Document:

Limited Corporate Guaranty

 Exhibit 10.17 
  
 LIMITED CORPORATE GUARANTY 
  
 Deere Credit, Inc. 
 6400 NW 86th Street 
 Johnston, IA 50131-6650 
  
 1. In consideration of Deere Credit, Inc. (hereinafter “Deere”)
extending credit to FCStone Financial, Inc., an Iowa corporation, its successors and assigns (the “Debtor”), for the loan purpose of providing working capital financing for the Debtor’s Commodities Sales/Repurchase Program secured by
a first priority lien on personal property comprising of grain inventories as evidenced by grain warehouse receipts representing owned grain inventories arising out of certain contractual transactions under the said Commodities Sales/Repurchase
Program entered into between Debtor and its customers, subject to the limitations contained in paragraph 5, Guarantor unconditionally guarantees payment of whatever sums Debtor shall at any time owe Deere, Deere successors or assigns or any company
affiliated with Deere, pursuant to the loan for working capital evidenced, in part, by the Master Loan Agreement dated April 15, 2002, and other Transaction Documents, whenever incurred (including amounts loaned prior to the date of this Guaranty or
subsequent to the date of this Guaranty), including rental, interest, finance charges, or service charges thereon, and including reasonable attorneys’ fees and all court costs incurred in collecting such sums (such amounts are referred to as
the “Indebtedness”). Deere shall be under no obligation to pursue or exhaust any remedies of Deere against the Debtor, any other obligor or any other guarantor(s), or of enforcing any rights against any collateral with respect to said
indebtedness prior to enforcing payment hereunder by the Guarantor. 
  
 2. This is a guarantee of payment and not of collection, and Guarantor agrees that Deere shall not be obligated prior to seeking recourse against or receiving payment from Guarantor, to do any of the following (although Deere may do so, in
whole or in part, at its sole option), the performance of which are unconditionally waived by Guarantor: 
  

	 	(a)	Take any steps to collect the Indebtedness from Debtor or to file any claim of any kind against Debtor; or 

  

	 	(b)	Take any steps to enforce, accept, perfect interest in, foreclose upon, or realize on any collateral security for the payment of the Indebtedness or any other guaranty of the
Indebtedness; or 

  

	 	(c)	In any other respect exercise any diligence whatever in collecting or attempting to collect the Indebtedness by any means. 

  
 Anything herein to the contrary notwithstanding, however, Deere shall not look to the
Guarantor unless and until there is (1) a default in payment by the Debtor which is not cured within the applicable cure period, if any, as hereinafter provided or (2) if any Borrowing Base Report shows that the maximum amount outstanding pursuant
to the Advance Formula (as defined in the Master Loan Agreement and referenced in the on the Borrowing Base Report) is less than the principal amount outstanding on the Loan and the deficiency revealed by the Borrowing Base Report is not cured
within the applicable cure period, if any, as hereinafter provided. 
  

					
	 FCS Financial Limited Guaranty Final
	 	Page 1 of 3	 	 

 Anything herein to the contrary notwithstanding, should the Debtor default in the payment of any amount due to Deere or
should any Borrowing Base Report show that the maximum amount outstanding pursuant to the Advance Formula is less than the principal amount outstanding on the Loan, then the Guarantor shall have the opportunity, for a period of 15 days following
written notice of such default, to cure such default in payment by making the payment or to cure a deficiency revealed by any Borrowing Base Report by a repayment equal to the difference between the principal amount currently outstanding on the Loan
and the maximum amount permitted to be outstanding pursuant to the Advance Formula, in either event, through a loan to the Debtor or a capital contribution to the Debtor. 
  
 3. Guarantor’s liability for payment of the Indebtedness shall be absolute and unconditional, and nothing except full
payment to Deere of all of the Indebtedness shall operate to discharge Guarantor’s liability under this Guaranty. Guarantor unconditionally and irrevocably waives each and every defense which under principles of guaranty or suretyship law would
otherwise operate to impair or diminish the liability of Guarantor for the Indebtedness. Without limiting the generality of the foregoing waiver, Guarantor agrees that none of the following acts, omissions, or occurrences shall diminish or impair
the liability of Guarantor in any respect (all of which acts, omissions or occurrences may be done without notice to Guarantor): 
  

	 	(a)	Any extension, modification, indulgence, compromise, settlement, or variation of any of the terms of the Indebtedness; 

  

	 	(b)	The discharge or release of any obligations of the Debtor or of any other person now or hereafter liable on the Indebtedness by reason of bankruptcy or insolvency laws or otherwise;

  

	 	(c)	The acceptance or release by Deere of any collateral security or any other Guaranty, or any settlement, compromise or extension with respect to any collateral security or other
Guaranty; 

  

	 	(d)	The application or allocation by Deere of payments, collections, or credits on the Indebtedness or any other obligations of the Debtor to Deere; 

  

	 	(e)	The creation of any new Indebtedness by Debtor; 

  

	 	(f)	The making of demand, or absence of demand, for payment of the Indebtedness, or giving, or failing to give, any notice of dishonor or protest, or any other notice.

  
 4. Guarantor unconditionally waives: 

 

	 	(a)	Any subrogation to rights of Deere against Debtor until, when taking in account payments made under this Guaranty, the indebtedness has been paid in full, at which time Deere shall
assign to Guarantor all of the right, title and interest of Deere in any remaining obligations of Debtor; 

  

	 	(b)	Any set-off or counterclaims against Deere which would impair or affect Deere rights against Guarantor; 

  

	 	(c)	Any defenses related to the validity or enforceability of any documentation executed by Debtor or by Guarantor in connection with the Indebtedness. 

  

					
	 FCS Financial Limited Guaranty Final
	 	Page 2 of 3	 	 

 5. Notwithstanding the provisions of Section 1, or any other provision of this Guaranty, the total amount
that Guarantor shall be required to pay under this Guaranty shall not exceed a total of two million five hundred thousand dollars ($2,500,000.00). 
  
 6. This Guaranty is to take effect without notice of its acceptance, which notice is waived, and is to be a continuing guaranty in full force and effect
until the effective date of a written notice of revocation delivered to Deere either personally or by Registered or Certified Mail. It is understood and agreed that the effective date of any such revocation shall be immediate, and that such
revocation shall not discharge the obligation of the undersigned Guarantor with respect to indebtedness incurred by the Debtor prior to said effective date of revocation or with respect to indebtedness for which the Debtor has made a commitment
prior to said effective date of revocation. 
  
 7. The undersigned
Guarantor consents and agrees that the books and records of Deere showing the account, obligations, and indebtedness of the principal debtor shall be admissible in evidence and shall be binding upon the undersigned Guarantor for the purpose of
establishing the items set forth, and shall constitute prima facie proof. 
  
 8. The foregoing constitutes the complete guaranty agreement, there being no other representations or warranties made, and such guaranty cannot be altered, changed or amended in any way except by an instrument in
writing signed by a duly authorized officer of Deere. 
  
 9. This
Guaranty and all rights and obligations hereunder, including matters of construction, validity and performance, shall be governed by the laws of the State of Iowa. 
  
 10. THIS GUARANTY IS FREELY AND VOLUNTARILY GIVEN TO DEERE BY GUARANTOR, WITHOUT DURESS OR COERCION, AND AFTER GUARANTOR HAS
EITHER CONSULTED WITH LEGAL COUNSEL OR HAS BEEN GIVEN AN OPPORTUNITY TO DO SO, AND GUARANTOR HAS FULLY AND CAREFULLY READ AND UNDERSTANDS ALL OF THE TERMS AND PROVISIONS OF THIS GUARANTY. 
  
 FCSTONE GROUP, INC., 
 an Iowa Corporation

  

			
		
	By:	 	/s/    DICK LINDGREN        
	 Title:
	 	Dir. Commercial Operations

  
 Date: 4-16-02 
  

					
	 FCS Financial Limited Guaranty Final
	 	Page 3 of 3	 	 

 BORROW 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 WHENEVER THERE IS A CHANGE IN LOAN BALANCE 
  

																					
	 	  	TIER I

	 	 	TIER 2

	 	 	TIER 3

	 	 	TIER4

	 	 	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 customers 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
	 	 	 	 DateChange in Terms Agreement

 Exhibit 10.18 
  
 CHANGE IN TERMS AGREEMENT 
 REVOLVING STATUSED OPERATING NOTE 
  
 This
Change in Terms Agreement (“Agreement”) is entered into as of May 24, 2004, between Deere Credit, Inc., a Delaware corporation (“Deere”) and FCStone Financial, Inc., West Des Moines, Iowa 50266, an Iowa corporation (the
“Borrower”). 
  
 Whereas, Deere initially granted
Borrower an Revolving Statused Operating Loan Facility (“Loan”) in the amount of $50,000,000 as governed by a Master Loan Agreement, dated April 15, 2002, as amended by the First Amendment To Master Loan Agreement dated November 3, 2003,
and evidenced by an Revolving Statused Operating Note (“Note”) in the amount of $50,000,000, dated April 15, 2002, and 
  
 Whereas, the Borrower has now requested modifications to the Loan granted by Deere including the request to reduce the Loan from $50,000,000 to
$46,000,000 to maintain total loan commitments to the FCStone complex at approved commitment levels, representing a decrease of $4,000,000 in the amount of the Loan and Deere has approved the requested decrease making a total amended Loan of
$46,000,000. 
  
 Therefore, the amount of the Loan will be
decreased by the amount of $4,000,000 making a total Loan of $46,000,000 and the amount of the Note shall be decreased to $46,000,000 wherein the principal paragraph of said Note shall be amended to read as follows: 
  
 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 Forty Six Million and 00/100 DOLLARS ($46,000,000.00), together with interest as provided in this Note, all in lawful money of the United States of America. 
  
 Except as expressly changed by this Agreement, the terms of the original
obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. 
  
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers as of the date first shown above.

  

									
	Deere Credit, Inc.	 	 	 	FCStone Financial, Inc.
					
	By:	 	/s/    BERT JOHNSON        	 	 	 	By:	 	/s/    ROBERT V. JOHNSON        
	 Title:
	 	Agri. Bus. Portfolio Mgr.	 	 	 	 Title:
	 	Treasurer

  

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