EXHIBIT 4.4.4
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
ISSUE SUPPLEMENT
Dated as of September 17, 2004
TO MASTER TRUST AGREEMENT
Dated as of March 31, 2000
for
GUARANTEED AGRICULTURAL MORTGAGE-BACKED SECURITIES
Series Designation Issue Date
------------------ ----------
Xxxxxx Mac II Trust 2004-A September 24, 2004
THIS ISSUE SUPPLEMENT accompanies and supplements a certain Master Trust
Agreement, dated as of March 31, 2000 (the "Trust Agreement"), among the Federal
Agricultural Mortgage Corporation, a federally chartered instrumentality of the
United States ("Xxxxxx Mac") as issuer (in such capacity, the "Issuer") and
trustee (in such capacity, the "Trustee") and Xxxxxx Mac Mortgage Securities
Corporation, a corporation organized and existing under the laws of the State of
Delaware (the "Depositor"). Unless otherwise specified, certain capitalized
terms are defined in such Trust Agreement and shall have the meanings so
defined.
The collective terms of such Trust Agreement and this Issue Supplement
shall govern the composition of the Trust Fund, the beneficial ownership of
which is evidenced by the Series of Certificates having the above designation,
and have no applicability to any other Trust Fund. If any provision of this
Issue Supplement conflicts with or contradicts a provision of the Trust
Agreement, the provisions of this Issue Supplement shall control.
The Depositor does hereby transfer, assign, set over and otherwise convey
to the Trustee for the Holders of Certificates evidencing beneficial ownership
interests in the Trust Fund established hereby (i) all of the Depositor's right,
title and interest in and to the Guaranteed Portions identified in the
Guaranteed Portion Schedule attached as Schedule I hereto, (ii) all of the
Depositor's right, title and interest in and to all payments of principal
received and interest thereon accrued and received after September 17, 2004 (the
"Cut-Off Date"), and (iii) all of the Depositor's rights, as assignee of Xxxxxx
Mac, under each Final Guaranteed Portion Assignment providing for the sale of
the Guaranteed Portions identified in the Guaranteed Portion Schedule attached
as Schedule I hereto.
Section 1. Certain Defined Terms Redefined.
The terms "Balloon Payment" and "Initial Deposit" defined in Section 1.01
of the Trust Agreement shall not apply to the Series of Certificates authorized
hereby. The following terms defined in Section 1.01 of the Trust Agreement are
modified to have the following meanings for the Series of Certificates
authorized hereby:
Certificate: A Guaranteed Agricultural Mortgaged-Backed Security, Series
Xxxxxx Mac II Trust 2004-A, which shall be issued in book-entry form and
maintained in the name of a record owner as an entry on the books of the FRBNY
under a designation specifying the Series, Class and Denomination thereof.
Collection Period: As to any Distribution Date, the second calendar month
preceding the month of such Distribution Date, except that the first Collection
Period will begin on the Cut-off Date and end on September 30, 2004.
Distribution Date: As to the Certificates, the 15th day of each month (or
if such 15th day is not a Business Day, the Business Day immediately following),
beginning November 15, 2004.
Guaranteed Portion Schedule: The schedule attached as Schedule I to this
Issue Supplement.
Principal Distribution Amount: With respect to a particular Distribution
Date, all payments of principal (including any Principal Prepayments and any
Purchase Proceeds allocable to principal) received on the Guaranteed Portions
during the related Collection Period, plus, with respect to the Final
Distribution Date, any amounts of ultimate principal paid by Xxxxxx Mac under
the Xxxxxx Mac Guarantee.
Section 2. Defined Terms Applicable to Issue Supplement.
Whenever used in the Trust Agreement or this Issue Supplement, the
following words and phrases shall have the following meanings:
Administration Fee Rate: The per annum rate of 0.14%.
Closing Date: September 24, 2004
Cut-Off Date: September 17, 2004.
Guarantee Fee Rate: The per annum rate of 0.25%.
Seller: Pee Dee Farm Credit, ACA.
Section 3. Class Designation of Certificates; Distributions on
Certificates.
The Series of Certificates authorized by the Trust Agreement and this Issue
Supplement shall have the terms and provisions hereinafter set forth. The Class
designation, original Class Certificate Principal Balance and Final Distribution
Date shall be as follows:
Original Class
Class Certificate Final Distribution
Designation Principal Balance Date
A $11,787,894 November 15, 2043
On each Distribution Date, Xxxxxx Mac shall distribute the Certificate
Distribution Amount to the Certificateholders as of the related Record Date.
Amounts distributed in respect of clause (b) of the definition of Certificate
Distribution Amount shall be applied in reduction of the Certificate Principal
Balance of the Certificates. All distributions of the Certificate Distribution
Amount shall be applied on a pro rata basis among the Certificates.
Section 4. Authority Regarding Tax Status of Trust Fund.
Section 8.01 of the Trust Agreement is amended by adding a new subsection
(e) as follows:
"(e) No provision of this Trust Agreement shall be construed to grant the
Trustee or any other person authority to act in any manner that would cause the
Trust Fund not to be treated as a fixed investment trust for federal income tax
purposes."
Section 5. Waivers and Supplemental Agreements.
Section 10.02 of the Trust Agreement is amended by deleting the word "or"
at the end of subsection (a); by substituting "; or" for the period at the end
of subsection (b); and by adding a new subsection (c) immediately after
subsection (b) as follows:
"(c) without the consent of all Certificateholders alter the classification
of the Trust Fund as a fixed investment trust for federal income tax purposes."
Section 6. Intended Classification.
A new Section 11.06 is added to the Trust Agreement as follows:
"Section 11.06. Intended Classification. It is intended that the Trust
Fund be classified for federal income tax purposes as an `investment trust'
classified as a trust within the meaning of Treasury Regulation
301.7701-4(c) and, notwithstanding anything to the contrary herein, the
provisions of this Agreement shall be applied and interpreted in a manner
consistent with such intention, including, without limitation, so as to
circumscribe any right to exercise discretion granted to Xxxxxx Mac or
FMMSC herein as to matters relating to the Guaranteed Portions."
* * * * * * * * * * *
IN WITNESS WHEREOF, the parties hereto hereby execute this Issue
Supplement, as of the day and year first above written.
FEDERAL AGRICULTURAL
MORTGAGE CORPORATION,
as Issuer and Trustee
[SEAL]
By: /s/ Xxxxx X. Xxxxxxxxx
---------------------------
Attest: /s/ Xxxxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxxxxxx
------------------------ Title: Vice President
Assistant Secretary
XXXXXX MAC MORTGAGE
SECURITIES CORPORATION,
as Depositor
[SEAL]
By: /s/ Xxxxx X. Xxxxxxxxx
Attest: /s/ Xxxxxxx X. Xxxxxxx ---------------------------
------------------------ Name: Xxxxx X. Xxxxxxxxx
Assistant Secretary Title: Vice President
Guaranteed
Portion Term to Next Gross Net
Principal Maturity at Interest- Interest Interest Prepayment Lender's Interest Interest
Loan Balance as Origination Maturity Only Reset Rate Accrual Penalty Servicing Rate as Rate as
Type of 9/17/04 (in years)(1) Date Period Date (2) Margin Basis Type Fee of 9/17/04 of 9/17/04(3)
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B&I $478,854.63 14 9/30/2016 None 10/1/2004 1.50% A/360 5-3-1 0.50% 5.75% 4.86%
-----------------------------------------------------------------------------------------------------------------------------------
B&I $471,466.08 10 3/25/2013 None 10/1/2004 2.00% A/360 None 0.50% 6.25% 5.36%
-----------------------------------------------------------------------------------------------------------------------------------
B&I $505,250.15 10 11/25/2013 None 10/1/2004 1.50% A/365 5-4-3-2-1 0.50% 5.75% 4.86%
-----------------------------------------------------------------------------------------------------------------------------------
B&I $554,666.48 25 6/1/2026 None 10/1/2004 1.50% A/360 5-4-3-2-1 0.50% 5.75% 4.86%
-----------------------------------------------------------------------------------------------------------------------------------
B&I $595,825.92 11 2/1/2015 2/1/2004 10/23/2004 1.00% A/360 None 0.25% 5.25% (4) 4.61%
to
1/1/2005
------------------------------------------------------------------------------------------------------------------------------------
B&I $468,853.52 7 4/1/2010 None 10/1/2004 2.00% A/365 None 0.50% 6.25% 5.36%
------------------------------------------------------------------------------------------------------------------------------------
B&I $474,456.41 26 1/1/2029 None 10/1/2004 1.00% A/360 5-4-3-2-1 0.25% 5.25% 4.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $396,477.81 16 5/1/2020 None 10/1/2004 2.00% A/365 7-6-5-4-3-2-1 0.50% 6.25% 5.36%
------------------------------------------------------------------------------------------------------------------------------------
B&I $474,723.19 15 11/1/2017 None 10/28/2004 2.00% A/360 5-4-3-2-1-1-1 0.25% 6.25% 5.61%
------------------------------------------------------------------------------------------------------------------------------------
FO $171,000.00 40 9/29/2043 10/29/2003 10/1/2004 2.00% 365/360 5-4-3-2-1 0.00% 6.25% 5.86%
to
9/29/2004
------------------------------------------------------------------------------------------------------------------------------------
B&I $461,786.85 7 12/23/2010 None 10/1/2004 2.50% A/360 5-4-3-2-1 0.50% 6.75% 5.86%
------------------------------------------------------------------------------------------------------------------------------------
B&I $495,735.84 25 2/18/2029 None 10/1/2004 2.00% A/365 5-4-3-2-1 0.25% 6.25% 5.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $428,781.56 21 8/1/2024 None 10/1/2004 2.00% A/360 5-4-3-2-1 0.25% 6.25% 5.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $454,458.11 13 11/18/2016 None 10/1/2004 2.00% A/360 5-4-3-2-1 1.00% 6.25% 4.86%
------------------------------------------------------------------------------------------------------------------------------------
B&I $444,891.81 20 2/28/2022 None 10/1/2004 1.25% A/360 5-3-1 0.50% 5.50% 4.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $450,311.30 19 10/19/2020 None 10/1/2004 1.00% A/360 5-4-3-2-1 0.50% 5.25% 4.36%
------------------------------------------------------------------------------------------------------------------------------------
B&I $429,834.16 15 9/27/2016 None 10/1/2004 1.00% 30/360 None 0.50% 5.25% 4.36%
------------------------------------------------------------------------------------------------------------------------------------
B&I $437,175.53 7 4/8/2011 None 10/1/2004 2.00% 30/360 3-2-1 0.25% 6.25% 5.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $521,666.55 16 12/27/2018 None 10/1/2004 1.25% A/360 3-2-1 0.50% 5.50% 4.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $488,736.63 10 8/4/2013 None 10/1/2004 1.50% A/360 5-3-1 0.50% 5.75% 4.86%
------------------------------------------------------------------------------------------------------------------------------------
B&I $449,312.90 20 12/22/2023 None 10/1/2004 2.00% A/360 5-4-3-2-1 0.25% 6.25% 5.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $487,651.50 17 12/30/2020 None 10/1/2004 1.00% A/365 5-5-5-5-5 0.50% 5.25% 4.36%
------------------------------------------------------------------------------------------------------------------------------------
B&I $494,283.97 30 6/6/2033 None 10/1/2004 2.00% A/360 5-4-3-2-1 0.25% 6.25% 5.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $308,240.95 19 6/30/2023 None 10/1/2004 1.50% A/365 5-4-3-2-1 0.25% 5.75% 5.11%
------------------------------------------------------------------------------------------------------------------------------------
B&I $309,135.67 25 7/1/2029 None 10/1/2004 1.50% A/360 5-4-3-2-1 0.25% 5.75% 5.11%
------------------------------------------------------------------------------------------------------------------------------------
B&I $230,316.66 14 3/19/2017 None 10/1/2004 2.00% A/360 5-4-3-2-1 0.25% 6.25% 5.61%
------------------------------------------------------------------------------------------------------------------------------------
B&I $304,000.00 30 8/1/2034 None 10/1/2004 1.00% 365/360 5-5-5-5-5 0.00% 5.25% 4.86%
------------------------------------------------------------------------------------------------------------------------------------
(1) None of the Loans are "balloon" loans. All of the Loans provide for regular
monthly scheduled payments of principal and interest (other than during any
applicable interest-only period) on a level basis to amortize fully over
their stated terms using the simple interest accrual method of calculating
interest.
(2) The interest rate on each Loan resets on a quarterly basis based on the
Prime Rate and the applicable interest rate margin.
(3) The Net Interest Rate is the Gross Interest Rate reduced by (1) the
applicable per annum lender servicing fee, (2) a Guarantee Fee of 0.25% per
annum and (3) an Administration Fee of 0.14% per annum.
(4) Subject to a minimum interest rate of 5.00% per annum and a maximum
interest rate of 18.00% per annum.
