Document:

Ex 10.27

THIS TERM  SHEET PROVIDES FOR AN UNCOMMITTED FACILITY WITH A DEMAND FEATURE. ALL LOANS OR ADVANCES ARE DISCRETIONARY ON THE PART OF BBH IN ITS SOLE AND ABSOLUTE DISCRETION.  HBH MAY MAKE DEMAND FOR PAYMENT AT ANY TIME IN ITS SOLE AND ABSOLUTE DISCRETION.

September 12, 2012

A-Mark Precious Metals, Inc.
429 Santa Monica Boulevard, Suite 230
Santa Monica, CA 90401
Attn:    Thor C. Gjerdrurn
Chief  Financial Officer

Dear Thor:

In reference to the discussions Brown Brothers Harriman & Co. has had with you, we have outlined
below the revised terms and conditions under which we will extend a demand line of credit in favor of A­ Mark Precious Metals, Inc. This term sheet supersedes any and all previous term sheets as to the subject
matter hereof.

Borrower:    A-Mark Precious Metals, Inc. ("A-Mark" or "the Company")

Lender:    Brown Brothers Harriman & Co. ("BBH" or the "Lender")

		
	Facility:
	$20,000,000 secured demand line of credit for short term loans, documentary and standby letters of credit ("the Facility"). The Facility  is an uncommitted demand loan facility whereby all loans and advances are discretionary on the part of BBH in its sole and absolute discretion.  BBH may make demand for payment at any time in its sole and absolute discretion.  Advances are subject to advance rates based on eligible collateral, as outlined below.

The outstanding loans under the Facility, together with the outstanding loans under A-Mark's sister company Spectrum Numismatics International, Inc.'s BBH credit facility, shall not exceed $23,000,000.

		
	Purpose:
	To finance the operating activities of A-Mark subject to the terms and conditions stipulated below.

		
	Security:
	BBH will receive a perfected senior general security interest in all tangible and intangible assets of the Company, including, but not limited to: accounts receivable, inventory, and contract rights.  BBH will also receive a pledge of the stock certificates of SNI from SGI.

Loan advances will be available against a borrowing base report of eligible assets in accordance with the Collateral Agency Agreement as currently in place.

Reporting
		
	Requirements:
	A-Mark will provide the Lender with management-prepared, monthly financial statements within 30 days of month-end.  The Company will also provide the Lender with annual, audited financial statements within 90 days of fiscal year-end.

Collateral
		
	Reporting:
	BBH shall require the weekly submission of a borrowing base report in the form attached hereto as Exhibit A (the "Borrowing Base") prepared by A-Mark, which outlines all eligible 

accounts receivable and inventory, at the corresponding advance rates, and outstanding bank loans and letters of credit.

Financial
		
	Guidelines:
	Notwithstanding the demand nature of this Facility, we anticipate that the Company will adhere to the following financial guidelines (determined in accordance with U.S. GAAP):

		
	A.
	Minimum Tangible Net Worth (defined as shareholder's equity, less goodwill and intangible assets) of $25 million.

		
	B.
	Maximum Senior Working Capital Leverage Ratio (defined as the ratio of total outstanding bank debt to working capital) of 5:1.

		
	C.
	Minimum Tangible Net Worth of Spectrum Group International, Inc. of $50 million.

		
	D.
	Restriction on shareholder loans, advances to affiliates, or dividends without the prior approval of BBH.

Other
		
	Guidelines:
	Notwithstanding the demand nature of the Facility, we anticipate that the Company will adhere to customary non-financial guidelines for financing  of this type, including, but no limited to maintenance of the business lines and insurance and limitations on additional indebtedness, leases, ownerships, payment of dividends, and pledge of assets.  A-mark shall notify BBH of any additional investments or advances prior to execution.

		
	Pricing:
	Loans are priced at LIBOR plus     *; Standby LCs are priced at     *

Collateral
		
	Agency Fee:
	BBH earns a basic agency fee of at least $125k per year, plus $15 per delivery/receipt of metal to/from an assigned account provided that the metal quantity is expressed in ounces and $25 per delivery/receipt if the metal quantity is expressed any other way.  BBH earns $100 per addition/removal of any assigned consignee LCs to the collateral pool, and $25 per amendment of any LCs in the collateral pool.  The total Collateral Agency fee is calculated and billed quarterly.

		
	Expenses:
	The Borrower agrees to reimburse the Lender for all reasonable out-of-pocket expenses including, but not limited to, legal fees, filing fees, and other related expenses.

The parties recognize that the terms and conditions contained herein (as well as the terms of any other agreement or instrument in connection with the Facility, including, without limitation, any events of default) are not intended to qualify, define or otherwise limit BBH's discretion to make or demand payment of any extension of credit.  If there is any inconsistency between the provisions of this term sheet and the provisions of any other agreement between the parties, the terms of such other agreement shall prevail.

*Material omitted pursuant to a request for confidential treatment.  An unredacted version of this exhibit has been filed separately with the Securities and Exchange Commission.

Please do not hesitate to call us if you have any questions.

	
					
	Sincerely,
	 
	Agreed and Accepted:

	 
	 
	 
	 
	 

	Brown Brothers Harriman & Co.
	 
	A-Mark Precious Metals, Inc.

	 
	 
	 
	 
	 

	Signature:
	 
	 
	Signature:
	 

	 
	 
	 
	 
	 

	Name:
	 
	 
	Name:
	 

	 
	 
	 
	 
	 

	Title:
	 
	 
	Title:
	 

	 
	 
	 
	 
	 

	Date:
	 
	 
	Date:
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Signature:
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Name:
	 

	 
	 
	 
	 
	 

	 
	 
	 
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APPENDIX II -  Pre-Approved List of Accounts Receivables and Limits

	
		
	Argen
	6mm

	Bank Julious Baer (Switzerland)
	5mm

	BASF
	5mm

	Bayerische Landesbank (Germany)
	8mm

	Commeerzbank / Commerce Bank
	8mm

	Credit Suisse First Boston
	12.5mm

	Deutsche Bank (Germany)
	12.5mm

	Erste Bank (Germany)
	5mm

	Engelhard Industries BASF
	8mm

	Goldcorp Australia
	8mm

	HSBC Bank USA
	25mm

	Int'l Commodities Inc.
	10mm

	Johnson Matthey Inc.
	12.5mm

	JP Morgan Chase
	8mm

	Landesbank Baden (Germany)
	8mm

	Mitsubishi International
	8mm

	Mitsui & Co. Precious Metals
	12.5mm

	Morgan Stanley & Company Inc.
	8mm

	Raiffeisen (Switzerland)
	5mm

	Royal Bank of Canada
	8mm

	Royal Canadian Mint
	10mm

	ScotiaMocatta
	8mm

	Standard Bank
	12.5mm

	UBS Financial Services Inc.
	8mm

	United States Mint
	35mm

	Portigon AG (formerly West LB)
	2.5mm

	TD Securities
	10mm

	Heraeus Germany/NY
	6mm

	Tanaka Kikinzoku KK
	5mmEx 10.28

BNP PARIBAS 
REPLACEMENT PROMISSORY  NOTE
                                                                                                                             
	
		
	U.S. $35,000,000
	March 31, 2011

The undersigned, for value received.jointly and severally,  promise(s) to pay to the order of BNP PARIBAS (hereinafter called the "Lender") the principal sum of THIRTY-FIVE  MILLION  UNITED STATES DOLLARS  (U.S.$35,OOO,OOO), or such lesser amount as shall equal the outstanding principal amount of all loans made by the Lender (the "Loans") to the undersigned, payable on demand by Lender, but in any event not later than the maturity date for each such Loan agreed to by the Lender and the undersigned at or prior to the time such Loan is made.  In no event shall the maturity date for any Loan be more than 180 days after such Loan is made.  The Lender shall have no obligation to make any Loan to the undersigned.

The undersigned also promises to pay to the order of the Lender interest on the unpaid principal amount of each Loan evidenced hereby, from the date when made until the principal amount thereof is repaid in full, at such rates of interest as shall be agreed upon from time to time between the undersigned and the Lender.  Interest shall be paid at on the last day of each Interest Period (as defined herein), on maturity of each Loan (whether at stated maturity, on demand, by acceleration or otherwise) or at such intervals as shall be agreed from time to time and on each date of any payment of principal of any Loan, on the amount paid. All interest payable hereunder shall be calculated on the basis of a 360 day year and actual days elapsed.

The rate of  interest agreed to with respect to any Loan shall be a fixed rate expressed as a percentage per annum or a margin (expressed as a percentage per annum) in excess of the "Offered Rate". "Offered Rate" shall mean the rate per annum determined by the Lender at which U.S. dollar loans or advances of an amount comparable to the amount of the respective Loan and for a period comparable to the relevant Interest Period (as hereinafter defined) are offered to the Lender in such market or from such other funding source as the Lender shall select from time to time in its sole discretion. "Interest Period" shall mean, with respect to each Loan evidenced hereby, the period commencing on the date of such Loan and ending on such subsequent date as shall be agreed to by the Lender; provided that:  (a) any Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day unless it falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; and (b) no such Interest Period shall expire after the maturity date of the applicable Loan. "Business Day" shall mean any day on which commercial banks are open for domestic and international business (including dealings in foreign exchange) in New York City and in the city where the applicable inter-bank market is located. If at any time no Offered Rate and/or Interest Period has been agreed upon by the Lender with respect to any Loan, such Loan shall bear interest at the Lender's Prime Rate (as defined below) plus the applicable margin, if any, as indicated in the Lender's books and records, which rate will change when and as the Prime Rate changes and which such changes in the rate of interest resulting from changes in the Prime Rate shall take effect immediately without notice or demand of any kind (a Loan bearing interest at this rate is sometimes hereinafter called a "Prime Loan(s)").  The Lender's "Prime Rate" means the rate of interest established from time to time in New York, New York as the Lender's "prime rate".  Such term shall not be construed to mean the Lender's lowest or most favorable rate. It is understood and agreed that, if for whatever reason such Prime Rate happens to be lower than the BNPP Rate (as defined below and as determined by the Lender) on anyone day, then such BNPP Rate will replace for any such day the Lender's Prime  Rate (plus  the applicable  margin,  if any).

The "BNPP  Rate" means, on any date of determination, the rate per annum determined by the Lender in its sole discretion to be its cost of making and/or maintaining such Loan, which rate may include, without limitation, such factors as the Lender shall deem appropriate from time to time, including without limitation, market, regulatory and liquidity conditions; provided that such rate is not necessarily the cost to the Lender of funding  or maintaining the specific Loan, and may exceed the Lender's  actual cost of borrowing in the inter-bank  market or other markets in which the Lender may obtain 

funds from time to time for amounts similar to the amount of the Loan and/or for periods similar to those applicable to the Loan.

Any principal, interest, fee or other amount not paid when due hereunder, and any overdrafts in any demand deposit  account of the undersigned maintained with the Lender, shall bear interest (payable on  demand) until paid in full at a per annum rate equal to the Prime Rate + ___*% plus the margin otherwise applicable to the overdue amount in question.

The Lender may record on its books and records or on the schedule to this Promissory Note which is a part hereof, the principal amount and date of each Loan made hereunder, the interest rate applicable thereto, the  maturity  date thereof and all payments of  principal made thereon; provided. however. that prior to the transfer of this Note all such information with respect to all outstanding Loans shall be recorded on the schedule attached to this Promissory Note.  The Lender's record, whether shown on its books and records or on the schedule to this Promissory Note, shall be conclusive and binding upon the undersigned, absent manifest error, provided. however. that the failure of the Lender to record any of the foregoing shall not limit or otherwise affect the obligation of the undersigned to repay all Loans made hereunder, together with all interest thereon and all other amounts payable hereunder.  Without limiting the  foregoing, the  undersigned  acknowledges that  interest  rates  and maturity  dates  are  ordinarily negotiated between the undersigned and the Lender by telephone and the undersigned agrees that in the event of any dispute as to any applicable interest rate and/or maturity date, the determination of the Lender and its respective entry on the schedule herein referred to shall be conclusive and binding upon the undersigned.

All payments hereunder shall be made at the office of the Lender at 787 Seventh Avenue, NY, NY 10019 or at such other place as the Lender may designate, in lawful money of the United States of America and in immediately available funds, without setoff or counterclaim and free and clear of, and without deduction for or on account of, any present or future stamp or other taxes, levies, imposts, duties or other charges of  any  kind now  or hereafter imposed. If, notwithstanding the provisions of the immediately preceding sentence, any such taxes, duties, levies, imposts or other charges are so levied or imposed on any such payment, the undersigned will pay  additional interest or will make additional payments in such amounts as may be necessary so that the net amount received by the Lender, after withholding or deduction therefor, will be equal to the amount provided for herein.   The undersigned agrees to  furnish promptly  to the  Lender official receipts evidencing payment of any taxes, levies, imposts, duties or other charges so withheld or deducted.

If any payment due hereunder shall be due on a day that is not a Business Day, payment shall be made on the next succeeding Business Day at such place of payment and interest thereon shall be payable for such extended time.

This Note may be prepaid at any time without premium or penalty except payment of the amounts provided for in the next paragraph. Each prepayment shall be accompanied by all accrued interest on the amount prepaid.

If any payment of the principal of a Loan evidenced hereby is made on a day other than the last day of an Interest Period applicable thereto for any reason, including, without limitation, voluntary pre-payment  or acceleration,   or  if the  undersigned   fails to borrow  any  proposed  Loan   after  the  Lender  has arranged   funding  thereof,   or  if  the  interest  rate  on  any  Loan  is  converted   as  provided   in  the  second succeeding   paragraph,  the undersigned   shall  pay to the Lender,  on demand,  the amount  of any  loss,  cost or  expense  ("Funding Loss ") incurred by the Lender as a result of the timing of such payment, such failure to borrow or such conversion, including, without limitation, any loss incurred in liquidating or redeploying funds received or borrowed from third parties.

In the event that on any date on which the Offered Rate is to be determined with respect to an Interest Period: (i) the Lender determines that advances or other funding in dollars in the principal amount of the Loan to which such Interest Period applies are not being offered to the Lender in the applicable market or from such other funding source, as the case may be, for the applicable Interest Period or (ii) the Offered Rate does not accurately reflect the cost of the Lender of maintaining or funding the principal amount thereof, then the Loan shall, bear interest at a rate per annum equal to the rate of interest determined by the Lender, such determination to be conclusive absent manifest error.

If the effect of any applicable law, rule or regulation, or the interpretation or administration thereof, or compliance with any request or directive of any governmental authority, is to make it unlawful or impracticable for the Lender to maintain or fund the principal amount of any Loan evidenced hereby, then the affected Loan shall, on receipt by the undersigned of notice from the Lender of such circumstances, bear interest at a rate per annum equal to the rate of interest determined by the Lender, such determination to be conclusive absent manifest error.

If any change in any present or future law or regulation, or in the interpretation or administration thereof, subjects the Lender to any tax, imposes or modifies any reserve requirement against the assets of, liabilities of or loans by the Lender or imposes on the Lender any other conditions, and the result of the foregoing is to increase the cost to the Lender of maintaining 

or funding the principal amount of any Loan evidenced hereby or to reduce any amount which would otherwise be received by the Lender hereunder, the undersigned shall pay to the Lender, on demand, such additional amount as shall compensate the Lender for such increased cost or reduction in amount.

The term "Obligor" as used herein shall be deemed to refer to the undersigned, its successors and assigns and each and every indorser or guarantor hereof.

The term  "Liabilities"  as used herein shall include this Note and all other indebtedness and obligations and liabilities of any kind of the undersigned to the Lender, now or hereafter existing, arising directly between the undersigned and the Lender or acquired by assignment, conditionally or as collateral security by the Lender, 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, indebtedness, obligations or liabilities to the Lender of the undersigned, whether incurred by the undersigned as principal, surety, endorser, guarantor, accommodation party or otherwise.

Without limiting the right of the Lender to demand payment of the Loans evidenced hereby at any time in its sole discretion, if any of the following events (each, an "Event of Default") shall occur:  (a) default in payment of any Liability to the holder hereof, whether on demand, stated maturity or otherwise; or (b) if any Obligor shall fail to perform or observe any other covenant or agreement contained herein or in any line letter, security agreement, pledge agreement, guaranty, or other agreement, instrument or document related hereto (collectively with this Note, the "Loan Documents") and, in the case of any such failure which is capable of remedy, such failure shall remain unremedied for 10 days after such failure; or (c)  the occurrence of any default under any of the other Loan Documents; or (d)  if any representation, warranty or statement made by any Obligor, any subsidiary thereof or any other party to any Loan Document (or any of its officers) under or in connection with any Loan Document or any document furnished in connection therewith or pursuant thereto shall prove to be incorrect in any material respect when made; or (e) any failure by any Obligor or any of its subsidiaries to pay when due any indebtedness for  borrowed   money  or  in  respect  of  letters  of  credit  owing  to  the  Lender  other  than  under  the  Loan Documents,   or the  occurrence   of any event  which  with  the  giving  of notice  or passage  of time,  or both, could  result  in acceleration   of the maturity  of any such  indebtedness;   or (f)   any failure  by any Obligor  or any of its subsidiaries   to pay  when  due any  indebtedness   for borrowed  money  or  in respect  of letters  of credit  owing  to any party  other  than  the Lender,  or the occurrence  of any event which,  with the giving  of notice  or passage  of time,  or both,  could result  in acceleration  of the maturity  of any such indebtedness;  or (g)  any judgment   or order  for the payment  of money  in excess  of $50,000   individually   or in the aggregate (or  the  equivalent   thereof   in  another   currency)   shall   be  rendered   against   any  Obligor   or  any  of  its subsidiaries  and shall  remain  unpaid,  unbonded,   unvacated  or unstayed  for a period  of thirty  days;  or (h) any provision   of  any  Loan  Document   after  delivery  thereof  shall  for any  reason  cease  to  be valid  and binding  on any Obligor  or any other  party  thereto  (except  the Lender),  or any Obligor  or such other  party shall  so state in writing;  or (i)  any Loan  Document  providing  for the grant of a lien on or security  interest in any collateral  after delivery  thereof  shall  for any reason  (other than pursuant  to the terms  thereof)  cease to  create  a  valid  and  perfected   first  priority   security   interest   in any  of  the  collateral   purported   to  be covered  thereby;  or (j)  any Obligor or any of its subsidiaries shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Obligor or any of its subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law. relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; or any Obligor or any of its subsidiaries shall take any action to authorize any of the actions set forth above in this subsection 0); or (k) Rand LeShay or Thor Gjerdrum shall cease for any reason whatsoever, including, without limitation, death or disability (as such disability shall be determined in the sole and absolute judgment  of the Lender) to be and continuously perform the duties of senior vice president and head trader and chief financial officer, respectively, of the undersigned or, if such cessation shall occur as a result of death or such disability, no successor satisfactory to the Lender, in its sole discretion, shall have become and shall have commenced to perform the duties of senior vice president and head trader and chief financial officer, respectively, of the undersigned within thirty (30) days after such cessation; provided, however, that if any satisfactory successor 

*Material omitted pursuant to a request for confidential treatment.  An unredacted version of this exhibit has been filed separately with the Securities and Exchange Commission.

shall have been so elected and shall have  commenced performance of  such  duties  within  such  period, the  name  of  such  successor or successors shall be deemed to have been inserted in place of Rand LeShay or Thor Gjerdrum in this clause (k); or (I) Spectrum International Group Inc. ("SGl") shall cease to own, directly or indirectly, beneficially and of record at least 51% of the issued and outstanding capital stock of each class of the undersigned or shall cease to control the management and policies of the undersigned; or (m) the Tangible Net Worth of SGI shall at any time be less than $50,000,000 (as used herein, Tangible Net Worth shall have the meaning ascribed thereto in paragraph (e) of Appendix A to the line letter agreement dated as of April 4, 2001 between the Lender and the undersigned, as amended, modified or supplemented from time to time), then, the Liabilities shall become absolute, due and payable without demand or notice to Obligor.  Upon default in the due payment of this Note, or whenever the same or any installment of principal or interest hereof shall become due in accordance with any of the provisions hereof, the Lender may, but shall not be required to, exercise any or all of its rights and remedies, whether existing by contract, law or otherwise, with respect to any collateral security delivered in respect of any Liabilities.

Any demand or notice, if made or given, shall be sufficiently made upon or given to Obligor if left at or mailed to the last address of Obligor known to the Lender or if made or given in any other manner reasonably calculated to come to the attention of Obligor or the successors or assigns of Obligor, whether or not in fact received by them respectively.

The Lender may assign and transfer this Note to any other person, firm or corporation and may deliver and repledge the collateral security delivered in respect of the indebtedness evidenced hereby, or any part thereof, to the assignee or transferee of this Note, who shall thereupon become vested with all the powers  and rights above given to the Lender in respect thereof, and the Lender shall thereafter be forever released  and  discharged of and from all responsibility or liability to Obligor for or on account of the collateral  security  so delivered.

No delay on the part of the holder hereof  in exercising any of its options, powers or rights, or partial or single exercise thereof shall constitute a waiver thereof.  The options, powers and rights of the holder hereof specified  herein  are in addition to those otherwise  created.  Demand of payment of this Note shall be sufficiently made upon the  undersigned by written, telex, telegraphic or telephonic notice given by or on behalf of the holder to the undersigned at its last known address.

The undersigned hereby agrees to indemnify the holder hereof against any liability, claims, loss, cost or  expense incurred by such holder in connection with this Promissory Note and any Loans evidenced hereby and the exercise of any and all rights pertaining thereto, except for any loss, cost or expense resulting from the gross  negligence or willful misconduct of the Lender.  If any attorney is used to enforce or collect this Note, the undersigned agrees to pay reasonable attorneys fees and disbursements incurred by the Lender. The undersigned jointly and severally promise to pay all expenses (including, without limitation, reasonable attorneys fees and  disbursements) of any nature as soon as incurred whether in or out of court and whether incurred before or after this Note shall become due on demand, at its maturity  date or otherwise and costs which the Lender  may  deem  necessary or proper in connection with the satisfaction of the Liabilities or the administration, supervision, preservation, protection(including  but not limited  to maintenance of adequate insurance) or of the realization   upon any collateral for the Liabilities or of defending any claim, action or proceeding asserted or commenced by the undersigned against the Lender.

This Note shall be construed in accordance with and governed by the  law of the State of New York, without regard to principles of conflicts of laws.  Obligor  hereby  agrees  that  any  legal  action  or proceeding   against  Obligor with  respect to this Note may be brought  in the  courts  of the  State  of New York  in The City of New  York  or of the United States of America for the Southern District  of New  York as the Lender  may elect, and, by execution  and delivery hereof, Obligor accepts  and consents  to, for itself and in respect of its property, generally   and unconditionally, the jurisdiction of the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless  waived by the Lender n writing, with respect to any claim, action or proceeding brought by it against the Lender and any questions relating to usury. Nothing herein shall limit the right of the Lender to bring proceedings against Obligor in any other jurisdiction. Obligor irrevocably consents to the service of process in any such legal action or proceeding by personal delivery or by the mailing thereof by the Lender by registered or certified mail, return receipt requested, postage prepaid, to the address specified in the records of the Lender, such service of process by mail to be deemed effective on the fifth day following such mailing.  Obligor agrees that a final judgment in any such legal action or proceeding shall be conclusive and may be enforced in any manner provided by law.

AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS COUNSEL,  OBLIGOR HEREBY KNOWINGLY,  VOLUNTARILY AND  INTENTIONALLY WAIVES  ANY  AND ALL RIGHTS OBLIGOR MAY HAVE TO A TRJAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS NOTE OR ANY COURSE  OF  CONDUCT,  COURSE  OF  DEALING,  STATEMENTS (WHETHER  VERBAL  OR WRITTEN) OR ACTIONS OF OBLIGOR. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO EXTEND CREDIT TO OBLIGOR. No  claim may be made  by Obligor against Lender or the officers, directors, employees or agents of Lender for any special, indirect, punitive or consequential damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Note or any other Loan Document or any act, omission or event occurring in connection therewith, and Obligor hereby waives, releases and agrees not to sue upon any claim for any such damages.

The undersigned shall defend, indemnify and hold harmless the Lender, its directors, officers, agents,  employees, participants and assignees, from and against any and all claims, suits, actions, causes of action, debts,   liabilities, damages, losses, obligations, charges, judgments and expenses, including attorneys fees and costs of any nature whatsoever, in any 

way relating to or arising from the transactions contemplated by any  Loan  Document(s), any liabilities of the undersigned and/or any loss, damage or injury resulting from any hazardous  material; provided that the foregoing indemnification shall not extend to liabilities, damages, losses, obligations, judgments and expenses caused by the gross negligence or willful misconduct of the Lender as  finally determined by a court of competent jurisdiction.  This indemnification provision shall survive the termination of the Loan Documents and the repayment of all liabilities to the Lender.

The undersigned agrees to pay all stamp, document, transfer, recording or filing taxes  or fees and similar  impositions now or hereafter determined by the Lender to be payable in connection with this Note or the other Loan  Documents or the transactions pursuant to or in connection herewith and therewith, and the undersigned agrees to save the Lender harmless from and against any and all present or future claims, liabilities or losses with respect to  or resulting from any omission to payor delay in paying any such taxes, fees or impositions.

In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, the Lender is hereby authorized at any time and from time to time, without notice to the undersigned or to any other person or entity, any such notice being  hereby expressly waived by the undersigned, to setoff and to appropriate and apply any and all deposits (general  or special) and any other indebtedness at any time held or owing by the Lender (including all of its branches and agencies)  to or for the credit or the account of the undersigned in any currency and whether or not due against and on account of the obligations and liabilities of the undersigned to the Lender under this note or other Loan Documents, irrespective of whether or not the Lender shall have made any demand hereunder or thereunder and although said obligations, liabilities or claims, or any of them shall be contingent or unmatured. 

No change, modification, termination, waiver or discharge, in whole or in part, of this Note shall be effective unless in writing and signed by the party against whom such change, modification, termination, waiver or discharge is sought to be enforced. 

Obligor hereby waives  presentment, demand for payment, protest, notice of protest, notice of dishonor and default or enforcement of this Note, consents to any and all delays, extensions of time, renewals, releases of Obligor and of any available security, waivers or modifications that may be granted or consented  to by the Lender with regard to the time of payment  or with respect to any other  provisions of this Note and agrees that no such action  or failure to act  on the  part of the  Lender shall in any way affect or impair the obligations of Obligor or be construed as a waiver by the Lender of, or otherwise affect, its right to avail itself of any remedy hereunder with the same force and effect as if Obligor had expressly consented to such action or inaction upon the part of the Lender.

The term "Lender" as used herein shall be deemed to include the Lender and its successors, endorsees and assigns.

This Note replaces but  does not constitute payment or satisfaction of or a novation of the Replacement Promissory Note dated January 22, 2008 executed by the undersigned to the order of the Lender.

	
			
	 
	A-MARK PRECIOUS METALS, INC.

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

Schedule to Promissory Note

	
						
	Date
	Amount of Loan
	Interest Rate
	Maturity Date
	Amount of Payment
	Notation Made

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

FIFTH AMENDMENT  TO 
LINE LETTER

This FIFTH AMENDMENT TO LINE LETTER, dated as of March, 2011, is between BNP PARIBAS (the "Lender") and A-MARK PRECIOUS METALS, INC. (the "Borrower").

W I T N E S S E T H:

WHEREAS, the Lender and the Borrower are parties to a Line Letter dated as of April 4, 2001 (as heretofore amended, the "Line Letter"; and capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Line Letter);

WHEREAS, the Borrower and the Lender desire to amend the Line Letter in several respects;

NOW, THEREFORE, the parties hereto hereby agree as follows:

Section 1.    Amendment.

The Line Letter is hereby amended, effective on the Effective Date referred to in Section 2 hereof, as follows:

(a)     The first two paragraphs of the Line Letter are deleted and the following are substituted therefor:

"BNP PARIBAS ("Lender") is pleased to inform you that Lender has established for you, A-MARK PRECIOUS METALS, INC. (the "Company"), (a) a $35,000,000 uncommitted line of credit available for loans, documentary letters of credit and standby letters of credit.

Each Joan or letter of credit shall be used only for the purpose of financing inventory and accounts receivable  arising from sale thereof to unaffiliated companies and for working capital. Loans and letters of credit outstanding under this line of credit shall not, without Lender's prior consent, exceed the lesser of (a) $35,000,000, and (b) the amount by which the Collateral Value exceeds the Outstanding Credits (as such terms are defined in the Amended and Restated Collateral Agency Agreement (1999) dated as of November 30, 1999 (as amended, the "Agency Agreement") among the Company and the banks and financial institutions ("Other Lenders")which provide financing to the Company."
(b)     The first paragraph in section (e) of Appendix A of the Line Letter shall be deleted in its entirety and the following paragraph shall be substituted therefor:

"(e) not permit at any time the sum of Tangible Net Worth (as defined below  plus  Subordinated Debt of  the  Company and  its  consolidated subsidiaries on a consolidated basis to be less than $25,000,000.  As used herein, "Tangible Net Worth" shall mean at any time as to any person or entity, as of the date of determination thereof, the excess of total assets over total liabilities and less the sum of (without duplication):".

Section 2.    Effectiveness  of Amendment.

This Fifth Amendment shall become effective on the date (the "Effective Date") on which the Lender shall have received this Fifth Amendment duly executed by all parties hereto, a Replacement Promissory Note in form and substance satisfactory to the Lender (the "March 2011 Replacement Note"), duly executed by the Borrower, and such corporate authorization documents and opinions as the Lender shall request.

Section 3.    Effect of Amendment;  Ratification;  Representations;  etc.

(a)     On and after the date hereof, when counterparts of this Fifth Amendment shall have been executed by all parties hereto, this Fifth Amendment shall be a part of the Line Letter, all references to the Line Letter in the Line Letter and the other Loan Documents shall be deemed to refer to the Line Letter as amended by this Fifth Amendment, and the term "this Agreement", and the words "hereof', "herein", "hereunder" and words of similar import, as used in the Line Letter, shall mean the Line Letter as amended hereby. All references to the term "Note(s)" or "promissory note(s)" in the Line Letter and the other Loan Documents shall be deemed to refer to the March
2011 Replacement Note.

(b)     Except as expressly set forth herein, this Fifth Amendment shall not constitute an amendment, waiver or consent with respect to any provision of the Line Letter, as amended hereby, and the Line Letter, as amended hereby, is hereby ratified, approved and confirmed in all respects.

(c)     In order to induce the Lender to enter into this Fifth Amendment, the Borrower represents and warrants to the Lender that before and after giving effect to the execution and delivery of this Fifth Amendment:

		
	(i)
	the representations and warranties of the Borrower set forth in the Line Letter and in the other Loan Documents are true and correct, and

		
	(ii)
	no Event of Default or event or condition that, with the giving of notice or passage of time or both, would constitute an Event of Default has occurred and is continuing.

(d)     The Borrower hereby acknowledges, confirms and agrees (i) that the Brown Brothers Harriman & Co., as Collateral  Agent on behalf of the Lender (the "Collateral Agent"), has and shall continue to have valid, enforceable and perfected liens upon and security interests in the Collateral heretofore granted to Collateral  Agent pursuant to the Loan Documents or otherwise granted to or held by Collateral Agent; and (ii) that such liens and security interests currently secure, and shall continue to secure, without limitation, the indebtedness, liabilities and obligations  of the Company under the March 2011 Replacement Note and Line letter as amended hereby.

Section 4.    New York Law.

This Fifth Amendment shall be construed in accordance  with and governed by the laws of the State of New York applicable  to agreements  made and to be performed in said State.

Section 5.  Severabilitv.

If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed  in order to carry out
the intentions of the parties hereto as nearly as may be possible, and (ii) the invalidity or
unenforceability  of any provision hereof in any jurisdiction shall not affect the validity or enforceability  of such provision in any other jurisdiction.

Section 6.    Counterparts.

This Fifth Amendment may be executed by the parties hereto individually or in any combination,  in one or more counterparts,  each of which shall be an original and all of which shall together constitute one and the same amendment. Signatures of the parties may appear on separate counterparts.

IN WITNESS WHEREOF,  the parties hereto have caused this Fifth Amendment to be duly executed as of the day and year first above written.

	
					
	A-MARK PRECIOUS METALS, INC.
	 
	BNP PARIBAS

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