Document:

First Amendment to Unsecured Revolving Subordinated Note

 Exhibit 10.23 
  
 FIRST AMENDMENT 
 TO 
 UNSECURED REVOLVING SUBORDINATED NOTE 
  
 THIS FIRST AMENDMENT TO the Unsecured Revolving Subordinated Note (the “Note”) is dated this 3d November 2003 (“Amendment Agreement”) by and between Deere Credit, Inc. (Deere) and FC Stone L.L.C. (Borrower), a Iowa Limited Liability Corporation (“Borrower”). 
  
 RECITALS 
  

	A.	Whereas, Deere agreed to provide Borrower a loan of $5,000,000 and Borrower and Deere entered into a Revolving Subordinated Note in the amount of $5,000,000,dated as of November 21,
2002, evidencing said loan. 

  

	B.	The Borrower has requested an increase of $2,000,000 in the loan facility and Deere has approved this request so that the parties hereto desire to amend the Note to provide for an
increase in the amount that Deere agrees to lend to Borrower from $5,000,000 to $7,000,000. 

  
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, including the mutual promises and agreements contained herein, the parties hereto hereby agree as follows:

  
 1. Definitions. Capitalized terms used herein without
definition shall have the definition given to them in the Unsecured Revolving Subordinated Note, herein referenced above, or as defined by other transaction documents referenced therein, as may be amended, if so defined therein. 
  
 2. Amendments to Unsecured Revolving Subordinated Note. The
parties hereto agree that the Note shall be amended as follows: 
  

	 	2.1	The amount of the Note shale be increased from $5,000,000 (Five Million and 00/100 dollars) to $7,000,000 (Seven Million and 00/100 dollars), and 

  

	 	2.2	The first sentence of Paragraph 1 which reads as follows: 

  
 FOR VALUE RECEIVED, FC STONE, L.L.C., an Iowa Corporation, of West Des Moines, Iowa (the “Borrower”), promises to pay to
the order of Deere Credit, Inc., a Delaware corporation (the “Deere”), at Deere’s office at such place as Deere may designate in writing, the principal sum of Five Million and 00/100 DOLLARS ($5,000,000.00), together with interest as
provided in this Note, all in lawful money of the United States of America. 
  

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 Shall be amended to read as follows: 
  
 FOR VALUE RECEIVED, FC STONE, L.L.C., an Iowa Corporation, of West Des Moines, Iowa (the
“Borrower”), promises to pay to the order of Deere Credit, Inc., a Delaware corporation (the “Deere”), at Deere’s office at such place as Deere may designate in writing, the principal sum of Seven Million and 00/100 DOLLARS
($7,000,000.00), together with interest as provided in this Note, all in lawful money of the United States of America. 
  
 3. Borrower’s Representations. Borrower hereby represents and warrants that, after giving effect to this Amendment Agreement and the
transactions contemplated hereby, no Event of Default has occurred and is continuing under the Note or related Transaction Documents as defined by the Revolving Subordinated Agreement dated November 21, 2002. 
  
 4. General Provisions. 
  
 4.1 The Note, except as expressly modified herein, shall continue in
full force and effect and be binding upon the parties thereto. 
  
 4.2 The execution, delivery and effectiveness of this Amendment Agreement shall not operate as a waiver of any right, power or remedy Deere may have under any of the loan documents, nor constitute a waiver of any provision of any of
the Transaction Documents, and the Note, as expressly modified hereby, and each of the other Transaction Documents, are hereby ratified and confirmed and shall continue in full force and effect and be binding upon the parties thereto. Any direct or
indirect reference in the transaction documents to the “Unsecured Revolving Subordinated Note” shall be deemed to be a reference to the Unsecured Revolving Subordinated Note as amended by this Amendment Agreement. 
  
 5. Governing Law. This Amendment Agreement shall be governed by
and construed in accordance with the laws of the State of Iowa or by the laws of the State of Illinois/New York as such may so be judicially determined. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the Unsecured Revolving Subordinated Loan Note to be executed by their
duly authorized officers as of the date shown above. 
  

													
	DEER CREDIT, INC.	 	 	 	FC STONE L.L.C.
							
	By:	 	 	 	/s/    BERT D. JOHNSON        	 	 	 	By:	 	 	 	/s/    ROBERT V. JOHNSON        
	 Print Name:
	 	Bert D. Johnson	 	 	 	 Print Name:
	 	Robert V. Johnson
	 Title:
	 	Portfolio Mgr.	 	 	 	 Title:
	 	Exec. V.P. & CFO

  

 Page 2 of 2Master Loan Agreement

 Exhibit 10.24 
  
 MASTER LOAN AGREEMENT 
  
 This Master Loan Agreement (the “Agreement”) is entered into as of February 15, 2001, between Deere Credit, Inc., a Delaware corporation (“Deere”) and
FC STONE, L.L.C., West Des Moines, Iowa, (the “Borrower”). 
  
 RECITALS 
  
 Deere is in the business of providing
debt financing. Borrower wishes to borrow money from Deere and Deere is willing to do so, subject to the terms and conditions of this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and other good and valuable consideration, the receipt and sufficiency of which is expressly
acknowledged, the parties agree as follows: 
  
 1.
Notes. If Borrower desires to borrow from Deere and Deere is willing to lend to Borrower, or if Deere and Borrower desire to consolidate any existing loans hereunder, the parties will enter into a promissory note for such Loan facility
(“Note”). Each Note will set forth the amount of the loan, the purpose of the loan, the interest rate or rate options applicable to that loan, the repayment terms of the loan, and any other terms and conditions applicable to that
particular loan. Each loan will be governed by the terms and conditions contained in this Agreement and in the Note relating to the loan. This Agreement, any Note, any security documentation, and any other required documentation and agreements are
collectively referred to herein as the “Transaction Documents”. 
  
 2. Advance Request. Advances shall be made available upon the telephonic or written request of Borrower on any day on which Deere and the Federal Reserve Banks are open for business. Requests for
advances by wire transfer must be received no later than 1:30 p.m. and by ACH no later than 12:00 p.m. Central Time, on the date the advance is requested. Loans will be made available to such account or accounts as may be authorized by Borrower.
Borrower shall furnish to Deere a duly completed and executed copy of a Deere Delegation and Wire Transfer/ACH Authorization form, and Deere shall be entitled to rely on (and shall incur no liability to Borrower in acting on) any request or
direction furnished in accordance with the terms hereof. Each advance request made hereunder shall constitute a certification by Borrower that Borrower is in compliance with all of the terms and conditions of the Transaction Documents and that all
representations and warranties contained in the Transaction Documents are true as of the date of the Advance. 
  
 3. Repayment. Borrower’s obligation to repay each loan shall be evidenced by the promissory note set forth in the Note relating to that
loan or by such replacement note(s) as Deere may require. Deere shall maintain a record of all loans, the interest accrued thereon, and 

  

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all payments made with respect thereto, and such record shall, absent proof of manifest error, be conclusive evidence of the outstanding principal and
interest on the loans. All payments may be made by wire transfer of immediately available funds, or by ACH, or by check. Wire and ACH transfers shall be made to such account as Deere may direct by notice for advice to and credit of Deere. Borrower
shall give Deere telephonic notice no later than 1:00 p.m. Borrower’s local time of its intent to pay by wire and funds received after 3:00 p.m. Borrower’s local time shall be credited on the next business day. Funds received by ACH shall
be credited on the next business day. Checks shall be mailed to such place as Deere may direct by notice. Credit for payment by check will not be given until the latter of: (a) the day on which Deere receives immediately available funds; or (b) the
next business day after receipt of the check. 
  
 4.
Security. Borrower’s obligations under this Agreement, all Notes (whenever executed), and all instruments and documents contemplated hereby or thereby, the Transaction Documents, shall be on an unsecured basis. 
  
 5. Interest Rate. The Loan shall bear interest at the rate specified
in the Note(s). 
  
 6. Conditions Precedent. Deere’s
obligation to make any Advances under any Loan entered into pursuant to this Agreement is subject to the receipt by Deere of: 
  

	 	A.	A duly executed original of each of the Transaction Documents; 

  

	 	B.	Certified board resolutions, evidence of incumbency, certificate of good standing, certified copy of Articles of Incorporation, certified copy of By Laws, and other evidence as
Deere may require that all Transaction Documents and all instruments and documents related thereto that the documents have been duly executed and delivered; 

  

	 	C.	Evidence that no Event of Default has occurred or, would occur with the passage of time or giving of notice or both; and 

  

	 	D.	All fees and other charges under the Transaction Documents have been duly paid. 

  
 7. Representations and Warranties. Borrower represents and warrants (which representations and warranties
shall be deemed to be continuing): 
  

	 	A.	Each representation and warranty and all information set forth in any application or any information submitted with the application is correct in all material respects as of the
date of the Advance Request; 

  

	 	B.	The Transaction Documents do not conflict with any other agreement to which Borrower is a party or with any provision of Borrower’s bylaws, articles of incorporation or other
organizational documents; 

  

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	 	C.	Borrower is in compliance with all of the terms of the Transaction Documents; 

  

	 	D.	Transaction Documents create legal, binding and enforceable obligations of Borrower, except as bankruptcy and similar laws affecting creditors rights generally may limit
enforceability; and 

  

	 	E.	Borrower is in compliance with environmental regulatory authorities and no material environmental contamination is known to exist. 

  
 8. Affirmative Covenants. Unless Deere otherwise consents in writing,
while this Agreement is in existence, Borrower shall: 
  

	 	A.	Maintain its existence and good standing in the jurisdiction of its incorporation or formation; 

  

	 	B.	Qualify and remain qualified to transact business wherever such qualification is required and obtain and maintain all licenses, certificates, permits and authorizations that are
material to its business or required by law, rule, regulation, code, orders or other governmental requirement (the “Laws”); 

  

	 	C.	Comply in all material respects with all applicable Laws (including, without limitation), environmental laws and all Laws relating to patron or member investment program that
Borrower may have; 

  

	 	D.	Cause all persons occupying or present on any property of Borrower to comply in all material respects with all environmental Laws; 

  

	 	E.	Maintain insurance with companies satisfactory to Deere in such amounts and covering such risks as are customarily carried by companies engaged in the same or similar business and
similarly situated, and make such increases in the amount or type of coverage as Deere may request; 

  

	 	F.	Cause all insurance policies covering any collateral to have loss payable clauses or endorsements in form and content acceptable to Deere; 

  

	 	G.	Maintain its property in good working condition, ordinary wear and tear excepted; 

  

	 	H.	Keep books of account in accordance with generally accepted accounting principles (“GAAP”) consistently applied; 

  

	 	I.	Permit Deere, or its agents, to inspect the properties, books and records of Borrower and to discuss Borrower’s affairs, finances and accounts with its directors, employees,
and independent certified public accountants; 

  

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	 	J.	Borrower will have an excess of current assets over current liabilities, working capital, (both as determined in accordance with GAAP consistently applied) of not less than
$12,500,000 at the end of each period for which financial statements are required to be furnished hereunder; and 

  

	 	K.	Borrower will have an excess of total assets over total liabilities, net worth, (both as determined in accordance with GAAP consistently applied) of not less than $20,000,000 at the
end of each fiscal year. 

  
 9. Reporting
Covenants. Unless Deere otherwise consents in writing, while this Agreement is in effect, Borrower shall furnish Deere: 
  

	 	A.	Within one hundred twenty (120) days after the end of each fiscal year of Borrower occurring during the term hereof (i) annual financial statements prepared in accordance with GAAP
consistently applied and audited by independent certified public accountants selected by Borrower and acceptable to Deere and (ii) a report of such accountants on such statements containing an opinion reasonably acceptable to Deere;

  

	 	B.	Within forty five (45) days of the end of each month of Borrower (other than the last fiscal month for each fiscal year), a balance sheet, a statement of income for such fiscal
month and for the period year to date, and such other monthly statements as Deere may specifically request, all prepared in reasonable detail and in form and substance reasonably acceptable to Deere; 

  

	 	C.	Promptly after becoming aware thereof, notice of the occurrence of a default or of any event which with the giving of notice and/or the passage of time would become an Event of
Default hereunder; 

  

	 	D.	Promptly after becoming aware thereof: (i) notice of the commencement of all actions, suits, or proceedings affecting Borrower which, if determined adversely to Borrower, could have
a material adverse effect on Borrower; and (ii) notice of the receipt of all pleadings, orders, complaints, indictments or any other communication alleging a condition that may require Borrower to undertake or to contribute to a cleanup or other
response regarding environmental Laws, or which seek penalties, damages, injunctive relief, or criminal sanctions related to alleged violations of such Laws or which claim personal injury or property damage to any person as a result of environmental
factors or conditions; 

  

	 	E.	Promptly after any change in Borrower’s bylaws or articles of incorporation (or like documents), copies of all such changes, certified by Borrower’s Secretary; and

  

	 	F.	Such other information as Deere may periodically request. 

  

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 10. Negative Covenants. Unless Deere otherwise consents in writing, while this
Agreement is in effect, Borrower shall not: 
  

	 	A.	Create, assume or allow to exist any indebtedness or liability for borrowed money or for the deferred purchase price of property or services (including capitalized leases) except
for indebtedness to Deere, accounts payable to trade creditors and current operating liabilities (other than for borrowed money) incurred in the ordinary course of business; and except for committed lines of credit from Harris Bank and Trust in an
amount not to exceed $15,000,000, and committed lines of credit from CoBank not to exceed $10,000,000; 

  

	 	B.	Grant, assume or allow to exist any security interest or other consensual lien on any of its property, except for liens in the favor of Deere, liens which have been consented to by
Deere, liens which are subordinate to any interest of Deere and which secure only that indebtedness permitted to exist pursuant to this Agreement and miscellaneous purchase money security interests in Borrower’s inventory or equipment to which
Deere has previously consented in writing; and except for liens on Borrower’s investment in CoBank; 

  

	 	C.	Allow to exist any non-consensual or statutory liens that secure obligations that are past due or any judgment liens; 

  

	 	D.	Merge or consolidate with any other entity unless Borrower is the surviving entity in such merger or consolidation; 

  

	 	E.	Lend money except in the ordinary course of business or otherwise extend credit except for trade credit extended in the ordinary course of business; 

  

	 	F.	Assume, guaranty or otherwise become liable (directly or indirectly) for the debts of another; and 

  

	 	G.	Engage in any business activities substantially different from Borrower’s present business activities; 

  
 11. Events of Default. Borrower shall be in default
hereunder if any of the following occur: 
  

	 	A.	Borrower fails to make any payment required to be made under this Agreement or any of the Transaction Documents when due; 

  

	 	B.	Any representation or warranty made or deemed made by Borrower in any Transaction Document shall prove to have been false or misleading when made; 

  

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	 	C.	Borrower shall fail to comply with any of the covenants contained in this Agreement and such failure shall continue for fifteen days following the delivery of written notice to
Borrower; 

  

	 	D.	Any other covenant or agreement set forth herein or in any other Transaction Document is breached or Borrower uses the proceeds of the Loan in a manner not permitted hereunder;

  

	 	E.	Borrower breaches or is in default in any other agreement between Borrower and Deere; 

  

	 	F.	Borrower fails to pay when due any indebtedness (including, capital leases and deferred purchase prices of property) to any other lender or any event occurs which constitutes an
event of default, or would constitute an event of default with the passage of time, delivery of notice or both; 

  

	 	G.	Borrower becomes insolvent or does not pay its debts as they become due or suspends its business operations or a material part thereof or makes an assignment for benefit of
creditors or commences or has commenced against it any proceeding for the appointment of a receiver, trustee or custodian for it or any of its property or any proceeding under any bankruptcy, reorganization, dissolution, or similar law; or

  

	 	H.	Any material adverse change occurs in Borrower’s financial condition, results of operation, or ability to perform its obligations to Deere under this Agreement and the other
Transaction Documents. 

  
 12.
Remedies. Upon the occurrence of an Event of Default, or an occurrence which with the passage of time and/or the delivery of notice, Deere shall have no further obligation to continue to extend credit to Borrower and may discontinue doing so
at any time without any prior notice. Additionally, upon the occurrence of an Event of Default, Deere may: 
  

	 	A.	Terminate any commitment; 

  

	 	B.	Declare the unpaid balance of the Loans, all accrued and unpaid interest and all late fees and charges immediately due and payable; 

  

	 	C.	Proceed to protect, exercise, and enforce such rights and remedies as may be provided by any of the Transaction Documents or under law; 

  

	 	D.	Apply all payments received by Deere to Borrower’s obligations in such order and manner as Deere may elect; and 

  

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	 	E.	Hold and/or set off and apply against Borrower’s obligations to Deere, the proceeds of any cash collateral held by Deere or any balances held by Deere for Borrower’s
account (whether or not such balances are due). 

  
 Borrower acknowledges that each and everyone of the rights of Deere shall be cumulative and may be exercised from time to time, and no failure on the part of Deere to exercise, and no delay in exercising, any right or remedy shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or future exercise thereof, or the exercise of any other right or remedy. 
  
 13. Notices. All notices provided for herein shall be in writing (including facsimile) and shall be
mailed or delivered to the following addresses or facsimile number as either party may specify by notice to the other. 
  
 If to Deere: 
  
 Deere Credit, Inc. 
 6400 N. W. 86th St. 
 P.O. Box
6650-Dept. 140 
 Attention: Bert D. Johnson 
 Johnston, IA 50131-6650 
 Fax No.: (515) 267-4020 
  
 If to Borrower: 
 FC STONE, L.L.C. 
 2829 Westown Parkway

 Suite 200 
 West Des Moines, IA
50266 
 Attention: Bob Johnson 
 Fax No.: (515) 223-7424 
  
 14.
Expenses. Borrower shall pay all reasonable out of pocket costs and expenses (including fees and expenses of counsel retained by Deere) incurred by Deere in connection with the origination, administration, collection and enforcement of this
Agreement and the other Transaction Documents, including, without limitation, all costs and expenses incurred in perfecting, maintaining, determining the priority of, and releasing any security for Borrower’s obligations hereunder or under the
Transaction Documents and any stamp, intangible, transfer or similar tax payable in connection with this agreement or any other Transaction Document. 
  
 15. Miscellaneous. No amendment, modification or waiver shall be effective unless in writing and signed by both parties hereto. If this Agreement
is amended and restated, then the amended and restated loan agreement shall apply to each other Transaction Document. This Agreement shall continue to be in full force and effect until the Loan is paid off in full and Deere has no obligation to make
any future advances to Borrower. Except to the extent governed by 

  

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applicable federal law, this Agreement shall be governed by and construed in accordance with the laws of the State of Iowa. This Agreement supersedes all
prior written or oral understandings of the parties. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be effective to the extent thereof without invalidating the remaining
provisions hereof. This Agreement shall be binding upon and inure to the benefit of Borrower and Deere and their respective successors and assigns; provided, however, Borrower may not assign or transfer its rights or obligations under the
Transaction Documents without the prior written consent of Deere. This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together shall constitute one and the same documents.

  
 IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed by their duly authorized officers as of the date first shown above. 
  

									
	Deere Credit, Inc.	 	 	 	FC STONE, L.L.C.
					
	 By:
	 	 	 	 	 	 By:
	 	/s/    ROBERT V.
JOHNSON        
	 Title:
	 	 	 	 	 	 Title:
	 	Executive Vice President

  

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