Document:

revolvingcredit_amendno4.htm

    Execution
Version

    

     

    AMENDMENT
NO. 4 TO CREDIT AGREEMENT

     

    AMENDMENT
No. 4 (this “Amendment”)
dated as of December 9, 2008 to the Revolving Five Year Credit Agreement dated
as of March 22, 2006 among NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION (the “Borrower”), the BANKS party
thereto (the “Banks”),
ABN AMRO BANK, N.V., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH,
and THE ROYAL BANK OF SCOTLAND PLC, as Co-Documentation Agents, THE BANK OF NOVA
SCOTIA, as Syndication Agent, and JPMORGAN CHASE BANK, N.A., as Administrative
Agent (the “Administrative
Agent”), as amended by Amendment No. 1 dated as of December 22, 2006,
Amendment No. 2 dated as of October 12, 2007 and Amendment No. 3 dated as of
January 18, 2008 (collectively, the “Credit
Agreement”).

     

    WITNESSETH:

     

    WHEREAS,
the parties hereto desire to amend the Credit Agreement to add certain
provisions thereto and to provide for certain waivers and consents and other
amendments with respect to the terms thereof;

     

    NOW,
THEREFORE, the parties hereto agree as follows:

     

    Section 1.  Defined Terms;
References.  Unless otherwise specifically defined herein, each
term used herein that is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement.  Each reference to
“hereof”, “hereunder”, “herein” and “hereby” and each other similar reference
and each reference to “this Agreement” and each other similar reference
contained in the Credit Agreement shall, from and after the Amendment Effective
Date (as defined in Section 8 below), refer to the Credit Agreement as amended
hereby.

     

    Section 2.  Liens.  Clause
(vii) of Section 5.10 of the Credit Agreement is hereby amended by replacing
“$2,500,000,000” with “$5,500,000,000”.

     

    Section 3.  ICC Transactions. Article 9 of the Credit
Agreement is hereby amended by adding immediately after Section 9.14 thereof a
new Section 9.15 that reads as follows:

     

    “Section
9.15.  ICC
Transactions. Notwithstanding anything to the contrary set forth in
this Agreement (without limiting the terms of the penultimate sentence of this
Section 9.15) or in any of the Notes or other instruments or documents that
have been or are in the future executed or delivered pursuant to, or that
otherwise relate to, this Agreement or to any Borrowings or Loans hereunder (all
of the foregoing, collectively with this 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Agreement,
the “Credit
Documentation”),
(a) to the extent necessary under the Credit Documentation, the Banks
hereby consent to, and waive any Default, Event of Default or other breach,
violation, default or noncompliance with the provisions of the Credit
Documentation that might otherwise be caused by or be attributable to, the
“ICC Transactions” as
such term is defined in Schedule 9.15 hereto, and (b) the ICC Transactions, the
“ICC Assets,” the “ICC Related Companies” (as such terms
are respectively defined in Schedule 9.15 hereto), and the assets,
liabilities and operations of the ICC Related Companies (including without
limitation any circumstances, events, occurrences, actions or omissions relating
to, of or by any of the ICC Related Companies), are hereby excluded from,
and shall not be taken into account in applying, interpreting or determining
compliance with, the provisions of the Credit Documentation (including without
limitation, the definitions, representations, warranties, covenants, agreements,
conditions and events of default set forth in the Credit Documentation) and may
be excluded from any certifications, notices, reports or statements delivered or
to be delivered pursuant to the Credit Documentation. Without limiting the
generality of the foregoing, the defined terms “Controlled
Subsidiary,” “Consolidated Subsidiary Member,” “ERISA
Group,” “Joint Venture,” “Member” and “Subsidiary,” among
others, as used in the Credit Documentation shall not include the ICC Related
Companies. Notwithstanding the preceding provisions of this Section 9.15,
any new investments in the ICC Related Companies by purchase of equity and/or
debt securities, funding (through capital contributions and/or newly originated
loans) of working capital or capital expenditure needs of the ICC Related
Companies, payment by RTFC or the Borrower of claims of other creditors of the
ICC Related Companies, and/or provision of any new guarantees, letters of credit
and/or other new credit support or credit enhancement of the debt or other
obligations of the ICC Related Companies, in the case of each of the foregoing,
made or provided by the Borrower and/or RTFC at any time from and after December
9, 2008 shall not exceed in the aggregate (but without double-counting any such
new investments) $275,000,000 without the consent of the Required
Banks.  To the extent that the Credit Documentation provides that any
of the ICC Transactions may be implemented if certain advance notice thereof is
given, all such conditions or requirements of advance notice shall be deemed to
have been complied with and all such notices shall be deemed to have been duly
and timely given in accordance with the terms of the Credit
Documentation.”

     

    Section 4.  ICC Transactions
Schedule.  The Credit Agreement is hereby amended by adding
immediately after Schedule 5.03(a) thereto a new Schedule 9.15 to the Credit
Agreement in the form attached to this Amendment as Schedule 9.15, which
schedule is hereby incorporated in and made a part of this Amendment and the
Credit Agreement.

     

    Section 5.  Representations of
Borrower.  The Borrower represents and warrants that (i) the
representations and warranties of the Borrower set forth in Article 4

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    of the
Credit Agreement will be true on and as of the Amendment Effective Date,
provided that, for purposes of this Section 5, (A) with respect to Section
4.02(a), all references to balance sheets and financial statements as at and for
the fiscal year ended May 31, 2005 shall refer to the Borrower’s financial
statements as at and for the fiscal year ended May 31, 2008, (B) with respect to
Section 4.02(b), all references to balance sheets and financial statements shall
refer to the Borrower’s financial statements as of and for the three-month
period ended August 31, 2008 and references to the six-month period ended
November 30, 2005 shall refer to the three-month period ended August 31, 2008,
and (C) with respect to Section 4.02(c), the reference to November 30, 2005
shall refer to August 31, 2008.

     

    Section 6.  Governing
Law.  This Amendment shall be governed
by and construed in accordance with the laws of the State of New
York.

     

    Section 7.  Counterparts.  This
Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

     

    Section 8.  Effectiveness.  This
Amendment shall become effective as of the date hereof (the “Amendment Effective Date”)
when the Administrative Agent shall have received from each of the Borrower and
the Required Banks a counterpart hereof signed by such party or facsimile or
other written confirmation (in form satisfactory to the Administrative Agent)
that such party has signed a counterpart hereof.

     

    Section
9.  Continuing
Effectiveness of Credit Agreement as Amended.  From and after
the Amendment Effective Date, the Credit Agreement and this Amendment shall be
construed together as a single instrument, and the Credit Agreement, as amended
hereby, shall remain in full force and effect and is hereby ratified, approved
and confirmed all respects.

     

    Section
10.  Severability.  Any
provision of this Amendment that is prohibited or unenforceable in any
jurisdiction shall, as to such provision and such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Amendment or affecting the validity or
enforceability of such provision in any other jurisdiction.

     

    Section
11.  Headings.  The
various headings of this Amendment are inserted for convenience only and shall
not affect the meaning or interpretation of this Amendment or any provisions
hereof or of the Credit Agreement as amended hereby.

     

    Section
12.  Successors and
Assigns.  This Amendment shall be binding upon and shall inure
to the benefit of the parties hereto, the other Banks and the respective
successors and assigns of the foregoing.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    

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

     

    
      	
               
      

            	
              NATIONAL
      RURAL UTILITIES 

                  COOPERATIVE
      FINANCE 

                  CORPORATION

            

    

    

    

    
      	
               
      

            	
              By:
      /s/ STEVEN L.
      LILLY

            

    

    
      	
               
      

            	
              Name:
      Steven L. Lilly

            

    

    
      	
               
      

            	
              Title:
      Sr. Vice President & Chief Financial
Officer

            

    

     

     

     

    [OTHER
SIGNATURES FOLLOW 

    SCHEDULE
9.15 ATTACHED HERETO]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    SCHEDULE
9.15

     

    ICC
TRANSACTIONS

     

    Background

     

    As
described in the Borrower’s filings with the U.S. Securities and Exchange
Commission, Rural Telephone Finance Cooperative (“RTFC”), a Consolidated
Subsidiary of the Borrower, made secured loans to Innovative Communication
Corporation (“ICC”), a
diversified telecommunications company organized under the laws of the United
States Virgin Islands (“USVI”) and headquartered in
St. Croix, USVI, which loans have been on non-accrual status since February
2005, and ICC and certain of its affiliates are the subject of pending
bankruptcy proceedings.  Through operating divisions and subsidiaries,
ICC provides cellular, wireline local and long-distance telephone, cable
television, Internet access and other telecommunications services in the eastern
and southern Caribbean and in mainland France.  ICC and its
subsidiaries are hereby defined as the “ICC Companies.”  As
of August 31, 2008, RTFC had $484 million in loans outstanding to ICC, and all
such ICC loans have been on non-accrual status since February 1,
2005.  A Bankruptcy Trustee has been appointed to manage the
operations of the ICC bankrupt estate (the “Trustee”).  The
Trustee has separated the bankrupt estate into two groups described by the
Trustee as follows:

    

    “Group 1”:

    

    
      	
              ·  

            	
              Wireline
      telephone operations in the USVI,

            

    

    
      	
              ·  

            	
              Wireless
      telephone operations in the USVI and St. Maarten/St. Martin,
      and

            

    

    
      	
              ·  

            	
              Cable
      television service operations in the USVI, the British Virgin Islands and
      St. Maarten.

            

    

    

    “Group 2”:

    

    
      	
              ·  

            	
              Cable
      television operations in Guadeloupe, Martinique and
  France.

            

    

    

    

    ICC
Transactions

     

    The
Borrower and RTFC are contemplating the acquisition of some or all of the assets
and/or stock of the ICC Companies in Group 1 and/or Group 2 (collectively,
“ICC Assets”), either
through a credit bid pursuant to which, if such credit bid is successful, ICC
Assets would be transferred to RTFC, the Borrower or one or more designees
controlled by the Borrower or RTFC (and which may be one or more special purpose
entities owned directly or indirectly by the Borrower or RTFC) or through one or
more joint ventures with one or more third-party bidders pursuant to which the
Borrower, RTFC and/or one or more special purpose entities created by the
Borrower or RTFC 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    would
receive partial equity ownership in the acquisition entity/ies (the
above-mentioned designees, special purpose entities and joint ventures, together
with the ICC Companies, are hereby defined collectively as the “ICC Related Companies”); and
in either case, among other things, (i) RTFC may transfer some or all of its
rights with respect to its ICC loans (including without limitation the right to
acquire ICC Assets pursuant to a successful RTFC credit bid) to the Borrower or
to one or more special purpose entities controlled and designated by the
Borrower, and such transfer(s) of RTFC’s rights may occur (A) in exchange
for the Borrower’s forgiveness of, or in satisfaction of, some or all of RTFC’s
indebtedness to the Borrower that was incurred to finance RTFC’s ICC loans,
and/or (B) pursuant to the terms of a guaranty agreement between the Borrower
and RTFC under which the Borrower has guaranteed, subject to certain
limitations, that RTFC’s loss in respect of its ICC loans will not exceed its
loss reserve therefor and under which the Borrower is entitled to be transferred
RTFC’s rights relating to the ICC loans if RTFC makes a call on the
guaranty; (ii) the Borrower and/or RTFC may provide equity and/or debt
capitalization of, and ongoing funding for, the entities involved in the
acquisition, ownership and operation of ICC Assets, and may create one or more
of special purpose entities for such purposes; (iii) the Borrower and/or RTFC
may provide working capital and capital expenditure financing to the ICC
Companies and for the ICC Assets, either directly or through such special
purpose entity/ies; (iv) the acquisition of ICC Assets would involve settling
claims of other creditors of the ICC Companies, which settlements may be
financed by the Borrower and/or RTFC directly or through ICC Related
Companies; (v) the Borrower and/or RTFC may provide credit support and/or
credit enhancement for obligations of ICC Related Companies, including without
limitation in the form of guaranties and/or letters of credit; (vi) the
Borrower or RTFC would hold such ICC Assets (through one or more special purpose
entities) or such joint venture investment(s) and operate or provide for the
operation of the ICC Companies for the purpose of preserving and rehabilitating
such ICC Assets, preparing them for resale or other disposition and reselling or
disposing of them in one or more transactions at a price or prices or for other
consideration satisfactory to RTFC and/or the Borrower; and (vii) the Borrower
and/or RTFC may engage staff and/or outside consultants, agents, managers,
management companies and other professional advisers to advise and assist with
respect to, and/or to carry out, the foregoing.  All of the potential
transactions, actions and other matters referred to above in this paragraph
(together with such other related transactions and steps, occurring prior to or
concurrently with or within a reasonable time after the transactions, actions
and other matters referred to above and as may be reasonably necessary to carry
out such transactions, actions and other matters) are hereby defined
collectively as the “ICC
Transactions.”

     

    Nothing
in this Schedule 9.15 or in Section 9.15 of the Credit Agreement shall
constitute an obligation on the Borrower, RTFC or any other Person to enter into
all or any of the transactions, or to take all or any of the actions, described
in this Schedule 9.15.  Transactions and actions referred to in
this Schedule 9.15 are not necessarily listed in the chronological order in
which they may be entered into or taken.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [SIGNATURE
PAGES TO AMENDMENT NO. 4 TO

    REVOLVING
FIVE YEAR CREDIT AGREEMENT

    DATED AS
OF MARCH 22, 2006

    CONTINUE
ON FOLLOWING PAGES]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      

        
          
            
              	
                      JPMORGAN
      CHASE BANK, N.A. as Administrative Agent and as a Bank

                    
	
                      By:

                    	/s/
      MICHAEL DEFORGE  
	
                      Name:
      Michael DeForge

                    
	
                      Title:
      Executive Director

                    

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          
            

            
              
                	
                        ABN AMRO Bank
      NV

                      
	
                        By:

                      	/s/
      ANDREW C. SALERNO
	
                        Name:
      Andrew C. Salerno

                      
	
                        Title:
      Director

                      

              

            

             

          

        

         

        
          
            

            
              
                	
                         

                      
	
                        By:

                      	/s/
      ALEXANDER M. BLODI
	
                        Name:
      Alexander M. Blodi

                      
	
                        Title:
      Managing Director

                      

              

            

             

          

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          

          
            
              	
                      THE BANK OF NOVA
      SCOTIA

                    
	
                      By:

                    	/s/
      THANE RATTEW
	
                      Name:
      Thane Rattew

                    
	
                      Title:
      Managing Director

                    

            

          

           

          
            

            
              
                	
                         

                      
	
                        By:

                      	 
	
                        Name:
      

                      
	
                        Title:
      

                      

              

            

             

          

           

          
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

        

        
          

          
            
              
                	
                        The Bank of Tokyo-Mitsubishi UFJ, LTD,

                            New
      York Branch

                      
	
                        By:

                      	/s/
      MARY COSEO  
	
                        Name:
      Mary Coseo

                      
	
                        Title:
      Authorized Signatory

                      

              

            

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

          

            
              
                
                  	
                          Commerica Bank

                        
	
                          By:

                        	/s/ MARK
      SKRZYNSKI  
	
                          Name:
      Mark Skrzynski

                        
	
                          Title:
      Corporate Banking
Officer

                        

                

              

            

             

             

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

             

            
               

            

          

        

      

    

    
      
        
          
            
              	
                      CREDIT SUISSE,

                          CAYMAN ISLANDS
  BRANCH

                    
	
                      By:

                    	/s/
      JAY CHALL  
	
                      Name:
      Jay Chall

                    
	
                      Title:
      Director

                    

            

          

        

         

         

      

    

    
      

        
          
            
              	
                       

                    
	
                      By:

                    	/s/
      MARKUS FRENZEN
	
                      Name:
      Markus Frenzen

                    
	
                      Title:
      Assistant Vice
President

                    

            

          

        

         

         

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      

        
          
            
              	
                      DEUTSCHE BANK AG NEW YORK

                          BRANCH

                    
	
                      By:

                    	/s/
      MING K. CHU  
	
                      Name:
      Ming K. Chu

                    
	
                      Title:
      Vice President

                    

            

          

        

         

      

      
        

          
            
              
                	
                         

                      
	
                        By:

                      	/s/ HEIDI
      SANDQUIST  
	
                        Name:
      Heidi Sandquist

                      
	
                        Title:
      Vice President

                      

              

            

          

           

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
         

        

          
            
              
                	
                        HSBC BANK USA, NATIONAL

                            ASSOCIATION

                      
	
                        By:

                      	/s/
      JIMMY TSE  
	
                        Name:
      Jimmy Tse

                      
	
                        Title: Vice
      President

                      

              

            

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

       

      
        
           

          

            
              
                
                  	
                          KEYBANK NATIONAL

                              ASSOCIATION

                        
	
                          By:

                        	/s/
      SHERRIE I. MANSON  
	
                          Name:
      Sherrie I. Manson

                        
	
                          Title:
      Senior Vice President

                        

                

              

            

             

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

         

         

        
          
             

            

              
                
                  
                    	
                            MERRILL LYNCH BANK
  USA

                          
	
                            By:

                          	/s/
      LOUIS ALDER  
	
                            Name:
      Louis Alder

                          
	
                            Title:
      First Vice President

                          

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

         

         

        
          
             

            

              
                
                  
                    	
                            Mizuho Corporate Bank,
    Ltd.

                          
	
                            By:

                          	/s/RAYMOND
      VENTURA  
	
                            Name:
      Raymond Ventura

                          
	
                            Title:
      Deputy General Manager

                          

                  

                

              

               

              
                 

                

                  
                    
                      
                        	
                                 

                              
	
                                By:

                              	 
      
	
                                Name:
      

                              
	
                                Title:
      

                              

                      

                    

                  

                   

                

              

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

         

         

         

        
          
             

            

              
                
                  
                    	
                            PNC Bank, N.A.

                          
	
                            By:

                          	/s/
      D. JERMAINE JOHNSON
	
                            Name:
      D. Jermaine Johnson

                          
	
                            Title:
      Vice President

                          

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

         

         

         

        
          
            

              
                
                  
                    	
                            The Royal Bank of Scotland

                                PLC 

                          
	
                            By:

                          	/s/
      BELINDA TUCKER  
	
                            Name:
      Belinda Tucker

                          
	
                            Title:
      Senior Vice President

                          

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

                 

                 

                 

                
                  
                     

                    

                      
                        
                          
                            	
                                    SunTrust Bank

                                  
	
                                    By:

                                  	/s/ANDREW JOHNSON 
      
	
                                    Name:
      Andrew Johnson

                                  
	
                                    Title:
      Director

                                  

                          

                        

                      

                       

                       

                       

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                         

                         

                         

                        
                          
                             

                            

                              
                                
                                  
                                    	
                                            UBS Loan Finance LLC

                                          
	
                                            By:

                                          	/s/
      IRJA R. OTSA
	
                                            Name:
      Irja R. Otsa

                                          
	
                                            Title:
      Associate Director

                                          

                                  

                                

                              

                              

                                
                                  
                                    
                                      	
                                               

                                            
	
                                              By:

                                            	/s/
      MARY E. EVANS  
	
                                              Name:
      Mary E. Evans

                                            
	
                                              Title:
      Associate Director

                                            

                                    

                                  

                                

                                 

                              

                               

                               

                              
                                
                                  
                                  

                                

                                
                                  
                                  

                                  
                                    

                                  

                                

                                
                                  
                                  

                                

                                 

                                 

                                 

                                 

                                
                                  
                                     

                                    

                                      
                                        
                                          
                                            	
                                                    U.S. Bank, N.A. 

                                                  
	
                                                    By:

                                                  	/s/ ERIC
      J. COSGROVE   
	
                                                    Name:
      Eric J. Cosgrove

                                                  
	
                                                    Title:
      Vice Presidentrevolvingcredit_amendno5.htm

    Execution
Version

     

    AMENDMENT
NO. 5 TO CREDIT AGREEMENT

     

    AMENDMENT
No. 5 (this “Amendment”)
dated as of December 19, 2008 to the Revolving Five Year Credit Agreement dated
as of March 22, 2006 among NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION (the “Borrower”), the BANKS party
thereto (the “Banks”),
ABN AMRO BANK, N.V., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH,
and THE ROYAL BANK OF SCOTLAND PLC, as Co-Documentation Agents, THE BANK OF NOVA
SCOTIA, as Syndication Agent, and JPMORGAN CHASE BANK, N.A., as Administrative
Agent (the “Administrative
Agent”), as amended by Amendment No. 1 dated as of December 22, 2006,
Amendment No. 2 dated as of October 12, 2007, Amendment No. 3 dated as of
January 18, 2008 and Amendment No. 4 dated as of December 9, 2008 (collectively,
the “Credit
Agreement”).

     

    WITNESSETH:

     

    WHEREAS,
the parties hereto desire further to amend the Credit Agreement to add certain
provisions thereto;

     

    NOW,
THEREFORE, the parties hereto agree as follows:

     

    Section
1.  Defined Terms;
References.  Unless otherwise specifically defined herein, each
term used herein that is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement.  Each reference to
“hereof”, “hereunder”, “herein” and “hereby” and each other similar reference
and each reference to “this Agreement” and each other similar reference
contained in the Credit Agreement shall, from and after the Amendment Effective
Date (as defined in Section 8 below), refer to the Credit Agreement as amended
hereby.

     

    Section
2.  Definition of
Defaulting Bank.  Section 1.01 of the Credit Agreement is
hereby amended by adding the following definition of “Defaulting Bank”
immediately after the definition of “Default”:

     

    ‘ “Defaulting Bank” means any
Bank that, at
any time during the term of this Agreement, has
(a) failed to fund any portion of any of
its Loans within three Domestic
Business Days of the date required to be
funded by it hereunder, (b) notified the
Borrower or the Administrative
Agent in writing that it does
not intend to comply with any of its funding obligations under this Agreement,
(c) otherwise failed to pay over to the Administrative Agent
any other amount required to be paid by it hereunder within three Domestic Business
Days of the date when due, unless the subject of a good-faith dispute, or (d)
become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    conservator, trustee or custodian appointed for it or consented to,
approved of or acquiesced in such proceeding
or appointment.’

     

    Section
3.  Replacement of
Banks.  Article 2 of the Credit Agreement is hereby amended by
adding immediately after Section 2.17 thereof a new Section 2.18 that reads as
follows:

     

     ‘Section
2.18.  Replacement
of Banks.  If (i) any Bank
requests payment of, or the Borrower is otherwise required to pay to any Bank,
any amount pursuant to Section 8.03, or (ii) if any Bank becomes a Defaulting
Bank, then the Borrower may, at its sole expense and effort, upon notice to such
Bank and the Administrative Agent, require such Bank to assign and delegate,
without recourse, all its interests, rights and obligations under this Agreement
to an Assignee (which Assignee may be another Bank, if such other Bank agrees to
accept such assignment) that shall assume such obligations pursuant to an
Assignment and Assumption Agreement in substantially the form of Exhibit I
hereto which shall be executed by such Assignee and (except as otherwise
provided in this Section 2.18) such transferor Bank; provided, that (A) the
Borrower shall have received the prior written consent of the Administrative
Agent, which consent shall not unreasonably be withheld, (B) such
transferor Bank shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder (in each case, if any), from the
Assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts), which amounts shall be
the only amounts payable to such transferor Bank in respect of such assignment
and delegation, (C) any Bank being replaced pursuant to this Section 2.18
shall be deemed to have granted to the Administrative Agent the authority to act
as its attorney-in-fact solely for the purpose of executing such Assignment and
Assumption Agreement, and (D) in the case of any such assignment and
delegation resulting from a request or claim for payment under Section 8.03,
such assignment will result in a reduction in any payments due to such
transferor Bank on a dollar-for-dollar basis to the extent that such assignment
eliminates or reduces the amount that such transferor Bank is entitled to
receive under Section 8.03.  A Bank shall not be required to make any
such assignment and delegation if, prior thereto, as a result of a waiver by
such Bank or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply.  With respect to a demand
for compensation from a Bank pursuant to Section 8.03(a), the Borrower’s rights
under this Section 2.18 shall be an alternative to the Borrower’s rights under
Section 8.04.  Upon execution and delivery by the Assignee and (except
as otherwise provided in this Section 2.18) the transferor Bank of the
Assignment and Assumption Agreement referred to above and payment by such
Assignee to such transferor Bank of the amount (if any) payable by such Assignee
pursuant to clause (B) above: (1) such Assignee shall be a Bank party
to this Agreement and shall have all the rights and obligations of a Bank with a
Commitment equal to such transferor Bank’s 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Commitment
immediately prior to the effectiveness of such assignment and delegation (or, if
there is more than one Assignee, the respective portion of such Commitment
agreed to be assumed by each such Assignee); provided, that if any
Assignee is the Borrower, a Subsidiary or a Consolidated Subsidiary of the
Borrower, the transferor Bank’s rights and obligations with respect to its
Commitment may be so assigned provided that such transferor Bank does not hold
any Loans, and, so long as such Assignee holds such Commitment, with respect to
(I) any waiver, amendment or modification of the Credit Agreement or (II) any
instruction or authorization given to the Administrative Agent under the Credit
Agreement, such Assignee shall be deemed to have approved or joined in such
waiver, amendment or modification, such request or such instruction or
authorization if it has otherwise been agreed or consented to, or joined in, by
the Required Banks, calculated for this purpose on a basis that disregards (for
the avoidance of doubt, in both the numerator and the denominator) the amount of
such Commitment; and (2) the transferor Bank shall be released from its
future obligations hereunder (but not from any obligation or liability arising
prior to the effectiveness of such assignment and delegation, nor, in the case
of a Defaulting Bank, from any obligation or liability arising in respect of the
matter(s) as a result of which such Bank is a Defaulting Bank).  Upon
the consummation of any such assignment and delegation, the transferor Bank, the
Administrative Agent and the Borrower shall make appropriate arrangements so
that, if required, a new Note is issued to the Assignee.  If the
Assignee is not incorporated under the laws of the United States of America or a
state thereof, it shall, prior to the first date on which interest or fees are
payable hereunder for its account, deliver to the Borrower and the
Administrative Agent certification as to exemption from deduction or withholding
of any United States federal income taxes in accordance with Section 2.16. In
connection with any assignment pursuant to this Section 2.18, (I) the
Borrower shall cause to be paid to the Administrative Agent an administrative
fee for processing such assignment in the amount of $3,500, and
(II) notwithstanding anything to the contrary set forth herein, if the
transferor Bank does not execute and deliver to the Administrative Agent a duly
completed Assignment and Assumption Agreement reflecting such assignment within
five Domestic Business Days of the date on which the Assignee executes and
delivers such Assignment and Assumption Agreement to the transferor Bank, then
such transferor Bank shall be deemed to have executed and delivered such
Assignment and Assumption Agreement.’

     

    Section
4.  Representations
of Borrower.  The Borrower represents and warrants that (i) the
representations and warranties of the Borrower set forth in Article 4 of the
Credit Agreement will be true on and as of the Amendment Effective Date,
provided that, for purposes of this Section 5, (A) with respect to Section
4.02(a), all references to balance sheets and financial statements as at and for
the fiscal year ended May 31, 2005 shall refer to the Borrower’s financial
statements as at and for the fiscal year ended May 31, 2008, (B) with respect to
Section 4.02(b), all references to balance sheets and financial statements shall
refer to the Borrower’s financial statements as of 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    and for
the three-month period ended August 31, 2008 and references to the six-month
period ended November 30, 2005 shall refer to the three-month period ended
August 31, 2008, and (C) with respect to Section 4.02(c), the reference to
November 30, 2005 shall refer to August 31, 2008.

     

    Section
5.  Governing
Law.  This Amendment shall be governed
by and construed in accordance with the laws of the State of New
York.

     

    Section
6.  Counterparts.  This
Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

     

    Section
7.  Effectiveness.  This
Amendment shall become effective as of the date hereof (the “Amendment Effective Date”)
when the Administrative Agent shall have received from each of the Borrower and
the Required Banks a counterpart hereof signed by such party or facsimile or
other written confirmation (in form satisfactory to the Administrative Agent)
that such party has signed a counterpart hereof.

     

    Section
8.  Continuing
Effectiveness of Credit Agreement as Amended.  From and after
the Amendment Effective Date, the Credit Agreement and this Amendment shall be
construed together as a single instrument, and the Credit Agreement, as amended
hereby, shall remain in full force and effect and is hereby ratified, approved
and confirmed all respects.

     

    Section
9.  Severability.  Any
provision of this Amendment that is prohibited or unenforceable in any
jurisdiction shall, as to such provision and such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Amendment or affecting the validity or
enforceability of such provision in any other jurisdiction.

     

    Section
10.  Headings.  The
various headings of this Amendment are inserted for convenience only and shall
not affect the meaning or interpretation of this Amendment or any provisions
hereof or of the Credit Agreement as amended hereby.

     

    Section
11.  Successors and
Assigns.  This Amendment shall be binding upon and shall inure
to the benefit of the parties hereto, the other Banks and the respective
successors and assigns of the foregoing.

     

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    
 

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

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

     

    
      	
               
      

            	
              NATIONAL
      RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION

            

    

    

    

    
      	
               
      

            	
              By:
      /s/ STEVEN
      L. LILLY

            

    

    
      	
               
      

            	
              Name:
      Steven L. Lilly

            

    

    
      	
               
      

            	
              Title:
      Sr. Vice President & Chief Financial
Officer

            

    

     

     

    [SIGNATURES
CONTINUE ON 

    FOLLOWING
PAGES]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [SIGNATURE
PAGES TO AMENDMENT NO. 5 TO

    REVOLVING
FIVE YEAR CREDIT AGREEMENT

    DATED AS
OF MARCH 22, 2006

    CONTINUE
ON FOLLOWING PAGES]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
         

        

          
            
              
                	
                        JPMORGAN
      CHASE BANK, N.A. as Administrative Agent and as a Bank

                      
	
                        By:

                      	/s/
      MICHAEL DEFORGE  
	
                        Name:
      Michael DeForge

                      
	
                        Title:
      Executive Director

                      

              

            

          

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

          
            
              

              
                
                  	
                          ABN AMRO Bank
      NV

                        
	
                          By:

                        	/s/
      ANDREW C. SALERNO
	
                          Name:
      Andrew C. Salerno

                        
	
                          Title:
      Director

                        

                

              

               

            

          

           

          
            
              

              
                
                  	
                           

                        
	
                          By:

                        	/s/
      ALEXANDER M. BLODI
	
                          Name:
      Alexander M. Blodi

                        
	
                          Title:
      Managing Director

                        

                

              

               

            

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
            

            
              
                	
                        THE BANK OF NOVA
      SCOTIA

                      
	
                        By:

                      	/s/
      THANE RATTEW
	
                        Name:
      Thane Rattew

                      
	
                        Title:
      Managing Director

                      

              

            

             

            
              

              
                
                  	
                           

                        
	
                          By:

                        	 
	
                          Name:
      

                        
	
                          Title:
      

                        

                

              

               

            

             

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

          

        

      

    

    
       

      

        
          
            
              	
                      Commerica Bank

                    
	
                      By:

                    	/s/ MARK
      SKRZYNSKI  
	
                      Name:
      Mark Skrzynski

                    
	
                      Title:
      Corporate Banking
Officer

                    

            

          

        

         

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
           

        

      

      
        
          
            
              
                	
                        CREDIT SUISSE,

                            CAYMAN ISLANDS
  BRANCH

                      
	
                        By:

                      	/s/
      JAY CHALL  
	
                        Name:
      Jay Chall

                      
	
                        Title:
      Director

                      

              

            

          

           

           

        

      

      
        

          
            
              
                	
                         

                      
	
                        By:

                      	/s/
      MARKUS FRENZEN
	
                        Name:
      Markus Frenzen

                      
	
                        Title:
      Assistant Vice
President

                      

              

            

          

           

           

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        

          
            
              
                	
                        DEUTSCHE BANK AG NEW YORK

                            BRANCH

                      
	
                        By:

                      	/s/
      MING K. CHU  
	
                        Name:
      Ming K. Chu

                      
	
                        Title:
      Vice President

                      

              

            

          

           

        

        
          

            
              
                
                  	
                           

                        
	
                          By:

                        	/s/ HEIDI
      SANDQUIST  
	
                          Name:
      Heidi Sandquist

                        
	
                          Title:
      Vice President

                        

                

              

            

             

          

           

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
           

          

            
              
                
                  	
                          HSBC BANK USA, NATIONAL

                              ASSOCIATION

                        
	
                          By:

                        	/s/
      JIMMY TSE  
	
                          Name:
      Jimmy Tse

                        
	
                          Title: Vice
      President

                        

                

              

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

         

        
          
            
               

              
                
                   

                  

                    
                      
                        
                          	
                                  MERRILL LYNCH BANK
  USA

                                
	
                                  By:

                                	/s/
      LOUIS ALDER  
	
                                  Name:
      Louis Alder

                                
	
                                  Title:
      First Vice President

                                

                        

                      

                    

                     

                     

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

               

               

              
                
                   

                  

                    
                      
                        
                          	
                                  Mizuho Corporate Bank,
    Ltd.

                                
	
                                  By:

                                	/s/RAYMOND
      VENTURA  
	
                                  Name:
      Raymond Ventura

                                
	
                                  Title:
      Deputy General Manager

                                

                        

                      

                    

                     

                    
                       

                      

                        
                          
                            
                              	
                                       

                                    
	
                                      By:

                                    	 
      
	
                                      Name:
      

                                    
	
                                      Title:
      

                                    

                            

                          

                        

                         

                      

                    

                     

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

               

               

               

              
                
                   

                  

                    
                      
                        
                          	
                                  PNC Bank, N.A.

                                
	
                                  By:

                                	/s/
      D. JERMAINE JOHNSON
	
                                  Name:
      D. Jermaine Johnson

                                
	
                                  Title:
      Vice President

                                

                        

                      

                    

                     

                     

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

               

               

               

              
                
                  

                    
                      
                        
                          	
                                  The Royal Bank of Scotland

                                      PLC 

                                
	
                                  By:

                                	/s/
      BELINDA TUCKER  
	
                                  Name:
      Belinda Tucker

                                
	
                                  Title:
      Senior Vice President

                                

                        

                      

                    

                     

                     

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                       

                       

                       

                      
                        
                           

                          

                            
                              
                                
                                  	
                                          SunTrust Bank

                                        
	
                                          By:

                                        	/s/ANDREW JOHNSON 
      
	
                                          Name:
      Andrew Johnson

                                        
	
                                          Title:
      Director

                                        

                                

                              

                            

                             

                             

                             

                            
                              
                                
                                

                              

                              
                                
                                

                                
                                  

                                

                              

                              
                                
                                

                              

                               

                               

                               

                              
                                
                                   

                                  

                                    
                                      
                                        
                                          	
                                                  UBS Loan Finance LLC

                                                
	
                                                  By:

                                                	/s/
      IRJA R. OTSA
	
                                                  Name:
      Irja R. Otsa

                                                
	
                                                  Title:
      Associate Director

                                                

                                        

                                      

                                    

                                    

                                      
                                        
                                          
                                            	
                                                     

                                                  
	
                                                    By:

                                                  	/s/
      MARY E. EVANS  
	
                                                    Name:
      Mary E. Evans

                                                  
	
                                                    Title:
      Associate Director

                                                  

                                          

                                        

                                      

                                       

                                    

                                     

                                     

                                    
                                      
                                        
                                        

                                      

                                      
                                        
                                        

                                        
                                          

                                        

                                      

                                      
                                        
                                        

                                      

                                       

                                       

                                       

                                       

                                      
                                        
                                           

                                          

                                            
                                              
                                                
                                                  	
                                                          U.S. Bank, N.A. 

                                                        
	
                                                          By:

                                                        	/s/ ERIC
      J. COSGROVE   
	
                                                          Name:
      Eric J. Cosgrove

                                                        
	
                                                          Title:
      Vice President

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