Document:

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

 Exhibit 10.1 
 Federal Home Loan Banks P&I Funding and Contingency Plan Agreement 
 This Federal Home Loan Banks P&I Funding
and Contingency Plan Agreement (“Agreement”) is entered into as of this 20th day of July, 2006 (the
“Effective Date”) by and among the Office of Finance (the “OF”) and each of the Federal Home Loan Banks (“Banks”). The OF and the Banks are sometimes referred to herein individually as a
“party” and collectively as the “parties.” All references in this Agreement to any of the parties to this Agreement include such party or any successor entity. 
 WHEREAS, the Banks are jointly and severally liable for the payment of consolidated obligations issued pursuant to Section 11 of the Federal Home Loan Bank Act, as amended (12 U.S.C. Section 1431)
(“COs”);  
 WHEREAS, the OF has the authority under 12 CFR Section 985.6(a) to issue and service (including making
timely payments on principal and interest due, subject to 12 CFR Sections 966.8 and 966.9) consolidated obligations issued on behalf of the Banks pursuant to, and in accordance with, the policies and procedures established by the OF Board of
Directors; and 
 WHEREAS, the Federal Reserve Board has announced a change in its Policy Statement on Payments System Risk (as the same may be
amended, modified or supplemented, the “PSR Policy”) that will cause the PSR Policy to be applied to the FHLBanks beginning July 20, 2006; and 
 WHEREAS, the OF and a task force of the Debt Management Sub-Committee of the Financial Officers’ Conference of the Banks have developed P&I Funding and Contingency Plan Procedures (as the same may be
amended, modified, or supplemented, the “Procedures”) to deal with the possibility that a Bank may not make a payment of debt service on COs to the OF on a timely basis following the application of the PSR Policy to the Banks; and

 WHEREAS, the OF Board of Directors has approved the Procedures and determined that the OF should obtain the written agreement of the Banks on
several matters relating to the Procedures, which matters are included in this Agreement; and 
 WHEREAS, the Federal Housing Finance Board (the
“Finance Board”) has supported the adoption of the Procedures by issuing the waiver attached hereto as Exhibit A (as the same may be amended, modified or supplemented, the “Waiver”) of its prohibition of the
direct placement of COs with FHLBanks contained in 12 CFR Section 966.8(c), to accommodate the implementation of the Procedures, based in part on its view that timely payment of all principal and interest to investors in COs is essential to
maintain the confidence of investors and potential investors in COs; and 
 WHEREAS, the Waiver provides that the interest rate paid by the Bank that
has not remitted all the funds to the OF by the agreed upon deadline on the CO issued pursuant to the Waiver shall be at least 500 basis points above the federal funds rate. 
  

 1 

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

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

 2. Use of Proceeds to Purchase COs 
 Each Bank shall be obligated to provide and authorizes the OF to apply any “positive net position” (i.e., the amount by which end-of-day proceeds received by a Bank from sale of COs on one day exceed
payments by that Bank on COs on the same day) of that Bank to the purchase of a Plan CO issued on behalf of a Delinquent Bank, thereby causing such Bank to become a Contingency Bank, based on the priority established in the matrix attached hereto as
Exhibit B (“Contingency Funding Matrix”) and otherwise in accordance with the Procedures. 
 3. Additional Interest

 Each Bank agrees that if it is a Delinquent Bank, then it will pay an amount (“Additional Interest”) in accordance with the following
schedule in addition to interest equal to the Base Cost: 
 1st offense – 500 basis points per annum of the delinquent amount 
 2nd offense – 750 basis points per annum of the delinquent amount 
 3rd and subsequent offense – 1,000 basis points per annum of the delinquent
amount 
 The Additional Interest will be calculated on an actual/360 basis based on the actual number of days the related Plan CO is outstanding, including
non-Business Days, from the date of issuance to but excluding the stated maturity date. For purposes of this calculation, Additional Interest attributable to a delinquent amount that is not related to the principal amount of a Plan CO (i.e., because
the Delinquent Bank pays all or a portion of its delinquent amount after a deadline but before a Contingency Bank is entitled to have a Plan CO issued for its benefit on behalf of the Delinquent Bank with respect to such amount) will be assessed on
that delinquent amount assuming that a Plan CO was issued with a principal amount equal to that delinquent amount and that the Plan CO would mature on the next Business Day. 
 For purposes of calculating Additional Interest, each different time deadline established under the Procedures will accrue its own separate count of the number of offenses, so that a Delinquent Bank will pay a
separate amount for each such time deadline missed, and the step-up in Additional Interest for the occurrence of a particular offense will only be measured with regard to offenses that have occurred within the 36-month period ending on the date of
that particular offense (the “Delinquency Measurement Period”). For example, if a Delinquent Bank twice misses a morning deadline and once misses an afternoon deadline, all as established under the Procedures, within a Delinquency
Measurement Period, then the Delinquent Bank shall have been subject to Additional Interest of 500 basis points with respect to the first morning deadline missed, Additional Interest of 750 basis points with respect to the second morning deadline
missed, and Additional Interest of 500 basis points with respect to the afternoon deadline missed. 
 Each Bank agrees that (i) for each Plan CO issued,
the first 100 basis points of the Additional Interest shall be assessed against the Delinquent Bank for the benefit of the Contingency Bank that purchased the Plan CO as provided in Section 1 of this 

 
Agreement, and the balance of the Additional Interest assessed against the Delinquent Bank (i.e., 400 basis points, 650 basis points, or 900 basis
points) will be divided equally among the Banks (including the Contingency Banks) that are not Delinquent Banks with respect to the same funding time specified in the Procedures and (ii) for Additional Interest attributable to a delinquent
amount that is not related to a Plan CO, the Additional Interest will be divided equally among the Banks that are not Delinquent Banks with respect to the same funding time specified in the Procedures. Each of the Banks and the OF agree that any
Additional Interest will be allocated and paid through the monthly assessment from the OF, and that the Additional Interest is not the joint and several obligation of the Banks. 
 Notwithstanding anything in this Section 3 or Section 7(a) or (b) of this Agreement to the contrary, and subject to Sections 5(a) and (d) below, each Bank agrees that assessment of the Additional
Interest shall be subject to the appellate process contained in the Procedures and that the OF shall have the authority to waive all or any portion of the Additional Interest or excuse the occurrence of any offense as provided for in the Procedures.
To the extent permitted under the Waiver, the assessment of Additional Interest shall be suspended pending completion of the appellate process. 
 4.
Reallocation of COs 
 Each Bank agrees that if a Bank is a Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a
Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency
Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO, subject to the proviso in the following paragraph. 
 Each Bank agrees that if it is a Reallocation Bank, it will wire to the Contingency Bank that holds a Plan CO an amount equal to (i) its Pro Rata Share of the principal amount of that Plan CO, plus (ii) accrued interest thereon
from the date of issue of the Plan CO until its stated maturity date equal to the Base Cost, not later than 1:00 p.m., Eastern Time, on the second Business Day following the date of issuance of that Plan CO; provided, however, that such
Reallocation Bank shall not be required to wire funds to the extent that it determines in good faith such purchase will violate any rule, regulation or binding policy of the Finance Board, and under those circumstances such Reallocation Bank shall
be excused from its obligation to make such payment to the Contingency Bank, but not from its joint and several obligation, with respect to such Plan CO. The wire shall be sent to the account identified by the Contingency Bank for that purpose, and
time is of the essence with respect to the wire. In the event there are multiple Plan COs issued on a particular date, Reallocation Banks shall not favor any Contingency Bank over any other Contingency Bank, and shall purchase its Pro Rata Shares of
such Plan COs on a proportional basis. To the extent that a Plan CO is repaid prior to the settlement of a Reallocation Bank’s obligations to purchase its Pro Rata Share, that Pro Rata Share shall be reduced proportionally by the amount so
repaid. 

 Each Contingency Bank shall promptly notify the OF of its receipt of payment of the Pro Rata Share amounts from the
Reallocation Banks. Promptly following receipt of that notice and confirmation of the payment from the Reallocation Banks, the OF shall cancel such original outstanding physical Plan CO and shall reissue replacement physical Plan COs with the
principal amounts representing the respective Pro Rata Shares of the Reallocation Banks that have paid for their purchase of the Plan CO, along with a Plan CO representing the balance of the principal amount of the original Plan CO that is retained
by the Contingency Bank. Each such reissued Plan CO remains a “Plan CO” for purposes of this Agreement and the Procedures, but a Reallocation Bank will not be treated as the Contingency Bank with respect thereto. Each Bank hereby
authorizes the OF, and the OF hereby agrees, to hold any such reissued Plan COs payable to such Bank as agent for such Bank’s benefit, and to pay debt service on such CO to the record owner of such Plan CO as reflected on the OF’s books
following reissuance. 
 For purposes of this Section, 
 a “Reallocation Bank” with respect to a Plan CO means each Bank other than (i) any Delinquent Bank on behalf of which that Plan CO or any other Plan CO was originally issued on the same date, and
(ii) the Contingency Bank that owns that Plan CO; 
 “Pro Rata Share” of a Reallocation Bank means a fraction, the numerator of which
is the total amount of outstanding COs for which the Reallocation Bank is primary obligor as of the Most Recent Measurement Date, and the denominator of which is the total amount of outstanding COs for which all Reallocation Banks and the
Contingency Bank are primary obligor as of the Most Recent Measurement Date; and 
 “Most Recent Measurement Date” means the most recent
month-end data calculated by the OF and available on the OF’s Debt Servicing System, which amount is not adjusted for inter-bank ownership of COs. 
 The Banks agree that the provisions of this Section 4 shall not affect the allocation of Additional Interest pursuant to the fourth paragraph of Section 3 of this Agreement, including without limitation the allocation of the first
100 basis points of Additional Interest pursuant to such paragraph to a Contingency Bank that acquired the Plan CO at original issuance. 
 One or more
Contingency Banks and Reallocation Banks may agree among themselves to net their payments to each other that are due as a result of multiple Plan COs having been issued and subject to reallocation on the same date. 
 Each Bank agrees that the formula for determining the Pro Rata Shares has been agreed to by the Banks solely for the purpose of this Agreement and is not intended to
represent an agreed upon allocation of risk or responsibility for any other purpose. 
 The provisions of this Section 4 shall survive any termination
of this Agreement with respect to any Plan CO issued prior to such termination. 

 5. Acknowledgements 
 Each Bank acknowledges and agrees that: 
 (a) the Base Cost plus the Additional Interest assessed against a Delinquent Bank
may not be lower than the amount required to be paid by the Delinquent Bank under the Waiver; 
 (b) the OF shall be required to provide any notice of
issuance of a Plan CO hereunder to the Office of Supervision of the Finance Board, which notice is presently required by the Waiver to be provided no later than 5:00 P.M. eastern time on the date of the issuance of the Plan CO; 
 (c) its agreement in Section 1 of this Agreement with respect to any Plan CO issued on its behalf as a Delinquent Bank satisfies the regulatory requirement
contained in 12 CFR Section 966.8(b) that provides that COs may be offered for sale only in the event Banks are committed to take the proceeds; 
 (d)
the appellate process referred to in the last paragraph of Section 3 of this Agreement will be subject to the terms of the Waiver; 
 (e) no Bank will
be entitled to a Plan CO in the amount of any positive net position except to the extent its end-of-day positive net position is used to purchase a Plan CO; and 
 (f) the Additional Interest will be calculated based on the principal amount of a Plan CO, as well as any other delinquent amount paid late to the OF by the Delinquent Bank. 
 6. Representations and Warranties of the Parties 
 As of the date of its execution and delivery of this Agreement,
each party represents and warrants to the other parties that: 
 (a) This Agreement is within such party’s powers and has been duly authorized by all
necessary corporate action. 
 (b) This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of
such party enforceable in accordance with its terms. 
 7. Termination and Amendments 
 (a) This Agreement will be deemed to be effective as of the Effective Date and will continue in full force until such time as (i) at least two-thirds (2/3) of the Banks agree to its termination,
(ii) the Finance Board rescinds the Waiver or (iii) the Finance Board takes any action, including without limitation modification of the Waiver, that makes compliance by the OF or the Banks with this Agreement not commercially reasonable.

 (b) This Agreement may be amended only in a signed writing executed and delivered by all of the Banks and the OF. Any
such amendment shall be effective as of the effective date set forth in the amendment. 
 (c) This Agreement shall also be subject to termination at 11:59
p.m. on December 31, 2008, and at 11:59 p.m. on each third December 31 thereafter (e.g. December 31, 2011, December 31, 2014, etc.) (“Expiration Time”) if at least one-third ( 1/3) of the Banks provide notice of their respective election to terminate to each other Bank and the OF at least one
year prior to the Expiration Time. Such notice shall identify with reasonable specificity the reason or reasons such Bank wishes to terminate the Agreement at the next Expiration Time. The Banks and the OF agree to negotiate in good faith toward the
resolution of the issues raised in the notices of termination with a view of reaching agreement on a new agreement at or prior to the Expiration Time. 
 8. Successors and Assigns 
 This Agreement shall be binding upon and inure to the benefit of the successors and permitted and authorized
assigns of each Bank and the OF. 
 9. Governing Law; Severability 
 This Agreement shall be governed by the statutory and common law of the United States and, to the extent federal law incorporates or defers to state law, the laws (exclusive of the choice of law provisions) of the
State of New York. Any term or provision of this Agreement that is determined to be invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and
provisions of this Agreement. 
 10. Notice 
 Except for
any notices of payment delivered pursuant to Section 4 of this Agreement, which shall be delivered promptly either telephonically or electronically, any notice required or permitted to be given or made under this Agreement, including a notice
to effect a change in a party’s address for notice, must be in writing and addressed to the other parties at the addresses of such parties set forth beneath their signatures below, and will be deemed to be properly given or made on the earliest
of (i) actual delivery, (ii) two (2) Business Days after being sent, with delivery charges paid by the sending party, by a nationally recognized commercial courier service for delivery on the next Business Day, and (iii) three
(3) Business Days after being sent through the United States Postal Service, certified mail, return receipt requested, postage prepaid. 
 11.
Counterparts 
 This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which together shall
constitute one and the same agreement. 

 12. Entire Agreement; Conflicts 
 This Agreement constitutes the entire agreement of the parties and supersedes all prior understandings or agreements, oral or written, among the parties on the subjects addressed in this Agreement. Nothing in this
Agreement, including without limitation the right of Banks to terminate it or the right of Banks to withhold approval of an amendment, shall be construed to (i) conflict with or limit the authority of the OF to carry out its duties pursuant to
law, including without limitation Federal Housing Finance Board regulations; or (ii) alter the Banks’ joint and several liability on COs, including the Plan COs issued hereunder. This Agreement does not constitute “an agreement to
obtain financial assistance to meet a Bank’s current obligations... due during this quarter”, a “consolidated obligation payment plan,” an “inter-Bank assistance agreement” or “a payment on any [CO] on behalf of
another Bank” as these terms are used in 12 CFR Section 966.9. If any applicable provision contained in the Procedures irreconcilably conflicts with any express provision of this Agreement, then such express provision of this Agreement
shall control. 
 13. No Third Party Rights Created 
 Nothing in this Agreement shall create or be deemed to create any rights in any third party. 
 14. Suspension of Obligations 
 If the Finance Board issues any order or enters into or amends any written agreement, including without limitation a written agreement within the meaning of 12 USC
Section 1422b(a)(5), that prohibits or prevents a party to this Agreement from either being a party to this Agreement, or from performing its obligations under this Agreement, after the Effective Date, then that party’s duty to perform its
obligations under this Agreement shall be suspended while such order by or agreement with the Finance Board is in effect. 
 [Signature
Page to Follow] 

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

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

	 Name:
 Title:
	 	 W. Wesley McMullan
 Executive Vice
President
	  	 Date: 5-23-06
 Address for
notice:
 111 Huntington Avenue
 Boston, MA
02199

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

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

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

	Date: 5/10/06	  	Date: May 11, 2006
	Address for notice:	  	Address for notice:
	8500 Freeport Parkway South	  	907 Walnut
	Suite 100	  	Des Moines, IA 50309
	Irving, Texas 75063	  	
		
	Federal Home Loan Bank of Indianapolis	  	Federal Home Loan Bank of New York
	President:	 	 /s/ Martin L. Heger
	  	President:	 	 /s/ Alfred A. DelliBovi

	Date: June 1, 2006	  	Date: May 22, 2006
	Address for notice:	  	Address for notice:
	8250 Woodfield Crossing Blvd.	  	101 Park Avenue, Floor 5
	Indianapolis, IN 46240	  	New York, NY
	Attention: Milton Miller, CFO	  	10178-0599
		
	Federal Home Loan Bank of Pittsburgh	  	Federal Home Loan Bank of San Francisco
	President:	 	 /s/ John R. Price
	  	President:	 	 /s/ Dean Schultz

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

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

	Date: May 17, 2006	 	Date: May 12, 2006
	Address for notice:	 	Address for notice:
	1501 Fourth Ave., Ste. 1800	 	Federal Home Loan Bank of Topeka
	Seattle, WA 98101-1693	 	One Security Benefit Place, Suite 100
		 	Topeka, KS 66606-2444
		 	Attn: General Counsel
		
	Office of Finance	 	
	Managing Director:	 	 /s/ John K. Darr
	 	
	Date: 5-22-06	 	
	Address for notice:	 	
	Two Fountain Square	 	
	11921 Freedom Drive Suite 1000	 	
	Reston, VA 20190	 	

 EXHIBIT A 
 WAIVER 

 EXHIBIT A 
 WAIVER 
 [FINANCE BOARD LOGO] 
 Number: 2005-22 
 Date: December 14, 2005 
 FEDERAL HOUSING FINANCE BOARD 
 Waiver
Concerning the Direct Placement of Consolidated Obligations 
 WHEREAS, section 2A of the Federal Home Loan Bank Act (12 U.S.C. Section 1422a(a)(3))
requires the Federal Housing Finance Board (Finance Board) to ensure that the Federal Home Loan Banks (Banks) remain adequately capitalized and able to raise funds in the capital markets to the extent consistent with ensuring the safe and sound
operation of the Banks; 
 WHEREAS, timely payment of all principal and interest to investors in consolidated obligations (COs) is essential to maintain the
confidence of investors and potential investors in COs; 
 WHEREAS, the Federal Reserve Bank of New York will implement procedures that will prevent a Bank
or any other government sponsored enterprise from incurring an overdraft in the accounts at the Federal Reserve Bank of New York used to pay the principal and interest due on securities; 
 WHEREAS, the Banks Office of Finance (OF) serves as agent for each Bank in remitting to the Federal Reserve Bank of New York all funds due for principal and interest payments on COs; 
 WHEREAS, under 12 C.F.R. Sections 907.2 and 907.6, any party may request a waiver of a provision, restriction, or requirement of the Finance Board regulations not
otherwise required by law if such waiver is not inconsistent with the law, does not adversely affect any substantial existing rights and the Finance Board finds that application of the restriction would adversely effect achievement of the purposes
of the Bank Act, or upon a showing of good cause; 
 WHEREAS, on October 18, 2005, the OF submitted to the Finance Board a request to waive the
prohibition on direct placement of COs in 12 C.F.R. Section 966.8(c) when a Bank has not provided to the OF by the agreed upon deadline all funds for principal and interest payments due that day on COs, or portions of COs, for which that Bank
is the primary obligor; and 
 WHEREAS, Finance Board staff has reviewed the waiver request and determined that it is consistent with the Bank Act, for good
cause, and raises no legal or safety and soundness concerns if the waiver is granted pursuant to the terms of this resolution. 
 NOW, THEREFORE, IT IS
RESOLVED that effective July 1, 2006, the Board of Directors hereby waives 12 C.F.R. Section 966.8(c) when direct placement of COs is necessary to assure that the Federal Reserve Bank of New York has sufficient funds to timely pay all
principal and interest due that day on COs or portions of COs; 

 Resolution Number 2005-22 
 Page 2 of 2 
 IT IS FURTHER RESOLVED that
the OF must notify the Office of Supervision no later than 5:00 pm, eastern time, on any day it directly places a CO pursuant to this waiver; and 
 IT IS
FURTHER RESOLVED that the interest rate paid by the Bank that has not remitted all the funds to the OF by the agreed upon deadline on the CO issued pursuant to this waiver shall be at least 500 basis points above the federal funds rate. 

 

	
	 By the Board of Directors
 of the Federal Housing Finance
Board

	
	 /s/ Ronald A. Rosenfeld

	Ronald A. Rosenfeld
	Chairman

 EXHIBIT B 
 Contingency Funding Matrix 
  

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

 Exhibit 4.1 
  

					
	NUMBER	  		  	UNITS
			
	U-	  		  	
			
	SEE REVERSE FOR CERTAIN DEFINITIONS	  	MILLENNIUM INDIA ACQUISITION COMPANY INC.	  	

 CUSIP 
 UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT 
 TO PURCHASE ONE SHARE OF COMMON
STOCK 
  

			
	 THIS CERTIFIES THAT
	  	
		
	 is the owner of
	  	Units.

 Each Unit (“Unit”) consists of one (1) share of common stock, par value $.0001 per share
(“Common Stock”), of Millennium India Acquisition Company Inc., a Delaware corporation (the “Company”), and one (1) warrant (the “Warrant”). Each Warrant entitles the holder to purchase one (1) share of Common
Stock for $6.00 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) the Company’s completion of a merger, capital stock exchange, asset acquisition or other similar business combination and (ii)
                    , 2007, and will expire unless exercised before 5:00 p.m., New York City Time, on
                    , 2010, or earlier upon redemption (the “Expiration Date”). The Common Stock and Warrant comprising the Units
represented by this certificate are not transferable separately prior to , 2006, subject to earlier separation in the discretion of Ladenburg Thalmann & Co. Inc. The terms of the Warrants are governed by a Warrant Agreement, dated as of
                    , 2006, between the Company and American Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms
and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 59 Maiden Lane, Plaza Level, New
York, New York 10038, and are available to any Warrant holder on written request and without cost. 
 This certificate is not valid unless
countersigned by the Transfer Agent and Registrar of the Company. 
 Witness the facsimile seal of the Company and the facsimile signatures
of its duly authorized officers. 
  

									
					
	 By
	 	  	 		 		 	  
		 	Chairman	 		 		 	 Secretary

 Millennium India Acquisition Company Inc. 
 The Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. 
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

									
	 TEN COM –
	  	as tenants in common	  	UNIF GIFT MIN ACT -	  	Custodian
					
	 TEN ENT –
	  	as tenants by the entireties	  		  	_______________	  	_______________
					
		  		  		  	(Cust)	  	(Minor)
	 JT TEN –
	  	as joint tenants with right of survivorship and not as tenants in common	  		  	under Uniform Gifts to Minors Act _________________
				
		  		  		  	(State)

 Additional Abbreviations may also be used though not in the above list. 
 For value received,
                                        hereby
sell, assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

					
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	
	  
	
	  
		
	  	  	Units
	represented by the within Certificate, and do hereby irrevocably constitute and appoint	  		  	
		
	  	  	Attorney
	to transfer the said Units on the books of the within named Company will full power of substitution in the premises.	  	

  

									
				
	Dated	 	  	 		 	  
		 		 		 	Notice:	 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change
whatever.

  

	
	 Signature(s) Guaranteed:

	
	   
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

  

 - 2 -

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