Exhibit 10.23
FIRST AMENDMENT
TO
UNSECURED REVOLVING SUBORDINATED
NOTE
THIS FIRST AMENDMENT
TO the Unsecured
Revolving Subordinated Note (the “Note”) is dated this
3 d 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
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A.
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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.
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B.
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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.
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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:
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2.1
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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
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2.2
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The first
sentence of Paragraph 1 which reads as follows:
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FOR VALUE RECEIVED,
FC STONE, L.L.C., an Iowa
Corporation, of West Des Moines, Iowa (the “Borrower”),
promises to pay
