Document:

Change in Terms Agreement

 Exhibit 10.38 
 CHANGE IN TERMS AGREEMENT 
 This Change in Terms Agreement (“Agreement”) is entered into as
of February 26, 2007, between Deere Credit, Inc., a Delaware corporation (“Deere”) and FC Stone L.L.C., West Des Moines, Iowa 50266, an Iowa corporation (the “Borrower”). 
 Whereas, Deere is currently providing Borrower an Unsecured Revolving Operating Loan Facility (“Loan”) in the amount of $51,750,000 as
governed by a Master Loan Agreement, dated February 15, 2001, as may be amended from time to time and evidenced by an Amended and Restated Unsecured Revolving Operating Note (“Note”) in the amount of $36,750,000, dated May 19,
2006, as subsequently amended, and 
 Whereas, the Borrower requested that the Borrower’s Unsecured Revolving Operating Loan
facility be renewed and that the Loan amount be decreased from $51,750,000 to $48,750,000, which request was approved by Deere; now 
 Therefore, the Due Date of the Note shall be extended to March 1, 2008 and the amount of the Loan and the Note shall be decreased by $3,000,000 to $48,750,000 wherein the first sentence of the principal paragraph of said Note
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 “Lender”), at Lender’s office at such place as Lender may designate in writing, the principal sum of Forty Eight Million Seven
Hundred Fifty Thousand and 00/100 DOLLARS ($48,750,000), together with interest as provided in this Note, all in lawful money of the United States of America. 
 Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.

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

									
	 Deere Credit, Inc.
	 		 	FC Stone, L.L.C.
					
	By:	 	 /s/ Sharon Luellen
            
	 		 	 By:
	 	 /s/ Robert V. Johnson         

	 Title:
	 	 Acct. Credit Mgr
	 		 	Title:	 	 Exec. V.P. & C.F.O.Floating Rate Loan/Procedures Letter

 Exhibit 10.39 
 FLOATING RATE LOAN—PROCEDURES LETTER 
 Harris Trust and Savings Bank 
 111 West Monroe Street 
 Chicago, Illinois 60690 
 Gentlemen: 
 FC STONE,
L.L.C., an Iowa limited liability company, (the “Company”) hereby requests that borrowings under its $15,000,000 uncommitted revolving loan facility from Harris Trust and Savings Bank be made and documented upon the following terms
and conditions. You agree until further notice that upon oral advice by telephone received by you from time to time from authorized persons listed in this letter that we wish to borrow money, you will, if you elect to approve the requested loan,
deposit the proceeds of same to our general account with you (the “Account”). It is understood that any sums of money borrowed by telephone on advice of an authorized person or a person purporting to be an authorized person in
accordance with the foregoing arrangement shall immediately be credited to the Account, and we shall be obligated to repay to you the sums so borrowed at the time and with the interest set forth in this letter. 
 All such borrowings shall be repaid by us upon your demand, but they may, at our election in any instance, be repaid at any time upon telephonic advice
to you. 
 All borrowings made by us from you under the subject facility shall bear interest prior to maturity at a rate per annum which is
equal to at all times to the rate from time to time announced by you as your prime commercial rate, with any change in the interest rate on such borrowings by virtue of a change in such prime commercial rate to be and become effective as of and on
the date of the relevant change in such prime commercial rate. Interest shall be computed on the basis of a year of 360 days and actual days elapsed and shall be payable on the last day of each month and upon demand. 
 All borrowings hereunder shall be made against and evidenced by a promissory note of the Company payable to your order in the aggregate principal amount
of $15,000,000 such note to mature as set forth in, and to be otherwise in the form of Exhibit A attached hereto (the “Note”). You agree that notwithstanding the fact that the Note is in the principal amount of $15,000,000 it
shall evidence only the actual principal amount of borrowings made by us from time to time under the subject facility and you agree that if you transfer or assign the Note you will stamp thereon a statement of the actual principal amount evidenced
thereby at the time of transfer. We agree that in any action or proceeding instituted to collect or enforce collection of the Note, the amount shown as owing you on your records shall be prima facie evidence of the unpaid balance of principal and
interest on the Note. 
 The persons authorized to give you telephonic instructions to lend money and repay borrowings in accordance with the
foregoing are: Paul Anderson, Robert V. Johnson, Al Evans, Robert Hornbrook, Bill Dunaway, Mark Smith. In accepting telephonic advices from any of such persons in accordance with the terms of this Agreement, you shall be entitled to rely on advices
given by any person purporting to be any one of such persons and shall have no liability to us on account of any action taken by you pursuant to such telephonic advices provided you 

 
have acted in good faith in connection therewith. You are, of course, authorized to lend money to us upon the written instructions of any persons authorized
to borrow funds by telephonic advice. 
 This Agreement and the arrangements and authorizations herein contemplated shall remain in full
force and effect, and shall be applicable to any renewals of, or replacements or substitutions for, our present loan facility, unless and until you have received written notice from the Company of the termination or modification of this Agreement at
your office in Chicago, Illinois or unless and until the Company has received such a notice at its address as shown on your records from you; provided that no such termination or modification by the Company shall affect any transaction which
occurred prior to the receipt of such notice by you nor shall any such termination or modification become effective without your written consent unless and until all amounts which shall have been borrowed hereunder shall have been repaid in full.
This Agreement and your acceptance of this Agreement as hereinafter contemplated do not constitute any commitment on your part to make any credit available to the Company, it being understood that this Agreement is only intended to set forth the
procedures which shall be applicable to such loans as the Bank may in its discretion elect to make available to the Company from time to time. This Agreement and the rights and remedies of the parties hereto shall be governed by the laws of
Illinois. 
 If you are in agreement with the foregoing, please sign in the appropriate place on the enclosed counterpart and return such
counterpart to us, whereupon this letter shall become a binding agreement between you and us. 
 Dated this 15th day of Sept. 2000. 
  

					
	Very truly yours,
	
	 FC Stone, L.L.C.

	By:	 	 Farmers Commodities Corporation

	 Its:
	 	 Sole Member

			
		 		 	
		
	 By:
	 	/s/ Robert V. Johnson
		 	Its:	 	 Vice President—Finance

  
 Accepted as of the date last above written. 
  

					
	 HARRIS TRUST AND SAVINGS BANK

	     
	 	
	     
	 	
		
	 By:
	 	 /s/ [Illegible]

		 	 Its:
	 	 Vice PresidentFirst Supplement to Floating Rate Loan/Procedures Letter

 Exhibit 10.40 
 FIRST SUPPLEMENT TO FLOATING RATE LOAN – PROCEDURES LETTER 
  
 Harris N.A. 
 111 West Monroe Street 
 Chicago, Illinois 60690 
 Prior hereto, the undersigned (the “Borrower”) and you (the “Bank”) have entered into that certain Floating Rate Loan
– Procedures Letter dated as of September 15, 2000, as amended (the “Letter Agreement”), under which the Bank in its discretion may from time to time make loans to the Borrower. Currently, all such loans are evidenced by a
single demand promissory master note of the Borrower dated September 15, 2000, in the principal amount of $15,000,000 (the “Existing Note”). The Borrower has requested that the Bank temporarily increase the principal amount of
loans to the Borrower under the Floating Rate Loan – Procedures Letter to $30,000,000 from the date hereof, for a period of ninety (90) days. Accordingly, in order to evidence such additional loans, the Borrower is concurrently herewith
executing and delivering to you an additional demand promissory master note of the Borrower in the principal amount of $15,000,000 (the “Additional Note”) and the Additional Note shall evidence all loans made under the Letter
Agreement to the Borrower from the date herewith until December 31, 2006, at which time the Borrower promises to pay to the order of the Bank any outstanding loans extended under the Additional Note. 
 The Borrowers and the Bank agree that whenever reference is made in the Letter Agreement to the “Note” and the aggregate amount of loans made
thereunder, such references shall be a reference to both the Note and the Additional Note. Except as herein supplemented, all the terms, conditions and provisions of the Letter Agreement shall be and remain in full force and effect. 
 This Supplement may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken
together shall constitute one and the same agreement. Any of the parties hereto may execute this Supplement by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. This Supplement shall be
governed by the internal laws of the State of Illinois. 
 Dated as of September 21, 2006 effective as of September 30, 2006.

 FC STONE, LLC 

			
		
	By:	 	/s/ Robert V. Johnson
	Its:	 	Exec. V.P. & C.F.O.

 ACCEPTED: 
 HARRIS N.A. 

			
		
	By:	 	  
	Its:	 	Managing Director

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