Document:

Fourth Amendment to Office Lease

 Exhibit 10.38 
 FOURTH AMENDMENT TO OFFICE LEASE 
 RIVERBED TECHNOLOGY, INC. 
 This is the Fourth Amendment (“Fourth Amendment”) to that certain Office Lease dated January 23, 2003 and entered into by and between NBT
Technology, Inc., a Delaware corporation (now known as Riverbed Technology, Inc.), and 501 Second Street Associates, LLC, a Delaware limited liability company. Said Office Lease, as amended by the First Amendment of Lease dated January 16, 2004, the
Second Amendment of Lease dated June 9, 2004 and the Third Amendment of Lease dated May 24, 2005, is referred to herein as the “Lease”. SIC-501 Second Street, LLC, a Delaware limited liability company is the successor in interest to 501
Second Street Associates, LLC and is referred to herein as “Landlord”. Riverbed Technology, Inc., a Delaware corporation is referred to herein as “Tenant”. 
 RECITALS 
 WHEREAS, Landlord and Tenant are entering into this Fourth Amendment
in order to provide for Tenant’s leasing of additional space in the Building; and 
 WHEREAS, for the purpose of this Fourth Amendment,
capitalized terms, to the extent they are not defined herein, shall have the same meaning as set forth in the Lease. 
 NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Landlord and Tenant hereby agree that the Lease is amended as follows: 
 AGREEMENT 
 1. Leasing of Additional Space. For
a Term commencing on July 1, 2006 and continuing through February 13, 2007, Landlord hereby leases to Tenant and Tenant leases from Landlord, Suite 211 in the Building, containing 2,977 rentable square feet, and as more particularly shown on
Exhibit A, attached hereto (“Suite 211”). Tenant shall have no options to extend the Term with respect to Suite 211. 
 2. Rent.
Throughout the Lease Term, Tenant shall pay Basic Monthly Rental for Suite 211 in the amount of $8,682.92 per month. Basic Monthly Rental for any partial month shall be prorated. Tenant shall not be obligated to pay Operating Expenses and Real
Property Taxes with respect to Suite 211. 
 3. Condition of Suite 211. Tenant has agreed to lease Suite 211 in its “AS-IS” condition and
Landlord shall have no obligation to make or pay for any improvements to said Suite. 
 4. Other Terms and Conditions. Except as set forth herein,
Suite 211 shall be leased to Tenant on the same terms and conditions as apply to the remainder of the Premises. 
 5. Authority. Each signatory of
this Fourth Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting. 
  

 1 

 6. Status of Lease. Except as set forth herein, the Lease shall remain unamended and in full force and effect.
Each party acknowledges that no default on the part of the other presently exists under the Lease or would exist but for the giving of notice and the passage of time. 
 IN WITNESS WHEREOF, Landlord and Tenant have executed this Fourth Amendment to Office Lease as of the 10th day of June 2006. 
 LANDLORD 
 SIC-501 SECOND STREET, LLC, a Delaware limited liability company 
  

					
	              BY:	 	The Swig Company, a California corporation, Manager
			
		 	By:	 	  
			
		 	Its:	 	  

 TENANT 
 RIVERBED TECHNOLOGY, INC., a Delaware corporation 
  

					
		 	 By:
	 	  
			
		 	 Its:
	 	  

  

 2 

 EXHIBIT A 
 Suite 211 
  

 3Federal Home Loan Banks P&I Funding and Contingency Plan Agreement

 Exhibit 10.1 
 Federal Home Loan Banks P&I Funding and Contingency Plan Agreement 
 This Federal Home Loan Banks P&I Funding
and Contingency Plan Agreement (“Agreement”) is entered into as of this 20th day of July, 2006 (the
“Effective Date”) by and among the Office of Finance (the “OF”) and each of the Federal Home Loan Banks (“Banks”). The OF and the Banks are sometimes referred to herein individually as a
“party” and collectively as the “parties.” All references in this Agreement to any of the parties to this Agreement include such party or any successor entity. 
 WHEREAS, the Banks are jointly and severally liable for the payment of consolidated obligations issued pursuant to Section 11 of the Federal Home Loan Bank Act, as amended (12 U.S.C. §1431)
(“COs”);  
 WHEREAS, the OF has the authority under 12 CFR § 985.6(a) to issue and service (including making timely
payments on principal and interest due, subject to 12 CFR §§ 966.8 and 966.9) consolidated obligations issued on behalf of the Banks pursuant to, and in accordance with, the policies and procedures established by the OF Board of Directors;
and 
 WHEREAS, the Federal Reserve Board has announced a change in its Policy Statement on Payments System Risk (as the same may be amended, modified
or supplemented, the “PSR Policy”) that will cause the PSR Policy to be applied to the FHLBanks beginning July 20, 2006; and 
 WHEREAS, the OF and a task force of the Debt Management Sub-Committee of the Financial Officers’ Conference of the Banks have developed P&I Funding and Contingency Plan Procedures (as the same may be amended, modified, or
supplemented, the “Procedures”) to deal with the possibility that a Bank may not make a payment of debt service on COs to the OF on a timely basis following the application of the PSR Policy to the Banks; and 
 WHEREAS, the OF Board of Directors has approved the Procedures and determined that the OF should obtain the written agreement of the Banks on several matters
relating to the Procedures, which matters are included in this Agreement; and 
 WHEREAS, the Federal Housing Finance Board (the “Finance
Board”) has supported the adoption of the Procedures by issuing the waiver attached hereto as Exhibit A (as the same may be amended, modified or supplemented, the “Waiver”) of its prohibition of the direct placement
of COs with FHLBanks contained in 12 CFR § 966.8(c), to accommodate the implementation of the Procedures, based in part on its view that timely payment of all principal and interest to investors in COs is essential to maintain the confidence of
investors and potential investors in COs; and 
 WHEREAS, the Waiver provides that the interest rate paid by the Bank that has not remitted all the
funds to the OF by the agreed upon deadline on the CO issued pursuant to the Waiver shall be at least 500 basis points above the federal funds rate. 
  

 1 

 NOW THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration,
the receipt and sufficiency of which the parties acknowledge, the parties hereby agree as follows: 
 1. Authorization of Issuance of COs

 Each Bank agrees that if it is a “Delinquent Bank” (as defined below), the OF may cause one or more overnight “Plan COs” (as
defined below) to be issued on behalf of the Delinquent Bank for the benefit of one or more “Contingency Banks” (as defined below), each such Plan CO to be issued to a Contingency Bank in the principal amount equal to the amount of funds
provided by that Contingency Bank on behalf of that Delinquent Bank, to mature on the following Business Day (as defined below), and to bear interest on such principal amount from the date of issuance to but not including that maturity date, due and
payable on that maturity date, at the rate per annum (the “Base Cost”) equal to (a) the overnight fed funds quote obtained by the OF from a recognized funds broker to be paid for any available funds delivered to the OF by a
Contingency Bank or withheld from its “positive net position” as described in Section 2 of this Agreement or (b) the actual cost if funds are purchased by that Contingency Bank in the open market and delivered to the OF. All such
interest shall be calculated on an actual/360 basis based on the number of days the Plan CO is outstanding, including non-Business Days. The Delinquent Bank shall also be obligated to pay “Additional Interest” as set forth in
Section 3 of this Agreement, all or a portion of which will satisfy the obligation of the Delinquent Bank under the Waiver to pay an interest rate on the Plan CO that is at least 500 basis points above the federal funds rate. 
 The OF shall issue a Plan CO in physical form under those circumstances and apply the proceeds therefrom on behalf of that Delinquent Bank as provided for in the
Procedures. Each Bank hereby authorizes the OF, and the OF hereby agrees, to hold any Plan COs issued as agent for each such Bank when it acts as a Contingency Bank. 
 For purposes of this Agreement, 
 a “Delinquent Bank” means a Bank that misses any funding time specified in the Procedures, including a funding time for the repayment of Plan COs; and 
 a “Plan CO” means a CO issued on behalf of a Delinquent Bank to one or more Contingency Banks. For the avoidance of doubt, although a
Delinquent Bank is primarily responsible for repayment of a Plan CO issued on its behalf, each Plan CO is the joint and several obligation of all 12 Banks; and 
 a “Contingency Bank” means any Bank that provides funds for a Delinquent Bank under the Procedures; and 
 “Business Day” means any day other than (i) a Saturday, (ii) a Sunday or (iii) any day on which banking institutions in New York City are authorized or required by law or executive
order to close. 
 2. Use of Proceeds to Purchase COs 
 Each Bank shall be obligated to provide and authorizes the OF to apply any “positive net position” (i.e., the amount by which end-of-day proceeds received by a Bank from sale of COs on one day exceed
payments by that Bank on COs on the same day) of that Bank to the purchase of a Plan CO issued on behalf of a Delinquent Bank, thereby causing such Bank to become a Contingency Bank, based on the priority established in the matrix attached hereto as
Exhibit B (“Contingency Funding Matrix”) and otherwise in accordance with the Procedures. 
  

 2 

 3. Additional Interest 
 Each Bank agrees that if it is a Delinquent Bank, then it will pay an amount (“Additional Interest”) in accordance with the following schedule in addition to interest equal to the Base Cost:

  

			
	1st offense	  	– 500 basis points per annum of the delinquent amount
	2nd offense	  	– 750 basis points per annum of the delinquent amount
	3rd and subsequent offense	  	– 1,000 basis points per annum of the delinquent amount

 The Additional Interest will be calculated on an actual/360 basis based on the actual number of days the related
Plan CO is outstanding, including non-Business Days, from the date of issuance to but excluding the stated maturity date. For purposes of this calculation, Additional Interest attributable to a delinquent amount that is not related to the principal
amount of a Plan CO (i.e., because the Delinquent Bank pays all or a portion of its delinquent amount after a deadline but before a Contingency Bank is entitled to have a Plan CO issued for its benefit on behalf of the Delinquent Bank with respect
to such amount) will be assessed on that delinquent amount assuming that a Plan CO was issued with a principal amount equal to that delinquent amount and that the Plan CO would mature on the next Business Day. 
 For purposes of calculating Additional Interest, each different time deadline established under the Procedures will accrue its own separate count of the number of
offenses, so that a Delinquent Bank will pay a separate amount for each such time deadline missed, and the step-up in Additional Interest for the occurrence of a particular offense will only be measured with regard to offenses that have occurred
within the 36-month period ending on the date of that particular offense (the “Delinquency Measurement Period”). For example, if a Delinquent Bank twice misses a morning deadline and once misses an afternoon deadline, all as
established under the Procedures, within a Delinquency Measurement Period, then the Delinquent Bank shall have been subject to Additional Interest of 500 basis points with respect to the first morning deadline missed, Additional Interest of 750
basis points with respect to the second morning deadline missed, and Additional Interest of 500 basis points with respect to the afternoon deadline missed. 
 Each Bank agrees that (i) for each Plan CO issued, the first 100 basis points of the Additional Interest shall be assessed against the Delinquent Bank for the benefit of the Contingency Bank that purchased the Plan CO as provided in
Section 1 of this Agreement, and the balance of the Additional Interest assessed against the Delinquent Bank (i.e., 400 basis points, 650 basis points, or 900 basis points) will be divided equally among the Banks (including the
Contingency Banks) that are not Delinquent Banks with respect to the same funding time specified in the Procedures and (ii) for Additional Interest attributable to a delinquent amount that is not related to a Plan CO, the Additional Interest
will be divided equally among the Banks that are not Delinquent Banks with respect to the same funding time specified in the Procedures. Each of the Banks and the OF agree that any Additional Interest will be allocated and paid through the monthly
assessment from the OF, and that the Additional Interest is not the joint and several obligation of the Banks. 
 Notwithstanding anything in this
Section 3 or Section 7(a) or (b) of this Agreement to the contrary, and subject to Sections 5(a) and (d) below, each Bank agrees that assessment of the Additional Interest shall be subject to the appellate process contained in
the Procedures and that the OF shall have the authority to waive all or any portion of the Additional Interest or excuse the occurrence of any offense as provided for in the Procedures. To the extent permitted under the Waiver, the assessment of
Additional Interest shall be suspended pending completion of the appellate process. 
  

 3 

 4. Reallocation of COs 
 Each Bank agrees that if a Bank is a Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below)
shall immediately have the obligation to purchase that Reallocation Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance
of the Plan CO , subject to the proviso in the following paragraph. 
 Each Bank agrees that if it is a Reallocation Bank, it will wire to the Contingency
Bank that holds a Plan CO an amount equal to (i) its Pro Rata Share of the principal amount of that Plan CO, plus (ii) accrued interest thereon from the date of issue of the Plan CO until its stated maturity date equal to the Base Cost,
not later than 1:00 p.m., Eastern Time, on the second Business Day following the date of issuance of that Plan CO; provided, however, that such Reallocation Bank shall not be required to wire funds to the extent that it determines in good
faith such purchase will violate any rule, regulation or binding policy of the Finance Board, and under those circumstances such Reallocation Bank shall be excused from its obligation to make such payment to the Contingency Bank, but not from its
joint and several obligation, with respect to such Plan CO. The wire shall be sent to the account identified by the Contingency Bank for that purpose, and time is of the essence with respect to the wire. In the event there are multiple Plan COs
issued on a particular date, Reallocation Banks shall not favor any Contingency Bank over any other Contingency Bank, and shall purchase its Pro Rata Shares of such Plan COs on a proportional basis. To the extent that a Plan CO is repaid prior to
the settlement of a Reallocation Bank’s obligations to purchase its Pro Rata Share, that Pro Rata Share shall be reduced proportionally by the amount so repaid. 
 Each Contingency Bank shall promptly notify the OF of its receipt of payment of the Pro Rata Share amounts from the Reallocation Banks. Promptly following receipt of that notice and confirmation of the payment from
the Reallocation Banks, the OF shall cancel such original outstanding physical Plan CO and shall reissue replacement physical Plan COs with the principal amounts representing the respective Pro Rata Shares of the Reallocation Banks that have paid
for their purchase of the Plan CO, along with a Plan CO representing the balance of the principal amount of the original Plan CO that is retained by the Contingency Bank. Each such reissued Plan CO remains a “Plan CO” for purposes of this
Agreement and the Procedures, but a Reallocation Bank will not be treated as the Contingency Bank with respect thereto. Each Bank hereby authorizes the OF, and the OF hereby agrees, to hold any such reissued Plan COs payable to such Bank as agent
for such Bank’s benefit, and to pay debt service on such CO to the record owner of such Plan CO as reflected on the OF’s books following reissuance. 
 For purposes of this Section, 
 a “Reallocation Bank” with respect to a Plan CO means each Bank other than (i) any Delinquent Bank on behalf of which that Plan CO or any other Plan CO was originally issued on the same date, and (ii) the
Contingency Bank that owns that Plan CO; 
 “Pro Rata Share” of a Reallocation Bank means a fraction, the numerator of which
is the total amount of outstanding COs for which the Reallocation Bank is primary obligor as of the Most Recent Measurement Date, and the denominator of which is the total amount of outstanding COs for which all Reallocation Banks and the
Contingency Bank are primary obligor as of the Most Recent Measurement Date; and 
  

 4 

 “Most Recent Measurement Date” means the most recent month-end data calculated by the OF
and available on the OF’s Debt Servicing System, which amount is not adjusted for inter-bank ownership of COs. 
 The Banks agree that the provisions of
this Section 4 shall not affect the allocation of Additional Interest pursuant to the fourth paragraph of Section 3 of this Agreement, including without limitation the allocation of the first 100 basis points of Additional Interest
pursuant to such paragraph to a Contingency Bank that acquired the Plan CO at original issuance. 
 One or more Contingency Banks and Reallocation Banks may
agree among themselves to net their payments to each other that are due as a result of multiple Plan COs having been issued and subject to reallocation on the same date. 
 Each Bank agrees that the formula for determining the Pro Rata Shares has been agreed to by the Banks solely for the purpose of this Agreement and is not intended to represent an agreed upon allocation of risk or
responsibility for any other purpose. 
 The provisions of this Section 4 shall survive any termination of this Agreement with respect to any Plan CO
issued prior to such termination. 
 5. Acknowledgements 
 Each Bank acknowledges and agrees that: 
  

	 	(a)	the Base Cost plus the Additional Interest assessed against a Delinquent Bank may not be lower than the amount required to be paid by the Delinquent Bank under the Waiver;

  

	 	(b)	the OF shall be required to provide any notice of issuance of a Plan CO hereunder to the Office of Supervision of the Finance Board, which notice is presently required by the Waiver
to be provided no later than 5:00 P.M. eastern time on the date of the issuance of the Plan CO; 

  

	 	(c)	its agreement in Section 1 of this Agreement with respect to any Plan CO issued on its behalf as a Delinquent Bank satisfies the regulatory requirement contained in 12 CFR
§ 966.8(b) that provides that COs may be offered for sale only in the event Banks are committed to take the proceeds; 

  

	 	(d)	the appellate process referred to in the last paragraph of Section 3 of this Agreement will be subject to the terms of the Waiver; 

  

	 	(e)	no Bank will be entitled to a Plan CO in the amount of any positive net position except to the extent its end-of-day positive net position is used to purchase a Plan CO; and

  

	 	(f)	the Additional Interest will be calculated based on the principal amount of a Plan CO, as well as any other delinquent amount paid late to the OF by the Delinquent Bank.

  

 5 

 6. Representations and Warranties of the Parties 
 As of the date of its execution and delivery of this Agreement, each party represents and warrants to the other parties that: 
 (a) This Agreement is within such party’s powers and has been duly authorized by all necessary corporate action. 
 (b) This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party enforceable in
accordance with its terms. 
 7. Termination and Amendments 
 (a) This Agreement will be deemed to be effective as of the Effective Date and will continue in full force until such time as (i) at least two-thirds
(2/3) of the Banks agree to its termination, (ii) the Finance Board rescinds the Waiver or (iii) the Finance Board takes any action, including without limitation modification of the Waiver, that makes compliance by the OF or the Banks
with this Agreement not commercially reasonable. 
 (b) This Agreement may be amended only in a signed writing executed and delivered by all
of the Banks and the OF. Any such amendment shall be effective as of the effective date set forth in the amendment. 
 (c) This Agreement
shall also be subject to termination at 11:59 p.m. on December 31, 2008, and at 11:59 p.m. on each third December 31 thereafter (e.g. December 31, 2011, December 31, 2014, etc.) (“Expiration Time”) if at
least one-third ( 1/3) of the Banks provide notice of their respective election to terminate to each other Bank
and the OF at least one year prior to the Expiration Time. Such notice shall identify with reasonable specificity the reason or reasons such Bank wishes to terminate the Agreement at the next Expiration Time. The Banks and the OF agree to negotiate
in good faith toward the resolution of the issues raised in the notices of termination with a view of reaching agreement on a new agreement at or prior to the Expiration Time. 
 8. Successors and Assigns 
 This Agreement shall be
binding upon and inure to the benefit of the successors and permitted and authorized assigns of each Bank and the OF. 
 9. Governing Law;
Severability 
 This Agreement shall be governed by the statutory and common law of the United States and, to the extent federal law incorporates or
defers to state law, the laws (exclusive of the choice of law provisions) of the State of New York. Any term or provision of this Agreement that is determined to be invalid or unenforceable shall be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement. 
  

 6 

 10. Notice 
 Except for any notices of payment delivered pursuant to Section 4 of this Agreement, which shall be delivered promptly either telephonically or electronically, any notice required or permitted to be given or made under this Agreement,
including a notice to effect a change in a party’s address for notice, must be in writing and addressed to the other parties at the addresses of such parties set forth beneath their signatures below, and will be deemed to be properly given or
made on the earliest of (i) actual delivery, (ii) two (2) Business Days after being sent, with delivery charges paid by the sending party, by a nationally recognized commercial courier service for delivery on the next Business Day,
and (iii) three (3) Business Days after being sent through the United States Postal Service, certified mail, return receipt requested, postage prepaid. 
 11. Counterparts 
 This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an
original and all of which together shall constitute one and the same agreement. 
 12. Entire Agreement; Conflicts 
 This Agreement constitutes the entire agreement of the parties and supersedes all prior understandings or agreements, oral or written, among the parties on the subjects
addressed in this Agreement. Nothing in this Agreement, including without limitation the right of Banks to terminate it or the right of Banks to withhold approval of an amendment, shall be construed to (i) conflict with or limit the authority
of the OF to carry out its duties pursuant to law, including without limitation Federal Housing Finance Board regulations; or (ii) alter the Banks’ joint and several liability on COs, including the Plan COs issued hereunder. This Agreement
does not constitute “an agreement to obtain financial assistance to meet a Bank’s current obligations... due during this quarter”, a “consolidated obligation payment plan,” an “inter-Bank assistance agreement”
or “a payment on any [CO] on behalf of another Bank” as these terms are used in 12 CFR § 966.9. If any applicable provision contained in the Procedures irreconcilably conflicts with any express provision of this Agreement, then such
express provision of this Agreement shall control. 
 13. No Third Party Rights Created 
 Nothing in this Agreement shall create or be deemed to create any rights in any third party. 
 14. Suspension of Obligations 
 If the Finance Board
issues any order or enters into or amends any written agreement, including without limitation a written agreement within the meaning of 12 USC § 1422b(a)(5), that prohibits or prevents a party to this Agreement from either being a party to this
Agreement, or from performing its obligations under this Agreement, after the Effective Date, then that party’s duty to perform its obligations under this Agreement shall be suspended while such order by or agreement with the Finance Board is
in effect. 
 [Signature Page to Follow] 
  

 7 

 IN WITNESS WHEREOF, this Agreement has been executed, on the date(s) set forth below, as of the day and year first above
written. 
  

									
	Federal Home Loan Bank of Atlanta	 		 	Federal Home Loan Bank of Boston
					
	By:	 	 /s/ W. Wesley McMullan
	 		 	President:	 	 /s/ Michael A. Jessee

	Name:	 	W. Wesley McMullan	 		 	Date: 5-23-06
	Title:	 	Executive Vice President	 		 	
				
	By:	 	 /s/ D. Haddon Foster, II
	 		 	Address for notice:
	Name:	 	D. Haddon Foster, II	 		 	 111 Huntington Avenue

	Title:	 	First Vice President	 		 	 Boston, MA 02199

				
	Date: May 23, 2006	 		 		 	
				
	 Address for notice:
 1475 Peachtree Street,
NE
 Atlanta, GA 30309
  
 Attention: Director, Financial Management
	 		 		 	
			
	Federal Home Loan Bank of Chicago	 		 	Federal Home Loan Bank of Cincinnati
					
	President:	 	 /s/ Mike Thomas
	 		 	President:	 	 /s/ David H. Hehman

			
	Date: 6/16/06	 		 	Date: June 16, 2006
			
	Address for notice:	 		 	Address for notice:
	Federal Home Loan Bank of Chicago	 		 	Federal Home Loan Bank of Cincinnati
	111 East Wacker Drive	 		 	221 East Fourth Street, Suite 1000
	Chicago, Illinois 60601	 		 	Cincinnati, OH 45202
					
	Attention:	 	General Counsel	 		 	SVP/Treasurer:	 	 /s/ Carole L. Cossé

			
	Federal Home Loan Bank of Dallas	 		 	Federal Home Loan Bank of Des Moines
					
	President:	 	 /s/ Terry Smith
	 		 	President:	 	 /s/ Neil N. Fruechte

			
	Date: 5/10/06	 		 	Date: May 11, 2006
			
	 Address for notice:
 8500 Freeport Parkway South
 Suite 100
 Irving, Texas 75063
	 		 	Address for notice:
	 		 	 907 Walnut

	 		 	 Des Moines, IA 50309

	 		 		 	
			
	Federal Home Loan Bank of Indianapolis	 		 	Federal Home Loan Bank of New York
					
	President:	 	 /s/ Martin L. Heger
	 		 	President: 	 	 /s/ Alfred A. DelliBovi

			
	Date: June 1, 2006	 		 	Date: May 22, 2006
			
	 Address for notice:
 8250 Woodfield Crossing Blvd.
 Indianapolis, IN 46240
 Attention: Milton Miller, CFO
	 		 	 Address for notice:
 101 Park
Avenue, Floor 5
 New York, NY
 10178-0599

	 		 
	 		 
	 		 

  

 8 

									
	Federal Home Loan Bank of Pittsburgh	  		 	Federal Home Loan Bank of San Francisco
					
	President:	  	 /s/ John R. Price
	  		 	President:	 	 /s/ Dean Schultz

			
	Date: May 24, 2006	  		 	Date: April 27, 2006
			
	 Address for notice:
 601
Grant Street
 Attn: Capital Markets
 Pittsburgh, PA 15219
	  		 	 Address for notice:
 600 California Street,
4th Floor
 San
Francisco, California 94108

			
	Federal Home Loan Bank of Seattle	  		 	Federal Home Loan Bank of Topeka
					
	President:	  	 /s/ James E. Gilleran
	  		 	President:	 	 /s/ Andrew J. Jetter

			
	Date: May 17, 2006	  		 	Date: May 12, 2006
			
	 Address for notice:
 1501
Fourth Ave., Ste. 1800
 Seattle, WA 98101-1693
	  		 	 Address for notice:
 Federal Home Loan Bank
of Topeka
 One Security Benefit Place, Suite100
 Topeka, KS
66606-2444
 Attn: General Counsel

				
	Office of Finance	  		 		 	
					
	Managing Director:	  	 /s/ John K. Darr
	  		 		 	
				
	Date: 5-22-06	  		 		 	

  

	Address	for notice: 

 Two Fountain Square 
 11921 Freedom Drive Suite 1000 
 Reston, VA
20190 
  

 9 

 EXHIBIT A 
 Number: 2005-22 Date: December 14, 2005 
 

 
 FEDERAL HOUSING FINANCE BOARD 
 Waiver Concerning the Direct Placement of Consolidated Obligations 
 WHEREAS, section 2A of the Federal Home Loan
Bank Act (12 U.S.C. § 1422a(a)(3)) requires the Federal Housing Finance Board (Finance Board) to ensure that the Federal Home Loan Banks (Banks) remain adequately capitalized and able to raise funds in the capital markets to the extent
consistent with ensuring the safe and sound operation of the Banks; 
 WHEREAS, timely payment of all principal and interest to investors in consolidated
obligations (COs) is essential to maintain the confidence of investors and potential investors in COs; 
 WHEREAS, the Federal Reserve Bank of New York will
implement procedures that will prevent a Bank or any other government sponsored enterprise from incurring an overdraft in the accounts at the Federal Reserve Bank of New York used to pay the principal and interest due on securities; 
 WHEREAS, the Banks Office of Finance (OF) serves as agent for each Bank in remitting to the Federal Reserve Bank of New York all funds due for principal and interest
payments on COs; 
 WHEREAS, under 12 C.F.R. §§ 907.2 and 907.6, any party may request a waiver of a provision, restriction, or requirement of the
Finance Board regulations not otherwise required by law if such waiver is not inconsistent with the law, does not adversely affect any substantial existing rights and the Finance Board finds that application of the restriction would adversely effect
achievement of the purposes of the Bank Act, or upon a showing of good cause; 
 WHEREAS, on October 18, 2005, the OF submitted to the Finance Board a
request to waive the prohibition on direct placement of COs in 12 C.F.R. § 966.8(c) when a Bank has not provided to the OF by the agreed upon deadline all funds for principal and interest payments due that day on COs, or portions of COs, for
which that Bank is the primary obligor; and 
 WHEREAS, Finance Board staff has reviewed the waiver request and determined that it is consistent with the
Bank Act, for good cause, and raises no legal or safety and soundness concerns if the waiver is granted pursuant to the terms of this resolution. 
  

 A-1 

 Resolution Number 2005-22 
 Page 2 of 2 
 NOW, THEREFORE, IT IS RESOLVED
that effective July 1, 2006, the Board of Directors hereby waives 12 C.F.R. § 966.8(c) when direct placement of COs is necessary to assure that the Federal Reserve Bank of New York has sufficient funds to timely pay all principal and
interest due that day on COs or portions of COs; 
 IT IS FURTHER RESOLVED that the OF must notify the Office of Supervision no later than 5:00 pm, eastern
time, on any day it directly places a CO pursuant to this waiver; and 
 IT IS FURTHER RESOLVED that the interest rate paid by the Bank that has not remitted
all the funds to the OF by the agreed upon deadline on the CO issued pursuant to this waiver shall be at least 500 basis points above the federal funds rate. 
  

	
	 By the Board of Directors of the
 Federal Housing Finance
Board

	
	 /s/ Ronald A. Rosenfeld

	Ronald A. Rosenfeld
	Chairman

  

 2 

 EXHIBIT B 
 Contingency Funding Matrix 
  

																									
	 	  	Priority
	 	  	1	  	2	  	3	  	4	  	5	  	6	  	7	  	8	  	9	  	10	  	11	  	12
	 Jan
	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL
	 Feb
	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST
	 Mar
	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK
	 Apr
	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT
	 May
	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA
	 Jun
	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC
	 Jul
	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP
	 Aug
	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC
	 Sep
	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN
	 Oct
	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL
	 Nov
	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA
	 Dec
	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR

  

 B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]