Document:

Ex 10.31

March 18, 2011 
A-Mark Precious Metals, Inc. 
429 Santa Monica Blvd. 
Suite 230 
Santa Monica, CA 90401 
Attention: Mr. Thor Gjerdrum 
Ladies and Gentlemen: 
ABN AMRO Capital USA LLC (the "Lender") is pleased to inform you that the Lender has established for you, A-Mark Precious Metals, Inc., a California corporation (the "Company"), a $25,000,000 million uncommitted line of credit available for loans and letters of credit. 
Each loan, letter of credit or other extension of credit shall be used only for the purpose of financing precious metals and coins inventory and trade accounts receivable arising from sale thereof to unaffiliated companies or financing the Company's loans to its subsidiary, Collateral Finance Corporation, unless otherwise agreed by the Lender. 
All loans shall be payable on demand but in any event not later than 90 days after the date made, unless otherwise agreed in writing by the Lender. All letters of credit shall have expiration dates not later than 60 days after the issuance date, unless otherwise agreed by the Lender (in writing or by issuance of such letter of credit), and the Company shall be obligated on demand by the Lender to deposit cash collateral with the Lender in an amount equal to the maximum face amount of all outstanding letters of credit. The Lender shall in its sole discretion determine whether to issue any letter of credit itself or to arrange for confirmation or issuance of any letter of credit by another bank or financial institution, including, without limitation, affiliated banks. 
The Company's obligations to the Lender will be secured by a perfected security interest in all personal property and fixtures of the Company granted to the Collateral Agent on behalf of the Lender. All other financial institutions which extend credit to the Company and which have security interests in personal property of the Company will be joined to the Amended and Restated Intercreditor Agreement, dated as of November 30, 1999, among the Company, BNP Paribas, as successor to Fortis Capital Corp., RB International Finance (USA) LLC f/k/a RZB Finance LLC, Natixis New York Branch, ABN AMRO Bank N.V., as successor by merger to Fortis Bank (Nederland) N.V., and Brown Brothers Harriman & Co., as Collateral Agent (as amended, modified, supplemented or replaced from time to time, the "Intercreditor Agreement") and the Amended and Restated Collateral Agency Agreement, dated as of November 30, 1999, among the Company, BNP Paribas, as successor to Fortis Capital Corp., RB International Finance (USA) LLC f/k/a RZB Finance LLC, Natixis New York Branch, ABN AMRO Bank N.V., as successor by merger to Fortis Bank (Nederland) N.V., and Brown Brothers Harriman & Co., as Collateral Agent (as amended, modified, supplemented or replaced from time to time, the "Collateral Agency Agreement"). 

The Company may request a loan at or before 10:00 a.m., New York City time, on the date that is three (3) Business Days (as defined in the Note referred to below) prior to the date the Company wishes to borrow, in the case of a loan bearing interest based upon LIBOR (as defined in the Note) and on the date the Company wishes to borrow, in the case of other loans, by delivering to the Lender a borrowing request substantially in the form of Exhibit A hereto. The Company may request issuance of a letter of credit at or before 10:00 a.m., New York City time, on the proposed date of issuance by delivering to the Lender a request for issuance substantially in the form of Exhibit B hereto. If the Lender agrees to make the requested loan or issue or arrange for issuance of the letter of credit, the Lender will do so upon the terms and subject to the conditions contained herein and in the other Loan Documents (as. defined below). The loans will be evidenced by a promissory note in substantially the form annexed hereto as Exhibit C (as amended, modified, supplemented or replaced from time to time, the ''Note''). Each request for a loan or letter of credit shall be irrevocable. 
In the event that at any time the outstanding principal amount of loans hereunder plus the maximum face amount of all outstanding letters of credit issued under any Loan Document plus reimbursement obligations with respect to drawings under such letters of credit shall exceed the maximum amount of the line of credit hereunder as set forth above, the Company shall immediately, first, pay outstanding loans and reimbursement obligations, and thereafter deposit cash collateral with the Lender in an amount sufficient to eliminate such excess. 
In the event that at any time the Outstanding Credits (as defined in the Collateral Agency Agreement) shall exceed the Collateral Value of non CFC Collateral plus the Collateral Value of CFC Collateral (as defined in the Collateral Agency Agreement) shown on the most recently delivered Collateral Report (as defined in the Collateral Agency Agreement) (an "Excess"), the Company shall immediately, first, pay outstanding loans and reimbursement obligations to the Lender, and thereafter deposit cash collateral with the Lender in an amount sufficient to eliminate such Excess. 
Documentation; No Commitment: 
All promissory notes and other documents requested by the Lender in connection with this Agreement must be in form and substance satisfactory to the Lender. Also, the Lender asks the Company to note carefully that this is not a "committed" line of credit. No commitment fee will be charged, and the Lender may withdraw the line of credit at any time, with or without notice. Moreover, the Lender has no obligation to extend credit at any time, and the making of each loan or other extension of credit shall be in the Lender's sole discretion. NOTHING HEREIN CONTAINED, INCLUDING, WITHOUT LIMITATION, THE NEXT PARAGRAPH, THE EVENTS OF DEFAULT BELOW AND THE COVENANTS IN APPENDIX A, IS INTENDED TO OR SHALL MODIFY THE UNCOMMITTED NATURE OF THE CREDIT FACILITY OR SHALL IMPOSE ANY IMPLIED OBLIGATION ON THE LENDER TO EXTEND CREDIT AT ANY TIME. 

Facility Maturity: 
The Company shall not make any request for any loan, letter of credit or other credit extension after [January _ 2012] unless the Lender, in its sole discretion and without any obligation to do so, extends such date in writing. 
Interest and Fees: 
Without undertaking to make any loan or issue or arrange for issuance of any letter of credit, and without agreeing to any partiCUlar rate of interest or fees, the Lender notes for the Company's information that: 
(a) Loans under the facility described herein shall bear interest at a rate equal to not less than       *% per annum in excess of the Offered Rate, as defined in the Note. 
(b) The fees for issuing a letter of credit under the facility described herein shall be not less than an issuance fee of       *% flat per quarter or part thereof, with a minimum of $500, payable in advance. 
(c) Each unreimbursed drawing in respect of a letter of credit issued hereunder, all letter of credit fees and other fees and expenses payable hereunder and all other amounts payable hereunder or under any Loan Document which are not paid when due shall, unless otherwise expressly provided in the Note, bear interest at a rate equal to not less than the Offered Rate as defined in the Note plus 2%. Such interest shall be payable by the Company on demand by the Lender. 

	
			
	 
	(d)
	The fee for any amendment to a letter of credit is $200, payable in

	advance.
	 
	 

	 
	(e)
	The Company shall also be obligated to pay to the Lender all other

fees and charges customarily charged to customers in connection with letters of credit. 

*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.

Unless otherwise agreed, interest and fees will be calculated on the basis of the actual number of days elapsed over a year of 360 days and shall be non-refundable. Representations and Warranties: 
The Company hereby represents and warrants to the Lender that: 

(a) Organization. The Company is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of California; there are no other jurisdictions in which the nature of its business requires it to be qualified to do business as a foreign corporation, except those where it is duly qualified and in good standing; and the Company has the corporate power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged. 
(b) Authorization. The execution, delivery and performance by the Company from time to time of each of this Agreement, the Note, the Continuing Agreement for Letters of Credit between the Company and the Lender dated as of the date hereof (as amended, modified, supplemented or replaced from time to time, the "LIe Agreement") and each security agreement, pledge agreement, guarantee, agreement, instrument and other document related hereto or to any of the foregoing including, without limitation, those executed in favor of the Collateral Agent from time to time (collectively, the "Loan Documents" and each a "Loan Document") in each case, to which it is a party, are within the corporate powers of the Company, have been duly authorized by all necessary corporate action, and do not and will not contravene (i) the certificate of incorporation or by-laws or other organizational documents (such as any shareholders agreement) of the Company or (ii) any law or regulation or any contractual restriction binding on or affecting it or any of its assets or property; 
(c) Approvals. No authorization or approval, other action by or consent of, and no notice to or filing with, any governmental authority or regulatory body or any other person or entity is required for the due execution, delivery and performance by the Company of any of the Loan Documents; 
(d) Enforceability. This Agreement is, and each of the other Loan Documents when delivered to the Lender will be, duly executed and delivered by the Company and constitutes or will constitute the legal, valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium or other laws affecting the enforceability of rights of creditors generally; 
(e) Financial Statements; No Material Adverse Change. The Company's most recent financial statements which the Company has previously furnished to the Lender, fairly present the Company's financial condition as of their date and the results of operations for the periods ended on such date, and are prepared in accordance with United States generally accepted accounting principles consistently applied; and since such date, there has been no event, circumstance or condition which has had a Material Adverse Effect; for purposes hereof, "Material Adverse Effect" shall mean a material adverse effect on (a) the business, assets, income, property, condition (financial or otherwise), performance, operations or prospects of the Company, or the Company and its subsidiaries taken as a whole, (b) the ability of the Company or any 

subsidiary to perform any of its obligations under this Agreement or any of the other Loan Documents on a timely basis or (c) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Lender hereunder or thereunder; 
(f) Litigation. There is no pending or (to the best of the Company's knowledge) threatened action or proceeding affecting the Company or any subsidiary of the Company before any court, governmental agency or arbitrator, and there is no governmental investigation or proceeding pending with respect to or affecting the Company or any such subsidiary in each case which (if adversely determined) could be expected to result in a Material Adverse Effect or result in loss, cost, liability or expense to the Company, or any such subsidiary in excess of [$100,000] (or the equivalent thereof in another currency) in the aggregate with respect to all such actions, proceedings or investigations; 
(g) Compliance with Laws. The Company and its subsidiaries have complied and are in compliance with all applicable laws, regulations, ordinances, decrees and other similar documents and instruments of all governmental authorities, courts, bureaus and agencies, domestic and foreign; 
(h) Subsidiaries and Affiliates. On the date hereof, the Company has no subsidiaries except as set forth in Exhibit D hereto, and said Exhibit D accurately lists all companies and individuals which directly or indirectly own or control the Company and all subsidiaries of such companies and individuals (such companies, individuals and subsidiaries of the Company and of such companies and individuals are referred to, collectively, as "Affiliates"); for purposes hereof, "control" means the power, directly or indirectly, either to (a) vote 10% or more of the securities or other equity interests having ordinary voting power for the election of directors or managers of a person or (b) direct or cause the direction of the management and policies of such person, whether by contract or otherwise; 
(i) Investment Company Act; Other Legal Restrictions. None of the Company or any of its subsidiaries is an "investment company" or a company "controlled" by an "investment company" within the meaning of the Investment Company Act of 1940 (as amended from time to time) or is subject to any law or regulation limiting its ability to incur or pay the obligations under this Agreement and the other Loan Documents; 

(j) Regulation U. The Company is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any loan, letter of credit or other credit extension will be used to purchase or carry any margin stock or to so extend credit to others for the purpose of purchasing or carrying any margin stock; following application of the proceeds of each loan, letter of credit or other credit extension, not more than 25 percent of the value of the assets of the Company or the Company and its subsidiaries on a consolidated basis will be margin stock; and 

(k) Disclosure. No representation, warranty or statement contained in this Agreement, the financial statements, the other Loan Documents, or any other document, certificate or written statement furnished to Lender by or on behalf of the Company for use in connection with the Loan Documents contains any untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which the same were made. There is no material fact known to the Company that has had or will have a Material Adverse Effect and that has not been disclosed herein or in such other documents, certificates and statements furnished to Lender for use in connection with the transactions contemplated hereby. 
Each of the making by the Company of any request for a loan, letter of credit or other credit extension and the receipt by the Company of the proceeds or the benefit of such loan, letter of credit or other credit extension requested in such request, shall constitute a representation and warranty by the Company that (x) the representations and warranties set forth herein and in each of the other Loan Documents are true and correct on and as of the date of such request and the date of such credit extension before and after giving effect thereto as if made on each such date; and (y) prior to and after the making or issuance, as the case may be, of such loan, letter of credit or other credit extension, no Event of Default (as defined in the Note or as set forth in Section I3 of the L/C Agreement or such event or condition, which, with the passage of time or the giving of notice or both, would become an Event of Default, has occurred and is continuing. 
Covenants: 
By using this facility, the Company agrees that it will comply with the provisions in Appendix A attached hereto and made a part hereof so long as this line of credit or any credit extended by the Lender to the Company remains outstanding. The Company's undertaking to comply with the terms of this Agreement does not in any way affect the uncommitted nature of the credit facility established by the Lender in the Company's favor or the demand nature of any credit extended to the Company. 
Event of Default: 
Without limiting the right of the Lender to demand payment of loans and cash collateral for letters of credit, or other extensions of credit or the right of the Lender to terminate this Agreement and/or decline to make any loan or issue or arrange for issuance of any letter of credit or other extensions of credit hereunder, if any Event of Default (as defined in the Note or as set forth in Section 13 of the L/C Agreement) (each an "Event of Default") shall occur and be continuing, the Lender may, by notice to the Company, declare all loans and reimbursement obligations and all accrued interest thereon to be forthwith due and payable and/or the Lender may require the Company to deposit immediately cash collateral with the Lender in an amount equal to the undisbursed maximum amount of each letter of credit issued for its account and of each other extension of credit, whereupon the loans and reimbursement obligations, all such interest and such amount of cash collateral shall become forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Company, provided that in the event of the occurrence of any Event of Default set forth in clause (i) of the definition of such term contained in the Note or as set forth in Section 13(i) of L/C Agreement, the loans, all such reimbursement obligations, such interest and such amount of cash collateral shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Company. The Company hereby expressly authorizes the Lender to setoff and apply such cash collateral to the payment of the Company's liabilities and obligations under this Agreement and the other Loan Documents. 

Setoff: 
The Company hereby further expressly authorizes the Lender, at any time and from time to time, without notice to the Company or to any other person or entity, any such notice being expressly waived by the Company, to setoff and apply any and all deposits (general or special) and other indebtedness or sums at any time held, credited or owing by ABN AMRO Capital USA LLC (including all of its branches and agencies) to or for the credit or account of the Company, in any currency and whether or not due, to the payment of the Company's liabilities and obligations, including, without limitation, any obligation to provide cash collateral, under this Agreement and the other Loan Documents, irrespective of whether or not the Lender shall have made any demand hereunder or thereunder and although said obligations or liabilities, or any of them, shall be contingent or unmatured. 
Miscellaneous: 
(a) This Agreement and the other Loan Documents shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws. The Company hereby agrees that any legal action or proceeding against the Company with respect to this Agreement and the other Loan Documents 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, the Company 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 in writing, with respect to any claim, action or proceeding brought by it against the Lender and any questions relating to usury. The Company agrees that Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York as in effect from time to time shall apply to this Agreement and, to the maximum extent permitted by law, waives any right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens. Nothing herein shall limit the right of the Lender to bring proceedings against the Company in any other jurisdiction. The Company 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 Lender's records, such service of process by mail to be deemed effective on the fifth day following such mailing. The Company 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. 

(b) AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS RESPECTIVE COUNSEL, EACH OF THE COMPANY AND THE LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS THE COMPANY AND THE LENDER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE COMPANY OR THE LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO EXTEND CREDIT TO THE COMPANY. No claim may be made by the Company against the Lender or the affiliates, officers, directors, employees or agents of the 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 any letter of credit requested by the Company or any draft or demand under any such letter of credit or any payment or nonpayment thereof, or any loan or other transaction contemplated by this Agreement or the other Loan Documents, or any act, omission or event occurring in connection with any of the foregoing, and the Company hereby waives, releases and agrees not to sue upon any claim for any such damages. Neither the Lender nor any other person or entity referred to in the preceding sentence shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by the Lender or such other person or entity through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 
(c) The Company agrees to pay on demand all costs and expenses, including, without limitation, reasonable attorneys' fees and disbursements, of any nature incurred or paid by the Lender in connection with this Agreement or any other Loan Document, including, without limitation, such costs and expenses as may arise from the preparation, execution, delivery, administration, interpretation, protection, enforcement or collection of this Agreement, the Note, the L/C Agreement, the letters of credit and any applications or other agreements pertaining to the issuance thereof and all other Loan Documents and the costs and expenses of examination and audit of the Company's books 

and records and of any collateral security for the loans and reimbursement obligations with respect to letters of credit or of defending any claim, action or proceeding asserted or commenced by the Company against the Lender. The provisions of this paragraph (c) shall survive the termination of the Loan Documents and the repayment of all liabilities to the Lender. 
(d) The Company shall defend, indemnify and hold harmless the Lender, its affiliates, 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, costs and expenses of any nature whatsoever, including, without limitation, attorneys fees and expenses, in any way relating to or arising from or in connection with (i) the execution or delivery of this Agreement or any other Loan Document or any other agreement or instrument contemplated hereby or thereby, the performance by the parties of their obligations under the Loan Documents or any such other agreement or instrument, or the consummation of the transactions contemplated by the Loan Documents, (ii) any loan, letter of credit or the use of proceeds thereof, (iii) any loss, damage or injury resulting from any hazardous material and/or (iv) any actual or prospective claim, litigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by the Company or any other person or entity, and regardless of whether any of the foregoing indemnitees is a party thereto; provided that the foregoing indemnification shall not extend to claims, suits, actions, causes of action, debts, liabilities, damages, losses, obligations, judgments, costs and expenses to the extent caused by the gross negligence or willful misconduct of the Lender as determined by a final and nonappealable judgment of 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. 
(e) All notices and other communications provided for hereunder and under the other Loan Documents shall be in writing and except as otherwise specified in any other Loan Document, mailed, telecopied or delivered, if to the Company, at its address at 429 Santa Monica Blvd., Suite 230, Santa Monica, CA 90401, Attention: Mr. Thor Gjerdrum (telecopier no. 310-260-0638) and if to the Lender, at its address at 100 Park Avenue, New York, New York 10017, Attention: Ms. Stacey Judd (telecopier no. 917-284-6683); or as to each party, at such other address 01' telecopy number as shall be designated by such party in a written notice to the other party. Except as otherwise specified in any Loan Document, all such notices and communications shall, when mailed (postage prepaid), telecopied with evidence of transmission, or sent by hand delivery or other courier or delivery service, be effective when telecopied or delivered to the recipient, or five days after being deposited in the mails. The Lender may act upon facsimile or other electronically transmitted instructions or requests which are received by the Lender from person(s) purporting to be, or which instructions or requests appear to be, authorized by the Company. The Company further agrees to indemnify and hold the Lender harmless from any claims by virtue of the Lender's acting upon such facsimile or 

other electronically transmitted instructions or requests as such instructions or requests were understood by the Lender. In the event the Company sends the Lender a manually signed confirmation of the previously sent facsimile or other electronically transmitted instructions or requests, the Lender shall have no duty to compare it against the previous instructions or requests received by the Lender nor shall the Lender have any responsibility should the contents of the written confirmation differ from the facsimile or other electronically transmitted instructions or requests as acted upon by the Lender. 
(I) All accounting terms not specifically defined herein shall be construed in accordance with United States generally accepted accounting principles consistently applied, except as otherwise stated herein. 
(g) The powers, rights and remedies of the Lender specified in this Agreement and the other Loan Documents are cumulative and in addition to any other powers, rights and remedies that the Lender may otherwise have under any other agreement and under applicable law. No amendment, modification, termination, waiver or discharge, in whole or in part, of any provision of this Agreement or any other Loan Document to which the Company is a party, nor consent to any departure by the Company therefrom, shall be effective, unless the same shall be in writing and signed by the Company and the Lender. Any such amendment, modification, termination, waiver, discharge or consent shall be effective only in the specific instance and for the purpose for which given. No amendment, modification, termination, waiver, discharge or consent agreed to by the Lender shall, of itself, entitle the Company to any other or further amendment, modification, termination, waiver, discharge or consent in similar or other circumstances. No notice to or demand on the Company in any case shall, of itself, entitle it to any other or further notice or demand in similar or other circumstances. 
(h) This Agreement and the other Loan Documents embody the entire agreement and understanding between the Lender and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 
(i) This Agreement and the other Loan Documents shall be binding on the Company and its successors and assigns, and shall inure to the benefit of the Lender and its successors and assigns, provided that the Company shall not have the right to assign its rights or obligations hereunder or thereunder or any interest herein or therein without the Lender's prior written consent and any purported assignment by the Company without such consent shall be void and of no force or effect. In the event the Lender notifies the Company of any assignment by the Lender of its rights and obligations, if any, under this Agreement and the other Loan Documents (without any obligation of the Lender to do so), (a) such assignment shall be effective on the date set forth in such notice, (b) such assignee shall succeed to and assume all of the Lender's rights and obligations, if any, under this Agreement and, the other Loan Documents, and 
(c) the Lender shall be released from all of such obligations. 

0) No delay on the part of the Lender in exercising any powers, rights or remedies hereunder or under the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such powers, rights or remedies preclude, limit or impair other, further or future exercise thereof, or the exercise of any other power, right or remedy. 
(k) This Agreement may be executed in any number of counterparts and by each of the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signatures of the parties may appear on separate counterparts with the same effect as if on the same counterpart. Telecopied signatures on this Agreement, the other Loan Documents and any amendments thereto shall be binding on the Company to the same extent as originally signed signature pages. 
(I) If any provision of this Agreement is invalid or unenforceable under the laws of any jurisdiction, then, to the fullest extent permitted by law, (i) such provision shall be ineffective to the extent of such invalidity or unenforceability, without invalidating or affecting the enforceability of the remainder of such provision or the remaining provisions of this Agreement; and (ii) such invalidity or unenforceability shall not affect the validity or enforceability of such provision in any other jurisdiction. 
(m) The Company consents, without notice to or further assent by it, that the terms of this Agreement or any other Loan Document or any collateral for any of the obligations under this Agreement or any other Loan Document may from time to time, in whole or in part, be renewed, extended, modified, waived, compromised, or settled for cash, credit or otherwise upon any terms and conditions the Lender may deem advisable, and that the Lender may discharge or release any party from its obligations hereunder or any other Loan Document, and that any collateral may from time to time, in whole or in part, be exchanged, sold, released or surrendered by the Lender, all without in any way releasing the obligations of the Company hereunder or under any other Loan Document, 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 the Company or be construed as a waiver by the Lender of, or otherwise affect, its right to avail itself of any remedy hereunder or under any other Loan Document. 
(n) The Company 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 Agreement or any other Loan Document or the transactions pursuant to or in connection herewith and therewith, and the Company 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. 
(0) The Company's obligations under this Agreement and the other Loan Documents shall be absolute, irrevocable and unconditional and shall be paid and 

performed strictly in accordance with the terms of this Agreement or such other Loan Document under any and all circumstances. 
(P) The Lender hereby notifies the Company that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow the Lender to identify the Company in accordance with the terms of the Patriot Act. As used herein, "Patriot Act" shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (as amended). In addition, and without limiting the foregoing, the Company shall (a) ensure, and cause each of its subsidiaries to ensure, that neither the Company nor any person who owns a controlling interest in or otherwise controls the Company or any of its subsidiaries (directly or indirectly) is or shall be a person with whom the Lender is restricted from doing business under (i) regulations of the Office of Foreign Assets Control of the United States Department of the Treasury ("OFAC") including, without limitation, any person listed on the Specifically Designated Nationals and Blocked Person List maintained by OFAC (or any similar list maintained by OFAC, collectively, the "OFAC List"), or (ii) any similar regulations, statutes, laws, lists, or executive orders established or promulgated by the United States government or any agency thereof (the regulations, statutes, laws, lists and executive orders referred to in clauses (i) and (ii) above are collectively referred to as the "Regulations"); (b) not use or permit the issuance of letters of credit or use of the proceeds of any loans or other extensions of credit in a manner that would violate any Regulations; and (c) not, directly or indirectly, conduct any business with or engage in any transaction with any person named on the OFAC List, any person owned by, controlled by, acting for or on behalf of, providing assistance, support, sponsorship, or services of any kind to, or otherwise associated with, any person named on the OFAC List, or any other person with whom the Company is restricted from doing business under any Regulations. If the Company obtains any actual knowledge or receives any written notice that the Company, any of its Affiliates or any subsidiary is named on the OFAC List (an "OFAC Event"), the Company shall (i) promptly give written notice to the Lender of such OFAC Event and (ii) comply with all applicable laws with respect to such OFAC Event (regardless of whether the party included on the OFAC List is located within the jurisdiction of the United States of America), including the Regulations, and the Company hereby authorizes and consents to the Lender taking any and all steps the Lender deems necessary, in the Lender's sole discretion, to avoid violation of all applicable laws with respect to any such OFAC Event, including the requirements of the Regulations (including the freezing and/or blocking of assets and reporting such action to OFAC). 
(q) Section headings in this Agreement are included for convenience of reference only and shall not constitute part of this Agreement for any other purpose or be given any substantive effect. 
(r) Deposits and credit balances at the Lender are NOT insured by the Federal Deposit Insurance Corporation (the "FDIC") or by any other U.S. government agency. By executing this letter, the Company acknowledges its initial deposit or credit balance and all future deposits and credit balances will NOT be INSURED BY THE FDIC. 

If the foregoing accurately reflects the understanding between us, kindly execute the enclosed copy ofthis letter in the space provided below and return it to us, whereupon this letter shall constitute a binding agreement between us. 
Very truly yours, 
ABN AMRO CAPITAL USA LLC 
By: 
Name:
Title: --------
By: Name: ___________ Title: 
ACCEPTED AND AGREED TO: 
A-MARK PRECIOUS METALS, INC. 
By: 
/s/ Thor Gjerdrum 
Name: Thor Gjerdrum
Title: CFO
/s/ Rand Leshay
Name: Rand LeShay 
Title: SVP Trading 

Appendix A 
The Company hereby covenants that while this Agreement remains in effect or any amount is outstanding in respect of any loan, letter of credit or other obligation to the Lender, the Company shall: 
(a) Reporting Requirements. (i) Annual Financial Statements. Furnish the Lender, as soon as available and in any event within ISO days after the close of each of the Company's fiscal years, with the Company's consolidated and consolidating financial reports, certified in the case of the consolidated statements without qualification by independent certified public accountants, in form and substance satisfactory to the Lender, as of the end of and for such period including balance sheets and related profit and loss and surplus statements and statements of cash flows; 
(ii) Monthly Financial Statements. Furnish the Lender, as soon as available and in any event within 60 days after the close of each month in each fiscal year, with unaudited consolidated and consolidating balance sheets and income statements and statements of cash flows of the Company, certified as accurate and complete by an authorized officer of the Company in form and substance satisfactory to the Lender, a management discussion of operating results and a compliance certificate, all in form and substance satisfactory to the Lender; 

(iii) Collateral Reports. Furnish the Lender, prior to the close of business on the second Business Day of each week, with a Collateral Report and supporting schedules in the form required by the Collateral Agency Agreement, provided that if the Company shall request a loan or letter of credit when the most recently delivered Collateral Report did not reflect sufficient availability for such loan or letter of credit, the Company shall at the time of such request deliver a new Collateral Report reflecting that after giving effect to the requested loan or letter of credit, there would be no Excess (as defined in the seventh paragraph of this Agreement) as of such time; the Company acknowledges and agrees that each delivery of a Collateral Report to the Lender shall constitute a representation and warranty by the Company that the assets listed therein comply with all of the terms and provisions of the corresponding definition set forth in the Collateral Agency Agreement; 
(iv) Evidence of Insurance. Furnish the Lender with evidence of renewal of each insurance policy of the Company (including, without limitation, marine insurance or other marine coverage) and copies of the renewed marine insurance policy (or other marine coverage) prior to the expiration thereof; 
(v) Other Information. Furnish the Lender with such information respecting the condition and operations, financial or otherwise, of the Company, or any subsidiaries or Affiliates as the Lender may from time to time request; 
(b) Audits by the Lender [and the Collateral AgentJ. Permit the [Collateral Agent] and the Lender and their respective representatives to conduct collateral audits at the Company's expense on such dates aud at such times as the Collateral Agent or the Lender, as applicable, shall determine in its sole discretion; 
(c) Dispositions. Not, and not permit any of its subsidiaries to, sell, lease, transfer or otherwise dispose of any of its assets or any inventory, except (i) sales of inventory in the ordinary course of business and (ii) sales and dispositions of obsolete equipment no longer necessary or useful in the Company's or such subsidiary's business; 

Cd) Merger and Consolidation. Not merge into or consolidate with or into any corporation or other entity, nor permit any of its subsidiaries to do so, without the prior written consent of the Lender; 
(e) Restricted Payments. Not declare or make at any time any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any capital stock, equity or membership interests of the Company or purchase, redeem or otherwise acquire for value any capital stock, equity or membership interests of the Company or any warrants, rights or options to acquire such capital stock, equity or membership interests, now or hereafter outstanding, without the prior written consent of the Lender, and not permit any of its subsidiaries to do any of the foregoing with respect to its own capital stock, equity or membership interests except for the payment of dividends and the making of distributions to the Company; 
Cf) Financial Covenants. (i) Not permit at any time the Working Capital of the Company to be less than $25,000,000; as used herein, "Working Capital" shall mean at any time as to any person or entity as of the date of determination thereof, the excess of CA) current assets minus any current assets consisting of investments in and receivables and other obligations from subsidiaries and other Affiliates over (B) current liabilities, each determined in accordance with United States generally accepted accounting principles, consistently applied; 
(ii) not permit at any time the sum of Tangible Net Worth plus Subordinated Debt of the Company 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 determined in accordance with United States generally accepted accounting principles, consistently applied, and less the sum of (without duplication): 
(A) the total book value of all assets of such person or entity and its subsidiaries properly classified as intangible assets under United States generally accepted accounting principles, including such items as goodwill, the purchase price of acquired assets in excess of the fair market value thereof, trademarks, trade names, service marks, brand names, copyrights, patents and licenses, rights with respect 

to the foregoing, organizational or developmental expenses, and all unamortized debt discount and expense; plus 
(B) all amounts representing any write-up in the book value of any assets of such person or entity or its subsidiaries resulting from a revaluation thereof subsequent to December 31, [2010]; plus 
(C) to the extent otherwise included in the computation of Tangible Net Worth, any SUbscriptions receivable; plus 
(D) investments in and receivables and other obligations from subsidiaries and other Affiliates; plus 
(E) any deferred charges, deferred taxes, prepaid expenses and treasury stock; 

and "Subordinated Debt" shall mean all indebtedness of the Company which is subordinated on terms and conditions (including, without limitation, the identity of the creditor) satisfactory to the Lender to all of the Company's obligations and indebtedness to the Lender; 
(iii) not permit at any time the ratio of (i) total obligations and liabilities of the Company to banks, financial institutions and affiliates thereof (including, without limitation, contingent obligations with respect to undrawn letters of credit), to (ii) Working Capital of the Company to exceed 5.0 to 1.0. 
(g) Existence. Preserve its corporate existence and all licenses, registrations and permits necessary for the conduct of its business, maintain its properties in good repair, working order and condition, continue in the same lines of business and conduct its business substantially as it is being conducted now, and cause each of its subsidiaries to do all of the foregoing; 
(h) Insurance. Maintain, and cause each of its subsidiaries to maintain, insurance with responsible and reputable insurance companies in such amounts and covering such risks as are usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which it conducts its business; take all steps necessary to assure that subject to deductibles and coinsurance, the full amount of any such insured account receivable will be paid under such policy; and cause all such insurance policies to contain loss payable endorsements and additional insured clauses satisfactory to the Lender in its sole discretion; 

0) Compliance with Laws. Comply, and cause each of its subsidiaries to comply, in all material respects with applicable law and regulations; 

G) Notice of Defaults. As soon as possible and in any event within five Business Days after the occurrence of each Event of Default and each event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default, continuing on the date of such statement, deliver to the Lender a statement of the chief financial officer of the Company setting forth details of such Event of Default or event and the action which the Company has taken and proposes to take with respect thereto; 
(k) Pari Passu Status. Take all action necessary to insure that the Company's obligations under the Loan Documents rank and will continue to rank at least pari passu in respect of priority of payment with its highest ranking indebtedness except as otherwise provided in the Intercreditor Agreement; 
(I) Notice of Material Adverse Effect. Promptly notify the Lender of any event, circumstance or condition that had or could be expected to have a Material Adverse Effect; 
(m) Location of Offices; Conduct of Business. Not move the Company's chief executive office or chief place of business, change its name, type or place of organization or organizational identification number, or conduct its business in any name other than as set forth on the signature page hereto, except with the prior written consent of the Lender; 
(n) Organizational Documents. Not (and not permit any of its subsidiaries to) amend its certificate of incorporation or by-laws or other organizational documents without the prior written consent of the Lender; 
(0) Affiliate Transactions. Not (and not permit any of its subsidiaries to) directly or indirectly: (a) make any investment in or loan or extension of credit to an Affiliate (as defined in paragraph (h) under the caption "Representations" in this Agreement); (b) transfer, sell, lease, assign or otherwise dispose of any assets to an Affiliate; (c) merge into or consolidate with or purchase or acquire assets from an Affiliate; or (d) enter into any other transaction directly or indirectly with or for the benefit of any Affiliate (including guarantees and assumptions of obligations of an Affiliate, management and consulting agreements and payment of management fees); provided, however, that: (i) any Affiliate who is a natural person may serve as an employee, officer or director of the Company or a subsidiary and receive reasonable compensation for his services in such capacity and (ii) the Company or a subsidiary may enter into any transaction with an Affiliate providing for the purchase of inventory in the ordinary course of business if (x) the monetary or business consideration arising therefrom would be substantially as advantageous to the Company or such subsidiary as the monetary or business consideration that would be obtained in a comparable arm's length transaction with a person that is not an Affiliate; and (y) the Company shall have given the Lender prior notice of the terms of such transaction and copies of all documents relating thereto as the Lender shall request; 
(P) Indebtedness. Not (and not permit any subsidiary to) incur or permit to exist any liabilities or indebtedness for borrowed money or in respect of letters of credit or bankers acceptances, except to the Lender and to banks and financial institutions party to the Intercreditor Agreement; 
(q) Loans and Other Investments. Not (and not permit any subsidiary to) make or permit to exist any loan, extension of credit, advance or investment to or in any person or entity, or any guarantee thereof, other than accounts receivable arising in the ordinary course of business and investments in cash and cash equivalents; 
(r) Liens. Not, and not to permit any of its subsidiaries to, create or permit to exist any mortgage, charge, lien or other encumbrance with respect to any of its assets, other than liens consented to by the Lender in writing and liens in favor of the Collateral Agent on behalf of the banks and financial institutions party to the Intercreditor Agreement; 
(s) Guaranties. Not and not permit any of its subsidiaries to assume, endorse, be or become liable for, or guarantee, the obligations of any person or entity, except by the endorsement of negotiable instruments for deposit or collection in the ordinary course of business. For the purposes hereof, the term "guarantee" shall include any agreement, whether such agreement is on a contingency basis or otherwise, to purchase, repurchase or otherwise acquire indebtedness or obligations of any other person or entity, or to purchase, sell or lease, as lessee or lessor, property or services, in any such case primarily 

for the purpose of enabling another person or entity to make payment of indebtedness or obligations, or to make any payment (whether as an advance, capital contribution, purchase of an equity interest or otherwise) to assure a minimum equity, asset base, working capital or other balance sheet or financial condition, in connection with the indebtedness or obligations of another person or entity, or to supply funds to or in any manner invest in another person or entity in connection with its indebtedness or obligations; 

EXHIBIT A 
FORM OF BORROWING REQUEST! [Date] 
ABN AMRO Capital USA LLC 
100 Park Avenue NewYork,NewYork 10017 Attention: ______ 
Re: A-Mark Precious Metals, Inc. 
Ladies and Gentlemen: 
This Borrowing Request is delivered to you pursuant to the line letter agreement dated as of January _, 2011 (as amended, supplemented or otherwise modified from time to time, the "Line Letter"), between A-Mark Precious Metals, Inc. (the "Borrower") and ABN AMRO Capital USA LLC (the "Lender"). Capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Promissory Note dated January _, 2011 (as amended, supplemented or otherwise modified from time to time) made by the Borrower. 
The Borrower hereby irrevocably requests a loan in the amount of $_--
The requested borrowing date is ____ 
The maturity date of the loan will be ____ , . 
The loan will bear interest at the rate specified below plus the margin set forth in the Line Letter: 
o the Offered Rate 
o LIBOR 
o the Base Rate 

The Borrowing Request must be received by the Lender prior to 10:00 am (New York City time), (a) three (3) Business Days prior to the requested borrowing date, if all or any part of the requested loans are initially to bear interest based upon LIBOR, or (b) otherwise, on the same Business Day as the requested borrowing date. 

The Interest Period2 requested by the Borrower for the loan will be: 
o one month. 
o three months. 
o six months. 

o [specify] 
The Borrower hereby represents and warrants as of the date that the loan being requested hereby is made that (i) each of the representations and warranties made by the Borrower in the Line Letter are true and correct in all material respects on and as of such date as if made on such date, except for those representations and warranties that by their terms were made as of a specified date, which shall be true and correct in all material respects on and as of such specified date, (ii) no Event of Default (as defined in the Line Letter) or event that with the lapse of time or giving of notice or both would constitute an Event of Default has occurred and is continuing as of such date or after giving effect to the loan being requested hereby, and (iii) after giving effect to the loan requested hereunder, no Excess (as defined in the Line Letter) will exist. Without limiting the foregoing, the Borrower hereby certifies that after giving effect to the loan requested hereby, the principal and face amount of all Obligations to all Lenders are less than the Collateral Value after giving effect to any changes in the Collateral Value and Obligations subsequent to the date of the most recent Collateral Report delivered to such Lender (all capitalized terms used in this sentence shall have the meanings ascribed thereto in the Intercreditor Agreement). 
[Signature page follows] 
2 Applies only if loan will bear interest based upon L1BOR or the Offered Rate. 

The Borrower has caused this Borrowing Request to be executed and delivered, and the representations and warranties contained herein to be made, by a duly authorized representative as of the date ftrst mentioned above. 
A-MARK PRECIOUS METALS, INC. 
By: _______________________ 
Name: Title: 

EXHIBITB 
FORM OF LETTER OF CREDIT REQUEST FOR ISSUANCE OF LETTER OF CREDIT 
[Date] 
ABN AMRO Capital USA LLC 
100 Park Avenue New York, New York 10017 Attention: ----- 
Re: A-Mark Precious Metals, Inc, 
Ladies and Gentlemen: 
This Letter of Credit Request is delivered to you pursuant to the line letter agreement dated as of January _, 2011 (as amended, supplemented or otherwise modified from time to time. the "Line Letter"), between A-Mark Precious Metals. Inc. (the "Borrower") and ABN AMRO Capital USA LLC (the "Lender"). Capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Line Letter. 
The Borrower hereby irrevocably requests that a letter of credit be issued or provided on its behalf. 
The maximum liability under such letter of credit is $__. 
The requested date on which the letter of credit is to be issued is __--' 
The beneficiary of the letter of credit, [INSERT NAME) (the "Beneficiary"), is located at [ADDRESS). 
The letter of credit will expire or terminate on • 20 . In the case of a drawing or a demand for payment, the Beneficiary shall present [SPECIFY DOCUMENTS NECESSARY TO BE DELIVERED FOR SUCH ACTIONS). 
The delivery instructions for the letter of credit are as follows: 
The form of the proposed letter of credit is attached hereto as Exhibit A. 
The Borrower hereby represents and warrants as of the date that the letter of credit being requested hereby is issued that (i) each of the representations and warranties made by the Borrower in the Line Letter are true and correct in all material respects on and as of such date as if made on such date, except for those representations and warranties that by their terms were made as of a specified date, which shall be true 

and correct in all material respects on and as of such specified date, (ii) no Event of Default or event that with the lapse of time or giving of notice or both would constitute an Event of Default has occurred and is continuing as of such date or after giving effect to the letter of credit being requested hereby, and (iii) after giving effect to the letter of credit requested hereby, no Excess will exist. Without limiting the foregoing, the Borrower hereby certifies that after giving effect to the letter of credit requested hereby, the principal and face amount of all Obligations to all Lenders are less than the Collateral Value after giving effect to any changes in the Collateral Value and Obligations subsequent to the date of the most recent Collateral Report delivered to such Lender (all capitalized terms used in this sentence shall have the meanings ascribed thereto in the Intercreditor Agreement). 
[Signature page follows 1 

The Borrower has caused this Letter of Credit Request to be executed and delivered, and the representations and warranties contained herein to be made, by a duly authorized representative as of the date first mentioned above. 
A-MARK PRECIOUS METALS, INC. 
By:~____________________ Name: _____________________ Title: 

Exhibit A to Letter of Credit Request [Form of Letter of Credit] 

EXHIBITC [Form of Note] 

EXHIBITD 
List of Subsidiaries and Affiliates REOUEST TO HONOR ORAL AND ELECTRONIC INSTRUCTIONS 

Date: March 18,2011 
ABN AMRO Capital USA LLC 
100 Park Avenue New York, New York 10017 
Re: Credit and Lending Relationship In the Name of A-Mark Precious Metals, Inc. 
Ladies and Gentlemen: 
The undersigned is duly organized and existing under the laws of its state of incorporation or organization. 
The undersigned is the holder of an account on your books or has some other credit or financing relationship with you. 
From time to time, the undersigned or one or more officers, agents, attorneys-infact or employees of the undersigned may transmit to you instructions concerning its credit or financing relationship with you orally, whether in person or by telephone, or by telefax, teiecopier, e-mail or similar means of electronic transmission of documents. The undersigned hereby requests that you comply with and honor each and every such instruction (hereinafter referred to as "instructions") as if duly made in writing by or on behalf of the undersigned. The undersigned acknowledges that you will process instructions or any instruction seeking to cancel or amend any prior instruction only on days on which you are open for business at your principal office and within your established cutoff hours as from time to time in effect. In the event any instruction is given, you are authorized to seek confirmation of such instruction by (a) telephone call back to anyone designated on the Schedule attached hereto, which Schedule may be amended from time to time but only in a writing actually received and acknowledged by you, (b) confirming a personal identification number appearing on or mentioned in any such instruction, or (c) any other security procedure agreed in writing between you and us. We hereby acknowledge that (x) each security procedure referred to in (a), (b) or (c) of the preceding sentence is commercially reasonable, and (y) you shall not be obligated to verify any instructions pursuant to any of the above security procedures from time to time in effect. 
In consideration of your honoring or complying with such instructions and of your continuing to maintain the relationship with the undersigned, the undersigned hereby agrees to indemnify you and your directors, officers, agents and employees and hold you 
A·Mnrk OrlllFlIx.doc 

and them harmless from any liability, expense, cost or loss which you or they may incur or suffer by reason of honoring or complying with any and all such instructions. The undersigned specifically authorizes you to honor or comply with each and every such instruction believed by you to be genuine. Under no circumstances shall the undersigned seek to hold you or any of your directors, agents, officers or employees liable for any losses suffered by reason of you or any of them honoring or complying with any such instructions believed by you or them to be genuine. In receiving and processing our instructions and in issuing payment orders in furtherance thereof, you, to the maximum extent permitted by law, shall not be liable for: (i) events or circumstances beyond your reasonable control, (ii) indirect, punitive, special or consequential damages, even if you are advised as to the possibility thereof or (iii) non-compliance with instructions that are not sent by us in accordance with requirements set forth in other agreements between you and us. 
It is understood and agreed that you and the beneficiary's bank in any funds transfer may solely rely upon any account number or similar identifYing number provided by us to identifY (i) the beneficiary, (ii) the beneficiary's bank, or (iii) an intermediary bank. You may debit our account in connection with any payment orders issued by you using any such identifYing numbers, even where their use may result in a person other than the beneficiary being paid, or in the transfer of funds to a bank other than the beneficiary's bank or an intermediary bank designated by us. 
The undersigned may at any time terminate this request and the agreements contained herein by delivering to you written notice of termination receipted for by you in writing. Such termination shall be effective five business days after its receipt by you (or on such later date as may be specified in the notice) but shall not have any effect on the obligations of the undersigned which arose hereunder or on any action taken by you hereunder prior to the effective date of such termination. The undersigned acknowledges that you may terminate the service requested hereby or decline to honor any instruction at any time provided that you shall give subsequent notice to the undersigned as soon as practicable after such termination or your refusal to honor any instruction, and such termination shall not have any effect on the obligations of the undersigned which arose hereunder or on any action taken by you hereunder prior to the effective date of such termination. The undersigned also agrees that you may, in your discretion, refuse to honor or comply with any instruction received by you and may insist such instruction be made in writing, duly executed by or on behalf of the undersigned. 
This agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of laws principles, and the undersigned hereby consents to the personal jurisdiction of the courts of the State of New York located in the City of New York and of the United States District Court for the Southern District of New York, as you may elect, in any action or proceeding arising under or relating to this agreement. THE UNDERSIGNED WAIVES TRlAL BY JURY IN ANY SUCH ACTION OR PROCEEDING. 
-2

Very truly yours, 
A-MARK PRECIOUS METALS, INC. 

Schedule Dated As of March 18, 2011 Telephone Numbers and Names ofPersons Authorized to Confirm Instructions 
Phone Numbers 
310587-1485 Rand LeShay 310587-1414 Thor Gjerdrurn 310587-1485 Nick Sarantes 310587-1485 Roy Friedman 

PROMISSORY NOTE 
U.S.$25,OOO,OOO March 18, 2011 
The undersigned, for value received, jointly and severally, promises to pay to the order of ABN AMRO Capital USA LLC (hereinafter called the "Lender ") the principal sum of TWENTY FIVE MILLION UNITED STATES DOLLARS (U.S.$25,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 90 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 at or prior to the time each Loan is made or, if not so agreed, at a rate per annum equal to the Base Rate (as hereinafter defined) plus      .* Interest shall be paid at such monthly, quarterly or semiannual intervals as shall be agreed from time to time between the undersigned and the Lender or, if not so agreed, monthly on the last Business Day (as hereinafter defined) of each month, at maturity of each Loan (whether at stated maturity, on demand, by acceleration or otherwise) 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. 
Any amount of principal of any Loan and, to the extent permitted by applicable law, any interest payable thereon which is not paid when due, whether at stated maturity, on demand, by acceleration or otherwise, shall bear interest for each day from the day when due until paid in full, payable on demand, at a rate per annum equal to the higher of: (a) ______* per annum in excess of the interest rate in effect with respect to such Loan prior to the date when due, and (b) _____* per annum in excess of the Base Rate. 

*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.

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 one of the following: (i) the "Base Rate"; or (ii) "LIBOR"; or (iii) the "Offered Rate". "Base Rate" shall mean the rate of interest equal to the higher (redetermined daily) of (i) the per annum rate of interest established by JPMorgan Chase Bank, N.A. (or any successor, "JPM") from time to time at its principal office in New York City as its prime rate or base rate for U.S. dollar loans (such rate is a reference rate established by JPM from time to time and does not necessarily represent the lowest or best rate actually charged by JPM or the Lender to any customer), (ii) LIBOR for an Interest Period of one month ("One Month LIBOR") plus 1.00% (for the avoidance of doubt, One Month LIBOR for any day shall be based on the rate appearing on Reuters Screen LIBOROI Page (or such other page as may replace Reuters Screen LIBOROI Page on the Reuters service) or other publicly available source providing such quotations as designated by the Lender from time to time, at approximately II :00 a.m. London time on such day), or (iii) the Federal Funds Rate, plus one half of one per cent (0.5%) per annum. Any change in the Base Rate due to a change in any of such rates referred to above shall be effective as of 12:01 a.m. (New York City time) on the day such change becomes effective. "Federal Funds Rate" shall mean for any day, the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the Lender from three Federal Funds brokers of recognized standing selected by it. "LIBOR" shall mean for any Interest Period for any Loan, the interest rate reported on Reuters Screen LIBOROI Page (or such other page as may replace Reuters Screen LIBOROI Page on the Reuters service) or other publicly available source providing such quotations as designated by the Lender from time to time, at or about  11:00 a.m., London time, two (2) Business Days prior to the first day of such Interest Period (rounded upward, if necessary, to the nearest 1I16th of 1%), as the representative rate at which banks are offering United States Dollar deposits in the London interbank market, for delivery on the first day of such Interest Period, for a term comparable to such Interest Period. "Offered Rate" shall mean the rate per annum determined by the Lender at which U.S. dollar deposits, loans or advances of an amount comparable to the amount of the respective Loan and for a period comparable to the relevant Interest Period are offered to the Lender in such market or from such other funding source (including, without limitation, the Lender's affiliated banks and companies) as the Lender shall select from time to time in its sole discretion (rounded upward, if necessary, to the nearest 1116 of 1%) at or about 11:00 a.m. (New York City time) on the date of the commencement of each Interest Period or, if so selected by the Lender, on the first or second Business Day prior to such commencement, such rate to be increased to reflect all market, liquidity and regulatory conditions which the Lender deems applicable from time to time and to remain in effect for the entire Interest Period. "Interest Period" shall mean, with respect to each Loan evidenced hereby, (i) initially, the period commencing on the date of such Loan and ending one Business Day, or one, three or six months thereafter (or such other period as shall be acceptable to the Lender), in each case selected by the undersigned not less than three Business Days prior to the date on which such Loan is made or, in the case of the Offered Rate, selected by the undersigned on the date of the Lender's determination of the Offered Rate for such Interest Period, and (ii) thereafter each period commencing on the last day of the immediately preceding Interest Period for such Loan and ending one Business Day, or one, three or six months thereafter (or such other period as shall be acceptable to the Lender), in each case selected by the undersigned not less than three Business Days prior to the first day of such period or, in the case of the Offered Rate, selected by the 
-2 

undersigned on the date of the Lender's determination of the Offered Rate for such Interest Period; provided that: (a) any Interest Period which would otherwise end on a day which is not a Business Day shall be (i) extended to the next succeeding Business Day or (ii) if such next succeeding Business Day falls in another calendar month, shortened to the next preceding Business Day, except in respect of an Interest Period which ends the next Business Day; (b) any Interest Period of one month or longer which begins on a day for which there is no numerically corresponding day in the calendar month during which such Interest Period is to end shall, subject to the provisions of clause (a) above, end on the last day of such calendar month; (c) if the undersigned shall fail to select an Interest Period for any reason, it shall be deemed to have elected that the applicable Loan shall bear interest at the Offered Rate for an Interest Period commencing on the date such Loan is made or the last day of the preceding Interest Period for such Loan, as applicable, and ending on the next Business Day plus the applicable margin for such Offered Rate Loans or, if there is no applicable margin for such Offered Rate Loans, the applicable margin for Loans bearing interest at a rate based on LIBOR; and (d) no such Interest Period shall expire after the maturity date of the applicable Loan. "Business Day" shall mean any day that is not a Saturday, a Sunday or any other day on which commercial banks in New York are authorized or required by law to remain closed and, with respect to any Loan bearing interest at a rate based on LIBOR, the term "Business Day" shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market, and, with respect to any Loan bearing interest at a rate based on the Offered Rate, in the city where the applicable interbank market is located. 
The Lender may record on its books and records or on the schedule to this 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 Note. The Lender's record, whether shown on its books and records or on the schedule to this 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 100 Park Avenue, New York, New York 10017 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, recoupment, deduction, defense or counterclaim and free and clear of, and, except as required by applicable law, without deduction or withholding for or onaccount of, any present or future income, franchise, excise, stamp or other taxes, levies, imposts, duties or other charges of any kind now or hereafter imposed by any governmental or taxing authority, but excluding taxes imposed on or measured by the net income of the Lender by the jurisdiction of its organization, the United States of America or the State or City of New York or any taxing authority thereof (such non-excluded items, "Taxes"). If, under applicable law, any such Taxes are required to be deducted or withheld from 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 and for any Taxes and other taxes on such additional interest or amounts, will be equal to the amount provided for herein. The undersigned hereby agrees to indemnifY and to hold the Lender harmless against, the full amount of Taxes, imposed on or paid by the Lender, and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. The indemnity by the undersigned provided for in this paragraph shall apply and be made whether or not the Taxes for which indemnification hereunder is sought have been correctly or legally asserted. Amounts payable by the undersigned under the indemnity set forth in this paragraph shall be paid within ten (!0) days from the date on which the Lender makes written demand therefor. Determinations by the Lender pursuant to this paragraph shall be conclusive absent manifest error. The agreements of the undersigned in this paragraph shall survive the termination of the Loan Documents (as defined below) and the repayment of all Liabilities to the Lender. The undersigned agrees to furnish promptly to the Lender official receipts evidencing payment of any Taxes 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 (other than Loans bearing interest based on the Base Rate) 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 (other than Loans bearing interest based on the Base Rate) 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 
-4 

from third parties. The agreements of the undersigned in this paragraph shall survive the termination of the Loan Documents and the repayment of all Liabilities to the Lender. 
In the event that on any date on which UBOR or 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 London interbank market or such other applicable market or from such other funding source, as the case may be, for the applicable Interest Period or (ii) LIBOR does not accurately reflect the cost of the Lender of maintaining or funding the principal amount thereof, then the affected Loan shall, on receipt 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, to be ___% over its cost of funding the Loan using sources selected by it other than the London interbank market or such other applicable market or funding source, as the case may be, for dollars or, if the Lender so elects in its sole discretion, at the Base Rate. 
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, to be ___% over its cost of funding the Loan using sources selected by it other than the London interbank market or such other applicable market or funding source, as the case may be, for dollars or, if the Lender so elects in its sole discretion, the Base Rate. 
If the Lender shall determine that the applicability of or the adoption after the date hereof of any law, rule, regulation or guideline (domestic or foreign) regarding capital adequacy, or any change in any of the foregoing or in the enforcement, interpretation or administration of any of the foregoing by any court or any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Lender, or any corporation or other entity which directly or indirectly controls the Lender (each such corporation or other entity is hereinafter referred to as a "Controlling Person") (or any lending office of the Lender or any Controlling Person), with any request or directive regarding capital adequacy (whether or not having the force of law) of any such court, authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on the Lender's capital or on the capital of a Controlling Person, if any, as a consequence of the Lender funding or maintaining the principal amount of any Loan, to a level below that which the Lender or such Controlling Person could have achieved but for such applicability, adoption, change or compliance (taking into consideration the Lender's policies and the policies of such Controlling Person with respect to capital adequacy) by an amount deemed by the Lender to be material, then, upon 

*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.

demand by the Lender, the undersigned shall pay to the Lender from time to time as specified by the Lender such additional amount or amounts as will compensate the Lender or such Controlling Person for any such reduction suffered. In determining such additional amounts, the Lender shall be permitted to use any reasonable allocation methods. 

If the Lender shall determine that the adoption of or any change in law, rule, regulation or guideline (domestic or foreign) or in the enforcement, interpretation or administration thereof by any court or any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof or compliance by the Lender with any request or directive (whether or not having the force of law) by any governmental authority, central bank or comparable agency made after the date hereof shall at any time (A) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against loans or other extensions of credit made by the Lender, or (8) subject loans or other extensions of credit made by the Lender to any assessment or other cost or (C) impose on the Lender or any applicable interbank market any other or similar condition or any cost or expense regarding or affecting this Note Dr any Loan, and the result of any event referred to in clause (A), (8) Dr (C) above shall be to reduce any amounts receivable by the Lender hereunder or increase the cost to the Lender of funding or maintaining any Loan by an amount which the Lender shall deem to be material, then, upon demand by the Lender, the undersigned shall pay to the Lender from time to time as specified by the Lender, such additional amount or amounts as will compensate the Lender for such increased cost or reduction. 
Determinations by the Lender pursuant to the two preceding paragraphs shall be conclusive absent manifest error, and the provisions of such two paragraphs shall survive termination of the Loan Documents and repayment of all Liabilities to the Lender. 
The term "Indebtedness" as used herein with respect to any person or entity shall include indebtedness for borrowed money or the deferred purchase price of assets or services, all obligations, contingent or otherwise, in respect of letters of credit or bankers acceptances, all obligations under leases required to be classified as capital leases under 
generally accepted accounting principles, all obligations evidenced by notes, bonds or other instruments, all obligations under interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, interest rate hedging agreements, interest rate floor agreements, options or other similar agreements or arrangements, all obligations under foreign exchange contracts, currency swap agreements, commodity swap agreements, caps, collars, floors, options, or other similar agreements or arrangements designed to protect against or to require payments based upon fluctuations in currency, commodity or other asset values and any other contract or agreement relating to purchase or sale of any assets, goods, currencies, services Dr commodities, or any option relating thereto, or any combination of the foregoing, all other items which, in accordance with generally accepted accounting principles, would be included as liabilities on the 

-6 

liability side of a balance sheet of such person or entity as of the date at which Indebtedness is to be determined, and all guaranties of obligations of others of the foregoing types. 
The term "Obligor" as used herein shall be deemed to include each of the undersigned, each indorser or guarantor hereof, each other person or entity providing any other credit support for any Liability and each successor and assign of the undersigned, of each such indorser or guarantor and of each such other person or entity. 
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. 
The term "Lender" as used herein shall be deemed to include the Lender and its successors, endorsees and assigns. 
Without limiting the right of the Lender to demand payment of the Loans evidenced hereby at any time in its sale discretion, if any of the following events (each, an "Event of Default") shall occur: (a) default in payment when due of any Liability, whether on demand, stated maturity or otherwise; or (b) any Obligor shall fail to perform or observe any other covenant or agreement contained herein or in any line letter, letter of credit agreement, security agreement, pledge agreement, guaranty, or other agreement, instrument or document related hereto (collectively with this Note, the "Loan Documents") or in any other agreement, instrument or document evidencing or relating to any other Liability; or ( c) the occurrence of any default or event of default under any of the other Loan Documents; or (d) any representation, warranty or statement made by any Obligor, any subsidiary thereof or any other party to any Loan Document (or any officer of any of the foregoing) under or in connection with any Loan Document or any certificate or other 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 which does not constitute a Liability 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 judgment or order for the payment of money in excess of $100,000 individually or in the aggregate (or the equivalent thereof in another currency) shall be rendered against any Obligor or any of its subsidiaries and either (i) shall remain unpaid, unbonded, unvacated or unstayed for a period of ten days or (ii) enforcement proceedings shall have been commenced with respect thereto; or (g) 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 any Obligor or such other party shall deliver written notice of termination of any obligations under any Loan Document; or (h) any Loan Document providing for the grant of a lien on or security interest in any collateral after deli very thereof shall for any reason (other than pursuant to the terms thereof or pursuant to any agreement executed by the Lender from time to time, such as any intercreditor agreement) cease to create a valid and perfected first priority security interest in any of the collateral purported to be covered thereby; or (i) 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 governmental authority, or any court at the instance of any governmental authority, shall take possession of any substantial part of the property of any Obligor or of any subsidiary of any Obligor or shall assume control over the affairs or operations of any Obligor or of any subsidiary of any Obligor; or a receiver or custodian shall be appointed for any of the property or assets of any Obligor or of any subsidiary of any Obligor; or any Obligor or any of its subsidiaries shall take any action to authorize any of the actions set forth above in this clause (i); or (j) any event, circumstance or condition shall occur or exist that has a material adverse effect on (a) the business, assets, income, property, condition (financial or otherwise), performance, operations or prospects of the undersigned, or the undersigned and its subsidiaries taken as a whole, (b) the ability of the undersigned or any of its subsidiaries to perform any of its obligations under this Note or any of the other Loan Documents on a timely basis or (c) the validity or enforceability of this Note or any of the other Loan Documents or the rights or remedies of the Lender hereunder or thereunder; or (k) (x) Spectrum Holding PM! Co. shall fail to own and control, beneficially and of record, 100% of the capital stock of all classes the undersigned, free and clear of any lien, security interest, charge or other encumbrance, or (y) Gregory N. Roberts 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, Chief Executive Officer 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 Chief Executive Officer of the undersigned within thirty (30) days after such cessation, provided, however, that if any satisfactory successor 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 Gregory N. Roberts in this clause (y); then, upon notice by the Lender to the undersigned, the Liabilities 
-8 

evidenced by this Note shall become due and payable forthwith without presentment, protest or further demand or notice of any kind, all of which are hereby waived by the undersigned; provided, however, that if any event described in clause (i) shall occur with respect to the any of the undersigned, all such Liabilities shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived by the undersigned. 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 of payment of this Note and any notice by the Lender shall be sufficiently made upon or given to the undersigned if sent by hand delivery or other courier or delivery service, by mail (postage prepaid) or facsimile to the last address or facsimile number known to the Lender or made or given by any other means reasonably calculated to come to the attention of the undersigned (whether or not in fact received by it), and shall be deemed to have been made or given upon delivery (in the case of hand delivery or other courier or delivery service), mailing (in the case of mail) or sending (in all other cases) thereof. 
This Note and the other Loan Documents shall be binding on the undersigned and its successors and assigns, and shall inure to the benefit of the Lender and its successors and assigns, provided that the undersigned shall not have the right to assign its rights or obligations hereunder or thereunder or any interests herein or therein without the Lender's prior written consent and any purported assignment by the undersigned without such consent shall be void and of no force or effect. In the event the Lender notifies the undersigned of any assignment by the Lender of its rights and obligations, if any, under this Note, (a) such assignment shall be effective on the date set forth in such notice, (b) such assignee shall succeed to and assume all of the Lender's rights and obligations, if any, under this Note, and ( c) the Lender shall be released from all of such obligations. 
No delay on the part of the holder hereof in exercising any of its powers, rights or remedies shall operate as a waiver thereof nor shall any partial or single exercise thereof preclude, limit or impair any other, further or future exercise thereof or the exercise of any other power, right or remedy. The powers, rights and remedies of the holder hereof specified herein are cumulative and in addition to any other powers, rights and remedies which the holder may otherwise have under any other agreement and under applicable law. 
This Note shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws. The undersigned hereby agrees that any legal action or proceeding against the undersigned with respect to this Note may be brought in the courts of the State of New York in The City of New 
-9 

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, the undersigned 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 shaH be exclusive, unless waived by the Lender in writing, with respect to any claim, action or proceeding brought by it against the Lender and any questions relating to usury. The undersigned further agrees that sections 5·1401 and 5-1402 of the General Obligations Law of the State of New York as in effect from time to time shall apply to this Note and waives any right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens. Nothing herein shall limit the right of the Lender to bring proceedings against the undersigned in any other jurisdiction. The undersigned 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. The undersigned agrees that a final judgment in any such legal action or proceeding shaH be conclusive and may be enforced in any manner provided by law. 
AFTER REVIEWING THIS PROVISION SPECIFICALLY WITH ITS COUNSEL, EACH OF THE UNDERSIGNED AND THE LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHTS THE UNDERSIGNED AND THE LENDER MAY HAVE TO A TRIAL 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 THE UNDERSIGNED OR THE LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO EXTEND CREDIT TO THE UNDERSIGNED. 
If any provision of this Note is invalid or unenforceable under the laws of any jurisdiction, then, to the fullest extent permitted by law, (i) such provision shall be ineffective to the extent of such invalidity or unenforceability, without invalidating or affecting the enforceability of the remainder of such provision or the remaining provisions of this Note; and (ii) such invalidity or unenforceability shall not affect the validity or enforceability of such provision in any other jurisdiction. 
This Note (together with the other Loan Documents) embodies the entire agreement and understanding between the Lender and the undersigned and supersedes all prior agreements and understandings relating to the subject matter hereof. 
No amendment, modification, termination, waiver or discharge, in whole or in part, of this Note, nor consent to any departure by the undersigned therefrom, shall be effective unless the same shall be in writing and signed by the undersigned and the Lender. Any such amendment, modification, termination, waiver, discharge or consent 
. 10 . 

shall be effective only in the specific instance and for the purpose for which given. No amendment, modification, termination, waiver, discharge or consent by the Lender shall, of itself, entitle the undersigned to any other or further amendment, modification, termination, waiver, discharge or consent in similar or other circumstances. No notice to or demand on the undersigned in any case shall, of itself, entitle it to any other or further notice or demand in similar or other circumstances. 
The undersigned hereby waives presentment, demand for payment, protest, notice of protest, notice of dishonor and any or all other notices or demands in connection with the delivery, acceptance, performance, default or enforcement of this Note. 

Schedule to Promissory Note 

UNANIMOUS WRITTEN CONSENT OF THE 
BOARD OF DIRECTORS OF 
A-MARK PRECIOUS METALS. INC. 
A New York Corporation 
The undersigned, constituting all of the members of the Board of Directors of A-MARK PRECIOUS METALS, INC., a New York corporation (the "Corporation"), pursuant to Section 708 of the New York Business Corporations Law and the Bylaws of this Corporation, do hereby dispense with the fonnality of a meeting in order to take and adopt the following resolutions in lieu thereof: 
ABN AMRO Capital USA LLC. 
WHEREAS, the Corporation desires to enter a banking relationship with ABN AMRO Capital USA LLC.. 
NOW, THEREFORE, BE IT RESOLVED, that the Corporation be and hereby is authorized to open a bank account with ABN AMRO Capital USA LLC., USA(hereinafter referred to as the "Bank"); and it is 
RESOLVED FURTHER, that the persons set forth below are hereby authorized individually to represent the Corporation vis-a-vis ABN AMRO Capital USA LLC., as to open and operate bank accounts, discounts, negotiate notes, drafts and any other commercial paper; apply for letters and any other forms of credit; sign loan agreements, borrow money with or without security, assign, transfer, pledge or otherwise encumber any other property of the Corporation; and it is 
Name Office Citizenship Passport Number/ Issue Date 
Gregory N. Roberts Chief Executive Officer U.S.A. 
Rand LeShay President U.S.A. 
Carol Meltzer Executive Vice President U.S.A. 444315604 
Thor Gjerdrum Chief Financial Officer U.S.A. and Secretary 

RESOLVED FURTHER, that the President and Chief Financial Officer of the Corporation or either of them acting alone, be, and they hereby are, from time to time, in the name and on behalf of the Corporation, authorized, empowered and directed to execute, make oath to, acknowledge, file and deliver any and all orders, directions, certificates, security agreements, instruments and other agreements, documents and papers, and to do or cause to be done all such acts and things as may be shown by their execution or performance thereof to be in the his judgment necessary, desirable or proper in connection with the consummation of the transactions contemplated by, or otherwise authorized by or consistent with the intent of these resolutions. 
The foregoing action taken by this Unanimous Written Consent of the Board of Directors of this Corporation are hereby ratified and approved in their entirety and shall have the same effectiveness as if a meeting of the Board of Directors had been duly called and held and the matters herein voted upon. 
This Unanimous Written Consent may be executed in one or more counterparts, each of which shall constitute an original and all of which, together, shall be one and the same instrument. This consent, when signed, shall be filed in the official minute book of the corporation and shall become a part of the records ofthis Corporation. 
DATED effective as of March 18, 2011.Ex 10.32

EXECUTION  VERSION

April 21, 2011

A-Mark Precious Metals, Inc.
429 Santa Monica Blvd. Suite 230
Santa Monica, CA  90401
Attention: Mr. Thor Gjerdrum

Ladies and Gentlemen:

ABN AMRO Capital USA LLC (the "Lender")  is pleased to inform you that the Lender has established tor you, A-Mark Precious Metals, Inc., a New York corporation (the "Company"), a $35,000,000  uncommitted  line  of credit available for loans  and letters of credit.

Each loan, letter of credit or other extension of credit shall be used only for the purpose of financing precious metals and coins inventory and trade accounts receivable arising from sale thereof to unaffiliated companies or financing the Company's  loans to its subsidiary, Collateral Finance Corporation, unless otherwise agreed by the Lender.

All loans shall be payable on demand but in any event not later than 90 days after the date made, unless otherwise  agreed in writing by the Lender.   All letters of credit shall have expiration dates not later than 60 days after the issuance date, unless otherwise agreed by the Lender (in writing or by issuance of such letter of credit), and the Company shall be obligated on demand by the Lender to deposit cash collateral with the Lender in an amount equal to the maximum face amount of all outstanding letters of credit.   The Lender shall in its sole discretion determine whether to issue any letter of credit itself or to arrange for confirmation or issuance of any letter of credit by another bank or financial institution, including, without limitation, affiliated banks.

The Company's  obligations to the Lender will be secured by a perfected security interest in all personal property and  fixtures of the Company granted to the Collateral Agent on behalf of the Lender.  All other financial institutions which extend credit to the Company and which have security interests in personal property of the Company will be joined to the Amended and Restated Intercreditor Agreement, dated as of November 30,
1999, among  the  Company,  BNP  Paribas,  as successor  to  Fortis  Capital  Corp.,  RB
International Finance (USA) LLC f/k/a RZB Finance LLC, Natixis New York Branch, ABN AMRO Bank N.V., as successor by merger to Fortis Bank (Nederland) N.V., and Brown   Brothers   Harriman   &  Co.,  as   Collateral   Agent   (as   amended,   modified, supplemented  or replaced from time to time, the "Intercrcditor    Agreement")   and the

1

Amended   and  Restated  Collateral   Agency  Agreement,  dated  as of November   30,  1999, among    the   Company,    BNP   Paribas,   as   successor    to   Fortis   Capital    Corp.,       RB International   Finance  (USA)  LLC  f/k/a  RZB  Finance  LLC,  Natixis  New  York  Branch, ABN  AMRO  Bank  N.V.,  as successor  by merger  to Fortis  Bank  (Nederland)   N.V.,  and Brown    Brothers    Harriman    &   Co.,   as   Collateral    Agent    (as   amended,    modified, supplemented   or replaced  from time to time, the "Collateral   Agency  Agreement"),

The  Company   may  request  a loan  at or before  10:00  a.m.,  New  York  City  time, on the date that is three (3) Business  Days (as defined  in the Note referred  to below)  prior to the date  the Company   wishes  to borrow,  in the case  of a loan bearing  interest  based upon  LIBOR  (as defined  in the Note) and on the date the Company  wishes  to borrow,  in the case  of other  loans,  by delivering  to the Lender  a borrowing  request  substantially   in the form of Exhibit  A hereto.   The  Company  may request  issuance  of a letter  of credit  at or before  10:00 a.m., New York  City time, on the proposed  date of issuance  by delivering to the Lender  a request  for issuance  substantially   in the form of Exhibit  B hereto.   If the Lender  agrees  to make  the requested  loan or issue or arrange  for issuance  of the letter of credit,  the  Lender  will  do  so  upon  the  terms  and  subject  to  the  conditions   contained herein  and in the other  Loan  Documents  (as defined  below).   The loans  will be evidenced by a promissory  note  in substantially   the form annexed  hereto  as Exhibit  C (as amended, modified,  supplemented   or replaced  from  time  to time,  the "Note").    Each request  for a loan or letter of credit shall be irrevocable.

In the event  that at any time  the outstanding  principal  amount  of loans  hereunder plus the maximum  face amount  of all outstanding  letters  of credit issued  under  any  Loan Document  plus reimbursement   obligations  with  respect  to drawings  under  such  letters  of credit  shall  exceed   the  maximum   amount  of  the  line  of  credit  hereunder   as  set  forth above,  the Company  shall  immediately,   first,   pay outstanding   loans  and  reimbursement obligations,  and thereafter  deposit  cash collateral  with the Lender in an amount  sufficient to eliminate  such excess.

In the event  that at any time  the Outstanding  Credits  (as defined  in the Collateral Agency  Agreement)   shall  exceed  the  Collateral   Value  of  non  CFC  Collateral   plus  the Collateral   Value  of  CFC  Collateral   (as  defined   in  the  Collateral   Agency  Agreement) shown  on  the  most  recently   delivered   Collateral   Report   (as  defined   in  the  Collateral Agency    Agreement)     (an   "Excess"),     the    Company    shall   immediately,     first,   pay outstanding   loans  and  reimbursement   obligations   to the  Lender,  and  thereafter   deposit cash collateral  with the Lender  in an amount sufficient  to eliminate  such Excess.

Documentation;   No Commitment:

All promissory   notes and other documents  requested  by the Lender  in connection with this  Agreement  must  be in form and substance  satisfactory  to the Lender.   Also, the Lender  asks  the Company   to note  carefully  that this  is not a "committed"   line  of credit. No commitment   tee  will be charged,  and the  Lender  may  withdraw  the line  of credit  at any time,  with or without  notice.   Moreover,  the Lender has no obligation  to extend  credit

2

at  any  time,  and  the  making  of  each  loan  or other  extension  of  credit  shall  be  in  the Lender's     sole    discretion.         NOTHING      HEREIN    CONTAINED,      INCLUDING, WITHOUT   LIMITATION,   TI-1E NEXT  PARAGRAPH,   THE  EVENTS  OF DEFAULT BELOW  AND THE  COVENANTS   IN APPENDIX  A, IS INTENDED  TO OR SHALL MODIFY  THE  UNCOMMITTED   NATURE  OF THE CREDIT  FACILITY  OR SHALL IMPOSE   ANY  IMPLIED   OBLIGATION  ON  THE LENDER  TO  EXTEND   CREDIT AT ANYTIME.

Facility  Maturity:

The  Company  shall  not make  any  request  for any  loan,  letter  of credit  or  other credit  extension  after April  31, 2012  unless  the Lender,  in its sole discretion  and without any obligation  to do so, extends  such date in writing.

Interest  and Fees:

Without  undertaking   to  make  any  loan  or  issue  or  arrange  for  issuance  of  any letter of credit,  and without  agreeing  to any particular  rate of interest  or fees, the Lender notes for the Company's   information  that:

(a)        Loans  under  the  facility  described  herein  shall  bear  interest  at  a rate  equal to not less than _*%  per annum  in excess  of the Offered  Rate,  as defined  in the Note.

(b)        The  fees  for  issuing  a letter  of credit  under  the  facility  described herein shall be not less than an issuance  fee of 0.__*% flat per quarter  or part thereof,  with a minimum  of $500, payable  in advance.

(c)        Each  unreimbursed   drawing  in respect  of  a letter  of credit  issued hereunder,  all letter of credit  fees and other  fees and expenses  payable  hereunder  and all other  amounts  payable  hereunder  or under  any Loan Document  which  are not paid when due shall, unless  otherwise  expressly  provided  in the Note, bear interest  at a rate equal to not less  than  the Offered   Rate  as defined  in  the Note  plus  __*%.    Such  interest  shall  be payable  by the Company  on demand  by the Lender.

*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.

advance.
 
(d)        The  fee for any amendment  to a letter of credit  is $200, payable  in

(e)        The Company  shall also be obligated  to pay to the Lender all other fees and charges  customarily  charged  to customers  in connection  with letters  of credit.

3

Unless  otherwise   agreed,   interest  and  fees will be calculated  on the basis  of the actual number of days elapsed  over a year of 360 days and shall be non-refundable.

4

Representations   and Warranties:

The Company  hereby  represents   and warrants   to the Lender  that:

(a)         Organization.      The  Company   is a corporation,   duly  incorporated, validly  existing  and  in good  standing  under  the laws  of the State  of New  York;   there  arc no other jurisdictions    in which  the  nature  of its business   requires  it to be qualified  to do business   as  a  foreign   corporation,    except   those  where   it  is duly  qualified   and  in  good standing;  and  the Company   has  the  corporate  power  and  authority,  and the  legal  right,  to own and operate  its property,   to lease  the property  it operates  as lessee  and to conduct  the business  in which  it is currently  engaged.

(b)        Authorization.      The  execution,    delivery   and  performance  by the Company  from  time  to  time  of  each  of  this  Agreement,  the  Note,  the  Continuing Agreement for Letters of Credit between the Company  and the Lender dated as of the date hereof (as amended, modified, supplemented or replaced from time to time, the "L/C Agreement")  and each security agreement, pledge agreement, guarantee, agreement, instrument  and  other  document  related  hereto  or  to  any  of  the  foregoing  including, without limitation, those  executed  in favor of the Collateral  Agent  from time to time (collectively, the "Loan  Documents"   and each a "Loan  Document")  in each case, to which it is a party, arc within the corporate powers  of the Company, have been duly authorized by all necessary corporate action, and do not and will not contravene (i) the certificate of incorporation  or by-laws or other organizational  documents (such as any shareholders agreement) of the Company  or (ii) any law or regulation or any contractual restriction binding on or affecting it or any of its assets or property;

(c)       Approvals.    No  authorization  or  approval,  other  action  by  or consent of, and no notice to or filing with, any governmental authority or regulatory body or any other person or entity is required for the due execution, delivery and performance by the Company of any of the Loan Documents;

(d)       Enforceability.    This Agreement  is, and  each of the other Loan Documents when delivered to the  Lender will be, duly  executed and delivered by the Company and constitutes or will constitute the legal, valid and binding obligations of the Company enforceable  against  the Company  in accordance  with their respective terms, subject to bankruptcy, insolvency, moratorium or other laws affecting the enforceability of rights of creditors generally;

(e)       Financial   Statements;   No   Material   Adverse   Change.      The Company's   most   recent   financial  statements   which   the  Company  has  previously furnished to the Lender, fairly present the Company's  financial condition as of their date and the results of operations  for the periods ended  on such date, and are prepared in accordance with United States generally accepted accounting principles consistently applied; and since such date, there has been no event, circumstance or condition which has had a Material Adverse Effect;  for purposes hereof, "Material  Adverse Effect" shall

5

mean  a material  adverse  effect  on  (a) the  business,  assets,  income,  property,   condition (financial   or  otherwise),   performance,   operations  or  prospects  of the   Company,  or  the Company   and  its subsidiaries   taken  as a whole,  (b) the  ability  of the  Company  or  any subsidiary   to  perform  any  of its  obligations   under  this  Agreement   or  any  of  the other Loan  Documents  on a timely  basis or (c) the validity  or enforceability   of this Agreement or any of the other  Loan Documents  or the rights or remedies  of the Lender  hereunder  or thereunder;

(f)         Litigation.    There  is no pending  or (to  the best  of the Company's knowledge)   threatened  action  or proceeding  affecting  the Company  or any subsidiary  of the  Company   before   any  court,   governmental    agency   or  arbitrator,   and  there   is  no governmental    investigation   or  proceeding   pending   with   respect   to  or  affecting   the Company  or any such   subsidiary  in each  case which  (if adversely  determined)  could  be expected  to result  in a Material  Adverse  Effect  or result  in loss, cost, liability  or expense to the Company,  or any such subsidiary  in excess  of  $100,000  (or the equivalent  thereof in  another  currency)   in  the  aggregate   with  respect  to  all  such  actions,  proceedings   or investigations;

(g)        Compliance   with  Laws.   The  Company   and  its subsidiaries   have complied  and are in compliance  with all applicable  laws, regulations,  ordinances,  decrees and  other  similar   documents   and  instruments   of  all  governmental    authorities,   courts, bureaus  and agencies,  domestic  and foreign;

(h)        Subsidiaries  and Affiliates.    On the date  hereof,  the Company  has no subsidiaries  except  as set forth in Exhibit  D hereto,  and said Exhibit  D accurately  lists all  companies   and  individuals  which  directly  or  indirectly  own or control  the Company and  all subsidiaries  of such companies   and individuals  (such  companies,   individuals  and subsidiaries   of  the  Company   and  of  such  companies   and  individuals   are  referred   to, collectively,   as "Affiliates");   for purposes  hereof:  "control"    means  the power,  directly  or indirectly,  either to (a) vote  10% or more  of the securities  or other equity  interests  having ordinary  voting  power  for the election  of directors  or managers   of a person  or (b) direct or  cause   the  direction   of  the  management    and  policies   of  such  person,   whether   by contract  or otherwise;

(i)         Investment  Company  Act;  Other  Legal  Restrictions.    None  of the Company    or  any   of  its  subsidiaries    is   an  "investment     company"     or  a  company "controlled"     by  an  "investment     company"   within   the  meaning   of  the  Investment Company   Act  of  1940  (as  amended   from  time  to  time)  or  is  subject   to  any  law  or regulation  limiting  its ability  to incur or pay the obligations  under  this Agreement  and the other  Loan Documents;

(j)         Regulation   U.   The  Company   is  not  engaged  in  the  business  of extending   credit  for  the  purpose  of  purchasing   or  carrying   margin   stock  (within   the meaning   of  Regulation   U  issued  by  the  Board  of  Governors   of  the  Federal  Reserve System),  and  no proceeds  of  any  loan,  letter  of credit  or other  credit  extension  will  be

5

used to purchase  or carry  any margin  stock or to so extend  credit to others  for the purpose of purchasing  or carrying  any margin  stock; following  application  of the proceeds  of each loan, letter  of credit or other  credit extension,  not more than  25 percent  of the value of the assets  of the Company   or the Company  and  its subsidiaries   on a consolidated   basis  will be margin  stock; and

(k)        Disclosure.    No representation,   warranty  or statement   contained  in this  Agreement,    the   financial   statements,   the  other   Loan   Documents,    or  any  other document,   certificate   or  written  statement   furnished  to  Lender  by  or  on  behalf  of  the Company  for use  in connection  with  the Loan  Documents  contains  any untrue  statement of a material  fact or omitted,  omits or will omit to state  a material  fact necessary  in order to  make   the  statements    contained   herein   or  therein   not  misleading    in  light   of  the circumstances    in which  the  same  were  made.   There  is  no material   fact  known  to  the Company   that  has  had  or  will  have  a  Material  Adverse   Effect  and  that  has  not  been disclosed   herein  or  in  such  other  documents,   certificates   and  statements   furnished  to Lender for use in connection  with the transactions  contemplated   hereby.

Each of the making  by the Company  of any request  for a loan,  letter  of credit  or other  credit  extension   and the receipt  by the Company  of the proceeds  or the benefit  of such  loan,   letter  of  credit  or  other   credit  extension   requested   in  such   request,   shall constitute  a representation   and warranty  by the Company  that (x) the representations   and warranties  set forth herein  and in each of the other Loan  Documents   are true and correct on and as of the date of such request  and the date of such credit extension  before and after giving  effect thereto  as if made on each such date; and (y) prior to and after the making or issuance,  as the  case  may  be, of such  loan,  letter  of credit  or other  credit  extension,  no Event  of  Default   (as  defined   in  the  Note  or  as  set  forth  in  Section   13 of  the  L/C Agreement  or such  event  or condition,  which,  with the  passage  of time  or the giving  of notice or both, would  become  an Event of Default, has occurred  and is continuing.

Covenants:

By using  this facility,  the Company  agrees  that it will comply  with  the provisions in Appendix  A attached  hereto  and made a part hereof  so long as this line of credit or any credit  extended   by  the  Lender  to  the  Company   remains  outstanding.     The  Company's undertaking   to comply  with  the terms  of this  Agreement  does  not in any  way affect  the uncommitted   nature  of  the  credit  facility  established   by  the  Lender  in the  Company's favor or the demand  nature  of any credit extended  to the Company.

Event of Default:

Without   limiting  the  right  of the  Lender  to demand  payment  of  loans  and  cash collateral  for letters  of credit,  or other  extensions  of credit  or the right  of the Lender  to terminate  this Agreement  and/or decline  to make any loan or issue or arrange  for issuance of any letter  of credit  or other  extensions  of credit hereunder,  if any  Event of Default  (as defined  in the Note or as set forth in Section  13 of the L/C Agreement)   (each  an "Event

6

of Default")   shall  occur  and  be continuing,   the Lender  may,  by notice  to the Company, declare   all  loans  and  reimbursement   obligations   and  all  accrued  interest  thereon  to  be forthwith   due  and  payable   and/or   the  Lender   may  require   the  Company   to  deposit immediately    cash  collateral   with  the  Lender   in  an  amount  equal   to  the  undisbursed maximum   amount   of  each  letter  of  credit   issued   for  its  account   and  of  each  other extension  of credit,  whereupon  the loans  and reimbursement   obligations,  all such interest and  such  amount  of  cash  collateral   shall  become  forthwith  due  and  payable,   without presentment,   demand,   protest   or  further   notice  of  any  kind,  all  of  which   are  hereby expressly  waived  by the  Company,   provided  that  in the event  of the  occurrence  of any Event of Default  set forth in clause  (i) of the definition  of such term contained  in the Note or  as  set  forth  in  Section   13(i)  of  L/C  Agreement,   the  loans,  all  such  reimbursement obligations,   such  interest  and such  amount  of cash collateral  shall  automatically   become and be due and payable,  without  presentment,  demand,  protest  or any notice of any kind, all  of  which   are  hereby   expressly   waived   by  the  Company.   The   Company   hereby expressly  authorizes  the Lender  to setoff and apply such cash collateral  to the payment  of the  Company's  liabilities   and  obligations   under   this  Agreement   and  the  other   Loan Documents.

The  Company   hereby   further  expressly   authorizes   the  Lender,  at  any  time  and from  time  to time,  without  notice  to the Company  or to any other  person  or entity,  any such  notice  being  expressly   waived  by  the  Company,   to  setoff  and  apply  any  and  all deposits  (general  or special)  and other  indebtedness  or sums at any time held, credited  or owing  by ABN AMRO  Capital  USA LLC (including  all of its branches  and agencies)  to or for the credit  or account  of the Company,  in any currency  and whether  or not due, to the  payment  of the Company's   liabilities  and obligations,   including,  without  limitation, any  obligation   to  provide   cash  collateral,   under  this  Agreement   and  the  other   Loan Documents,   irrespective   of  whether   or  not  the  Lender  shall  have  made  any  demand hereunder  or thereunder  and although  said obligations  or liabilities,  or any of them, shall be contingent  or unmatured.

Miscellaneous:

(a)        This  Agreement   and the other  Loan  Documents  shall  be governed by and construed  in accordance  with the laws of the State of New York, without  regard  to principles   of  conflicts   of  laws.    The  Company   hereby  agrees  that  any  legal  action  or proceeding   against  the  Company   with  respect  to  this  Agreement   and  the  other  Loan Documents   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,   the  Company   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  in writing,  with  respect  to any claim,  action or proceeding

7

brought  by  it against  the  Lender  and  any  questions   relating  to  usury.    The  Company agrees  that  Sections  5~140 I and  5~1402 of the General  Obligations   Law of the State  of New  York  as  in  effect  from  time  to  time  shall  apply  to  this  Agreement   and,  to  the maximum  extent  permitted  by law,  waives  any right  to stay or to dismiss  any action or proceeding  brought  before  said  courts  on  the  basis  of  forum  non  conveniens.    Nothing herein shall limit the right of the Lender to bring proceedings  against  the Company  in any other jurisdiction.     The  Company  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  Lender's   records,  such  service  of process  by mail  to be deemed effective   on  the  fifth  day  following   such  mailing.   The  Company   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.

(b)        AFTER     REVIEWING     THIS    PROVISION     SPECIFICALLY WITH   ITS   RESPECTIVE    COUNSEL,    EACH   OF   THE   COMPANY    AND   THE LENDER    HEREBY    KNOWINGLY,     VOLUNTARILY      AND    INTENTIONALLY WAIVES   ANY  AND  ALL  RIGHTS   THE  COMPANY   AND  THE   LENDER   MAY HAVE TO  A TRIAL  BY JURY  IN RESPECT  OF ANY  LITIGATION  BASED  ON, OR ARISING   OUT  OF,  UNDER,   OR  IN  CONNECTION    WITH,  THIS  AGREEMENT, THE OTHER  LOAN DOCUMENTS   OR ANY COURSE  OF CONDUCT,  COURSE  OF DEALlNG,   STATEMENTS    (WHETHER    ORAL  OR  WRITTEN)   OR  ACTIONS   OF THE   COMPANY    OR   THE    LENDER.       THIS    PROVISION    IS   A   MATERIAL INDUCEMENT   FOR THE  LENDER  TO  EXTEND  CREDIT  TO THE  COMPANY.   No claim  may  be  made   by  the  Company   against   the  Lender   or  the  affiliates,   officers, directors,   employees   or  agents   of  the  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 any  letter  of credit  requested  by the Company  or any  draft  or  demand   under  any  such  letter  of  credit  or  any  payment   or  nonpayment thereof,  or  any  loan  or  other  transaction   contemplated   by this  Agreement   or  the  other Loan  Documents,  or any  act, omission  or event  occurring  in connection  with  any of the foregoing,   and  the  Company   hereby  waives,  releases  and  agrees  not  to  sue  upon  any claim  for any such  damages.   Neither  the Lender  nor any other person  or entity referred to  in the  preceding   sentence   shalt  be  liable  for  any  damages   arising  from  the  use  by unintended  recipients  of any information  or other  materials  distributed  to such unintended recipients   by  the  Lender  or  such  other  person   or  entity  through  telecommunications, electronic  or other  information   transmission   systems  in connection  with  this Agreement or the other Loan Documents  or the transactions  contemplated  hereby or thereby.

(c)        The  Company   agrees  to  pay  on demand   all  costs  and  expenses, including,  without  limitation,  reasonable  attorneys'   fees and disbursements,   of any nature incurred  or  paid  by  the  Lender  in  connection   with  this  Agreement   or  any  other  Loan Document,  including,  without  limitation,  such costs  and expenses  as may arise  from the preparation,   execution,   delivery,   administration,    interpretation,   protection,   enforcement

8

or  collection  of this Agreement,   the  Note,  the  L/C  Agreement,   the  letters  of credit  and any applications  or other  agreements  pertaining  to the issuance  thereof  and all other  Loan Documents   and the costs and expenses  of examination   and audit of the Company's   books and  records  and  of any  collateral  security  for  the  loans  and  reimbursement   obligations with  respect  to letters  of credit  or of defending  any  claim,  action  or proceeding  asserted or commenced  by the Company  against  the Lender.   The provisions  of this paragraph  Cc) shall  survive  the termination  of the Loan Documents   and  the repayment  of all liabilities to the Lender.

(d)      The   Company   shall  defend,   indemnify    and  hold   harmless   the Lender,  its affiliates,  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,    costs   and  expenses   of  any  nature whatsoever,    including,   without   limitation,   attorneys    fees   and  expenses,   in  any   way relating  to  or  arising  from  or  in  connection   with  (i)  the  execution   or  delivery  of  this Agreement    or   any   other   Loan   Document    or   any   other   agreement    or   instrument contemplated   hereby or thereby,  the performance  by the parties  of their obligations  under the Loan Documents  or any such other  agreement  or instrument,  or the consummation   of the transactions  contemplated   by the Loan Documents,   (ii) any loan,  letter of credit or the use  of proceeds   thereof,  (iii)  any  loss,  damage  or  injury  resulting  from  any  hazardous material  and/or  (iv)   any  actual or prospective   claim,  litigation  or proceeding  relating  to any  of  the  foregoing,   whether   based  on  contract,     tort  or  any  other   theory,  whether brought  by the Company  or any other  person  or entity,  and regardless  of whether  any of the foregoing  indemnitees  is a party  thereto;  provided  that  the foregoing  indemnification shall  not  extend  to  claims,  suits,  actions,  causes  of  action,  debts,  liabilities,  damages, losses,   obligations,   judgments,   costs  and  expenses   to  the  extent  caused  by  the  gross negligence    or   willful    misconduct    of   the   Lender    as   determined    by   a   final   and nonappealable   judgment   of  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.

(e)        All notices  and other communications    provided  for hereunder  and under  the other  Loan Documents  shall  be in writing  and except  as otherwise  specified  in any  other  Loan  Document,   mailed,   telecopied   or  delivered,   if  to  the  Company,   at  its address  at 429 Santa Monica  Blvd., Suite  230, Santa  Monica,  CA 90401,  Attention:   Mr. Thor  Gjerdrum  (telecopier   no. 310-260-0638)   and  if to the  Lender,  at its address  at  100Park  Avenue,  New  York,  New York   10017, Attention:   Ms. Stacey  Judd  (telecopier   no. 917-284-6683);   or as to each party,  at such other  address  or telecopy  number  as shall  be designated   by  such  party  in  a  written   notice  to  the  other  party.   Except  as  otherwise specified   in  any  Loan   Document,   all  such  notices   and  communications    shall,  when mailed   (postage   prepaid),   telecopied   with  evidence   of  transmission,   or  sent  by  hand delivery  or other courier  or delivery  service,  be effective  when  telecopied  or delivered  to the  recipient,  or  five days  after  being  deposited   in the  mails.  The  Lender  may act  upon facsimile  or other  electronically   transmitted   instructions   or requests  which  arc received

9

by the Lender  from person(s)  purporting  to be, or which instructions  or requests  appear  to be, authorized  by the Company.   The  Company  further  agrees  to indemnify  and hold the Lender  harmless  from any claims  by virtue of the Lender's  acting upon such facsimile  or other  electronically   transmitted   instructions   or requests  as such  instructions   or requests were  understood  by the Lender.   In the event the Company  sends  the Lender  a manually signed  confirmation  of the  previously  sent  facsimile  or other  electronically   transmitted instructions   or requests,  the Lender shall have 110 duty to compare  it against  the previous instructions    or   requests    received   by   the   Lender   nor   shall   the   Lender   have   any responsibility   should  the contents  of the written  confirmation  differ  from the facsimile  or other electronically   transmitted  instructions  or requests  as acted upon by the Lender.

(f)        All  accounting    terms   not   specifically    defined   herein   shall   be construed   in  accordance   with  United   States  generally   accepted   accounting   principles consistently   applied,  except as otherwise  stated herein.

(g)        The  powers,  rights  and  remedies  of  the  Lender  specified   in  this Agreement   and  the other  Loan Documents   are cumulative   and  in addition  to any  other powers,   rights   and  remedies   that   the  Lender   may  otherwise    have   under   any  other agreement   and under  applicable  law.   No amendment,   modification,   termination,   waiver or discharge,   in whole  or in part, of any provision  of this  Agreement  or any other  Loan Document   to  which   the  Company   is  a  party,   nor  consent   to  any  departure   by  the Company  therefrom,  shall be effective,  unless  the same  shall be in writing  and signed  by the Company  and  the Lender.   Any  such  amendment,   modification,   termination,   waiver, discharge  or consent  shall  be effective  only  in the  specific  instance  and  for the purpose for which  given.   No amendment,  modification,  termination,  waiver,  discharge  or consent agreed   to  by  the  Lender  shall,  of  itself,  entitle  the  Company   to  any  other  or  further amendment,   modification,   termination,   waiver,  discharge  or  consent  in similar  or other circumstances.      No  notice  to  or demand   on  the  Company   in  any  case  shall,  of  itself: entitle  it to any other or further notice or demand  in similar  or other circumstances.

(h)        This  Agreement  and the other  Loan Documents  embody  the entire agreement   and  understanding   between  the  Lender  and  the  Company   and  supersede   all prior agreements  and understandings   relating to the subject  matter  hereof.

(i)         This Agreement  and the other Loan Documents  shall be binding  on the Company   and its successors  and  assigns,  and shall  inure  to the benefit  of the Lender and  its  successors   and  assigns,  provided  that  the  Company   shall  not  have  the right  to assign  its rights  or obligations   hereunder  or thereunder   or any  interest  herein  or therein without    the   Lender's    prior   written   consent   and   any   purported    assignment    by   the Company  without  such  consent  shall  be void and of no force  or effect.    In the event  the Lender   notifies   the  Company   of  any   assignment    by  the   Lender   of   its  rights   and obligations,   if any,  under  this  Agreement  and  the  other  Loan  Documents   (without  any obligation  of the Lender  to do so), (a) such assignment  shall  be effective  on the date  set forth  in such  notice,  (b)  such  assignee  shall  succeed  to and  assume  all  of the  Lender's

10

rights   and  obligations,     if any,  under   this  Agreement    and,  the  other   Loan  Documents,     and
( c) the  Lender   shall  be released    from  all of such  obligations.

(j)          No  delay  on  the  part  of the  Lender   in exercising    any  powers,   rights or  remedies    hereunder     or   under   the   other   Loan   Documents     shall   operate    as  a  waiver thereof:    nor  shall   any  single   or  partial   exercise    of  any  such  powers,    rights   or  remedies preclude,    limit  or  impair   other,   further   or  future   exercise    thereof,    or  the  exercise    of  any other   power,   right  or remedy.

(k)         This   Agreement     may   be  executed    in  any   number    of  counterparts and   by   each   of   the   parties    hereto    in  separate    counterparts,      each   of  which    when    so executed   shall  be deemed   to be an original   and  all  of which   taken  together   shall  constitute one    and   the   same    agreement.         Signatures     of   the   parties    may    appear    on   separate counterparts     with  the  same   effect   as  if on the same   counterpart.      Telecopied    signatures    on this  Agreement,     the  other   Loan  Documents    and  any  amendments     thereto   shall  be binding on the  Company    to the  same  extent   as originally    signed   signature    pages.

(l)          If  any   provision     of   this   Agreement      is  invalid    or   unenforceable under   the  laws   of  any   jurisdiction,       then,   to  the  fullest   extent   permitted    by  law,  (i)  such provision    shall  be  ineffective    to the  extent   of  such  invalidity    or  unenforceability,      without invalidating     or  affecting     the   enforceability      of  the   remainder     of  such   provision     or  the remaining    provisions    of  this  Agreement;    and  (ii)  such   invalidity    or  unenforceability      shall not  affect   the validity   or  enforceability     of such  provision    in any  other  jurisdiction.

(m)        The   Company    consents,    without    notice   to  or  further   assent   by  it, that  the  terms  of  this  Agreement     or any  other  Loan  Document    or  any  collateral    for  any  of the   obligations     under   this   Agreement     or  any  other   Loan   Document     may   from   time   to time,   in  whole    or  in  part,   be   renewed,    extended,     modified,    waived,    compromised,      or settled   for cash,  credit   or  otherwise    upon  any  terms   and  conditions    the  Lender   may  deem advisable,    and  that  the   Lender    may   discharge    or  release    any  party   from   its  obligations hereunder    or  any  other   Loan  Document,    and  that  any  collateral    may  from  time  to time,   in whole   or in part,  be exchanged,     sold,  released   or surrendered    by the  Lender,   all  without   in any   way  releasing    the  obligations     of  the  Company    hereunder    or  under   any  other   Loan Document,    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  the  Company    or  be  construed    as  a waiver by  the  Lender   of,  or  otherwise    affect,   its  right  to  avail   itself  of  any  remedy   hereunder    or under  any  other  Loan  Document.

(n)         The     Company      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  Agreement    or  any  other  Loan  Document or the  transactions    pursuant    to  or in connection    herewith    and  therewith,    and  the Company 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  pay or  delay    in paying   any  such  taxes,   fees  or impositions.

11

(0)        The  Company's    obligations   under  this  Agreement   and  the  other Loan  Documents  shall  be absolute,  irrevocable   and  unconditional  and  shall  be paid  and performed  strictly  in accordance   with  the  terms  of this  Agreement  or  such  other  Loan Document  under any and all circumstances.

(p)        The   Lender   hereby   notifies   the  Company   that  pursuant   to  the requirements  of the Patriot Act, it is required  to obtain,  verify and record information  that identifies   the  Company,   which   information    includes   the  name   and   address   of  the Company   and other  information   that  will  allow  the  Lender  to identify  the  Company   in accordance  with  the terms  of the Patriot  Act.   As used herein,  "Patriot   Act"  shall mean the  Uniting  and  Strengthening    America   by  Providing   Appropriate   Tools   Required   to Intercept   and  Obstruct   Terrorism   Act  of  2001,  Public  Law  107-56  (as  amended).   In addition,  and  without  limiting  the  foregoing,   the  Company  shall  (a)  ensure,  and  cause each of its subsidiaries  to ensure,  that neither  the Company  nor any person  who owns  a controlling   interest   in  or  otherwise   controls   the  Company   or  any  of  its  subsidiaries (directly  or  indirectly)  is or  shall  be a person  with  whom  the Lender  is  restricted  from doing business  under (i) regulations  of the Office  of Foreign Assets Control  of the United States  Department   of the Treasury  ("OFAC")  including,   without  limitation,   any person listed  on the Specifically   Designated   Nationals   and  Blocked  Person  List  maintained   by OFAC  (or any similar  list maintained   by OFAC,  collectively,  the "OFAC  List"), or (ii) any   similar    regulations,    statutes,    laws,   lists,   or   executive    orders   established    or promulgated   by the  United  States  government   or  any  agency  thereof  (the  regulations, statutes,   laws,  lists  and  executive   orders   referred   to  in  clauses  (i)  and  (ii)  above  are collectively  referred  to as the "Regulations"); (b) not use or permit  the issuance  of letters of credit or use of the proceeds  of any loans  or other extensions  of credit  in a manner  that would  violate  any Regulations;   and  (c)   not, directly  or indirectly,  conduct  any business with  or engage  in any transaction  with  any person  named  on the OF AC  List, any person owned   by,  controlled   by,  acting   for  or  on  behalf   of,  providing   assistance,   support, sponsorship,  or services  of any kind  to, or otherwise   associated  with,  any person  named on the OF AC  List, or any other  person  with  whom  the Company  is restricted  from doing business   under   any   Regulations.    If  the  Company   obtains   any  actual   knowledge   or receives  any  written  notice  that  the  Company,   any  of  its Affiliates  or any  subsidiary   is named  on  the  OFAC  List  (an  "OFAC   Event"),   the  Company  shall  (i)  promptly   give written  notice to the Lender of such OF AC Event and (ii) comply  with all applicable  laws with respect  to such OFAC  Event (regardless  of whether  the party  included  on the OFAC List  is  located  within  the jurisdiction    of  the  United  States  of  America),   including   the Regulations,  and  the Company  hereby  authorizes  and  consents  to the Lender  taking  any and  all  steps  the  Lender  deems   necessary,   in  the  Lender's   sole  discretion,   to  avoid violation   of  all  applicable   laws  with  respect   to  any  such  OF AC  Event,  including   the requirements   of  the  Regulations   (including   the  freezing  and/or  blocking  of  assets  and reporting  such action to OF AC).

12

(q)        Section  headings   in  this  Agreement   are  included   for convenience of reference   only  and shall  not  constitute  part of this  Agreement  for any other purpose  or be given  any substantive   effect.

(r)         Deposits   and  credit balances  at the Lender  are NOT  insured  by the Federal  Deposit   Insurance   Corporation    (the  "FDIC") or by any other U.S. government agency.  By executing this letter, the Company acknowledges its initial deposit or credit balance and all future deposits  and credit balances will NOT be INSURED BY THE FDIC.
    
If the foregoing accurately reflects the understanding between us, kindly execute the enclosed copy of this letter in the space provided below and return it to us, whereupon this letter shall constitute a binding agreement between us.

Very truly yours,

ABNAMROCA

ACCEPTED AND AGREED TO:

A-MARK PRECIOUS METALS,  INC.

By: Name: Title:

13

Appendix  A

The  Company  hereby  covenants  that  while  this  Agreement  remains  in effect  or any amount  is outstanding  in respect  of any loan, letter of credit or other obligation  to the Lender,  the Company  shall:

(a)        Reporting    Requirements.        (i)   Annual    Financial    Statements. Furnish  the Lender,  as soon as available  and in any event  within  150 days  after the close of   each   of   the   Company's     fiscal   years,    with   the   Company's     consolidated     and consolidating    financial   reports,   certified   in  the  case  of  the  consolidated    statements without  qualification   by independent   certified  public  accountants,  in form  and substance satisfactory   to the Lender,  as of the end of and  for such period  including  balance  sheets and related profit and loss and surplus  statements  and statements  of cash flows;

(ii)        Monthly  Financial  Statements.   Furnish the Lender,  as soon as available  and in any event  within  60 days after  the close  of each month  in each fiscal year,   with   unaudited    consolidated    and   consolidating    balance   sheets    and   income statements   and  statements   of  cash  flows  of  the  Company,   certified   as  accurate   and complete  by an authorized  officer  of the Company  in form and substance  satisfactory   to the Lender,  a management  discussion  of operating  results  and a compliance  certificate,  all in form and substance  satisfactory  to the Lender;

(iii)       Collateral  Reports.  Furnish the Lender, prior to the close of business   on  the  second   Business   Day  of    each  week,  with  a  Collateral   Report   and supporting  schedules  in the form required  by the Collateral  Agency  Agreement,   provided that  if  the  Company   shall  request   a  loan  or  letter  of  credit  when  the  most  recently delivered  Collateral  Report  did not reflect sufficient  availability  for such  loan or letter  of credit,  the  Company   shall  at  the  time  of such  request  deliver  a new  Collateral   Report reflecting  that after  giving  effect  to the requested  loan or letter of credit,  there  would  be no Excess  (as defined  in the seventh  paragraph  of this Agreement)  as of such  time;  the Company   acknowledges    and  agrees   that  each  delivery   of  a  Collateral   Report   to  the Lender  shall  constitute   a representation   and  warranty   by  the  Company   that  the  assets listed therein  comply  with  all of the terms  and provisions  of the corresponding   definition set forth in the Collateral  Agency  Agreement;

(iv)       Evidence  of Insurance.  Furnish the Lender with evidence  of renewal  of each insurance  policy  of the Company  (including,  without  limitation,   marine insurance  or other  marine  coverage)   and copies  of the renewed  marine  insurance  policy (or other marine  coverage)  prior to the expiration  thereof;

(v)        Other     Information.        Furnish    the    Lender    with    such information    respecting   the  condition   and  operations,    financial   or  otherwise,    of  the Company,  or any subsidiaries  or Affiliates  as the Lender may from time to time request;

14

(b)        Audits  by the Lender.   Permit  the Lender  and its representatives   to conduct  collateral  audits  at the Company's   expense  on such dates and at such times as the Lender shall determine  in its sole discretion;

(c)        Dispositions.     Not,  and  not  permit  any  of  its subsidiaries   to, sell, lease,  transfer  or otherwise  dispose  of any of its assets or any inventory,  except  (i) sales of inventory  in the ordinary  course  of business  and (ii) sales and dispositions  of obsolete equipment  no longer necessary  or useful  in the Company's   or such subsidiary's   business;

(d)        Merger  and  Consolidation.    Not merge  into or consolidate  with or into  any  corporation  or other  entity,  nor permit  any of its subsidiaries   to do so, without the prior written consent  of the Lender;

(e)        Restricted    Payments.      Not   declare   or  make   at  any  time   any dividend  payment  or other  distribution   of assets,  properties,  cash,  rights,  obligations   or securities  on account of any capital stock,  equity  or membership  interests  of the Company or   purchase,    redeem   or   otherwise    acquire   for   value   any   capital   stock,   equity   or membership   interests  of the Company  or any warrants,  rights  or options  to acquire  such capital  stock,  equity  or membership   interests,  now or hereafter  outstanding,   without  the prior written  consent  of the Lender,  and not permit  any of its subsidiaries  to do any of the foregoing  with  respect  to its own capital  stock,  equity  or membership  interests  except  for the payment  of dividends  and the making  of distributions  to the Company;

(f)        Financial   Covenants.      (i)  Not  permit   at  any  time  the  Working Capital  of the Company  to be less than  $25,000,000;  as used  herein,  "Working    Capital" shall  mean at any time as to any person  or entity  as of the date of determination   thereof, the excess  of (A) current  assets  minus  any current  assets consisting  of investments  in and receivables  and other  obligations   from  subsidiaries   and other  Affiliates  over  (8)  current liabilities,    each   determined    in   accordance    with   United   States   generally    accepted accounting  principles,  consistently  applied;

(ii)       not permit  at any time the sum of Tangible  Net Worth  plus Subordinated Debt  of  the  Company   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   determined   in accordance   with  United   States   generally   accepted   accounting   principles,   consistently applied,  and less the sum of (without  duplication):

(A)       the total  book  value  of all assets  of such  person  or entity  and  its  subsidiaries   properly   classified   as  intangible   assets  under  United  States generally  accepted  accounting  principles,   including  such items  as goodwill,  the purchase price  of  acquired  assets  in  excess  of  the  fair  market  value  thereof,  trademarks,   trade names,  service  marks,  brand  names,  copyrights,   patents  and  licenses,  rights  with  respect to  the  foregoing,   organizational    or  developmental    expenses,   and  all  unamortized   debt discount  and expense;  plus

15

(B)       all  amounts   representing   any  write-up  in the  book value of any assets of such person or entity or its subsidiaries  resulting  from a revaluation thereof  subsequent  to December  31, 2010;  plus

(C)       to the extent  otherwise   included  in the computation of Tangible  Net Worth,  any subscriptions  receivable;  plus

(D)       investments  in and receivables  and other obligations from subsidiaries  and other  Affiliates;  plus

expenses  and treasury  stock;
 
(E)       any    deferred    charges,    deferred    taxes,    prepaid

and   "Subordinated       Debt"    shall   mean   all   indebtedness    of   the  Company   which   is subordinated   on terms  and  conditions  (including,   without  limitation,  the  identity  of the creditor)  satisfactory  to the  Lender to all of the Company's   obligations  and indebtedness to the Lender;

(iii)      not permit  at any  time  the ratio  of (i) total  obligations  and liabilities  of the Company  to banks,  financial  institutions  and affiliates  thereof  (including, without  limitation,  contingent  obligations  with respect  to undrawn  letters  of credit), to (ii) Working  Capital  of the Company  to exceed  5.0 to 1.0.

(g)        Existence.      Preserve    its   corporate    existence    and   all   licenses, registrations  and permits  necessary  for the conduct  of its business,  maintain  its properties in good repair,  working  order  and condition,  continue  in the same  lines  of business  and conduct  its business  substantially   as  it  is being  conducted   now,  and  cause  each  of  its subsidiaries  to do all of the foregoing;

(h)        Insurance.       Maintain,    and   cause   each   of   its   subsidiaries    to maintain,  insurance  with responsible  and reputable  insurance  companies  in such amounts and   covering   such   risks   as  are  usually   carried   by   companies    engaged    in  similar businesses  and owning  similar  properties  in the same  general  areas  in which  it conducts its   business;   take   all  steps   necessary   to  assure   that  subject   to  deductibles   and  co­ insurance,  the full amount  of any such insured  account  receivable  will be paid under such policy;  and  cause  all  such  insurance  policies  to  contain  loss  payable  endorsements   and additional  insured clauses  satisfactory  to the Lender  in its sole discretion;

(i)         Compliance  with  Laws.  Comply,  and cause each of its subsidiaries to comply,  in all material  respects  with applicable  law and regulations;

U)       Notice  of Defaults.    As  soon  as possible  and in any  event  within five  Business  Days after  the occurrence  of each  Event of Default  and each event  which, with  the giving  of notice  or lapse of time,  or both,  would  constitute  an Event of Default, continuing  on the date of such  statement,   deliver  to the  Lender  a statement  of the chief

16

financial  officer  of the Company  setting  forth details  of such  Event  of Default  or event and the action which the Company  has taken and proposes  to take with respect  thereto;

(k)        Pari  Passu  Status.    Take  all  action   necessary   to  insure  that  the Company's   obligations  under the Loan Documents  rank and will continue  to rank at least pari  passu  in respect  of priority  of payment  with its highest  ranking  indebtedness  except as otherwise  provided  in the Intercreditor  Agreement;

(I)        Notice  of Material  Adverse  Effect.   Promptly  notify  the Lender of any  event,  circumstance   or condition  that  had  or could  be expected   to have  a Material Adverse  Effect;

(m)       Location    of   Offices;    Conduct    of   Business.       Not   move   the Company's    chief  executive   office  or  chief  place  of  business,   change  its  name,  type  or place  of organization  or organizational   identification   number,  or conduct  its business  in any  name  other  than  as  set  forth  on  the  signature  page  hereto,   except  with  the  prior written  consent of the Lender;

(n)        Organizational     Documents.       Not   (and   not   permit    any  of   its subsidiaries   to) amend  its certificate  of incorporation   or by-laws  or other  organizational documents  without  the prior written consent  of the Lender;

(0)        Affiliate  Transactions.     Not (and  not permit  any of its subsidiaries to) directly  or indirectly:  (a) make  any  investment  in or loan or extension  of credit to an Affiliate    (as  defined   in  paragraph   (h)  under   the  caption   "Representations"        in  this Agreement);    (b)  transfer,  sell,  lease,  assign  or  otherwise   dispose   of  any  assets  to  an Affiliate;   (c)  merge   into  or  consolidate    with  or  purchase   or  acquire   assets   from  an Affiliate;   or  (d)  enter  into  any  other  transaction   directly  or  indirectly   with  or  for  the benefit   of  any  Affiliate   (including   guarantees   and  assumptions    of  obligations   of  an Affiliate,   management   and  consulting   agreements   and  payment   of  management   fees); provided,   however,   that:  (i)  any  Affiliate   who  is  a  natural   person   may  serve  as  an employee,   officer  or  director  of  the  Company   or  a  subsidiary   and  receive   reasonable compensation   for his services  in such capacity  and (ii) the Company  or a subsidiary  may enter  into any transaction  with  an Affiliate  providing  for the purchase  of inventory  in the ordinary    course   of   business   if  (x)   the   monetary   or   business   consideration    arising therefrom  would  be substantially   as advantageous   to the Company  or such  subsidiary  as the  monetary  or  business  consideration   that  would  be obtained   in a comparable   arm's length  transaction  with  a person  that  is not an Affiliate;  and  (y) the Company  shall have given  the Lender prior notice  of the terms  of such transaction  and copies  of all documents relating  thereto  as the Lender shall request;

(p)        Indebtedness.    Not  (and  not  permit   any  subsidiary   to)  incur  or permit  to exist any liabilities  or indebtedness   for borrowed  money  or in respect  of letters of  credit   or  bankers   acceptances,    except   to  the  Lender   and  to  banks   and  financial institutions  party to the Intercreditor  Agreement;

17

(q)        Loans  and Other  Investments.  Not  (and  not permit  any subsidiary to) make  or permit  to exist  any loan,  extension  of credit,  advance  or investment   to or in any person  or entity,  or any guarantee  thereof,  other  than  accounts  receivable  arising  in the ordinary  course  of business  and investments  in cash and cash equivalents;

(r)         Liens.  Not,  and  not  to permit  any  of  its subsidiaries   to, create  or permit  to exist any mortgage,  charge,  lien or other encumbrance   with respect  to any of its assets,  other  than  liens  consented   to by the  Lender  in writing  and  liens  in  favor  of the Collateral  Agent on behalf  of the banks and financial  institutions  party to the Intercreditor Agreement;

(s)        Guaranties.   Not  and  not permit  any  of its subsidiaries   to assume, endorse,   be or become  liable  for, or guarantee,   the obligations   of any  person  or entity, except   by  the  endorsement   of  negotiable   instruments   for  deposit   or  collection   in  the ordinary  course  of business.   For the purposes  hereof,  the term "guarantee"     shall include any  agreement,    whether   such  agreement   is  on  a  contingency    basis  or  otherwise,   to purchase,  repurchase  or otherwise  acquire  indebtedness  or obligations  of any other person or entity,  or to purchase,  sell or lease, as lessee or lessor, property  or services,  in any such case  primarily  for  the purpose  of enabling  another  person  or entity  to make  payment  of indebtedness   or  obligations,   or  to  make  any  payment  (whether   as  an  advance,   capital contribution,   purchase   of  an equity  interest  or otherwise)  to  assure  a minimum   equity, asset  base,  working  capital  or other  balance  sheet  or  financial  condition,   in connection with  the indebtedness  or obligations  of another  person  or entity,  or to supply  funds to or in any  manner  invest  in another  person  or entity  in connection   with  its indebtedness   or obligations;

18

EXHIBIT  A

FORM  OF BORROWING   REQUEST'
[Date] ABN AMRO  Capital  USA LLC
100 Park Avenue
New York, New York   10017
Attention:

Re:       A-Mark  Precious  Metals,  Inc. Ladies and Gentlemen:
This  Borrowing   Request   is  delivered   to  you  pursuant   to  the  line  letter agreement  dated  as of April  21, 2011  (as amended,  supplemented   or otherwise  modified from  time  to  time,   the  "Line   Letter"),   between   A-Mark   Precious   Metals,   Inc.  (the "Borrower")   and ABN AMRO  Capital  USA LLC (the "Lender").   Capitalized  terms used herein  and  not  otherwise   defined  herein  shall  have  the  meanings  given  to them  in the Promissory  Note dated  April  21, 2011 (as amended,  supplemented   or otherwise  modified from time to time) made by the Borrower.

Borrower   hereby    irrevocably   requests   a  loan   111    the  amount   of $____________.

The requested  borrowing  date is_ _________

The maturity  date of the loan will be_________,____

The  loan will  bear  interest  at the rate specified  below  plus the margin  set forth in the Line Letter:

o           the Offered  Rate 
o           LIBOR
o           the Base Rate

I The  Borrowing   Request  must  be  received   by  the  Lender  prior  to  10:00 am  (New  York  City  time),  (a) three  (3)  Business  Days  prior  to the  requested  borrowing   date,  if all or any part  of  the requested   loans  are initially  to bear  interest  based  upon  LIBOR,  or (b)  otherwise,  on  the same  Business   Day as the  requested borrowing  date.

19

The Interest Period  requested  by the Borrower  for the loan will be:

o          one month.
o          three months. 
o          six months.

o  ____________________________[specify]

The  Borrower  hereby  represents   and warrants  as of the date that  the loan being  requested  hereby  is made  that  (i) each of the representations   and warranties  made by the Borrower  in the Line Letter  are true and correct  in all material  respects  on and as of such date as if made  on such date,  except  for those  representations   and warranties  that by their  terms  were  made  as of a specified  date,  which  shall  be true  and  correct  in all material  respects  on and as of such  specified  date,  (ii) no Event of Default  (as defined  in the  Line  Letter)  or  event  that  with  the  lapse  of  time  or giving  of  notice  or both  would constitute   an  Event  of  Default  has  occurred   and  is continuing   as  of  such  date  or after giving  effect  to the loan being  requested  hereby,  and (iii)  after giving  effect  to the loan requested   hereunder,   no  Excess   (as  defined   in  the  Line  Letter)   will  exist.     Without limiting  the foregoing,  the Borrower   hereby  certifies  that  after  giving  effect  to the  loan requested  hereby,  the principal  and  face amount  of all Obligations  to all Lenders  are less than  the Collateral  Value  after  giving  effect  to any changes  in the  Collateral  Value  and Obligations  subsequent  to the date of the most  recent  Collateral  Report  delivered  to such Lender  (all  capitalized   terms  used  in  this  sentence   shall  have  the  meanings   ascribed thereto  in the Intercreditor  Agreement).

[Signature  page follows]

2 Applies only if loan will bear interest based upon LIBOR or the Offered Rate.

20

The  Borrower   has  caused  this  Borrowing   Request   to  be  executed   and delivered,  and the representations   and warranties  contained  herein  to be made, by a duly authorized  representative  as of the date first mentioned  above.

A-MARK  PRECIOUS  METALS,  INC.

		
	By:                                                                     _ Name:
	_ Title:

21

EXHIBIT   B

FORM  OF LETTER   OF  CREDIT   REQUEST   FOR  ISSUANCE   OF  LETTER   OF CREDIT
[Date] ABN  AMRO  Capital  USA LLC
100 Park A venue
New York,  New York   10017
Attention:  -----

Re:       A-Mark  Precious  Metals,  Inc. Ladies  and Gentlemen:
This  Letter of Credit  Request  is delivered  to you pursuant  to the line letter agreement  dated  as of April  21, 20 11 (as amended,  supplemented   or otherwise  modified from  time   to  time,   the  "Line   Letter"),   between   A-Mark   Precious   Metals,   Inc.  (the "Borrower")   and ABN AMRO  Capital  USA LLC (the "Lender").    Capitalized  terms used herein  and  not  otherwise   defined  herein  shall  have  the  meanings   given  to them  in the Line Letter.

The  Borrower  hereby  irrevocably  requests  that a letter  of credit  be issued or provided  on its behalf

The maximum  liability under such letter of credit  is $           .

The requested  date on which the letter of credit  is to be issued  is                 ,
20

The    beneficiary     of   the   letter    of    credit,    [INSERT      NAME]    (the
"Beneficiary"),    is located  at [ADDRESS].

The  letter  of credit  will  expire  or terminate  on                      _,      20_.     In the case of a drawing  or a demand  for payment,  the Beneficiary  shall present  [SPECIFY DOCUMENTS    NECESSARY   TO  BE DELIVERED    FOR  SUCH  ACTIONS].

The delivery  instructions  for the letter of credit  are as follows:
The form of the proposed  letter of credit is attached  hereto  as Exhibit A. The  Borrower  hereby  represents  and warrants  as of the date  that the letter
of  credit   being   requested   hereby   is  issued  that  (i)  each  of  the  representations    and
warranties  made  by the  Borrower  in the  Line  Letter  are true  and  correct  in all material respects  on and as of such  date as if made  on such  date,  except  for those  representations

22

and  warranties  that  by their  terms  were  made  as of a specified  date,  which  shall  be true and  correct  in  all  material   respects  on  and  as  of  such  specified  date,  (ii)  no  Event  of Default  or event  that with  the lapse of time or giving  of notice  or both would  constitute an Event of Default has occurred  and is continuing  as of such date or after  giving  effect to the letter  of credit  being  requested  hereby,  and (iii)  after giving  effect  to the letter  of credit   requested   hereby,   no   Excess   will  exist.     Without   limiting   the  foregoing,   the Borrower  hereby  certifies  that  after giving  effect  to the letter  of credit requested  hereby, the principal  and face amount  of all Obligations  to all Lenders  are less than the Collateral Value   after   giving   effect   to  any  changes   in  the   Collateral    Value   and   Obligations subsequent  to the date of the most  recent  Collateral  Report delivered  to such  Lender  (all capitalized   terms  used  in  this  sentence  shall  have  the  meanings   ascribed  thereto  in  the Intercreditor  Agreement).

[Signature  page follows]

23

The  Borrower    has  caused   this  Letter   of  Credit   Request   to  be executed    and delivered,    and  the  representations      and  warranties    contained    herein   to  be  made,   by a duly authorized    representative     as of the  date  first  mentioned    above.

A-MARK  PRECIOUS  METALS,  INC.

By:
 

Name:  ------------------------
Title:

24

Exhibit  A to Letter of Credit Request

[Form  of Letter of Credit]

25

EXHIBIT  C

[Form of Note]

26

EXHIBIT D

List  of Subsidiaries  and Affiliates

27

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"}]]