Document:

Exhibit

  Exhibit 10.29

THIRD AMENDMENT TO 
AMENDED AND RESTATED CREDIT AGREEMENT 
This Third Amendment to Amended and Restated Credit Agreement (herein, the “Amendment”), dated as of May 19, 2017 among FCSTONE MERCHANT SERVICES, LLC, a Delaware limited liability company (the “Borrower”), INTL FCSTONE INC., a Delaware corporation (the “Guarantor”), the financial institutions party hereto, as Lenders, and BANK OF MONTREAL, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent for the Lenders (the “Administrative Agent”). 

PRELIMINARY STATEMENTS 
A.     The Borrower, the Guarantor, the Lenders and the Administrative Agent entered into an Amended and Restated Credit Agreement dated as of March 15, 2016, as amended (the “Credit Agreement”). All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. 
B.     The Borrower has requested that the Lenders make certain amendments to the Credit Agreement, and the Lenders are willing to do so under the terms and conditions set forth in this Amendment. 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

SECTION 1.         AMENDMENT. 
Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended to incorporate the changes reflected on Exhibit A hereto. 

SECTION 2.         CONDITIONS. 
2.1.     Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 
(a).     Receipt by the Administrative Agent this Amendment duly executed by the Borrower, the Guarantor, and the Lenders; 
(b)     if requested by any Lender, receipt by the Administrative Agent of Notes for such Lender duly executed by the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 1.8 of the Credit Agreement; 
(c)     receipt by the Administrative Agent of evidence satisfactory to it that Borrower has received at least $30,000,000 in Holdings Subordinated Debt together with a subordination agreement relating to the Holdings Subordinated Debt duly executed by the Guarantor in form and substance acceptable to the Administrative Agent; 
(d)    receipt by the Administrative Agent of resolutions of the Borrower’s Board of Directors (or similar governing body) authorizing the execution, delivery and performance of this Amendment and the consummation of the transactions contemplated hereby, together with specimen signatures of the persons authorized to execute such documents on the behalf, all certified in each instance by its Secretary or Assistant Secretary; 

(e)     receipt by the Administrative Agent of copies of the certificates of good standing for the Borrower and the Guarantor (dated no earlier than 30 days prior to the date hereof) from the office of the secretary of the state of its incorporation or organization and of each state in which it is qualified to do business as a foreign corporation or organization; 
(f)     receipt by the Administrative Agent of financing statement, tax, and judgment lien search results against the Property of the Borrower and the Guarantor evidencing the absence of Liens on its Property except as permitted by the Credit Agreement; 
(g)     receipt by the Administrative Agent of the favorable written opinion of counsel to the Borrower and the Guarantor, in form and substance satisfactory to the Administrative Agent; 
(h)     no material adverse change in the business, condition (financial or otherwise), operations, performance, or Properties of the Borrower or the Guarantor shall have occurred since September 30, 2016; 
(i)     receipt by the Administrative Agent of an upfront fee, for the ratable benefit of the Lenders, equal to .125% of the Commitments after giving effect to this Amendment; and 
(j)     receipt by the Administrative Agent of such other agreements, instruments, documents, certificates, and opinions as the Administrative Agent may reasonably request. 
2.2.     Conditions Subsequent. Not later than 90 days after the effective date of this Amendment, the Borrower shall permit the Administrative Agent and its duly authorized representatives to conduct an audit on the Collateral in accordance with Section 8.6 of the Credit Agreement. 

SECTION 3. REPRESENTATIONS. 
3.1.     In order to induce the Administrative Agent and the Lenders to execute and deliver this Amendment, the Borrower and the Guarantor hereby represents to the Administrative Agent and to the Lenders that as of the date hereof (a) the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects (except to the extent that such representations and warranties relate to an earlier date) and (b) they are in compliance with the terms and  conditions of the Credit Agreement and no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment. 
3.2.     Since March 15, 2016, there has been no amendment, modification, supplement or restatement to the organizational documents (e.g., charter, certificate or articles of incorporation and by-laws, certificate or articles of association and operating agreement, partnership agreement, or other similar organizational documents) of the Borrower and the Guarantor, and such organizational documents are in full force and effect as of the date hereof. 
3.2.      The resolutions adopted by the Board of Director of the Guarantor by unanimous written consent effective as of February 8, 2016 in connection with the Credit Agreement has not been amended, modified, supplemented or revoked, and such consent remains in full force and effect on the date hereof. 

SECTION 4. NEW LENDER. 
4.1.     Upon the effectiveness of this Amendment, HSBC Bank U.S.A., National Association (the “New Lender”) (i) shall be deemed automatically to have become a party to the Credit Agreement and have all the rights and obligations of a “Lender” under the Credit Agreement as if it were an original signatory thereto and (ii) agrees to be bound by the terms and conditions set forth in the Credit Agreement as if it were an original signatory thereto. 
4.2.     The New Lender hereby confirms that it has received a copy of the Credit Agreement and the other Loan Documents and the exhibits related thereto, together with copies of the documents which were 

required to be delivered under the Credit Agreement as a condition to the making of the Loans and other extensions of credit thereunder. The New Lender acknowledges and agrees that it has made and will continue to make, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, its own credit analysis and decisions relating to the Credit Agreement. The New Lender further acknowledges and agrees that the Administrative Agent has not made any representations or warranties about the credit worthiness of any Loan Party or any of its Subsidiaries or any other party to the Credit Agreement or any other Loan Document or with respect to the legality, validity, sufficiency or enforceability of the Credit Agreement or any other Loan Document or the value of any security therefor. 
4.3.     The New Lender has delivered to the Administrative Agent a completed 
Administrative Questionnaire. 
4.4.     The New Lender has delivered to the Borrower and the Administrative Agent (or is delivering to the Borrower and the Administrative Agent concurrently herewith), as required, the tax forms referred to in Section 12.1 of the Credit Agreement. 

SECTION 5. MISCELLANEOUS. 
5.1.     Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement, as amended by this Amendment. 
5.2.     The Borrower agrees to pay on demand all costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, including the fees and expenses of counsel for the Administrative Agent. 
5.3.     The Guarantor hereby agrees and confirms that its guaranty set forth in Section 11 of the Credit Agreement, and all obligations of the Guarantor thereunder, remains in full force and effect. 
5.4.     This Amendment 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 Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart hereof. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Illinois. 

[SIGNATURE PAGE TO FOLLOW] 

This Amendment to Credit Agreement is entered into as of the date and year first above written. 
                        
"BORROWER"
FCSTONE MERCHANT SERVICES, LLC
By        /s/ William J. Dunaway
Name        William J. Dunaway
Title        Treasurer
By        /s/ Bruce Fields
Name        Bruce Fields
Title        Group Treasurer, INTL FCStone Inc.                                        
"GUARANTOR"
INTL FCSTONE INC. 
By        /s/ William J. Dunaway
Name        William J. Dunaway
Title        CFO
By        /s/ Bruce Fields
Name        Bruce Fields
Title        Group Treasurer
By        /s/ William J. Dunaway
Name        William J. Dunaway
Title        CFO 

Accepted and agreed to. 
BANK OF MONTREAL, CHICAGO BRANCH, as Administrative Agent, L/C Issuer and a Lender
 
By        /s/ Krupa Tantuwaya
Name        Krupa Tantuwaya
Title        Vice President
                        
COBANK, ACB, as a Lender 
By        /s/ Deino Sather
Name        Deino Sather
Title        Regional Vice President
                        
THE HUNTINGTON NATIONAL BANK,
 as a Lender 
By        /s/ John Weathers
Name        John Weathers
Title        SVP, Portfolio Manager

HSBC BANK U.S.A. NATIONAL ASSOCIATION,
as a Lender 
By        /s/ Sarah McClintock
Name        Sarah McClintock
Title        Senior Vice President

[Signature Page to Third Amendment to Credit Agreement]Exhibit

  Exhibit 10.34

FIFTH AMENDMENT TO CREDIT AGREEMENT 
    
This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 7, 2017 (the “Amendment Effective Date”), is by and among INTL FCSTONE LTD., a company formed under the laws of England and Wales with a registration number of 5616586 (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement. 
WITNESSETH 
WHEREAS, the Borrower, the Subsidiary Guarantors of the Borrower from time to time party thereto, certain banks and financial institutions from time to time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Credit Agreement dated as of November 15, 2013 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”); 
WHEREAS, the Borrower has requested that the Lenders amend certain provisions of and grant certain consents under the Credit Agreement; and 
WHEREAS, the Lenders are willing to make such amendments to and grant such consents under the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein. 
NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
AMENDMENTS TO AND CONSENTS UNDER CREDIT AGREEMENT 
1.1    The following definitions set forth in Section 1.01 of the Credit Agreement are hereby amended and restated in their entirety to read as follows: 
“Arranger” means Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), in its capacity as sole lead arranger and sole bookrunner. 
“Loan Notice” means a notice of Borrowing which shall be substantially in the form of Exhibit E or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 
“Responsible Officer” means, with respect to any Loan Party or the Parent, as the case may be, the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of such Loan Party and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of such Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party or the Parent so designated by any of the foregoing officers in a notice to the 

Administrative Agent or any other officer or employee of the applicable Loan Party or the Parent designated in or pursuant to an agreement between the applicable Loan Party or the Parent, as applicable, and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party or the Parent shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party or the Parent and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party or the Parent. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate, in form and substance satisfactory to the Administrative Agent. 
1.2     The definition of “Maturity Date” set forth in Section 1.01 of the Credit Agreement is hereby amended to change the date referenced therein from “October 17, 2017” to “November 7, 2018”. 
1.3     The following definition of “Notice of Loan Prepayment” is hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order to read as follows: 
“Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit I or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 
1.4     Section 2.02(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
(a)     Notice of Borrowing. Each Borrowing shall be made upon the Borrower's irrevocable notice to the Administrative Agent, which may be given by telephone, electronic mail or Loan Notice; provided that any telephonic or electronic mail notice must be confirmed promptly by delivery to the Administrative Agent of a Loan Notice. Each such notice must be received by the Administrative Agent between 8:00 a.m. and 6:00 p.m. (London, England time) on the requested date of any Borrowing. Each Borrowing shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice shall specify (A) the requested date of the Borrowing (which shall be a Business Day in London, England) and (B) the principal amount of Loans to be borrowed. 
1.5     The first sentence in Section 2.03(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan Prepayment, at any time or from time to time voluntarily prepay the Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later than 1 1:00 a.m. on the date of prepayment and (B) any prepayment shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. 
1.6     A new Section 5.25 is hereby added to the Credit Agreement to read as follows: 
5.25     No Plan Assets. The Borrower represents that, as of November 7, 2017 and throughout the term of this Agreement, no Borrower or Guarantor is (1) an employee benefit plan subject to Title I of ERISA, (2) a plan or account subject to Section 4975 of the Code; (3) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code; or (4) a “governmental plan” within the meaning of ERISA. 

1.7     Section 7.16 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
7.16     Consolidated Tangible Net Worth. 
The Consolidated Tangible Net Worth be less than $125,000,000 at any time, as reported on each Compliance Certificate in accordance with Section 6.02(a). 
1.8     Section 11.17 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
11.17     Electronic Execution. 
The words “delivery,” “execute,” “execution,” “signed,” “signature,” and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided further without limiting the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly followed by such manually executed counterpart. 
1.8     A new Exhibit I is hereby added to the Credit Agreement in the form of Exhibit I attached hereto. 

ARTICLE II 
CONDITIONS TO EFFECTIVENESS 
2.1     Closing Conditions. This Amendment shall become effective on the date hereof upon the Administrative Agent receiving the following: 
(a)     a copy of this Amendment duly executed by each of the Loan Parties and the Parent, the Lenders and the Administrative Agent; and 
(b)     for the account of the Lenders, the upfront fee equal to 0.30% per annum of the Aggregate Commitments as required by Section 2.07(a) of the Credit Agreement. 

ARTICLE III 
MISCELLANEOUS 
3.1     Amended Terms. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

3.2     Representations and Warranties of Loan Parties. Each of the Loan Parties and the Parent represents and warrants as follows: 
(a)    It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 
(b)     This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 
(c)     No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment. 
(d)     The representations and warranties set forth in Article V of the Credit Agreement and in any other Loan Document are true and correct as of the date hereof (with all applicable materiality standards and except for those which expressly relate to an earlier date). 
(e)     After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default. 
(f)     The Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims. 
3.3     Reaffirmation of Obligations. Each Loan Party and the Parent hereby ratifies the Credit Agreement and each other Loan Document to which they are party and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and the other Loan Documents applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations. 
3.4     Loan Document. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement. 
3.5     Expenses. The Borrower agrees to pay all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel. 
3.6     Further Assurances. The Loan Parties and the Parent agree to promptly take such action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment. 
3.7     Entirety. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 
3.8     Counterparts; Telecom. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. “pdf’ or “tif’) shall be effective as delivery of a manually executed counterpart of this Agreement. Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart. 
3.9     No Actions, Claims, Etc. As of the date hereof, each of the Loan Parties and the Parent hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the 

Lenders, or the Administrative Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof. 
3.10     GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
3.11     Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
3.12     Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14 and 11.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written. 

BORROWER:                  INTL FCSTONE LTD., 
a company formed under the laws of England and Wales with a registration number of 5616586 
By:         /s/ Stephen Bailey    
Name:         Stephen Bailey
Title:         Chief Financial Officer
By:         /s/ Catherine Odigie
Name:         Catherine Odigie
Title:         Company Secretary

GUARANTORS:                 INTL FCSTONE INC., 
a Delaware corporation 
By:         /s/ Bruce Fields
Name:         Bruce Fields    
Title:         Group Treasurer
By:         /s/ William J. Dunaway
Name:         William J. Dunaway
Title:         CFO

ADMINISTRATIVE AGENT:         BANK OF AMERICA, N.A., 
in its capacity as Administrative Agent 
By:         /s/ Michael Brannan 
Name:         Michael Brannan 
Title:         Sr. Vice President 

LENDER:                     BANK OF AMERICA, N.A., 
in its capacity as Lender 

By:         /s/ Michael Brannan 
Name:         Michael Brannan 
Title:         Sr. Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]