Document:

Exhibit 4.1

 Exhibit 4.1 
 FEDERAL HOME LOAN MORTGAGE CORPORATION 
 GLOBAL DEBT FACILITY AGREEMENT

 AGREEMENT, dated as of March 1, 2013, 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 March 1, 2013, 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, if the Specified Payment Currency is U.S. dollars or (2) the
Principal Financial Center of the country of such Specified Payment Currency, if the Specified Payment Currency is other than U.S. dollars or euros, (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. 

  

					
		 	1	 	Freddie Mac

 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. 
 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. 

  
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 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).

 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 Benefical 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 March 1, 2013 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. 

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. 

  
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 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/default.htm, 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 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. 

  
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 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 March 1, 2013
(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 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 issued in global form, the close of business on the Business Day immediately preceding such Interest Payment Date. As to
Registered Debt Securities issued in definitive form, 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) that, in the Calculation Agent’s sole judgment, is representative for a single transaction
in the relevant market at the relevant time. 

  
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 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. 

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. 

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. 

  
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 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 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 

  
 7 

 
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 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 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 

  
 8 

 
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 
 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.

  
 9 

 “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 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. 

  
 10 

 (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 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

  
 11 

 
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. 

(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 

  
 12 

 
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 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 
 (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). 

  
 13 

 (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; 

(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. 

  
 14 

 (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 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

  
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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)); 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. 

(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 

  
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 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. 

Section 2.09. 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 

  
 17 

 
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. 
 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 
 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. 

  
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 (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 

(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. 

  
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 (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. 
 (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; or (iii) an Event of Default has occurred and continues unremedied. 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 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 

  
 20 

 
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 (a) on
the related Record Date in the case of a definitive Debt Security or (b) 15 days prior to such Interest Payment Date in the case of a Registered Debt Security issued in the global form; 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 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. 

  
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 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 date 12 days prior to such Principal Payment Date or Interest Payment date, as applicable. 
 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 

  
 22 

 
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 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. 

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. 

  
 23 

 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. 
 (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. 

  
 24 

 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, 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 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. 

  
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 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 

  
 26Exhibit 10.1

 Exhibit 10.1 
 Freddie Mac 
 PC MASTER TRUST AGREEMENT 

THIS PC MASTER TRUST AGREEMENT is entered into as of March 22, 2013, by and among Freddie Mac in its corporate capacity as
Depositor, Administrator and Guarantor, Freddie Mac in its capacity as Trustee, and the Holders of the PCs offered from time to time pursuant to Freddie Mac’s Offering Circular referred to herein. 

WHEREAS: 

(a) Freddie Mac is a corporation duly organized and existing under and by virtue of 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; and 
 (b) Freddie Mac may from
time to time (i) purchase Mortgages, in accordance with the applicable provisions of the Freddie Mac Act, (ii) as Depositor, transfer and deposit such Mortgages into various trust funds that are established pursuant to this Agreement and
that are referred to herein as “PC Pools,” (iii) as Trustee, create and issue hereunder, on behalf of the related PC Pool, PCs representing undivided beneficial ownership interests in the assets of that PC Pool and otherwise act as
trustee for each such PC Pool, (iv) as Guarantor, guarantee the payment of interest and principal for the benefit of the Holders of such PCs and (v) as Administrator, administer the affairs of each such PC Pool. 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this Agreement, the parties to this Agreement,
do hereby declare and establish this Agreement and do hereby undertake and otherwise agree as follows with respect to the transfer of the Mortgages to various PC Pools, the issuance of the PCs and the establishment of the rights and obligations of
the parties. 
 Definitions 
 The following terms used in this Agreement have the respective meanings set forth below. 
 Accrual Period: As to any PC and any Payment Date, (i) the calendar month preceding the month of the Payment Date for Gold PCs or (ii) the second calendar month preceding the month of the
Payment Date for ARM PCs. 
 Administrator: Freddie Mac, in its corporate capacity, as administrator of the PC Pools
created under this Agreement. 
 Agreement: This PC Master Trust Agreement, dated as of March 22, 2013, by and among
Freddie Mac in its corporate capacity as Depositor, Administrator and Guarantor, Freddie Mac in its capacity as Trustee, and the Holders of the various PCs, as originally executed, or as modified, amended or supplemented in accordance with the
provisions set forth herein. Unless the context requires otherwise, the term “Agreement” shall be deemed to include any applicable Pool Supplement entered into pursuant to Section 1.01 of this Agreement. 

ARM: An adjustable rate Mortgage. 

  

					
		 	1	 	

 ARM PC: A PC with a Payment Delay of 75 days and which is backed by ARMs. ARM PCs
include Deferred Interest PCs. 
 Book-Entry Rules: The provisions from time to time in effect, currently contained in
Title 24, Part 81, Subpart H of the Code of Federal Regulations, setting forth the terms and conditions under which Freddie Mac may issue securities on the book-entry system of the Federal Reserve Banks and authorizing a Federal Reserve Bank to act
as its agent in connection with such securities. 
 Business Day: A day other than (i) a Saturday or Sunday and
(ii) a day when the Federal Reserve Bank of New York (or other agent acting as Freddie Mac’s fiscal agent) is closed or, as to any Holder, a day when the Federal Reserve Bank that maintains the Holder’s account is closed. 

Conventional Mortgage: A Mortgage that is not guaranteed or insured by the United States or any agency or instrumentality of the
United States. 
 Custodial Account: As defined in Section 3.05(e) of this Agreement. 

Deferred Interest: The amount by which the interest due on a Mortgage exceeds the borrower’s monthly payment, which amount is
added to the unpaid principal balance of the Mortgage. 
 Deferred Interest PC: A PC representing an undivided beneficial
ownership interest in a PC Pool that includes Mortgages providing for negative amortization. 
 Depositor: Freddie Mac, in
its corporate capacity, as depositor of Mortgages into the PC Pools created under this Agreement. 
 Eligible Investments:
Any one or more of the following obligations, securities or holdings maturing on or before the Payment Date applicable to the funds so invested: 
 (i) obligations of, or obligations guaranteed as to the full and timely payment of principal and interest by, the United States; 

(ii) obligations of any agency or instrumentality of the United States (other than Freddie Mac) or taxable debt
obligations of any state or local government (or political subdivision thereof) that have a long-term rating or a short-term rating, as applicable, from S&P, Moody’s or Fitch in any case in one of its two highest rating categories for
long-term securities or in its highest ratings category for short-term securities; 
 (iii) time deposits of any
depository institution or trust company domiciled in the Cayman Islands or Nassau and affiliated with a financial institution that is a member of the Federal Reserve System, provided that the short-term securities of the depository institution or
trust company are rated by S&P, Moody’s or Fitch in the highest applicable ratings category for short-term securities; 
 (iv) federal funds, certificates of deposit, time deposits and bankers’ acceptances with a fixed maturity of no more than 365 days of any depository institution or trust company, provided that the
short-term securities of the depository institution or trust company are rated by S&P, Moody’s or Fitch in the highest applicable ratings category for short-term securities; 

(v) commercial paper with a fixed maturity of no more than 270 days, of any corporation that is rated by S&P,
Moody’s or Fitch in its highest short-term ratings category; 

  

					
		 	2	 	

 (vi) debt securities that have a long-term rating or a short-term rating, as
applicable, from S&P, Moody’s or Fitch, in any case in one of its two highest ratings categories for long-term securities or in its highest ratings category for short-term securities; 

(vii) money market funds that are registered under the Investment Company Act of 1940, as amended, are entitled, pursuant
to Rule 2a-7 of the Securities and Exchange Commission, or any successor to that rule, to hold themselves out to investors as money market funds, and are rated by S&P, Moody’s or Fitch in one of its two highest ratings categories for money
market funds; 
 (viii) asset-backed commercial paper that is rated by S&P, Moody’s or Fitch in its
highest short-term ratings category; 
 (ix) repurchase agreements on obligations that are either specified in
any of clauses (i), (ii), (iv), (v), (vi) or (viii) above or are mortgage-backed securities insured or guaranteed by an entity that is an agency or instrumentality of the United States; provided that the counterparty to the repurchase
agreement is an entity whose short-term debt securities are rated by S&P, Moody’s or Fitch in its highest ratings category for short-term securities; and 

(x) any other investment without options that is approved by Freddie Mac and is within the two highest ratings categories
of the applicable rating agency for long-term securities or the highest ratings category of the applicable rating agency for short-term securities. 
 The rating requirement will be satisfied if the relevant security, issue or fund at the time of purchase receives at least the minimum stated rating from at least one of S&P, Moody’s or Fitch.
The rating requirement will not be satisfied by a rating that is the minimum rating followed by a minus sign or by a rating lower than Aa2 from Moody’s. 
 Event of Default: As defined in Section 5.01 of this Agreement. 

FHA/VA Mortgage: A Mortgage insured by the Federal Housing Administration or by the Department of Agriculture Rural Development
(formerly the Rural Housing Service) or guaranteed by the Department of Veterans Affairs or the Department of Housing and Urban Development. 
 Final Payment Date: As to any PC, the first day of the latest month in which the related Pool Factor will be reduced to zero. The Administrator publishes the Final Payment Date upon formation of
the related PC Pool. 
 Fitch: Fitch, Inc., also known as Fitch Ratings, or any successor thereto. 

Freddie Mac: The Federal Home Loan Mortgage Corporation, a corporation created pursuant to the Freddie Mac Act for the purpose of
establishing and supporting a secondary market in residential mortgages. Unless the context requires otherwise, the term “Freddie Mac” shall be deemed to refer to Freddie Mac acting in one or more of its corporate capacities, as specified
or as provided in context, and not in its capacity as Trustee. 
 Freddie Mac Act: Title III of the Emergency Home Finance
Act of 1970, as amended, 12 U.S.C. §§1451-1459. 
 Gold PC: A PC with a Payment Delay of 45 days and which is
backed by fixed-rate Mortgages. 
 Guarantor: Freddie Mac, in its corporate capacity, as guarantor of the PCs issued by
each PC Pool. 

  

					
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 Guide: Freddie Mac’s Single-Family Seller/Servicer Guide, as supplemented and
amended from time to time, in which Freddie Mac sets forth its mortgage purchase standards, credit, appraisal and underwriting guidelines and servicing policies. 
 Holder: With respect to any PC Pool, any entity that appears on the records of a Federal Reserve Bank as a holder of the related PCs. 

Monthly Reporting Period: The period, which period the Administrator has the right to change as provided in Section 3.05(d) of
this Agreement, during which servicers report Mortgage payments to the Administrator, generally consisting of: 
 (i) in the case of all payments other than full prepayments on the Mortgages, the one-month period (A) ending on the 15th of the month preceding the related Payment Date for Gold PCs and (B) ending on the 15th of the second month preceding the related Payment Date for ARM PCs;
and 
 (ii) in the case of full prepayments on the Mortgages (including repurchases of the Mortgages
pursuant to Section 1.02(c) of this Agreement), the calendar month preceding the related Payment Date for Gold PCs and the second calendar month preceding the related Payment Date for ARM PCs; provided, however, that with respect to full
prepayments on PCs issued before September 1, 1995, the Monthly Reporting Period generally is from the
16th of a month through the 15th of the next month. 

Moody’s: Moody’s Investors Service, Inc., or any successor thereto. 

Mortgage: A mortgage loan or a participation interest in a mortgage loan that is secured by a first or second lien on a one-to-four
family dwelling and that has been purchased by the Depositor and transferred by the Depositor to the Trustee for inclusion in the related PC Pool. With respect to each PC Pool, the Mortgages to be included therein shall be identified on the books
and records of the Depositor and the Administrator. 
 Mortgage Coupon: The per annum fixed or adjustable interest rate of
a Mortgage. 
 MultiLender Swap Program: A program under which Freddie Mac purchases Mortgages from one or more sellers in
exchange for PCs representing undivided beneficial ownership interests in a PC Pool consisting of Mortgages that may or may not be those delivered by the seller(s). 
 Negative Amortization Factor: With respect to PCs backed by Mortgages providing for negative amortization, a truncated eight-digit decimal number that reflects the amount of Deferred Interest added
to the principal balances of the related Mortgages in the preceding month. 
 Offering Circular: Freddie Mac’s
Mortgage Participation Certificates Offering Circular dated March 22, 2013, as amended and supplemented by any Supplements issued from time to time, or any successor thereto, as it may be amended and supplemented from time to time. 

Payment Date: The 15th of each month or, if the 15th is not a Business Day, the next Business Day. 

Payment Delay: The delay between the first day of the Accrual Period for a PC and the related Payment Date. 

PC: With respect to each PC Pool, a Mortgage Participation Certificate issued pursuant to this Agreement, representing a beneficial
ownership interest in such PC Pool. The term “PC’’ includes a Gold PC or an ARM PC unless the context requires otherwise. 

  

					
		 	4	 	

 PC Coupon: The per annum fixed or adjustable rate of a PC calculated as described in
the Offering Circular or the applicable Pool Supplement, computed on the basis of a 360-day year of twelve 30-day months. 

PC Issue Date: With respect to each PC Pool, the date specified in the related Pool Supplement or, if not specified therein, the
date on which Freddie Mac issues a PC in exchange for the Mortgages delivered by a dealer or other customer. 
 PC Pool:
With respect to each PC, the corpus of the related trust fund created by this Agreement, consisting of (i) the related Mortgages and all proceeds thereof, (ii) amounts on deposit in the Custodial Account, to the extent allocable to
such PC Pool, (iii) the right to receive payments under the related guarantee and (iv) any other assets specified in the related Pool Supplement, excluding any investment earnings on any of the assets of that PC Pool. With respect to each
PC Pool, and unless expressly stated otherwise, the provisions of this Agreement will be interpreted as referring only to the Mortgages included in that PC Pool, the PCs issued by that PC Pool and the Holders of those PCs. 

Person: Any legal person, including any individual, corporation, partnership, limited liability company, financial institution,
joint venture, association, joint stock company, trust, unincorporated organization or governmental unit or political subdivision of any governmental unit. 
 Pool Factor: With respect to each PC Pool, a truncated eight-digit decimal calculated for each month by the Administrator which, when multiplied by the original principal balance of the related
PCs, will equal their remaining principal amount. The Pool Factor for any month reflects the remaining principal amount after the payment to be made on the Payment Date in the same month for Gold PCs or in the following month for ARM PCs.

 Pool Supplement: Any physical or electronic document or record (which may be a supplement to the Offering Circular or
any other supplemental document prepared by Freddie Mac for the related PCs), which, together herewith, evidences the establishment of a PC Pool and modifies, amends or supplements the provisions hereof in any respect whatsoever. The Pool Supplement
for a particular PC Pool shall be binding and effective upon formation of the related PC Pool and issuance of the related PCs, whether or not such Pool Supplement is executed, delivered or published by Freddie Mac. 

Purchase Documents: The mortgage purchase agreements between Freddie Mac and its Mortgage sellers and servicers, which are the
contracts that govern the purchase and servicing of Mortgages and which include, among other things, the Guide and any negotiated modifications, amendments or supplements to the Guide. 

Record Date: As to any Payment Date, the close of business on the last day of (i) the preceding month for Gold PCs or
(ii) the second preceding month for ARM PCs. 
 S&P: Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc., or any successor thereto. 
 Trustee: Freddie Mac, in its capacity as trustee of each
PC Pool formed under this Agreement, and its successors and assigns, which will have the trustee responsibilities specified in this Agreement, as amended or supplemented from time to time. 

Trustee Event of Default: As defined in Section 6.06 of this Agreement. 

  

					
		 	5	 	

 ARTICLE I 
 Conveyance of Mortgages; Creation of PC Pools 
 Section 1.01.
Declaration of Trust; Transfer of Mortgages. The Depositor, by delivering any Mortgages pursuant to this Agreement, unconditionally, absolutely and irrevocably hereby transfers, assigns, sets over and otherwise conveys to the Trustee, on behalf
of the related Holders, all of the Depositor’s right, title and interest in and to such Mortgages, including all payments of principal and interest thereon received after the month in which the PC Issue Date occurs. Once Mortgages have been
identified as being part of a related PC Pool for which at least one PC has been issued, they shall remain in that PC Pool unless removed in a manner consistent with this Agreement. Concurrently with the Depositor’s transferring, assigning,
setting over and otherwise conveying the Mortgages to the Trustee for a PC Pool, the Trustee hereby accepts the Mortgages so conveyed and acknowledges that it holds the entire corpus of each PC Pool in trust for the exclusive benefit of the related
Holders and shall deliver to, or on the order of, the Depositor, the PCs issued by such PC Pool. The Administrator agrees to administer the related PC Pool and such PCs in accordance with the terms of this Agreement. On the related PC Issue Date and
upon payment to the Depositor for any such PC by a Holder, such Holder shall, by virtue thereof, acknowledge, accept and agree to be bound by all of the terms and conditions of this Agreement. 

A Pool Supplement shall evidence the establishment of a particular PC Pool and shall relate to specific PCs representing the entire
beneficial ownership interests in such PC Pool. If for any reason the creation of a Pool Supplement is delayed, Freddie Mac shall create one as soon as practicable, and such delay shall not affect the validity and existence of the PC Pool or the
related PCs. With respect to each PC Pool, the collective terms hereof and of the related Pool Supplement shall govern the issuance and administration of the PCs related to such PC Pool, and all matters related thereto, and shall have no
applicability to any other PC Pool or PCs. As applied to each PC Pool, the collective terms hereof and of the related Pool Supplement shall constitute an agreement as if the collective terms of those instruments were set forth in a single
instrument. In the event of a conflict between the terms hereof and the terms of a Pool Supplement for a PC Pool, the terms of the Pool Supplement shall control with respect to that PC Pool. A Pool Supplement is not considered an amendment to this
Agreement requiring approval pursuant to Section 7.05. 
 Section 1.02. Identity of the Mortgages; Substitution and
Repurchase. 
 (a) In consideration for the transfer of the related Mortgages by the Depositor to a PC Pool, the Depositor
(i) shall receive the PCs issued by such PC Pool and (ii) may retain such PCs or transfer them to the related Mortgage seller or otherwise, as the Depositor deems appropriate. 

(b) After the PC Issue Date but prior to the first Payment Date, the Depositor may, in accordance with its customary mortgage purchase and
pooling procedures, adjust the amount and identity of the Mortgages to be transferred to a PC Pool, the PC Coupon and/or the original unpaid principal balance of the PCs and the Mortgages in the PC Pool, provided that any changes to the
characteristics of the PCs shall be evidenced by an amendment or supplement to the related Pool Supplement. 
 (c) Except as
provided in this Section 1.02 or in Section 1.03, once the Depositor has transferred a Mortgage to a particular PC Pool, such Mortgage may not be transferred out of such PC Pool, except (x) if a mortgage insurer exercises an option
under an insurance contract to purchase such Mortgage or (y) in the case of repurchase by the Guarantor, the Administrator or the related Mortgage seller or servicer, under the following circumstances: 

(i) The Guarantor may repurchase from the related PC Pool a Mortgage in connection with a guarantee payment under
Section 3.09(a)(ii). 

  

					
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 (ii) The Administrator may repurchase from the related PC Pool, or require
or permit a Mortgage seller or servicer to repurchase, any Mortgage if a repurchase is necessary or advisable (A) to maintain servicing of the Mortgage in accordance with the provisions of the Guide, or (B) to maintain the status of the PC
Pool as a grantor trust for federal income tax purposes. 
 (iii) The Guarantor may repurchase from the related
PC Pool, or require or permit a Mortgage seller or servicer to repurchase, any Mortgage if (A) such Mortgage is 120 or more days delinquent, or (B) the Guarantor determines, on the basis of information from the related borrower or
servicer, that loss of ownership of the property securing a Mortgage is likely or default is imminent due to borrower incapacity, death or hardship or other extraordinary circumstances that make future payments on such Mortgage unlikely or
impossible. 
 (iv) The Guarantor may repurchase from the related PC Pool a Mortgage if a bankruptcy court
approves a plan that materially affects the terms of the Mortgage or authorizes a transfer or substitution of the underlying property. 
 (v) The Administrator may require or permit a Mortgage seller or servicer to repurchase from the related PC Pool any Mortgage or (within six months of the issuance of the related PCs) substitute for any
Mortgage a Mortgage of comparable type, unpaid principal balance, remaining term and yield, if there is (A) a material breach of warranty by the Mortgage seller or servicer, (B) a material defect in documentation as to such Mortgage or
(C) a failure by a seller or servicer to comply with any requirements or terms set forth in the Guide and, if applicable, other Purchase Documents. 
 (vi) The Administrator shall repurchase from the related PC Pool any Mortgage or (within two years of the issuance of the related PCs) substitute for any Mortgage a Mortgage of comparable type, unpaid
principal balance, remaining term and yield, if (A) a court of competent jurisdiction or a federal government agency duly authorized to oversee or regulate Freddie Mac’s mortgage purchase business determines that Freddie Mac’s
purchase of such Mortgage was unauthorized and Freddie Mac determines that a cure is not practicable without unreasonable effort or expense or (B) such court or government agency requires repurchase of such Mortgage. 

(vii) To the extent a PC Pool includes convertible ARMs or Balloon/Reset Mortgages (each, as defined in the Offering
Circular), the Administrator shall repurchase from the related PC Pool or require or allow the Mortgage seller or servicer to repurchase such Mortgages (a) when the borrower exercises its option to convert the related interest rate from an
adjustable rate to a fixed rate, in the case of a convertible ARM; and (b) shortly before such Mortgage reaches its scheduled balloon repayment date, in the case of a Balloon/Reset Mortgage. 

(d) The purchase price of a Mortgage repurchased by a Mortgage seller or servicer shall be equal to the then unpaid principal balance of
such Mortgage, less any principal on such Mortgage that the Mortgage seller or servicer advanced to the Depositor or the Administrator. The purchase price of a Mortgage repurchased by the Administrator or the Guarantor under this Agreement shall be
equal to the then unpaid principal balance of such Mortgage, less any outstanding advances of principal on such Mortgage that the Administrator, on behalf of the Trustee, distributed to Holders. The Administrator, on behalf of the Trustee, agrees to
release any Mortgage from the PC Pool upon payment of the applicable purchase price. 
 (e) In determining whether a Mortgage
shall be repurchased from the related PC Pool as described in this Section 1.02, the Guarantor and the Administrator may consider such factors as they deem appropriate, including the reduction of administrative costs (in the case of the
Administrator) or possible exposure as Guarantor under its guarantee (in the case of the Guarantor). 

  

					
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 Section 1.03. Post-Settlement Purchase Adjustments 

(a) The Administrator shall make any post-settlement purchase adjustments necessary to reflect the actual aggregate unpaid principal
balance of the related Mortgages or other Mortgage characteristics as of the date of their purchase by the Depositor or their delivery to the Trustee in exchange for PCs, as the case may be. 

(b) Post-settlement adjustments may be made in such manner as the Administrator deems appropriate, but shall not adversely affect any
Holder’s rights to monthly payments of interest at the PC Coupon, any Holder’s pro rata share of principal or any Holder’s rights under the Guarantor’s guarantees. Any reduction in the principal balance of the Mortgages held by a
PC Pool shall be reflected by the Administrator as a corresponding reduction in the principal balance of the related PCs with a corresponding principal payment to the related Holders, on a pro rata basis. 

Section 1.04. Custody of Mortgage Documents. With respect to each PC Pool, the Administrator, a custodian acting as its agent
(which may be a third party or a trust or custody department of the related seller or servicer), or the originator or seller of the Mortgage may hold the related Mortgage documents, including Mortgage notes and participation certificates evidencing
the Trustee’s legal ownership interest in the Mortgages. The Administrator may adopt and modify its policies and procedures for the custody of Mortgage documents at any time, provided such modifications are prudent and do not materially and
adversely affect the Holders’ interests. 
 Section 1.05. Interests Held or Acquired by Freddie Mac. Freddie Mac
shall have the right to purchase and hold for its own account any PCs. Subject to Section 7.06, PCs held or acquired by Freddie Mac from time to time and PCs held by other Holders shall have equal and proportionate benefits, without preference,
priority or distinction. In the event that Freddie Mac retains any interest in a Mortgage, the remaining interest in which is part of a PC Pool, Freddie Mac’s interest in such Mortgage shall rank equally with that of the related PC Pool,
without preference, priority or distinction. No Holder shall have any priority over any other Holder. 
 Section 1.06.
Intended Characterization. It is intended that the conveyance, transfer, assignment and setting over of the Mortgages by the Depositor to the Trustee pursuant to this Agreement be a true, absolute and unconditional sale of the related Mortgages
by the Depositor to the Trustee, and not a pledge of the Mortgages to secure a debt or other obligation of the Depositor, and that the Holders of the related PCs shall be the beneficial owners of such Mortgages. Notwithstanding this express
intention, however, if the Mortgages are determined by a court of competent jurisdiction or other competent authority to be the property of the Depositor, then it is intended that: (a) this Agreement be deemed to be a security agreement within
the meaning of Articles 8 and 9 of the Uniform Commercial Code; (b) the conveyances provided for in Section 1.01 shall be deemed to be (1) a grant by the Depositor to the Trustee on behalf of the related Holders of a security interest
in all of the Depositor’s right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the related Mortgages, any and all general intangibles consisting of, arising from or relating
to any of the foregoing, and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including without limitation all amounts from time to time held or invested in the
Custodial Account and allocable to such Mortgages, whether in the form of cash, instruments, securities or other property and (2) an assignment by the Depositor to the Trustee on behalf of the related Holders of any security interest in any and
all of the Depositor’s right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the property described in the foregoing clause (1); and (c) notifications to Persons holding
such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of
the Trustee on behalf of the related Holders, for the purpose of perfecting such security interest under applicable law. 

  

					
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 Section 1.07. Encumbrances. Except as may otherwise be provided expressly in
this Agreement, neither Freddie Mac nor the Trustee shall directly or indirectly, assign, sell, dispose of or transfer all or any portion of or interest in any PC Pool, or permit all or any portion of any PC Pool to be subject to any lien, claim,
mortgage, security interest, pledge or other encumbrance of any other Person. This Section shall not be construed as a limitation on Freddie Mac’s rights with respect to PCs held by it in its corporate capacity. 

ARTICLE II 

Administration and Servicing of the Mortgages 
 Section 2.01. The Administrator as Primary Servicer. With respect to each PC Pool, the Administrator shall service or supervise servicing of the related Mortgages and administer, on behalf of
the Trustee, in accordance with the provisions of the Guide and this Agreement, including management of any property acquired through foreclosure or otherwise, all for the benefit of the related Holders. The Administrator shall have full power and
authority to do or cause to be done any and all things in connection with such servicing and administration that the Administrator deems necessary or desirable. The Administrator shall seek from the Trustee, as representative of the related Holders,
any consents or approvals relating to the control, management and servicing of the Mortgages included in any PC Pool and that are required hereunder. 
 Section 2.02. Servicing Responsibilities. With respect to each PC Pool, the Administrator shall service or supervise servicing of the related Mortgages in a manner consistent with prudent
servicing standards and in substantially the same manner as the Administrator services or supervises the servicing of unsold mortgages of the same type in its portfolio. In performing its servicing responsibilities hereunder, the Administrator may
engage servicers, subservicers and other independent contractors or agents. The Administrator may discharge its responsibility to supervise servicing of the Mortgages by monitoring servicers’ performance on a reporting and exception basis.
Except as provided in Articles V and VI and Sections 7.05 and 7.06 of this Agreement, Freddie Mac, as Administrator shall not be subject to the control of the Holders in the discharge of its responsibilities pursuant to this Article. Except with
regard to its guarantee obligations pursuant to Section 3.09 with respect to a PC Pool, the Administrator shall have no liability to any related Holder for the Administrator’s actions or omissions in discharging its responsibilities under
this Article II other than for any direct damage resulting from its failure to exercise that degree of ordinary care it exercises in the conduct and management of its own affairs. In no event shall the Administrator have any liability for
consequential damages. 
 Section 2.03. Realization Upon Defaulted Mortgages. With respect to each PC Pool, unless
the Administrator deems that another course of action (e.g., charge-off) would be in the best economic interest of the Holders, the Administrator (or its authorized designee or representative) shall, as soon as practicable, foreclose upon (or
otherwise comparably convert the ownership of) any real property securing a Mortgage which comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments. In connection with such
foreclosure or conversion, the Administrator (or its authorized designee or representative) shall follow such practices or procedures as it deems necessary or advisable and consistent with general mortgage servicing standards. 

Section 2.04. Automatic Acceleration and Assumptions. 
 (a) With respect to each PC Pool, to the extent provided in the Guide, the Administrator shall enforce the terms of each applicable Mortgage that gives the mortgagee the right to demand full payment of
the unpaid principal balance of the Mortgage upon sale or transfer of the property securing the Mortgage regardless of the creditworthiness of the transferee (a right of “automatic acceleration’’), subject to applicable state and
federal law and the Administrator’s then-current servicing policies. 

  

					
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 (b) With respect to each PC Pool, the Administrator shall permit the assumption by a new
mortgagor of an FHA/VA Mortgage upon the sale or transfer of the underlying property, as required by applicable regulations. Any such assumption shall be in accordance with applicable regulations, policies, procedures and credit requirements and
shall not result in loss or impairment of any insurance or guaranty. 
 Section 2.05. Prepayment Penalties. Unless
otherwise provided in the Pool Supplement for a PC Pool, the related Holders shall not be entitled to receive any prepayment penalties, assumption fees or other fees charged on the Mortgages included in such PC Pool, and either the related servicer
or the Administrator shall retain such amounts. 
 Section 2.06. Mortgage Insurance and Guarantees. 

(a) With respect to each PC Pool, if a Conventional Mortgage is insured by a mortgage insurer and the mortgage insurance policy is an
asset of such PC Pool, the related Holders acknowledge that the insurer shall have no obligation to recognize or deal with any Person other than the Administrator, the Trustee, or their respective authorized designees or representatives regarding
the mortgagee’s rights, benefits and obligations under the related insurance contract. 
 (b) With respect to each PC Pool,
each FHA/VA Mortgage shall have in full force and effect a certificate or other satisfactory evidence of insurance or guaranty, as the case may be, as may be issued by the applicable government agency from time to time. None of these agencies has
any obligation to recognize or deal with any Person other than the Administrator, the Trustee, or their respective authorized designees or representatives with regard to the rights, benefits and obligations of the mortgagee under the contract of
insurance or guaranty relating to each FHA/VA Mortgage included in such PC Pool. 
 ARTICLE III 

Distributions to Holders; Guarantees 
 Section 3.01. Monthly Reporting Period. For purposes of this Agreement with respect to any PC Pool, any payment or any event with respect to any Mortgage included in such PC Pool that is
reported to the Administrator by the related servicer as having been made or having occurred within a Monthly Reporting Period shall be deemed to have been received by the Administrator or to have in fact occurred within such Monthly Reporting
Period used by the Administrator for such purposes. Payments reported by servicers include all principal and interest payments made by a borrower, insurance proceeds, liquidation proceeds and repurchase proceeds. Events reported by servicers include
foreclosure sales, payments of insurance claims and payments of guarantee claims. 
 Section 3.02. Holder’s
Undivided Beneficial Ownership Interest. With respect to each PC Pool, the Holder of a PC on the Record Date shall be the owner of record of a pro rata undivided beneficial ownership interest in the remaining principal balance of the Mortgages
in the related PC Pool as of such date and shall be entitled to interest at the PC Coupon on such pro rata undivided beneficial ownership interest, in each case on the related Payment Date. Such pro rata undivided beneficial ownership interest shall
change accordingly if any Mortgage is added to or removed from such PC Pool in accordance with this Agreement. A Holder’s pro rata undivided beneficial ownership interest in the Mortgages included in a PC Pool is calculated by dividing the
original unpaid principal balance of the Holder’s PC by the original unpaid principal balance of all the Mortgages in the related PC Pool. 
 Section 3.03. Distributions of Principal. With respect to each PC Pool, the Administrator, on behalf of the Trustee, shall withdraw from the Custodial Account and shall distribute to each
related Holder its pro rata share of principal collections with respect to the Mortgages in such PC Pool, including, if applicable, each Holder’s pro rata share of the aggregate amount of any Deferred Interest that has been

  

					
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added to the principal balance of the related Mortgages; provided, however, that with respect to guarantee payments, the Guarantor’s obligations herein shall be subject to its
subrogation rights pursuant to Section 3.10. The Administrator may retain from any prepayment or delinquent principal payment on any Mortgage, for reimbursement to the Guarantor, any amount not previously received with respect to such Mortgage
but paid by the Guarantor to the related Holders under its guarantee. For Mortgages purchased by the Depositor in exchange for PCs under its MultiLender Swap Program, the Depositor shall retain principal payments made on such Mortgages in the amount
of any difference between the aggregate unpaid principal balance of the Mortgages as of delivery by the seller and the aggregate unpaid principal balance as of the PC Issue Date, and the Depositor shall purchase additional Mortgages with such
principal payments; such additional Mortgages may or may not be included in the related PC Pool represented by the PCs received by the seller. 
 Section 3.04. Distributions of Interest. With respect to each PC Pool, the Administrator, on behalf of the Trustee, shall withdraw from the Custodial Account and shall distribute to each
related Holder its pro rata share of interest collections with respect to the Mortgages included in such PC Pool, at a rate equal to the PC Coupon (excluding, if applicable, each Holder’s pro rata share of any Deferred Interest that has been
added to the principal balance of the related Mortgages). Interest shall accrue during the applicable Accrual Periods. The Administrator may retain from any delinquent interest payment on any Mortgage, for reimbursement to the Guarantor, any amount
not previously received with respect to such Mortgage but paid by the Guarantor to the related Holders under its guarantee. With respect to each PC Pool, a partial month’s interest retained by Freddie Mac or remitted to the related Holders with
respect to prepayments shall constitute an adjustment to the fee payable to the Administrator and the Guarantor pursuant to Section 3.08(a) for such PC Pool. 
 Section 3.05. Payments. 
 (a) With respect to each PC Pool,
distributions of principal and interest on the related PCs shall begin in the month after issuance for Gold PCs and in the second month after issuance for ARM PCs. The Administrator, on behalf of the Trustee, shall calculate, or cause to be
calculated, for each PC the distribution amount for the current calendar month. 
 (b) On or before each Payment Date, the
Administrator, on behalf of the Trustee, shall instruct the Federal Reserve Banks to credit payments on PCs from the Custodial Account to the appropriate Holders’ accounts. The related PC Pool’s payment obligations shall be met upon
transmittal of the Administrator’s payment order to the Federal Reserve Banks provided sufficient funds are then on deposit in the Custodial Account. A Holder shall receive the payment of principal, if applicable, and interest on each Payment
Date on each PC held by such Holder as of the related Record Date. 
 (c) The Administrator relies on servicers’ reports of
mortgage activity to prepare the Pool Factors. There may be delays or errors in processing mortgage information, such as a servicer’s failure to file an accurate or timely report of its collections of principal or its having filed a report that
cannot be processed. In these situations the Administrator’s calculation of scheduled principal to be made on Gold PCs may not reflect actual payments on the related Mortgages. The Administrator shall account for and reconcile any differences
as soon as practicable. 
 (d) The Administrator reserves the right to change the period during which a servicer may hold funds
prior to payment to the Administrator, as well as the period for which servicers report payments to the Administrator, including adjustments to the Monthly Reporting Period. Either change may change the time at which prepayments are distributed to
Holders. Any such change, however, shall not impair Holders’ rights to payments as otherwise provided in this Section. 

(e) The Administrator shall maintain one or more accounts (together, the “Custodial Account”), segregated from the general funds
of Freddie Mac, in its corporate capacity, for the deposit of collections of 

  

					
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principal (including full and partial principal prepayments) and interest received from or advanced by the servicers in respect of the Mortgages. Mortgage collections in respect of the PC Pools
established by Freddie Mac under this Agreement or trust funds established by Freddie Mac pursuant to any other trust agreements may be commingled in the Custodial Account, provided that the Administrator keeps, or causes to be kept, separate
records of funds with respect to each such PC Pool and other trust fund. Collections due to Freddie Mac, in its corporate capacity as owner of mortgages held in its portfolio, may also be commingled in the Custodial Account, provided that the
Administrator shall withdraw such amounts for remittance to Freddie Mac on a monthly basis. Funds on deposit in the Custodial Account may be invested by the Administrator in Eligible Investments. Investment earnings on deposits in the Custodial
Account shall be for the benefit of the Administrator, and any losses on such investments shall be paid by the Administrator. On each Payment Date, amounts on deposit in the Custodial Account shall be withdrawn upon the order of the Administrator,
on behalf of the Trustee, for the purpose of making distributions to the related Holders, in accordance with this Agreement. 

Section 3.06. Pool Factors. 
 (a) The Administrator, on behalf of the Trustee, shall calculate and make payments to Holders on each Payment Date based on the monthly Pool Factors (including Negative Amortization Factors) until such
time as the Administrator determines that a more accurate and practicable method for calculating such payments is available and implements that method. Pursuant to Section 7.05(e), the Administrator may modify the Pool Factor methodology from
time to time, without the consent of Holders. With respect to each PC Pool, the Administrator, on behalf of the Trustee, shall do the following: 
 (i) The Administrator shall publish or cause to be published for each month a Pool Factor with respect to each PC Pool. Beginning in the month after formation of a PC Pool, Pool Factors shall be published
on or about the fifth Business Day of the month, which Pool Factors may reflect prepayments reported to the Administrator after the end of the related Monthly Reporting Period and before the publication of the applicable Pool Factors. However, the
Administrator may, in its own discretion, publish Pool Factors on any other Business Day. The Pool Factor for the month in which the PC Pool is established is 1.00000000 and need not be published. 

(ii) The Administrator shall distribute principal each month to a Holder of a Gold PC in an amount equal to such
Holder’s pro rata share of such principal, calculated by multiplying the original principal balance of the Gold PC by the difference between its Pool Factors for the preceding and current months. 

(iii) The Administrator shall distribute principal each month to a Holder of an ARM PC in an amount equal to such
Holder’s pro rata share of such principal, calculated by multiplying the original principal balance of the ARM PC by the difference between its Pool Factors for the two preceding months. 

(iv) The Administrator shall distribute interest each month in arrears to a Holder (assuming no Deferred Interest) in an
amount equal to 1/12th of the applicable PC Coupon multiplied by such Holder’s pro rata share of principal, calculated by multiplying the original principal balance of such Holder’s PC by the preceding month’s Pool Factor for Gold PCs
or by the second preceding month’s Pool Factor for ARM PCs. 
 (v) For any month that Deferred Interest has
accrued on a Deferred Interest PC, the Administrator shall distribute principal (if any is due) to a Holder in an amount equal to such Holder’s pro rata share of principal, calculated by (A) subtracting the preceding month’s Pool
Factor from the second preceding month’s Pool Factor, (B) adding to the difference the Negative Amortization Factor for the preceding month and (C) multiplying the resulting sum by the original PC principal balance. The interest
payment on the Deferred Interest PC in that month shall be (i) 1/12th of the PC Coupon 

  

					
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multiplied by (ii) the original principal balance of the Holder’s PC multiplied by (iii) the preceding month’s Pool Factor minus the preceding month’s Negative
Amortization Factor. 
 (b) With respect to each PC Pool, a Pool Factor shall reflect prepayments reported for the applicable
Monthly Reporting Period. The Administrator, on behalf of the Trustee, may also, in its discretion, reflect in a Pool Factor any prepayments reported after the end of the applicable Monthly Reporting Period. To the extent a given Pool Factor
(adjusted as necessary for payments made pursuant to the Guarantor’s guarantee of timely payment of scheduled principal on Gold PCs) does not reflect the actual unpaid principal balance of the related Mortgages, the Administrator shall account
for any difference by adjusting subsequent Pool Factors as soon as practicable. 
 (c) In the case of a PC Pool that is comprised
of ARMs, a Pool Factor shall be based upon the unpaid principal balance of the related Mortgages that servicers report to the Administrator for the Monthly Reporting Period that ended in the second month preceding the month in which the Pool Factor
is published. The Administrator, on behalf of the Trustee, may also, in its discretion, include as part of the aggregate principal payment in any month any prepayments received after the Monthly Reporting Period that ended in the second month
preceding the month in which the Pool Factor is published. To the extent a given Pool Factor does not reflect the actual aggregate unpaid principal balance of the Mortgages, the Administrator shall account for any difference by adjusting subsequent
Pool Factors as soon as practicable. 
 (d) The Pool Factor method for a PC Pool may affect the timing of receipt of payments by
related Holders but shall not affect the Guarantor’s guarantee with respect to such PC Pool, as set forth in Section 3.09. The Guarantor’s guarantee shall not be affected by the implementation of any different method for calculating
and paying principal and interest for any PC Pool, as permitted by this Section 3.06. 
 Section 3.07. Servicing
Fees; Retained Interest. 
 (a) To the extent provided by contractual arrangement with the Administrator, with respect to
each PC Pool, the related servicer of each Mortgage included in such PC Pool shall be entitled to retain each month, as a servicing fee, any interest payable by the borrower on a Mortgage that exceeds the servicer’s required remittance with
respect to such Mortgage. Each servicer is required to pay all expenses incurred by it in connection with its servicing activities and shall not be entitled to reimbursement for those expenses, except as provided in Section 3.08(c). If a
servicer advances any principal and/or interest on a Mortgage to the Administrator prior to the receipt of such funds from the borrower, the servicer may retain (i) from prepayments or collections of delinquent principal on such Mortgage any
payments of principal so advanced, or (ii) from collections of delinquent interest on such Mortgage any payments of interest so advanced. To the extent permitted by its servicing agreement, the servicer is entitled to retain as additional
compensation certain incidental fees related to Mortgages it services. 
 (b) With respect to a PC Pool, pursuant to the related
Purchase Documents, a seller may retain each month as extra compensation a fixed amount of interest on a Mortgage included in such PC Pool. In such event, the related servicer shall retain each month as a servicing fee the excess of any interest
payable by the borrower on such Mortgage (less the seller’s retained interest amount) over the servicer’s required remittance with respect to such Mortgage. 
 Section 3.08. Administration Fee; Guarantee Fee. 
 (a) Subject to any
adjustments required by Section 3.04, with respect to any PC Pool, the Administrator and the Guarantor shall be entitled to receive from monthly interest payments on each related Mortgage a fee (to be allocated between the Administrator and the
Guarantor as they may agree) equal to the excess of any interest received by the Administrator from the servicer over the amount of interest payable to the related Holders; provided, however, that the aggregate fee amount shall be
automatically adjusted with respect to each PC Pool to the extent a Pool Factor does not reflect the unpaid principal 

  

					
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balance of the Mortgages. Any such adjustment shall equal the difference between (i) interest at the applicable PC Coupon computed on the aggregate unpaid principal balance of the Mortgages
for such month based on monthly principal payments actually received by the Administrator and (ii) interest at the applicable PC Coupon computed on the remaining balance of the Mortgages included in the PC Pool derived from the Pool Factor. The
Administrator shall (i) withdraw the aggregate fee amount from the Custodial Account prior to distributions to the related Holders, (ii) retain its portion of the fee for the Administrator’s own account and (iii) remit the
remaining portion of the fee to the Guarantor as the guarantee fee. In addition, the Administrator is entitled to retain as additional compensation certain incidental fees on the Mortgages as provided in Section 2.05 and certain investment
earnings as provided in Section 3.05(e). 
 (b) The Depositor shall pay all expenses incurred in connection with the
transfer of the Mortgages, the establishment and administration of each PC Pool and the issuance of the PCs. Any amounts (including attorney’s fees) expended by the Trustee or the Administrator (or the servicers on the Administrator’s
behalf) for the protection, preservation or maintenance of the Mortgages, or of the real property securing the Mortgages, or of property received in liquidation of or realization upon the Mortgages, shall be expenses to be borne pro rata by the
Administrator and the Holders in accordance with their interests in each Mortgage. The Administrator, on behalf of the Trustee, may retain an amount sufficient to pay the portion of such expenses borne pro rata by the Depositor and the Holders from
payments otherwise due to Holders, which may affect the timing of receipt of payments by Holders but shall not affect the Guarantor’s obligations under Section 3.09. 
 (c) The Administrator shall reimburse a servicer for any amount (including attorney’s fees) it expends (on the Administrator’s behalf and with its approval) for the protection, preservation or
maintenance of the Mortgages, or of the real property securing the Mortgages, or of property received in liquidation of or realization upon the Mortgages. Such expenses shall be reimbursable to the servicer from the assets of the related PC Pool, to
the extent provided in the Guide. 
 (d) Any fees and expenses described above shall not affect the Guarantor’s guarantee
with respect to any PC Pool, as set forth in Section 3.09. 
 Section 3.09. Guarantees. 

(a) With respect to each PC Pool, the Guarantor guarantees to the Trustee and to each Holder of a PC: 

(i) the timely payment of interest at the applicable PC Coupon; 

(ii) the full and final payment of principal on the underlying Mortgages on or before the Payment Date that falls
(A) in the month of its Final Payment Date, for Gold PCs, or (B) in the month after its Final Payment Date, for ARM PCs; and 
 (iii) for Gold PCs only, the timely payment of scheduled principal on the underlying Mortgages. 

In the case of Deferred Interest PCs, the Guarantor’s guarantee of principal includes, and its guarantee of interest excludes, any Deferred Interest
added to the principal balances of the related Mortgages. The Guarantor shall make payments of any guaranteed amounts by transfer to the Custodial Account for distribution to the related Holders, in accordance with Sections 3.03 and 3.04. The
guarantees pursuant to this Section will inure to the benefit of each PC Pool and its related Holders, and shall be enforceable by the Trustee of that PC Pool and by such Holders, as provided in Article V of this Agreement. 

(b) The Guarantor shall compute guaranteed scheduled monthly principal payments on any Gold PC, subject to any applicable adjustments, in
accordance with procedures adopted by the Guarantor from time to time. With respect to each PC Pool, any payment the Guarantor makes to the Administrator, on behalf 

  

					
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of the Trustee, on account of the Guarantor’s guarantee of scheduled principal payments shall be considered to be a payment of principal for purposes of calculating the Pool Factor for such
PC Pool and the Holder’s pro rata share of the remaining unpaid principal balance of the related Mortgages. 
 (c) The
Guarantor’s guarantees shall continue to be effective or shall be reinstated (i) in the event that any principal or interest payment made to a Holder is for any reason returned by the Holder pursuant to an order, decree or judgment of any
court of competent jurisdiction that the Holder was not entitled to retain such payment pursuant to this Agreement and (ii) notwithstanding any provision hereof permitting fees, expenses, indemnities or other amounts to be paid from the assets
of any PC Pool. 
 Section 3.10. Subrogation. With respect to each PC Pool, the Guarantor shall be subrogated to all
the rights, interests, remedies, powers and privileges of each related Holder in respect of any Mortgage included in such PC Pool on which it has made guarantee payments of principal and/or interest to the extent of such payments. Nothing in this
Section shall impair the Guarantor’s right to receive distributions in its capacity as Holder, if it is a Holder of any PCs. 
 Section 3.11. Termination Upon Final Payment. Each PC Pool is irrevocable and will terminate only in accordance with the terms of this Agreement. Except as provided in Sections 3.05(e), 6.06
and 7.01, with respect to each PC Pool, Freddie Mac’s and the Trustee’s obligations and responsibilities under this Agreement shall terminate as to a PC Pool and its Holders upon (i) the full payment to such Holders of all principal
and interest due to the Holders based on the Pool Factors or by reason of the Guarantor’s guarantees or (ii) the payment to the Holder of all amounts held by Freddie Mac and the Trustee, respectively, and required to be paid hereunder;
provided, however, that in no event shall any PC Pool created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of
St. James’s, living on the date hereof. 
 Section 3.12. Effect of Final Payment Date. The actual final payment
on a PC may occur prior to the Payment Date specified in Section 3.09(a)(ii) due to prepayments of principal, including prepayments made in connection with the repurchase of any Mortgage from the related PC Pool. 

Section 3.13. Payment Error Corrections. In the event of a principal or interest payment error, the Administrator, in its sole
discretion, may effect corrections by the adjustment of payments to be made on future Payment Dates or in such other manner as it deems appropriate. 
 ARTICLE IV 
 PCs 

Section 4.01. Form and Denominations. With respect to each PC Pool, the principal balances, PC Coupons and other
characteristics of the PCs to be issued shall be specified in the related Pool Supplement. Delivery of the PCs of a PC Pool shall constitute the issuance of the PCs for that PC Pool. PCs shall be issued, held and transferable only on the book-entry
system of the Federal Reserve Banks in minimum original principal amounts of $1,000 and additional increments of $1. PCs shall at all times remain on deposit with a Federal Reserve Bank in accordance with the provisions of the Book-Entry Rules. A
Federal Reserve Bank will maintain a book-entry recordkeeping system for all transactions in PCs with respect to Holders. 

Section 4.02. Transfer of PCs. PCs may be transferred only in minimum original principal amounts of $1,000 and additional
increments of $1. PCs may not be transferred if, as a result of the transfer, the 

  

					
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transferor or the new Holder would have on deposit in its account PCs of the same issue with an original principal amount of less than $1,000.The transfer, exchange or pledge of PCs shall be
governed by the fiscal agency agreement between Freddie Mac and a Federal Reserve Bank, the Book-Entry Rules and such other procedures as shall be agreed upon from time to time by Freddie Mac and a Federal Reserve Bank. A Federal Reserve Bank shall
act only upon the instructions of the Holder in recording transfers of a PC. A charge may be made for any transfer of a PC and shall be made for any tax or other governmental charge imposed in connection with a transfer of a PC. Freddie Mac hereby
assigns to the Trustee Freddie Mac’s rights under each fiscal agency agreement with respect to PCs issued by any PC Pool. 

Section 4.03. Record Date. The Record Date for each Payment Date shall be the close of business on the last day of the
preceding month for Gold PCs and the second preceding month for ARM PCs. A Holder of a PC on the books and records of a Federal Reserve Bank on the Record Date shall be entitled to payment of principal and interest on the related Payment Date. A
transfer of a PC made on or before the Record Date in a month shall be recognized as effective as of the first day of such month. 
 ARTICLE V 
 Remedies 

Section 5.01. Events of Default. With respect to each PC Pool, an “Event of Default’’ means any one of the
following events: 
 (a) Default by the Guarantor or the Administrator in the payment of interest or principal to the related
Holders as and when the same shall become due and payable as provided in this Agreement, and the continuance of such default for a period of 30 days. 
 (b) Failure by the Guarantor or the Administrator to observe or perform any other covenants of this Agreement relating to their respective obligations, and the continuance of such failure for a period of
60 days after the date of receipt by such party of written notice of such failure and a demand for remedy by the affected Holders representing not less than 65 percent of the remaining principal balance of any affected PC Pool. 

(c) The entry by any court having jurisdiction over the Guarantor or the Administrator of a decree or order for relief in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian or sequestrator (or other similar official) of the Guarantor or the Administrator
or for any substantial part of its property, or for the winding up or liquidation of its affairs, if such decree or order remains unstayed and in effect for a period of 60 consecutive days. 

(d) Commencement by the Guarantor or the Administrator of a voluntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or consent by the Guarantor or the Administrator to the entry of an order for relief in an involuntary case under any such law, or its consent to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian or sequestrator (or other similar official) of the Guarantor or the Administrator or for any substantial part of their respective properties, or any general assignment made by the Guarantor or the Administrator for the
benefit of creditors, or failure by the Guarantor or the Administrator generally to pay their debts as they become due. 
 The appointment of a
conservator (or other similar official) by a regulator having jurisdiction over the Guarantor or the Administrator, whether or not such party consents to such appointment, shall not constitute an Event of Default. 

  

					
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 Section 5.02. Remedies. 

(a) If an Event of Default occurs and is continuing with respect to a PC Pool, the Holders of PCs representing a majority of the remaining
principal balance of such PC Pool may, by written notice to Freddie Mac, remove Freddie Mac as Administrator and nominate its successor under this Agreement with respect to such PC Pool. The nominee shall be deemed appointed as Freddie Mac’s
successor as Administrator unless Freddie Mac objects within 10 days after such nomination. Upon such objection: 

(i) The Administrator may petition any court of competent jurisdiction for the appointment of its successor; or

 (ii) Any bona fide Holder that has been a Holder for at least six months may, on behalf of such Holder and all
others similarly situated, petition any such court for appointment of the Administrator’s successor. 
 (b) If a successor
Administrator is appointed, the Administrator shall submit to its successor a complete written report and accounting of the Mortgages in the affected PC Pool and shall take all other steps necessary or desirable to transfer its interest in and
administration of such PC Pool to its successor. 
 (c) Subject to the Freddie Mac Act, a successor may take any action with
respect to the Mortgages as may be reasonable and appropriate in the circumstances. Prior to the designation of a successor, the Holders of PCs representing a majority of the remaining principal balance of any affected PC Pool may waive any past or
current Event of Default. 
 (d) Appointment of a successor shall not relieve Freddie Mac, in its capacity as Guarantor, of its
guarantee obligations as set forth in this Agreement. 
 Section 5.03. Limitation on Suits by Holders. 

(a) With respect to any PC Pool, except as provided in Section 5.02, no Holder shall have any right to institute any action or
proceeding at law or in equity or in bankruptcy or otherwise or seek any other remedy whatsoever against Freddie Mac or the Trustee with respect to this Agreement or the related PCs or Mortgages, unless: 

(i) Such Holder previously has given the Trustee written notice of an Event of Default and the continuance thereof;

 (ii) The Holders of PCs representing a majority of the remaining principal balance of any affected PC Pool
have made a written request to the Trustee to institute an action or proceeding in its own name and have offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred; 

(iii) The Trustee has failed to institute any such action or proceeding for 60 days after its receipt of the written
notice, request and offer of indemnity described above; and 
 (iv) The Trustee has not received from such
Holders any direction inconsistent with the written request described above during the 60-day period. 
 (b) No Holder shall have
any right under this Agreement to prejudice the rights of any other Holder, to obtain or seek preference or priority over any other Holder or to enforce any right under this Agreement, except for the ratable and common benefit of all Holders of PCs
representing interests in any affected PC Pool. 

  

					
		 	17	 	

 (c) For the protection and enforcement of the provisions of this Section, Freddie Mac, the
Trustee and each and every Holder shall be entitled to such relief as can be given either at law or in equity. Notwithstanding the foregoing, no Holder’s right to receive payment (or to institute suit to enforce payment) of principal and
interest as provided herein on or after the due date of such payment shall be impaired or affected without the consent of the Holder. 
 ARTICLE VI 
 Trustee 

Section 6.01. Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing with respect to a PC Pool, the Trustee shall exercise the rights and powers vested in it by this Agreement and use the same degree of care and
skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default, the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and shall not be liable except
for the performance of such duties and obligations as are specifically set forth in this Agreement and no implied covenants or obligations shall be read into this Agreement against the Trustee. 

(c) The Trustee and its directors, officers, employees and agents may not be protected from liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or gross negligence in the performance of their respective duties or by reason of reckless disregard of obligations and duties under this Agreement, except that: 

(i) this paragraph does not limit the effect of paragraph (b) of this Section; 

(ii) the Trustee shall not be liable for any action taken, or not taken, by the Trustee in good faith pursuant to this
Agreement or for errors in judgment; and 
 (iii) the Trustee shall not be required to take notice or be deemed
to have notice or knowledge of any default or Event of Default, unless the Trustee obtains actual knowledge or written notice of such default or Event of Default. In the absence of such actual knowledge or notice, the Trustee may conclusively assume
that there is no default or Event of Default. 
 (d) Every provision of this Agreement shall be subject to the provisions of this
Section and Section 6.02. 
 (e) The Trustee shall not be liable for indebtedness evidenced by or arising under this
Agreement, including principal of or interest on the PCs, or interest on any money received by it except as the Trustee may agree in writing. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law or the terms of this Agreement. 

(g) No provision of this Agreement shall require the Trustee to expend, advance or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 

  

					
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 (h) The Trustee may, but shall not be obligated to, undertake any legal action that it deems
necessary or desirable in the interest of Holders. The Trustee may be reimbursed for the legal expenses and costs of such action from the assets of the related PC Pool. 
 Section 6.02. Certain Matters Affecting the Trustee. 
 (a) The Trustee,
and any director, officer, employee or agent of the Trustee may rely in good faith on any certificate, opinion or other document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters
arising hereunder. The Trustee may rely on any such documents believed by it to be genuine and to have been signed or presented by the proper Person and on their face conforming to the requirements of this Agreement. The Trustee need not investigate
any fact or matter stated in such documents. 
 (b) Before the Trustee acts or refrains from acting, it may require an
officer’s certificate or an opinion of counsel, which shall not be at the expense of the Trustee. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an officer’s certificate or opinion of
counsel. The right of the Trustee to perform any discretionary act enumerated in this Agreement shall not be construed as a duty and the Trustee shall not be answerable for other than its willful misfeasance, bad faith or gross negligence in the
performance of such act. 
 (c) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys or a custodian or nominee. 
 (d) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Trustee’s conduct does not constitute willful misfeasance, bad faith or gross negligence. In no event shall the
Trustee have any liability for consequential damages. 
 (e) The Trustee may consult with and rely on the advice of counsel,
accountants and other advisors and shall not be liable for errors in judgment or for anything it does or does not do in good faith if it so relies. Any opinion of counsel with respect to legal matters relating to this Agreement and the PCs shall be
full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with any opinion of such counsel. 

(f) Any fees, expenses and indemnities payable from the assets of any PC Pool to Freddie Mac, in its capacity as Trustee, in the
performance of its duties and obligations hereunder shall not affect Freddie Mac’s guarantee with respect to that PC Pool, as set forth in Section 3.09. 
 Section 6.03. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement, the assets of the PC Pool or the
PCs. 
 Section 6.04. Trustee May Own PCs. Subject to Section 7.06, the Trustee in its individual or any
other capacity may become the owner or pledgee of PCs with the same rights as it would have if it were not the Trustee. 

Section 6.05. Indemnity. Each PC Pool shall indemnify the Trustee and the Trustee’s employees, directors, officers and
agents, as provided in this Agreement, against any and all claims, losses, liabilities or expenses (including attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties under this
Agreement (to the extent not previously reimbursed above), including, without limitation, the execution and filing of any federal or state tax returns and information returns and being the mortgagee of record with respect to the related Mortgages.
The Trustee shall notify the Administrator promptly of any claim for which it may seek indemnity. Failure by the Trustee to so 

  

					
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notify the Administrator shall not relieve the related PC Pool of its obligations hereunder. A PC Pool shall not be required to reimburse any expense or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee’s own willful misfeasance, bad faith or gross negligence. 
 The
Trustee’s rights pursuant to this Section shall survive the discharge of this Agreement. 
 Section 6.06.
Replacement of Trustee. The Trustee may resign at any time. Any successor Trustee shall resign if it ceases to be eligible in accordance with the provisions of Section 6.09. In either case, the resignation of the Trustee shall become
effective, and the resigning Trustee shall be discharged from its obligations with respect to the PC Pools created under this Agreement by giving 90 days’ written notice of the resignation to the Depositor, the Guarantor and the Administrator
and upon the effectiveness of an appointment of a successor Trustee, which may be as of a date prior to the end of the 90-day period. Upon receiving such notice of resignation, the Depositor shall promptly appoint one or more successor Trustees by
written instrument, one copy of which is delivered to the resigning Trustee and one copy of which is delivered to the successor Trustee. The successor Trustee need not be the same Person for all PC Pools. If no successor Trustee has been appointed
for a PC Pool, or one that has been appointed has not accepted the appointment within 90 days after giving such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor
Trustee. 
 Prior to an Event of Default, or if an Event of Default has occurred and has been cured with respect to a PC
Pool, Freddie Mac cannot be removed as Trustee with respect to that PC Pool. If an Event of Default has occurred and is continuing while Freddie Mac is the Trustee, at the direction of Holders of PCs representing a majority of the remaining
principal balance of such PC Pool, Freddie Mac shall resign or be removed as Trustee, and to the extent permitted by law, all of the rights and obligations of the Trustee with respect to the related PC Pool only, will be terminated by notifying the
Trustee in writing. Holders of PCs representing a majority of the remaining principal balance of the PC Pool will then be authorized to name and appoint one or more successor Trustees. Notwithstanding the termination of the Trustee, its liability
under this Agreement and arising prior to such termination shall survive such termination. 
 If a successor Trustee is serving
as the Trustee, the following events are “Trustee Events of Default” with respect to a PC Pool: 
 (i) the Trustee
fails to comply with Section 6.09; 
 (ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 
 If at any time a Trustee Event of Default has occurred and is continuing, the Guarantor (or if an Event of Default has occurred and is continuing, the Depositor) may, and if directed by Holders of PCs
representing a majority of the remaining principal balance of such PC Pool, shall, remove the Trustee as to such PC pool and appoint a successor Trustee by written instrument, one copy of which shall be delivered to the Trustee so removed and one
copy of which shall be delivered to the successor Trustee, and the Guarantor (or if an Event of Default has occurred and is continuing, the Depositor) shall give written notice of the successor Trustee to the Holders affected by the succession.
Notwithstanding the termination of the Trustee, its liability under this Agreement arising prior to such termination will survive such termination. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Depositor shall
promptly appoint a successor Trustee that satisfies the eligibility requirements of Section 6.09. 

  

					
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 The retiring Trustee agrees to cooperate with the Depositor and any successor Trustee in
effecting the termination of the retiring Trustee’s responsibilities and rights hereunder and shall promptly provide such successor Trustee all documents and records reasonably requested by it to enable it to assume the Trustee’s functions
hereunder. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Depositor, the Guarantor and the Administrator. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Agreement with
respect to such PC Pool. The successor Trustee shall mail a notice of its succession to the related Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. 

If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Depositor may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 Section 6.07.
Successor Trustee By Merger. If a successor Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving
or transferee corporation without any further act shall be the successor Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.09. 

Section 6.08. Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of a PC Pool may at the time be located, the Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of such PC Pool and to vest in such Person or Persons, in such capacity and for the benefit of the related Holders, such title to such PC Pool, or any part thereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under
Section 6.09 and no notice to the related Holders of the appointment of any co-trustee or separate trustee shall be required under Section 6.06 hereof. 
 (b) With respect to each PC Pool, every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon
and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the
extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the related PC Pool or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 

(ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

  

					
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 (iii) the Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article VI. Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee.

 (d) Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.09. Eligibility; Disqualification. Freddie Mac is eligible to act as the Trustee and is initially the Trustee for
the PC Pools created under this Agreement. Any successor to Freddie Mac (i) at the time of its appointment as Trustee, must be reasonably acceptable to Freddie Mac and (ii) must be organized as a corporation or association doing business
under the laws of the United States or any State thereof, be authorized under such laws to exercise corporate trust powers, have combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or state
financial regulatory authorities. If any successor Trustee shall cease to satisfy the eligibility requirements set forth in (ii) above, that successor Trustee shall resign immediately in the manner and with the effect specified in Section
6.06. 
 ARTICLE VII 
 Miscellaneous Provisions 
 Section 7.01. Annual Statements.
Within a reasonable time after the end of each calendar year, the Administrator (or its agent) shall furnish to each Holder on any Record Date during such year information that the Administrator deems necessary or desirable to enable Holders and
beneficial owners of PCs to prepare their United States federal income tax returns, if applicable. 
 Section 7.02.
Limitations on Liability. Neither Freddie Mac, in its corporate capacity, nor any of its directors, officers, employees, authorized designees, representatives or agents (“related persons’’) shall be liable to Holders for any
action taken, or not taken, by them or by a servicer in good faith pursuant to this Agreement or for errors in judgment. This provision shall not protect Freddie Mac or any related person against any liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement. In no event shall Freddie Mac or any related person be liable for any
consequential damages. Freddie Mac and any related person may rely in good faith on any document or other communication of any kind properly executed and submitted by any Person with respect to any matter arising under this Agreement. Freddie Mac
has no obligation to appear in, prosecute or defend any legal action which is not incidental to its duties to service or supervise the servicing of the Mortgages in accordance with this Agreement and which in its opinion may involve any expense or
liability for Freddie Mac. Freddie Mac may, in its discretion, undertake or participate in any action it deems necessary or 

  

					
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desirable with respect to any Mortgage, this Agreement, the PCs or the rights and duties of the parties hereto and the interests of the Holders hereunder. In such event, the legal expenses and
costs of such action and any resulting liability shall be expenses for the protection, preservation and maintenance of the Mortgages borne pro rata by Freddie Mac and Holders as provided in Section 3.08(b). 

Section 7.03. Limitation on Rights of Holders. The death or incapacity of any Person having an interest in a PC shall not
terminate this Agreement or any PC Pool. Such death or incapacity shall not entitle the legal representatives or heirs of such Person, or any Holder for such Person, to claim an accounting, take any action or bring any proceeding in any court for a
partition or winding up of the related PC Pool, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
 Section 7.04. Control by Holders. With respect to any PC Pool, except as otherwise provided in Articles V and VI and Sections 7.05 and 7.06, no Holder shall have any right to vote or to
otherwise control in any manner the operation and management of the Mortgages included in such PC Pool, or the obligations of the parties hereto. This Agreement shall not be construed so as to make the Holders from time to time partners or members
of an association. Holders shall not be liable to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof. 
 Section 7.05. Amendment. 
 (a) Freddie Mac and the Trustee may amend
this Agreement (including any related Pool Supplement) from time to time without the consent of any Holders to (i) cure any ambiguity or correct or supplement any provision in this Agreement, provided, however, that any such amendment
shall not have a material adverse effect on any Holder; (ii) maintain the classification of any PC Pool as a grantor trust for federal income tax purposes; or (iii) avoid the imposition of any state or federal tax on a PC Pool; it being
understood that any amendment permitting the repurchase of a Mortgage by Freddie Mac due to a delinquency of less than 120 days, other than in the circumstances described in Section 1.02(c)(iii), may not be adopted under this clause (a).

 (b) Except as provided in Section 7.05(c), Freddie Mac and the Trustee may amend this Agreement as to any PC Pool, with
the consent of Holders representing not less than a majority of the remaining principal balance of the affected PC Pool. 
 (c)
Freddie Mac and the Trustee may not amend this Agreement, without the consent of a Holder, if such amendment would impair or affect the right of such Holder to receive payment of principal and interest on or after the due date of such payment or to
institute suit for the enforcement of any such payment on or after such date. 
 (d) To the extent that any provisions of this
Agreement differ from the provisions of any Freddie Mac Mortgage Participation Certificates Agreement or PC Master Trust Agreement dated prior to the date of this Agreement, this Agreement shall be deemed to amend such provisions of the prior
agreement, but only to the extent that Freddie Mac, under the terms of such prior agreement, could have effected such change as an amendment of such prior agreement without the consent of Holders of PCs thereunder; provided, however, that the
trust declarations and related provisions set forth in Section 7.05(d) of the PC Master Trust Agreement dated as of December 31, 2007 are hereby reaffirmed with respect to each PC Pool created before December 31, 2007. 

(e) Notwithstanding any other provision of this Section, (i) the Administrator (in its own discretion and in its own interest) and
the Trustee (at the Administrator’s direction) may amend this Agreement to reflect any modification in the Administrator’s methodology of calculating payments to Holders, including any modifications described in Section 3.05(d) and
Section 3.06(a) and the manner in which it distributes prepayments to Holders, (ii) the Administrator (in its own discretion and in its own interest) and the Trustee (at the Administrator’s direction) may amend this Agreement to cure
any inconsistency between this 

  

					
		 	23	 	

 
Agreement and the provisions of the Guide and (iii) the Depositor (in its own discretion and in its own interest) and the Trustee (at the Administrator’s direction) may amend any Pool
Supplement to make the adjustments described in Section 1.02(b) to the characteristics of the Mortgages to be transferred to a PC Pool or to the related PCs. 
 Section 7.06. Voting Rights. 
 If Freddie Mac is acting as
Administrator or Trustee and an Event of Default has occurred and is continuing, any PCs held by Freddie Mac for its own account shall be disregarded and deemed not to be outstanding for purposes of exercising the remedies set forth in
Section 5.02 and the second paragraph of Section 6.06. 
 Section 7.07. Persons Deemed Owners. With respect
to each PC Pool, Freddie Mac, the Trustee, the Administrator and a Federal Reserve Bank (or any agent of any of them) may deem and treat the related Holder(s) as the absolute owner(s) of a PC and the undivided beneficial ownership interests in the
Mortgages included in the related PC Pool for the purpose of receiving payments and for all other purposes, and none of Freddie Mac, the Trustee, the Administrator or a Federal Reserve Bank (nor any agent of any of them) shall be affected by any
notice to the contrary. All payments made to a Holder, or upon such Holder’s order, shall be valid, and, to the extent of the payment, shall satisfy and discharge the related PC Pool’s payment obligations with respect to the Holder’s
PC. None of Freddie Mac, the Trustee, the Administrator or any Federal Reserve Bank shall have any direct obligation to any beneficial owner unless it is also the Holder of a PC. 

Section 7.08. Governing Law. This Agreement and the parties’ rights and obligations with respect to PCs, SHALL BE
GOVERNED BY THE LAWS OF THE UNITED STATES. INSOFAR AS 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 HEREBY, THE
LOCAL LAWS OF THE STATE OF NEW YORK SHALL BE DEEMED REFLECTIVE OF THE LAWS OF THE UNITED STATES. 
 Section 7.09. Grantor
Trust Status. No provision in this Agreement shall be construed to grant Freddie Mac, the Trustee or any other Person authority to act in any manner which would cause a PC Pool not to be treated as a grantor trust for federal income tax
purposes. 
 Section 7.10. Payments Due on Non-Business Days. If the date fixed for any payment on any PC is a day
that is not a Business Day, then such payment shall be made on the next succeeding Business Day, with the same force and effect as though made on the date fixed for such payment, and no interest shall accrue for the period after such date.

 Section 7.11. Successors. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors, including any successor by operation of law, and permitted assigns. 
 Section 7.12. Headings.
The headings in this Agreement are for convenience only and shall not affect the construction of this Agreement. 

Section 7.13. Notice and Demand. 
 (a) Any notice, demand or other communication required or permitted under this Agreement to be given to or served upon any Holder may be given or served (i) in writing by deposit in the United States
mail, postage prepaid, and addressed to such Holder as such Holder’s name and address may appear on the books and records of a Federal Reserve Bank or (ii) by transmission to such Holder through the communication system of the Federal
Reserve Banks. Any notice, demand or other communication to or 

  

					
		 	24	 	

 
upon a Holder shall be deemed to have been sufficiently given or made, for all purposes, upon mailing or transmission. 
 (b) Any notice, demand or other communication which is required or permitted to be given to or served under this Agreement may be given in writing addressed as follows (i) in the case of Freddie Mac
in its corporate capacity, to Freddie Mac, 8200 Jones Branch Drive, McLean, Virginia 22102, Attention: Executive Vice President — General Counsel and Secretary and (ii) in the case of the Trustee, to: Freddie Mac (as Trustee), 8200 Jones
Branch Drive, McLean, Virginia 22102, Attention: Executive Vice President — General Counsel and Secretary. 
 (c) Any
notice, demand or other communication to or upon Freddie Mac or the Trustee shall be deemed to have been sufficiently given or made only upon its actual receipt of the writing. 

  

					
		 	25	 	

 THE SALE OF A PC AND RECEIPT AND ACCEPTANCE OF A PC BY OR ON BEHALF OF A HOLDER, WITHOUT ANY
SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH PC OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT (INCLUDING THE RELATED POOL
SUPPLEMENT) AND THE AGREEMENT OF FREDDIE MAC, SUCH HOLDER AND SUCH OTHERS THAT THOSE TERMS AND PROVISIONS SHALL BE BINDING, OPERATIVE AND EFFECTIVE. 
  

			
		 	 FEDERAL HOME LOAN MORTGAGE CORPORATION,

in its corporate capacity and as Trustee

		 	
		 	/s/
                            Neil Hughes
		 	                            Authorized
Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]