Document:

Fifth Amendment to Credit Agreement and Agreement

 Exhibit 10.4 
 EXECUTION COPY 
 FIFTH AMENDMENT TO 
 CREDIT AGREEMENT AND 
 AGREEMENT REGARDING DEPARTING LENDERS 
 This FIFTH AMENDMENT TO CREDIT AGREEMENT AND AGREEMENT REGARDING DEPARTING LENDERS (this “Fifth Amendment”) dated as of June 26,
2009 is among INTL COMMODITIES, INC., a Delaware corporation (the “Borrower”), the Lenders from time to time parties to the Credit Agreement (as defined below) (the “Lenders”), FORTIS BANK SA/NV, NEW YORK
BRANCH, as an Issuing Bank (an “Issuing Bank”), Lead Arranger, Documentation Agent (the “Documentation Agent”), Syndication Agent (the “Syndication Agent”) and Swing Line Lender and FORTIS CAPITAL CORP.,
a Connecticut corporation, as Administrative Agent (the “Administrative Agent”). 
 W I T N
E S S E T H: 
 WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to
a Credit Agreement dated as of April 30, 2007 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein having the meanings given to them in the Credit Agreement unless
otherwise defined herein); and 
 WHEREAS, the Borrower has requested certain amendments to the Credit Agreement, and, pursuant to
Section 11.01 of the Credit Agreement, the Borrower, the Lenders (other than the Departing Lenders), the Swap Banks (other than any Swap Bank that is a Departing Lender) and the Administrative Agent have agreed to amend the Credit Agreement on
the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Amendments.

 Upon the occurrence of the Effective Date (as defined in Section 2 below), the Credit Agreement is hereby amended as follows:

 (a) Section 1.01 is amended as follows: 
  

	 	(i)	The definition of “Applicable Margin” is amended and restated in its entirety as follows: 

 ““Applicable Margin” means, as to each Loan, the percentage per annum as set forth below: 
  

				
	 Type of Loan
	  	Applicable Margin	 
	 Base Rate Loan
	  	1.50	% 
	 Eurodollar Rate Loan
	  	3.25	%.” 

  

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	 	(ii)	The definition of “Base Rate” is amended and restated in its entirety as follows: 

 ““Base Rate” means, for any day, a variable rate of interest per annum equal to the higher of (a) the rate of interest from
time to time established by Fortis Bank SA/NV, New York Branch as its “prime rate” or “base rate” at its principal office in New York City, or (b) the Federal Funds Rate plus one-half of one percent (.50%). Such prime rate
or base rate is merely a reference rate and may not necessarily represent the lowest or best rate actually charged to any customer by Fortis Bank SA/NV, New York Branch, the Administrative Agent or any Lender.” 
  

	 	(iii)	The definition of “Borrowing Base Advance Cap” is amended by (i) deleting clause (b)(vii) therein and replacing it with: “(vii) 80% of the value of Eligible
Special Inventory; plus”. 

  

	 	(iv)	The definition of “Committed Line” is amended and restated in its entirety as follows: 

 ““Committed Line” means the aggregate Committed Line Portions of all of the Lenders as set forth on Schedule 2.01 hereto, which
shall be $62,000,000 on the effective date of the Fifth Amendment to Credit Agreement dated as of June 26, 2009 among the Borrower, the Administrative Agent and the Lenders and shall be subject to increase in accordance with
Section 2.01(b) hereof and reduction in accordance with Section 2.05A hereof.” 
  

	 	(v)	The definition of “Eligible Accounts Receivable” is amended by deleting in clause (a), “or is a JV Eligible Account Receivable”. 

  

	 	(vi)	The definition of “Eligible Airway BL Inventory” is amended and restated in its entirety as follows: 

 ““Eligible Airway BL Inventory” means inventory of Precious Metals of the Borrower that would constitute Eligible Precious Metals
Inventory but for the fact that: 
 (a) clauses (j) and (k) of the definition of Eligible Inventory may not have been satisfied;

  

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 (b) the Administrative Agent and the Lenders have not received the documentation referred to in clause
(c) of the definition of Eligible Inventory; and 
 (c) such inventory is not at a location mentioned in the introductory paragraph of
the definition of Eligible Inventory, 
 provided that (i) such inventory is (w) in the possession and under the control of
Brink’s Global Services UK, G4S International UK LTD, DNATA (a Dubai corporation trading as “Transguard”) or any other precious metals carrier acceptable to the Administrative Agent, (x) on or in transit to or from an airplane,
and (y) covered by an airway bill of lading, and, in each case upon delivery, it will constitute Eligible Inventory and (ii) the Administrative Agent shall have received a copy of the applicable airway bill of lading. The aggregate amount
of Eligible Airway BL Inventory included in the Borrowing Base Advance Cap at any time shall not exceed $10,000,000, before application of the applicable advance rate. Any inventory shall be included in Eligible Airway BL Inventory for a maximum of
five (5) days.” 
  

	 	(vii)	The definition of “Eligible Inventory” is amended by deleting the third parenthetical and replacing it with the following: 

 “(except (i) Eligible Mexican Inventory and Eligible Other Metals Inventory shall be valued at the lower of cost or market, and
(ii) Eligible Special Inventory which has not been pre-sold in the ordinary course of business shall be valued at the lower of cost or market)”. 
  

	 	(viii)	The definition of “Eligible Other Metals Inventory” is amended and restated in its entirety as follows: 

 ““Eligible Other Metals Inventory” means Eligible Inventory that does not meet the criteria to be included as Eligible Precious
Metals Inventory or Eligible Base Metals Inventory, which (x) is not Exchange Deliverable, (y) has price risk that has not been hedged, and (z) is not subject to a valid forward sales contract, provided, that the aggregate
amount of Eligible Other Metals Inventory included in the Borrowing Base Advance Cap at any time shall not exceed $5,000,000 before application of the applicable advance rate, provided, further, that the aggregate amount of Eligible
Other Metals Inventory when added to the aggregate amount of Eligible Special Inventory, in each case included in the Borrowing Base Advance Cap at any time, shall not exceed $20,000,000 before application of the applicable advance rates.”

  

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	 	(ix)	The definition of “Eligible Special Inventory” is inserted in its proper alphabetical place as follows: 

 ““Eligible Special Inventory” means: (i) Eligible Brink’s Warrantable Inventory; (ii) Eligible Airway BL Inventory;
and (iii) other inventory of Product that would constitute Eligible Metals Inventory but for the fact that (a) clause (k) of the definition of Eligible Inventory may not have been satisfied, (b) the Administrative Agent and the Lenders
have not received the documentation referred to in clause (c) of the definition of Eligible Inventory, and (c) such inventory is not at a location mentioned in the introductory paragraph of the definition of Eligible Inventory; provided
that 
 (A) (x) such inventory under clause (iii) is in the possession and under the control of a Reputable Bonded Warehouse located in
China, St. Petersburg, Chile, Peru or Dubai or another Reputable Bonded Warehouse acceptable to the Lenders, (y) the aggregate amount of such inventory under clause (iii) located at any one location (other than in Dubai) included in the
Borrowing Base Advance Cap at any time shall not exceed $10,000,000 before application of the applicable advance rate, and (z) the Administrative Agent shall have received such documentation relating thereto as the Required Lenders shall
reasonably request, and 
 (B) the aggregate amount of Eligible Special Inventory, when added to the aggregate amount of Eligible Other
Metals Inventory, in each case included in the Borrowing Base Advance Cap at any time, shall not exceed $20,000,000 before application of the applicable advance rates.” 
  

	 	(x)	The definition of “Equity” is amended by deleting the parenthetical in clause (c). 

  

	 	(xi)	The definition of “Expiration Date” is amended by deleting “June 26, 2009” and replacing it with “June 25, 2010”. 

  

	 	(xii)	The definition of “Interest Period” is amended and restated in its entirety as follows: 

 ““Interest Period” means, as to any Eurodollar Rate Loan, the period commencing on the Borrowing Date of such Loan or on the
Conversion/Continuation Date on which the Loan is converted into or continued as a Eurodollar Rate Loan, and ending on the date selected by the Borrower in its Notice of Borrowing or Notice of Conversion/Continuation as the ending date thereof, not
to exceed a period of one or two weeks or one, two, three, four, five or six months thereafter; provided, however, that: 
 (a)
any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case
such Interest Period shall end on the next preceding Business Day; 
  

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 (b) any Interest Period pertaining to a Eurodollar Rate Loan that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
 (c) no Interest Period shall extend beyond the scheduled Expiration Date.” 
  

	 	(xiii)	The definition of “Issuance Cap” is inserted in its proper alphabetical place as follows: 

 ““Issuance Cap” means with respect to the obligation of an Issuing Bank to issue any Letter of Credit under this Agreement, the
maximum permitted aggregate outstanding amount of L/C Obligations attributable to Letters of Credit issued by such Issuing Bank, as shall be agreed upon by each Issuing Bank, the Borrower, the Administrative Agent and Fortis Bank SA/NV, New York
Branch in writing upon any new Issuing Bank becoming an Issuing Bank. As of June 26, 2009, Fortis Bank SA/NV, New York Branch is the sole Issuing Bank with an Issuance Cap in an amount equal to the Committed Line. The Issuance Cap for Fortis
Bank SA/NV, New York Branch shall be reduced, in its sole discretion, by all or any part of the amount of the Issuance Cap of each new Issuing Bank. The Issuance Caps may be modified in accordance with the agreements referred to in and the terms of
this definition without regard to Section 11.01 of this Agreement.” 
  

	 	(xiv)	The definition of “Issuing Bank” is amended and restated as follows: 

 ““Issuing Bank” means Fortis Bank SA/NV, New York Branch, and subject to the agreement of the Borrower, the Administrative Agent, Fortis Bank SA/NV, New York Branch and such Lender, any other
Lender.” 
  

	 	(xv)	The definition of “JV Eligible Accounts Receivable” is deleted. 

  

	 	(xvi)	 The definition of “Lender” is amended by deleting “Fortis Capital Corp.” 

  

	 	(xvii)	The definition of “Reputable Bonded Warehouse” is inserted in its proper alphabetical place as follows: 

 ““Reputable Bonded Warehouse” means any warehouse listed below or approved in writing from time to time by the Required Lenders:

 CWT Commodities. Inc 
  

	 	1.	NO 257 NAN DA ROAD, SHANGHAI, CHINA 

  

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	 	2.	NO. 495 TIE SHAN ROAD, SHANGHAI, CHINA 

  

	 	3.	NO. 3501 GONGHEXIN ROAD, SHANGHAI, CHINA 

  

	 	4.	No. 68 HEDAN RD. WAI GAO QIAO FREE TRADE ZONE, PUDONG SHANGHAI 

  

	 	5.	NO. 2118 XINCUN ROAD, SHANGHAI, CHINA 

  

	 	6.	NO. 1328 YIXIAN ROAD, SHANGHAI, CHINA 

  

	 	7.	No. 18 Guizhou Rd. Tianjin 

  

	 	8.	B 506/507 Land Bridge International, Lianyun District, Lianyunguang City China 

  

	 	9.	299 Gangqian Rd, Huangpu Port, Guangzhou 

  

	 	10.	333 Jiujiang Rd., Shanghai 

 C. Steinweg

 1. 89 Shenya Road Shanghai Wai Gao Qiao Bonded 
 Logistics Zone 200137 Shanghai 
 2. 1603 Hui Rong Plaza Bl No.65 Xianggang Xi Road 
 266071 Qingdao 
 3. Av. Paz Soldan 170 San
Isidro 27 Lima  
 APL Logistics Chile SA 
 1. Av. Laguna Sur 9660 
 A, SANTIAGO, XIII Chile 
 ENAP PROGINERIAS SA 
 2. Av 3
Poniente 800 
 Camino Melipilla, SANTIAGO, XIII Chile 
 IMPORTADORA Y COMERCIALIZADORA AMANCILTDA 
 1. Rivas 690 
 SANTIAGO, XIII Chile 
 OAO
Petrolesport 
 l, Gladkiy Island, 198099, 
 St. Petersburg, Russia 
 ZAP PKT 
 1. 17, Road to Turukhtanny Islands, 198035, 
 St Petersburg, Russia 
 provided that (a) if requested by the Administrative Agent or the Required Lenders, the
Borrowers shall deliver evidence that such warehouse has complied with all applicable licensing and other requirements to lawfully operate a public warehouse facility, and (b) the Administrative Agent or the 

  

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Required Lenders shall have the right in their sole discretion to exclude any such warehouse listed above or approved from time to time from “Reputable
Bonded Warehouse” upon thirty (30) days’ prior written notice to the Borrower.” 
  

	 	(xviii)	 The definition of “Swing Line Lender” is amended and restated in its entirety as follows: 

 ““Swing Line Lender” means Fortis Bank SA/NV, New York Branch, in its capacity as lender of Swing Line Loans hereunder.”

  

	 	(xix)	 The definition of “Working Capital” is amended by deleting “(other than JV Eligible Accounts Receivable in an amount of up to $10,000,000)”.

 (b) Section 2.01(b) is amended by deleting “$150,000,000” and replacing it with “$100,000,000”.

 (c) Section 2.08(b) is amended by deleting “0.25%” and replacing it with “0.75%”. 
 (d) Section 2.08(c) is amended and restated in its entirety as follows: 
 “(c) In connection with any extension under Section 2.14, the Borrower shall pay to the Administrative Agent for the account of each Extending Lender and each New Lender a fee in cash in an amount
equal to such Extending Lender’s or such New Lender’s, as applicable, Committed Line Portion (after giving effect to such extension) multiplied by (i) 0.30% if such Committed Line Portion is less than $20,000,000 and (ii) 0.40%
if such Committed Line Portion is greater than or equal to $20,000,000.” 
 (e) Article III of the Credit Agreement is amended by making
the deletions and insertions marked in Annex IV hereto. 
 (f) New Sections 4.02(c) and 4.02(d) are inserted as follows: 
 “(c) If prior to the first day of any Interest Period: 
 (i)     (A) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant
market, adequate and reasonable means do not exist for ascertaining the relevant Eurodollar Rate for such Interest Period, or 
 (B) the Administrative Agent shall have received notice from the Required Lenders that the relevant Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as
conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, then the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the Lenders, as soon as practicable
thereafter. 
  

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 (ii) If such notice is given with respect to the Eurodollar Rate applicable to Loans,
(x) any such Eurodollar Rate Loan requested to be made on the first day of such Interest Period shall be made as a Base Rate Loan, (y) any Base Rate Loans that were to have been converted on the first day of such Interest Period to
Eurodollar Rate Loans shall continue as Base Rate Loans and (z) any outstanding Eurodollar Rate Loans shall be converted to Base Rate Loans on the last day of the applicable Interest Period. 
 (iii) Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Rate Loans shall be made or continued as
such, nor shall the Borrower have the right to convert Base Rate Loans to Eurodollar Rate Loans. 
 (iv) The Administrative
Agent shall withdraw (a) any such notice pursuant to subsection (i)(A) of this Section 4.02(c) if the Administrative Agent determines that the relevant circumstances have ceased to exist and (b) any such notice pursuant to
subsection (i)(B) of this Section 4.02(c) upon receipt of notice from the Required Lenders that the relevant circumstances described in such subsection (i)(B) have ceased to exist. 
 (d) Notwithstanding any other provision herein, if the adoption of or any change in any law or in the interpretation or application
thereof shall make it unlawful for any Lender to make or maintain Eurodollar Rate Loans or to issue Letters of Credit as contemplated by this Agreement, (a) the agreement of such Lender hereunder to make Eurodollar Rate Loans or issue Letters
of Credit, continue Eurodollar Rate Loans as such and, convert Base Rate Loans to Eurodollar Rate Loans shall forthwith be suspended for so long as such unlawfulness exists and (b) such Lender’s Loans then outstanding as Eurodollar Rate
Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by applicable law.” 
 (g) Section 7.01 is amended by deleting “and” at the end of clause (c), deleting “.” at the end of clause (d) and replacing
it with “; and”, and inserting the following new clause (e): 
 “(e) as soon as available, but not later than July 31,
2009, a Collateral Position audit report dated as of a recent date in form and substance satisfactory to the Required Lenders.” 
 (h)
Section 7.15 is amended as follows: 
 (i) Clauses (a) and (b) are each amended by deleting
“$15,000,000.00” and replacing it with “$20,000,000”. 
 (ii) Clause (c) is amended by deleting
“8.0 : 1.0” and replacing it with “5.0 : 1.0”. 
  

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 (i) Section 8.11 is amended by deleting “$25,000,000” and replacing it with
“$20,000,000”. 
 (j) Section 8.15 is amended in its entirety to read as follows: 
 “8.15 Loans and Investments. Borrower shall not purchase or acquire, or make any commitment therefor, any equity interest, or any obligations
or other securities of, or any interest in, any Person, or make or commit to make any acquisitions, or make or commit to make any advance, loan, extension of credit (other than pursuant to sales or purchases on open account in the ordinary course of
Borrower’s business) or capital contribution to or any other investment in, any Person, except that the Borrower may (a) make the Mexican Loans and permit the Mexican Receivables to exist, so long as the aggregate principal amount of the
Net Mexican Obligations shall not at any time exceed $3,000,000 and (b) lease Precious Metals under leasing arrangements (i) with any lessee whose long term senior unsecured rating is A or higher by S&P or A2 or higher by Moody’s
(on terms and conditions (including, without limitation, the maintenance of insurance by such lessee) and subject to documentation in form and substance, acceptable to the Administrative Agent), so long as (x) the Borrower’s aggregate cost
of Precious Metals leased to any one such lessee shall not exceed $20,000,000 and (y) the Borrower shall have delivered to the Administrative Agent a written summary of the principle lease terms (including, without limitation, the name of the
lessee, lease tenor, location of the lessee’s premises and monetary terms) and a fully executed copy of the lease agreement, in each case certified as true and correct by a Responsible Officer, (ii) with any other lessee approved by the
Administrative Agent (on terms and conditions (including, without limitation, the maintenance of insurance by the lessee) and subject to documentation in form and substance, acceptable to the Administrative Agent) so long as (x) the
Borrower’s cost of Precious Metals leased to any such lessee shall not exceed $2,500,000 in the aggregate and the Borrower’s cost of Precious Metals leased to all such lessees shall not exceed $5,000,000 in the aggregate, (y) the
termination date of any such lease is not later than one year from the date such lease is entered into, and (z) the Administrative Agent shall have given the Lenders prior written notice of any such lease, or (iii) as otherwise approved by
the Required Lenders.” 
 (k) Section 8.17 is deleted. 
 (l) Section 10.08 is amended by deleting “the terms “Issuing Bank” and “Lender” include” and replacing it with “the term “Lender” includes”. 
 (m) Section 10.13 is amended and restated in its entirety as follows: 
 “10.13 Documentation Agent. None of the Documentation Agent, Syndication Agent or Lead Arranger, in its capacity as such, shall have any duties or responsibilities under this Agreement or any other Loan
Document. None of the Documentation Agent, Syndication Agent or Lead Arranger shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Documentation
Agent, Syndication Agent or Lead Arranger in deciding to enter into this Agreement or any other Loan Document or in taking or not taking any action hereunder or thereunder.” 
  

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 (n) Section 11.04 is amended by inserting after the first two references to Administrative Agent the
following: “and the Lead Arranger”. 
 (o) Schedule A is amended by changing the Credit Limit therein for Eaton Corporation from
$10,000,000 to $6,000,000. 
 (p) Schedule 2.01 is amended and restated in its entirety as set forth on Annex II hereto. 
 (q) Schedule 8.01 is amended by deleting “$25,000,000” and replacing it with “$35,000,000”. 
 (r) Annex I to Exhibit C is amended by deleting the line item for JV Eligible Accounts Receivable. 
 (s) Exhibit E is amended and restated in its entirety as set forth on Annex III hereto.  
 SECTION 2. Effectiveness of Amendment, etc. 
 This Fifth Amendment shall become effective on the date (the “Effective Date”) on which each of the following shall have been satisfied: 
  

	 	(a)	each of the Borrower, the Administrative Agent, the Swap Banks and the Lenders (including, without limitation, the Departing Lenders (as defined in Section 4(a) below) shall
have duly executed this Fifth Amendment; and the Parent shall have duly executed and delivered to the Administrative Agent a consent substantially in the form of Annex I hereto; 

  

	 	(b)	the Borrower and the Security Agent shall have duly executed a First Amendment to the Security Agreement dated June 27, 2008 between them relating to certain collateral in
Canada for the purpose of amending certain schedules thereto, in form and substance satisfactory to the Administrative Agent; 

  

	 	(c)	the Borrower shall have executed and delivered a Note for each Lender (other than a Departing Lender) that requests a Note; 

  

	 	(d)	the Borrower shall have duly executed and delivered a letter of credit fee letter to each Issuing Bank in form and substance satisfactory to such Issuing Bank;

  

	 	(e)	the Borrower shall have duly executed and delivered an upfront fee letter in form and substance satisfactory to the Administrative Agent and the fees required to be paid thereunder
shall have been received by the Lenders in immediately available funds; 

  

	 	(f)	the requirements of Section 4(a) below shall have been satisfied (immediately prior to giving effect to this Fifth Amendment); and 

  

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	 	(g)	the Administrative Agent shall have received such corporate authorization documents of the Borrower and the Parent and such opinions of counsel, as the Required Lenders shall
request. 

 SECTION 3. Effect of Amendment; Ratification; Representations; etc. 
 (a) On and after the Effective Date, the provisions of Section 1 and 3(e) of this Fifth Amendment shall be a part of the Credit Agreement, all
references to the Credit Agreement in the Credit Agreement and the other Loan Documents shall be deemed to refer to the Credit Agreement as amended by this Fifth Amendment, and the term “this Agreement”, and the words “hereof,
“herein”, “hereunder” and words of similar import, as used in the Credit Agreement, shall mean the Credit Agreement as amended hereby. 
 (b) Except as expressly set forth herein, this Fifth Amendment shall not constitute an amendment, waiver or consent with respect to any provision of the Credit Agreement, as amended hereby, and the Credit Agreement,
as amended hereby, is hereby ratified, approved and confirmed in all respects. 
 (c) In order to induce the Administrative Agent and the
Lenders to enter into this Fifth Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders that before and after giving effect to the execution and delivery of this Fifth Amendment: 
  

	 	(i)	the representations and warranties of the Borrower set forth in the Credit Agreement and in the other Loan Documents shall be true and correct in all material respects as if made on
and as of the date hereof, except for those representations and warranties that by their terms were made as of a specified date which shall be true and correct on and as of such date, and 

  

	 	(ii)	no Default or Event of Default has occurred and is continuing. 

 (d) From and after the Effective Date, the Borrower, the Administrative Agent, the Swap Banks and the Lenders (including Fortis Bank SA/NV, New York Branch (“FBNY”)) hereby agree that FBNY shall be a party to the Intercreditor
Agreement and shall be bound by the terms and provisions thereof (and entitled to the benefits thereof) as a Lender and a Swap Bank. 
 (e)
From and after the Effective Date, all references to the “Documentation Agent” (or BNP Paribas, as Documentation Agent) in any Loan Document shall be deemed to be a reference to Fortis Bank SA/NV, New York Branch in such capacity, all
references in any Loan Document to the “Syndication Agent” shall be deemed to be a reference to Fortis Bank SA/NV, New York Branch in such capacity and all references in any Loan Document to the “Lead Arranger” shall be deemed to
be a reference to Fortis Bank SA/NV, New York Branch in such capacity. 
 (f) The Borrower hereby acknowledges and agrees that the Security
Agreements and the Liens granted under the Security Agreements shall remain in full force and effect, shall continue without interruption as security for all of the Obligations and shall not be limited or impaired by this Fifth Amendment or the
transactions contemplated hereby. 
  

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 SECTION 4. Departing Lenders; Reallocation of Outstandings; Allocation of Accrued Interest and Fees.

 (a) On the Effective Date (immediately prior to giving effect to this Fifth Amendment (and for the avoidance of doubt, each of the parties
hereto acknowledges that none of the Departing Lenders shall be deemed to have consented to any of the amendments to the Credit Agreement set forth in Section 1 hereof and none of such amendments shall be effective until the requirements of
this Section 4(a) have been satisfied)), the Borrower shall repay in full all outstanding Loans and other Obligations (including, without limitation, any amounts payable under Section 4.04 of the Credit Agreement in connection with such
repayment and any Obligations in respect of Swap Contracts) owing to BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and HSH Nordbank AG, New York Branch (the “Departing Lenders”) and upon such repayment, each of the
Departing Lenders shall cease to be a Lender, each Departing Lender’s Committed Line Portion shall terminate and each Departing Lender’s rights and obligations under the Loan Documents (and the rights and obligations under the
Intercreditor Agreement of each Departing Lender which is a Swap Bank) shall terminate (including, without limitation, any obligations under Section 2.14 or Article III of the Credit Agreement) except for any such rights under Sections 4.01(d),
4.02, 11.04 and 11.05 of the Credit Agreement and other rights that expressly survive such termination. 
 (b) On the Effective Date
(immediately after giving effect to this Fifth Amendment), the Borrower shall repay Loans to Fortis Bank SA/NV, New York Branch in an amount such that after giving effect thereto, outstanding Loans shall be held by each Lender (other than the
Departing Lenders) in accordance with its Pro Rata Share (after giving effect to this Fifth Amendment). 
 (c) All payments made under
clauses (a) and (b) above shall be retained solely by the Departing Lender or Lender receiving such payment and shall not be subject to the pro rata sharing provisions set forth in the Loan Documents. 
 (d) Interest and fees payable to the Lenders (including, without limitation, the Departing Lenders) (i) that accrued prior to the Effective Date
shall be allocated in accordance with the Pro Rata Shares before giving effect to this Fifth Amendment and (ii) that accrue from and after the Effective Date shall be allocated in accordance with the Pro Rata Shares after giving effect to this
Fifth Amendment. 
 SECTION 5. Counterparts. 
 This Fifth Amendment may be executed by one or more of the parties to this Fifth Amendment on any number of separate counterparts (including by facsimile transmission of signature pages hereto), and all of said
counterparts taken together shall be deemed to constitute one and the same agreement. A set of the copies of this Fifth Amendment signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 
  

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 SECTION 6. Severability. 
 Any provision of this Fifth Amendment 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, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 7. GOVERNING LAW. 
 THIS FIFTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 8. WAIVERS OF JURY
TRIAL. 
 THE BORROWER, THE ADMINISTRATIVE AGENT, THE SWAP BANKS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS FIFTH AMENDMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Fifth Amendment to be duly executed as of the day and year first above written. 
  

					
	INTL COMMODITIES, INC.
		
	By:	 	/s/ Sean O’ Connor
		 	Name:	 	Sean O’ Connor
		 	Title:	 	Chairman
		
	By:	 	/s/ Steven Springer
		 	Name:	 	Steven Springer
		 	Title:	 	CFO

  

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	 FORTIS CAPITAL CORP.,
 as
Administrative Agent and as a Swap Bank

		
	By:	 	/s/ Michiel V. M. vander Voort
		 	Name:	 	Michiel V. M. vander Voort
		 	Title:	 	MD
		
	By:	 	/s/ John G. Sullivan
		 	Name:	 	John G. Sullivan
		 	Title:	 	Managing Director

  

 - 14 - 

					
	 FORTIS BANK SA/NV, NEW YORK
 BRANCH, as an Issuing Bank and as a Lender,
 a Swing Line Lender and a Swap Bank

		
	By:	 	/s/ Michiel V.M. vander Voort
		 	Name:	 	Michiel V.M. vander Voort
		 	Title:	 	MD
		
	By:	 	/s/ John G. Sullivan
		 	Name:	 	John G. Sullivan
		 	Title:	 	Managing Director

  

 - 15 - 

					
	 BNP PARIBAS,
 as a Departing Lender
and as a Swap Bank

		
	By:	 	/s/ Deborah P. Whittle
		 	Name:	 	Deborah P. Whittle
		 	Title:	 	Director
		
	By:	 	/s/ Andrew Stratos
		 	Name:	 	Andrew Stratos
		 	Title:	 	Vice President

  

 - 16 - 

					
	MIZUHO CORPORATE BANK, LTD.,
	as a Lender
		
	By: 	 	/s/ Hodaka Shoji
		 	Name:	 	Hodaka Shoji
		 	Title:	 	Senior Vice President
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

 - 17 - 

					
	BROWN BROTHERS HARRIMAN & CO.,
	as a Lender
		
	By: 	 	/s/ Paul Feldman
		 	Name:	 	Paul Feldman
		 	Title:	 	MD
		
	By: 	 	/s/ Lewis Hart
		 	Name:	 	Lewis Hart
		 	Title:	 	AVP

  

 - 18 - 

					
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Departing Lender
		
	By: 	 	/s/ Yoshihiro Kubo
		 	Name:	 	Yoshihiro Kubo
		 	Title:	 	Senior Vice President & Group Head
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

 - 19 - 

					
	 HSH NORDBANK AG, NEW YORK
 BRANCH, as a Departing Lender

		
	By: 	 	/s/ David Lopez Menendez
		 	Name:	 	David Lopez Menendez
		 	Title:	 	Senior Vice President
		 	HSH Nordbank AG, New York Branch
		
	By: 	 	/s/ Fabian Fuente
		 	Name:	 	Fabian Fuente
		 	Title:	 	Assistant Vice President
		 	HSH Nordbank AG, New York Branch

  

 - 20 - 

 Annex I 
 CONSENT OF PARENT 
 As of June 26, 2009, the undersigned hereby reaffirms the terms,
conditions and the undersigned’s obligations under and in connection with the Parent Guarantee dated as of April 30, 2007 (as amended, supplemented or otherwise modified from time to time, the “Parent Guarantee”) executed by the
undersigned and agrees that the undersigned’s obligations under the Parent Guarantee shall remain in full force and effect after giving effect to the Fifth Amendment to Credit Agreement dated as of June 26, 2009 among INTL Commodities,
Inc., the Lenders party thereto, Fortis Bank SA/NV, New York Branch as an Issuing Bank and Fortis Capital Corp. as Administrative Agent. For the avoidance of doubt, the undersigned agrees to pay and reimburse all expenses incurred by the
Administrative Agent and the Lenders (including, without limitation, attorneys’ fees and disbursements) in connection with the enforcement of the Parent Guarantee. 
  

					
	INTERNATIONAL ASSETS HOLDING CORPORATION
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

 - 21 - 

 Annex II 
 SCHEDULE 2.01 
 COMMITTED LINE AND 
 COMMITTED LINE PORTIONS 
 (EXCLUDING
SWAP CONTRACTS) 
  

	I.	Committed Line: 

  

							
	 A.
	  	Maximum Line:	  	$	62,000,000.00	  
	 B.
	  	Total Line Amount Subscribed:	  	$	62,000,000.00	  
	 C.
	  	Subscribed Percentage	  	 	100	% 

  

	II.	Committed Line Portions: 

  

							
	 Bank
	  	Dollar Amount	  	Pro Rata
Share	 
	 Fortis Bank SA/NV, New York Branch
	  	$	30,000,000	  	48.39	% 
	 Mizuho Corporate Bank, Ltd.
	  	$	20,000,000	  	32.26	% 
	 Brown Brothers Harriman & Co.
	  	$	12,000,000	  	19.35	% 
	 Total Subscribed Committed Line Portions
	  	$	62,000,000	  	100	% 

  

 - 22 - 

 Annex III 
 EXHIBIT E 
 FORM OF 
 BORROWING BASE COLLATERAL POSITION REPORT 
 [Date] 
 Fortis Capital Corp. 
 520 Madison Avenue 
 New York, New York 10022 
 Attention: Mr. Francisco Calmet 
 Phone: (212) 340-______ 
 Fax: (212) 340-5340 
  

	 	Re:	Credit Agreement, dated as of April 30, 2007 (as amended or supplemented from time to time, the “Agreement”), by and among INTL COMMODITIES, INC., (the
“Borrower”), the lenders that from time to time are parties thereto, Fortis Capital Corp., as Administrative Agent, and Fortis Bank SA/NV, New York Branch, as an Issuing Bank 

 Ladies and Gentlemen: 
 The Borrower, acting through its
duly authorized Responsible Officer (as that term is defined in the Agreement), delivers the attached report to the Lenders and certifies to each of the Lenders that it is in compliance with the Agreement. Further, the undersigned hereby certifies
that (i) the Net Position has at no time exceeded the limitations set forth in Section 8.11 of the Agreement, (ii) the undersigned has no knowledge of any Defaults or Events of Default under the Agreement which exist as of the
date of this letter and (iii) as of the date written above, the amounts indicated on the attached schedule were accurate and true as of the date of preparation. 
 The undersigned also certifies that (i) the aggregate principal amount outstanding of Indebtedness under Permitted Receivables Financing Transactions is $________________, (ii) the aggregate amount of all
outstanding Accounts sold under Permitted Receivables Sales Transactions is $____________________ and (iii) the aggregate principal amount outstanding of Indebtedness incurred under Permitted Ineligible Inventory Transactions is $_____________.

 The undersigned also certifies that the amounts set forth on the attached report constitute all Collateral which has been or is being used
in determining availability for an advance or letter of credit issued under the Borrowing Base Line as of the preceding date. This certificate and attached reports are submitted pursuant to Subsection 7.02(b) of the Agreement. Capitalized
terms used herein and in the attached reports have the meanings specified in the Agreement. 
  

 - 23 - 

			
	Very truly yours,
	
	 INTL COMMODITIES, INC.,
 a Delaware
corporation

		
	By:	 	 
		
	Name:	 	 
		 	Responsible Officer
		
	By:	 	 
		
	Name:	 	 
		 	Responsible Officer

 c/c The Lenders 
  

 - 24 - 

 INTL COMMODITIES, INC. 
 BORROWING BASE COLLATERAL POSITION REPORT 
 AS OF [DATE] 
  

														
	 1.
	  	COLLATERAL	  				 			 			
	 A.
	  	Eligible Cash Collateral	  	$	______	  	 	100	% 	 	$	_______	  
	 B.
	  	Equity in Approved Brokerage Accounts	  	$	______	  	 	90	% 	 	$	_______	  
	 C.
	  	Tier I Accounts	  	$	______	  	 	90	% 	 	$	_______	  
	 D.
	  	Eligible Metals Inventory	  	$	______	  	 	85	% 	 	$	_______	  
	 E.
	  	Tier II Accounts	  	$	______	  	 	85	% 	 	$	_______	  
	 F.
	  	Contingent Inventory	  	$	______	  	 	85	% 	 	$	_______	  
	 G.
	  	Eligible Special Inventory	  	$	______	  	 	80	% 	 	$	_______	  
	 H.
	  	Eligible Other Metals Inventory	  	$	______	  	 	80	% 	 	$	_______	  
	 I.
	  	Eligible Mexican Inventory	  	$	______	  	 	60	% 	 	$	_______	  
	 J.
	  	The mark to market amounts owed by the Swap Banks under Swap Contracts as reported by the Swap Banks	  	$	______	  	 	90	% 	 	$	 	  
	 K.
	  	The mark to market amounts owed to the Swap Banks under Swap Contracts as reported by the Swap Banks	  	 	($______	) 	 	110	% 	 	 	(_____	) 
		  		  	 	 	 	 	 	 	 	 	 	 
		  		  				 			 			
		  		  	 	 	 	 	 	 	 	 	 	 
		  	TOTAL COLLATERAL	  	$	______	  	 	______	  	 	$	______	  
		  	BORROWING BASE ADVANCE CAP (Lesser of Committed Line or Total Collateral)	  				 			 	$	______	  
	 II.
	  	LENDER OUTSTANDINGS	  				 			 	$	______	  
	 A.
	  	Loans from the Lenders (including Swing Line Loans)	  				 			 	$	______	  
	 B.
	  	L/Cs from the Lenders	  				 			 	$	______	  
	 TOTAL OUTSTANDINGS UNDER BORROWING BASE LINE
	  				 			 	$	______	  

  

 - 25 - 

				
	 III.   EXCESS/(DEFICIT) (I-II)
	  	$	            

 Notes: 
  

	•	 	 $___________ of the amount of Eligible Inventory that is included in the Borrowing Base Advance Cap (before giving effect to the advance rate) is subject to
Permitted Leases. 

  

	•	 	 The maximum amount of Eligible Brink’s Warrantable Inventory that may be included in the Borrowing Base Advance Cap at any time is $10,000,000, before
application of the advance rate. Eligible Brink’s Warrantable Inventory is a component of Eligible Special Inventory. 

  

	•	 	 The maximum amount of Eligible Airway BL Inventory that may be included in the Borrowing Base Advance Cap at any time is $10,000,000, before application of the
advance rate. Eligible Airway BL Inventory is a component of Eligible Special Inventory. 

  

	•	 	 The maximum amount of Eligible Other Metals Inventory that may be included in the Borrowing Base Advance Cap at any time is $5,000,000, before application of the
advance rate. 

  

	•	 	 The maximum amount of Eligible Mexican Inventory that may be included in the Borrowing Base Advance Cap at any time is $5,000,000, before application of the advance
rate. 

 Without limitation of the foregoing, the maximum aggregate amount of Eligible Other Metals Inventory and Eligible Special
Inventory that may be included in the Borrowing Base Advance Cap at any time is $20,000,000, before application of the advance rates. 
  

 - 26 - 

 Annex IV 
 ARTICLE III 
 THE LETTERS OF CREDIT 
 3.01 The Letter of Credit Lines. 
 (a) Subject to the limitations set forth in Subsection 3.01(b) below and on the terms and conditions set forth herein, (i) theeach Issuing Bank agrees, from time to time on any Business Day during the
period from the Commitment Effective Date to the Expiration Date, (A) to Issue Letters of Credit for the account of the Borrower under the Borrowing Base Line and to amend or renew Letters of Credit previously Issued by it and (B) to honor
conforming drafts under the Letters of Credit; and (ii) each of the Lenders will be deemed to have approved such Issuance, amendment or renewal, and shall participate in Letters of Credit Issued for the account of the Borrower. The
applicable Issuing Bank shall promptly notify each other Lender as to the Issuance of such Letter of Credit and the corresponding Pro Rata Share of such Lender. Within the foregoing limits, and subject to the other terms and conditions hereof,
the Borrower’s ability to request that the Issuing BankBanks Issue Letters of Credit shall be fully revolving, and, accordingly, the Borrower may, during the foregoing period, request that the Issuing
BankBanks Issue Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed. 
 (b) TheNo Issuing Bank shallnot Issue any Letter of Credit if: 
  

	 	(i)	any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the applicable Issuing Bank from Issuing such
Letter of Credit, or any Requirement of Law applicable to the applicable Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the applicable Issuing
Bank shall prohibit, or request that the applicable Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the applicable Issuing Bank with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which thesuch Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the applicable Issuing
Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the applicable Issuing Bank in good faith deems material to it; 

  

	 	(ii)	the applicable Issuing Bank has received written notice from any Lender, Administrative Agent or the Borrower, on or prior to the Business Day prior to the requested date of
Issuance of such Letter of Credit, that one or more of the applicable conditions contained in Article V is not then satisfied; 

	 	(iii)	the expiry date of any requested Type of Letter of Credit exceeds the earlier of (a) the expiry date set forth herein for such Type, or (b) the Expiration Date, or the
amount of any requested Type of Letter of Credit exceeds the applicable L/C Sub-limit Cap after taking into account all outstanding L/C Obligations with respect to such Type of Letter of Credit; 

  

	 	(iv)	such requested Letter of Credit is not in form and substance acceptable to thesuch Issuing Bank, or the Issuance of such requested Letter of Credit shall
violate any applicable policies of the applicable Issuing Bank; 

  

	 	(v)	such Letter of Credit is for the purpose of supporting the Issuance of any letter of credit by any other Person; 

  

	 	(vi)	such Letter of Credit is denominated in a currency other than United States Dollars; or 

  

	 	(vii)	the amount of such requested Letter of Credit, plus the Effective Amount of all of the L/C Obligations, plus the Effective Amount of all Revolving Loans plus the Effective Amount of
all Swing Line Loans exceeds the lesser of (x) the Borrowing Base Advance Cap or (y) the Committed Line, in which case the Administrative Agent shall notify the applicable Issuing Bank that there is a deficiency.

 3.02 Issuance, Amendment and Renewal of Letters of Credit. 
 (a) Each Letter of Credit which is Issued hereunder shall be Issued upon the irrevocable written request of the Borrower pursuant to a
Notice of Borrowing (Letter of Credit) substantially in the applicable form attached hereto as Exhibit B-1 (except that it shall be addressed to the applicable Issuing Bank) received by the applicable Issuing Bank and the
Administrative Agent by no later than 3:00 p.m. (New York City time) on the proposed date of Issuance. Each such request for Issuance of a Letter of Credit shall be by electronic transfer or facsimile, confirmed by the close of the next Business Day
in an original writing, in the form of an L/C Application, and shall specify in form and detail satisfactory to the applicable Issuing Bank and Administrative Agent: (i) the proposed date of Issuance of the Letter of Credit (which shall
be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiry date of the Letter of Credit; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by the beneficiary of the
Letter of Credit in case of any drawing thereunder; (vi) the full text of any certificate to be presented by the beneficiary in case of any drawing thereunder; (vii) whether the Letter of Credit is a Standby or Documentary Letter of
Credit; and (viii) such other matters as the applicable Issuing Bank may require. The applicable Issuing Bank shall promptly notify each other Lender by telecopier or electronic mail upon receipt of such Notice of Borrowing
(Letter of Credit). 

 (b) From time to time while a Letter of Credit is outstanding and prior to the Expiration
Date, subject to the terms and conditions set forth herein with respect to Issuance of Letters of Credit, the applicable Issuing Bank will, upon the written request of the Borrower received by the applicable Issuing Bank and the
Administrative Agent prior to 3:00 p.m. (New York City time) on the proposed date of amendment, amend any Letter of Credit issued by it. Each such request for amendment of a Letter of Credit shall be made by electronic transfer or facsimile,
confirmed by the close of the next Business Day in an original writing, made in the form of an L/C Amendment Application and shall specify in form and detail satisfactory to the applicable Issuing Bank and Administrative Agent: (i) the
Letter of Credit to be amended; (ii) the proposed date of amendment of the Letter of Credit (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the applicable Issuing Bank
may require. 
 (c) Upon receipt of a Notice of Borrowing (Letter of Credit) by an Issuing Bank, such Issuing Bank will
confirm with the Administrative Agent (by telephone and in writing) that the Administrative Agent has received a copy of such Notice of Borrowing (Letter of Credit) and, if not, such Issuing Bank will provide the Administrative Agent with a copy
thereof. Upon receipt by such Issuing Bank of confirmation from the Administrative Agent, that the requested Letter of Credit, amendment or renewal satisfies the conditions set forth in Sections 3.01(b)(iii) and (vi), such Issuing Bank shall, on the
requested date, issue a Letter of Credit for the account of the Borrower, enter into the applicable amendment, or effect the applicable renewal, as the case may be, in each case in accordance with such Issuing Bank’s usual and customary
business practices and subject to the other terms and conditions hereof. 
 (d) If any Issuing Bank shall issue, renew
or amend any Letter of Credit without obtaining prior consent of the Administrative Agent (as provided in clause (c) above), such Letter of Credit (i) shall for all purposes be deemed to have been issued by such Issuing Bank solely for its own
account and risk and (ii) shall not be considered a Letter of Credit outstanding under this Agreement, and no Lender shall be deemed to have any participation therein, effective as of the date of such issuance, amendment, or renewal, as the
case may be, unless the Required Lenders expressly consent thereto; provided, however, that to be considered a Letter of Credit outstanding under this Agreement, the consent of all Lenders shall be required to the extent that any such issuance,
amendment, or renewal is not then permitted hereunder by reason of the provisions of Sections 3.01(b)(iii) or 3.01(b)(vii). 
 (e) (e) No Letter of Credit shall be Issued which provides for automatic renewals. This Agreement shall control in the event of any conflict with any L/C-Related Document (other than any Letter of Credit).

 (f) (d) The applicable Issuing Bank will also deliver to Administrative Agent a true and
complete copy of each Letter of Credit or amendment to or renewal of a Letter of Credit Issued by it. 
 (g)
Notwithstanding anything herein to the contrary, no Issuing Bank shall be obligated to issue any Letter of Credit if, after giving effect to the issuance of such Letter of Credit, the aggregate outstanding L/C Obligations attributed to Letters of
Credit issued by such Issuing Bank exceeds such Issuing Bank’s Issuance Cap, provided that subject to the terms and conditions hereof, each Issuing Bank may issue such Letters of Credit on a discretionary basis. 

 3.03 Risk Participations. Drawings and Reimbursements. 
 (a) Immediately upon the Issuance of each Letter of Credit Issued by the applicable Issuing Bank, each Lender shall be deemed to,
and hereby irrevocably and unconditionally agrees to, purchase from thesuch Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to the product of (i) the Pro Rata Share of
such Lender, times (ii) the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing. For purposes of Section 2.01, each Issuance of a Letter of Credit shall be deemed to utilize the Committed
Line Portion of each Lender by an amount equal to the amount of such participation. 
 (b) In the event of any request for a
drawing under a Letter of Credit Issued by theany Issuing Bank by the beneficiary or transferee thereof, thesuch Issuing Bank will promptly notify the Borrower. Any notice given by
thean Issuing Bank or Administrative Agent pursuant to this Subsection 3.03(b) may be oral if immediately confirmed in writing (including by facsimile); provided that the lack of such an immediate confirmation shall
not affect the conclusiveness or binding effect of such notice. The Borrower shall reimburse the applicable Issuing Bank prior to 5:00 p.m. (New York City time), on each date that any amount is paid by thesuch Issuing
Bank under any Letter of Credit (each such date, an “Honor Date”), in an amount equal to the amount so paid by thesuch Issuing Bank. In the event the Borrower fails to reimburse the applicable Issuing
Bank for the full amount of any drawing under any Letter of Credit, by 5:00 p.m. (New York City time) on the Honor Date, thesuch Issuing Bank will promptly notify Administrative Agent and Administrative Agent will promptly
notify each Lender thereof, and Borrower shall be deemed to have requested that Revolving Loans be made by the Lenders to be disbursed to thesuch Issuing Bank not later than one (1) Business Day after the Honor Date
under such Letter of Credit, subject to the amount of the unutilized portion of the Borrowing Base Line. 
 (c) Each Lender
shall upon any notice pursuant to Subsection 3.03(b) make available to Administrative Agent for the account of the applicable Issuing Bank an amount in United States Dollars and in immediately available funds equal to its applicable
Pro Rata Share of the amount of the drawing, whereupon the participating Lenders shall (subject to Subsection 3.03(d)) each be deemed to have made a Revolving Loan to the Borrower in that amount. If any Lender so notified fails to make
available to Administrative Agent for the account of the applicable Issuing Bank the amount of such Lender’s Pro Rata Share of the amount of the drawing, by no later than 3:00 p.m. (New York City time) on the Business Day following the
Honor Date, then interest shall accrue on such Lender’s obligation to make such payment, from the Honor Date to the date such Lender makes such payment, at a rate per annum equal to the Federal Funds Rate in effect from time to time during such
period. Administrative Agent will promptly give notice of the occurrence of the Honor Date, but failure of Administrative Agent to give any such notice on the Honor Date or in sufficient time to enable any Lender to effect such payment on such date
shall not relieve such Lender from its obligations under this Section 3.03. 

 (d) With respect to any unreimbursed drawing that is not converted into Revolving Loans
in whole or in part for any reason, the Borrower shall be deemed to have incurred from the applicable Issuing Bank an L/C Borrowing in United States Dollars, which L/C Borrowing shall be due and payable on demand (together with interest) and
shall bear interest at a rate per annum equal to the Default Rate, and each Lender’s payment to the applicable Issuing Bank pursuant to Subsection 3.03(c) shall be deemed payment in respect of its participation in such L/C
Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 3.03. 
 (e) Each Lender’s obligation in accordance with this Agreement to make the Revolving Loans or L/C Advances, as contemplated by this Section 3.03. as a result of a drawing under a Letter of Credit,
shall be absolute and unconditional and without recourse to the relevant Issuing Bank and shall not be affected by any circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against
the applicable Issuing Bank, the Borrower or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default, an Event of Default or a Material Adverse Effect; or (iii) any other circumstance, happening
or event whatsoever, whether or not similar to any of the foregoing. 
 3.04 Repayment of Participations. 
 (a) Upon (and only upon) receipt by Administrative Agent for the account of theany Issuing Bank of immediately
available funds from the Borrower (i) in reimbursement of any payment made by thesuch Issuing Bank under a Letter of Credit with respect to which any Lender has paid Administrative Agent for the account of
thesuch Issuing Bank for such Lender’s participation in the Letter of Credit pursuant to Section 3.03 or (ii) in payment of interest thereon, Administrative Agent will pay to each Lender, in the same
funds as those received by Administrative Agent for the account of thesuch Issuing Bank, the amount of such Lender’s Pro Rata Share of such funds, and thesuch Issuing Bank shall receive the amount
of the Pro Rata Share of such funds of any Lender that did not so pay Administrative Agent for the account of thesuch Issuing Bank. 
 (b) If Administrative Agent or theany Issuing Bank is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency
Proceeding, any portion of the payments made by the Borrower to Administrative Agent for the account of thesuch Issuing Bank pursuant to Subsection 3.04(a) in reimbursement of a payment made under a Letter of Credit or
interest or fee thereon, each Lender shall, on demand of thesuch Issuing Bank, forthwith return to Administrative Agent or thesuch Issuing Bank the amount of its Pro Rata Share of any amounts so
returned by Administrative Agent or thesuch Issuing Bank plus interest thereon from the date such demand is made to the date such amounts are returned by such Lender to Administrative Agent or thesuch
Issuing Bank, at a rate per annum equal to the Federal Funds Rate in effect from time to time. 

 3.05 Role of the Issuing BankBanks. 
 (a) TheEach Issuing Bank and the Borrower agree that, in paying any drawing under a Letter of Credit Issued by
thesuch Issuing Bank, thesuch Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft or certificates expressly required by such Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. 
 (b) No Administrative Agent-Related Person nor any of the respective correspondents, participants, assignees, officers, directors, employees, agents or attorneys-in-fact of theany Issuing Bank
shall be liable to any Lender for: (i) any action taken or omitted in connection herewith at the request or with the approval or deemed approval of the Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any L/C-Related Document. 
 (c) The
Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the
Borrower pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. No Administrative Agent-Related Person, nor any of the respective correspondents, participants, assignees, officers,
directors, employees, agents or attorneys-in-fact of theany Issuing Bank shall be liable or responsible for any of the matters described in clauses (a) through (g) of Section 3.06; provided,
however, anything in such clauses or elsewhere herein to the contrary notwithstanding, that the Borrower may have a claim against theany Issuing Bank, and theany Issuing Bank may be liable to
the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which thesuch Borrower proves were caused by thesuch
Issuing Bank’s willful misconduct or gross negligence or thesuch Issuing Bank’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s)
strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing: (i) theeach Issuing Bank may accept documents that appear on their face to be in order,
without responsibility for further investigation, regardless of any notice or information to the contrary; and (ii) theno Issuing Bank shall not be responsible for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
 3.06 Obligations Absolute. 
 The
Obligations of the Borrower under this Agreement and any L/C-Related Document to reimburse the applicable Issuing Bank for a drawing under a Letter of Credit, and to repay any L/C Borrowing and any drawing under a Letter of Credit converted
into Revolving Loans, shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement and each such other L/C-Related Document under all circumstances, including the following: 
 (a) any lack of validity or enforceability of this Agreement or any L/C-Related Document; 

 (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Obligations of the Borrower in respect of any Letter of Credit or any other amendment or waiver of or any consent to departure from all or any of the L/C-Related Documents; 
 (c) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any
transferee of any Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the applicable Issuing Bank or any other Person, whether in connection with this Agreement, the transactions contemplated
hereby or by the L/C-Related Documents or any unrelated transaction; 
 (d) any draft, demand, certificate or other document
presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under any Letter of Credit; 
 (e) any payment by the applicable Issuing Bank under
any Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of any Letter of Credit; or any payment made by the applicable Issuing Bank under any Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of any Letter of Credit, including any arising in
connection with any Insolvency Proceeding; 
 (f) any exchange, release or non-perfection of any collateral, or any release or
amendment or waiver of or consent to departure from any other guarantee, for all or any of the Obligations of the Borrower in respect of any Letter of Credit; or 
 (g) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrower. 
 Notwithstanding anything to the contrary in this
Section 3.06, the 3.06 or otherwise, no Issuing Bank shall not be excused from liability to Borrower to the extent of any direct damages (as opposed to consequential, indirect and punitive
damages, claims in respect of which (against any Issuing Bank, the Administrative Agent or any Lender) are hereby waived by Borrower) suffered by Borrower that are caused by any of thesuch Issuing Bank’s gross
negligence or willful misconduct when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof, provided, however, that the parties hereto expressly agree that: 
  

	 	(i)	the Issuing BankBanks may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without
responsibility for further investigation and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit. 

	 	(ii)	the Issuing BankBanks shall have the right, in its sole discretion, to decline to accept documents and to make such payment if such documents are not in
strict compliance with the terms of such Letter of Credit; and 

  

	 	(iii)	this sentence shall establish the standard of care to be exercised by the Issuing BankBanks when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 

 3.07 Cash Collateral Pledge. 
 Upon
the request of Administrative Agent, (i) if theany Issuing Bank has honored any full or partial drawing request on any Letter of Credit and such drawing has resulted in an L/C Borrowing hereunder, (ii) if, as of the
Expiration Date, any Letters of Credit may for any reason remain outstanding and partially or wholly undrawn, (iii) if, at any time the outstanding aggregate Face Amount of any Letters of Credit shall exceed any L/C Sublimit Cap applicable to
such Letters of Credit, or (iv) upon an Event of Default, the Borrower shall immediately Cash Collateralize the L/C Obligations in an amount equal to such L/C Obligations. Upon the occurrence of the circumstances described in Section 2.05
requiring the Borrower to Cash Collateralize Letters of Credit, then, the Borrower shall immediately Cash Collateralize the L/C Obligations in an amount equal to the applicable excess. 
 3.08 Letter of Credit Fees. 
 (a) The Borrower shall pay to the Issuing BankAdministrative Agent for the pro rata benefit of each of the Lenders purchasing a participation interest therein pursuant to Section 3.03(a), a letter of credit
commission (the “L/C Commission”) in an amount equal to (i) a fee calculated at rate per annum equal to the Applicable Margin then in effect2.75% multiplied by the average daily Face Amount of any
outstanding Standby L/C during the period from and including the date of Issuance through and including the expiry date payable monthly in arrears on the last day of each month and (ii) 0.1250.25% flat per quarter or
part thereof on the Face Amount of any Documentary L/C payable in advance upon the Issuance thereof, subject to a minimum Issuance fee of $500 with respect to any Letter of Credit. 
 (b) The Borrower shall pay to the Issuing BankAdministrative Agent from time to time for the negotiation of any
Letter of Credit for the account of the applicable Issuing Bank and the pro rata benefit of each of the Lenders having purchased a participation therein, a fee in the amount of 0.10% flat on the Face Amount of any such Letter of Credit,
subject to a minimum fee of $250 with respect to each such Letter of Credit. 

 (c) The Borrower shall pay to the applicable Issuing Bank from time to time for
the amendment of the text of any Letter of Credit for the account of thesuch Issuing Bank, a fee in the amount of $150. 
 (d) The Borrower shall pay to the Issuing BankBanks such other fees as provided for in separate letter of credit fee letters. 
 (e) All fees shall be fully earned when paid and shall be nonrefundable. 
 3.09 Uniform Customs and Practice and International Standby Practices. 
 Unless otherwise expressly agreed by the applicable Issuing Bank and the Borrower, when a Letter of Credit is issued, the rules of: (a) The
Uniform Customs and Practice for Documentary Credits as published by the International Chamber of Commerce (“UCP”), or (b) The International Standby Practices (ISP) 98, also as published by the International Chamber of Commerce, each
as most recently amended, modified or supplemented at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit. 
 3.10 References to Issuing Bank. 
 (a) Except as otherwise expressly set forth therein, all references to “the Issuing Bank” in the Loan Documents (other than this Agreement) shall be a reference to the Issuing Bank that Issued the
applicable Letter of Credit or all Issuing Banks, as the context may require. 
 (b) The references to “the
Issuing Bank” in the definitions of “Documentary L/C”, “Face Amount”, “L/C Amendment Application”, “L/C Application”, and “L/C Related Documents”, the final three references thereto in
subsection 10.01, and the fourth reference thereto in subsection 11.07(h), shall each be a reference to “the applicable Issuing Bank”. 
 (c) The references to “the Issuing Bank” in the definition of “Cash Collateralize” and “Letters of Credit”, and in subsections 2.02, 2.14, 10.01 (other than the final three
references), 11.01, 11.02, 11.05 and 11.07(b) shall each be reference to “each Issuing Bank”. 
 (d) The
reference to “the Issuing Bank” in the definition of “Commitment Effective Date” shall be a reference to “Fortis Bank SA/NV, New York Branch, as an Issuing Bank”. 
 (e) The first reference to “the Issuing Bank” in subsection 11.07(h), the second reference thereto in subsection 10.05 and
the reference thereto in Section 9.02 shall each be a reference to “any Issuing Bank” and the other references to “the Issuing Bank” in subsection 11.07(h) (other than the fourth reference) shall be a reference to “an
Issuing Bank”.Amended and Restated Credit Agreement dated as of July 31, 2007

 Exhibit 10.5 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS AMENDED AND RESTATED CREDIT AGREEMENT (this
“Agreement”) is effective as of July 31, 2007 between INTERNATIONAL ASSETS HOLDING CORPORATION, a Delaware corporation (“IAHC”), INTL ASSETS, INC., a Florida corporation and INTL COMMODITIES, INC., a Delaware
corporation (“INTL Commodities”) (all of the foregoing collectively referred to as the “Borrowers”) and BANK OF AMERICA, N.A., a national banking association (the “Lender”). 
 R E C I T A L S 
 The Lender has
established a revolving credit facility pursuant to which the Lender agreed to make advances to the Borrowers from time to time in an aggregate principal amount not to exceed Twenty Five Million Dollars ($25,000,000). 
 The Borrowers have asked the Lender to amend and restate that certain Credit Agreement dated as of September 15, 2005 between the Lender and the
Borrowers, as amended by that certain First Amendment to Credit Agreement dated as of July 6, 2006, and that certain Second Amendment to Credit Agreement dated as of December 8, 2006, as amended by that certain March 2, 2007 Request
for Guidance Line Advance (as the same may from time to time be amended, restated, supplemented, or otherwise modified, the “Original Credit Agreement”), and the Lender has agreed to do so pursuant to this Agreement and the
documents called for herein, subject to and upon the terms and conditions hereinafter set forth. 
 AGREEMENTS 
 SECTION 1. The Revolving Credit Facility. 
 1.1. Definitions. All capitalized terms used herein and not otherwise defined shall have the following meanings: 
 “Advances” shall mean all advances under the Revolving Credit Facility. 
 “Applicable Margin” shall mean
2.40% per annum. 
 “AutoBorrow Service Agreement” means an AutoBorrow Service Agreement in effect from time to time between
the Borrowers and the Lender. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States.

 “Borrowers” shall have the meaning set forth in the recitals above. 

 “Breakage Fees” means an amount equal to any net loss or out-of-pocket expenses which the
Lender may sustain or incur (including, without limitation, any net loss or expense incurred by reason of the liquidation or re-employment of deposits or other funds acquired by the Lender to fund or maintain the Advances, or any swap breakage
incurred in connection with any Hedge Agreement), as reasonably determined by the Lender, as a result of any prepayment of any the Advances. 
 “Business Day” shall mean any day other than Saturday, Sunday or other day on which commercial banks in the Commonwealth of Virginia are authorized to close. 
 “Capital Lease” means any lease that has been or should be capitalized on the books of the lessee in accordance with GAAP. 
 “Capital Stock” means corporate stock and any and all securities, shares, partnership interests, limited partnership interests, limited
liability company interests, membership interests, equity interests, participations, rights or other equivalents (however designated) of corporate stock or any of the foregoing issued by any entity (whether a corporation, a partnership, a limited
liability company or another entity) and includes, without limitation, securities convertible into Capital Stock and rights or options to acquire Capital Stock. 
 “Closing Date” means the date on which all conditions to closing as set forth in Section 2.1 of the Credit Agreement are satisfied. 
 “Credit Facilities” shall mean the Revolving Credit Facility and any other credit facilities established subsequently hereto. 
 “Default” shall have the meaning set forth in Section 6 of this Agreement. 
 “Default Rate” shall mean a floating and fluctuating per annum rate of interest calculated by adding the sum of three percent (3.0%) to
the rate of interest then in effect. 
 “Domestic Loan Parties” shall mean, collectively, the Borrowers and the Guarantor.

 “EBITDA” shall mean (a) net income, after income tax, (b) less income or plus loss from discontinued operations and
extraordinary items, (c) plus interest expense on all operations, (d) plus taxes, (e) plus depreciation, and (f) plus amortization, calculated on trailing twelve-month basis; provided, however, that to the extent
that any portion of the commodity inventory of the Company and its subsidiaries is valued pursuant to GAAP at the end of any period at the lower of cost or market value, then the EBITDA for such period will be increased by the amount of any
unrealized gains which the Company or any of its subsidiaries would have recognized if such commodity inventory had been valued at market value in accordance with GAAP. 
 “Enforcement Costs” shall mean all reasonable expenses, charges, recordation or other taxes, costs and fees (including reasonable attorneys’ fees and expenses) of any nature whatsoever advanced, paid or
incurred by or on behalf of the Lender in connection with (a) the collection or enforcement of this Agreement or any of the other Financing Documents, and (b) the exercise by the Lender of any rights or remedies available to it under the
provisions of this Agreement, or any of the other Financing Documents. 
  

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 “Environmental Laws” shall mean all laws, statutes, rules, regulations or ordinances which
relate to Hazardous Materials and/or the protection of the environment or human health. 
 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974. 
 “Event of Default” shall have the meaning set forth in Section 6 of this Agreement.

 “Financing Documents” shall mean this Agreement, the Note, the Negative Pledge, any Hedge Agreement and any other instrument,
document or agreement now or hereafter executed, delivered or furnished by the Borrowers or any other person evidencing, guaranteeing, securing or in connection with this Agreement or all or any part of the Credit Facilities. 
 “FINRA” means the Financial Industry Regulatory Authority. 
 “FOCUS Report” shall mean the Financial and Operational Combined Uniform Single Report required to be filed on a monthly or quarterly basis, as the case may be, with FINRA, or any report that is required in
lieu of such report. 
 “GAAP” shall mean generally accepted accounting principles. 
 “Gainvest Subsidiaries” shall mean the following Subsidiaries of the Borrowers formed before, on or after the Closing Date: Gainvest Asset
Management Limited; Gainvest Uruguay Asset Management SA; Gainvest SA Sociedad Gerente de Fondos Comunes de Inversion; Gainvest Argentina Asset Management SA; and Gainvest do Brasil Asset Management Ltda. 
 “Guarantee-exempt Subsidiary” shall have the meaning set forth in Section 5.18. 
 “Guarantor” shall mean INTL Trading, Inc., a Florida corporation. 
 “Guaranty” shall mean the Limited Guaranty of the Guarantor of even date herewith, as the same may be amended, modified or supplemented from
time to time. 
 “Hazardous Materials” shall mean hazardous wastes, hazardous substances, toxic chemicals and substances, oil and
petroleum products and their by-products, radon, asbestos, pollutants or contaminants. 
 “Hedge Agreement” means any agreement
between any of the Borrowers and the Lender or any affiliate of the Lender now existing or hereafter entered into, which provides for an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction,
currency swap, cross-currency rate swap, currency option, or any similar transaction or any combination of, or option with respect to, these or similar transactions, for the purpose of hedging the Borrowers’ exposure to fluctuations in interest
or exchange rates, loan, credit, exchange, security or currency valuations or commodity prices. 
 “Interest Coverage Ratio” means
the ratio of EBITDA to interest expense. 
 “Interest Payment Date” shall have the meaning set forth in Section 1.2(d).

  

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 “Interest Rate Change Date” shall mean the first day of each one month period. 
 “Letter of Credit” shall mean any letter of credit issued by the Lender for the account of the Borrowers under the Revolving Credit Facility.

 “Letter of Credit Agreement” means an Application and Agreement for Letter of Credit on the Lender’s standard form, as such
form may be revised by the Lender in its discretion at any time and from time to time hereafter. 
 “Letter of Credit Exposure”
means at any time the sum of (x) the undrawn amount of all Letters of Credit outstanding at such time, and (y) all Letter of Credit Obligations outstanding at such time. 
 “Letter of Credit Fees” shall have the meaning set forth in Section 1.2(j) of this Agreement, and shall be equal to the Applicable Margin.

 “Letter of Credit Obligations” means, collectively, (i) the amount of each draft drawn under or purporting to be drawn
under a Letter of Credit, (ii) the amount of any and all charges, reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) which the Lender may charge, pay or incur for drawings under a Letter
of Credit, transfers of a Letter of Credit, amendments to and extensions of a Letter of Credit and for the prosecution or defense of any action arising out of or in connection with any Letter of Credit, including, without limitation, any action to
enjoin full or partial payment of any draft drawn under or purporting to be drawn under any Letter of Credit, including, but not limited to, Letter of Credit Fees, (iii) interest on all amounts payable under (i) and (ii) above from
the date due until paid in full at a per annum rate of interest equal at all times to the Default Rate. 
 “Lender” shall mean Bank
of America, N.A., a national banking association. 
 “Libor-Based Rate” shall mean a per annum rate of interest equal at all times
to the sum of the LIBOR Rate plus the Applicable Margin. The Libor-Based Rate shall change immediately and contemporaneously with each change in the LIBOR Rate. 
 “LIBOR Rate” means, at any time, the rate of interest equal to the rate per annum (rounded upwards to the nearest 1/100 of one percent) equal to the British Bankers Association LIBOR Rate (“BBA
LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as selected by the Lender from time to time) as determined for each Interest Rate Change Date at approximately 11:00 a.m. London time two
(2) Business Days prior to the Interest Rate Change Date, for U.S. Dollar deposits (for delivery on the first day of such interest period) with a term of one month, as adjusted from time to time in the Lender’s sole discretion for
Reserve Requirements, deposit insurance assessment rates and other regulatory costs. If such rate is not available at such time for any reason, then the rate for that interest period will be determined by such alternate method as reasonably selected
by the Lender. 
 “Loan Party” shall mean any Borrower or any Guarantor. 
 “London Banking Day” means a day on which the Lender’s London Banking Center is open for business and dealing in offshore dollars.

  

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 “Net Worth” means the gross fair market value of total assets less total liabilities, including
but not limited to estimated taxes on asset appreciation and any reserves or offsets against assets, paid-in capital or IAHC’s conversion of any of IAHC’s convertible debt into equity, but excluding the non-current portion of any
liabilities subordinated in payment to the Borrowers’ obligations to the Lender provided, however, that to the extent that any portion of the commodity inventory of IAHC and its subsidiaries is valued pursuant to GAAP at the end
of any period at the lower of cost or market value, then the Net Worth at the end of such period will be increased by the amount of any unrealized gains, after a notional tax charge, which IAHC or any of its subsidiaries would have recognized if
such commodity inventory had been valued at market value in accordance with GAAP. 
 “Negative Pledge” shall have the meaning set
forth in Section 1.4 (e) hereof. 
 “Note” shall mean the $25,000,000 Third Amended and Restated Revolving Loan Note made
by the Borrowers and payable to the order of the Lender. 
 “Obligations” shall mean all present and future indebtedness,
liabilities and obligations of any kind and nature whatsoever of the Borrowers to the Lender both now existing and hereafter arising including, without limitation, obligations arising under, as a result of, on account of, or in connection with, this
Agreement and any and all amendments, restatements, supplements and modifications hereof made at any time and from time to time hereafter, the Note, any and all extensions, renewals or replacements thereof, amendments thereto and restatements or
modifications thereof made at any time or from time to time hereafter, the Letter of Credit Agreements, or the other Financing Documents, including, without limitation, future advances, principal, interest, indemnities, fees, late charges, Letter of
Credit Exposure, enforcement costs and other costs and expenses whether direct, contingent, joint, several, matured or unmatured, and the indebtedness owed under any Hedge Agreement, including, without limitation, any master agreement relating to or
governing any or all of the foregoing and any related schedule or confirmation, each as amended from time to time. 
 “PBGC” shall
mean the Pension Benefit Guaranty Corporation or its successor entity. 
 “Permitted Liens” shall mean liens permitted pursuant to
Section 5 of this Agreement. 
 “Person” shall mean any natural person, individual, company, corporation, partnership, joint
venture, unincorporated association, government or political subdivision or agency thereof, or any other entity of whatever nature. 
 “Personal Property” shall mean all of the Borrowers’ personal property, both now owned and hereafter acquired. 
 “Plan” shall mean any pension, employee benefit, multi-employer, profit sharing, savings, stock bonus or other deferred compensation plan. 
 “Prime Based Rate” shall mean a floating and fluctuating per annum rate of interest equal at all times to the sum of the Prime Rate plus one percent (1%). 
  

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 “Prime Rate” shall mean the floating and fluctuating per annum rate of interest of the Lender
at any time and from time to time established and declared by the Lender in its sole and absolute discretion as its prime rate, and does not necessarily represent the lowest rate of interest charged by the Lender to borrowers. 
 “Reserve Requirements” means the maximum rate (expressed as a decimal) at which reserves (including any marginal, supplemental, emergency or
other reserves) are required to be maintained under Regulation D of the Federal Reserve Board or otherwise by any statute or regulation applicable to the class of commercial banks which includes the Lender. 
 “Revolving Credit Account” shall mean the loan account maintained by the Lender with respect to advances, repayments and prepayments of
Advances, the accrual and payment of interest on Advances and all other amounts and charges owing to the Lender in connection with Advances. 
 “Revolving Credit Amount” shall mean the amount of Twenty Five Million Dollars ($25,000,000). 
 “Revolving Credit
Expiration Date” shall mean July 31, 2008, or such later date as to which the Lender shall, in its discretion, agree to extend the Revolving Credit Expiration Date. 
 “Revolving Credit Exposure” shall mean, at any time, the sum of the aggregate principal amount of outstanding Advances plus the Letter of
Credit Exposure. 
 “Revolving Credit Facility” shall mean the revolving credit facility established pursuant to Section 1.2
hereof in a maximum principal amount at any one time outstanding equal to the Revolving Credit Amount, made available to the Borrowers pursuant to this Agreement. 
 “Subsidiary” means an entity of which the Borrowers directly or indirectly own or control securities or other ownership interests representing more than 50% of the ordinary voting power thereof. 

“Total Assets” shall mean current and long term assets presented in accordance with GAAP. 
 1.2. Revolving Credit Facility. 
 (a) Advances and Letters of Credit. Subject to and upon the provisions of this Agreement and relying upon the representations and warranties herein set forth, the Lender agrees at any time and from time to time
to make Advances to the Borrowers and issue Letters of Credit for the account of the Borrowers from the date hereof until the earlier of the Revolving Credit Expiration Date or the date on which this Revolving Credit Facility is terminated pursuant
to Section 7 hereof, in an aggregate principal amount at any time outstanding not to exceed the Revolving Credit Amount. 
  

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 In no event shall the Lender be obligated to make an Advance hereunder if a Default shall
have occurred and be continuing. Unless sooner terminated pursuant to other provisions of this Agreement, this Revolving Credit Facility and the obligation of the Lender to make Advances hereunder shall automatically terminate on the Revolving
Credit Expiration Date without further action by, or notice of any kind from, the Lender. Within the limitations set forth herein and subject to the provisions of this Agreement, the Borrowers may borrow, repay and reborrow under this Revolving
Credit Facility. The fact that there may be no Advances or Letters of Credit outstanding at any particular time shall not affect the continuing validity of this Agreement. 
 (b) Use of Proceeds of Advances. The proceeds of the Advances shall be used for working capital financing needs. 
 (c) Liability of Lender. Lender shall in no event be responsible or liable to any person other than Borrowers for the disbursement
of or failure to disburse the Advances or any part thereof. 
 (d) Interest on Advances. Except for any period during
which an Event of Default shall have occurred and be continuing, the Borrowers shall pay interest (calculated on a daily basis) on the unpaid principal balance of the Advances until maturity (whether by acceleration, extension or otherwise) at a per
annum rate of interest equal at all times to the Libor-Based Rate in effect from time to time. 
 After maturity, or during
any period in which an Event of Default exists and remains continuing, the unpaid principal balance of the Advances shall bear interest at a rate equal to the Default Rate. 
 Notwithstanding any other provision of this Agreement, if the Lender determines (which determination shall be conclusive) (i) that
any applicable law, rule, or regulation, or any change in the interpretation of any such law, rule, or regulation shall make it unlawful or impossible for the Lender to charge or collect interest at the Libor-Based Rate, or (ii) that quotations
of interest rates for the relevant deposits referred to in the definition of the Libor-Based Rate are not being provided in the relevant amounts or for the relevant maturities, then upon notice from the Lender to the Borrowers, the entire
outstanding principal balance of the Revolving Credit Facility shall bear interest at the Prime-Based Rate. 
 Until the
maturity of the Revolving Credit Facility, all accrued and unpaid interest on all Advances shall be paid monthly on the first day of each month (each, an “Interest Payment Date”). 
 If not sooner paid, the entire outstanding principal balance of the Advances, together with all accrued and unpaid interest thereon, shall
be due and payable on the Revolving Credit Expiration Date. 
 (e) Revolving Credit Note; Revolving Credit Account. The
Borrowers’ obligation to pay the Advances with interest shall be evidenced by the Revolving Credit Note. The Lender will maintain the Revolving Credit Account with respect to advances, repayments and prepayments of Advances, the accrual and
payment of interest on Advances and all other 

  

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amounts and charges owing to the Lender in connection with Advances. Except for demonstrable error, the Revolving Credit Account shall be conclusive as to
all amounts owing by the Borrowers to the Lender in connection with and on account of Advances. 
 (f) Voluntary
Prepayments; Voluntary Termination. Within the limitations set forth herein and subject to the provisions of this Agreement, the Borrowers may prepay any Advance in whole or in part, from time to time without premium or penalty (provided,
however, that in the event that the Borrowers enter into any Hedge Agreement, any prepayment will be subject to payment of Breakage Costs as set forth therein). Any permitted prepayment need not be accompanied by payment of interest on the amount
prepaid except, that any prepayment of Advances which constitutes a final payment of all Advances shall be accompanied by payment of all interest thereon accrued through the date of prepayment. 
 (g) AutoBorrow. Notwithstanding anything contained herein to the contrary, so long as the Borrowers opt to use the Lender’s
“AutoBorrow” program and has executed and delivered to the Lender an AutoBorrow Service Agreement (which AutoBorrow Service Agreement remains in full force and effect), all Advances to be made hereunder shall be made in accordance with,
and all interest accrued on such Advances and all repayments of such Advances shall be payable at the times and in the manner provided for in, the AutoBorrow Service Agreement. To the extent that any of the provisions of Section 1.2(a) through
1.2(f) hereof are inconsistent with provisions of the AutoBorrow Service Agreement, the provisions of the AutoBorrow Service Agreement shall govern. Any Advances made to the Borrowers under the AutoBorrow Service Agreement shall nonetheless be
deemed to be an Advance hereunder, subject to all other terms hereof. 
 (h) Terms of Letters of Credit. Each Letter of
Credit shall (i) be a commercial Letter of Credit or a standby Letter of Credit, (ii) be opened pursuant to a Letter of Credit Agreement duly executed and delivered to the Lender by the Borrowers prior to the issuance of such Letter of
Credit, (iii) expire on the later to occur of (a) one year from the date of issuance or (b) the Revolving Credit Expiration Date, (iv) be in an amount not less than $2,500, (v) be issued in the ordinary course of the
Borrowers’ business, and (vi) be issued in accordance with the Lender’s then current practices relating to the issuance of letters of credit. All powers, right, remedies and provisions set forth in any Letter of Credit Agreement shall
be in addition to those set forth herein. In the event of any conflict between the provisions of this Agreement and the provisions of any Letter of Credit Agreement, the provisions of this Agreement shall prevail and control unless expressly
provided otherwise herein or in the Letter of Credit Agreement. 
 (i) Procedures for Letters of Credit. The Borrowers
shall give the Lender written notice of its (or their) request for a Letter of Credit at least three (3) Business Days prior to the date on which the Letter of Credit is to be opened by delivering to the Lender a duly executed Letter of Credit
Agreement in form and content acceptable to the Lender setting forth (i) the face amount of the Letter of Credit, (ii) the name and address of the beneficiary of the Letter of Credit, (iii) whether the Letter of Credit is irrevocable
or revocable, (iv) whether the Letter of Credit requested is a standby or commercial Letter of Credit, (v) the date the Letter of Credit is to be opened and the date the Letter of Credit is to expire, (vi) the purpose of the Letter of
Credit, (vii) the terms and conditions for any draws under the Letter of Credit, and (viii) such other information as the Lender may reasonably deem to be necessary or desirable. 
  

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 (j) Letter of Credit Fees. The Borrowers shall pay to the Lender a letter of
credit fee equal to the greater of (a) the Applicable Margin or (b) $500.00, payable in advance on or before the date of issuance and on each anniversary thereof plus the Lender’s then standard fee for the issuance,
negotiation, processing and administration of letters of credit of the same type as the Letter of Credit. 
 (k) Agreement
to Pay Letter of Credit Obligations. The Borrowers shall pay to the Lender the Letter of Credit Obligations when due; provided, however, that (a) so long as the Borrowers have availability under the Revolving Credit Facility,
the Lender may, and is hereby authorized to, make Working Capital Advances to itself to pay when due any or all Letter of Credit Obligations incurred in connection with Letters of Credit. The Lender may maintain on its books a letter of credit
account (the “Letter of Credit Account”) with respect to the Letter of Credit Obligations paid and payable from time to time hereunder. Except for demonstrable error, the Letter of Credit Account shall be conclusive as to all amounts owing
by the Borrowers to the Lender in connection with and on account of the Letter of Credit Obligations. From the date due until paid in full, all Letter of Credit Obligations shall bear interest at the Default Rate. 
 (l) Agreement to Pay Absolute. The obligation of the Borrowers to pay Letter of Credit Obligations set forth above shall be
absolute and unconditional and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, (ii) the existence of any claim, setoff, defense or other right which any or all of the Borrowers may at any time have
against the beneficiary under any Letter of Credit or the Lender, (iii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being
untrue provided that payment by the Lender under such Letter of Credit against presentation of such draft shall not have constituted gross negligence or willful misconduct, and (v) any other events or circumstances whatsoever, whether or not
similar to any of the foregoing provided that the payment by the Lender under the Letter of Credit shall not have constituted gross negligence or willful misconduct of the Lender. 
 (m) Commitment Fee. In consideration for the agreements of the Lender as set forth herein, Borrowers agree to pay to the Lender at
closing a commitment fee of $40,000, which fee shall be deemed earned upon its receipt by the Lender. 
 1.3. Additional Provisions.

 (a) Interest Calculation. All interest and fees payable under the provisions of this Agreement or the Note shall be
computed on the basis of actual number of days elapsed over a year of 360 days. 
 (b) Late Charges. If the Borrowers
fail to make any payment of principal, interest, prepayments, fees or any other amount becoming due pursuant to the provisions of this Agreement or the Note (other than the final principal payment due upon maturity), within fifteen (15) days of
the date due and payable, the Borrowers shall pay to the Lender a late charge equal 

  

 INTL – amended and restated credit agreement 
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to five percent (5%) of the amount of such payment. Such 15-day period shall not be construed in any way to extend the due date of any such payment.
Late charges are imposed for the purpose of defraying the Lender’s expenses incident to the handling of delinquent payments, and are in addition to, and not in lieu of, the exercise by the Lender of any rights and remedies hereunder or under
applicable laws and any fees and expenses of any agents or attorneys which the Lender may employ upon the occurrence of an Event of Default. 
 (c) Payments. Whenever any payment to be made by the Borrowers under the provisions of this Agreement, the Note
or the Letter of Credit Agreements is due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, in the case of any payment which bears interest, such extension of time shall be included
in computing interest on such payment. All payments of principal, interest, fees or other amounts to be made by the Borrowers under the provisions of this Agreement or the Note shall be paid without set-off or counterclaim to the Lender at the
Lender’s office at 1101 Wooton Parkway, 4th Floor, Rockville, Maryland 20852,
in lawful money of the United States of America in immediately available funds. 
 (d) Interest On Overdue Amounts, If
the principal of or interest on, the Note or any other amount required to be paid to the Lender hereunder or under the Note is not paid within fifteen (15) days after the date when the same becomes due and payable, whether by acceleration or
otherwise, the Borrowers shall on demand from time to time pay to the Lender interest on such principal, interest or other amount from the date due until the date of payment (after as well as before any judgment) at a rate per annum equal to the
Default Rate. 
 (e) Collateral and Subsidiary Obligations. (l) In order to secure the full and punctual payment
of the Obligations in accordance with the terms thereof, and to secure the performance of this Agreement and the other Financing Documents, the Borrowers (or any intermediate Subsidiary which is itself a Guarantee-exempt Subsidiary that holds the
Capital Stock of another Guarantee-exempt Subsidiary) shall concurrently herewith pledge and assign to the Lender, and grant to the Lender a continuing lien and security interest in and to 66% of the issued and outstanding Capital Stock of the
Guarantee-exempt Subsidiaries (or, if the Borrowers’ ownership interest in such Subsidiary is less than 66%, all Capital Stock of such Foreign Subsidiary). Notwithstanding the foregoing, IAHC shall not be obligated to comply with the provisions
of this subsection with respect to their ownership of the Capital Stock of INTL Consilium, LLC, a joint venture in which IAHC owns 50.1% of the Capital Stock nor INTL Commodities DMCC, a joint venture in which IAHC owns 50% of the Capital Stock.

 (2) The security interests required to be granted pursuant to this Section shall be granted pursuant to such security documentation as is
reasonably satisfactory in form and substance to Lender (the “Additional Financing Documents”) and shall constitute valid and enforceable perfected security interests prior to the rights of all third Persons and subject to no other
liens except liens permitted hereunder. The Additional Financing Documents and other instruments related thereto shall be duly recorded or filed in such manner and in such places and at such times as are required by law to establish, perfect,
preserve and protect the liens, in favor of the Lender, granted pursuant to the Additional Financing Documents and, all taxes, fees and other charges payable in connection therewith shall be paid in full by the Borrowers. At the time 

  

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of the execution and delivery of Additional Financing Documents, the Borrowers shall cause to be delivered to Lender such agreements, opinions of counsel,
and other related documents as may be reasonably requested by the Lender to assure it that this Section has been complied with. 
 (3)
Confirmation of Negative Pledge on Personal Property and Real Estate. The Borrowers and each Guarantee-exempt Subsidiary agree to execute concurrently herewith a Joinder and Confirmation in form and substance satisfactory to the Lender with
respect to the Negative Pledge and Covenant Not to Encumber Agreement (the “Negative Pledge”) previously executed with respect to their Personal Property and real property. 
 (f) Automatic Debit. To ensure timely payment of all interest and other sums due hereunder, the Borrowers hereby authorize and
instruct the Lender to either (i) debit, on the due date thereof, the Borrower’s demand deposit account no. 003933343983 maintained at the Lender for the amount then due, or (ii) at the Lender’s option, cause an Advance to be
made sufficient to pay the amount then due. 
 1.4 The Borrowers’ Representatives. Each of the Borrowers hereby represents and
warrants to the Lender that each of them will derive benefits, directly and indirectly, from the proceeds of each Advance and Letter of Credit, both in its separate capacity and as a member of the integrated business to which each of the Borrowers
belong. For administrative convenience, IAHC is hereby irrevocably appointed by each of the Borrowers as agent for each of the Borrowers for the purpose of requesting Advances and Letters of Credit hereunder from the Lender, receiving the proceeds
of Advances and disbursing the proceeds of Advances among the Borrowers. In its capacity as such agent, IAHC shall have the power and authority through its authorized officer or officers to (i) endorse any check for the proceeds of any Advance
for and on behalf of each of the Borrowers and in the name of each of the Borrowers, and (ii) instruct the Lender to credit the proceeds of any Advance directly to a banking account of any of the Borrowers. By reason of the foregoing, the
Lender is hereby irrevocably authorized by each of the Borrowers to make Advances to the Borrowers and issue Letters of Credit for the account of the Borrowers pursuant to this Agreement upon the request of any one of the persons who is authorized
to do so under the provisions of any applicable corporate resolutions of IAHC. The Lender assumes no responsibility or liability for any errors, mistakes and/or discrepancies in any oral, telephonic, written or other transmissions of any
instructions, orders, requests and confirmations between the Lender and any one or more of the Borrowers in connection with any Advance, Letter of Credit or other transaction pursuant to the provisions of this Agreement, except for acts of gross
negligence and/or willful misconduct. 
  

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 SECTION 2. Conditions Precedent. 
 2.1. Initial Advance or Letter of Credit. The Lender shall not be required to make the initial Advance, or issue an initial Letter of Credit
hereunder, whichever occurs first, unless the following conditions precedent have been satisfied in a manner reasonably acceptable to the Lender and its counsel: 
 (a) Borrowers’ Organizational Documents. The Lender shall have received with respect to each of the entities comprising the
Borrowers, (i) a copy, certified as of a recent date by the jurisdiction of the Borrower’s state or country of organization of such Borrower, of the Borrower’s Charter and Bylaws, and all amendments thereto, (ii) to the extent
available, a Certificate of Good Standing (or similar document) for such Borrower issued by the jurisdiction of the Borrower’s state or country of organization, and (iii) a copy, certified to the Lender as true and correct as of the date
hereof by such Borrower, of the resolutions of the Borrowers authorizing the execution and delivery of this Agreement and the other Financing Documents to which the Borrowers are a party and designating by name and title the officers of the
Borrowers who are authorized to sign this Agreement and such other Financing Documents for and on behalf of the Borrowers and to make the borrowings hereunder. 
 (b) Lists of Locations, Etc. The Borrowers shall have delivered to the Lender a list showing the street address, city or county and
state of the Borrowers, chief executive office and of any other location where the Borrowers conducts or has a place of business; 
 (c) Insurance. The Borrowers shall have delivered to the Lender copies of such insurance policies as the Lender shall reasonably require; 
 (d) Searches. The Lender shall have received the results of a search by an attorney or company satisfactory to the Lender of the Uniform Commercial Code filings with respect to the Borrowers in their
jurisdiction of organization or in which any Personal Property is or will be located, accompanied by copies of such filings, if any, and evidence satisfactory to the Lender that any security interest or other lien indicated in any such filing has or
will be released or is permitted by the Lender; 
 (e) Opinions. The Lender shall have received the written opinion of
counsel of the Borrowers reasonably satisfactory in form and content to the Lender, opining, among other things, that the Borrowers are duly organized, validly existing and in good standing, that the Financing Documents executed and delivered by the
Borrowers have been duly authorized by all requisite corporate action, and that the Financing Documents executed and delivered by the Borrowers constitute the legal, valid, binding, and enforceable obligations of the Borrowers, enforceable against
the Borrowers in accordance with the terms thereof, subject to customary exceptions and limitations reasonably acceptable to the Lender. 
 (f) Financing Documents. The Lender shall have received each of the Financing Documents required by the Lender to be executed and delivered prior to the making of the initial Advance. 
 (g) Due Diligence. The Lender shall have received and reviewed such financial information and other due diligence reports as the
Lender shall reasonably require. 
 (h) Additional Documents. The Borrowers shall have furnished in form and content
acceptable to the Lender any additional documents, agreements, certifications, record searches, insurance policies or opinions which the Lender may reasonably deem necessary or desirable. 
  

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 2.2 All Advances and Letters of Credit. No Advances, including the initial Advance, shall be made,
and no Letter of Credit shall be issued, until compliance to the satisfaction of the Lender with all of the following conditions at the time of and with respect to each Advance or Letter of Credit: 
 (a) Representations and Warranties. No representation or warranty made in or in connection with this Agreement and the other
Financing Documents shall be untrue, incorrect or incomplete in all material respects on and as of the date of any Advance or Letter of Credit as if made on such date; and 
 (b) Event of Default or Default. No Event of Default or Default shall have occurred and be continuing. 
 SECTION 3. Representations and Warranties. The Borrowers represent and warrant to the Lender that, except as specifically set forth on Schedule 3
attached hereto, the following statements are true, correct and complete as of the date hereof and as of each date any Advance is to be made or any Letter of Credit is to be issued hereunder: 
 3.1. Authority, Etc. The Borrowers are duly organized and in good standing under the laws of their state or country of incorporation, and are
qualified to do business in all states where the Borrowers do business. The Borrowers have the full power and authority to execute, deliver and perform this Agreement and the other Financing Documents to which the Borrowers are a party. Neither such
execution, delivery and performance, nor compliance by the Borrowers with the provisions of this Agreement and of the other Financing Documents to which the Borrowers are a party will conflict with or result in a breach or violation of the
Borrowers’ certificates of formation, articles of organization or operating agreement, or any judgment, order, regulation, ruling or law to which the Borrowers are subject or any contract or agreement to which the Borrowers are a party or to
which the Borrowers’ assets and properties is subject, or constitute a default thereunder. The execution, delivery and performance of this Agreement and all other Financing Documents to which the Borrowers are a party have been duly authorized
and approved by all necessary action by the Borrowers and constitute the legal, valid and binding obligations of the Borrowers, enforceable in accordance with their terms except as enforceability may be limited by bankruptcy, insolvency or similar
laws affecting the enforcement of creditors’ rights generally. 
 3.2. Litigation. There is no litigation or proceeding pending
or, to the knowledge of any representative of the Borrowers signing this Agreement on behalf of the Borrowers, threatened against or affecting the Borrowers which might materially adversely affect the business, financial condition or operations of
the Borrowers or the ability of the Borrowers to perform and comply with this Agreement or the other Financing Documents to which the Borrowers are a party. 
 3.3. No Subsidiaries. Other than IAHC’s interest in (i) the Domestic Loan Parties other than IAHC, (ii) the Guarantee-exempt Subsidiaries, (iii) INTL Consilium, LLC, a joint venture in which
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IAHC owns 50%, the Borrowers do not directly or indirectly own or control securities or other ownership interests in any corporation, partnership,
association, organization or other business entity representing more than 50% of the ordinary voting power thereof. This information will be updated in writing by the Borrowers as of the date of the formation or acquisition of each new Subsidiary.

 3.4. Financial Condition. The Borrowers have heretofore furnished to the Lender certain financial statements. Such financial
statements and all other financial statements and information furnished or to be furnished to the Lender hereunder have been and will be prepared in accordance with generally accepted accounting principles (subject to year-end adjustments and the
omission of footnote information) and fairly present the financial condition of the Borrowers as of the dates thereof and the results of the Borrowers’ operations for the periods covered thereby. No material adverse change in the business,
financial condition, prospects or operations of the Borrowers has occurred since the date of such financial statements. The Borrowers does not have any indebtedness or liabilities other than that reflected on such financial statements or expressly
permitted by the provisions of this Agreement, and accounts payable incurred in the ordinary course of business since the date of such financial statements. The Borrowers are not in default under any obligation for borrowed money. 
 3.5. Taxes. The Borrowers have filed all federal, state and local income, excise, property and other tax returns which are required to be filed
and have paid all taxes as shown on such returns or assessments received by the Borrowers (including, without limitation, all F.I.C.A. payments and withholding taxes, if appropriate), except for such taxes, if any, as are being contested in good
faith and as to which adequate reserves have been provided. No tax liens have been filed and no claims are being asserted with respect to such taxes or assessments. 
 3.6. Borrowers’ Name. The correct legal name of the Borrowers are those specified on the signature page of this Agreement. The Borrowers have conducted business under their legal name since their date of
formation. The Borrowers do not do business under any trade or fictitious names. 
 3.7. Compliance with Laws. (a) To the
knowledge of the Borrowers, Borrowers are not in violation of any applicable federal, state or local law, statute, rule, regulation or ordinance and has not received any notice of, and is not the subject of, any investigation or complaint alleging
that the Borrowers or any other property owned, leased, operated or used by the Borrowers are in violation of any such law, statute, rule, regulation or ordinance, including, without limitation, Environmental Laws other than violations that will not
have a material adverse effect on the business, operations or financial condition of the Borrowers. 
 (b) To the actual
knowledge of the Borrowers, no Hazardous Materials have been used, located, installed, spilled, treated, released or stored on, under or from any property in or on which the Borrowers conducts its operations except for those which have been handled
in a manner not prohibited by applicable Environmental Laws or which will not have a material adverse effect on the business, operations or financial condition of the Borrowers. 
  

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 3.8. Federal Reserve Board Regulations. No part of the proceeds of the Advances will be used for
any purpose which entails a violation of Regulations U, T or X of the Board of Governors of the Federal Reserve System of the United States (the “Board”). 
 3.9. ERISA. No Plan maintained by the Borrowers or any trade or business group with which the Borrowers are affiliated subject to the requirements of ERISA has been terminated, no lien exists against the
Borrowers in favor of the PBGC, and no “reportable event” (as such term is defined in ERISA) has occurred with respect to any such Plan. The Borrowers have not incurred any “accumulated funding deficiency” within the meaning of
ERISA or any liability to the PBGC in connection with any Plan. Borrowers do not have any withdrawal or other liability (absolute, contingent or otherwise) with respect to any multi-employer plan as defined by Section 3(37) of ERISA. The
Borrowers have complied with in all material respects all provisions of ERISA and with all provisions of any Plan sponsored, maintained by, or contributed to, by the Borrowers. 
 3.10. Licenses, etc. The Borrowers have obtained and now hold all material licenses, permits, franchises, patents, trademarks, copyrights and
trade names which are necessary to the conduct of the business of the Borrowers as now conducted free of any conflict with the rights of any other person. 
 3.11. Labor Matters. Except as disclosed in writing to the Lender, the Borrowers are not subject to any collective bargaining agreements or any agreements, contracts, decrees or orders requiring the Borrowers
to recognize, deal with or employ any persons organized as a collective bargaining unit or other form of organized labor. There are no strikes or other material labor disputes pending or, to the knowledge of the Borrowers, threatened against the
Borrowers. The Borrowers have complied in all material respects with the Fair Labor Standards Act. 
 3.12. Accuracy of Information.
To the knowledge of the Borrowers, no information, exhibit, report, statement, certificate or document furnished by the Borrowers to the Lender in connection with this Agreement or the other Financing Documents or the negotiation thereof contains
any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained herein or therein not misleading. 
 SECTION 4. Affirmative Covenants. The Borrowers covenant and agree with the Lender that so long as any of the Obligations (or commitments therefor) shall be outstanding: 
 4.1. Payment of Obligations. The Borrowers shall punctually pay the principal of and interest on the Advances and the other Obligations, at the
times and places, in the manner and in accordance with the terms of this Agreement, the Note and the other Financing Documents. 
 4.2.
Financial Statements and Other Reports. The Borrowers will be required to maintain at all times a system of accounting established and administered in accordance with sound business practices, and will deliver, or cause to be delivered, to
the Lender (in form and substance satisfactory to the Lender in all respects): 
 (a) Annual Financial Statements.
Within one hundred twenty (120) days of the end of each fiscal year of the Borrowers, the annual consolidated and consolidating (if applicable) financial statement of IAHC (including statements of financial condition, income, profits and loss,
cash flows and changes in members’ equity) audited by independent certified public accountants reasonably satisfactory to the Lender, prepared in accordance with GAAP; 
  

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 (b) Quarterly Financial Statements. Within forty-five (45) days after the end
of each calendar quarter, the consolidated and consolidating balance sheets and income statements of IAHC prepared by an authorized financial officer of the Borrowers and showing the financial condition (including statements of financial condition,
income, profits and loss, cash flows and changes in members’ equity) of IAHC as of the end of such quarter and the results of operations of IAHC from the beginning of the current calendar year of IAHC to the end of such quarter, prepared in
accordance with GAAP; 
 (c) ERISA Reports. Promptly after filing, a copy of each annual report filed in respect of any
Plan subject to ERISA. 
 (d) Monthly FOCUS Reports. Within two (2) days after its filing with FINRA, the monthly
FOCUS report for the Guarantor, if not sooner provided directly to the Lender by the Guarantor. 
 (e) Other
Information. Promptly upon request of the Lender such other information, reports or documents respecting the business, properties, operation or financial condition of the Borrowers as the Lender may at any time and from time to time reasonably
request. 
 4.3. Conduct of Business and Maintenance of Existence. The Borrowers shall continue to engage in business of the same
general type as now being conducted by the Borrowers, and do and cause to be done all things necessary to maintain and keep in full force and effect its corporate or limited liability company existence (as applicable) in good standing in each
jurisdiction in which it conducts business. 
 4.4. Compliance with Laws. 
 (a) The Borrowers shall comply in all material respects with all laws, statutes, ordinances, orders, rules or regulations applicable to
the Borrowers or to any other property owned, leased, operated or used by the Borrowers, including, without limitation, Environmental Laws. 
 (b) The Borrowers will not use, locate, install, spill, treat, release or store Hazardous Materials on, under or from any property owned, leased, operated or used by the Borrowers unless such Hazardous Materials are
handled in a manner not prohibited by applicable Environmental Laws and are handled in a manner and in such quantities that would not constitute a hazard to the environment or human health and safety or subject the Borrowers to any prosecution or
material liability in connection therewith. The Borrowers will dispose of all Hazardous Materials only at facilities and/or with carriers that maintain governmental permits 

  

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under applicable Environmental Laws. The Borrowers shall promptly, at the cost and expense of the Borrowers, take all action necessary or required by
Environmental Laws to remedy or correct any violation of Environmental Laws by the Borrowers, or by any other property owned, leased, used or operated by the Borrowers. 
 4.5. Payment of Liabilities and Taxes. The Borrowers shall pay, when due, all of their indebtedness and liabilities, and pay and discharge promptly all taxes, assessments and governmental charges and levies
(including, without limitation, F.LC.A. payments and withholding taxes) upon the Borrowers or upon the Borrowers, income, profits or property, except to the extent the amount or validity thereof is contested in good faith by appropriate proceedings
so long as adequate reserves have been set aside therefor. 
 4.6. Contractual Obligations. The Borrowers shall comply with any
agreement or undertaking to which the Borrowers are a party and maintain in full force and effect all contracts and leases to which the Borrowers are or become a party unless the failure to do so would not have a material adverse effect on the
business, operation, properties or financial condition of the Borrowers. 
 4.7. Insurance. The Borrowers shall maintain with
financially sound, well rated and reputable insurance companies insurance in such amounts and covering such risks as is consistent with sound business practice, and in any event as is ordinarily and customarily carried by companies similarly
situated and in the same or similar businesses as the Borrowers. The Borrowers will pay, when due, all premiums on such insurance and will furnish to the Lender, upon request, evidence of payment of such premiums and other information as to the
insurance carried by the Borrowers. Such insurance shall include, as applicable and without limitation, (a) comprehensive fire and extended coverage insurance on the physical assets and properties of the Borrowers against such risks, with such
loss deductible amounts and in such amounts not less than those which may be satisfactory to the Lender but in all events conforming to prudent business practices and in such minimum amounts that the Borrowers will not be deemed a co-insurer under
applicable insurance laws, regulations, policies and practices, and (b) public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned,
occupied or controlled by the Borrowers, and (c) worker’s compensation insurance (as applicable). 
 4.8. Inspection. The
Borrowers shall permit the Lender, by its representatives and agents, to inspect any of the properties, books and financial records of the Borrowers, to examine and make copies of the books of accounts and other financial records of the Borrowers,
and to discuss the affairs, finances and accounts of the Borrowers with, and to be advised as to the same by, the Borrowers (or its representatives) at such reasonable times and intervals as the Lender may designate. 
 4.9. Notice. Promptly give written notice to the Lender of (a) the occurrence of any Default or Event of Default or any event, development or
circumstance which might materially adversely effect the business, operations, properties or financial condition of the Borrowers, (b) any litigation instituted or threatened against the Borrowers or any judgment against the Borrowers where
claims against the Borrowers exceed $50,000 and are not covered in full by insurance, and (c) the occurrence of any “reportable event” within the meaning of ERISA or any assertion of liability of the Borrowers by the PBGC. 

 

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 SECTION 5. Financial and Negative Covenants. The Borrowers covenant and agree with the Lender that
so long as any of the Obligations (or commitments therefor) shall be outstanding: 
 5.1. Minimum Working Capital. The Borrowers shall
maintain (on a consolidated basis with the Guarantee-exempt Subsidiaries) current assets in excess of current liabilities of at least Twenty Million Dollars ($20,000,000). This calculation shall not include amounts associated with the Trust
Certificates and Total Return Swap as the same are described in footnote 13 of IAHC’s December 31, 2006 10-Q SEC filing and in similar notes in subsequent filings. 
 5.2 Minimum Net Worth. The Borrowers shall maintain (on a consolidated basis including the Guarantee-exempt Subsidiaries) minimum Net Worth of
Thirty Five Million Dollars ($35,000,000) provided, however, that such figure shall permanently increase (on a dollar-for-dollar basis) upon any increase in Net Worth by virtue of paid-in capital or IAHC’s conversion of any of
IAHC’s convertible debt into equity. 
 5.3 Interest Coverage Ratio. The Borrowers shall maintain (on a consolidated basis with
the Guarantee-exempt Subsidiaries) an Interest Coverage Ratio of at least 1.5 to 1.0, except to the extent that the Lender waives such covenant in writing as a result of a particular non-recurring item. 
 5.4 Minimum EBITDA. The Borrowers shall maintain (on a consolidated basis with the Guarantee-exempt Subsidiaries) minimum EBITDA of not less than
Ten Million Dollars ($10,000,000) on a rolling four-quarter basis, as measured quarterly. 
 5.5 Minimum Net Worth Attributable to
Domestic Loan Parties Only. The Borrowers shall maintain consolidated Net Worth attributable to the Domestic Loan Parties only (i.e., excluding consolidated Net Worth attributable to the Guarantee-exempt Subsidiaries) of not less than
$18,000,000, provided, however that the Borrowers’ investments in the Guarantee-exempt Subsidiaries shall be counted at cost for the purposes of measuring compliance with this covenant. 
 5.6 Restricted Payments. No Borrower shall, and no Borrower shall permit any Subsidiary of the Borrower to, make any loan, advance or payment,
direct or indirect, of any kind, to the Guarantor or to any officer, director or shareholder of the Guarantor, exclusive of (i) reasonable compensation paid to officers or directors of the Borrowers who are also officers and directors of the
Guarantor (ii) payments to the Guarantor by IAHC in the ordinary course of business to cover salaries, bonuses, expenses, and taxes of the Guarantor, provided, however, that no balances arising from such ordinary course of business transactions
shall remain unpaid for longer than sixty (60) days and (iii) payments made to (or investments made in) the Guarantor done with the prior written approval of the Lender. 
  

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 5.7. Indebtedness. Other than in the ordinary course of the Borrowers’ businesses, including
without limitation its trading and market making businesses, and those lines of business acquired or developed by the Borrowers through merger, acquisition or otherwise (provided that such acquisitions otherwise comply with the terms and conditions
of this Agreement) the Borrowers shall not create, incur, assume or permit to exist any indebtedness (including Capital Leases) except (a) indebtedness to the Lender, (b) other indebtedness or lines of credit existing on the date hereof or
expressly permitted by the provisions hereof or the Negative Pledge, (c) indebtedness incurred by the endorsement of negotiable instruments for deposit or collection in the ordinary course of business, (d) indebtedness incurred in the
ordinary course of business which is unsecured and consists of open accounts extended by suppliers on normal trade terms in connection with the purchase of goods and services, (e) Capital Leases providing for payments not in excess of $100,000
per annum, (f) indebtedness, congruent with the Borrowers’ businesses, secured by transaction-specific collateral, provided the Lender is provided with prior written notice of the same, (g) specifically excluding the
Guarantor, inter-Borrower (and inter-Subsidiary) indebtedness except as specifically permitted by this Agreement, and (h) debt fully and unconditionally subordinated to the Obligations upon terms and conditions satisfactory to the Lender,
unless otherwise agreed to in writing by the Lender. 
 5.8. Liens. Other than in the ordinary course of the Borrowers’
businesses, including without limitation its trading and market making businesses, and those lines of business acquired or developed by the Borrowers through merger, acquisition or otherwise (provided that such acquisitions otherwise comply with the
terms and conditions of this Agreement), the Borrowers shall not create, incur, assume or permit to exist any lien, security interest or encumbrance of any nature whatsoever on the Borrowers’ property or assets, both now owned and hereafter
acquired, except for (a) any lien or security interest hereafter securing all or any part of the Obligations, (b) any lien, security interest or encumbrance existing on the date hereof which was immediately prior hereto disclosed to, and
approved by, the Lender in writing, (including those created to secure the obligations of Global Currencies to the Lender), (c) any lien, security interest or other encumbrance subsequently approved by the Lender in writing after the date
hereof, (d) liens for taxes not delinquent or for taxes being diligently contested by Borrowers in good faith and for which adequate reserves are maintained, (e) mechanic’s, artisan’s, materialmen’s or other similar liens
arising in the ordinary course of business, and (f) any deposit of funds made in the ordinary course of business to secure obligations of the Borrowers under workers compensation laws or similar laws or to secure public or statutory obligations
in connection with bids, tenders, contracts, leases, or subleases. Any lien, security interest or encumbrance permitted by this subsection is called a “Permitted Lien.” 
 5.9. Loans and Investments. Except as restricted pursuant to Section 5.6 herein, other than in the ordinary course of the Borrowers’
businesses, including without limitation its trading and market making businesses, and those lines of business acquired or developed by the Borrowers through merger, acquisition or otherwise (provided that such acquisitions otherwise comply with the
terms and conditions of this Agreement), the Borrowers shall not make or permit to remain outstanding any loan or advance to, provide any guaranty for, or make or own any investment in, any person in excess of $100,000, unless otherwise agreed to in
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 5.10. Mergers, Acquisitions, Etc. Except as agreed to in advance, in writing by the Lender, the
Borrowers shall not enter into any merger or consolidation or acquire or purchase all or substantially all of the assets, properties or stock or ownership interests of any other person having a transactional value in excess of $2,500,000 without the
prior written consent of the Lender, except that the Borrowers may form or acquire subsidiaries if such subsidiaries become jointly and severally liable hereunder, all upon terms and conditions satisfactory to the Lender. 
 5.11 Sale of Assets and Liquidation. Other than in the ordinary course of their businesses, the Borrowers shall not sell, lease or otherwise
dispose of, in one transaction or a series of transactions, all or any substantial part of its business, assets or properties, or take any action to liquidate, dissolve or wind up the Borrowers or their business. 
 5.12. Change of Business. The Borrowers shall not enter into any business other than the financial services business without the consent of the
Lender. 
 5.13. Change of Name, Location, Etc. The Borrowers shall not (a) change their legal name, identity, structure or
jurisdiction of organization, (b) change the location of their chief executive office or their chief place of business, (c) change the location where they keep their records, or (d) open a new place of business, unless the Borrowers
shall have given the Lender prior written notice thereof. 
 5.14. Fiscal year. The Borrowers shall not change their fiscal year.

 5.15. Affiliates. The Borrowers shall not enter into or participate in any transaction with an affiliate except on terms and at
rates no more favorable than those which would have prevailed in an arm’s length transaction between unrelated third parties. 
 5.16.
ERISA. The Borrowers shall not engage in any “prohibited transaction” (as such term is defined by ERISA), incur any “accumulated funding deficiency” (as such term is defined by ERISA) whether or not waived, or terminate
any Plan in a manner which could result in the imposition of a lien on any property of the Borrowers pursuant to the provisions of ERISA. 
 5.17. Sale and Leaseback. Enter into any arrangement whereby a Borrower sells or transfers all or a substantial part of its fixed assets then owned by it and thereupon, or within one (1) year thereafter, rents or leases the
assets so sold or transferred from the purchaser or transferee (or their respective successors and assigns). 
 5.18 Obligations of
Subsidiaries. The Borrowers will cause each of their Subsidiaries, whether owned as of the Closing Date or thereafter organized or created, to (i) jointly and severally promise to repay the Obligations, whether by Joinder Agreement or
otherwise, or (ii) guarantee the payment and performance of the Obligations pursuant to written guaranties of payment in form and substance satisfactory to the Lender in the Lender’s sole discretion unless (i) such Subsidiaries are
forbidden by operation of law to execute such a Guaranty or (ii) the effect of such Subsidiaries executing such a Guaranty would result in material adverse tax consequences and such prohibition or material adverse tax consequences
have been documented in a writing (such as an opinion of counsel or other documentation) satisfactory in form and 

  

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content to the Lender in the Lender’s discretion, for each Subsidiary seeking such exemption unless such requirement is waived in writing by the Lender
(each, a “Guarantee-exempt Subsidiary”); provided, however, that notwithstanding anything to the contrary in the foregoing, all of IAHC’s foreign Subsidiaries as of the Closing Date, as well as five additional
subsidiaries intended to be formed before, on, or shortly after the Closing Date (namely, INTL Asia Pte. Ltd., INTL Netherlands B.V. (“INTL Netherlands”), INTL Capital Ltd., INTL Commodities Mexico S de RL de CV, INTL Global
Currencies (Asia) Ltd, INTL Capital and Treasury Global Ltd. (Nigeria)) shall each be deemed a “Guarantee-exempt Subsidiary” for all purposes under this Agreement. Similarly, the Gainvest Subsidiaries shall each be deemed a
“Guarantee-exempt Subsidiary” for all purposes under this Agreement. Finally, the Guaranty executed by the Guarantor concurrently herewith complies with the requirements of this Section 5.18. 
 5.19. Pledge of Capital Stock in Guarantee-exempt Subsidiaries/Confirmation of Negative Pledge. Contemporaneously herewith, and thereafter
with respect to the creation or acquisition of any Subsidiary of the Borrower after the Closing Date becomes a Guarantee-exempt Subsidiary, IAHC shall, with respect to Capital Stock in any Guarantee-exempt Subsidiary held by it, grant or cause to be
granted to the Lender by appropriate Pledge and Security Agreement, a perfected, first priority security interest in sixty six percent (66%) of the voting Capital Stock of such Subsidiary (or, if IAHC’s ownership interest in such
Subsidiary is less than 66%, all Capital Stock of such Guarantee-exempt Subsidiary) and shall deliver all certificated Capital Stock so pledged to the Lender. Similarly, INTL Netherlands shall, with respect to Capital Stock in any Guarantee-exempt
Subsidiary held by it, grant or cause to be granted to the Lender by appropriate Pledge and Security Agreement a security interest in sixty six percent (66%) of the voting Capital Stock of such Subsidiary (or, if INTL Netherland’s
ownership interest in such Subsidiary is less than 66%, all Capital Stock of such Guarantee-exempt Subsidiary) and shall deliver all certificated Capital Stock so pledged to the Lender. Finally, INTL Commodities shall, with respect to Capital Stock
in any Guarantee-exempt Subsidiary held by it, grant or cause to be granted to the Lender by appropriate Pledge and Security Agreement a security interest in sixty six percent (66%) of the voting Capital Stock of such Subsidiary (or, if INTL
Netherland’s ownership interest in such Subsidiary is less than 66%, all Capital Stock of such Guarantee-exempt Subsidiary) and shall deliver all certificated Capital Stock so pledged to the Lender. Each Guarantee-exempt Subsidiary shall,
contemporaneously herewith, execute in favor of the Lender a Joinder and Confirmation Agreement with respect to the Negative Pledge in form and substance satisfactory to the Lender. 
 SECTION 6. Events of Default. The occurrence of any one or more of the following events shall constitute a default under the provisions of this
Agreement, and the term “Event of Default” shall mean, whenever it is used in this Agreement, any one or more of the following events (and the term “Default” as used herein means one or more of the following events, whether or
not any requirement for the giving of notice, the lapse of time, or both has been satisfied): 
 6.1. Payment of Obligations. The
failure of the Borrowers to pay any of the Obligations as and when the same becomes due and payable in accordance with the provisions of this Agreement, the Note and/or any of the other Financing Documents, whether at the due date thereof or at a
date fixed for prepayment thereof or by acceleration thereof; 
  

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 6.2. Perform, etc. Certain Provisions of this Agreement. The failure of the Borrowers to perform,
observe or comply with any of the provisions of Section 5 of this Agreement; 
 6.3. Perform, etc. Other Provisions of This
Agreement. The failure of the Borrowers to perform, observe or comply with any of the provisions of this Agreement other than those covered by Sections 6.1 and 6.2 above, and such failure is not cured to the satisfaction of the Lender within a
period of thirty (30) days after the date of written notice thereof by the Lender to the Borrowers, unless such failure is capable of being cured and Borrowers are diligently pursuing such a cure; 
 6.4. Representations and Warranties. If any representation and warranty contained herein or any statement or representation made in any
certificate or any other written information at any time given by or on behalf of any Loan Party or furnished in connection with this Agreement or any of the other Financing Documents shall prove to be false, incorrect or misleading in any material
respect on the date as of which made, and any such representation or warranty which, in the reasonable opinion of the Lender, is capable of being cured is not cured to the satisfaction of the Lender within thirty (30) days after the date of
written notice thereof by the Lender to the Borrowers; 
 6.5. Default under Other Financing Documents. The occurrence of a default
(as defined and described therein) under the provisions of the Note or any of the other Financing Documents (including, without limitation, the Negative Pledge) which is not cured within applicable cure periods, if any; 
 6.6. Liquidation, Termination, Dissolution, etc. If any Loan Party shall liquidate, dissolve or terminate its existence; 
 6.7. Default under Other Indebtedness. If any Loan Party shall default in any payment of (a) any indebtedness owing to the Lender, or
(b) an indebtedness in excess of $50,000 owing to any other party beyond the period of grace, if any, provided in the instrument or agreement under which such indebtedness was created, or default in the observance or performance of any other
agreement or condition relating to any such indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur the effect of which default or other event is to cause or to permit the
holder or holders of such indebtedness or beneficiary or beneficiaries of such indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice, if required, such
indebtedness to become due prior to its stated maturity; 
 6.8. Attachment. The issuance of any attachment or garnishment against
property or credits of any Loan Party for an amount in excess, singly or in the aggregate, of $50,000, which shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days after the issuance thereof; 
 6.9. Judgments. One or more judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability in excess of
$50,000, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days after the entry thereof; 
  

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 6.10. Inability to Pay Debts, etc. If any Loan Party shall admit its inability to pay its debts as
they mature or shall make any assignment for the benefit of any of its creditors; 
 6.11. Bankruptcy. If proceedings in bankruptcy,
or for reorganization of any Loan Party, or for the readjustment of any of the Borrowers’ debts, under the United States Bankruptcy Code (as amended) or any part thereof, or under any other applicable laws, whether state or federal, for the
relief of debtors, now or hereafter existing, shall be commenced against or by any Loan Party and, except with respect to any such proceedings instituted by any Loan Party, shall not be discharged within forty-five (45) days of their
commencement; 
 6.12. Receiver, etc. A receiver or trustee shall be appointed for any Loan Party or for any substantial part of any
Loan Party’ assets, or any proceedings shall be instituted for the dissolution or the full or partial liquidation of any Loan Party and, except with respect to any such appointments requested or instituted by any Loan Party, such receiver or
trustee shall not be discharged within forty-five (45) days of his or her appointment, and, except with respect to any such proceedings instituted by any Loan Party, such proceedings shall not be discharged within forty-five (45) days of
their commencement; 
 6.13. Change in Ownership or Control. The majority ownership or voting control of any Loan Party are directly
or indirectly sold, assigned, transferred, encumbered or otherwise conveyed without the prior written consent of the Lender, which consent shall not be unreasonably withheld; 
 6.14. Financial Condition. The occurrence of any change in the financial condition of any Loan Party which in the good faith judgment of the
Lender is materially adverse, and any such change is not cured to the reasonable satisfaction of the Lender within thirty (30) days after the date of written notice thereof by the Lender to the Borrowers; and 
 6.15 Default Under Guaranty. The occurrence of any default under the Guaranty. 
 SECTION 7. Rights and Remedies. 
 7.1. Rights and Remedies. If any Event of Default shall occur and be continuing, the Lender may (i) declare the Credit Facilities hereunder and any obligation or commitment of the Lender hereunder to make Advances to or issue
Letters of Credit for the account of the Borrowers to be terminated, whereupon the same shall forthwith terminate, and (ii) declare the unpaid principal amount of the Note, together with accrued and unpaid interest thereon, and all other
Obligations then outstanding to be immediately due and payable, whereupon the same shall become and be forthwith due and payable by the Borrowers to the Lender, without presentment, demand, protest or notice of any kind, all of which are expressly
waived by the Borrowers; provided that in the case of any Event of Default referred to in Sections 6.11 or 6.12 above, the Credit Facilities hereunder and any obligation or commitment of the Lender hereunder to make 

  

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Advances to, or issue Letters of Credit for the account of, the Borrowers shall immediately and automatically terminate and the unpaid principal amount of
the Note, together with accrued and unpaid interest thereon, and all other Obligations then outstanding shall be automatically and immediately due and payable by the Borrowers to the Lender without notice, presentment, demand, protest or other
action of any kind, all of which are expressly waived by the Borrowers. 
 Upon the occurrence and during the continuation of any Event of Default, then in
each and every case, the Lender shall be entitled to exercise in any jurisdiction in which enforcement thereof is sought, the rights and remedies available to the Lender under the other provisions of this Agreement and the other Financing Documents.

 7.2. Default Rate. Notwithstanding the entry of any decree, order, judgment or other judicial action, upon the occurrence of an
Event of Default hereunder, the unpaid principal amount of the Note and all other monetary Obligations outstanding or becoming outstanding while such Event of Default exists shall bear interest from the date of such Event of Default until such Event
of Default has been cured to the satisfaction of the Lender, at a floating and fluctuating per annum rate of interest equal at all times to the Default Rate, irrespective of whether or not as a result thereof, the Note or any of the Obligations has
been declared due and payable or the maturity thereof accelerated. The Borrowers shall on demand from time to time pay such interest to the Lender and the same shall be a part of the Obligations hereunder. 
 7.3. Liens, Set-Off. As security for the payment of the Obligations and the performance of the Financing Documents, the Borrowers hereby grant to
the Lender a continuing security interest and lien on, in and upon all indebtedness owing to, and all deposits (general or special), credits, balances, monies, securities and other property of, the Borrowers and all proceeds thereof, both now and
hereafter held or received by, in transit to, or due by, the Lender. In addition to, and without limitation of, any rights of the Lender under applicable laws, if the Borrowers becomes insolvent, however evidenced, or any Event of Default occurs,
the Lender may at any time and from time to time thereafter, without notice to the Borrowers, set-off, hold, segregate, appropriate and apply at any time and from time to time thereafter all such indebtedness, deposits, credits, balances (whether
provisional or final and whether or not collected or available), monies, securities and other property toward the payment of all or any part of the Obligations in such order and manner as the Lender in its sole discretion may determine and whether
or not the Obligations or any part thereof shall then be due or demand for payment thereof made by the Lender. 
 7.4. Enforcement
Costs. The Borrowers agree to pay to the Lender on demand (a) all Enforcement Costs paid, incurred or advanced by or on behalf of the Lender including, without limitation, reasonable attorneys’ fees, costs and expenses, and
(b) interest on such Enforcement Costs from the date payment for the same is demanded until paid in full at a per annum rate of interest equal at all times to the Default Rate. All Enforcement Costs, with interest as above provided, shall be a
part of the Obligations hereunder. 
 7.5 Application of Proceeds. Following any Event of Default, any proceeds of the collection of
the Obligations will be applied by the Lender to the payment of Enforcement Costs, and any balance of such proceeds (if any) will be applied by the Lender to the payment of the remaining Obligations (whether then due or not), at such time or times
and in such order and manner of application as the Lender may from time to time in its sole discretion determine. 
  

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 7.6. Remedies, etc. Cumulative. Each right, power and remedy of the Lender as provided for in this
Agreement or in the other Financing Documents or now or hereafter existing under applicable laws or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for in this Agreement or in the
other Financing Documents or now or hereafter existing under applicable laws or otherwise, and the exercise or beginning of the exercise by the Lender of any one or more of such rights, powers or remedies shall not preclude the simultaneous or later
exercise by the Lender of any or all such other rights, powers or remedies. 
 7.7. No Waiver, Etc. No failure or delay by the Lender
to insist upon the strict performance of any term, condition, covenant or agreement of this Agreement or of the other Financing Documents, or to exercise any right, power or remedy consequent upon a breach thereof, shall constitute a waiver of any
such term, condition, covenant or agreement or of any such breach, or preclude the Lender from exercising any such right, power or remedy at any later time or times. By accepting payment after the due date of any amount payable under this Agreement
or under any of the other Financing Documents, the Lender shall not be deemed to waive the right either to require prompt payment when due of all other amounts payable under this Agreement or under any of the other Financing Documents, or to declare
an Event of Default for failure to effect such prompt payment of any such other amount. The payment by the Borrowers or any other person and the acceptance by the Lender of any amount due and payable under the provisions of this Agreement or the
other Financing Documents at any time during which an Event of Default exists shall not in any way or manner be construed as a waiver of such Event of Default by the Lender or preclude the Lender from exercising any right of power or remedy
consequent upon such Event of Default. 
 7.8. Liquidation of Guarantor. If any Event of Default shall occur and be continuing, IAHC
shall, immediately upon the dispatch of written notice to it from the Lender, liquidate the Guarantor, by either selling all of the Capital Stock of the Guarantor or liquidating all of the assets of the Guarantor (after complying with applicable
regulations), and promptly (in no event later than five (5) business days of receipt of same by IAHC) remit all of the net proceeds thereof to the Lender for application against the Obligations as a permanent dollar-for-dollar reduction in the
Revolving Credit Amount. IAHC hereby authorizes and warrants that upon its failure to commence such liquidation, the Lender shall immediately thereafter be entitled to specific performance of this provision, which is a material inducement to the
Lender’s commitment to lend as set forth herein. 
 7.9 Arbitration. 
 (a) This paragraph concerns the resolution of any controversies or claims between the parties, whether arising in contract, tort or by
statute, including but not limited to controversies or claims that arise out of or relate to: (i) this Agreement (including any renewals, extensions or modifications); or (ii) any document related to this Agreement (collectively a
“Claim”). For the purposes of this arbitration provision only, the term “parties” shall include any parent corporation, subsidiary or affiliate of the Lender involved in the servicing, management or administration of any
obligation described or evidenced by this Agreement. 
  

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 (b) At the request of any party to this Agreement, any Claim shall be resolved by binding
arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the “Act”). The Act will apply even though this Agreement provides that it is governed by the law of a specified state. The arbitration will take place on an
individual basis without resort to any form of class action. 
 (c) Arbitration proceedings will be determined in accordance
with the Act, the then-current rules and procedures for the arbitration of financial services disputes of the American Arbitration Association or any successor thereof (“AAA”), and the terms of this paragraph. In the event of any
inconsistency, the terms of this paragraph shall control. If AAA is unwilling or unable to (i) serve as the provider of arbitration or (ii) enforce any provision of this arbitration clause, any party to this agreement may substitute
another arbitration organization with similar procedures to serve as the provider of arbitration. 
 (d) The arbitration shall
be administered by AAA and conducted in Washington, D.C. All Claims shall be determined by one arbitrator; however, if Claims exceed Five Million Dollars ($5,000,000), upon the request of any party, the Claims shall be decided by three arbitrators.
All arbitration hearings shall commence within ninety (90) days of the demand for arbitration and close within ninety (90) days of commencement and the award of the arbitrator(s) shall be issued within thirty (30) days of the close of
the hearing. However, the arbitrator(s), upon a showing of good cause, may extend the commencement of the hearing for up to an additional sixty (60) days. The arbitrator(s) shall provide a concise written statement of reasons for the award. The
arbitration award may be submitted to any court having jurisdiction to be confirmed, judgment entered and enforced. 
 (e) The
arbitrator(s) will give effect to statutes of limitation in determining any Claim and may dismiss the arbitration on the basis that the Claim is barred. For purposes of the application of the statute of limitations, the service on AAA under
applicable AAA rules of a notice of Claim is the equivalent of the filing of a lawsuit. Any dispute concerning this arbitration provision or whether a Claim is arbitrable shall be determined by the arbitrator(s). The arbitrator(s) shall have the
power to award reasonable legal fees pursuant to the terms of this Agreement. 
 (f) This paragraph does not limit the right
of any party to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii) initiate judicial or non-judicial foreclosure against any real or personal property collateral; (iii) exercise any judicial or power of sale
rights, or (iv) act in a court of law to obtain an interim remedy, such as but not limited to, specific performance, injunctive relief, writ of possession or appointment of a receiver, or additional or supplementary remedies. 
 (g) The filing of a court action is not intended to constitute a waiver of the right of any party, including the suing party, thereafter
to require submittal of the Claim to arbitration. 
  

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 (h) By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any
right they may have to a trial by jury in respect of any Claim. Furthermore, without intending in any way to limit this agreement to arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably and voluntarily waive any right they
may have to a trial by jury in respect of such Claim. This provision is a material inducement for the parties entering into this Agreement. 
 SECTION 8. Miscellaneous. 
 8.1. Course of Dealing; Amendment. No course of dealing between the Lender and the
Borrowers shall be effective to amend, modify or change any provision of this Agreement or the other Financing Documents. The Lender shall have the right at all times to enforce the provisions of this Agreement and the other Financing Documents in
strict accordance with the provisions hereof and thereof, notwithstanding any conduct or custom on the part of the Lender in refraining from so doing at any time or times. The failure of the Lender at any time or times to enforce its rights under
such provisions, strictly in accordance with the same, shall not be construed as having created a custom in any way or manner contrary to specific provisions of this Agreement or the other Financing Documents or as having in any way or manner
modified or waived the same. This Agreement and the other Financing Documents to which the Borrowers are a party may not be amended, modified, or changed in any respect except by an agreement in writing signed by the Lender and the Borrowers.

 8.2. Waiver of Default. The Lender may, at any time and from time to time, execute and deliver to the Borrowers a written
instrument waiving, on such terms and conditions as the Lender may specify in such written instrument, any of the requirements of this Agreement or of the other Financing Documents or any Event of Default or Default and its consequences, provided,
that any such waiver shall be for such period and subject to such conditions as shall be specified in any such instrument. In the case of any such waiver, the Borrowers and the Lender shall be restored to their former positions prior to such Event
of Default or Default and shall have the same rights as they had hereunder. No such waiver shall extend to any subsequent or other Event of Default or Default, or impair any right consequent thereto and shall be effective only in the specific
instance and for the specific purpose for which given. 
 8.3. Notices. All notices, requests and demands to or upon the parties to
this Agreement shall be deemed to have been given or made when delivered by hand, or when received after being deposited in the mail, postage prepaid by registered or certified mail, return receipt requested, one day after being sent by reputable
overnight delivery service, or, in the case of notice by telegraph, telex or facsimile transmission, when properly transmitted, addressed as follows or to such other address as may be hereafter designated in writing by one party to the other:

 If to any Loan Party: 
 International Assets Holding Corporation 
 220 E. Central Parkway, Suite 2060 
 Attention: Brian Sephton 
 Altamonte
Springs, Florida 32701 
 Telephone Number: (407) 741-5309 
  

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 With a copy to: 
 International Assets Holding Corporation 
 708 Third Avenue 
 New York, NY 10017 
 Attention: Scott Branch

 Telephone: (212) 485-3511 
 Facsimile No. (212) 485-3505 
 Lender: Bank of America, N.A. 
 8300 Greensboro Drive, Mezzanine Level 
 McLean, Virginia 22102 
 Attention: Matthew Beardall 
 Facsimile No.: (703) 761-8118 
 With a copy to: 
 Ober, Kaler Grimes & Shriver, 
 A
Professional Corporation 
 1401 H Street, N.W. 
 Washington, D.C. 20005 
 Attention: Nikolaus F. Schandlbauer, Esquire 
 Telephone No.: 202-326-5016 
 Telecopy No.:
202-408-0640 
 except in cases where it is expressly herein provided that such notice, request or demand is not effective until received by the party to
whom it is addressed. 
 8.4. Right to Perform. If the Borrowers shall fail to make any payment or to otherwise perform, observe or
comply with the provisions of this Agreement or any of the other Financing Documents, then and in each such case, the Lender may (but shall be under no obligation whatsoever to) without notice to or demand upon the Borrowers remedy any such failure
by advancing funds or taking such action as it deems appropriate for the account and at the expense of the Borrowers. The advance of any such funds or the taking of any such action by the Lender shall not be deemed or construed to cure an Event of
Default or waive performance by the Borrowers of any provisions of this Agreement. The Borrowers shall pay to the Lender on demand, together with interest thereon from the date of such demand until paid in full at a per annum rate of interest equal
at all times to the Default Rate, any such funds so advanced by the Lender and any costs and expenses advanced or incurred by or on behalf of the Lender in taking any such action, all of which shall be a part of the Obligations hereunder.

 8.5. Costs and Expenses. The Borrowers agree to pay to the Lender on demand all such reasonable fees, recordation and other taxes,
costs and expenses of whatever kind and nature, including reasonable attorney’s fees and disbursements, which the Lender may incur or which are payable in connection with the closing and the administration of the Credit Facilities, 

  

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including, without limitation, the preparation of this Agreement and the other Financing Documents, the recording or filing of any and all of the Financing
Documents and obtaining lien searches. All such fees, costs, recordation and other taxes shall be a part of the Obligations hereunder. 
 8.6. Consent to Jurisdiction. If for any reason the arbitration provisions of this Agreement are not given effect, the Borrowers irrevocably (a) consent and submit to the jurisdiction and venue of any state or federal court
sitting in the Commonwealth of Virginia over any suit, action or proceeding arising out of or relating to this Agreement or any of the other Financing Documents, (b) waive, to the fullest extent permitted by law, any objection that the
Borrowers may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum, and (c) consent to the service of process in any such suit, action or proceeding in any such court by the mailing of copies of such process to the Borrowers by certified or registered mail at the Borrowers’ address set forth herein
for the purpose of giving notice. 
 8.7. WAIVER OF JURY TRIAL. THE BORROWERS AND THE LENDER HEREBY VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THE CREDIT FACILITIES, THIS AGREEMENT OR ANY OF THE OTHER FINANCING DOCUMENTS IN FAVOR OF THE
ARBITRATION CLAUSE SET FORTH HEREIN. 
 8.8. Certain Definitional Provisions. All terms defined in this Agreement shall have such
defined meanings when used in any of the other Financing Documents. Accounting terms used in this Agreement shall have the respective meanings given to them under generally accepted accounting principles in effect from time to time in the United
States of America. The words “hereof, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. As used
herein, the singular number shall include the plural, the plural, the singular and the use of the masculine, feminine or neuter gender shall include all genders, as the context may require. Unless otherwise defined herein, all terms used herein
which are defined by the Uniform Commercial Code shall have the same meanings as assigned to them by the Uniform Commercial Code unless and to the extent varied by this Agreement. 
 8.9. Severability. The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity, legality or
enforceability of any of the other provisions of this Agreement which shall remain effective. 
 8.10. Survival. All representations,
warranties and covenants contained among the provisions of this Agreement shall survive the execution and delivery of this Agreement and all other Financing Documents. 
  

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 8.11. Binding Effect. This Agreement and all other Financing Documents shall be binding upon and
inure to the benefit of the Borrowers and the Lender and their respective personal representatives, successors and assigns, except that the Borrowers shall not have the right to assign its rights hereunder or any interest herein without the prior
written consent of the Lender. 
 8.12. Applicable Law and Time of Essence. This Agreement and the rights and obligations of the
parties hereunder shall be construed and interpreted in accordance with the laws of the Commonwealth of Virginia, both in interpretation and performance. Time is of the essence in connection with all obligations of the Borrowers hereunder and under
any of the other Financing Documents. 
 8.13. Duplicate Originals and Counterparts. This Agreement may be executed in any number of
duplicate originals or counterparts, each of such duplicate originals or counterparts shall be deemed to be an original and all taken together shall constitute but one and the same instrument. 
 8.14. Headings. Section and subsection headings in this Agreement are included herein for convenience of reference only, shall not constitute a
part of this Agreement for any other purpose and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 
 8.15 Joint and Several Liability, Etc. The Borrowers shall be jointly and severally liable for the payment and performance of the Obligations. The Lender may, without notice to or consent of any of the Borrowers and with or without
consideration, release, discharge, compromise or settle with, waive, grant indulgences to, proceed against or otherwise deal with, any of the Borrowers without in any way affecting, limiting, modifying, discharging or releasing any of the
obligations and liabilities under this Agreement or any other Financing Documents of the other Borrowers. Each of the Borrowers consents and agrees that (a) the Lender shall be under no obligation to marshall any assets in favor of such
Borrower or against or in payment of any or all of the obligations and liabilities of such Borrower under this Agreement or any of the other Financing Documents, (b) any rights such Borrower may have against the other Borrowers for
contribution, exoneration from payment or otherwise, in respect of any amounts paid by such Borrower pursuant to any of the Financing Documents or which continue to be owing pursuant to any of the Financing Documents, shall be postponed until the
Obligations have been indefeasibly paid in full and no commitments therefor are outstanding and (c) the Lender may enforce and collect the obligations and liabilities of such Borrower hereunder or under the other Financing Documents
irrespective of any attempt, pursuit, enforcement or exhaustion of any rights and remedies the Lender may at any time have to collect the obligations and liabilities hereunder or under the other Financing Documents of the other Borrowers.

 8.16 Amendment and Restatement of Original Credit Agreement. This Agreement is an agreement amending and restating the provisions
of the Original Credit Agreement. The Borrowers agree that it is their intention that nothing in this Agreement shall be construed to extinguish, release or discharge, or constitute, create or effect a novation of or an agreement to extinguish any
of their obligations under the Original Credit Agreement. In the event of any conflict between the provisions of this Agreement and the Original Credit Agreement, the provisions of this Agreement shall take precedence and govern. 
 [remainder of page left intentionally blank – signature pages to follow] 

  

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 IN WITNESS WHEREOF, each of the parties hereto have executed and delivered this Agreement under their
respective seals as of the day and year first written above. 
  

							
	WITNESS:	 		 	 INTERNATIONAL ASSETS
 HOLDING CORPORATION

				
	/s/ Diana Guzman	 		 	By:	 	/s/ Sean O’Connor
	(SEAL)	 		 		 	Printed Name: Sean O’Connor
		 		 		 	Title: CEO
			
	WITNESS:	 		 	 INTERNATIONAL ASSETS
 HOLDING CORPORATION

				
	/s/ Diana Guzman	 		 	By:	 	/s/ Scott Branch
	(SEAL)	 		 		 	Printed Name: Scott Branch
		 		 		 	Title: President
			
	WITNESS:	 		 	INTL ASSETS, INC.
				
	/s/ Diana Guzman	 		 	By:	 	/s/ Sean O’Connor
	(SEAL)	 		 		 	Printed Name: Sean O’Connor
		 		 		 	Title: CEO

  

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	WITNESS:	 		 	INTL COMMODITIES, INC.
				
	/s/ Diana Guzman	 		 	By:	 	/s/ Sean O’Connor
	(SEAL)	 		 		 	Printed Name: Sean O’Connor
		 		 		 	Title: CEO
			
	WITNESS:	 		 	BANK OF AMERICA, N.A.
				
	/s/ Gail W. Jones	 		 	By:	 	/s/ Michael D. Brannan
	(SEAL)	 		 		 	Michael D. Brannan
		 		 		 	Senior Vice President

  

 INTL – amended and restated credit agreement 
 Page 32 of 33 

 Schedule 3  
 Exceptions to Borrowers’ Representations and Warranties

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