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Exhibit 10.13
PROMISSORY NOTE
$35,000,000 December 28, 2015

Loan and Rate:
For value received, GAMCO Investors, Inc., a Delaware corporation (the
“Borrower”), promises to pay to GGCP, Inc., a Wyoming corporation (the
“Lender”), or to Lender’s order, the principal amount of thirty-five million
U.S. Dollars ($35,000,000), and to pay interest thereon from the date hereof at
an annual rate equal to the 90-day LIBOR annualized rate plus 3.25%, reset on
the last day of each calendar quarter commencing on March 31, 2016, on the terms
and subject to the conditions set forth below.
Payment:
The Borrower shall pay the Lender a one-time fee in the amount of one-tenth of
one percent (0.1%) of the principal amount of this Note, or thirty-five thousand
U.S. Dollars ($35,000), in the form of immediately available funds not later
than January 15, 2016.
Interest on the outstanding principal amount under this Note shall be paid in
arrears in quarterly installments on the last day of each calendar quarter
commencing on March 31, 2016, or at such other time or times as may subsequently
be agreed to by the Lender and the Borrower.
This Note shall mature and the principal amount due hereunder shall be repaid in
full one (1) year from the date hereof, on December 28, 2016.
             The Borrower may at any time and without penalty repay all or any
portion of the outstanding principal amount of this Note together with all
accrued and unpaid interest on the principal amount of this Note that is repaid.
The Borrower shall not make any prepayment of interest or principal on its debt
existing as of this date to Associated Capital Group, Inc. prior to the
repayment of the entirety of the outstanding principal amount of this Note, plus
any accrued and unpaid interest thereon.
Default:
In the event that any payment of interest or principal is not received by the
Lender within ten (10) business days of the date on which such payment is due
hereunder, that shall constitute a default and the outstanding principal balance
together with all accrued and unpaid interest plus any other amounts then owing
pursuant to this Note shall, unless such default is cured within three (3)
business days and to the extent permitted by law, thereafter bear interest at
the annual rate of fifteen percent (15%). If any default occurs in any payment
due under this Note, the Borrower shall pay all reasonable costs and expenses,
including attorneys’ fees and expenses, incurred by the Lender in collecting or
attempting to collect the indebtedness under this Note.

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Assignment
Neither the Lender nor the Borrower may assign any of its rights or obligations
hereunder without the consent of the other party.
Governing Law:
This Note shall be governed by and interpreted in accordance with the laws of
the State of New York without regard to its conflict of law principles.

IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed and
delivered as of the day and year first above written.
 
BORROWER:
GAMCO INVESTORS, INC.,
By:  /s/ Kieran Caterina
 
Name:  Kieran Caterina
 
Its:       Senior Vice President and Co-Chief  Accounting Officer
   

 
LENDER:
GGCP, INC.,
By:    /s/ Silvio Berni
 
Name:  Silvio Berni
 
Its:        Vice President and Controller
 

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