Document:

Ex 10.11

Termination Letter

October 29, 2002

A-Mark Precious Metals Inc.

(the "Debtor")

and

Brown Brothers Harriman & Co., as Agent for itself as a lender and the lenders and any other entity.that may become a lender under the Amended and Restated Collateral Agency Agreement dated as of November 30, 1999 among A-Mark Precious Metals, Inc., Fortis Capital Corp., RZB Finance LLC, KBC Bank, N.V., And Brown Brothers Harriman & Co. as amended, modified, restated & supplemented from time to time

(the "Lenders")

Ladies and Gentlemen:

This letter will confirm that the undersigned hereby agrees with the Debtor and the Lenders as follows:

All obligations of the Debtor to the undersigned have been paid in full, and the undersigned hereby releases all liens and security interests held by the undersigned in all assets of the Debtor.  Upon the request of the Debtor or the Lender, and in any event not later than thirty (30) days from the date hereof, the undersigned shall execute UCC-3 termination statements or other documents reasonably requested by the Debtor or the Lender to release or terminate all liens and security interests of record held by the undersigned on the date hereof in any assets of the Debtor.

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.

Very truly yours, 
KBC Bank N.V.

By:______________________

By:______________________

Termination Letter

October 29, 2002

A-Mark Precious Metals Inc.

(the "Debtor")

and

Brown Brothers Harriman & Co., as Agent for itself as a lender and the lenders and any other entity.that may become a lender under the Amended and Restated Collateral Agency Agreement dated as of November 30, 1999 among A-Mark Precious Metals, Inc., Fortis Capital Corp., RZB Finance LLC, KBC Bank, N.V., And Brown Brothers Harriman & Co. as amended, modified, restated & supplemented from time to time

(the "Lenders")

Ladies and Gentlemen:

This letter will confirm that the undersigned hereby agrees with the Debtor and the Lenders as follows:

All obligations of the Debtor to the undersigned have been paid in full, and the undersigned hereby releases all liens and security interests held by the undersigned in all assets of the Debtor.  Upon the request of the Debtor or the Lender, and in any event not later than thirty (30) days from the date hereof, the undersigned shall execute UCC-3 termination statements or other documents reasonably requested by the Debtor or the Lender to release or terminate all liens and security interests of record held by the undersigned on the date hereof in any assets of the Debtor.

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.

Very truly yours, 
KBC Bank N.V.

By:______________________

By:______________________

Termination Letter

October 29, 2002

A-Mark Precious Metals Inc.

(the "Debtor")

and

Brown Brothers Harriman & Co., as Agent for itself as a lender and the lenders and any other entity.that may become a lender under the Amended and Restated Collateral Agency Agreement dated as of November 30, 1999 among A-Mark Precious Metals, Inc., Fortis Capital Corp., RZB Finance LLC, KBC Bank, N.V., And Brown Brothers Harriman & Co. as amended, modified, restated & supplemented from time to time

(the "Lenders")

Ladies and Gentlemen:

This letter will confirm that the undersigned hereby agrees with the Debtor and the Lenders as follows:

All obligations of the Debtor to the undersigned have been paid in full, and the undersigned hereby releases all liens and security interests held by the undersigned in all assets of the Debtor.  Upon the request of the Debtor or the Lender, and in any event not later than thirty (30) days from the date hereof, the undersigned shall execute UCC-3 termination statements or other documents reasonably requested by the Debtor or the Lender to release or terminate all liens and security interests of record held by the undersigned on the date hereof in any assets of the Debtor.

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.

Very truly yours, 
KBC Bank N.V.

By:______________________

By:______________________Ex 10.12

AMENDMENT TO
AMENDED AND RESTATED COLLATERAL  AGENCY AGREEMENT (1999)

This Amendment (this "Amendment") to the Amended and Restated Collateral Agency  Agreement (1999)  is dated as of August  21, 2002  and is by and among A-Mark Precious Metals,  Inc., a New York corporation formerly known as Spiral Cycle Corporation (the "Company"), and Fortis Capital  Corp. ("FCC")  as Assignee of MeesPierson N.V., KBC Bank N.V. ("KBC"), RZB Finance LLC ("RZB"),   Brown  Brothers Harriman  & Co. ("Brown Brothers"; in its capacity as agent for itself as a Lender  (as defined below) and all other  Lenders, the "Agent"), and Natexis Banques Populaires, New  York Branch ("Natexis"). FCC, KBC, RZB and Brown  Brothers  are hereinafter sometimes referred  to as the "Existing Lenders."

WHEREAS, the Company,  FCC,  KBC,  RZB  and Brown  Brothers  executed  and delivered  that certain  Amended  and Restated  Collateral  Agency Agreement (1999)  dated as of November 30, 1999 (the "Collateral Agency Agreement");

WHEREAS,  Natexis seeks to extend certain financial accommodations to the Company and

WHEREAS, in accordance with Article X(F) of the Collateral Agency Agreement, Natexis seeks to become a party to the Collateral Agency Agreement.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which the parties hereby acknowledge, the parties agree as follows:

		
	1.
	Definitions.  Capitalized terms not defined in this Amendment shall have the meanings ascribed to them  in the Collateral Agency Agreement.

		
	2.
	Natexis as Lender.  In accordance with Article X(F) of the Collateral Agency Agreement, Natexis hereby agrees to be bound by all of the terms and conditions of the Collateral Agency Agreement and the Existing Lenders agree that Natexis shall be considered a Lender under the Collateral Agency Agreement, entitled to all of the benefits thereof and subject to all obligations thereunder.

		
	3.
	Miscellaneous.   This Amendment may not he amended or modified, except by a writing signed by all of the parties hereto.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York without regard to its conflict of laws principles.

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed by its duly authorized officer, all as of the day and date first written above.

[REMAINDER  OF PAGE LEFT  INTENTIONALLY   BLANK SIGNATURE  PAGE TO FOLLOW]

	
					
	A-MARK PRECIOUS METALS, INC.,
	 
	 
	 

	A New York Corporation, as The Company
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	BROWN BROTHERS HARRIMAN & CO.,
	 
	 
	 

	for itself as a Lender and as Agent
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	FORTIS CAPITAL CORP., as Assignee
	 
	 
	 

	and as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	KBC BANK N.V., as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	A-MARK PRECIOUS METALS, INC.,
	 
	 
	 

	A New York Corporation, as The Company
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	BROWN BROTHERS HARRIMAN & CO.,
	 
	 
	 

	for itself as a Lender and as Agent
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	FORTIS CAPITAL CORP., as Assignee
	 
	 
	 

	and as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	KBC BANK N.V., as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	A-MARK PRECIOUS METALS, INC.,
	 
	 
	 

	A New York Corporation, as The Company
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	BROWN BROTHERS HARRIMAN & CO.,
	 
	 
	 

	for itself as a Lender and as Agent
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	FORTIS CAPITAL CORP., as Assignee
	 
	 
	 

	and as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	KBC BANK N.V., as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	RZB FINANCE LLC, as Lender
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	NATEXIS BANQUES POPULAIRES, NEW YORK BRANCH, as Lender

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	RZB FINANCE LLC, as Lender
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	NATEXIS BANQUES POPULAIRES, NEW YORK BRANCH, as Lender

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

Termination Letter

October 29, 2002

A-Mark Precious Metals Inc.

(the "Debtor")

and

Brown Brothers Harriman & Co., as Agent for itself as a lender and the lenders and any other entity.that may become a lender under the Amended and Restated Collateral Agency Agreement dated as of November 30, 1999 among A-Mark Precious Metals, Inc., Fortis Capital Corp., RZB Finance LLC, KBC Bank, N.V., And Brown Brothers Harriman & Co. as amended, modified, restated & supplemented from time to time

(the "Lenders")

Ladies and Gentlemen:

This letter will confirm that the undersigned hereby agrees with the Debtor and the Lenders as follows:

All obligations of the Debtor to the undersigned have been paid in full, and the undersigned hereby releases all liens and security interests held by the undersigned in all assets of the Debtor.  Upon the request of the Debtor or the Lender, and in any event not later than thirty (30) days from the date hereof, the undersigned shall execute UCC-3 termination statements or other documents reasonably requested by the Debtor or the Lender to release or terminate all liens and security interests of record held by the undersigned on the date hereof in any assets of the Debtor.

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.

Very truly yours, 
KBC Bank N.V.

By:______________________

By:______________________

Termination Letter

October 29, 2002

A-Mark Precious Metals Inc.

(the "Debtor")

and

Brown Brothers Harriman & Co., as Agent for itself as a lender and the lenders and any other entity.that may become a lender under the Amended and Restated Collateral Agency Agreement dated as of November 30, 1999 among A-Mark Precious Metals, Inc., Fortis Capital Corp., RZB Finance LLC, KBC Bank, N.V., And Brown Brothers Harriman & Co. as amended, modified, restated & supplemented from time to time

(the "Lenders")

Ladies and Gentlemen:

This letter will confirm that the undersigned hereby agrees with the Debtor and the Lenders as follows:

All obligations of the Debtor to the undersigned have been paid in full, and the undersigned hereby releases all liens and security interests held by the undersigned in all assets of the Debtor.  Upon the request of the Debtor or the Lender, and in any event not later than thirty (30) days from the date hereof, the undersigned shall execute UCC-3 termination statements or other documents reasonably requested by the Debtor or the Lender to release or terminate all liens and security interests of record held by the undersigned on the date hereof in any assets of the Debtor.

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.

Very truly yours, 
KBC Bank N.V.

By:______________________

By:______________________

Termination Letter

October 29, 2002

A-Mark Precious Metals Inc.

(the "Debtor")

and

Brown Brothers Harriman & Co., as Agent for itself as a lender and the lenders and any other entity.that may become a lender under the Amended and Restated Collateral Agency Agreement dated as of November 30, 1999 among A-Mark Precious Metals, Inc., Fortis Capital Corp., RZB Finance LLC, KBC Bank, N.V., And Brown Brothers Harriman & Co. as amended, modified, restated & supplemented from time to time

(the "Lenders")

Ladies and Gentlemen:

This letter will confirm that the undersigned hereby agrees with the Debtor and the Lenders as follows:

All obligations of the Debtor to the undersigned have been paid in full, and the undersigned hereby releases all liens and security interests held by the undersigned in all assets of the Debtor.  Upon the request of the Debtor or the Lender, and in any event not later than thirty (30) days from the date hereof, the undersigned shall execute UCC-3 termination statements or other documents reasonably requested by the Debtor or the Lender to release or terminate all liens and security interests of record held by the undersigned on the date hereof in any assets of the Debtor.

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.

Very truly yours, 
KBC Bank N.V.

By:______________________

By:______________________

EXECUTION  COPY

A-MARK PRECIOUS  METALS,  INC.

SECOND AMENDMENT DATED AS OF NOVEMBER 10, 2003 TO 
AMENDED  AND RESTATED COLLATERAL  AGENCY AGREEMENT  (1999),
AMENDED AND RESTATED  INTERCREDITOR   AGREEMENT(1999), 
AMENDED AND RESTATED GENERAL  SECURITY  AGREEMENT  (1999)
AND GENERAL SECURITY AGREEMENT OF GUARANTORS  (1999) 
EACH DATED AS OF NOVEMBER  30,1999,
AND EACH AS AMENDED

THIS SECOND AMENDMENT is dated as of November 30, 2003 by and among FORTIS CAPITAL CORP., as assignee of MeesPierson, N.V.,RZB FINANCE LLC, NATEXIS BANQUES POPULAIRES, NEW YORK BRANCH and BROWN BROTHERS HARRIMAN & CO. ("BBH"), (each individually a "Lender" and, collectively the "Lenders") and BBH in its capacity as agent for itself as a Lender and all other Lenders (the "Agent"), A-MARK PRECIOUS METALS, INC., a New York corporation (the "Company"), A-MARK HOLDING, INC., and THE A-MARK CORPORATION (collectively the "Guarantors").

RECITALS

A.  The Company, the Guarantors, the Lenders and the Agent are parties to one or more of the: (i) Amended and Restated Collateral Agency Agreement (1999) dated as of November 30, 1999 (the "Agreement"); (ii) Amended and Restated Intercreditor Agreement (1999) dated as of November 30, 1999 (the "Intercreditor Agreement"); (iii) Amended and Restated General Security Agreement (1999) dated as of November 30, 1999 (the "Security Agreement"); and (iv) General Security Agreement of Guarantor (1999)  (the "Guarantor   Security  Agreement"),   as each has been amended  by an amendment   dated  as of August  2-t1,. , 200f .. The capitalized terms used in this Second Amendment shall have the meaning given each such term in the Agreement unless otherwise defined herein.

B.  The Company, the Guarantors, the Lenders and the Agent, desire to amend the Agreement, the Facility Documents and the Exhibits and the Schedules annexed to the Agreement to: (i) revise the method of calculating Collateral Value and (ii) require the execution and delivery to the Agent of agreements to conform to the provisions of the Uniform Commercial Code as now in effect in the State of New York (the "Revised UCC"), on the terms and conditions provided for herein.
    
NOW, THEREFORE, the parties hereby agree as follows: 
    
SECTION 1.  AMENDMENTS TO THE AGREEMENT. 
    
The Agreement is hereby amended as follows:
    
(A)      Section I "Definitions" is hereby amended to add in alphabetical order or modify or delete the following terms:

"Consignee Letter of Credit" shall mean a letter of credit in the form of Exhibit 7 hereto, issued by or confirmed by a bank located in the United States which has a debt rating of BBB or better by the Standard & Poors rating agency.

"Assigned Consignee Letter of Credit" shall mean a Consignee Letter of Credit meeting the following requirement: the proceeds of such letter of credit has been assigned by the Company to the Agent on behalf of the Lenders, pursuant to an executed Letter of Credit Rights Assignment and Control Agreement.

"Advised Consignee Letter of Credit" shall mean a Consignee Letter of Credit which designates BBH as the sole advising bank and such letter of credit and all necessary   signed,  but undated,  drawing  documents  have been delivered  to the Agent under  an assignment   agreement  in form acceptable  to the Agent.

"Consigned   Material"  shall mean Precious  Metals  that are included  in the Collateral   Report,  are held under a Consignment  Agreement  by a Consignee,   and also meet  the following  requirements:   (i) the term of the consignment   does not exceed  one (1) year  from the date of delivery  to the Consignee  or may be terminated  at any time for any reason  by the Company  upon not more than thirty (30) days prior notice;  and (ii) there is in effect  an Advised  Consignee  Letter of Credit or an Assigned  Consignee   Letter of Credit  or Consignment   Cash Collateral  each in an amount  equal to or greater  than  110% of the aggregate  Market  Value of such Precious  Metals.

"Foreign  Material"  shall mean (i) Assigned  Material  held at an Approved Depository   located  outside  of the United  States; or (ii) Confirmed  Material  held at a Foreign  Approved   Depository.

"Approved  Depositories"   shall mean (i) any of the depositories   or vault facilities listed  in Exhibit   1 annexed to the Agreement,  which  list may be amended  from time to time with  the prior written  approval  of the Lenders  and (ii) the Foreign  Approved Depositories.

"Foreign   Approved  Depositories"   shall mean HSBC Bank USA,  London  Branch and MKS  Finance  S.A., Geneva,  Switzerland,  provided  at no time shall the aggregate Market  Value  of the Precious  Metal held by both of them  exceed US$3,000,000 and US$3,000,000 in the case of HSBC  BANK USA, individually,  and US$1,000,000 in the case of MKS Finance  S.A., individually.   The Company  may with the prior  written approval  of each Lender add or remove Foreign  Approved  Depositories,   without  further amendment of this Agreement, on such terms and conditions as the Lenders shall determine are appropriate.

"Consignment Cash Collateral" shall mean an account established by the Company with the Agent, in which there is deposited cash or money-market instruments issued by an United States entity which has a debt rating of AA or better by the Standard & Poor's rating agency or as otherwise approved in writing by each of the Lenders, which shall be subject to a first and prior security interest in and lien in favor of the Agent.

"Deposit Account Control Agreement" shall mean an agreement in the form annexed hereto as Annex A or such other form as shall be acceptable to the Agent and the Lenders.

"Guarantor Security Agreement" shall mean the General Security Agreement of Guarantors (1999) dated as of November 30, 1999, as amended from time to time, in the form of Annex E hereto.

"Letter of Credit Rights Assignment and Control Agreement" shall mean an agreement in the form annexed hereto as Annex Dor such other form acceptable to the Agent and the Lenders.

"Commodity Account Control Agreement" shall mean an agreement in the form annexed hereto as Annex B hereto or such other form acceptable to the Agent and the Lenders.
    
"Cash Collateral Agreement" shall mean an agreement in the form annexed hereto as Annex F or such other form acceptable to the Agent and the Lenders.

(B)       The term "Facility  Documents"   shall include  (i) the Security  Agreement, as supplemented   by Section  2 o~~his S~cond Amendment,   (ii) the Guarantor  Security Agreement,   as Supplemented   by Section  3 of this Second  Amendment,   and (iii) each Deposit  Account  Control  Agreement,  Cash Collateral  Agreement,  Commodity  Account Control  Agreement  and Letter of Credit Rights  Assignment  and Control  Agreement,  now or hereafter  executed  and delivered  pursuant  to this Agreement,  as amended  from time to time.

(C)        Section  II(C)(2)  (Other  Components   of Collateral  Value)  is hereby

amended  by deleting  clauses  (d) and (g) thereof  and by adding the following  additional components   of Collateral  Value thereto:
"(g)      95% of the aggregate  Market  Value of Consigned  Material  in the
event the obligation  of the Consignee  thereof  is secured  by  -, Consignment  Cash Collateral  held by BBH (pursuant  to a Cash Collateral  Agreement)  in each instance  in an amount  equal to or greater than  110% of the aggregate  Market  Value  of such Consigned  Material;
        
(h)     90% of the aggregate  Market  Value of Consigned  Material,
covered by an Assigned  Consignee  Letter of Credit,  in an amount greater or equal to 110% of the Market Value thereof,  except in the event that the applicable  Consignee  Letter of Credit  is issued by a bank with a Standard  & Poors debt rating of AA or better, then
95%;
        
(i)        85% of the aggregate Market Value of Consigned Material covered
by an Advised Consignee Letter of Credit, in an amount greater or equal to 110% of the Market Value thereof, except in the event the issuing bank of such Consignee Letter of Credit has a Standard & Poors debt rating of AA or better, then 90%; and
        
(j)        80% of Foreign Material.

(D)      Section IV(F) (Additional Reporting and other Requirements) is hereby deleted in its entirety and shall read as follows:
        
"(F)     The Company shall provide to the Agent (i) complete copies of all insurance policies relating to accounts receivable (if applicable), Precious Metals or other  inventory  owned by the Company,  (2) a certificate  of insurance  naming. the Agent,  on behalf of the Lenders,  as loss payee withrespect   to such insurance  policies  as to which  the Company  is a direct  beneficiary  and (3) a certificate  of insurance  naming  the Agent  on behalf  of the Lenders  as an additional  insured  (without  liability  for insurance  premiums)  with respect  to all other insurance policies. "

(E)        The Collateral  Report annexed  as Exhibit  2 to the Agreement  shall 'be . replaced  by Annex  C to this Second  Amendment  and be designated  as Exhibit  2 to the Agreement.

(F)        Exhibit  4 to the Agreement  shall be replaced  by Annex  B (Commodity Account  Control  Agreement)  to this Second  Amendment  and be designated   as Exhibit 4 to the Agreement.

(G)       Exhibit  5 to the Agreement  shall be replaced  by Annex  A (Deposit Account  Control  Agreement)  to this Second Amendment  and be designated  as Exhibit  5 to the Agreement.

(H)       Exhib~t 7 to the Agreement  shall be replaced  by Annex  G (Letter  of Credit)  to this Second  Amendment  and be designated  as Exhibit  7 to the Agreement. (I) Exhibit  6 to the Agreement  shall be replaced  by the form of Letter of Credit  Rights  Assignment  and Control Agreement  in the form of Annex  D hereto and be designated   as Exhibit  6 to the Agreement.

(J)         Each Approved  Broker (whether  now or hereafter  so designated)  shall execute  and deliver  a Commodity  Account  Control  Agreement  in the form of Annex B hereto.
        
(K)        Section  IV of the Agreement  is amended  by adding  thereto  a new paragraph (J), which shall read as follows:

"(J) The Company shall promptly notify the Agent and each Lender of any change in ownership or control of each Approved Depository or any other depository at which, from time to time, any Confirmed Material and/or Assigned Material is located (a "Change in Ownership").  Until such time as the Agent and each Lender has approved such Change in Ownership, in writing, on such terms and conditions as each shall approve, then the Confirmed Material and/or Assigned Material located  at any such Approved Depository, shall be deemed ineligible for the purposes of Section II of this Agreement (Collateral Value)."

(L)       Each issuer of an Assigned Consignee Letter of Credit (whether now or hereafter issued) shall execute and deliver a Letter of Credit Rights Control Agreement.
        
(M)     The definition "Insured Consignments" is hereby deleted as well as .any reference therein in Section II(C)(2)(g).
    
(N)      The term "this Agreement" as used.in the Amended and Restated Collateral Agency Agreement (1999) shall include all of the revisions provided for in this Second Amendment.

SECTION  2. SUPPLEMENT TO THE SECURITY AGREEMENT.

In order to induce the Lenders to enter into this Second Amendment and in order to effectuate the terms hereof, the Company simultaneously herewith has executed and delivered to the Agent on behalf of the Lenders a Supplement to the Security Agreement, granting  to the Agent  a security  interest  in all of its existing  and hereafter created Security,  co-extensive   with that provided' for in the Revised UCC.

SECTION  3. SUPPLEMENT  TO THE GUARANTOR SECURITY  AGREEMENT.

In order to induce the Lenders to enter into this Second Amendment and in order to effectuate the terms hereof, each Guarantor simultaneously herewith has executed and delivered to the Agent on behalf of the Lenders a Supplement to the Guarantor Security Agreement, granting to the Agent a security 

interest in all of its existing and hereafter created Security co-extensive with that provided for in the Revised UCC.

SECTION  4.  VCC FINANCING STATEMENTS.

The Company and each Guarantor hereby authorizes the Agent on behalf of the Lenders to file one or more financing statements in the states of California and New York to conform with the grant of the security interest in the Security of each of them as modified pursuant to Sections 2 and 3 of this Second Amendment.

SECTION  5. AMENDMENTS TO FACILITY  DOCUMENTS.

Each reference in any Facility Document and the Intercreditor Agreement to the Collateral Agency Agreement, General Security Agreement, General Security Agreement of Guarantors or words or terms of a similar meaning and the Exhibits relating thereto shall be deemed to incorporate the revisions provided for in this Second Amendment and the Supplements provided for in Sections 2 and 3 hereof. All references to the Uniform Commercial Code shall be deemed a reference to the Revised VCC as in effect from time to time.

SECTION    6.  EFFECTIVE   DATE.

The revisions  contained  in Section  I(c) of this Second Amendment with respect to the components of the Collateral Value under the Agreement shall become effective upon the execution and delivery by the parties hereto of this Second Amendment and the execution and/or delivery by the Company and the Guarantors of the documents provided for in Sections 2 and 3 of this Second Amendment and the filing of the documents provided for in Section 4 of this Second Amendment.

SECTION  7. MISCELLANEOUS.

(a)       The Company and each Guarantor hereby represent and warrant that there exists no default under the Agreement or any Facility Document and the representations and warranties made by each of them therein are materially true and correct as of the date hereof.

(b)       In order to induce the Lenders and the Agent to enter into this Second Amendment, the Company agrees not to enter into any Letter of Credit Rights Assignment and Control Agreement with any other person, firm or entity (other than the Agent), with respect to any Consignee Letter of Credit or Advised Consignee Letter of Credit.

(c)       Except as expressly modified by this Second Amendment, the Agreement and each Facility Document is, and shall remain, in full force and effect in accordance with its respective terms. Nothing herein shall be deemed to be a waiver by the Lenders or the Agent of any default by the Company or any Guarantor or to be a waiver or modification by the Lenders or the Agent of any provision of the Agreement or any Facility Document except for the amendments expressly set forth in this Second Amendment.

(d)        This Second  Amendment  may be executed  in any number  of separate counterparts,   

each of which  shall, be an original  and all of which  taken  together  shall be deemed  to constitute  one and the same instrument.

(e)        This Second  Amendment   and the rights and obligations   of the parties hereunder  shall be governed  by, and construed  and interpreted  in accordance  with, the internal  laws of the State of New York, without  regard  to conflict  of laws   principles.

(f)        The Company  and each Guarantor  hereby  acknowledge   and agree that the Agreement   and the Facility  Documents  as each are amended  by this Second  Amendment are each valid,  binding  and enforceable  in accordance  with their respective  terms and. provisions,   and there are no counterclaims,   defenses  or offsets which  may be asserted with  respect  thereto,  or which may in any manner  affect the collection  or collectibility    of any of the Outstanding   Credits or any of the principal,  interest  and other  sums evidenced
and secured  thereby,  nor is there any basis whatsoever  for any such counterclaim;   defense or offset.

(g)        The Company  agrees to payor   reimburse  the Agent  for all of the Agent's reasonable   out-of-pocket   costs and expenses  incurred  in connection  with  the development,   preparation  and execution  of this Second Amendment  and the documents herein  contemplated,   including,  without  limitation,  the disbursements   and fees of counsel to the  Agent.

(h)        This Second Amendment  shall not be modified  or amended  except by a written  instrument  signed by all of the parties  and shall be binding  on the respective successors   and assigns of the parties.

(i)  Section  X.(B) of the Agreement  is hereby  amended  to provide  that KBC Bank N.V.  is deleted  as a Lender,  and that notices  to the Agent and/or the Lenders  shall be addressed  and/or  transmitted  as follows:

	
			
	If to the Agent
	 
	 

	(and as a Lender):
	 
	Brown Brothers Harriman & Co.

	 
	 
	140 Broadway

	 
	 
	New York, NY 10005

	 
	 
	Phone # 212-483-1818

	 
	 
	Fax # 212-493-8998

	
			
	If to any other
	 
	 

	Lender:
	 
	Fortis Capital Corp.

	 
	 
	Three Stamford Plaza

	 
	 
	301 Tresser Blvd.

	 
	 
	Stamford, CT 06901

	 
	 
	Phone # 203-705-5772

	 
	 
	Fax # 203-705-5924

	 
	 
	 

	 
	 
	Natexis Banques Populaires,

	 
	 
	New York Branch

	 
	 
	1251 Avenue of the Americas, 34th floor

	 
	 
	New York, NY 10020

	 
	 
	Phone # 212-872-5133

	 
	 
	Fax # 212-354-9095

	 
	 
	 

	 
	 
	RZB Finance LLC

	 
	 
	1133 Avenue of the Americas

	 
	 
	New York, NY 10036

	 
	 
	Phone # 212-845-4114

	 
	 
	Fax # 212-944-6389

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written.

A-MARK PRECIOUS METALS, INC.

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

A-MARK HOLDING, INC.

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

THE A-MARK CORPORATION

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

FORTIS CAPITAL CORP.,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

A-MARK HOLDING, INC.

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

FORTIS CAPITAL CORP.,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

NATEXIS BANQUES POPULAIRES,
NEW YORK BRANCH,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

RZB FINANCE LLC,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

BROWN BROTHERS HARRIMAN & CO. 
as Lender and Agent

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

NATEXIS BANQUES POPULAIRES,
NEW YORK BRANCH,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

RZB FINANCE LLC,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

BROWN BROTHERS HARRIMAN & CO. 
as Lender and Agent

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

NATEXIS BANQUES POPULAIRES,
NEW YORK BRANCH,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

RZB FINANCE LLC,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

BROWN BROTHERS HARRIMAN & CO. 
as Lender and Agent

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

	
			
	 
	 
	ANNEXES

	 
	 
	 

	ANNEX A
	-
	Deposit Account Control Agreement

	 
	 
	 

	ANNEX B
	-
	Commodity Account Control Agreement

	 
	 
	 

	ANNEX C
	-
	Collateral Report

	 
	 
	 

	ANNEX D
	-
	Letter of Credit Rights
Assignment and Control Agreement

	 
	 
	 

	ANNEX E
	-
	General Security Agreement of 
Guarantors (1999)

	 
	 
	 

	ANNEX F
	-
	Cash Collateral Agreement

	 
	 
	 

	ANNEX G
	-
	Letter of Credit

[LETTERHEAD   OF A-MARK  PRECIOUS   METALS,  INC.]

ANNEX A

EXHIBIT 5

______________, 2003

[depositary  bank]

Attention:

Re: Deposit  Account  Control  Agreement

Ladies  and Gentlemen:

In connection  with financing  arrangements  between  ourselves  and Brown Brothers  Harriman  & Co., as Agent  (the "Agent"),  for itself  and certain  other  Lenders ("Lender"),   which  is joining  with us in signing  this letter below,  we are asking  you to enter  into this agreement  concerning  our account  no.__________(collectively,   with all renewals,  rollovers,  replacements   and substitute  accounts,  the "Deposit Account") maintained   with  you.

Agent's  Security Interest in Deposit Account.  In order to secure  our obligations to Lender  pursuant  to collateral  security  arrangements  between  Agent   and us, we have assigned  to Agent  and granted  to Agent  a security  interest  in and lien upon the Deposit Account,  any cash balances  from time to time credited  to the Deposit  Account/and   any and all proceeds  thereof,  whether  now or hereafter  existing  or arising  (collectively;  the "Deposit Account Collateral '').

Debtor's Dealing with Deposit Account. Until you have received  instructions from Agent  to the contrary,  we shall be entitled  to present  items drawn on arid otherwise to withdraw  or direct the disposition  of funds from the Deposit  Account;  provided, however,  that you and we agree with Agent that (a) we may not, and you will not permit us to, without  Agent's  prior written  consent,  (i) withdraw  any sums from the Deposit Account  if the credit balance  of the Deposit  Account  remaining  after such withdrawal would  be less than $______________, or (ii) close the Deposit  Account.

Agent's  Right to Give Exclusive Instructions  as to Deposit Account. Notwithstanding    the foregoing  or any separate  agreement  that we may have with Agent, Agent  shall be entitled,  for purposes  of this Agreement,  at any time to give you instructions   as to the withdrawal  or disposition  of any funds from time to time credited  to the Deposit  Account,  or as to any other matters  relating  to the Deposit  Account  or any of the Deposit  Account  Collateral,  without  our further  consent.   You hereby  agree to comply with  any such  instructions  without  any further  consent  from us.  Such instructions  may include  the giving  of stop payment  orders  for any items being presented  to the Deposit Account  for payment.   You shall be fully entitled  to rely upon  such instructions   from Agent  even if such  instructions  are contrary  to any instructions  or demands  that we may give to you.

Debtor's Exculpation  and Indemnification of Depositary Bank.   We confirm that you should follow instructions from Agent even if the result of following such instructions from Agent is that you dishonor items presented for payment from the Deposit Account.  We further confirm that you shall have no liability to us for wrongful dishonor of such items in following such instructions from Agent.  You shall have no duty to inquire or determine whether our obligations to Lender or Agent are in default or
whether Agent is entitled, under any separate agreement between us and Agent, to give
any such instructions.  We further agree to be responsible for your customary charges and to indemnify you from and to hold you harmless against any loss, cost or expense that
you may sustain or incur in acting upon instructions from Agent which you believe in
good faith to be instructions from Agent.

Depositary Bank's  Resource to Deposit Account.  Unless you have obtained Agent's prior written consent, you agree not to exercise any right of recoupment or set­ off, or to assert any security interest or other lien, that you may at any time have against  \ or in any of the Deposit Account Collateral, except for your customary charges and for reimbursement for the reversal of any provisional credits granted by you to the Deposit Account, to the extent, in each case, that we have not separately paid or reimbursed you therefor.

Representations,  Warranties and Covenants of Depositary Bank.  Yourepresent and warrant to Agent that the account agreement between you and us relating to the establishment and general operation of the Deposit Account provides, whether specifically or generally, that the laws of the state in which your main office is located govern secured transactions relating to the Deposit Account. You covenant with Agent that you will not, without Agent's prior written consent, amend that account agreement so that secured transactions relating to the Deposit Account are governed by the law of another jurisdiction.  In addition, you represent and warrant to Agent that you have not entered into any agreement with any other person by which you are obligated to comply with instructions from such other person as to the disposition of funds from the Deposit Account Collateral.  You further represent and warrant to Agent that you maintain no deposit accounts for us other than the Deposit Account and the accounts listed on Schedule A annexed hereto. You agree not to establish any other account for us without Lender's written consent. This Agreement may not be terminated without the prior written consent of Lender and shall be binding on the successors and assigns of the parties hereto.

Deposit  Account   Statements.    You agree to send to Agent at its address indicated below, copies of all customary deposit account statements and other information relating to the Deposit Account that you send to us at the same time as you send such statements and information to us.

Governing Law.  This Agreement shall control over any conflicting agreement between you and us.  This agreement shall be governed by the internal laws of the State of New York.

If you agree to and accept the foregoing, please so indicate by executing and returning to us the enclosed duplicate of this letter.

Very truly yours,

A-MARK PRECIOUS METALS, INC.

By:_______________
Name:_____________
Title:______________

APPROVED:

BROWN BROTHERS HARRIMAN & CO.,
as Lender and Agent

By:__________________
Name:________________
Title:_________________

Address:    140 Broadway
New York, New York 10005
Attention:    Senior Credit Office

ACCEPTED and AGREED as of
the date set forth above:

[depository bank]

By:__________________
Name:________________
Title:_________________

SCHEDULE OF ACCOUNTS

	
			
	Name of Account
	 
	Account Number

ANNEX B

(NEW)

COMMODITY  ACCOUNT  CONTROL AGREEMENT

Commodity Account Control Agreement, dated as of _________, 2003 (the "Agreement"), by and among A-Mark Precious Metals, Inc. ("Customer"), Brown Brothers Harriman & co., as agent ("Agent"), and _____________________ ("Broker")

WHEREAS,   Customer  has granted a security interest to Agent in (i) the commodity  accounts,     account    number(s)________________________now or hereafter maintained by Broker  for Customer,  which  are now or hereafter  credited  with or otherwise   hold  futures  contracts,   options  on  futures  contracts,   and  commodity   options executed   by  Customer   and  initial  or  variation   margin  provided   by  Customer,   or  other property   received   by  Customer,   in respect  of  such  transactions,   including   cash' and  (ii) any  other  account   maintained   by  Broker  for  Customer   in  connection   with  the  above­ referenced    commodity    accounts,   which   is  credited   with  or  otherwise   holds  initial   or variation   margin   provided   by  Customer,  or  other  property   received   by  Customer,   in respect  of  such  transactions   (the accounts  referred  to in clauses  (i) and  (ii), collectively,
the "Commodity   Account");                                                                                              .

WHEREAS,  Customer,   Agent  and  Broker   are  entering   into  this  Agreement   in order   to  perfect   Agent's    security   interest   in  the   Commodity   Account    and  provide additional  rights  to Agent;

NOW   THEREFORE,    in  consideration   of  the  promises   and  agreements   of  the parties  which  are set forth herein,  the parties  hereto agree  as follows:

1.         Broker's   Representations.    Broker  represents  and warrants  to Agent  that:'

(a)        Broker  is a duly registered  futures  commission   merchant  pursuant to the U.S. Commodity  Exchange  Act, as amended  (the ''CEA''),   and the rules  and regulations   issued thereunder.

(b)        Broker  has established   and maintains  the Commodity   Account  for
Customer.

(c)        Broker  does  not know  of any lien,  claim  or security  interest  in or
against  the  Commodity   Account,  except  for liens,  claims,  or security  interests  in favor of one or more parties to this Agreement.

(d)       All   of  the   account   documentation     concerning    the   Commodity Account   is governed  by the  laws  of the  State  of ____________and  the  Agent  has been  delivered  a complete  copy thereof  (the "Account  Document").

(e)        Broker   has  not  established    and  does  not  maintain   any  account (other  than  

the  Commodity   Account   as  defined   above)   for  Customer   which  is credited  with  or otherwise  holds  property;  including,   without  limitation,   initial  or variation  margin  provided  by Customer  in respect  of futures  contracts,  options  on futures   contracts,   or  commodity   options   executed   by  Customer   in  or  for  the Commodity   Account.

2.          Customer's   Rights  and Actions;  Control  Nice.   Broker  may  comply  with all  entitlement    orders,   directions    and  instructions    (collectively,    "Orders")    issued   by Customer   concerning   the  Commodity   Account;  provided   that,  if Broker  receives  notice from  Agent  that  Agent  is exercising  exclusive  control  over  the  Commodity   Account,  in the  form  of  Exhibit  A annexed  hereto  (a "Control  Notice"),   then  (i) Broker  shall  cease complying   with  Orders  issued  by Customer  concerning   the Commodity   Account  and will use  reasonable    efforts   to  cancel   any  open   Orders   entered   by  Customer   but  not  yet executed   and  (ii) Broker  shall  not distribute  any property  in the  Commodity   Account  to the  Customer.    In the event of any conflict  between  a Control  Notice  or an Order  issued by  Agent,   on  the  one  hand,  and  an Order  issued  by  Customer,   on  the  other  hand,  the Control  Notice  or Order issued by Agent  shall prevail.

3.          Control  of  Agent.    Upon  the  delivery   of  a Control  Notice  by  Agent  to Broker,  Broker  shall comply  with  all Orders  Broker  receives  from  Agent  concerning  the Commodity    Account,   including,   without   limitation,    Orders   from   Agent.  to  transfer, liquidate,   or redeem  property  credited  to or otherwise  held  in the Commodity  Account  or to  apply  any  value  distributed   or  available  on  account  of  such  property   as  directed  by Agent,  without   notice  to  or  further  consent  or  approval   of  Customer.    Nothing   in this Section   3 shall  require  Broker  to take  any  action  that  violates  the  CEA  or  any rules  or regulations   issued  thereunder.                                                                                 .

4.          Lien and Obligations  of Broker.

(a)        With   respect   to   obligations    of  Customer    owing   to  Broker    in connection  with the purchase  of property  held in the Commodity  Account  and the Broker's     commission     and   fees    provided     for   in   the    Account    Document (collectively,   the "Customer   Commodity   Obligations"),   Agent  acknowledges   the priority  of Broker's   lien and security  interest  in the Commodity  Account.    To the fullest   extent   permitted   by  the   CEA,   and   the   rules   and   regulations    issued thereunder,    the  Broker   (i)  subordinates    its   lien   and   security   interest   in  the Commodity    Account   to   the  extent   that   the   same   now   or  hereafter    secures obligations   of  Customer   (other  than  Customer   Commodity   Obligations)   or  any third  party  to  Broker,   and  (ii)  waives  any  rights  of  offset  or  recoupment   with respect  thereto.

(b)        Broker  has not  entered,  and  shall  not  enter,  into  any  other  control agreement,     any   bailee    letter    or   any   similar    arrangement     concerning    the Commodity   Account  whereby  it (i) agrees  to follow  Orders  issued  by a person  or entity  not  a party  to this Agreement  or (ii) acknowledges   a security  interest,  lien, or  claim   of  any  person   or  entity  other  than  the  Broker   or  Agent.   Broker   will exercise  its reasonable  efforts  to notify  Agent  if any person  or entity  (other  than a party  to this  Agreement)   asserts  any  interest  in or claim  against  the  Commodity Account.

(c)        Broker   has  not  entered,   and  will  not  enter,   into  any  agreement purporting   to limit or condition  its obligations   to comply  with  Orders,  as set forth in Sections  2 and 3 above.

(d)       To the extent not inconsistent with the CEA, all property credited to  or  otherwise held  in the  Commodity Account  is  intended  to be  "financial assets" for purposes of Articles 8 and 9 of 

the Uniform Commercial Code (the "UCC").

(e)       Customer  and Broker  shall  not  amend  the  Account  Document without the Agent's prior written/consent except for changes in the commission and fees of the Broker.

5.         Limitation of Liability and Indemnity.

(a)       Broker shall not be liable to  Customer for complying with any Order or Control Notice issued by Agent,  concerning the Commodity Account, regardless  of  any notice  or claim  by  Customer  that  Agent's  Orders, Control Notice,  or  other  actions are harmful  to  it  or  are in  violation  of  any  law or agreement to which Agent is subject; provided that Broker may be liable for such compliance if it is in violation of an injunction, restraining order, or other legal
process expressly enjoining it from such compliance, which is issued by a court of competent  jurisdiction,  if  Broker  has  had  reasonable  time  to  act  on  such
injunction, restraining order, or other legal process.

(b)       Prior to its receipt of a Control Notice issued by Agent, Broker shall not be liable to Agent for complying with any Order issued by Customer concerning the Commodity Account; provided that Broker may be liable for such compliance if it is in violation of a Control Notice or a contrary Order issued by Agent, if Broker has had reasonable time to act on such Order from Agent.

(c)       Customer hereby agrees to  indemnify Broker,  its  affiliates, and their  employees,  officers,  directors, and  agents  against  any  losses,  damages, claims, liabilities, and expenses (including reasonable attorneys' fees and disbursements) arising out of or relating to this Agreement, except to the extent that the same are caused by Broker's gross negligence or willful misconduct.

(d)        The  provisions   of this  Section  5 shall  survive  termination   of this
Agreement.

6.          Books   and  Records.    Broker  shall  include  this  Agreement   in  its official books   and  records   and  shall  mark  its book  and  records  to  reflect  the  lien  and  security interest  of Agent  described  herein.   Broker  shall  also send Agent  and Customer  copies  of all  statements   and  confirmations   produced  by  or  on behalf  of  Broker  that  relate  to  the Commodity    Account;   as  and  when  such  are  sent  to  Customer   or  as  required   by  the Account  Document   or the CEA.

7.          Termination.     This  Agreement   shall  terminate   upon  written  notice  from
Agent  to Broker  that Agent's   security  interest  in the Commodity   Account  has terminated. Broker  may  terminate  this Agreement  upon  sixty  (60) days  prior  written  notice  to Agent and  Customer.     In  the  event  the  Broker  terminates   this  Agreement,   then  Broker   shall follow  instructions   provided  by Agent  as to the selection  of a replacement   broker  and/or the disposition   of the property  held in the Commodity  Account.                                  .

8.          Notices.    Any  notice  or other  communication    concerning   this  Agreement may  be  sent  to the relevant  party's  address  or telecopier   number  set  forth  below  or such other  address  as a party  may hereafter  specify  by notice  to the  other  parties  hereto.  Any such  notice  or  other  communication   shall  be  sent  by overnight   courier  or by telecopier and shall be effective  upon receipt.

    	
			
	If to Customer:
	 
	 A-Mark Precious  Metals,  Inc.

	 
	 
	100 Wilshire  Blvd.,  Third Floor

	 
	 
	Santa Monica,  CA 90401

	 
	 
	Phone: (   ) _________

	 
	 
	Fax: (   ) ___________

	 
	 
	Attn: Chief Financial Officer

    	
			
	If to Customer:
	 
	Brown Brothers Harriman & Co.

	 
	 
	140 Broadway

	 
	 
	New York, New York 10005

	 
	 
	Phone: (   ) _________

	 
	 
	Fax: (   ) ___________

	 
	 
	Attn: Senior Credit Officer

    	
			
	If to Customer:
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	Phone: (   ) _________

	 
	 
	Fax: (   ) ___________

	 
	 
	Attn:

9.   Miscellaneous.
(a)         This  Agreement   and,  notwithstanding    anything  to the  contrary  contained in the Account  Document  or in any other  agreement  relating  to the Commodity   Account, the Commodity   Account  and the Account  Document  shall each be governed  by the law of the  State  of New  York,  without  reference  to choice'   of law  doctrine.  Without  limitation on  the  foregoing,   New  York  shall  be the  "commodity   intermediary's    jurisdiction"    with respect  to the Commodity  Account  for the purpose  of the DCC.

(b)        This  Agreement   cannot  be  modified,   amended,   assigned,   or  transferred without  the prior  written  consent  of each of the parties  hereto.  Any  attempted  assignment or  transfer   of  a  party's  rights  or  obligations   under  this  Agreement   in  violation   of  the foregoing   sentence  shall be null  and void. Broker  and Customer  shall not change  the"law governing  the Commodity  Account  without  the prior written  consent  of Agent.

(c)        This  Agreement   shall  be  binding  upon,  and  inure  to  the  benefit  of,  each party's  successors,   heirs,  and permitted  assigns.  This  Agreement   may  be executed  in any number  of counterparts,   each of which  shall be deemed  an original  and all of which  shall constitute  but one and the same instrument.  This Agreement   is the entire  agreement  of the parties   concerning   the  subject  matter  addressed  herein,  and  it shall  supersede   any  prior agreements   and contemporaneous   oral agreements  concerning  the same  subject  matter.  In the event of any conflict between the terms or provisions of this Agreement and the terms or  provisions  of  any documentation, now  or hereafter  existing, between  Broker and Customer   concerning  the  Commodity  Account,  the  terms  and  provisions. of  this Agreement shall prevail.

(d)       This Agreement does not  create any obligations on the part of Broker other  than  those  expressly set forth herein. Broker may rely on any notices  or other communications it believes in good faith to have been given by or on behalf of a party to this Agreement.

(e)       Each party to this Agreement consents to the non-exclusive jurisdiction of the federal and state courts located in the County, City and State of New York and waive trial by jury in any proceeding relating to this Agreement.  Each party waives any claim or right to recover  special or punitive damages against another party except for such party's willful misconduct or gross negligence.

    
IN WITNESS WHEREOF, the parties to this Agreement have caused it to be duly executed and delivered as of the day and year first above written.

A-MARK PRECIOUS METALS,
as Customer
By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

BROWN BROTHERS HARRIMAN & CO.,
as Agent
By:_____________________
Name:___________________
Title____________________

[NAME OF BROKER]
as Broker
By:_____________________
Name:___________________
Title____________________

EXHIBIT A

[LETTERHEAD OF BROWN BROTHER HARRIMAN & CO.]

[DATE]

[Name and Address of Custodian]

Re:  Notice of Exclusive Control

Ladies and Gentlemen:

As  referenced  in  the  Commodity  Account  Control  Agreement,  dated  as  of _______,_200_     among  A-Mark  Precious  Metals,  Inc.  (the  "Customer"),  you.. as Broker,  and the undersigned in its capacity as agent for itself and other lenders, (the "Agreement"),  we hereby give  you notice  of -our exclusive control over  Commodity Account number(s)_____________and any replacement or substitute. Commodity Account with respect thereto (the "Commodity Account") and all property held therein. You are hereby instructed not to accept any direction, instructions or Orders with respect to the Commodity Account, from the Customer or any other person or entity other than the undersigned, as Agent.

All capitalized terms used in this Notice of Exclusive Control shall have the meanings given such terms in the Agreement. This Notice of Exclusive Control shall be effective upon your receipt hereof.

Very truly yours,

BROWN BROTHERS HARRIMAN & CO., as Agent

By:__________________
Name:________________
Title:________________

cc:    A-Mark Precious Metals, Inc.

ANNEX C

EXHIBIT 2

COLLATERAL REPORT

[TO BE PROVIDED BY BBH]

	
					
	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
	 
	XX/XX/XXXX
	 
	Compliance

	1.
	Collateral Excess
	 
	No Deficit
	 
	 
	 
	Yes

	2.
	Assigned Inventory as 
	 
	Minimum 60%
	 
	 
	 
	Yes

	 
	a % of Total Inventory
	 
	 
	 
	 
	 
	 

	3.
	On-site Material
	 
	Maximum $2.5MM
	 
	 
	 
	Yes

Report Due By June 4, 2003

	
												
	 
	 
	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%
	 
	$
	—
	

	#REF!
	#REF!

	 
	ii. with Unassigned Hedge (60% to <70% at 85%; 70% or > at 90%
	 
	—
	

	#REF!
	#REF!

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

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

	95
	%
	—
	

	 
	ii. With BBB to A Bank (90%)
	 
	—
	

	95
	%
	—
	

	 
	iii. With BBB to A Bank (90%)
	 
	—
	

	90
	%
	—
	

	 
	C. Assigned Bank Accounts
	Schedule B
	—
	

	100
	%
	—
	

	 
	D. Advised Consignements
	Schedule D
	 
	 
	 

	 
	i. With AA Bank or Better (90%)
	 
	—
	

	90
	%
	—
	

	 
	ii. With BBB to A Bank (85%)
	 
	—
	

	85
	%
	—
	

	 
	TOTAL ASSIGNED COLLATERAL
	 
	$
	—
	

	 
	$
	—
	

	 
	 
	 
	 
	 
	 

	II
	CONFIRMED COLLATERAL
	 
	 
	 
	 

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

	 
	 
	 
	 
	 
	 

	 
	A. Confirmed Inventory
	Schedule A
	$
	—
	

	85
	%
	$
	—
	

	 
	B. Confirmed Broker Equity (Equity or Deficit at 100%)
	Schedule B
	—
	

	100
	%
	—
	

	 
	C. Confirmed Foreign Material (Max $3,000,000 of which $1,000,000 limit on MKS
	 
	80
	%
	 

	 
	TOTAL CONFIRMED COLLATERAL
	 
	$
	—
	

	 
	$
	—
	

	 
	 
	 
	 
	 
	 

	III
	PLEDGED COLLATERAL
	 
	 
	 
	 

	 
	Collateral controlled by A-Mark
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	A. On-Site Material (Max $2,500,000)
	Schedule A
	—
	

	80
	%
	—
	

	 
	B. Forward Equity (Equity at 80%; deficit at 100%)
	Schedule E
	—
	

	80
	%
	—
	

	 
	C. Trade Receivables (Outstanding less than 10 business days)
	 
	—
	

	80
	%
	—
	

	 
	D. Supplier Advances (Outstanding less than 10 business days)
	 
	 
	75
	%
	—
	

	 
	TOTAL PLEDGED COLLATERAL
	 
	—
	

	 
	—
	

	IV
	TOTAL COLLATERAL VALUE
	 
	—
	

	N/A
	

	#REF!

	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
	$
	50,000,000
	

	 

	 
	*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:
     (4) Natexis Banques Populaires:
	 
	 

	 
	#REF!
	C. Total Bank Lines Available
	$
	50,000,000
	

	 

	 
	ASSIGNED INVENTORY PLUS ASSIGNED CONSIGNMENTS AS A % OF TOTAL OUTSTANDINGS
	 
	 
	 
	 

	 
	#DIV/0!
	TOTAL COLLATERAL EXCESS
	 
	#REF!

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 __________________________
Thor Gjerdrum, Chief Financial Officer
	
	
	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)
	#REF!

	 
	 
	 
	 
	ADD:
	 
	 
	 

	 
	 
	#REF!
	 
	 
	Cash at Deposit at BBH
	 
	—
	

	 
	 
	#REF!
	 
	 
	Cash at Bank of America
	 
	—
	

	 
	 
	#REF!
	 
	 
	Cash at Bank of the West
	 
	—
	

	 
	 
	#REF!
	 
	 
	Below BBB Grade and Unsecured Consignments
	 
	—
	

	 
	 
	 
	 
	 
	Foreign/Other Depositories
	 
	—
	

	##
	 
	 
	 
	 
	Unconfirmed Inventory in Transit
	 
	—
	

	 
	 
	 
	 
	 
	U.S. State Quarters (Face Value)
	 
	—
	

	 
	 
	 
	 
	 
	Trade Receivables (Outstanding 10 business days or more)
	 
	—
	

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

	week ended
	XX/XX/XXXX
	J.P. Morgan
	 
	 
	 
	 
	 

	usage was
	#REF!
	ozs, valued at
	 
	 
	ADJUSTED COLLATERAL EXCESS
	 
	#REF!

	 
	#REF!
	 
	 
	 
	 
	 
	 

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
	—
	

	—
	

	—
	

	—
	

	#REF!
	#REF!
	$
	25,000
	

	#REF!

	2 JM, Salt Lake, UT
	—
	

	—
	

	—
	

	#REF!
	

	#REF!
	#REF!
	10,000
	

	#REF!

	3 In Transit IBI
	—
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	2,000
	

	#REF!

	4 HSBC, NY
	#REF!
	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	5,000
	

	#REF!

	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUBTOTAL ASSIGNED
	37,549
	

	419,842
	

	2,182
	

	—
	

	#REF!
	#REF!
	$
	42,000
	

	#REF!

	ASSIGNED FUTURES OR 
	—
	

	—
	

	—
	

	—
	

	 
	 
	 
	 

	FORWARD HEDGES
	73,549
	

	—
	

	2,182
	

	—
	

	#REF!
	#REF!
	 
	 

	UNASSIGNED FORWARD HEDGES
	—
	

	419,842
	

	—
	

	—
	

	#REF!
	#REF!
	$
	42,000
	

	#REF!

	CONFIRMED
	 
	 
	 
	 
	 
	 
	 
	 

	1 LAFC, Los Angeles
	—
	

	—
	

	—
	

	—
	

	#REF!
	#REF!
	$
	5,000
	

	#REF!

	2 Brinks (repo), Los Angeles
	—
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	12,000
	

	#REF!

	3 Brinks, Houston
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	5,000
	

	#REF!

	4 In Transit Brinks
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	15,000
	

	#REF!

	6 Carr Futures, New York
	#REF!
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	5,000
	

	#REF!

	7 Loomis Fargo Spokane
	#REF!
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	1,000
	

	#REF!

	8 Brinks, San Diego
	—
	

	#REF!
	

	#REF!
	

	—
	

	 
	 
	 
	 

	TOTAL
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	$
	43,000
	

	#REF!

	FOREIGN CONFIRMED
	 
	 
	 
	 
	 
	 
	 
	 

	1 HSBC London
	 
	 
	 
	 
	 
	 
	 
	 

	2 MKS Geneva (Max $1,000,000)
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL (Max $3,000,000)
	 
	 
	 
	 
	#REF!
	#REF!
	 
	 

	ON-SITE
	 
	 
	 
	 
	 
	 
	 
	 

	1 PMI/Vault
	—
	

	—
	

	—
	

	#REF!
	

	#REF!
	#REF!
	$
	1,500
	

	#REF!

	2 PMI/Handling
	—
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	2,000
	

	#REF!

	 
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	—
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	$
	3,500
	

	#REF!

	TOTAL ALL INVENTORY
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	$
	88,500
	

	#REF!

DEPOSITORY CONFIRMATION RECONCILIATION:

		
	(A)
	Johnson Matthey, Salt Lake City, confirmation will show .001 ozs. more 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 .008 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
	 
	 
	 
	DESCRIPTION
	OUNCES
	NOT ON CAA
	OUNCES
	OUNCES

	Bank of the West
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	$
	—
	

	 
	GOLD
	—
	

	—
	

	—
	

	—
	

	 
	 
	 
	 
	SILVER
	—
	

	—
	

	—
	

	—
	

	 
	 
	PLATINUM
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!

	CONFIRMED BROKER EQUITY
	 
	 
	PALLADIUM
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!

	Carr
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	 
	 
	 
	 
	 
	 
	 

A-MARK WEEKLY COLLATERAL REPORT

CONSIGNMENTS AND OTHER ASSETS
(AS OF CLOSE OF BUSINESS XX/XX/XX)
	
											
	SCHEDULE D
	COMEX VALUE
	 
	NYMEX VALUE
	 

	 
	GOLD:
	#REF!
	 
	PLATINUM:
	#REF!
	 

	 
	SILVER:
	#REF!
	 
	PALLADIUM:
	#REF!
	 

	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)
	 
	 
	 

	Cash (110% of consignment)
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	—
	

	—
	

	—
	

	 
	 

	AA or Better Rating
	 
	 
	 
	 
	 
	 

	(100% L/C)
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	—
	

	—
	

	 
	 
	 

	BBB to A Rating
	 
	 
	 
	 
	 
	 

	(110% L/C)
	 
	—
	

	 
	#REF!
	

	 
	 

	 
	 
	—
	

	 
	#REF!
	

	 
	 

	 
	 
	—
	

	 
	#REF!
	

	 
	 

	TOTAL
	 
	#REF!
	

	—
	

	#REF!
	

	 
	 

	Advised (AA or Better Rating)
	 
	 
	 
	 
	 
	 

	(110% L/C)
	 
	#REF!
	

	 
	#REF!
	

	 
	 

	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	#REF!
	

	—
	

	#REF!
	

	 
	 

	Advised (BBB to A)
	 
	 
	 
	 
	 
	 

	(110% L/C)
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	—
	

	—
	

	$
	—
	

	 
	 

	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 Mitsui
	—
	

	—
	

	 
	 
	—
	

	$
	—
	

	—
	

	 

	2 Morgan Stanley
	—
	

	 
	 
	 
	—
	

	$
	—
	

	—
	

	 

	3 HSBC, New York
	—
	

	 
	—
	

	 
	—
	

	$
	—
	

	—
	

	 

	TOTAL UNASSIGNED
	—
	

	—
	

	—
	

	—
	

	$
	—
	

	$
	—
	

	$
	—

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"}]]