Document:

Guaranty Agreement

 Exhibit 10.46 
 GUARANTY AGREEMENT 
 For value received and in consideration of
advances made or to be made, or credit given or to be given, or other financial accommodation afforded or to be afforded to FC STONE, L.L.C. (hereinafter designated as “Borrower”), by HARRIS N.A. (hereinafter called
the “Bank”), from time to time, the undersigned hereby guarantees the full and prompt payment to the Bank at maturity and at all times thereafter of any and all indebtedness, obligations and liabilities of every kind and nature of
the Borrower to the Bank (including liabilities of partnerships created or arising while the Borrower may have been or may be a member thereof), howsoever evidenced, whether now existing or hereafter created or arising, whether direct or indirect
absolute or contingent, or joint or several, and howsoever owned, held or acquired, whether through discount, overdraft, purchase, direct loan or as collateral, or otherwise (hereinafter all such indebtedness, obligations and liabilities being
collectively referred to as the “Indebtedness; the undersigned further agrees to pay all expenses, legal and/or otherwise (including court costs and reasonable attorneys’ fees), paid or incurred by the Bank in endeavoring to collect the
Indebtedness, or any part thereof, and in protecting, defending or enforcing this guaranty in any litigation, bankruptcy or insolvency proceedings or otherwise. The liability of the undersigned hereunder is limited to $15,000,000 plus interest on
all loans and/or advances hereunder and all expenses hereinbefore mentioned. 
 The undersigned further acknowledges and agrees with the Bank
that; 
 1. This guaranty is a continuing, absolute and unconditional guaranty, and shall remain in full force and effect until written notice of its
discontinuance shall be actually received by the Bank, and also until any and all of the Indebtedness created, existing or committed to before receipt of such notice shall be fully paid. The death or dissolution of the undersigned shall not
terminate this guaranty until notice of such death or dissolution shall have been actually received by the Bank, nor until all of the Indebtedness created or existing before receipt of such notice shall be fully paid. The granting of credit from
time to time by the Bank to the Borrower in excess of the amount to which the right of recovery under this guaranty is limited and without notice to the undersigned, is hereby also authorized and shall in no way affect or impair this guaranty.

 2. In case of the death, incompetency, dissolution, liquidation or insolvency (howsoever evidenced) of, or the institution of bankruptcy or receivership
proceedings against the Borrower or the undersigned, all of the Indebtedness then existing shall, at the option of the Bank, immediately become due or accrued and payable from the undersigned. All dividends or other payments received from the
Borrower or on account of the Indebtedness from whatsoever source, shall be taken and applied as payment in gross, and this guaranty shall apply to and secure any ultimate balance that shall remain owing to the Bank. 
 3. The liability hereunder shall in no wise be affected or impaired by (and the Bank is hereby authorized to make from time to time, without notice to anyone), any sale,
pledge, surrender, compromise, settlement, release, renewal, extension, indulgence, alteration, substitution, exchange, change in, modification or other disposition of any of the Indebtedness, either express or implied, or of any contract or
contracts evidencing any of the Indebtedness, or of any security or collateral therefor. The liability hereunder shall in no wise be affected or 

 
impaired by any acceptance by the Bank or any security for, or other guarantors upon, any of the indebtedness, or by any failure, neglect or omission on the
part of the Bank to realize upon or protect any of the indebtedness, or any collateral or security therefor, or to exercise any lien upon or right of appropriation of any moneys, credits or property of the Borrower, possessed by the Bank, toward the
liquidation of the Indebtedness, or by any application of payments or credits thereon. The Bank shall have the exclusive right to determine how, when and what application of payments and credits, if any, shall be made on the Indebtedness, or any
part thereof. In order to hold the undersigned liable hereunder, there shall be no obligation on the part of the Bank, at any time, to resort for payment to the Borrower or to any other guaranty, or to any other persons or corporations, their
properties or estates, or resort to any collateral, security, property, liens or other rights or remedies whatsoever, and the Bank shall have the right to enforce this guaranty irrespective of whether or not other proceedings or steps seeking resort
to or realization upon or from any of the foregoing are pending. 
 4. All diligence in collection or protection, and all presentment, demand, protest and/or
notice, as to any and everyone, whether or not the Borrower or the undersigned or others, of dishonor and of default and of non-payment and of the creation and existence of any and all of the Indebtedness, and of any security and collateral
therefor, and of the acceptance of this guaranty, and of any and all extensions of credit and indulgence hereunder, are waived. No act of commission or omission of any kind, or at any time, upon the part of the Bank in respect of any matter
whatsoever, shall in any way affect to impair this guaranty. 
 5. The undersigned will not exercise or enforce any right of exoneration, contribution,
reimbursement, recourse or subrogation available to the undersigned against any person liable for payment of the Indebtedness, or as to any security therefor, unless and until the full amount owing to the Bank on the Indebtedness has been paid and
the payment by the undersigned or any amount pursuant to this guaranty shall not in any wise entitle the undersigned to any right, title or interest (whether by way of subrogation or otherwise) in and to any of the Indebtedness or any proceeds
thereof or any security therefor unless and until the full amount owing to the Bank on the Indebtedness has been paid. 
 6. The Bank may, without any notice
whatsoever to anyone, sell, assign or transfer all of the Indebtedness, or any part thereof, or grant participations therein, and in that event each and every immediate and successive assignee, transferee, or holder of or participant in all or any
part of the Indebtedness, shall have the right to enforce this guaranty, by suit or otherwise, for the benefit of such assignee, transferee, holder or participant, as fully as if such assignee, transferee, holder or participant were herein by name
specifically given such rights, powers and benefits; but the Bank shall have an unimpaired right to enforce this guaranty for the benefit of the Bank or any such participant, as to so much of the Indebtedness that it has not sold, assigned or
transferred. 
 7. The undersigned waives any and all defenses, claims and discharges of the Borrower, or any other obligor, pertaining to the Indebtedness,
except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the undersigned will not assert, plead or enforce against the Bank any defense of waiver, release, discharge in bankruptcy, statute of limitations,
res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to the Borrower or any 

 
other person liable in respect of any of the Indebtedness, or any setoff available against the Bank to the Borrower or any such other person, whether or not
on account of a related transaction. The undersigned agrees that the undersigned shall be and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing the Indebtedness, whether or not the liability
of the Borrower or any other obligor for such deficiency is discharged pursuant to statute or judicial decision. 
 8. If any payment applied
by the Bank to the Indebtedness is thereafter set aside, recovered rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of the Borrower or any other obligor), the
Indebtedness to which such payment was applied shall for the purposes of this guaranty be deemed to have continued in existence, notwithstanding such application, and this guaranty shall be enforceable as to such of the Indebtedness as fully as if
such application had never been made. 
 9. The liability of the undersigned under this guaranty is in addition to and shall be cumulative
with all other liabilities of the undersigned to the Bank as guarantor of the Indebtedness, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provided to the contrary.

 10. Any invalidity or unenforceability of any provision or application of this guaranty shall not affect other lawful provisions and
applications hereof, and to this end the provisions of this guaranty are declared to be severable. This guaranty shall be construed according to the laws of the State of Illinois, in which State it shall be performed by the undersigned and may not
be waived, amended, released or otherwise changed except by a writing signed by the Bank. 
 11. This guaranty and every part thereof shall
be effective upon delivery to the Bank, without further act, condition or acceptance by the Bank, shall be binding upon the undersigned, jointly and severally, and upon the heirs, legal representatives, successors and assigns of the undersigned, and
shall inure to the benefit of the Bank, its successors, legal representatives and assigns. The undersigned waives notice of the Bank’s acceptance hereof. 
 12. This guaranty is issued in addition to, and not replacement for, that certain Guaranty Agreement of the undersigned dated September 15, 2000, in the amount of $15,000,000. 
 SIGNED and DELIVERED by the undersigned, at Chicago, Illinois this 30 day of June,
2006. 
  

			
	FC STONE GROUP, INC.
	fka Farmers Commodities Corporation
		
		 	 /s/ Robert V. Johnson

	By:	 	Robert V. Johnson
	Its:	 	Exec. V.P. & C.F.O.Letter Agreement

 Exhibit 10.47 
 FC Stone Group 
 P.O. Box 4887 
 Des Moines, Iowa
50306-4887 
 Attention: Mr. Robert Johnson 
 Dear
Mr. Johnson: 
 I am pleased to advise you that we have renewed the following facilities available to FC Stone, LLC, (i) $15,000,000
revolving line of credit (which was temporarily increased to $30,000,000 through June 30, 2007), the purpose of which is to provide overnight and intraday loans to finance commercial customers’ variation margin calls at the Chicago Board
of Trade or the New York Mercantile Exchange, (ii) $375,000 stand-by letter of credit line and (iii) $5,000,000 revolving line of credit, the purpose of which is to provide loans to finance grain deliveries on the Chicago Board of Trade.
Further, facilities (i) and (ii) described above will continue to be guaranteed by FC Stone Group, Inc. 
 Additionally, we have
renewed the $5,000,000 revolving line of credit available to FC Stone Group, Inc., the purpose of which is to finance foreign customer margin positions, which will be secured by letters of credit in favor of Harris N.A. Usage of this facility will
reduce the availability of the aforementioned $5,000,000 revolving delivery line, (iii) above, available to FC Stone, LLC. 
 These
lines will be available subject to the terms of this letter, through January 31, 2008. The continued availability of these facilities during this term are, of course, subject to no material adverse changes in your financial condition and
operating results that continue to be satisfactory to us. 
 These lines will be on a demand basis and nothing contained herein or in any of
the loan documents shall be deemed to impair the demand nature of the facilities. 
 Borrowing under these lines of credit will bear a
floating rate of interest as described in the loan documents. Interest will be payable on the last day of each month prior to demand and be computed on the basis of a year of 360 days for the actual number of days elapsed. 
 So long as aforementioned facility (i) is made available, you are to pay a facility fee of
 1/4 of 1% per annum on the unused portion of the facility computed on the basis of 360 day year for the
actual number of days elapsed and payable quarterly in arrears. 
 By your execution hereof you agree that you shall reimburse the
Bank for all of its out-of-pocket costs and expenses (including attorneys’ fees) incurred in connection with the transaction contemplated hereby or in the enforcement of your obligations to us. In addition, you agree to indemnify and save us
harmless from and against all liabilities, losses, costs and expenses incurred in connection with any action, suit or proceeding brought against us by any person which arises out of the transactions contemplated or financed hereby. 
  

							
	 Dated as of this 1st day of February, 2007.
	  	 Very truly yours,

			
		 		  	HARRIS N.A.
			
		 		  	/s/ Linda C. Haven  

	 Accepted and Agreed:
	  	By:	  	Linda C. Haven
		 		  	Its:	  	Managing Director
	 FC STONE, LLC
	  		  	
			
	 /s/ Robert V. Johnson
	  		  	
	By:	 	Robert V. Johnson	  		  	
	Its:	 	Exec. V.P. & C.F.O.

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