Document:

exv10w84

 

    Exhibit 10.84

 

 

 

    REIMBURSEMENT
    AGREEMENT

 

    (Temporary
    Credit and Liquidity Program)

 

 

    among
    

 

 

    [HOUSING
    FINANCE AGENCY],

 

 

    [TRUSTEE],
    as Trustee and Tender Agent,
    

 

 

    FANNIE
    MAE

 

 

    and
    

 

 

    FEDERAL
    HOME LOAN MORTGAGE CORPORATION

 

 

    Dated as of
    [CLOSING DATE], 2009
    

 

 

    [HOUSING
    FINANCE AGENCY]
    

    [NAME OF BONDS]

    Concerning credit and liquidity support for the various Series
    of Bonds identified in Schedule 1 attached 

    hereto.

 

 

    TABLE OF
    CONTENTS
    

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Page

	 

	

    ARTICLE I

	
 
	
    DEFINITIONS
	
 
	
    1

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 1.1.

	
 
	
 
	
 
	
    Specific Terms
	
 
	
    1

	

    Section 1.2.

	
 
	
 
	
 
	
    Incorporation of Certain Definitions by Reference
	
 
	
    7

	

    Section 1.3.

	
 
	
 
	
 
	
    Accounting Matters
	
 
	
    7

	

    Section 1.4.

	
 
	
 
	
 
	
    Interpretation
	
 
	
    8

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE II

	
 
	
    AGREEMENT TO DELIVER CREDIT AND LIQUIDITY FACILITY; REIMBURSEMENT
	
 
	
    8

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 2.1.

	
 
	
 
	
 
	
    Agreement to Execute and Deliver Credit and Liquidity Facility
	
 
	
    8

	

    Section 2.2.

	
 
	
 
	
 
	
    Reimbursement Obligations: Credit Enhancement Advances
	
 
	
    8

	

    Section 2.3.

	
 
	
 
	
 
	
    Repayment of Liquidity Advances and Mandatory Tender Advances
	
 
	
    8

	

    Section 2.4.

	
 
	
 
	
 
	
    Payment Notices to GSEs
	
 
	
    8

	

    Section 2.5.

	
 
	
 
	
 
	
    Repayment of Excess Advances
	
 
	
    8

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE III

	
 
	
    PURCHASE OF BONDS; FEES
	
 
	
    9

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 3.1.

	
 
	
 
	
 
	
    Purchase of Bonds
	
 
	
    9

	

    Section 3.2.

	
 
	
 
	
 
	
    Bank Bonds
	
 
	
    9

	

    Section 3.3.

	
 
	
 
	
 
	
    Method of Purchasing
	
 
	
    10

	

    Section 3.4.

	
 
	
 
	
 
	
    Reduction, Reinstatement or Termination of Amount Available
	
 
	
    10

	

    Section 3.5.

	
 
	
 
	
 
	
    Sale of Bank Bonds Limited
	
 
	
    10

	

    Section 3.6.

	
 
	
 
	
 
	
    Rights of Bank Bondholders
	
 
	
    11

	

    Section 3.7.

	
 
	
 
	
 
	
    Facility Fee and Other Fees
	
 
	
    11

	

    Section 3.8.

	
 
	
 
	
 
	
    Net of Taxes, Etc
	
 
	
    12

	

    Section 3.9.

	
 
	
 
	
 
	
    Increased Costs
	
 
	
    13

	

    Section 3.10.

	
 
	
 
	
 
	
    Computations: Payments
	
 
	
    14

	

    Section 3.11.

	
 
	
 
	
 
	
    Voluntary Termination
	
 
	
    14

	

    Section 3.12.

	
 
	
 
	
 
	
    Nature of Obligations
	
 
	
    15

	

    Section 3.13.

	
 
	
 
	
 
	
    Tax Ownership
	
 
	
    15

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE IV

	
 
	
    BANK BONDS
	
 
	
    15

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 4.1.

	
 
	
 
	
 
	
    Maturity; Interest
	
 
	
    15

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE V

	
 
	
    CONDITIONS PRECEDENT TO EFFECTIVENESS
	
 
	
    16

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 5.1.

	
 
	
 
	
 
	
    Conditions
	
 
	
    16

	

    Section 5.2.

	
 
	
 
	
 
	
    Other Documents
	
 
	
    17

	

    Section 5.3.

	
 
	
 
	
 
	
    Legal Opinions
	
 
	
    17

	

    Section 5.4.

	
 
	
 
	
 
	
    Supporting Documents of the Issuer
	
 
	
    18

	

    Section 5.5.

	
 
	
 
	
 
	
    Supporting Documents of the Trustee
	
 
	
    18

	

    Section 5.6.

	
 
	
 
	
 
	
    Other Supporting Documents
	
 
	
    18

	

    Section 5.7.

	
 
	
 
	
 
	
    Payment of Fees and Expenses
	
 
	
    18

	

    Section 5.8.

	
 
	
 
	
 
	
    Rating
	
 
	
    18

	

    Section 5.9.

	
 
	
 
	
 
	
    Issuer Bond Rating
	
 
	
    18

	

    Section 5.10.

	
 
	
 
	
 
	
    Other Documents
	
 
	
    19

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Page

	 

	

    ARTICLE VI

	
 
	
    REPRESENTATIONS AND WARRANTIES
	
 
	
    19

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 6.1.

	
 
	
 
	
 
	
    Status
	
 
	
    19

	

    Section 6.2.

	
 
	
 
	
 
	
    Power and Authority
	
 
	
    19

	

    Section 6.3.

	
 
	
 
	
 
	
    Enforceability
	
 
	
    19

	

    Section 6.4.

	
 
	
 
	
 
	
    No Conflict
	
 
	
    19

	

    Section 6.5.

	
 
	
 
	
 
	
    Consents
	
 
	
    20

	

    Section 6.6.

	
 
	
 
	
 
	
    Litigation
	
 
	
    20

	

    Section 6.7.

	
 
	
 
	
 
	
    Default
	
 
	
    20

	

    Section 6.8.

	
 
	
 
	
 
	
    Official Statement
	
 
	
    20

	

    Section 6.9.

	
 
	
 
	
 
	
    Bonds
	
 
	
    20

	

    Section 6.10.

	
 
	
 
	
 
	
    Assignment of Bonds
	
 
	
    20

	

    Section 6.11.

	
 
	
 
	
 
	
    Incorporation of Representations and Warranties
	
 
	
    20

	

    Section 6.12.

	
 
	
 
	
 
	
    Financial Statements
	
 
	
    21

	

    Section 6.13.

	
 
	
 
	
 
	
    Complete and Correct Information
	
 
	
    21

	

    Section 6.14.

	
 
	
 
	
 
	
    No Proposed Legal Changes
	
 
	
    21

	

    Section 6.15.

	
 
	
 
	
 
	
    The Tender Agent and the Remarketing Agent
	
 
	
    21

	

    Section 6.16.

	
 
	
 
	
 
	
    [Reserved.]
	
 
	
    22

	

    Section 6.17.

	
 
	
 
	
 
	
    No Sovereign Immunity
	
 
	
    22

	

    Section 6.18.

	
 
	
 
	
 
	
    Interest
	
 
	
    22

	

    Section 6.19.

	
 
	
 
	
 
	
    Investment Obligations
	
 
	
    22

	

    Section 6.20.

	
 
	
 
	
 
	
    Tax-Exempt Status
	
 
	
    22

	

    Section 6.21.

	
 
	
 
	
 
	
    Security
	
 
	
    22

	

    Section 6.22.

	
 
	
 
	
 
	
    Hedges
	
 
	
    22

	

    Section 6.23.

	
 
	
 
	
 
	
    Investment Guidelines
	
 
	
    22

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE VII

	
 
	
    COVENANTS
	
 
	
    22

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 7.1.

	
 
	
 
	
 
	
    Payment Obligations
	
 
	
    22

	

    Section 7.2.

	
 
	
 
	
 
	
    Related Documents
	
 
	
    23

	

    Section 7.3.

	
 
	
 
	
 
	
    Reporting Requirements
	
 
	
    23

	

    Section 7.4.

	
 
	
 
	
 
	
    Compliance With Law
	
 
	
    26

	

    Section 7.5.

	
 
	
 
	
 
	
    Notices
	
 
	
    26

	

    Section 7.6.

	
 
	
 
	
 
	
    Certain Information
	
 
	
    27

	

    Section 7.7.

	
 
	
 
	
 
	
    Liquidity
	
 
	
    27

	

    Section 7.8.

	
 
	
 
	
 
	
    Appointment of Successors and Replacements
	
 
	
    27

	

    Section 7.9.

	
 
	
 
	
 
	
    Maintenance of Approvals: Filings, Etc
	
 
	
    27

	

    Section 7.10.

	
 
	
 
	
 
	
    Inspection Rights
	
 
	
    27

	

    Section 7.11.

	
 
	
 
	
 
	
    Additional Obligations
	
 
	
    27

	

    Section 7.12.

	
 
	
 
	
 
	
    Permitted Liens
	
 
	
    27

	

    Section 7.13.

	
 
	
 
	
 
	
    Issuer Bond Rating
	
 
	
    28

	

    Section 7.14.

	
 
	
 
	
 
	
    Litigation, Etc
	
 
	
    28

	

    Section 7.15.

	
 
	
 
	
 
	
    Indenture; Redemption of Bank Bonds; Payment of Fees
	
 
	
    28

	

    Section 7.16.

	
 
	
 
	
 
	
    Maintenance of Existence
	
 
	
    28

	

    Section 7.17.

	
 
	
 
	
 
	
    Swap Termination Fees
	
 
	
    28

	

    Section 7.18.

	
 
	
 
	
 
	
    Further Assurances
	
 
	
    28

	

    Section 7.19.

	
 
	
 
	
 
	
    Disclosure to Participants
	
 
	
    29

	

    Section 7.20.

	
 
	
 
	
 
	
    Conversions; Defeasance
	
 
	
    29

	

    Section 7.21.

	
 
	
 
	
 
	
    Investment Securities
	
 
	
    29

    ii

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Page

	 

	

    Section 7.22.

	
 
	
 
	
 
	
    [Reserved.]
	
 
	
    29

	

    Section 7.23.

	
 
	
 
	
 
	
    Maintenance of Tax-Exempt Status of the Bonds
	
 
	
    29

	

    Section 7.24.

	
 
	
 
	
 
	
    No Leverage; No Derivatives
	
 
	
    29

	

    Section 7.25.

	
 
	
 
	
 
	
    Special GSE Program Covenants
	
 
	
    29

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE VIII

	
 
	
    EVENTS OF DEFAULT
	
 
	
    31

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 8.1.

	
 
	
 
	
 
	
    Payments
	
 
	
    31

	

    Section 8.2.

	
 
	
 
	
 
	
    Fee Payments; Reimbursement
	
 
	
    31

	

    Section 8.3.

	
 
	
 
	
 
	
    Representations
	
 
	
    31

	

    Section 8.4.

	
 
	
 
	
 
	
    Certain Covenants
	
 
	
    31

	

    Section 8.5.

	
 
	
 
	
 
	
    Other Covenants
	
 
	
    32

	

    Section 8.6.

	
 
	
 
	
 
	
    Insolvency
	
 
	
    32

	

    Section 8.7.

	
 
	
 
	
 
	
    Invalidity
	
 
	
    32

	

    Section 8.8.

	
 
	
 
	
 
	
    Ratings Withdrawal or Suspension
	
 
	
    33

	

    Section 8.9.

	
 
	
 
	
 
	
    Default on Other Obligations
	
 
	
    33

	

    Section 8.10.

	
 
	
 
	
 
	
    Judgment
	
 
	
    33

	

    Section 8.11.

	
 
	
 
	
 
	
    Maintenance of Tax-Exempt Status of the Bonds
	
 
	
    33

	

    Section 8.12.

	
 
	
 
	
 
	
    Event of Default Under Related Documents
	
 
	
    33

	

    Section 8.13.

	
 
	
 
	
 
	
    Remedies
	
 
	
    33

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE IX

	
 
	
    OBLIGATIONS ABSOLUTE
	
 
	
    34

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 9.1.

	
 
	
 
	
 
	
    Obligations Absolute
	
 
	
    34

	
 
	
 
	
 
	
 
	
 

	

    ARTICLE X

	
 
	
    MISCELLANEOUS
	
 
	
    34

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Section 10.1.

	
 
	
 
	
 
	
    Amendments; Liability of the GSEs
	
 
	
    34

	

    Section 10.2.

	
 
	
 
	
 
	
    Costs and Expenses
	
 
	
    35

	

    Section 10.3.

	
 
	
 
	
 
	
    Notices
	
 
	
    36

	

    Section 10.4.

	
 
	
 
	
 
	
    Successors and Assigns
	
 
	
    37

	

    Section 10.5.

	
 
	
 
	
 
	
    Governing Law; Waiver of Jury Trial; Venue
	
 
	
    38

	

    Section 10.6.

	
 
	
 
	
 
	
    No Waivers, Amendments, Etc
	
 
	
    38

	

    Section 10.7.

	
 
	
 
	
 
	
    Counterparts
	
 
	
    38

	

    Section 10.8.

	
 
	
 
	
 
	
    Source of Funds
	
 
	
    38

	

    Section 10.9.

	
 
	
 
	
 
	
    Term of the Agreement
	
 
	
    39

	

    Section 10.10.

	
 
	
 
	
 
	
    Headings
	
 
	
    39

	

    Section 10.11.

	
 
	
 
	
 
	
    Complete and Controlling Agreement
	
 
	
    39

	

    Section 10.12.

	
 
	
 
	
 
	
    Losses Relating to Telephonic Notices
	
 
	
    39

	

    Section 10.13.

	
 
	
 
	
 
	
    Severability
	
 
	
    39

	

    Section 10.14.

	
 
	
 
	
 
	
    Notices to, and Independent Rights of, the GSEs
	
 
	
    39

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    SCHEDULE 1

	
 
	
 
	
 
	
 
	
 
	
 

	

    SCHEDULE 2

	
 
	
 
	
 
	
 
	
 
	
 

	

    SCHEDULE 3

	
 
	
 
	
 
	
 
	
 
	
 

	

    SCHEDULE 4

	
 
	
 
	
 
	
 
	
 
	
 

    iii

 

    REIMBURSEMENT
    AGREEMENT

 

    THIS REIMBURSEMENT AGREEMENT, dated as of [CLOSING DATE],
    2009 (as the same may be amended and supplemented from time to
    time, this “Agreement”), by and among the [HOUSING
    FINANCE AGENCY] (the “Issuer”), [TRUSTEE],
    acting hereunder not in its individual capacity but solely as
    Tender Agent and Trustee (both said roles being defined herein
    as the “Trustee”), FANNIE MAE, a
    federally-chartered and stockholder-owned corporation organized
    and existing under the Federal National Mortgage Association
    Charter Act, 12 U.S.C. § 1716, et seq.
    (“Fannie Mae”) and FEDERAL HOME LOAN MORTGAGE
    CORPORATION, a shareholder-owned government sponsored
    enterprise organized under the laws of the United States
    (“Freddie Mac”) (Fannie Mae and Freddie Mac are herein
    referred to as the “GSEs” and, each, a
    “GSE”),

 

    WITNESSETH:

 

    WHEREAS, the Issuer has issued its [NAME OF BONDS], a portion of
    which is currently outstanding in the one or more Series and in
    the aggregate principal amounts identified in Schedule 1
    hereto (each, a “Series of Bonds” and together the
    “Bonds”), pursuant to the [Indenture/Bond Resolution
    adopted by the Issuer on
              ,
              ],
    as heretofore amended and supplemented (as the same may be
    amended and supplemented from time to time hereafter, the
    “Indenture”);

 

    WHEREAS, the Issuer wishes to enhance the liquidity of the Bonds
    by providing (i) credit support for the Bonds and
    (ii) liquidity support for the Bonds which are not
    remarketed upon certain tenders by the Bondholders or Beneficial
    Owners thereof on or prior to the last day of the Commitment
    Period (as hereinafter defined) as provided herein through
    purchases of Bonds by the GSEs, both from the proceeds of
    advances made pursuant to a Standby Irrevocable Temporary Credit
    and Liquidity Facility, dated as of [DATE] and issued by the
    GSEs (the “Credit and Liquidity Facility”);

 

    WHEREAS, each of the GSEs is willing, upon the occurrence of
    certain events, to fund one-half of any required credit advance
    and to purchase one half of any of the outstanding Bonds
    tendered by the Bondholders or Beneficial Owners thereof and not
    successfully remarketed, upon the terms and conditions set forth
    in this Agreement and the Credit and Liquidity Facility; and

 

    WHEREAS, in reliance upon the provisions hereof, the GSEs are
    willing to enter into this Agreement and to deliver the Credit
    and Liquidity Facility.

 

    NOW, THEREFORE, the parties hereto agree as follows:

 

    ARTICLE I

 

    DEFINITIONS

 

    Section 1.1. Specific Terms.  As used
    herein, the following terms have the meanings indicated below or
    in the referenced Section of this Agreement, unless the context
    clearly indicates otherwise:

 

    “Act” means the governing law of the State
    pursuant to which the Issuer was created and exists and the
    Bonds were issued and are outstanding, as more particularly
    described in the Indenture.

 

    “Administrator” means U.S. Bank National
    Association, acting as custodian, collection agent, paying agent
    and administrator pursuant to an Administration Agreement by and
    among the GSEs, the U.S. Department of the Treasury and the
    Administrator and relating to the Bonds which are held as Bank
    Bonds, or such successor or replacement as specified in writing
    by the GSEs to the Trustee and Issuer.

 

    “Advance” shall have the meaning set forth in
    the Credit and Liquidity Facility.

 

    “Affiliate” means, with respect to a Person,
    any Person (whether for-profit or
    not-for-profit),
    which “controls,” or is “controlled” by, or
    is under common “control” with such Person. For
    purposes of this definition, a Person “controls”
    another Person when the first Person possesses or exercises
    directly, or indirectly through one or more other affiliates or
    related entities, the power to direct the management and
    policies of the other Person, whether through the ownership of
    voting rights, membership, the power to appoint members,
    trustees or directors, by contract, or otherwise.

 

    “Agreement” means this Reimbursement Agreement,
    as amended or supplemented.

 

    “Alternate Liquidity Facility” for a Series of
    Bonds means a liquidity facility, self liquidity or other
    liquidity arrangement being substituted for the Credit and
    Liquidity Facility with respect to that Series of Bonds and
    which meets the requirements for such a facility or arrangement
    as set forth in the Indenture.

 

    “Amount Available” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Annual Filing” means the annual financial
    information required to be provided by the Issuer pursuant to a
    continuing disclosure undertaking of the Issuer pursuant to
    Rule 15c2-12,
    which information shall be provided to the GSEs pursuant to
    Section 7.3 hereof as and when required by
    Rule 15c2-12,
    whether or not
    Rule 15c2-12
    applies to the Bonds.

 

    “Bank Bondholder” means the Administrator and
    any other Person to whom the Administrator has sold or otherwise
    transferred Bank Bonds pursuant to Section 3.5(a) hereof.

 

    “Bank Bonds” means each Bond purchased with the
    proceeds of a Liquidity Advance or a Mandatory Tender Advance,
    until remarketed or deemed to be remarketed in accordance with
    Section 3.5(c) hereof.

 

    “Bank Rate” means, for each day of
    determination with respect to any Bank Bond, except as otherwise
    provided in Section 3.2(a) hereof, from and including the
    Purchase Date of such Bank Bond, the Base Rate; provided
    that from and after the occurrence of an Event of Default,
    the Bank Rate shall equal the Default Rate, provided further
    that at no time shall the interest on Bank Bonds or the
    Default Rate be less than the interest rate on the Bonds that
    are not Bank Bonds.

 

    “Base Rate” means, for any day, a fluctuating
    rate of interest per annum equal to the base or prime rate of
    JPMorgan Chase Bank, National Association, until such time as
    another “Money Center” bank is designated by the GSEs
    in their discretion by notice to the Issuer, plus 1.0%.

 

    “Bond Counsel” means nationally recognized bond
    counsel selected by the Issuer.

 

    “Bondholders” means the owners of the Bonds as
    further described in the Indenture.

 

    “Bond Register” means a register recording the
    ownership of the Bonds maintained by the Trustee in accordance
    with the Indenture.

 

    “Bonds” has the meaning set forth in the
    recitals hereof.

 

    “Book Entry Bonds” means the Bonds, so long as
    the book entry system with DTC and its participants is used for
    determining ownership of the Bonds.

    

    2

 

    “Business Day” has the meaning set forth in the
    Credit and Liquidity Facility.

 

    “CLF Effective Date for Series” shall mean with
    respect to a Series of Bonds, the date specified as such in
    Schedule 1.

 

    “Credit and Liquidity Facility” means the
    Standby Irrevocable Temporary Credit and Liquidity Facility
    dated as of [DATE] issued by the GSEs and providing liquidity
    and credit support with respect to the Bonds, as the same may be
    amended from time to time.

 

    “Credit Enhancement Advance” shall have the
    meaning set forth in the Credit and Liquidity Facility.

 

    “Code” means the Internal Revenue Code of 1986,
    as amended.

 

    “Commitment Period” means the period from the
    Effective Date hereof to and including the Termination Date.

 

    “Custodian” means the Administrator, or such
    successor or replacement custodian as specified in writing by
    the GSEs to the Trustee and Issuer.

 

    “Debt” of any Person means at any date, without
    duplication, (a) all obligations of such Person for
    borrowed money, (b) all obligations of such Person
    evidenced by bonds, debentures, notes or other similar
    instruments, (c) all obligations of such Person to pay the
    deferred purchase price of property or services, except trade
    accounts payable arising in the ordinary course of business,
    (d) all obligations of such Person as lessee under capital
    leases, (e) all Debt of others secured by a lien on any
    asset of such Person, whether or not such Debt is assumed by
    such Person, and (f) all Guarantees by such Person of Debt
    of other Persons.

 

    “Default” means any occurrence, circumstance or
    event, or any combination thereof, which, with the lapse of time
    and/or
    giving of notice, would constitute an Event of Default.

 

    “Default Rate” means the Base Rate from time to
    time in effect plus 2.0% per annum, commencing 14 days
    following the occurrence of an Event of Default, if not cured,
    provided that at no time shall the Default Rate be less than the
    interest rate on the Bonds that are not Bank Bonds.

 

    “Differential Interest Amount” means, with
    respect to any Bank Bond, the excess of (a) interest which
    has accrued and could actually be paid on such Bank Bonds at the
    Bank Rate, as determined in accordance with Sections 3.2(a)
    and 4.1 hereof, up to but excluding the Business Day on which
    such Bank Bonds are purchased from the Bank Bondholder pursuant
    to Section 3.5(c) hereof, over (b) the interest
    accrued on such Bonds received by the Bank Bondholder as part of
    the Sale Price or otherwise paid to the Bank Bondholders.

 

    “Dollars,” “US$,” and
    “U.S. Dollars” means the lawful currency
    of the United States of America.

 

    “Draw Request” means a demand for payment
    delivered by the Trustee to the GSEs under the Credit and
    Liquidity Facility.

 

    “DTC” means The Depository Trust Company,
    and its successors.

 

    “Effective Date” shall mean the date on which
    this Agreement is executed and delivered by the GSEs.

    

    3

 

    “Eligible Bonds” means Bonds that bear interest
    at the seven day variable rate interest rate mode provided in
    the Indenture and which are not Bank Bonds or Bonds owned by or
    held on behalf of, for the benefit of or for the account of the
    Issuer or any Affiliate of the Issuer.

 

    “Event of Default” has the meaning set forth in
    Article VIII hereof.

 

    “Excess Bank Bond Interest” has the meaning set
    forth in Section 3.2(a) hereof.

 

    “Expiration Date” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Fannie Mae” has the meaning set forth in the
    introductory paragraph hereof.

 

    “Fitch” means Fitch Ratings, or any successor
    thereto.

 

    “Freddie Mac” has the meaning set forth in the
    introductory paragraph hereof.

 

    “Funds” and “Accounts” means
    all funds and accounts held by the Issuer
    and/or the
    Trustee under the Indenture as security for the Bonds.

 

    “Governmental Agency” means any national, state
    or local government (whether domestic or foreign), any political
    subdivision thereof or any other governmental,
    quasi-governmental, judicial, public or statutory
    instrumentality, authority, body, agency, bureau or entity
    (including any zoning authority, the Federal Deposit Insurance
    Corporation or the Federal Reserve Board, any central bank or
    any comparable authority), or any arbitrator with authority to
    bind a party at law.

 

    “Guarantee” by any Person means any obligation,
    contingent or otherwise, of such Person directly or indirectly
    guaranteeing any Debt or other obligation of any other Person
    and, without limiting the generality of the foregoing, any
    obligation, direct or indirect, contingent or otherwise, of such
    Person (a) to purchase or pay (or advance or supply funds
    for the purchase or payment of) such Debt or other obligation
    (whether arising by virtue of partnership arrangements, by
    agreement to keep-well, to purchase assets, goods, securities or
    services, to
    take-or-pay,
    or to maintain financial statement condition or otherwise) or
    (b) entered into for the purpose of assuring in any other
    manner the obligee of such Debt or other obligation of the
    payment thereof or to protect such obligee against loss in
    respect thereof (in whole or in part).

 

    “Hedge” means any interest rate swap, interest rate
    cap, interest rate collar or other arrangement, contractual or
    otherwise, which has the effect of an interest rate swap,
    interest rate collar or interest rate cap or which otherwise
    (directly or indirectly, derivatively or synthetically) hedges
    interest rate risk associated with being a debtor of variable
    rate debt, or any agreement or other arrangement to enter into
    any of the above on a future date or after the occurrence of one
    or more events in the future, including but not limited to those
    listed on Schedule 2 to this Agreement.

 

    “Indenture” has the meaning given such term in
    the recitals hereof.

 

    “Interest Component” has the meaning set forth
    in Section 3.1 hereof.

 

    “Interest Portion” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Interest Payment Date” means, with respect to
    interest on each Series of Bonds, the dates set forth in
    Schedule 1 and with respect to interest payable on Bank
    Bonds, the first Business Day of each

    

    4

 

    calendar month and each other interest payment date described in
    Section 3.1 hereof, unless otherwise required by the
    Indenture and, also, each date set forth in the Indenture for
    the payment of interest.

 

    “Issuer” means the [HOUSING FINANCE AGENCY],
    and its successors.

 

    “Issuer Bond Rating” means the long-term rating
    (without regard for any bond insurance or any other form of
    credit enhancement other than GNMA, Freddie Mac and Fannie Mae
    Mortgage-Backed Securities) assigned to the Bonds or Parity Debt
    by each Rating Agency then providing a long-term rating with
    respect to the Issuer.

 

    “Lien” on any asset means any mortgage, deed of
    trust, lien, pledge, charge, security interest, hypothecation,
    assignment, deposit arrangement or encumbrance of any kind in
    respect of such asset, whether or not filed, recorded or
    otherwise perfected or effective under applicable law, as well
    as the interest of a vendor or lessor under any conditional sale
    agreement, capital or finance lease or other title retention
    agreement relating to such asset.

 

    “Liquidity Advance” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Mandatory Tender” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Mandatory Tender Advance” shall have the
    meaning set forth in the Credit and Liquidity Facility.

 

    “Material Event Notices” means material event
    notices required to be provided by the Issuer pursuant to a
    continuing disclosure undertaking of the Issuer pursuant to
    Rule 15c2-12,
    which material event notices shall be provided to the GSEs
    pursuant to Section 7.3 hereof as and when required by
    Rule 15c2-12,
    whether or not
    Rule 15c2-12
    applies to the Bonds.

 

    “Maximum Rate” means, with respect to Bank
    Bonds, the lesser of (i) 15.00% per annum; or (ii) the
    maximum lawful rate of interest permitted by applicable law or
    the Indenture.

 

    “Moody’s” means Moody’s Investors
    Service, Inc., or any successor thereto.

 

    “Official Statement” means the most recent
    Official Statement or Remarketing Statement of the Issuer
    pertaining to the Bonds as the same may be supplemented from
    time to time.

 

    “Optional Tender” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Other Taxes” has the meaning set forth in
    Section 3.8(a) hereof.

 

    “Outstanding” means Bonds treated as then
    outstanding and unpaid for purposes of the Indenture.

 

    “Parity Debt” means other Debt, including bonds
    (excluding the Bonds), that is now or hereafter Outstanding
    under the terms of the Indenture; provided, that such
    Debt is secured on a parity with the Bonds pursuant to the
    Indenture.

 

    “Participant(s)” means any bank(s),
    governmental entities or other financial institutions that may
    purchase from a GSE a participation interest in this Agreement
    pursuant to a participation agreement between such GSE and the
    Participant(s), through purchase of an interest in a grantor
    trust or otherwise.

 

    “Payment Due Date” has the meaning set forth in
    Section 4.1(a) hereof.

    

    5

 

    “Person” means an individual, a corporation, a
    partnership, a limited liability company, an association, a
    trust or any other entity or organization, including a
    governmental or political subdivision or an agency or
    instrumentality thereof.

 

    “Principal Portion” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Program Expenses” means costs and expenses of
    administering the Indenture and the security pledged thereunder
    and payable from Revenues at a priority which is senior to debt
    service on the Bonds.

 

    “Proposed Determination” means a determination
    by the IRS or successor Governmental Agency which triggers
    administrative appeals rights.

 

    “Purchase Date” means the date on which
    tendered Bonds are required to be purchased under the terms of
    the Indenture.

 

    “Purchase Notice” has the meaning set forth in
    Section 3.5(b) hereof.

 

    “Purchase Price” means, with respect to any
    Eligible Bond on any Purchase Date therefor, the unpaid
    principal amount thereof plus accrued interest thereon from and
    including the Interest Payment Date next preceding such Purchase
    Date to but excluding the Purchase Date thereof, in each case
    without premium; provided that accrued interest will not
    be included in the Purchase Price if the applicable Purchase
    Date is an Interest Payment Date; provided further the
    aggregate amount of Purchase Price constituting the Interest
    Component shall not exceed the Interest Portion specified in the
    Credit and Liquidity Facility.

 

    “Purchaser” has the meaning set forth in
    Section 3.5(b) hereof.

 

    “Rating Agencies” means S&P, Fitch and
    Moody’s.

 

    “Rating Agency” means S&P, Fitch or
    Moody’s.

 

    “Related Documents” means this Agreement, the
    Credit and Liquidity Facility, the Bonds, the Indenture, any
    investment agreement or repurchase agreement relating to
    security for the Bonds, any surety bond or other credit or
    liquidity support relative to the Bonds, any Hedge entered into
    with respect to the Bonds and payable on a parity therewith and
    the Remarketing Agreement, as the same may be amended or
    modified from time to time in accordance with their respective
    terms and the terms hereof.

 

    “Remarketing Agent” for a Series of Bonds shall
    be as specified in Schedule 1 attached hereto, together
    with its successors and assigns.

 

    “Remarketing Agreement” for a Series of Bonds
    means the remarketing agreement pursuant to which the
    Remarketing Agent is obligated to remarket such Series of Bonds,
    as such remarketing agreement is amended from time to time.

 

    “Revenue Fund” means the trust account or
    accounts held by the Trustee under the Indenture and into which
    Revenues are deposited.

 

    “Revenues” means all amounts received and
    receivable by the Trustee under the Indenture which amounts are
    pledged to payment of the Bonds.

    

    6

 

    “Rule 15c2-12”
    means
    Rule 15c2-12
    promulgated by the Securities and Exchange Commission pursuant
    to the Securities Exchange Act of 1934, as amended.

 

    “S&P” means Standard &
    Poor’s Rating Services, a division of The McGraw-Hill
    Companies, Inc., or any successor thereto.

 

    “Sale Date” has the meaning set forth in
    Section 3.5(b) hereof.

 

    “Sale Price” has the meaning set forth in
    Section 3.5(b) hereof.

 

    “Security” means, subject to the provisions of
    the Indenture, all of the Revenues with respect to the Bonds,
    all of the proceeds of the Bonds and any other amounts held in
    any Fund or Account established pursuant to the Indenture and
    all of the right, title and interest of the Issuer in each
    mortgage loan or mortgage-backed security (including all
    agreements entered into under each such agreement) relating to
    the Bonds. To the extent that there is any conflict between this
    definition of “Security” and the provisions of the
    Indenture, the provisions of the Indenture shall be deemed
    controlling.

 

    “State” means the State or Commonwealth of
    [STATE].

 

    “Taxes” has the meaning set forth in
    Section 3.8(a) hereof.

 

    “Tender Agent” means [TRUSTEE] in its capacity
    as Tender Agent under the Indenture and any successor tender
    agent appointed for the Bonds.

 

    “Termination Date” shall have the meaning set
    forth in the Credit and Liquidity Facility.

 

    “Term Out” means the mandatory repayment of a
    Bank Bond as described in Section 4.1 hereof.

 

    “Term Out Period” means the period commencing
    on the final day of the Commitment Period, and ending on the
    earlier of: (i) the tenth (10th) anniversary of the date on
    which the related Bank Bond becomes subject to a Term Out Period
    and (ii) the maturity date of such Bank Bond.

 

    “Term Out Rate” means the Base Rate.

 

    “Treasury” means the United States Department
    of the Treasury.

 

    “Treasury’s Agent” means the agent
    designated by the Treasury to act on its behalf relative to this
    Agreement, initially, JPMorgan Chase Bank, National Association.

 

    “Trustee” means [TRUSTEE], acting hereunder not
    in its individual capacity but solely as Trustee under the
    Indenture and any successor trustee appointed for the Bonds.

 

    “Written” or “in writing”
    means any form of written communication or a communication by
    means of telex, telecopier device or telegraph.

 

    Section 1.2. Incorporation of Certain Definitions by
    Reference.  Each capitalized term used herein and
    not defined herein shall have the meaning provided therefor in
    the Indenture, unless the context otherwise requires.

 

    Section 1.3. Accounting Matters.  All
    accounting terms used herein without definition shall be
    interpreted in accordance with generally accepted accounting
    principles, and except as otherwise

    

    7

 

    expressly provided herein all accounting determinations required
    to be made pursuant to this Agreement shall be made in
    accordance with generally accepted accounting principles.

 

    Section 1.4. Interpretation.  All words
    used herein shall be construed to be of such gender or number as
    the circumstances require. Reference to any document means such
    document as amended or supplemented from time to time as
    permitted pursuant to its terms and the terms hereof. Reference
    herein to any Article or Section shall be deemed to be a
    reference to the corresponding Article or Section of this
    Agreement unless otherwise specified.

 

    ARTICLE II

 

    AGREEMENT
    TO DELIVER CREDIT AND LIQUIDITY FACILITY;
    REIMBURSEMENT

 

    Section 2.1. Agreement to Execute and Deliver Credit and
    Liquidity Facility. Subject to the terms and conditions of
    this Agreement, the GSEs agree to issue and deliver the Credit
    and Liquidity Facility for the account of the Issuer in favor of
    the Trustee in the Amount Available. The Credit and Liquidity
    Facility will provide credit support and liquidity support for
    each Series of Bonds, as follows:

 

    (a) Credit Support. The Credit and Liquidity
    Facility will provide standby credit enhancement for the Bonds
    in the form of Credit Enhancement Advances.

 

    (b) Liquidity Support. The Credit and
    Liquidity Facility will provide standby liquidity for the Bonds
    in the form of Liquidity Advances and Mandatory Tender Advances.

 

    (c) Expiration Date; Termination Date. The
    Credit and Liquidity Facility shall expire or terminate, with
    respect to a Series of Bonds, in accordance with its terms.

 

    Section 2.2. Reimbursement Obligations: Credit
    Enhancement Advances.  The Issuer unconditionally
    agrees, without notice or demand, to pay to each GSE by no later
    than 2:00 p.m. Eastern time the amount of each Credit
    Enhancement Advance made by such GSE on the date of such Credit
    Enhancement Advance.

 

    Section 2.3. Repayment of Liquidity Advances and
    Mandatory Tender Advances. Proceeds of Liquidity Advances
    and Mandatory Tender Advances shall be applied to the purchase
    of Bank Bonds as set forth below. The Issuer unconditionally
    agrees, without notice or demand, to make all payments with
    respect to the Bank Bonds as set forth in this Agreement.

 

    Section 2.4. Payment Notices to GSEs.  For
    each payment with respect to an Advance, the Issuer shall
    provide or cause to be provided a Certificate for Issuer
    Reimbursement, appropriately completed and to the addressees
    listed thereon in the form of Exhibit A. For each payment
    required by this Agreement, other than with respect to Advances,
    the Issuer shall provide or cause to be provided, a Certificate
    of Issuer Payment, appropriately completed and to the addressees
    listed thereon, in the form of Exhibit B.

 

    Section 2.5. Repayment of Excess
    Advances.  All proceeds of Advances which are not
    applied by the Trustee as required by this Agreement and the
    Credit and Liquidity Facility shall be immediately repaid to the
    GSEs, with, if repaid on a Business Day after the day the
    related Advance was made, interest at the federal funds rate
    announced by the Federal Reserve Bank of New York for the
    applicable day.

    

    8

 

    ARTICLE III

 

    PURCHASE
    OF BONDS; FEES

 

    Section 3.1. Purchase of Bonds.  Subject
    to the terms and conditions of the Credit and Liquidity Facility
    and this Agreement, the GSEs hereby agree from time to time to
    make Liquidity Advances and Mandatory Tender Advances in
    accordance with the Credit and Liquidity Facility up to the
    amount of the Amount Available and apply the same to the
    purchase, at the Purchase Price, of Eligible Bonds which are
    tendered pursuant to Optional Tenders or Mandatory Tenders and
    which, in either case, the Remarketing Agent has been unable to
    remarket or for which remarketing proceeds have not been
    received by the Remarketing Agent or the Tender Agent by the
    specified time set forth in the Indenture. Each GSE will pay
    said Purchase Price with its own funds and not with funds of the
    Issuer. The aggregate principal amount of all Bonds purchased on
    any Purchase Date shall not exceed either (x) the Principal
    Portion or (y) the principal amount of Bonds so tendered
    (in either case calculated without giving effect to any purchase
    of Bonds by the GSEs on such date) on such date. The aggregate
    amount of the Purchase Price comprising interest on Bonds (the
    “Interest Component”) purchased on any Purchase Date
    shall not exceed the lesser of (i) the Interest Portion on
    such date and (ii) the actual aggregate amount of interest
    accrued on each such Bond to such Purchase Date; provided
    that if the applicable Purchase Date is an Interest Payment
    Date, the amount described in this clause (ii) shall be
    reduced by the amount of interest payable on each such Eligible
    Bond on such Interest Payment Date. The GSEs shall promptly
    purchase any Bonds held by the prior liquidity provider at the
    close of business on the Effective Date (as defined in the
    Credit and Liquidity Facility) for the related Series of Bonds.

 

    Section 3.2. Bank Bonds.  Any Bonds
    purchased by the GSEs pursuant to Section 3.1 hereof shall
    thereupon constitute Bank Bonds and have all of the
    characteristics of Bank Bonds as set forth herein and in the
    Indenture. All Bank Bonds shall bear interest at the Bank Rate
    as described below:

 

    (a) Subject to the provisions of Section 3.2(c)
    hereof, all Bank Bonds shall bear interest at the Bank Rate;
    provided, however, at no time shall Bank Bonds bear
    interest in excess of the Maximum Rate. In the event that Bank
    Bonds would bear interest at a rate in excess of the Maximum
    Rate for any period, the GSEs shall receive interest on account
    of such Bank Bonds only at the Maximum Rate for such period (the
    difference between the interest payable to the GSEs if such Bank
    Bonds had continuously borne interest at the Bank Rate, and the
    interest actually paid to the GSEs at the Maximum Rate is
    hereinafter referred to as the “Excess Bank Bond
    Interest”). Notwithstanding any subsequent reduction in the
    Bank Rate, such Bank Bonds shall bear interest, from and after
    the date on which any Excess Bank Bond Interest is accrued, at
    the Maximum Rate until the earlier of (i) the date on which
    the interest paid to the GSEs on such Bank Bonds in excess of
    the Bank Rate, equals such Excess Bank Bond Interest and
    (ii) the date such Bank Bonds are redeemed or remarketed
    pursuant to the Indenture. The Issuer shall pay to the GSEs or
    the Bank Bondholder, as applicable, accrued interest, including
    any accrued but unpaid Excess Bank Bond Interest, on such Bank
    Bonds on each Interest Payment Date. On the first Business Day
    of each week, and otherwise upon the request of the Issuer,
    while any Excess Bank Bond Interest is outstanding the GSEs
    shall notify the Issuer of the amount of such accrued but unpaid
    Excess Bank Bond Interest; provided, however, the failure
    to so notify the Issuer shall not effect the accrual of or the
    obligation of the Issuer to pay the Excess Bank Bond Interest.

 

    (b) Notwithstanding anything herein or in the Indenture to
    the contrary, all amounts owed to the GSEs with respect to Bank
    Bonds shall become immediately due and payable on the Payment
    Due Date if not repaid or otherwise declared due and payable
    prior to such date in accordance with the terms of the Indenture
    or of this Agreement.

    

    9

 

    (c) The Issuer agrees to pay to the GSEs, on demand,
    interest at the Default Rate on any and all amounts owed by the
    Issuer under this Agreement or under the Bank Bonds from and
    after the occurrence of an Event of Default.

 

    (d) Interest on Bank Bonds shall be calculated on the basis
    of the actual number of days elapsed and a 365- or
    366-day
    year, as the case may be.

 

    Section 3.3. Method of Purchasing.

 

    (a) The GSEs shall not have any responsibility for, or
    incur any liability in respect of, any act, or any failure to
    act, by the Trustee which results in the failure of the Trustee
    to effect the purchase of Bonds for the account of the GSEs with
    such funds provided pursuant to the Credit and Liquidity
    Facility. Unless the Bonds are Book Entry Bonds, Bonds purchased
    pursuant to this Section 3.3(a) shall be registered in the
    name of the Custodian or, if directed in writing by GSEs, a
    nominee or designee on the Bond Register and shall be promptly
    delivered by the Tender Agent to the Custodian to be held as
    Bank Bonds or as the GSEs may otherwise direct in writing and,
    prior to such delivery, shall be held by the Tender Agent as
    agent on behalf of the GSEs. If the Bonds purchased pursuant to
    this Section 3.3(a) are Book Entry Bonds, the beneficial
    ownership of such Bonds shall be credited to the account of the
    Custodian or, if directed in writing by the GSEs, another
    nominee or designee of the GSEs, maintained at DTC, and prior to
    the sale of any Bank Bond as provided in Section 3.5(a)
    hereof. The Interest Component of the Purchase Price paid for
    such Bonds shall accrue interest at the Bank Rate and shall be
    paid to the GSEs (or the applicable Bank Bondholder) on the next
    Interest Payment Date.

 

    (b) In the event that any funds paid by the GSEs to the
    Trustee pursuant to the Credit and Liquidity Facility for the
    purposes set forth in Section 3.3(a) hereof shall not be
    required to be applied to the purchase of Bonds as provided
    herein, such funds shall be held and be returned to the GSEs as
    soon as practicable by the Trustee and until so returned shall
    be held in trust by the Trustee for the account of the GSEs. In
    the event that such funds are not returned to the GSEs in
    immediately available funds as provided in Section 3.10(a)
    hereof by 4:30 p.m. (Washington, D.C. time) on the
    same day on which such funds were advanced, the Issuer shall pay
    or cause to be paid to the GSEs interest on such funds, payable
    on demand and in any event on the date on which such funds are
    returned, at the rate specified in Section 2.5.

 

    Section 3.4. Reduction, Reinstatement or Termination of
    Amount Available.  The Amount Available shall be
    reduced and reinstated and shall automatically terminate in
    accordance with the provisions of the Credit and Liquidity
    Facility.

 

    Section 3.5. Sale of Bank Bonds Limited.

 

    (a) Right to Sell Bank Bonds. The GSEs shall
    have no right to sell any Bank Bonds, except (i) directly
    or indirectly to the United States Department of the Treasury or
    (ii) pursuant to a remarketing of Bank Bonds in accordance
    with Section 3.5(c) hereof.

 

    (b) Purchase Notices. Prior to 12:00 noon
    (Washington, D.C. time) on any Business Day on which a Bank
    Bondholder holds Bank Bonds, unless the Termination Date has
    occurred, the Remarketing Agent may deliver a notice (a
    “Purchase Notice”) to a Bank Bondholder as registered
    on the Bond Register and to the GSEs, the Trustee, the Tender
    Agent and the Issuer, stating that it has located a purchaser
    (the “Purchaser”) for some or all of the Bank Bonds
    and that such Purchaser desires to purchase on the Business Day
    following the Business Day on which a Bank Bondholder receives,
    prior to 12:00 noon (Washington, D.C. time), a Purchase
    Notice (a

    

    10

 

    “Sale Date”) an authorized denomination of such Bonds
    at a price equal to the principal amount thereof, plus any
    interest thereon that has accrued to the Sale Date at a rate or
    rates of interest applicable to Bonds that are not Bank Bonds
    (the “Sale Price”). The Issuer shall pay to the Bank
    Bondholder any Differential Interest Amount that has accrued
    with respect to the sale of any Bank Bonds as provided in
    Section 4.1 hereof. After the termination of the Credit and
    Liquidity Facility with respect to any Bank Bond, such Bank Bond
    may no longer be remarketed by the Issuer or the Remarketing
    Agent and shall remain a Bank Bond until paid in full or
    purchased from the Bank Bondholder.

 

    (c) Sale by Remarketing of Bank Bonds. Upon
    receipt of a Purchase Notice prior to the Termination Date the
    Bank Bondholder shall deliver the Bank Bonds specified in the
    Purchase Notice to the Tender Agent (or, in the case of Bank
    Bonds which are Book Entry Bonds, shall cause the beneficial
    ownership thereof to be credited to the account of the
    Remarketing Agent at DTC) by 10:00 a.m.
    (Washington, D.C. time) on the Sale Date against receipt of
    the Sale Price therefor in immediately available funds or at the
    Bank Bondholder’s address listed in the Bond Register, and
    such Bonds shall thereupon no longer be considered Bank Bonds. A
    Bank Bondholder delivering Bank Bonds pursuant to the preceding
    sentence shall use commercially reasonable efforts to expedite
    the delivery of such Bank Bonds to the Tender Agent or
    Remarketing Agent, as applicable. When Bank Bonds are purchased
    in accordance with this Section 3.5(c), the Tender Agent
    shall, upon receipt of such Bank Bonds and upon receipt by the
    Bank Bondholder of the Sale Price, notify the Issuer that such
    Bonds are no longer Bank Bonds. On the Sale Date, the
    Differential Interest Amount of such Bonds shall be paid to the
    Bank Bondholder as provided in Section 4.1 hereof. Any sale
    of a Bank Bond pursuant to this Section 3.5 shall be
    without recourse to the seller and without representation or
    warranty of any kind.

 

    Section 3.6. Rights of Bank
    Bondholders.  Upon purchasing Bank Bonds, Bank
    Bondholders shall be entitled to and, where necessary, shall be
    deemed assigned all rights and privileges accorded Bondholders,
    and any additional rights and privileges as to payment of
    interest and redemption that are provided by this Agreement with
    respect to Bank Bonds. Upon purchasing Bank Bonds, Bank
    Bondholders shall be recognized by the Issuer and the Tender
    Agent as the true and lawful owners (or, in the case of Book
    Entry Bonds, beneficial owners) of such Bank Bonds, free from
    any claims, liens, security interests, equitable interests and
    other interests of the Issuer, except as such interests might
    exist under the terms of the Bank Bonds with respect to all
    owners (or, in the case of Book Entry Bonds, beneficial owners)
    of the Bonds.

 

    Section 3.7. Facility Fee and Other Fees.

 

    (a) The Issuer hereby agrees to pay to the order of each
    GSE a nonrefundable commitment fee (the “Facility
    Fee”) with respect to the Amount Available obligated to be
    paid by such GSE from time to time at the rate per annum set
    forth in Schedule 1 hereto (the “Facility Fee
    Rate”) for the duration of the Commitment Period on the
    average daily amount of the Amount Available during each period
    in respect of which payment is made. The Facility Fee, once
    established, shall not change as a consequence of subsequent
    rating changes on the Bonds. Such Facility Fee shall be payable
    in immediately available funds in arrears on the dates set forth
    on Schedule 1 hereto (each such payment to be computed on
    the basis of actual days elapsed and a [360] 365/366 day
    year, as applicable, [Note-Facility Fee must be on same basis as
    Bond Interest calculation] including date of issuance and
    expiration) in respect of the Amount Available from time to time
    in effect, payable during the Commitment Period and on the last
    day of the Commitment Period. If the Amount Available is
    terminated in its entirety, all accrued Facility Fees shall be
    payable on the effective date of such termination.

    

    11

 

    (b) The Issuer also hereby agrees to pay to each GSE, on or
    prior to the Effective Date, all legal fees and disbursements
    incurred or made by the GSE in connection with the completion of
    this Agreement and any other Related Documents.

 

    (c) In connection with the written request by the Issuer or
    the Tender Agent of (i) any amendment, supplement, waiver,
    consent or other modification of this Agreement, the Indenture,
    the Credit and Liquidity Facility or any other Related Document
    requiring any action on the part of the GSEs, or (ii) any
    transfer of the rights and obligations under this Agreement or
    the Credit and Liquidity Facility by the Issuer or the Tender
    Agent, the Issuer shall pay or cause to be paid to each of the
    GSEs $2,500 plus, in each case, the reasonable fees and expenses
    of counsel to the GSEs.

 

    (d) All amounts payable pursuant to this Section 3.7
    shall be non-refundable.

 

    Section 3.8. Net of Taxes, Etc.

 

    (a) Taxes. Any and all payments to each GSE
    by the Issuer hereunder shall be made free and clear of and
    without deduction for any and all taxes, levies, imposts,
    deductions, charges, withholdings or liabilities imposed
    thereon, excluding, however, taxes imposed on or measured by the
    net income or capital of each GSE by any jurisdiction or any
    political subdivision or taxing authority thereof or therein
    solely as a result of a connection between the GSE and such
    jurisdiction or political subdivision (all such non-excluded
    taxes, levies, imposts, deductions, charges, withholdings and
    liabilities being hereinafter referred to as “Taxes”).
    If the Issuer shall be required by law to withhold or deduct any
    Taxes imposed by the United States or any political subdivision
    thereof from or in respect of any sum payable hereunder to a
    GSE, (i) the sum payable shall be increased as may be
    necessary so that after making all required deductions
    (including deductions applicable to additional sums payable
    under this Section 3.8), each of the GSEs receive an amount
    equal to the sum it would have received had no such deductions
    been made, (ii) the Issuer shall make such deductions and
    (iii) the Issuer shall pay the full amount deducted to the
    relevant taxation authority or other authority in accordance
    with applicable law. If the Issuer shall make any payment under
    this Section 3.8 to or for the benefit of a GSE with
    respect to Taxes and if either of the GSEs shall claim any
    credit or deduction for such Taxes against any other taxes
    payable by that GSE to any taxing jurisdiction in the United
    States then that GSE shall pay to the Issuer an amount equal to
    the amount by which such other taxes are actually reduced;
    provided that the aggregate amount payable by a GSE
    pursuant to this sentence shall not exceed the aggregate amount
    previously paid by the Issuer with respect to such Taxes. In
    addition, the Issuer agrees to pay any present or future stamp,
    recording or documentary taxes and any other excise or property
    taxes, charges or similar levies that arise under the laws of
    the United States of America or the State of [STATE], the
    District of Columbia and Commonwealth of Virginia from any
    payment made hereunder or from the execution or delivery or
    otherwise with respect to this Agreement (hereinafter referred
    to as “Other Taxes”). Each GSE shall provide to the
    Issuer within a reasonable time a copy of any written
    notification it receives with respect to Other Taxes owing by
    the Issuer to such GSE hereunder provided that a GSE’s
    failure to send such notice shall not relieve the Issuer of its
    obligation to pay such amounts hereunder.

 

    (b) Indemnity. The Issuer shall, to the
    fullest extent permitted by law, indemnify each GSE for the full
    amount of Taxes and Other Taxes including any Taxes or Other
    Taxes imposed by any jurisdiction on amounts payable under this
    Section 3.8 paid by such GSE or any liability (including
    penalties, interest and expenses) arising therefrom or with
    respect thereto, whether or not such Taxes or Other Taxes were
    correctly or legally asserted. Each GSE agrees to give notice to
    the Issuer of the assertion of any claim against such GSE
    relating to such Taxes or

    

    12

 

    Other Taxes as promptly as is practicable after being notified
    of such assertion; provided that the GSE’s failure
    to notify the Issuer promptly of such assertion shall not
    relieve the Issuer of its obligation under this
    Section 3.8. Payments by the Issuer pursuant to this
    indemnification shall be made within thirty (30) days from
    the date a GSE makes written demand therefor, which demand shall
    be accompanied by a certificate describing in reasonable detail
    the basis thereof. Each GSE agrees to repay to the Issuer any
    refund (including that portion of any interest that was included
    as part of such refund) with respect to Taxes or Other Taxes
    paid by the Issuer pursuant to this Section 3.8 received by
    such GSE for Taxes or Other Taxes that were paid by the Issuer
    pursuant to this Section 3.8 and to contest, with the
    cooperation and at the expense of the Issuer, any such Taxes or
    Other Taxes which the GSEs or the Issuer reasonably believes not
    to have been properly assessed.

 

    (c) Notice. Within thirty (30) days
    after the date of any payment of Taxes by the Issuer, the Issuer
    shall furnish to both GSEs or the applicable GSE, the original
    or a certified copy of a receipt evidencing payment thereof. To
    the extent permitted by law, the Issuer shall compensate each
    GSE for all reasonable losses and expenses sustained by a GSE as
    a result of any failure by the Issuer to so furnish such copy of
    such receipt.

 

    Section 3.9. Increased Costs.

 

    (a) If a GSE shall have determined that the adoption or
    implementation of, or any change in, any law, rule, treaty or
    regulation, or any policy, guideline or directive of, or any
    change in the interpretation or administration thereof by any
    court, central bank or other Governmental Agency (in each case,
    whether or not having the force of law), or compliance by such
    GSE with any request or directive of any such court, central
    bank or other Governmental Agency (whether or not having the
    force of law), shall (A) change the basis of taxation of
    payments to such GSE of any amounts payable hereunder (except
    for taxes on the overall net income or capital of such GSE),
    (B) impose, modify or deem applicable any reserve, special
    deposit or similar requirement against making or maintaining its
    obligations under this Agreement or assets held by, or deposit
    with or for the account of, such GSE or (C) impose on such
    GSE any other condition regarding this Agreement, and the result
    of any event referred to in clause (A), (B) or
    (C) above shall be to increase the cost to such GSE of
    making or maintaining its obligations hereunder, or to reduce
    the amount of any sum received or receivable by such GSE
    hereunder, then, upon request in writing by a GSE, the Issuer
    shall pay to such GSE, at such time and in such amount as is set
    forth in paragraph (c) of this Section 3.9, such
    additional amount or amounts as will compensate such GSE for
    such increased costs or reductions in amount.

 

    (b) If a GSE shall have determined that the adoption or
    implementation of, or any change in, any law, rule or
    regulation, or any policy, guideline or directive of, or any
    change in the interpretation or administration thereof by, any
    court, central bank or other Governmental Agency, or compliance
    by such GSE with any directive of or guidance from any central
    bank or other authority (in each case, whether or not having the
    force of law), shall impose, modify or deem applicable any
    capital adequacy or similar requirement (including, without
    limitation, a request or requirement that affects the manner in
    which such GSE allocates capital resources to its commitments,
    including its obligations under lines of credit) that either
    (A) affects or would affect the amount of capital to be
    maintained by such GSE or (B) reduces or would reduce the
    rate of return on the capital of such GSE to a level below that
    which that such GSE could have achieved but for such
    circumstances (taking into consideration such GSE’s
    policies with respect to capital adequacy) then, upon request in
    writing by such GSE, the Issuer shall pay to such GSE, at such
    time and in such amount as is set forth in paragraph (c) of
    this Section, such additional

    

    13

 

    amount or amounts as will compensate such GSE for such cost of
    maintaining such increased capital or such reduction the rate of
    return on such GSE’s capital.

 

    (c) All payments of amounts referred to in paragraphs
    (a) and (b) of this Section shall be due thirty
    (30) days following the Issuer’s receipt of notice
    thereof in writing from a GSE and shall be payable, in full, on
    the next succeeding monthly payment date that the Facility Fee
    described in
    Section 3.7(a)
    hereof is due and payable. Interest on the sums due as described
    in paragraphs (a) and (b) of this Section, and in the
    preceding sentence, shall begin to accrue from the date when the
    payments were first due and shall otherwise be payable on the
    next Interest Payment Date; provided, that from and after
    the required date of payment, interest shall begin to accrue on
    such obligations at a rate per annum equal to the Default Rate
    until such delinquent payments have been paid in full. A
    certificate as to such increased cost, increased capital or
    reduction in return incurred by a GSE as a result of any event
    mentioned in paragraphs (a) or (b) of this Section
    setting forth, in reasonable detail, the basis for calculation
    and the amount of such calculation shall be submitted by the GSE
    to the Issuer and shall be conclusive (absent manifest error) as
    to the amount thereof. In making the determinations contemplated
    by the above referenced certificate, a GSE may make such
    reasonable estimates, assumptions, allocations and the like that
    the GSEs in good faith determine to be appropriate.

 

    Section 3.10. Computations: Payments.

 

    (a) Fees, interest and other amounts payable to or to the
    order of a GSE hereunder (other than the Facility Fee) shall be
    computed on the basis of a year of 365 or 366 days, as
    applicable, for actual days elapsed, and interest on Bonds and
    Bank Bonds shall be computed on the same basis. Any payments
    received by, or as directed by, a GSE later than 2:00 p.m.
    (Washington, D.C. time) on any day shall be deemed to have
    been paid on the next succeeding Business Day and interest shall
    accrue thereon until such next Business Day at the rate
    applicable thereto. All payments to a GSE hereunder shall be
    made in Dollars and in immediately available funds. Unless a GSE
    shall otherwise direct, all such payments shall be made by means
    of wire transfer of funds through the Federal Reserve Wire
    System to the Custodian or such other account as either Freddie
    Mac or Fannie Mae may specify in writing from time to time.

 

    (b) The Issuer agrees to pay to each GSE on each Purchase
    Date or Sale Date, as applicable, an amount equal to any charge
    imposed on such GSE pursuant to the Indenture in connection with
    the transfer or exchange of Bonds. The Issuer agrees to cause
    the Bond Registrar to give each GSE timely notice of each such
    charge, including the amount thereof.

 

    (c) Payments made to a GSE under this Agreement shall first
    be applied to any fees, costs, charges or expenses payable to
    such GSE hereunder, next to the interest component of any Credit
    Enhancement Advance, next to the principal component of any
    Credit Enhancement Advance, next to any past due interest, next
    to any current interest due, and then to outstanding principal
    of Bank Bonds.

 

    (d) Any amounts due and payable and remaining unpaid under
    this Agreement shall accrue interest at the Default Rate until
    paid, anything to the contrary herein notwithstanding.

 

    Section 3.11. Voluntary Termination.  Upon
    (a) providing the GSEs (with a copy to the Trustee) with at
    least thirty (30) days’ prior written notice (except
    that no prior notice shall be required in connection with a
    termination following the default by either of the GSEs in
    honoring its payment obligations hereunder), and (b) paying
    to the GSEs all amounts then owed to the GSEs hereunder,
    including all principal and accrued interest owing on any Bank
    Bonds (but not any termination fee or

    

    14

 

    penalty) and payment of the GSEs’ attorneys fees and
    expenses, the Issuer may with notice to the Trustee terminate
    the Credit and Liquidity Facility and this Agreement.

 

    Section 3.12. Nature of Obligations.

 

    Pursuant to the Indenture, the Issuer has granted to the
    Bondholders of the Bonds, including any Bank Bonds, a first
    priority security interest, on a parity with the security
    interest granted to the other Bondholders of all Parity Debt
    pursuant to the Indenture, in the Security.

 

    To the extent permitted under the Indenture, the Issuer hereby
    agrees that fees and other amounts payable to each GSE (other
    than principal and interest on Bank Bonds) shall either
    (a) constitute Program Expenses pursuant to, and as defined
    in, the Indenture and, pursuant to the Indenture, will be paid
    from the Revenue Fund when due or (b) will be payable on
    the same priority as debt service on the Bonds, whichever is the
    more senior priority. The Issuer further agrees that to the
    extent sufficient funds are not available in the Revenue Fund to
    pay such fees and other amounts when due for any reason, the
    Issuer will immediately pay or cause to be paid such fees and
    other amounts from available funds of the Issuer.

 

    Section 3.13. Tax Ownership.  Nothing in
    this Agreement requires, and nothing in this Agreement is
    intended by the parties to require, that either GSE be or be
    deemed the owner of any of the Bank Bonds for federal income tax
    purposes.

 

    ARTICLE IV

 

    BANK
    BONDS

 

    Section 4.1. Maturity; Interest.

 

    (a) The interest on the unpaid amount of each Bank Bond
    from and including the applicable Purchase Date shall be
    computed at a rate per annum equal to the Bank Rate. Interest on
    Bank Bonds shall be paid on each Interest Payment Date. The
    outstanding principal amount of each Bank Bond, and the interest
    accrued thereon, shall be repaid by or on behalf of the Issuer
    not later than the earliest to occur of (i) the date on
    which any Bank Bonds are redeemed, defeased, accelerated or
    otherwise paid in accordance with their terms, (ii) the
    date of the remarketing of the Bank Bonds, (iii) the date
    on which any Bank Bonds mature in accordance with their terms,
    (iv) the effective date of an Alternate Liquidity Facility,
    (v) the date on which the Issuer elects to convert or
    change the interest rate on all or a portion of the Bonds to an
    interest rate other than the mode effective on the effective
    date of the Facility and (vi) the end of the Term Out
    Period, if applicable (any one of the foregoing constituting a
    “Payment Due Date”). In addition to repayment of the
    interest due on each Bank Bond on each Interest Payment Date and
    each Payment Due Date as set forth in the immediately preceding
    sentence, any amount representing Differential Interest Amount
    unpaid by the Issuer on a Sale Date may be paid on each Payment
    Due Date set forth in clauses
    (i)-(v)
    above, inclusive, and, in any event, shall be paid no later than
    the final day of the Term Out Period, and such Differential
    Interest Amount shall, subject to State laws relevant thereto,
    bear interest at the Bank Rate, payable on each Payment Due Date
    set forth in clauses
    (i)-(v)
    above, inclusive, and, in any event, shall be paid no later than
    the final day of the Term Out Period.

 

    (b) Subject to the payment of any Bank Bond as provided in
    Section 4.1(a) hereof, each Bank Bond will automatically
    become subject to a Term Out beginning the last day of the
    Commitment Period; provided, that on the commencement
    date for such Term Out, (i) the representations and
    warranties contained in Article V of this Agreement, the
    Resolution and in

    

    15

 

    each other Related Document and certificate or other writing
    delivered to the GSEs pursuant hereto in connection with the
    transactions contemplated by this Agreement shall be true and
    correct as though made on and as of such date, except to the
    extent a representation or warranty relates specifically to an
    earlier date (in which case such representation and warranty
    shall be true and correct as of such date); and (ii) no
    Event of Default shall have occurred and be continuing. On the
    commencement date of each Term Out Period, the Issuer shall be
    deemed to have represented and warranted to the GSEs that the
    conditions set forth in (i) and (ii) of the
    immediately preceding sentence have been satisfied. If either
    (i) or (ii) cannot be satisfied as of such date, the
    Bank Bonds shall be immediately due and payable. The principal
    and interest on each Bank Bond subject to a Term Out Period
    shall be paid by or on behalf of the Issuer (i) in
    accordance with the amortization required under the Indenture
    for each particular Series of Bonds (as if there were no Bank
    Bonds of such Series of Bonds) and (ii) upon the occurrence
    of any of the events set forth in Section 4.1(a)(i) through
    and including Section 4.1(a)(v) above and shall, in
    addition thereto but subject to the sources set forth in the
    Indenture, be repaid by or on behalf of the Issuer no later than
    the final day of the Term Out Period.

 

    (c) Any Bank Bond may be prepaid by the Issuer, without
    premium or penalty, upon one (1) Business Day’s prior
    written or electronic notice to the GSEs (with written or
    electronic copies to Treasury’s Agent and the Custodian)
    and, if other than GSEs, any Bank Bondholder (which notice, if
    electronic or telephonic, shall be promptly confirmed in
    writing), in whole or in part but, if in part, in a minimum
    aggregate principal amount of $500,000 and integral multiples of
    $100,000 in excess thereof (or, in any event, in whole). Any
    prepayment of principal by the Issuer of a Bank Bond (including
    any prepayment pursuant to the sinking fund requirements
    associated with the related Bank Bond) shall be credited against
    the next succeeding payment due on the Bank Bond. Any such
    redemption or payment shall be applied equally to Bank Bonds
    purchased hereunder by each of the GSEs.

 

    ARTICLE V

 

    CONDITIONS
    PRECEDENT TO EFFECTIVENESS

 

    This Agreement shall become effective as of the Effective Date;
    provided that each of the following conditions have been
    fulfilled to the satisfaction of the GSEs. The execution and
    delivery of this Agreement and the Credit and Liquidity Facility
    by the GSEs shall constitute the GSEs’ acknowledgment that
    such conditions have been satisfied or waived.

 

    Section 5.1. Conditions.  On the Effective
    Date (and after giving effect to the terms hereof),
    (a) there shall exist no Event of Default or Default,
    (b) all representations and warranties made by the Issuer
    herein or in any of the Related Documents to which it is a party
    shall be true and correct with the same effect as though such
    representations and warranties had been made at and as of such
    time, (c) except as described in the Official Statement or
    any other documents provided by the Issuer to the GSEs and
    approved by the GSEs prior to the Effective Date, no material
    adverse change shall have occurred in the condition (financial
    or otherwise) or operations of the Issuer between the date of
    the Issuer’s most recent audited financial statements and
    the Effective Date, and no transactions or obligations having a
    material adverse effect on the condition (financial or
    otherwise) or operations of the Issuer, whether or not arising
    from transactions in the ordinary course of the Issuer’s
    business, shall have been entered into by the Issuer subsequent
    to the date of the Issuer’s most recent audited financial
    statements, (d) and such Official Statement (including any
    amendments or supplements prepared subsequent to its date) shall
    have been furnished to the GSEs prior to the distribution
    thereof which does not contain any untrue statement of a
    material fact or omit to state a material fact necessary to make
    the statements therein, in light of the circumstances under
    which made, not misleading, (e) except as described in the
    Official Statement no

    

    16

 

    transaction or event shall have occurred and no change shall
    have occurred in the condition (financial or otherwise) or
    operations of the Issuer between the date of the Issuer’s
    most recent audited financial statements and the Effective Date
    which materially adversely affects the issuance of any of the
    Bonds, the security for any of the Bonds, or the Issuer’s
    ability to repay when due its obligations under this Agreement,
    any of the Bonds and the Related Documents, and (f) except
    as otherwise expressly agreed by the GSEs, evidence reasonably
    satisfactory to the GSEs that all existing liquidity and credit
    facilities relating to the Bonds have been (or will be, on the
    applicable CLF Effective Date for Series) terminated.

 

    Section 5.2. Other Documents.

 

    (a) On the Effective Date, the GSEs shall have received
    executed originals or certified copies of each of the following
    documents, which documents shall be in full force and effect on
    the Effective Date and in form and substance reasonably
    satisfactory to each GSE and its counsel:

 

    (i) a certified copy of the Indenture or Resolution (with
    amendments);

 

    (ii) the Official Statement, as amended or supplemented;

 

    (iii) a certified copy of the Remarketing Agreement (with
    amendments);

 

    (iv) this Agreement;

 

    (v) the resolutions of the Issuer authorizing the Related
    Documents (which certification shall state that such resolutions
    are in full force and effect as of the Effective Date);

 

    (vi) Issuer’s Closing and Incumbency Certificate
    (authorizing resolution attached);

 

    (vii) Trustee’s Certificate (as trustee and tender
    agent) regarding the enforceability of this Agreement and the
    Related Documents against the Trustee;

 

    (viii) Issuer’s Liquidity Facility Substitution Notice
    to Notice Parties;

 

    (ix) Trustee Notice of Mandatory Tender (if
    required); and

 

    (x) Rating Letters (Enhanced Bonds and underlying ratings).

 

    (b) [RESERVED].

 

    Section 5.3. Legal Opinions.  The GSEs
    shall have received legal opinions or reliance letters
    authorizing the GSEs to rely on legal opinions, in form and
    substance satisfactory to the GSEs and their respective counsel,
    addressed to the GSEs and dated the Effective Date, of:

 

    (a) Bond Counsel, including a reliance letter if not
    addressed to GSEs;

 

    (b) General Counsel of the Issuer as required by
    GSEs; and

 

    (c) Counsel to the Remarketing Agent, providing comfort on
    the Official Statement and as to such other matters as the GSEs
    may reasonably request;

    

    17

 

    (d) Any other counsel rendering an opinion in connection
    with the execution
    and/or
    delivery of this Agreement, the Indenture and the other Related
    Documents.

 

    Section 5.4. Supporting Documents of the
    Issuer.  There shall have been delivered to the
    GSEs such information and copies of documents, approvals (if
    any) and records certified, where appropriate, of corporate and
    legal proceedings as the GSEs may have requested relating to the
    Issuer’s entering into and performing this Agreement and
    the other Related Documents to which it is a party, and the
    transactions contemplated hereby and thereby. Such documents
    shall, in any event, include:

 

    (a) A certificate of the Issuer, in form and substance
    satisfactory to the GSEs and their counsel, executed by an
    executive officer of the Issuer, dated the Effective Date,
    confirming that the representations set forth in
    Section 5.1 and Article VI hereof are true and correct
    as of such date and that all actions required to be taken, all
    consents required to be obtained, and all resolutions required
    to be adopted by (which resolutions shall be attached to such
    certificate), the Issuer under applicable law, in order for this
    Agreement to be in full force and effect, have been done,
    obtained and adopted; and

 

    (b) An incumbency certificate with respect to the officers
    or agents of the Issuer who are authorized to execute this
    Agreement and the other Related Documents to which the Issuer is
    a party and any documents or instruments under this Agreement
    and the other Related Documents to which the Issuer is a party.

 

    Section 5.5. Supporting Documents of the
    Trustee.  There shall have been delivered to the
    GSEs incumbency certificates with respect to the officers or
    agents of the Trustee who are authorized to (a) execute the
    respective Related Documents to which the Trustee is a party and
    (b) execute and deliver to the GSEs the written notices and
    demands attached to the Credit and Liquidity Facility.

 

    Section 5.6. Other Supporting
    Documents.  There shall have been delivered to the
    GSEs such information and copies of documents, approvals (if
    any) and records (certified, where appropriate) of corporate and
    legal proceedings as the GSEs may have requested relating to the
    entering into and performance by each of the parties (other than
    the GSEs) thereto, of each of the Related Documents or the
    transactions contemplated thereby or the tax exempt status of
    interest on the Bonds, if applicable.

 

    Section 5.7. Payment of Fees and
    Expenses.  The fees and expenses and all other
    amounts (including attorneys’ fees and expenses) payable on
    the Effective Date pursuant to Section 3.7 or
    Section 10.2 hereof shall have been received.

 

    Section 5.8. Rating.  The GSEs shall have
    received satisfactory evidence that the Bonds shall have been
    assigned long-term ratings of at least “Aaa” by
    Moody’s (if rated by Moody’s), and short-term ratings
    of at least “VMIG1” by Moody’s (if rated by
    Moody’s) and long-term ratings of at least “AAA”
    by S&P or Fitch (if rated by S&P or Fitch), short-term
    ratings of at least
    “A-1+”
    by S&P (if rated by S&P) or short-term ratings of at
    least “F1+” by Fitch (if rated by Fitch).

 

    Section 5.9. Issuer Bond Rating.  The GSEs
    shall have received satisfactory evidence that the Issuer Bond
    Rating on the Effective Date is at least
    (i) “Baa3” by Moody’s (if rated by
    Moody’s) with a [“stable” outlook] by
    Moody’s (if rated by Moody’s), and
    (ii) “BBB–”
    by S&P or Fitch (if rated by S&P or Fitch) with a
    [“stable” outlook] by S&P or Fitch (if rated by
    S&P or Fitch); provided that such minimum Issuer Bond
    Ratings shall be “A3” and “A–” for
    Moody’s and S&P/Fitch, respectively, if the Bonds are
    secured in part by multifamily mortgage loans.

    

    18

 

    Section 5.10. Other Documents.  The GSEs
    shall have received such other documents, instruments, approvals
    (and, if requested by Freddie Mac, certified duplicates or
    executed copies thereof) or opinions as the GSEs may reasonably
    request.

 

    In addition to the foregoing, the GSEs shall have determined, as
    of the Effective Date, that no law, regulation, ruling or other
    action of the United States, the Commonwealth of Virginia, the
    District of Columbia or the State of [STATE] or any political
    subdivision or authority therein or thereof shall be in effect
    or shall have occurred, the effect of which would be to prevent
    the Issuer or the GSEs from fulfilling its obligations under
    this Agreement.

 

    ARTICLE VI

 

    REPRESENTATIONS
    AND WARRANTIES

 

    To induce the GSEs to enter into this Agreement, to deliver the
    Credit and Liquidity Facility and to advance funds as provided
    herein and therein, the Issuer makes the following
    representations and warranties to, and agreements with the GSEs
    (which representations, warranties and agreements shall survive
    the execution and delivery of this Agreement and any purchases
    of Bonds by the GSEs):

 

    Section 6.1. Status.  The Issuer is a
    public instrumentality and agency of the State, organized and
    existing under the laws of the State, with all requisite power
    and authority to execute and deliver, and to perform its
    obligations under this Agreement and the Related Documents to
    which it is a party and to issue, execute and deliver the Bonds.

 

    Section 6.2. Power and Authority.  The
    Issuer has the requisite power and authority to execute and
    deliver, and to perform its obligations under, this Agreement
    and the other Related Documents to which it is or will be a
    party and has taken all necessary action to authorize the
    execution, delivery and performance of this Agreement and the
    other Related Documents to which it is or will be a party. The
    Issuer has the requisite power and authority to irrevocably
    direct the Tender Agent and Trustee to enter into and perform
    its obligations under this Agreement and has made said
    irrevocable direction to the Tender Agent and Trustee.

 

    Section 6.3. Enforceability.  Assuming due
    authorization, execution and delivery by each of the other
    parties thereto, each of this Agreement and the Related
    Documents (other than the Official Statement) to which the
    Issuer is a party constitutes the legal, valid and binding
    obligation of the Issuer enforceable in accordance with its
    terms, subject, as to enforceability, to applicable bankruptcy,
    moratorium, insolvency or similar laws affecting the rights of
    creditors generally or the rights of creditors of governmental
    entities and to certain principles of equity (regardless of
    whether such enforceability is considered in a proceeding in
    equity or at law). Each of the Related Documents (other than the
    Official Statement) is or will be on the Effective Date in full
    force and effect.

 

    Section 6.4. No Conflict.  The execution
    and delivery of this Agreement and the Related Documents and the
    performance by the Issuer of its obligations thereunder do not
    and will not violate any constitutional provision or any law or
    any regulation, order, writ, injunction or decree of any court
    or governmental body, agency or other instrumentality applicable
    to the Issuer, or result in a breach of any of the terms,
    conditions or provisions of, or constitute a default under, or
    result in the creation or imposition of any lien (other than the
    lien of the Indenture) upon any of the assets of the Issuer
    pursuant to the terms of, any ordinance, resolution, mortgage,
    indenture, agreement or instrument to which the Issuer is a
    party or by which it or any of its properties is bound.

    

    19

 

    Section 6.5. Consents.  All consents,
    licenses, approvals, validations and authorizations of, and
    registrations, validations or declarations by or with, any court
    or any Governmental Agency required to be obtained in connection
    with the execution, delivery, performance, validity or
    enforceability of this Agreement and the other Related Documents
    (including the Bonds) have been obtained and are in full force
    and effect.

 

    Section 6.6. Litigation.  Except as
    disclosed in the Official Statement, there is no litigation,
    action, suit, arbitration, proceeding or administrative
    proceeding, or, to its knowledge, any inquiry or investigation
    at law or in equity or before or by any court, public board or
    body pending or, to its knowledge, threatened against or
    affecting it (a) wherein an unfavorable decision, ruling or
    finding would materially adversely affect (i) the
    transactions contemplated by or the validity of this Agreement,
    any of the Related Documents or any agreement or instrument to
    which it is a party and which is contemplated by this Agreement
    or the Related Documents, or (ii) its property, assets,
    operations or condition, financial or otherwise, or its ability
    to perform its obligations hereunder or under the Related
    Documents to which it is a party; or (b) which in any way
    contests its existence, organization or powers or the titles of
    its officers to their respective offices.

 

    Section 6.7. Default.  No Event of Default
    or Default has occurred and is continuing. In addition, the
    Issuer is not in material default under (a) any order,
    writ, injunction or decree of any Governmental Agency having
    jurisdiction over the affairs of the Issuer, or (b) any law
    or regulation applicable to the Issuer, or (c) any
    contract, agreement or instrument to which the Issuer is a party
    or by which it or its property is bound, default under which
    could reasonably be expected to have a material adverse effect
    on the transactions contemplated by this Agreement, the
    Indenture or the other Related Documents, or which reasonably be
    expected to have a material adverse effect on the validity or
    enforceability of, or the authority or ability of the Issuer to
    perform its obligations under, this Agreement, the Indenture and
    the other Related Documents to which it is a party.

 

    Section 6.8. Official Statement.  The
    Official Statement, along with all amendments and supplements
    thereto, prepared with respect to the Bonds and the transactions
    herein contemplated, true copies of which have heretofore been
    delivered to the GSEs, does not contain any untrue statement of
    a material fact and such Official Statement does not omit to
    state a material fact necessary to make the statements therein,
    in the light of the circumstances under which made, not
    misleading, except no representation is made as to information
    furnished in writing by the GSEs expressly for inclusion therein.

 

    Section 6.9. Bonds.  Each Bond is duly
    issued under the Indenture and each such Bond is entitled to the
    benefits thereof. The proceeds of the Bonds have been used to
    finance residential mortgages, and principal and interest on the
    Bonds will be paid primarily from the cash flow from said
    residential mortgages.

 

    Section 6.10. Assignment of Bonds.  The
    Bank Bonds purchased pursuant to Article III hereof will be
    transferred to the GSEs free and clear of all liens, security
    interests or claims of any Person other than the GSEs, except
    for consensual liens or other security interests as may be
    created by the GSEs. The Bonds (including the Bank Bonds) are
    secured by a first priority perfected security interest [pledge,
    lien and assignment] [edit as appropriate], in and to the
    Security, as and to the extent provided in the Indenture and
    described in Section 3.12 hereof and, except as
    contemplated by the Indenture, the Issuer has not pledged or
    granted a lien, security interest or other encumbrance of any
    kind on the Security.

 

    Section 6.11. Incorporation of Representations and
    Warranties.  The Issuer hereby makes to the GSEs
    the same representations and warranties as were made by it in
    the Indenture and the other Related Documents to which the
    Issuer is a party, which representations and warranties,
    together with the related definitions of terms contained
    therein, are hereby incorporated by reference with the same
    effect

    

    20

 

    as if each and every such representation and warranty and
    definition were set forth herein in its entirety and were made
    as of the date hereof.

 

    Section 6.12. Financial Statements.  The
    statement of net assets of the Issuer as of its last audited
    financial statements, and the related statement of revenues,
    expenses and changes in net assets for the year then ended and
    the auditors’ reports with respect thereto, copies of which
    have heretofore been furnished to the GSEs, are complete and
    correct in all material respects and fairly present the
    financial condition, changes in fund equity and results of
    operations of the Issuer, as the case may be, at such dates and
    for such periods, and were prepared in accordance with generally
    accepted accounting principles, consistently applied. Since the
    date of the last audited financial statements, there has been no
    material adverse change in the condition (financial or
    otherwise) or operations of the Issuer, except as disclosed in
    such Official Statement, and other documents provided by the
    Issuer to the GSEs. Since the date of such Official Statement no
    transaction or event shall have occurred and no change shall
    have occurred in the condition (financial or otherwise) or
    operations of the Issuer which materially adversely affects the
    issuance of any of the Bonds, the security for any of the Bonds,
    or the Issuer’s ability to repay when due its obligations
    under this Agreement, any of the Bonds and the Related Documents.

 

    Section 6.13. Complete and Correct
    Information.  All information, reports and other
    papers and data with respect to the Issuer furnished to the GSEs
    were, at the time the same were so furnished, complete and
    correct in all material respects. Any financial, budget and
    other projections furnished to the GSEs were prepared in good
    faith on the basis of the assumptions stated therein, which
    assumptions were fair and reasonable in light of conditions
    existing at the time of delivery of such financial, budget or
    other projections, and represented, and as of the date of this
    representation, represent, the Issuer’s best estimate of
    the Issuer’s future financial performance. No fact is known
    to the Issuer that materially and adversely affects or in the
    future may (so far as it can reasonably foresee) materially and
    adversely affect the security for any of the Bonds, or the
    Issuer’s ability to repay when due its obligations under
    this Agreement, any of the Bonds and the Related Documents that
    has not been set forth in the Official Statement referenced in
    Section 6.8 hereof or in the financial statements and other
    documents referred to in this Section 6.13 or in such
    information, reports, papers and data or otherwise disclosed in
    writing to the GSEs. The Issuer has delivered to Fannie Mae and
    Freddie Mac true and correct copies of: (i) the Indenture
    with all amendments thereto; (ii) the other Related
    Documents to which the Issuer is a party; and (iii) all
    other documents executed by the Issuer in connection with the
    issuance of the Bonds with all amendments thereto. Taken as a
    whole, the documents furnished and statements made by the Issuer
    in connection with the negotiation, preparation or execution of
    this Agreement and the Related Documents do not contain untrue
    statements of material facts or omit to state material facts
    necessary to make the statements contained therein in light of
    the circumstances under which they were made, not misleading.

 

    Section 6.14. No Proposed Legal
    Changes.  There is no amendment, or to the
    knowledge of the Issuer, proposed amendment certified for
    placement on a statewide ballot, to the Constitution of the
    State or any published administrative interpretation of the
    Constitution of the State or any State law, or any legislation
    that has passed either house of the State legislature, or any
    published judicial decision interpreting any of the foregoing,
    the effect of which is to materially adversely affect the
    issuance of any of the Bonds, the security for any of the Bonds,
    or the Issuer’s ability to repay when due its obligations
    under this Agreement, any of the Bonds, and the other Related
    Documents.

 

    Section 6.15. The Tender Agent and the Remarketing
    Agent.  The financial institution identified as
    Trustee (or a successor or assign approved in writing by the
    GSEs) is the duly appointed and acting Tender Agent, and the
    financial institution identified as the Remarketing Agent (or a
    successor or assign) approved in writing by the GSEs) is the
    duly appointed and acting Remarketing Agent for the Bonds.

    

    21

 

    Section 6.16.  [Reserved.]

 

    Section 6.17. No Sovereign Immunity.  To
    the extent permitted by laws of the State, the Issuer hereby
    waives the defense of sovereign immunity in any proceeding by
    the GSEs to enforce a breach of the contractual obligations of
    the Issuer under this Agreement.

 

    Section 6.18. Interest.  None of the
    Indenture, the other Related Documents or the Bonds provide for
    any payments that would violate any applicable law relating to
    permissible maximum rates of interest.

 

    Section 6.19. Investment Obligations.  As
    of the Effective Date, the Issuer has no knowledge that it has
    made any material investment, or entered into any agreement for
    the purpose of effecting any such investment, which is not
    permitted to be made pursuant to the Act and the Indenture.

 

    Section 6.20. Tax-Exempt Status.  Solely
    with respect to those Series of Bonds that bear interest that is
    intended to be tax exempt, the Issuer has not taken any action
    or omitted to take any action, and knows of no action taken or
    omitted to be taken by any other person or entity, which action,
    if taken or omitted, would cause interest on those Series of
    Bonds to be subject to personal income taxes levied by the
    Federal Government.

 

    Section 6.21. Security.  The Bonds
    (including any Bank Bonds and interest thereon and any mandatory
    prepayments thereof) and the Issuer’s obligations under
    this Agreement are secured under the Indenture by the Security
    and are [IF PROVIDED IN THE APPLICABLE INDENTURE —
    backed by the full faith and credit of the Issuer] payable out
    of any of the Issuer’s revenues, moneys or assets legally
    available therefor, subject only to agreements made with holders
    of notes and Bonds other than the bonds (including the Bonds and
    any Bank Bonds). The Issuer has pledged to the Trustee its
    entire right, title and interest in each mortgage loan pledged
    as Security and such pledge conveys a first lien on such
    mortgage loans. The Issuer has not pledged or otherwise granted
    a lien upon the Trust Estate (as defined in the Indenture)
    for any other obligation. [The security for the Issuer’s
    obligations under the Indenture includes a debt service reserve
    fund which is funded in the amount required under the Indenture
    and which has not, as of the date hereof, been drawn upon.]

 

    Section 6.22. Hedges.  Attached hereto as
    Schedule 2 is a description of each Hedge related to the
    Bonds, the counterparty to such Hedge, the current ratings of
    such counterparty, termination events for each Hedge, including
    any termination upon downgrade of the counterparty and any
    collateralization requirements. The Issuer has not
    cross-defaulted any obligation under a Hedge with its
    obligations under any other instrument.

 

    Section 6.23. Investment
    Guidelines.  Attached as Schedule 3 are the
    Issuer’s investment guidelines for the investment of funds
    held under the Indenture.

 

    ARTICLE VII

 

    COVENANTS

 

    The Issuer covenants and agrees that, so long as any of the
    Bonds shall be Outstanding or any amounts remain unpaid
    hereunder:

 

    Section 7.1. Payment Obligations.  The
    Issuer shall promptly pay or cause to be paid all amounts
    payable by it hereunder and under the Related Documents
    according to the terms hereof or thereof and shall duly perform
    each of its obligations under this Agreement and the other
    Related

    

    22

 

    Documents to which it is a party. All payments of principal,
    interest and any other sums due hereunder shall be made in the
    amounts required hereunder without any reduction or setoff,
    notwithstanding the assertion of any right of recoupment or
    setoff or of any counterclaim by the Issuer. The Issuer’s
    annual budget shall include the payment of all amounts payable
    by the Issuer hereunder, and, if applicable, the Issuer shall
    use its best efforts to cause the making of appropriations for
    payment of such amounts.

 

    Section 7.2. Related Documents.

 

    (a) The Issuer agrees that it will perform and comply in
    all material respects with each and every covenant and agreement
    required to be performed or observed by it in each Related
    Document to which it is a party and in each case such
    provisions, together with the related definitions of terms
    contained therein, are hereby incorporated by reference herein
    with the same effect as if each and every such provision were
    set forth herein in its entirety.

 

    (b) The Issuer shall not enter into any new or replacement
    Related Document and shall not amend, supplement or otherwise
    modify in any material respect (or permit any of the foregoing),
    or request or agree to any consent or waiver under, or effect or
    permit the cancellation, acceleration or termination of, or
    (except as otherwise permitted under the Related Documents)
    release or permit the release of any collateral held under, any
    of the Related Documents without the prior written consent of
    each of the GSEs; provided, however, that the consent of
    the GSEs shall not be required with respect to supplements
    entered into solely for the purpose of providing for the
    issuance of a series of bonds pursuant to the Indenture, except
    as provided in Section 7.25(a) below. With respect to
    Indenture amendments, the determination of the GSEs as to the
    materiality of an amendment shall be controlling.

 

    (c) The Issuer shall at all times cause to be in place a
    Remarketing Agent acceptable to the GSEs. The Issuer will
    covenant to cause the Remarketing Agent to use its best efforts
    at all times to remarket Bonds (including, without limitation,
    Bank Bonds held prior to the termination of the Credit and
    Liquidity Facility) at interest rates up to the Maximum Rate. If
    the Remarketing Agent fails to remarket any Bank Bonds for 30
    consecutive calendar days, or otherwise fails to perform its
    duties under the Remarketing Agreement, then the Issuer agrees,
    at the written request of a GSE, to cause the Remarketing Agent
    to be replaced with a Remarketing Agent reasonably acceptable to
    the GSEs. The Remarketing Agreement shall obligate the
    Remarketing Agent to use its best efforts to remarket Bonds
    (including, without limitation, Bank Bonds) up to the Maximum
    Rate. The Remarketing Agreement shall provide that the
    Remarketing Agent may not resign until a new remarketing agent
    is in place unless otherwise consented to by the GSEs. The GSEs
    shall be third party beneficiaries to the Remarketing Agreement.

 

    Section 7.3. Reporting
    Requirements.  (a) Books and Records;
    GAAP. The Issuer shall keep proper books of record and
    account in which full, true and correct entries will be made of
    all dealings and transactions of or in relation to affairs,
    operations, transactions and activities of the Issuer in
    accordance with generally accepted accounting principles
    applicable to governmental entities, consistently applied.

 

    (b) Non-Public Information.  As used in
    this section, “Information” means any information
    described in subsection (c) and “Non-Public
    Information” means any of the Information that, as of the
    date that such Information is due to be provided to the GSEs
    pursuant to subsection (c), the Issuer has not released to
    the general public or otherwise is not in the public domain. To
    the extent that any of the Information described in
    subsection (c) is Non-Public Information, each of the
    following shall apply:

    

    23

 

    (i) The Issuer may provide such Non-Public Information to
    the GSEs but, subject to clause (ii) below, is not
    obligated to do so. If the Issuer elects not to provide
    Non-Public Information, it shall identify the categories of
    Information that are then Non-Public Information and so inform
    the GSEs of that fact at the time such information is otherwise
    due to be provided under subsection (c);

 

    (ii) If the Issuer elects not to provide Non-Public
    Information as stated in clause (i) above, but a GSE
    determines that the absence of any such information is a
    material impairment to its obligation to conduct its business in
    a safe and sound manner or is inconsistent with the requirements
    of applicable law or regulation, then the Issuer will provide
    such Information to that GSE at the times and as otherwise
    required by subsection (c); and

 

    (iii) To the extent that the Issuer actually provides
    Non-Public Information pursuant to subsection (c), the
    Issuer will label such information as Non-Public Information and
    will segregate all Non-Public Information so that a GSE which
    elects not to look at the Non-Public Information can do so.

 

    (c) Information.  The Issuer agrees to
    furnish to each GSE a copy of each of the following:

 

    (i) On the date that is the earlier of (i) ninety
    (90) days after the end of each quarter of each fiscal year
    of the Issuer and (ii) the day such information is first
    made available to the general public, the Issuer shall provide
    to each GSE the financial statements of the Issuer consisting of
    a balance sheet of the Issuer as at the end of such period, a
    statement of operations and a statement of cash flows of the
    Issuer for such period and, with respect to the report provided
    after the end of each fiscal year, there shall also be included
    a statement of the changes in net assets of the Issuer for such
    period. The financial statements referred to above shall be set
    forth in reasonable detail and shall be accompanied by, in the
    case of the annual statements, an audit report of the
    Issuer’s auditor or nationally recognized independent
    certified public accountants stating that they have (except as
    noted therein) been prepared in accordance with generally
    accepted accounting principles consistently applied (provided
    that such audit report need not be submitted until one hundred
    eighty (180) days after the end of the relevant fiscal
    year);

 

    (ii) On the date that is the earlier of (i) ninety
    (90) days after the end of each quarter of each fiscal year
    of the Issuer and (ii) the day such information is first
    made available to the general public, the Issuer shall provide
    to each GSE financial statements of the Issuer specific to the
    Indenture pursuant to which Bonds are outstanding consisting of
    a statement of operations and a statement of cash flows under
    each such Indenture for such period and, with respect to the
    report provided after the end of each fiscal year, there shall
    also be included a statement of the changes in net assets under
    each such Indenture for such period. The financial statements
    referred to above shall be set forth in reasonable detail and
    shall be accompanied by, in the case of the annual statements,
    an audit report of the Issuer’s auditor or nationally
    recognized independent certified public accountants stating that
    they have (except as noted therein) been prepared in accordance
    with generally accepted accounting principles consistently
    applied (provided that such audit report need not be submitted
    until one hundred eighty (180) days after the end of the
    relevant fiscal year);

    

    24

 

    (iii) Immediately after any officer of the Issuer obtains
    knowledge thereof, a certificate of the Issuer setting forth the
    occurrence of any default or Event of Default, the details
    thereof and the action which the Issuer is taking or proposes to
    take with respect thereto;

 

    (iv) Quarterly, at the time each of the financial
    statements referenced in 7.3(a) above is provided, and otherwise
    at the request of a GSE, a certificate of the Issuer
    (i) stating whether there exists on the date of such
    certificate any default or Event of Default and, if so, the
    details thereof and the action which the Issuer is taking or
    proposes to take with respect thereto and (ii) setting
    forth a description in reasonable detail of the amounts held in
    the Revenue Fund and other accounts under the Indenture;

 

    (v) Simultaneously with their release to the general
    public, disclosure statements of any kind prepared by the Issuer
    which disclose such matters as quarterly or other interim
    financial statements relating to each Indenture, portfolio
    composition information regarding each Indenture such as the
    percentage of loans insured under FHA, HUD, RDA, or VA programs
    or any pooled mortgage insurance program or securitization by
    GNMA or a GSE or portfolio performance information detailing
    such matters as delinquencies, foreclosures and real estate
    owned properties;

 

    (vi) Promptly upon receipt of notice by such Issuer of any
    such default, the occurrence of any material event of default by
    any counterparty to a Related Document;

 

    (vii) At the request of a GSE, copies of any information or
    request for information concerning this Agreement or any of the
    Related Documents as and when provided to the Trustee;

 

    (viii) Promptly after the receipt or giving thereof, copies
    of all notices of resignation by or removal of the Trustee, the
    Remarketing Agent or the Tender Agent which are received or
    given by the Issuer;

 

    (ix) Promptly after the adoption thereof, copies of any
    amendments to the Indenture, any of the other Related Documents
    (including replacement of or any new Related Document) and the
    Official Statement;

 

    (x) Within 30 days of the issuance of any public
    issuance of indebtedness of the Issuer payable from the Revenues
    under the Indenture, copies of any disclosure documents
    distributed in connection therewith;

 

    (xi) Any Annual Filing or Material Event Filing shall be
    delivered to the GSEs on the day it becomes available to the
    general public or the Bondholders or would be required to become
    available if
    Rule 15c2-12
    were applicable to the Bonds;

 

    (xii) Simultaneously with the delivery of each set of the
    financial statements and the annual filing referred to in
    clauses (i) and (xi) and otherwise at the request of
    the GSEs, or with respect to (iii) whenever prepared and
    available, (i) a copy of the most recent rating letter
    received relating to the Issuer Bond Rating
    and/or the
    Indenture rating, (ii) a certificate of the Issuer stating
    that the Issuer is in compliance with all financial covenants
    set forth in the Indenture; and (iii) a copy of the most
    recent cash flow certificates, financial reports and statements
    and annual budget (including portfolio performance reports
    detailing delinquencies and foreclosure rates and percentage of
    loans

    

    25

 

    insured under the FHA, RDA, and VA programs and any pooled
    mortgage insurance program, and the percentage of uninsured
    loans as set forth in Schedule 4 hereto);

 

    (xiii) Immediately upon receipt by the Issuer, any rating
    report or other rating action relative to the Issuer, the Bonds
    or any other bonds issued under the Indenture;

 

    (xiv) Immediately upon any such transfer, notice of any
    extraordinary payment or transfer of funds from the Indenture;

 

    (xv) In a timely manner at the request of a GSE, any data
    or information required by a GSE for use by a GSE in calculating
    performance under the Federal Housing Finance Agency’s
    housing goal regulations or for use in complying with any other
    regulatory or legal requirement; and

 

    (xvi) Such other information, whether such information is
    published or unpublished, respecting the affairs, condition
    and/or
    operations, financial or otherwise, of the Issuer as a GSE may
    from time to time reasonably request (including, without
    limitation, data, including loan level data, required by the
    GSEs with respect to any asset management surveillance
    and/or
    disclosure requirement).

 

    (xvii) All reports required by this Section 7.3 shall
    be sent to each GSE at its email address specified in
    Section 10.3.

 

    Section 7.4. Compliance With Law.  The
    Issuer shall comply with all laws, ordinances, orders, rules and
    regulations that may be applicable to it if the failure to
    comply could have a material adverse effect on the security for
    any of the Bonds, or the Issuer’s ability to repay when due
    its obligations under this Agreement, any of the Bonds, and the
    Related Documents.

 

    Section 7.5. Notices.  The Issuer will
    promptly furnish, or cause to be furnished, to each of the GSEs
    (with a copy to the Administrator and the Treasury’s Agent)
    and to the Trustee (i) notice of the occurrence of any
    Event of Default or Default as defined herein or in the
    Indenture, (ii) notice of the failure by the Remarketing
    Agent, the Tender Agent or the Trustee to perform any of its
    obligations under the Remarketing Agreement or the Indenture,
    (iii) notice of any proposed substitution of the Credit and
    Liquidity Facility, (iv) each notice required to be given
    to any liquidity facility provider pursuant to the Indenture,
    (v) notice of any litigation, administrative proceeding,
    proposed or enacted legislation or business development known to
    the Issuer which may materially adversely affect its business,
    properties or affairs or the ability of the Issuer to perform
    its obligations as set forth hereunder or under any of the
    Related Documents to which it is a party, and (vi) notice
    of any downgrade, withdrawal, or suspension of the Issuer Bond
    Rating or the placement of the Bonds or any Parity Debt on
    credit watch by a Rating Agency, or if a Rating Agency then
    under contract with the Issuer to maintain an Issuer Bond Rating
    expresses in writing a negative outlook as to such Issuer Bond
    Rating.

 

    The Trustee will notify the GSEs, the Administrator and the
    Treasury’s Agent by
    e-mail
    followed by telecopier and the Treasury by telecopier, at the
    addresses set forth in Section 10.3 of: (i) each
    notice of Optional Tender upon receipt; (ii) each notice of
    Mandatory Tender upon receipt; and (iii) not later than
    4:00 p.m. on the Business Day before any Optional Tender or
    Mandatory Tender of Bonds, a statement as to principal amount of
    Bonds for which the Trustee or Tender Agent has received
    remarketing proceeds or notice from the Remarketing Agent that
    such principal amount of Bonds has been remarketed. The Trustee
    shall also provide to the Custodian and the Treasury’s
    Agent as required by the Credit and Liquidity Facility at the
    addresses set forth in Section 10.3, all demands for an
    Advance (as defined in the Credit and Liquidity Facility) as and
    when delivered to the GSEs.

    

    26

 

    Section 7.6. Certain Information.  The
    Issuer shall not include in an offering or remarketing document
    for the Bonds any information concerning a GSE that is not
    supplied in writing, or otherwise consented to, by such GSE
    expressly for inclusion therein, nor shall the Issuer make any
    changes in any reference to a GSE in any amendment or supplement
    to an offering or remarketing document for the Bonds without
    obtaining the prior written consent of such GSE thereto.

 

    Section 7.7. Liquidity.

 

    (a) The Issuer agrees that, with respect to any Alternate
    Liquidity Facility, the Issuer will require, as a condition to
    its effectiveness, that the issuer of the Alternate Liquidity
    Facility provide funds to the extent necessary, in addition to
    other funds available, on the date the Alternate Liquidity
    Facility becomes effective, for the purchase of all Bank Bonds
    at par plus accrued interest (at the Bank Rate) through the
    Purchase Date. On such date any and all amounts due hereunder
    and under the Indenture or the Bonds due to the GSEs shall be
    payable in full to the GSEs.

 

    (b) The Issuer shall not permit an Alternate Liquidity
    Facility to become effective with respect to fewer than all of
    the Outstanding Bonds of a Series of Bonds without the prior
    written consent of the GSEs.

 

    Section 7.8. Appointment of Successors and
    Replacements.  So long as this Agreement is in
    effect and the GSEs are not in default hereunder, the Issuer
    will not permit the appointment of a successor Trustee or Tender
    Agent or Remarketing Agent unless the Issuer has obtained the
    prior written consent of the GSEs, which consent will not be
    unreasonably withheld. The Issuer will cause a Remarketing Agent
    to be in place at all times while this Agreement is in effect or
    any Bank Bonds are outstanding.

 

    Section 7.9. Maintenance of Approvals: Filings,
    Etc.  The Issuer shall at all times maintain in
    effect, renew and comply with all the terms and conditions of
    all consents, filings, licenses, approvals and authorizations as
    may be necessary or appropriate under any applicable law or
    regulation for its execution, delivery and performance of this
    Agreement and the other Related Documents to which it is a party.

 

    Section 7.10. Inspection Rights.  To the
    extent permitted by law, the Issuer shall, at any reasonable
    time and from time to time, upon reasonable notice, permit the
    GSEs or any agents or representatives thereof, at the
    Issuer’s expense, to examine and make copies of the records
    and books of account related to the transactions contemplated by
    this Agreement, to visit its properties and to discuss its
    affairs, finances and accounts with any of its officers and
    independent accountants provided, however, that prior to
    the occurrence of an Event of Default, the Issuer shall not be
    required to pay for more than one inspection per fiscal year.
    The Issuer will not unreasonably withhold its authorization for
    its independent accountants to discuss its affairs, finances and
    accounts with the GSEs.

 

    Section 7.11. Additional Obligations.  The
    Issuer shall not issue any bonds, notes or similar obligations
    or evidence of indebtedness payable from the Revenues or any
    other amounts, accounts or other property held under the
    Indenture except as permitted by the Indenture. So long as this
    Agreement remains in effect or any Bank Bonds remain
    Outstanding, the Issuer shall not issue any additional variable
    rate obligations except as permitted in Section 7.25(a).

 

    Section 7.12. Permitted Liens.  The Issuer
    shall not create or incur or suffer to be incurred or to exist
    any Lien on the Revenues or any other funds, accounts or other
    property held under the Indenture except as permitted by the
    Indenture. The Issuer will take no action, nor fail to take any
    action, necessary to ensure that the Eligible Bonds purchased
    pursuant to this Agreement are free and clear of all liens,

    

    27

 

    security interests or claims of any Person other than the GSEs,
    except for consensual liens or security interests as the GSEs
    may create.

 

    Section 7.13. Issuer Bond Rating.  The
    Issuer shall use its best efforts to maintain the minimum Issuer
    Bond Ratings specified in Section 5.9 hereof.

 

    Section 7.14. Litigation, Etc.  The Issuer
    shall give prompt notice in writing to the GSEs of any
    litigation, administrative proceeding or business development
    which may materially adversely affect its business, properties
    or affairs or the ability of the Issuer to perform its
    obligations as set forth hereunder or under any of the Related
    Documents to which it is a party, and shall in all events give
    prompt notice of any such litigation or proceeding involving a
    claim in excess of $5,000,000 payable from the Revenues held
    under the Indenture.

 

    Section 7.15. Indenture; Redemption of Bank Bonds;
    Payment of Fees.

 

    (a) While any Bank Bonds are outstanding and in accordance
    with the Indenture, the Issuer will, to the extent obligated
    under Section 4.1 hereof, (i) redeem Bank Bonds from
    available funds under the Indenture, and (ii) redeem Bank
    Bonds prior to the optional redemption of any other Bonds under
    the Indenture.

 

    (b) To the extent permitted under the Indenture, the Issuer
    hereby agrees that fees and other amounts payable to each GSE
    (other than principal and interest on Bank Bonds) shall either
    (a) constitute Program Expenses pursuant to, and as defined
    in, the Indenture and, pursuant to the Indenture, will be paid
    from the Revenue Fund when due or (b) will be payable on
    the same priority as debt service on the Bonds, whichever is the
    more senior priority. The Issuer further agrees that to the
    extent sufficient funds are not available in the Revenue Fund to
    pay such fees and other amounts when due for any reason, the
    Issuer will immediately pay or cause to be paid such fees and
    other amounts from available funds of the Issuer.

 

    Section 7.16. Maintenance of
    Existence.  The Issuer shall preserve and maintain
    its existence as a public instrumentality and agency of the
    State organized and existing under the laws of the State, and to
    perform its obligations under this Agreement and the Related
    Documents and will not, without the prior written consent of the
    GSEs, (i) merge or consolidate with any other organization
    nor (ii) sell, lease or transfer all or substantially all
    of its property to any Person, or turn over the management or
    operation of any substantial part of its business, property or
    assets, to any other Person, except as otherwise provided in the
    Indenture and the Act; provided, however, that the Issuer may
    consolidate with or merge into another governmental entity that
    assumes in writing all the obligations of Issuer in form and
    substance satisfactory to the GSEs and such consolidations or
    merger will not impair or adversely affect the security
    supporting its obligations to the GSEs or otherwise have a
    material adverse effect upon the Bonds, this Reimbursement
    Agreement or the Related Documents.

 

    Section 7.17. Swap Termination Fees.  So
    long as this Agreement remains in effect, the Issuer shall not
    permit any swap termination fees to be payable on a basis senior
    to or on a parity with the Bonds or the Issuer’s
    obligations under this Agreement.

 

    Section 7.18. Further Assurances.  The
    Issuer will at any and all times, insofar as it may be
    authorized so to do by law, authorize, make, do, execute,
    acknowledge and deliver every and all such further resolutions,
    acts, deeds, conveyances, assignments, recordings, filings,
    transfers and assurances as may be reasonably necessary for the
    better assuring, conveying, granting, assigning and confirming
    all and singular the rights of the GSEs hereunder or payment of
    the obligations of the Issuer arising under or pursuant to this
    Agreement, or intended so to be, or which the Issuer may
    hereafter become bound to

    

    28

 

    pledge or assign thereto, including the maintenance of the
    security interests in the Revenues created pursuant to the
    Indenture.

 

    Section 7.19. Disclosure to
    Participants.  The Issuer shall permit each GSE to
    disclose any information received by such GSE in connection
    herewith, including without limitation the financial information
    described in Section 7.3 hereof, to any Participants;
    provided, that the GSE shall require, as a condition to
    providing any such information to any Participant, an agreement
    on the part of said Participant to maintain the confidentiality
    of said information unless said Participant is required to
    release such information pursuant to any statute, rule,
    regulation or judicial process or upon the lawful demand of any
    court or agency having jurisdiction over such Participant.

 

    Section 7.20. Conversions;
    Defeasance.  The Issuer shall promptly furnish, or
    cause to be furnished, to each GSE, not later than its
    furnishing the same to the Remarketing Agent, a copy of any
    written notice furnished by the Issuer to the Remarketing Agent
    pursuant to the Indenture indicating a proposed conversion or
    change of the interest rate on a Series of Bonds to a rate other
    than a variable rate. The Issuer shall not consummate any such
    conversion without the prior written consent of each of the
    GSEs. In addition, the Issuer will not defease, nor allow the
    defeasance of, the Bonds without having contemporaneously
    satisfied all of its obligations hereunder, including the Bank
    Bonds. The Issuer and Trustee hereby recognize that any such
    conversion of the interest rate mode shall result in a
    termination of the Credit and Liquidity Facility with respect to
    the Series of Bonds so converted if the entire Series of Bonds
    is so corrected.

 

    Section 7.21. Investment Securities.  The
    Issuer shall not permit any funds invested under the Indenture
    to be invested in obligations, securities or other investments
    of a type not included within the categories permitted for such
    purpose in the Indenture, will comply with the investment
    guidelines attached hereto as Schedule 3 and will not
    modify such investment guidelines without the prior written
    consent of the GSEs.

 

    Section 7.22.  [Reserved.]

 

    Section 7.23. Maintenance of Tax-Exempt Status of the
    Bonds.  Solely with respect to those Series of
    Bonds that bear interest that is intended to be tax exempt, the
    Issuer will not take any action or omit to take any action
    which, if taken or omitted, would adversely affect the exclusion
    from gross income of such interest on those Bonds for purposes
    of the exemption of such interest from Federal income taxes.

 

    Section 7.24. No Leverage; No
    Derivatives.  The Issuer shall not acquire any
    investments with funds pledged to payment of Bonds or amounts
    due hereunder on margin, nor shall the Issuer enter into any
    Hedge without the prior written consent of the GSEs.

 

    Section 7.25. Special GSE Program
    Covenants.  The Issuer covenants that it will:

 

    (a) Not issue new bonds under the Indenture in a variable
    rate demand, adjustable rate or auction rate mode other than
    variable rate bonds issued and acquired by the GSEs under the
    GSEs’ HFA Initiative Program;

 

    (b) Transition, as the market stabilizes, to private
    liquidity providers or other funding mechanisms that will result
    in a reduction in the principal amount of Bonds supported by the
    Credit and Liquidity Facility;

    

    29

 

    (c) Continuously monitor the market with the objective of
    converting each Series of Bonds to a fixed rate financing
    without credit enhancement from the GSEs and effect such a
    conversion if it can be accomplished at a break even cost to the
    Issuer, including the cost of terminating any interest rate swap
    related to such Series of Bonds;

 

    (d) Certify annually on the anniversary date of the
    Effective Date that a conversion to fixed rate was uneconomical
    during the prior year;

 

    (e) Prepare documents within six (6) months of the
    Effective Date that will allow the Issuer to expeditiously
    convert each Series of Bonds to fixed rate securities if
    economic conditions permit;

 

    (f) Except as limited by tax law requirements and except
    for scheduled or other required redemptions, redeem Bank Bonds
    ahead of any other outstanding bonds issued pursuant to the
    Indenture;

 

    (g) Apply available excess funds under the Indenture to
    redeem all Bank Bonds upon expiration of the Credit and
    Liquidity Facility;

 

    (h) To the extent the Issuer does not have sufficient funds
    to redeem all Bank Bonds on or before the termination of the
    Credit and Liquidity Facility, pay the outstanding Bank Bonds
    over a
    10-year
    period in accordance with the requirements of
    Section 4.1(b) hereof;

 

    (i) The Issuer shall take all steps necessary to assure
    that all assets and revenues of any description pledged to the
    payment of the Bonds and all other bonds issued under the
    Indenture shall be applied strictly in accordance with, and
    solely for the purposes and in the amounts specified and
    permitted by, the terms of the Indenture.

 

    (j) Not exercise any rights it may have to make voluntary
    withdrawals of cash or other assets from the lien of the
    Indenture except under the following circumstances and within
    the following limits:

 

    (i) No withdrawals whatsoever shall be made during any
    period that Bank Bonds are outstanding (except withdrawals to
    redeem Bank Bonds);

 

    (ii) The Issuer may withdraw cash from the Indenture to pay
    ordinary and customary administrative and operating expenses of
    the Issuer, ordinary and customary operating expenses of any of
    the indentures of the Issuer (such as, for example, fees and
    payments due on an interest rate swap entered into by the
    Issuer) and to fund or reimburse the cost of programs sponsored
    by the Issuer, subject to each of the following requirements:

 

    (A) either:

 

    (1) the cumulative amount of such withdrawals does not
    exceed the cumulative withdrawals as projected to the date of
    such withdrawal in the cash flows most recently submitted to the
    rating agencies in connection with the then current long term
    rating of the Bonds; or

    

    30

 

    (2) prior to and as a condition to such withdrawal, the
    Issuer obtains and furnishes to the Administrator and to
    Treasury’s Agent a confirmation from each of the rating
    agencies maintaining ratings on the Bonds that the proposed
    withdrawal will not adversely affect the Issuer Bond
    Rating; and

 

    (B) prior to and as a condition to such withdrawal, the
    Issuer provides a written certification to the Administrator and
    to Treasury’s Agent specifying the amount and purpose of
    the withdrawal and that all requirements of this paragraph
    (j)(ii) have been met with respect to such withdrawal.

 

    In spite of anything to the contrary contained in this paragraph
    (j)(ii), no withdrawals whatsoever shall be made under this
    paragraph (j)(ii) during any period when any of the Issuer Bond
    Ratings are below the level of [“Baa3” or
    “BBB-”
    for Single Family] [A3 or A- for Multi Family] or has been
    suspended or withdrawn;

 

    (iii) The Issuer may withdraw cash or other assets from the
    Indenture for any purpose of the Issuer other than as set out in
    paragraph (j)(ii) above, subject to each of the following
    requirements:

 

    (A) prior to and as a condition to such withdrawal, the
    Issuer obtains and furnishes to the Administrator and to
    Treasury’s Agent a confirmation from each of the rating
    agencies maintaining ratings on the Bonds that the rating on the
    Bonds will be not less than the Issuer Bond Rating in effect on
    the date of this Agreement, in each case with a rating outlook
    that is either “stable” or “positive” or the
    equivalent;

 

    (B) the cash or other assets withdrawn from the lien of the
    Indenture pursuant to this paragraph (f)(iii) are retained by
    the Issuer within its funds and accounts or are expended to
    further the mission or otherwise for the benefit of the
    Issuer; and

 

    (C) prior to and as a condition of such withdrawal, the
    Issuer provides a written certification to the Administrator and
    to Treasury’s Agent specifying the amount and purpose of
    the withdrawal and that all requirements of this paragraph
    (j)(iii) have been met with respect to such withdrawal.

 

    (k) No later than 90 days prior to the stated
    expiration date of the Credit and Liquidity Facility either:
    (i) refinance or defease the Bonds; (ii) provide a
    substitute liquidity facility; or (iii) convert the Bonds
    to a fixed interest rate. The Issuer agrees and acknowledges
    that failure to effect either (i), (ii) or (iii) above
    will result in a mandatory tender in whole of the Bonds on or
    prior to the stated expiration date of the Credit and Liquidity
    Facility.

 

    (l) With respect to the purchase, origination, enforcement
    and servicing of mortgage loans and mortgage — backed
    securities (“MBS”) the Issuer shall:

 

    (i) originate or cause to be originated, mortgage loans and
    purchase, or cause to be purchased, MBS in a manner consistent
    with applicable state law, the Indenture and any supplements
    thereto, and such other related documents by which the Issuer is
    bound;

    

    31

 

    (ii) cause all mortgage loans to be serviced pursuant to
    the servicing requirements of the Issuer, GNMA, FHA Fannie Mae
    and Freddie Mac, as applicable, or any other party providing
    credit support in respect of any mortgage loans held under the
    Indenture;

 

    (iii) diligently take all steps necessary or desirable to
    enforce all terms of the mortgage loans, MBS, loan program
    documents and all such other documents evidencing obligations to
    the Issuer; and

 

    (iv) diligently take all actions consistent with sound
    mortgage loan origination, purchase and servicing practices and
    principles as may be necessary to receive and collect sufficient
    revenues to pay debt service when due on the Bonds.

 

    ARTICLE VIII

 

    EVENTS OF
    DEFAULT

 

    The occurrence of any of the following events shall constitute
    an “Event of Default”:

 

    Section 8.1. Payments.  Any principal of,
    or interest on, any Bond (including any Bank Bond) shall not be
    paid when due (disregarding for such purposes payments made from
    Credit Enhancement Advances); or

 

    Section 8.2. Fee Payments;
    Reimbursement.  The Issuer shall fail to pay any
    amount owing under Section 2.2, 3.7 or 4.1 hereof when and
    as the same shall become due; or

 

    Section 8.3. Representations.  Any
    representation or warranty made or deemed to be made to the GSEs
    by or on behalf of the Issuer in this Agreement or in any
    Related Document or in any certificate or statement delivered
    hereunder or thereunder shall be incorrect or untrue in any
    material respect when made or deemed to have been made; or

 

    Section 8.4. Certain Covenants.  The
    Issuer shall fail to observe or perform any covenant or
    agreement of the Issuer set forth in Sections 7.1 to the
    extent it relates to the payment of obligations, 7.2(b) and (c),
    7.5, 7.6, 7.7, 7.8, 7.11, 7.12, 7.14, 7.15, 7.17, 7.20, 7.21,
    7.24, and 7.25(a), (f), (g) and (j) hereof; or

 

    Section 8.5. Other Covenants.  The Issuer
    shall default in the due performance or observance of any other
    term, covenant or agreement contained (or incorporated by
    reference) or there is any Default in this Agreement (other than
    those referred to in Sections 8.1, 8.2, 8.3, and 8.4
    hereof) and such Event of Default or Default shall remain
    unremedied for a period of thirty (30) days after the GSEs
    shall have given written notice thereof to the Issuer; or

 

    Section 8.6. Insolvency.  (a) The
    Issuer shall commence any case, proceeding or other action
    (i) under any existing or future law of any jurisdiction,
    domestic or foreign, relating to bankruptcy, insolvency,
    reorganization or relief of debtors, seeking to have an order
    for relief entered with respect to it, or seeking to adjudicate
    it a bankrupt or insolvent, or seeking reorganization,
    arrangement, adjustment, winding-up, liquidation, dissolution,
    composition or other relief with respect to it or its Debts, or
    (ii) seeking appointment of a receiver, trustee, custodian
    or other similar official for it or for all or any substantial
    part of its assets, or the Issuer shall make a general
    assignment for the benefit of its creditors; or (b) there
    shall be commenced against the Issuer any case, proceeding or
    other action of a nature referred to in clause (a) above
    which (i) results in an order for such relief or in the
    appointment of a

    

    32

 

    receiver or similar official or (ii) remains undismissed,
    undischarged or unbonded for a period of sixty (60) days;
    or (c) there shall be commenced against the Issuer, any
    case, proceeding or other action seeking issuance of a warrant
    of attachment, execution, rehabilitation, distraint or similar
    process against all or any substantial part of its assets
    (including the Security), which results in the entry of an order
    for any such relief which shall not have been vacated,
    discharged, or stayed or bonded pending appeal within sixty
    (60) days from the entry thereof; or (d) the Issuer
    shall take any action in furtherance of, or indicating its
    consent to, approval of, or acquiescence in, any of the acts set
    forth in clause (a), (b) or (c) above; or (e) the
    Issuer shall generally not, or shall be unable to, and so admit
    in writing its inability to, pay its Debts; or (f) a
    moratorium, restructuring, adjustment or comparable
    extraordinary restriction shall have been declared (whether or
    not in writing) with respect to the Bonds or Parity Debt of the
    Issuer by the Issuer or the State (including, without
    limitation, any of the executive, legislative or judicial
    branches of government thereof) or any federal government agency
    or authority having jurisdiction over the Issuer; or

 

    Section 8.7. Invalidity.  (a) Any
    provision of the Act, this Agreement, the Indenture, the Bonds
    or any Parity Debt relating to the payment of the principal of
    or interest on the Bonds (including any Bank Bonds) or any
    Parity Debt or the Security therefor shall at any time and for
    any reason cease to be valid and binding on the Issuer as a
    result of (i) finding or ruling, (ii) enactment or
    adoption of legislation, (iii) issuance of an executive
    order or (iv) entry of a judgment or decree, in each
    instance, by a Governmental Agency having appropriate
    jurisdiction over the Issuer that such a provision is null and
    void, invalid or unenforceable; or (b) the Issuer shall
    have taken or permitted to be taken any official action which
    would adversely affect the enforceability of this Agreement, the
    Bonds, the Act, the Indenture or any Parity Debt relating to the
    payment of the principal or interest on the Bonds (including any
    Bank Bonds) or any Parity Debt or the Security therefor or
    results in a repudiation of its obligation to pay the Bonds
    (including any Bank Bonds); or (c) the Issuer
    (i) challenges the validity or enforceability of any
    provision of this Agreement, the Bonds, the Act, the Indenture
    or any Parity Debt relating to or otherwise affecting
    (A) the obligation to pay the principal of or interest on
    the Bonds, the Bank Bonds or any Parity Debt or (B) the
    Security available for repayment of the principal of or interest
    on the Bonds, the Bank Bonds or any Parity Debt or
    (ii) seeks an adjudication that any provision of this
    Agreement, the Act, the Indenture, the Bonds or any Parity Debt
    relating to or otherwise affecting (A) the Issuer’s
    obligation to pay the principal of or interest on the Bonds, the
    Bank Bonds or any Parity Debt or (B) the Security available
    for repayment of the principal of or interest on the Bonds, the
    Bank Bonds or any Parity Debt is not valid and binding on the
    Issuer; or

 

    Section 8.8. Ratings Withdrawal or
    Suspension.  Each of Moody’s, Fitch and
    S&P shall have (a) withdrawn their long-term ratings
    of the Bonds or any unenhanced Parity Debt for any credit
    related reasons; or (b) suspended their long-term ratings
    of the Bonds or any unenhanced Parity Debt for any credit
    related reasons; or

 

    Section 8.9. Default on Other
    Obligations.  The Issuer shall fail to pay when
    due and payable (whether by scheduled maturity, required
    prepayment, acceleration, demand or otherwise) any Parity Debt,
    or any interest or premium thereon, and such failure shall
    continue beyond any applicable period of grace specified in any
    underlying resolution, indenture, contract or instrument
    providing for the creation of or concerning such Parity Debt, or
    pursuant to the provisions of any such resolution, indenture,
    contract or instrument, the maturity of any Parity Debt shall
    have been or, as a result of a payment default of any nature,
    may be accelerated or shall have been, or, as a result of a
    payment default of any nature, may be required to be prepaid
    prior to the stated maturity thereof; or

 

    Section 8.10. Judgment.  A final
    non-appealable judgment or order for the payment of money that
    exceeds $5,000,000 in aggregate shall have been rendered against
    the Issuer and shall be payable from or attach to the Revenues
    or other monies pledged to the payment of the Bonds under the
    Indenture,

    

    33

 

    and such judgment or order shall not have been satisfied within
    a period of 30 days from the date on which such judgment
    was rendered; or

 

    Section 8.11. Maintenance of Tax-Exempt Status of the
    Bonds.  Solely with respect to those Series of
    Bonds that bear interest that is intended to be tax exempt, the
    issuance of a Proposed Determination by the Internal Revenue
    Service which, if not terminated, revoked or omitted, would
    adversely affect the exclusion from gross income of such
    interest on those Bonds for purposes of the exemption of such
    interest from Federal income taxes; or

 

    Section 8.12. Event of Default Under Related
    Documents.  An event of default shall occur and be
    continuing under any Related Documents.

 

    Section 8.13. Remedies.

 

    (a) Upon the occurrence of any Event of Default, the GSEs
    may, in a written notice executed by both GSEs, declare all
    accrued and unpaid amounts payable to them hereunder to be
    immediately due and payable (other than payments of principal of
    and interest on Bank Bonds, acceleration rights with respect to
    which are governed by the Indenture), and the GSEs shall have
    all remedies provided at law or in equity, including, without
    limitation, specific performance; provided, however, the
    GSEs agree to fund Advances under the Credit and Liquidity
    Facility notwithstanding the occurrence of an Event of Default.

 

    (b) Upon the occurrence of any Event of Default, the GSEs
    may, in a written notice executed by both GSEs, give notice to
    the Tender Agent and Trustee of their election to require the
    Tender Agent/Trustee to cause a Mandatory Tender of all of Bonds
    of each applicable Series.

 

    (c) The remedies provided in (a) and (b) above
    are not exclusive, and the GSEs hereby reserve the right and
    shall have the right to pursue any other available remedies,
    whether provided by law, equity, in any Related Document or this
    Agreement.

 

    ARTICLE IX

 

    OBLIGATIONS
    ABSOLUTE

 

    Section 9.1. Obligations Absolute.  The
    obligations of the Issuer under this Agreement shall be
    absolute, unconditional and irrevocable and shall be paid or
    performed strictly in accordance with the terms of this
    Agreement, under all circumstances whatsoever, including,
    without limitation, the following circumstances:

 

    (a) to the extent permitted by applicable law, any lack of
    validity or enforceability of this Agreement or any Related
    Document or any other agreement or instrument delivered in
    connection herewith or therewith;

 

    (b) any amendment or waiver of or any consent to departure
    from, the terms of any of the Related Documents;

 

    (c) the existence of any claim, set-off, defense or other
    right which the Issuer may have at any time against the Tender
    Agent, the Trustee, the Remarketing Agent, the GSEs or any other
    Person, whether in connection with this Agreement, the Related
    Documents or any unrelated transaction; provided, however, that
    nothing herein contained shall prevent the assertion of such
    claim by separate suit;

    

    34

 

    (d) any statement or any other document presented other
    than by the GSEs under this Agreement or any of the Related
    Documents proving to be forged, fraudulent, invalid or
    insufficient in any respect or any statement therein being
    untrue or inaccurate in any respect whatsoever; or

 

    (e) any other circumstances or happening whatsoever,
    whether or not similar to any of the foregoing.

 

    ARTICLE X

 

    MISCELLANEOUS

 

    Section 10.1. Amendments; Liability of the GSEs.

 

    (a) No amendment or waiver of any provision of this
    Agreement, nor consent to any departure by the Issuer therefrom,
    shall in any event be effective unless the same shall be in
    writing and signed by each of the GSEs, and then such waiver or
    consent shall be effective only in the specific instance and for
    the specific purpose for which given.

 

    (b) With respect to each GSE, to the extent permitted by
    law, the Issuer assumes all risks of the acts or omissions of
    the Tender Agent, the Trustee, the Remarketing Agent and any of
    their agents in respect of their use of this Agreement or the
    Credit and Liquidity Facility or any amounts made available by a
    GSE under the Credit and Liquidity Facility. Neither of the GSEs
    nor any of its officers or directors shall be liable or
    responsible for: (i) the use which may be made of this
    Agreement or any amounts made available by the GSEs under the
    Credit and Liquidity Facility or for any acts or omissions of
    the Trustee, the Tender Agent or the Remarketing Agent or their
    agents in connection therewith; (ii) the validity,
    sufficiency or genuineness of documents, or of any
    endorsement(s) thereon, even if such documents should in fact
    prove to be in any or all respects invalid, insufficient,
    fraudulent or forged; or (iii) any other circumstances
    whatsoever in making or failing to make payment under the Credit
    and Liquidity Facility, except only that the Issuer shall have a
    claim against a GSE, and such GSE shall be liable to the Issuer
    to the extent, but only to the extent, of any direct, as opposed
    to consequential, damages suffered by the Issuer which the
    Issuer proves (as evidenced by a final decision by a court of
    competent jurisdiction) were caused by such GSE’s gross
    negligence or willful failure to make payment under the Credit
    and Liquidity Facility strictly in accordance with the terms
    thereof. In furtherance and not in limitation of the foregoing,
    each GSE may accept documents that appear on their face to be in
    order, without responsibility for further investigation,
    regardless of any notice or information to the contrary.

 

    (c) The Issuer assumes all risks associated with the
    acceptance by each GSE of documents received by
    telecommunication, it being agreed that the use of
    telecommunication devices is for the benefit of the Issuer and
    that each GSE assume no liabilities or risks with respect
    thereto.

 

    Section 10.2. Costs and Expenses.

 

    (a) To the extent permitted by law, the Issuer agrees to
    reimburse each of the GSEs in respect of all reasonable
    out-of-pocket
    costs, charges and expenses (including reasonable
    attorneys’ fees) arising in connection with the
    preparation, execution, delivery, administration and enforcement
    of, preservation of rights in connection with a workout,
    restructuring or default

    

    35

 

    under an amendment or waiver with respect to, this Agreement,
    the Bonds, the Credit and Liquidity Facility and the other
    Related Documents.

 

    (b) To the extent permitted by law, the Issuer agrees to
    indemnify and hold harmless each GSE, its officers, directors,
    employees and agents (each an “Indemnified Party”)
    from and against any and all claims, damages, losses,
    liabilities, reasonable costs or expenses whatsoever which an
    Indemnified Party may incur (or which may be claimed against an
    Indemnified Party by any Person) by reason of or in connection
    with the execution and delivery of and consummation of the
    transactions contemplated under this Agreement and the Related
    Document, including, without limitation, (i) the offering,
    sale, remarketing or resale of Bonds (including, without
    limitation, by reason of any untrue statement or alleged untrue
    statement contained or incorporated by reference in any
    preliminary official statement or official statement, or in any
    supplement or amendment thereof, prepared with respect to the
    Bonds, or the omission or alleged omission to state therein a
    material fact necessary to make such statements, in the light of
    the circumstances under which they are or were made, not
    misleading or the failure to deliver a preliminary official
    statement or an official statement to any offeree or purchaser
    of Bonds) and (ii) the execution and delivery of, or
    payment or failure to pay by any Person (other than a GSE as and
    when required by the terms and provisions hereof) under, this
    Agreement; provided, however, that the Issuer shall not
    be required to indemnify a GSE for any claims, damages, losses,
    liabilities, costs or expenses to the extent, but only to the
    extent, caused by (a) the willful misconduct or gross
    negligence of such GSE (including without limitation, failure of
    a GSE to honor its obligations to advance funds upon the
    satisfaction of the applicable conditions precedent set forth in
    the Credit and Liquidity Facility and in accordance with the
    terms of the Credit and Liquidity Facility ) or (b) the
    material inaccuracy of any information included or incorporated
    by reference in any official statement referred to in
    Section 6.8 hereof concerning a GSE which was furnished in
    writing by a GSE expressly for inclusion or incorporated by
    reference therein. Nothing in this Section 10.2 is intended
    to limit the obligations of the Issuer under the Bonds or of the
    Issuer to pay its obligations hereunder and under the Related
    Documents.

 

    (c) The provisions of this Section 10.2 and
    Sections 3.8 and 3.9 hereof shall survive the termination
    of this Agreement and the payment in full of the Bonds and the
    obligations of the Issuer hereunder. Each GSE shall notify the
    Issuer of any amounts which are owed to such party pursuant to
    this Section 10.2.

 

    Section 10.3. Notices.  Unless otherwise
    specified herein, all notices, requests, demands or other
    communications to or upon the respective parties hereto or
    referred to herein shall be deemed to have been given
    (i) in the case of notice by letter, when delivered by hand
    or four (4) days after the same is deposited in the mails,
    first class postage prepaid, and (ii) in the case of notice
    by telecopier or
    e-mail, when
    sent, receipt confirmed, addressed to them as follows or at such
    other address as any of the parties hereto may designate by
    written notice to the other parties hereto and the Remarketing
    Agent:

 

	 	 	 	 	 
	

    Issuer:

	
 
	
    [HOUSING FINANCE AGENCY]

    Attention:  Executive Director

    [ADDRESS]

	
 
	
 
	
 

	
    Freddie Mac, with a copy to U.S. Department of the Treasury,
    Treasury’s Agent and the Custodian at the below addresses:
	
 
	
    Federal Home Loan Mortgage Corporation

    Attention:  Brian Cosker/Thomas Fuqua

    1551 Park Run Drive

    MS D5N

    McLean, VA 22102

    

    36

 

	 	 	 	 	 
	
 
	
 
	
    with a copy to:

	
 
	
 
	
 

	
 
	
 
	
    hfa_credit&liquidity_notices@freddiemac.com

	
 
	
 
	
 

	

    Fannie Mae, with a copy to U.S. Department of the Treasury,
    Treasury’s Agent and the Custodian at the below addresses:

	
 
	
    Fannie Mae

    Attention:  Carl W. Riedy, Jr.

    Vice President for Public Entities Channel Housing and Community
    Development

    3900 Wisconsin Avenue, NW

    Washington, D.C. 20016

	
 
	
 
	
 

	
 
	
 
	
    and

	
 
	
 
	
 

	
 
	
 
	
    Attention:  Douglas G. Higgs

    Director, Operations

    E-mail:  douglas_g_higss@fanniemae.com

    

	
 
	
 
	
 

	
 
	
 
	
    with a copy to:

	
 
	
 
	
 

	
 
	
 
	
    hfa_credit&liquidity_notices@fanniemae.com

	
 
	
 
	
 

	

    Trustee and Tender Agent:

	
 
	
    [TRUSTEE]

    [ADDRESS]

    Attention:  Corporate Trust Services

    Telephone:

    Telecopy:

	
 
	
 
	
 

	

    Remarketing Agent:

	
 
	
    [REMARKETING AGENT]

    [ADDRESS]

    Attention:  Short Term Finance Manager

    Telephone:

    Telecopy:

	
 
	
 
	
 

	

    Treasury:

	
 
	
    U.S. Department of the Treasury

    1500 Pennsylvania Avenue, N.W.

    Washington, D.C. 20220

    Attention: Fiscal Assistant Secretary

	
 
	
 
	
 
	
 
	
    re: Housing Finance Agencies Initiative

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
    and

	
 
	
 
	
 

	
 
	
 
	

    Attention: Assistant General Counsel

	
 
	
 
	
 
	
 
	
    (Banking and Finance)

    re:  Housing Finance Agencies Initiative

	
 
	
 
	
 

	

    Treasury’s Agent:

	
 
	
    Attention:  Lillian G. White

    JPMorgan Chase Bank, N.A.

    1 Chase Manhattan Plaza, Floor 19

    New York, New York

    

    37

 

	 	 	 	 	 
	
 
	
 
	
    Telephone: (212)
    552-2392

    Telecopy: (212)
    552-0551

    E-Mail: Lillian.G.White@jpmorgan.com]

	
 
	
 
	
 

	

    Administrator/Custodian:

	
 
	
    U.S. Bank National Association

    EP-MN-WS3T

    60 Livingston Avenue

    St. Paul, MN 55107

    Attention:  TFM/HFA Initiative

    E-mail:  usbhfa@usbank.com

 

    Section 10.4. Successors and
    Assigns.  This Agreement shall be binding upon and
    inure to the benefit of the Issuer, the Trustee, the Tender
    Agent and each GSE, and their respective successors, endorsees
    and assigns, except that, as long as this Agreement is in effect
    and each GSE is not in default hereunder, the Issuer may not
    assign or transfer its rights or obligations hereunder without
    the prior written consent of the GSEs. Each GSE may grant a
    participation to any financial institution or governmental
    entity in all or any part of, or any interest (undivided or
    divided) in, such GSE’s rights and benefits under this
    Agreement, any Bonds owned by it and the other Related
    Documents, and to the extent of that participation such
    Participant shall, except as set forth in the following clause
    (ii), have the same rights and benefits against the Issuer
    hereunder as it would have had if such Participant were a direct
    party hereto; provided that (i) no such
    participation shall affect the obligations of a GSE to make
    advances as required by the Credit and Liquidity Facility;
    (ii) the Issuer shall be required to deal only with each
    GSE with respect to any matters under this Agreement and no such
    Participant shall be entitled to enforce directly against the
    Issuer any provision hereunder; (iii) no Participant shall
    be entitled to recover amounts hereunder in excess of any
    amounts to which a GSE is entitled to recover hereunder; and
    (iv) such Participant shall not be any Person registered as
    an investment company under the Investment Company Act of 1940,
    as amended, substantially all of the assets of which are
    invested in obligations exempt from federal income taxation
    under Section 103 of the Code or any similar or successor
    provision.

 

    The obligations of a GSE under the Credit and Liquidity Facility
    or any part thereof may be assigned by a GSE to any financial
    institution only with the prior written consent of the Issuer
    and the prior written confirmation of the existing ratings by
    each Rating Agency then rating the Bonds.

 

    Section 10.5. Governing Law; Waiver of Jury Trial;
    Venue.

 

    (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN
    ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
    TO THE RULES OF CONFLICTS OF LAWS.

 

    (b) TO THE FULLEST EXTENT PERMITTED BY LAW, THE ISSUER, THE
    TRUSTEE, THE TENDER AGENT, FREDDIE MAC AND FANNIE MAE WAIVE
    THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE
    OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS
    AGREEMENT, ANY OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH,
    OR THE TRANSACTIONS CONTEMPLATED HEREBY OR IN ANY ACTION,
    PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE
    PARTIES AGAINST ANY OTHER PARTY OR ANY GSE-RELATED PERSON,
    PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT
    CLAIMS, TORT CLAIMS, OR OTHERWISE. THE ISSUER, THE TRUSTEE, THE
    TENDER AGENT, AND THE GSEs AGREE THAT

    

    38

 

    ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT
    TRIAL WITHOUT JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES
    FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS
    WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
    COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN
    PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS
    AGREEMENT OR ANY OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH
    OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO
    ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
    MODIFICATIONS TO THIS AGREEMENT AND ANY OTHER DOCUMENTS
    DELIVERED IN CONNECTION THEREWITH. TO THE FULL EXTENT PERMITTED
    BY LAW, EACH OF THE ISSUER, THE TRUSTEE, THE TENDER AGENT, AND
    THE GSEs HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING
    ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE
    RELATED DOCUMENTS.

 

    (c) THE ISSUER, THE TRUSTEE, THE TENDER AGENT, FREDDIE MAC
    AND FANNIE MAE HEREBY AGREE THAT ANY LITIGATION INVOLVING
    ENFORCEMENT OF THE PROVISIONS HEREOF SHALL BE BROUGHT IN THE
    UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
    YORK AND EACH PARTY, TO THE FULLEST EXTENT PERMITTED BY LAW,
    CONSENTS TO THE JURISDICTION OF SUCH COURT.

 

    Section 10.6. No Waivers, Amendments,
    Etc.  No provision of this Agreement shall be
    waived, amended or supplemented except by a written instrument
    executed by the parties hereto.

 

    Section 10.7. Counterparts.  This
    Agreement may be executed in several counterparts, each of which
    shall be an original and all of which shall constitute but one
    and the same instrument.

 

    Section 10.8. Source of Funds.  The GSEs
    agree that all funds provided by either under the Credit and
    Liquidity Facility will be paid from funds of the GSEs and not
    directly or indirectly from funds or collateral on deposit with
    or for the account of, or pledged with or for the account of,
    the GSEs by the Issuer.

 

    Section 10.9. Term of the Agreement.

 

    (a) Term.  The term of this
    Agreement shall be until the later of (x) the termination
    or expiration of the Credit and Liquidity Facility and
    (y) the payment in full of the principal of and interest on
    all Bank Bonds and all other amounts due hereunder.

 

    (b) No Extension.  No extension of
    the term of the Credit and Liquidity Facility will be offered by
    the GSEs.

 

    Section 10.10. Headings.  Section headings
    in this Agreement (the texts of which are set forth in the Table
    of Contents hereof) are included herein for convenience of
    reference only and shall not have any effect for purposes of
    interpretation or construction of the terms of this Agreement.

 

    Section 10.11. Complete and Controlling
    Agreement.  This Agreement and the other Related
    Documents completely set forth the agreements between the GSEs
    and the Issuer and completely supersede all prior agreements,
    both written and oral, between GSEs and the Issuer relating to
    the matters set forth herein and in the Related Documents.

    

    39

 

    Section 10.12. Losses Relating to Telephonic
    Notices.  The Issuer hereby agrees to compensate
    the GSEs for the loss of use of funds in the event the GSEs
    disburse funds under the Credit and Liquidity Facility
    (a) in any attempt to make purchases of Bonds based upon
    telephonic requests made by any Person or Persons which the GSEs
    in good faith believes to be the Tender Agent or its designees
    (but the foregoing shall not imply any standard of care against
    the GSEs with respect to requests made in any other manner,
    except as otherwise expressly agreed herein), and (b) in
    any amount in excess of that actually required to purchase Bonds
    due to the Tender Agent incorrectly stating such amount in its
    Purchase Notice (to the extent such loss of use of funds is not
    covered by Section 3.3(b) hereof). A certificate of the
    GSEs as to the amount of any such loss shall be conclusive,
    absent manifest error. The Issuer shall be entitled to payment
    and reimbursement by the Tender Agent for the amount of such
    loss that resulted from the negligence or misconduct of the
    Tender Agent.

 

    Section 10.13. Severability.  If any
    provision of this Agreement shall be held or deemed to be or
    shall in fact be illegal, inoperative or unenforceable, the same
    shall not affect any other provision or provisions herein
    contained or render the same invalid, inoperative or
    unenforceable to any extent whatever.

 

    Section 10.14. Notices to, and Independent Rights of,
    the GSEs.  Each GSE is entitled to each notice
    required to be given hereunder and notice to one GSE shall not
    constitute notice to the other GSE nor shall it satisfy a
    requirement that the GSEs be provided notice of an event. Each
    GSE shall be entitled to exercise its rights hereunder
    independently and no consent, approval or waiver which is
    required of the GSEs hereunder shall be effective unless
    provided by each GSE separately.

 

    [signature
    pages immediately follow]

    

    40

 

    IN WITNESS WHEREOF, the parties hereto have caused this
    Reimbursement Agreement to be duly executed and delivered by
    their authorized representatives as of the Effective Date.

 

    [HOUSING FINANCE AGENCY]

 

                             

			
	 	    By: 
	
        

    

    Name:

    Title:  Executive Director

    

    S-1

 

    [TRUSTEE], acting hereunder not in its individual
    capacity but solely as Trustee and Tender Agent

 

			
	 	    By: 
	
        

    

    Name:

    Title:  Vice President

    

    S-2

 

    FEDERAL HOME LOAN MORTGAGE CORPORATION

 

			
	 	    By: 
	
        

    

    Name:

    Title:

    

    S-3

 

    FANNIE MAE

 

			
	 	    By: 
	
        

    

    Name:

    Title:

    

    S-4

 

    EXHIBIT
    A

 

    CERTIFICATE
    FOR ISSUER REIMBURSEMENT OF ADVANCE(S) AND/OR

    PAYMENT OF INTEREST ON BANK BONDS

 

	 	 	 
	
    Fannie Mae (“Fannie Mae”)

    3900 Wisconsin Avenue

    Washington, D.C. 20016

    Attention: Carl W. Riedy, Jr./Douglas G. Higgs
	
 
	
    JPMorgan Chase Bank, N.A. (the “Treasury’s
    Agent”)

    1 Chase Manhattan Plaza, Floor 19

    New York, New York 10005

    Attention: Lillian G. White

	

     

	
 
	
 

	
    Federal Home Loan Mortgage Corporation

    (“Freddie Mac”)

    1551 Park Run Drive

    MS D5N

    McLean, VA 22102

    Attention: Brian Cosker/Thomas Fuqua
	
 
	
    U.S. Bank National Association (the
    “Administrator”)

    EP-MN-WS3T

    60 Livingston Avenue

    St. Paul, MN 55107

    Attention: TFM/HFA Initiative

	

     

	
 
	
 

	

     

	
 
	
 

	
    [BOND TRUSTEE] (the “Trustee”)

    [ADDRESS]

    [ADDRESS]

    Attention:
	
 
	
 

 

			
	 	    Re: 
	
    Standby Irrevocable Temporary Credit and Liquidity Facility (the
    “Credit and Liquidity Facility”) and Reimbursement
    Agreement (the “Reimbursement Agreement”, together
    with the Credit and Liquidity Facility, the “TCLF
    Documents”) relating to the Series of Bonds identified
    below (“Series of Bonds” or “Bond
    Series”)

    [LIMIT OF ONE BOND SERIES PER CERTIFICATE]

 

    Date of Certificate:

    Issuer:

    Bond Series: [ENTER TITLE OF BONDS, INCLUDING SERIES
    DESIGNATION]

    Fannie Mae Loan No.:

    Freddie Mac Loan No.:

    Bond Series CUSIP No.:

    Bond Series Bank Bond CUSIP No.:
    

 

    The undersigned, a duly authorized signatory of the [HOUSING
    FINANCE AGENCY] (the “Issuer”) hereby certifies to
    Fannie Mae and Freddie Mac (together, the “GSEs”), to
    [BOND TRUSTEE] (the “Trustee”) and to U.S. Bank
    National Association, as Administrator under that Administrative
    Agreement dated as of December 9, 2009 among the GSEs and
    the Administrator (the “Administrator”), with
    reference to the TCLF Documents, as follows:

 

    On the date set forth above, the undersigned [is making] [hereby
    directs the Trustee to make] the following reimbursement or
    payment to the Administrator pursuant to the TCLF Documents:

 

    (1). Total Amount of Reimbursement of Advance(s)
    and/or
    Payment of Interest on Bank Bonds. The undersigned [is
    transferring] [hereby directs the Trustee to transfer] the
    amount of
    $          
    to the Administrator pursuant to the TCLF Documents.

 

    (2). Breakdown of Reimbursement of Advance(s)
    and/or
    Payment of Interest on Bank Bonds. Of the total amount set
    forth in Paragraph 1:

 

    (a) $          
    is for payment of interest on Bank Bonds. [Issuer: If the
    total amount listed in Paragraph 1 is for payment of
    interest on Bank Bonds, then you should skip Paragraph 3
    below and move to Paragraph 4]

 

    [AND/OR]

 

    (b) $          
    is for reimbursement of one or more Advance(s). [Issuer: if
    the amount listed in this Paragraph 2(b) is for
    reimbursement of a Liquidity Advance, this amount should include
    only the purchase price of Bank Bonds purchased pursuant to a
    Liquidity Advance and should not include interest that has
    accrued on Bank Bonds from the date of such Liquidity Advance,
    which amount should be listed under
    Paragraph 2(a)
    above). [Issuer: If any amount is listed under this
    Paragraph 2(b),
    then you should fill out Paragraph 3 below]

 

    (3). [This Paragraph 3 To be completed only if the
    Issuer has listed an amount under Paragraph 2(b) above]:

 

    Type of Advance(s) Reimbursed.  The amount
    transferred pursuant to Paragraph 1 is for reimbursement of
    the following type(s) of Advances pursuant to the TCLF Documents:

 

    (Issuer: check applicable box or boxes and fill in allocations)

 

			
	 	    o  
	
    Debt Service Advance. (If checked, check appropriate box
    below)

 

			
	 	    o 
	
    The total amount set forth in Paragraph 1 is for
    reimbursement of a Debt Service
    Advance.    OR

	 
	 	    o 
	
    $          
    out of the total amount set forth in Paragraph 1 is for
    reimbursement of a Debt Service Advance.

 

			
	 	    o  
	
    Liquidity Advance. (If checked, check appropriate box
    below)

 

			
	 	    o 
	
    The total amount set forth in Paragraph 1 is for
    reimbursement of a Liquidity
    Advance.    OR

	 
	 	    o 
	
    $          
    out of the total amount set forth in Paragraph 1 is for
    reimbursement of a Liquidity Advance.

 

			
	 	    o  
	
    Mandatory Tender Advance. (If checked, check appropriate
    box below)

 

			
	 	    o 
	
    The total amount set forth in Paragraph 1 is for
    reimbursement of a Mandatory Tender
    Advance.    OR

 

			
	 	    o 
	
    $          
    out of the total amount set forth in Paragraph 1 is for
    reimbursement of a Mandatory Tender Advance.

 

    (4). Administrator Wiring Instructions. On the date
    hereof, the undersigned [is transferring][hereby directs the
    Trustee to transfer] in immediately available funds the amounts
    described in Paragraphs 1, 2 and 3 above to the account of
    the Administrator set forth below:

 

    Administrator Wiring
    Instructions:

 

    Financial
    Institution:  [TO
    BE PROVIDED BY Administrator]
    

    Account
    Holder:  [TO
    BE PROVIDED BY Administrator]
    

    ABA Routing
    Number:  [TO
    BE PROVIDED BY Administrator]
    

    Account
    Number:  [TO
    BE PROVIDED BY Administrator]
    

 

    Any capitalized, but undefined, term used in this Certificate is
    used as defined in the TCLF Documents.

 

    The Issuer hereby certifies that it is simultaneously providing
    a copy of this Certificate to the Treasury’s Agent and the
    Trustee.

 

    IN WITNESS WHEREOF, the [HOUSING FINANCE AGENCY] has executed
    and delivered this Certificate as of the    day
    of
              ,
         .

 

    [HOUSING FINANCE AGENCY]

 

			
	 	    By: 
	
        

    

    Authorized Signatory

 

    EXHIBIT
    B

    CERTIFICATE FOR ISSUER PAYMENT OF FACILITY FEE AND OTHER
    FEES

 

	 	 	 
	
    Fannie Mae (“Fannie Mae”)

    3900 Wisconsin Avenue

    Washington, D.C. 20016

    Attention: Carl W. Riedy, Jr./Douglas G. Higgs
	
 
	
    JPMorgan Chase Bank, N.A. (the “Treasury’s

      Agent”

    1 Chase Manhattan Plaza, Floor 19

    New York, New York 10005

    Attention: Lillian G. White

	
     
	
 
	
 

	
    Federal Home Loan Mortgage Corporation

      (“Freddie Mac”)

    1551 Park Run Drive

    MS D5N

    McLean, VA 22102

    Attention: Brian Cosker/Thomas Fuqua
	
 
	
    U.S. Bank National Association (the

      “Administrator”)

    EP-MN-WS3T

    60 Livingston Avenue

    St. Paul, MN 55107

    Attention: TFM/HFA Initiative

 

 

    [BOND TRUSTEE] (the “Trustee”)

    [ADDRESS]

    [ADDRESS]

    Attention:

 

			
	 	    Re:  
	
    Standby Irrevocable Temporary Credit and Liquidity Facility (the
    “Credit and Liquidity Facility”) and Reimbursement
    Agreement (the “Reimbursement Agreement”, together
    with the Credit and Liquidity Facility, the “TCLF
    Documents”) relating to the Series of Bonds identified on
    the attached Schedule 1 (each, a “Series of
    Bonds” or “Bond Series”)

 

    [Issuer: Attach the current version of Schedule 1 to the
    Reimbursement agreement]

 

    Date of Certificate:

    Issuer:

 

    The undersigned, a duly authorized signatory of the [HOUSING
    FINANCE AGENCY] (the “Issuer”) hereby certifies to
    Fannie Mae and Freddie Mac (together, the “GSEs”), to
    [BOND TRUSTEE] (the “Trustee”) and to U.S. Bank
    National Association, as Administrator under that Administrative
    Agreement dated as of December 9, 2009 among the GSEs and
    the Administrator (the “Administrator”), with
    reference to the TCLF Documents, as follows:

 

    On the date set forth above, the undersigned [is making] [hereby
    directs the Trustee to make] the following payment to the
    Administrator pursuant to the TCLF Documents:

 

    (1). Total Amount of Payment. The undersigned [is
    transferring] [hereby directs the Trustee to transfer] the
    amount of
    $          
    to the Administrator pursuant to the TCLF Documents.

 

    (2). (a) Payment of Facility Fee. The amount
    transferred pursuant to Paragraph 1 is for payment of the
    Facility Fee under the Reimbursement Agreement. [OR]

 

    (b) Payment of Other Fees. The amount transferred
    pursuant to Paragraph 1 is for payment of the fee(s) due
    pursuant to
    Section [     ] of the
    Reimbursement Agreement.

 

    (3). Administrator Wiring Instructions. On the date
    hereof, the undersigned [is transferring][hereby directs the
    Trustee to transfer] in immediately available funds the amounts
    described in Paragraphs 1 and 2 above to the account of the
    Administrator set forth below:

 

    Administrator Wiring
    Instructions:

 

    Financial
    Institution:  [TO
    BE PROVIDED BY Administrator]
    

    Account Holder: [TO BE
    PROVIDED BY Administrator]
    

    ABA Routing
    Number:  [TO
    BE PROVIDED BY Administrator]
    

    Account Number: [TO BE
    PROVIDED BY Administrator]
    

 

    (4). Schedule 1. The Issuer hereby certifies
    that the “Schedule 1” attached hereto is the
    Schedule 1 to the Reimbursement Agreement, as such schedule
    has been amended or modified pursuant to the terms of the
    Reimbursement Agreement.

 

    Any capitalized, but undefined, term used in this Certificate is
    used as defined in the TCLF Documents.

 

    The Issuer hereby certifies that it is simultaneously providing
    a copy of this Certificate to the Treasury’s Agent and the
    Trustee.

 

    IN WITNESS WHEREOF, the [HOUSING FINANCE AGENCY] has executed
    and delivered this Certificate as of the    day
    of
              ,
         .

 

    [HOUSING FINANCE AGENCY]

 

			
	 	    By: 
	
        

    

    Authorized Signatory

 

    [Issuer:
    Attach the current version of Schedule 1 to the
    Reimbursement

    agreement]

 

    SCHEDULE
    1

 

    To
    Reimbursement Agreement dated as of [DATE], among [ISSUER],
    [TRUSTEE], Fannie Mae

    and Freddie Mac, concerning the [NAME OF BONDS] and the
    specified Series of Bonds identified

    below.

 

    [Each
    column corresponds to a Series of Bonds.]

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Bond
    Series Designation:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Rating Agency/ Issuer
    Bond

    Rating on Bond Series:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    CUSIP:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Bank Bond
    CUSIP:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Fannie Mae Loan
    No.:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Freddie Mac Loan
    No.:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Outstanding Principal
    Amount:

	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Remarketing
    Agent:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Maximum Interest
    Rate:

	
 
	
 
	
 
	

	
    %
	
 
	
 
	
 
	

	
    %
	
 
	
 
	
 
	

	
    %
	
 
	
 
	
 
	

	
    %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Bond Interest Payment
    Dates:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Series Maturity
    Date:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    CLF Effective Date for
    Series:1

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    CLF Expiration Date
    for
    Series:2

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Principal Portion of
    CLF:

	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 

	

    Fannie mae:

	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 

	

    Freddie mac:

	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Interest Portion of
    CLF:

	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 

	

    Fannie mae:

	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 

	

    Freddie mac:

	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Available Amount of
    CLF:

	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 
	
 
	
 
	
    $
	
 
	
 

	

    Fannie mae:

	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 

	

    Freddie mac:

	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 
	
 
	
 
	
         $
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

 

    1 This

    date must be on or before January 29, 2010.

 

    2 This

    date must be no later than the first to occur of (a) the
    third anniversary of the Effective Date or
    (b) December 31, 2012.

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Days of Required
    Interest

    Coverage:

	
 
	
 
	
 
	
    Days
	
 
	
 
	
 
	
 
	
    Days
	
 
	
 
	
 
	
 
	
    Days
	
 
	
 
	
 
	
 
	
    Days
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Identify any Existing
    Credit

    Enhancement for Series:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    day count basis for
    series:

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

    Applicable to all Series of Bonds covered by the Credit and
    Liquidity Facility (“CLF”):

 

    1. Bond Interest Calculation Convention (i.e., 30/360):
                                                      

 

    2. Type of Loan Collateral (i.e., single-family,
    multifamily, mixed):
                                                      

 

    3. If single-family, is it whole loan, MBS or mixed?:
                                                      

 

    4. Facility Fee Rate per annum:

 

    First Year:
                                                      

 

    Second Year:
                                                      

 

    Third Year:
                                                      

 

    5. Facility Fee Payment Due Dates:
                                                      

 

    6. Aggregate Amounts for all Bond Series:

 

    Available Amount:
    $                                                  

 

    Principal Portion:
    $                                                  

 

    Interest Portion:
    $                                                  

 

    SCHEDULE
    2

 

    HEDGES,
    COUNTERPARTIES, COUNTERPARTY RATINGS, TERMINATION
    EVENTS,

    COLLATERALIZATION REQUIREMENTS

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
    Outstanding

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
    Swap

	
 
	
 
	
 
	
    Counterparty Ratings

	
 
	
    Termination

	
 
	
    Collateral

	
    Bond Series

    
	
 
	
 
	
    Hedge

    
	
 
	
    Notional

    
	
 
	
    Counterparty

    
	
 
	
    (Moody’s/S&P/Fitch)

    
	
 
	
    Events

    
	
 
	
    Requirements

    

	 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
    See (1) below
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
    See (2) Below
	
 
	
    See (3) Below

 

 

			
	 	    (1) 
	
    [All Hedges relating to a Series of Bonds are floating rate to
    fixed rate interest swaps. The Issuer pays a fixed rate and
    receives a percentage of [one (1) month LIBOR].]

	 
	 	    (2) 
	
    [Termination events are governed by the Master ISDA Agreements
    between the Issuer and the Counterparties.]

 

    [Generally, termination events are caused by [Illegality, Credit
    Event upon Merger] or [ADDITIONAL TERMINATION EVENTS] [the long
    term rating of either party from S&P or Moody’s is
    withdrawn, suspended or falls to or below BBB+/Baa1,
    respectively]

 

			
	 	    (3) 
	
    Collateral Thresholds — The Issuer is required to post
    if Mark to Market exceeds :

 

	 	 	 
	

    Counterparty

	
 
	
    Threshold

	

                         

	
 
	
    $                         

	

                         

	
 
	
    $                         

 

    SCHEDULE
    3

 

    ISSUER
    INVESTMENT GUIDELINES

 

    SCHEDULE
    4

 

    QUARTERLY
    PORTFOLIO COMPOSITE

    AND PERFORMANCE INFORMATION

    (      QUARTER)

 

	 	 	 
	

    Issuer Name:

	
 
	
 

	
 
	
 
	
 

	

     

	
 
	
 

	

    Specific Indenture Name:

	
 
	
 

	
 
	
 
	
 

	

     

	
 
	
 

	

    Single family/Multifamily Breakdown:

	
 
	
    ____%/____%

	

     

	
 
	
 

	

    MBS/Whole Loan Breakdown:

	
 
	
    ____%/____%

 

 

    Ratings

 

	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    Issuer Bond Rating
    

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Bond
    Series Designation
    

	
 
	
 
	
    Fitch
    
	
 
	
 
	
    Moody’s
    
	
 
	
 
	
    S&P
    

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

     

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

     

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

     

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

    Agency
    Mortgage-Backed Securities

 

	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    FNM

	
 
	
 
	
    FRE
	
 
	
 
	
    GN1
	
 
	
 
	
    GN2

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

         %

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

    [remainder
    of page intentionally left blank]
    

 

    Whole
    Loan

 

 

    Loan
    Type

 

	 	 	 	 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    Composite

    Percentage

	
 
	
 
	
 
	
 

	
    Interest Only
	
 
	
 
	
         %

	
 
	
 
	
 
	
 

	
    Step Rate
	
 
	
 
	
         %

	
 
	
 
	
 
	
 

	
    30-Year Term
	
 
	
 
	
         %

	
 
	
 
	
 
	
 

	
    40-Year Term
	
 
	
 
	
         %

	
 
	
 
	
 
	
 

	
    Other Term
	
 
	
 
	
         %

	
 
	
 
	
 
	
 

	

    Total Term

	
 
	
 
	
         %

	
 
	
 
	
 
	
 

	
    Other Non-Conforming

    (specify in separate

    attachment)
	
 
	
 
	
         %

	
 
	
 
	
 
	
 

 

 

    Mortgage
    Insurance

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    Composite

    Percentage
	
 
	
 
	
    Current

    Lowest Rating

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    FHA

	
 
	
 
	
         %
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    VA

	
 
	
 
	
         %
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    RDA

	
 
	
 
	
         %
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total Gov’t

	
 
	
 
	
         %
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    PMI (by company)

	
 
	
 
	
         %
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Total PMI

	
 
	
 
	
         %
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Uninsured

	
 
	
 
	
         %
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    TOTAL

	
 
	
 
	
    100%
	
 
	
 
	
    —

	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

    Portfolio
    Performance

 

	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    Previous

    Quarter
	
 
	
 
	
    Current Quarter

     
	
 
	
 
	
    Percentage

    Change

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    60+ Days Delinquent

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    90+ Days Delinquent

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Foreclosure

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Real Estate Owned

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

    Indenture
    Performance

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    Two Years

    Prior
	
 
	
 
	
    Previous

    Year
	
 
	
 
	
    Current Year
	
 
	
 
	
    Percentage

    Change

    (Previous vs.

    Current)

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Profitability

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Asset Coverage Ratio

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Debt Coverage Ratio

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Outstanding Bonds

	
 
	
 
	
    $     
	
 
	
 
	
    $     
	
 
	
 
	
    $     
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Cash as of% of

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Outstanding Bonds

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Investments as of % of

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
    Two Years

    Prior
	
 
	
 
	
    Previous

    Year
	
 
	
 
	
    Current Year
	
 
	
 
	
    Percentage

    Change

    (Previous vs.

    Current)

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
    Outstanding Bonds
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
    [     % Variable Rate

    Debt]
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
    [     % of Variable Rate

    Debt Swapped]
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

    Counterparty
    Exposure

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Name of Counterparty

	
 
	
 
	
    Two Years

    Prior
	
 
	
 
	
    Previous

    Year
	
 
	
 
	
    Current Year
	
 
	
 
	
    Percentage

    Change

    (Previous vs.

    Current)
	
 
	
 
	
    Current

    Lowest

    Rating

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    [          ]

	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %
	
 
	
 
	
         %exv10w85

Exhibit 10.85

 

 

AMENDED AND RESTATED ADMINISTRATION AGREEMENT

among

FEDERAL NATIONAL MORTGAGE ASSOCIATION

and

FEDERAL HOME LOAN MORTGAGE CORPORATION

and

U.S. BANK NATIONAL ASSOCIATION

Dated as of January 22, 2010

 

 

 

 

          This AMENDED AND RESTATED ADMINISTRATION AGREEMENT is dated as of January 22, 2010 (as the
same may be amended, supplemented or otherwise modified from time to time, this
“Agreement”), among the FEDERAL NATIONAL MORTGAGE ASSOCIATION, a government sponsored
enterprise (“Fannie Mae”), the FEDERAL HOME LOAN MORTGAGE CORPORATION, a government
sponsored enterprise (“Freddie Mac”) (Fannie Mae and Freddie Mac are herein referred to as
the “GSEs” and, each, a “GSE”), and U.S. BANK NATIONAL ASSOCIATION, a national
banking association, not in its individual capacity, but solely as custodian, collection agent,
paying agent and administrator (the “Administrator”) under this Agreement.

WITNESSETH:

          WHEREAS, pursuant to that certain Memorandum of Understanding, dated October 19, 2009 (as
amended from time to time, the “MOU”), among the United States Department of the Treasury
(“Treasury”), the Federal Housing Finance Agency, Fannie Mae and Freddie Mac, the parties
thereto have agreed to, among other things, facilitate financing for various state and local
housing finance agencies (the “HFAs”) to serve homebuyers and low and moderate income
renters (the “HFA Initiative”);

          WHEREAS, Treasury requested that the Federal Housing Finance Agency and the GSEs help Treasury
design and implement the programs set forth in the MOU in order to facilitate financing for the
state and local housing finance agencies, and to implement the HFA Initiative, including
implementing the Temporary Credit and Liquidity Facility Program (as defined below) and the New
Issue Bond Program contemplated in the MOU, the New Issue Bond Program Agreement (as defined below)
and the Purchase Agreements (as defined below);

          WHEREAS, from time to time, and in accordance with the terms of the MOU and the New Issue Bond
Program Agreement and in furtherance of the purposes of the HFA Initiative, the following
concurrent transactions will occur:

     (A) In accordance with the terms of the Placement Agreements and Settlement
Agreements (as such terms are defined below), the HFAs will exchange the Program
Bonds (as defined below), which will be held by the Administrator as the bailee of
and custodian for the GSEs or GSE Trusts, for the related GSE Securities;

     (B) In connection with the receipt by the Administrator of the Program Bonds,
the Administrator will deliver to each GSE a Custodial Receipt (as defined below)
evidencing that the Administrator holds the Program Bonds as the bailee of and
custodian for the GSEs or GSE Trusts;

     (C) Each GSE will enter into a trust agreement (each, a “GSE Trust
Agreement”) pursuant to which it, in its corporate capacity, will deliver its
related Custodial Receipts to itself as trustee of a trust (each, a “GSE
Trust”) established by the GSE under a GSE Trust Agreement;

 

 

     (D) Each GSE will issue and deliver on behalf and at the direction of the HFA
to Treasury’s Financial Agent, a series (each, a “Program Bond Series”) of
GSE Securities that evidence each GSE’s undivided 50% beneficial ownership interest
in the related Program Bonds; and

     (E) Subject to the provisions of the Settlement Agreements, Treasury will cause
Treasury’s Financial Agent to pay to the Closing Agent (as defined below) funds
representing the agreed purchase prices of the Program Bonds, which funds the
Closing Agent will remit to the HFA Trustees in payment of the respective purchase
prices of the related GSE Securities after remitting to or on behalf of the GSEs or
their representatives the fees and expenses that are due to them with respect to
such GSE Securities;

          WHEREAS, from time to time, the GSEs, upon the occurrence of certain events, will acquire Bank
Bonds (as defined below) under the Temporary Credit and Liquidity Facility Program and desire the
Administrator to hold such Bank Bonds on their behalf and to deliver Custodial Receipts to the GSEs
evidencing that the Administrator is holding such Bank Bonds on their behalf;

          WHEREAS, the Bank Bonds are subject to immediate securitization at the option of the GSEs or
at the request of Treasury, whereby each GSE will deliver the Custodial Receipts relating to such
Bank Bonds to its GSE Trust;

          WHEREAS, in connection with the securitization of Bank Bonds, each GSE shall issue and deliver
to Treasury’s Financial Agent, a series (each, a “Bank Bond Series”) of GSE Securities
which will represent undivided 50% beneficial ownership interests in such Bank Bonds that are held
by the related GSE Trust and that were securitized;

          WHEREAS, the GSEs desire to appoint the Administrator to act as custodian for the Program
Bonds and the Bank Bonds acquired under the TCLF Program, to act as collection agent with respect
to the Program Bonds, the Bank Bonds and certain other amounts due under the Temporary Credit and
Liquidity Program, to act as paying agent with respect to the Freddie Mac Securities, to act as
FAST agent for each GSE, to maintain certain records, perform certain calculations and prepare
certain reports with respect to the Program Bonds, Bank Bonds and GSE Securities and to perform
certain other administrative functions, all as set forth in this Agreement;

          WHEREAS, the Administrator has the capacity to provide the respective services required hereby
and is willing to perform such services for the GSEs and the GSE Trusts on the terms set forth
herein;

          WHEREAS, the GSEs and the Administrator previously entered into an Administration Agreement,
dated as of December 1, 2009 (the “Existing Administration Agreement”); and

-2-

 

          WHEREAS, the parties have requested that the Existing Administration Agreement be amended and
restated on the terms and conditions set forth herein.

          NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
agree that the Existing Administration Agreement is hereby amended and restated in its entirety as
follows:

          Section 1. Definitions and Rules of Construction.

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

          “Administrator Fee” means (a) with respect to the Program Bonds, the sum of (i) the
amount set forth on the Program Bond Fee Schedule as the Administrator Fee and (ii) any reasonable
out-of-pocket expenses incurred in connection with its duties under this Agreement with respect to
the Program Bonds, including but not limited to fees charged to the Administrator by DTC and (b)
with respect to the Temporary Credit and Liquidity Facility Program, the sum of (i) the amount set
forth on the TCLF Fee Schedule as the Administrator Fee and (ii) any reasonable out-of-pocket
expenses incurred in connection with its duties under this Agreement with respect to the TCLFs,
including but not limited to fees charged to the Administrator by DTC.

          “Advance Reimbursements” has the meaning given to such term in Section 6(e) of this
Agreement.

          “Advances” means amounts drawn on a Temporary Credit and Liquidity Facility as Credit
Advances or as Liquidity Advances.

          “Agent” means U.S. Bank National Association as escrow agent pursuant to the Global
Escrow Agreement.

          “Authorized Officer” means, with respect to the Administrator, any officer assigned to
the Corporate Trust Office of the Administrator, including any president, senior vice president,
vice president, assistant vice president, or any other trust officer of the Administrator
customarily performing functions similar to those performed by any of the above designated officers
and having direct responsibility for the administration of this Agreement, and also, with respect
to a particular matter, any other officer, to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject.

          “Authorized Person” means a person whose name, title and signature appear on Exhibit D
attached to this Agreement (as such exhibit may be updated from time to time by the GSEs).

          “Bank Bond” means any VRDOs that were tendered for purchase by a Bond holder and were
put to the GSEs under a TCLF and have not yet been remarketed to a new Bond holder.

-3-

 

          “Bank Bond Additional Interest” means the interest payable to Treasury in connection
with any Bank Bonds being held pursuant to this Agreement, as such interest is described and
calculated in the TCLF Fee Schedule.

          “Bank Bond Collection Account” means the segregated trust account of that name
established for the Bank Bonds received hereunder pursuant to Section 3(b) of this Agreement. The
Administrator may establish sub-accounts of the Bank Bond Collection Account if it determines that
such sub-accounts will ease the administration of funds in such account.

          “Bank Bond Fee Shortfall” has the meaning given to such term in Section 11(b) of this
Agreement.

          “Bank Bond Guarantee Fee” means the fee payable to the GSEs in connection with any
Bank Bonds being held pursuant to this Agreement, as such fee is described and calculated in the
TCLF Fee Schedule.

          “Bank Bond Securitization Fee” means the fee payable to the GSEs in connection with
any Bank Bonds that are securitized, as such fee is described and calculated in the TCLF Fee
Schedule.

          “Bank Bond Series” has the meaning given to such term in the recitals of this
Agreement.

          “Bond Administration Report” has the meaning given to such term in Section 13(c) of
this Agreement.

          “Bond Payments” mean any one or more of the payments of principal of and/or interest
on the Bonds (including in the case of the Bank Bonds, proceeds from the sale of such Bank Bonds in
a remarketing) being held hereunder by the Administrator.

          “Bonds” means, as the case may be, Bank Bonds or Program Bonds.

          “Business Day” means any day that is not (i) a Saturday, a Sunday, or any other day on
which Fannie Mae, Freddie Mac or the Administrator is not open for business, (ii) a day
on which banking institutions in New York are permitted or required by law or executive order to
be closed or (iii) a day on which the Federal Reserve Bank of New York or Treasury is closed.

          “Closing Agent” means U.S. Bank National Association, in its role as escrow and
closing agent under the applicable Settlement Agreement.

          “Closing Agent Fee” means the one-time fee payable to the Closing Agent in connection
with its role as escrow and closing agent under the Settlement Agreement, as such fee is described
and calculated in the Program Bond Fee Schedule.

          “Collection Account” means any of the Bank Bond Collection Account, the Legal Deposit
Collection Account, the Program Bond Collection Account or the TCLF Fee Collection Account, as
applicable.

-4-

 

          “Conversion” means the conversion or the converting of the interest rate on all or a
portion of the Pre-Conversion Bonds from a Short-Term Rate to a Permanent Rate (as such terms are
defined in the related Supplemental Indenture).

          “Corporate Trust Office” means the corporate trust office of the Administrator at
which at any particular time its corporate trust business in connection with this Agreement shall
be administered, which office at the date of the execution of this instrument is located, with
respect to the New Issue Bond Program at 1 Federal Street, 3rd Floor, Boston, MA 02110, and with
respect to the Temporary Credit and Liquidity Facility, at 60 Livingston Avenue, St. Paul,
Minnesota 55107, or in each case, at such other address as the Administrator may designate from
time to time by notice to the GSEs.

          “Credit Advance” means a “Credit Enhancement Advance” as such term is defined in the
related Temporary Credit and Liquidity Facility to pay debt service due on the VRDOs for which
there are insufficient funds available under the related indenture.

          “Credit and Liquidity Facility Fee” means the Credit and Liquidity Facility Fee
payable by the related HFA to the GSEs pursuant to the related Reimbursement Agreement, as such fee
is described and calculated in the TCLF Fee Schedule.

          “Crossover Date” means the first date on which Program Losses equal or exceed 25/35ths
of the First Loss Limit (as such amount may be adjusted in writing by the GSEs and Treasury with
notice to the Administrator).

          “CUSIP” means the identification number provided by the CUSIP Service Bureau.

          “Custodial Receipt” means any of the custodial receipts executed and delivered by the
Administrator pursuant to this Agreement substantially in the form attached to this Agreement as
Exhibit A.

          “Decision Control Party” means (a) prior to the Crossover Date, Treasury and (b) on
and after the Crossover Date, the GSEs.

          “Determination Date” means the close of business on the 15th day of the month in which
the related Distribution Date occurs or, if such 15th day is not a Business Day, the Business Day
succeeding such 15th day.

          “Differential Interest Amount” has the meaning give to such term in the applicable
Reimbursement Agreement.

          “Distribution Date” means, with respect to each Bond, the 25th calendar day
of each month (or, if any such day is not a Business Day, the next succeeding Business Day),
commencing in January 2010 with respect to each Bond that was subject to a December settlement and
commencing in February 2010 with respect to each Bond that was subject to a January settlement.

          “DTC” means The Depository Trust Company or its successor in interest.

-5-

 

          “Eligible Account” means an account or accounts maintained with (a) any Federal
Reserve Bank, (b) any Federal Home Loan Bank, or (c) any other depository institution that:

	 	(i)	 	has its accounts insured by the Federal Deposit Insurance Corporation, the
National Credit Union Share Insurance Fund or such other governmental insurer or
guarantor as may be acceptable to Fannie Mae or Freddie Mac;
	 
	 	(ii)	 	is rated as “well capitalized” by its applicable federal or state regulator or,
if not rated by a federal or state regulator, satisfies the capital requirements that
would apply for categorization as “well capitalized” under federal or state
regulations; and
	 
	 	(iii)	 	has a financial rating that meets or exceeds at least one of the following
criteria:

	 	(a)	 	a short-term issuer rating by S&P of “A-3,” or if no short-term
issuer rating by S&P is available, a long-term issuer rating of “BBB-” by S&P;
	 
	 	(b)	 	a short-term bank deposit rating by Moody’s of “P-3,” or if no
short-term bank deposit rating by Moody’s is available, a long-term bank
deposit rating of “Baa3” by Moody’s;
	 
	 	(c)	 	a financial rating of “125” by IDC;
	 
	 	(d)	 	a financial rating of “C+” by LACE; or
	 
	 	(e)	 	satisfies any other standard determined by Fannie Mae or
Freddie Mac, provided that such other standard is comparable to the rating
requirements set forth above.

          If an account is maintained with a depository institution that satisfies the standards in
clauses (i) and (ii) and has a rating that meets or exceeds at least one of the ratings specified
in clause (iii), that account will be considered an “Eligible Account” even if another organization
rates such depository institution below the minimum level specified. Eligible Accounts may bear
interest. If an account ceases to be an Eligible Account under clause (a) and does not otherwise
qualify under clause (b) or if instructions have not been provided pursuant to clause (c), the
account shall be moved by the Administrator within 5 Business Days to a depository meeting the
foregoing ratings criteria.

          “Eligible Investments” means any one or more of the following obligations or
securities which shall mature, unless payable on demand, no later than the earlier of: (a) 30 days
from the date of purchase or (b) the date that is one Business Day prior to the date on which the
earnings on such obligations or securities are required to be applied pursuant to this Agreement:

     (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 that
have a long-term rating or a short-term rating, as applicable, from Standard &

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Poor’s Ratings Services, a division of the McGraw Hill Companies, Inc. (“S&P”),
or from Moody’s Investors Service, Inc. (“Moody’s”), in either case in one of its
two highest ratings categories for long-term securities or in its highest ratings
category for short-term securities;

     (iii) certificates of deposit, time deposits and bankers’ acceptances 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 or Moody’s in the
highest applicable ratings category for short-term securities;

     (iv) commercial paper of any corporation that is rated by S&P or Moody’s in its
highest short-term ratings category;

     (v) asset-backed commercial paper that is rated by S&P or Moody’s in its
highest short-term ratings category;

     (vi) debt securities that have a long-term rating or a short-term rating, as
applicable, from S&P or from Moody’s, in either 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 rated by S&P or Moody’s in one of its two
highest ratings categories for money market funds;

     (viii) discount notes and other short-term debt obligations issued by Fannie
Mae (but only with respect to funds that are invested on behalf of Fannie Mae),
Freddie Mac (but only with respect to funds that are invested on behalf of Freddie
Mac), a Federal Home Loan Bank, the Federal Home Loan Bank System, the Federal Farm
Credit Bank or another entity that is an agency or instrumentality of the United
States, provided that the issuer then has a long-term rating or short-term rating,
as applicable, from S&P or Moody’s, in either case in one of its two highest ratings
categories for long-term securities or in its highest ratings category for
short-term securities;

     (ix) repurchase agreements on obligations that are either specified in any of
clauses (i), (ii) or (vi) above or are mortgage-backed securities insured or
guaranteed by Fannie Mae (but only with respect to funds that are invested on behalf
of Fannie Mae), Freddie Mac (but only with respect to funds that are invested on
behalf of Freddie Mac) or another 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 or Moody’s in its highest
ratings category for short-term securities; and

     (x) any other investment that is approved by Fannie Mae (but only with respect
to funds that are invested on behalf of Fannie Mae) or Freddie Mac (but only with
respect to funds that are invested on behalf of Freddie Mac) and is rated in one of
the two highest ratings categories of the applicable rating agency

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for long-term securities or the highest ratings category of the applicable
rating agency for short-term securities.

     In each case in which a rating level is required, if the relevant securities, issuer or fund
is rated by both S&P and Moody’s, both such ratings must meet the stated rating level in order for
the requirement to be satisfied. The rating level will not be satisfied by a rating that is the
minimum rating followed by a minus sign.

          “Fannie Mae Securities” means those GSE Securities that are issued by Fannie Mae.

          “First Loss Limit” has the meaning given to such term in Section 1.4 of Exhibit C
“Loss Sharing” to this Agreement.

          “Freddie Mac Securities” means those GSE Securities that are issued by Freddie Mac.

          “Funding Notice” means a written notice, in the form attached as Exhibit B to the
related Purchase Agreement, given by the Administrator on behalf of the GSEs to Treasury’s
Financial Agent requesting the funding of Treasury’s participation in an Advance made under a
Temporary Credit and Liquidity Facility.

          “Funding Payment” means the amount payable by Treasury to a GSE pursuant to Section
3.2 of the applicable Purchase Agreement on account of an Advance.

          “Global Escrow Agreement” means the Global Escrow Agreement, dated as of December 18,
2009, entered into among Fannie Mae, Freddie Mac, the HFA Trustees designated therein and the
Agent.

          “GSE Securities” are the securities issued by each of Fannie Mae and Freddie Mac which
evidence an undivided 50% beneficial ownership interest in Bank Bonds or Program Bonds.

          “GSE Special Closing Counsel” means, with respect to each Series of Program Bonds, the
special counsel to the GSEs identified on Schedule A of the relevant Placement Agreement.

          “GSE Trust” has the meaning given to such term in the recitals of this Agreement.

          “GSE Trust Agreement” has the meaning given to such term in the recitals of this
Agreement.

          “HFA Initiative” has the meaning given to such term in the recitals of this Agreement.

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          “HFA Trustee” means, with respect to each Program Bond Series, the party acting as
indenture trustee under the related indenture and means, with respect to each TCLF, the party
specified as the trustee in the related Reimbursement Agreement.

          “Investment Income” has the meaning given to such term in Section 3(e) of this
Agreement.

          “Legal Deposit” means the legal deposit in the amount of $25,000 wired by an HFA to
the Administrator pursuant to the Letter of Intent, evidencing the intent of the HFA to participate
in the HFA Initiative.

          “Legal Deposit Collection Account” means the segregated non-interest bearing trust
account of that name established for the Legal Deposits received pursuant to a Letter of Intent.

          “Letter of Intent” means the participation letter from a participating HFA to Fannie
Mae and Freddie Mac acknowledging such HFA’s intent to participate in the HFA Initiative.

          “Liquidity Advance” means an advance under a Temporary Credit and Liquidity Facility
to pay for bond purchase tenders relating to the Bank Bonds, which shall include, without
limitation, both a “Liquidity Advance” and a “Mandatory Tender Advance” as such terms are defined
in the applicable Temporary Credit and Liquidity Facility.

          “MOU” has the meaning given to such term in the recitals of this Agreement.

          “New Issue Bond Program” means the program pursuant to which Treasury will purchase
GSE Securities issued by the GSEs and backed by single-family and/or multifamily bonds issued by
state and local HFAs, as described in the New Issue Bond Program Agreement.

          “New Issue Bond Program Agreement” means, (a) with respect to a December settlement,
the New Issue Bond Program Agreement, dated December 9, 2009, among Treasury, Fannie Mae and
Freddie Mac and (b) with respect to a January settlement, the New Issue Bond Program Agreement,
dated December 18, 2009, among Treasury, Fannie Mae and Freddie Mac.

          “Partial Guarantee” means a partial guarantee provided by each GSE in connection with
a GSE Security issued by such GSE.

          “Participation Fee” means the Participation Fee payable to Treasury pursuant to
Section 2.4 of the applicable Purchase Agreement, as such fee is described and calculated in the
TCLF Fee Schedule.

          “Participation Percentage” means the percentage interest of Treasury in the Temporary
Credit and Liquidity Facility which is 100%.

          “Placement Agreement” means, with respect to each Program Bond Series, the Placement
Agreement to be entered into by and among Fannie Mae, Freddie Mac and the

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participating HFA, which provides for the exchange of the Program Bonds for the GSE
Securities.

          “Prime Rate” means a fluctuating rate of interest per annum equal to the base or prime
rate of JPMorgan Chase Bank, N.A. (or its successor in interest).

          “Program Bond Collection Account” means the segregated trust account of that name
established for the Program Bonds received hereunder pursuant to Section 3(b) of this Agreement.
The Administrator may establish sub-accounts of the Program Bond Collection Account if it
determines that such sub-accounts will ease the administration of funds in such account.

          “Program Bond Fee Schedule” means Schedule I attached to this Agreement, as such
schedule may be updated from time to time by the GSEs pursuant to Section 10(d) of this Agreement.

          “Program Bond Guarantee Fee” means, with respect to each GSE and Program Bond Series,
the amount payable to each GSE as set forth on the Program Bond Fee Schedule out of interest
payments on the Program Bonds relating to such Series.

          “Program Bond Series” has the meaning given to such term in the recitals of this
Agreement.

          “Program Bonds” means, collectively, (i) single-family mortgage revenue bonds and/or
multifamily mortgage revenue bonds issued to the GSEs by the HFAs in exchange for the GSE
Securities under the New Issue Bond Program and (ii) any Release Bonds accepted by the
Administrator pursuant to Section 5(c) of this Agreement.

          “Program Losses” mean, with respect to each Distribution Date, the aggregate amount of
all Transaction Losses incurred up to such date under the Temporary Credit and Liquidity Facility
Program and the New Issue Bond Program.

          “Purchase Agreement” means, with respect to the Credit and Liquidity Facility Fee and
each Bank Bond, each related Agreement to Purchase Participation by and among Treasury, Fannie Mae
and Freddie Mac (as it may be amended, restated or otherwise modified from time to time in writing
by the parties thereto).

          “Purchase Notice” has the meaning given to such term in Section 6(c) of this
Agreement.

          “Reimbursement Agreement” means, with respect to each Temporary Credit and Liquidity
Facility, the related Reimbursement Agreement among the GSEs, the related HFA Trustee and the
related HFA with respect to such Temporary Credit and Liquidity Facility (as it may be amended,
restated or otherwise modified from time to time in writing by the parties thereto).

          “Release Bond” has the meaning given to such term in Section 5(c) of this Agreement.

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          “Release Date” means, with respect to each Release Bond, the date specified as the
Release Date in the related Supplemental Indenture.

          “Remarketing Agent” means the party specified as the “Remarketing Agent” in Schedule I
attached to the related Reimbursement Agreement.

          “Remarketing Proceeds” has the meaning given to such term in Section 6(c) of this
Agreement.

          “Sale Date” has the meaning given to such term in Section 6(c) of this Agreement.

          “Series” means either a Bank Bond Series or Program Bond Series, as applicable.

          “Series Distribution Amount” has the meaning given to such term in Section 8(a) of
this Agreement.

          “Services Agreement” means the Services Agreement, dated as of December 9, 2009, among
Fannie Mae, Freddie Mac and U.S. Bank National Association.

          “Settlement Agreement” means, with respect to each Program Bond Series, the Settlement
Agreement to be entered into among the participating HFA, the GSEs, Treasury and the Closing Agent.

          “Supplemental Indenture” means the supplemental indenture, resolution and/or appendix
to the indenture entered into in connection with the issuance of the Program Bonds.

          “TCLF Fee Collection Account” means the segregated trust account of that name
established to collect any Credit and Liquidity Facility Fees received hereunder pursuant to
Section 3(b) of this Agreement. The Administrator may establish sub-accounts of the TCLF Fee
Collection Account if it determines that such sub-accounts will ease the administration of funds in
such account.

          “TCLF Fee Schedule” means Schedule II attached to this Agreement, as such schedule may
be updated from time to time by the GSEs pursuant to Section 11(f) of this Agreement.

          “Temporary Credit and Liquidity Facility” or “TCLF” means any Irrevocable
Standby Temporary Credit and Liquidity Facility issued by the GSEs in favor of the respective HFA
Trustee.

          “Temporary Credit and Liquidity Facility Program” means the program under which
Treasury may purchase GSE Securities evidencing a participation interest in a TCLF and any related
Bank Bonds.

          “Temporary Legal Deposit Escrow Agreement” means the Escrow Agreement, dated November
20, 2009, among the GSEs and U.S. Bank National Association.

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          “Temporary Legal Deposit Escrow Account” means the account established by U.S. Bank
National Association pursuant to the Temporary Legal Deposit Escrow Agreement, in order to hold
certain Legal Deposits.

          “Tender Agent” means the party designated as the “Tender Agent” in the related
Reimbursement Agreement.

          “Transaction Loss” means (a) with respect to the New Issue Bond Program, the amount
calculated pursuant to Section 1.6 of Exhibit C, “Loss Sharing” of this Agreement as the loss
realized on a Program Bond and (b) with respect to the Temporary Credit and Liquidity Facility
Program, the amount calculated pursuant to Section 1.6 of Exhibit C, “Loss Sharing” of this
Agreement as the loss realized on a Temporary Credit and Liquidity Facility.

          “Treasury’s Financial Agent” means JPMorgan Chase Bank, N.A., as Treasury’s financial
agent or such other party as Treasury may appoint for such purpose from time to time.

          VRDO” means a variable rate demand obligation bond issued by an HFA.

          Defined terms include, as appropriate, all genders and the plural as well as the singular.
The words “herein,” “hereof,” “hereto,” “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular section, or other subdivision of this Agreement.
The term “including” and all its variations mean “including but not limited to.” Except when used
in conjunction with the word “either” the word “or” is always used inclusively (for example, the
phrase “A or B” means “A or B or both,” not “either A or B but not both”). Any term that relates
to a document or a statute, rule, or regulation includes any amendments, modifications, supplements
or any other changes that may have occurred since the document, statute, rule or regulation came
into being, including changes that occur after the date of this Agreement. Unless a provision is
restricted as to time or limited as to frequency, all provisions under this Agreement are
implicitly available from time to time. In the computation of a period of time from a specified
date to a later specified date or an open-ended period, the word “from” means “from and including”
and the words “to” or “until” mean “to but excluding,” Likewise, in setting deadlines or other
periods, “by” means “on or before,” and “after” means “from and after”.

          With respect to the calculation of the Administrator Fee, the Bank Bond Additional Interest,
the Bank Bond Guarantee Fee, the Bank Bond Securitization Fee, the Credit and Liquidity Facility
Fee and the Participation Fee, all calculations shall be made with respect to any related VRDOs on
an actual/actual basis unless the day count relating to such VRDO is otherwise stated in the
applicable Reimbursement Agreements in which case the day count convention applicable to such VRDOs
shall apply with respect to such calculations.

          Section 2. Appointment.

          The GSEs hereby appoint the Administrator to act as custodian, collection agent, calculation
agent and administrator with respect to the Bonds, the GSE Securities, the Custodial Receipts, the
Reimbursement Agreements and the TCLFs, as the case may be, and to provide the administrative and
other services with respect to the Bonds, the GSE Securities, the Custodial Receipts, the
Reimbursement Agreements and the TCLFs for the period and on the terms set

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forth in this Agreement. Freddie Mac hereby appoints the Administrator to act as paying agent
with respect to the Freddie Mac Securities. The Administrator hereby accepts such appointments and
agrees during such period to provide or procure the services herein set forth for the compensation
herein provided.

          Section 3. Administrator to Act as Custodian; Collection Accounts.

               (a) From time to time, the GSEs will deposit, or cause to be deposited, with the
Administrator, in its capacity as custodian hereunder, certain Bonds to be held by, and in the name
of, the Administrator for the benefit of the GSEs. The GSEs shall cause the beneficial ownership
of each Bond to be electronically transferred to the Administrator through the auspices of the DTC,
thereby causing the Administrator to have the rights to receive all the Bond Payments relating
thereto. With respect to each Bond received hereunder, the Administrator shall concurrently, and
in accordance with the provisions of this Agreement, execute and deliver to each GSE, a Custodial
Receipt in accordance with Section 4 below.

               (b) The Administrator shall accept each Bond delivered to it hereunder and its related Bond
Payments and any Bank Bond Additional Interest as custodian on behalf of the GSEs, and shall hold
the Bonds in a segregated trust account in accordance with the terms of this Agreement. Each such
trust account shall be captioned to reflect the fact that the Bonds are held by the Administrator
on behalf of, and for the sole benefit of, the GSEs. With respect to the Program Bonds, the
Administrator shall hold the Bond Payments relating to each Series in a segregated trust account
(referred to herein as the “Program Bond Collection Account”) separate from all other
assets of the Administrator or any other person and pending distribution in each case in accordance
with the terms of this Agreement. With respect to the Bank Bonds, the Administrator shall hold the
related Bond Payments and Bank Bond Additional Interest relating to each Bank Bond (or, in the
event such Bank Bond is included in a securitization, relating to the applicable Bank Bond Series)
in a segregated trust account (such account referred to herein as the “Bank Bond Collection
Account”) separate from all other assets of the Administrator or any other person and pending
distribution in each case in accordance with the terms of this Agreement. The Administrator shall
also accept and hold the Credit and Liquidity Facility Fees in a segregated trust account (such
account referred to herein as the “TCLF Fee Collection Account”) separate from all other
assets of the Administrator or any other person in accordance with Section 6 below pending
distribution in accordance with the terms of this Agreement. The Administrator shall cause its
records to reflect beneficial ownership of the Bond Payments on behalf of the GSEs as owners of the
Custodial Receipts; provided, however, that the Administrator acknowledges that the GSEs intend to
create from time to time GSE Securities backed by the Bonds (and the Bond Payments received with
respect to the Bonds less the applicable fees and other amounts payable in accordance with this
Agreement), in which case the records of the Administrator shall reflect that such Bonds and
related Bond Payments are beneficially owned by the related Trust. The Administrator shall accept
and hold the Legal Deposits in a segregated trust account (referred to herein as the “Legal
Deposit Collection Account”) separate from all other assets of the Administrator or any other
person in accordance with Section 5(b) and Section 6(f) of this Agreement pending distribution in
accordance with the terms of this Agreement. The Legal Deposit Collection Account shall be a
non-interest bearing account and may be the same account as the Temporary Legal Deposit Escrow
Account. Each

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of the Bank Bond Collection Account, the Legal Deposit Collection Account, the Program Bond
Collection Account and the TCLF Fee Collection Account shall be an Eligible Account.

               (c) The Administrator shall hold the Bonds and Bond Payments received with respect thereto in
custody for the GSEs and/or the related GSE Trusts only, and shall not (nor have the authority to)
assign, transfer, sell, pledge, set-off or otherwise dispose of the Bonds, Bond Payments and parts
thereof or interests therein except as expressly provided hereunder or as required by applicable
law.

               (d) From and after the receipt of each Bond by the Administrator pursuant to this Section 3
and for so long as such Bond is subject to the terms of this Agreement, the Administrator hereby
agrees to forward promptly to each of the GSEs and to Treasury (or their respective designated
agents) any correspondence, notices, requests for action or other similar communications received
by the Administrator with respect to such Bond, including, without limitation, any notice of any
default or acceleration of payment. In connection therewith, the Administrator hereby agrees to
vote, give directions or otherwise act in accordance with the written instructions provided by the
applicable Decision Control Party with respect to any such matters submitted to the GSEs and
Treasury pursuant to this Section 3(d). The Administrator shall not take any action under this
Section 3(d) except in accordance with written instructions provided to an Authorized Officer on a
timely basis by the applicable Decision Control Party. The Administrator shall provide written
notice to the GSEs and Treasury’s Financial Agent whenever the Crossover Date occurs (which notice
shall be in the next succeeding monthly Remittance Report prepared by the Administrator). Pursuant
to the New Issue Bond Program Agreement and the Purchase Agreement, Treasury will agree to consult
with the GSEs, and the GSEs will agree to make recommendations to Treasury, with respect to any
matters under this Agreement with respect to which Treasury is acting as the Decision Control Party
and, conversely, the GSEs will agree to consult with Treasury, and Treasury will agree to make
recommendations to the GSEs, with respect to any matters under this Agreement with respect to which
the GSEs are acting as the Decision Control Party.

               (e) The Administrator shall at the direction of the GSEs invest the funds held in a Collection
Account (other than the Legal Deposit Collection Account, which shall remain uninvested) in one or
more Eligible Investments. Any investment of funds shall be made in the name of the Administrator
as bailee of and custodian for the GSEs and/or the GSE Trusts in accordance with the terms of this
Agreement. The Administrator shall be entitled to sole possession over each such investment, and
any certificate or other instrument evidencing any such investment shall be delivered directly to
the Administrator or its agent, together with any document of transfer necessary to transfer title
to such investment to the Administrator as custodian for the benefit of the GSEs and/or the GSE
Trusts. In the event amounts on deposit in a Collection Account are at any time invested in an
Eligible Investment payable on demand, the Administrator shall:

	 	(i)	 	consistent with any notice required to be given
thereunder, demand that payment thereon be made on the last day such
Eligible Investment may otherwise mature hereunder in an amount equal
to the lesser of (1) all amounts then payable thereunder and (2) the
amount required to be withdrawn on such date; and

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	 	(ii)	 	demand payment of all amounts due thereunder
promptly upon determination by an Authorized Officer of the
Administrator that such Eligible Investment would not constitute an
Eligible Investment in respect of funds thereafter on deposit in the
related Collection Account.

          All income and gain realized from the investment of funds in a Collection Account (the
“Investment Income”) shall be for the benefit of the GSEs. The Administrator shall
allocate the Investment Income between the GSEs and/or the GSE Trusts in a manner that gives effect
to the additional Business Day of investment with respect to funds the earnings on which are to be
distributed to Freddie Mac. In the event that any loss occurs with respect to any Eligible
Investment, such loss shall be offset against any fees owed to the GSEs hereunder. To the extent
that the fees owed to the GSEs are not sufficient to pay any such losses, each GSE shall remit to
the Administrator their ratable share of such loss which will then be deposited into the related
Collection Account.

               (f) Upon execution of this Agreement, each of the GSEs shall provide a list of Authorized
Persons to the Administrator, which such list shall be substantially in the form attached as
Exhibit D to this Agreement. The list of Authorized Persons may be updated from time to time in
writing by the GSEs. Any notifications or instructions pursuant to this Agreement must be from an
Authorized Person.

               (g) The Administrator shall provide access to the information regarding the Program Bonds and
TCLFs that is available on the Administrator’s internet website to Treasury and any of its
designated agents.

          Section 4. Custodial Receipts.

               (a) Unless otherwise agreed to in writing by the GSEs, the Administrator shall, with respect
to the Bonds delivered to the Administrator hereunder, promptly execute and deliver a Custodial
Receipt to each of the GSEs (or their designated agents) that represent in the aggregate the same
principal amount represented by the related Bonds. At a reasonable time prior to the issuance of
the Custodial Receipts, each GSE shall cause written instructions to be furnished to the
Administrator as to the names and addresses to which such Custodial Receipts initially shall be
delivered, the date such Custodial Receipts are to be dated, and such other information as may be
reasonably requested by the Administrator in connection with the preparation of the Custodial
Receipts. Unless otherwise agreed to in writing by the Administrator and the GSEs, the
Administrator shall hold the Custodial Receipts issued hereunder on behalf of the GSEs and/or the
GSE Trusts. Each Custodial Receipt delivered with respect to the Bonds will be issued to each GSE
in a manner such that the Custodial Receipt received by each GSE states that each GSE and/or the
GSE Trusts holds an undivided 50% beneficial ownership interest in the Bonds identified on Schedule
A of each such Custodial Receipt; it being understood that a Custodial Receipt issued hereunder may
also relate to more than one Bond (provided, however, that a single Custodial Receipt shall not
relate to both Bank Bonds and Program Bonds).

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               (b) The Custodial Receipts shall be substantially in the form set forth in Exhibit A hereto,
with all appropriate insertions, modifications and omissions. The Custodial Receipts shall be
executed by the Administrator by the manual signatures of an Authorized Officer of the
Administrator. No Custodial Receipt shall be entitled to any benefit under this Agreement or be
valid or obligatory for any purpose, unless it shall have been executed by the Administrator by
manual signature of an Authorized Officer. In case any Authorized Officer whose signature shall
appear on any Custodial Receipt shall cease to be an Authorized Officer, such signature shall
nevertheless be valid and sufficient for all purposes as if such person had remained in office.

               (c) The Custodial Receipts shall not evidence any financial obligation of the GSEs, the GSE
Trusts or the Administrator except the Administrator’s obligation to distribute the amounts
required hereunder without making any deduction whatsoever, other than as expressly provided in
this Agreement.

               (d) In the event a Custodial Receipt is mutilated, lost, stolen or destroyed, the
Administrator may execute and make available for delivery a replacement Custodial Receipt;
provided, that in the case of any mutilated Custodial Receipt, such mutilated Custodial Receipt
must first be surrendered to the Administrator together with any fees or expenses reasonably
incurred by the Administrator to replace such mutilated Custodial Receipt. In the case of any lost,
stolen or destroyed Custodial Receipt, there must first be furnished to the Administrator evidence
of such loss, theft or destruction reasonably satisfactory to the Administrator, together with an
indemnity reasonably satisfactory to it with respect to any fees or expenses reasonably incurred by
the Administrator in connection with the replacement of such Custodial Receipt.

          Section 5. The New Issue Bond Program; Receipt of Payments.

               (a) The Administrator shall deposit each Bond Payment received by the Administrator on the
Program Bonds in the Program Bond Collection Account no later than the close of business on the day
of receipt (unless such amounts were received after 1:00 PM, New York time, in which case such Bond
Payments shall be deposited on the next Business Day). The Administrator’s records shall reflect
the amounts in the Program Bond Collection Account as they relate to each Program Bond. The
Administrator shall use all commercially reasonable efforts to collect all distributions due with
respect to the Program Bonds and, consistent with such efforts, follow the procedures described in
the following sentence. If the Administrator shall not have received a Bond Payment with respect
to a Program Bond by the first Business Day after the date on which such distribution was due and
payable pursuant to the terms of the Program Bond, the Administrator shall promptly notify the GSEs
and Treasury’s Financial Agent, request such payment from the applicable HFA Trustee as promptly as
possible in accordance with law and shall, subject to the next sentence of this paragraph, take
such legal action as directed in writing by the applicable Decision Control Party. In such event,
the fees and expenses and costs of prosecuting such action and any liability resulting therefrom
(including reasonable attorney fees and expenses) shall be expenses, costs and liabilities of the
applicable Decision Control Party and the Administrator shall be entitled to be reimbursed therefor
out of amounts on deposit in the Program Bond Collection Account that are otherwise due hereunder
to such Decision Control Party.

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               (b) With respect to each Program Bond contemplated to be held hereunder, the GSEs shall direct
the HFAs to deliver the Legal Deposit required under the applicable Letter of Intent to the
Administrator (other than with respect to those HFAs that previously delivered their Legal Deposit
to the Administrator and which Legal Deposits were deposited into the Temporary Legal Deposit
Escrow Account in accordance with the terms of the Temporary Legal Deposit Escrow Agreement). The
Administrator shall transfer each Legal Deposit in the Temporary Legal Deposit Escrow Account
relating to the Program Bonds to the Legal Deposit Collection Account concurrently with the
execution of this Agreement. The Administrator shall deposit and credit all other Legal Deposits
relating to the Program Bonds received hereunder to the Legal Deposit Collection Account no later
than the close of business on the day of receipt (unless such amounts were received after 1:00 PM,
New York time, in which case such Legal Deposit shall be deposited on the next Business Day). The
Administrator shall hold all Legal Deposits relating to the Program Bonds in accordance with this
Agreement pending distribution pursuant to the terms of the related Letter of Intent, the
Settlement Agreement and this Agreement.

               (c) From time to time, an HFA or HFA Trustee, pursuant to the related Supplemental Indenture,
may provide notice to the Administrator that, among other things, funds being held in escrow are to
be released in connection with a Conversion of a Program Bond. In connection therewith, the
related HFA and HFA Trustee may arrange for the delivery of a new Bond to the Administrator (such
Bond, the “Release Bond”). The Administrator shall confirm the principal balance of each
Release Bond delivered to it under this Agreement and shall accept such Release Bond only if (i)
the principal amount of such Release Bond is equal to the principal amount of the related Bond(s)
(or portion thereof) already being held under this Agreement and that are proposed for Conversion
and (ii) the aggregate principal amount of the Bonds immediately prior to the release would be the
same as the aggregate principal amount of the Bonds immediately after the release. Upon accepting
any Release Bond, the Administrator shall (i) notify the GSEs of its acceptance of such Release
Bond, including providing notice to the GSEs of each new CUSIP relating to the Release Bond and the
CUSIP of the Bond being replaced and the applicable interest rate on such Release Bond, (ii)
deliver a new Custodial Receipt to each GSE (or update the schedule attached to the applicable
Custodial Receipts accordingly) to reflect that the Administrator is holding the new Release Bond
on behalf of the GSEs, (iii) update its own records to reflect that it is holding the Release Bond
on behalf of the GSEs or the GSE Trusts and (iv) administer the Release Bond for all other purposes
in the same manner as other Bonds being administered pursuant to this Agreement. In connection
with each Release Date, the Administrator shall collect from the related HFA the $7,500 fee payable
to the applicable GSE Special Closing Counsel and shall distribute such amount less any amounts
retained by the Administrator to pay the fees of DTC in connection with the Release Date on such
Release Date to such GSE Special Closing Counsel in accordance with the wire instructions set forth
in the related Settlement Agreement or such other wire instructions as provided by such GSE Special
Closing Counsel.

          Section 6. The Temporary Credit and Liquidity Facility Program; Receipt of Payments;
Funding Notices.

               (a) The Administrator shall deposit each Bond Payment received by the Administrator on the
Bank Bonds in the Bank Bond Collection Account no later than the close of

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business on the day of receipt (unless such amounts were received after 1:00 PM, New York
time, in which case such Bond Payments shall be deposited on the next Business Day). The
Administrator’s records shall indicate how the amounts in the Bank Bond Collection Account relate
to each Bank Bond being held pursuant to this Agreement. The Administrator shall use all
commercially reasonable efforts to collect all Bond Payments due with respect to the Bank Bonds
and, consistent with such efforts, follow the procedures described in the following sentence. If
the Administrator shall not have received a distribution with respect to a Bank Bond by the first
Business Day after the date on which such distribution was due and payable pursuant to the terms of
the Bank Bond, the Administrator shall promptly notify the GSEs and Treasury, request such payment
from the applicable HFA Trustee as promptly as possible in accordance with law and shall, subject
to the next sentence of this paragraph, take such legal action as directed in writing by the
applicable Decision Control Party. In such event, the fees and expenses and costs of prosecuting
such action and any liability resulting therefrom (including attorneys fees and expenses) shall be
expenses, costs and liabilities of the applicable Decision Control Party, and the Administrator
shall be entitled to be reimbursed therefor out of amounts on deposit in the Bank Bond Collection
Account that are otherwise due hereunder to the GSEs or Treasury, as applicable.

               (b) With respect to each TCLF being administered hereunder, the GSEs shall direct the HFAs to
deliver to the Administrator the related Credit and Liquidity Facility Fees, Bank Bond Additional
Interest and other fees and expenses due to the GSEs under the applicable Reimbursement Agreement.
The Administrator shall deposit and credit each Credit and Liquidity Facility Fee in the TCLF Fee
Collection Account no later than the close of business on the day of receipt (unless such amounts
were received after 1:00 PM, New York time, in which case such Credit and Liquidity Facility Fee
shall be deposited on the next Business Day) and shall hold such amounts pending distribution
pursuant to the terms of this Agreement. The Administrator’s records shall reflect the amounts in
the TCLF Fee Collection Account that are represented by the Credit and Liquidity Facility Fees and
other fees and expenses for each TCLF administered hereunder. The Administrator shall deposit and
credit the Bank Bond Additional Interest to the Bank Bond Collection Account no later than the
close of business on the day of receipt (unless such amounts were received after 1:00 PM, New York
time, in which case such fee shall be deposited on the next Business Day) and shall hold such
amounts in accordance with this Agreement pending distribution pursuant to the terms of this
Agreement. The Administrator’s records shall reflect the amounts in the Bank Bond Collection
Account that are represented by Bank Bond Additional Interest. If the Administrator shall not have
received a Credit and Liquidity Facility Fee or the Bank Bond Additional Interest by the first
Business Day after the date on which such fee was due and payable pursuant to the terms of the
related Reimbursement Agreement, the Administrator shall promptly notify the GSEs and Treasury and
take such action as directed in writing by the Decision Control Party; provided, that any fees and
expenses and costs of prosecuting such action and any liability resulting therefrom (including
reasonable attorney fees and expenses) shall be expenses, costs and liabilities of the Decision
Control Party as provided in the related Purchase Agreement.

               (c) On any Business Day on which a Remarketing Agent delivers a notice (a “Purchase
Notice”) to the Administrator and to the GSEs, stating that it has located a purchaser for some
or all of the Bank Bonds for purchase on a specified subsequent Business Day (a “Sale
Date”), the Administrator will coordinate with the respective HFA Trustee or

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Tender Agent to complete the withdrawal and delivery of such amount of Bank Bonds necessary to
complete the remarketing requested. On the Sale Date for any Bank Bonds, in accordance with the
related Reimbursement Agreement, the applicable HFA shall pay to the Administrator any Differential
Interest Amount that has accrued with respect to such Bank Bonds. The GSEs or the Administrator at
the direction of the GSEs shall direct the Tender Agent or the HFA Trustee, as applicable, for any
of the Bank Bonds to deliver the remarketing proceeds (the “Remarketing Proceeds”) to the
Administrator. The Administrator shall deposit the Remarketing Proceeds in the Bank Bond
Collection Account no later than the close of business on the day of receipt (unless such amounts
were received after 1:00 PM, New York time, in which case such Remarketing Proceeds shall be
deposited on the next Business Day). As promptly as practical, the Administrator shall notify
Treasury and Treasury’s Financial Agent of receipt of Remarketing Proceeds and withdraw an amount
equal to such Remarketing Proceeds out of the Bank Bond Collection Account and remit such amount to
Treasury (or Treasury’s Financial Agent) in accordance with Section 11(d) of this Agreement.

               (d) In the event a GSE is required to make a Credit Advance or a Liquidity Advance under a
TCLF, the related HFA (or HFA Trustee on behalf of the HFA) will deliver the notice required under
the TCLF for such Advance to the GSEs (with a copy to the Administrator). The Administrator shall
request a Funding Payment from Treasury by delivering the Funding Notice on behalf of the GSEs to
Treasury’s Financial Agent by 12:00 noon, New York time, on the day that the Funding Payment is
requested in the Funding Notice, all in accordance with Section 3.2 of the related Purchase
Agreement. Pursuant to each Purchase Agreement, Treasury has agreed to wire to the Administrator
the Funding Payment by 2:00 PM, New York time, on the date that the GSEs are required to make the
related Advance (provided that prior to such time the GSEs have made the related Advance out of
their own funds). The Administrator shall remit each GSE’s pro rata share of the Funding Payment
to the GSEs no later than 5:00 PM, New York time, on the day the Funding Payment was received,
regardless of whether the Administrator is able to reconcile such amounts prior to remitting them
to the GSEs. Any Funding Payments that were remitted to the GSEs without being reconciled shall be
reconciled by the Administrator on the following Business Day.

               (e) From time to time, an HFA will, pursuant to Section 2 of the related Reimbursement
Agreement, remit to the Administrator amounts representing reimbursements for Advances made by the
GSEs and/or Treasury (such amounts, “Advance Reimbursements”). In the event that Treasury
has made a Funding Payment with respect to such Advance in accordance with Section 6(d) above, the
Administrator shall promptly remit the related Advance Reimbursement to Treasury’s Financial Agent
no later than 5:00 PM, New York time. In the event that Treasury failed to advance Treasury’s
Participation Percentage in the Advance pursuant to Section 6(d) above, the Administrator shall
remit the Advance Reimbursements to the GSEs, pro rata, based upon the outstanding Advances owed to
GSEs with respect to the related TCLF.

               (f) With respect to each TCLF contemplated to be issued, the GSEs shall direct the HFAs to
deliver the Legal Deposit required under the applicable Letter of Intent to the Administrator
(other than with respect to those HFAs that previously delivered their Legal Deposit to the
Administrator and which Legal Deposits were deposited into the Temporary Legal Deposit Escrow
Account in accordance with the terms of the Temporary Legal Deposit Escrow

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Agreement). The Administrator shall transfer each Legal Deposit in the Temporary Legal
Deposit Escrow Account relating to the TCLFs into the Legal Deposit Collection Account concurrently
with the execution of this Agreement. The Administrator shall deposit and credit all other Legal
Deposits relating to the TCLFs received hereunder to the Legal Deposit Collection Account no later
than the close of business on the day of receipt (unless such amounts were received after 1:00 PM,
New York time, in which case such Legal Deposit shall be deposited on the next Business Day). The
Administrator shall hold all Legal Deposits relating to the TCLFs pending distribution pursuant to
the terms of the related Letter of Intent and this Agreement.

          Section 7. Dissolution of the GSE Securities.

          Each GSE hereby agrees to provide written notice to the Administrator in the event that (i)
Treasury (or its designated agent) elects pursuant to the related GSE Trust Agreement to (1)
dissolve any GSE Securities relating to any Custodial Receipts delivered hereunder or (2) withdraw
a Program Bond from the related securitization or (ii) the Bank Bonds are to be withdrawn from a
related securitization and remarketed as VRDOs having the benefit of the TCLF. Such notice shall
include the affected GSE Security CUSIP and the CUSIP for the related Program Bonds. In connection
therewith, the GSEs hereby agree to cause the related Custodial Receipts and applicable GSE
Securities (upon surrender from Treasury) to be surrendered to the Administrator. Subject to the
last sentence of this paragraph, the Administrator shall within two Business Days of receipt of
such Custodial Receipts and related GSE Securities (i) cancel and destroy or appropriately annotate
(or replace the schedule of) such Custodial Receipts and GSE Securities (in accordance with the
procedures established under the related Trust Agreement and the standard procedures of the
Administrator) and (ii) deliver the related Program Bonds to Treasury’s designee or deliver the
related Bank Bonds to the GSEs or as directed by the GSEs, as applicable.

          Section 8. Administrator to Act as Calculation Agent.

               (a) The Administrator hereby acknowledges that from time to time, the GSEs will issue various
Series of GSE Securities that relate to the Bonds being held hereunder. The Administrator is
hereby appointed by the GSEs to act as calculation agent with respect to each Series of GSE
Securities and to distribute amounts held hereunder in accordance with Section 9 and Section 10
below. With respect to each Series of GSE Securities and Distribution Date, the Administrator
shall, based upon the information received by the Administrator from the HFAs and the HFA Trustees
with respect to the Bonds relating to such Series, promptly calculate the amount of principal and
interest (which, for avoidance of doubt, is calculated after taking into account the fees and
expenses paid pursuant to Section 10 and Section 11 of this Agreement) that is required to be paid
to Treasury under the related Trust Agreement (such amount, the “Series Distribution
Amount”).

               (b) The Administrator shall distribute the Series Distribution Amount for each Series of GSE
Securities relating to the Program Bonds in accordance with Section 9 of this Agreement to the
extent that amounts credited to the Program Bond Collection Account are sufficient therefor (after
accounting for (with respect to the distributions pursuant to Section

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9(a)) or distributing (with respect to distributions pursuant to Section 9(b)), as applicable)
(i) any fees paid pursuant to Section 10 of this Agreement, (ii) any amounts payable to the
Administrator from the Program Bond Collection Account pursuant to Section 5(a) of this Agreement
and (iii) any amounts payable from the Program Bond Collection Account pursuant to Section 11(b) as
a result of a Bank Bond Fee Shortfall for such Distribution Date). The Administrator shall
distribute the Series Distribution Amount for each Series of GSE Securities relating to the Bank
Bonds in accordance with Section 9 of this Agreement to the extent that amounts credited to the
Bank Bond Collection Account are sufficient therefor (after distributing (i) any fees paid pursuant
to Section 11 of this Agreement and (ii) any amounts payable to the Administrator from the Bank
Bond Collection Account pursuant to Section 6(a) hereof.

               (c) In the event that the Bank Bonds being held by the Administrator pursuant to this
Agreement are not securitized, the Administrator shall distribute on the applicable Distribution
Date to each GSE and to Treasury their pro rata share of the related Bond Payments (after taking
into account the amounts payable pursuant to Section 6(a) or Section 11 of this Agreement).

               (d) The Administrator hereby agrees to promptly provide Treasury and its designated agent any
information that either may reasonably request relating to the Administrator’s calculations of the
fees set forth on the Program Bond Fee Schedule and TCLF Fee Schedule, which may be provided by
including such information in the Remittance Reports; provided, however, such information must be
sufficient for Treasury or its designated agent to determine whether such calculations performed
under this Agreement were accurate.

               (e) Unless otherwise stated herein, all calculations to be performed under this Agreement in
connection with any distributions to be made hereunder will be determined as of the Determination
Date preceding the related Distribution Date.

          Section 9. Administrator to Distribute Series Distribution Amounts to Fannie Mae;
Administrator to Act as Paying Agent for Freddie Mac.

               (a) On the Business Day prior to each Distribution Date, the Administrator shall remit to
Fannie Mae any Series Distribution Amounts that relate to the Fannie Mae Securities.

               (b) The Administrator is hereby appointed by Freddie Mac to act as initial paying agent with
respect to each Series of Freddie Mac Securities. The Administrator shall distribute the Series
Distribution Amounts that relate to the Freddie Mac Securities in accordance with the terms and
timing set forth in the related Trust Agreements and in this Agreement.

          Section 10. Program Bond Fees.

               (a) On or prior to the Business Day prior to each Distribution Date, the Administrator shall
calculate in accordance with the Program Bond Fee Schedule:

	 	(i)	 	the Administrator Fee relating to the New Issue Bond
Program;

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	 	(ii)	 	the Program Bond Guarantee Fee due to each GSE
(which is net of the Administrator Fee in clause (i) above);
and
	 
	 	(iii)	 	any shortfall with respect to the Program Bond
Guarantee Fee due to the GSEs on such Distribution Date.

               (b) On the Business Day prior to each Distribution Date, and prior to making any distributions
hereunder pursuant to Section 9 above, the Administrator shall withdraw (on the date the applicable
funds are required to be disbursed as further provided for in this Agreement) the Program Bond
Guarantee Fees due to the GSEs out of the interest payments in the Program Bond Collection Account
and from such amounts, (i) pay itself the Administrator Fee relating to the Program Bonds for such
Distribution Date and any related unpaid Administrator Fees from prior Distribution Dates and (ii)
then, remit (on the Business Day prior to such Distribution Date with respect to Fannie Mae and on
the applicable Distribution Date with respect to Freddie Mac) to each GSE its pro rata share of the
Program Bond Guarantee Fees relating to such Distribution Date (less the fees paid pursuant to
clause (i) and less any amounts required to offset any losses in connection with Eligible
Investments as described in Section 3(e)). In the event that amounts available in the Program Bond
Collection Account are not sufficient to pay the amounts due to the Administrator and/or the GSEs
hereunder, such shortfall shall be carried forward without interest and paid to the Administrator
and/or the GSEs on the next Distribution Date (or, with respect to Fannie Mae, the Business Day
prior to such Distribution Date) on which such funds are available.

               (c) On each Distribution Date (or, the Business Day prior to such Distribution Date in the
case of Fannie Mae), the Administrator shall distribute each GSE’s ratable share (subject to
adjustment in accordance with Section 3(e)) of the Investment Income derived from the Program Bond
Collection Account to the GSEs.

               (d) The GSEs shall provide the Administrator with the Program Bond Fee Schedule and shall on
or prior to the fifth Business Day prior to each Distribution Date, provide the Administrator with
any revisions or updates necessary to the Program Bond Fee Schedule in order for the Administrator
to calculate the fees set forth on such schedule. The Program Bond Fee Schedule shall be delivered
to the Administrator in the manner (and format) mutually agreed to by the parties to this Agreement
(although the Program Bond Fee Schedule may be delivered in one or more counterparts, each of which
shall be deemed to be a part of this Agreement).

               (e) On the second settlement date for the New Issue Bond Program (which is expected to be
January 12, 2010), the Administrator shall withdraw and pay itself from amounts otherwise expected
to be payable to the GSEs hereunder (i) the Closing Agent Fee and (ii) any fees and expenses due to
the Administrator pursuant to the Services Agreement.

          Section 11. TCLF and Bank Bond Fees.

               (a) On or prior to the Business Day prior to each Distribution Date, the Administrator shall
calculate in accordance with the TCLF Fee Schedule:

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	 	(i)	 	the
Administrator Fee relating to the Bank Bonds and the
administration of the TCLF;
	 
	 	(ii)	 	the Bank
Bond Additional Interest;
	 
	 	(iii)	 	the Bank
Bond Guarantee Fee due to each GSE (which is net of
the Administrator Fee in clause (i) above);
	 
	 	(iv)	 	the Bank
Bond Securitization Fee (subject to Section 11(c)
below) due to the GSEs;
	 
	 	(v)	 	the
Participation Fees that are due to Treasury under
each Purchase Agreement;
	 
	 	(vi)	 	the Bank
Bond Fee Shortfall (if any); and
	 
	 	(vii)	 	the Credit
and Liquidity Facility Fee.

               (b) On the Business Day prior to each Distribution Date, and prior to making any distributions
hereunder pursuant to Section 9 above, the Administrator shall withdraw (on the date the applicable
funds are required to be disbursed as further provided for in this Agreement) an amount equal to
the Bank Bond Guarantee Fees and Bank Bond Securitization Fees out of amounts on deposit in the
Bank Bond Collection Account represented by interest payments received on the Bank Bonds and (i)
first, pay itself the Administrator Fee relating to the Bank Bonds out of such Bank Bond Guarantee
Fees and Bank Bond Securitization Fees and any related unpaid Administrator Fees from prior
Distribution Dates and (ii) second, remit (on the Business Day prior to such Distribution Date with
respect to Fannie Mae and on the applicable Distribution Date with respect to Freddie Mac) to each
GSE, its pro rata share of the Bank Bond Guarantee Fees and Bank Bond Securitization Fees (less the
fees paid pursuant to clause (i) and less any amounts required to offset any losses in connection
with Eligible Investments as described in Section 3(e)). In the event that interest payments in
the Bank Bond Collection Account are insufficient to fund the Bank Bond Guarantee Fees and Bank
Bond Securitization Fees due to the GSEs in such month (the “Bank Bond Fee Shortfall”), the
Administrator shall charge such shortfall against (i) first the Participation Fee and Bank Bond
Additional Interest otherwise payable to Treasury hereunder and then (ii) interest payments
received on the Program Bonds in the Program Bond Collection Account. In the event that amounts
available in the Collection Accounts are not sufficient to pay the amounts due to the Administrator
and/or the GSEs hereunder, such shortfall shall be carried forward without interest and paid to the
Administrator and/or the GSEs on the next Distribution Date (or, with respect to Fannie Mae, the
Business Day prior to such Distribution Date) on which such funds are available.

               (c) The Bank Bond Securitization Fees are payable only in the event that any of the Bank Bonds
being held pursuant to this Agreement are securitized in accordance with Section 2.9 of the related
Purchase Agreement. The Bank Bond Securitization Fees are payable to the GSEs until such time as
the GSE Securities relating to such Bank Bonds are dissolved pursuant to Section 7 hereof or are
paid off in accordance with their terms.

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               (d) On each Distribution Date, the Administrator shall (i) withdraw from the TCLF Fee
Collection Account and pay itself the Administrator Fee relating to administration of each TCLF in
accordance with the TCLF Fee Schedule, (ii) remit the Participation Fees (less any amounts required
to pay the Bank Bond Fee Shortfall for such Distribution Date pursuant to Section 11(b) above) to
Treasury (or Treasury’s Financial Agent), but only to the extent funds are available therefor out
of the Credit Liquidity and Facility Fees that are in the TCLF Fee Collection Account and (iii)
remit the remaining Credit and Liquidity and Facility Fees in the TCLF Fee Collection Account pro
rata to the GSEs. In addition, the Administrator shall remit to Treasury on each Distribution Date
any Remarketing Proceeds and Bank Bond Additional Interest (less any amounts required to pay the
Bank Bond Fee Shortfall for such Distribution Date pursuant to Section 11(b) above) deposited in
the Bank Bond Collection Account.

               (e) On each Distribution Date, the Administrator shall distribute each GSE’s ratable share of
the Investment Income derived from the Bank Bond Collection Account to the GSEs.

               (f) The GSEs shall provide the Administrator with the TCLF Fee Schedule and shall, on or prior
to the fifth Business Day prior to each Distribution Date, provide the Administrator with any
revisions or updates necessary to be made to the TCLF Fee Schedule in order for the Administrator
to calculate the fees set forth on such schedule. The TCLF Fee Schedule shall be delivered to the
Administrator in the manner (and format) mutually agreed to by the parties to this Agreement
(although the TCLF Fee Schedule may be delivered in one or more counterparts, each of which shall
be deemed to be a part of this Agreement).

          Section 12. Wire Instructions.

               (a) Distributions with respect to amounts payable to Treasury (or Treasury’s Financial Agent)
and the GSEs hereunder will be made by wire transfer in immediately available funds in accordance
with the wire instructions set forth on Exhibit E attached to this Agreement unless other wire
instructions are subsequently provided to the Administrator prior to the applicable Distribution
Date by such parties (or their designated agents). If the Administrator is unable to wire amounts
to any party hereunder due to any issues with the wire instructions, the Administrator shall hold
all such amounts in the Collection Accounts pending receipt of the wire instructions from such
party. Upon receipt of new wire instructions, the Administrator shall thereafter promptly
distribute such amounts on the next available Business Day. The final distribution in respect of
any GSE Securities will be made only upon presentation and surrender of such GSE Securities at the
Corporate Trust Office of the Administrator.

          Section 13. Remittance Reports; Bond Administration Reports.

               (a) On or before the third Business Day preceding each Distribution Date, the Administrator
shall make available a monthly statement (a “Remittance Report”) to each GSE and Treasury
(or its designee) in a mutually agreeable electronic format and in the manner agreed to in writing
between the Administrator and such parties. The Remittance Report shall be substantially in the
form of, and include the information set forth on, Exhibit B-1 attached to this
Agreement. With the written consent of the other parties hereto, the Administrator may change

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the way the Remittance Reports are distributed in order to make such distribution more convenient
and/or more accessible to the above parties and the Administrator shall provide timely and adequate
written notification to all above parties regarding any such proposed changes.

               (b) With respect to each Distribution Date, the Administrator shall calculate with respect to
each Series, the following information (which, for the avoidance of doubt, shall be included in the
related Remittance Report):

	 	(1)	 	the First Loss Limit applicable to each GSE;
	 
	 	(2)	 	the Transaction Loss, if any,
with respect to each Series and each TCLF;
	 
	 	(3)	 	the Program Losses (both as an
aggregate amount and as a percentage of the applicable First
Loss Limits), if any; and
	 
	 	(4)	 	the amounts payable, if any, by
each GSE with respect to the related Partial Guarantee.

          Items (1) through (4) above shall be calculated and included in each Remittance Report by the
Administrator on a current and cumulative basis, as applicable. Notwithstanding the foregoing, the
Administrator shall have no responsibility to deliver or calculate any information with respect to
any Series for which it has not received from the related HFA Trustee the information needed to
make the calculations required for the Remittance Report.

               (c) On or before three Business Days prior to each Distribution Date, the Administrator shall
make available to the GSEs a Bond administration report (a “Bond Administration Report”) in
a mutually agreeable electronic format. Unless otherwise instructed in writing, the Bond
Administration Report shall be sent by e-mail to bond_admin@fanniemae.com,
hfa_credit&liquidity_notices@fanniemae.com and hfa_Bond_Adm@freddiemac.com. The Bond
Administration Report shall be substantially in the form of, and include the information set forth
on, Exhibit B-2 attached to this Agreement.

               (d) As may be mutually agreed to by the parties to this Agreement, the Administrator will
provide the GSEs, from time to time, with any additional information or reports either may
reasonably request relating to the Bonds or any TCLF being administered under this Agreement to the
extent such information is reasonably available to the Administrator.

               (e) The GSEs and the Administrator each agree to modify from time to time Exhibit B-1 and
Exhibit B-2 to this Agreement as may be reasonably necessary or appropriate to provide the GSEs and
Treasury (or Treasury’s agents) with any additional information that they may reasonably request to
the extent such information is reasonably available to the Administrator.

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          Section 14.
[RESERVED]

          Section 15.
Resignation and Removal of the Administrator.

               (a) The Administrator shall not resign from the obligations and duties imposed on it as
Administrator under this Agreement except (i) upon determination that the performance of its duties
under this Agreement shall no longer be permissible under applicable law or shall violate any final
order of a court or administrative agency with jurisdiction over the Administrator or its
properties or (ii) with the prior written consent of each GSE, upon the written acceptance by a
successor Administrator selected by the Administrator. Notice of any such determination permitting
or requiring the resignation of the Administrator pursuant to clause (i) above shall be
communicated to the GSEs at the earliest practicable time (and, if such communication is not in
writing, shall be confirmed in writing at the earliest practicable time) and any such determination
shall be evidenced by a written opinion of counsel to such effect delivered to the GSEs
concurrently with or promptly after such notice. No such resignation shall become effective until
a successor Administrator reasonably acceptable to the GSEs shall have assumed the responsibilities
and obligations of the resigning Administrator in accordance with Section 15(d) below.

               (b) Subject to Section 15(d) of this Agreement, the GSEs (acting together) may remove the
Administrator without cause by providing the Administrator with at least 60 days’ prior written
notice.

               (c) Subject to Section 15(d) of this Agreement, at the sole option of the GSEs (acting
together), the Administrator may be removed immediately upon written notice of termination from the
GSEs to the Administrator if any of the following events shall occur:

     (i) the Administrator shall default in the performance of any of its material
duties under this Agreement and, after written notice of such default is received by
an Authorized Officer of the Administrator, shall not cure such default within ten
(10) days (or, if such default cannot be cured in such time, shall not give within
ten (10) days such assurance of cure as shall be reasonably satisfactory to the
GSEs);

     (ii) a court having jurisdiction in the premises shall enter a decree or order
for relief, and such decree or order shall not have been vacated within 60 days, in
respect of the Administrator in any involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect or appoint a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
for the Administrator or any substantial part of its property or order the
winding-up or liquidation of its affairs; or

     (iii) the Administrator shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, 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 a receiver, liquidator, assignee,
trustee, custodian, sequestrator or similar official for the Administrator or any

-26-

 

substantial part of its property, shall consent to the taking of possession by
any such official of any substantial part of its property, shall make any general
assignment for the benefit of creditors or shall fail generally to pay its debts as
they become due.

          The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this
Section 15(c) shall occur, it shall give written notice thereof to the GSEs within three (3)
Business Days after the happening of such event.

               (d) No resignation or removal of the Administrator pursuant to this Section shall be effective
until (i) a successor Administrator shall have been appointed by the GSEs acting together and (ii)
such successor Administrator shall have agreed in writing to be bound by the terms of this
Agreement in the same manner as the Administrator is bound hereunder.

          Section 16. Liability of Administrator; Indemnities.

               (a) The Administrator shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Administrator under this Agreement, and it is expressly
understood by all parties hereto that there shall be no implied duties of the Administrator
hereunder. The Administrator shall not have any obligation to distribute or advance any funds from
its own account hereunder and shall only be obligated, in accordance with this Agreement, to
distribute funds to the extent such funds are received by the Administrator from amounts
distributed with respect to the Bonds (including amounts received from any Remarketing Agent) or
fees payable by the HFAs under the Reimbursement Agreements.

               (b) The Administrator shall indemnify, defend and hold harmless each GSE and any of the
officers, directors, employees and agents of each GSE from and against any and all costs, expenses,
losses, claims, actions, suits, damages and liabilities (including, without limitation, any
reasonable legal fees, judgments or expenses relating to such liability, claim, loss, action, suit
or damage) to the extent that such cost, expense, loss, claim, action, suit, damage or liability
arose out of, or was imposed upon any such person through, (i) the negligence, willful misfeasance
or bad faith of the Administrator in the performance of its duties under this Agreement or by
reason of reckless disregard of its obligations and duties hereunder or (ii) a breach of any
representation or warranty of the Administrator contained in this Agreement; provided that the
Administrator shall have no liability, and shall not be obligated to indemnify the GSEs, for any
action or inaction of the Administrator in compliance with instructions received by the
Administrator from the GSEs hereunder pursuant to and in accordance with this Agreement. The
Administrator immediately shall notify the GSEs if it becomes aware of a claim made by a third
party with respect to this Agreement.

               (c) Fannie Mae shall indemnify, defend and hold harmless the Administrator and any of the
officers, directors, employees and agents of the Administrator from and against any and all costs,
expenses, losses, claims, actions, suits, damages and liabilities (including, without limitation,
any reasonable legal fees, judgments or expenses relating to such liability, claim, loss, action,
suit or damage) to the extent that such cost, expense, loss, claim, action, suit, damage or
liability arose out of, or was imposed upon any such person through, (i)

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the negligence, willful misfeasance or bad faith of Fannie Mae in the performance of its
duties under this Agreement or by reason of reckless disregard of its obligations and duties
hereunder or (ii) a breach of any representation or warranty of Fannie Mae contained in this
Agreement. Fannie Mae immediately shall notify the other parties hereto if it becomes aware of a
written claim by a third party with respect to this Agreement.

               (d) Freddie Mac shall indemnify, defend and hold harmless the Administrator and any of the
officers, directors, employees and agents of the Administrator from and against any and all costs,
expenses, losses, claims, actions, suits, damages and liabilities (including, without limitation,
any reasonable legal fees, judgments or expenses relating to such liability, claim, loss, action,
suit or damage) to the extent that such cost, expense, loss, claim, action, suit, damage or
liability arose out of, or was imposed upon any such person through, (i) the negligence, willful
misfeasance or bad faith of Freddie Mac in the performance of its duties under this Agreement or by
reason of reckless disregard of its obligations and duties hereunder or (ii) a breach of any
representation or warranty of Freddie Mac contained in this Agreement. Freddie Mac immediately
shall notify the other parties hereto if it becomes aware of a written claim by a third party with
respect to this Agreement.

               (e) The GSEs shall notify the Administrator promptly of any claim for which they may seek
indemnity and the Administrator shall notify the applicable GSE of any claim for which it may seek
indemnity. Failure by any party to make such notification hereunder shall not relieve any party of
its obligations under this Section unless such failure materially prejudices the indemnifying
party.

               (f) The parties hereto hereby agree that the provisions of this Section 16 shall survive the
termination of this Agreement.

          Section 17. Compensation and Expenses of Administrator; Independence of the
Administrator.

               (a) As compensation for the performance of the Administrator’s obligations under this
Agreement and as reimbursement for its expenses related thereto, the Administrator shall be
entitled to receive each month (i) the Administrator Fee in accordance with the provisions of
Section 10 and Section 11 hereof and (ii) any amounts payable to the Administrator out of the
Collection Accounts pursuant to Section 5(a) and Section 6(b) hereof. The Administrator shall,
subject to the next sentence, be reimbursed for its reasonable out-of-pocket expenses incurred by
it in connection with its activities hereunder, including fees and disbursements of independent
accountants and the fees and expenses of counsel required to enforce the obligations under the
Program Bonds but shall not be reimbursed for taxes imposed on the Administrator, and expenses
incurred in connection with distributions and reports made by the Administrator. Prior to
reimbursing itself for any such out-of-pocket expenses that exceed $5,000, the Administrator shall
provide the GSEs with sufficient documentation relating to such expenses for which it seeks
reimbursement in order for the GSEs to make a determination regarding whether such expenses should
be reimbursed hereunder and shall reimburse itself for such expenses only to the extent the GSEs
provide their written consent. The GSEs and the Administrator shall cooperate in good faith to
resolve any disputes regarding reimbursements and documentation issues related thereto.

-28-

 

               (b) For all purposes of this Agreement, the Administrator shall be an independent contractor
and shall not be subject to the supervision of either GSE with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly set forth herein or
otherwise authorized in writing by the GSEs, the Administrator shall not have the authority to act
for or represent the GSEs in any way and shall not otherwise be deemed an agent of the GSEs.

          Section 18. Limitation of Liability; No Joint Venture; Other Activities.

               (a) The Administrator shall incur no liability to anyone in acting upon any signature,
instrument, statement, notice, resolution, request, direction, consent, order, certificate, report,
opinion, bond, or other document reasonably believed by it to be genuine and reasonably believed by
it to be signed by the proper parties. Neither the Administrator nor any of its affiliates,
directors, officers, shareholders, agents, or employees will be liable to the GSEs or others,
except by reason of acts or omissions constituting bad faith, willful misfeasance, negligence, or
reckless disregard of the Administrator’s duties under this Agreement or by a breach of any
representation or warranty of the Administrator contained in this Agreement as provided in Section
16. In no event shall the Administrator or its directors, officers, agents and employees be held
liable for any special, indirect, punitive or consequential damages resulting from any action taken
or omitted to be taken by it or them hereunder or in connection herewith even if advised of the
possibility of such damages.

               (b) Nothing contained in this Agreement (i) shall constitute the Administrator and the GSEs,
Treasury or the Trusts as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to impose any liability
as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or
apparent authority to incur any obligation or liability on behalf of the others.

               (c) Nothing herein shall prevent the Administrator or its affiliates from engaging in other
businesses or, in its sole discretion, from acting in a similar capacity as an administrator for
any other person or entity.

               (d) The Administrator shall not be responsible to the GSEs or any other person or entity for
recitals, statements or warranties or representations of any other person or entity contained
herein, in the Trust Agreements or in any other documents related to the New Issue Bond Program or
the Temporary Credit and Liquidity Facility Program or be bound to ascertain or inquire as to the
performance or observance of any of the terms of this Agreement or the Trust Agreements on the part
of the GSEs.

               (e) Except if the Administrator is negligent, the Administrator shall not be liable for any
error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any
mistakes of fact or law, or for anything which it may do or refrain from doing in connection
herewith.

               (f) The Administrator shall not be required to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder, or in the

-29-

 

exercise of its rights or powers, if the Administrator believes that repayment of such
financial liability or adequate indemnity against such liability is not reasonably assured to it.

               (g) The Administrator may consult with counsel, and the advice or any opinion of counsel shall
be full and complete authorization and protection in respect of any action taken or omitted by it
hereunder in good faith and in accordance with such advice or opinion of counsel.

               (h) The Administrator shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, entitlement order, approval or other paper or document.

               (i) The Administrator may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, custodians or nominees appointed with
due care, and shall not be responsible for any willful misconduct or negligence on the part of any
agent, attorney, custodian or nominee so appointed.

               (j) The Administrator shall not be responsible for delays or failures in performance resulting
from acts beyond its control. Such acts shall include but not be limited to acts of God, strikes,
lockouts, riots, acts of war or terrorism, epidemics, nationalization, expropriation, currency
restrictions, governmental regulations superimposed after the fact, fire, communication line
failures, power failures, earthquakes or other disasters.

          Section 19. Representations and Warranties of the Administrator and the GSEs.

               (a) U.S. Bank National Association, as Administrator hereunder, makes the following
representations and warranties on which each GSE is deemed to have relied on in appointing U.S.
Bank National Association as the Administrator hereunder. The representations and warranties speak
as of the execution and delivery of this Agreement.

     (i) The Administrator is a national banking association duly chartered and validly
existing in good standing under the laws of the United States. The Administrator has
conducted and is conducting its business so as to comply in all material respects with
all applicable statutes and regulations of regulatory bodies or agencies having
jurisdiction over it, except where the failure so to comply would not have a materially
adverse effect on the performance by the Administrator of this Agreement. The
Administrator has all licenses, certificates and permits necessary to carry on its
business as now being conducted and as contemplated hereby to be conducted, except for
such licenses, certificates and permits the absence of which, individually or in the
aggregate, would not have a material adverse effect on the ability of the Administrator
to conduct its business as it is presently conducted and as contemplated hereby to be
conducted;

     (ii) The Administrator has the power and authority to execute and deliver this
Agreement and to perform its obligations and duties hereunder in accordance herewith;
the execution, delivery and performance of this Agreement by the Administrator and the
consummation of the transactions contemplated hereby

-30-

 

have been duly and validly authorized; and all requisite corporate action has been
taken by the Administrator to make this Agreement valid and binding upon the
Administrator in accordance with its terms;

     (iii) This Agreement, and all documents and instruments contemplated hereby which
are executed and delivered by the Administrator, constitute and will constitute valid,
legal and binding obligations of the Administrator, enforceable in accordance with
their respective terms, except as the enforcement thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally (whether considered in a proceeding at law
or in equity);

     (iv) The consummation of the transactions contemplated by this Agreement are in
the ordinary course of business of the Administrator and will not (A) result in the
breach of any term or provision of the articles of incorporation or by-laws of the
Administrator or (B) result in the breach of any term or provision of, or conflict with
or constitute a default under or result in the acceleration of any obligation under,
any agreement, indenture or loan or credit agreement or other instrument to which the
Administrator or its property is subject, or result in the violation of any law, rule,
regulation, order, judgment or decree to which the Administrator or its property is
subject, which, in each case under this clause (B) would materially impair the ability
of the Administrator to perform its duties and obligations under this Agreement;

     (v) There are no actions, suits or proceedings pending or, to the Administrator’s
knowledge, threatened in writing against the Administrator which are reasonably likely
to draw into question the validity of this Agreement or which, either in any one
instance or in the aggregate, are reasonably likely to materially impair the ability of
the Administrator to perform its duties and obligations under this Agreement; and

     (vi) No consent, approval or order of any court or governmental agency or body is
required for the execution, delivery and performance by the Administrator of or
compliance by the Administrator with this Agreement or the consummation of the
transactions contemplated by this Agreement, except for such consents, approvals,
authorizations and orders, if any, that have been obtained, made or given (as
applicable).

               (b) Each GSE makes the following representations to the Administrator with respect to itself.
The representations speak as of the execution and delivery of this Agreement.

     (i) The GSE is a duly organized and validly existing corporate instrumentality of
the United States created and existing under the laws of the United States. The GSE
has conducted and is conducting its business so as to comply in all material respects
with all applicable statutes and regulations of regulatory bodies or agencies having
jurisdiction over it, except where the failure so

-31-

 

to comply would not have a materially adverse effect on the performance by the GSE
of this Agreement;

     (ii) The GSE has the power and authority to execute and deliver this Agreement and
to perform its obligations hereunder in accordance herewith; the execution, delivery
and performance of this Agreement by the GSE and the consummation of the transactions
contemplated hereby have been duly and validly authorized; and all requisite action has
been taken by the GSE to make this Agreement valid and binding upon the GSE in
accordance with its terms;

     (iii) This Agreement, and all documents and instruments contemplated hereby which
are executed and delivered by the GSE, constitute and will constitute valid, legal and
binding obligations of the GSE, enforceable in accordance with their respective terms,
except as the enforcement thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally (whether considered in a proceeding at law or in equity);

     (iv) The consummation of the transactions contemplated by this Agreement will not
(A) result in the breach of any term or provision of the by-laws of the GSE or (B)
result in the breach of any term or provision of, or conflict with or constitute a
default under or result in the acceleration of any obligation under, any agreement,
indenture or loan or credit agreement or other instrument to which the GSE or its
property is subject, or result in the violation of any law, rule, regulation, order,
judgment or decree to which the GSE or its property is subject, which, in each case
under this clause (B) would materially impair the ability of the GSE to perform its
duties and obligations under this Agreement;

     (v) There are no actions, suits or proceedings pending or, to the GSE’s knowledge,
threatened in writing against the GSE which are reasonably likely to draw into question
the validity of this Agreement or which, either in any one instance or in the
aggregate, are reasonably likely to materially impair the ability of the GSE to perform
its obligations under this Agreement; and

     (vi) No consent, approval or order of any court or governmental agency or body is
required for the execution, delivery and performance by the GSE of or compliance by the
GSE with this Agreement or the consummation of the transactions contemplated by this
Agreement, except for such consents, approvals, authorizations and orders, if any, that
have been obtained, made or given (as applicable).

          Section 20. Termination of the Agreement.

               (a) The respective obligations and responsibilities of the parties to this Agreement created
hereby (other than the obligation of the Administrator to make any payments in accordance with
Section 20(b) below and Section 16 hereof) shall terminate upon the latest to occur of (a) the last
action required to be taken by the Administrator hereunder with respect to

-32-

 

any Series, (b) the dissolution of the last Trust outstanding and (c) the retirement of all
the Bonds being held by the Administrator hereunder.

               (b) To the extent that any amounts are received by the Administrator with respect to the Bonds
or GSE Securities after this Agreement is terminated in accordance with Section 20(a) above, the
Administrator shall hold such amounts in an Eligible Account and distribute such amounts in
accordance with the terms of this Agreement in the same manner as if this Agreement were never
terminated pursuant to the provisions hereunder. This Section 20(b) shall survive the termination
of this Agreement.

               (c) Promptly upon the effective date of termination of this Agreement pursuant to Section
20(a) of this Agreement or the removal of the Administrator pursuant to Section 15(b) or 15(c) of
this Agreement, respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses validly accruing to it to the date of such termination, resignation or
removal. The Administrator shall forthwith upon such termination pursuant to Section 15 of this
Agreement and the payment of all amounts owed to it hereunder, deliver to each GSE all property and
documents of or relating to the respective Bonds then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section 15(a), 15(b) or 15(c)
of this Agreement, the Administrator shall cooperate with the GSEs and take all reasonable steps
requested to assist the GSEs in making an orderly transfer of the duties of the Administrator in
accordance with the terms of this Agreement.

          Section 21. Notices.

          All notices, directions, certificates or other communications hereunder shall be sent by
certified or registered mail, return receipt requested, or by overnight courier addressed to the
appropriate notice address set forth below. Any such notice, certificate or communication shall be
deemed to have been given as of the date of actual delivery or the date of failure to deliver by
reason of refusal to accept delivery or changed address of which no notice was given pursuant to
this Section. Any of the parties hereto may, by such notice described above, designate any further
or different address to which subsequent notices, certificates or other communications shall be
sent without any requirement of execution of any amendment to this Agreement. Any notices
hereunder may also be sent by e-mail if such addresses are provided below in this Section (which
such notices shall be deemed to have been given upon actual receipt). The notice addresses are as
follows:

-33-

 

	 	 	 	 	 
	To Administrator:	 	For the New Issue Bond Program:
	 
	 	 	 	 
	 	 	U.S. Bank National Association

One Federal Street, 3rd Floor

Boston, MA 02110
	 

	 	Attention:
	 	Structured Finance/HFA Program
	 
	 	 	 	 
	 

	 	E-mail:
	 	usbhfa@usbank.com
	 
	 	 	 	 
	 

	 	For the TCLF:	 	 
	 
	 	 	U.S. Bank National Association

EP-MN-WS3T

60 Livingston Avenue

St. Paul, MN 55107

Attn: TFM/HFA Initiative
	 
	 	 	 	 
	 

	 	E-mail:
	 	usbhfa@usbank.com
	 
	To Fannie Mae:	 	Fannie Mae

3900 Wisconsin Avenue, N.W.

Washington, D.C. 20016
	 

	 	Attention:
	 	Carl W. Riedy, Jr.

Vice President for Public

Entities Channel, Housing

and Community Development
	 
	 	 	 	 
	 

	 	E-mail:
	 	Carl_W_Riedy@fanniemae.com
	 
	 	 	 	 
	 

	 	 	 	and
	 
	 	 	 	 
	 

	 	Attention:
	 	Barbara Ann Frouman

Vice President and

Deputy General Counsel, Housing and

Community Development
	 
	 	 	 	 
	 

	 	E-mail:
	 	Barbara_Ann_Frouman@fanniemae.com
	 
	 	 	 	 
	 

	 	Attention:
	 	Robert Wright

Director of Loan Pooling, Mortgage 

Operations — Bond Administration

-34-

 

	 	 	 	 	 
	 

	 	E-mail:
	 	Robert_Wright@fanniemae.com
	 
	 	 	 	 
	 	 	With an e-mail copy to: bond_admin@fanniemae.com
	 
	 	 	 	 
	 

	 	Attention:
	 	Douglas G. Higgs

Director, Operations
	 
	 	 	 	 
	 

	 	E-mail:
	 	Douglas_G_Higgs@fanniemae.com
	 
	 	 	 	 
	 	 	With an e-mail copy to: hfa_credit&liquidity_notices@fanniemae.com
	 
	 	 	 	 
	 	 	With a fax copy to: (202) 752-6853
	 
	 	 	 	 
	To Freddie Mac:	 	Freddie Mac

1551 Park Run Drive

Mail Stop D4F

McLean, Virginia 22102
	 

	 	Attention:
	 	Mark D. Hanson

Vice President Mortgage Funding
	 
	 	 	 	 
	 

	 	 	 	and
	 
	 	 	 	 
	 	 	Freddie Mac

8200 Jones Branch Drive

Mail Stop 210

McLean, Virginia 22102
	 
	 

	 	Attention:
	 	Melinda Reingold

Vice President Deputy General Counsel — Mortgage Securities
	 
	 	 	 	 
	 

	 	E-mail:
	 	Melinda_Reingold@freddiemac.com
	 
	 	 	 	 
	 

	 	with a copy to:
	 

	 	 	 	Arnold Dean

Associate General Counsel
	 
	 

	 	E-mail:
	 	Arnold_Dean@freddiemac.com
	 
	 	 	 	 
	 

	 	 	 	and
	 
	 	 	 	 
	 

	 	 	 	Edward S. Abrams

Associate General Counsel
	 
	 

	 	E-mail:
	 	Edward_Abrams@freddiemac.com
	 
	 	 	 	 
	To Treasury and

	 	Care of:	 	 
	Treasury’s
	 	 	 	 

-35-

 

	 	 	 	 	 
	Financial Agent:	 	JPMorgan Chase Bank, N.A.

1 Chase Manhattan Plaza, Floor 19

Attention: Lillian G. White

Phone - 212-552-2392

Fax - 212-552-0551
	 
	 	 	 	 
	 

	 	E-mail:
	 	jpm.hfa@jpmorgan.com
	 
	 	 	 	 
	 

	 	with a copy to:
	 
	 	 	 	 
	 

	 	E-mail:
	 	Lillian.G.White@jpmorgan.com
	 
	 	 	 	 
	 	 	Notice delivered to Treasury at the address given above
shall also constitute notice to Treasury’s Financial Agent.

or to any other address any party provides to the other parties in writing.

          Section 22. Amendments.

          The parties to this Agreement may from time to time amend this Agreement in writing, and such
amendments, when executed by all parties, shall then become a part of this Agreement.

          Section 23. Governing Law.

          This Agreement shall be governed by, and interpreted in accordance with, the laws of the
United States, not the law of any state or locality. To the extent that a court looks to the laws
of any state to determine or define the laws of the United States, it is the intention of the
parties to this Agreement that such court shall look only to the laws of the State of New York
without regard to the rules of conflicts of laws.

          Section 24. Entire Agreement; Priority of Agreements.

          This Agreement, including all documents and exhibits incorporated by reference herein,
constitutes the entire agreement between the parties with respect to the matters set forth herein.
If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be
held invalid for any reason whatsoever, then such covenants, agreements, provisions or terms shall
be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other provisions of this
Agreement. In the event of any conflict or inconsistency between this Agreement and any Trust
Agreement, this Agreement shall control.

          Section 25. Successors and Assigns.

          This Agreement may not be assigned by the Administrator unless each GSE consents to that
assignment in writing. An assignment satisfying the conditions set forth in the preceding sentence
shall, if accepted by the assignee under this Agreement, bind that assignee in the same manner as
the Administrator is bound under this Agreement. Notwithstanding the

-36-

 

foregoing, this Agreement may be assigned by (a) either GSE without consent of any party or
(b) the Administrator without the consent of the GSEs to a corporation or other organization that
is a successor (by merger, consolidation, or purchase of assets) to a GSE or the Administrator, as
applicable; provided that such successor organization shall execute and deliver to the
other parties hereto an agreement in which that organization agrees to be bound under this
Agreement in the same manner as the GSE or Administrator, as applicable, is bound under this
Agreement. Subject to the foregoing, this Agreement shall bind any successors or assigns of the
parties hereto.

          Section 26. No Third-Party Beneficiaries; Treasury as Beneficiary.

          Except as to Treasury, this Agreement does not confer any rights, benefits, remedies or
claims, either at law or in equity, on any person not a party to this Agreement. Treasury shall be
a beneficiary, and entitled to enforce the provisions, of this Agreement.

          Section 27. Headings.

          The section headings hereof have been inserted for convenience of reference only and shall not
be construed to affect the meaning, construction or effect of this Agreement.

          Section 28. Counterparts.

          This Agreement may be executed in counterparts, each of which when so executed shall together
constitute but one and the same agreement.

          Section 29. Severability.

          Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall
be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

          Section 30. Records.

          The Administrator shall maintain appropriate books of account and records as required by law
and relating to the Administrator’s services performed under this Agreement. These books of
account and records shall be accessible for inspection upon written request, given at least three
Business Days prior to inspection, by the GSEs or Treasury’s Financial Agent at any time during
normal business hours.

-37-

 

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

	 	 	 	 	 
	 	FEDERAL NATIONAL MORTGAGE ASSOCIATION

 	 
	 	By:  	/s/ Carl W. Riedy, Jr.	 
	 	  	 	 
	 	 	Name:  	Carl W. Riedy, Jr. 	 
	 	 	Title:  	Vice President for Public Entities

Channel, Housing and Community

Development 	 
	 

	 	 	 	 	 
	 	FEDERAL HOME LOAN MORTGAGE CORPORATION

 	 
	 	By:  	/s/ Charles W. Pearson	 
	 	  	 	 
	 	 	Name:  	Charles W. Pearson 	 
	 	 	Title:  	Vice President, Loan and
Securities Operations 	 
	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Administrator

 	 
	 	By:  	/s/ Julie A. Kirby	 
	 	  	 	 
	 	 	Name:  	Julie A. Kirby 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

Schedule I

PROGRAM BOND FEE SCHEDULE

	 	 	 
	Administrator Fee:

	 	$130,000 per year ($65,000 per GSE) to be paid
in equal monthly installments out of the
amounts otherwise payable to the GSEs under
this Agreement.
	 
	 	 
	Closing Agent Fee:

	 	One time fee of $25,000 ($12,500 per GSE) to
be paid by the GSEs on the second settlement
date for the New Issue Bond Program (which is
expected to be January 12, 2010).
	 
	 	 
	Program Bond Guarantee Fee:

	 	With respect to each GSE and Program Bond
Series, a per annum rate equal to the product
of 0.25% and the unpaid principal amount of
the Program Bonds being held under the
Administration Agreement (paid monthly to the
GSEs); provided, however, for purposes of this
calculation, Program Bonds that are subject to
Conversion, and for which the Release Date
has not occurred, are excluded.

 

 

Schedule II:

TCLF FEE SCHEDULE

	 	 	 
	Administrator Fee:

	 	A per annum rate, payable monthly out of
amounts otherwise payable to the GSEs under
this Agreement, equal to the product of
0.0008% and the sum of (i) the then current
aggregate of the Principal Portion of the
Amount Available (as such terms are defined
in the TCLFs) under each of the then
outstanding TCLFs plus (ii) the principal
amount of all Bank Bonds.
	 
	 	 
	Bank Bond Additional Interest:

	 	If Bank Bonds are not securitized: A per
annum rate equal to the product of (a) the
Prime Rate plus 1% minus 0.25% and (b)
principal Amount of the Bank Bonds (paid
monthly)

	 
	 	 
	 

	 	
If the Bank Bonds are securitized: A per
annum rate equal to the product of (a) the
Prime Rate plus 1% minus 0.30% and (b) the
principal amount of the Bank Bonds (paid
monthly)
	 
	 	 
	Bank Bond Guarantee Fee:

	 	A per annum rate equal to the product of
0.25% and the principal amount of the Bank
Bonds (paid monthly)
	 
	 	 
	Bank Bond Securitization Fee:

	 	A per annum rate equal to the product of
0.05% and the principal amount of the Bank
Bonds (paid monthly)

 

 

EXHIBIT A

FORM OF CUSTODIAL RECEIPT

Date: [               ]

Percentage Interest: 50%

# of [Bank Bonds] [Program Bonds]: [     ]

Current Balance of Securities as of __/__/__ $[          ]

[Replaces Custodial Receipt Dated __/__/__]

Fannie Mae or Freddie Mac

Address

Address

Attn:[                       ]

	 	Re: 	 	 Amended and Restated Administration Agreement, dated as of January 22, 2010
(the “Administration Agreement”), among Federal National Mortgage Association,
Federal Home Loan Mortgage Corporation and U.S. Bank National Association, as
Administrator                         
                           
                 
                        

Ladies and Gentlemen:

          In accordance with the provisions of Section 4 of the above-referenced Administration
Agreement (capitalized terms not otherwise defined herein having the meanings ascribed to them in
the Administration Agreement), the undersigned, as the Administrator, hereby certifies it holds
each [Bank Bond] [Program Bond] described in the attached Administrator [Bank Bond] [Program Bond]
Schedule.

          The delivery of this Custodial Receipt evidences that (i) the Administrator has received the
related [Bank Bond] [Program Bond] in its account at DTC and has credited each Bond to the trust
account as required under the Administration Agreement, (ii) the Administrator is holding each
[Bank Bond] [Program Bond] identified on the Administrator [Bank Bond] [Program Bond] Schedule
attached hereto, pursuant to the Administration Agreement, as the bailee of and custodian for [GSE
Trusts] for their respective interest in the [Bank Bonds] [Program Bonds] as reflected in this
Custodial Receipt, and (iii) such [Bank Bonds] [Program Bonds] will be continue to be so held by
the Administrator until released in accordance with the terms and any conditions set forth in the
Administration Agreement.

          The Administrator makes no representations as to, and shall not be responsible to verify, (i)
the validity, legality, enforceability, due authorization, recordability, sufficiency, or
genuineness of any of the [Bank Bonds] [Program Bonds] or (ii) the collectability, insurability,
effectiveness or suitability of any such [Bank Bond] [Program Bond].

          On each date the Administrator delivers to the [GSE Trust] a Custodial Receipt, it shall
supersede the Custodial Receipt previously delivered by the Custodian to the [GSE

 

 

Trust]hereunder. The most recently delivered Custodial Receipt shall control and be binding
upon the parties hereto.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Administrator

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2

 

EXHIBIT B-1

FORM OF REMITTANCE REPORT

Event File

	 	 	 	 	 
	FIELD NAME	 	DATATYPE	 	NOTE
	DT_REPORT

	 	DATE
	 	DATE THE EVENT OCCURED
	CUSIP

	 	TEXT
	 	CUSIP
	HFA_NAME

	 	TEXT
	 	FULL NAME OF THE HFA
	HFA_STATE

	 	TEXT
	 	2 CHARACTER ABBREVIATION OF THE STATE
	HFA_NAME_LOCAL

	 	TEXT
	 	NAME OF THE LOCALITY (APPLIES TO NON-STATE HFAS)
	HFA_TYPE

	 	TEXT
	 	VALID VALUES: LOCAL OR STATE
	HFA_TRUSTEE

	 	TEXT
	 	NAME OF HFA TRUSTEE
	HFA_REMARKET_AGENT

	 	TEXT
	 	NAME OF HFA REMARKETING AGENT
	SERIES

	 	TEXT
	 	SERIES OF THE SECURITY
	CLASS

	 	TEXT
	 	CLASS CODE FOR SECURITY
	ORIG_BAL

	 	NUMBER
	 	VALUE OF BOND WHEN IT ENTERED THE PROGRAM (FOR TCLF = Principal Portion)
	ORIG_INT_PORTION

	 	NUMBER
	 	INTEREST PORTION OF “AMOUNT AVAILABLE” FOR TCLF
	ORIG_AMT_AVAIL

	 	NUMBER
	 	AMOUNT AVAILABLE FOR TCLF
	ORIG_COUPON

	 	NUMBER < 1
	 	VALUE OF THE COUPON WHEN IT ENTERED THE PROGRAM
	DIST_DAY

	 	INTEGER
	 	DAY OF THE MONTH SECURITY PAYS
	DT_FIRST_PMT

	 	DATE
	 	DATE OF FIRST PAYMENT OF SECURITY
	DT_FINAL_PMT

	 	DATE
	 	DATE OF LAST PAYMENT OF SECURITY
	DT_SETTLE

	 	DATE
	 	DATE THE EVENT OCCURED
	PMT_FREQ

	 	INTEGER
	 	VALID VALUES: 0 — 9
	COLLAT_TYPE

	 	TEXT
	 	VALID VALUES: SF OR MF
	SECURITY_STATUS

	 	INTEGER
	 	VALID VALUES: 10 — 16
	EVENT_TYPE

	 	INTEGER
	 	VALID VALUES: 100 — 107
	EVENT_AMOUNT

	 	NUMBER
	 	THIS VALUE CAN BE NULL OR 0 FOR SPECIFIC EVENT TYPES
	EVENT_FEE

	 	NUMBER
	 	THIS VALUE CAN BE NULL OR 0 FOR SPECIFIC EVENT TYPES
	SPREAD

	 	NUMBER < 1
	 	SPREAD RELATED TO MF CONSTRUCTION SECURITIES
	DT_RESET

	 	DATE
	 	VALUE USED TO DETERMINE RESET TIME ON SPECIFIC MF SECURITIES
	MF_COLLAT_DESC

	 	TEXT
	 	USED FOR SPECIFIC CONSTRUCTION RELATED MF SECURITIES
	GSE_ISSUER

	 	TEXT
	 	VALID VALUES: FHLM OR FNMA. NULL FOR NON-GSE
	LINK_FHLM_CUSIP

	 	TEXT
	 	CUSIP REPRESENTING LINKED FHLM GSE SECURITY
	LINK_FNMA_CUSIP

	 	TEXT
	 	CUSIP REPRESENTING LINKED FNMA GSE SECURITY
	TRANS_ID

	 	INTEGER
	 	VALUE TO ASSOCIATE RELATED CONVERSION EVENTS

Monthly File

	 	 	 	 	 
	FIELD NAME	 	DATATYPE	 	NOTE
	DT_REPORT

	 	DATE
	 	DATE THE FILE REPRESENTS
	CUSIP

	 	TEXT
	 	CUSIP
	DT_DIST

	 	DATE
	 	DATE THE SECURITY PAYS IN THE REPORTING PERIOD
	BEG_BAL

	 	NUMBER
	 	BEGINNING BALANCE OF SECURITY AT BEGINNING OF PERIOD
	END_BAL

	 	NUMBER
	 	ENDING BALANCE OF SECURITY AT END OF PERIOD
	END_BAL_FACTOR

	 	NUMBER < = 1
	 	CURRENT FACTOR. VALUE SHOULD NOT EXCEED 1
	PRIN_DIST_SCHED

	 	NUMBER
	 	AMOUNT SECURITY IS REDUCED THROUGH NORMAL PRINCIPAL PAYDOWN IN PERIOD
	PRIN_DIST_UNSCHED

	 	NUMBER
	 	AMOUNT SECURITY IS REDUCED THROUGH EXTRA PRINCIPAL PAYDOWN IN PERIOD
	INT_DIST

	 	NUMBER
	 	AMOUNT OF INTEREST PAYED IN PERIOD
	COUPON

	 	NUMBER < 1
	 	COUPON RATE IN PERIOD
	BEG_CRED_ADV_PRIN

	 	NUMBER
	 	BEGINNING OUTSTANDING PRINCIPAL CREDIT ADVANCES
	CRED_ADV_PRIN

	 	NUMBER
	 	CURRENT PERIOD CREDIT ADVANCE FOR PRINCIPAL
	CRED_ADV_PRIN_REPAY

	 	NUMBER
	 	CURRENT PERIOD CREDIT ADVANCE FOR PRINCIPAL REPAID
	END_CRED_ADV_PRIN

	 	NUMBER
	 	ENDING OUTSTANDING PRINCIPAL CREDIT ADVANCES
	BEG_CRED_ADV_INT

	 	NUMBER
	 	BEGINNING OUTSTANDING INTEREST CREDIT ADVANCES
	CRED_ADV_INT

	 	NUMBER
	 	CURRENT PERIOD CREDIT ADVANCE FOR INTEREST
	CRED_ADV_INT_REPAY

	 	NUMBER
	 	CURRENT PERIOD CREDIT ADVANCE FOR INTEREST REPAID
	END_CRED_ADV_INT

	 	NUMBER
	 	ENDING OUTSTANDING INTEREST CREDIT ADVANCES
	BEG_ACCINT_ON_CRED_ADV

	 	NUMBER
	 	BEGINNING ACCRUED INTEREST OUTSTANDING ON CREDIT ADVANCES
	ACCINT_ON_CRED_ADV

	 	NUMBER
	 	CURRENT PERIOD ACCRUED INTEREST ON CREDIT ADVANCES
	ACCINT_ON_CRED_ADV_PAID

	 	NUMBER
	 	CURRENT PERIOD ACCRUED INTEREST ON CREDIT ADVANCES PAID
	END_ACCINT_ON_CRED_ADV

	 	NUMBER
	 	ENDING ACCRUED INTEREST OUTSTANDING ON CREDIT ADVANCES
	BEG_PRIN_PORTION

	 	NUMBER
	 	BEGINNING PRINCIPAL PORTION FOR TCLF
	END_PRIN_PORTION

	 	NUMBER
	 	ENDING PRINCIPAL PORTION FOR TCLF
	BEG_INT_PORTION

	 	NUMBER
	 	BEGINNING INTEREST PORTION FOR TCLF
	END_INT_PORTION

	 	NUMBER
	 	ENDING INTEREST PORTION FOR TCLF
	TREAS_FEE_RATE

	 	NUMBER < 1
	 	RATE OF FEE IN BPS CHARGED BY US TREASURY TO HFA. APPLIES ONLY TO TCLF
	TREAS_FEE

	 	NUMBER
	 	TOTAL AMOUNT OF FEES DUE TO US TREASURY
	GSE_FEE_RATE

	 	NUMBER < 1
	 	RATE OF FEE IN BPS CHARGED BY THE GSE TO HFA. APPLIES ONLY TO TCLF
	GSE_TCLF_FEE

	 	NUMBER
	 	AMOUNT DUE TO GSE BY HFA FOR TCLF PROGRAM
	GES_NIBP_FEE

	 	NUMBER
	 	AMOUNT DUE TO GSE BY HFA FOR NIB PROGRAM
	MISC_FEE

	 	NUMBER
	 	TOTAL AMOUNT OF OTHER MISC FEES
	ADMIN_FEE

	 	NUMBER
	 	AMOUNT FEE TO US BANK FOR ACTING AS ADMINISTRATOR
	BB_SECUR_FEE

	 	NUMBER
	 	AMOUNT FEE DUE TO GSE FOR SECURITIZING A BANKBOND

B-1

 

EXHIBIT B-2

FORM OF BOND ADMINISTRATION REPORT

					
	 	 	 	 	 
	
	 	Temporary Credit and Liquidity
Facility (TCLF) Program & New Issue Bond Program (NIBP)
	 	Contact:
Julie Kirby
Account Officer
	 
	 	 	 	617-603-6576
	 
	 	 	 	julie.kirby@usbank.com

As of Date: “mm/dd/yyyy”

NIBP Summary — December Securitization

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GSE Payment information:	 	TOTALs	 	 	FNM1	 	 	FNM2	 	 	FRE1	 	 	FRE2	 
	Cusip (if decided to use just one cusip per GSE)
	 	 	N/A	 	 	 	#####	 	 	 	#####	 	 	 	#####	 	 	 	#####	 
	Original Balance
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beginning Balance
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Principal Distribution
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Balance
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Balance Factor
	 	 	1.00000000	 	 	 	1.00000000	 	 	 	1.00000000	 	 	 	1.00000000	 	 	 	1.00000000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Coupon Rate
	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%
	Interest Distribution
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aggregate Underlying Bond Information by Single Family vs Multi-family:	 	TOTALs	 	 	SF	 	 	MF	 
	Beginning Balance
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Principal Received
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Losses
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Balance
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Count
	 	 	0	 	 	 	0	 	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Interest Received

	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aggregate
Underlying Bond Information — Single Family by type:	 	TOTALs	 	 	PAR	 	 	PREMIUM	 	 	ESCROW	 
	Beginning Balance
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Plus / Less: Escrow Conversions
	 	 	0	 	 	 	0	 	 	 	N/A	 	 	 	0	 
	Less: Principal Received
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Balance
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Count
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest Received
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aggregate Underlying Bond Information — Multi-Family by type:	 	TOTALs	 	 	CONSTRUCT	 	 	NON-CON	 	 	ESCROW	 
	Beginning Balance
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Plus / Less: Escrow Conversions
	 	 	0	 	 	 	0	 	 	 	N/A	 	 	 	0	 
	Less: Principal Received
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Balance
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Count
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Interest Received
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reconciliation:	 	TOTALs	 	 	SF	 	 	MF	 
	Available Funds (Principal and Interest Collected)
	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distributions:	 	TOTALs	 	 	SF	 	 	MF	 
	FNMA G-Fee
	 	 	0	 	 	 	0	 	 	 	0	 
	FHLMC G-Fee
	 	 	0	 	 	 	0	 	 	 	0	 
	Administration Fee
	 	 	0	 	 	 	0	 	 	 	0	 
	Closing Agent Compensation to USB
	 	 	0	 	 	 	0	 	 	 	0	 
	FNM1 / FNM2 to UST
	 	 	0	 	 	 	0	 	 	 	0	 
	FRE1 / FRE2 to UST
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	 
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Check:
	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Fees and Expenses paid (not paid out of collections):	 	TOTALs	 	 	FNMA	 	 	FHLMC	 
	Initial Securitization Fee or GSE Program Fee to GSEs
	 	 	0	 	 	 	0	 	 	 	0	 
	Securitization Unwrap Fee or Security Termination Fee to GSEs
	 	 	0	 	 	 	0	 	 	 	0	 
	Out of pocket costs and counsel fees to GSEs
	 	 	0	 	 	 	0	 	 	 	0	 
	Escrow Release Fees to GSEs
	 	 	0	 	 	 	0	 	 	 	0	 

B-2

 

					
	
	 	Temporary Credit and Liquidity Facility (TCLF) Program & New Issue Bond Program
(NIBP)
	 	Contact:
Julie Kirby
Account Officer
617-603-6576
	 
	 	 	 	julie.kirby@usbank.com

As of Date: “mm/dd/yyyy”

TCLF Summary

	 	 	 	 	 	 	 	 	 	 	 	 	 
	TCLF Available Amount Summary:	 	TOTALs	 	 	SF	 	 	MF	 
	Beginning Principal Portion
	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: New HFA bonds entering program
	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Current Principal Credit Enhancement Draw Reimbursements
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Failed remarketings (converted to Bank Bonds)
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Principal Collected
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Current Principal Credit Enhancement Draws
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Principal Portion (A)
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Count
	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TOTALs	 	 	SF	 	 	MF	 
	Beginning Interest Portion
	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Current Interest Credit Enhancement Draw Reimbursements
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Current Interest Credit Enhancement Draw
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Interest Portion (B)
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Available Amount (A) + (B)
	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Credit Enhancement Activity:	 	TOTALs	 	 	SF	 	 	MF	 
	Beginning Outstanding Principal Credit Enhancement Position
	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Current Principal Credit Enhancement Draws
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Current Principal Credit Enhancement Draw Reimbursements
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Outstanding Principal Credit Enhancement Position
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TOTALs	 	 	SF	 	 	MF	 
	Beginning Outstanding Interest Credit Enhancement Position
	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Current Interest Credit Enhancement Draw
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Current Interest Credit Enhancement Draw Reimbursements
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Outstanding Interest Credit Enhancement Position
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TOTALs	 	 	SF	 	 	MF	 
	Beginning Outstanding Interest on Credit Advance
	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Current Interest on Credit Advance (Prime + 1%)
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Current Reimbursements of Outstanding Interest
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Outstanding Credit Enhancement Position
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank Bond Summary:	 	TOTALs	 	 	SF	 	 	MF	 
	Beginning Balance
	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Failed Remarketings
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Remarketed Bank Bonds
	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Principal Collected (to UST)
	 	 	0	 	 	 	0	 	 	 	0	 
	Ending Balance
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Ending Count
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Total Interest Collected (to UST)
	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Fees:	 	TOTALs	 	 	SF	 	 	MF	 
	Credit and Liquidity Facility Fees (.25%)
	 	 	0	 	 	 	0	 	 	 	0	 
	Treasury Credit Premiums
	 	 	0	 	 	 	0	 	 	 	0	 
	Bank Bond Program Fee (.25%)
	 	 	0	 	 	 	0	 	 	 	0	 
	Bank Bond Securitization Fee (.05%)
	 	 	0	 	 	 	0	 	 	 	0	 
	Bank Bond Securitization Unwrap Fee / GSE Termination Fee
	 	 	0	 	 	 	0	 	 	 	0	 
	Miscleaneous Fees to GSE (modification, consents, amendments, workout, legal)
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Administrator Fee
	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 
	Total Fees:
	 	 	0	 	 	 	0	 	 	 	0	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Funds Distributed:	 	TOTALs	 	 	SF	 	 	MF	 
	Total to FNMA:
	 	 	0	 	 	 	0	 	 	 	0	 
	Total to FHLMC:
	 	 	0	 	 	 	0	 	 	 	0	 
	Total to UST
	 	 	0	 	 	 	0	 	 	 	0	 

B-2-2

 

					
	
	 	Temporary Credit and Liquidity Facility (TCLF) Program & New Issue Bond Program
(NIBP)
	 	Contact:
Julie Kirby
Account Officer
	 
	 	 	 	617-603-6576
	 
	 	 	 	julie.kirby@usbank.com

As of Date: “mm/dd/yyyy”

Program Summary

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	TCLF	 	 	NIBP	 
	Loss Sharing	 	TOTALs	 	 	FNMA	 	 	FHLMC	 	 	FNM1	 	 	FNM2	 	 	FRE1	 	 	FRE2	 
	Beginning Program Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Transaction Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Recoveries
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 
	Ending Program Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 
	Percentage of First loss Limit
	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%
	Crossover Date
	 	 	N/A	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	TCLF	 	 	NIBP	 
	 	 	TOTALs	 	 	FNMA	 	 	FHLMC	 	 	FNM1	 	 	FNM2	 	 	FRE1	 	 	FRE2	 
	First Loss Limit
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Recoveries to First Position Loss
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Less: First Position Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 
	First Loss Limit Remaining
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	TCLF	 	 	NIBP	 
	 	 	TOTALs	 	 	FNMA	 	 	FHLMC	 	 	FNM1	 	 	FNM2	 	 	FRE1	 	 	FRE2	 
	Beginning Second Position Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Plus: Loss Sharing Payment
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Less: Recoveries to Second Position Loss
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 
	Ending Second Position Losses
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 	 	 	 	 

	 	 	 	 	 
	Total Funds Distributed:	 	TOTALs	 
	Total to Administrator
	 	 	0	 
	Total to FNMA
	 	 	0	 
	Total to FHLMC
	 	 	0	 
	Total to UST
	 	 	0	 

B-2-3

 

EXHIBIT C

LOSS SHARING

[SEE ATTACHED]

C-1

 

    SCHEDULE C
    

 

    The following is the Uniform Loss Sharing Attachment for the New
    Issue Bond Program and the Temporary Credit and Liquidity
    Facility Program. This attachment contains the provisions
    applicable to (i) Partial Guarantees relating to GSE
    Securities issued from time to time under the New Issue Bond
    Program and (ii) Participation Agreements entered into from
    time to time and Partial Guarantees relating to GSE Securities
    issued from time to time under the Temporary Credit and
    Liquidity Facility Program.

 

    This Uniform Loss Sharing Attachment is attached to each Partial
    Guarantee and each Participation Agreement.

 

    Section
    1     Definitions.  In
    this Attachment and in any agreement or other document to which
    this Attachment is attached, all capitalized terms have the
    meanings given to those terms in this Section 1 unless the
    context or use clearly indicates a different meaning. Any
    capitalized term used in this Attachment but not defined in this
    Exhibit shall be used as defined in the agreement or other
    document to which this Exhibit is attached. The following terms
    have the following meanings:

 

    “Amount Available” has the meaning given to
    that term in each Temporary Credit and Liquidity Facility.

 

    “Bank Bonds” means any VRDOs that were tendered
    for purchase by a bondholder and were put to the GSEs under a
    TCLF and have not yet been remarketed to a new bondholder,
    whether or not the GSEs have issued GSE Securities backed by
    such Bank Bonds.

 

    “Bonds” means, as the case may be, VRDOs, Bank
    Bonds and New Issue Bonds.

 

    “Credit Advance” means an advance under a TCLF
    to pay debt service due on VRDOs for which there are
    insufficient funds available under the related indenture.

 

    “Event of Default” means an “event of
    default” as such term is defined in the related bond
    indenture for the underlying bonds.

 

    “Fannie Mae” means the Federal National
    Mortgage Association, a federally-chartered and
    stockholder-owned corporation organized and existing under the
    Federal National Mortgage Association Charter Act,
    12 U.S.C. § 1716 et seq.

 

    “First Loss Limit” has the meaning given to
    that term in Section 5.

 

    “First Position Loss” means the amount of
    Program Loss to be borne by Treasury under the Program. The
    First Position Loss is that portion of the Program Loss that
    does not exceed the First Loss Limit.

    

    C-1

 

    “Freddie Mac” means the Federal Home Loan
    Mortgage Corporation, a shareholder-owned government-sponsored
    enterprise organized and existing under the laws of the United
    States.

 

    “Government-sponsored enterprise” or
    “GSE” means either or both Fannie Mae and Freddie Mac.

 

    “GSE Obligations” or “GSE
    Securities” are obligations and securities issued or
    guaranteed, in whole or in part, by Fannie Mae or Freddie Mac
    including, without limitation, Bank Bonds and New Issue Bonds
    and, with respect to the Temporary Credit and Liquidity Facility
    Program, Participation Agreements.

 

    “HFA” means a housing finance agency created by
    any of the States of the United States or any possession,
    territory or commonwealth of the United States, or any political
    subdivision thereof.

 

    “Liquidity Advance” means an advance under a
    TCLF to pay for bond purchase tenders relating to VRDOs.

 

    “Loss Calculation Date” means the date as of
    which a Loss is calculated as provided in Paragraph 6.

 

    “MOU” means the Memorandum of Understanding
    among Treasury, Federal Housing Finance Agency, Fannie Mae and
    Freddie Mac.

 

    “Multifamily Credit Enhancement Program” means
    the Treasury program, distinct and separate from the Programs,
    to purchase HFA bonds which are guaranteed by the Credit
    Enhancement Agreement by either of the GSEs.

 

    “New Issue Bond Program” means the program
    described in the New Issue Bond Program Agreement.

 

    “New Issue Bond Program Agreement” means one or
    more New Issue Bond Program Agreements by and among Treasury and
    the GSEs, concerning the program for the acquisition of GSE
    Securities backed by New Issue Bonds.

 

    “New Issue Bonds” means, collectively, the
    single family bonds and multifamily bonds which back GSE
    Securities purchased under the New Issue Bond Program Agreement.

 

    “Partial Guarantee” means a partial guarantee
    provided by a GSE (a) pursuant to a GSE Security issued
    with respect to the Temporary Credit and Liquidity Facility
    Program or (b) pursuant to a GSE Security issued with
    respect to the New Issue Bond Program.

 

    “Participation Agreement” means each
    Participation Agreement by and between Treasury and the GSEs
    whereby the rights, duties and obligations of the Treasury and
    the GSEs with respect to the Temporary Credit and Liquidity
    Facility Program (including the terms of the Partial Guarantee)
    are set forth, as such agreements are amended and supplemented.

    

    C-2

 

    “Program” means either of the New Issue Bond
    Program or the Temporary Credit and Liquidity Facility Program.

 

    “Program Bonds” means New Issue Bonds and Bank
    Bonds.

 

    “Program Losses” mean the aggregate of all
    Transaction Losses incurred under the Temporary Credit and
    Liquidity Facility Program and the New Issue Bond Program.

 

    “Recovery” means any payment or other amount
    received or recovered with respect to a Transaction Loss. A
    Recovery excludes any amounts paid by a GSE to Treasury with
    respect to a Second Position Loss or any amounts payable by
    Treasury to the GSEs under any purchase agreement or
    participation agreement.

 

    “Reimbursement Agreement” means each
    Reimbursement Agreement entered into among an HFA, a bond
    trustee and the GSEs relative to a TCLF, as such Reimbursement
    Agreements are amended and supplemented.

 

    “Risk Rating” means the risk rating of an
    indenture under a Program.

 

    “Second Position Loss” means that portion of
    Program Losses, if any, that is not allocated to the First Loss
    Position. Any Second Position Loss will be allocated to the
    Participation Agreements and Partial Guarantees in accordance
    with the Uniform Loss Sharing Attachment.

 

    “Secured Multifamily Loans” means loans that
    are secured by multifamily properties.

 

    “Temporary Credit and Liquidity Facility” or
    “TCLF” has the meaning given to that term in
    the Participation Agreement.

 

    “Temporary Credit and Liquidity Facility
    Program” means the Program described in the
    Participation Agreement.

 

    “Transaction Documents” means, collectively,
    the TCLF, the Reimbursement Agreement and related Bond documents
    with respect to any series included in the Temporary Credit and
    Liquidity Facility Program, as such documents are amended from
    time to time in accordance with their terms.

 

    “Transaction Loss” means an amount calculated
    pursuant to Section 7 as the loss realized on a Program
    Bond or a Temporary Credit and Liquidity Facility.

 

    “Trust” means a trust established by a GSE as a
    pass-through entity which holds one or more issues of Bonds and,
    where appropriate, a Partial Guarantee.

 

    “VRDO” means a variable rate demand obligation
    bond issued by an HFA

 

    Section 2     General
    Statement.  Treasury and the GSEs will share
    Program Losses, if any, realized on:

    

    C-3

 

    (a) the principal of the New Issue Bonds backing GSE
    Securities issued from time to time under the New Issue Bond
    Program; and

 

    (b) the principal portion of all Credit Advances and
    Liquidity Advances made from time to time under the Temporary
    Credit and Liquidity Facilities issued under the Temporary
    Credit and Liquidity Facility Program.

 

    Any losses incurred with respect to accrued but unpaid interest
    on any of the New Issue Bonds backing the GSE Securities issued
    from time to time under the New Issue Bond Program and on any
    Credit Advance or Liquidity Advance made from time to time under
    the Temporary Credit and Liquidity Facilities issued under the
    Temporary Credit and Liquidity Facility Program are not subject
    to sharing with the GSEs and will be entirely borne by Treasury.
    No loss sharing shall occur with respect to the Multifamily
    Credit Enhancement Program as a GSE will have provided credit
    enhancement for such Bonds separately.

 

    Section 3     GSE Only Shares
    in Losses for its Activities in Programs.  The
    sharing of Program Losses will be structured between Treasury
    and each GSE separately. A GSE will only share in Program Losses
    realized on the New Issue Bonds backing the GSE Securities
    issued by that GSE and on losses realized on that GSE’s
    portion of the Temporary Credit and Liquidity Facilities.
    Neither GSE will share in Program Losses allocable to the other
    GSE.

 

    Section 4     Allocation of
    Losses between Treasury and GSE.  Treasury will
    bear all Program Losses realized on the New Issue Bond Program
    and the Temporary Credit and Liquidity Facility Program up to
    the First Loss Limit (“First Position Losses”). Each
    GSE will bear Program Losses, if any, realized on the New Issue
    Bond Program and the Temporary Credit and Liquidity Facility
    Program once the Program Losses, if any, realized by Treasury
    equal the First Loss Limit (“Second Position Losses”).

 

    Section 5     First Loss
    Limit.  With respect to a GSE, the First Loss
    Limit will be 35% of the sum of:

 

    (a) the aggregate original principal amount of all New
    Issue Bonds backing the GSE Securities issued from time to time
    under the New Issue Bond Program by that GSE; and

 

    (b) the aggregate original principal portion of the Amount
    Available obligated to be paid by each GSE in each Temporary
    Credit and Liquidity Facility issued under the Temporary Credit
    and Liquidity Facility Program.

 

    Such First Loss Limit may be adjusted by the GSEs and Treasury
    if the aggregate amount under either (a) or (b) above
    is less than $10 billion, or upon the obtaining or
    processing of information impacting the applicable Risk Ratings,
    or such other material new information that affects risk,
    commercial reasonableness, or safety and soundness under either
    the New Issue Bond Program or the Temporary Credit and Liquidity
    Facility Program. Any such adjustment shall be made in good
    faith by the GSEs and Treasury

    

    C-4

 

    based upon objective thresholds factoring into, among other
    things, the applicable Risk Ratings and the aggregate amounts
    set forth in (a) and (b) above.

 

    Section 6     When Transaction
    Loss is Calculated.

 

    (a) New Issue Bond Program. Under the New Issue Bond
    Program, Transaction Loss will be calculated separately with
    respect to each Program Bond upon twelve (12) months after
    the first to occur of:

 

    (1) the stated maturity date of the New Issue Bond;

 

    (2) the date the New Issue Bond is fully redeemed;

 

    (3) the date of acceleration of the New Issue Bond; or

 

    (4) the date of mandatory tender in lieu of redemption of
    the New Issue Bond.

 

    (b) Temporary Credit and Liquidity Facility Program.
    Under the Temporary Credit and Liquidity Facility Program,
    Transaction Loss will be calculated for each Temporary Credit
    and Liquidity Facility upon the last to occur of:

 

    (1) the date the GSE has no further obligation under the
    Temporary Credit and Liquidity Facility;

 

    (2) the date all Bank Bonds, if any, are paid in full,
    remarketed or redeemed; or

 

    (3) twelve (12) months after the first to occur of:

 

    (A) a Credit Advance remains unreimbursed;

 

    (B) a Bank Bond is not paid or redeemed when due; or

 

    (C) the GSE causes the acceleration, redemption or
    mandatory tender of the Bonds upon the occurrence of an Event of
    Default under any of the Transaction Documents.

 

    Section 7     How Losses are
    Determined.

 

    Transaction Losses will be calculated for a New Issue Bond or a
    Temporary Credit and Liquidity Facility as follows:

 

    (a) New Issue Bond Program. Under the New Issue Bond
    Program, a Transaction Loss under a New Issue Bond is the amount
    of principal of such New Issue Bond then due and unpaid as of
    the date that Transaction Loss is calculated. Any accrued and
    unpaid interest and any interest on interest or interest on
    other unpaid sums will not be included in Transaction Losses and
    will be borne solely by Treasury.

    

    C-5

 

    (b) Temporary Credit and Liquidity Facility Program.
    Under the Temporary Credit and Liquidity Facility Program, a
    Transaction Loss under a Temporary Credit and Liquidity Facility
    is:

 

    (1) all amounts owing and unpaid by the HFA under the
    related Reimbursement Agreement (relating to the principal
    portion of unreimbursed Credit Advances and unreimbursed
    Liquidity Advances); less

 

    (2) the sum of all amounts reimbursed, received or
    recovered on account of the amounts owing under paragraph
    (1) above prior to the Loss Calculation Date.

 

    The amount of any Transaction Loss will be allocated between
    unreimbursed Credit Advances and unreimbursed Liquidity Advances
    (and the related Bank Bonds) on the basis of the ratio of
    aggregate unreimbursed principal of the Credit Advances to the
    aggregate unreimbursed principal of the Liquidity Advances.

 

    Transaction Losses will be adjusted pursuant to the provisions
    of Sections 11 and 12.

 

    (c) Calculation Rules. For purposes of determining
    Transaction Loss under the New Issue Bond Program:

 

    (1) Transaction Loss will be calculated only with respect
    to the Bonds actually held by the related Trust. Any Bonds that
    were not acquired by the Trust shall be excluded from the
    calculation of Transaction Loss.

 

    (2) For purposes of calculating Transaction Loss, all
    payments made by the trustee for the Bonds shall be applied as
    principal or interest as characterized by the trustee for the
    Bonds in making such payment. Should the trustee for the Bonds
    not characterize a payment as either principal or interest, then
    that payment shall be characterized as required by the indenture
    or bond resolution for the Bonds. If the trustee for the Bonds
    does not characterize the payment as principal or interest and
    the related indenture or resolution contains no relevant terms,
    then the payment shall be applied first to outstanding and
    unpaid principal of the Bonds in the order of their stated
    maturity dates and then to accrued and unpaid interest on the
    Bonds in the order of their stated maturity dates.

 

    Section 8     Procedure for
    Reporting a Transaction Loss.  Pursuant to the
    timeframes set forth in Paragraph 6 above, the GSE will
    calculate, or cause to be calculated, the amount of Transaction
    Loss, if any, realized on a New Issue Bond or Temporary Credit
    and Liquidity Facility as provided in Paragraph 7 above.

 

    Section 9     Reporting if No
    Transaction Loss Calculated.  If the calculation
    prepared in accordance with Paragraph 7 above shows that no
    Transaction Loss was realized, the GSE will provide or cause to
    be provided a statement to that effect to Treasury within
    90 days of the Loss Calculation Date.

    

    C-6

 

    Section 10     Reporting if
    Transaction Loss Calculated; Payment of Second Position Loss.

 

    (a) Reconciliation. If the calculation shows that a
    Transaction Loss was realized, the GSE will send a written
    reconciliation calculation to Treasury within 90 days of
    the Loss Calculation Date which specifies:

 

    (1) Transaction Identification: The New Issue Bond
    or Temporary Credit and Liquidity Facility for which the
    reconciliation is made.

 

    (2) Transaction Loss: The Transaction Loss realized
    on the New Issue Bond or Temporary Credit and Liquidity Facility
    as of the Loss Calculation Date.

 

    (3) Program Losses:

 

    (A) Aggregate Program Losses (excluding only the
    Transaction Loss then just calculated for the New Issue Bond or
    Temporary Credit and Liquidity Facility for which the
    reconciliation is made); and

 

    (B) Aggregate Program Losses realized as of the Loss
    Calculation Date (including the Transaction Loss then just
    calculated for the New Issue Bond or Temporary Credit and
    Liquidity Facility for which the reconciliation is made).

 

    (4) The First Loss Limit.

 

    (5) The amount of the First Loss Limit still to be borne by
    Treasury.

 

    (b) First Position Losses. If the amount calculated
    in (a)(3)(B) is not more than the First Loss Limit, then the
    Transaction Loss for the New Issue Bond or Temporary Credit and
    Liquidity Facility for such reconciliation calculation is fully
    First Position Losses.

 

    (c) Partial First Position Losses; Partial Second
    Position Losses. If the amount appearing in (a)(3)(A) is
    less than the First Loss Limit but the amount calculated in
    (a)(3)(B) exceeds the First Loss Limit, then:

 

    (1) the portion of the Transaction Loss equal to the
    difference between the amount appearing in (a)(3)(A) and the
    First Loss Limit constitutes First Position Losses; and

 

    (2) the remaining portion of the Transaction Loss not
    allocated to the First Position Losses constitutes Second
    Position Losses.

 

    (d) Second Position Losses. If the amount appearing
    in (a)(3)(A) is more than the First Loss Limit, then the entire
    Transaction Loss constitutes Second Position Losses.

    

    C-7

 

    (e) Loss Sharing Payment. The GSE will pay the
    amount of any Second Position Losses (less all amounts
    previously paid by the GSE to Treasury as Second Position
    Losses) to Treasury or its order not later than 90 days
    after the Loss Calculation Date. Loss sharing payments made with
    respect to GSE Securities will be made as a distribution under
    the GSE Security and all other loss sharing payments will be
    paid to Treasury to such account as Treasury may require.

 

    Section 11     Recoveries;
    Losses are Incurred But Not In Excess of the First Loss
    Limit.  This Section applies if a GSE has
    calculated that a Transaction Loss has been realized with
    respect to one or more New Issue Bonds or Temporary Credit and
    Liquidity Facilities but the amount of the aggregate Program
    Losses has not exceeded the First Loss Limit. If one or more
    payments are received or other amounts are received or recovered
    with respect to any New Issue Bond or Temporary Credit and
    Liquidity Facility in respect of a Transaction Loss, then all
    such amounts will be paid to Treasury and the related
    Transaction Loss and, consequently, the aggregate Program Losses
    will be reduced by the amount of such Recovery.

 

    Section 12     Recoveries;
    Losses are Incurred Which Exceed the First Loss
    Limit.  This Section applies if a GSE has
    calculated that a Transaction Loss has been realized with
    respect to one or more New Issue Bonds or Temporary Credit and
    Liquidity Facilities, aggregate Program Losses exceed the First
    Loss Limit and the GSE has paid any Second Position Losses to
    Treasury. If one or more payments are received or other amounts
    are received or recovered with respect to any New Issue Bond or
    Temporary Credit and Liquidity Facility in respect of a
    Transaction Loss, then:

 

    (a) the related Transaction Losses and, consequently, the
    aggregate Program Losses will be reduced by the amount of such
    Recovery;

 

    (b) the GSE shall be entitled to such payments and other
    amounts, but not in excess of the amount of the Second Position
    Losses previously paid to Treasury; and

 

    (c) any excess available after the payment made in
    subparagraph (b) above shall be paid to Treasury.

 

    Section 13     Partial
    Guarantees of GSE Securities.  In order to
    evidence a GSE’s loss sharing obligations with respect to
    the GSE Securities it issues, the GSE will issue a partial
    guarantee to the related Trust (“Partial Guarantee”)
    for Program Losses allocable to such GSE Securities. The GSE
    will make a payment under a Partial Guarantee only under the
    circumstances set out in this Exhibit.

 

    Section 14     Termination of
    Loss Sharing Upon Unwinding of GSE Security.  A
    GSE’s loss sharing obligations and any related Partial
    Guarantee will automatically terminate with respect to any New
    Issue Bonds or Bank Bonds and the related GSE Security if
    Treasury causes a GSE Security to be unwound in exchange for the
    underlying New Issue Bonds or Bank Bonds.

    

    C-8

 

EXHIBIT D

AUTHORIZED PERSONS

FANNIE MAE

	 	 	 	 	 
	NAME	 	TITLE	 	SIGNATURE
	Carl W. Riedy, Jr.

	 	Vice President for Public Entities
Channel, Housing and Community
Development	 	 
	 
	 	 	 	 
	Douglas Higgs,

	 	Director	 	 
	 
	 	 	 	 
	Sheila Saxton

	 	Director	 	 
	 
	 	 	 	 
	Rene Mondonedo

	 	Loan Servicing Manager	 	 
	 
	 	 	 	 
	Chanda Walker

	 	Loan Administration Manager	 	 
	 
	 	 	 	 
	Richard Sorkin

	 	Vice President, Capital
Markets — Structured Transactions	 	 
	 
	 	 	 	 
	Robert Wright

	 	Director, Mortgage Operations — Bond
Administration	 	 

FREDDIE MAC

	 	 	 	 	 
	NAME	 	TITLE	 	SIGNATURE
	Charles W. Pearson

	 	Vice President, Loan and Securities
Operations	 	 

D-1

 

EXHIBIT E

WIRE INSTRUCTIONS

	 	 	 	 	 	 	 	 	 	 	 
	FANNIE MAE:	 	Wire Instructions for New Issue Bond Program:
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Bank Name:
	 	FNMA NYC
	 	 	 	 
	 

	 	ABA Number:
	 	#021 039 500	 	 	 	 
	 

	 	Account Name:
	 	Bond Admin GR466
	 	 	 	 
	 

	 	Notes:
	 	Deal Name
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Wire Instructions for TCLF Program:
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Always include category number, lender number and lender name. Please notify
cash_management@fanniemae.com when wiring funds.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(1) Fannie Mae Account Number and ABA are the same	 	021039500	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(2) Type of Transaction	 	10	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(3) Dollar Amount of Remittance	 	$	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(4) Fannie Mae Telegraphic Abbreviation	 	FNMA NYC/INV (Federal Reserve Bank, NY)

	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(5) Fannie Mae Loan Number & Name Assigned To Loan	 	xxxxx-abc

	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(6) Type of Remittance	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(7) To Contact’s Attention	 	CLCS Servicing

	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(8) Category Number (see below)	 	GR371

	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(9) Beneficiary Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	Fannie Mae

	 

	 	 	 	 	 	 	 	3900 Wisconsin Ave. NW

	 

	 	 	 	 	 	 	 	Washington DC 20016

	 

	 	 	 	 	 	 	 	Mail Stop: 12H-341

	 
	 	 	 	 	 	 	 	 	 	 
	FREDDIE MAC:

	 	Bank Name:
	 	FHLMC WASH
	 	 	 	 
	 

	 	ABA Number:
	 	#021 033 205	 	 	 	 
	 

	 	Account Number:
	 	205229010	 	 	 	 
	 

	 	Account Name:
	 	G-fee
	 	 	 	 
	 

	 	Notes:
	 	N-deal payments — N0XX
	 	 	 	 
	 

	 	Attn:
	 	Multiclass Payment
	 	 	 	 
	 

	 	Phone Number:
	 	571/382-5518	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	FHLMC WASH/INV	 	 	 	 	 	 	 	 
	 

	 	ABA: 021033205	 	 	 	 	 	 	 	 
	 	 	Attn: Jim Wolfson	 	 	 	 
	 	 	Ref: HFA legal fee (or securitization fee)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TREASURY:	 	ALL AMOUNTS TO BE WIRED TO TREASURY UNDER THIS AGREEMENT WILL BE WIRED USING THE WIRE INSTRUCTIONS SET FORTH
BELOW FOR TREASURY’S FINANCIAL AGENT

E-1

 

	 	 	 
	TREASURY’S FINANCIAL AGENT

	 	Custody Account # : P04700
	 	Account Name: Gamma Hera — TCLP Single Family
	 	 
	 

	 	Wire Instructions:
	 

	 	ABA: 021000021
	 

	 	DDA: 9009000127
	 

	 	FFC: P04700
	 

	 	Description: TCLP Fees
	 
	 	 
	 

	 	Custody Account #: P01711
	 

	 	Account Name: Gamma Hera — TCLP Multi Family
	 
	 	 
	 

	 	Wire Instructions:
	 

	 	ABA: 021000021
	 

	 	DDA: 9009000127
	 

	 	FFC: P01711
	 

	 	Description: TCLP Fees
	 
	 	 
	ADMINISTRATOR

	 	Wire Instructions for New Issue Bond Program:
	 

	 	ABA = 091000022 U.S. Bank
	 

	 	BBK = U.S. Bank N.A.
	 

	 	BNF = U.S. Bank Trust N.A..A.
	 

	 	A/C : 173103321118
	 

	 	OBI = Structured Finance- Account # (TBD)
	 

	 	Ref: NIBP-HFA Code*
	 

	 	Attn: Corporate Trust GSE Securitization
	 
	 	 
	 

	 	Wire Instructions for TCLF Program:
	 

	 	ABA = 091000022 U.S. Bank
	 

	 	BBK = U.S. Bank N.A.
	 

	 	BNF = U.S. Bank Trust N.A.
	 

	 	A/C = 1047-9045-0381
	 

	 	OBI = TFM- Trust Account # (TBD)
	 

	 	REF = TCLF-HFA Code*

 

*     HFA
Code must be referenced in order to correctly identify funds 

HFA INITIATIVE ISSUERS BY STATE AND CODE

	 	 	 	 	 	 	 
	State	 	HFA	 	St.	 	Issuer ID
	Alabama

	 	Alabama Housing Finance Authority
	 	AL
	 	ALAHFA
	Alaska

	 	Alaska Housing Finance Corporation
	 	AK
	 	AKHFCO
	Arizona

	 	Industrial Development Authority of the County of Maricopa
	 	AZ
	 	MARICO
	Arizona

	 	Industrial Development Authority of the County of Pima
	 	AZ
	 	PIMACO
	Arizona

	 	Arizona Housing Finance Authority
	 	AZ
	 	ARZHFA
	Arizona

	 	Tucson IDA
	 	AZ
	 	TUSIDA
	Arizona

	 	Industrial Development Authority of the City of Phoenix
	 	AZ
	 	PHXIDA
	Arkansas

	 	Arkansas Development Finance Authority
	 	AR
	 	ARKDFA
	California

	 	California Housing Finance Agency
	 	CA
	 	CALHFA
	California

	 	California Statewide Communities Development
	 	CA
	 	CALSCD
	California

	 	ABAG Finance Authority for Nonprofit Corporations
	 	CA
	 	CANONP
	California

	 	City of San Jose Housing Department
	 	CA
	 	SJHDPT
	California

	 	City of Los Angeles Housing Department
	 	CA
	 	LAHDPT

E-2

 

	 	 	 	 	 	 	 
	State	 	HFA	 	St.	 	Issuer ID
	California

	 	County of Contra Costa
	 	CA
	 	CONCOS
	 
	 	 	 	 	 	 
	California

	 	Independent Cities Finance Authority
	 	CA
	 	INCTYS
	 
	 	 	 	 	 	 
	California

	 	Cal Rural Home Buyers Fund
	 	CA
	 	CARURL
	 
	 	 	 	 	 	 
	California

	 	Southern California Home Financing Authority
	 	CA
	 	SOCALH
	 
	 	 	 	 	 	 
	California

	 	California Department of Veterans Affairs
	 	CA
	 	CADOVA
	 
	 	 	 	 	 	 
	Colorado

	 	City and County of Denver
	 	CO
	 	DENVCO
	 
	 	 	 	 	 	 
	Colorado

	 	El Paso County
	 	CO
	 	ELPSCO
	 
	 	 	 	 	 	 
	Colorado

	 	Colorado Housing and Finance Authority
	 	CO
	 	COLHFA
	 
	 	 	 	 	 	 
	Connecticut

	 	Connecticut Housing Finance Authority
	 	CT
	 	CONNHF
	 
	 	 	 	 	 	 
	DC

	 	District of Columbia Housing Finance Agency
	 	DC
	 	WDCHFA
	 
	 	 	 	 	 	 
	Delaware

	 	Delaware State Housing Authority
	 	DE
	 	DELHFA
	 
	 	 	 	 	 	 
	Florida

	 	Florida Housing Finance Corporation
	 	FL
	 	FLAHFA
	 
	 	 	 	 	 	 
	Florida

	 	Orange County Housing Finance Authority
	 	FL
	 	ORCHFA
	 
	 	 	 	 	 	 
	Florida

	 	Housing Finance Authority of Miami-Dade County
	 	FL
	 	MIAMID
	 
	 	 	 	 	 	 
	Florida

	 	Jacksonville Housing Finance Authority
	 	FL
	 	JAXHFA
	 
	 	 	 	 	 	 
	Florida

	 	Housing Finance Authority of Hillsborough County
	 	FL
	 	HILLCO
	 
	 	 	 	 	 	 
	Florida

	 	Housing Finance Authority of Pinellas County
	 	FL
	 	PINECO
	 
	 	 	 	 	 	 
	Florida

	 	Housing Finance Authority of Broward County, Florida
	 	FL
	 	BROWCO
	 
	 	 	 	 	 	 
	Florida

	 	Brevard County, Florida Housing Finance Authority
	 	FL
	 	BREVCO
	 
	 	 	 	 	 	 
	Florida

	 	Housing Finance Authority of Manatee Coutny, Florida
	 	FL
	 	MANACO
	 
	 	 	 	 	 	 
	Florida

	 	Housing Finance Authority of Palm Beach
	 	FL
	 	PLMBCH
	 
	 	 	 	 	 	 
	Florida

	 	Housing Finance Authority of Lee County
	 	FL
	 	LEECOU
	 
	 	 	 	 	 	 
	Florida

	 	Escambia County Housing Finance Authority
	 	FL
	 	ESCACO
	 
	 	 	 	 	 	 
	Georgia

	 	Urban Residential Finance Authority
	 	GA
	 	GAURBN
	 
	 	 	 	 	 	 
	Georgia

	 	Housing Authority of the City of Union City
	 	GA
	 	UNNCTY
	 
	 	 	 	 	 	 
	Georgia

	 	Housing Authority of Newnan
	 	GA
	 	NEWNAN
	 
	 	 	 	 	 	 
	Georgia

	 	Georgia Housing and Finance Authority
	 	GA
	 	GAHFNA
	 
	 	 	 	 	 	 
	Georgia

	 	Housing Authority of Dekalb County
	 	GA
	 	DEKACO
	 
	 	 	 	 	 	 
	Hawaii

	 	Hawaii Housing Finance Development Center
	 	HI
	 	HIHFDC
	 
	 	 	 	 	 	 
	Idaho

	 	Idaho Housing Finance Association
	 	ID
	 	IDAHFA
	 
	 	 	 	 	 	 
	Illinois

	 	Illinois Housing Development Authority
	 	IL
	 	ILLHDA
	 
	 	 	 	 	 	 
	Illinois

	 	City of Chicago Department of Finance
	 	IL
	 	CHIDOF
	 
	 	 	 	 	 	 
	Illinois

	 	Lake County Partners for Economic Development
	 	IL
	 	LAKECO
	 
	 	 	 	 	 	 
	Illinois

	 	Southwestern Illinois Development Authority
	 	IL
	 	SWILDA
	 
	 	 	 	 	 	 
	Indiana

	 	Indiana Housing and Community Development Authority
	 	IN
	 	INHCDA
	 
	 	 	 	 	 	 
	Iowa

	 	Iowa Finance Authority
	 	IA
	 	IOWAFA
	 
	 	 	 	 	 	 
	Kansas

	 	Sedgwick and Shawnee County
	 	KS
	 	SEDSHA
	 
	 	 	 	 	 	 
	Kentucky

	 	Kentucky Housing Corporation
	 	KY
	 	KENTHC
	 
	 	 	 	 	 	 
	Louisiana

	 	Finance Authority of New Orleans
	 	LA
	 	FANOLA
	 
	 	 	 	 	 	 
	Louisiana

	 	Louisiana Housing Finance Agency
	 	LA
	 	LAHFNA
	 
	 	 	 	 	 	 
	Louisiana

	 	Jefferson Parish Finance Authority
	 	LA
	 	JEFFPA
	 
	 	 	 	 	 	 
	Louisiana

	 	Hammond-Tangipahoa Home Mortgage Authority
	 	LA
	 	HAMTAN
	 
	 	 	 	 	 	 
	Louisiana

	 	Lafayette Public Trust Financing Authority
	 	LA
	 	LAFAYT
	 
	 	 	 	 	 	 
	Louisiana

	 	Denham Springs/Livingston Housing and Mortgage Finance
Authority
	 	LA
	 	DENLIV
	 
	 	 	 	 	 	 
	Louisiana

	 	Rapides Finance Authority
	 	LA
	 	RAPIFA
	 
	 	 	 	 	 	 
	Louisiana

	 	St. Bernard Parish Home Mortgage Authority
	 	LA
	 	STBDPA
	 
	 	 	 	 	 	 
	Louisiana

	 	East Baton Rouge Mortgage Finance Authority
	 	LA
	 	EBRMFA
	 
	 	 	 	 	 	 
	Louisiana

	 	Calcasieu Parish Public Trust Authority
	 	LA
	 	CALCPA

E-3

 

	 	 	 	 	 	 	 
	State	 	HFA	 	St.	 	Issuer ID
	Louisiana

	 	Finance Authority of St. Tammany Parish
	 	LA
	 	STAMPA
	 
	 	 	 	 	 	 
	Maine

	 	Maine State Housing Authority
	 	ME
	 	MESTHA
	 
	 	 	 	 	 	 
	Maryland

	 	Housing Opportunities Commission of Montgomery County MD
	 	MD
	 	MONTMD
	 
	 	 	 	 	 	 
	Maryland

	 	Maryland Department of Housing and Community Development
	 	MD
	 	MDDHCD
	 
	 	 	 	 	 	 
	Maryland

	 	Anne Arundel County Economic Dev Corporation
	 	MD
	 	AACOED
	 
	 	 	 	 	 	 
	Massachusetts

	 	Mass Housing
	 	MA
	 	MAHOUS
	 
	 	 	 	 	 	 
	Michigan

	 	Michigan State Housing Development Authority
	 	MI
	 	MISTHD
	 
	 	 	 	 	 	 
	Minnesota

	 	Minnesota Housing Finance Authority
	 	MN
	 	MINHFA
	 
	 	 	 	 	 	 
	Minnesota

	 	Minneapolis / Saint Paul Housing Finance Board
	 	MN
	 	MNSTPL
	 
	 	 	 	 	 	 
	Minnesota

	 	Dakota County Community Development Agency
	 	MN
	 	DKCCDA
	 
	 	 	 	 	 	 
	Mississippi

	 	Mississippi Home Corporation
	 	MS
	 	MISSHC
	 
	 	 	 	 	 	 
	Missouri

	 	Missouri Housing Development Commission
	 	MO
	 	MIZHDC
	 
	 	 	 	 	 	 
	Montana

	 	Montana Board of Housing
	 	MT
	 	MONTBH
	 
	 	 	 	 	 	 
	Nebraska

	 	Nebraska Investment Finance Authority
	 	NE
	 	NEBIFA
	 
	 	 	 	 	 	 
	Nevada

	 	Nevada Housing Division
	 	NV
	 	NEVAHD
	 
	 	 	 	 	 	 
	Nevada

	 	Nevada Rural Housing Authority
	 	NV
	 	NEVRHA
	 
	 	 	 	 	 	 
	New Hampshire

	 	New Hampshire Housing Finance Authority
	 	NH
	 	NEWHHF
	 
	 	 	 	 	 	 
	New Jersey

	 	New Jersey Housing & Mortgage Finance Agency
	 	NJ
	 	NJHMFA
	 
	 	 	 	 	 	 
	New Mexico

	 	New Mexico Mortgage Finance Authority
	 	NM
	 	NMXMFA
	 
	 	 	 	 	 	 
	New York

	 	New York State Housing Finance Agency
	 	NY
	 	NYSHFA
	 
	 	 	 	 	 	 
	New York

	 	State of New York Mortgage Agency
	 	NY
	 	SONYMA
	 
	 	 	 	 	 	 
	New York

	 	City of Yonkers Industrial Development Agency
	 	NY
	 	YONKID
	 
	 	 	 	 	 	 
	New York

	 	Dutchess County Industrial Development Agency
	 	NY
	 	DUTCHS
	 
	 	 	 	 	 	 
	New York City

	 	New York City Housing Development Corporation
	 	NY
	 	NYCHDC
	 
	 	 	 	 	 	 
	North Carolina

	 	North Carolina Housing Finance Agency
	 	NC
	 	NORCAR
	 
	 	 	 	 	 	 
	North Dakota

	 	North Dakota Housing Finance Authority
	 	ND
	 	NORDAK
	 
	 	 	 	 	 	 
	Ohio

	 	Ohio Housing Finance Agency
	 	OH
	 	OHIOHL
	 
	 	 	 	 	 	 
	Oklahoma

	 	Cleveland County Home Loan Authority
	 	OK
	 	CLEVHL
	 
	 	 	 	 	 	 
	Oklahoma

	 	Oklahoma Housing Finance Agency
	 	OK
	 	OKLHFA
	 
	 	 	 	 	 	 
	Oklahoma

	 	Tulsa County Home Finance Authority
	 	OK
	 	TULSAH
	 
	 	 	 	 	 	 
	Oklahoma

	 	Oklahoma County Home Finance Authority
	 	OK
	 	OKLACO
	 
	 	 	 	 	 	 
	Oregon

	 	State of Oregon, Housing and Community Services Dept
	 	OR
	 	OREGON
	 
	 	 	 	 	 	 
	Pennsylvania

	 	Urban Redevelopment Authority of Pittsburgh
	 	PA
	 	PITTRD
	 
	 	 	 	 	 	 
	Pennsylvania

	 	Pennsylvania Housing Finance Agency
	 	PA
	 	PENHFA
	 
	 	 	 	 	 	 
	Pennsylvania

	 	Allegheny County Residential Finance Authority
	 	PA
	 	ALGHCO
	 
	 	 	 	 	 	 
	Puerto Rico

	 	Puerto Rico Housing Finance Authority
	 	PR
	 	PURICO
	 
	 	 	 	 	 	 
	Rhode Island

	 	Rhode Island Housing and Mortgage Finance Corporation
	 	RI
	 	RIHMFC
	 
	 	 	 	 	 	 
	South Carolina

	 	South Carolina State Housing Finance and Development
Authority
	 	SC
	 	SCHFDA
	 
	 	 	 	 	 	 
	South Dakota

	 	South Dakota Housing Development Authority
	 	SD
	 	SDKHDA
	 
	 	 	 	 	 	 
	Tennessee

	 	Health and Education Facilities Board of the Metropolitan
Government of Nashvill and Davidson County
	 	TN
	 	NASHVL
	 
	 	 	 	 	 	 
	Tennessee

	 	Health, Education & Housing Facility Board of the City of
Memphis
	 	TN
	 	MEMPHS
	 
	 	 	 	 	 	 
	Tennessee

	 	Tennessee Housing Development Agency
	 	TN
	 	TNNHDA
	 
	 	 	 	 	 	 
	Texas

	 	Texas Department of Housing and Community Affairs
	 	TX
	 	TXDHCA
	 
	 	 	 	 	 	 
	Texas

	 	Capital Area Housing Finance Corporation
	 	TX
	 	CPAHFC
	 
	 	 	 	 	 	 
	Texas

	 	Amarillo Housing Finance Corporation
	 	TX
	 	AMARIL
	 
	 	 	 	 	 	 
	Texas

	 	City of Dallas Housing Finance Corporation
	 	TX
	 	DALLAS
	 
	 	 	 	 	 	 
	Texas

	 	Denton County Housing Finance Corporation
	 	TX
	 	DENTCO

E-4

 

	 	 	 	 	 	 	 
	State	 	HFA	 	St.	 	Issuer ID
	Texas

	 	Fort Bend County Finance Corporation
	 	TX
	 	FRTBND
	 
	 	 	 	 	 	 
	Texas

	 	Jefferson County Housing Finance Corporation
	 	TX
	 	JEFFCO
	 
	 	 	 	 	 	 
	Texas

	 	West Central Texas Regional Housing Finance Corporation
	 	TX
	 	WCENTX
	 
	 	 	 	 	 	 
	Texas

	 	Texas State Affordable Housing Corporation
	 	TX
	 	TXSAHC
	 
	 	 	 	 	 	 
	Texas

	 	Houston Housing Finance Corporation
	 	TX
	 	HOUSTN
	 
	 	 	 	 	 	 
	Texas

	 	Southeast Texas Housing Finance Corporation
	 	TX
	 	SETXHF
	 
	 	 	 	 	 	 
	Texas

	 	Cameron County Housing Finance Corporation
	 	TX
	 	CAMRCO
	 
	 	 	 	 	 	 
	Texas

	 	Panhandle Regional Housing Finance Corporation
	 	TX
	 	PANHAN
	 
	 	 	 	 	 	 
	Texas

	 	Heart of Texas Housing Finance Corporation
	 	TX
	 	HRTOTX
	 
	 	 	 	 	 	 
	Texas

	 	Nortex Housing Finance Corporation
	 	TX
	 	NORTEX
	 
	 	 	 	 	 	 
	Texas

	 	El Paso Housing Finance Corporation
	 	TX
	 	ELPSTX
	 
	 	 	 	 	 	 
	Texas

	 	Harris County Housing Finance Corporation
	 	TX
	 	HARRIS
	 
	 	 	 	 	 	 
	Texas

	 	Central Texas Housing Finance Corporation
	 	TX
	 	CENTTX
	 
	 	 	 	 	 	 
	Texas

	 	Concho Valley Housing Finance Corporation
	 	TX
	 	CONCHO
	 
	 	 	 	 	 	 
	Texas

	 	North Central Texas Housing Finance Corporation
	 	TX
	 	NORCTX
	 
	 	 	 	 	 	 
	Texas

	 	Tarrant County Housing Finance Corporation
	 	TX
	 	TARRCO
	 
	 	 	 	 	 	 
	Texas

	 	Travis County Housing Finance Corporation
	 	TX
	 	TRAVCO
	 
	 	 	 	 	 	 
	Texas

	 	Midland County Housing Finance Corporation
	 	TX
	 	MIDLCO
	 
	 	 	 	 	 	 
	Texas

	 	South Plains Housing Finance Corporation
	 	TX
	 	SOUPLA
	 
	 	 	 	 	 	 
	Texas

	 	Lubbock Housing Finance Corporation
	 	TX
	 	LUBHFC
	 
	 	 	 	 	 	 
	Texas

	 	Grand Prairie Housing Finance Corporation
	 	TX
	 	GRANPR
	 
	 	 	 	 	 	 
	Texas

	 	Alamo Area Housing Finance Corporation
	 	TX
	 	ALAMOA
	 
	 	 	 	 	 	 
	Texas

	 	Hidalgo Willacy Counties Housing Finance Corporation
	 	TX
	 	HIDALG
	 
	 	 	 	 	 	 
	Texas

	 	Northwest Central Texas Housing Finance Corporation
	 	TX
	 	NWCLTX
	 
	 	 	 	 	 	 
	Texas

	 	Arlington Housing Finance Corporation
	 	TX
	 	ARLING
	 
	 	 	 	 	 	 
	Texas

	 	Port Arthur Housing Finance Corporation
	 	TX
	 	PRTART
	 
	 	 	 	 	 	 
	Texas

	 	Garland Housing Finance Corporation
	 	TX
	 	GARLND
	 
	 	 	 	 	 	 
	Texas

	 	Montgomery County Housing Finance Corporation
	 	TX
	 	MONTTX
	 
	 	 	 	 	 	 
	Texas

	 	Bexar County Community Resources Department
	 	TX
	 	BEXRCO
	 
	 	 	 	 	 	 
	Texas

	 	Harlingen Housing Finance Corporation
	 	TX
	 	HARLIN
	 
	 	 	 	 	 	 
	Texas

	 	Laredo Housing Finance Corporation
	 	TX
	 	LAREDO
	 
	 	 	 	 	 	 
	Texas

	 	Texoma Housing Finance Corporation
	 	TX
	 	TEXOMA
	 
	 	 	 	 	 	 
	Texas

	 	San Antonio Housing Trust Finance Corporation
	 	TX
	 	SANANT
	 
	 	 	 	 	 	 
	Utah

	 	Utah Housing Corporation
	 	UT
	 	UTAHHC
	 
	 	 	 	 	 	 
	Vermont

	 	Vermont Housing Finance Agency
	 	VT
	 	VERMON
	 
	 	 	 	 	 	 
	Virginia

	 	Virginia Housing Development Authority
	 	VA
	 	VAHDEV
	 
	 	 	 	 	 	 
	Washington

	 	Washington State Housing Finance Commission
	 	WA
	 	WASHST
	 
	 	 	 	 	 	 
	Washington

	 	Seattle Housing Authority
	 	WA
	 	SEATTL
	 
	 	 	 	 	 	 
	West Virginia

	 	West Virginia Housing Development Fund
	 	WV
	 	WESTVA
	 
	 	 	 	 	 	 
	Wisconsin

	 	Wisconsin Housing and Economic Development Authority
	 	WI
	 	WISCHE
	 
	 	 	 	 	 	 
	Wyoming

	 	Wyoming Community Development Authority
	 	WY
	 	WYOCDA

E-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}]]