Document:

EXHIBIT
10.34

    
      
        

      

    

     

    FARMER
MAC MORTGAGE SECURITIES CORPORATION

    as
Note Purchaser

     

    NATIONAL
RURAL UTILITIES

    COOPERATIVE
FINANCE CORPORATION

    as
Borrower

     

    FEDERAL
AGRICULTURAL MORTGAGE CORPORATION

    as
Guarantor

     

    
      
        

      

    

     

    NOTE
PURCHASE AGREEMENT

     

    
      
 

    Dated
as of May 22, 2009

     

    
      

    

    
 

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 
      	 	
                                      Page

                                    
	 
      	 	 
      
	
                                      RECITALS

                                    	 	
                                      1

                                    
	 	 	 
	
                                      ARTICLE
      I DEFINITIONS

                                    	 	
                                      1

                                    
	
                                      SECTION 1.01.
      Definitions

                                    	 	
                                      1

                                    
	
                                      SECTION 1.02. Principles
      of Construction

                                    	 	
                                      4

                                    
	 	 	 
	
                                      ARTICLE
      II PURCHASE OF NOTES

                                    	 	
                                      5

                                    
	
                                      SECTION 2.01. Purchase of
      Notes; Minimum Denominations

                                    	 	
                                      5

                                    
	
                                      SECTION 2.02. Interest
      Rates and Payment

                                    	 	
                                      5

                                    
	
                                      SECTION 2.03.
      Maturity

                                    	 	
                                      7

                                    
	 	 	 
	
                                      ARTICLE
      III CONDITIONS PRECEDENT

                                    	 	
                                      7

                                    
	
                                      SECTION 3.01. Conditions
      Precedent to the Purchase of Each Note

                                    	 	
                                      7

                                    
	
                                      SECTION 3.02. Certificate
      of Pledged Collateral

                                    	 	
                                      8

                                    
	 	 	 
	
                                      ARTICLE
      IV REPORTING REQUIREMENTS

                                    	 	
                                      8

                                    
	
                                      SECTION 4.01. Annual
      Reporting Requirements

                                    	 	
                                      8

                                    
	
                                      SECTION 4.02. Default
      Notices

                                    	 	
                                      9

                                    
	 	 	 
	
                                      ARTICLE
      V REPRESENTATIONS OF THE PARTIES

                                    	 	
                                      9

                                    
	
                                      SECTION 5.01.
      Representations of Farmer Mac and the
    Purchaser

                                    	 	
                                      9

                                    
	
                                      SECTION 5.02.
      Representations of National Rural

                                    	 	
                                      9

                                    
	 	 	 
	
                                      ARTICLE
      VI SECURITY AND COLLATERAL

                                    	 	
                                      11

                                    
	
                                      SECTION 6.01. Security and
      Collateral

                                    	 	
                                      11

                                    
	 	 	 
	
                                      ARTICLE
      VII EVENTS OF DEFAULT

                                    	 	
                                      12

                                    
	
                                      SECTION
      7.01. Events of Default

                                    	 	
                                      12

                                    
	
                                      SECTION
      7.02. Acceleration

                                    	 	
                                      13

                                    
	
                                      SECTION
      7.03. Remedies Not Exclusive

                                    	 	
                                      13

                                    
	 	 	 
	
                                      ARTICLE
      VIII MISCELLANEOUS

                                    	 	
                                      13

                                    
	
                                      SECTION
      8.01. GOVERNING LAW

                                    	 	
                                      13

                                    
	
                                      SECTION
      8.02. WAIVER OF JURY
      TRIAL

                                    	 	
                                      13

                                    
	
                                      SECTION
      8.03. Notices

                                    	 	
                                      13

                                    
	
                                      SECTION
      8.04. Benefit of Agreement

                                    	 	
                                      13

                                    
	
                                      SECTION
      8.05. Entire Agreement

                                    	 	
                                      14

                                    
	
                                      SECTION
      8.06. Amendments and Waivers

                                    	 	
                                      14

                                    
	
                                      SECTION
      8.07. Counterparts

                                    	 	
                                      14

                                    
	
                                      SECTION
      8.08. Termination of Agreement

                                    	 	
                                      14

                                    
	
                                      SECTION
      8.09. Survival

                                    	 	
                                      14

                                    
	
                                      SECTION
      8.10. Severability

                                    	 	
                                      14

                                    
	 
      	 	 
      
	
                                      ARTICLE
      IX GUARANTEE

                                    	 	
                                      15

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    SECTION
      9.01. Guarantee.

                  	 	
                    15

                  
	
                    SECTION
      9.02. Control by the Guarantor.

                  	 	
                    16

                  

          

        

      

    

    

    Schedule
I – Addresses for Notices

    Schedule
II – Form of Applicable Margin Notice

    Schedule
III – Form of Pricing Agreement

    

    Annex A-1
– Form of Fixed Rate Note

    Annex A-2
– Form of Floating Rate Note

    Annex B –
Opinion of Counsel to National Rural

    Annex C –
Officers’ Certificate

    Annex D –
Form of Securities Purchase Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    NOTE
PURCHASE AGREEMENT

     

    NOTE
PURCHASE AGREEMENT, dated as of May 22, 2009, among FARMER MAC MORTGAGE
SECURITIES CORPORATION (the “Purchaser”), a wholly
owned subsidiary of FEDERAL AGRICULTURAL MORTGAGE CORPORATION, a
federally-chartered instrumentality of the United States and an institution of
the Farm Credit System (“Farmer Mac” or the
“Guarantor”);
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a cooperative
association existing under the laws of the District of Columbia (“National Rural”); and
Farmer Mac, as Guarantor.

     

    RECITALS

     

    WHEREAS
National Rural wishes from time to time to issue and sell Notes to the
Purchaser, and the Purchaser 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 market for agricultural real estate mortgages and rural utilities
loans; National Rural is a non-profit cooperative and Farmer Mac, the Purchaser
and National Rural have agreed that the Notes will be secured by the pledge of
notes for borrowings from National Rural by members of National Rural, as
provided herein.

     

    NOW,
THEREFORE, in consideration of the mutual agreements herein contained, Farmer
Mac, the Purchaser 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.

     

    “Applicable Margin”
means the Applicable Margin (LIBOR) or the Applicable Margin (Treasury), as the
context may require.

     

    “Applicable Margin
(LIBOR)” means the margin to be added to the LIBOR Rate to determine the
rate of interest payable on the Floating Rate Notes from time to
time.  The Applicable Margin (LIBOR) shall be communicated in writing
by Farmer Mac to National Rural in accordance with Section 2.02(d) hereof, in
the form of Schedule II hereof, and calculated by Farmer Mac as follows: (i)
Farmer Mac’s Cost of Funds (expressed in relation to the LIBOR Rate), plus
0.75%, minus (ii) the LIBOR Rate.  The Applicable Margin (LIBOR) for
any Floating Rate Note shall be set forth in the applicable Pricing
Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Applicable Margin
(Treasury)” means the margin to be added to the Treasury Rate to
determine the rate of interest payable on the Fixed Rate Notes.  The
Applicable Margin (Treasury) shall be communicated in writing by Farmer Mac to
National Rural in accordance with Section 2.02(d) hereof, in the form of
Schedule II hereof, and calculated by Farmer Mac as follows: (i) Farmer Mac’s
Cost of Funds (expressed in relation to the Treasury Rate), plus 0.75%, minus
(ii) the Treasury Rate.  The Applicable Margin (Treasury) for any
Fixed Rate Note shall be set forth in the applicable Pricing
Agreement.

     

    “Business Day” means
any day other than a Saturday, a Sunday, or a day on which any of the Federal
Reserve Bank of New York, Farmer Mac’s office in Washington, DC or National
Rural’s office in Virginia is not open for business.

     

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

     

    “Closing Date” means
the date of the funding of each issuance of Notes hereunder, which date shall be
set forth in the applicable Pricing Agreement.

     

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

     

    “Control Party” means
(i) the Guarantor, so long as no Guarantor Default has occurred and is
continuing, or (ii) the holders of the Notes for so long as a Guarantor Default
has occurred and is continuing.

     

    “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.

     

    “Farmer Mac’s Cost of
Funds” means the cost of funds quoted by Farmer Mac to National Rural
based on Farmer Mac’s estimate of the economic cost to obtain cash funds from
the wholesale funding market by issuing unsecured medium-term notes to fully
fund to maturity the Note or Notes purchased by Purchaser from National
Rural.

     

    “Farmer Mac Series C
Preferred Stock” means shares of Non-Voting Cumulative Preferred Stock,
Series C issued by Farmer Mac.

     

    “Final Maturity Date”
means December 31, 2016, or such other date as agreed to by the
parties.

     

    “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 selected 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.

    
      
         

      

      
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    “Fixed Rate Notes”
means one or more fixed rate notes of National Rural payable to the Purchaser,
having the terms provided for in Article II of this Agreement and otherwise in
the form of Annex A-1 attached hereto, except to the extent the parties may have
approved changes therein in the applicable Pricing Agreement.

     

     “Floating Rate Notes”
means one or more floating rate notes of National Rural payable to the
Purchaser, having the terms provided for in Article II of this Agreement and
otherwise in the form of Annex A-2 attached hereto, except to the extent the
parties may have approved changes therein in the applicable Pricing
Agreement.

     

    “Guarantor Default”
means a default by the Guarantor under its obligations pursuant to Article IX
which is existing and continuing.

     

    “Interest Payment
Date” means the dates set forth in the Pricing Agreement for notes as the
interest payment dates therefor; 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, with respect to
Floating Rate Notes, until all outstanding principal amount of the Floating Rate
Notes and interest accrued thereon have been paid in full, each 3-month period
determined as set forth in the applicable Pricing Agreement unless a different
period is agreed by the parties hereto and set forth in such Pricing
Agreement;
provided, that the initial Interest Period means the period from and
including the date of issuance to and excluding the first Interest Payment Date
following the date of issuance; provided, further,
that if any Interest Period would end on a day other than a Business Day, then
such Interest Period shall be extended to and include the next succeeding
Business Day and the next Interest Period shall commence on the next succeeding
day.

     

    “LIBOR Rate” shall
mean, for any Interest Period, the rate appearing on Reuters Page LIBOR01 (or on
any successor or substitute page of such service, or if the Reuters 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 of three
months (unless another maturity is agreed by the parties hereto and set forth in
the applicable Pricing Agreement).  Unless otherwise agreed by the
parties hereto and set forth in the applicable Pricing Agreement, such rate
shall apply for the initial Interest Period for any advance notwithstanding that
such initial Interest Period for an advance may be shorter than three
months.

     

    “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.

    
      
         

      

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

     

    “Notes” means the
Fixed Rate Notes and the Floating Rate Notes, or any one or more of them as the
context may require.

     

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

     

    “Notice of Borrowing”
has the meaning set forth in Section 2.01 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,
the Purchaser, 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 for each issuance of Notes among Farmer Mac, the
Purchaser and National Rural in the form of Schedule III attached
hereto.

     

    “Securities Purchase
Agreement” means the Series C Preferred Stock Purchase Agreement, a form
of which is attached hereto as Annex D.

     

    “Treasury Rate” means
the applicable benchmark United States Treasury rate agreed at the time of
pricing a Note and set forth in the applicable Pricing Agreement.

     

    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.

    
      
         

      

      
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    ARTICLE
II

     

    PURCHASE
OF NOTES

     

    SECTION
2.01.         Purchase of Notes; Minimum
Denominations.  The
Purchaser agrees to purchase Notes, at 100% of their principal amount, from time
to time before the Final Maturity Date, as requested by National Rural by
written notice (each, a “Notice of Borrowing”)
to Farmer Mac in an aggregate principal amount, for all Notes outstanding
hereunder at any one time, not in excess of $1 billion, subject to satisfaction
of the conditions set forth herein.  National Rural may borrow, repay
(subject to the terms of the applicable Notes being repaid) and reborrow funds
at any time or from time to time up to, but not including, the Final Maturity
Date.  Each advance under this Agreement shall be disbursed in a
minimum amount of $50 million and additional increments of $5 million in
excess thereof or such other amounts as agreed to in the applicable Pricing
Agreement.  Each advance shall price within 3 Business Days of
National Rural providing a Notice of Borrowing to Farmer Mac and shall close and
fund within 3 Business Days of pricing, subject to satisfaction of the
conditions set forth herein and in accordance with the procedures set forth in
Section 2.02(d) hereof, unless otherwise agreed by the parties hereto and set
forth in the applicable Pricing Agreement.

     

    SECTION
2.02.         Interest Rates and
Payment.  

     

    (a)  Floating Rate
Notes.  Each Floating Rate Note shall bear interest, payable
quarterly in arrears unless otherwise agreed by the parties hereto and set forth
in the applicable Pricing Agreement, 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 (LIBOR).  The LIBOR Rate shall reset
as of the first day of each Interest Period.  The (i) initial LIBOR
Rate and (ii) Applicable Margin (LIBOR) for the term of each Floating Rate Note
shall be specified in the applicable Pricing Agreement.  Interest only
shall be payable on each Interest Payment Date.  The Interest Payment
Dates shall be determined at the time of an advance and set forth in the
applicable Pricing Agreement.  The principal amount of each Floating
Rate Note, together with any accrued but unpaid interest, shall be due and
payable on the maturity date for such Note.

     

    (b)  Fixed Rate
Notes.  Each Fixed Rate Note shall bear interest, payable
semi-annually in arrears unless otherwise agreed by the parties hereto and set
forth in the applicable Pricing Agreement on the outstanding principal amount
thereof (computed on the basis of a 30-day month and a 360-day year) from its
date of issuance until final payment on the maturity date thereof or otherwise
at a fixed rate per annum equal to the Treasury Rate plus the Applicable Margin
(Treasury), in each case as specified for the term of each Fixed Rate Note in
the applicable Pricing Agreement.  Interest only shall be payable on
each Interest Payment Date.  The Interest Payment Dates shall be
determined at the time of an advance and set forth in the applicable Pricing
Agreement.  The principal amount of each Fixed Rate Note, together
with any accrued but unpaid interest, shall be due and payable on the applicable
maturity date for such Note.

     

    (c)  Default
Interest.  To the extent any payment of interest or principal
is not paid when due, interest shall continue to accrue thereon at the
applicable rate per annum determined as provided above plus one
percent.

    
      
         

      

      
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    (d)  Notice of Borrowing;
Determination of Applicable Margin; Procedure
for Pricing.   (i)  Each
Notice of Borrowing shall indicate the amount of the Note and the desired
maturity date of such Note that National Rural requests to be
advanced.  A Notice of Borrowing may request preliminary pricing
indications for more than one type of Note, with the understanding that only one
type of Note will be issued on any particular Closing Date, unless otherwise
agreed by the parties hereto in a Pricing Agreement.  Each Notice of
Borrowing shall also provide name, telephone and email contact information of an
authorized representative of National Rural.

     

    (ii) Upon receipt of a Notice of
Borrowing from National Rural, Farmer Mac shall, within 2 Business Days, provide
to National Rural a preliminary indication of the Applicable Margin (LIBOR) or
Applicable Margin (Treasury), or both, as applicable to any Notice of Borrowing;
provided that
Farmer Mac shall not be obligated to provide an indication of pricing if Farmer
Mac uses its best efforts to obtain and provide such preliminary indication, but
determines in its sole discretion reasonably exercised after consultation with
National Rural that market conditions are unfavorable for the issuance of debt
to fund Notes with the terms set forth in the Notice of
Borrowing.  Upon an acceptance of such preliminary indication of
pricing by National Rural, the applicable Note will price within one Business
Day (and may price on the day of the preliminary pricing if the parties so
agree) thereafter, unless the parties otherwise agree to a longer period of time
as set forth in the applicable Pricing Agreement.  Farmer Mac shall
provide National Rural with written notice of the final Applicable Margin
(LIBOR) or Applicable Margin (Treasury) no later than the time of pricing of
each advance.  National Rural shall be deemed to approve of such
pricing so long as the Applicable Margin (LIBOR) or Applicable Margin (Treasury)
shall not exceed the preliminary indication by more than 5 basis points
(0.05%).  If the final pricing does exceed the preliminary indication
by more than 5 basis points (0.05%), an authorized representative of National
Rural must agree via email confirmation prior to or simultaneously with the
pricing to accept such margin.

     

    (e)  Payments and
Prepayments.

     

    (i) Each Floating Rate Note
shall not be prepayable during the term of such Note.

     

    (ii) Each Fixed Rate Note shall
not be prepayable during the term of such Note unless otherwise agreed by Farmer
Mac and National Rural and set forth in the applicable Pricing
Agreement.  If the parties agree that an issuance of Fixed Rate Notes
may be prepayable prior to the maturity date of such Notes, then (A) the
applicable Pricing Agreement shall set forth the scheduled call dates, and (B)
unless otherwise agreed by the parties and set forth in the applicable Pricing
Agreement, National Rural may prepay such Note upon at least nine (9) Business
Days prior written notice to Farmer Mac, which notice shall be received by
Farmer Mac on a day that is on or before the ninth Business Day prior to the
related call date, but in any event, no later than noon eastern time on the
ninth Business Day prior to the related call date.  In the event that
any such repayment or prepayment of the principal amount of any Note is made on
a day other than an Interest Payment Date, accrued interest on the principal
amount thereof shall be payable through and excluding the call date on which
such repayment or prepayment is made.

    
      
         

      

      
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    (iii) The prepayment terms of
any other type of Fixed Rate Note or Floating Rate Note shall be set forth in
the applicable Pricing Agreement.

     

    (f)  Payment
Notice.  Farmer Mac shall send to National Rural, not later
than the fifth Business Day prior to an Interest Payment Date for any Note, a
notice setting forth the amount of principal and interest, as applicable, due
and owing on the next Interest Payment Date for such Note.

     

    SECTION
2.03.         Maturity.  Each
Note shall mature on the maturity date set forth in the applicable Pricing
Agreement and in any event no later than the Final Maturity Date.

     

    ARTICLE
III

     

    CONDITIONS
PRECEDENT

     

    SECTION
3.01.         Conditions Precedent to the
Purchase of Each Note.  On
each Closing Date, the Purchaser 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 the applicable form
attached as Annex A-1 or A-2 hereto, or otherwise in a form agreed by the
parties.

     

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

     

    (d)  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.

     

    (e)  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, which
has not been set forth in documents, certificates or financial information
furnished to Farmer Mac or publicly filed.

    
      
         

      

      
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    (f)  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.

     

    (g)  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.

     

    (h)  Invest to
Participate.  National Rural shall have entered into a
Securities Purchase Agreement to purchase Farmer Mac Series C Preferred Stock
such that National Rural shall own or have agreed to purchase at least 4% of the
sum of (1) the aggregate principal amount of the Notes outstanding hereunder and
(2) the aggregate principal amount of the notes outstanding under both of the
Note Purchase Agreement among the parties dated as of December 15, 2008 and the
Note Purchase Agreement among the parties dated as of February 5, 2009, taking
into account the advance made hereunder on the Closing Date.

     

    (i)  Certification of Senior
Management.  National Rural shall have provided Farmer Mac a
certification by any vice president of National Rural, 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 Members for rural electrification and related purposes; (ii)
the matters to be certified under paragraphs (e) and (g) of this
Section 3.01; and (iii) the representations and warranties of National
Rural.

     

    SECTION
3.02.         Certificate of Pledged
Collateral.  No
later than three Business Days after each advance hereunder, National Rural
shall provide Farmer Mac and the Collateral Agent 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, or a
more recent date, at National Rural’s option, 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;

    
      
         

      

      
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    (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 or the Pledged Collateral 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 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.         Representations of Farmer
Mac and the Purchaser.  Each
of Farmer Mac and the Purchaser jointly and severally represent to National
Rural that on the date hereof and on each date on which the Purchaser 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 the Purchaser; and in particular the terms of the transaction, and the
actions taken by Farmer Mac and the Purchaser, are in compliance with and in
satisfaction of the requirements of the Farm Credit Administration, as amended
or waived by the Farm Credit Administration; and

     

    (b)  The
Purchaser is purchasing the Notes for its own account and not with a view to the
distribution thereof, provided that the disposition by Farmer Mac or the
Purchaser of their property shall at all times be within their
control.  Farmer Mac and the Purchaser each understands that the Notes
have not been registered under the Securities Act of 1933, as amended, and may
be resold only if an exemption from registration is available.

     

    SECTION
5.02.         Representations of National
Rural.  National
Rural hereby represents to Farmer Mac and the Purchaser that on the date hereof
and on each date on which the Purchaser 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;

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (b)  National
Rural has the corporate power and authority to execute and deliver this
Agreement, each of the other Note Documents and the applicable Pricing Agreement
and Securities Purchase Agreement, if any, 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, each of the other Note Documents and
the applicable Pricing Agreement and Securities Purchase Agreement, if any, 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, each of the other Note Documents and the applicable Pricing Agreement
and Securities Purchase Agreement, if any, 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, any of the other Note Documents or the applicable
Pricing Agreement and Securities Purchase Agreement, if any, 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, any of the other
Note Documents or the applicable Pricing Agreement and Securities Purchase
Agreement, if any, 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;

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (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, any of the other Note Documents or the
applicable Pricing Agreement and Securities Purchase Agreement, if any,
challenging the validity or enforceability of this Agreement, any of the other
Note Documents or the applicable Pricing Agreement and Securities Purchase
Agreement, if any, or seeking to restrain, enjoin or otherwise prevent National
Rural from engaging in its business as currently conducted or the consummation
by National Rural of the transactions contemplated by this Agreement, any of the
other Note Documents or the applicable Pricing Agreement and Securities Purchase
Agreement, if any, 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, any of the other Note Documents or the
applicable Pricing Agreement and Securities Purchase Agreement, if
any;

     

    (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 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 which has not been set forth in documents,
certificates or financial information furnished to Farmer Mac or publicly
filed.

     

    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.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (c)  The
Pledged Securities will at all times be notes issued to National Rural by
Eligible Members (as defined in the Pledge Agreement).

     

    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;

     

    (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.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

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

     

    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 except as otherwise provided herein.  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,
the Purchaser and National Rural, and thereafter shall be binding upon and inure
to the respective benefit of the parties and their permitted successors and
assigns.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    SECTION
8.05.         Entire
Agreement.  This
Agreement, including the Schedules and Annexes 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, the Purchaser 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, the Purchaser 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 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.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    ARTICLE
IX

     

    GUARANTEE

     

    SECTION
9.01.         Guarantee.

     

    (a)  The
Guarantor agrees to pay in full to the holder of each Note, the principal of,
and interest on, the Notes when due, whether at maturity, upon redemption or
otherwise (the “Guaranteed
Obligations”), on the applicable due date for such payment.

     

    (b)  The
Guarantor’s obligations hereunder shall inure to the benefit of and shall be
enforceable by any holder of a Note if, for reason beyond the control of such
holder, such holder shall have failed to receive the interest or principal, as
applicable, payable to such holder any payment date, redemption date or stated
maturity date.  The Guarantor hereby irrevocably agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
legality or enforceability of, or any change in or amendment to, this Agreement,
the Pledge Agreement or any Note, the absence of any action to enforce the same,
the waiver or consent by the holder of any Note or by the Collateral Agent with
respect to any provisions of this Agreement or the Pledge Agreement, or any
action to enforce the same or any other circumstance that might otherwise
constitute a legal or equitable discharge or defense of a
guarantor.  The Guarantor hereby waives diligence, presentment, demand
of payment, protest or notice with respect to each Note or the interest
represented thereby, and all demands whatsoever, and covenants that the
guarantee will not be discharged except upon complete irrevocable payment of the
principal and interest obligations represented by the Notes.

     

    (c)  The
Guarantor shall be subrogated to and is hereby assigned all rights of the holder
of the Notes against National Rural and the proceeds of the Pledged Collateral,
all in respect of any amounts paid by the Guarantor pursuant to the provisions
of the guarantee contained in this Article IX.  Each holder shall
execute and deliver to the Guarantor in each holder’s name such instruments and
documents as the Guarantor may reasonably request in writing confirming or
evidencing such subrogation and assignment.

     

    (d)  No
reference herein shall alter or impair the guarantee, which is absolute and
unconditional, of the due and punctual payment of principal of, and interest on,
the Notes, on the dates such payments are due.

     

    (e)  The
guarantee is not an obligation of, and is not a guarantee as to principal or
interest by the Farm Credit Administration, the United States or any other
agency or instrumentality of the United States (other than the
Guarantor).

     

    (f)  The
guarantee shall be governed by, and construed in accordance with, Federal
law.  To the extent Federal law incorporates state law, that state law
shall be the laws of the District of Columbia applicable to contracts made and
performed therein.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    SECTION
9.02.         Control by the
Guarantor.  If the
Guarantor is the Control Party, the Guarantor shall be considered the holder of
all Notes outstanding for all purposes under the Pledge Agreement and shall be
permitted to take any and all actions permitted to be taken by the holder
thereunder.  The Control Party will have the sole right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Collateral Agent or any holder with respect to the Notes or exercising any
power conferred on the Collateral Agent with respect to the Notes provided
that:

     

    (i) such direction shall not be
in conflict with any rule of law or with the Pledge Agreement;

     

    (ii) the Collateral Agent shall
have been provided with indemnity from the Control Party reasonably satisfactory
to it; and

     

    (iii) the Collateral Agent may
take any other action deemed proper by such Collateral Agent that is not
inconsistent with such direction, provided, however, that the Collateral Agent
need not take any action which it determines might expose it to
liability.

    

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

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

     

    
      
        	
                FARMER
      MAC MORTGAGE SECURITIES

                CORPORATION

              
	 
      	 
      
	
                By:

              	 
      
	
                Name:

                Title:

              	 
      

      

    

     

    
      
        	
                FEDERAL
      AGRICULTURAL

                MORTGAGE
      CORPORATION

              
	 
      	 
      
	
                By:

              	 
      
	
                Name:

                Title:

              	 
      

      

    

     

    
      
        	
                NATIONAL
      RURAL UTILITIES

                COOPERATIVE
      FINANCE CORPORATION

              
	 
      	 
      
	
                By:

              	 
      
	
                Name:

                Title:

              	 
      

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    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 the
Purchaser or Farmer Mac:

     

    Federal
Agricultural Mortgage Corporation

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

    Washington,
DC 20036

    Fax:  202-872-7713

    Attention
of: Timothy L. Buzby, 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: Stephen P. Mullery, Assistant 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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    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

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    SCHEDULE
II

    TO

    NOTE
PURCHASE AGREEMENT

    

    FORM
OF

    APPLICABLE
MARGIN NOTICE

    

    Issuer Name: National Rural Utilities
Cooperative Finance Corporation

     

    Date
of Note(s):  __________________________

     

    Type
of Note: ____________________________

     

    Applicable
Margin:  ________________________

     

    Effective
Date of Applicable Margin:  _________________________

    

    This
Applicable Margin Notice is delivered pursuant to the Note Purchase Agreement,
dated as of May 22, 2009 among Federal Agricultural Mortgage Corporation, Farmer
Mac Mortgage Securities 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:  _____________________

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    SCHEDULE
III

    TO

    NOTE
PURCHASE AGREEMENT

    

    FORM OF
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”), Farmer Mac Mortgage Securities Corporation, a wholly owned subsidiary of
Farmer Mac (the “Purchaser”) and National Rural Utilities Cooperative Finance
Corporation, a cooperative association existing under the laws of the District
of Columbia (“National Rural”), agree that, on _______ __, 20__ (the “Closing
Date”), the Purchaser will purchase from National Rural and National Rural will
sell to the Purchaser $________________ aggregate principal amount of [Fixed
Rate Notes] [Floating Rate Notes] (the “Notes”) with the following
terms:

     

    [Initial
LIBOR Rate: _______]

     

    [Treasury
Rate:______]

     

    Applicable
Margin (LIBOR or Treasury):__________

     

    Interest
Payment Dates:___________

     

    Interest
Periods:_____________

     

    [The
Notes may not be prepaid at any time.]

     

    [The
Notes may not be prepaid prior to __________ __, 20__.  On or after
_____________ __, 20__ the Notes may be prepaid on the scheduled call dates set
forth herein, in whole [only] [or in part], at the option of National Rural,
according to the terms of the Note Purchase Agreement (as defined below).][The
Notes may be prepaid in whole [only] [or in part] at any time.]

     

    [Scheduled
call dates: __________________]

     

    Maturity
Date: __________________

     

    The
issuance and sale of the Notes by National Rural to the Purchaser shall occur
under the terms and conditions of the Note Purchase Agreement, dated as of May
22, 2009, among Farmer Mac, the Purchaser and National Rural (the “Note Purchase
Agreement”).  All of the provisions contained in the Note Purchase
Agreement are hereby incorporated by reference in their entirety and shall be
deemed to be a part of this Pricing Agreement to the same extent as if such
provisions had been set forth in full herein.  Capitalized terms used
herein and not defined herein shall have the meanings given to those terms in
the Note Purchase Agreement.  This Pricing Agreement may be executed
in two or more counterparts.

     

    In the
event of any inconsistency between the terms of this Pricing Agreement and the
Note Purchase Agreement, the terms of this Pricing Agreement shall
apply.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Agreed to
this __ day of _______, 20__.

     

    
      
        	 
      	
                Federal
      Agricultural Mortgage Corporation,

              
	 
      	 
      
	 
      	
                By:
      ______________________

              
	 
      	
                Name:
      ____________________

              
	 
      	
                Title:
      _____________________

              
	 
      	 
      
	 
      	
                 Farmer
      Mac Mortgage Securities 

                Corporation,

              
	 
      	 
      
	 
      	
                By:
      ______________________

              
	 
      	
                Name:
      ____________________

              
	 
      	
                Title:
      _____________________

              
	 
      	 
      
	 
      	
                National
      Rural Utilities Cooperative

              
	 
      	
                Finance
      Corporation,

              
	 	 
	 
      	
                By: 
      ____________________

              
	 
      	
                Name:  __________________

              
	 
      	
                Title:  ___________________

              

      

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    ANNEX
A-1

     

     [FORM
OF FIXED RATE NOTE]

     

    NATIONAL
RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

     

    __% Fixed
Rate Senior Note due _______

     

    Washington,
D.C.

    ____________,
20__

     

    FOR VALUE
RECEIVED, the undersigned, NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION (“National
Rural”), a District of Columbia cooperative association, hereby promises
to pay to FARMER MAC MORTGAGE SECURITIES CORPORATION, a wholly owned subsidiary
of Farmer Mac (as defined below) (“the Purchaser”), or
registered assigns, the principal sum of _______________ MILLION DOLLARS
($___,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 May 22, 2009, as
well as the Pricing Agreement for $__ Fixed Rate Notes dated as of ______ __,
20__ (together, as from time to time amended, the “Note Purchase
Agreement”), among National Rural, the Purchaser and Federal Agricultural
Mortgage Corporation (“Farmer Mac”), and is
entitled to the benefits thereof.  This Note is also entitled to the
benefits of the Pledge Agreement, dated as of May 22, 2009, among National
Rural, the Purchaser, 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 not be prepaid at any time.][This Note may not be prepaid prior to
__________ __, 20__.  On or after _____________ __, 20__ this Note may
be prepaid at any time, in whole [only] [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 excluding the date such optional prepayment is
made.][This Note is prepayable at any time by National Rural, in whole [only]
[or in part] at the option of National Rural on the terms set forth in the Note
Purchase Agreement.]

     

    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
A-2

    

    [FORM OF
FLOATING RATE NOTE]

     

    NATIONAL
RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

     

    Floating
Rate Senior Note due _______

     

    Washington,
D.C.

    ____________,
20__

     

    FOR VALUE
RECEIVED, the undersigned, NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION (“National
Rural”), a District of Columbia cooperative association, hereby promises
to pay to FARMER MAC MORTGAGE SECURITIES CORPORATION, a wholly owned subsidiary
of Farmer Mac (as defined below)(the “Purchaser”), or
registered assigns, the principal sum of _______________ MILLION DOLLARS
($___,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 May 22, 2009, as
well as the Pricing Agreement for $__ Floating Rate Notes dated as of _________
__, 20__ (together, as from time to time amended, the “Note Purchase
Agreement”), among National Rural, the Purchaser and Federal Agricultural
Mortgage Corporation (“Farmer Mac”) and is
entitled to the benefits thereof.  This Note is also entitled to the
benefits of the Pledge Agreement, dated as of May 22, 2009, among National
Rural, Farmer Mac, the Purchaser and the Collateral Agent named
therein.

     

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

     

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

     

    This Note
may not be prepaid at any time.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    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]

    

    [•]

    

    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 (the “Borrower”), and am familiar with matters pertaining to the
loan to Borrower in the principal amount of $1,000,000,000.00, provided for
in the Note Purchase Agreement, dated as of May 22, 2009 (“Note
Purchase Agreement”), among the Borrower, Farmer Mac Mortgage Securities
Corporation (the “Purchaser”) and Federal Agricultural Mortgage Corporation
(“Farmer Mac”).

    

    I have
examined such corporate records and proceedings of the 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 $____________ (“Note”), said Note payable to the Purchaser;
(c) the Pricing Agreement for $__________ [Fixed] [Floating] Rate Notes
dated as of ____________ among the Borrower, the Purchaser and Farmer Mac (the
“Pricing Agreement”) and (d) the Pledge Agreement, dated as of May 22, 2009,
among the Borrower, the Purchaser, Farmer Mac and U.S. Bank National Association
(the “Pledge Agreement”).  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 cooperative
association 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 or attached
hereto as Exhibit A, 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.

    

    (6)           With
respect to the Pledged Securities in the Certificate of Pledged Collateral (as
such term is defined in the Pledge Agreement), (x) all action with respect to
the recording, registering or filing of financing statements in the jurisdiction
of organization of National Rural has been taken as is necessary to perfect the
security interest intended to be created in such items under the Uniform
Commercial Code and (y) in the case of each Eligible Security (as such term is
defined in the Pledge Agreement) constituting a certificated security or
instrument under the Uniform Commercial Code, such Eligible Security has been
delivered to the Collateral Agent such that the taking and retention of the
possession by the Collateral Agent of such Eligible Security is sufficient to
perfect the security interest to be created under the Uniform Commercial
Code.  For purposes of the opinion set forth in this section (6), I
have assumed that the Uniform Commercial Code of the District of Columbia is the
same as that of the State of New York.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    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,
_________________, _________________, and ________________,
_____________________, of National Rural Utilities Cooperative Finance
Corporation (“National
Rural”), pursuant to the Note Purchase Agreement dated as of May 22,
2009, among National Rural, Farmer Mac Mortgage Securities Corporation, 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 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, which has not been set forth in documents, certificates, or
financial information furnished to Farmer Mac or publicly filed;

     

    (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 ______________, _________.

     

    
      
        	 
      	
                NATIONAL
      RURAL UTILITIES

              
	 
      	
                COOPERATIVE
      FINANCE

              
	 
      	
                CORPORATION,

              
	 
      	 
      
	 
      	
                ______________________________

              
	 
      	
                Name:

              
	 
      	
                Title

              
	 	 
	 
      	
                ______________________________

              
	 
      	
                Name:

              
	 
      	
                Title:

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
D

     

    [FORM OF
SERIES C PREFERRED STOCK PURCHASE AGREEMENT]EXHIBIT
10.35

      
        
          
            	
                     

                  

          

        

      

      

      FARMER
MAC MORTGAGE

      SECURITIES
CORPORATION,

      As
Note Purchaser

      

      NATIONAL
RURAL UTILITIES

      COOPERATIVE
FINANCE CORPORATION,

      As
Borrower

      

      U.S.
BANK NATIONAL ASSOCIATION,

      As
Collateral Agent

      

      FEDERAL
AGRICULTURAL

      MORTGAGE
CORPORATION,

      As
Guarantor

      
         

        
          

        

      

       

      PLEDGE
AGREEMENT

       

      
        
          

        

      

       

      Dated
as of May 22, 2009

      
        
          
            
              	
                       

                    

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            	
                    ARTICLE
      I

                  	 
      
	 
      	 
      
	
                    Definitions

                  	 
      
	
                    Section
      1.01.

                  	 	
                    Definitions

                  	
                    3

                  
	 
      	 	 
      	 
      
	
                    Section
      1.02.

                  	 	
                    Principles
      of Construction

                  	
                    7

                  
	 
      	 	 
      	 
      
	
                    ARTICLE
      II

                  	 
      
	 
      	 
      
	
                    Provisions
      as to Pledged Collateral

                  	 
      
	 
      	 
      
	
                    Section
      2.01.

                  	 	
                    Holding
      of Pledged Securities

                  	
                    7

                  
	 
      	 	 
      	 
      
	
                    Section
      2.02.

                  	 	
                    UCC
      Filings

                  	
                    8

                  
	 
      	 	 
      	 
      
	
                    Section
      2.03.

                  	 	
                    Withdrawal
      and Substitution of Pledged Collateral

                  	
                    8

                  
	 
      	 	 
      	 
      
	
                    Section
      2.04.

                  	 	
                    [Reserved]

                  	
                    9

                  
	 
      	 	 
      	 
      
	
                    Section
      2.05.

                  	 	
                    Addition
      of Pledged Collateral

                  	
                    9

                  
	 
      	 	 
      	 
      
	
                    Section
      2.06.

                  	 	
                    Accompanying
      Documentation

                  	
                    9

                  
	 
      	 	 
      	 
      
	
                    Section
      2.07.

                  	 	
                    Renewal;
      Extension; Substitution

                  	
                    9

                  
	 
      	 	 
      	 
      
	
                    Section
      2.08.

                  	 	
                    Voting
      Rights; Interest and Principal

                  	
                    9

                  
	 
      	 	 
      	 
      
	
                    Section
      2.09.

                  	 	
                    Protection
      of Title; Payment of Taxes; Liens, etc

                  	
                    11

                  
	 
      	 	 
      	 
      
	
                    Section
      2.10.

                  	 	
                    Maintenance
      of Pledged Collateral

                  	
                    11

                  
	 
      	 	 
      	 
      
	
                    Section
      2.11.

                  	 	
                    Representations,
      Warranties and Covenants

                  	
                    11

                  
	 
      	 	 
      	 
      
	
                    Section
      2.12.

                  	 	
                    Further
      Assurances

                  	
                    13

                  

          

        

      

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

      

      
        
          
            	
                    ARTICLE
      III

                  	 
      
	 
      	 
      
	
                    [Reserved]

                  	 
      
	 
      	 
      
	
                    ARTICLE
      IV

                  	 
      
	 
      	 
      
	
                    Remedies

                  	 
      
	 
      	 
      
	
                    Section
      4.01.

                  	 	
                    Events
      of Default

                  	
                    13

                  
	 
      	 	 
      	 
      
	
                    Section
      4.02.

                  	 	
                    Remedies
      upon Default

                  	
                    13

                  
	 
      	 	 
      	 
      
	
                    Section
      4.03.

                  	 	
                    Application
      of Proceeds

                  	
                    15

                  
	 
      	 	 
      	 
      
	
                    Section
      4.04.

                  	 	
                    Securities
      Act

                  	
                    16

                  
	 
      	 	 
      	 
      
	
                    ARTICLE
      V

                  	 
      
	 
      	 
      
	
                    The
      Collateral Agent

                  	 
      
	 
      	 
      
	
                    Section
      5.01.

                  	 	
                    Certain
      Duties and Responsibilities

                  	
                    17

                  
	 
      	 	 
      	 
      
	
                    Section
      5.02.

                  	 	
                    Certain
      Rights of Collateral Agent

                  	
                    18

                  
	 
      	 	 
      	 
      
	
                    Section
      5.03.

                  	 	
                    Money
      Held by Collateral Agent

                  	
                    19

                  
	 
      	 	 
      	 
      
	
                    Section
      5.04.

                  	 	
                    Compensation
      and Reimbursement

                  	
                    19

                  
	 
      	 	 
      	 
      
	
                    Section
      5.05.

                  	 	
                    Corporate
      Collateral Agent Required; Eligibility

                  	
                    20

                  
	 
      	 	 
      	 
      
	
                    Section
      5.06.

                  	 	
                    Resignation
      and Removal; Appointment of Successor

                  	
                    20

                  
	 
      	 	 
      	 
      
	
                    Section
      5.07.

                  	 	
                    Acceptance
      of Appointment by Successor

                  	
                    21

                  
	 
      	 	 
      	 
      
	
                    Section
      5.08.

                  	 	
                    Merger,
      Conversion, Consolidation or Succession to Business

                  	
                    21

                  

          

        

      

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      

      
        
          
            
              
                	
                        ARTICLE
      VI

                      	 
      
	 
      	 
      
	
                        Miscellaneous

                      	 
      
	 
      	 
      
	
                        Section
      6.01.

                      	 	
                        Notices

                      	
                        22

                      
	 
      	 	 
      	 
      
	
                        Section
      6.02.

                      	 	
                        Waivers;
      Amendment

                      	
                        22

                      
	 
      	 	 
      	 
      
	
                        Section
      6.03.

                      	 	
                        Successors
      and Assigns

                      	
                        22

                      
	 
      	 	 
      	 
      
	
                        Section
      6.04.

                      	 	
                        Counterparts;
      Effectiveness

                      	
                        23

                      
	 
      	 	 
      	 
      
	
                        Section
      6.05.

                      	 	
                        Severability

                      	
                        23

                      
	 
      	 	 
      	 
      
	
                        Section
      6.06.

                      	 	
                        GOVERNING
      LAW

                      	
                        23

                      
	 
      	 	 
      	 
      
	
                        Section
      6.07.

                      	 	
                        WAIVER
      OF JURY TRIAL

                      	
                        23

                      
	 
      	 	 
      	 
      
	
                        Section
      6.08.

                      	 	
                        Headings

                      	
                        23

                      
	 
      	 	 
      	 
      
	
                        Section
      6.09.

                      	 	
                        Security
      Interest Absolute

                      	
                        24

                      
	 
      	 	 
      	 
      
	
                        Section
      6.10.

                      	 	
                        Termination
      or Release

                      	
                        24

                      
	 
      	 	 
      	 
      
	
                        Section
      6.11.

                      	 	
                        Collateral
      Agent Appointed Attorney-in-Fact

                      	
                        24

                      
	 
      	 	 
      	 
      
	
                        Schedule
      I – Additional Criteria for Eligible Securities

                      	 
      
	
                        Schedule
      II – Addresses for Notices

                      	 
      
	 
      	 
      
	
                        Annex
      A – Form of Certificate of Pledged Collateral

                      	 
      

              

            

          

           

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

     

    PLEDGE
AGREEMENT, dated as of May 22, 2009, among NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION, a District of Columbia cooperative association and its
successors and assigns (hereinafter called “National Rural”),
FARMER MAC MORTGAGE SECURITIES CORPORATION, (the “Purchaser”), a wholly owned
subsidiary of FEDERAL AGRICULTURAL MORTGAGE CORPORATION, a federally-chartered
instrumentality of the United States and an institution of the Farm Credit
System and its successors and assigns (“Farmer Mac”), U.S.
BANK NATIONAL ASSOCIATION, a national banking association and its successors and
assigns (hereinafter called the “Collateral Agent”),
and Farmer Mac, as Guarantor.

     

    RECITALS
OF NATIONAL RURAL

     

    WHEREAS,
National Rural may from time to time issue one or more Notes to the Purchaser,
and the Purchaser 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 the
Control Party 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 the Control Party, and grants to the
Collateral Agent, its successors and assigns, for the benefit of the Control
Party, 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; 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 the Control Party 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 the Control
Party, 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:

     

    “Accounting
Requirements” shall mean any system of accounts prescribed by a federal
regulatory authority having jurisdiction over the Member or, in the absence
thereof, the requirements of GAAP applicable to businesses similar to that of
the Member.

     

    “Allowable Amount” on
any date, means with respect to Eligible Securities, the aggregate principal
amount of such Eligible Securities theretofore advanced thereon which remains
unpaid on such date, subject to any limitation on the Allowable Amount
applicable through the definition of “Eligible Security”.

     

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

     

    “Class A Member” means
any Class A Member of National Rural as described in National Rural’s Bylaws
currently in effect.

     

    “Class B Member” means
any Class B Member of National Rural as described in National Rural’s Bylaws
currently in effect.

     

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

     

    “Control Party” means
(i) the Guarantor, so long as no Guarantor Default has occurred and is
continuing, or (ii) the holders of the Notes for so long as a Guarantor Default
has occurred and is continuing.

     

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

     

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

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    “Depreciation and
Amortization Expense” shall mean an amount
constituting the depreciation and amortization of the Member computed pursuant
to Accounting Requirements.

    

    “Eligible Member”
means any Class A Member or Class B Member of National Rural as described in
National Rural’s Bylaws currently in effect.

    

    “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 any affiliate or sold by National Rural or any affiliate to any
trust whose beneficial ownership is owned or controlled by Farmer Mac, does not
aggregate more than $35 million; provided, however, that a note or bond in
excess of $35 million (considered together with any other note or bond of such
Eligible Member pledged hereunder or pledged to secure any other notes or bonds
issued by National Rural to Farmer Mac or any affiliate or sold by National
Rural or any affiliate to Farmer Mac, any affiliate or any trust whose
beneficial ownership is owned or controlled by Farmer Mac) may be pledged
hereunder but only $35 million principal amount of such note or bond shall be
counted in the Allowable Amount of such Eligible Security (with the amount of
any such excess recorded in Item 7 of the Certificate of Pledged Collateral in
the form of Annex
A attached hereto), (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); (B) which is not classified by National Rural as a
non-performing loan under generally accepted accounting principles in the United
States; and (C) which otherwise satisfies the criteria set forth on Schedule I
hereto, as such Schedule I may be amended from time to time as mutually agreed
upon in writing by Farmer Mac and National Rural, with notice of any such
amendment to the Collateral Agent prior to the pledge of such Eligible
Security.

     

    “Equity” means the
aggregate of the Member's equities and margins computed pursuant to Accounting
Requirements.

     

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

     

    “Facility Rating”
means the facility rating assigned by National Rural to an Eligible Security
from time to time in accordance with National Rural's internal risk rating
system.

     

    “GAAP” means generally
accepted accounting principles in the United States as in effect from time to
time.

    
      
         

      

      
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    “Guarantor Default”
means a default by the Guarantor under its obligations pursuant to Article IX of
the Note Purchase Agreement which is existing and continuing.

     

    “Interest Expense”
means an amount constituting the interest expense with respect to Long-Term Debt
of the Member computed pursuant to Accounting Requirements.

     

    “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.

     

    “Long-Term Debt” is
determined in accordance with the Uniform System of Accounts prescribed at the
time by RUS or, if such Member is not required to maintain its accounts in
accordance with said Uniform System of Accounts, otherwise determined in
accordance with GAAP.

     

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

     

    “Modified Debt Service
Coverage Ratio—Distribution” shall mean the definition of Coverage Ratio
as defined in the Indenture dated October 25, 2007 by and between National Rural
Utilities Cooperative Finance Corporation and U.S. Bank National Association for
the Collateral Trust Bonds.

     

    “Modified Debt Service
Coverage Ratio—G&T” shall mean the ratio determined as follows: for
any calendar year add (i) Operating Margins, (ii) Non-Operating
Margins—Interest, (iii) Interest Expense, (iv) Depreciation and Amortization
Expense, and (v) cash received in respect of generation and transmission and
other capital credits, and divide the sum so obtained by the sum of all payments
of Principal and Interest Expense required to be made during such calendar year;
provided, however, that in the
event that any amount of Long-Term Debt has been refinanced during such year,
the payments of Principal and Interest Expense required to be made during such
year on account of such refinanced amount of Long-Term Debt shall be based (in
lieu of actual payments required to be made on such refinanced amount of
Long-Term Debt) upon the larger of (i) an annualization of the payments required
to be made with respect to the refinancing debt during the portion of such year
such refinancing debt is outstanding or (ii) the payment of Principal and
Interest Expense required to be made during the following year on account of
such refinancing debt.

    

    “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 the Control Party.

    
      
         

      

      
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    “Non-Operating
Margins—Interest” means the amount representing the interest component of
non-operating margins of the Member computed pursuant to Accounting
Requirements.

     

    “Note Purchase
Agreement” means the Note Purchase Agreement dated the date hereof
between National Rural, the Purchaser 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 the Purchaser under the Note Purchase
Agreement.

     

    “Obligations” means
the due and punctual performance of the obligations of National Rural to make
payments of principal, and interest on the Notes.

     

    “Officers’
Certificate” means a certificate signed by any Vice President of National
Rural, and delivered to the Control Party and/or the Collateral Agent, as
applicable.

     

    “Operating Margins”
means the amount of patronage capital and operating margins of the Member
computed pursuant to Accounting Requirements.

     

    “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 and/or
Schedule B to the Certificate of Pledged Collateral most recently
delivered.

     

    “Principal” means the
amount of principal billed on account of Long-Term Debt of the Member computed
pursuant to Accounting Requirements.

     

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

     

    “RUS” mean the Rural
Utilities Service of the United States Department of Agriculture, acting by and
through the Administrator of the Rural Utilities Service, and including any
successor agencies or departments.

     

    “Total Assets Ratio”
means an amount constituting the total assets of the Member computed pursuant to
Accounting Requirements.

    
      
         

      

      
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    “Total Capitalization
Ratio” means the Total Margins and Equity as a percentage of the sum of
(1) Total Margins and Equity plus (2) Long-Term Debt.

     

    “Total Margins and
Equity” means the Member’s total margins and equity computed pursuant to
Accounting Requirements.

     

    “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 or the Purchaser, 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.

     

    (a) 
National Rural shall make available to the Control Party, within forty-five (45)
days of a pledge of the Pledged Securities in connection with an advance (or for
a longer period as National Rural and the Control Party agree), such back-up
information as is reasonably necessary in order to allow the Control Party to
confirm compliance of such Pledged Securities to the requisite criteria as
outlined herein.  Upon receipt of the back-up information, the Control
Party shall have ninety (90) days to object in writing to the inclusion of any
item of the Pledged Securities as part of the Pledged Collateral.  If the
Control Party reasonably determines that any of the Pledged Securities do not
meet the criteria for Eligible Securities, then National Rural shall have
forty-five (45) days in which to provide substitute collateral, and the timeline
specified above for National Rural to make available back-up material and
confirmation shall also apply as to the substituted collateral.

    
      
         

      

      
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    (b) 
The Collateral Agent, on behalf of the Control Party, 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 the Control Party, 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 other Eligible Securities 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 (or a more recent date, at National Rural’s option), 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 Eligible
Securities 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.

    
      
         

      

      
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    SECTION
2.04.  [Reserved.]

     

    SECTION
2.05.  Addition
of Pledged Collateral.  At any time, National Rural may pledge
additional Eligible Securities 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 (or a more recent date at National Rural’s option).

     

    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 the Control Party delivers to the Collateral Agent a Control Party 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.

    
      
         

      

      
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    (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 Control Party 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.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (c) 
If an Event of Default shall have occurred and be continuing, then, to the
extent such rights are suspended by the applicable Control Party 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 the Control Party, that from the time
that Pledged Collateral is pledged hereunder, and for so long as such Pledged
Collateral is required to remain pledged:

    
      
         

      

      
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    (a)
except for the Lien hereof and any Lien consented to in writing by Farmer Mac or
the Control Party, 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).

     

    (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; and

     

    (f) the
Allowable Amount of Pledged Collateral from Class B Members does not constitute
more than 20% of the aggregate amount of any notes or bonds: (1) pledged
hereunder; (2) pledged to secure any other notes or bonds issued by National
Rural or any affiliate to Farmer Mac or any affiliate; (3) sold by National
Rural or any affiliate to Farmer Mac or any affiliate; or (4) sold to any trust
whose beneficial ownership is owned or controlled by Farmer Mac or an
affiliate.

    
      
         

      

      
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    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

     

    [Reserved]

     

    ARTICLE
IV

     

    Remedies

     

    SECTION
4.01.  Events of
Default.  “Event of Default”,
wherever used herein, means any “Event of Default” as defined in
Section 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 Control Party 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 Control Party
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
event has ceased to exist, provided that the
Collateral Agent does not receive a Control Party Notice within such timeframe
disputing the cessation of such Event of Default, and further provided that
no additional Control Party Notice of Default shall have been received in
respect of any other subsisting Event(s) of Default.  Upon receipt of any
National Rural Notice under subparagraph (ii) of this Subsection, the Collateral
Agent shall provide a copy of such National Rural Notice to the Control
Party.

     

    SECTION
4.02.  Remedies
upon Default.  If an Event of Default shall have occurred and be
continuing, the Control Party may issue a notice (a “Control Party 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
the Control Party in its sole and absolute discretion) without waiving or
otherwise affecting the Control Party’s rights to give additional Control Party
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 Control Party Notice of Default shall
revest in National Rural.

    
      
         

      

      
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    (a) 
Upon the occurrence of an Event of Default, the Collateral Agent shall, for the
benefit and at the direction of the Control Party, 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 the Control Party 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, the Control Party 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 the Control Party
from National Rural as a credit against the purchase price, and the Control
Party 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.

    
      
         

      

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

     

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

    
      
         

      

      
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    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.

    
      
         

      

      
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    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.

    
      
         

      

      
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    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 the Control Party mentioned herein shall be sufficiently
evidenced by a Control Party Notice or Control Party 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 the Control Party in the case of
the Control Party;

     

    (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 the Control Party 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;

    
      
         

      

      
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    (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
Control Party 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 Control Party 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 Control Party 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

    
      
         

      

      
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    (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 the Control Party.  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.

    
      
         

      

      
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    (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 the Control Party 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,
the Control Party 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, the Control Party 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.

    
      
         

      

      
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    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 the Control Party by National Rural;
all Control Party Notices and Control Party 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, the Purchaser 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, the Purchaser, the Control Party
or Farmer Mac that are contained in this Pledge Agreement shall bind and inure
to the benefit of their respective successors and assigns.

    
      
         

      

      
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    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.

    
      
         

      

      
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    SECTION
6.09.  Security
Interest Absolute.  All rights of the Collateral Agent and/or the
Control Party 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 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 the
Control Party 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]

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    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.

     

    
      
        
          
            	
                    FARMER
      MAC MORTGAGE

                    SECURITIES
      CORPORATION,

                  	 
	 	 
	
                    By

                  	 
	 
      	 
      	 
	 
      	
                    Name:

                  	 
	 
      	
                    Title:

                  	 

          

        

      

    

     

    
      
        
          
            	
                    FEDERAL
      AGRICULTURAL

                    MORTGAGE
      CORPORATION,

                  	 
	 	 
	
                    By

                  	 
	 
      	 
      	 
	 
      	
                    Name:

                  	 
	 
      	
                    Title:

                  	 

          

        

      

    

    

    
      
        
          
            	
                    NATIONAL
      RURAL UTILITIES

                    COOPERATIVE
      FINANCE CORPORATION,

                  	 
	 	 
	
                    By

                  	 
	 
      	 
      	 
	 
      	
                    Name:

                  	 
	 
      	
                    Title:Title:

                  	 

          

        

      

    

    

    
      
        
          
            	
                    U.S.
      BANK NATIONAL ASSOCIATION,

                  	 
	 	 
	
                    By

                  	 
	 
      	 
      	 
	 
      	
                    Name:

                  	 
	 
      	
                    Title:Title:

                  	 

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE I

    TO

    PLEDGE
AGREEMENT

     

    ADDITIONAL
CRITERIA FOR ELIGIBLE SECURITIES1

    

    Criteria for Eligible
Security of Class A Eligible Member:  Each Class A Eligible Member
must satisfy the following criteria only on the date of the pledge of such
Eligible Security:

    

    
      	
               
      

            	
              ·

            	
              Long-Term
      Debt to Net Utility Plant Ratio, as the average ratio of the most recent
      three full calendar years for which financial information is available,
      does not exceed 90%.

            

    

    

    
      	
               
      

            	
              ·

            	
              Modified
      Debt Service Coverage Ratio—Distribution, as the average ratio of the most
      recent three full calendar years for which financial information is
      available, is greater than or equal to
1.35.

            

    

    

    
      	
               
      

            	
              ·

            	
              Equity
      to Total Assets Ratio, as the average ratio of the most recent three full
      calendar years for which financial information is available, is greater
      than or equal to 20%.

            

    

    

    
      	
               
      

            	
              ·

            	
              The
      Eligible Security has a Facility Rating by National Rural of “4.9” or
      lower.

            

    

    

    Criteria for Eligible
Security of Class B Eligible Member:  Each Class B Eligible Member
must satisfy the following criteria only on the date of the pledge of such
Eligible Security:

    

    
      	
               
      

            	
              ·

            	
              Equity
      to Total Capitalization Ratio, as the average ratio of the most recent
      three full calendar years for which financial information is available, is
      greater than or equal to 25%.

            

    

    

    
      	
               
      

            	
              ·

            	
              Modified
      Debt Service Coverage Ratio—G&T, as the average ratio of the most
      recent three full calendar years for which financial information is
      available, is greater than or equal to
1.10.

            

    

    
      

      
        	
                 
      

              	
                ·

              	
                Equity
      to Total Assets Ratio, as the average ratio of the most recent three full
      calendar years for which financial information is available, is greater
      than or equal to 10%.

              

      

      

      
        	
                 
      

              	
                ·

              	
                The
      Eligible Security has a Facility Rating by National Rural of “4.9” or
      lower.

              

      

    

    
    

    
      

    
      1Upon
notice to the Collateral Agent, the criteria set forth on this Schedule 1 may be
modified as mutually agreed upon in writing by Farmer Mac and National
Rural.  The criteria set forth on this Schedule I shall be required to be
satisfied only as of the date of pledge of (1) any Pledged Securities that is
being pledged for a new advance or (2) any Pledged Securities that is being
pledged for an existing advance which is in substitution of, or in addition to,
existing collateral, and such criteria shall not be required to be satisfied
with respect to Eligible Securities after such date.

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE II

    TO

    PLEDGE
AGREEMENT

     

    Addresses for
Notices

     

    
      	
               
      

            	
              The
      addresses referred to in Section 6.01 hereof, for purposes of
      delivering communications and notices, are as
  follows:

            

    

     

    If to the
Purchaser:

     

    Federal Agricultural Mortgage
Corporation

    1133 21st Street
N.W., Suite 600

    Washington, DC 20036

    Fax:  202-872-7713

    Attention: Jerome G. Oslick, Vice
President

    

    If to
Farmer Mac:

     

    Federal
Agricultural Mortgage Corporation

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

    Washington,
DC 20036

    Fax: 
202-872-7713

    Attention
of: Timothy L. Buzby, Vice President – CFO

     

    With a
copy to:

     

    Federal
Agricultural Mortgage Corporation

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

    Washington,
DC 20036

    Fax: 
202-872-7713

    Attention
of: Stephen P. Mullery, Assistant 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

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE II

    TO

    PLEDGE
AGREEMENT

    

    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
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 MAY 22, 2009

     

    CERTIFICATE
OF PLEDGED COLLATERAL FILED WITH

    U.S. BANK
NATIONAL ASSOCIATION, Collateral Agent

     

    ________________,
Chief Executive Officer (or Chief Financial Officer or Controller) and
____________________, Vice-President, respectively, of National Rural Utilities
Cooperative Finance Corporation, hereby certify to the Control Party 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, remaining on
      deposit with the Collateral Agent, as shown on Schedule A
      hereto, is

                                                	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                  2.

                                                	
                                                  The
      Allowable Amount of Pledged Collateral certified hereby, being deposited
      as shown on Schedule B
      hereto, is

                                                	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                  3.

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

                                                	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                  4.

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

                                                	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                  5.

                                                	
                                                  The
      sum of amounts in items 3 and 4 is

                                                	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                  6.

                                                	
                                                  The
      aggregate amount by which the Allowable Amount of Pledged Collateral
      exceeds the aggregate principal amount of the Note(s) outstanding (the sum
      of items 1 and 2 minus item 5) is

                                                	 	$	 	 

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                7.

                              	
                                The
      cumulative amount by which each Eligible Security listed on
      Schedule A or Schedule B exceeds $35 million is

                              	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                8.

                              	
                                The
      Allowable Amount of Pledged Collateral which is included in items 1 and 2
      above from Class B Eligible Members does not constitute more than 20% of
      the aggregate amount of any notes or bonds: (1) pledged hereunder; (2)
      pledged to secure any other notes or bonds issued by National Rural or any
      affiliate to Farmer Mac or any affiliate; (3) sold by National Rural or
      any affiliate to Farmer Mac or any affiliate; or (4) sold to any trust
      whose beneficial ownership is owned or controlled by Farmer Mac or an
      affiliate.

                              	 	 	 	 
	 
      	 
      	 	 	 	 
	
                                9.

                              	
                                To
      the knowledge of the undersigned, each Eligible Security from a Class A
      Eligible Member the Allowable Amount of which is included in item 2
      satisfies the following criteria on the date of this Certificate: 
      (1) Long-Term Debt to Net Utility Plant Ratio, as the average ratio of the
      most recent three full calendar years for which financial information is
      available, does not exceed 90%; (2) Modified Debt Service Coverage
      Ratio—Distribution, as the average ratio of the most recent three full
      calendar years for which financial information is available, is greater
      than or equal to 1.35; (3) Equity to Total Assets Ratio, as the average
      ratio of the most recent three full calendar years for which financial
      information is available, is greater than or equal to 20%; and (4) the
      Eligible Security has a Facility Rating by National Rural of “4.9” or
      lower.

                              	 	 	 	 

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    10.

                                  	
                                    To
      the knowledge of the undersigned, each Eligible Security from a Class B
      Eligible Member the Allowable Amount of which is included in item 2
      satisfies the following criteria on the date of this Certificate: 
      (1) Equity to Total Capitalization Ratio, as the average ratio of the most
      recent three full calendar years for which financial information is
      available, is greater than or equal to 25%; (2) Modified Debt Service
      Coverage Ratio—G&T, as the average ratio of the most recent three full
      calendar years for which financial information is available, is greater
      than or equal to 1.10; (3) Equity to Total Assets Ratio, as the average
      ratio of the most recent three full calendar years for which financial
      information is available, is greater than or equal to 10%; and (4) the
      Eligible Security has a Facility Rating by National Rural of “4.9” or
      lower.

                                  	 	 	 	 
	 
      	 
      	 	 	 	 
	
                                    11.

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

                                  	 	 	 	 
	 
      	 
      	 	 	 	 
	
                                    12.

                                  	
                                    To
      the extent an Eligible Security listed on Schedule A or Schedule B
      has an outstanding principal amount of more than $35 million, the
      Allowable Amount of Pledged Collateral set forth in items 1 and 2 above
      reflects only $35 million with respect to such Eligible Security (or
      a lesser amount representing the difference between $35 million and
      the aggregate amount of any notes or bonds of the same Eligible Member
      pledged or sold to Farmer Mac or any affiliate in any previous
      transaction), with any excess above $35 million (or the lesser
      amount) reflected in item 7 above.

                                  	 	 	 	 
	 
      	 
      	 	 	 	 
	
                                    13.

                                  	
                                    Each
      Eligible Member whose notes are Pledged Securities has received or is
      eligible to receive a loan or commitment for a loan from RUS or any
      successor agency.

                                  	 	 	 	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

    

    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

     

    PLEDGED
SECURITIES ON DEPOSIT

     

    SCHEDULE
A TO OFFICERS’ CERTIFICATE

    DATED

    

    
      
        
          
            	
                    
                      Eligible Securities

                    

                  	 	
                    
                      Name of Issuer

                    

                  	 	 	
                    
                      Allowable Amount (Item 1)

                    

                  	 
	 	 	 	 	 	 	 
	
                    Pledged
      Securities

                    (Here
      List Securities)

                  	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

            
              
                 

              

              
                
                

                
                  

                

              

              
                 

              

            

          

        

      

    

     

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

     

    PLEDGED
SECURITIES BEING DEPOSITED

     

    SCHEDULE
B TO OFFICERS’ CERTIFICATE

    DATED

    

    
      
        
          	
                  
                    Eligible Securities

                  

                	 	
                  
                    Name of Issuer

                  

                	 	 	
                  
                    Allowable Amount (Item 2)

                  

                	 
	 	 	 	 	 	 	 	 	 
	
                  Pledged
      Securities

                  (Here
      List Securities)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]