Document:

Promissory Note

  
 Exhibit 10.59

  
 PROMISSORY NOTE 
  
 PROMISSORY NOTE (the “Note”) of the Borrower named below delivered to RZB
FINANCE LLC (“RZB”) dated February 17, 2004. 
  

	1.	SPECIAL TERMS 

  
 The following terms and provisions shall apply to this Note: definitions of terms in this or other sections of this Note expressed in the singular shall
include the plural and vice versa. 
  
 Borrower: FCStone Merchant Services, LLC 
  
 (Specify jurisdiction of organization) 
  
 Principal
Amount of this Note: 
  
 Five Million Dollars 
  
 ($5,000,000) 
  
 Margin: 2.5% p.a. 
  
 Available Interest Periods for Eurodollar Loans: 
  
 Up to 180 days 
  
 Loan Documents: Line Letter dated February 17, 2004, between the Borrower and RZB, General Security Agreement dated February 17, 20004, between the
Borrower and RZB, Continuing Agreement for Letters of Credit dated February 17,2004, between the Borrower and RZB, and all other agreements from time to time executed by the Borrower for the benefit of RZB, in each case as amended, modified or
supplemented from time to time. 
  
 Minimum Eurodollar
Amount: NA 
  
 Minimum Repayment Amount: NA

  

	2.	PRINCIPAL 

  
 FOR VALUE RECEIVED, the Borrower promises to pay to the order of RZB, ON DEMAND, the Principal Amount of this Note specified in Section 1 or, if less, the
then-outstanding principal amount of all loans (each a “Loan” and collectively, the “Loans”) made to the Borrower by RZB pursuant to the Loan Documents. In no event shall the maturity date of any Loan be more than
180 days after the date such Loan is made. 
  

	3.	INTEREST 

  
 The Borrower promises to pay interest on the unpaid principal amount of each Loan (after as well as before judgment) at a rate per annum which, during
each Interest Period of such Loan, shall be equal to the Margin specified in Section 1 plus the Quoted Rate for such Interest Period. Such interest shall be payable on the last day of each Interest Period; provided that if any Interest Period in
respect of a Loan is longer than three months, such interest prior to maturity shall be paid on the last Business Day of each three-month interval within such Interest Period as well as on the last day of such Interest Period. 
  
 Notwithstanding the preceding paragraph, the Borrower shall also pay
interest at a rate per annum which shall be the greater of (A) 2% in excess of the Base Lending Rate from time to time in effect, or (B) 2% in excess of the rate which would otherwise be applicable pursuant to the terms hereof, on any principal of
the Loan and, to the extent permitted by law, on any interest or other amount payable by the Borrower hereunder which shall not be paid in full when due (whether on demand, by acceleration or otherwise) from such due date until paid in full (after
as well as before judgment), such interest to be payable on demand 
  
 All interest shall be computed on the basis of the number of days actually elapsed in a 360-day year. 
  
 Definitions. 
  
 The term “Interest Period,” when used with respect to any Loan, means (i) initially, the period commencing on the date of such Loan, and
(ii) thereafter, each of the successive periods occurring while such Loan is outstanding, with such successive periods commencing on the same day as the last day of the immediately preceding period. The duration of an Interest Period commencing
prior to maturity (by demand, acceleration or otherwise) shall be: 
  
 3.a. one of the periods specified as Available Interest 
 Periods in Section 1, as selected by the 
 Borrower not later than 11:00 A.M. (New 
 York
time) three Business Days prior to 
 the commencement of such Interest Period, or 
  
 3.b. absent a timely selection by the Borrower, the 
 shortest of the periods specified as 
 Available Interest Periods in Section 1. 
  
 The
duration of an Interest Period commencing on or after the due date for full payment hereunder (whether on demand, by acceleration or otherwise) shall be such period as RZB may reasonably select. Any Interest Period which would otherwise expire on a
day other than a Business Day shall be (i) extended to the next following Business Day or (ii) if the next following Business Day is in a new calendar month, shortened to the next preceding Business Day. 
  
 The term “Quoted Rate,” when used with respect to an
Interest Period for any Loan, means the quotient of (i) the offered rate quoted by The Chase Manhattan Bank (the “Bank”) in the interbank Eurodollar market in New York City or London, England on or about 11:00 A.M. (New York or London
time, as the case may be) two Business Days prior to such Interest Period for U.S. dollar deposits of an amount comparable to the 

  

 
principal balance of such Loan and for a period comparable to such Interest Period, divided by (ii) one minus the Reserve Percentage. For purposes of this
definition, (a) “Reserve Percentage” shall mean with respect to any Interest Period, the percentage which is in effect on the first day of such Interest Period under Regulation D as the maximum reserve requirement for member banks
of the Federal Reserve System in New York City with deposits comparable in amount to those of the Bank against Eurocurrency Liabilities. The Quoted Rate for the applicable period shall be adjusted automatically on and as of the effective date of any
change in the applicable Reserve Percentage; (b) “Regulation D” shall mean Regulation D of the Board of Governors of the Federal Reserve System, as it may be amended from time to time; and (c) “Eurocurrency
Liabilities” has the meaning assigned to that term in Regulation D, as in effect from time to time. 
  
 The term “Business Day” means any day on which banks are open for dealings by and between banks in U.S. dollar deposits in the interbank
Eurodollar market in New York City and London, England, other than a Saturday, Sunday or any day which shall be in London, England or New York City a legal holiday or a day on which banking institutions are authorized by law to close. 
  
 The term “Base Lending Rate” means, for any day, the higher
of (i) the rate announced by the Bank from time to time at its principal office in New York, New York as its prime rate for domestic (United States) commercial loans in effect on such day and (ii) the Federal Funds Rate in effect on such day plus
1/2%. (Such Base Lending Rate is not necessarily intended to be the lowest rate of interest charged by the Bank in connection with extensions of credit.) Each change in the Base Lending Rate shall result in a corresponding change in the interest
rate and such change shall be effective on the effective date of such change in the Base Lending Rate. 
  
 The term “Federal Funds Rate” means, for any day, the overnight federal funds rate in New York City, as published for such day (or, if
such day is not a New York Business Day, for the next preceding New York Business Day) in the Federal Reserve Statistical Release H.15 (519) or any successor publication, or if such rate is not so published for any day which is a New York Business
Day, the average of the quotations for such day on overnight federal funds transactions in New York City received by the Bank from three federal funds brokers of recognized standing selected by the Bank. 
  

	4.	ADDITIONAL PAYMENTS 

  
 If any event shall occur (whether in the form of reserve requirements not included in the computation of the Quoted Rate, exchange control regulations,
governmental charges or changes in the interbank Eurodollar market or the position of RZB or any financial institution that provides financing to RZB (a “funding source”) in such market or otherwise) which shall result in RZB or such
funding source not receiving interest with respect to any Loan at the effective rate of the margin (plus 2% after demand) in excess of the costs incurred by RZB or such funding source in making, funding or maintaining such Loan, then, the
Borrower shall pay to RZB, upon demand, such additional amounts as may be necessary to compensate RZB or such funding source, as the case may be, for any such deficiency or reduction. Each demand for compensation pursuant to the preceding sentence
shall be accompanied by a certificate of RZB in reasonable detail setting forth the computation of such compensation (including the reason therefor), which certificate shall be conclusive, absent manifest error. 
  

	5.	PREPAYMENTS 

  
 The Borrower agrees that it shall have no right to repay all or any portion of a Loan except on the last day of an Interest Period applicable to such
Loan, and then only if RZB has received written notice of such repayment not later than 11:00 A.M. (New York time) three Business Days prior to such repayment; any such notice shall be irrevocable. All partial repayments shall be in an amount not
less than the Minimum Repayment Amount. All repayments pursuant to this paragraph shall be accompanied by the payment of all accrued interest on the principal amount so paid. 
  
 Without limiting the foregoing, the Borrower agrees that if for any reason any Loan (or any portion thereof) is not made
after RZB or its funding source has arranged funding therefor, or, if for any reason (including as a result of demand) any Loan is repaid on a day other than the last day of an Interest Period therefor, the Borrower shall pay to RZB, upon demand,
any unrecovered expenses or losses (including losses resulting from the re-employment of funds) incurred by RZB or its funding source as the result of such failure to borrow or repayment. RZB’s determination as to additional amounts due under
this paragraph shall be conclusive, absent manifest error. 
  

	6.	ALL PAYMENTS 

  
 Each payment by the Borrower pursuant to this Note shall be made prior to 1:00P.M. (New York time) on the date due and shall be made without set-off or
counterclaim to RZB at such account as RZB shall designate, or in the absence of such designation to RZB at its office, presently located at 1133 Avenue of the Americas, New York, NY 10036, or as RZB may otherwise direct and in such amounts as may
be necessary in order that all such payments (after withholding for or on account of any present or future taxes, levies, imposts, duties or other similar charges of whatsoever nature imposed by any government or any political subdivision or taxing
authority thereof, other than any tax on or measured by the net income of RZB pursuant to the income tax laws of the jurisdiction where RZB’s principal or lending office is located) shall not be less than the amounts otherwise specified to be
paid under this Note. Each such payment shall be made in lawful currency of the United States of America and in immediately available funds. If the stated due date of any payment required hereunder is other than a Business Day, such payment shall be
made on the next succeeding Business Day and interest at the applicable rate shall accrue thereon during such extension. 
  

	7.	REPRESENTATIONS AND WARRANTIES 

  
 The Borrower represents and warrants that all acts, filings, conditions and things required to be done and performed and to have happened (including,
without limitation, the obtaining of necessary governmental approvals) precedent to the issuance of this Note to constitute this Note the duly authorized, legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms,
have been done, performed and have happened in due and strict compliance with all applicable laws. 
  

	8.	DEFAULT 

  
 Without limiting the right of RZB to demand payment of the Loans evidenced hereby at any time in its sole discretion, if any of the following events shall
occur: default in payment of any amount due hereunder to the holder hereof, whether on demand or otherwise; suspension or liquidation by the Borrower of its usual business or suspension or expulsion of the Borrower from any exchange; calling of a
meeting of creditors; assignment by the Borrower for the benefit of creditors; dissolution, bulk sale or notice thereof effected or given by the Borrower; creation of a security interest in any assets of the Borrower which are or shall be subject to
liens granted to the holder hereof by the Borrower without consent of the holder hereof; insolvency of any kind, attachment, distraint, garnishment, levy, execution, judgment, application for or appointment of a receiver or custodian, filing of a
voluntary or involuntary petition under any provision of the U.S. Bankruptcy Code or amendments thereto, of, by or against the Borrower for any relief under any bankruptcy or insolvency laws or any laws relating to the relief of debtors,
readjustment of indebtedness, reorganizations, compositions or extensions; any governmental authority or any court at the instance of any governmental authority shall take possession of any substantial part of the property of the Borrower or shall
assume control over the affairs or operations of the Borrower; any statement, representation or warranty made by the Borrower in any document, agreement or financial statement delivered to RZB shall prove to be false in any material respect when
made; failure of the Borrower or any other party thereto to comply with any term of any of the Loan Documents; failure of the Borrower, on request, to furnish to RZB any financial information, or to permit inspection by RZB of any books or records;
any change in, or discovery with regard to, the condition or affairs of the Borrower which, in RZB’s opinion, increases its credit risk; or if RZB for any other reason deems itself insecure; then, the indebtedness evidenced by this Note, and
all accrued interest thereon shall become absolute, due and payable without demand or notice to the Borrower. Upon default in the due payment of this Note, or whenever the same or any installment of principal or interest hereof shall become due in
accordance with any of the provisions hereof (whether on demand or otherwise), RZB may, but shall not be required to, exercise any or all of its rights and remedies, whether existing by contract, law or otherwise, with respect to any collateral
security delivered in respect of the indebtedness evidenced hereby. 
  

	9.	MISCELLANEOUS 

  
 This Note is delivered pursuant to, and entitled to the benefits of, the Loan Documents. 
  
 The Loans and principal repayments thereof and the interest rate and Interest Period applicable to each Loan may be recorded
on the records of RZB and, prior to any transfer of, or any action to collect, this Note, the outstanding principal amount of each Loan shall be endorsed on this Note, together with the date of such endorsement. Any such recordation or endorsement
shall constitute prima facie evidence of the accuracy of the information so recorded or endorsed (provided, however, that the failure of RZB to record any of the foregoing shall not limit or otherwise affect the obligation of the Borrower to repay
all the Loans (including interest thereon) and its other obligations hereunder and under the Loan Documents). The Bank may charge any account of the Borrower with the Bank for amounts payable under this Note. 
  
 Each payment of principal of, or interest on, the Loans shall constitute an
acknowledgment of the indebtedness of the Borrower under the Loan Documents and this Note. The Borrower: 
  
 a. waives presentment, demand, protest and other 
 notice of any kind in connection with this 
 Note; and 
  
 b. agrees to pay to the holder hereof, on demand, all 
 costs and expenses (including 
 reasonable
legal fees) incurred in 
 connection with the enforcement and 
 collection of this Note. 
  
 THIS
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW), BUT THIS SHALL NOT LIMIT THE RATE OF INTEREST WHICH MAY BE CHARGED BY RZB UNDER OTHER APPLICABLE LAW.

  
 The Borrower hereby agrees that ANY LEGAL ACTION OR
PROCEEDING AGAINST THE BORROWER WITH RESPECT TO THIS NOTE MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE CITY OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK as RZB may elect, and, by execution and
delivery hereof, the Borrower accepts and consents to, for itself and in respect to its property, generally and unconditionally, the jurisdiction of the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless waived by RZB in
writing, with respect to any action or proceeding brought by it against RZB and any questions relating to usury. Nothing herein shall limit the right of RZB to bring proceedings aginst the Borrower in the courts of any other jurisdiction. Service of
process out of any such courts may be made by mailing copies thereof by registered or certified mail, postage prepaid, to the Borrower at its address for notices as specified herein and will become effective 30 days after such mailing. The Borrower
agrees that Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York shall apply to this Note and, to the maximum extent permitted by law, waives any right to stay or to dismiss any action or proceeding brought before said
courts on the basis of forum non conveniens. 
  

 AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS RESPECTIVE COUNSEL, EACH OF THE BORROWER AND RZB
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS NOTE OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF THE BORROWER OR RZB. THIS PROVISION IS A MATERIAL INDUCEMENT FOR RZB MAKING THE LOANS TO BORROWER. 
  
 Nothing contained in this Note shall be deemed to establish or require the payment of a rate of interest in excess of the maximum rate permitted by
applicable law (the “Maximum Rate”). If the amount of interest payable for any interest payment period ending on any interest payment date calculated in accordance with the provisions of this Note (said amount, the
“Calculated Interest”) exceeds the amount of interest that would be payable for such interest payment period had interest for such interest payment period been calculated at the maximum Rate, there shall be paid on such interest
payment date an amount of interest calculated on the basis of the Maximum Rate for such interest payment period. If on any subsequent interest payment date, (i) the Calculated Interest for the interest payment period ending on such subsequent
interest payment date (the “Current Interest Payment Period”) is less than the amount of interest that would be payable for such Current Interest Period had interest for such current Interest Period been calculated on the basis of
the Maximum Rate and (ii) any portion of the excess (if any) of Calculated Interest for any prior interest payment period over interest calculated at the Maximum Rate for such prior interest payment period (the “Outstanding Interest
Amount”) remains unpaid, then on such subsequent interest payment date there shall be paid, as provided herein, additional interest for such Current Interest Period in an amount equal to the lesser of (i) the theretofore unpaid Outstanding
Interest Amounts for all prior interest payment periods or (ii) an amount that, when added to the amount of Calculated Interest payable for such Current Interest Period, results in the payment of interest for such Current Interest Period at the
Maximum Rate. 
  
 IN WITNESS WHEREOF, the undersigned has caused
this Note to be duly executed and delivered by its duly authorized officer(s). 
  

					
	 FCStone Merchant Services, LLC

		
	 By:
	 	 /s/ Allan J. Lee

	 	 	 Name:
	 	 Allan J. Lee

	 	 	 Title:
	 	 President

					
		
	 By:
	 	 /s/ Michael D. Altneu

	 	 	 Name:
	 	 Michael D. Altneu

	 	 	 Title:
	 	 Senior VP

  
 Address of Borrower for Notices:

  

	1.	One North End Avenue, Suite 1129, NY, NY 10282 

  

	2.	2829 Westown Parkway, Suite 200, West Des Moines, IA 50266 Attn: Robert JohnsonGeneral Security Agreement

  
 Exhibit 10.60

  
 GENERAL SECURITY AGREEMENT 
  
 In consideration of loans, credit or other financial accommodations extended or continued
from time to time to, or on the guaranty, endorsement or other assurance of, the undersigned (“Obligor”) by RZB Finance LLC (together with its successors and assigns, “RZB”), Obligor hereby agrees as follows: 
  

	1.	Security Interest. 

  
 a. To secure the full and punctual payment and performance of all of the Obligations (as hereinafter defined), Obligor hereby grants to RZB a continuing
security interest in, and assigns and pledges to RZB, the Collateral (as hereinafter defined). 
  
 b. “Obligations” shall mean and include all indebtedness, liabilities, obligations, covenants and duties of Obligor to RZB or any Affiliate of RZB (including those which RZB or such Affiliate may have
acquired from others) of every kind, nature and description, direct or indirect, absolute or contingent, due or not due, contractual or tortuous, liquidated or unliquidated, arising by operation of law or otherwise, now existing or hereafter
arising, and whether or not evidenced by any note or other instrument or agreement and whether or not for the payment of money, but not limited to, indebtedness, obligations and liabilities to RZB or such Affiliate of Obligor as a member of any
partnership, syndicate, association or other group. 
  
 c.
Affiliate and certain other terms used herein are defined in Section 15 hereof. 
  
 d. As used herein, the term “Collateral” means the property described opposite the box(es) checked below together with the property described in Section 1(f) below: 
  
 x A. All Personal Property. All of the
personal property and fixtures of the Obligor wherever located and whether now owned or in existence or hereafter acquired or created, of every kind and description, tangible or intangible, including without limitation all inventory (including,
without limitation, inventory as defined in Section 1(d)(C) hereof), goods and accessions thereto, equipment and accessions thereto, farm products, documents, chattel paper (whether tangible or electronic), accounts (including, without limitation,
accounts as defined in Section 1(d)(D) hereof), contract rights, securities and other investment property, general intangibles, tax refund claims, patents, trademarks, intellectual property, payment intangibles, supporting obligations, instruments,
promissory notes, letters of credit and proceeds thereof, advices of credit, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, credits, deposits, cash, deposit accounts (general or
special), and certificates of deposit. Each of such terms which is defined in the New York Uniform Commercial Code as in effect form time to time shall have the meaning ascribed thereto therein when used in this Agreement. 
  
  ̈ B. Equipment. Equipment (of any nature and description), now owned or hereafter acquired and wherever located, employed in the operation of the Obligor’s business, and all proceeds thereof and products of such
equipment in any form whatsoever. As used herein, the term “equipment” shall also mean and include all spare parts therefore, all present and future additions, attachments and accessions thereto, all substitutions therefor and replacements

  

 
thereof. Nothing herein shall be construed as giving a right to the Obligor to sell any equipment which is the subject of this Agreement. 
  
  ̈ C. Inventory. All of the inventory of the Obligor, of every type or description, now owned or hereafter acquired and wherever located, whether raw, in process or finished, all goods usable in processing the same and
all documents, documents of title and receipts covering any inventory (hereinafter, referred to as “inventory”), and all proceeds thereof and products of such inventory in any form whatsoever, including but not limited to accounts and
chattel paper (whether tangible or electronic) and cash proceeds. 
  
  ̈ D. Accounts and Chattel Paper. All of the Obligor’s present and future accounts (including, without limitation,
health-care-insurance receivables), contract rights, letters of credit, letter-of-credit rights, general intangibles, tax refund claims, payment intangibles, software, supporting obligations, instruments, promissory notes, and chattel paper (whether
tangible or electronic) and all other rights to the payment of money, whether or not arising out of the sale (or lease) of goods or services (herein referred to in the plural as “accounts” and in the singular as “account”), all
proceeds thereof and all liens, securities, guarantees, remedies, and privileges pertaining thereto, together with all rights and liens of the Obligor in and to such goods, including returned or repossessed goods, and all rights and property of any
kind forming the subject matter of any of the accounts, including the right of stoppage in transit. 
  
  ̈ E. Other. 
  
 See Schedule A annexed hereto and made a part hereof. 
  
 If no box is checked, Clause A (All Personal Property) shall be deemed applicable for all
purposes of this Agreement. If the Clause A box is checked, checking also the Clause B and/or Clause C and/or Clause D and/or Clause E box(es) is not intended, and shall not be construed, to limit the generality or legal effect of the description
contained in Clause A. 
  
 e. (i) If the Obligor shall at any time
acquire a commercial tort claim, as defined in Article 9 of the Uniform Commercial Code as in effect in the State of New York (“NY UCC Article 9”), which the Obligor reasonably believes based upon then-current information is likely to
result in a judgment in favor of the Obligor in excess of $25,000, the Obligor shall promptly notify RZB in a writing signed by the Obligor of the brief details thereof and grant to RZB in such writing a security interest therein and in the proceeds
thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to RZB. 
  
 (ii) RZB may at any time and from time to time file financing statements, continuation statements and amendments thereto that describe the
Collateral as all assets of the Obligor or words of similar effect and which contain any other information required by NY UCC Article 9 or revised Article 9 of the Uniform Commercial Code in the form or substantially in the form approval in 1998 by
the American Law Institute and the National Conference of Commissioners on Uniform State Laws (“Revised Article 9”) as adopted in any other jurisdiction (including Part 5 thereof) for the sufficiency or filing office acceptance of any
financing statement, continuation statement or amendment, including whether the Obligor is an organization, the type of organization and any organization identification number issued to the 

  

 
Obligor. The Obligor agrees to furnish any such information to RZB promptly upon request. Any such financing statements, continuation statements or
amendments may be signed by RZB on behalf of the Obligor and may be filed at any time with or without any signature of the Obligor or RZB in any jurisdiction whether or not NY UCC Article 9 or Revised Article 9 is then in effect in that
jurisdiction. 
  
 (iii) The Obligor shall at any
time and from time to time, whether or not NY UCC Article 9 or Revised Article 9 is in effect in any particular jurisdiction, take such steps as RZB may request for RZB to (i) obtain an acknowledgement, in form and substance satisfactory to RZB, of
any bailee having possession of any of the Collateral that the bailee holds such Collateral for RZB, (ii) obtain “control” of any investment property, deposit accounts, letter-of-credit rights or electronic chattel paper (as such terms are
defined in NY UCC Article 9 with corresponding provisions in Section 9-104, 9-105, 9-106 and 9-107, relating to what constitutes “control” for such items of Collateral), with any agreements establishing control to be in form and substance
satisfactory to RZB, and (iii) otherwise insure the continued perfection and priority of RZB’s security interest in any of the Collateral and of the preservation of its rights therein, whether in anticipation of or following the effectiveness
of NY UCC Article 9 in New York or Revised Article 9 in any other jurisdiction. 
  
 f. Any and all deposits or other sums at any time credited by or due from RZB to the Obligor; and any and all monies, securities and other property of the Obligor, and the proceeds thereof now or hereafter held or
received by or in transit to RZB from or for the Obligor, whether for safekeeping, custody, pledge, transmission, collection or otherwise, shall at all times constitute security for any and all Obligations. 
  

	2.	Rank and Perfection of Security Interest. 

  
 a. Obligor will not create or permit to exist, nor shall there exist, any security interest in, lien, attachment, levy or encumbrance upon, or assignment
or pledge as security of, any of the Collateral, except the security interest of and assignment and pledge to RZB hereunder and Permitted Liens. 
  
 b. (i) Obligor will from time to time, at its expense, take all action requested by RZB, or which may be necessary or desirable, to perfect, continue,
evidence, preserve, protect or validate the security interest of and assignment and pledge to RZB hereunder to enable RZB to exercise and enforce its rights hereunder, including, but not limited to, (A) executing and delivering one or more notices,
financing statements, agreements or other writings, and (B) delivering to RZB, and stamping or otherwise marking, in such manner as RZB may specify, any and all chattel paper, instruments, letters and advice of credit and documents constituting part
of the Collateral, in each case endorsed or accompanied by such instruments of assignment as RZB may specify. 
  
 (ii) Obligor hereby authorizes RZB, at its option but without any obligation so to do, to file financing and continuation statements and
amendments to financing statements, naming Obligor as debtor, with respect to any of the Collateral without the signature of Obligor, and agrees that a carbon, photographic or other reproduction of this Agreement or of a financing statement is
sufficient as a financing statement. Obligor shall pay the costs of any recording or 

  

 
filing of any financing or continuation statements, or amendments thereto, concerning the Collateral. 
  

	3.	Covenants. 

  
 a. Obligator shall at all times: (i) be the sole owner of each and every item of Collateral, (ii) defend the Collateral against the claims and demands of
all persons and (iii) in the case of tangible property constituting part of the Collateral, (A) properly maintain and keep in good order and repair such property and (B) keep such property fully insured with responsible companies acceptable to RZB
against such risks as such Collateral may be subject to, or as RZB may request, under policies containing loss payable clauses naming RZB as loss payee as its interests may appear and otherwise in form and substance satisfactory to RZB, and
providing that: (1) all proceeds thereof shall be payable to RZB, (2) such insurance shall not be affected by any act or neglect of Obligor or other owner of the property described in such policy, and (3) such policy and loss payable clause may not
be cancelled or amended except upon ten days’ prior written notice to RZB. 
  
 b. Obligor will comply with the requirements of all leases, mortgages and other instruments relating to premises where any Collateral is located. 
  
 c. Obligor will not sell or otherwise dispose of any of the Collateral, except that, if the same constitute Collateral,
until notice terminating such authority is given by RZB to Obligor, (i) accounts may be collected in the ordinary course of business as heretofore conducted and (ii) inventory or farm products may be sold in the ordinary course of business as
heretofore conducted. 
  
 d. Obligor will give RZB not less than
30 days prior written notice of (i) any change in (A) its name, identity or corporate structure, (B) the location of its chief executive office or any other place of business, or (C) the location of any of the Collateral or its books and records
concerning any accounts, (ii) the location of each new place of business opened by Obligor, and (iii) each new location of any Collateral. Obligor will give RZB prompt Notice of any loss or depreciation in the value of any collateral. Set forth on
Schedule A annexed hereto are all trade names or trade styles used by Obligor, the location of Obligor’s chief executive office, all locations of Collateral and all locations of Obligor’s books and records. 
  
 e. At any time and from time to time (i) RZB may and is hereby authorized to
transfer into or register in the name of itself or its nominee any instruments, investment property or documents constituting a part of the Collateral without notice to Obligor, (ii) RZB may receive and retain all Distributions (as hereinafter
defined in Section 15), (iii) Obligor will permit representatives of RZB during normal business hours to inspect its premises and books and records pertaining to the Collateral and make extracts from and copies of such books and records, and (iv)
upon request, Obligor will enter into warehousing, lockbox or other custodial arrangements satisfactory to RZB. 
  
 f. If any Collateral is at any time in the possession or control of any warehouseman, bailee or any of Obligor’s agents or processors, Obligor shall,
and RZB shall also have the right to, notify such warehouseman, bailee, agent or processor of the security interests created hereby 

  

 
and obtain the agreement of all such persons that they hold and will hold possession of such Collateral for the benefit or RZB and deliver the same at the
direction of RZB without further consent of the Obligor. 
  
 g.
Obligor shall keep full and accurate books and records relating to the Collateral, and stamp or otherwise mark such books and records in such manner as RZB may reasonably require in order to reflect the security interest granted hereby. 

 
 h. Obligor will immediately deliver and pledge to RZB or RZB’s agent
each instrument, now owned or hereafter acquired, appropriately endorsed to RZB or RZB’s agent. 
  
 i. Obligor shall use its best efforts to cause to be collected from its account debtors and other obligors, as and when due, any and all amounts owing
under or on account of each account, each general intangible, each payment intangible, each supporting obligation, each right to payment of money, each chattel paper and each instrument (including, without limitation, all of the foregoing items
which are delinquent, such delinquent items to be collected in accordance with lawful collection procedures) and apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balance of such items. Upon RZB’s
request at any time, any such amounts so collected by Obligor shall be promptly remitted to RZB, in precisely the form received (except for endorsement by Obligor when required), and until so remitted to RZB, shall be held by Obligor in trust for
RZB, and shall not be commingled with other funds or property of Obligor, and RZB shall be entitled to apply such amounts to the Obligations in such manner as RZB in its sole discretion shall determine. Obligor will not renew or extend the time of
payment of, or consent or agree to any reduction of the amount payable with respect to, any account or other item mentioned above in this paragraph without the written consent of RZB. The costs and expenses (including, without limitation,
attorneys’ fees) of collection, whether incurred by Obligor or RZB, shall be borne by Obligor. 
  
 j. Upon request by RZB, Obligor will promptly notify (and Obligor hereby authorizes RZB so to notify) each account debtor or obligor in respect of any
account, general intangible, payment intangible, supporting obligation, right to payment of money, chattel paper or instrument that such Collateral has been assigned to RZB hereunder, and that any payments due or to become due in respect of such
Collateral are to be made directly to RZB or its designee. 
  
 k.
Obligor will, promptly upon request, provide to RZB all information and evidence it may reasonably request concerning the Collateral, and in particular the accounts, to enable RZB to enforce the provisions of this Agreement. 
  

	4.	General Authority. Obligor hereby irrevocably appoints RZB its true and lawful attorney, with full power of substitution, in the name of Obligor, RZB, or otherwise, for the
sole use and benefit of RZB, but at Obligor’s expense, to the extent permitted by law to exercise, at any time and from time to time while an Event of Default (as hereinafter defined) exists, all or any of the following powers with respect to
all or any of the Collateral: 

  
 a. to demand, sue
for, collect, receive and give acquittance for any and all monies due or to become due thereon or by virtue thereof, 
  

 b. to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto,

  
 c. to take any action or do any thing which Obligor is
required to do hereunder, 
  
 d. to extend the time of payment of
any or all thereof and to make any allowance and other adjustments with reference thereto, and 
  
 e. to do all other acts and things necessary and advisable in the sole discretion of RZB to carry out and enforce this Agreement. 
  

	5.	Events of Default. Without limiting the right of RZB to demand payment of any or all of the Obligations at any time in its sole discretion, it shall be an Event of Default if
any of the following events shall occur: (i) default in payment of any of the Obligations when due, whether on demand or otherwise; or (ii) the occurrence of any “Event of Default” or “default” as defined or specified in any
agreement, instrument or document evidencing or providing for the Obligations or any guaranty thereof. 

  

	6.	Remedies upon Event of Default Rights. Upon the occurrence of an Event of Default and at any time or from time to time thereafter: 

  
 a. RZB may declare, by notice to Obligor, any and all of the Obligations
immediately due and payable, without any other presentment, demand, protest or notice of any kind, anything in any other agreement to the contrary notwithstanding, and in the case of any bankruptcy, insolvency or similar proceeding relating to
Obligor or its property, all of the Obligations shall automatically become due and payable (provided, however, that the foregoing shall not be deemed to limit or impair in any way whatsoever the absolute right of RZB to demand payment of the
Obligations at any time in its sole discretion, to the extent the agreements and instruments pertaining to such Obligations provide for such demand); 
  
 b. RZB shall have no obligation to make further loans, extensions of credit or other financial accommodations to or on behalf of Obligor, anything in any
other agreement to the contrary notwithstanding (provided, however, that the foregoing shall not be deemed to limit or impair in any way whatsoever the sole and absolute discretion of RZB to make or refrain from making such loans, extensions of
credit or financial accommodations to the extent the agreements and instruments pertaining thereto provide for such discretion); 
  
 c. RZB may exercise all other rights to which it is entitled hereunder or under applicable law; 
  
 d. RZB may exercise all rights of a secured party under the UCC (whether or
not in effect in the jurisdiction where such rights are exercised) and, in addition, RZB may sell the Collateral or any part thereof at public or private sales, for cash, upon credit or for future delivery, and at such price or prices as RZB may
deem satisfactory. RZB may be the purchaser of any or all of the Collateral so sold at any public sale (or, if the Collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard
price quotations, at any private sale) and thereafter hold the same, absolutely, free from any right or claim of whatever kind. Obligor will execute and deliver such documents and take 

  

 
such other action as RZB deems necessary or advisable in order that any such sales may be made in compliance with law. Upon any such sales RZB shall have the
right to deliver, assign and transfer to the purchaser thereof the Collateral so sold. Each purchaser at any such sales shall hold the Collateral so sold to it absolutely, free from any claim or right of whatever kind, including any equity or right
of redemption of Obligor, and to the extent permitted by law, Obligor hereby specifically waives all rights of redemption, stay or appraisal which it has or may have under any law now existing or hereafter adopted. The notice (if any) of such sale
required herein shall (i) in the case of a public sale, state the time and place fixed for such sale, and (ii) in the case of private sale, state the day after which such sale may be consummated. Any such public sale shall be held at such time or
times within ordinary business hours and at such place or places as RZB may fix in the notice of such sale. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, RZB
will give Obligor reasonable notice of the time and place of any such public sale or of the time after which any private sale or any other intended disposition thereof is to be made, and Obligor agrees that five (5) days prior notice shall be deemed
reasonable notice. At any such sale the Collateral may be sold in one lot as an entirety or in separate parcels, as RZB may determine. RZB shall not be obligated to make any such sale pursuant to any such notice. RZB may without notice or
publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the same may be so adjourned. In
case of any sale of all or any part of Collateral on credit or for future delivery, the Collateral sold may be retained by RZB until the selling price is paid by the purchase thereof, but RZB shall not incur any liability in case of the failure of
such purchaser to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may again be sold upon like notice. RZB, instead of exercising the power of sale herein conferred upon it, may proceed by a suit or suits
at law or in equity to foreclose the security interests granted herein and sell the Collateral, or any portion thereof, under a judgment or decree of a court or courts of competent jurisdiction. 
  
 e. For the purposes of enforcing any and all rights and remedies under this
Agreement, RZB may (i) require Obligor to, and Obligor agrees that it will, at its expense and upon the request of RZB, forthwith assemble all or any part of the Collateral as directed by RZB and make it available at a place designated by RZB which
is, in its opinion, reasonably convenient to RZB whether at the premises of Obligor or otherwise, (ii) to the extent permitted by applicable law, enter, with or without process of law and without breach of the peace, any premises where any of the
Collateral is or may be located, and without charge or liability to it, sieze and remove such Collateral from such premises, (iii) have access to and use Obligor’s books and records relating to the Collateral and (iv) prior to the disposition
of the Collateral, store or transfer it without charge in or by means of any storage or transportation facility owned or leased by Obligor or any other person, corporation or other entity, process, repair or recondition it or otherwise prepare it
for disposition in any manner and to the extent RZB deems appropriate and, in connection with such preparation and disposition, use without charge any trademark, trade name, copyright, patent or technical process used by Obligor. 
  
 f. If the Collateral consists in whole or in part of instruments or other
investment property and RZB elects to sell or otherwise dispose of such instruments or other investment property, (i) Obligor will, if it controls the issuer of such instruments or other investment property, or it otherwise has the right to effect
such registration, and if RZB deems such 

  

 
registration to be desirable, cause such instruments or other investment property to be registered under the Securities Act of 1933, as amended, and take all
other action, including but not limited to complying with the “blue sky” or securities laws of the several states and delivering to RZB appropriate quantities of prospectuses, necessary or appropriate so as to permit the public sale or
other disposition thereof by RZB in such jurisdictions as RZB may select, and indemnify, in the form then customary, all persons who are underwriters, statutory or otherwise, of such instruments or other investment property in connection with such
sale or disposition, such indemnity, to the extent applicable to RZB, to be in addition to that afforded RZB under Section 10(c) hereof, and (ii) RZB may elect not to exercise its rights under clause (i) and in that event may, if in its judgment it
shall be necessary or desirable so to do, restrict the number of prospective bidders so as to comply with the provisions of Section 5 of such Securities Act, and restrict such prospective bidders to persons who will represent and agree that they are
purchasing the instruments or other investment property in question for their own account for investment and not with a view to the distribution or release of any thereof and who will further agree that such instruments or other investment property
purchased by them may bear and appropriate restrictive legend to that effect. 
  

	7.	Limitation on Duty of RZB in Respect of Collateral. Beyond the safe custody thereof, RZB shall have no duty as to any Collateral in its possession or control or in the
possession or control of any agent or bailee or as to any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. RZB shall be deemed to have exercised reasonable care in the custody and
preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property, and shall not be liable or responsible for any loss or damage to any of the Collateral, or for
nay diminution in value thereof, by reason of the act or omission of any warehouseman, carrier, forwarding agency, consignee or other agent or bailee selected by RZB in good faith. 

  

	8.	Application of Proceeds. Upon any demand for payment of any or all of the Obligations or upon the occurrence and during the continuance of any other Event of Default, the
proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied by RZB in the following order of priority: 

  

a. to payment of the expenses of such sale or other realization, including reasonable compensation to (and costs and disbursements of) agents and
counsel for RZB, and all expenses, liabilities and advances incurred or made by RZB in connection therewith, and any other unreimbursed expenses for which RZB is to be reimbursed pursuant to the documents or instruments evidencing or governing any
of the Obligations; 
  
 b. to the payment of accrued but unpaid
interest on the Obligations in accordance with the provisions of any promissory note, letter of credit reimbursement agreement or other agreement or instrument evidencing any of the Obligations; 
  
 c. to the payment of unpaid principal of the Obligations; 
  
 d. to the payment of all other Obligations, until all Obligations shall have
been paid in full; and 
  

 e. to payment to Obligor or its successors or assigns, or to whomsoever may be entitled thereto, or as a
court of competent jurisdiction may direct, of any surplus then remaining from such proceeds. 
  
 If, upon the sale, lease or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which RZB is legally entitled, Obligor will remain liable for the deficiency, together with
interest thereon at the rate provided for post-maturity interest in the agreements and instruments evidencing the Obligations. 
  

	9.	General Representations, Warranties and Agreements. Obligor hereby represents, warrants and agrees that: 

  
 a. The execution, delivery and performance of this Agreement are within its
powers, corporate or otherwise, have been duly authorized by all required action and do not and will not contravene any law or any agreement or undertaking to which it is a party or by which it may in any way be bound or, if Obligor is a
corporation, its certificate of incorporation or by-laws. 
  
 b.
Each of the representations and warranties contained herein is true and correct on the date hereof and all other information, including financial statements and projections, furnished to RZB at any time by or on behalf of Obligor was and will be
complete and correct in all respects to the extent necessary for the purpose of presenting the subject matter thereof fairly to RZB. 
  
 c. The Obligor is the sole owner of each of the accounts and other items of Collateral referred to in Section 3(i) above and no one has or claims to have
any interest of any kind therein or thereto; each of the debtors and other obligors named in or obligated under every such account and other items of Collateral referred to in Section 3(i) above is indebted to the Obligor in the amount and on the
terms indicated in the invoice or other evidence of such account or such other item of collateral and any schedule of accounts, each account and other item of collateral referred to in Section 3(i) above is bona fide and arises out of the completed
performance of labor or services or the sale and delivery or lease of merchandise or both; and none of the accounts or such other item of collateral is now, nor will at any time in the future become contingent upon the fulfillment of any contract or
conditions whatsoever, nor subject to any defense, recoupment, offset or counterclaim. 
  
 10. Expenses of Obligor’s Duties; RZB’s Rights to Perform on Obligor’s Behalf; RZB’s Expenses and Indemnification. 
  
 a. Obligor’s agreements and duties hereunder shall be performed by it at its sole cost and expense. 
  
 b. If Obligor shall fail to do any act or thing which it has covenanted to do
hereunder, RZB may (but shall not be obligated to) do the same or cause it to be done, either in its name or in the name and on behalf of Obligor, and Obligor hereby irrevocably authorizes RZB so to act. 
  
 c. Obligor agrees to reimburse RZB for all costs and expenses, including
attorneys’ fees and disbursements, incurred, and to indemnify and hold RZB harmless from and against all 

  

 
losses suffered by RZB in connection with (i) RZB’s exercise of any right or remedy granted to it hereunder, (ii) any claim and the prosecution or
defense thereof arising out of or in any way connected with this Agreement, and (iii) the collection or enforcement of the Obligations. 
  
 d. Amounts payable by Obligor under this Section 10 shall constitute Obligations which shall be payable on demand. 
  

	11.	No Waivers of Rights Hereunder; Rights Cumulative. 

  
 a. No delay by RZB in exercising any right hereunder, or under any of the other Obligations, shall operate as a waiver thereof, nor shall any single or
partial exercise of any right preclude other or further exercises thereof or the exercise of any other right. No waiver or amendment of any provision of this Agreement or of any of the other agreements, instruments or documents evidencing the
Obligations shall be enforceable against RZB unless it shall be in writing, be signed by RZB, and expressly refer to the provision affected; any such waiver shall be limited solely to the specific event waived. 
  
 b. All rights granted to RZB hereunder shall be cumulative and shall be
supplementary of and in addition to those granted or available to RZB with respect to the other Obligations or under applicable law and nothing herein shall be construed as limiting any such other right. 
  

	12.	Assignment, Participations. 

  
 a. RZB may assign any or all of the Obligations and may transfer therewith any or all of the Collateral therefor and the transferee shall have the same
rights with respect thereto as had RZB. Upon such transfer, RZB shall be released from all responsibility for the Collateral so transferred. 
  
 b. RZB may from time to time sell or otherwise grant participations in any of the Obligations and any Collateral for the Obligations. Obligor agrees that
each such holder of a participation may exercise any and all rights of banker’s lien, set-off and counterclaim with respect to its participation in the Obligations as fully as though Obligor were directly indebted to such holder in the amount
of such participation. 
  
 13. Continuing Agreement;
Termination. 
  
 a. This Agreement shall be a continuing
agreement and shall apply to all present and future Obligations, notwithstanding that at any particular time all of the Obligations then outstanding shall have been paid in full. 
  
 b. This Agreement shall continue in full force and effect until written notice of termination shall have been signed by RZB.

  

	14.	Governing Law; Jurisdiction; Certain Waivers. 

  
 a. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY
PROVISIONS OF LAW. 
  
 b. OBLIGOR HEREBY AGREES THAT ANY
LEGAL ACTION OR PROCEEDING AGAINST OBLIGOR WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE CITY OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AS RZB MAY ELECT, AND,
BY EXECUTION AND DELIVERY HEREOF, OBLIGOR ACCEPTS AND CONSENTS TO, FOR ITSELF AND IN RESPECT TO ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS AND AGREES THAT SUCH JURISDICTION SHALL BE EXCLUSIVE, UNLESS WAIVED
BY RZB IN WRITING, WITH RESPECT TO ANY ACTION OR PROCEEDING BROUGHT BY IT AGAINST RZB. NOTHING HEREIN SHALL LIMIT THE RIGHT OF RZB TO BRING PROCEEDINGS AGAINST OBLIGOR IN THE COURTS OF ANY OTHER JURISDICTION. OBLIGOR AGREES THAT SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK SHALL APPLY TO THIS AGREEMENT AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, WAIVES ANY RIGHT TO STAY OR TO DISMISS ANY ACTION OR PROCEEDING BROUGHT BEFORE SAID COURTS ON THE BASIS OF
FORUM NON CONVENIENS. 
  
 c. Obligor
waives personal service of process and consents that service of process upon it may be made by certified or registered mail, return receipt requested, directed to Obligor at its address last specified for notices hereunder, and service so made shall
be deemed completed five days after the same shall have been so mailed. 
  
 d. EACH OF RZB AND OBLIGOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF OBLIGOR OR RZB. THIS PROVISION IS A MATERIAL INDUCEMENT FOR RZB’S EXTENDING CREDIT TO OBLIGOR. 
  

	15.	Definitions. As used herein: 

  
 a. Except as otherwise specifically defined or provided herein, all terms defined in Article 1 or 9 of the New York Uniform Commercial Code as in effect
on the date of this Agreement (other than the term “Collateral”) are used herein with the meanings therein given. 
  
 b. The following terms shall have the indicated meanings: 
  
 “Affiliate” of RZB shall mean a corporation that directly or indirectly controls or is controlled by, or is under common control with, RZB.

  

 “Distributions” shall mean cash dividends and other distributions and interest paid in cash, in
each case with respect to all instruments, investment property and securities constituting part of the Collateral. 
  
 “Guarantor” shall mean any maker, drawer, acceptor, endorser, guarantor, surety, accommodation party or other person liable upon or for any of
the Obligations. 
  
 “Permitted Liens” shall mean liens
specifically consented to by RZB in writing, and liens of any other financial institution which is a party to an intercreditor agreement with RZB in form and substance satisfactory to RZB. 
  

	16.	Notices. Any notice or request hereunder may be given to Obligor or to RZB at their respective addresses set forth below or at such other address as may hereafter be
specified in a notice designated as a notice of change of address under this Section. Any notice or request hereunder may be given by, in the case of notices or requests to Obligor, mail, commercial courier service, telex, or telegram, or by
telephone subsequently confirmed by mail, commercial courier service, return receipt requested, or by and in the case of notices to RZB, registered mail, telex or telegram, subsequently confirmed by such registered mail. Notices and requests to
Obligor shall, in the case of those by mail, commercial courier service, telex or telegram, be deemed to have been given when deposited in the mail, first-class postage prepaid, or delivered to such courier service, the telegraph office or telex
operator, addressed as provided in this Section, and in the case of those by telephone, when so communicated to Obligor; notices to RZB shall be deemed to have been given only when actually received by RZB at its address determined as provided in
this Section. Any requirement under applicable law of reasonable notice of RZB to Obligor of any event shall be met if notice is given to Obligor in the manner prescribed above at least seven days before (a) the date of such event or (b) the date
after which such event will occur. 

  

	17.	General. 

  
 a. If this Agreement is executed by two or more Obligors, they shall be jointly and severally liable hereunder, all provisions hereof regarding the
Obligations or the Collateral shall apply to the Obligations and Collateral of any or all of them and the termination of this Agreement as to one or more of such Obligors shall not terminate this Agreement as to any remaining Obligors. 

 
 b. This Agreement shall be binding upon the heirs, executors,
administrators, assigns or successors of each of the undersigned Obligors and shall inure to the benefit of and be enforceable by RZB, its successors, transferees and assigns. 
  
 c. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of RZB in order to carry out the intentions of the parties hereto as nearly as may be possible, and (ii) the
invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
  

			
	 Dated: February 17, 2004

	
	 FCStone Merchant Services, LLC

		
	 By:
	 	 /s/ Allan J. Lee

	 Title:
	 	 President

  

			
		
	 By:
	 	 /s/ Michael Altneu

	 Title:
	 	 Senior VP

  
 Address of FCStone Merchant Services,
LLC: 
  

					
	 FCStone Merchant Services, LLC
	  	 Telephone:
	  	 (212) 791-2791

	 1 North End Avenue, Suite 1129
	  	 Telefax:
	  	 (212) 791-2761

	 New York, NY 10282
	  	 Telex:
	  	 

  
 Accepted:
                    , 2004 
  

			
	RZB FINANCE LLC
		
	By:	 	 
		
	 Title:
	 	 
		
	 By:
	 	 
		
	 Title:
	 	 

  
 Address of RZB: 
  

					
	 RZB FINANCE LLC
	  	 Telephone:
	  	 
	 1133 Avenue of the Americas
	  	 Telefax:
	  	 
	 New York, NY 10036
	  	 Telex:
	  	 

  

  
 SCHEDULE A

  

	1.	Trade Names or Trade Styles used by Obligor. 

  
 None. 
  

	2.	Obligor’s Chief Executive Office. 

  
 One North End Avenue, Suite 1129, New York, NY 10282 
  

	3.	All Locations of Collateral. 

  
 None. 
  

	4.	All Locations of Obligor’s Books and Records. 

  

	 	1.	One North End Avenue, Suite 1129, New York, NY 10282. 

  

	 	2.	2829 Westown Parkway, Suite 200, West Des Moines, IA 50266 

  

  
 SUPPLEMENT TO GENERAL 

 SECURITY AGREEMENT 
  
 Agreement dated as of February 17, 2004, between the undersigned (the “Debtor”) and RZB FINANCE LLC (“RZB”). 
  
 R E C I T A L S: 
  
 A. The Debtor has executed a General Security Agreement dated the date hereof
(the “Security Agreement”) in favor of RZB; 
  
 B. The
Debtor and RZB desire to supplement the Security Agreement to include in the Security Agreement provisions reflecting that the Debtor has granted to other lenders security interests in the Collateral as defined in the Security Agreement);

  
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained in the Security Agreement and herein, the Debtor and RZB hereby agree as follows: 
  
 1. Notwithstanding anything to the contrary contained in the Security Agreement, the Debtor shall be permitted to grant liens and security interests in
the Collateral to other lenders with the prior written consent of RZB. RZB hereby consents to the grant of liens and security interests in the Collateral to other lenders who shall execute an intercreditor agreement in form and substance
satisfactory to RZB. 
  
 2. On and after the date hereof, (a) this
Supplement shall be a part of the Security Agreement, (b) all references to the Security Agreement in the Security Agreement and in any documents related thereto shall be deemed to refer to the Security Agreement as supplemented hereby, and (c) the
term “this Agreement” and the words “hereof”, “herein”, “hereunder” and words of similar import as used in the Security Agreement shall mean the Security Agreement as supplemented hereby. The Security
Agreement, as supplemented hereby, is hereby ratified, approved and confirmed in all respects. 
  
 3. This Supplement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 IN WITNESS WHEREOF, the Debtor and RZB have caused this Supplement to be duly executed as of the date and year first above written. 
  

			
	
	 FCStone Merchant Services, LLC

	 (Debtor)

  

			
		
	By:	 	/s/ Allan J. Lee
		
	By:	 	/s/ Michael Altneu
	
	 RZB FINANCE LLC

		
	By:	 	 
		
	By:

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