Document:

Form of Director Indemnification Agreement

 Exhibit 10.9 
 INDEMNIFICATION AGREEMENT 
  
 THIS AGREEMENT is made this              day of             , 2004, between FCStone Group, Inc., an Iowa
corporation (the “Company”), and              (the “Indemnitee”). 
  
 WHEREAS, it is important to the Company to attract and retain as directors and officers the most capable persons available;
and 
  
 WHEREAS, as amended the Articles of Incorporation, as
amended (the “Articles”) and the Bylaws of the Company (the “Bylaws”) provide for the indemnification of the directors, officers, employees and agents of the Company as authorized by I.C. §§ 490.851 and
490.856 of the Iowa Business Corporation Act (the “State Statutes”); and 
  
 WHEREAS, such Articles, Bylaws and the State Statutes specifically provide that they are not exclusive, and thereby contemplate that contracts may be entered into between the Company and its directors and officers
with respect to indemnification of such directors and officers; and 
  
 WHEREAS, in accordance with the authorization provided by the Articles, the Bylaws and the State Statutes, the Company has purchased and presently maintains a policy or policies of Directors and Officers Liability Insurance
(“D&O Insurance”), covering certain liabilities which may be incurred by its directors and officers in the performance of their services for the Company; and 
  
 WHEREAS, in order to resolve such questions and thereby induce the Indemnitee to agree to serve or continue to serve as a
director and/or officer of the Company, the Company has determined and agreed to enter into this contract with the Indemnitee; 
  
 NOW, THEREFORE, in consideration of the premises and of Indemnitee’s agreeing to serve or continuing to serve as a director and/or officer of the
Company, the parties hereto agree as follows: 
  
 1. Indemnity. The Company hereby agrees to hold harmless and indemnify the Indemnitee to the full extent permitted by law: 
  
 (a) Against any and all expenses (including attorneys’ fees), judgments, fines, penalties and amounts paid in settlement (including,
without limitation, all interest, assessments and other charges paid or payable in connection therewith) actually and reasonably incurred by the Indemnitee in connection with any threatened, pending or completed action, suit or proceeding, whether
brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, to which the Indemnitee is, was or at any time becomes a party, or is threatened to be made a party, by reason of the fact that the
Indemnitee is, was or at any time becomes a director, officer, employee, agent or fiduciary of the Company, or is or 
  

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 was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another
corporation, partnership, joint venture, employee benefit plan, trust or other entity or enterprise, or by reason of anything done or not done by Indemnitee in any such capacity, whether prior to or subsequent to the date of this Agreement; and

  
 (b) Against any and all expenses (including
attorneys’ fees) actually and reasonably incurred by the Indemnitee in serving or preparing to serve as a witness or other participant in any threatened, pending or completed action, suit or proceeding, whether brought by or in the right of the
Company or otherwise and whether civil, criminal, administrative or investigative, if Indemnitee is such a witness or participant by reason of the fact that the Indemnitee is, was or at any time becomes a director, officer, employee, agent or
fiduciary of the Company or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other entity or enterprise.

  
 2. Specific Limitations on Indemnity.
Indemnitee shall not be entitled to indemnification under this Agreement: 
  
 (a) In respect to remuneration paid to or advantage gained by the Indemnitee if it shall be determined by a final judgment or other final adjudication that the Indemnitee was not legally entitled to such remuneration
or advantage; 
  
 (b) On account of the
Indemnitee’s conduct which is determined by a final judgment or other final adjudication to have been knowingly fraudulent, deliberately dishonest or willful misconduct; 
  
 (c) Prior to a Change in Control (as defined in Section 4(e)), in respect of any action, suit or proceeding
initiated by the Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such action, suit or proceeding, except (i) as set forth in Section 12(b) hereof, (ii) in
respect of any counterclaims made against Indemnitee in any such action, suit or proceeding, and (iii) to the extent Indemnitee seeks contribution or apportionment of an award or settlement against Indemnitee and against the Company and/or any other
director or officer of the Company; 
  
 (d) On
account of any matter determined by a final judgment or other final adjudication to be a violation by the Indemnitee of the provisions of Section 16 of the Securities Exchange Act of 1934, as amended (the “Act”), or the rules and
regulations promulgated thereunder, as amended from time to time; or 
  
 (e) With respect to any matter if it shall be determined by a final judgment or other final adjudication that such indemnification is not lawful. 
  
 3. Advance of Expenses and Payment of Indemnification. Upon the written request of Indemnitee,
expenses that are subject to indemnification under this Agreement shall be advanced by the Company within five (5) business days of receipt of such request. Subject to Section 4(a), indemnification shall be made under this 
  

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 Agreement no later than sixty (60) days after receipt by the Company of the written request of
Indemnitee, which written request shall identify the judgments, fines, penalties and amounts paid in settlement that are subject to indemnification under this Agreement and for which indemnification is requested. A written request shall be deemed
received three days after the date postmarked if sent by prepaid mail properly addressed to the Company at the address set forth in Section 11(a) hereof. 
  
 4. Determination of Indemnification. 
  
 (a) Notwithstanding any other provision of this Agreement (i) the obligations of the Company under Section 1 shall be subject to the
condition that the Reviewing Party shall have determined (in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 4(c) is involved) that Indemnitee would be permitted to be indemnified under this Agreement,
(ii) the obligation of the Company to make an expense advance pursuant to Section 3 shall be subject to the condition that, if, when and to the extent that it is finally determined that Indemnitee would not be permitted to be indemnified for such
expenses under this Agreement, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees and undertakes to reimburse the Company) for all such amounts theretofore paid, and (iii) the obligation of the Company to make an expense
advance pursuant to Section 3 shall be made without regard to the Indemnitee’s ability to repay the amount advanced and without regard to the Indemnitee’s ultimate entitlement to indemnification under this Agreement or otherwise.
Indemnitee’s obligation to reimburse the Company for expense advances shall be unsecured and no interest shall be charged thereon. 
  
 (b) The Reviewing Party shall be selected by the Board of Directors, provided, however, that if there has been a Change in Control (other
than a Change in Control which has been approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in Control) the Reviewing Party shall be the Independent Legal Counsel referred to in Section
4(c). If there has been no determination by the Reviewing Party within the sixty (60) day period referred to in Section 3, the Reviewing Party shall be deemed to have made a determination that it is permissible to indemnify Indemnitee under this
Agreement. 
  
 (c) The Company agrees that if
there is a Change in Control of the Company (other than a Change in Control which has been approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in Control) then Independent Legal Counsel
shall be selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld) and such Independent Legal Counsel shall determine whether the director or officer is entitled to indemnification for expenses,
judgments, fines, penalties and amounts paid in settlement (including, without limitation, all interest, assessments and other charges paid or payable in connection therewith) under this Agreement or any other agreement or the Articles or Bylaws of
the Company now or hereafter in effect relating to indemnification. Such Independent Legal Counsel shall render its written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee will be permitted to be indemnified for
expenses, judgments, fines, penalties and amounts paid in settlement (including, without limitation, all interest, assessments and other charges 
  

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paid or payable in connection therewith). The Company agrees to pay the reasonable fees of the Independent Legal Counsel and to indemnify fully such
Independent Legal Counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement of Independent Legal Counsel pursuant hereto. 
  
 (d) If a determination denying Indemnitee’s claim is
made by a Reviewing Party (other than Independent Legal Counsel), notice of such determination shall disclose with particularity the reasons for such determination. If a determination denying Indemnitee’s claim is made by Independent Legal
Counsel, the notice shall include a copy of the related legal opinion of such counsel. 
  
 (e) “Change in Control” shall be deemed to have occurred if (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Act, other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 15% or more of the total voting
power represented by the Company’s then outstanding Voting Securities, or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director
whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the
surviving entity) at least 85% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a
plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of transactions) of all or substantially all of the assets of the Company. 
  
 (f) “Reviewing Party” shall mean any
appropriate person or body consisting of a member or members of the Board of Directors of the Company or any other person or body appointed by the Board who is not a party to the particular action, suit or proceeding with respect to which Indemnitee
is seeking indemnification, or Independent Legal Counsel. 
  
 (g) “Independent Legal Counsel” shall mean an attorney, selected in accordance with the provisions of Section 4(c), who shall not have otherwise performed services for the Company or Indemnitee within
the last five years (other than in connection with seeking indemnification under this Agreement). Independent Legal Counsel shall not be any person who, under the applicable standards of professional 

  

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conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement, nor shall Independent Legal Counsel be any person who has been sanctioned or censured for ethical violations of applicable standards of professional conduct. 
  
 (h) “Voting Securities” shall mean any securities of the Company which vote generally in
the election of directors. 
  
 5. Partial
Indemnity. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expenses, judgments, fines, penalties and amounts paid in settlement (including, without limitation,
all interest, assessments and other charges paid or payable in connection therewith) incurred by the Indemnitee, but not for the total amount thereof, the Company shall indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on merits or otherwise in defense of any or all actions, suits or proceedings relating in whole or in part to an event subject to
indemnification hereunder or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against expenses incurred in connection with such action, suit, proceeding, issue or matter, as the case
may be. 
  
 6. Non-exclusivity. The rights
of the Indemnitee under this Agreement shall be in addition to any other rights Indemnitee may have under the Articles, the Bylaws, any other agreement of the Company, the Iowa Business Corporation Act (“IBCA”), D&O Insurance or
otherwise. To the extent that any change in the IBCA (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Articles and the Bylaws of the Company and this Agreement, it is
the intent of the parties hereto that Indemnitee shall by this Agreement be entitled to the greater benefits so afforded by such change. 
  
 7. Liability Insurance. To the extent the Company maintains D&O Insurance, the Company shall maintain coverage for Indemnitee
under such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage provided under such policy or policies in effect for any other director or officer of the Company. 
  
 8. No Duplication of Payments. The Company shall not
be liable under this Agreement to make any payment in connection with any claim against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, Bylaw or otherwise) of the amounts otherwise
indemnifiable hereunder or to the extent that Indemnitee is entitled to be indemnified directly by any insurance company under the individual directors’ and officers’ liability provisions of any D&O Insurance maintained by the Company.

  
 9. No Presumption. For purposes of
this Agreement, the termination of any claim, actions, suit or proceeding by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its 

  

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equivalent, shall not of itself create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a
court has determined that indemnification is not permitted by applicable law. 
  
 10. Continuation of Indemnity. All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent or fiduciary of the Company,
or is serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other entity or enterprise, and shall continue thereafter so long as the Indemnitee shall
be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal or investigative, by reason of the fact that the Indemnitee was a director or officer of the Company or serving in any other
capacity referred to herein. 
  
 11.
Notification of Proceedings; Consent to Settlements: Defense. 
  
 (a) Promptly after receipt by the Indemnitee of notice of the commencement of any action, suit or proceeding, the Indemnitee shall, if a claim in respect thereof is to be made against the Company under this Agreement,
notify the Company of the commencement thereof. Notice shall be in writing and shall be addressed as follows: 
  
 FCStone Group, Inc. 
 2829 Westown Parkway, Suite 200 
 West Des Moines, Iowa 50266 
 Attn:
                                        

  
 Such notice shall be deemed received if sent by prepaid mail
properly addressed. Indemnitee and the Company shall cooperate fully with each other in the defense of any such action, suit or proceeding and each shall provide the other with such information as the other may reasonably require. The Company shall
not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding effected without its prior written consent (which consent shall not be unreasonably withheld). 
  
 (b) Except as otherwise provided below, the Company may, at
its option, assume the defense of such action, suit or proceeding with legal counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of an action, suit or proceeding,
the Company will not be liable to the Indemnitee for expenses incurred by the Indemnitee in connection with such action, suit or proceeding under this Agreement, including Section 3 hereof, other than Indemnitee’s reasonable costs of
investigation or participation in such action, suit or proceeding (including, without limitation, travel expenses) and except as provided below. The Indemnitee shall have the right to employ Indemnitee’s own counsel in any such action, suit or
proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of such action, suit or proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the
Indemnitee has been authorized by the 

  

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Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct
of the defense of such action, suit or proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of such action, suit or proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel
shall be advanced by the Company as provided in Section 3 hereof. The Company shall not be entitled to assume the defense of any such action, suit or proceeding brought by or on behalf of the Company. 
  
 (c) If two or more persons, including the Indemnitee, may be
entitled to indemnification from the Company as parties to any action, suit or proceeding, the Company may require the Indemnitee to use the same legal counsel as the other parties. The Indemnitee shall have the right to use separate legal counsel
in such action, suit or proceeding, but the Company shall not be liable to the Indemnitee under this Agreement, including Section 3 hereof, for the fees and expenses of separate legal counsel incurred after notice from the Company of the requirement
to use the same legal counsel as the other parties, unless the Indemnitee reasonably concludes that there may be a conflict of interest between the Indemnitee and any of the other parties required by the Company to be represented by the same legal
counsel. 
  
 (d) The Indemnitee shall permit the
Company to settle any action, suit or proceeding that the Company assumes the defense of, except that the Company shall not, without the Indemnitee’s written consent, settle any action, suit or proceeding unless such settlement includes
a provision whereby the parties to the settlement unconditionally release Indemnitee from all liabilities, damages, fines, penalties, costs and expenses in respect of claims by reason of the settlement or release of the parties in such
action, suit or proceeding. 
  
 12.
Enforcement. 
  
 (a) The Company expressly
confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce the Indemnitee to agree to serve or to continue to serve as a director and/or officer of the Company and acknowledges
that the Indemnitee is relying upon this Agreement in agreeing to serve or continuing to serve in such capacity. 
  
 (b) The right to indemnification provided by this Agreement shall be enforceable by Indemnitee in any court in the State of Iowa having
subject matter jurisdiction thereof and in which venue is proper. The Indemnitee shall have the right to commence litigation in any such court challenging any determination by the Reviewing Party or any aspect thereof, or the legal or factual bases
therefor. The Company shall reimburse Indemnitee for any and all reasonable expenses (including attorneys’ fees) incurred by Indemnitee in connection with any claim asserted or action brought by Indemnitee to enforce rights or to collect moneys
due under this Agreement, the Certificate of Incorporation or the Bylaws of the Company or any other agreement with the Company nor or hereafter in effect relating to indemnification, or any D&O Insurance purchased and maintained by the Company,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance 

  

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expense payment or insurance coverage, as the case may be, unless the court determines that the claim or action is frivolous or that assertions made therein
were made with no reasonable basis. 
  
 (c) In
connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 
  
 13. Severability. Each of the provisions of this
Agreement is a separate and distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or
enforceability of the other provisions hereof. 
  
 14. Governing Law; Binding Effect; Amendment and Termination. 
  
 (a) This Agreement shall be interpreted and enforced in accordance with the laws of the State of Iowa without giving effect to the principles of conflicts of laws thereof. 
  
 (b) This Agreement shall be binding upon the Indemnitee and
upon the Company, its successors and assigns (including any transferee of all or substantially all of the assets of the Company and any successor by merger or operation of law), and shall inure to the benefit of the Indemnitee, his or her heirs,
personal representatives and assigns and to the benefit of the Company, its successors and assigns. The Company shall require and cause any successor to all or substantially all of its assets, by written agreement in form and substance satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. 
  
 (c) No amendment, modification, termination or cancellation
of this Agreement shall be effective unless in writing signed by both parties hereto. No waiver of any provision of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof, and no such waiver shall constitute a
continuing waiver. 
  
 15. Subrogation. In the
event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of such Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure
such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
  
 16. Change in Other Rights. The Company will not adopt any amendment to the Articles or Bylaws of the Company the effect of which would be
to deny, diminish or encumber the Indemnitee’s rights to indemnification, advancement of expenses, exculpation or maintenance of the D&O Insurance hereunder, under such other documents or under applicable law, as applied to any act or
failure to act occurring 

  

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in whole or in part prior to the date upon which any such amendment was approved by the Board of Directors or the stockholders, as the case may be.
Notwithstanding the foregoing, if the Company adopts any amendment to the Articles or Bylaws the effect of which is to so deny, diminish or encumber such rights, such amendment will apply only to acts or failures to act occurring entirely after the
effective date thereof. 
  
 17. Savings
Clause. If this Agreement or any provision hereof is invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee as to any expenses, judgments, fines, penalties and amounts paid in
settlement actually and reasonably incurred by the Indemnitee in connection with any action, suit or proceeding to the fullest extent permitted by any applicable provision of this Agreement that has not been invalidated and to the fullest extent
permitted by Iowa law. 
  
 18. Deposit of
Funds in Trust. In the event that the Company decides to voluntarily dissolve or to file a voluntary petition for relief under applicable bankruptcy, moratorium or similar laws, then not later than ten (10) days prior to such dissolution or
filing, the Company shall deposit in trust for the exclusive benefit of Indemnitee a cash amount equal to all amounts previously authorized to be paid to Indemnitee hereunder, such amounts to be used to discharge the Company’s obligations to
Indemnitee hereunder. Any amount in such trust not required for such purpose shall be returned to the Company. 
  
 19. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	 FCSTONE GROUP, INC.

		
	By:	 	 
	 	 	 Name:
 Title:

  
  

			
	 INDEMNITEE:

		
	By:	 	 
	 	 	 Name:

  

 9Letter

  
 Exhibit 10.58

  
 [RZB Finance Logo] 
  
 February 17, 2004 
  
 FCStone Merchant Services, LLC 
 1 North End Avenue, Suite 1129 
 New York, NY 10282 
  
 Attention: Mr. Allan J. Lee 
  
 Gentlemen: 
  
 We wish to advise you of the terms and
conditions upon which RZB Finance LLC (“RZB”) may in its sole discretion extend credit to FCStone Merchant Services, LLC, (the “Borrower”). 
  

(a) Subject to the provisions hereof, the Borrower may utilize this credit facility for short term advances (“Loans”) and
issuance of commercial letters of credit (“L/C’s”) in the aggregate principal sum and face amount of up to Five Million Dollars ($5,000,000) at any one time outstanding. Notwithstanding the foregoing, and without in any way limiting
RZB’s sole and absolute discretion to determine whether to make any loan or issue any limiting RZB’s sole and absolute discretion to determine whether to make any loan or issue any L/C, or refrain therefrom (as more fully set forth below),
and without in any way limiting RZB’s absolute right to demand payment of any Loan at any time in RZB’s sole discretion, the Borrower acknowledges that with respect to each specific transaction of the Borrower financed by RZB pursuant
hereto, the sum of (i) the Loans made by RZB in connection with each transaction, and, (ii) the aggregate face amount of L/C’s issued in connection therewith whall not exceed a percentage of the value of the assets of the Borrower being
financed by RZB in such transaction, such percentage and value to be determined by RZB in its sole and absolute discretion from time to time. 
  
 (b) For purposes hereof: “Advance Rates” shall mean, with respect to percentages of the Borrower’s accounts receivable
which are the subject of such transaction (provided, however, that RZB reserves the right to change any or all of the following percentages or categories of assets in any way whatsoever, at its sole and absolute discretion, at any time and from time
to time, with or without notice to the Borrower): 90% of the net face amount of the Borrower’s eligible accounts receivable (as such eligibility shall be determined from time to time by RZB in its sole and absolute discretion). 
  
 (c) The Loans shall be evidenced by, and subject to the
terms and conditions contained in, a single grid promissory note (the “Note”) made by the Borrower in form and substance satisfactory to RZB. Interest on the Loans shall be payable at the rate specified in the Note (the “Interest
Rate”). 
  
 RZB Finance LLC 113 Avenue of the Americas, 16th Floor, New York, N.Y 10036 • Telephone: (212) 845-4100 •Fax: (212) 944-2093 Telex: 6738478 RZBLLCNY • A WHOLLY
OWNED SUBSIDIARY OF RAIFFEISEN ZENTRALBANK ÖSTERREICH AG (RZB-AUSTRIA) • Head Office: A-1030 Vienna, Am Stadtpark 9, Postal Address: A-1011 Vienna, P.O. Box 50 • Member of UNICO Banking Group 
  

 (d) Each Loan hereunder shall be payable on demand, and in no event shall any Loan be
outstanding for more than 180 days. 
  
 (e) Each
L/C shall be in form and substance satisfactory to RZB, and shall have an expiration date not more than 180 days after its date of issuance. The Borrower shall pay to RZB a fee with respect to each L/C in an amount equal to the greater of: (i) a
flat fee of $500 or (ii) a fee at a rate per annum equal to 2.5% of the maximum face amount of the L/C (without regard to whether conditions to drawing may then be satisfied) or (iii) such higher amount or percentage as shall be agreed to by the
Borrower and RZB with respect to L/Cs issued after the date of such agreement. The fee provided for in clauses (i), (ii) and (iii) shall be payable upon issuance of each L/C. 
  
 (f) The Borrower shall reimburse RZB for the amount of each drawing under each L/C on demand, and shall pay
interest on the unreimbursed portion of each drawing as provided in the Continuing Agreement for Letters of Credit between Borrower and RZB. 
  
 (g) This credit facility may be terminated at any time at the sole and absolute discretion of RZB. 
  
 (h) Without in any way limiting RZB’s sole and absolute
discretion to make any Loan or issue any L/C, or refrain therefrom (as more fully set forth below), and without in any way limiting RZB’s right to demand payment of any Loan at any time in its sole and absolute discretion, the Borrower agrees
that: they shall, from time to time, pay the Loans and reimbursement obligations in respect of L/C’s and shall deliver cash collateral in respect of outstanding L/C’s, as and when necessary to cause: the sum of (1) the outstanding balance
of Loans advanced by RZB in connection with a specific transaction of the Borrower financed pursuant hereto, (2) the aggregate face amount of outstanding L/C’s issued in connection with such transaction, and (3) the aggregate unreimbursed
amount of all drawings under L/C’s issued in connection with such transaction (as such sum may be reduced by the amount of cash collateral pledged in respect of such outstanding L/C’s) not to exceed, on any date, the amount obtained by
applying the Advance Rates (as such value shall be determined by RZB in its sole discretion) of all the assets then owned by the Borrower (without double counting) which are the subject of transactions financed by RZB pursuant hereto and are subject
to a perfected first priority security interest in favor of RZB; and 
  
 2. The proceeds of the Loans and the L/C’s shall be used to finance the purchase of inventory by the Borrower or by the Borrower’s customers from suppliers and accounts receivable arising from the sale of inventory. 
  
 3. Requests for Loans under this Agreement and directions as to the
disposition of the proceeds of Loans shall be given in writing (including by telecopy) by the Borrower to RZB, or may be given orally (including by telephone), provided any such oral communication shall be confirmed promptly to RZB in writing.
Requests for L/C’s under this Agreement shall be given in writing (including telecopy) by the Borrower to RZB by the execution and delivery of an application satisfactory in form and substance to RZB. Any such Loan so made or L/C issued shall
be conclusively presumed to have been made to or for the 

  

 
benefit of, or for the account of, the Borrower when made in accordance with any such request or direction. RZB may rely on any such request or direction
which it believes to be genuine, and RZB shall be fully protected in so doing without any duty to make any further inquiry as to such genuineness or to otherwise act in good faith in the premises. 
  
 4. The Borrower agrees and acknowledges that, notwithstanding anything to
the contrary contained or implied in this Agreement, RZB shall have no obligation to make any Loan or issue any L/C, and RZB shall have the sole and absolute discretion to make any Loan or issue any L/C or refrain from making any Loan or issuing any
L/C. The Borrower further agrees and acknowledges that, notwithstanding anything to the contrary contained or implied in this Agreement, all of the Loans shall be payable on demand, and RZB may demand payment of any Loan at any time in its sole and
absolute discretion. 
  
 5. All payments of principal,
interest, and other sums in connection with the Loans and L/C’s shall be payable to RZB at such account as RZB shall designate, or in the absence of such designation, to RZB at its office at 1133 Avenue of the Americas, New York, New York
10036, in lawful money of the United States in immediately available funds and without setoff or deduction. Interest and fees shall be computed on the basis of a 360 day year and the actual number of days elapsed. 
  
 6. Without limiting the discretionary nature of the credit facility
hereunder, the making of each Loan and the issuance of each L/C shall be subject to the fulfillment (to the satisfaction of RZB) of the following conditions precedent: 
  
 (a) The Borrower shall have executed and delivered to RZB the Note evidencing the Loans and a Continuing
Agreement for Letters of Credit in form and substance satisfactory to RZB; 
  
 (b) The Borrower shall have complied and shall then be in compliance with all of the terms, covenants and conditions of this Agreement and the Loan Documents (as hereinafter defined in Section 9(c); 
  
 (c) The representations and warranties of the Borrower
contained in each of the Loan Documents shall be true and correct on the date of such Loan; 
  
 (d) RZB’s continuing review of and continuing satisfaction with the business, operations, prospects, properties, and condition,
financial or otherwise, of the Borrower; 
  
 (e)
RZB shall have received (i) a copy of all corporate action taken by the Borrower to authorize the execution and delivery of the agreements, instruments and documents pursuant hereto or in connection herewith, and (ii) if requested by RZB, a legal
opinion of counsel to the Borrower, together with such opinions of special counsel to the Borrower as RZB shall request, and each such opinion shall be satisfactory in form and substance to RZB. 
  

 (f) The Borrower shall have executed and delivered to RZB a general security agreement
(the “Borrower Security Agreement”) and related UCC-1 financing statements granting RZB a first priority perfected lien (except as otherwise provided in the Intercreditor Agreement referred to below) on the Collateral (as defined therein)
in form and substance satisfactory to RZB; 
  
 (g) RZB shall have entered into the Intercreditor Agreement with such other lenders to the Borrower as RZB shall deem appropriate, and such Intercreditor Agreement shall be satisfactory in form and substance to RZB. 
  
 (h) The Borrower upon request by RZB shall have delivered
such evidence of a Tripartite Agreement with FCStone LLC, Subordination Agreement with Harvard Private Capital Properties III, Inc. entity, in addition to insurance and loss payable endorsements as RZB may require; 
  
 (i) The Borrower shall have delivered to RZB such documents
of title and other instruments and documents, pertaining to the transaction of the Borrower which is being financed in connection with such loan or L/C, as RZB shall require, and all of the foregoing shall be in form and substance, and contain such
endorsements, as shall be satisfactory to RZB in all respects; 
  
 (j) All legal matters incident to such Loan or L/C shall be reasonably satisfactory to counsel to RZB. 
  
 7. As long as any of the Loans or L/Cs or any other obligations hereunder shall be outstanding, the Borrower shall: 
  
 (a) Furnish to RZB within 120 days after the end of each
fiscal year a copy of its audited financial statements prepared in conformity with generally accepted accounting principles consistently applied and certified without qualification by the Borrower’s independent public accountants along with the
CEO’s report of operating highlights with comparisons to budget. 
  
 (b) Furnish to RZB, each certified as true and complete in all respects by the Borrower’s chief financial officer or the person acting in such capacity, on a monthly basis if not later than 30 days following the
end of the month, a copy of the financial statements of the Borrower for the preceding month along with the CEO’s report as stated above. 
  
 (c) Furnish, to RZB such other information concerning the Borrower’s business, properties, condition or operations, financial or
otherwise, as RZB may from time to time reasonably request. 
  
 (d) Maintain and preserve their corporate existence, and remain in the same lines of business as on the date hereof. 
  
 (e) Maintain, at all times: Tangible Net Worth (as herein defined) including sub debt of $2,500,000. 
  

 Tangible Net Worth shall mean the sum of capital surplus, earned surplus and capital
stock, plus Subordinated Debt minus deferred charges, intangibles, treasury stock and investments in affiliates, all as determined in accordance with generally accepted accounting principles consistently applied. 
  
 (f) Not declare or pay any dividends or make any
distributions to shareholders in any fiscal year without the prior written consent of RZB except the Borrower shall be permitted to pay quarterly dividends to its members in amounts sufficient to pay federal, state and local income taxes payable by
such members and arising solely from their ownership of equity interests in the Company. 
  
 8. The Borrower represents and warrants to RZB and covenants and agrees with RZB that, with respect to each account receivable of the Borrower financed by RZB pursuant hereto, there is not nor will there be at any
time, any counterclaim, dispute or any other matter or circumstance whatsoever which could give rise to a right of set-off or other adverse claim that could be asserted by the account debtor to reduce its obligation to pay under such account
receivable. 
  
 9.(a) No delay on the part of RZB in exercising
any of its options, powers or rights, or partial or single exercise thereof, irrespective of any course of dealing, shall constitute a waiver thereof. The options, powers and rights or RZB specified in the Loan Documents (as hereinafter defined in
Section 9(c)) are in addition to those otherwise created by law or under any other agreement between the Borrower and RZB. No amendment, modification or waiver of any provision of any Loan Document to which the Borrower is a party, nor consent to
any departure by the Borrower therefrom, shall be effective, unless the same shall be in writing and signed by RZB. Any such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No consent to or
demand on the Borrower in any case shall, of itself, entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
  
 (b) This Agreement and the other loan Documents embody the entire agreement and understanding between RZB and the Borrower and supersedes
all prior agreements and understandings relating to the subject matter hereof. 
  
 (c) The Borrower agrees to pay all costs and expenses incurred or payable by RZB in connection with the preparation, administration,
interpretation, enforcement or collection of this Agreement, the Note, the L/C’s and any applications or other agreements pertaining to the issuance thereof, the Borrower Security Agreement and all other documents executed and delivered in
connection herewith or therewith (such agreements and documents, including all amendments, modifications and supplements of or to all such agreements and documents are herein referred to as the “Loan Documents”), including, without
limitation, costs of examination and audit of the Borrower’s books and records and of the collateral security for the Loans and L/C reimbursement obligations up to a maximum of two audits within any 12 month period, and court costs and
reasonable attorneys’ fees and disbursements. 
  
 (d)(i) If RZB shall have determined that the applicability of any law, rule, regulation or guideline (domestic or foreign) adopted (whether before or after the date 

  

 
hereof) pursuant to or arising out of the July 1988 report of the Basle Committee on Banking Regulations and Supervisory Practices entitled
“International Convergence of Capital Measurement and Capital Standards”, or the adoption after the date hereof of any other law, rule, regulation or guideline (domestic or foreign) regarding capital adequacy, or any change in any of the
foregoing or in the enforcement or interpretation or administration of any of the foregoing by any court of any governmental authority, central bank or comparable agency charged with the enforcement or interpretation or administration thereof, or
compliance by RZB or any corporation or other entity which directly or indirectly controls RZB (each such corporation or other entity is hereinafter referred to as a “Controlling Person”)(or any lending office of RZB or any Controlling
Person), with any request or directive regarding capital adequacy (whether or not having the force of law) of any such court, authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on RZB’s
capital or on the capital of a Controlling Person, if any, as a consequence of its issuance or maintenance of any L/C or its commitment or obligations (if any ) under this Agreement to a level below that which RZB or such Controlling Person could
have achieved by for such applicability, adoption, change or compliance (talking into consideration RZB’s policies and the policies of such Controlling Person with respect to capital adequacy) by an amount deemed by RZB to be material,
then, upon demand by RZB, Borrower shall pay to RZB from time to time as specified by RZB such additional amount or amounts as will compensate RZB or such Controlling Person for any such reduction suffered. 
  
 (ii) If any change in law, rule, regulation or guideline
(domestic or foreign) or in the enforcement, interpretation or administration thereof by any court or any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof shall at any time (a)
impose, modify or deem applicable any reserve, special deposit or similar requirement (including, without limitation, pursuant to Regulation D of the Board of Governors of the Federal Reserve System) against letters of credit issued by RZB or (b)
subject letters of credit issued by RZB to any assessment or other cost imposed by the Federal Deposit Insurance Corporation or any successor thereto or (c) impose on RZB any other or similar condition regarding this Agreement or any L/C, the
commitment or obligations of RZB hereunder and the result of any event referred to in clause (a), (b) or (c) above shall be to increase the cost to RZB of agreeing to issue, issuing or maintaining or confirming any L/C or making, funding or
maintaining (or agreeing to fund or maintain) drawings under any L/C by an amount which RZB shall deem to be material (which increase in cost shall be the result of the reasonable allocation by RZB of the aggregate of such cost increases resulting
from such events), then, upon demand by RZB, Borrower shall pay to RZB from time to time as specified by RZB, additional amount or amounts as will compensate RZB for such increased cost from the date of such change. The Borrower’s
obligation to pay compensation contained in this subsection (ii) shall be applicable as well to any financial institution which confirms or advises any L/C and which incurs or is subjected to any increased cost as a result of the imposition,
modification or applicability of any such reserve, special deposit or similar requirement, the subjecting of L/Cs to any such assessment or other cost, or the imposition of any such other or similar condition. 
  
 (iii) The provisions of this subsection (d) shall survive
the termination of this Agreement. 
  

 (e) The Loan Documents to which the Borrower is a party shall be binding on the Borrower
and its successors and assigns, and shall inure to the benefit of RZB and its successors and assigns, provided that the Borrower shall not have the right to assign its rights hereunder or thereunder or any interest herein or therein without
RZB’s prior written consent. 
  
 (f) In
addition to the rights granted to it by applicable law, RZB has the right to set-off and apply to any of the Borrower’s obligations hereunder any amount received by it for the Borrower. 
  
 (g) THIS AGREEMENT 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). 
  
 Contrary to the express agreement of the parties in this Section 9(g) hereof, if the laws of any state other than New York, including
the laws of the state of Texas, shall be determined to be applicable to this Agreement, the Note or the other Loan Documents, it is the intent of the parties hereto to comply with all applicable usury laws and to limit all interest contracted for,
reserved, charged or received under the Loan Documents to the maximum nonusurious rate of interest permitted by applicable law. If the applicable common law and principles of equity and constitutions, statutes, rules, regulations and orders of
governmental bodies and authorities, and orders, writs, decisions, injunctions and decrees of all courts, arbitrators and governmental instrumentalities (the “Applicable Law”) is ever judicially interpreted so as to render usurious any
amount called for under or in connection with the Notes, this Agreement and the Loan Documents, or contracted for, charged, taken, reserved or received with respect to the transactions referred to herein or therein, or if demand of or acceleration
of the maturity of the Note or if any prepayment by Borrower results in Borrower or any other Person having paid any interest (however denominated) in excess of that permitted by laws for the actual period the Note and the obligations of the
Borrower are outstanding, then it is the Borrower’s and RZB’s intent that all excess amounts theretofore received by RZB shall be credited on the principal balance of the Note (or, if the Note has been or would thereby be paid in full,
refunded to the Borrower), and the provisions of the Note and this Agreement immediately shall be deemed reformed and the amounts thereafter collectible under the Note, this Agreement and the other Loan Documents reduced, without the necessity of
the execution of any new documents, so as to comply with the Applicable Law, but so as to permit the recovery of the fullest amount otherwise called for under the Note, this Agreement and the other Loan Documents for the actual period the Note and
other obligations of the Borrower are outstanding. 
  
 (h) The Borrower hereby agrees that ANY LEGAL ACTION OR PROCEEDING AGAINST THE BORROWER 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, the Borrower accepts and consents to, for itself and in respect to its property, generally and unconditionally, the jurisdiction of the aforesaid courts and
agree 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
against the Borrower in the courts of any other jurisdiction. 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 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. 
  
 (i) AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS RESPECTIVE COUNSEL, THE BORROWER AND RZB HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASE 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 THE BORROWER OR RZB. THIS PROVISION IS A MATERIAL INDUCEMENT FOR RZB MAKING THE LOANS TO THE BORROWER. 
  

			
	 Very truly yours,

	
	 RZB FINANCE LLC

		
	 By:
	 	 /s/ Pearl Geffers

	 	 	 Pearl Geffers, First Vice President

		
	 By:
	 	 /s/ Frank J. Yautz

	 	 	 Frank J. Yautz, First Vice President

  

			
	 Accepted and Agreed to on this 13 day of May, 2004

	
	 FCStone Merchant Services, LLC

		
	 By:
	 	 /s/ Allan J. Lee

		
	 By:
	 	 /s/ Michael Altneu

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