Document:

Form T-1 Statement of Eligibility

 Exhibit 4.2 

 SECURITIES AND EXCHANGE COMMISSION 
 Washington, D. C. 20549 
  

 FORM T-1 
 STATEMENT OF ELIGIBILITY 
 UNDER THE TRUST INDENTURE ACT OF 1939 OF 
 A CORPORATION DESIGNATED TO ACT AS
TRUSTEE 
  

 CHECK
IF AN APPLICATION TO DETERMINE ELIGIBILITY OF 
 A TRUSTEE PURSUANT TO SECTION 305(b)(2) 
  

 JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION 
 (Exact name of trustee as specified in its charter) 
  

			
		 	13-4994650
	 (State of incorporation
 if not a national bank)
	 	 (I.R.S. employer
 identification No.)

  

			
	 1111 Polaris Parkway
 Columbus, Ohio
	 	43271
	(Address of principal executive offices)	 	(Zip Code)

 Pauline E. Higgins 
 Vice President and Assistant General Counsel 
 JPMorgan Chase Bank, National
Association 
 707 Travis Street, 4th Floor North 
 Houston, Texas 77002 
 Tel: (713) 216-1436 
 (Name, address and telephone number of agent for service) 
  

 OLIN CORPORATION 
 (Exact name of obligor as specified in its charter) 
  

			
	Virginia	 	13-1872319
	 (State or other jurisdiction of
 incorporation or organization)
	 	 (I.R.S. employer
 identification No.)

  

			
	 190 Carondelet Plaza, Suite 1530
 Clayton, MO
	 	63105-3443
	(Address of principal executive offices)	 	(Zip Code)

  

 Debt Securities 
 (Title of the indenture securities) 
  

 GENERAL 
  

	Item 1.	General Information. 

 Furnish the following
information as to the trustee: 
  

	 	(a)	Name and address of each examining or supervising authority to which it is subject. 

 Comptroller of the Currency, Washington, D.C. 
 Board of Governors of the Federal Reserve System, Washington,
D.C., 20551 
 Federal Deposit Insurance Corporation, Washington, D.C., 20429. 
  

	 	(b)	Whether it is authorized to exercise corporate trust powers. 

 Yes. 
  

	Item 2.	Affiliations with the Obligor and Guarantors. 

 If
the obligor or any guarantor is an affiliate of the trustee, describe each such affiliation. 
 None. 
  

 -2- 

	Item 16.	List of Exhibits 

 List below all exhibits filed as
a part of this Statement of Eligibility. 
 1. A copy of the Articles of Association of JPMorgan Chase Bank, N.A. (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 
 2. A copy of the Certificate of
Authority of the Comptroller of the Currency for the trustee to commence business. (see Exhibit 2 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 
 3. None, the authority of the trustee to exercise corporate trust powers being contained in the documents described in Exhibits 1 and 2. 
 4. A copy of the existing By-Laws of the Trustee. (see Exhibit 4 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is
incorporated by reference). 
 5. Not applicable. 
 6. The consent of the Trustee required by Section 321(b) of the Act. (see Exhibit 6 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference). 

7. A copy of the latest report of condition of the Trustee, published pursuant to law or the requirements of its supervising or examining authority.

 8. Not applicable. 
 9. Not
applicable. 
 SIGNATURE 
 Pursuant to the requirements of the Trust Indenture Act of 1939 the Trustee, JPMorgan Chase Bank, N.A., has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City
of New York and State of New York, on the 26th day of June, 2006. 
  

			
	 JPMORGAN CHASE BANK, N.A.

		
	 By
	 	 /s/ Christopher C. Holly

		 	 Christopher C. Holly

		 	 Vice President

  

 -3- 

 Exhibit 7 to Form T-1 
 Bank Call Notice 
 RESERVE DISTRICT NO. 2 
 CONSOLIDATED REPORT OF CONDITION OF 
 JPMorgan Chase Bank, N.A. 
 of 1111 Polaris Parkway, Columbus, Ohio 43240 
 and Foreign and Domestic Subsidiaries, 
 a member of the Federal Reserve System, 
 at the close of business December 31, 2005, in 
 accordance with a call made by the Federal Reserve Bank of this 
 District pursuant to the provisions of the Federal Reserve Act.

  

				
	 	  	Dollar Amounts
in Millions
	ASSETS	  		
	 Cash and balances due from depository institutions:
	  		
	 Noninterest-bearing balances and currency and coin
	  	$	35,280
	 Interest-bearing balances
	  	 	22,803
	 Securities:
	  		
	 Held to maturity securities
	  	 	77
	 Available for sale securities
	  	 	34,994
	 Federal funds sold and securities purchased under agreements to resell
	  		
	 Federal funds sold in domestic offices
	  	 	27,504
	 Securities purchased under agreements to resell
	  	 	193,355
	 Loans and lease financing receivables:
	  		
	 Loans and leases held for sale
	  	 	32,360
	 Loans and leases, net of unearned income $363,371
	  		
	 Less: Allowance for loan and lease losses 4,857
	  		
	 Loans and leases, net of unearned income and allowance
	  	 	358,514
	 Trading Assets
	  	 	221,837
	 Premises and fixed assets (including capitalized leases)
	  	 	8,102
	 Other real estate owned
	  	 	134
	 Investments in unconsolidated subsidiaries and associated companies
	  	 	1,508
	 Customers’ liability to this bank on acceptances outstanding
	  	 	471
	 Intangible assets
	  		
	 Goodwill
	  	 	23,499
	 Other Intangible assets
	  	 	10,478
	 Other assets
	  	 	43,069
		  	 	 
	 TOTAL ASSETS
	  	$	1,013,985
		  	 	 

					
	LIABILITIES	  			
	 Deposits
	  			
	 In domestic offices
	  	$	406,865	 
	 Noninterest-bearing $141,522
	  			
	 Interest-bearing 265,343
	  			
	 In foreign offices, Edge and Agreement subsidiaries and IBF’s
	  	 	145,745	 
	 Noninterest-bearing $ 7,552
	  			
	 Interest-bearing 138,193
	  			
	 Federal funds purchased and securities sold under agreements to repurchase:
	  			
	 Federal funds purchased in domestic offices
	  	 	10,091	 
	 Securities sold under agreements to repurchase
	  	 	95,300	 
	 Trading liabilities
	  	 	124,236	 
	 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases)
	  	 	84,483	 
	 Bank’s liability on acceptances executed and outstanding
	  	 	471	 
	 Subordinated notes and debentures
	  	 	18,655	 
	 Other liabilities
	  	 	39,850	 
	 TOTAL LIABILITIES
	  	 	925,696	 
	 Minority Interest in consolidated subsidiaries
	  	 	1,939	 
	EQUITY CAPITAL	  			
	 Perpetual preferred stock and related surplus
	  	 	0	 
	 Common stock
	  	 	1,785	 
	 Surplus (exclude all surplus related to preferred stock)
	  	 	59,504	 
	 Retained earnings
	  	 	25,711	 
	 Accumulated other comprehensive income
	  	 	(650	)
	 Other equity capital components
	  	 	0	 
	 TOTAL EQUITY CAPITAL
	  	 	86,350	 
		  	 	 	 
	 TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL
	  	$	1,013,985	 
		  	 	 	 

 I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby declare that this Report of
Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief. 
 JOSEPH L. SCLAFANI 
 We, the undersigned directors, attest to the correctness of this Report of Condition and declare that
it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct. 
  

					
	 WILLIAM B. HARRISON, JR.
	  	)	  	
	 JAMES DIMON
	  	)	  	 DIRECTORS

	 MICHAEL J. CAVANAGH
	  	)Federal Home Loan Banks P&I Funding and Contingency Plan Agreement

 Exhibit 10.1 
 Federal Home Loan Banks P&I Funding and Contingency Plan Agreement 
 This Federal Home Loan Banks P&I Funding
and Contingency Plan Agreement (“Agreement”) is entered into as of this 20th day of July, 2006 (the
“Effective Date”) by and among the Office of Finance (the “OF”) and each of the Federal Home Loan Banks (“Banks”). The OF and the Banks are sometimes referred to herein individually as a
“party” and collectively as the “parties.” All references in this Agreement to any of the parties to this Agreement include such party or any successor entity. 
 WHEREAS, the Banks are jointly and severally liable for the payment of consolidated obligations issued pursuant to Section 11 of the Federal Home Loan Bank Act, as amended (12 U.S.C. §1431)
(“COs”);  
 WHEREAS, the OF has the authority under 12 CFR § 985.6(a) to issue and service (including making timely
payments on principal and interest due, subject to 12 CFR §§ 966.8 and 966.9) consolidated obligations issued on behalf of the Banks pursuant to, and in accordance with, the policies and procedures established by the OF Board of Directors;
and 
 WHEREAS, the Federal Reserve Board has announced a change in its Policy Statement on Payments System Risk (as the same may be amended, modified
or supplemented, the “PSR Policy”) that will cause the PSR Policy to be applied to the FHLBanks beginning July 20, 2006; and 
 WHEREAS, the OF and a task force of the Debt Management Sub-Committee of the Financial Officers’ Conference of the Banks have developed P&I Funding and Contingency Plan Procedures (as the same may be amended, modified, or
supplemented, the “Procedures”) to deal with the possibility that a Bank may not make a payment of debt service on COs to the OF on a timely basis following the application of the PSR Policy to the Banks; and 
 WHEREAS, the OF Board of Directors has approved the Procedures and determined that the OF should obtain the written agreement of the Banks on several matters
relating to the Procedures, which matters are included in this Agreement; and 
 WHEREAS, the Federal Housing Finance Board (the “Finance
Board”) has supported the adoption of the Procedures by issuing the waiver attached hereto as Exhibit A (as the same may be amended, modified or supplemented, the “Waiver”) of its prohibition of the direct placement
of COs with FHLBanks contained in 12 CFR § 966.8(c), to accommodate the implementation of the Procedures, based in part on its view that timely payment of all principal and interest to investors in COs is essential to maintain the confidence of
investors and potential investors in COs; and 
 WHEREAS, the Waiver provides that the interest rate paid by the Bank that has not remitted all the
funds to the OF by the agreed upon deadline on the CO issued pursuant to the Waiver shall be at least 500 basis points above the federal funds rate. 
  

 1 

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

	 	1.	Authorization of Issuance of COs 

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

 2 

	 	2.	Use of Proceeds to Purchase COs 

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

	 	3.	Additional Interest 

 Each Bank agrees that if it is a Delinquent
Bank, then it will pay an amount (“Additional Interest”) in accordance with the following schedule in addition to interest equal to the Base Cost: 
  

			
	1st offense	  	– 500 basis points per annum of the delinquent amount
	2nd offense	  	– 750 basis points per annum of the delinquent amount
	3rd and subsequent offense	  	– 1,000 basis points per annum of the delinquent amount

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

  

 3 

 
Agreement, and the balance of the Additional Interest assessed against the Delinquent Bank (i.e., 400 basis points, 650 basis points, or 900 basis
points) will be divided equally among the Banks (including the Contingency Banks) that are not Delinquent Banks with respect to the same funding time specified in the Procedures and (ii) for Additional Interest attributable to a delinquent
amount that is not related to a Plan CO, the Additional Interest will be divided equally among the Banks that are not Delinquent Banks with respect to the same funding time specified in the Procedures. Each of the Banks and the OF agree that any
Additional Interest will be allocated and paid through the monthly assessment from the OF, and that the Additional Interest is not the joint and several obligation of the Banks. 
 Notwithstanding anything in this Section 3 or Section 7(a) or (b) of this Agreement to the contrary, and subject to Sections 5(a) and (d) below, each Bank agrees that assessment of the Additional
Interest shall be subject to the appellate process contained in the Procedures and that the OF shall have the authority to waive all or any portion of the Additional Interest or excuse the occurrence of any offense as provided for in the Procedures.
To the extent permitted under the Waiver, the assessment of Additional Interest shall be suspended pending completion of the appellate process. 
  

	 	4.	Reallocation of COs 

 Each Bank agrees that if a Bank is a
Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation
Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO , subject to the proviso in the following paragraph.

 Each Bank agrees that if it is a Reallocation Bank, it will wire to the Contingency Bank that holds a Plan CO an amount equal to (i) its Pro Rata
Share of the principal amount of that Plan CO, plus (ii) accrued interest thereon from the date of issue of the Plan CO until its stated maturity date equal to the Base Cost, not later than 1:00 p.m., Eastern Time, on the second Business Day
following the date of issuance of that Plan CO; provided, however, that such Reallocation Bank shall not be required to wire funds to the extent that it determines in good faith such purchase will violate any rule, regulation or binding
policy of the Finance Board, and under those circumstances such Reallocation Bank shall be excused from its obligation to make such payment to the Contingency Bank, but not from its joint and several obligation, with respect to such Plan CO. The
wire shall be sent to the account identified by the Contingency Bank for that purpose, and time is of the essence with respect to the wire. In the event there are multiple Plan COs issued on a particular date, Reallocation Banks shall not favor any
Contingency Bank over any other Contingency Bank, and shall purchase its Pro Rata Shares of such Plan COs on a proportional basis. To the extent that a Plan CO is repaid prior to the settlement of a Reallocation Bank’s obligations to purchase
its Pro Rata Share, that Pro Rata Share shall be reduced proportionally by the amount so repaid. 
  

 4 

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

 5 

	 	5.	Acknowledgements 

 Each Bank acknowledges and agrees that:

  

	 	(a)	the Base Cost plus the Additional Interest assessed against a Delinquent Bank may not be lower than the amount required to be paid by the Delinquent Bank under the Waiver;

  

	 	(b)	the OF shall be required to provide any notice of issuance of a Plan CO hereunder to the Office of Supervision of the Finance Board, which notice is presently required by the Waiver
to be provided no later than 5:00 P.M. eastern time on the date of the issuance of the Plan CO; 

  

	 	(c)	its agreement in Section 1 of this Agreement with respect to any Plan CO issued on its behalf as a Delinquent Bank satisfies the regulatory requirement contained in 12 CFR
§ 966.8(b) that provides that COs may be offered for sale only in the event Banks are committed to take the proceeds; 

  

	 	(d)	the appellate process referred to in the last paragraph of Section 3 of this Agreement will be subject to the terms of the Waiver; 

  

	 	(e)	no Bank will be entitled to a Plan CO in the amount of any positive net position except to the extent its end-of-day positive net position is used to purchase a Plan CO; and

  

	 	(f)	the Additional Interest will be calculated based on the principal amount of a Plan CO, as well as any other delinquent amount paid late to the OF by the Delinquent Bank.

  

	 	6.	Representations and Warranties of the Parties 

 As of the date of
its execution and delivery of this Agreement, each party represents and warrants to the other parties that: 
 (a) This Agreement is within
such party’s powers and has been duly authorized by all necessary corporate action. 
 (b) This Agreement has been duly executed and
delivered by such party and constitutes a legal, valid and binding obligation of such party enforceable in accordance with its terms. 
  

	 	7.	Termination and Amendments 

 (a) This Agreement will
be deemed to be effective as of the Effective Date and will continue in full force until such time as (i) at least two-thirds (2/3) of the Banks agree to its termination, (ii) the Finance Board rescinds the Waiver or (iii) the
Finance Board takes any action, including without limitation modification of the Waiver, that makes compliance by the OF or the Banks with this Agreement not commercially reasonable. 
  

 6 

 (b) This Agreement may be amended only in a signed writing executed and delivered by all of the Banks and
the OF. Any such amendment shall be effective as of the effective date set forth in the amendment. 
 (c) This Agreement shall also be
subject to termination at 11:59 p.m. on December 31, 2008, and at 11:59 p.m. on each third December 31 thereafter (e.g. December 31, 2011, December 31, 2014, etc.) (“Expiration Time”) if at least one-third
( 1/3) of the Banks provide notice of their respective election to terminate to each other Bank and the OF at
least one year prior to the Expiration Time. Such notice shall identify with reasonable specificity the reason or reasons such Bank wishes to terminate the Agreement at the next Expiration Time. The Banks and the OF agree to negotiate in good faith
toward the resolution of the issues raised in the notices of termination with a view of reaching agreement on a new agreement at or prior to the Expiration Time. 
  

	 	8.	Successors and Assigns 

 This Agreement shall be binding upon and
inure to the benefit of the successors and permitted and authorized assigns of each Bank and the OF. 
  

	 	9.	Governing Law; Severability 

 This Agreement shall be governed by
the statutory and common law of the United States and, to the extent federal law incorporates or defers to state law, the laws (exclusive of the choice of law provisions) of the State of New York. Any term or provision of this Agreement that is
determined to be invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement. 
  

	 	10.	Notice 

 Except for any notices of payment delivered pursuant to
Section 4 of this Agreement, which shall be delivered promptly either telephonically or electronically, any notice required or permitted to be given or made under this Agreement, including a notice to effect a change in a party’s address
for notice, must be in writing and addressed to the other parties at the addresses of such parties set forth beneath their signatures below, and will be deemed to be properly given or made on the earliest of (i) actual delivery, (ii) two
(2) Business Days after being sent, with delivery charges paid by the sending party, by a nationally recognized commercial courier service for delivery on the next Business Day, and (iii) three (3) Business Days after being sent
through the United States Postal Service, certified mail, return receipt requested, postage prepaid. 
  

 7 

	 	11.	Counterparts 

 This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement. 
  

	 	12.	Entire Agreement; Conflicts 

 This Agreement constitutes the entire
agreement of the parties and supersedes all prior understandings or agreements, oral or written, among the parties on the subjects addressed in this Agreement. Nothing in this Agreement, including without limitation the right of Banks to terminate
it or the right of Banks to withhold approval of an amendment, shall be construed to (i) conflict with or limit the authority of the OF to carry out its duties pursuant to law, including without limitation Federal Housing Finance Board
regulations; or (ii) alter the Banks’ joint and several liability on COs, including the Plan COs issued hereunder. This Agreement does not constitute “an agreement to obtain financial assistance to meet a Bank’s current
obligations... due during this quarter”, a “consolidated obligation payment plan,” an “inter-Bank assistance agreement” or “a payment on any [CO] on behalf of another Bank” as these terms are used in 12 CFR
§ 966.9. If any applicable provision contained in the Procedures irreconcilably conflicts with any express provision of this Agreement, then such express provision of this Agreement shall control. 
  

	 	13.	No Third Party Rights Created 

 Nothing in this Agreement shall
create or be deemed to create any rights in any third party. 
  

	 	14.	Suspension of Obligations 

 If the Finance Board issues any order or
enters into or amends any written agreement, including without limitation a written agreement within the meaning of 12 USC § 1422b(a)(5), that prohibits or prevents a party to this Agreement from either being a party to this Agreement, or from
performing its obligations under this Agreement, after the Effective Date, then that party’s duty to perform its obligations under this Agreement shall be suspended while such order by or agreement with the Finance Board is in effect.

 [Signature Page to Follow] 
  

 8 

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

									
	 Federal Home Loan Bank of Atlanta
	 		 	 Federal Home Loan Bank of Boston

	 By:
	 	 /s/ W. Wesley McMullan
	 		 	 President:
	 	 /s/ Michael A. Jessee

		 	 Name: W. Wesley McMullan
	 		 	 Date: 5-23-06

		 	 Title: Executive Vice President
	 		 	 Address for notice:

	 By:
	 	 /s/ D. Haddon Foster, II
	 		 	 111 Huntington Avenue

		 	 Name: D. Haddon Foster, II
	 		 	 Boston, MA 02199

		 	 Title: First Vice President
	 		 	
	 Date:
	 	 May 23, 2006
	 		 	
	 Address for notice:
	 		 	
	 1475 Peachtree Street, NE
	 		 	
	 Atlanta, GA 30309
	 		 	
	 Attention: Director, Financial Management
	 		 	

									
			
	 Federal Home Loan Bank of Chicago
	 		 	 Federal Home Loan Bank of Cincinnati

	 President:
	 	 /s/ Mike Thomas
	 		 	 President:
	 	 /s/ David H. Hehman

	 Date:
	 	 6/16/06
	 		 	 Date:
	 	 June 16, 2006

	 Address for notice:
	 		 	 Address for notice:

	 Federal Home Loan Bank of Chicago
	 		 	 Federal Home Loan Bank of Cincinnati

	 111 East Wacker Drive
	 		 	 221 East Fourth Street, Suite 1000

	 Chicago, Illinois 60601
	 		 	 Cincinnati, OH 45202

															
	 Attention: General Counsel
	 		 		 		 		 	 SVP/Treasurer:
	 	 /s/ Carole L. Cossé

									
			
	 Federal Home Loan Bank of Dallas
	 		 	 Federal Home Loan Bank of Des Moines

	 President:
	 	 /s/ Terry Smith
	 		 	 President:
	 	 /s/ Neil N. Fruechte

	 Date:
	 	 5/10/06
	 		 	 Date:
	 	 May 11, 2006

	 Address for notice:
	 		 	 Address for notice:

	 8500 Freeport Parkway South
	 		 	 907 Walnut

	 Suite 100
	 		 	 Des Moines, IA 50309

	 Irving, Texas 75063
	 		 		 	
			
	 Federal Home Loan Bank of Indianapolis
	 		 	 Federal Home Loan Bank of New York

	 President:
	 	 /s/ Martin L. Heger
	 		 	 President:
	 	 /s/ Alfred A. DelliBovi

	 Date:
	 	 June 1, 2006
	 		 	 Date:
	 	 May 22, 2006

	 Address for notice:
	 		 	 Address for notice:

	 8250 Woodfield Crossing Blvd.
	 		 	 101 Park Avenue, Floor 5

	 Indianapolis, IN 46240
	 		 	 New York, NY

	 Attention: Milton Miller, CFO
	 		 	 10178-0599

  

 9 

									
			
	 Federal Home Loan Bank of Pittsburgh
	 		 	 Federal Home Loan Bank of San Francisco

	 President:
	 	 /s/ John R. Price
	 		 	 President:
	 	 /s/ Dean Schultz

	 Date: May 24, 2006
	 		 	 Date: April 27, 2006

	 Address for notice:
	 		 	 Address for notice:

	601 Grant Street	 		 	600 California Street, 4th Floor
	Attn: Capital Markets	 		 	San Francisco, California 94108
	Pittsburgh, PA 15219	 		 		 	
			
	 Federal Home Loan Bank of Seattle
	 		 	 Federal Home Loan Bank of Topeka

	 President:
	 	 /s/ James E. Gilleran
	 		 	 President:
	 	 /s/ Andrew J. Jetter

	 Date: May 17, 2006
	 		 	 Date: May 12, 2006

	 Address for notice:
	 		 	 Address for notice:

	1501 Fourth Ave., Ste. 1800	 		 	 Federal Home Loan Bank of Topeka

	Seattle, WA 98101-1693	 		 	 One Security Benefit Place, Suite100

		 		 		 	 Topeka, KS 66606-2444

		 		 		 	 Attn: General Counsel

			
	 Office of Finance
	 		 	
	 Managing Director:
	 	 /s/ John K. Darr
	 		 	
	 Date: 5-22-06
	 		 	
	 Address for notice:
	 		 	
	Two Fountain Square	 		 	
	11921 Freedom Drive Suite 1000	 		 	
	Reston, VA 20190	 		 	

  

 10 

 EXHIBIT A 
 WAIVER 
  

					
	

	 	 Number:
 Date:
	  	2005-22
December 14, 2005

 FEDERAL HOUSING FINANCE BOARD

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

 A-1 

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

	
	 By the Board of Directors
 of the Federal Housing Finance
Board

	
	/s/ Ronald A. Rosenfeld
	Ronald A. Rosenfeld
	Chairman

 EXHIBIT B 
 Contingency Funding Matrix 
 Priority 
  

																									
	 	  	 1
	  	 2
	  	 3
	  	 4
	  	 5
	  	 6
	  	 7
	  	 8
	  	 9
	  	 10
	  	 11
	  	 12

													
	 Jan
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL

													
	 Feb
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST

													
	 Mar
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK

													
	 Apr
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT

													
	 May
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA

													
	 Jun
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC

													
	 Jul
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP

													
	 Aug
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC

													
	 Sep
	  	 DALL
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN

													
	 Oct
	  	 TPKA
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL

													
	 Nov
	  	 SNFR
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA

													
	 Dec
	  	 STTL
	  	 BOST
	  	 NWYK
	  	 PITT
	  	 ATLA
	  	 CINC
	  	 INDP
	  	 CHIC
	  	 DSMN
	  	 DALL
	  	 TPKA
	  	 SNFR

  

 B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]