Document:

Guarantee of Payment

 Exhibit 10.33 
  
 GUARANTEE OF PAYMENT 
 (SPECIFIC) . 
  
 THIS
GUARANTEE OF PAYMENT (the “Guarantee”) is executed as of the 28th day of February, 2003, by FCSTONE GROUP, INC., (hereinafter referred to as the “Guarantor”) in favor of CoBANK, ACB (hereinafter referred
to as “CoBank”). 
  
 BACKGROUND 
  
 FCStone Financial, Inc., (the “Company”) has applied to
CoBank for a loan or loans or other financial accommodations in order to finance the purchase of grain commodities from certain grain merchants. Subject to and on the terms and conditions set forth in that certain Master Loan Agreement dated
February 28, 2003, (the “Loan Agreement”), CoBank is willing to extend that credit to the Company. One of the conditions of the Loan Agreement is that the Company obtain the guarantee of the Guarantor in the form hereof. In satisfaction of
that condition and intending to benefit by the extension of credit contemplated by the Loan Agreement, the Guarantor is entering into this Guarantee. 
  
 NOW, THEREFORE, in order to induce CoBank to extend credit to the Company and for good and valuable other consideration, the receipt and
sufficiency of which are hereby acknowledged, the Guarantor hereby agrees as follows: 
  
 SECTION 1. Guarantee. (a) Subject to the limitations on Guarantor’s maximum liability set forth in subsection (b) of the Section, the Guarantor hereby unconditionally and irrevocably guarantees to
CoBank the punctual payment when due (whether at stated maturity, as accelerated, or as renewed, refinanced or extended from time to time), of all indebtedness, obligations and liabilities of the Company to CoBank arising under the Loan Agreement,
all instruments and documents executed or furnished in connection therewith (including any Supplement as defined in the Loan Agreement), and all amendments, supplements, restatements or replacements thereto or thereof (hereinafter collectively
referred to as the “Loan Documents”). Such indebtedness, obligations and liabilities shall include all principal, interest, fees, surcharges, reimbursement obligations, expenses, stock subscription charges and all other obligations of the
Company arising under the Loan Documents (hereinafter collectively referred to as the “Guaranteed Obligations”); (b) Guarantor’s maximum liability under this Guarantee shall be the greater of $500,000.00 or 5% of the then existing
Guaranteed Obligations, but shall in no event exceed $1,500,000.00 in total. 
  
 SECTION 2. Guarantee of Payment; Waiver of Defenses, Etc. This Guarantee is a guarantee of payment and not of collection. The Guarantor acknowledges and agrees that this Guarantee is an absolute
and independent obligation of the Guarantor and therefore waives any right to require that any action be brought against the Company, another guarantor or any other person or entity which is liable for all or any part of the Guaranteed Obligations,
or to require that resort be had at any time to any security for the Guaranteed Obligations or to any right of 

  

			
	 Guarantee of Payment
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	 FCStone Financial, Inc.
	  	 
	 West Des Moines, Iowa
	  	 

  

 
setoff or similar right. The Guarantor’s obligations hereunder shall be payable on demand and shall be absolute and unconditional irrespective of (and
the Guarantor hereby expressly waives any defense or claim of discharge based on): (i) the alteration or modification from time to time (whether material or otherwise) of the Guaranteed Obligations, including the date, time, and place of payment, an
increase or decrease in the rate or rates of interest accruing on the Guaranteed Obligations, the period during which the Guaranteed Obligations may be made, the amount of the Guaranteed Obligations or otherwise; (ii) the waiver by CoBank of the
Company’s compliance with any of the terms and conditions of the Loan Documents; (iii) the forbearance by CoBank from exercising any right or remedy it may have under the Loan Documents or under law; (iv) any inability, failure, neglect or
omission to obtain, perfect, maintain, enforce, or realize upon any collateral for the Guaranteed Obligations, or to pursue or obtain any deficiency judgment against the Company following any foreclosure of any security interest, mortgage or deed of
trust; (v) the loss or impairment of any collateral, the subordination or release of CoBank’s lien thereon, or the sale, pledge, surrender, exchange or substitution of any collateral; (vi) CoBank releasing, waiving, discharging, or modifying
the obligations of one or more other guarantors (whether a party hereto or to a separate agreement with CoBank); (vii) the acceptance by CoBank of any partial payment on the Guaranteed Obligations or any collateral therefor, or CoBank settling,
subordinating, compromising, discharging, or releasing the Guaranteed Obligations or any collateral therefor; (viii) the enforceability of the Loan Documents; (ix) any defenses or counterclaims assertable by the Company, including any defense or
counterclaim based on failure of consideration, fraud, statute of frauds, bankruptcy, statute of limitations, lender liability, and accord and satisfaction; (x) any setoff, counterclaim, recoupment or similar right assertable by the Company, the
Guarantor, or other guarantor (whether a party hereto or to a separate guarantee); or (xi) any other circumstance which constitutes a legal or equitable discharge of a guarantor or surety. This Guarantee shall continue in full force and effect until
five business days after written notice of termination shall have been received by CoBank. Notwithstanding the foregoing, such notice of termination shall not be effective as to any Guaranteed Obligations: (1) existing prior to the effective date of
termination; (2) arising thereafter pursuant to any commitment to extend credit entered into prior to the effective date of such notice (regardless of whether CoBank has or from time to time acquires a right to suspend or terminate such commitment
owing to the occurrence of a default or otherwise); (3) any extensions, renewals, or refinancings of any Guaranteed Obligations referred to in (1) or (2) above made before or after the effective date of termination; and (4) interest, fees, expenses,
and other Guaranteed Obligations relating to any of the foregoing. In addition, no such notice of termination shall in any manner impair or alter CoBank’s rights or obligations hereunder with respect to such Guaranteed Obligations (including
under Sections 2 and 5 hereof) or affect or impair the obligations of any other guarantor (whether a party hereto or to a separate guarantee). 
  
 SECTION 3. Subordination and Subrogation. The Guarantor hereby agrees that all indebtedness and other obligations of the Company (now
existing or hereafter incurred) to the Guarantor are and shall be subordinated in right of payment to the prior payment in full by the Company of its obligations to CoBank under the Loan Documents. During the existence of a default under the Loan
Documents, no payments by the Company shall be accepted by the Guarantor with respect to such subordinated obligations and, if any such payments are inadvertently received, the same shall be held in trust and promptly turned over to CoBank. The

			
	 Guarantee of Payment
	  	Page 3
	 FCStone Financial, Inc.
	  	 
	 West Des Moines, Iowa
	  	 

  

 
Guarantor hereby waives all claims, rights or remedies that it may have at law or in equity (including, without limitation, any law subrogating the Guarantor
to the rights of CoBank) to seek contribution, indemnification, or any other form of reimbursement from the Company, any other guarantor, or any other person or entity now or hereafter primarily or secondarily liable for any obligations of the
Company to CoBank, for any disbursement made by the Guarantor under or in connection with this Guarantee or otherwise. The Guarantor hereby stipulates and agrees that any such disbursement made by the Guarantor shall be a contribution to the equity
capital of the Company. 
  
 SECTION 4. Recovery of
Payment. If any payment received by CoBank and applied to the Guaranteed Obligations is subsequently set aside, recovered, rescinded, or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or
reorganization of the Company), the Guaranteed Obligations to which such payment was applied shall for the purposes of this Guarantee and all instruments or documents executed in connection herewith or securing the Guarantor’s obligations
hereunder, be deemed to have continued in existence, and this Guarantee shall be enforceable as to such Guaranteed Obligations as fully as if such applications had never been made. 
  
 SECTION 5. Information Regarding Company; Waiver of Notices, Etc. The Guarantor assumes responsibility
for keeping fully informed of the financial condition of the Company, its liability hereunder and all other circumstances affecting the Company’s ability to pay and perform the Guaranteed Obligations. The Guarantor agrees that CoBank shall have
no duty to report to or notify the Guarantor of: (i) any information which CoBank shall receive about the financial condition of the Company (including adverse matters); (ii) the Company’s performance under the Loan Documents (including
nonpayment or the occurrence of any other default); (iii) any circumstances bearing on the Company’s ability to perform the Guaranteed Obligations; (iv) any increases in the amount of the Guaranteed Obligations or any renewals, extensions or
refinancing(s) of any Guaranteed Obligation; (v) any actions taken by CoBank or the Company under any Loan Document; (vi) any matters relating to another guarantor; (vii) any matter set forth in Section 2 hereof; or (viii) any other matter relating
to the Guaranteed Obligations; and the Guarantor hereby expressly and unconditionally waives any defense or claim of discharge based on the failure of CoBank to report to or notify the Guarantor of any such information. In addition, the Guarantor
hereby acknowledges that it has entered into this Guarantee based upon its own independent knowledge of or investigation into the affairs of the Company and any other guarantor (whether a party hereto or to a separate guarantee) and has not relied
in any respect on CoBank or any officers, employees, or agents thereof. 
  
 SECTION 6. Representations and Warranties. The Guarantor hereby represents and warrants as follows: 
  
 (A) The execution, delivery and performance by the Guarantor of this Guarantee and all instruments and documents executed in
connection herewith have been duly authorized by all requisite corporate or other action and do not and will not: (i) conflict with, or constitute (with or without the giving of notice and/or the passage of time and/or the occurrence of any other
condition) a default under, any other agreement to which the Guarantor is a party or 

			
	 Guarantee of Payment
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	 FCStone Financial, Inc.
	  	 
	 West Des Moines, Iowa
	  	 

  

 
by which it or any of its property may be bound or affected, or with any provision of its articles of incorporation, bylaws or other organizational
documents; (ii) require the consent, permission, authorization, order or license of any governmental authority or of any party to any agreement to which the Guarantor is a party or by which it or any of its property may be bound or affected, except
as has been obtained and are in full force and effect; (iii) violate any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect applicable to it; or (iv) result in, or require,
the creation or imposition of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties now owned or hereafter acquired. 
  
 (B) The Guarantee and each instrument and document executed in connection herewith, or when executed
and delivered will be, is the legal, valid and binding obligation of the Guarantor, enforceable in accordance with its terms, subject only to limitations on enforceability imposed by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting creditors’ rights generally. 

			
	 Guarantee of Payment
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	 FCStone Financial, Inc.
	  	 
	 West Des Moines, Iowa
	  	 

  

 SECTION 7. Covenants. While this Guarantee is in effect, the Guarantor agrees to comply
with all covenants set forth in all loan and other credit agreements between the Guarantor and CoBank, whether now existing or hereafter entered into, and all amendments, supplements, restatements and replacements to or of any such agreements, which
covenants are hereby, and shall hereafter continuously be, incorporated by reference. In the event such other agreements cease to be in effect, then such covenants shall continue as provisions hereof and, at CoBank’s option, this Guarantee
shall be amended to specifically add those covenants to this agreement. 
  
 SECTION 8. Notices, Etc. All notices provided for herein shall be in writing (including facsimile) and shall be mailed or delivered to the following addresses or facsimile numbers or to such other address or facsimile
number as either party may specify by notice to the other: (a) If to CoBank, to 5500 South Quebec Street, Greenwood Village, Colorado, 80111; and (b) if to the Guarantor, to FCStone Group, Inc., 2829 Westown Parkway, Suite 200, West Des Moines, Iowa
50266-1333, Attention: Dick Lindgren, with a copy to David A. Bolte at the same address. 
  
 SECTION 9. Expenses. In the event CoBank employs counsel to protect or enforce its rights hereunder against the Guarantor, all attorneys’ fees arising from such services and all expenses,
costs, and charges in any way or respect arising in connection therewith or relating thereto shall be paid by such Guarantor to the extent allowed by law. 
  
 SECTION 10. Amendments, Etc. This writing is intended by the parties as the final expression of their agreement and is also intended as a
complete and exclusive statement of the terms of that agreement. No amendment or waiver of any provision of this Guarantee nor consent to any departure by the Guarantor herefrom shall be effective unless the same shall be in writing and signed by
CoBank, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
  
 SECTION 11. No Waiver; Remedies. No failure on the part of CoBank to exercise, and no delay in exercising, any right hereunder shall operate
as waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 
  
 SECTION 12. Governing Law. Except to the extent governed by applicable Federal law, this Guarantee shall be
governed by and construed in accordance with the laws of the State of Colorado, without reference to choice of law doctrine. 
  
 SECTION 13. Notice of Acceptance. The Guarantor hereby waives notice of acceptance hereof. 
  
 SECTION 14. Joint and Several. If more than one person
or entity executes this Guarantee, the obligations of such person or entities shall be joint and several. 

			
	 Guarantee of Payment
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	 FCStone Financial, Inc.
	  	 
	 West Des Moines, Iowa
	  	 

  

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed as of the date
shown above by its duly authorized officers. 
  

			
	FCSTONE GROUP, INC.
		
	By:	 	 /s/ Paul G. Anderson

	 Title:
	 	 President/CEOMaster Loan Agreement dated September 1, 1999

 Exhibit 10.34 
  
 MASTER LOAN AGREEMENT 
  
 THIS MASTER LOAN AGREEMENT is entered into as of September 1, 1999 between CoBANK, ACB (“CoBank”) and PETROUS, L.L.C.
Des Moines, Iowa (the “Company”). 
  
 BACKGROUND

  
 From time to time CoBank may make loans to the Company. In
order to reduce the amount of paperwork associated therewith, CoBank and the Company would like to enter into a master loan agreement. For that reason, and in consideration of CoBank making one or more loans to the Company, CoBank and the Company
agree as follows: 
  
 SECTION 1. Supplements. In the
event the Company desires to borrow from CoBank and CoBank is willing to lend to the Company, or in the event CoBank and the Company desire to consolidate any existing loans hereunder, the parties will enter into a Supplement to this agreement (a
“Supplement”). Each Supplement will set forth the amount of the loan, the purpose of the loan, the interest rate or rate options applicable to that loan, the repayment terms of the loan, and any other terms and conditions applicable to
that particular loan. Each loan will be governed by the terms and conditions contained in this agreement and in the Supplement relating to the loan. 
  
 SECTION 2. Availability. Loans will be made available on any day on which CoBank and the Federal Reserve Banks are open for business upon
the telephonic or written request of the Company. Requests for loans must be received no later than 12:00 noon Company’s local time on the date the loan is desired. Loans will be made available by wire transfer of immediately available funds to
such account or accounts as may be authorized by the Company. The Company shall furnish to CoBank a duly completed and executed copy of a CoBank Delegation and Wire Transfer Authorization Form, and CoBank shall be entitled to rely on (and shall
incur no liability to the Company in acting on) any request or direction furnished in accordance with the terms thereof. 
  
 SECTION 3. Repayment. The Company’s obligation to repay each loan shall be evidenced by the promissory note set forth in the Supplement
relating to that loan or by such replacement note as CoBank shall require. CoBank shall maintain a record of all loans, the interest accrued thereon, and all payments made with respect thereto, and such record shall, absent proof of manifest error,
be conclusive evidence of the outstanding principal and interest on the loans. All payments shall be made by wire transfer of immediately available funds or by check. Wire transfers shall be made to ABA No. 307088754 for advice to and credit of
CoBANK (or to such other account as CoBank may direct by notice). The Company shall give CoBank telephonic notice no later than 12:00 noon Company’s local time of its intent to pay by wire and funds received after 3:00 p.m. Company’s local
time shall be credited on the next business day. Checks shall be mailed to CoBank, Department 167, Denver, Colorado, 80291-0167 (or to such other place as CoBank may direct by notice). Credit for payment by check will not be given until 

  

 
the latter of: (a) the day on which CoBank receives immediately available funds; or (b) the next business day after receipt of the check. 
  
 SECTION 4. Capitalization. The Company agrees to purchase such
equity in CoBank as CoBank may from time to time require in accordance with its Bylaws. However. the maximum amount of equity which the Company shall be obligated to purchase in connection with any loan may not exceed the maximum amount permitted by
the Bylaws at the time the Supplement relating to that loan is entered into or such loan is renewed or refinanced by CoBank. 
  
 SECTION 5. Security. The company’s obligations under this agreement, all Supplements (whenever executed), and all instruments and
documents contemplated hereby or thereby, shall be secured by a statutory first lien on all equity which the Company may now own or hereafter acquire in CoBank. As additional security for those obligations, the Company agrees to grant to CoBank, by
means of such instruments and documents as CoBank may require, a first lien (subject only to exceptions approved in writing by CoBank) on all personal property of the Company, whether now existing or hereafter acquired. 
  
 SECTION 6. Conditions Precedent. 
  
 (A) Conditions to Initial Supplement.
CoBank’s obligation to extend credit under the initial Supplement hereto is subject to the conditions precedent that CoBank receive, in form and substance satisfactory to CoBank, each of the following: 
  
 (i) This Agreement, Etc. A duly executed copy
of this agreement and all instruments and documents contemplated hereby. 
  
 (ii) Operating Agreements. A copy of each ISDA Master Agreement, Master Trade Option Agreement or Master Swap Agreement between the Company and each counterparty. No material changes to the agreements
will be permitted without CoBank’s prior approval. 
  
 (B) Conditions to Each Supplement. CoBank’s obligation to extend credit under each Supplement, including the initial Supplement, is subject to the conditions precedent that CoBank receive, in form
and content satisfactory to CoBank, each of the following: 
  
 (i) Supplement. A duly executed copy of the Supplement and all instruments and documents contemplated thereby. 
  
 (ii) Evidence of Authority. Such certified board resolutions, evidence of incumbency, and other evidence that CoBank may
require that the Supplement, all instruments and documents executed in connection therewith, and, in the case of initial Supplement hereto, this agreement and all instruments and documents executed in connection herewith, have been duly authorized
and executed. 
  
 (iii) Fees and Other
Charges. All fees and other charges provided for herein or in the Supplement. 
  

 (iv) Evidence of Perfection, Etc. Such evidence as CoBank may require that
CoBank has a duly perfected first priority lien on all security for the Company’s obligations, and that the Company is in compliance with Section 8(D) hereof. 
  
 (C) Conditions to Each Loan. CoBank’s obligation under each Supplement to make any loan
to the Company thereunder is subject to the condition that no “Event of Default” (as defined in Section 11 hereof) or event which with the giving of notice and/or the passage of time would become an Event of Default hereunder (a
“Potential Default”), shall have occurred and be continuing. 
  
 SECTION 7. Representations and Warranties. 
  
 (A) This Agreement. The Company represents and warrants to CoBank that as of the date of this Agreement: 
  
 (i) Compliance. The Company is in compliance with all of the terms of this agreement, and no Event of Default or Potential
Default exists hereunder. 
  
 (B) Each
Supplement. The execution by the Company of each Supplement hereto shall constitute a representation and warranty to CoBank that: 
  
 (i) Applications. Each representation and warranty and all information set forth in any application or other documents
submitted in connection with, or to induce CoBank to enter into, such Supplement, is correct in all material respects as of the date of the Supplement. 
  
 (ii) Conflicting Agreements, Etc. This agreement, the Supplements, and all security and other instruments and documents
relating hereto and thereto (collectively, at any time, the “Loan Documents”), do not conflict with, or require the consent of any party to, any other agreement to which the Company is a party or by which it or its property may be bound or
affected, and do not conflict with any provision of the Company’s bylaws, articles of incorporation, or other organizational documents. 
  
 (iii) Compliance. The Company is in compliance with all of the terms of the Loan Documents (including, without limitation,
Section 8(A) of this agreement on eligibility to borrow from CoBank). 
  
 (iv) Binding Agreement. The Loan Documents create legal, valid, and binding obligations of the Company which are enforceable in accordance with their terms, except to the extent that enforcement may be
limited by applicable bankruptcy, insolvency, or similar laws affecting creditors’ rights generally. 
  
 SECTION 8. Affirmative Covenants. Unless otherwise agreed to in writing by CoBank, while this agreement is in effect, the Company
agrees to: 
  
 (A) Eligibility.
Maintain its status as an entity eligible to borrow from CoBank. 
  

 (B) Corporate Existence, Licenses. Etc. (i) Preserve and keep in full force
and effect its existence and good standing in the jurisdiction of its incorporation or formation; (ii) qualify and remain qualified to transact business in all jurisdictions where such qualification is required; and (iii) obtain and maintain all
licenses, certificates, permits, authorizations, approvals, and the like which are material to the conduct of its business or required by law, rule, regulation, ordinance, code, order, and the like (collectively, “Laws”). 
  
 (C) Compliance with Laws. Comply in all
material respects with all applicable Laws, including, without limitation, all Laws relating to environmental protection and any patron or member investment program that it may have. In addition, the Company agrees to cause all persons occupying or
present on any of its properties to comply in all material respects with all environmental protection Laws. 
  
 (D) Insurance. Maintain insurance with insurance companies or associations acceptable to CoBank in such amounts and covering
such risks as are usually carried by companies engaged in the same or similar business and similarly situated, and make such increases in the type or amount of coverage as CoBank may request. All such policies insuring any collateral for the
Company’s obligations to CoBank shall have mortgagee or lender loss payable clauses or endorsements in form and content acceptable to CoBank. At CoBank’s request, all policies (or such other proof of compliance with this Subsection as may
be satisfactory to CoBank) shall be delivered to CoBank. 
  
 (E) Property Maintenance. Maintain all of its property that is necessary to or useful in the proper conduct of its business in good working condition, ordinary wear and tear excepted. 
  
 (F) Books and Records. Keep adequate records
and books of account in which complete entries will be made in accordance with generally accepted accounting principles (“GAAP”) consistently applied. 
  
 (G) Inspection. Permit CoBank or its agents, upon reasonable notice and during normal business
hours or at such other times as the parties may agree, to examine its properties, books, and records, and to discuss its affairs, finances, and accounts, with its respective officers, directors, employees, and independent certified public
accountants. 
  
 (H) Reports and
Notices. Furnish to CoBank: 
  
 (i)
Annual Financial Statements. As soon as available, but in no event more than 120 days after the end of each fiscal year of the Company occurring during the term hereof, annual financial statements of the Company prepared in
accordance with GAAP consistently applied. Such financial statements shall: (a) be audited by independent certified public accountants selected by the Company and acceptable to CoBank; (b) be accompanied by a report of such accountants containing an
opinion thereon acceptable to CoBank; (c) be prepared in reasonable detail and in comparative form; and (d) include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flows, and all notes and schedules
relating thereto. 
  

 (ii) Interim Financial Statements. As soon as available, but in no
event more than 45 days after the end of each fiscal quarter of the company, a balance sheet of the Company as of the end of such quarter, a statement of income for the Company for such period and for the period year to date, and such
other interim statements as CoBank may specifically request, all prepared in reasonable detail and in comparative form in accordance with GAAP consistently applied. 
  
 (iii) Notice of Default. Promptly after becoming aware thereof, notice of the occurrence of an
Event of Default or a Potential Default. 
  
 (iv) Notice of Non-Environmental Litigation. Promptly after the commencement thereof, notice of the commencement of all actions, suits, or proceedings before any court, arbitrator, or governmental department, commission,
board, bureau, agency, or instrumentality affecting the Company which, if determined adversely to the Company, could have a material adverse effect on the financial condition, properties, profits, or operations of the Company. 
  
 (v) Notice of Environmental Litigation, Etc.
Promptly after receipt thereof, notice of the receipt of all pleadings, orders, complaints, indictments, or any other communication alleging a condition that may require the Company to undertake or to contribute to a cleanup or other response under
environmental Laws, or which seek penalties, damages, injunctive relief, or criminal sanctions related to alleged violations of such Laws, or which claim personal injury or property damage to any person as a result of environmental factors or
conditions. 
  
 (vi) Bylaws and
Articles. Promptly after any change in the Company’s bylaws or articles of incorporation (or like documents), copies of all such changes, certified by the Company’s Secretary. 
  
 (vii) Other Information. Such other
information regarding the condition or operations, financial or otherwise, of the Company as CoBank may from time to time reasonably request, including but not limited to copies of all pleadings, notices, and communications referred to in
Subsections 8(H)(iv) and (v) above. 
  
 (viii)
Over-the-Counter Activity. Quarterly reporting of over-the-counter activity, including year-to-date summaries of swap and option volume by commodity, quarter-ending summary of swap and option positions by customer, quarter-ending summary
of control accounts of each counterparty writing over-the-counter contracts, including the contract limit and number of contracts used by commodity, the amount outstanding on the counterparty’s account with the Company and the amount of credit
risk insurance in place for each counterparty. Quarterly reporting shall be in such form as CoBank shall approve in writing. 
  
 SECTION 9. Negative Covenants. Unless otherwise agreed to in writing by CoBank, while this agreement is in effect the Company will not:

  
 (A) Borrowings. Create, incur,
assume, or allow to exist, directly or indirectly, any indebtedness or liability for borrowed money (including trade or bankers’ acceptances), letters of credit, or the deferred purchase price of property or services (including 

  

 
capitalized leases), except for: (i) debt to CoBank; (ii) accounts payable to trade creditors incurred in the ordinary course of business; and (ill) current
operating liabilities (other than for borrowed money) incurred in the ordinary course of business. 
  
 (B) Liens. Create, incur, assume, or allow to exist any mortgage, deed of trust, pledge, lien (including the lien of an
attachment, judgment, or execution), security interest, or other encumbrance of any kind upon any of its property, real or personal (collectively, “Liens”). The foregoing restrictions shall not apply to: (i) Liens in favor of CoBank; (ii)
Liens for taxes, assessments or governmental charges that are not past due; (iii) Liens and deposits under workers’ compensation, unemployment insurance, and social security Laws; (iv) Liens and deposits to secure the performance of bids,
tenders, contracts (other than contracts for the payment of money), and like obligations arising in the ordinary course of business as conducted on the date hereof; (v) Liens imposed by Law in favor of mechanics, materialmen, warehousemen, and like
persons that secure obligations that are not past due; and (vi) easements, rights-of-way, restrictions, and other similar encumbrances which, in the aggregate, do not materially interfere with the occupation, use, and enjoyment of the property or
assets encumbered thereby in the normal course of its business or materially impair the value of the property subject thereto. 
  
 (C) Mergers, Acquisitions, Etc. Merge or consolidate with any other entity or acquire all or a material part of the
assets of any person or entity, or form or create any new subsidiary or affiliate, or commence operations under any other name, organization, or entity, including any joint venture. 
  
 (D) Transfer of Assets. Sell, transfer, lease, or otherwise dispose of any of its assets,
except in the ordinary course of business. 
  
 (E) Loans. Lend or advance money, credit, or property to any person or entity, except for trade credit extended in the ordinary course of business. 
  
 (F) Contingent Liabilities. Assume, guarantee, become liable as a surety, endorse,
contingently agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other agreement designed to ensure any
creditor against loss), for or on account of the obligation of any person or entity, except by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of the Company’s business.

  
 (G) Change in Business. Engage
in any business activities or operations substantially different from or unrelated to the Company’s present business activities or operations. 
  
 (H) Counterparty Credit Risk Insurance Policy. Company will not make any revisions to the Credit Risk Insurance
Policy. 
  
 (I) Patronage and
Dividends. Declare or pay any dividends or retire capital equities or other written notices of allocation, or make any other distribution or allocation of its earnings, surplus or assets to any holder of stock, allocated equities or other
written notices of 

  

 
allocation, except that the Company may distribute patronage-sourced earnings annually in the form of cash and qualified written notices of allocation, so
long as the cash portion does not exceed 50% of net income, and such written notices constitute equity and not debt. 
  
 (J) Counterparty Risk. Company will not exceed total counterparty risk of $55.5 million. 
  
 SECTION 10. Financial Covenants. Unless otherwise agreed to in
writing, while this agreement is in effect: 
  
 (A) The Company will have at the end of each period for which financial statements are required to be furnished under Section 8 (H)(i) and (ii) hereof, an excess of current assets over current liabilities of not less than $1.4
million, and an excess of total assets over total liabilities of not less than $1.4 million (all as determined in accordance with GAAP consistently applied. 
  
 SECTION 11. Events of Default. Each of the following shall constitute an “Event of Default” under this agreement:

  
 (A) Payment Default. The
Company should fail to make any payment to, or to purchase any equity in, CoBank when due. 
  
 (B) Representations and Warranties. Any representation or warranty made or deemed made by the Company herein or in any
Supplement, application, agreement, certificate, or other document related to or furnished in connection with this agreement or any Supplement, shall prove to have been false or misleading in any material respect on or as of the date made or deemed
made. 
  
 (C) Certain Affirmative
Covenants. The Company should fail to perform or comply with Sections 8(A) through 8(H)(ii), 8(H)(viii) or any reporting covenant set forth in any Supplement hereto, and such failure continues for 15 days after written notice thereof shall have
been delivered by CoBank to the Company. 
  
 (D) Other Covenants and Agreements. The Company should fail to perform or comply with any other covenant or agreement contained herein or in any other Loan Document or shall use the proceeds of any loan for an unauthorized
purpose. 
  
 (E) Cross-Default. The
Company should, after any applicable grace period, breach or be in default under the terms of any other agreement between the Company and CoBank. 
  
 (F) Other Indebtedness. The Company should fail to pay when due any indebtedness to any other person or entity for borrowed
money or any long-term obligation for the deferred purchase price of property (including any capitalized lease), or any other event occurs which, under any agreement or instrument relating to such indebtedness or obligation, has the effect of
accelerating or permitting the acceleration of such indebtedness or obligation, whether or not such indebtedness or obligation is actually accelerated or the right to accelerate is conditioned on the giving of notice, the passage of time, or
otherwise. 
  

 (G) Judgments. A judgment, decree, or order for the payment of money shall
be rendered against the Company and either: (i) enforcement proceedings shall have been commenced; (ii) a Lien prohibited under Section 9(B) hereof shall have been obtained; or (iii) such judgment, decree, or order shall continue unsatisfied and in
effect for a period 20 consecutive days without being vacated, discharged, satisfied, or stayed pending appeal. 
  
 (H) Insolvency, Etc. The Company shall: (i) become insolvent or shall generally not, or shall be unable to, or shall admit
in writing its inability to, pay its debts as they come due; or (ii) suspend its business operations or a material part thereof or make an assignment for the benefit of creditors; or (iii) apply for, consent to, or acquiesce in the appointment of a
trustee, receiver, or other custodian for it or any of its property or, in the absence of such application, consent, or acquiescence, a trustee, receiver, or other custodian is so appointed; or (iv) commence or have commenced against it any
proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, or liquidation Law of any jurisdiction. 
  
 (I) Material Adverse Change. Any material adverse change occurs, as reasonably determined by CoBank, in the Company’s
financial condition, results of operation, or ability to perform its obligations hereunder or under any instrument or document contemplated hereby. 
  
 SECTION 12. Remedies. Upon the occurrence and during the continuance of an Event of Default or any Potential Default, CoBank shall have no
obligation to continue to extend credit to the Company and may discontinue doing so at any time without prior notice. In addition, upon the occurrence and during the continuance of any Event of Default, CoBank may, upon notice to the Company,
terminate any commitment and declare the entire unpaid principal balance of the loans, all accrued interest thereon, and all other amounts payable under this agreement, all Supplements, and the other Loan Documents to be immediately due and payable.
Upon such a declaration, the unpaid principal balance of the loans and all such other amounts shall become immediately due and payable, without protest, presentment, demand, or further notice of any kind, all of which are hereby expressly waived by
the Company. In addition, upon such an acceleration: 
  
 (A) Enforcement. CoBank may proceed to protect, exercise, and enforce such rights and remedies as may be provided by this agreement, any other Loan Document or under Law. Each and every one of such rights and remedies shall be
cumulative and may be exercised from time to time, and no failure on the part of CoBank to exercise, and no delay in exercising, any right or remedy shall operate as a waiver thereof, and no single or partial exercise of any right or remedy shall
preclude any other or future exercise thereof, or the exercise of any other right. Without limiting the foregoing, CoBank may hold and/or set off and apply against the Company’s obligations to CoBank the proceeds of any equity in CoBank, any
cash collateral held by CoBank, or any balances held by CoBank for the Company’s account (whether or not such balances are then due). 
  
 (B) Application of Funds. CoBank may apply all payments received by it to the Company’s obligations to CoBank in such
order and manner as CoBank may elect in its sole discretion. 
  

 In addition to the rights and remedies set forth above: (i) if the Company fails to purchase any equity in CoBank when
required or fails to make any payment to CoBank when due, then at CoBank’s option in each instance, such obligation or payment shall bear interest at 4% per annum in excess of CoBank’s National Variable Rate; and (ii) after the maturity of
any loan, whether by reason of acceleration or otherwise, the unpaid balance of the loan shall automatically bear interest at 4% per annum in excess of the rates that would otherwise be in effect on such loan. All interest provided for herein shall
be payable on demand and shall be calculated from the date such payment was due to the date paid on the basis of a year consisting of 360 days. 
  
 SECTION 13. Broken Funding Surcharge. Notwithstanding any provision contained in any Supplement giving the Company the right to repay any
loan prior to the date it would otherwise be due and payable, the Company agrees that in the event it repays any fixed rate balance prior to its scheduled due date or prior to the last day of the fixed rate period applicable thereto (whether such
payment is made voluntarily, as a result of an acceleration, or otherwise), the Company will pay to CoBank a surcharge in an amount which would result in CoBank being made whole (on a present value basis) for the actual or imputed funding losses
incurred by CoBank as a result thereof. Notwithstanding the foregoing, in the event any fixed rate balance is repaid as a result of the Company refinancing the loan with another lender or by other means, then in lieu of the foregoing, the Company
shall pay to CoBank a surcharge in an amount sufficient (on a present value basis) to enable CoBank to maintain the yield it would have earned during the fixed rate period on the amount repaid. Such surcharges will be calculated in accordance with
methodology established by CoBank (a copy of which will be made available to the Company upon request). 
  
 SECTION 14. Complete Agreement, Amendments. This agreement, all Supplements, and all other instruments and documents contemplated hereby and
thereby, are intended by the parties to be a complete and final expression of their agreement. No amendment, modification, or waiver of any provision hereof or thereof, and no consent to any departure by the Company herefrom or therefrom, shall be
effective unless approved by CoBank and contained in writing signed by or on behalf of CoBank, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. In the event this agreement
is amended or restated, each such amendment or restatement shall be applicable to all Supplements hereto. 
  
 SECTION 15. Other Types of Credit. From time to time, CoBank may issue letters of credit or extend other types of credit to or for the
account of the Company. In the event the parties desire to do so under the terms of this agreement, such extensions of credit may be set forth in any Supplement hereto and this agreement shall be applicable thereto. 
  
 SECTION 16. Applicable Law. Except to the extent governed by
applicable federal law, this agreement and each Supplement shall be governed by and construed in accordance with the laws of the State Colorado of without reference to choice of law doctrine. 
  
 SECTION 17. Notices. All notices hereunder shall be in writing
and shall be deemed to be duly given upon delivery if personally delivered or sent by telegram or facsimile 

  

 
transmission, or 3 days after mailing if sent by express, certified or registered mail, to the parties at the following addresses (or such other address for
a party as shall be specified by like notice): 
  

			
	 If to CoBank, as follows:
 CoBank, ACB
 5500 South Quebec Street
 Englewood, CO 80111
 ATTN: Credit Department
 Fax #: 303-694-5830
	 	 If to the Company, as follows:
 Petrous, L.L.C.
 2829 Westown Parkway, Suite 250
 West Des Moines, Iowa 50266
 ATTN: President
 Fax #: 512-223-7424

  
 SECTION 18.
Taxes and Expenses. To the extent allowed by Law, the Company agrees to pay all reasonable out-of-pocket costs and expenses (including the fees and expenses of counsel retained by CoBank) incurred by CoBank in connection with the
origination, administration, collection, and enforcement of this agreement and the other Loan Documents, including, without limitation, all costs and expenses incurred in perfecting, maintaining, determining the priority of, and releasing any
security for the Company’s obligations to CoBank, and any stamp, intangible, transfer, or like tax payable in connection with this agreement or any other Loan Document 
  
 SECTION 19. Effectiveness and Severability. This agreement shall continue in effect until: (i) all
indebtedness and obligations of the Company under this agreement, all Supplements, and all other Loan Documents shall have been paid or satisfied; (ii) CoBank has no commitment to extend credit to or for the account of the Company under any
Supplement; and (iii) either party sends written notice to the other terminating this agreement. Any provision of this agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or thereof. 
  
 SECTION 20. Successors and Assigns. This agreement, each Supplement, and the other Loan Documents shall be binding upon and inure to the
benefit of the Company and CoBank and their respective successors and assigns, except that the Company may not assign or transfer its rights or obligations under this agreement, any Supplement or any other Loan Document without the prior written
consent of CoBank. 
  
 IN WITNESS WHEREOF, the parties have
caused this agreement to be executed by their duly authorized officers as of the date shown above. 
  

									
	COBANK, ACB	 	 	 	PETROUS, L.L.C. 
					
	By	 	 /s/ Casey Garter
	 	 	 	By	 	 /s/ Robert V. Johnson

	 Title
	 	 Vice President
	 	 	 	 Title:
	 	 Treasurer

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