Document:

Unsecured Revolving Operating Note

 Exhibit 10.25 
  
 UNSECURED REVOLVING OPERATING NOTE 
  

			
	 $40,000,000
	  	 
	 	  	Note Dated: March 15, 2002
	 Due Date: March 1, 2004, unless extended
	  	Johnston, Iowa

  
 This Amended and
Restated Unsecured Revolving Operating Note replaces and amends a certain Unsecured Revolving Operating Note in the amount of $20,000,000, dated September 20, 2002, and a certain amended and restated Unsecured Revolving Operating Note in the amount
of $30,000,000, dated March 15, 2002, as governed by a Master Loan Agreement, dated February 15, 2001, as the same may be modified from time to time. 
  
 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 “Lender”), at Lender’s office at such place as Lender may designate in writing, the principal sum of Forty Million and 00/100 DOLLARS ($40,000,000.00), together with interest as provided
in this Note, all in lawful money of the United States of America. So long as no event of default has occurred and is continuing, the Borrower may receive advances at any time until the Due Date. All amounts, which are repaid, may be readvanced. The
unpaid principal balance of this promissory note (“Note”) shall bear interest computed upon the basis of a year of 360 days for the actual number of days elapsed in a quarter, at a rate of interest (the “Effective Interest Rate”)
which is equal to 35/100 of 1% (0.35%) under the Prime rate or base rate of interest established by Citibank, N.A. of New York, New York (“Citibank”) as its base rate (the “Index”), as such Index may vary from time to time.
Borrower understands that the Effective Interest Rate payable to Lender under this Note shall be determined by reference to the Index, and not by reference to the actual rate of interest charged by Citibank to any particular borrower(s). If the
Index shall be increased or decreased, the Effective Interest Rate under this Note shall be increased or decreased by the same amount, effective the first day of the month following the date of the change in the Index. 
  
 If neither Borrower nor Lender has notified the other party of its intention
to terminate this Note by February 1 of any year, the Note shall be automatically extended for another one year term. 
  
 The purpose of this loan is to fund margin accounts. This note shall be unsecured. 
  
 Payments shall be paid to Lender as follows: 
  

	 	1.	Borrower shall make quarterly payments of interest only on each March 31, June 30, September 30 and December 31 during the term of the Note; 

  

	 	2.	On the Due Date all remaining outstanding amounts of principal, interest and late charges shall be due and payable. 

  
 In consideration of the loan commitment, the Borrower agrees to pay to the
Lender a commitment fee on the average daily unused portion of the loan commitment at the rate of .15% (15 basis points) per annum (calculated on a 360 day basis), payable quarterly in arrears by the 20th day following each calendar quarter. Such fee shall be payable for each quarter (or portion thereof) occurring during the original or any extended term of the
loan commitment. 
  

 Page1 of 2 

 Borrower expressly assumes all risks of loss or delay in the delivery of any payments made by mail and no
course of conduct or dealing shall affect Borrower’s assumption of these risks. This Note may be prepaid, in full or in part at any time without penalty. All payments shall be applied first to late charges, then to interest and finally to
principal. 
  
 Upon the occurrence of any event of default, as
described in the Master Loan Agreement, dated as of February 15, 2001, between Lender and Borrower, as the same may be modified from time to time (the “Master Loan Agreement”, the Lender may exercise any of its remedies described in the
Master Loan Agreement or the unpaid principal balance of this Note shall bear interest at a rate which is two percent (2%) greater than the Effective Interest Rate otherwise applicable. This Note shall be deemed to be a “Note” within the
meaning of Section 2 of the Master Loan Agreement. If any payment under this Note is not paid within ten (10) days after the date due, then, at the option of the Lender, a late charge of not more than five cents ($0.05) for each dollar of the
installment past due may be charged by Lender. 
  
 Acceptance by
Lender of any payment in an amount less than the amount then due shall be deemed an acceptance on account only, and Borrower’s failure to pay the entire amount due shall be and continue to be an event of default. The liability of the Borrower
under this Note shall be absolute and unconditional, without regard to the liability of any other party. The laws of the State of Iowa hereunder shall govern all rights and obligations. 
  

							
	 	 	BORROWER
	 	 	 
	  
 Borrower Address:
	 	 FC STONE, L.L.C.

			
	2829 Westown Parkway	 	By:	 	/s/    ROBERT V. JOHNSON        
	Suite 200	 	 Its:
	 	Exec. V.P. & CFO
	West Des Moines, IA 50266	 	 	 	 
				
	 	 	 	 	 	 	 
	 	 	 	 	 Tax ID No. 42-1091210

  
 Lender Address: 
  
 6400 N. W. 86th St. 
 P.O. Box 6650-Dept. 140 
 Johnston, IA 50131-6650 
  

 Page 2 of 2Letter Agreement

 Exhibit 10.26 
  
 

 
  
 6400 N. W. 86th St., Johnston, IA 50131-6650 
  
 Date: February 25, 2003 
  
 Robert V. Johnson 
 FCStone, LLC 
 2829 Westown Parkway 
 West Des Moines, IA 50266 
  
 Dear Bob, 
  

			
	Reference:	 	 FCStone, LLC
 Loan Number: 809121001G1
 Amount of Commitment: $40,000,000
 Current Due Date: March 1, 2004

Extended Due Date: March 1, 2005

  
 The Note(s) referenced above provide a
provision whereby the loan may be extended for another one-year term. Notice is hereby given that the referenced note(s) have been extended to March 1, 2005. All other terms and conditions remain unchanged. 
  

	
	Sincerely,
	
	/s/    BERT        
	 Bert Johnson
 Agribusiness Portfolio ManagerLetter Agreement

 Exhibit 10.28 
  
 HARRIS NESBITT 
  

			
	 	  	 Harris Trust and Savings Bank
 111 West Monroe Street
 P.O. Box 755
 Chicago, Illinois 60690-0755
  
 Tel: 312 461-2121

  
 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 your $15,000,000 revolving line of credit. The purpose of this line of credit is to provide overnight and intraday loans to finance commercial customers’ variation margin calls at the CBOT. We have also
renewed your $5,000,000 revolving line of credit. The purpose of this line of credit is to provide loans to finance grain deliveries on the CBOT. These lines will be available to FC Stone, LLC, subject to the terms of this letter. The continued
availability to you of these lines of credit during their terms are, of course, subject to no material adverse change in your financial condition and operating results continuing to be satisfactory to us. 
  
 Borrowings under these lines will be on a demand basis and bear floating
interest at the Harris Bank prime commercial rate. 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 the $15,000,000 line of credit is 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 5th day of March, 2003. 
  

			
	 Very truly yours,

	
	 HARRIS TRUST AND SAVINGS BANK

		
	 	 	/s/    CHARLES F. HOWES        
	 By:
	 	Charles F. Howes
	 Its:
	 	Vice President

  

			
	 Accepted and Agreed:

	
	 FC STONE, LLC

	
	 
		
	By:	 	/s/    ROBERT V. JOHNSON        
	 Its:
	 	Exec. V.P.Unsecured Demand Note

 Exhibit 10.29 
  
 UNSECURED 
 DEMAND NOTE 
  

			
	 $15,000,000
	 	9/15, 2000

  
 ON DEMAND, for value
received, the undersigned, FC STONE, L.L.C., an Iowa limited liability company (the “Company”), promises to pay to the order of HARRIS TRUST AND SAVING BANK (the “Bank”) at its offices at 111 West Monroe Street,
Chicago, Illinois, the principal sum of Fifteen Million Dollars ($15,000,000) or, if less, the amount outstanding under the letter agreement referred to below together with interest (computed on the basis of a year of 360 days and actual days
elapsed) on the principal amount from time to time remaining unpaid hereon from the date hereof to the maturity thereof (whether by demand or otherwise) at the rate per annum equal to the rate announced from time to time by Harris Trust and Savings
Bank as its prime commercial rate (with any change in the interest rate hereon by reason of a change in said prime commercial rate to be and become effective as of and on the date of the relevant change in said prime commercial rate) and after the
maturity thereof until paid at the rate per annum of three percent (3%) above the interest rate applicable to this Note (determined as aforesaid) at such maturity. Interest shall be payable on the last day of each month and upon demand. 

 
 This Note evidences borrowings by the Company under that certain Letter
Agreement dated as of even date herewith between the Company and the Bank and this Note and the holder hereof are entitled to all the benefits provided for under the Letter Agreement, to which reference is hereby made for a statement thereof. The
Company hereby waives presentment and notice of dishonor. The Company agrees to pay to the holder hereof all expenses incurred or paid by such holder, including attorney’s fees and court costs, in connection with the collection of this Note. It
is agreed that this Note and the rights and remedies of the holder hereof shall be construed in accordance with and governed by the laws of Illinois. 
  

			
	 FC STONE, L.L.C.

	 By: Farmers Commodities Corporation

	 Its: Sole Member

	
	 
		
	By:	 	/s/    ROBERT V. JOHNSON        
	 Its:
	 	V.P- Finance

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