Document:

exv4w1

Exhibit 4.1

FEDERAL HOME LOAN MORTGAGE CORPORATION

GLOBAL DEBT FACILITY AGREEMENT

     AGREEMENT, dated as of February 25, 2011, among the Federal Home Loan Mortgage Corporation
(“Freddie Mac”) and Holders of Debt Securities (each as hereinafter defined).

     Whereas:

     (a) Freddie Mac is a corporation duly organized and existing under and by virtue of the laws
of the United States (Title III of the Emergency Home Finance Act of 1970, as amended (the “Freddie
Mac Act”)) and has full corporate power and authority to enter into this Agreement and to undertake
the obligations undertaken by it herein;

     (b) Pursuant to Section 306(a) of the Freddie Mac Act, Freddie Mac is authorized, upon such
terms and conditions as it may prescribe, to borrow, to pay interest or other return, and to issue
notes, bonds or other obligations or securities; and

     (c) To provide funds to permit Freddie Mac to engage in activities consistent with its
statutory purposes, Freddie Mac has established a Global Debt Facility (the “Facility”) and
authorized the issuance, from time to time, pursuant to this Agreement, of unsecured general
obligations of Freddie Mac or, if so provided in the applicable Supplemental Agreement (as
hereinafter defined), secured obligations of Freddie Mac (“Debt Securities”).

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is
hereby agreed that the following terms and conditions of this Agreement (including, as to each
issue of the Debt Securities, the applicable Supplemental Agreement) shall govern the Debt
Securities and the rights and obligations of Freddie Mac and Holders with respect to the Debt
Securities.

ARTICLE I

Definitions

     Whenever used in this Agreement, the following words and phrases shall have the following
meanings, unless the context otherwise requires.

     Additional Debt Securities: Debt Securities issued by Freddie Mac with the same terms (other
than Issue Date, interest commencement date and issue price) and conditions as Debt Securities for
which settlement has previously occurred so as to form a single series of Debt Securities as
specified in the applicable Supplemental Agreement.

     Agreement: This Global Debt Facility Agreement dated as of February 25, 2011, as it may be
amended or supplemented from time to time, and successors thereto pursuant to which Freddie Mac
issues the Debt Securities.

     Amortizing Debt Securities: Debt Securities on which Freddie Mac makes periodic payments of
principal during the terms of such Debt Securities as described in the related Supplemental
Agreement.

     Beneficial Owner: The entity or individual that beneficially owns a Debt Security.

     Bonds: Callable or non-callable Debt Securities with maturities of more than ten years.

     Book-Entry Rules: The Department of Housing and Urban Development
regulations (24 C.F.R. Part 81, Subpart H) applicable to the Fed Book-Entry Debt Securities and such procedures as to which
Freddie Mac and the FRBNY may agree.

 

 

     Business Day: (i) With respect to Fed Book-Entry Debt Securities, any day other than (a) a
Saturday, (b) a Sunday, (c) a day on which the FRBNY is closed, (d) as to any Holder of a Fed
Book-Entry Debt Security, a day on which the Federal Reserve Bank that maintains the Holder’s
account is closed, or (e) a day on which Freddie Mac’s offices are closed; and (ii) with respect to
Registered Debt Securities, any day other than (a) a Saturday, (b) a Sunday, (c) a day on which
banking institutions are closed in (1) the City of New York or (2) if the Specified Payment
Currency is other than U.S. dollars or euros, the Principal Financial Center of the country of such
Specified Payment Currency, (d) if the Specified Payment Currency is euros, a day on which the
TARGET2 system is not open for settlements, or a day on which payments in euros cannot be settled
in the international interbank market as determined by the Global Agent, (e) for any required
payment, a day on which banking institutions are closed in the place of payment, or (f) a day on
which Freddie Mac’s offices are closed.

     Calculation Agent: Freddie Mac or a bank or broker-dealer designated by Freddie Mac in the
applicable Supplemental Agreement as the entity responsible for determining the interest rate on a
Variable Rate Debt Security.

     Calculation Date: In each year, each of those days in the calendar year that are specified in
the applicable Supplemental Agreement as being the scheduled Interest Payment Dates regardless, for
this purpose, of whether any such date is in fact an Interest Payment Date and, for the avoidance
of doubt, a “Calculation Date” may occur prior to the Issue Date or after the last Principal
Payment Date.

     Callable Reference Notes: U.S. dollar denominated, callable Reference Securities with
maturities of more than one year.

     Cap: A maximum interest rate at which interest may accrue on a Variable Rate Debt Security
during any Interest Reset Period.

     Citibank — London: Citibank, N.A., London office, the Global Agent for Registered Debt
Securities.

     Citigroup — Frankfurt: Citigroup Global Markets Deutschland AG & Co. KGaA, the Registrar for
Registered Debt Securities.

     Clearstream, Luxembourg: Clearstream Banking, société anonyme, which holds securities for its
participants and facilitates the clearance and settlement of securities transactions between its
participants through electronic book-entry changes in accounts of its participants.

     CMS Determination Date: The second New York Banking Day preceding the applicable Reset Date.

     CMS Rate: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(N).

     CMT Determination Date: The second New York Banking Day preceding the applicable Reset Date.

     CMT Rate: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(M).

     Code: The Internal Revenue Code of 1986, as amended.

     Common Depositary: The common depositary for Euroclear, Clearstream, Luxembourg and/or any
other applicable clearing system, which will hold Other Registered Debt Securities on behalf of
Euroclear, Clearstream, Luxembourg and/or any such other applicable clearing system.

     Currency Exchange Bank: The currency exchange bank specified in the applicable Supplemental
Agreement that will convert any amounts paid by Freddie Mac in a Specified Payment Currency on DTC
Registered Debt Securities to U.S. Holders into U.S. dollars.

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     CUSIP Number: A unique nine-character designation assigned to each Debt Security by the CUSIP
Service Bureau and used to identify each issuance of Debt Securities on the records of the Federal
Reserve Banks or DTC, as applicable.

     Day Rate: The arithmetic mean for each day in a Seven-Day Period as determined by the
Calculation Agent in accordance with Section 2.07(i)(P)(2).

     Dealers: Firms that engage in the business of dealing or trading in debt securities as agents,
brokers or principals.

     Debt Securities: Unsecured subordinated or unsubordinated notes, bonds and other debt
securities issued from time to time by Freddie Mac under the Facility, or if so provided in the
applicable Supplemental Agreement, secured obligation issued from time to time by Freddie Mac under
the Facility.

     Deleverage Factor: A Multiplier of less than one by which an applicable Index is multiplied.

     Depository: DTC or any successor.

     Deposits: Deposits commencing on the applicable Reset Date.

     Designated EURIBOR Reuters Page: The display on Reuters Page EURIBOR01, or any successor page
or such other page (or any successor page) on that service or any successor service specified in
the applicable Supplemental Agreement for the purpose of displaying rates for Deposits in euros.

     Designated EUR-LIBOR Reuters Page: The display on Reuters Page LIBOR01 or any successor page
or such other page (or any successor page) on that service or any successor service specified in
the applicable Supplemental Agreement for the purpose of displaying rates for Deposits in euros.

     Designated Reuters Page: The display on Reuters Page LIBOR01 (or where the Index Currency is
Australian dollars, Swiss francs or Yen, Page LIBOR02) or any successor page or such other page (or
any successor page) on that service or any successor service specified in the applicable
Supplemental Agreement for the purpose of displaying British Bankers’ Association interest
settlement rates for Deposits in the Index Currency.

     Determination Date: The date as of which the rate of interest applicable to an Interest Reset
Period is determined.

     Determination Period: The period from, and including, one Calculation Date to, but excluding,
the next Calculation Date.

     DTC: The Depository Trust Company, a limited-purpose trust company, which holds securities for
DTC participants and facilitates the clearance and settlement of transactions between DTC
participants through electronic book-entry changes in accounts of DTC participants.

     DTC Registered Debt Securities: Registered Debt Securities registered in the name of a nominee
of DTC, which will clear and settle through the system operated by DTC.

     EC: The European Community.

     EMU: European Economic and Monetary Union; the convergence of key features of the economies of
certain participating European countries, including the adoption of a common monetary unit called
the euro.

     EMU Event: As defined in Section 7.01(b).

     EURIBOR: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(J).

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     EURIBOR Determination Date: The second TARGET2 Business Day preceding the applicable Reset
Date, unless EURIBOR is determined in accordance with Section 2.07(i)(J)(3), in which case it means
the applicable Reset Date.

     EUR-LIBOR: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(I).

     EUR-LIBOR Determination Date: The second TARGET2 Business Day preceding the applicable Reset
Date.

     Euroclear: Euroclear System, a depositary that holds securities for its participants and
clears and settles transactions between its participants through simultaneous electronic book-entry
delivery against payment.

     Euro Representative Amount: A principal amount of not less than the equivalent of U.S.
$1,000,000 in euros that, in the Calculation Agent’s sole judgment, is representative for a single
transaction in the relevant market at the relevant time.

     Euro-Zone: The region consisting of member states of the European Union that adopt the single
currency in accordance with the Treaty.

     Event of Default: As defined in Section 7.01(a).

     Extendible Variable Rate Securities: Variable Rate Debt Securities, the maturity of which may
be extended at a Beneficial Owner’s option effective as of certain specified dates, subject to a
final maturity date, and that bear interest at variable rates subject to different Spreads for
different specified periods.

     Facility: The Global Debt Facility described in the Offering Circular dated February 25, 2011
under which Freddie Mac issues the Debt Securities.

     Fed Book-Entry Debt Securities: U.S. dollar denominated Debt Securities issued and maintained
in book-entry form on the Fed Book-Entry System.

     Fed Book-Entry System: The book-entry system of the Federal Reserve Banks which provides
book-entry holding and settlement for U.S. dollar denominated securities issued by the U.S.
Government, certain of its agencies, instrumentalities, government-sponsored enterprises and
international organizations of which the United States is a member.

     Federal Funds Rate (Daily): The rate determined by the Calculation Agent in accordance with
Section 2.07(i)(O).

     Federal Funds Rate (Daily) Determination Date: The applicable Reset Date; provided, however,
that if the Reset Date is not a Business Day, then the Federal Funds Rate (Daily) Determination
Date means the Business Day immediately following the applicable Reset Date.

     Federal Funds Rate (Weekly Average): The rate determined by the Calculation Agent in
accordance with Section 2.07(i)(P).

     Federal Reserve: The Board of Governors of the Federal Reserve System.

     Federal Reserve Bank: Each U.S. Federal Reserve Bank that maintains Debt Securities in
book-entry form.

     Federal Reserve Banks: Collectively, the Federal Reserve Banks.

     Fiscal Agency Agreement: The Uniform Fiscal Agency Agreement between Freddie Mac and the
FRBNY.

     Fiscal Agent: The FRBNY is fiscal agent for Fed Book-Entry Debt Securities.

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     Fixed Principal Repayment Amount: An amount equal to 100% of the principal amount of a Debt
Security, payable on the applicable Maturity Date or earlier date of redemption or repayment or a
specified amount above or below such principal amount, as provided in the applicable Supplemental
Agreement.

     Fixed Rate Debt Securities: Debt Securities that bear interest at a single fixed rate.

     Fixed/Variable Rate Debt Securities: Debt Securities that bear interest at a single fixed rate
during one or more specified periods and at a variable rate determined by reference to one or more
Indices, or otherwise, during one or more other periods. As to any such fixed rate period, the
provisions of this Agreement relating to Fixed Rate Debt Securities shall apply, and, as to any
such variable rate period, the provisions of this Agreement relating to Variable Rate Debt
Securities shall apply.

     Floor: A minimum interest rate at which interest may accrue on a Debt Security during any
Interest Reset Period.

     Freddie Mac: Federal Home Loan Mortgage Corporation, a stockholder-owned company chartered by
Congress pursuant to the Freddie Mac Act.

     Freddie Mac Act: Title III of the Emergency Home Finance Act of 1970, as amended, 12 U.S.C. §
1451-1459.

     FRBNY: The Federal Reserve Bank of New York.

     Global Agency Agreement: The agreement between Freddie Mac, the Global Agent and the
Registrar.

     Global Agent: The entity selected by Freddie Mac to act as its fiscal, transfer and paying
agent for Registered Debt Securities.

     H.15(519): The weekly statistical release entitled “Statistical Release H.15(519), Selected
Interest Rates” as published by the Federal Reserve, or any successor publication of the Federal
Reserve available on its website at http://www.federalreserve.gov/releases/h15/or any successor
site.

     H.15 Daily Update: The daily update of H.15(519), available on the website of the Federal
Reserve at http://www.federalreserve.gov/releases/h15/update, or any successor site or publication.

     Holder: In the case of Fed Book-Entry Debt Securities, the entity whose name appears on the
book-entry records of a Federal Reserve Bank as Holder; in the case of Registered Debt Securities
in global registered form, the depository, or its nominee, in whose name the Registered Debt
Securities are registered on behalf of a related clearing system; and, in the case of Registered
Debt Securities in definitive registered form, the person or entity in whose name such Debt
Securities are registered in the Register.

     Holding Institutions: Entities eligible to maintain book-entry accounts with a Federal Reserve
Bank.

     Index: LIBOR, EUR-LIBOR, EURIBOR, Prime Rate, Treasury Rate, CMT Rate, CMS Rate, Federal Funds
Rate (Daily), or Federal Funds (Weekly Average) or other specified interest rate, exchange rate or
other index, as the case may be.

     Index Currency: The currency or currency unit specified in the applicable Supplemental
Agreement with respect to which an Index will be calculated for a Variable Rate Debt Security;
provided, however, that if euros are substituted for such currency or currency unit, the Index
Currency will be euros and, with respect to LIBOR, the determination provisions for EUR-LIBOR will
apply to such Debt

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Securities upon such substitution. If no such currency or currency unit is specified in the
applicable Supplemental Agreement, the Index Currency will be U.S. dollars.

     Index Maturity: The period with respect to which an Index will be calculated for a Variable
Rate Debt Security that is specified in the applicable Supplemental Agreement.

     Interest Component: Each future interest payment, or portion thereof, due on or prior to the
Maturity Date, or if the Debt Security is subject to redemption or repayment prior to the Maturity
Date, the first date on which such Debt Security is subject to redemption or repayment.

     Interest Payment Date: The date or dates on which interest on Debt Securities will be payable
in arrears.

     Interest Payment Period: Unless otherwise provided in the applicable Supplemental Agreement,
the period beginning on (and including) the Issue Date or the most recent Interest Payment Date, as
the case may be, and ending on (but excluding) the earlier of the next Interest Payment Date or the
Principal Payment Date.

     Interest Reset Period: The period beginning on the applicable Reset Date and ending on the
calendar day preceding the next Reset Date.

     Issue Date: The date on which Freddie Mac wires an issue of Debt Securities to Holders or
other date specified in the applicable Supplemental Agreement.

     Leverage Factor: A Multiplier of greater than one by which an applicable Index is multiplied.

     LIBOR: The rate determined by the Calculation Agent in accordance with Section 2.07(i)(H).

     LIBOR Determination Date: The second London Banking Day preceding the applicable Reset Date
unless the Index Currency is Sterling, in which case it means the applicable Reset Date.

     London Banking Day: Any day on which commercial banks are open for business (including
dealings in foreign exchange and deposits in the Index Currency) in London.

     Maturity Date: The date, one day or longer from the Issue Date, on which a Debt Security will
mature unless extended, redeemed or repaid prior thereto.

     Mortgage Linked Amortizing Debt Securities: Amortizing Debt Securities on which Freddie Mac
makes periodic payments of principal based on the rate of payments on referenced mortgage or
mortgage-related assets, as described in the related Supplemental Agreement.

     Multiplier: A constant or variable number (which may be greater than or less than one) to be
multiplied by the relevant Index for a Variable Rate Debt Security.

     Non-U.S. Currency: Specified Currency other than U.S. dollars.

     Notes: Callable or non-callable Debt Securities with maturities of more than one day.

     New York Banking Day: Any day other than (a) a Saturday, (b) a Sunday, (c) a day on which
banking institutions in the City of New York are required or permitted by law or executive order to
close, or (d) a day on which the FRBNY is closed.

     Offering Circular: The Freddie Mac Global Debt Facility Offering Circular dated February 25,
2011 (including any related Offering Circular Supplement) and successors thereto.

     OID Determination Date: The last day of the last accrual period ending prior to the date of
the meeting of Holders (or, for consents not at a meeting, prior to a date established by Freddie
Mac). The

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accrual period will be the same as the accrual period used by Freddie Mac to determine its
deduction for accrued original issue discount under section 163 (e) of the Code.

     Other Registered Debt Securities: Registered Debt Securities that are not DTC Registered Debt
Securities, that are deposited with a Common Depositary and that will clear and settle through the
systems operated by Euroclear, Clearstream, Luxembourg and/or any such other applicable clearing
system other than DTC.

     Pricing Supplement: A supplement to the Offering Circular that describes the specific terms,
of, and provides pricing information and other information for, an issue of Debt Securities or
which otherwise amends, modifies or supplements the terms of the Offering Circular.

	 	 	Prime Rate: The rate determined by the Calculation Agent in accordance with Section
2.07(i)(K).

     Prime Rate Determination Date: The New York Banking Day preceding the applicable Reset Date.

     Principal Component: The principal payment plus any interest payments that are either due
after the date specified in, or are specified as ineligible for stripping in, the applicable
Supplemental Agreement.

     Principal Financial Center: The capital city of the country of the Specified Payment Currency,
or solely with respect to the calculation of LIBOR, the Index Currency, as the case may be, as
specified in the applicable Supplemental Agreement except that with respect to U.S. dollars,
Sterling, Yen, the euro and Swiss francs, the Principal Financial Center shall be the City of New
York, London, Tokyo, Brussels and Zurich, respectively.

     Principal Payment Date: The Maturity Date, or the earlier date of redemption or repayment, if
any (whether such redemption or repayment is in whole or in part).

     Range Accrual Debt Securities: Variable Rate Debt Securities on which no interest may accrue
during periods when the applicable Index is outside a specified range as described in the related
Supplemental Agreement.

     Record Date: As to Registered Debt Securities, the fifteenth calendar day preceding an
Interest Payment Date. Interest on a Registered Debt Security will be paid to the Holder of such
Registered Debt Security as of the close of business on the Record Date.

     Reference Bonds: U.S. dollar denominated, non-callable Reference Securities with maturities of
more than ten years.

     Reference Notes: U.S. dollar denominated, non-callable Reference Securities with maturities of
more than one year.

     Reference Securities: Scheduled U.S. dollar denominated issues of Debt Securities in large
principal amounts, which may be either Callable Reference Notes, Reference Bonds or Reference
Notes.

     Register: A register of the Holders of Registered Debt Securities maintained by the Registrar.

     Registered Debt Securities: Debt Securities issued and maintained in global registered or
definitive registered form on the books and records of the Registrar.

     Registrar: The entity selected by Freddie Mac to maintain the Register.

     Representative Amount: A principal amount of not less than U.S. $1,000,000 (or, if the Index
Currency is other than U.S. dollars, a principal amount not less than the equivalent in the Index
Currency)

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that, in the Calculation Agent’s sole judgment, is representative for a single transaction in
the relevant market at the relevant time.

     Reset Date: The date on which a new rate of interest on a Debt Security becomes effective.

     Reuters: Reuters Group PLC or any successor service.

     Reuters USAUCTION10 Page: The display designated as “USAUCTION10” (or any successor page)
provided by Reuters.

     Reuters USAUCTION11 Page: The display designated as “USAUCTION11” (or any successor page)
provided by Reuters.

     Reuters US PRIME1 Page: The display designated as page “USPRIME1” (or any successor page)
provided by Reuters.

     Seven-Day Period: As defined in Section 2.07(i)(P)(1).

     Specified Currency: The currency or currency unit in which a Debt Security may be denominated
and in which payments of principal of and interest on a Debt Security may be made.

     Specified Interest Currency: The Specified Currency provided for the payment of interest on
Debt Securities.

     Specified Payment Currency: The term to which the Specified Interest Currency and Specified
Principal Currency are referred collectively.

     Specified Principal Currency: The Specified Currency provided for the payment of principal on
Debt Securities.

     Spread: A constant or variable percentage or number to be added to or subtracted from the
relevant Index for a Variable Rate Debt Security.

     Step Debt Securities: Debt Securities that bear interest at different fixed rates during
different specified periods.

     Sterling: British pounds sterling.

     Supplemental Agreement: An agreement which, as to the related issuance of Debt Securities,
supplements the other provisions of this Agreement and identifies and establishes the particular
offering of Debt Securities issued in respect thereof. A Supplemental Agreement may be documented
by a supplement to this Agreement, a Pricing Supplement, a confirmation or a terms sheet. A
Supplemental Agreement may, as to any particular issuance of Debt Securities, modify, amend or
supplement the provisions of this Agreement in any respect whatsoever. A Supplemental Agreement
shall be effective and binding as of its publication, whether or not executed by Freddie Mac.

     TARGET2: The Trans-European Automated Real-Time Gross Settlement Express Transfer payment
system which utilizes a single shared platform and which was launched on November 19, 2007.

     TARGET2 Business Day: A day on which the TARGET2 system or its successor is operating.

     Targeted Registered Debt Securities: Debt Securities “targeted to foreign markets” under
Treasury Department regulations and offered or sold solely to persons outside the United States or
its territories or possessions.

     Treaty: The treaty establishing the EC, as amended by the treaty on European Union.

     Treasury Auction: The most recent auction of Treasury Bills prior to a given Reset Date.

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     Treasury Bills: Direct obligations of the United States.

     Treasury Department: United States Department of the Treasury.

     Treasury Rate: The rate determined by the Calculation Agent in accordance with Section
2.07(i)(L).

     Treasury Rate Determination Date: The day of the week in which the Reset Date falls on which
Treasury Bills would normally be auctioned or, if no auction is held for a particular week, the
first Business Day of that week. Treasury Bills are normally sold at auction on Monday of each
week, unless that day is a legal holiday, in which case the auction is normally held on the
following Tuesday, except that the auction may be held on the preceding Friday; provided, however,
that if an auction is held on the Friday of the week preceding the Reset Date, the Treasury Rate
Determination Date will be that preceding Friday; and provided, further, that if the Treasury Rate
Determination Date would otherwise fall on the Reset Date, that Reset Date will be postponed to the
next succeeding Business Day.

     Variable Principal Repayment Amount: The principal amount determined by reference to one or
more Indices or otherwise, payable on the applicable Maturity Date or date of redemption or
repayment of a Debt Security, as specified in the applicable Supplemental Agreement.

     Variable Rate Debt Securities: Debt Securities that bear interest at a variable rate, and
reset periodically, determined by reference to one or more Indices or otherwise. The formula for a
variable rate may include a Spread.

     Yen: Japanese yen.

     Zero Coupon Debt Securities: Debt Securities that do not bear interest and are issued at a
discount to their principal amount.

ARTICLE II

Authorization; Certain Terms

     Section 2.01. Authorization.

     Debt Securities shall be issued by Freddie Mac in accordance with the authority vested in
Freddie Mac by Section 306(a) of the Freddie Mac Act. The indebtedness represented by the Debt
Securities shall be unsecured general obligations of Freddie Mac, or, if so provided in the
applicable Supplemental Agreement, secured obligations of Freddie Mac. Debt Securities shall be
offered from time to time by Freddie Mac in an unlimited amount and shall be known by the
designation given them, and have the Maturity Dates stated, in the applicable Supplemental
Agreement. Freddie Mac, in its discretion and at any time, may offer Additional Debt Securities
having the same terms and conditions as Debt Securities previously offered. The Debt Securities may
be issued as Reference Securities, which includes Callable Reference Notes, Reference Notes and
Reference Bonds, or may be issued as any other Debt Securities, denominated in U.S. dollars or
other currencies, with maturities of one day or longer and may be in the form of Notes or Bonds or
otherwise. Issuances may consist of new issues of Debt Securities or reopenings of an existing
issue of Debt Securities.

     Section 2.02. Other Debt Securities Issued Hereunder.

     Freddie Mac may from time to time create and issue Debt Securities hereunder which contain
terms and conditions not specified in this Agreement. Such Debt Securities shall be governed by the
applicable Supplemental Agreement and, to the extent that the terms of this Agreement are not
inconsistent with Freddie Mac’s intent in creating and issuing such Debt Securities, by the terms
of this Agreement. Such

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Debt Securities shall be secured or unsecured obligations of Freddie Mac. If the Debt Securities
are secured obligations of Freddie Mac, the provisions of Article V hereof shall apply to such Debt
Securities.

     Section 2.03. Specified Currencies and Specified Payment Currencies.

     (a) Each Debt Security shall be denominated and payable in such Specified Currency as
determined by Freddie Mac. Fed Book-Entry Debt Securities will be denominated and payable in U.S.
dollars only.

     (b) Except under the circumstances provided in Section 2.03(c)(i) and (ii) and Article VI
hereof, Freddie Mac shall make payments of any interest on Debt Securities in the Specified
Interest Currency and shall make payments of the principal of Debt Securities in the Specified
Principal Currency. The Specified Currency for the payment of interest and principal with respect
to any Debt Security shall be set forth in the applicable Supplemental Agreement.

     (c) European
Economic and Monetary Union and Unavailability.

     (i) European Economic and Monetary Union. The Treaty contemplated that EMU would occur in
three stages. On January 1, 1999 the third and final stage of the EMU commenced with the
irrevocable fixing of the exchange rates of the currencies of the initial 11 participating member
states for interbank transfers in a single currency, the “euro”. Complete replacement of member
currencies was completed in 2002. As of the date of this Agreement, the participating member states
in the EMU are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Malta, The Netherlands, Portugal, Slovakia, Slovenia and Spain.

     (ii) Unavailability. Except as set forth below, if the principal of, premium, if any, or
interest on, any Debt Security is payable in a Specified Currency other than U.S. dollars and such
Specified Currency is not available to Freddie Mac for making required payments due to the
imposition of exchange controls, its replacement or disuse or other circumstances beyond the
control of Freddie Mac, then Freddie Mac shall be entitled to satisfy its obligations to Holders of
the Debt Securities by making such payments in U.S. dollars on the basis of the noon U.S. dollar
buying rate in New York City for cable transfers for such Specified Currency published by the FRBNY
on the date of such payment, or, if such currency exchange rate is not available on such date, as
of the most recent prior practicable date. Notwithstanding the provisions of the preceding
sentence, if euros have replaced such Specified Currency as described under Section 2.03(c)(i)
above, Freddie Mac may, at its option (or shall, if so required by applicable law) without the
consent of the Holders of such Debt Securities effect the payment of principal of, premium, if any,
or interest on, any Debt Security denominated in such Specified Currency in euros in lieu of such
Specified Currency, in conformity with legally applicable measures taken pursuant to, or by virtue
of the Treaty or other applicable legal or regulatory requirements.

     Section 2.04. Minimum Denominations.

     The Debt Securities shall be issued and maintained in the minimum denominations of U.S. $1,000
and additional increments of U.S. $1,000 for U.S. dollar denominated Debt Securities, unless
otherwise provided in the applicable Supplemental Agreement and as may be allowed or required from
time to time by the relevant regulatory authority or any laws or regulations applicable to the
relevant Specified Currency. In the case of Zero Coupon Debt Securities, denominations will be
expressed in terms of the principal amount payable on the Maturity Date.

     Section 2.05. Maturity.

     (a) Each Debt Security shall mature on its Maturity Date, as provided in the applicable
Supplemental Agreement, unless redeemed at the option of Freddie Mac or repaid at the option of the
Holder

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prior thereto in accordance with the provisions described under Section 2.06. Debt Securities
may be issued with minimum or maximum maturities or variable maturities allowed or required from
time to time by the relevant regulatory or stock exchange authority or clearing systems or any laws
or regulations applicable to the Specified Currency.

     (b) If so provided in the applicable Supplemental Agreement, certain Debt Securities may have
provision permitting their Beneficial Owner to elect to extend the initial Maturity Date specified
in such Supplemental Agreement, or any later date to which the maturity of such Debt Securities has
been extended, on specified dates. However, the maturity of such Debt Securities may not be
extended beyond the final Maturity Date specified in the Supplemental Agreement.

     (b) The principal amount payable on the Maturity Date of a Debt Security shall be a Fixed
Principal Repayment Amount or a Variable Principal Repayment Amount, in each case as provided in
the applicable Supplemental Agreement.

     Section 2.06. Optional Redemption and Optional Repayment.

     (a) The Supplemental Agreement for any particular issue of Debt Securities shall provide
whether such Debt Securities may be redeemed at Freddie Mac’s option or repayable at the Holder’s
option, in whole or in part, prior to their Maturity Date. If so provided in the applicable
Supplemental Agreement, an issue of Debt Securities shall be subject to redemption at the option of
Freddie Mac, or repayable at the option of the Holders, in whole or in part, on one or more
specified dates, at any time on or after a specified date, or during one or more specified periods
of time. The redemption or repayment price for such Debt Securities (or such part of such Debt
Securities as is redeemed or repaid) shall be an amount provided in, or determined in a manner
provided in, the applicable Supplemental Agreement, together with accrued and unpaid interest to
the date fixed for redemption or repayment.

     (b) Unless otherwise provided in the applicable Supplemental Agreement, notice of optional
redemption shall be given to Holders of the related Debt Securities not less than 5 Business Days
nor more than 60 calendar days prior to the date of redemption in the manner provided in Section
8.07.

     (c) In the case of a partial redemption of an issue of Fed Book-Entry Debt Securities by
Freddie Mac, such Fed Book-Entry Debt Securities shall be redeemed pro rata. In the case of a
partial redemption of an issue of Registered Debt Securities by Freddie Mac, one or more of such
Registered Debt Securities shall be reduced by the Global Agent in the amount of such redemption,
subject to the principal amount of such Registered Debt Securities after redemption remaining in an
authorized denomination. The effect of any partial redemption of an issue of Registered Debt
Securities on the Beneficial Owners of such Registered Debt Securities will depend on the
procedures of the applicable clearing system and, if such Beneficial Owner is not a participant
therein, on the procedures of the participant through which such Beneficial Owner owns its
interest.

     (d) If so provided in the applicable Supplemental Agreement, certain Debt Securities shall be
repayable, in whole or in part, by Freddie Mac at the option of the relevant Holders thereof or
otherwise, on one or more specified dates, at any time on or after a specified date, or during one
or more specified periods of time, upon terms and procedures provided in the applicable
Supplemental Agreement. Unless otherwise provided in the applicable Supplemental Agreement, in the
case of a Registered Debt Security, to exercise such option, the Holder shall deposit with the
Global Agent (i) such Registered Debt Security; and (ii) a duly completed notice of optional
repayment in the form obtainable from the Global Agent, in each case not more than the number of
days nor less than the number of days specified in the applicable Supplemental Agreement prior to
the date fixed for repayment. Unless otherwise specified in the applicable Supplemental Agreement,
no such Registered Debt Security (or notice of repayment) so deposited may be withdrawn without the
prior consent of Freddie Mac or the Global Agent. Unless

11

 

otherwise provided in the applicable Supplemental Agreement, in the case of a Fed Book-Entry
Debt Security, if the Beneficial Owner wishes to exercise such option, then the Beneficial Owner
shall give notice thereof to Freddie Mac through the relevant Holding Institution as provided in
the applicable Supplemental Agreement.

     (e) The principal amount payable upon redemption or repayment of a Debt Security shall be a
Fixed Principal Repayment Amount or a Variable Principal Repayment Amount, in each case as provided
in the applicable Supplemental Agreement.

     Section 2.07. Payment Terms of the Debt Securities.

     (a) Debt Securities shall bear interest at one or more fixed rates or variable rates or may
not bear interest. If so provided in the applicable Supplemental Agreement, Debt Securities may be
separated by a Holder into one or more Interest Components and Principal Components. The Offering
Circular or the applicable Supplemental Agreement for such Debt Securities shall specify the
procedure for stripping such Debt Securities into such Interest and Principal Components.

     (b) The applicable Supplemental Agreement shall specify the frequency with which interest, if
any, is payable on the related Debt Securities. Interest on Debt Securities shall be payable in
arrears on the Interest Payment Dates specified in the applicable Supplemental Agreement and on
each Principal Payment Date.

     (c) Each issue of interest-bearing Debt Securities shall bear interest during each Interest
Payment Period. No interest on the principal of any Debt Security will accrue on or after the
Principal Payment Date on which such principal is repaid.

     (d) The determination by the Calculation Agent of the interest rate on, or any Index in
relation to, a Variable Rate Debt Security and the determination of any payment on any Debt
Security (or any interim calculation in the determination of any such interest rate, index or
payment) shall, absent manifest error, be final and binding on all parties. If a principal or
interest payment error occurs, Freddie Mac may correct it by adjusting payments to be made on later
Interest Payment Dates or Principal Payment Dates (as appropriate) or in any other manner Freddie
Mac considers appropriate. If the source of an Index changes in format, but the Calculation Agent
determines that the Index source continues to disclose the information necessary to determine the
related interest rate substantially as required, the Calculation Agent will amend the procedure for
obtaining information from that source to reflect the changed format. All Index values used to
determine principal or interest payments are subject to correction within 30 days from the
applicable payment. The source of a corrected value must be the same source from which the original
value was obtained. A correction might result in an adjustment on a later date to the amount paid
to the Holder.

     (e) Payments on Debt Securities shall be rounded, in the case of U.S. dollars, to the nearest
cent or, in the case of a Specified Payment Currency other than U.S. dollars, to the nearest
smallest transferable unit (with one-half cent or unit being rounded upwards).

     (f) In the event that any jurisdiction imposes any withholding or other tax on any payment
made by Freddie Mac (or our agent or any other person potentially required to withhold) with
respect to a Debt Security, Freddie Mac (or our agent or such other person) will deduct the amount
required to be withheld from such payment, and Freddie Mac (or our agent or such other person) will
not be required to pay additional interest or other amounts, or redeem or repay the Debt Securities
prior to the applicable Maturity Date, as a result.

     (g) Fixed Rate Debt Securities

12

 

     Fixed Rate Debt Securities shall bear interest at a single fixed interest rate. The applicable
Supplemental Agreement shall specify the fixed interest rate per annum on a Fixed Rate Debt
Security. Unless otherwise specified in the applicable Supplemental Agreement, interest on a Fixed
Rate Debt Security shall be computed on the basis of a 360-day year consisting of twelve 30-day
months.

     (h) Step Debt Securities

     Step Debt Securities shall bear interest from their Issue Date to a specified date at their
initial fixed interest rate and from that date to their Maturity Date at one or more different
fixed interest rates that shall be prescribed as of the Issue Date. A Step Debt Security will have
one or more step periods. The applicable Supplemental Agreement shall specify the fixed interest
rate per annum payable on Step Debt Securities for each related period from issuance to maturity.
Unless otherwise specified in the applicable Supplemental Agreement, interest on a Step Debt
Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

     (i) Variable Rate Debt Securities

(A) Variable Rate Debt Securities shall bear interest at a variable rate determined on the
basis of a direct or an inverse relationship to one or more specified Indices or otherwise,
(x) plus or minus a Spread, if any, or (y) multiplied by one or more Leverage or Deleverage
Factors, if any, as specified in the applicable Supplemental Agreement. Variable Rate Debt
Securities also may bear interest in any other manner described in the applicable Supplemental
Agreement.

(B) Variable Rate Debt Securities may have a Cap and/or a Floor.

(C) The applicable Supplemental Agreement shall specify the accrual method (i.e., the day
count convention) for calculating interest or any relevant accrual factor on the related
Variable Rate Debt Securities. The accrual method may incorporate one or more of the following
defined terms:

     “Actual/360” shall mean that interest or any other relevant accrual factor shall be
calculated on the basis of the actual number of days elapsed in a year of 360 days.

     “Actual/365 (fixed)” shall mean that interest or any other relevant accrual factor shall
be calculated on the basis of the actual number of days elapsed in a year of 365 days,
regardless of whether accrual or payment occurs during a calendar leap year.

     “Actual/Actual” shall mean, unless otherwise indicated in the applicable Supplemental
Agreement, that interest or any other relevant accrual factor shall be calculated on the basis
of (x) the actual number of days elapsed in the Interest Payment Period divided by 365, or (y)
if any portion of the Interest Payment Period falls in a calendar leap year, (A) the actual
number of days in that portion divided by 366 plus (B) the actual number of days in the
remaining portion divided by 365. If so indicated in the applicable Supplemental Agreement,
“Actual/Actual” shall mean interest or any other relevant accrual factor shall be calculated
in accordance with the definition of “Actual/ Actual” adopted by the International Securities
Market Association (“Actual/Actual (ISMA)”), which means a calculation on the basis of the
following:

(1) where the number of days in the relevant Interest Payment Period is equal to or
shorter than the Determination Period during which such Interest Payment Period ends, the
number of days in such Interest Payment Period divided by the product of (A) the number
of days in such Determination Period and (B) the number of Interest Payment Dates that
would occur in one calendar year; or

(2) where the Interest Payment Period is longer than the Determination Period during
which the Interest Payment Period ends, the sum of (A) the number of days in such
Interest Payment Period falling in the Determination Period in which the Interest Payment
Period begins divided

13

 

by the product of (X) the number of days in such Determination Period and (Y) the number
of Interest Payment Dates that would occur in one calendar year; and (B) the number of
days in such Interest Payment Period falling in the next Determination Period divided by
the product of (X) the number of days in such Determination Period and (Y) the number of
Interest Payment Dates that would occur in one calendar year.

(D) The applicable Supplemental Agreement shall specify the frequency with which the rate of
interest on the related Variable Rate Debt Securities shall reset. The applicable Supplemental
Agreement also shall specify the Reset Date. If the interest rate will reset within an Interest
Payment Period, then the interest rate in effect on the sixth Business Day preceding an Interest
Payment Date will be the interest rate for the remainder of that Interest Payment Period and the
first day of each Interest Payment Period also will be a Reset Date. Variable Rate Debt Securities
may bear interest prior to the initial Reset Date at an initial interest rate, if any, specified in
the applicable Supplemental Agreement. If so, then the first day of the first Interest Payment
Period will not be a Reset Date. The rate of interest applicable to each Interest Reset Period
shall be determined as provided below or in the applicable Supplemental Agreement.

Except for a Variable Rate Debt Security as to which the rate of interest thereon is determined by
reference to LIBOR, EUR-LIBOR, EURIBOR, Prime Rate, Treasury Rate, CMT Rate, CMS Rate, Federal
Funds Rate (Daily), or Federal Funds Rate (Weekly Average) or as otherwise set forth in the
applicable Supplemental Agreement, the Determination Date for a Variable Rate Debt Security means
the second Business Day preceding the Reset Date applicable to an Interest Reset Period.

(E) If the rate of interest on a Variable Rate Debt Security is subject to adjustment within an
Interest Payment Period, accrued interest shall be calculated by multiplying the principal amount
of such Variable Rate Debt Security by an accrued interest factor. Unless otherwise specified in
the applicable Supplemental Agreement, this accrued interest factor shall be computed by adding the
interest factor calculated for each Interest Reset Period in such Interest Payment Period and
rounding the sum to nine decimal places. The interest factor for each such Interest Reset Period
shall be computed by (1) multiplying the number of days in the Interest Reset Period by the
interest rate (expressed as a decimal) applicable to such Interest Reset Period; and (2) dividing
the product by the number of days in the year referred to in the accrual method specified in the
applicable Supplemental Agreement.

(F) If and so long as an issue of Variable Rate Debt Securities is admitted for trading on the Euro
MTF Market and listed on the Official List of the Luxembourg Stock Exchange and such stock exchange
so requires, the Calculation Agent shall cause the interest rate for the applicable Interest Reset
Period and the amount of interest on the minimum denomination in respect of such issue that would
accrue through the last day of such Interest Reset Period, as well as the last day of such Interest
Reset Period, to be provided to such stock exchange as soon as practicable, but in no event later
than the applicable Reset Date.

(G) For each issue of Variable Rate Debt Securities, the Calculation Agent shall also cause the
interest rate for the applicable Interest Reset Period and the amount of interest accrued on the
minimum denomination specified for such issue to be made available to Holders as soon as
practicable after its determination but in no event later than two Business Days thereafter. Such
interest amounts so made available may subsequently be amended (or appropriate alternative
arrangements made by way of adjustment) without notice in the event of an extension or shortening
of the Interest Reset Period.

14

 

(H) If the applicable Supplemental Agreement specifies LIBOR as the applicable Index for
determining the rate of interest for the related Variable Rate Debt Security, the following
provisions shall apply (unless otherwise specified in the applicable Supplemental Agreement):

“LIBOR” shall mean, with respect to any Reset Date (in the following order of priority):

(1) the rate (expressed as a percentage per annum) for Deposits in the Index Currency having
the Index Maturity that appears on the Designated Reuters Page at 11:00 a.m. (London time) on
such LIBOR Determination Date;

(2) if such rate does not so appear pursuant to clause (1) above, the Calculation Agent shall
request the principal London offices of four leading banks in the London interbank market
selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not
then acting as Calculation Agent) to provide such banks’ offered quotations (expressed as a
percentage per annum) to prime banks in the London interbank market for Deposits in the Index
Currency having the Index Maturity at 11:00 a.m. (London time) on such LIBOR Determination
Date and in a Representative Amount. If at least two quotations are provided, LIBOR shall be
the arithmetic mean (if necessary rounded upwards) of such quotations;

(3) if fewer than two such quotations are provided as requested in clause (2) above, the
Calculation Agent shall request four major banks in the applicable Principal Financial Center
selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not
then acting as Calculation Agent) to provide such banks’ offered quotations (expressed as a
percentage per annum) to leading European banks for a loan in the Index Currency for a period
of time corresponding to the Index Maturity, commencing on such Reset Date, at approximately
11:00 a.m. in the Principal Financial Center on such LIBOR Determination Date and in a
Representative Amount. If at least two such quotations are provided, LIBOR shall be the
arithmetic mean (if necessary rounded upwards) of such quotations; and

(4) if fewer than two such quotations are provided as requested in clause (3) above, LIBOR
shall be LIBOR determined with respect to the Reset Date immediately preceding such Reset Date
or, in the case of the first Reset Date, shall be the rate for Deposits in the Index Currency
having the Index Maturity at 11:00 a.m. (London time) on the most recent London Banking Day
preceding the related LIBOR Determination Date for which such rate shall have been displayed
on the Designated Reuters Page with respect to Deposits commencing on the second London
Banking Day following such date (or, if the Index Currency is Sterling, commencing on such
date).

(I) If the applicable Supplemental Agreement specifies EUR-LIBOR as the applicable Index for
determining the rate of interest for the related Variable Rate Debt Security, the following
provisions shall apply (unless otherwise specified in the applicable Supplemental Agreement):

“EUR-LIBOR” shall mean, with respect to any Reset Date (in the following order of priority):

(1) the rate (expressed as a percentage per annum) for Deposits in euros having the Index
Maturity that appears on the Designated EUR-LIBOR Reuters Page at 11:00 a.m. (London time) on
the related EUR-LIBOR Determination Date;

(2) if such rate does not so appear pursuant to clause (1) above, the Calculation Agent shall
request the principal London offices of four leading banks in the London interbank market
selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not
then acting as Calculation Agent) to provide such banks’ offered quotations (expressed as a
percentage per annum) to prime banks in the London interbank market for Deposits in euros
having the Index Maturity at 11:00 a.m. (London time) on such EUR-LIBOR Determination

15

 

Date and in a Euro Representative Amount. If at least two quotations are provided, EUR-LIBOR
shall be the arithmetic mean (if necessary rounded upwards) of such quotations;

(3) if fewer than two such quotations are provided as requested in clause (2) above, the
Calculation Agent shall request four major banks in London selected by the Calculation Agent
(after consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation Agent)
to provide such banks’ offered quotations (expressed as a percentage per annum) to leading
European banks for a loan in euros for a period of time corresponding to the Index Maturity,
commencing on such Reset Date, at approximately 11:00 a.m. (London time) on such EUR-LIBOR
Determination Date and in a Euro Representative Amount. If at least two such quotations are
provided, EUR-LIBOR shall be the arithmetic mean (if necessary rounded upwards) of such
quotations; and

(4) if fewer than two such quotations are provided as requested in clause (3) above, EUR-LIBOR
shall be EUR-LIBOR determined with respect to the Reset Date immediately preceding such Reset
Date or, in the case of the first Reset Date, will be the rate for Deposits in euros having
the Index Maturity at 11:00 a.m. (London time) on the most recent TARGET Business Day
preceding the EUR-LIBOR Determination Date for which such rate was displayed on the Designated
EUR-LIBOR Reuters Page for deposits starting on the second TARGET Business Day following such
date.

(J) If the applicable Supplemental Agreement specifies EURIBOR as the applicable Index for
determining the rate of interest for the related Variable Rate Debt Security, the following
provisions shall apply (unless otherwise specified in the applicable Supplemental Statement):

“EURIBOR” shall mean, with respect to a Reset Date (in the following order of priority):

(1) the rate (expressed as a percentage per annum) for Deposits in euros having the Index
Maturity that appears on the Designated EURIBOR Reuters Page at 11:00 a.m., Brussels time, on
the relevant EURIBOR Determination Date;

(2) if such rate does not so appear pursuant to clause (1) above, then the Calculation Agent
will request the principal offices of four major banks in the Euro-Zone selected by the
Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then acting as
Calculation Agent) to provide such banks’ offered quotations (expressed as a percentage per
annum) to prime banks in the Euro-Zone interbank market for Deposits in euros having the Index
Maturity at 11:00 a.m. Brussels time on such EURIBOR Determination Date and in a Euro
Representative Amount. If at least two quotations are provided, EURIBOR for that date will be
the arithmetic mean (if necessary, rounded upwards) of the quotations;

(3) if fewer than two such quotations are provided as requested in clause (2) above, EURIBOR
for that date will be the arithmetic mean (if necessary, rounded upwards) of the rates quoted
by major banks in the Euro-Zone, selected by the Calculation Agent (after consultation with
Freddie Mac, if Freddie Mac is not then acting as Calculation Agent), at approximately 11:00
a.m., Brussels time, on the EURIBOR Determination Date for loans in euros to leading European
banks for a period of time corresponding to the Index Maturity and in a Euro Representative
Amount. If at least two quotations are provided, EURIBOR for that date will be the arithmetic
mean (if necessary, rounded upwards) of the quotations; and

(4) if fewer than two quotations are provided as requested in clause (3) above, EURIBOR will
be EURIBOR as determined for the immediately preceding Reset Date or, in the case of the first
Reset Date, the interest rate payable for the new Interest Reset Period will be the initial
interest rate.

16

 

(K) If the applicable Supplemental Agreement specifies the Prime Rate as the applicable Index for
determining the rate of interest for the related Variable Rate Debt Securities, the following
provisions shall apply:

The “Prime Rate” means, with respect to any Reset Date (in the following order of priority):

(1) the rate for the Prime Rate Determination Date, as published in H.15(519) Daily Update
opposite the caption “Bank prime loan”;

(2) if the rate is not published by 5:00 p.m., New York City time, on the Reset Date pursuant
to clause (1), the rate for the Prime Rate Determination Date as published in H.15(519)
opposite the caption “Bank prime loan”;

(3) if the rate is not published in either H.15(519) or the H.15 Daily Update by 5:00 p.m.,
New York City time, on the Reset Date, then the Prime Rate will be the arithmetic mean,
determined by the Calculation Agent, of the rates (after eliminating certain rates, as
described below in this clause (3)) that appear, at 11:00 a.m., New York City time, on the
Prime Rate Determination Date, on Reuters USPRIME1 Page as the U.S. dollar prime rate or base
lending rate of each bank appearing on that page; provided, that at least three rates appear.
In determining the arithmetic mean:

(i) if 20 or more rates appear, the highest five rates (or in the event of equality, five
of the highest) and the lowest five rates (or in the event of equality, five of the
lowest) will be eliminated,

(ii) if fewer than 20 but 10 or more rates appear, the highest two rates (or in the event
of equality, two of the highest) and the lowest two rates (or in the event of equality,
two of the lowest) will be eliminated, or

(iii) if fewer than 10 but five or more rates appear, the highest rate (or in the event
of equality, one of the highest) and the lowest rate (or in the event of equality, one of
the lowest) will be eliminated;

(4) if fewer than three rates so appear on Reuters USPRIME1 Page pursuant to clause (3) above,
then the Calculation Agent will request five major banks in the City of New York selected by
the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then acting
as Calculation Agent) to provide a quotation of such banks’ U.S. dollar prime rates or base
lending rates on the basis of the actual number of days in the year divided by 360 as of the
close of business on the Prime Rate Determination Date. If at least three quotations are
provided, then the Prime Rate will be the arithmetic mean determined by the Calculation Agent
of the quotations obtained (and, if five quotations are provided, eliminating the highest
quotation (or in the event of equality, one of the highest) and the lowest quotation (or in
the event of equality, one of the lowest));

(5) if fewer than three quotations are so provided pursuant to clause (4) above, the
Calculation Agent will request five banks or trust companies organized and doing business
under the laws of the United States or any state, each having total equity capital of at least
U.S. $500,000,000 and being subject to supervision or examination by federal or state
authority, selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie
Mac is not then acting as Calculation Agent), to provide a quotation of such banks’ or trust
companies’ U.S. dollar prime rates or base lending rates on the basis of the actual number of
days in the year divided by 360 as of the close of business on the Prime Rate Determination
Date. In making such selection of five banks or trust companies, the Calculation Agent will
include each bank, if any, that provided a quotation as requested in clause (4) above and
exclude each bank that failed to

17

 

provide a quotation as requested in clause (4). If at least three quotations are provided,
then the Prime Rate will be the arithmetic mean determined by the Calculation Agent of the
quotations obtained; and

(6) if fewer than three quotations are so provided pursuant to clause (5) above, then the
Prime Rate will be the Prime Rate determined for the immediately preceding Reset Date. If the
applicable Reset Date is the first Reset Date, then the Prime Rate will be the rate calculated
pursuant to clause (1) or (2) for the most recent New York Banking Day preceding the Reset
Date for which such rate was published in H.15(519) or H.15 Daily Update.

(L) If the applicable Supplemental Agreement specifies the Treasury Rate as the applicable Index
for determining the rate of interest for the related Variable Rate, the following provisions shall
apply:

     The “Treasury Rate” means, with respect to any Reset Date (in the following order of
priority):

(1) the rate for the Treasury Determination Date of Treasury Bills having the Index Maturity,
as published in H.15 Daily Update under the caption “U.S. government securities/Treasury
bills/(secondary market)”;

(2) if the rate described in clause (1) above does not appear in H.15 Daily Update by 5:00
p.m., New York City time, on the Reset Date, then the rate for the Treasury Rate Determination
Date of Treasury Bills having the Index Maturity, as published in the H.15 (519), or other
recognized electronic source used for the purpose of displaying that rate under the caption
“U.S. government securities/Treasury bills(secondary market)”;

(3) if the rate described in clause (2) above is not so published by 3.00 p.m., New York City
time, on the Reset Date, then the rate from Treasury Auction of Treasury Bills having the
Index Maturity, as that rate appears under the caption “INVEST RATE” on the display on Reuters
USAUCTION10 Page or Reuters USAUCTION11 Page;

(4) if the rate described in clause (3) above is not published by 5:00 p.m., New York City
time, on the Reset Date, then the auction average rate for Treasury Bills having the Index
Maturity obtained from the applicable Treasury Auction as announced by the Treasury Department
in the form of a press release under the heading “Investment Rate” by 5:00 p.m. on such Reset
Date;

(5) if the rate describe in clause (4) above is not so announced by the Treasury Department by
5:00 p.m., New York City time, on the Reset Date, then auction average rate obtained from the
Treasury Auction of the applicable Treasury Bills, as otherwise announced by the Treasury
Department by 5:00 p.m., New York City time, on the Reset Date as determined by the
Calculation Agent;

(6) if such rate described in clause (5) is not so announced by the Treasury Department by
5:00 p.m., New York City time, on the Reset Date, the Calculation Agent will request five
leading primary United States government securities dealers in the City of New York selected
by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is not then
acting as Calculation Agent) to provide a quotation of such dealers’ secondary market bid
yields, as of 3:00 p.m. on the Reset Date, for Treasury Bills with a remaining maturity
closest to the Index Maturity (or, in the event that the remaining maturities are equally
close, the longer remaining maturity). If at least three quotations are provided, then the
Treasury Rate will be the arithmetic mean determined by the Calculation Agent of the
quotations obtained; and

18

 

(7) if fewer than three quotations are so provided pursuant to clause (6) above, then the
Treasury Rate for the immediately preceding Reset Date. If the applicable Reset Date is
the first Reset Date, then the auction average rate for Treasury Bills having the Index
Maturity from the most recent auction of Treasury Bills prior to the Reset Date for which
such rate was announced by the Treasury Department in the form of a press release under
the heading “Investment Rate.”

     The rate (including the auction average rate) for Treasury Bills and the secondary market bid
yield for Treasury Bills will be obtained and expressed as a bond equivalent on the basis of a year
of 365 or 366 days, as applicable (or, if not so expressed, will be converted by the Calculation
Agent to such a bond equivalent yield).

     (M) If the applicable Supplemental Agreement specifies the CMT Rate as the applicable Index
for determining the rate of interest for the related Variable Rate, the following provisions shall
apply:

     The “CMT Rate” means, with respect to any Reset Date (in the following order of priority):

(1) for any CMT Determination Date, the daily rate for the Index Maturity that appears on
page “FRBCMT” on Reuters (or any other page that replaces the FRBCMT page on that service
or any successor service) under the heading “...Treasury Constant Maturities. Federal
Reserve Board Release H.15...Mondays Approximately 3:45 p.m.”;

(2) if the applicable rate described in clause (1) is not displayed on Reuters page
FRBCMT at 3:45 p.m., New York City time, on the CMT Determination Date, then the CMT Rate
will be the Treasury constant maturity rate for the Index Maturity applicable for the CMT
Determination Date as published in H.15 (519);

(3) if the CMT Rate is not determined pursuant to clause (1) and the applicable rate
described in clause (2) does not appear in H.15 (519) at 3:45 p.m., New York City time,
on the CMT Determination Date, then the CMT Rate will be the Treasury constant maturity
rate, or other U.S. Treasury rate, applicable to an Index Maturity with reference to the
CMT Determination Date, that:

(i) is published by the Federal Reserve or the Treasury Department; and

(ii) Freddie Mac has determined to be comparable to the applicable rate formerly
displayed on Reuters page 7051 and published in H.15 (519);

(4) if the CMT Rate is not determined pursuant to clause (1) or (2) and the rate
described in clause (3) above does not appear at 3:45 p.m., New York City time, on the
CMT Determination Date, then the CMT Rate will be the yield to maturity of the arithmetic
mean of the secondary market offered rates for U.S. Treasury securities with an original
maturity of approximately the Index Maturity and a remaining term to maturity of no more
than one year shorter than the Index Maturity, and in a Representative Amount, as of
approximately 3:45 p.m., New York City time, on the CMT Determination Date, as quoted by
three primary U.S. government securities dealers in New York City that Freddie Mac
selects. In selecting these offered rates, Freddie Mac will request quotations from five
primary dealers and will disregard the highest quotation or, if there is equality, one of
the highest and the lowest quotation or, if there is equality, one of the lowest. If two
U.S. Treasury securities with an original maturity longer than the Index Maturity have
remaining terms to maturity that are equally close to the Index Maturity, Freddie Mac
will obtain quotations for the U.S. Treasury security with the shorter remaining term to
maturity;

19

 

(5) if the CMT Rate is not determined pursuant to clause (1), (2) or (3) and fewer than
five but more than two primary dealers are quoting offered rates as described in clause
(4), then the CMT Rate for the CMT Determination Date will be based on the arithmetic
mean of the offered rates so obtained, and neither the highest nor the lowest of those
quotations will be disregarded;

(6) if the CMT Rate is not determined pursuant to clause (1), (2), (3) or (4) and two or
fewer primary dealers are quoting offered rates as described in clause (5), then the CMT
Rate will be the yield to maturity of the arithmetic mean of the secondary market offered
rates for U.S. Treasury securities having an original maturity longer than the Index
Maturity and a remaining term to maturity closest to the Index Maturity, and in a
Representative Amount, as of approximately 3:45 p.m., New York City time, on the CMT
Determination Date, as quoted by three primary U.S. government securities dealers in New
York City that Freddie Mac selects. In selecting these offered rates, Freddie Mac will
request quotations from five primary dealers and will disregard the highest quotation,
or, if there is equality, one of the highest and the lowest quotation or, if there is
equality, one of the lowest;

(7) if the CMT Rate is not determined pursuant to clauses (1) through (6) above and fewer
than five but more than two primary dealers are quoting offered rates as described in
clause (6), then the CMT Rate for the CMT Determination date will be based on the
arithmetic mean of the offered rates so obtained, and neither the highest nor the lowest
of those quotations will be disregarded; and

(8) if the Calculation Agent obtains fewer than three quotations of the kind described in
clause (6), the CMT Rate in effect for the new Interest Reset Period will be the CMT Rate
in effect for the prior Interest Rate Period, or if the applicable Reset Date is the
first Reset Date, the rate of interest payable for the new Interest Reset Period will be
the initial interest rate.

     (N) If the applicable Supplemental Agreement specifies the CMS Rate as the applicable Index
for determining the rate of interest for the related Variable Rate, the following provisions shall
apply:

     The “CMS Rate” means, with respect to any Reset Date:

(1) the most recent rate for U.S. dollar swap transactions for the applicable Index
Currency and applicable Index Maturity, as specified in the applicable Supplemental
Agreement for the Debt Securities, expressed as a percentage, which appears on the
Reuters page “ISDAFIX1” (or such other page that may replace that page on that service or
a successor service) at 11:00 a.m., New York City time, on the applicable CMS
Determination Date;

(2) if the most recent CMS Rate as described in clause (1) above was first available
prior to ten calendar days before the applicable CMS Determination Date, then the CMS
Rate will be determined by the Calculation Agent on the basis of the mid-market
semi-annual swap rate quotations provided by the five leading swaps dealers in the New
York City interbank market (which may include Dealers and their affiliates), and for this
purpose, “mid-market semi-annual swap rate” means the arithmetic mean of the bid and
offered rate quotations for the semi-annual fixed leg, calculated on a 30/360 day count
basis, of a fixed-for-floating United States dollars denominated interest rate swap
transaction with the applicable Index Currency and Index Maturity, as specified in the
applicable Supplemental Agreement for the Debt Securities, commencing on the Reset Date
for the relevant Interest Period, and for a relevant representative amount in the
relevant market at the relevant time, with an acknowledged dealer of good credit in the
swap market, where the floating leg, calculated on an Actual/360 day count basis, is
equivalent to USD-LIBOR-BBA (as defined in the 2006 ISDA Definitions published by the
International Swaps and Derivatives Association, Inc.) with a designated

20

 

maturity of three months. The Calculation Agent will request the principal New York City
office of each of the five leading swaps dealers selected by the Calculation Agent to
provide a quotation of its rate. If at least five quotations are provided, the rate for
that CMS Determination Date will be the arithmetic mean of the quotations, eliminating
the highest quotation (or, in the event of equality, one of the highest) and the lowest
quotation (or, in the event of equality, one of the lowest);

(3) if two, three or four (and not five) of such swaps dealers are quoting as described
in clause (2) above, then the CMS Rate will be based on the arithmetic mean of the bid
prices obtained and neither the highest nor lowest of such quotations will be eliminated;
and

(4) if fewer than two rate quotations are provided, then the CMS Rate for the Reset Date
will be the CMS Rate in effect on the preceding Reset Date, or if the applicable Reset
Date is the first Reset Date, the rate of interest payable for the new Interest Reset
Period will be the initial interest rate.

     (O) If the applicable Supplemental Agreement specifies the Federal Funds Rate (Daily) as the
applicable Index for determining the rate of interest for the related Variable Rate, the following
provisions shall apply:

     The “Federal Funds Rate (Daily)” means, with respect to any Reset Date:

(1) the rate for the Business Day preceding the Federal Funds Rate (Daily) Determination
Date for U.S. dollar federal funds, as published in the latest H.15 Daily Update opposite
the caption “Federal funds (effective)”;

(2) if the rate specified in clause (1) is not published by 5:00 p.m., New York City
Time, on the Federal Funds Rate (Daily) Determination Date, the Federal Funds Rate
(Daily) will be the rate for that Fed Funds Rate (Daily) Determination Date as published
in the H.15 Daily Update, or other recognized electronic source used for the purpose of
displaying the applicable rate, opposite the caption “Federal funds (effective)”;

(3) if the rate specified in clause (2) is not published by 5:00 p.m., New York City
time, on the Federal Funds Rate Determination Date, then the Calculation Agent will
request five leading brokers (which may include the related Dealers or their affiliates)
of federal funds transactions in the City of New York selected by the Calculation Agent
(after consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation
Agent) each to provide a quotation of the broker’s effective rate for transactions in
overnight federal funds arranged by the broker settling on the Business Day preceding the
Federal Funds Rate (Daily) Determination Date. If at least two quotations are provided,
then the Federal Funds Rate (Daily) will be the arithmetic mean determined by the
Calculation Agent of the quotations obtained (and, if five quotations are provided,
eliminating the highest quotation (or, in the event of equality, one of the highest) and
the lowest quotation (or, in the event of equality, one of the lowest));

(4) if fewer than two quotations are so provided pursuant to clause (3) above, then the
Calculation Agent will request five leading brokers (which may include the related
Dealers or their affiliates) of federal funds transactions in the City of New York
selected by the Calculation Agent (after consultation with Freddie Mac, if Freddie Mac is
not then acting as Calculation Agent) each to provide a quotation of the broker’s rates
for the last transaction in overnight federal funds arranged by the broker as of 11:00
a.m., New York City time, on the Business Day preceding the Federal Funds Rate (Daily)
Determination Date. If at least two quotations are provided, then the Federal Funds Rate
(Daily) will be the arithmetic mean determined by the Calculation Agent of the quotations
obtained (and, if five quotations are

21

 

provided, eliminating the highest quotation (or, in the event of equality, one of the
highest) and the lowest quotation (or, in the event of equality, one of the lowest)); and

(5) if fewer than two quotations are so provided pursuant to clause (4) above, then the
Federal Funds Rate (Daily) as of such Federal Funds Rate (Daily) Determination Date will
be the Federal Funds Rate (Daily) determined for the immediately preceding Reset Date. If
the applicable Reset Date is the first Reset Date, then the rate of interest payable for
the new Interest Rate Period will be the initial interest rate.

     (P) If the applicable Supplemental Agreement specifies the Federal Funds Rate (Weekly Average)
as the applicable Index for determining the rate of interest for the related Variable Rate, the
following provisions shall apply:

     The “Federal Funds Rate (Weekly Average)” means, with respect to any Reset Date:

(1) the most recent rate published in the latest H.15(519) available by 5:00 p.m., New
York City time, on the Reset Date, opposite the caption “Federal funds (effective)” and
under the caption “Week Ending” for the Friday immediately preceding the Reset Date. (As
described in the footnotes to the H.15(519), the rate shown for the week ending on a
Friday preceding a Reset Date actually will be the rate for the week ending on (and
including) the Wednesday preceding the Reset Date (the “Seven-Day Period”));

(2) if a rate is not so published pursuant to clause (1) above, then the Federal Funds
Rate (Weekly Average) will be the arithmetic mean determined by the Calculation Agent of
the rate, determined in the manner described in subclauses (y) and (z) below (as
applicable), for each day in the Seven-Day Period (each a “Day Rate”); provided, that the
Calculation Agent determines a Day Rate for each day in the Seven-Day Period;

(y) The Day Rate for a Business Day will be the rate that is published, by 5:00
p.m., New York City time, on the Reset Date, in the H.15 Daily Update or other
recognized electronic source used for the purpose of displaying the applicable rate,
opposite the caption “Federal funds (effective)” for that Business Day. If a rate
for that Business Day does not appear on H.15 Daily Update by 5:00 p.m., New York
City time, on the Reset Date, the Calculation Agent will request five leading
brokers (which may include the related Dealers or their affiliates) of federal funds
transactions in the City of New York selected by the Calculation Agent (after
consultation with Freddie Mac, if Freddie Mac is not then acting as Calculation
Agent) each to provide a quotation of the broker’s rate for the last transaction in
overnight federal funds arranged by the broker as of 11:00 a.m. on that Business
Day. If at least two quotations are provided, then the Day Rate will be the
arithmetic mean determined by the Calculation Agent of the quotations obtained (and,
if five quotations are provided, eliminating the highest quotation (or, in the event
of equality, one of the highest) and the lowest quotation (or, in the event of
equality, one of the lowest)); and

(z) The Day Rate for a day other than a Business Day will be the rate for the
preceding Business Day, whether or not the Business Day falls within the relevant
Seven-Day Period, determined in accordance with the provisions of subclause (y)
above; and

(3) if the Day Rate for each day in the Seven-Day Period is not so determined pursuant to
either clause (1) or (2) above, then the Federal Funds Rate (Weekly Average) as of such
Reset Date will be the Federal Funds Rate (Weekly Average) determined for the immediately
preceding Reset Date. If the applicable Reset Date is the first Reset Date, then the rate
of interest payable for the new Interest Reset Period will be the initial interest rate.

22

 

     (j) Fixed/Variable Rate Debt Securities

     Fixed/Variable Rate Debt Securities shall bear interest at a single fixed rate for one or more
specified periods and at a rate determined by reference to one or more Indices, or otherwise, for
one or more other specified periods. Fixed/Variable Rate Debt Securities also may bear interest at
a rate that Freddie Mac may elect to convert from a fixed rate to a variable rate or from a
variable rate to a fixed rate, if so provided in the applicable Supplemental Agreement.

     If Freddie Mac may convert the interest rate on a Fixed/Variable Rate Debt Security from a
fixed rate to a variable rate, or from a variable rate to a fixed rate, accrued interest for each
Interest Payment Period may be calculated using an accrued interest factor in the manner described
in Section 2.07(i)(E).

     (k) Zero Coupon Debt Securities

     Zero Coupon Debt Securities shall not bear interest.

     (l) Amortizing Debt Securities

     Amortizing Debt Securities are those on which Freddie Mac makes periodic payments of principal
during the terms of such Debt Securities as described in the related Supplemental Agreement.
Amortizing Debt Securities may bear interest at fixed or variable rates.

     (m) Debt Securities with Variable Principal Repayment Amounts

     Variable Principal Repayment Amount Debt Securities are those on which the amount of principal
payable is determined with reference to an Index specified in the related Supplemental Agreement.

     (n) Mortgage Linked Amortizing Debt Securities

     Mortgage Linked Amortizing Debt Securities are Amortizing Debt Securities on which Freddie Mac
makes periodic payments of principal based on the rate of payments on referenced mortgage or
mortgage-related assets, as described in the related Supplemental Agreement. Mortgage Linked
Amortizing Debt Securities may bear interest at fixed or variable rates.

     (o) Range Accrual Debt Securities

     Range Accrual Debt Securities are Variable Rate Debt Securities on which no interest may
accrue during periods when the applicable Index is outside a specified range as described in the
related Supplemental Agreement.

     (p) Extendible Variable Rate Debt Securities

     Extendible Variable Rate Debt Securities’ are Variable Rate Debt Securities, the maturity of
which may be extended at a Beneficial Owner’s option effective as of specified dates, subject to a
final maturity date, and that bear interest at variable rates subject to different Spreads for
different specified periods, as described in the related Supplemental Agreement.

     Section 2.08. Business Day Convention.

     Unless otherwise specified in the applicable Supplemental Agreement, in any case in which an
Interest Payment Date or Principal Payment Date is not a Business Day, payment of any interest on
or the principal of the Debt Securities shall not be made on such date but shall be made on the
next Business Day with the same force and effect as if made on such Interest Payment Date or
Principal Payment Date, as the case may be. Unless otherwise provided in the applicable
Supplemental Agreement, no interest on such payment shall accrue for the period from and after such
Interest Payment Date or Principal Payment Date, as the case may be, to the actual date of such
payment.

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     Section 2.09. Targeted Registered Issues.

     Any Debt Securities that are Targeted Registered Debt Securities shall be considered to be
“targeted to foreign markets” as provided under Treasury Department regulations.

     Section 2.10. Reopened Issues and Repurchases.

     Freddie Mac reserves the right, in its discretion and at any time, to offer additional Debt
Securities which have the same terms (other than Issue Date, interest commencement date and issue
price) and conditions as Debt Securities for which settlement has previously occurred or been
scheduled so as to form a single series of Debt Securities as specified in the applicable
Supplemental Agreement.

     Freddie Mac reserves the right, in its discretion and at any time, to purchase Debt Securities
or otherwise acquire (either for cash or in exchange for securities) some or all of an issue of
Debt Securities at any price or prices in the open market or otherwise. Such Debt Securities may be
held, resold or canceled by Freddie Mac.

ARTICLE III

Form; Clearance and Settlement Procedures

     Section 3.01. Form of Fed Book-Entry Debt Securities.

     (a) General

     Fed Book-Entry Debt Securities shall be issued and maintained only on the Fed Book-Entry
System. Fed Book-Entry Debt Securities shall not be exchangeable for definitive Debt Securities.
The Book-Entry Rules are applicable to Fed Book-Entry Debt Securities.

     (b) Title

     Fed Book-Entry Debt Securities shall be held of record only by Holding Institutions. Such
entities whose names appear on the book-entry records of a Federal Reserve Bank as the entities to
whose accounts Fed Book-Entry Debt Securities have been deposited shall be the Holders of such Fed
Book-Entry Debt Securities. The rights of the Beneficial Owner of a Fed Book-Entry Debt Security
with respect to Freddie Mac and the Federal Reserve Banks may be exercised only through the Holder
of the Fed Book-Entry Debt Security. Freddie Mac and the Federal Reserve Banks shall have no direct
obligation to a Beneficial Owner of a Fed Book-Entry Debt Security that is not also the Holder of
the Fed Book-Entry Debt Security. The Federal Reserve Banks shall act only upon the instructions of
the Holder in recording transfers of a Debt Security maintained on the Fed Book-Entry System.
Freddie Mac and the Federal Reserve Banks may treat the Holders as the absolute owners of Fed
Book-Entry Debt Securities for the purpose of making payments in respect thereof and for all other
purposes, whether or not such Fed Book-Entry Debt Securities shall be overdue and notwithstanding
any notice to the contrary.

     The Holders and each other financial intermediary holding such Fed Book-Entry Debt Securities
directly or indirectly on behalf of the Beneficial Owners shall have the responsibility of
remitting payments for the accounts of their customers. All payments on Fed Book-Entry Debt
Securities shall be subject to any applicable law or regulation.

     (c) Fiscal Agent

     The FRBNY shall be the Fiscal Agent for Fed Book-Entry Debt Securities.

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     In acting under the Fiscal Agency Agreement, the FRBNY shall act solely as Fiscal Agent of
Freddie Mac and does not assume any obligation or relationship of agency or trust for or with any
Holder of a Fed Book-Entry Debt Security.

     Section 3.02. Form of Registered Debt Securities.

     (a) General

     As specified in the applicable Supplemental Agreement, Registered Debt Securities shall be
deposited with (i) a custodian for, and registered in the name of a nominee of, DTC, or (ii) a
Common Depositary, and registered in the name of such Common Depositary or a nominee of such Common
Depositary.

     (b) Title

     The person in whose name a Registered Debt Security is registered in the Register shall be the
Holder of such Registered Debt Security. Beneficial interests in a Registered Debt Security shall
be represented, and transfers thereof shall be effected, only through book-entry accounts of
financial institutions acting on behalf of the Beneficial Owners of such Registered Debt Security,
as a direct or indirect participant in the applicable clearing system for such Registered Debt
Security.

     Freddie Mac, the Global Agent and the Registrar may treat the Holders as the absolute owners
of Registered Debt Securities for the purpose of making payments and for all other purposes,
whether or not such Registered Debt Securities shall be overdue and notwithstanding any notice to
the contrary. Owners of beneficial interests in a Registered Debt Security shall not be considered
by Freddie Mac, the Global Agent or the Registrar as the owner or Holder of such Registered Debt
Security and, except as provided in Section 4.02(a), shall not be entitled to have Debt Securities
registered in their names and shall not receive or be entitled to receive definitive Debt
Securities. Any Beneficial Owner shall rely on the procedures of the applicable clearing system
and, if such Beneficial Owner is not a participant therein, on the procedures of the participant
through which such Beneficial Owner holds its interest, to exercise any rights of a Holder of such
Registered Debt Securities.

     Payments by DTC participants to Beneficial Owners of DTC Registered Debt Securities held
through DTC participants shall be the responsibility of such participants. Payments with respect to
Other Registered Debt Securities held through Euroclear, Clearstream, Luxembourg or any other
applicable clearing system shall be credited to Euroclear participants, Clearstream, Luxembourg
participants or participants of any other applicable clearing system in accordance with the
relevant system’s rules and procedures.

     (c) Global Agent

     In acting under the Global Agency Agreement, the Global Agent acts solely as a fiscal agent of
Freddie Mac and does not assume any obligation or relationship of agency or trust for or with any
Holder of a Registered Debt Security, except that any moneys held by the Global Agent for payment
on a Registered Debt Security shall be held in trust for the Holder as provided in the Global
Agency Agreement.

     (d) Registrar

     In acting under the Global Agency Agreement, the Registrar does not assume any obligation or
relationship of agency or trust for, or with, any Holder of a Registered Debt Security.

     Section 3.03. Clearance and Settlement Procedures.

     (a) General

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     Unless otherwise provided in the applicable Supplemental Agreement:

(i) Most Debt Securities denominated and payable in U.S. dollars and distributed within the United
States shall clear and settle through the Fed Book-Entry System.

(ii) Most Debt Securities denominated and payable in U.S. dollars and distributed simultaneously
within and outside of the United States, including all Reference Securities, shall clear and
settle, within the United States, through the Fed Book-Entry System and, outside of the United
States, through the systems operated by Euroclear, Clearstream, Luxembourg and/or any other
designated clearing system.

(iii) Debt Securities denominated or payable in a Specified Currency other than U.S. dollars (and
Debt Securities denominated and payable in U.S. dollars that are not cleared and settled in
accordance with clauses (i) and (ii) above) and distributed solely within the United States shall
clear and settle through the system operated by DTC.

(iv) Debt Securities denominated or payable in a Specified Currency other than U.S. dollars (and
Debt Securities denominated and payable in U.S. dollars that are not cleared and settled in
accordance with clauses (i) and (ii) above) and distributed simultaneously within and outside of
the United States shall clear and settle through the systems operated by DTC, Euroclear,
Clearstream, Luxembourg and/or any other designated clearing system.

(v) Debt Securities, irrespective of the Specified Currency in which such Debt Securities are
denominated or payable, distributed solely outside of the United States shall clear and settle
through the systems operated by Euroclear, Clearstream, Luxembourg and/or any other designated
clearing system or, in certain cases, DTC.

     (b) Primary Distribution

(i) General. On initial issue, Debt Securities shall be credited through one or more of the systems
specified below or any other system specified in the applicable Supplemental Agreement.

(ii) Federal Reserve Banks. Fed Book-Entry Debt Securities shall be issued and settled through the
Fed-Book-Entry System in same-day funds and shall be held by designated Holding Institutions. After
initial issue, all Fed Book-Entry Debt Securities shall continue to be held by such Holding
Institutions in the Fed Book-Entry System unless arrangements are made for the transfer thereof to
another Holding Institution. Fed Book-Entry Debt Securities shall not be exchangeable for
definitive Debt Securities.

(iii) DTC. DTC participants acting on behalf of investors holding DTC Registered Debt Securities
through DTC shall follow the delivery practices applicable to securities eligible for DTC’s
Same-Day Funds Settlement System. DTC Registered Debt Securities shall be credited to DTC
participants’ securities accounts following confirmation of receipt of payment to Freddie Mac on
the relevant Issue Date.

(iv) Euroclear and Clearstream, Luxembourg. Investors holding Other Registered Debt Securities
through Euroclear, Clearstream, Luxembourg or such other clearing system shall follow the
settlement procedures applicable to conventional Eurobonds in registered form. Such Other
Registered Debt Securities shall be credited to Euroclear, Clearstream, Luxembourg or such other
clearing system participants’ securities accounts either on the relevant Issue Date or on the
settlement day following the relevant Issue Date against payment in same-day funds (for value on
the relevant Issue Date).

     (c) Secondary Market Transfers

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(i) Fed Book-Entry Debt Securities. Transfers of Fed Book-Entry Debt Securities shall take
place only in book-entry form on the Fed Book-Entry System. Such transfers shall occur between
Holding Institutions in accordance with the rules of the Fed Book-Entry System.

(ii) Registered Debt Securities. Transfers of beneficial interests in Registered Debt
Securities within the various systems that may be clearing and settling interests therein
shall be made in accordance with the usual rules and operating procedures of the relevant
system applicable to the Specified Currency in which such Registered Debt Securities are
denominated or payable and the nature of the transfer.

(iii) Freddie Mac shall not bear responsibility for the performance by any system or the
performance of the system’s respective direct or indirect participants or accountholders of
the respective obligations of such participants or account holders under the rules and
procedures governing such system’s operations.

ARTICLE IV

Payments, Exchange for Definitive Debt Securities

     Section 4.01. Payments.

     (a) Payments on Fed Book-Entry Debt Securities

     Payments of principal of and any interest on Fed Book-Entry Debt Securities shall be made in
U.S. dollars (except as otherwise provided in the applicable Supplemental Agreement) on the
applicable payment dates to Holders thereof as of the end of the Business Day preceding each such
payment date. Payments on Fed Book-Entry Debt Securities shall be made by credit of the payment
amount to the Holders’ accounts at the relevant Federal Reserve Bank. All payments to or upon the
order of a Holder shall be valid and effective to discharge the liability of Freddie Mac and the
Fiscal Agent in respect of the related Fed Book-Entry Debt Securities.

     (b) Payments on Registered Debt Securities

(i) Payments in respect of Registered Debt Securities shall be made in immediately available
funds to DTC, Euroclear, Clearstream, Luxembourg or any other applicable clearing system, or
their respective nominees, as the case may be, as the Holders thereof. Except as provided in
Section 2.03(c) and Article VII hereof, such payments shall be made in the Specified Payment
Currency. All payments to or upon the order of the Holder of a Registered Debt Security shall
be valid and effective to discharge the liability of Freddie Mac in respect of such Registered
Debt Security. Ownership positions within each system shall be determined in accordance with
the normal conventions observed by such system. Freddie Mac, the Global Agent and the
Registrar shall not have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests in a Registered Debt
Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.

(ii) Interest on a Registered Debt Security shall be paid on the applicable Interest Payment
Date. Such interest payment shall be made to the Holder of such Registered Debt Security as of
the close of business on the related Record Date. The first payment of interest on any
Registered Debt Security originally issued between a Record Date and the related Interest
Payment Date shall be made on the Interest Payment Date following the next Record Date to the
Holder on such next Record Date. The principal of each Registered Debt Security, together with
accrued and unpaid interest thereon, shall be paid to the Holder thereof against presentation
and surrender of such Registered Debt Security.

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(iii) All payments on Registered Debt Securities are subject to any applicable law or
regulation. If a payment outside the United States is illegal or effectively precluded by
exchange controls or other similar restrictions, payments in respect of the related Registered
Debt Securities shall be made at the office of any paying agent in the United States.

     Section 4.02. Exchange for Definitive Debt Securities.

     In the event that Freddie Mac issues definitive Debt Securities in exchange for Registered
Debt Securities issued in global form, such definitive Debt Securities shall have terms identical
to the Registered Debt Securities for which they were exchanged except as described below.

     (a) Issuance of Definitive Debt Securities

     Unless otherwise provided in the applicable Supplemental Agreement, beneficial interests in
Registered Debt Securities issued in global form shall be subject to exchange for definitive Debt
Securities only if such exchange is permitted by applicable law and (i) in the case of a DTC
Registered Debt Security, DTC notifies Freddie Mac that it is no longer willing or able to
discharge properly its responsibilities as depositary with respect to such DTC Registered Debt
Security, or ceases to be a “clearing agency” registered under the Securities Exchange Act of 1934
(if so required), or is at any time no longer eligible to act as such, and in each case Freddie Mac
is unable to locate a successor within 90 calendar days of receiving notice of such ineligibility
on the part of DTC; (ii) in the case of any Other Registered Debt Security, if all of the systems
through which it is cleared or settled are closed for business for a continuous period of 14
calendar days (other than by reason of holidays, statutory or otherwise) or are permanently closed
for business or have announced an intention permanently to cease business and in any such
situations Freddie Mac is unable to locate a single successor within 90 calendar days of such
closure; (iii) a Holder has instituted a judicial proceeding in a court to enforce its rights under
such Registered Debt Security and such Holder has been advised by counsel that in connection with
such proceeding it is necessary for such Holder to obtain possession of definitive Debt Securities;
(iv) Freddie Mac (at its discretion), upon the request of a Holder and at such Holder’s expense,
elects to issue definitive Debt Securities; or (v) Freddie Mac (at its discretion) elects to issue
definitive Debt Securities. In such circumstances, Freddie Mac shall cause sufficient definitive
Debt Securities to be executed and delivered as soon as practicable (and in any event within 45
calendar days of Freddie Mac’s receiving notice of the occurrence of such circumstances) to the
Global Agent or its agent for completion, authentication and delivery to the relevant registered
holders of such definitive Debt Securities. A person having an interest in a DTC Registered Debt
Security or Other Registered Debt Security issued in global form shall provide Freddie Mac or the
Global Agent with a written order containing instructions and such other information as Freddie Mac
or the Global Agent may require to complete, execute and deliver such definitive Debt Securities in
authorized denominations.

     (b) Title

     The person in whose name a definitive Debt Security is registered in the Register shall be the
“Holder” of such definitive Debt Security. Freddie Mac, the Global Agent and the Registrar may
treat the Holders as the absolute owners of definitive Debt Securities for the purpose of making
payments and for all other purposes, whether or not such definitive Debt Securities shall be
overdue and notwithstanding any notice to the contrary.

     (c) Payments

     Interest on a definitive Debt Security shall be paid on the applicable Interest Payment Date.
Such interest payments shall be made by check mailed to the Holder thereof at the close of business
on the Record Date preceding such Interest Payment Date at such Holder’s address appearing in the
Register. The principal of each definitive Debt Security, together with accrued and unpaid interest
thereon, shall be

28

 

due on the Principal Payment Date (subject to the right of the Holder thereof on the related
Record Date to receive interest due on an Interest Payment Date that is on or prior to such
Principal Payment Date) and shall be paid against presentation and surrender of such definitive
Debt Security at the offices of the Global Agent or other paying agent. Payments on the Principal
Payment Date shall be made by check provided at the appropriate office of the Global Agent or other
paying agent or mailed by the Global Agent to the Holder of such definitive Debt Security. U.S.
dollar checks shall be drawn on a bank in the United States. Checks in a Specified Payment Currency
other than U.S. dollars shall be drawn on a bank office located outside the United States.

     Notwithstanding the provisions described in the preceding paragraph relating to payments by
check, the Holder of an aggregate principal amount of at least $10,000,000 of an issue of Debt
Securities of which definitive Debt Securities form a part (or, in the case of a definitive Debt
Security denominated in a Specified Currency other than U.S. dollars, the Specified Currency
equivalent of at least $10,000,000) may elect to receive payments thereon by wire transfer of
immediately available funds in the Specified Payment Currency to an account in such Specified
Payment Currency with a bank designated by such Holder that is acceptable to Freddie Mac; provided,
that such bank has appropriate facilities therefor and accepts such transfer and such transfer is
permitted by any applicable law or regulation and will not subject Freddie Mac to any liability,
requirement or unacceptable charge. In order for such Holder to receive such payments, the relevant
paying agent (including the Global Agent) must receive at its office from such Holder (i) in the
case of payments on an Interest Payment Date, a written request therefor not later than the close
of business on the related Record Date; or (ii) in the case of payments on the Principal Payment
Date, a written request therefor not later than the close of business on the date 15 days prior to
such Principal Payment Date and the related definitive Debt Security not later than two Business
Days prior to such Principal Payment Date. Such written request must be delivered to the relevant
paying agent (including the Global Agent) by mail, by hand delivery or by tested or authenticated
telex. Any such request shall remain in effect until the relevant paying agent receives written
notice to the contrary.

     All payments on definitive Debt Securities shall be subject to any applicable law or
regulation. If a payment outside the United States is illegal or effectively precluded by exchange
controls or similar restrictions, payments in respect of the related definitive Debt Securities may
be made at the office of any paying agent in the United States.

     (d) Partial Redemption

     Definitive Debt Securities subject to redemption in part by Freddie Mac shall be selected by
the Global Agent by lot or in such other manner as the Global Agent deems fair and appropriate,
subject to the requirement that the principal amount of each outstanding definitive Debt Security
after such redemption is in an authorized denomination.

     (e) Transfer and Exchange

     Definitive Debt Securities shall be presented for registration of transfer or exchange (with
the form of transfer included thereon properly endorsed, or accompanied by a written instrument of
transfer, with such evidence of due authorization and guaranty of signature as may be required by
the Registrar, duly executed) at the office of the Registrar or any other transfer agent upon
payment of any taxes and other governmental charges and other amounts, but without payment of any
service charge to the Registrar or such transfer agent for such transfer or exchange. A transfer or
exchange shall not be effective unless, and until, recorded in the Register.

     A transfer or exchange of a definitive Debt Security shall be effected upon satisfying the
Registrar with regard to the documents and identity of the person making the request and subject to
such reasonable regulations as Freddie Mac may from time to time agree with the Registrar. Such
documents may include

29

 

forms prescribed by U.S. tax authorities to establish the applicability of, or the exemption
from, withholding or other taxes regarding the transferee Holder. Definitive Debt Securities may be
transferred or exchanged in whole or in part only in the authorized denominations of the DTC
Registered Debt Securities or Other Registered Debt Securities issued in global form for which they
were exchanged. In the case of a transfer of a definitive Debt Security in part, a new definitive
Debt Security in respect of the balance not transferred shall be issued to the transferor. In
addition, replacement of mutilated, destroyed, stolen or lost definitive Debt Securities also is
subject to the conditions discussed above with respect to transfers and exchanges generally. Each
new definitive Debt Security to be issued upon transfer of such a definitive Debt Security, as well
as the definitive Debt Security issued in respect of the balance not transferred, shall be mailed
to such address as may be specified in the form or instrument of transfer at the risk of the Holder
entitled thereto in accordance with the customary procedures of the Registrar.

ARTICLE V

Secured Debt Securities

     If so provided in the applicable Supplemental Agreement, the indebtedness represented by
certain Debt Securities shall be secured obligations of Freddie Mac. In such event, the description
of the security interest and the terms of the grant of the security interest shall be set forth in
the applicable Supplemental Agreement.

ARTICLE VI

Currency Conversions

     Section 6.01. Currency Conversions for DTC Registered Debt Securities.

     (a) In the case of DTC Registered Debt Securities whose Specified Payment Currency is other
than U.S. dollars, the Currency Exchange Bank specified in the applicable Supplemental Agreement,
for Holders of such DTC Registered Debt Securities, shall convert any amounts paid by Freddie Mac
in such Specified Payment Currency into U.S. dollars, unless such Holders elect to receive payments
in such Specified Payment Currency as hereinafter described. Freddie Mac shall have no
responsibility for the conversion of the Specified Payment Currency for such DTC Registered Debt
Securities into U.S. dollars.

     (b) The U.S. dollar amount to be received by a Holder of a DTC Registered Debt Security in
respect of which payments are to be converted from the Specified Payment Currency into U.S. dollars
shall be determined by the Currency Exchange Bank in the morning of the day that would be
considered the date for “spot” settlement of the Specified Payment Currency on the applicable
payment date in accordance with market convention (generally two New York business days prior to
such payment date) at the market rate determined by the Currency Exchange Bank to accomplish the
conversion on such payment date of the aggregate amount of the Specified Payment Currency payable
in respect of DTC Registered Debt Securities scheduled to receive payments converted into U.S.
dollars. All currency exchange costs shall be borne by the Holders of such DTC Registered Debt
Securities (and, accordingly, by the related Beneficial Owners) by deductions from such payments.
In the event all or any portion of a Specified Payment Currency is not convertible into U.S.
dollars, Holders of such DTC Registered Debt Securities shall receive payment in the Specified
Payment Currency.

     (c) A Holder of a DTC Registered Debt Security to be paid in a Specified Payment Currency
other than U.S. dollars shall have the option to receive payments of the principal of and any
interest on such DTC Registered Debt Security in the Specified Payment Currency by notifying DTC no
later than the third New York business day after the related Record Date, in the case of payments
on an Interest

30

 

Payment Date, or the date 12 days prior to the Principal Payment Date, in the case of payments on
the Principal Payment Date.

ARTICLE VII

Events of Default and Remedies

     Section 7.01. Events of Default.

     (a) An “Event of Default” with respect to a specific issue of Debt Securities shall consist of
(i) any failure by Freddie Mac to pay to Holders of such Debt Securities any required payment that
continues unremedied for 30 days; (ii) any failure by Freddie Mac to perform in any material
respect any other covenant or agreement in this Agreement, which failure continues unremedied for
60 days after the giving of notice of such failure to Freddie Mac by the Holders of not less than
25% of the outstanding principal amount (or notional principal amount) of such Debt Securities;
(iii) a court having jurisdiction in the premises shall enter a decree or order for relief in
respect of Freddie Mac in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appoint a receiver, liquidator, assignee, custodian, or
sequestrator (or other similar official) of Freddie Mac or for all or substantially all of its
property, or order the winding up or liquidation of its affairs, and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or (iv) Freddie Mac shall
commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case
under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, or sequestrator (or other similar official) of Freddie
Mac or any substantial part of its property, or shall make any general assignment for the benefit
of creditors, or shall fail generally to pay its debts as they become due.

     The appointment of a conservator (or other similar official) by a regulator having
jurisdiction over Freddie Mac, whether or not Freddie Mac consents to such appointment, will not
constitute an Event of Default. Any payment made in U.S. dollars or in euros as provided under
Section 2.03(c)(ii) shall not constitute an Event of Default.

     (b) Any event associated with EMU (an “EMU Event”) shall not give rise to an Event of Default.
An EMU Event may include, without limitation, each (and any combination) of (i) the fixing of
exchange rates between the currency of a member state of the European Union and euros or between
the currencies of member states of the European Union; (ii) the introduction of euros as lawful
currency in a member state of the European Union; or (iii) the disappearance or replacement of a
relevant rate option or other price source for the national currency of any member state of the
European Union, or the failure of the agreed sponsor (or a successor sponsor) to publish or display
a relevant rate, index, price, page or screen.

     Section 7.02. Rights Upon Event of Default.

     (a) As long as an Event of Default under this Agreement remains unremedied, Holders of not
less than 50% of the outstanding principal amount (or notional principal amount) of an issue of
Debt Securities to which such Event of Default relates may, by written notice to Freddie Mac,
declare such Debt Securities due and payable and accelerate the maturity of such Debt Securities.
Upon such acceleration, the principal amount of such Debt Securities and the interest accrued
thereon shall be due and payable.

     (b) No Holder has any right under this Agreement to institute any action or proceeding at law
or in equity or in bankruptcy or otherwise, or for the appointment of a receiver or trustee, or for
any other remedy, unless (i) such Holder previously has given to Freddie Mac written notice of an
Event of Default

31

 

and of the continuance thereof; (ii) the Holders of not less than 50% of the outstanding
principal amount (or notional principal amount) of an issue of Debt Securities to which such Event
of Default relates have given written notice to Freddie Mac of such Event of Default; and (iii)
such Event of Default continues uncured for a period of 60 days following such notice. No Holder of
an issue of Debt Securities has any right in any manner whatsoever by virtue of or by availing
itself of any provision of this Agreement to affect, disturb or prejudice the rights of any other
such Holder, or to obtain or seek to obtain preference or priority over any other such Holder or to
enforce any right under this Agreement, except in the manner provided in this Agreement and for the
ratable and common benefit of all such Holders.

     (c) Prior to or after the institution of any action or proceeding relating to an issue of Debt
Securities, the Holders of not less than 50% of the outstanding principal amount (or notional
principal amount) of such Debt Securities may waive an Event of Default, whether or not it has
resulted in a declaration of an acceleration of the maturity of such Debt Securities, and may
rescind and annul any previously declared acceleration.

     (d) Whenever in this Agreement it is provided that the Holders of a specified percentage in
outstanding principal amount (or notional principal amount) of an issue of Debt Securities may take
any action (including the making of any demand or request, or the giving of any authorization,
notice, consent or waiver), the fact that at the time of taking any such action the Holders of such
specified percentage have joined therein may be evidenced by a writing, or any number of writings
of similar tenor, executed by Holders in person, or by an agent or proxy appointed in writing.

ARTICLE VIII

Miscellaneous Provisions

     Section 8.01. Limitations on Liability of Freddie Mac and Others.

     Neither Freddie Mac nor any of its directors, officers, employees or agents shall be under any
liability to the Holders or Beneficial Owners for any action taken, or not taken, by them in good
faith under this Agreement or for errors in judgment. This provision will not protect Freddie Mac
or any other related person against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or gross negligence or by reason of reckless disregard of
obligations and duties under this Agreement. Freddie Mac and such related persons shall have no
liability of whatever nature for special, indirect or consequential damages, lost profits or
business, or any other liability or claim (other than for direct damages), even if reasonably
foreseeable or Freddie Mac has been advised of the possibility of such loss, damage, liability or
claim.

     In performing its responsibilities under this Agreement, Freddie Mac may employ agents or
independent contractors. Except upon an Event of Default (as defined herein), Freddie Mac shall not
be subject to the control of Holders in any manner in the discharge of its responsibilities
pursuant to this Agreement.

     Freddie Mac shall not be under any obligation to appear in, prosecute or defend any legal
action that is not incidental to its responsibilities under this Agreement and which in its opinion
may involve it in any expense or liability. However, Freddie Mac may in its discretion undertake
any such legal action which it may deem necessary or desirable in the interests of the Holders. In
such event, the legal expenses and costs of such action shall be expenses and costs of Freddie Mac.

32

 

     Section 8.02. Binding Effect of this Agreement.

     (a) By receiving and accepting a Debt Security, each Holder, financial intermediary and
Beneficial Owner of such Debt Security unconditionally agrees, without any signature or further
manifestation of assent, to be bound by the terms and conditions of this Agreement, as
supplemented, modified or amended pursuant to its terms.

     (b) This Agreement shall be binding upon and inure to the benefit of any successor to Freddie
Mac.

     Section 8.03. Replacement.

     Any Registered Debt Security in definitive form that becomes mutilated, destroyed, stolen or
lost shall be replaced by Freddie Mac at the expense of the Holder upon delivery to the Global
Agent of evidence of the destruction, theft or loss thereof, and an indemnity satisfactory to
Freddie Mac and the Global Agent. Upon the issuance of any substituted Registered Debt Security,
Freddie Mac or the Global Agent may require the payment by the Holder of a sum sufficient to cover
any taxes and expenses connected therewith.

     Section 8.04. Conditions to Payment, Transfer or Exchange.

     Freddie Mac, its agent or any other person potentially required to withhold with respect to
payments on a Debt Security shall have the right to require a Holder of a Debt Security, as a
condition to payment of principal of or interest on such Debt Security, or as a condition to
transfer or exchange of such Debt Security, to present at such place as Freddie Mac, its agent or
such other person shall designate a certificate in such form as Freddie Mac, its agent or such
other person may from time to time prescribe, to enable Freddie Mac, its agent or such other person
to determine its duties and liabilities with respect to (i) any taxes, assessments or governmental
charges which Freddie Mac, any Federal Reserve Bank, the Global Agent or such other person, as the
case may be, may be required to deduct or withhold from payments in respect of such Debt Security
under any present or future law of the United States or jurisdiction therein or any regulation or
interpretation of any taxing authority thereof; and (ii) any reporting or other requirements under
such laws, regulations or interpretations. Freddie Mac, its agent or such other person shall be
entitled to determine its duties and liabilities with respect to such deduction, withholding,
reporting or other requirements on the basis of information contained in such certificate or, if no
certificate shall be presented, on the basis of any presumption created by any such law, regulation
or interpretation, and shall be entitled to act in accordance with such determination.

     Section 8.05. Amendment.

     (a) Freddie Mac may modify, amend or supplement this Agreement and the terms of an issue of
Debt Securities, without the consent of the Holders or Beneficial Owners, (i) to cure any
ambiguity, or to correct or supplement any defective provision or to make any other provision with
respect to matters or questions arising under this Agreement or the terms of any Debt Security that
are not inconsistent with any other provision of this Agreement or the Debt Security; (ii) to add
to the covenants of Freddie Mac for the benefit of the Holders or surrender any right or power
conferred upon Freddie Mac; (iii) to evidence the succession of another entity to Freddie Mac and
its assumption of the covenants of Freddie Mac; (iv) to conform the terms of an issue of Debt
Securities or cure any ambiguity or discrepancy resulting from any changes in the Book-Entry Rules
or any regulation or document that are applicable to book-entry securities of Freddie Mac; (v) to
increase the amount of an issue of Debt Securities as contemplated under Section 2.07; or (vi) in
any other manner that Freddie Mac may determine and that will not adversely affect in any material
respect the interests of Holders or Beneficial Owners at the time of such modification, amendment
or supplement.

33

 

     (b) In addition, either (i) with the written consent of the Holders of at least 50% of the
aggregate then outstanding principal amount or notional principal amount of an issue of Debt
Securities affected thereby, excluding any such Debt Securities owned by Freddie Mac; or (ii) by
the adoption of a resolution at a meeting of Holders at which a quorum is present, by the Holders
of at least 50% of the aggregate then outstanding principal amount or notional principal amount of
an issue of Debt Securities represented at such meeting, excluding any such Debt Securities owned
by Freddie Mac, Freddie Mac may from time to time and at any time modify, amend or supplement the
terms of an issue of Debt Securities for the purpose of adding any provisions to or changing in any
manner or eliminating any provisions of such Debt Securities or modifying in any manner the rights
of the Holders; provided, however, that no such modification, amendment or supplement may, without
the written consent or affirmative vote of each Holder of a Debt Security; (A) change the Maturity
Date or any Interest Payment Date of such Debt Security; (B) materially modify the redemption or
repayment provisions, if any, relating to the redemption or repayment price of, or any redemption
or repayment date or period for, such Debt Security; (C) reduce the principal amount of, delay the
principal payment of, or materially modify the rate of interest or the calculation of the rate of
interest on, such Debt Security; (D) in the case of Registered Debt Securities only, change the
Specified Payment Currency of such Registered Debt Security; or (E) reduce the percentage of
Holders whose consent or affirmative vote is necessary to modify, amend or supplement the terms of
the relevant issue of Debt Securities. A quorum at any meeting of Holders called to adopt a
resolution shall be Holders entitled to vote a majority of the then aggregate outstanding principal
amount or notional principal amount of an issue of such Debt Securities called to such meeting and,
at any reconvened meeting adjourned for lack of a quorum, 25% of the then aggregate outstanding
principal amount or notional principal amount of such issue of Debt Securities, in both cases
excluding any such Debt Securities owned by Freddie Mac. It shall not be necessary for the Holders
to approve the particular form of any proposed amendment, but it shall be sufficient if such
consent or resolution approves the substance of such change. If any modification, amendment or
supplement of the terms of an issue of Debt Securities that have been separated into Interest and
Principal Components requires the consent of Holders, only the Holders of the Principal Components
will be entitled to give or withhold that consent. Holders of Interest Components will have no
right to give or withhold such consent.

     (c) The “principal amount,” for purposes of the preceding paragraph, for a Debt Security that
is a Zero Coupon Debt Security or for a Debt Security issued at an “issue price” of 80% or less of
its principal amount will be equal to (i) the issue price of such Debt Security; plus (ii) the
original issue discount that has accrued from the Issue Date of such Debt Security to the OID
Determination Date; minus (iii) any amount considered as part of the “stated redemption price at
maturity” of such Debt Security that has been paid from the Issue Date of such Debt Security to the
OID Determination Date.

     The “principal amount,” for purposes of the second preceding paragraph, of a Debt Security
whose Specified Principal Currency is other than U.S. dollars will be the U.S. dollar equivalent,
determined on the Issue Date, of the principal amount (or, in the case of the Debt Securities
referred to in the preceding paragraph, the amount determined in accordance with the provisions
described in such preceding paragraph) of such Debt Security. The “principal amount” of a Debt
Security with principal determined by reference to an Index will be described in the applicable
Supplemental Agreement.

     (d) Freddie Mac may establish a record date for the determination of Holders entitled to vote
at any meeting of Holders of Debt Securities, to grant any consent in respect of Debt Securities
and to notice with respect to any such meeting or consent.

     (e) Any instrument given by or on behalf of any Holder of a Debt Security in connection with
any consent to any such modification, amendment or supplement shall be irrevocable once given and
shall be conclusive and binding on all subsequent Holders of such Debt Security or any Debt
Security issued,

34

 

directly or indirectly, in exchange or substitution therefor, irrespective of whether or not
notation in regard thereto is made thereon. Any modification, amendment or supplement of this
Agreement or of the terms of Debt Securities shall be conclusive and binding on all Holders of Debt
Securities affected thereby, whether or not they have given such consent or were present at any
meeting (unless by the terms of this Agreement a written consent or an affirmative vote of such
Holders is required), and whether or not notation of such modification, amendment or supplement is
made upon the Debt Securities.

     Section 8.06. Securities Acquired by Freddie Mac.

     Freddie Mac may, from time to time, repurchase or otherwise acquire (either for cash or in
exchange for newly-issued Debt Securities) all or a portion of any issue of Debt Securities. Any
Debt Securities owned by Freddie Mac shall have an equal and proportionate benefit under the
provisions of this Agreement, without preference, priority or distinction as among such Debt
Securities, except that in determining whether the Holders of the required percentage of the
outstanding principal amount (or notional principal amount) of an issue of Debt Securities have
given any required demand, authorization, notice, consent or waiver under this Agreement, any Debt
Securities owned by Freddie Mac or any person directly or indirectly controlling or controlled by
or under direct or indirect common control with Freddie Mac shall be disregarded and deemed not to
be outstanding for the purpose of such determination.

     Section 8.07. Notice.

     (a) Any notice, demand or other communication which by any provision of this Agreement is
required or permitted to be given to or served upon any Holder may be given or served in writing by
deposit thereof, postage prepaid, in the mail, addressed to such Holder as such Holder’s name and
address may appear in the records of Freddie Mac, a Federal Reserve Bank or the Registrar, as the
case may be, or, in the case of a Holder of a Fed Book-Entry Debt Security, by transmission to such
Holder through the communication system linking the Federal Reserve Banks, or, in the case of a
Holder of a Debt Security maintained on DTC, by transmission to such Holder through the DTC
communication system. Such notice, demand or other communication to or upon any Holder shall be
deemed to have been sufficiently given or made, for all purposes, upon mailing or transmission.

     (b) If and so long as an issue of Debt Securities is admitted for trading on the Euro MTF
Market and listed on the Official List of the Luxembourg Stock Exchange and the rules of the
Luxembourg Stock Exchange so require, notices with respect to such issue of Debt Securities also
shall be published in a newspaper of general circulation in Luxembourg (which is expected to be
Luxemburger Wort) or on the website of the Luxembourg Stock Exchange (http://www.bourse.lu) or, if
such publication is not practical, elsewhere in Europe, if the rules of that exchange so require.
Notice by publication shall be deemed to have been given on the date of publication or, if
published more than once, on the date of first publication.

     (c) Any notice, demand or other communication which by any provision of this Agreement is
required or permitted to be given to or served upon Freddie Mac shall be given in writing addressed
(until another address is published by Freddie Mac) as follows: Federal Home Loan Mortgage
Corporation, 8200 Jones Branch Drive, McLean, Virginia 22102 Attention: General Counsel and
Secretary. Such notice, demand or other communication to or upon Freddie Mac shall be deemed to
have been sufficiently given or made only upon actual receipt of the writing by Freddie Mac.

     Section 8.08. Governing Law.

     THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE HOLDERS AND FREDDIE MAC WITH RESPECT TO
THE DEBT SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE UNITED
STATES. INSOFAR AS

35

 

THERE MAY BE NO APPLICABLE PRECEDENT, AND INSOFAR AS TO DO SO WOULD NOT FRUSTRATE THE PURPOSES OF
THE FREDDIE MAC ACT OR ANY PROVISION OF THIS AGREEMENT OR THE TRANSACTIONS GOVERNED THEREBY, THE
LAWS OF THE STATE OF NEW YORK SHALL BE DEEMED REFLECTIVE OF THE LAWS OF THE UNITED STATES.

     Section 8.09. Headings.

     The Article, Section and Subsection headings are for convenience only and shall not affect the
construction of this Agreement.

FEDERAL HOME LOAN MORTGAGE CORPORATION

36exv10w2

Exhibit
10.2

	 	 	 
		 	CORPORATE POLICY

Subject: Severance - Officers

Policy Number: 3-254.1

Control Point: Director-Employee Relations

Approval Authority: SVP-Human Resources

Signature: Keith Green [Signature on original kept by Legal]

 

Summary of this Policy

This policy sets forth the eligibility requirements and amount of Severance Pay available to
Eligible Officers. Defined terms are italicized. Please see Appendix A for definitions. Further
details can be found in Freddie Mac’s Severance Plan Summary Plan Description.

I. Under what circumstances is Severance Pay provided?

Freddie Mac provides Severance Pay to a Severance Eligible Officer pursuant to the terms of this
Policy In addition, in the event an employee becomes a Severance Eligible Officer as a result of a
Reduction in Force, Freddie Mac also provides Notice Pay, even if the Severance Eligible Officer
does not sign an agreement and release of claims.

A Severance Eligible Officer’s employment is terminated as of the Separation Date. Such former
officer’s eligibility to receive any benefit from or to continue participation in other plans
maintained by the company is governed by the terms and provisions of those plans.

In addition, the provision of Severance Pay to a Severance Eligible Officer is subject to the
approval of Freddie Mac’s regulator.

II. What procedures are followed to determine severance eligibility?

Business-area management will submit to their respective Human Resources Business Partner (“HRBP”)
for review any proposed termination of employment (including any proposed voluntary separation that
could result in Severance Pay) or proposed offer of Comparable Employment prior to discussing the
same with the impacted officer. The Director of Employee Relations in the Human Resources Division
determines whether the employee is a Severance Eligible Officer, and interprets and applies this
policy.

Employee Relations, after consulting with the HRBP, the Legal Division, and possibly business-area
management, also determines whether a job position to be offered to an Eligible Officer is
Comparable Employment. Eligible Officers will be evaluated for Comparable Employment, if at all,
based on criteria including (but not limited to) their historical performance ratings and
management’s assessment of relative skills.

After Employee Relations determines that the employee is a Severance Eligible Officer,
business-area management provides Notice to the Severance Eligible Officer. Business-area
management will give Notice in advance of the

 

 

	 	 	 
		 	CORPORATE POLICY

Separation Date, if at all, to the extent that advance notification is consistent with business
circumstances or required by law.

Business-area management, after consulting with the HRBP, also establishes the Separation Date of a
Severance Eligible Officer.

III. What is required for a Severance Eligible Officer to receive Severance Pay?

As a condition of receiving Severance Pay, a Severance Eligible Officer must sign an agreement and
release of claims. Freddie Mac has exclusive discretion to determine what terms will be included
within the agreement and release of claims. Among other things, the agreement and release of claims
may contain provisions related to the following:

	 	•	 	Full release of claims

	 	•	 	Non-participation in claims against Freddie Mac

	 	•	 	Notice of receipt of subpoenas

	 	•	 	Treatment of confidential information

	 	•	 	Non-competition

	 	•	 	Non-solicitation of Freddie Mac employees

	 	•	 	Notice of future employment

	 	•	 	Return of Freddie Mac property

	 	•	 	Non-disparagement

	 	•	 	Obligation to reasonably cooperate

	 	•	 	Damages in the event of breach

	 	•	 	Preclusion and/or restriction from future Freddie Mac employment

Business-area management may require an Eligible Officer to provide services to Freddie Mac up to
and including the Separation Date as a condition of receiving Severance Pay.

If a Severance Eligible Officer does not receive two-weeks of advance Notice of his/her Separation
Date from Freddie Mac, and does not execute an agreement and release of claims proffered by the
company, then the officer will receive Pay in Lieu of Notice for the two-week period following the
date of Notice, and will receive no Severance Pay.

IV. How long is the Severance Period of a Severance Eligible Officer?

The Severance Period of a Severance Eligible Officer is as specified in the Restrictive Covenant
and Confidentiality Agreement between the Severance Eligible Officer and Freddie Mac. If the
Severance Eligible Officer is entitled to receive Notice Pay, then his/her Severance Period shall
be the Severance Period specified in the Restrictive Covenant and Confidentiality Agreement , minus
the number of days of Notice Pay he/she is entitled to receive. In no event will a Severance
Eligible Officer receive less than four weeks of Severance Pay in addition to Notice Pay.

V. How does a Severance Eligible Officer receive his/her Severance Pay?

A Severance Eligible Officer has the option of receiving his/her Severance Pay in periodic payments
over the specified Severance Period coinciding with Freddie Mac’s standard payroll procedures.
Alternatively, the Severance Eligible Officer may receive his/her Severance Pay in a Lump Sum. If
the Severance Eligible Officer elects periodic payments,

	 	 	 
	Policy 3-254.1 dated April 11, 2011	 	2

 

	 	 	 
		 	CORPORATE POLICY

he/she may be eligible to continue his/her
participation in certain benefits plans at a reduced cost, in accordance with the terms of those
plans.

If a former officer receiving Severance Pay dies before receiving his/her entire Severance Pay,
then Freddie Mac will pay the balance to the former employee’s estate or personal representative.

VI. When does a Severance Eligible Officer have to elect Lump Sum or Periodic Payments?

A Severance Eligible Officer must elect whether to receive his/her Severance Pay in a Lump Sum or
in periodic payments by the date he/she signs the required agreement and release of claims. Failure
to make an election upon execution of the agreement and release of claims will result in the
Severance Eligible Officer receiving his/her Severance Pay in a Lump Sum.

VII. When does Severance Pay begin?

Severance Pay will be paid in accordance with the company’s standard payroll practices, and will
begin within 30 days after 1) the company’s receipt of the Severance Eligible Officer’s properly
executed agreement and release of claims, 2) if applicable, expiration of the revocation period
specified in the agreement and release of claims, and (3) (applicable only to Specified Employees)
six months has elapsed since the Separation Date.

If the consideration period noted in the agreement and release of claims extends beyond the
Separation Date and the company has not received the Severance Eligible Officer’s properly executed
agreement and release of claims as of the Separation Date, the company will place the Severance
Eligible Officer on unpaid Leave of Absence until (1) receipt of the properly signed agreement and
release of claims or (2) the end of the consideration period (whichever comes first).

Failure by a Severance Eligible Officer to submit a properly executed agreement and release of
claims within the time period specified in such agreement will result in the proffered agreement
and release of claims being withdrawn by the company.

VIII. What happens to Severance Pay if the employee becomes re-employed by Freddie Mac or renders services

          to Freddie Mac as a vendor or contract worker during the Severance Period?

If a former officer receiving Severance Pay is re-employed by Freddie Mac before the end of the
Severance Period, or renders services to Freddie Mac as a vendor or contract worker during the
Severance Period, the former officer will forfeit any remaining unpaid Severance Pay. If the
former officer received his/her Severance Pay as a Lump Sum, and becomes re-employed by Freddie Mac
or renders services to Freddie Mac as a vendor or contract worker before the end of what would have
been the Severance Period, Freddie Mac reserves the right to require that some or all of the
Severance Pay be repaid as a condition of re-employment or rendering services to Freddie Mac as a
contract worker or vendor.

IX. Restriction on Specified Employees.

If a Severance Eligible Officer is a Specified Employee, then he/she will not begin receiving
his/her Severance Pay until six (6) months following his/her Separation Date, consistent with Treas. Reg. § 1.409A-3(g)(2), or any successor thereto. If the Severance Eligible Officer elected to
receive his/her Severance Pay in periodic payments within the required election period, then he/she
shall receive six months of Severance Pay in a Lump Sum upon the expiration of the six-

	 	 	 
	Policy 3-254.1 dated April 11, 2011	 	3

 

	 	 	 
		 	CORPORATE POLICY

month wait
period, and then will receive the balance of his/her Severance Pay in periodic payments according
to the company’s standard payroll procedures.

X. Where can officers find additional information about Freddie Mac’s severance plan?

Officers may find additional information about the company’s severance plan in Freddie Mac’s
Severance Plan Summary Plan Description.

XI. Reservation of Rights

Freddie Mac reserves the right to amend or terminate this Policy or any of its provisions at any
time for any reason in its sole discretion without giving rise to legal liability. Nothing in this
Policy is intended nor shall be interpreted to create a contract of employment or alter the at-will
employment relationship that otherwise may exist between Freddie Mac and such employee, or
otherwise limit the discretion of either Freddie Mac or such employee to terminate the employment
relationship at any time for any reason.

Effective
Date: April 11, 2011

☐ New

☒ Replaces Policy 3-254.1 dated January 24, 2011

☒ Reviewed by Legal or Determined that No Legal Review Necessary

	 	 	 
	Policy 3-254.1 dated April 11, 2011	 	4

 

	 	 	 
		 	CORPORATE POLICY

Appendix A Definitions

Comparable Employment

Comparable Employment will be assessed on a case-by-case basis. Exact criteria the company will use
include each of the following, all of which must be met for the position to be deemed comparable.

	 	•	 	The content of the job to which the employee may be assigned. To be comparable, the new
position must require substantially the same skill set and technical knowledge.

	 	•	 	The commuting distance associated with the new position. To be comparable, the new
position must not increase the commuting distance for the employee by more than 50 miles
each way, or increase the commuting distance for the employee such that the total commuting
distance exceeds 90 miles each way.

	 	•	 	To be comparable, the employee’s base salary must not decrease by more than 10%.

Eligible Officer

An employee who is appointed by Freddie Mac as an officer of the company.

Gross Misconduct

The occurrence or existence of any of the following:

	 	•	 	Recurrent or flagrant insubordination related to core job duties and responsibilities;

	 	•	 	Stealing property belonging to Freddie Mac, another employee, or other theft in
connection with employment;

	 	•	 	Committing fraud, including computer fraud;

	 	•	 	Willfully destroying property;

	 	•	 	Inflicting bodily harm on another employee, threatening another employee with a weapon,
or conviction (including any plea of nolo contendere) of a crime;

	 	•	 	Committing harassment or retaliation;

	 	•	 	Engaging in discriminatory behavior or retaliation;

	 	•	 	Engaging in dishonesty, including failure to cooperate fully, promptly and truthfully in
an investigation or failure to keep an investigation appropriately confidential;

	 	•	 	Recurring or habitual tardiness or absenteeism which has resulted in a written
reprimand;

	 	•	 	Intentionally disclosing or intentionally misusing Confidential Information (as that
term is defined in Freddie Mac policy, Code of Conduct, or applicable restrictive covenant
and/or confidentiality agreement between the employee and Freddie Mac);

	 	•	 	Negligently disclosing or negligently misusing Confidential Information (as that term is
defined in Freddie Mac policy, Code of Conduct, or applicable restrictive covenant and/or
confidentiality agreement between the employee and Freddie Mac) resulting in a significant
adverse impact on Freddie Mac or on the business of Freddie Mac; or

	 	 	 
	Policy 3-254.1 dated April 11, 2011	 	5

 

	 	 	 
		 	CORPORATE POLICY

	 	•	 	A material breach of any provision of any written policy of Freddie Mac required by law
or established to maintain compliance with applicable legal or regulatory requirements.

Loss of Confidence

Termination
of employment based on a determination by senior executive management in its sole discretion that it no longer maintains a
high level of confidence in an Eligible Officer’s
decisions, judgment and/or conduct, or any other
performance-related reason.

Lump Sum

The payment to a Severance Eligible Officer of the entire amount of Severance Pay in the form of a
single payment, minus lawful deductions (rather than periodic payments over the span of the
Severance Period).

Notice

Oral or written communication from business-area management or an HRBP to a Severance Eligible
Officer about the termination of the officer’s employment, Separation Date, terms of the proffered
agreement and release of claims, and expectations concerning his/her continued provision of services to Freddie Mac during the period
between the Notice and the Separation Date.

Notice Pay

The dollar amount of pay based on the number of days of continued pay required by applicable
federal and/or state law upon triggering events, such as group layoffs that occur within a legally
defined period of time. Laws that would trigger Notice Pay include, but are not limited to, the
federal Worker Adjustment and Retraining Notification (“WARN”) Act.

Pay in Lieu of Notice

If a Severance Eligible Officer does not receive two-weeks of advance Notice of his/her Separation
Date from Freddie Mac, and does not execute an agreement and release of claims proffered by the
company, then the employee will receive pay for the two-week period following the date of Notice,
and will receive no Severance Pay.

Position Elimination

Loss of job due to: (a) company reorganization or job abolishment; or (b) a skills gap, i.e., the
business or leadership attributes required for successful performance of an employee’s position have changed recently and so significantly that the employee is no
longer qualified to perform the job.

Reduction in Force

An elimination of a certain minimum number of jobs that occurs within a defined time-period and
triggers a requirement to pay Notice Pay. Laws that would require Notice Pay include (but are not
limited to) the federal WARN Act.

Senior Executive Officer

An employee who is appointed by Freddie Mac to be employed in the position of Senior Vice President
or above of the company.

Separation Date

The last date on which a Severance Eligible Officer is considered an active employee with Freddie
Mac; also known as the Termination Date.

	 	 	 
	Policy 3-254.1 dated April 11, 2011	 	6

 

	 	 	 
		 	CORPORATE POLICY

Severance Eligible Officer

An Eligible Officer whose position is eliminated due to a Position Elimination, Reduction in Force,
or Loss of Confidence.

An Eligible Officer is not a Severance Eligible Officer if such employee:

	 	•	 	at the time of Notice is classified as a temporary employee pursuant to Policy 3-221,
Worker Classifications (as may be amended, replaced or redesignated from time to time);

	 	•	 	is terminated for engaging in Gross Misconduct;

	 	•	 	is regularly scheduled to work fewer than twenty (20) hours per week as of his/her
receipt of Notice;

	 	•	 	is on “Leave of Absence” status as defined in Policy 3-236, Other Excused Absences (as
may be amended, replaced or redesignated from time to time) for thirty (30) or more
calendar days as of his/her receipt of Notice unless otherwise provided by law;

	 	•	 	fails to provide services to Freddie Mac in accordance with the Notice;

	 	•	 	resigned employment as a result of a new assignment or reporting relationship;

	 	•	 	received a written offer of employment from a Successor, which is an entity that
acquires (through consolidation, reorganization, transfer, sublease, assignment or
otherwise) all or substantially all of the business or assets of any business unit of
Freddie Mac, or an entity that contracts with Freddie Mac to perform activities of the
business unit in which the employee is assigned contemporaneous with the commencement of
the contractual relationship; or

	 	•	 	received a written offer of Comparable Employment from Freddie Mac.

In addition, an Eligible Officer who serves as a Senior Executive Officer is not a Severance
Eligible Officer unless the company’s regulator approves payment of severance pay, and the amount
thereof, to such Senior Executive Officer at the time of termination.

Severance Pay

The dollar amount that will be paid to a Severance Eligible Officer pursuant to the terms of this
Policy. Severance Pay is equal to the Severance Eligible Officer’s base salary (not including
items such as overtime, bonus, retention payments, and/or commissions) as of the Separation Date
that would normally be paid over the length of time designated as the Severance Period, minus
lawful deductions. Alternatively, Severance Pay may be paid in the form of a Lump Sum.

Severance Period

The length of the Severance Period is as specified in the Restrictive Covenant and Confidentiality
Agreement between the Severance Eligible Officer and the company. The Severance Period begins the
day following the Separation Date.

Specified Employee

A Severance Eligible Officer who is identified by Freddie Mac in its sole discretion as of the
Separation Date as a “specified employee” as defined in Treas. Reg. § 1.409A-1(i), or any successor
thereto, and whose Severance Pay is determined by Freddie Mac to be subject to section 409A of the
Internal Revenue Code.

	 	 	 
	Policy 3-254.1 dated April 11, 2011	 	7

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