Document:

First Amendment to the Master Loan Agreement

 Exhibit 10.15 
  
 FIRST AMENDMENT 
 TO 
 MASTER LOAN AGREEMENT 
  
 THIS FIRST AMENDMENT TO the Master Loan Agreement is dated this 3d day of November 2003 (“Amendment Agreement”) by and between Deere
Credit, Inc. (“Deere”) and FCStone Financial, Inc., an Iowa corporation (the “Borrower”). 
  
 RECITALS 
  
 A. Borrower and Deere entered into a Master Loan Agreement dated as of April 15, 2002, that also governs the Transaction Documents referenced therein. 
  
 B. The parties hereto desire to amend the Master Loan Agreement to establish certain parameters relating to
concentration of credit by adding a provision that places a limitation on the aggregate amount at any one time that Borrower may transact with any one customer, other than subsidiaries or other business entities in which the FCStone Group, Inc.
holds an ownership interest, under its Commodities Sale/Purchase Program. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, including the mutual promises and agreements contained herein, the parties hereto hereby agree as follows: 

 
 1. Definitions. Capitalized terms used herein without definition
shall have the definition given to them in the Master Loan Agreement, dated April 15, 2002, or as defined by the Transaction Documents referenced therein, as may be amended, if so defined therein. 
  
 2. Amendments to Master Loan Agreement. The parties hereto agree
that the Agreement shall be amended as follows: 
  
 2.1 New
Section 10(I) shall be added under Section 10. Negative Covenants and shall be Effective on December 1, 2003 or as my be agreed in writing between Deere and Borrower: 
  
 10. Negative Covenants. Unless Deere otherwise consents in writing, while this Agreement is in effect,
Borrower shall not: 
  

	 	I.	Enter into sale/repurchase agreements under its Inventory Purchase Program that would cause the aggregate transaction amount at any one time outstanding with any one customer,
except for subsidiaries or other business entities in which the FCStone Group, Inc. holds an ownership interest, under the Inventory Purchase Program to exceed amounts for each credit quality and pricing tier as established in the following table:

  
 Aggregate amount to any one customer shall not
exceed: 
  
 Tier 1-Not to exceed 2 times the Net Worth of
Borrower. 
 Tier 2-Not to exceed 1.5 times the Net Worth of Borrower. 
  

 Tier 3-Not to exceed 1.25 times the Net Worth of Borrower. 
 Tier 4-Not to exceed 1 times the Net Worth of Borrower. 
  
 Net Worth shall be the Net Worth of the Borrower having the meaning as determined in accordance with GAAP consistently applied. 
  
 3. Borrower’s Representations. Borrower hereby represents
and warrants that, after giving effect to this Amendment Agreement and the transactions contemplated hereby, no Event of Default has occurred and is continuing under the Master Loan Agreement or other Transaction Documents. 
  
 4. General Provisions. 
  
 4.1 The Master Loan Agreement, except as expressly modified herein,
shall continue in full force and effect and be binding upon the parties thereto. 
  
 4.2 The execution, delivery and effectiveness of this Amendment Agreement shall not operate as a waiver of any right, power or remedy Deere may have under any of the Loan Documents, nor constitute a waiver of
any provision of any of the Transaction Documents, and the Master Loan Agreement, as expressly modified hereby, and each of the other Transaction Documents, are hereby ratified and confirmed and shall continue in full force and effect and be binding
upon the parties thereto. Any direct or indirect reference in the Transaction Documents to the “Master Loan Agreement” shall be deemed to be a reference to the Master Loan Agreement as amended by this Amendment Agreement. 
  
 5. Governing Law. This Amendment Agreement shall be governed by
and construed in accordance with the laws of the State of Iowa. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Master Loan Agreement to be executed by their duly authorized officers as of the date shown above. 
  

													
	DEER CREDIT, INC.	 	 	 	BORROWER:
					
	By:	 	/s/    BRENT D.
JOHNSON        	 	 	 	By:	 	/s/    ROBERT V.
JOHNSON        
	 Print Name:
	 	Brent D. Johnson	 	 	 	 Print Name:
	 	Robert V. Johnson
	 Title:
	 	 	 	Portfolio Mgr.	 	 	 	 Title:
	 	 	 	Exec. V.P. & CFO

  

 2Revolving Statused Operating Note

 Exhibit 10.16 
  
 REVOLVING STATUSED OPERATING NOTE 
  

			
	 $50,000,000.00
	  	 
	 	  	 Note Dated: April 15, 2002

	 Due Date: February 28, 2003, unless extended
	  	 West Des Moines, Iowa

  
 FOR VALUE RECEIVED,
FCStone Financial, Inc., an Iowa Corporation, of West Des Moines, Iowa (the “Borrower”), promises to pay to the order of Deere Credit, Inc., a Delaware corporation (the “Lender”), at Lender’s office at such place as
Lender may designate in writing, the principal sum actually advanced from time to time in an amount up to Fifty Million and 00/100 DOLLARS ($50,000,000.00), together with interest as provided in this Note, all in lawful money of the United States of
America. So long as no event of default has occurred and is continuing, the Borrower may receive advances at any time until the Due Date. All amounts, which are repaid, may be readvanced. The unpaid principal balance of this promissory note
(“Note”) shall bear interest computed upon the basis of a year of 360 days for the actual number of days elapsed in a quarter, at a rate of interest (the “Effective Interest Rate”) which is determined by the collateral quality of
advances requested by the Borrower as referenced by the Borrowing Base Report attached as Exhibit A and equal three-quarter percent (0.75%) under the Prime Rate for Tier 1 advances, one-half percent (0.50%) under the Prime Rate for Tier 2 advances,
one-quarter of one percent 0(.25%) under the Prime Rate for Tier 3 advances, and the Prime Rate for Tier 4 advances or base rate of interest established by Citibank, N.A. of New York, New York (“Citibank”) as its base rate (the
“Index” or “Prime Rate” as the case may be), as such Index may vary from time to time. Borrower understands that the Effective Interest Rate payable to Lender under this Note shall be determined by reference to the Index, and not
by reference to the actual rate of interest charged by Citibank to any particular borrower(s). If the Index shall be increased or decreased, the Effective Interest Rate under this Note shall be increased or decreased by the same amount, effective
the first day of the month following the date of the change in the Index. 
  
 If neither Borrower nor Lender has notified the other party of its intention to terminate this Note by January 31 of any year, the Note shall be automatically extended for another one year term. 
  
 Borrower shall deliver to Lender, at such times or intervals as the Lender
may from time to time request, a Borrowing Base Report (the “Report”), in the form attached hereto as Exhibit A which shall calculate the maximum principal amount which may be outstanding. Regardless of the frequency of reporting, if at
any time the amount outstanding under the loan exceeds the Borrowing Base, the Borrower shall immediately repay so much of the loans as is necessary to reduce the amount outstanding under the loan to the limits of the Borrowing Base. The purpose of
this Loan is to finance the grain inventories, secured by warehouse receipts, periodically listed in the Report. 
  
 All grain inventories financed by this Loan, and referred to in the Borrowing Base Report, shall be evidenced by negotiable warehouse receipts (or other
title documents acceptable to Lender), and such negotiable warehouse receipts, or other title documents, shall be delivered by the Borrower to the Lender as instructed by the Lender. 
  
 Payments shall be paid to Lender as follows: 
  

	 	1.	Borrower shall make quarterly payments of interest only on each March 31, June 30, September 30 and December 31 during the term of the Note; 

  

	 	2.	On the Due Date all remaining outstanding amounts of principal, interest and late charges shall be due and payable. 

  

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 Borrower expressly assumes all risks of loss or delay in the delivery of any payments made by mail, and
no course of conduct or dealing shall affect Borrower’s assumption of these risks. This Note may be prepaid, in full or in part at any time without penalty. All payments shall be applied first to late charges, then to interest and finally to
principal. 
  
 Upon the occurrence of any event of default, as
described in the Master Loan Agreement, dated as of April 15, 2002, between Lender and Borrower, as the same may be modified from time to time (the “Master Loan Agreement”), the Lender may exercise any of its remedies described in the
Master Loan Agreement or the unpaid principal balance of this Note shall bear interest at a rate which is two percent (2%) greater than the Effective Interest Rate otherwise applicable. This Note shall be deemed to be a “Note” within the
meaning of Section 2 of the Master Loan Agreement. If any payment under this Note is not paid within ten (10) days after the date due, then, at the option of the Lender, a late charge of not more than five cents ($0.05) for each dollar of the
installment past due may be charged by Lender. 
  
 Acceptance by
Lender of any payment in an amount less than the amount then due shall be deemed an acceptance on account only, and Borrower’s failure to pay the entire amount due shall be and continue to be an event of default. The liability of the Borrower
under this Note shall be absolute and unconditional, without regard to the liability of any other party. The laws of the State of Iowa hereunder shall govern all rights and obligations. 
  

									
	 	 	 	 	BORROWER
			
	 	 	 	 	 FCStone Financial, Inc.

				
	Borrower Address:	 	 	 	 	 	 
				
	2829 Westown Parkway, Suite 240
West Des Moines, IA 50266-1333	 	 	 	 By:
	 	/s/    DICK LINDGREN        
	 	 	 	 Its:
	 	Director Commercial Operations
				
	 	 	 	 	 	 	 Tax ID No. 42-1366800

  
 Lender Address: 
  
 6400 NW 86th Street 
 P.O. Box 6650 
 Department 140 
 Johnson, IA 50131-6650 
  
 BORROWING BASE REPORT 
 FCStone Financial, Inc for 
 John
Deere Credit 
 Johnston, Iowa 
  

					
	 	  	Date:                     	  	Exhibit A
	 	  	 	  	 

  
 REQUIRED AS OF EACH
DAYS END FOR LINES OF CREDIT 
 OR WHEN EVER THERE IS A CHANGE IN LOAN BALANCE 
  

																					
	 	  	TIER 1

	 	 	TIER 2

	 	 	TIER 3

	 	 	TIER 4

	 	 	Total

	 
	 Beginning Loan Balance
	  	$	500,000	 	 	$	500,000	 	 	$	500,000	 	 	$	500,000	 	 	$	2,000,000	 
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

	 Contracts (WR) Liquidated
	  	$	300,000	 	 	$	300,000	 	 	$	300,000	 	 	$	300,000	 	 	$	1,200,000	 
	 New Contracts (WR)
	  	$	200,000	 	 	$	200,000	 	 	$	200,000	 	 	$	200,000	 	 	$	800,000	 
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

	 Net Change in Contracts
	  	$	(100,000	)	 	$	(100,000	)	 	$	(100,000	)	 	$	(100,000	)	 	$	(400,000	)
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

	 Advance Request
	  	$	 —  	 	 	$	 —  	 	 	$	 —  	 	 	$	 —  	 	 	$	 —  	 
	 Payment Submitted
	  	$	(100,000	)	 	$	(100,000	)	 	$	(100,000	)	 	$	(100,000	)	 	$	(400,000	)
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

	 Ending Loan Balance
	  	$	400,000	 	 	$	400,000	 	 	$	400,000	 	 	$	400,000	 	 	$	1,600,000	 
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

  
 Eligible Collateral is defined as
warehouse receipts representing grain or oil seeds against which advances have been made based on the Advance Rate. The Advance Rate against Commodities Sale/Repurchase Agreements shall be equal to 90% of the value of the grain or oil seed as
determined by the FCStone Financial customer’s elevator bid price times the bushels of grain or oil seed represented by the warehouse receipt(s) issued to FCStone Financial pursuant to the Commodities Sale/Repurchase Program. 
  
 I certify that to the best of my knowledge this information is correct: 
  

							
	
	  	
	  	
	  	 
	 Authorized Signature
	  	 Title
	  	 Date
	  	 

  

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