Document:

EXHIBIT
      10.32.1

              

      

    

     

    FARMER
MAC MORTGAGE

    SECURITIES
CORPORATION,

    As
Note Purchaser
  

    NATIONAL
RURAL UTILITIES

    COOPERATIVE
FINANCE CORPORATION,

    As
Borrower
 

    U.S.
BANK NATIONAL ASSOCIATION,

    As
Collateral Agent
 

    FEDERAL
AGRICULTURAL

    MORTGAGE
CORPORATION,

    As
Guarantor

    _______________________________

     

    FIRST
AMENDMENT TO PLEDGE AGREEMENT

     

    _______________________________

     

    Dated
as of September 23, 2009

    
      	
               

            

    
  

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FIRST
AMENDMENT TO PLEDGE AGREEMENT

    

    FIRST
AMENDMENT TO PLEDGE AGREEMENT, dated as of September 23, 2009, among NATIONAL
RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a District of Columbia
cooperative association and its successors and assigns (hereinafter called
“National
Rural”), FARMER MAC MORTGAGE SECURITIES CORPORATION, (the “Purchaser”), a
wholly owned subsidiary of FEDERAL AGRICULTURAL MORTGAGE CORPORATION, a
federally-chartered instrumentality of the United States and an institution of
the Farm Credit System and its successors and assigns (“Farmer Mac”), U.S.
BANK NATIONAL ASSOCIATION, a national banking association and its successors and
assigns (hereinafter called the “Collateral Agent”),
and Farmer Mac, as Guarantor.

    

    RECITALS

    WHEREAS,
the Purchaser, National Rural, Farmer Mac, and the Collateral Agent are parties
to a certain Pledge Agreement dated as of  March 23, 2009 (“Pledge
Agreement”); and

     

    WHEREAS,
the parties have agreed to modify the Pledge Agreement as set forth
herein.

     

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

     

    1.           Recitals.  The
foregoing Recitals are hereby incorporated by reference into this
Amendment.

    

    2.           Definitions.  Capitalized
terms used herein and not otherwise defined shall have the meanings assigned to
them in the Pledge Agreement.

    

    3.           Amendment.

    

    (a)           The
Pledge Agreement is hereby amended by deleting the definition of Allowable
Amount in Section 1.01 in its entirety and replacing it with the
following:

    

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

     

    (b)           The
Pledge Agreement is hereby amended by deleting the definition of Eligible
Security in Section 1.01 in its entirety and replacing it with the
following:
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Eligible Security”
means a note or bond of any Eligible Member payable or registered to, or to the
order of, National Rural, (A) in respect of which (i) the outstanding
principal amount under such note or bond, together with the outstanding
principal amount of any other notes or bonds of such Eligible Member pledged
hereunder or pledged to secure any other notes or bonds issued by National Rural
to Farmer Mac or any affiliate or sold by National Rural or any affiliate to any
trust whose beneficial ownership is owned or controlled by Farmer Mac, does not
aggregate more than $35 million; provided, however, that a note or bond in
excess of $35 million may be pledged hereunder but up to $35 million principal
amount of such note or bond (considered together with any other note or bond of
such Eligible Member pledged hereunder or pledged to secure any other notes or
bonds issued by National Rural to Farmer Mac or any affiliate or sold by
National Rural or any affiliate to Farmer Mac, any affiliate or any trust whose
beneficial ownership is owned or controlled by Farmer Mac) shall be counted in
the Allowable Amount of such Eligible Security (with the amount of any such
excess recorded in Item 7 of the Certificate of Pledged Collateral in the form
of Annex A
attached hereto), (ii) no default has occurred in the payment of principal or
interest in accordance with the terms of such note or bond that is continuing
beyond the contractual grace period (if any) provided in such note or bond for
such payment and (iii) no “event of default” as defined in such note or
bond (or in any instrument creating a security interest in favor of National
Rural in respect of such note or bond), shall exist that has resulted in the
exercise of any right or remedy described in such note or bond (or in any such
instrument); (B) which is not classified by National Rural as a
non-performing loan under generally accepted accounting principles in the United
States; and (C) which otherwise satisfies the criteria set forth on Schedule I
hereto, as such Schedule I may be amended from time to time as mutually agreed
upon in writing by Farmer Mac and National Rural, with notice of any such
amendment to the Collateral Agent prior to the pledge of such Eligible
Security.

     

    (c)           The
Pledge Agreement is hereby amended by deleting Annex A to the Pledge Agreement
in its entirety and replacing it with Annex A attached to this
Amendment.

    

    4.           GOVERNING
LAW.    THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, FEDERAL LAW.  TO THE EXTENT FEDERAL LAW
INCORPORATES STATE LAW, THAT STATE LAW SHALL BE THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED THEREIN.

     

    5.           Inconsistency with
Pledge
Agreement.  Except as otherwise amended or modified herein, the
terms, conditions and provisions of the Pledge Agreement remain in full force
and effect.  In the event of any conflict or inconsistency between the
terms of this Amendment and the Pledge Agreement, the terms of this Amendment
shall control.

    

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

     

    [SIGNATURE
PAGE FOLLOWS]
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the day and
year first above written.

     

    
      
        	
                FARMER
      MAC MORTGAGE

                SECURITIES
      CORPORATION

              
	 
      	 
      
	
                By:

              	 
      
	
                Title: 

              	 
      

      

    

     

    
      
        	
                FEDERAL
      AGRICULTURAL

                MORTGAGE
      CORPORATION

              
	 
      	 
      
	
                By:

              	 
      
	
                Title: 

              	 
      

      

    

     

    
      
        	
                NATIONAL
      RURAL UTILITIES

                COOPERATIVE
      FINANCE

                CORPORATION

              
	 
      	 
      
	
                By:

              	 
      
	
                Title: 

              	 
      

      

    

     

    
      
        	
                U.S.
      BANK NATIONAL ASSOCIATION

              
	 
      	 
      
	
                By:

              	 
      
	
                Title: 

              	 
      

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

     

    NATIONAL
RURAL UTILITIES

    COOPERATIVE
FINANCE CORPORATION

     

    PLEDGE
AGREEMENT DATED AS OF MARCH 23, 2009

     

    CERTIFICATE
OF PLEDGED COLLATERAL FILED WITH

    U.S. BANK
NATIONAL ASSOCIATION, Collateral Agent

     

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

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    1.

                                                  	
                                                    The
      Allowable Amount of Pledged Collateral certified hereby, remaining on
      deposit with the Collateral Agent, as shown on Schedule A
      hereto, is

                                                  	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                    2.

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

                                                  	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                    3.

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

                                                  	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                    4.

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

                                                  	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                    5.

                                                  	
                                                    The
      sum of amounts in items 3 and 4 is

                                                  	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                    6.

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

                                                  	 	$	 	 
	 
      	 
      	 	 	 	 
	
                                                    7.

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

                                                  	 	$	 	 

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                8.

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

                              	 	 	 	 
	 
      	 
      	 	 	 	 
	
                                9.

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

                              	 	 	  	 
	 
      	 
      	 	 	 	 
	
                                10.

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

                              	 	 	  	 

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                11.

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

                              	 	 	 	 
	 
      	 
      	 	 	 	 
	
                                12.

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

                              	 	 	  	 
	 
      	 
      	 	 	 	 
	
                                13.

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

                              	 	 	  	 

                      

                    

                  

                

              

            

          

        

      

    

    

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

     

    Dated:  _____________________

     

    
      
        
          
            	 
      
	 
      
	 
      
	 
      
	
                    OF
      NATIONAL RURAL UTILITIES

                    COOPERATIVE
      FINANCE
CORPORATION

                  

          

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

     

    PLEDGED
SECURITIES ON DEPOSIT

     

    SCHEDULE
A TO OFFICERS’ CERTIFICATE

    DATED

     

    
      	
              
                Eligible
      Securities

              

            	 
      	
              
                Name
      of Issuer

              

            	 
      	
              
                Allowable
      Amount (Item 1)

              

            
	
              Pledged
      Securities

              (Here
      List Securities)

            	
                

            	 
      	
                

            	 
      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
A

    TO

    PLEDGE
AGREEMENT

     

    PLEDGED
SECURITIES BEING DEPOSITED

     

    SCHEDULE
B TO OFFICERS’ CERTIFICATE

    DATED

     

    
      	
              
                Eligible
      Securities

              

            	 
      	
              
                Name
      of Issuer

              

            	 
      	
              
                Allowable
      Amount (Item 2)

              

            
	
              Pledged
      Securities

              (Here
      List Securities)EXHIBIT
10.33

    

    March 23,
2009

    

    National
Rural Utilities Cooperative Finance Corporation

    2201
Cooperative Way

    Herndon,
Virginia  20171

    

    Re:  Setoff Rights under Note
Purchase Agreement

    

    Ladies
and Gentlemen:

    

    In
connection with that certain Note Purchase Agreement, dated as of the date
hereof (the “Agreement”), by and
among National Rural Utilities Cooperative Finance Corporation (“National Rural” or
“Borrower”),
Farmer Mac Mortgage Securities Corporation (“Purchaser”), and
Federal Agricultural Mortgage Corporation (“Guarantor”), National
Rural has agreed, in the event of a payment default by National Rural on the
Notes, to grant the Control Party certain rights of setoff against amounts due
and owing to National Rural on any Series C Preferred Stock, par value $1,000
per share (the “Preferred Stock”), of
Guarantor.  Capitalized terms used but not otherwise defined herein
shall have the meaning set forth in the Agreement.

    

    Borrower,
Guarantor and Purchaser hereby agree that in the event of, and only in the event
of, a payment Event of Default by Borrower pursuant to Section 7.01(a) of the
Agreement (“Payment
Default”), the Control Party shall have the right, at the Control Party’s
sole option and discretion, to setoff any amounts due to Borrower in respect of
Guarantor’s Preferred Stock, whether in respect of dividends, redemption,
liquidation or otherwise (the “Preferred Payments”),
and to apply the Preferred Payments on a dollar-for-dollar basis against the
amount of Borrower’s Payment Default.  Such setoff amount by the
Control Party shall not exceed the amount of Borrower’s Payment Default, and
under no circumstances shall Borrower be liable to Purchaser or the Guarantor in
connection with the transactions described herein for any amount in excess of
the principal amount of the Notes plus interest, as provided in the
Agreement.  Borrower’s amount due under the Notes shall be satisfied
and discharged to the extent of, but only to the extent of, the Control Party’s
effective setoff.  If no Payment Default by Borrower has occurred,
however, the Guarantor shall have no right to setoff or otherwise withhold the
Preferred Payments from Borrower.  The Control Party shall provide
Borrower with notice of, and reasonably detailed back up information with
respect to, any setoff effected by the Control Party under this letter
agreement.

    

    The
rights of the Control Party herein shall be in addition to, and not in
substitution or limitation of, any other rights and remedies available to the
Control Party, whether such rights or remedies arise pursuant to law, the
Agreement or any other agreement between the parties.

     

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Please
acknowledge your acceptance of the foregoing terms by executing this letter
agreement in the space below, whereupon this agreement shall constitute a valid
agreement binding upon Purchaser and Borrower.

    

    
      
        
          
            	 
      	
                    Very
      truly yours,

                  
	 
      	 
      
	 
      	
                    FARMER
      MAC MORTGAGE SECURITIES CORPORATION

                  
	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Name:

                  
	 
      	 
      	
                    Title:

                  
	 
      	 
      
	 
      	
                    FEDERAL
      AGRICULTURAL MORTGAGE CORPORATION

                  
	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Name:

                  
	 
      	 
      	
                    Title:

                  
	 
      	 
      
	
                    ACKNOWLEDGED
      AND AGREED:

                  	 
      
	 
      	 
      
	
                    NATIONAL
      RURAL UTILITIES

                  	 
      
	
                    COOPERATIVE
      FINANCE CORPORATION

                  	 
      
	 
      	 
      
	
                    By:

                  	 
      	 
      
	 
      	
                    Name:

                  	 
      
	 
      	
                    Title:

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