Amendment No. 1 to 364-Day Revolving Credit Agreement among National Rural Utilities Cooperative Finance Corporation and Lender Banks

Summary

This amendment, dated July 20, 2005, modifies the existing 364-Day Revolving Credit Agreement between National Rural Utilities Cooperative Finance Corporation and a group of lender banks. The amendment adds a new exception to the agreement’s lien covenant, allowing the borrower to secure certain indebtedness up to $500 million under specified conditions. The amendment becomes effective once signed by the borrower and the required banks. All other terms of the original credit agreement remain in effect.

EX-4.7 10 aca1y.htm AMENDMENT NO. 1 TO THE 364-DAY REVOLVING CREDIT AGREEMENT AMENDMENT NO. 1 TO CREDIT AGREEMENT - 1 Year

AMENDMENT NO. 1 TO CREDIT AGREEMENT

            AMENDMENT dated as of July 20, 2005 to the Revolving Credit Agreement dated as of March 23, 2005 (the "Credit Agreement") among NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (the "Borrower"), the BANKS party thereto (the "Banks"), JPMORGAN CHASE BANK, N.A., BANK OF AMERICA, N.A. and THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH, as Co-Documentation Agents, ABN AMRO BANK N.V., as Syndication Agent, and THE BANK OF NOVA SCOTIA, as Administrative Agent (the "Administrative Agent").

W I T N E S S E T H :

            WHEREAS, the parties hereto desire to amend the Credit Agreement to provide an additional exception to the lien covenant;

            NOW, THEREFORE, the parties hereto agree as follows:

            SECTION 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Credit Agreement shall, from and after the Amendment Effective Date (as defined in Section 6 below), refer to the Credit Agreement as amended hereby.

            SECTION 2. Additional Exception to the Lien Covenant. Section 5.10 of the Credit Agreement is amended by (i) deleting the "and" at the end of clause (vi) thereof and replacing it with a comma, (ii) deleting the period at the end of clause (vii) thereof and replacing it with ", and" and (iii) adding a new clause (viii) immediately after clause (vii) thereof, to read in its entirety as follows: "(viii) on any such Indebtedness granted by the Borrower to secure any borrowings, which borrowings are on terms (except as to terms of interest, premium, if any, and amortization) not materially more disadvantageous to the Borrower's unsecured creditors than the borrowings under either Indenture (it being understood that the Borrower can not pledge such assets to an extent greater than 110% of the aggregate principal amount of such Indebtedness); provided that Liens incurred in reliance on this subsection (viii) shall not secure amounts exceeding $500,000,000 in the aggregate at any one time outstanding."

            SECTION 3. Representations of Borrower. The Borrower represents and warrants that (i) the representations and warranties of the Borrower set forth in Article 4 of the Credit Agreement will be true on and as of the Amendment

 

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Effective Date and (ii) no Default will have occurred and be continuing on such date.1

            SECTION 4. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

            SECTION 5. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

            SECTION 6. Effectiveness. This Amendment shall become effective on the date (the "Amendment Effective Date") on which the Administrative Agent shall have received from each of the Borrower and the Required Banks a counterpart hereof signed by such party or facsimile or other written confirmation (in form satisfactory to the Administrative Agent) that such party has signed a counterpart hereof.

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

NATIONAL RURAL UTILITIES                      
COOPERATIVE FINANCE 
CORPORATION
                                                                          

By:        /s/ John Jay List               
Name:   John Jay List
Title:     Senior Vice President

 


 


                                                                          

By:        /s/ Thomas Casey                     
Name:   Thomas Casey
Title:      Vice President

 


 

HARRIS NESBITT FINANCING, INC.
                                                                          

By:        /s/ Cahal B. Carmody                  
Name:   Cahal B. Carmody
Title:      Vice President

 


 

                                                                          

SunTrust Bank

By:       /s/ William C. Washburn, Jr      
Name:  William C. Washburn, Jr.
Title:     Vice President

 


 

Calyon New York Branch
                                                                          

By:        /s/ Sebastian Rocco                 
Name:   Sebastian Rocco
Title:     Managing Director

 

By:        /s/ W. Jay Buckley                          
Name:   W. Jay Buckley
Title:      Managing Director

 


 

The Bank of Tokyo-Mitsubishi Ltd.,
     New York Branch
                                                                          

By:        /s/ Linda Tam                         
Name:   Linda Tam
Title:     Authorized Signatory

 


 

Mizuho Corporate Bank, Ltd.
                                                                          

By:        /s/ Raymond Ventura        
Name:   Raymond Ventura
Title:     Senior Vice President

 


 

KeyBank National Association
                                                                          

By:        /s/ Sherrie I. Manson           
Name:   Sherrie I. Manson
Title:     Vice President

 


 

HSBCBank USA, National Association
                                                                          

By:        /s/ Suzanne Matthews                
Name:   Suzanne Matthews
Title:     Senior Vice President

 


 

COOPERATIEVE CENTRALE RAIFFEISEN-
     BOERENLEENBANK. B.A., "RABOBANK
     INTERNATIONAL", NEW YORK BRANCH
                                                                          

By:        /s/ Brett Delfino                             
Name:   Brett Delfino
Title:     Executive Director

 

By:        /s/ Michael Halevi                             
Name:   Michael Halevi
Title:     Vice President

 


 

MERRILL LYNCH BANK USA
                                                                          

By:        /s/ Frank Stepan                      
Name:   Frank Stepan
Title:     Vice President

 


 

DEUTSCHE BANK AG NEW YORK BRANCH
                                                                          

By:        /s/ Marcus Tarkington                         
Name:   Marcus Tarkington
Title:     Director

 

By:        /s/ Rainer Meier                                   
Name:   Rainer Meier
Title:     Assistant Vice President

 


 

Toronto Dominion (Texas) LLC
                                                                          

By:        /s/ Neva Nesbitt                        
Name:   Neva Nesbitt
Title:     Authorized Agent

 


 

The Royal Bank of Scotland plc.
                                                                          

By:        /s/ Belinda Wheeler              
Name:   Belinda Wheeler
Title:     Vice President

 


 

UBS Loan Finance LLC
                                                                          

By:        /s/ Trja R. Otsa                   
Name:   Trja R. Otsa
Title:     Associate Director
             Banking Products
             Services, US 

 

By:        /s/ Richard L. Tavrow           
Name:  Richard L. Tavrow
Title:    Director
            Banking Products
            Services, US 

 


 


                                                                          

By:        /s/ Mary Pat Riggins           
Name:   Mary Pat Riggins
Title:     Senior Vice President

 


 

The Bank of Nova Scotia
                                                                          

By:        /s/ Frank Sandler                     
Name:   Frank Sandler
Title:     Managing Director

 


 

U.S. Bank, N.A.
                                                                          

By:        /s/ Richard J. Popp                  
Name:   Richard J. Popp
Title:     Vice President

 


 

CREDIT SUISSE, Cayman Islands Branch
(formerly known as CREDIT SUISSE FIRST
BOSTON, acting through its Cayman Islands
Branch)
                                                                          

By:        /s/ Jay Chall                           
Name:   Jay Chall
Title:     Director

 

By:        /s/ Karim Blasetti                     
Name:   Karim Blasetti
Title:      Associate

 


 

ABN AMRO Bank N.V.
                                                                          

By:        /s/ Neil R. Stein         /s/ Michael DeMarco   
Name:   Neil R. Stein              Michael DeMarco
Title:     Director                      Asst. Vice President

 


 

Lehman Brothers Bank, FSB
                                                                          

By:        /s/ Janine M. Shugan                     
Name:   Janine M. Shugan
Title:     Authorized Signatory