Document:

Ex 10.7

GUARANTY

Brown Brothers Harriman & Co., and                            APPENDIX C
KBC Bank N.V., and
Meespierson N.V., and
RZB Finance LLC
BROWN BROTHERS HARRIMAN & CO.,
59 WALL STREET
NEW YORK, NEW YORK 10005

Gentlemen:

Reference  is made  to certain  financing agreements (herein  the "Agreements")  between you and the above-named  Debtor. The undersigned  hereby  unconditionally  guarantees  and agrees to be liable  for the full and indefeasible  payment  and performance when due of all now existing  and future indebtedness. obligations  and liabilities  of the Debtor to you, howsoever  arising. whether direct or indirect.  absolute  or contingent.  secured or unsecured. whether  arising  under any of the Agreements  as now written or as amended  or supplemented  hereafter.  or by operation·of  law or otherwise.  together  with  all interest  with respect  to the foregoing. including  interest  accruing  after  the filing of any Petition  in bankruptcy  by or against  the  Debtor. whether or  not  such interest  is allowed  in  such  bankruptcy   proceeding.    Further  .'  the undersigned  agrees  to pay to you on demand  the  amount  of  aIl expenses (including  reasonable   attorneys' fees  and expenses)  incurred by  you  in  collecting  or  attempting  to  collect  any  of  the  Debtor's obligations to you whether from the Debtor or any other obligor or from the undersigned, or in realizing upon any collateral, even if any such claim cannot be asserted against the Debtor. ( All of the aforementioned obligations, liabilities, interest and expenses are hereinafter collectively called the "Obligations.")
This Guaranty  is executed  as an inducement to you to make loans or advances to the Debtor or otherwise  to extend credit or financial  accommodations   to the  Debtor. or to enter  into or continue  a financing  arrangement  with the Debtor.  which actions  are reasonably expected  to benefit.  directly or indirectly the undersigned. The undersigned  agrees that any of the foregoing  shall be done or extended  by you in your discretion  and shall be deemed to have been done or extended by you in consideration  of and in reliance upon the execution  of this Guaranty.  but that nothing herein shall obligate you to do any of the foregoing.
Notice of (a) the acceptance of this Guaranty. (b) the making of loans or advances and the extension of credit to the Debtor. (c) the amendment.  execution  or  termination  of any of the Agreements  or any other agreements  between you  and the Debtor.  (d) presentment.  demand.  protest.  notice of protest. notice of non-payment  and all other notices to which the Debtor or the undersigned may be entitled.  and (e) your reliance on this Guaranty.  are each hereby  waived by the undersigned.  The undersigned  also waives notice of, and consents  to changes  in terms or extensions of time of payment.  the taking and releasing of collateral  or guarantees and the settlement, compromise or release of any Obligations, and agrees that, as to the undersigned, the amount of the Obligations shall not be diminished by any of the foregoing. The undersigned also agrees that you need not attempt to collect any Obligations from the debtor or other obligors or to realize upon any collateral, but may require the undersigned to make immediate payment of obligations to you when due or at any time thereafter. The Obligations  shall be due and payable when and as the same shall be due and payable under the terms of the Agreements notwithstanding that the collection  or enforcement  thereof may be stayed or enjoined under the Bankruptcy  Code.   You shall not be liable for. and the liability  of the undersigned  shall not be diminished  as a result of your failure to realize upon or perfect your security interest in any collateral or security therefor. or any part thereof.  or for any delay in so doing. nor shall you be under any obligation to take any action whatsoever  with regard thereto.
The  undersigned  acknowledges  that this Guaranty and the undersigned's  obligations  hereunder  are and  shall at all times continue to be absolute  and unconditional  in all respects. and shall at all times  be valid and enforceable  irrespective  of (a) the fact that any of the Obligations  or any security interest in or lien on any collateral  therefor may not be enforceable.  or (b) any equities. defenses  or  claims  in  favor  of  others.  or (c)  any  failure on your  part  to  enforce  any  security  interest  or  lien.  or  (d) any other agreements  or  circumstances   of  any  nature  whatsoever  which  might  otherwise  constitute   a defense  to  this  ·Guaranty  and  the undersigned's  obligations  under this Guaranty or the Obligations.   This Guaranty sets forth the entire agreement  and understanding between us. and the undersigned  absolutely. unconditionally and irrevocably  waives any and all right to assert  any defense. set-off, counterclaim  or cross-claim  of  any nature whatsoever with respect to this Guaranty  or the Obligations  of the  undersigned  or  any other person or party (including.  without limitation. the Debtor) in any action or proceeding brought by you to collect the Obligations or any portion thereof. or to enforce  the liability of the undersigned under this Guaranty.  The undersigned acknowledges  that no oral or other agreements.  understandings.  

representations or warranties exist with respect to this Guaranty. or the undersigned's  liability hereunder except as specifically  set forth in this Guaranty.
Payment by the undersigned shall be made to you at your office from time to time on demand as Obligations become due, and one or more successive or concurrent actions may be brought hereon against the undersigned either in the same action in which the Debtor is sued or in separate actions. In the event any claim or action or action on any judgment based on this Guaranty, is made or brought against the undersigned, the undersigned agrees not to deduct, set-off, or seek or counterclaim for or recoup any amounts which are or may be owed by you to the undersigned, or for any loss of contribution from any other guarantor. All sums at any time to the credit of the undersigned and any property of the undersigned on which you at any time have a lien or security interest, or of which you at any time have possession, shall secure payment and performance of all Obligations and any and all other Obligations of the undersigned to you however arising. Your rights with respect to this security interest shall be coextensive with those rights granted to you in the Agreements between the Debtor and you.
The undersigned unconditionally, irrevocably and expressly waives any and all rights of subrogation, reimbursement, indemnity, contribution or any other claims (including without limitation, any and all claims as defined in the Bankruptcy Code) which the undersigned may now or hereafter have against the Debtor or with respect to the Debtor's property (including, without limitation, any property collateralizing the liabilities of the Debtor or any right of offset held by you for the payment of the liabilities of the Debtor) arising from the existence or performance of this Guaranty, or otherwise, until such time as the Obligations are indefeasibly paid or otherwise satisfied in full to you.
If after receipt of any payments of, or proceeds of security applied (or intended to be applied) to the payment of all or any part of the Obligations, for any reason  compelled to surrender or voluntarily  surrender  such payment or proceeds to any person  (a)  because  such  payment  or  application  of  proceeds  is or  may  be  avoided.  invalidated.  declared  fraudulent.  set  aside. determined  to be void or avoidable as a preference, fraudulent conveyance, impermissible set off or diversion of trust funds. or (b) for any  other  reason.  including  without  limitation  (i)  any judgment.  decree  or  order  (If any  court  or  administrative  body  having jurisdiction  over you or any of your property. or (ii) any settlement or compromise of any such claim effected by you with any such claimant  (including  the Debtor). then the Obligations  or any part thereof intended to be satisfied shall be reinstated and continued and this Guaranty  shall  continue  in full force  as if such payment or proceeds had not been received by you. notwithstanding  any revocation  thereof or the cancellation of any note or other instrument evidencing  any Obligation or otherwise: and the undersigned shall be liable to pay you and docs hereby indemnify you and hold you harmless  for the amount of such payment or proceeds  so surrendered  and all expenses  (including all your attorneys' fees. court costs and expenses  attributable thereto) incurred by you in the defense or settlement of any claim made against you that any payment or proceeds received by you in respect of all or any part of the Obligations  must he surrendered.  The provisions of this paragraph shall survive the termination of this Guaranty and any satisfaction and discharge of the Debtor by virtue of any payment. court order or any federal or state law.
In the event of any breach of, default under or termination of any of the Agreements  between you and the Debtor, or in the event any of the Obligations  arc not paid by the Debtor when demanded or due (by acceleration  or otherwise). or in the event that the undersigned  shall  fail to observe or perform  any agreement. warranties, or covenants  contained  herein. or should the undersigned dissolve or cease its business. call a meeting of its creditors. fail to meet its debts as they mature. have commenced by or against the undersigned  any bankruptcy.  insolvency, arrangement. reorganization.  receivership  or similar  proceeding under any federal or state law. then the liability of the undersigned for the Obligations shall mature even if the liability of the Debtor does not mature, and all such Obligations  shall be immediately due and payable to you.  In the event   you refer  the collection of the undersigned's  liability hereunder  to an attorney  you shall be entitled  to recover from the undersigned on demand  all of your attorneys' fees and expenses incurred in connection  therewith.  
This Guaranty  may be terminated   by the undersigned only upon actual receipt by one of your officers of at least ten (10) business days' prior written  notice of termination sent by registered mail; provided however. that the undersigned shall remain  bound hereunder.  and this  Guaranty  shall continue  in full force and effect  with respect  to  the  then existing  Obligations  as well  as all extensions.  renewals  or  modification  of such existing Obligations.  Any such termination shall not relieve the undersigned  from liability  for any post termination  collection expenses or interest. This is a continuing Guaranty and written notice to you as above provided shall be the only means of termination, notwithstanding the fact that for certain  periods of time there may be no Obligations owing to you by the debtor.
Your books and records showing the account between you and the Debtor shall be admissible in evidence in any action or proceeding  as prima facie proof of the items therein set forth. Your monthly statements rendered to the Debtor shall be binding upon the undersigned  (whether or not the undersigned received copies thereof) and shall constitute  an account stated between you and the Debtor. unless you shall have received a written statement of the Debtor's exceptions  within thirty (30) days after the statement  was mailed  to the Debtor.  All notices to the undersigned hereunder shall be sent by regular  mail. certified mail or overnight  courier  at your option and shall he addressed to the undersigned at their respective addresses specified below their signatures hereto.
This Guaranty embodies the whole agreement of the parties and may not be modified except in writing. and no course of dealing between you and any of the undersigned shall be effective to change or modify  this Guaranty. Your failure to exercise  any right hereunder  shall not he construed as a waiver of the right to exercise the same or any other right at any other 

time and from time to time  thereafter.  and such rights shall he considered as cumulative  rather than alternative.  No knowledge of any breach  or other nonobservance  by any of the undersigned of the terms and provisions of this Guaranty  shall constitute a waiver thereof, nor a waiver of any obligations  to he performed by the undersigned hereunder.  The undersigned hereby acknowledges that you have no fiduciary duty to the undersigned  and waives any duty you may have to disclose any matter. fact or thing relating to the business, operations  or condition of the Debtor, now or hereafter known to you.
     This  Guaranty  is executed  and given in addition  to. and not in substitution.  reduction.  replacement or satisfaction of any other endorsement  or guarantees  of the Obligations,  now existing or hereafter executed by the undersigned or others in your favor.
When  used  in  this  Guaranty all    pronouns  shall,  wherever applicable, be deemed to include the plural as well as the masculine and feminine gender. This Guaranty shall inure to the benefit you and your successors  and assigns and you may assign this Guaranty without the consent of the undersigned  and any such assignee of yours shall be entitled to enforce this Guaranty.  This Guaranty  shall  he binding  upon the undersigned  and upon the undersigned's  respective heirs, executors,  administrators, successors and assigns, and  shall  pertain  to  the  Debtor  and  its successors  and  assigns.  This  Guaranty  may  be executed in any number of counterparts, each of which when executed shall be deemed an original  and such counterparts  shall together constitute but one and the same document.
This  Guaranty  shall  be  governed by and construed  in accordance  with the laws of  the State of  New  York applicable to agreements  made and to be performed  entirely within such State.  The undersigned.  if more than one. shall be jointly and severally liable hereunder  and the term "undersigned"  whenever  used herein shall mean all of the undersigned  or anyone of them.  Anyone signing this Guaranty  shall be bound hereby, whether or not anyone else signs this Guaranty at any time.
In any litigation based on this Guaranty in  which you and the undersigned shall be adverse parties, each of  the partIes  hereby   waives  trial   by jury   and  the  undersigned   hereby  waives  the  right  to  interpose   any  defense  based  upon  any statute of limitations or any claims of laches.  The  undersIgned   hereby  irrevocably   submits   to the jurisdiction  of any New York  State or United  States  Federal court sitting in New York  City over any action  or proceeding  arising  out of or relating  to this Guaranty and  hereby   irrevocably   agrees   that   all  claims   In  respect   of such  action   or  proceeding   may  be  heard   and determined in such New York  Slate  or  Federal  court.    The  undersigned    irrevocably   consents  'to the  service  of any and  all copIes  of  such process to the undersigned  at their respective  addresses specified   below   theIr   signatures hereto.  The undersigned agree that  a final judgment in any such  action  or  proceeding   shall  be conclusIve  and  may  be enforced  In other JurisdIctions by suit on the judgment or in any other  manner  provided  by law.  The  undersigned   further   waives any objection to venue in such  State and any objection  to an action or proceeding in such State on the  basis  of forum non conveniens.  The undersigned agrees that any  action  or proceeding brought against you shall  be brought   only  In a New York  State  or  United States  Federal  court  sitting  In New York  County.  Nothing herein shall affect your right to serve  legal  process in any other manner permitted by law or  affect  your  right to bring  any  action   or  proceeding   agaInst   any  of the  undersIgned   or  their property   In the courts  of any other  jurisdictions.    To the extent  that  any or the undersigned   has or hereafter   may acquire  any Immunity   from   jurisdiction    of  any  court  or  from  any  legal  process  (whether   from   service  or  notice,  attachment  prior to judgment, attachment in aid of execution,  execution   or  otherwise)   with  respect   to  itself  or  its  properly,  the  undersigned hereby  irrevocably waives such immunity  in respect  of the Obligations   under  this Guaranty.

* See Insert Below.
IN WITNESS WHEREOF the undersigned have executed and delivered this Guaranty effective as of the date above set forth.

	
					
	CORPORATE SEAL
	 
	The A-Mark Corporation
	 
	 

	(where applicable)
	 
	Name of Guarantor
	 
	 

	 
	By:
	 
	Address
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	SS/TIN No.
	 

	CORPORATE SEAL
	 
	A-Mark Holding Inc.
	 
	 

	(where applicable)
	 
	Name of Guarantor
	 
	 

	 
	By:
	 
	Address
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	SS/TIN No.
	 

* Notwithstanding anything to the contrary contained in this guaranty, the undersigned shall not be required to make any payment under this Guaranty for a period of thirty (30) days after a written demand is made by you for payment under this Guaranty (the "Forebearance Period"). The Forebearance Period shall not in any way affect the Guarantor's liabilities or obligations in respect to this Guaranty.

o·                                         This  Guaranty  is executed  and given in addition  to. and not in substitution.  reduction.  replacement.  or satisfaction of any
•other endorsement  or guarantees  of the Obligations.  now existing or hereafter executed by the undersigned or others in your favor.
When  used  in  this  Guarant   _ all    ronnuns  shall.  wherever  a    lieable.  be deemed  to  include  the    lural as well as the
mascu me and   emmme  gender.      is Guaranty s  a   Inure to t e     ne It 0   ou and your successors  and assigns an     ou may{asslgn [no~ this Guaranty  without the consent of the undersigned  and any such assignee of yours shall be entitled to enforce this Guaranty.  This Guaranty  shall  he binding  upon the undersigned  and upon the undersigned's  respective  heirs.  executors.  administrators.  successors
and assigns.  and  shall  pertain  to  the  Debtor  and  its successors  and  assigns.  This  Guaranty  may  be executed  in any number of counterparts.  each of which when executed shall be deemed an original  and such counterparts  shall together constitute but one and the same document.
This  Guaranty  shall  be  governed by and construed  in accordance  with the laws of  the State of  New  York applicable to agreements  made and to be performed  entirely within such State.  The undersigned.  if more than one. shall be jointly and severally liable hereunder  and the term "undersigned"  whenever  used herein shall  inean all of the undersigned  or anyone   of them.  Anyone signing this Guaranty  shall be bound hereby, whether ur not anyone else signs this Guaranty at any time.
n any   itigation   based  on  Ihis  Guaranly    in  which    ou and  Ihe  undersigned   shall  be adverse   parties,   each of  the partIes  hereby   waives  trial   by jury   and  the  undersigned   hereby  waives  the  right  to  interpose   any  defense  based  upon  any stalute   of  limitations    or  any  claims  of laches.  The  undersIgned   hereby  Irrevocably   submits   to the jurisdiction    of any  New York  State  or  United  States  Federal  court  sltllng  in New York  Clly  over any acllon  or proceeding   arising  out of or relating  to tbis  Guaranty    and  hereby   irrevocably   agrees   that   all  claims   In  respect   of such  action   or  proceeding   may  be  heard   and determined    in such  New York  Slate  or  Federal  rourt.    The  undersigned    irrevocably   consents  'to the  service  of any and  all copIes  of  such   process   to  the   undersIgned    at   theIr   respective   addresses   specified   below   theIr   signatures    hereto.     The undersIgned   agree  that  a final judgment   In any  such  acllon  or  proceeding   shall  be conclusIve  and  may  be enforced  In other JurisdIctions   by suit on the judgment   or in any other  manner  provided  by law.  The  undersigned   further   waives any objection to venue  In such  State  and  any objection  to an action  or procee~ing   in such  State  on the  basis  of!m:wn   !lWl coDyeniens.  The un  ers gne    agrees  t  al any  action  or procee    ng broug   t aga  ns     ou shall  be brought   only  In a New York  State  or  United States  Federal   court  sitting  In New York  County.    Nothing  haroein shall  affect  your  right  to serve  legal  process  in any other manner   permitted    by  law or  affect  your  rlghl   to bring  any  action   or  proceeding   agaInst   any  of the  undersIgned   or  thelr property   In the courts  of any other  [urfsdictions.    To the extent  that  any or the undersigned   has or hereafter   may acquire  any Immunity   from   jurisdiction    of  any  court  or  from  any  legal  process  (whether   from   service  or  notice,  attachment    prior   to judgment,    attachment    In aid  Df execution,  execution   or  otherwlse)   with  respect   to  itselr  or  its  properly,    the  undersigned hereby  irrevocably   waives such immunity  in respect  of the Obligations   under  this Guaranty.
* See Insert Below.
IN WITNESS  WHEREOF  the undersigned  have executed  arid delivered  this Guaranty  effective  as of the date above set
forth.

CORPORATE SEAL
(where applicable)

By: Name:
 

-------------------------

Title:                                                                                              SSfTIN No.

CORPORATE SEAL
(where applicable)

By:
 
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* Notwithstanding anything to the contrary contained in this guaranty, the undersigned shall
not be required to make any payment under this Guaranty for a period of thirty (30) days after a written demand is made by you for payment under 'this Guaranty (the "Forebearance Period").   The Fo~ebe~rance Period shafl not in any way affect the Guarantor's liabilities. o~ obligations in respect·of th~s Guaranty:

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APPENDIX D

Execution Copy

GENERAL SECURITY AGREEMENT OF GUARANTORS
(1999)

In consideration  of  one  or  more  loans,   letters  of  credit  or  other  financial accommodations  made,  issued or extended by Brown Brothers Harriman  & Co. ("BBH"), and Meespierson  N.V.,   KBC Bank N.V.,  RZB Finance LLC, and any other lender (the "Lenders") that may become party to the Amended and Restated Collateral Agency Agreement (1999) as the same may be amended,  supplemented or otherwise modified from time to time (the "Collateral Agency Agreement"),  dated as of November 30, 1999, among A-Mark Precious Metals, Inc., a New York corporation formerly known as Spiral Cycle Corp. ("A-Mark"),  A-Mark Holding, Inc. (the "Old A-Mark"),  the Lenders and BBH, acting in its capacity as agent for the Lenders (in such capacity, together with its successors in such capacity, the "Agent"), the Old A-Mark and A-Mark Corp.  (the  "Guarantors"),  hereby jointly and severally,  agree that the Agent and each of the Lenders  shall have the rights, remedies and benefits hereinafter set forth.

Pursuant  to the terms of the Assumption Agreement  and the Collateral  Agency Agreement,  the Guarantors have agreed to guarantee all of the Assumed Obligations owing to each of the Lenders  and all of the Liabilities (as hereinafter  defined) which shall be secured by the Security (as hereinafter  defined),

Unless otherwise defined herein all capitalized terms shall have the meaning given each such term in the Collateral Agency Agreement.

The  term  "Liabilities"  shall include  any and  all  indebtedness,  obligations  and liabilities of any kind of A-Mark to any and all of the Lenders, now or hereafter existing, arising directly  between  A-Mark  and any of the Lenders  or  acquired  outright,  conditionally  or  as collateral security from another by any of the Lenders, absolute or contingent, joint and/or several, secured or unsecured,  due or not due, contractual or tortious,  liquidated or unliquidated, arising by operation of law or otherwise, direct or indirect, including, but without limiting the generality of the foregoing,  all of the Outstanding Credits, all of the Assumed Obligations, all other present and future  indebtedness,  obligations or liabilities of A-Mark to any of the Lenders as a member of any partnership,   syndicate, association or other group, and whether  incurred by A-Mark as principal,   surety,  indorser,  guarantor,  accommodation party  or  otherwise,  together  with  all accrued and unpaid interest, fees, commissions, charges and attorneys' fees payable to the Lenders and the  Agent  and any and all renewals and extensions or replacements  of all or any of such indebtedness,  liabilities or obligations, including, without limitation, all interest, fees and other obligations  accruing  but not paid after the filing by or against A-Mark of a petition under the federal bankruptcy code. The term" Security" shall mean all personal property and fixtures of each Guarantor, whether  now or hereafter existing or  now owned or  hereafter  acquired  and wherever  located of every kind and description, tangible or intangible, including, but not limited to the balance of every deposit  account of each Guarantor  with any bank or .other depository institution, any other claim of each Guarantor against any bank or depository institution, and all money, goods (including equipment, farm products and inventory), instruments,  investment property, letters of credit as to which each Guarantor is the beneficiary   and proceeds  thereof, the proceeds of any insurance   policies  payable  to each Guarantor,    securities,  documents,  documents of title, chattel paper, accounts, contract   rights, general intangibles (including claims for  tax refunds), commodity trading accounts, credits, claims, demands, precious metals, deposit accounts, cash, coins, any other   property, rights and  interests of each Guarantor (including, without limitation,   all right,  title  and interest  of each Guarantor arising  out of 

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any consignment arrangements or  any arrangements designated   as such),  and  shall  include  the cash  and  non-cash proceeds, products and accessions of and to any thereof.

As  security for  the  payment  of all the Liabilities, each  Guarantor  hereby  grant(s) and assigns to the Agent,  for  the  ratable  benefit  of the Lenders, a security  interest  in,  a general lien upon  and/or   right  of set-off  of,  the Security.  As further   security   for the payment  of all the Liabilities,  each Guarantor hereby assigns  and grants  to the Agent  a security  interest  in and lien upon,   for  the  ratable benefit  of the  Lenders  (1) any obligation and/or security  interests  that may arise in  favor   of  each   Guarantor   in  connection with any consignment arrangements; any arrangements designated   as such,  or any other  arrangements;   and (2) the balance  of every  deposit account,   now  or  hereafter   existing,   of each Guarantor   with  each  Lender  and any other  claims  of each  Guarantor   against  each such  Lender,  now or hereafter  existing,   together  with right  of set-off as to all such balances (all of the  forgoing, together with the cash and non-cash proceeds thereof shall be included in the Security).

At any time and from time to time, in addition to any other action required to be taken by each Guarantor  under any of the Facility Documents,  upon the demand of the Agent, each Guarantor  will: (1) deliver and pledge to the Agent, indorsed and/or accompanied by such instruments of assignment and transfer in such form and substance as the Agent may request, any and all letters of credit as to which each Guarantor is the beneficiary,  any and all executed and undated drawing statements and any other documents or instruments necessary for a drawing under such letters of credit, and any other instruments, documents and/or chattel paper as the Agent may specify  in  its  demand;  (2)  give,  execute,  deliver,  file  and/or  record  any  notice,  statement, instrument,  document, agreement or other papers that may be necessary or desirable,  or that the Agent may request,  in order to create, preserve, perfect, or validate any security interest granted pursuant hereto or to enable the Agent to exercise and enforce its rights hereunder or with respect to such security interest; (3) keep and stamp or otherwise mark any and all documents and chattel paper and its individual books and records relating to inventory,  accounts and contract rights in such manner as the Agent may require; and (4) permit representatives of the Agent at any time to inspect its inventory and to inspect and make abstracts from each Guarantor's  books and records pertaining  to inventory, accounts, contract rights, chattel paper,  instruments and documents and all other Security.   The right is expressly granted to the Agent,  at its discretion,  to file one or more Financing Statements under the Uniform Commercial Code naming each Guarantor as debtor and the Agent as secured party without each Guarantor's  signature and indicating therein the types or describing the items of Security herein specified, A photographic or other reproduction of this agreement  shall be sufficient as a financing statement. Without the prior written consent of the  Agent, each Guarantor will not file or authorize or permit to be filed in any jurisdiction any such financing  or  like statement in which the Agent is not named as the sole secured party.   With respect to the Security, or any part thereof, which at any times shall come into the possession or custody or under the control of the Agent or any of its agents, associates or correspondents,  for any purpose,  the right is expressly granted to the Agent, at its discretion, to transfer to or register in the name of itself or its nominee any of the Security.  The Agent also shall have the rights: to exchange any of the Security consisting of securities for other property upon any reorganization, recapitalization  or other readjustment and in connection therewith to deposit any of the Security with any committee  or depositary upon such terms as it may determine;  to notify any account debtor or obligor on any Trade Receivable or other account, of any general intangible or on any instrument  of the terms hereof and to make payment to the Agent; and to exercise or cause its nominee to exercise all or any powers with respect to the Security with the same force and effect as an absolute  owner thereof; all without notice (except for such notice as may be required by applicable law and cannot be waived) and without liability except to account for property actually received by it.  Without limiting the generality of the foregoing, payments,  distributions and/or dividends, in securities, property or cash, including without limitation dividends representing stock or liquidating dividends or a distribution or 

-2-

return of capital upon or in respect of the security or any part thereof or resulting from any split-up, revision or reclassification of the Security or any part thereof or received in exchange for the Security or any part thereof as a result of a merger, consolidation or otherwise, shall be paid directly to and retained by the Agent and the Lenders and held by it until  applied as herein provided,  as additional collateral security pledged under and subject to the terms hereof.  The Agent and the Lenders shall be deemed to have possession of any of the Security in transit to or set apart for it or any of its agents, associates, or correspondents.

The Agent at its discretion may, whether any of the Liabilities be due, in its name or in the name of each Guarantors or otherwise, demand, sue for, collect or receive any money or property  at any time payable or receivable on account of or in exchange for,  or make any compromise or settlement deemed desirable with respect to, any of the Security, but shall be under no obligation to do so, and the Agent or any Lender may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, or release, any of the Security, without thereby  incurring  responsibility to, or discharging or otherwise  affecting any liability of, the Guarantors.   The Agent shall not be required to take any steps necessary to preserve any rights against prior  parties to any of the Security and shall have no duty with respect to the Security except to use reasonable care in the custody and preservation of Security in its possession.  The Agent may use or operate any of the Security for the purpose of preserving  the Security or its value in the manner and to the extent that the Agent deems appropriate,  but the Agent shall be under no obligation to do so.

Anything herein, in the Collateral Agency Agreement or in any other  Facility Document or in any other agreement or instrument executed in connection with the Liabilities to the contrary  notwithstanding, each Guarantor shall remain liable to perform  all of the liabilities and obligations.  if any. assumed by it with respect to the Security and the Agent and Lenders shall not have any obligations or liabilities with respect to any Security by reason of or arising out of this Agreement,  nor shall the Agent and/or the Lenders be required or obligated in any manner to perform  or fulfill any of the obligations of each Guarantor  under or pursuant to or in respect of any Security.

Each Guarantor represents and warrants that: the Chief Executive Office (or Major Executive  Office)  of each Guarantor (if any), and the Security are respectively  located at the address(es)  set forth in Exhibit A to this Agreement  and each Guarantor will not change any of such locations without the prior written notice to and consent of the Agent and the Lenders.

Except  for  the security  interest granted  hereby,  each Guarantor shall keep the Security and proceeds  and products  thereof  free and clear of any security interest, liens or encumbrances  of any kind.  Each Guarantor shall promptly pay, when due, all taxes and transportation,  storage and warehousing charges and fees affecting or arising out of the Security and shall defend the Security against all claims and demands of all person at any time claiming the same or any interest therein adverse to the Agent and Lenders.

Each  Guarantor  will not rescind or  cancel  any indebtedness  evidenced  by any account or modify  any term thereof or make any adjustment with respect thereto,  or extend or renew the same,  or compromise  or settle any dispute,  claim, suit or legal proceeding  relating thereto, or sell any account or interest therein, without the prior written consent of the Agent and Lenders.

As long as this Agreement shall remain in effect, Each Guarantor agrees that if the Agent or any Lender  so demands in writing at any time (1) all proceeds of the Security shall be delivered to the Agent 

-3-

promptly upon their receipt in a form satisfactory to the Agent, and (2) all chattel paper,  instruments,  and documents pertaining  to the Security shall be delivered  to the Agent at the time and place and in the manner specified in the Agent's or any Lender's  demand, all with such endorsements  as the Agent shall demand.

Upon default hereunder or in connection with any of the Liabilities (whether such default be that of A-Mark,  either of the Guarantors or of any other party obligated thereon), each Guarantor shall,  at the request of the Agent, assemble the Security at such place or places as the Agent designates  in its request, and, to the extent permitted  by applicable law, the Agent shall have the right,  with or without legal process and with or without prior notice or demand, to take possession of the Security or any part thereof and to enter any premises for the purpose of taking possession thereof.   The Agent shall have the rights and remedies with respect to the Security of a secured party  after default under the Uniform Commercial Code (whether or not such Code is in effect in the jurisdiction  where the rights and remedies are asserted),  In addition, with respect to  the  Security, or  any  part  thereof,  which  shall  then  be  or  shall thereafter  come  into the possession or custody of the Agent or any of its agents, associates or correspondents,  the Agent may  se1l or  cause  to be sold  in the Borough  of Manhattan,   New  York  City,  or elsewhere,   in one or more  sales  or  parcels, at such price  as the Agent  may  deem  best,  and  for cash  or on credit  or for  future delivery, without  assumption of any credit  risk, a1l or any of the Security, at any broker's  board  or  at public  or private  sale,  in any reasonable  manner  permissible  under the Uniform  Commercial  Code  (except that, to the extent permitted  thereunder,  Each Guarantor hereby waives the requirements of said Code), and the Agent or anyone else may be the purchaser of any or all of the Security so sold and thereafter hold the same absolutely, free from any claim or right of whatsoever  kind, including any equity of redemption, of either Guarantor,  any such demand, notice or right and equity being hereby expressly waived and released.  The Guarantors will pay to the Agent and the Lenders all expenses (including reasonable attorneys' fees and legal expenses incurred by the Agent and the Lenders) of, or incidental to, the enforcement of any of the provisions hereof or any of the Liabilities, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement of any of the Security or receipt of the proceeds. thereof,  and for the care of the Security and defending or asserting the rights and claims of the Agent in respect thereof,  by litigation or otherwise, including expense of insurance; and all such expenses shall be Liabilities within the terms of this agreement, all of which shall be included in the Liabilities and secured by the Security.  The Agent, at any time, at its option, may apply the net cash receipts from the Security to the payment of principal of and/or interest on or as cash collateral  for any of the Liabilities,  whether or not then due.   Notwithstanding that the Agent, whether in its own behalf and/or in behalf of another or others, may continue to hold all or any part of the Security and regardless of the value thereof, the Guarantors shall be and remain liable for the payment in full, principal and interest, of any balance of the Liabilities and expenses at any time unpaid.

If at any time the Security shall be unsatisfactory to the Agent, upon the demand of the Agent or any Lender, each Guarantor will furnish such further security or make such payment on account of the Liabilities  as will be satisfactory to the Agent or such Lender,  and if either Guarantor fails forthwith to furnish such security or to make such payment; or if any petition shall be filed by or against either Guarantor under the federal bankruptcy laws or if a decree or order shall be entered  for relief by a court having jurisdiction  of either Guarantor  in an involuntary bankruptcy case under the federal bankruptcy laws, as now or hereafter constituted, or under any other  applicable  federal or state bankruptcy, insolvency, or other similar law, or appointing a receiver,  liquidator,  assignee,  custodian, trustee or sequestrator of either Guarantor or for any substantial  part  of  its  property,   or  ordering  the  reorganization,   dissolution,  winding-up  or liquidation of its affairs, and the continuance of any such decree or order  shall be unstayed and in effect,  or  any case  or  other  proceeding  seeking any such decree  or  order  shall  continue undismissed for more than thirty (30) days; or if either Guarantor shall 

-4-

take any corporate action to authorize,  or shall commence a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or seek to take advantage of any other applicable federal or state bankruptcy, insolvency,  or other  similar  law,  or apply for or consent to the appointment  of or taking of possession  by  a  receiver,   liquidator,  assignee,  trustee,  custodian  or  sequestrator  of  either Guarantor  or for any substantial part of its property; or the making by either Guarantor of any assignment for the benefit of creditors, or either Guarantor shall admit in writing its inability, or be generally unable, to pay its debts as they become due; or if either Guarantor shall suspend the transaction  of its usual business,  or be expelled from or suspended by any stock or securities exchange or other exchange,  or any proceeding, procedure or remedy supplementary to or in enforcement  of judgment  shall be resorted  to or  commenced  against,  or  with  respect to any property of, either Guarantor; or if any governmental authority or any court at the instance thereof shall take possession  of any substantial part of the property of, or assume control over the affairs or operations  of, or a receiver shall be appointed of, or of any substantial part of the property of, or a writ or order of attachment or garnishment shall be issued or made against any of the property of, either  Guarantor;   or if either  Guarantor  shall be dissolved  or be a party  to any merger or consolidation  without the written consent of the Agent and the Lenders or there shall be a default by either Guarantor  under any of the Facility Documents; thereupon, unless and to the extent that the Agent shall with the written consent of the Lenders otherwise elect, all of the Liabilities shall become and be due and payable forthwith.   THE RIGHTS OF THE AGENT  AND LENDERS SET FORTH  IN THE   IMMEDIATELY PRECEDING SENTENCE ARE WITHOUT LIMITATION  OF,  AND IN ADDITION TO, ANY OTHER RIGHT OF ANY LENDER OR THE AGENT  ACTING  ON BEHALF OF ANY LENDER UNDER ANY OTHER FACILITY DOCUMENT  EVIDENCING  OR EXECUTED IN CONNECTION  WITH THE LIABILITIES (INCLUDING  BUT NOT LIMITED TO ANY RIGHT OF ACCELERATION  OF PAYMENT PURSUANT  TO  THE  PROVISIONS  THEREOF  OR ANY RIGHT  OF ANY LENDER TO MAKE  DEMAND   FOR  PAYMENT  THEREUNDER   WITHOUT  REFERENCE   TO ANY PARTICULAR  CONDITION  OR EVENT).

The Agent may assign, transfer and/or deliver to any transferee  any or all of the Security, and thereafter shall be fully discharged from all responsibility with respect to the security so assigned, transferred  and/or delivered.  Such transferee shall be vested with all the powers and rights of the Agent hereunder with respect to such Security, but the Agent shall retain all rights and powers  hereby  given with  respect to any of the Security  not so assigned,  transferred  or delivered.   No delay on the part of the Agent in exercising  any power or right hereunder shall operate  as  a waiver  thereof;  nor  shall  any single  or  partial  exercise  of any  power  or  right hereunder  preclude  other or further exercise thereof or the exercise of any other power or right. The rights,  remedies and benefits herein expressly specified are cumulative and not exclusive of any rights,  remedies  or benefits which the Agent or any Lender  may otherwise  have.   Each Guarantor hereby waive(s) presentment, notice of dishonor and protest of all instruments included in  or  evidencing  the  Liabilities  or  the  Security  and any and  all  other  notices  and demands whatsoever,  whether  or not relating to such instruments.   This  Agreement  shall remain in full force and effect until the indefeasible payment in full of all of the Liabilities.  Any notice required under this Agreement  shall be given in the same manner to the addresses or telecopier numbers set forth in the Collateral  Agency Agreement.

In connection with any claim, controversy,  action or litigation,  among or between the  parties  hereto  arising  out  of  or  relating  to  this  Agreement,   each  of  the  parties  hereto, irrevocably  (a) submits to the non-exclusive jurisdiction  of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, (b) waives any objection  to the laying of venue in such courts,  (c) waives any claim that any suit, action or proceeding  in any such court has been brought in an inconvenient forum, (d) waives the right to object that any such court does not have jurisdiction over the parties hereto, (e) waives the right to trial by jury in any  suit,  action  or  

-5-

proceeding, and (f)  in the case of each Guarantor, designates the Secretary of State of the State of New York as its agent for the service of process (provided  that  each  Guarantor  gives written  notice to the Lenders  and  the Agent, change its designation of agent to a specified person located in the Borough of Manhattan, provided any such person indicates  its, his or her written consent to act as such agent).

No provision hereof shall be modified or limited except by a written instrument expressly referring  hereto and to the provision so modified or limited executed by each Guarantor, the Agent and the Lenders.   This Agreement shall be binding upon the assigns or successors of each Guarantor;  shall constitute a continuing agreement, applying to all future as well as existing transactions,  whether  or not of the character contemplated at the date of this Agreement, and if all transactions  between any Lender and Either Guarantor; shall at any time be terminated or no Liabilities shall be owing to anyone  Lender,  this Agreement shall be equally applicable to any new transactions or Liabilities arising thereafter; and shall be governed by and construed according to the internal  laws of the State of New York. Unless the context otherwise  requires, all terms used herein which are defined in the Uniform Commercial Code shall have the meanings therein stated. The term "Guarantor"  and "Guarantor"  shall mean either or both  of them and each Guarantor shall be jointly and severally liable hereunder.
	
		
	A-MARK HOLDING, INC.

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

-6-

	
		
	A-MARK CORP

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	Dated: as of November 30, 1999

-7-

EXHIBIT A

A-MARK HOLDING, INC.

	
			
	Chief Executive Office
	 
	Location(s) of Security

A-MARK CORP.

	
			
	Chief Executive Office
	 
	Location(s) of Security

-8-

Exhibit 1 of 8

	
			
	(a) Approved Depositories
	 
	Status

	 
	 
	 

	A-Mark  Precious  Metals,  Inc.
100 Wilshire  Blvd.,  3rd Floor
Santa  Monica,  CA  90401
	 
	On-Site

	A-M  Handling
550  S. Hill  St., #1635
Los Angeles,   CA 90013
	 
	On-site

	Brinks,  Inc.
1120 West  Venice  Blvd. 
Los Angeles,  CA 90015
	 
	Assigned

	Brinks,  Inc.
4506  Federal  Blvd. 
San Diego,  CA 92102
	 
	Confirmed

	Brinks,  Inc.
3232  Dixie  Drive
Houston, TX 77021
	 
	Confirmed

	Handy  & Harman  Precious  Metals
300  South  Rye  Street
South  Windsor, CT 02074
	 
	Assigned

	Johnson  Matthey   Refining
460 1 West  2100  South
Salt Lake  City, UT 84102
	 
	Assigned

	Johnson  Matthey  Refining
460  East  Swedesford
Wayne,  PA  19087
	 
	Assigned

	LA Federal  Coin,  Wrapping,   & Processing   Center,  Inc.
550  S. Hill street,  Suite  1635
Los Angeles,  CA  90013
	 
	Confirmed

	Republic  National   Bank
1 West  39th  Street,  Level  SC2
New  York,  NY   10018
	 
	Assigned

	(b) APPROVED   CARRIERS
	 
	 

	Brambles   Security  Services
866 West  2600  South
Salt  Lake City,  UT   84119
	 
	Confirmed

	Brinks,  Inc .
1120 West Venice  Blvd. Los Angeles,  CA  90015
	 
	Confirmed

	Brinks, Inc.
1070 Parkway Avenue
Salt Lake  City, UT   94119
	 
	Confirmed

-9-

Exhibit 1 of 8 Cont'd.
	
			
	(c) Approved Brokers
	 
	 

	1.   Carr Futures
2 World Trade Center
Sixty-Second Floor
New York, NY  10048
	 
	Confirmed

	(d)  Assigned Bank Accounts
	 
	 

	1.   Brown Brothers Harriman & Co.
59 Wall Street
New York, NY 10005
	 
	 

	2.    Bank of  America National
Trust & Savings Association
2049 Century Park East, 3rd Floor
Los Angeles, CA  90067
	 
	 

	3.    MeesPierson N.V.
23 Camomile Street
London, England EC3A 7PP
	 
	 

	4.    KBC Bank N.V.
125 W. 55th Street, 11th Floor
New York, NY 10019
	 
	 

	5.      Banque National De Paris
         725 Figueroa Street
         Los Angeles, CA 90017
	 
	 

	6.    Citibank
2566 Overland Avenue
Los Angeles, CA 90064
	 
	 

	7.    Tokai Bank of California 
       300 S. Grand Avenue
Los Angeles, CA 90071
	 
	 

-10-

Exhibit 2 of 8
	
					
	FAXED AND MAILED ON
	 
	A-MARK WEEKLY COLLATERAL REPORT
	 
	 

	3RD BUSINESS DAY EACH WEEK
	 
	 
	 
	Prepared By:

	 
	 
	(AS OF CLOSE OF BUSINESS_______)
	 
	Reviewed By:

	
										
	HIGHLIGHTS
	 
	 
	 
	Actual as of
	 
	In

	 
	Description
	 
	Requirement
	 
	01/07/2000
	 
	Compliance

	1.
	Collateral Excess
	 
	No Deficit
	 
	$
	12,679,295
	

	 
	Yes

	2.
	Assigned Inventory as 
	 
	Minimum 60%
	 
	70.29%
	

	 
	Yes

	 
	a % of Total Inventory
	 
	 
	 
	 
	 
	 

	3.
	On-site Material
	 
	Maximum $2.5MM
	 
	$
	1,052,362
	

	 
	Yes

	
												
	 
	 
	A
	B
	C
	D

	 
	 
	Support
	Metal/Market
Value
	Advance
Rate
	Collateral
Value

	I
	ASSIGNED COLLATERAL
	 
	 
	 
	 

	 
	Possessory collateral controlled by Banks
	 
	 
	 
	 

	 
	A. Assigned Inventory
	Schedule A
	 
	 
	 

	 
	i. With Assigned Hedge (50% to <70% at 90%; 70% or > at 95%
	 
	$
	511,486,814
	

	95
	%
	$
	10,912,474
	

	 
	ii. with Unassigned Hedge (60% to <70% at 85%; 70% or > at 90%
	 
	2,181,081
	

	90
	%
	1,962,973
	

	 
	B. Assigned Consignments (110% L/C)
	Schedule D
	 
	 
	 

	 
	i. WIth AA Bank or Better (95%)
	 
	—
	

	95
	%
	—
	

	 
	ii. With BBB to A Bank (90%)
	 
	5,693,621
	

	90
	%
	5,124,259
	

	 
	C. Assigned Bank Accounts
	Schedule B
	2,312,916
	

	100
	%
	2,312,916
	

	 
	TOTAL ASSIGNED COLLATERAL
	 
	$
	21,674,432
	

	 
	$
	20,312,622
	

	 
	 
	 
	 
	 
	 

	II
	CONFIRMED COLLATERAL
	 
	 
	 
	 

	 
	Collateral jointly controlled by A-Mark and bank; Banks receive third-party confirmation
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	A. Confirmed Inventory
	Schedule A
	$
	6,188,770
	

	85
	%
	$
	5,260,454
	

	 
	B. Confirmed Broker Equity (Equity or Deficit at 100%)
	Schedule B
	1,084,736
	

	100
	%
	1,084,736
	

	 
	TOTAL CONFIRMED COLLATERAL
	 
	$
	7,273,506
	

	 
	$
	6,345,191
	

	 
	 
	 
	 
	 
	 

	III
	PLEDGED COLLATERAL
	 
	 
	 
	 

	 
	Collateral controlled by A-Mark
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	A. On-Site Material (Max $2,500,000)
	Schedule A
	1,052,362
	

	80
	%
	841,890
	

	 
	B. Insured Consignments (Max $3,000,000)
	Schedule D
	941,522
	

	80
	%
	753,218
	

	 
	C. Forward Equity (Equity at 80%; deficit at 100%)
	Schedule E
	108,563
	

	80
	%
	86,850
	

	 
	D. Trade Receivables (Outstanding less than 10 business days)
	 
	941,767
	

	80
	%
	753,413
	

	 
	E. Supplier Advances (Outstanding less than 10 business days)
	 
	1,181,483
	

	75
	%
	886,112
	

	 
	TOTAL PLEDGED COLLATERAL
	 
	4,225,696
	

	 
	3,321,483
	

	IV
	TOTAL COLLATERAL VALUE
	 
	33,171,635
	

	N/A
	

	29,979,295
	

	V
	OTHER PERTINENT INFORMATION
	VI COLLATERAL EXCESS (DEFICIT)
	 

	 
	A. Assigned inventory plus Assigned Consignments are required to be no less than 60% of Total Inventory plus Total Consignments (See Schedules A and D)
	A. Total Bank Lines
	$
	35,000,000
	

	 

	 
	*ASSIGNED INVENTORY PLUS ASSIGNED CONSIGNMENTS AS A % OF TOTAL INVENTORY PLUS TOTAL CONSIGNMENTS
	B. Total Bank Loans & L/Cs
     (1) Brown Brothers Harriman & Co:
     (2) MeesPierson:
     (3) Banque Nationale De Paris:
	(2,800,000)
(13,000,000)
(1,500,000)
	

	(17,300,000
	)

	 
	70.29%
	C. Total Bank Lines Available
	$
	17,700,000
	

	 

	 
	ASSIGNED INVENTORY PLUS ASSIGNED CONSIGNMENTS AS A % OF TOTAL OUTSTANDINGS
	 
	 
	 
	 

	 
	111.92%
	TOTAL COLLATERAL EXCESS
	 
	$
	126,779,295
	

A-Mark Precious Metals, Inc. represents to the Agent and Lenders that the information contained in this report is true and correct as of the date of this report.

Signed by __________________________________________________________  Date __________________________

	
	
	FOR INTERNAL USE ONLY BY A-MARK PRECIOUS METALS, INC.

	
										
	CONSIGNMENT L/C's EXPIRING WITHIN THIRTY DAYS FROM DATE OF REPORT
	 
	TOTAL COLLATERAL EXCESS (DEFICIENCY)
	$
	12,679,295
	

	 
	 
	ADD:
	 
	 
	 

	 
	 
	Cash at Citibank
	 
	—
	

	 
	 
	Cash at Bank of America
	 
	—
	

	 
	 
	Cash at Tokai Bank
	 
	285,361
	

	 
	 
	Below BBBGrade and Unsecured Consignments
	 
	145,530
	

	 
	 
	Foreign/Other Depositories
	 
	391,832
	

	 
	 
	Unconfirmed Inventory in Transit
	 
	1,273,840
	

	 
	 
	Trade Receivables (Outstanding 10 business days or more)
	 
	230,371
	

	FOR INFORMATION ONLY - As of the
	 
	 
	Supplier Advances (Outstanding 10 business days or more)
	 
	42,245
	

	week ended
	01/07/2000
	J.P. Morgan
	 
	 
	 
	 
	 

	usage was
	10,000
	ozs, valued at
	 
	 
	ADJUSTED COLLATERAL EXCESS
	 
	$
	15,048,475
	

	 
	2829000
	 
	 
	 
	 
	 
	 

A-MARK WEEKLY COLLATERAL REPORT

METAL VALUE BY DEPOSITORY
(AS OF CLOSE OF BUSINESS 01/07/00)
	
																				
	SCHEDULE A
	COMEX VALUE
	 
	NYMEX VALUE
	 
	 
	 

	 
	GOLD:
	 
	 
	PLATINUM:
	 
	 
	 
	 

	 
	SILVER:
	 
	 
	PALLADIUM:
	 
	 
	 
	 

	A
	B
	C
	D
	E
	F
	G
	H
	I

	 
	OUNCES
	 
	 
	 
	 

	INVENTORY CLASS/DEPOSITORY
	GOLD
	SILVER
	PLATINUM
	PALLADIUM
	TOTAL METAL $ VALUE
	% OF TOTAL ALL MATERIAL
	$ METAL LIMIT (IN 000'S)
	UNDER/(OVER) LIMIT (IN 000'S)

	 
	(to the nearest whole number)
	 
	 
	 
	 

	ASSIGNED
	 
	 
	 
	 
	 
	 
	 
	 

	1 Brinks, Los Angeles
	35,357
	

	295,978
	

	18,820
	

	—
	

	$
	12,285,551
	

	58.76
	%
	$
	25,000
	

	$
	12,714
	

	2. JM, Salt Lake, UT
	785
	

	4,274
	

	—
	

	—
	

	244,167
	

	1.17
	%
	10,000
	

	9,756
	

	3 JM, Wayne, PA
	—
	

	—
	

	—
	

	—
	

	—
	

	—
	%
	500
	

	500
	

	4 Handy & Harman
	91
	

	—
	

	—
	

	—
	

	25,667
	

	0.12
	%
	2,000
	

	1,974
	

	5 LAFC, Los Angeles
	—
	

	—
	

	—
	

	—
	

	—
	

	—
	%
	5,000
	

	5,000
	

	6 In Transit Brambles
	112
	

	15
	

	—
	

	—
	

	31,664
	

	0.15
	%
	10,000
	

	9,968
	

	7 In Transit Brinks
	—
	

	—
	

	—
	

	—
	

	—
	

	—
	%
	15,000
	

	15,000
	

	8 Republic, NY
	1,205
	

	119,576
	

	300
	

	—
	

	1,080,847
	

	5.17
	%
	5,000
	

	3,919
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUBTOTAL ASSIGNED
	37,549
	

	419,842
	

	2,182
	

	—
	

	$
	13,667,895
	

	65.37
	%
	$
	72,500
	

	$
	58,832
	

	ASSIGNED FUTURES OR 
	—
	

	—
	

	—
	

	—
	

	 
	 
	 
	 

	FORWARD HEDGES
	73,549
	

	—
	

	2,182
	

	—
	

	$
	11,486,814
	

	54.94
	%
	 
	 

	UNASSIGNED FORWARD HEDGES
	—
	

	419,842
	

	—
	

	—
	

	$
	2,181,081
	

	10.43
	%
	$
	72,500
	

	$
	58,832
	

	CONFIRMED
	 
	 
	 
	 
	 
	 
	 
	 

	1 LAFC, Los Angeles
	7,084
	

	12,972
	

	496
	

	—
	

	2,268,007
	

	10.85
	%
	$
	5,000
	

	$
	2,732
	

	2 Brinks, Los Angeles
	7,474
	

	160,270
	

	—
	

	—
	

	2,947,127
	

	14.09
	%
	12,000
	

	9,053
	

	3 Brinks, Houston
	1,197
	

	—
	

	—
	

	—
	

	338,597
	

	1.62
	%
	5,000
	

	4,661
	

	4 In Transit Brinks A/C
	1,132
	

	17
	

	—
	

	—
	

	320,406
	

	1.53
	%
	15,000
	

	14,680
	

	5 In Transit Brambles
	—
	

	—
	

	—
	

	—
	

	—
	

	—
	%
	5,000
	

	5,000
	

	6 Carr Futures, New York
	—
	

	60,565
	

	—
	

	—
	

	214,833
	

	1.50
	%
	1,000
	

	685
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	16,888
	

	233,823
	

	496
	

	—
	

	$
	6,188,770
	

	29.60
	%
	$
	43,000
	

	$
	36,811
	

	ON-SITE
	 
	 
	 
	 
	 
	 
	 
	 

	1 PMI/Vault
	82
	

	14
	

	—
	

	—
	

	$
	23,374
	

	0.11
	%
	$
	1,500
	

	$
	1,477
	

	2 PMI/Handling
	3,633
	

	40
	

	3
	

	—
	

	1,028,989
	

	4.92
	%
	2,000
	

	971
	

	 
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	3,715
	

	54
	

	3
	

	—
	

	$
	1,052,362
	

	5.03
	%
	$
	3,500
	

	$
	2,448
	

	TOTAL ALL INVENTORY
	58,152
	

	653,720
	

	2,681
	

	—
	

	$
	20,909,027
	

	100.00
	%
	$
	119,000
	

	$
	98,091
	

DEPOSITORY CONFIRMATION RECONCILIATION:

		
	(A)
	Johnson Matthey, Salt Lake City, confirmation will show .153 ozs. LESS gold than reported above. This represents the cumulative difference in lot settlements credited to A-Mark's account by J.M.

		
	(B)
	Johnson Matthey, Salt Lake City, confirmation will show .333 ozs. MORE silver than reported above. This represents the cumulative difference in lot settlements credited to A-Mark's account by J.M.

	
															
	SCHEDULE B - CASH & EQUITY
	 
	SCHEDULE C - SUMMARY OF OUNCES

	 
	 
	 
	 
	(Ounces to the nearest whole number)

	 
	 
	 
	 
	A
	B
	C
	D
	E

	 
	 
	 
	 
	 
	 
	CONSIGNEMENTS
	 
	 

	ASSIGNED BANK ACCOUNTS
	 
	 
	 
	COLLATERAL
	NOT APPROVED
	OTHER
	TOTAL

	BBH
	 
	$
	1,500,000
	

	 
	DESCRIPTION
	OUNCES
	NOT ON CAA
	OUNCES
	OUNCES

	Tokai
	 
	500,000
	

	 
	 
	 
	 
	 
	 

	Bank of America
	 
	308,938
	

	 
	 
	 
	 
	 
	 

	TOTAL
	 
	3,979
	

	 
	 
	 
	 
	 
	 

	 
	 
	$
	2,312,916
	

	 
	GOLD
	79,890
	

	481
	

	1,102
	

	81,473
	

	 
	 
	 
	 
	SILVER
	747,176
	

	1,830
	

	202,015
	

	651,021
	

	 
	 
	PLATINUM
	2,681
	

	—
	

	651
	

	3,332
	

	CONFIRMED BROKER EQUITY
	 
	 
	PALLADIUM
	—
	

	—
	

	105
	

	105
	

	Carr
	 
	$
	1,084,738
	

	 
	 
	 
	 
	 
	 

	TOTAL
	 
	$
	1,084,738
	

	 
	 
	 
	 
	 
	 

A-MARK WEEKLY COLLATERAL REPORT

CONSIGNMENTS AND OTHER ASSETS
(ASOF CLOSE OF BUSINESS 01/07/00)

	
														
	SCHEDULE D
	COMEX VALUE
	 
	NYMEX VALUE
	 

	 
	GOLD:
	$
	282,900
	

	 
	PLATINUM:
	$
	396,000
	

	 

	 
	SILVER:
	$
	5,195
	

	 
	PALLADIUM:
	$
	443,900
	

	 

	A
	B
	C
	D
	E
	F
	G

	 
	OUNCES
	 
	 

	CONSIGNMENT CLASS/CONSIGNEE
	MATURITY DATE
OF L/C
or POLICY
	GOLD
	SILVER
	TOTAL METAL $ VALUE
	L/C
ISSUING BANK
	S&P's
DEBT
RATING

	 
	 
	(to the nearest whole number)
	 
	 
	 

	AA or Better Rating
	 
	 
	 
	 
	 
	 

	(100% L/C)
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	—
	

	—
	

	 
	 
	 

	BBB to A Rating
	 
	 
	 
	 
	 
	 

	(110% L/C)
	 
	 
	 
	 
	 
	 

	1 Astourian Jewelry
	04/30/2000
	964
	

	 
	272,727
	

	First American Bank, LA/Wells Fargo
	AA-

	2 Arbel Jewelry
	05/01/2000
	4,793
	

	 
	1,355,940
	

	Wells Fargo Bank, SF
	AA-

	3 Academy Corp
	06/30/2000
	1,437
	

	93,457
	

	891,936
	

	Sunwest Bank, Albuquerque
	A+

	4 Aznavour's Jewelry
	8/31/2000
	1,029
	

	 
	291,048
	

	Sanwa Bank, Downey
	A-

	5 Del-Ani, Inc.
	9/28/2000
	2,572
	

	 
	727,619
	

	First American Bank, LA/Wells Fargo
	AA-

	6 My Way Jewelry
	10/01/2000
	2,410
	

	 
	681,817
	

	Bank of Hawaii, HI
	A-

	7 Karst 22 Jewelry
	10/30/2000
	3,205
	

	 
	908,734
	

	Compass Bank, AL
	A-

	8 Mitsui Adance Media
	11/11/2000
	2,000
	

	300
	

	585,800
	

	Sakura Bank Ltd, NY
	BBB

	TOTAL
	 
	18,410
	

	93,457
	

	$
	5,693,621
	

	 
	 

	Insured
	 
	3,328
	

	2,182
	

	 
	 
	 

	1 Chain Technology
	11/18/2000
	—
	

	 
	$
	941,522
	

	 
	 

	

	 
	 
	 
	 
	 
	 

	TOTAL
	 
	3,328
	

	—
	

	$
	941,522
	

	 
	 

	

	 
	 
	 
	 
	 
	 

	TOTAL ALL CONSIGNMENTS
	 
	21,738
	

	83,457
	

	$
	6,635,143
	

	 
	 

	
																			
	SCHEDULE E - FORWARD EQUITY
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	Contract
	Contract
	 
	 

	COUNTERPARTY
	 
	 
	 
	 
	Acquisition
	Current
	 
	 

	 
	AU
	AG
	PT
	PD
	Value
	Value
	Equity
	 

	ASSIGNED
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL UNASSIGNED
	—
	

	—
	

	—
	

	—
	

	—
	

	—
	

	—
	

	 

	UNASSIGNED
	 
	 
	 
	 
	 
	 
	 
	 

	1 Morgan Stanley
	(10,000
	)
	 
	 
	 
	(2,821,740
	)
	$
	(2,829,000
	)
	(7,280
	)
	 

	2 Morgan Stanley
	(10,000
	)
	 
	 
	 
	(3,014,830
	)
	$
	(2,829,000
	)
	185,830
	

	 

	3 Morgan Stanley
	(10,000
	)
	 
	 
	 
	(2,781,390
	)
	$
	(2,829,000
	)
	(47,610
	)
	 

	4 Morgan Stanley
	 
	 
	2,500
	

	 
	1,012,398
	

	980,000
	

	(22,398
	)
	 

	TOTAL UNASSIGNED
	(30,000
	)
	—
	

	2,500
	

	—
	

	$
	(7,605,563
	)
	$
	(7,497,000
	)
	$
	108,563
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

Exhibit 3 of 8

November 30, 1999

Attention

Dear Sirs:

From  time  to time you have,  and will continue  to have,  on deposit  on your premises  (your "Depository") located at, gold, silver, and other  precious  metals  owned, and delivered  to you, by A-Mark  Precious  Metals,  Inc. ("A-Mark"). This will serve  as notice  to you that all such gold,  silver  and other precious  metals  are subject  to a security  interest  granted  to
Brown Brothers Harriman  & cs. (the "Agent")  in its capacity  as agent  for itself and KBC  Bank NV.,   MeesPierson   N.V.,  and RZB  Finance LLC (hereinafter   referred  to as "Lenders")  as defined in the Amended   and Restated  Collateral  Agency  Agreement  dated November   30, 1999 as amended  from time to time (the "Collateral  Agency  Agreement")   by and among  A-Mark  and the Lenders.   References   to Lenders  should be deemed  to include  any other  lenders  which  become party  to the Collateral   Agency  Agreement  from time to time.
Until notified  to the contrary  by the Agent,  you may dispose  of such gold,  silver  and
other precious  metals  in accordance  with instructions  given to you by A-Mark.   However,  upon receipt  of instructions   from the Agent,  you are hereby  authorized   and directed  to dispose  of any such gold,  silver  and other precious  metals only  in accordance  with the instructions   of the Agent.
You acknowledge   that upon notification  by the Agent,  precious  metals  stored  at your Depository   may only be removed  from the Depository   at the written  direction  of the Agent (which  may be transmitted   via telefax  or tested Telex  from the Agent.)   In the event  that the Depository  receives  conflicting  instructions  from the Agent  and A-Mark,  the Depository   will follow  the Agent's  directions.   A-Mark  agrees to hold the Depository   harmless  from any and all liability  arising  from  the Agent's  control of the deposited  metals.

	
			
	 
	 
	Sincerely,

	 
	 
	 

	 
	 
	per pro Brown Brothers Harriman & Co., as Agent

	Agreed to and Accepted by:
	 
	 

	 
	 
	 

	 
	 
	Richard J. Ragoza

	 
	 
	Senior Credit Officer

	 
	 
	 

	Name:
	 
	A-Mark Precious Metals, Inc.

	Title:
	 
	 

	 
	 
	 

	 
	 
	Name:

	 
	 
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]