, Inc.

      Big Horn
County Electric Co-op

      Big Flat
Electric Co-op, Inc.

      Sheridan
Electric Co-op, Inc.

      Northern
Electric Co-op, Inc.

      Valley
Electric Co-op, Inc.

      McCone
Electric Co-op, Inc.

      Goldenwest
Electric Co-op, Inc.

      Glacier
Electric Co-op, Inc.

      Marias
River Electric Co-op, Inc.

      Hill
County Electric Co-op, Inc.

      Tongue
River Electric Co-op, Inc.

      Southeast
Electric Co-op, Inc.

      Lincoln
Electric Co-op, Inc.

      Blue
Ridge EMC

      Roanoke
Electric Cooperative

      Pee Dee
EMC

      Harkers
Island EMC

      Brunswick
EMC

      French
Broad EMC

      Tri-County
EMC

      Cape
Hatteras Electric Co-op

      Albemarle
EMC

      Verendrye
Electric Co-op, Inc.

      Nodak
Electric Co-op, Inc.

      North
Central Electric Co-op, Inc.

      KEM
Electric Co-op, Inc.

      Mountrail-Williams
Electric Co-op

      McKenzie
Electric Co-op, Inc.

      Burke-Divide
Electric Co-op, Inc.

      Oliver-Mercer
Electric Co-op, Inc.

      West
Plains Electric Co-op, Inc.

      Slope
Electric Co-op, Inc.

      McLean
Electric Co-op, Inc.

      Cavalier
REC, Inc.

      Northern
Plains Electric Co-op

      Dakota
Valley Elec. Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Roosevelt
PPD

      Chimney
Rock PPD

      Polk
County RPPD

      Howard
Greeley RPPD

      Burt
County PPD

      Cuming
County PPD

      Cedar-Knox
PPD

      Butler
County RPPD

      Seward
County PPD

      Stanton
County PPD

      Perennial  Public
Power District

      Elkhorn
RPPD

      Southern
Public Power District

      Dawson
PPD

      McCook
PPD

      Niobrara
Valley EMC

      Cornhusker
PPD

      Custer
PPD

      Panhandle
REMA

      North
Central PPD

      Midwest
ECC

      Loup
River PPD

      KBR Rural
Public Power District

      Twin
Valleys PPD

      Northwest
RPPD

      Wheat
Belt PPD

      Southwest
PPD

      Loup
Valleys RPPD

      South
Central PPD

      Northeast
Nebraska PPD

      New
Hampshire Electric Cooperative

      Sussex
REC

      Central
Valley Electric Co-op, Inc.

      Roosevelt
County Electric Co-op, Inc.

      Farmers
Electric Co-op, Inc.

      Kit
Carson Electric Co-op, Inc.

      Otero
County Electric Co-op, Inc.

      Mora-San
Miguel Electric Co-op

      Northern
Rio Arriba Elec. Co-op

      Springer
Electric Co-op, Inc.

      Socorro
Electric Co-op, Inc.

      Central
New Mexico Elec. Co-op

      Continental
Divide Electric Co-op

      Lea
County Electric Co-op, Inc.

      Columbus
Electric Co-op, Inc.

      Southwestern
Electric Co-op, Inc.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Jemez
Mountains Electric Co-op

      Alamo
Power District #3

      Overton
Power District No. 5

      Wells
REC

      Lincoln
County Power District #1

      Valley
Electric Association

      Mt.
Wheeler Power, Inc.

      Otsego
Electric Co-op, Inc.

      Delaware
County Electric Co-op

      Steuben
REC, Inc.

      Oneida-Madison
Electric Co-op, Inc.

      Pioneer
REC, Inc.

      Holmes-Wayne
Electric Co-op, Inc.

      Midwest
Electric, Inc.

      Darke
REC, Inc.

      Union
REC, Inc.

      Frontier
Power Company

      North
Central Electric Co-op, Inc.

      Tri-County
REC, Inc.

      Logan
County Co-op Pwr. & Light Assn.

      North
Western Electric Co-op, Inc.

      Firelands
Electric Co-op, Inc.

      Mid Ohio
Energy Co-op, Inc.

      Guernsey-Muskingum
Electric Co-op

      Hancock-Wood
Electric Co-op, Inc.

      Buckeye
REC, Inc.

      Washington
Electric Co-op, Inc.

      Adams
REC, Inc.

      Kay
Electric Cooperative

      Alfalfa
Electric Cooperative, Inc.

      Red River
Valley REA

      People's
Electric Cooperative

      Northfork
Electric Cooperative

      Northeast
Oklahoma Electric Co-op

      Rural
Electric Cooperative, Inc.

      Kiwash
Electric Co-op, Inc.

      Harmon
Electric Assn., Inc.

      Southeastern
Electric Co-op, Inc.

      Indian
Electric Co-op, Inc.

      Choctaw
Electric Co-op, Inc.

      Northwestern
Electric Co-op, Inc.

      Kiamichi
Electric Co-op, Inc.

      Tri-County
Electric Co-op, Inc.

      Cookson
Hills Electric Co-op, Inc.

      Consumers
Power, Inc.

      Umatilla
Electric Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Douglas
Electric Co-op, Inc.

      Coos-Curry
Electric Co-op, Inc.

      Tillamook
P.U.D.

      Wasco
Electric Co-op, Inc.

      Columbia
Basin Electric Co-op

      West
Oregon Electric Co-op, Inc.

      Columbia
Power Co-op Association

      Harney
Electric Co-op, Inc.

      Oregon
Trail Elec. Consumers Co-op

      Hood
River Electric Cooperative

      Northern
Wasco County P.U.D.

      Northwestern
RECA, Inc.

      REA
Energy Cooperative, Inc.

      Sullivan
County REC, Inc.

      Tri-County
REC, Inc.

      Claverack
Rural Electric Co-op

      Central
Electric Co-op, Inc.

      Valley
REC, Inc.

      Somerset
REC, Inc.

      Bedford
REC, Inc.

      Adams
Electric Co-op, Inc.

      United
Electric Cooperative, Inc.

      New
Enterprise REC

      Aiken
Electric Co-op, Inc.

      Lynches
River Electric Co-op, Inc.

      Edisto
Electric Co-op, Inc.

      Pee Dee
Electric Co-op, Inc.

      Marlboro
Electric Co-op, Inc.

      Santee
Electric Co-op, Inc.

      Black
River Electric Co-op, Inc.

      Coastal
Electric Co-op, Inc.

      Horry
Electric Co-op, Inc.

      Tri-County
Electric Co-op, Inc.

      Newberry
Electric Co-op

      Little
River Electric Co-op, Inc.

      Mid-Carolina
Electric Co-op, Inc.

      Palmetto
Electric Co-op, Inc.

      Clay-Union
Electric Corp.

      Union
County Electric Co-op, Inc.

      Butte
Electric Co-op, Inc.

      Whetstone
Valley Electric Co-op

      H-D
Electric Co-op, Inc.

      Codington-Clark
Electric Co-op

      Lake
Region Electric Assn., Inc.

      Northern
Electric Co-op, Inc.

      Rosebud
Electric Co-op, Inc.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Bon Homme
Yankton Electric Assn.

      McCook
Electric Co-op, Inc.

      Kingsbury
Electric Co-op, Inc.

      Cam-Wal
Electric Co-op, Inc.

      Charles
Mix Electric Assn., Inc.

      Lacreek
Electric Assn., Inc.

      F.E.M.
Electric Assn., Inc.

      Oahe
Electric Co-op, Inc.

      Moreau
Grand Electric Co-op, Inc.

      Douglas
Electric Co-op, Inc.

      Grand
Electric Co-op, Inc.

      Cherry-Todd
Electric Co-op, Inc.

      West
Central Electric Co-op, Inc.

      Dakota
Energy Cooperative, Inc.

      Central
Electric Cooperative

      Tri-County
EMC

      Fort
Loudoun Electric Co-op

      Pickwick
Electric Co-op

      Tennessee
Valley Electric Co-op

      Sequachee
Valley Electric Co-op

      Plateau
Electric Co-op

      Holston
Electric Co-op, Inc.

      Appalachian
Electric Co-op

      LaFollette
Utilities

      Caney
Fork Electric Co-op, Inc.

      Forked
Deer Electric Co-op, Inc.

      Chickasaw
Electric Co-op

      Mountain
Electric Co-op

      Fayetteville
Electric System

      Powell
Valley Electric Co-op

      HILCO
Electric Cooperative

      Bowie-Cass
Electric Co-op, Inc.

      Deaf
Smith Electric Co-op, Inc.

      Lighthouse
Electric Co-op, Inc.

      Fayette
Electric Co-op, Inc.

      Lamb
County Electric Co-op, Inc.

      Lyntegar
Electric Co-op, Inc.

      Bailey
County Electric Co-op, Inc.

      Navarro
County Electric Co-op, Inc.

      Hamilton
County Elec. Co-op Assn.

      Lamar
County Electric Co-op Assn.

      Wharton
County Electric Co-op, Inc.

      Greenbelt
Electric Co-op, Inc.

      Wise
Electric Co-op, Inc.

      Karnes
Electric Co-op, Inc.

      Houston
County Electric Co-op, Inc.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      San
Patricio Electric Co-op, Inc.

      Bandera
Electric Co-op, Inc.

      Fort
Belknap Electric Co-op, Inc.

      Jackson
Electric Co-op, Inc.

      Swisher
Electric Co-op, Inc.

      San
Bernard Electric Co-op, Inc.

      North
Plains Electric Co-op, Inc.

      Rita
Blanca Electric Co-op, Inc.

      Central
Texas Electric Co-op, Inc.

      United
Electric Co-op Services, Inc.

      Garkane
Energy Cooperative, Inc.

      Moon Lake
Electric Assn., Inc.

      Flowell
Electric Association, Inc.

      Shenandoah
Valley Elec. Co-op, Inc.

      Northern
Neck Electric Co-op, Inc.

      BARC
Electric Cooperative

      Mecklenburg
Electric Co-op

      Prince
George Electric Co-op

      A & N
Electric Cooperative

      Vermont
Electric Co-op, Inc.

      Washington
Electric Co-op, Inc.

      Hardwick
Electric Department

      Tanner
Electric

      PUD No. 1
of Klickitat County

      Columbia
REA, Inc.

      Okanogan
County Elec. Co-op

      Big Bend
Electric Co-op, Inc.

      Nespelem
Valley Elec. Co-op

      PUD No. 1
of Ferry County

      PUD No. 1
of Mason County

      OHOP
Mutual Light Company

      PUD No. 1
of Asotin County

      Elmhurst
Mutual Power & Light Co.

      Parkland
Light & Water Company

      Peninsula
Light Company

      Oconto
Electric Co-op

      Head of
the Lakes Electric Co-op

      Taylor
Electric Cooperative

      Oakdale
Electric Co-op

      Clark
Electric Co-op

      Pierce-Pepin
Cooperative Services

      Richland
Electric Co-op

      Riverland
Energy Cooperative

      Vernon
Electric Co-op

      Scenic
Rivers Energy Co-op

      Jackson
Electric Co-op

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      St. Croix
Electric Co-op

      Polk-Burnett
Electric Co-op

      Adams-Columbia
Electric Co-op

      Jump
River Electric Co-op

      Price
Electric Co-op, Inc.

      Washington
Island Elec. Co-op, Inc.

      Bayfield
Electric Co-op, Inc.

      Central
Wisconsin Electric Co-op

      Harrison
REA, Inc.

      Big Horn
REC

      Wyrulec
Company

      Bridger
Valley Electric Assn., Inc.

      Wheatland
REA

      Garland
Light & Power Co.

      Carbon
Power & Light, Inc.

      Niobrara
Electric Assn., Inc.

      Powder
River Energy Corp.

      High
Plains Power, Inc.

      Black
Warrior EMC

      Farmers
Electric Co-op-Kalona

      Salem
Electric

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE II

      TO

      PLEDGE AGREEMENT

       

      Addresses for
Notices

       

      
        	
                1.  

              	
                The
      addresses referred to in Section 6.01 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
Counsel

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      If to the
Collateral Agent:

       

      U.S. Bank
Trust National Association

      100 Wall
Street

      Suite
1600

      New York,
NY 10005-3701

      Telephone:  (212)
361-2893

      Fax:  (212)
509-3384

      Attention
of: Beverly A. Freeney

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
A 

      TO

      PLEDGE
AGREEMENT

       

       

      NATIONAL
RURAL UTILITIES

      COOPERATIVE
FINANCE CORPORATION

       

      PLEDGE
AGREEMENT DATED AS OF ________________, 2008

       

      CERTIFICATE
OF PLEDGED COLLATERAL FILED WITH

      U.S. BANK
TRUST NATIONAL ASSOCIATION, Collateral Agent

       

      ________________,
Chief Executive Officer (or Chief Financial Officer) and ____________________,
Vice-President, respectively, of National Rural Utilities Cooperative Finance
Corporation, hereby certify to Federal Agricultural Mortgage Corporation and the
Collateral Agent under the above-mentioned Pledge Agreement as amended to the
date hereof (herein called the “Pledge Agreement”) as follows:

       

      
        	
                1.

              	
                The
      Allowable Amount of Pledged Collateral certified hereby, all as shown on
      Schedule A hereto, is

              	
                $

              
	
                2.

              	
                The
      aggregate principal amount of the Note(s) outstanding at the date hereof
      is

              	
                $

              
	
                3.

              	
                The
      aggregate amount, if any, of the Note(s) to be issued on the basis of this
      Certificate is

              	
                $

              
	
                4.

              	
                The
      sum of the amounts in items 2 and 3 is

              	
                $

              
	
                5.

              	
                The
      aggregate amount by which the Allowable Amount of Pledged Collateral
      exceeds the aggregate principal amount of the Note(s) outstanding (item 1
      minus item 4) is

              	
                $

              
	
                6.

              	
                So
      far as is known to the undersigned, no Event of Default
      exists.

              	 
      

      

      

      All terms
which are defined in the Pledge Agreement are used herein as so
defined.

       

      Dated:  _____________________

       

      
        	 	 	 
      
	 	 	 
      
	 	
                OF
      NATIONAL RURAL UTILITIES

                COOPERATIVE
      FINANCE CORPORATION

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
A 

      TO 

      PLEDGE
AGREEMENT

       

      AVAILABLE
SECURITIES

       

      SCHEDULE
A TO OFFICERS’ CERTIFICATE

       

      DATED

       

      

      
        	
                
                  Eligible
      Securities

                   

                

              	
                
                  Name
      of Issuer

                   

                

              	
                
                  Allowable
      Amount (Item 1)

                   

                

              
	
                Pledged
      Securities

                (Here
      List Securities)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]