Document:

Ex 10.13

EXECUTION  COPY

A-MARK PRECIOUS  METALS,  INC.

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

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

RECITALS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SECTION  2. SUPPLEMENT TO THE SECURITY AGREEMENT.

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

SECTION  3. SUPPLEMENT  TO THE GUARANTOR SECURITY  AGREEMENT.

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

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

SECTION  4.  VCC FINANCING STATEMENTS.

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

SECTION  5. AMENDMENTS TO FACILITY  DOCUMENTS.

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

SECTION    6.  EFFECTIVE   DATE.

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

SECTION  7. MISCELLANEOUS.

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

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

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

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

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

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

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

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

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

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

	
			
	If to the Agent
	 
	 

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

	 
	 
	140 Broadway

	 
	 
	New York, NY 10005

	 
	 
	Phone # 212-483-1818

	 
	 
	Fax # 212-493-8998

	
			
	If to any other
	 
	 

	Lender:
	 
	Fortis Capital Corp.

	 
	 
	Three Stamford Plaza

	 
	 
	301 Tresser Blvd.

	 
	 
	Stamford, CT 06901

	 
	 
	Phone # 203-705-5772

	 
	 
	Fax # 203-705-5924

	 
	 
	 

	 
	 
	Natexis Banques Populaires,

	 
	 
	New York Branch

	 
	 
	1251 Avenue of the Americas, 34th floor

	 
	 
	New York, NY 10020

	 
	 
	Phone # 212-872-5133

	 
	 
	Fax # 212-354-9095

	 
	 
	 

	 
	 
	RZB Finance LLC

	 
	 
	1133 Avenue of the Americas

	 
	 
	New York, NY 10036

	 
	 
	Phone # 212-845-4114

	 
	 
	Fax # 212-944-6389

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

A-MARK PRECIOUS METALS, INC.

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

A-MARK HOLDING, INC.

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

THE A-MARK CORPORATION

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

FORTIS CAPITAL CORP.,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

A-MARK HOLDING, INC.

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

FORTIS CAPITAL CORP.,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

NATEXIS BANQUES POPULAIRES,
NEW YORK BRANCH,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

RZB FINANCE LLC,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

BROWN BROTHERS HARRIMAN & CO. 
as Lender and Agent

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

NATEXIS BANQUES POPULAIRES,
NEW YORK BRANCH,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

RZB FINANCE LLC,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

BROWN BROTHERS HARRIMAN & CO. 
as Lender and Agent

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

NATEXIS BANQUES POPULAIRES,
NEW YORK BRANCH,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

RZB FINANCE LLC,  as Lender

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

BROWN BROTHERS HARRIMAN & CO. 
as Lender and Agent

By:_____________________
Name:___________________
Title____________________

By:_____________________
Name:___________________
Title____________________

	
			
	 
	 
	ANNEXES

	 
	 
	 

	ANNEX A
	-
	Deposit Account Control Agreement

	 
	 
	 

	ANNEX B
	-
	Commodity Account Control Agreement

	 
	 
	 

	ANNEX C
	-
	Collateral Report

	 
	 
	 

	ANNEX D
	-
	Letter of Credit Rights
Assignment and Control Agreement

	 
	 
	 

	ANNEX E
	-
	General Security Agreement of 
Guarantors (1999)

	 
	 
	 

	ANNEX F
	-
	Cash Collateral Agreement

	 
	 
	 

	ANNEX G
	-
	Letter of Credit

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

ANNEX A

EXHIBIT 5

______________, 2003

[depositary  bank]

Attention:

Re: Deposit  Account  Control  Agreement

Ladies  and Gentlemen:

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

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

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

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

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

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

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

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

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

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

Very truly yours,

A-MARK PRECIOUS METALS, INC.

By:_______________
Name:_____________
Title:______________

APPROVED:

BROWN BROTHERS HARRIMAN & CO.,
as Lender and Agent

By:__________________
Name:________________
Title:_________________

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

ACCEPTED and AGREED as of
the date set forth above:

[depository bank]

By:__________________
Name:________________
Title:_________________

SCHEDULE OF ACCOUNTS

	
			
	Name of Account
	 
	Account Number

ANNEX B

(NEW)

COMMODITY  ACCOUNT  CONTROL AGREEMENT

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

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

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

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

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

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

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

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

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

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

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

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

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

4.          Lien and Obligations  of Broker.

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

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

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

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

the Uniform Commercial Code (the "UCC").

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

5.         Limitation of Liability and Indemnity.

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

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

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

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

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

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

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

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

	 
	 
	100 Wilshire  Blvd.,  Third Floor

	 
	 
	Santa Monica,  CA 90401

	 
	 
	Phone: (   ) _________

	 
	 
	Fax: (   ) ___________

	 
	 
	Attn: Chief Financial Officer

    	
			
	If to Customer:
	 
	Brown Brothers Harriman & Co.

	 
	 
	140 Broadway

	 
	 
	New York, New York 10005

	 
	 
	Phone: (   ) _________

	 
	 
	Fax: (   ) ___________

	 
	 
	Attn: Senior Credit Officer

    	
			
	If to Customer:
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	Phone: (   ) _________

	 
	 
	Fax: (   ) ___________

	 
	 
	Attn:

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

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

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

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

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

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

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

By:_____________________
Name:___________________
Title____________________

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

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

EXHIBIT A

[LETTERHEAD OF BROWN BROTHER HARRIMAN & CO.]

[DATE]

[Name and Address of Custodian]

Re:  Notice of Exclusive Control

Ladies and Gentlemen:

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

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

Very truly yours,

BROWN BROTHERS HARRIMAN & CO., as Agent

By:__________________
Name:________________
Title:________________

cc:    A-Mark Precious Metals, Inc.

ANNEX C

EXHIBIT 2

COLLATERAL REPORT

[TO BE PROVIDED BY BBH]

	
					
	FAXED AND MAILED ON
	 
	A-MARK WEEKLY COLLATERAL REPORT
	 
	 

	3RD BUSINESS DAY EACH WEEK
	 
	 
	 
	Prepared By:

	 
	 
	(AS OF CLOSE OF BUSINESS_______)
	 
	Reviewed By:

	
								
	HIGHLIGHTS
	 
	 
	 
	Actual as of
	 
	In

	 
	Description
	 
	Requirement
	 
	XX/XX/XXXX
	 
	Compliance

	1.
	Collateral Excess
	 
	No Deficit
	 
	 
	 
	Yes

	2.
	Assigned Inventory as 
	 
	Minimum 60%
	 
	 
	 
	Yes

	 
	a % of Total Inventory
	 
	 
	 
	 
	 
	 

	3.
	On-site Material
	 
	Maximum $2.5MM
	 
	 
	 
	Yes

Report Due By June 4, 2003

	
												
	 
	 
	A
	B
	C
	D

	 
	 
	Support
	Metal/Market
Value
	Advance
Rate
	Collateral
Value

	I
	ASSIGNED COLLATERAL
	 
	 
	 
	 

	 
	Possessory collateral controlled by Banks
	 
	 
	 
	 

	 
	A. Assigned Inventory
	Schedule A
	 
	 
	 

	 
	i. With Assigned Hedge (50% to <70% at 90%; 70% or > at 95%
	 
	$
	—
	

	#REF!
	#REF!

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

	#REF!
	#REF!

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

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

	95
	%
	—
	

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

	95
	%
	—
	

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

	90
	%
	—
	

	 
	C. Assigned Bank Accounts
	Schedule B
	—
	

	100
	%
	—
	

	 
	D. Advised Consignements
	Schedule D
	 
	 
	 

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

	90
	%
	—
	

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

	85
	%
	—
	

	 
	TOTAL ASSIGNED COLLATERAL
	 
	$
	—
	

	 
	$
	—
	

	 
	 
	 
	 
	 
	 

	II
	CONFIRMED COLLATERAL
	 
	 
	 
	 

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

	 
	 
	 
	 
	 
	 

	 
	A. Confirmed Inventory
	Schedule A
	$
	—
	

	85
	%
	$
	—
	

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

	100
	%
	—
	

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

	 
	TOTAL CONFIRMED COLLATERAL
	 
	$
	—
	

	 
	$
	—
	

	 
	 
	 
	 
	 
	 

	III
	PLEDGED COLLATERAL
	 
	 
	 
	 

	 
	Collateral controlled by A-Mark
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

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

	80
	%
	—
	

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

	80
	%
	—
	

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

	80
	%
	—
	

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

	 
	TOTAL PLEDGED COLLATERAL
	 
	—
	

	 
	—
	

	IV
	TOTAL COLLATERAL VALUE
	 
	—
	

	N/A
	

	#REF!

	V
	OTHER PERTINENT INFORMATION
	VI COLLATERAL EXCESS (DEFICIT)
	 

	 
	A. Assigned inventory plus Assigned Consignments are required to be no less than 60% of Total Inventory plus Total Consignments (See Schedules A and D)
	A. Total Bank Lines
	$
	50,000,000
	

	 

	 
	*ASSIGNED INVENTORY PLUS ASSIGNED CONSIGNMENTS AS A % OF TOTAL INVENTORY PLUS TOTAL CONSIGNMENTS
	B. Total Bank Loans & L/Cs
     (1) Brown Brothers Harriman & Co:
     (2) MeesPierson:
     (3) Banque Nationale De Paris:
     (4) Natexis Banques Populaires:
	 
	 

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

	 

	 
	ASSIGNED INVENTORY PLUS ASSIGNED CONSIGNMENTS AS A % OF TOTAL OUTSTANDINGS
	 
	 
	 
	 

	 
	#DIV/0!
	TOTAL COLLATERAL EXCESS
	 
	#REF!

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

Signed by __________________________________________________________  Date __________________________
Thor Gjerdrum, Chief Financial Officer
	
	
	FOR INTERNAL USE ONLY BY A-MARK PRECIOUS METALS, INC.

	
									
	CONSIGNMENT L/C's EXPIRING WITHIN THIRTY DAYS FROM DATE OF REPORT
	 
	TOTAL COLLATERAL EXCESS (DEFICIENCY)
	#REF!

	 
	 
	 
	 
	ADD:
	 
	 
	 

	 
	 
	#REF!
	 
	 
	Cash at Deposit at BBH
	 
	—
	

	 
	 
	#REF!
	 
	 
	Cash at Bank of America
	 
	—
	

	 
	 
	#REF!
	 
	 
	Cash at Bank of the West
	 
	—
	

	 
	 
	#REF!
	 
	 
	Below BBB Grade and Unsecured Consignments
	 
	—
	

	 
	 
	 
	 
	 
	Foreign/Other Depositories
	 
	—
	

	##
	 
	 
	 
	 
	Unconfirmed Inventory in Transit
	 
	—
	

	 
	 
	 
	 
	 
	U.S. State Quarters (Face Value)
	 
	—
	

	 
	 
	 
	 
	 
	Trade Receivables (Outstanding 10 business days or more)
	 
	—
	

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

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

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

	 
	#REF!
	 
	 
	 
	 
	 
	 

A-MARK WEEKLY COLLATERAL REPORT

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

	 
	GOLD:
	 
	 
	PLATINUM:
	 
	 
	 
	 

	 
	SILVER:
	 
	 
	PALLADIUM:
	 
	 
	 
	 

	A
	B
	C
	D
	E
	F
	G
	H
	I

	 
	OUNCES
	 
	 
	 
	 

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

	 
	(to the nearest whole number)
	 
	 
	 
	 

	ASSIGNED
	 
	 
	 
	 
	 
	 
	 
	 

	1 Brinks, Los Angeles
	—
	

	—
	

	—
	

	—
	

	#REF!
	#REF!
	$
	25,000
	

	#REF!

	2 JM, Salt Lake, UT
	—
	

	—
	

	—
	

	#REF!
	

	#REF!
	#REF!
	10,000
	

	#REF!

	3 In Transit IBI
	—
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	2,000
	

	#REF!

	4 HSBC, NY
	#REF!
	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	5,000
	

	#REF!

	 
	 
	 
	 
	 
	 
	 
	 
	 

	SUBTOTAL ASSIGNED
	37,549
	

	419,842
	

	2,182
	

	—
	

	#REF!
	#REF!
	$
	42,000
	

	#REF!

	ASSIGNED FUTURES OR 
	—
	

	—
	

	—
	

	—
	

	 
	 
	 
	 

	FORWARD HEDGES
	73,549
	

	—
	

	2,182
	

	—
	

	#REF!
	#REF!
	 
	 

	UNASSIGNED FORWARD HEDGES
	—
	

	419,842
	

	—
	

	—
	

	#REF!
	#REF!
	$
	42,000
	

	#REF!

	CONFIRMED
	 
	 
	 
	 
	 
	 
	 
	 

	1 LAFC, Los Angeles
	—
	

	—
	

	—
	

	—
	

	#REF!
	#REF!
	$
	5,000
	

	#REF!

	2 Brinks (repo), Los Angeles
	—
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	12,000
	

	#REF!

	3 Brinks, Houston
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	5,000
	

	#REF!

	4 In Transit Brinks
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	15,000
	

	#REF!

	6 Carr Futures, New York
	#REF!
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	5,000
	

	#REF!

	7 Loomis Fargo Spokane
	#REF!
	

	—
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	1,000
	

	#REF!

	8 Brinks, San Diego
	—
	

	#REF!
	

	#REF!
	

	—
	

	 
	 
	 
	 

	TOTAL
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	$
	43,000
	

	#REF!

	FOREIGN CONFIRMED
	 
	 
	 
	 
	 
	 
	 
	 

	1 HSBC London
	 
	 
	 
	 
	 
	 
	 
	 

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

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

	ON-SITE
	 
	 
	 
	 
	 
	 
	 
	 

	1 PMI/Vault
	—
	

	—
	

	—
	

	#REF!
	

	#REF!
	#REF!
	$
	1,500
	

	#REF!

	2 PMI/Handling
	—
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	2,000
	

	#REF!

	 
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	—
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	$
	3,500
	

	#REF!

	TOTAL ALL INVENTORY
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	

	#REF!
	#REF!
	$
	88,500
	

	#REF!

DEPOSITORY CONFIRMATION RECONCILIATION:

		
	(A)
	Johnson Matthey, Salt Lake City, confirmation will show .001 ozs. more gold than reported above. This represents the cumulative difference in lot settlements credited to A-Mark's account by J.M.

		
	(B)
	Johnson Matthey, Salt Lake City, confirmation will show .008 ozs. more silver than reported above. This represents the cumulative difference in lot settlements credited to A-Mark's account by J.M.

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

	 
	 
	 
	 
	(Ounces to the nearest whole number)

	 
	 
	 
	 
	A
	B
	C
	D
	E

	 
	 
	 
	 
	 
	 
	CONSIGNEMENTS
	 
	 

	ASSIGNED BANK ACCOUNTS
	 
	 
	 
	COLLATERAL
	NOT APPROVED
	OTHER
	TOTAL

	BBH
	 
	 
	 
	DESCRIPTION
	OUNCES
	NOT ON CAA
	OUNCES
	OUNCES

	Bank of the West
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	$
	—
	

	 
	GOLD
	—
	

	—
	

	—
	

	—
	

	 
	 
	 
	 
	SILVER
	—
	

	—
	

	—
	

	—
	

	 
	 
	PLATINUM
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!

	CONFIRMED BROKER EQUITY
	 
	 
	PALLADIUM
	#REF!
	

	#REF!
	

	#REF!
	

	#REF!

	Carr
	 
	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	 
	 
	 
	 
	 
	 
	 

A-MARK WEEKLY COLLATERAL REPORT

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

	 
	GOLD:
	#REF!
	 
	PLATINUM:
	#REF!
	 

	 
	SILVER:
	#REF!
	 
	PALLADIUM:
	#REF!
	 

	A
	B
	C
	D
	E
	F
	G

	 
	OUNCES
	 
	 

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

	 
	 
	(to the nearest whole number)
	 
	 
	 

	Cash (110% of consignment)
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	—
	

	—
	

	—
	

	 
	 

	AA or Better Rating
	 
	 
	 
	 
	 
	 

	(100% L/C)
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	—
	

	—
	

	 
	 
	 

	BBB to A Rating
	 
	 
	 
	 
	 
	 

	(110% L/C)
	 
	—
	

	 
	#REF!
	

	 
	 

	 
	 
	—
	

	 
	#REF!
	

	 
	 

	 
	 
	—
	

	 
	#REF!
	

	 
	 

	TOTAL
	 
	#REF!
	

	—
	

	#REF!
	

	 
	 

	Advised (AA or Better Rating)
	 
	 
	 
	 
	 
	 

	(110% L/C)
	 
	#REF!
	

	 
	#REF!
	

	 
	 

	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	#REF!
	

	—
	

	#REF!
	

	 
	 

	Advised (BBB to A)
	 
	 
	 
	 
	 
	 

	(110% L/C)
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	TOTAL
	 
	—
	

	—
	

	$
	—
	

	 
	 

	TOTAL ALL CONSIGNMENTS
	 
	21,738
	

	83,457
	

	$
	6,635,143
	

	 
	 

	
																			
	SCHEDULE E - FORWARD EQUITY
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	Contract
	Contract
	 
	 

	COUNTERPARTY
	 
	 
	 
	 
	Acquisition
	Current
	 
	 

	 
	AU
	AG
	PT
	PD
	Value
	Value
	Equity
	 

	ASSIGNED
	 
	 
	 
	 
	—
	

	—
	

	—
	

	 

	TOTAL UNASSIGNED
	—
	

	—
	

	—
	

	—
	

	—
	

	—
	

	—
	

	 

	UNASSIGNED
	 
	 
	 
	 
	 
	 
	 
	 

	1 Mitsui
	—
	

	—
	

	 
	 
	—
	

	$
	—
	

	—
	

	 

	2 Morgan Stanley
	—
	

	 
	 
	 
	—
	

	$
	—
	

	—
	

	 

	3 HSBC, New York
	—
	

	 
	—
	

	 
	—
	

	$
	—
	

	—
	

	 

	TOTAL UNASSIGNED
	—
	

	—
	

	—
	

	—
	

	$
	—
	

	$
	—
	

	$
	—
	

	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

ANNEX D

EXHIBIT 6

LETTER OF CREDIT RIGHTS ASSIGNMENT
AND CONTROL AGREEMENT

                         _________________,20__

[Insert Name and Address of Issuer of Letter of Credit]

Re:    Your Letter of Credit No.

Ladies/Gentlemen:

The undersigned beneficiary of the captioned letter of credit issued by you (the "Credit")  pursuant to this Letter of Credit Rights Assignment and Control Agreement (this "Assignment") hereby assigns to the Assignee named below all of the proceeds of the  undersigned's   drawing(s)  payable  to  the  undersigned   under  the   Credit  (the "Proceeds"), and instructs you to remit the Proceeds of such drawing(s) presented to you, if and when hereafter honored under the Credit, as follows:

Exact Name of Assignee: Brown Brothers Harriman & Co., as Agent

Complete Address of Assignee:         140 Broadway
New York, NY 10005
Attention: Senior Credit Officer

The Proceeds have been assigned by the undersigned to the Assignee as collateral security for its obligations to certain lenders, pursuant to the terms of a General Security Agreement (1999) dated as of November 30, 1999, as amended, from time to time.

This Assignment constitutes a "control agreement" as that term is used in the Uniform Commercial Code and pursuant thereto the undersigned requests your consent to
This  Assignment   constitutes   a "control   agreement"   as  that  term  is  used  in  the Uniform  Commercial   Code and pursuant  thereto  the undersigned  requests  your consent  to this   Assignment,     and   in   consideration    thereof,    the   undersigned     agrees   that   this Assignment    is  irrevocable   and  cannot   be  cancelled   or  amended   without   the  written agreement  of the Assignee  and you.

The  undersigned   transmits  to you herewith  the original  Credit,  including  any and all   accepted    amendments,     and   requests    that   you   endorse    thereon    the   foregoing Assignment   and return  the Credit to the Assignee  at the above  address

To  cover   your  assignment   of  proceeds   fee  of  $________________, the undersigned (check/complete only one):

___ Encloses a certified check or bank check payable to your order. 
    
___ Authorizes you to debit the undersigned's account number________.
    
___ Has arranged for a funds transfer in your favor, referencing the Credit by number.

This Assignment, and your consent thereto, (i) is not a transfer or assignment of the  Credit,  (ii)  except as expressly set forth herein,  does not  give the  Assignee any interest in the Credit or any documents presented thereunder or any right to draw on the Credit  or  to  consent or to refuse to consent to  amendments to  the  Credit or to the cancellation thereof, (iii) does not affect whether the undersigned can transfer its right to draw on the Credit, and (iv) does not affect the undersigned's right to draw on the Credit or the undersigned's or your right to consent or to refuse to consent to amendments to the Credit or to the cancellation thereof.

The undersigned represents and warrants to you that: (i) other than this Assignment,  the  undersigned has not and will not, transfer or  assign the  Credit, by negotiation of drafts, by drawing drafts to a third party, or otherwise, assign the right to receive  the whole or any portion of the Proceeds or give any other authorization or direction  to make  any payment  thereof  to any other party;  (ii) the undersigned   has not and will  not,  without  the prior  written  consent  of Assignee,   present   to  anyone  but  you  any documents   under  the Credit;  (iii) the undersigned's execution,  delivery,  and performance of   this   Assignment  (a) are within the undersigned's powers, (b)   have   been   duly authorized,   (c) do  not  contravene   any charter  provision, by-law,  resolution,   contract,  or other  undertaking   binding  on  or  affecting  the  undersigned   or  any ·of the  undersigned's properties,   (d)  do not violate  any applicable  domestic  or foreign  law,  rule,  or regulation, and (e) do not  require  any notice,  filing, or other  action  to, with; or by any governmental authority;   (iv)  this Assignment  has been  duly  executed  and delivered  by the undersigned and  is  the  undersigned's    legal,  valid,  and  binding   obligation;   and  (v)  the  transactions underlying   the  Credit  (including  any shipment  of goods  or provision   of services  and any related  financial  arrangements)   and this Assignment   do not violate  any applicable  United States  or other  law, rule, or regulation.

The undersigned  agrees to immediately  return to you any assigned  Proceeds  of the Credit  inadvertently paid to the undersigned,  which  Proceeds  shall be remitted  by you to the Assignee.

The undersigned  agrees to indemnify  you and hold you harmless  from and against any and  all claims,  liabilities,  and expenses  (including  reasonable   attorney's   fees)  in any way related  to or arising out of or in connection  with this Assignment   or any action  taken or  hot  taken  pursuant   hereto  (except  to  the  extent  caused  by  your  gross  negligence   or willful   misconduct),   and  the  undersigned   agrees  to pay  you,  on  demand,   for  any  such claim,  liability  or expense.

(REST OF PAGE INTENTIONALLY LEFT BLANK)
    

This Assignment   is made  subject to the practice  rules (e.g., UCP  500 or ISP 98) to which  the Credit  is subject  and shall be governed  by the laws of the State  of _______________.  The undersigned waives  the right to trial by jury in any action or proceeding  relating  to or arising  out of this Assignment.
	
			
	SIGNATURE GUARANTEED:*
	 
	Very truly yours,

	 
	 
	 

	 
	 
	 

	(Name of Bank Guaranteeing
	 
	(Name of Beneficiary)

	Beneficiary's Signature)
	 
	 

	 
	 
	 

	(Authorized Signature)
	 
	(Authorized Signature)

	 
	 
	 

	(Print or Type Signer's Name and Title)
	 
	(Print or Typer Signer's Name

	 
	 
	and Title)

	 
	 
	 

	(Address of Bank)
	 
	(Address of Beneficiary)

	 
	 
	 

	(Telephone Number of Bank)
	 
	(Telephone Number

	 
	 
	of Beneficiary)

* The beneficiary's signature, with title as stated herein, conforms with that on file with us, and is authorized for the execution of this Assignment.

ISSUER'S
CONSENT TO LETTER OF CREDIT RIGHTS ASSIGNMENT
AND CONTROL AGREEMENT:

The undersigned, as issuer of the captioned Credit, hereby consents and agrees to the terms of the foregoing Letter of Credit Rights Assignment and Control Agreement as of ____________, 20__.

	
	
	Very truly yours,

	 

	 

	(Name of Issuer)

	 

	(Authorized Signature)

	 

	(Print or Type Signer's

	Name and Title)

ANNEX E

GENERAL SECURITY AGREEMENT
OF GUARANTORS (1999)
______________________________________

PREVIOUSLY EXECUTED

APPENDIX D

Execution Copy

GENERAL SECURITY AGREEMENT OF GUARANTORS
(1999)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	
		
	A-MARK CORP

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	Dated: as of November 30, 1999

EXHIBIT A

A-MARK HOLDING, INC.

	
			
	Chief Executive Office
	 
	Location(s) of Security

A-MARK CORP.

	
			
	Chief Executive Office
	 
	Location(s) of Security

AMENDMENT TO
AMENDED AND RESTATED COLLATERAL  AGENCY AGREEMENT (1999)

This  Amendment   (this "Amendment")   to the General  Security  Agreement  of Guarantors   (1999)  is dated as of August  21, 2002 and is by and among  Fortis  Capital Corp. ("FCC")   as Assignee   of MeesPierson  N.V.,  KBC  Bank N.V.  ("KBC"),  RZB  Finance  LLC ("RZB"),    Brown  Brothers  Harriman  & Co. ("Brown  Brothers";  in its capacity  as agent for itself as a Lender  (as defined  below)  and all other Lenders,  the "Agent"),  The A-Mark  Corporation ("A-Mark"),   A-Mark   Holding,  Inc. ("A-Mark  Holding";   A-Mark  and A-Mark  Holding sometimes   referred  to hereinafter  as the "Guarantors")   and Natexis  Banques  Populaires,  New York Branch  (''Natexis'').

WHEREAS,    each of the Guarantors   executed  and delivered  that certain  General Security  Agreement   of Guarantors  (1999)  dated  as of November   30, 1999 (the "Guarantors' Security  Agreement");

WHEREAS,    Natexis  seeks to extend  certain  financial  accommodations   to A­ Mark Precious   Metals,  Inc. ("the Company"),   an affiliate  of the Guarantors;   and

WHEREAS,    in accordance  with Guarantors'   Security  Agreement,   Natexis  seeks to become  a party  to the Guarantors'   Security  Agreement.

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

1.    Definitions.     Capitalized  terms not defined  in this Amendment  shall  have the meanings ascribed  to them  in the Guarantors'   Security  Agreement.

2.    Natexis as Lender  and Secured  Party.  FCC,  KBC,  RZB, Brown Brothers,  the Agent and Natexis,   and each of the Guarantors  hereby  agree that Natexis  shall be considered  a Lender  and secured  party under the Guarantors' Security  Agreement,  entitled  to all of the benefits  thereof  and subject to all obligations  thereunder. 

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

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

	
					
	A-MARK PRECIOUS METALS, INC.,
	 
	 
	 

	A New York Corporation, as The Company
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	BROWN BROTHERS HARRIMAN & CO.,
	 
	 
	 

	for itself as a Lender and as Agent
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	FORTIS CAPITAL CORP., as Assignee
	 
	 
	 

	and as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	KBC BANK N.V., as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	A-MARK PRECIOUS METALS, INC.,
	 
	 
	 

	A New York Corporation, as The Company
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	BROWN BROTHERS HARRIMAN & CO.,
	 
	 
	 

	for itself as a Lender and as Agent
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	FORTIS CAPITAL CORP., as Assignee
	 
	 
	 

	and as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	KBC BANK N.V., as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	A-MARK PRECIOUS METALS, INC.,
	 
	 
	 

	A New York Corporation, as The Company
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	BROWN BROTHERS HARRIMAN & CO.,
	 
	 
	 

	for itself as a Lender and as Agent
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	FORTIS CAPITAL CORP., as Assignee
	 
	 
	 

	and as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	KBC BANK N.V., as Lender
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	RZB FINANCE LLC, as Lender
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	NATEXIS BANQUES POPULAIRES, NEW YORK BRANCH, as Lender

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	RZB FINANCE LLC, as Lender
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

	
					
	NATEXIS BANQUES POPULAIRES, NEW YORK BRANCH, as Lender

	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	By:
	 

	Name:
	 
	 
	Name:
	 

	Title:
	 
	 
	Title:
	 

Termination Letter

October 29, 2002

A-Mark Precious Metals Inc.

(the "Debtor")

and

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

(the "Lenders")

Ladies and Gentlemen:

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

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

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

Very truly yours, 
KBC Bank N.V.

By:______________________

By:______________________

ANNEXF

[NEW]

CASH COLLATERAL AGREEMENT

TO:    Brown Brothers Harriman & Co., as Agent
140 Broadway
New York, New York 10005

Gentlemen:

The  undersigned,___________________(the "Consignee"),  has  entered into  a  Consignment  Agreement  dated  as  of_______________ between' the Consignee and A-Mark Precious Metals, Inc., as Consignor (the "Obligor") (as from time to  time  amended,  restated,  supplemented or  otherwise  modified,  the  ''Consignment Agreement").   Pursuant to the Consignment Agreement the Consignee has established with you (the "Agent") a deposit account number________________ , in the name of the Consignee for the benefit of the Obligor, as pledgee (the "Account"), the funds in which Account shall be invested in interest bearing investments as provided in Section 7 below. All such funds, together with any interest or other income earned thereon, from time to time, held in the Account is hereinafter called the "Account Collateral".

The Consignee, the Obligor and the Agent each hereby agree as follows:

1.         In consideration of the extension of any financial accommodation by the Obligor to the Consignee under the Consignment Agreement and in order to secure' any and all liabilities, direct or contingent due or to become due, now existing or hereafter arising,  under  or  pursuant to the  Consignment Agreement  by  the  Consignee to  the Obligor (the "Consignee Obligations"), the Consignee hereby  grants to the Obligor a continuing   security   interest  in and general  lien upon,  and/or  right  of set-off  against  the Account  Collateral.

2.          The Consignee  hereby  consents  to and approves  the pledge  by the Obligor to the Agent  and the granting  of a lien, security  interest  and right of offset  against  the Account  Collateral  in order to secure the Liabilities  (as therein  defined)  of the Obligor under  an Amended  and Restated  Collateral  Agency  Agreement  dated  as of November  30, 1999, as amended,  among the.Obligor,  the Agent  and the Lenders  party thereto  (the "Collateral   Agency  Agreement").

3.          All   the   Consignee    Obligations    shall   become    due   forthwith,    without demand  or notice,  upon the Consignee's   violation  of or failure  to comply  with  any term, covenant   or condition   set  forth  herein  or in the  Consignment   Agreement,   the  giving  of any notice  required  thereunder  and the passage  of any grace period  provided  therein  (the occurring  of any of the foregoing  

events herein called  a "Consignee  Event  of Default").

4.          In addition  to the rights  and security  interest  set forth  in Paragraphs 1 and 2  above  upon  the  occurrence   of  a Consignee  Event  of  Default,   the  Agent  may;  at  its option  at any time(s)  and with  or without  notice to the Consignee,  appropriate  .and apply to  the  payment   or  reduction,   either  in  whole   or  part,   of  the  amount    owing   on  the Liabilities   of the  Obligor  to  the Agent  and  the  Lenders   for which  the  Agent  is  acting, whether  or not then due, any and all Account  Collateral.

5.          In  the  event  of  a  default  by  the  Obligor   under  the  Collateral   Agency Agreement,    the  Agent  shall  send  to  the  Consignee   a  written  notice   advising   of  such default  (a "Default  Notice").

6.          In the event  of a Consignee  Event  of Default  and/or  after the  giving  of a Default  Notice,  the Agent  shall have all of the rights  and remedies  of a secured  party  after default  under  the Uniform  Commercial  Code.

7.          Funds  held  from  time to time  in the  Collateral   Account  shall  be invested and reinvested   by the Agent  in accordance  with the written  instructions   of the Consignee prior  to  a Consignee   Event  of Default,  in cash  or  invested  with  an United  States  entity which  has  a debt  rating  of AA or better  by the Standard  & Poor's  rating agency or other instruments acceptable to the Agent.   Prior to the occurrence of a Consignee Event of Default,  the Agent shall remit all interest and other income derived from the Account Collateral to the Consignee in accordance with its written instructions.

8.         All  notices  to  the  parties  shall  be  given   by  overnight  courier  or  by telecopier at the address or telecopier number given below.

9.         The Consignee and the Obligor, jointly and severally, agree to pay to the Agent all reasonable expenses incurred or paid by the Agent in exercising its rights and remedies or protecting its interests under this Agreement, including, legal fees, even if no action is commenced.

10.      No  failure  or  delay  by  the  Agent  in  exercisng  any  right,  power  or privilege  hereunder  shall operate as a waiver thereof, nor  shall any single or partial exercise  thereof preclude any other or  further exercise thereof or of any other' right, power or privilege.

11.      In  any  litigation  arising hereunder,  each  of  the  parties  hereto hereby waives trial by jury.   The parties hereby consent to the in personam jurisdiction of the courts of New York State, and the United States District Court, Southern District of New York.  In the event that any action or suit in any court of New York State or in the United States District Court, Southern District of New York, to enforce this Agreement, service of process may be made on the Consignee and the Obligor by mailing a copy of the Summons to the Consignee and the Obligor at its address set forth below.

12.      In  the event that anyone  or more provisions of this Agreement shall be deemed to be illegal or unenforceable, such illegality or unenforceability shall not affect the validity and enforceability of the remaining provisions hereof, which shall be construed as if such illegal or unenforceable provision had not been herein included.

13.       This Agreement shall be governed by the internal laws of the  State of New York in all respects, including matters of construction, validity and performance; none of its terms or provisions may be waived, altered, modified, limited or amended.except by an agreement expressly referring hereto and to which the Agent consents in writing.

14.      This Agreement may be executed in counterpart copies all of which shall constitute one instrument.

	
	
	[NAME OF CONSIGNEE]

	By:____________________________________

	Name:

	Title:

	Address:________________________________

	_______________________________________

	Attention:_______________________________

	Telecopier No.:___________________________

	 

	A-MARK PRECIOUS METALS, INC.

	By:_____________________________________

	Name:

	Title:

	By:_____________________________________

	Name:

	Title:

	Address: 100 Wilshire Blvd., Third Floor
               Santa Monica, CA 90401

	Attention:_______________________________

	Telecopier No.:___________________________

AGREED:

BROWN BROTHERS HARRIMAN & CO.,
   as Agent

By:__________________________________
Name:
Title:

Address:    140 Broadway
New York, NY 10005

Attention:    Ms. Kimberly Oates

Telecopier No: (212) 493-8998

ANNEX G

EXHIBIT  7

(Opening  Bank or Confirming  Bank)
IRREVOCABLE   LETTER  OF CREDIT  NO.

ADVISING   BANK:  Brown  Brothers  Harriman  & Co.
 140 Broadway
 New York, NY 10005

If by SWIFT:        BBHCUS33
If by TELEX:        62923

A-Mark Precious Metals
100 Wilshire Blvd., Third Floor
Santa Monica, Ca 90401

Gentlemen:

We hereby  establish  our irrevocable  letter of credit in your favor up to an aggregate amount  of               ______________ US dollars ($number)  by order of and for the account  of ______________ (consignee)  available by presentation to us of the following:

l )   Original  of this letter of credit.
2)   Draft(s)  drawn at sight on us quoting  this Letter of Credit number.
3)   A statement  signed by your purportedly  authorized  representative   certifying  either of the following:

a)   The amount  of the sight draft accompanying   this statement represents the amount due and unpaid by_______________(consignee)  pursuant  to the Consignment   Agreement  dated                          between A-Market  Precious  Metals, Inc. and _______________ (consignee),  as amended,  modified  or supplemented from time to time.

b)   The amount  of the sight draft accompanying  this statement  represents  an amount due A-Mark  Precious  Metals,  Inc.  A-Mark  Precious  Metals,  Inc. has not received a replacement   letter of credit nor has this letter of credit been  extended  per the terms  agreed upon between  A-Mark  Precious  Metals,  Inc. and_____________ (consignee)  which qualifies  as a default pursuant  to the Consignment  Agreement dated_____________ between  A-Mark  Precious  Metals,  Inc. and_____________(consignee),  as amended,  modified  or supplemented   from time to time.

Partial  drawings  are permitted.

SPECIAL  CONDITIONS

This standby  letter of credit  is restricted  to the counters  of Brown  Brothers  Harriman  & Co. at 140 Broadway, New York, NY 10005, Attention: Letter of Credit Department, for negotiation.

OTHER INFORMATION:

This Letter of Credit may not be amended, modified, or canceled without prior written consent of Brown Brothers Harriman & Co. as Agent for the "Lenders" as defined under the Amended and Restated Collateral Agency Agreement dated November 30, 1999, as amended from time to time.

We hereby agree that drawings under and in compliance with the terms of this credit shall be duly honored upon due presentation and delivery of documents as specified above.

Governing Rules:  UCP or ISP at the discretion of the issuing bankEx 10.14

EXECUTION COPY

A-MARK PRECIOUS METALS, INC.

FOURTH  AMENDMENT DATED AS OF MARCH  29, 2006 TO 
AMENDED AND RESTATED COLLATERAL  AGENCY AGREEMENT (1999), 
AMENDED AND  RESTATED INTERCREDITOR AGREEMENT (1999), 
AMENDED AND RESTATED  GENERAL SECURITY AGREEMENT (1999)
AND GENERAL SECURITY AGREEMENT OF  GUARANTORS (1999)
EACH DATED AS OF NOVEMBER 30, 1999,
AND EACH AS AMENDED

THIS FOURTH AMENDMENT is dated as of  March 29, 2006 by and among FORTIS CAPITAL  CORP.,  as assignee  of MeesPierson,  N.V.,  RZB FINANCE  LLC, NATEXIS BANQUES  POPULAIRES,   NEW YORK. BRANCH  and BROWN  BROTHERS  HARRIMAN
& CO. ("BBH"),   (each  individually  a "Lender"  and collectively  the "Lenders")  and BBH in its
capacity  as agent  for itself as a Lender and all other Lenders  (the "Agent")  and A-MARK PRECIOUS  METALS,   INC., a New York corporation  (the "Company").

RECITALS

A      The Company,  A-MARK. HOLDING,  INC. and the A-MARK  CORPORATION (the "Guarantors"),    the Lenders  and the Agent are parties  to one or more of the: (i) Amended  and Restated  Collateral  Agency  Agreement  (1999) dated as of November  30, 1999 (the
"Agreement");   (ii) Amended  and Restated Intercreditor  Agreement  (1999)  dated as of November
30, 1999 (the "Intercreditor   Agreement");  (iii) Amended  and Restated  General  Security Agreement  (1999)  dated  as of November  30, 1999 (the "Security  Agreement");   and (iv) General Security  Agreement   of Guarantors  (1999) (the "Guarantor  Security  Agreement"),   as each has been amended  by an amendments  dated as of August  21,2002,   November  30,2003   and November  30, 2004.   The capitalized  terms used in this Fourth  Amendment   shall have the meaning  given  each  such term in the Agreement,  as amended  unless  otherwise  defined  herein.

B.         Pursuant  to the provisions of the  Third Amendment   dated as of November  30, .
2004, the Lenders  agreed  to make advances to the Company,  which  were to be readvanced  to Precious  Metals  Finance  Corporation  ("PMFC"),  a wholly  owned  subsidiary  of The A-Mark Corporation,   for the purpose  of enabling PMFC  to engage in the business  of making  loans secured by bullion  and/or numismatically  valuable  or rare coins.

C.         Pursuant  to the terms of a Stock Purchase  Agreement,  dated  as of July  15, 2005 (the "Purchase   Agreement"),   (i) Spectrum PMI, Inc. ("Spectrum")   purchased  all of the issued and outstanding   stock  of A-Mark Holding, Inc., the owner of all of the issued  and outstanding stock of the Company  and (ii) The A-Mark  Corporation no longer  shall be affiliated  with the Company.

D.         The Company  after the effective  date of the Purchase  Agreement,  advised  the Lenders  that (i) A-Mark  Holding,  Inc., has been  merged  into Spectrum,  so that the Company  is a wholly-owned   subsidiary  of Spectrum,  (ii) The A-Mark  Corporation  and A-Mark Holding,  Inc., are each no longer  

Guarantors,  (iii) Spectrum  is 80% owned  by Spectrum  Numismatics International,   Inc. ("SNI")  and 20% owned by Afinsa  Bienes  Tangibles  S.A. through  its wholly owned  subsidiary  Aucentina,   S.L. and (iv) SNI is a wholly  owned  subsidiary  of Escala  Group Inc., f/k/a, Greg Manning  Auctions,  Inc. (the "New  A-Mark  Restructure").

E.         The Company  has advised the Lenders  that as a result of  the New A-Mark Restructure,   it has organized  a wholly owned  subsidiary  Collateral  Finance  Corporation,  a Delaware  Corporation   ("CFC"),  which shall engage  in substantially  the same business  that PMFC  was to do, as described  in the Third Amendment,   and has requested  that the Lenders make advances  to the Company  which shall be readvanced  to CFC, to make  loans to its borrowers  secured  by bullion  and/or numismatically   valuable  or rare coins, which loans and collateral  shall be assigned  by CFC to the Company  and by the Company  to the Agent  for the benefit  of the Lenders.

F.          The Company  has requested  that the Lenders  (i) consent to the New A-Mark Restructure,   (ii) release  the Guarantors  from their obligations  under the Guaranty;  (iii) to terminate  the Guarantor  Security  Agreement  and (iv) make  advances  to the Company  which  are to be readvanced  to CFC,  for the purpose described  in Recital  E above.  The Lenders  have agreed to do so, in the sole discretion  of each Lender,  on the terms and conditions  set forth in this
Fourth  Amendment   and their respective  loan documents.

G.         The Company,   the Lenders  and the Agent,  desire  to amend the Agreement,  the Facility  Documents   and the Exhibits  and the Schedules  annexed  to the Agreement  to: (i) revise the method  of calculating  Collateral  Value, (ii) substitute  CFC for PMFC  and delete  all references  to PMFC  in the Agreement,  (iii) provide  for additional  changes,  and (iv) terminate  the Guaranty  and the Guarantor  Security Agreement,  all on the terms  and conditions  provided  for herein.

H.         The foregoing  Recitals  are incorporated   and made  a part of this Fourth Amendment   and the Agreement.

NOW,  THEREFORE,     the parties hereby  agree as follows: 

SECTION 1.  AMENDMENTS TO THE AGREEMENT. 

The Agreement   is hereby  amended as follows:

(a)        Each  clause,  subsection  or definition  which  makes  reference  to "Precious  Metals Finance Corporation" or "PMFC" in Section I (Definitions) and Section II(c)(2) (Other Components   of Collateral  Value)  of the Agreement  shall be deleted  in its entirety,  to be replaced by the new provisions   set forth in subsections  (c) and (e) of Section  I of this Fourth  Amendment. Each reference  to "Guarantor   Security  Agreement",  "Guarantors"   and "Guaranty"  in the Agreement  shall be deleted  in its entirety.

(b)        Annex  A to the Third Amendment  is hereby  deleted  in its entirety.

(c)      Section  I "Definitions"   is hereby  amended  to add in alphabetical  order or modify or delete  the following  terms:

"Appraisal  Value"  shall mean the appraisal  value of the CFC Collateral,  on a liquidation basis,  as determined   by an independent  appraiser  acceptable  to the Agent  and the Lenders.

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

"Bullion  Collateral"    shall mean any CFC Collateral  (other than Numismatic   Collateral  or
Semi-Numismatic    Collateral)  which contains  a premium  over the then Spot Value ofthe   fine troy ounce  Precious  Metal  content of any item of such CFC Collateral  of 25% or less, which determination   is made  in the good faith judgment  of the Company  with the concurrence   of the Lenders.

"CFC"  shall mean Collateral  Finance  Corporation,   a Delaware  corporation  qualified  to do business  in California  as a licensed  lender and its successors.

"CFC  Approved  Depositories"    shall mean the Professional   Coin Grading  Service
Division  of Collectors  Universe,  Inc.  ("PCGS")  and Numismatic   Guaranty  Corporation ("NGC"),  provided,   at no time shall the aggregate  Appraisal  Value  of the CFC Collateral  held at all locations  operated  by (i) PCGS  exceed $5,000,000  or (ii) NGC  exceed  $5,000,000.   The Company  may with  the prior written consent of each Lender  add or remove  CFC Approved Depositories   without  further  amendment  of this Agreement,  on such terms and conditions  as the Lenders  shall determine  are appropriate.

"CFC  Assignment"   shall mean an assignment  in form annexed  as Annex  A hereto, executed  by CFC to the Company  with respect to a CFC Loan, or such other form acceptable  to the Agent  and the Lenders.

"CFC Borrower" shall mean each person or entity which has received a loan pursuant to a CFC Loan Agreement.

"CFC  Collateral"    shall mean Bullion Collateral  coins, Numismatic   Collateral  coins  and Semi-Numismatic    Collateral  coins, together with the cash and non-cash  proceeds  thereof, including  any proceeds  of insurance.

"CFC  Loan"  shall mean each loan made by CFC to a CFC Borrower  and any renewal  or extension  thereof.

"CFC  Loan  Agreement"   shall mean each Commercial  Finance  Loan and Security
Agreement  between  CFC and a CFC Borrower,  as amended  from time to time.

"CFC  Loan Assignment"   shall mean a CFC Loan as to which  the Agent has received  (a) an executed  CFC Assignment,   (b) an executed  Company  Assignment,   (c) the CFC Note(s) relating  thereto,  and (d) a UCC-l  Financing  Statement  related  to the CFC Collateral  for such CFC Loan,  which  has been assigned  to the Agent,  for the benefit  of the Lenders,  each of which shall be in form  acceptable  to the Agent.

"CFC  Loan Documents"   shall mean each CFC Loan Agreement,   each CFC Note,  each Loan Document   as that term is defined in the CFC Loan Agreement,  together  with a DCC lien search  as to the CFC Borrower  and each UCC-l  Financing  Statement  filed by CFC naming  CFC as secured  party,  

a CFC Borrower  as debtor and the Agent,  as assignee,  with respect to the CFC Collateral,  as each may from time to time be amended,  restated  or renewed  and each insurance certificate  naming  the Agent  as loss payee with respect  to the CFC Collateral.

"CFC  Note"  shall mean each promissory  note executed  by a CFC Borrower,  together with any renewal,  extension  or restatement  of same.

"Company   Assignment"   shall mean an assignment  in the form annexed  as Annex   B hereto,  executed  by the Company  to the Agent with respect  to a CFC  Loan which has been assigned  to the Company  pursuant  to a CFC Assignment,   or such other form acceptable  to the Agent  and the Lenders.

"Eligible  CFC Loan"  shall mean each CFC Loan as to which  the Agent  has received  a duly  executed  CFC  Loan Assignment  and Company  Assignment   and the related  CFC Loan Documents   which  shall have been certified by an officer  of CFC and the Company  as being true and complete  copies  and is otherwise  acceptable  to the Agent,  provided,  in no event shall a CFC Loan be deemed  eligible,  if (a) it is in excess of $2,000,000,  or (b) the aggregate  amount outstanding   under  all CFC Loans as at the date of computation  shall be in excess  of $1 0,000,000 unless  the Agent,  on behalf  of and with the consent  of all the Lenders,  shall in writing  approve  an amount  in excess  of$10,000,000,    or (c) the CFC Loan is secured  by non-Bullion   Collateral  and the aggregate  amount  of all CFC Loans secured by non-Bullion   Collateral  (after giving  effect to such proposed   loan)  is more than $5,000,000,  or (d) a CFC Loan secured  by Bullion  Collateral  is more than 95% of the Appraisal  Value of such Bullion  Collateral,  or (e) a CFC Loan secured by Numismatic   Collateral  is more than 75% of  the Appraisal  Value  of such Numismatic   Collateral, or (f) a CFC  Loan  secured  by Semi-Numismatic   Collateral  is more than 85% of the Appraisal Value  of such Semi-Numismatic   Collateral,  (g) the CFC Loan is not in compliance  with any of the laws and regulations   of the State of California,  including,  but not limited to those pertaining to usury  and the licensing  ofCFC   as a licensed  lender,  or (h) the term of the CFC Loan is more than six (6) months,  or (i) CFC has granted  a lien on any of  its rights under such CFC Loan or the CFC Loan Documents   to any person  other than the Company  or the Agent,  (j) any material provision of any CFC Loan Document is not valid, binding and enforceable, on and against the CFC Borrower; or the Agent's security interest in the CFC Collateral or the CFC Loan Documents is not a valid and perfected first priority security interest in favor of the Agent; or the CFC Borrower or CFC shall have any defense, setoff or other claim or right to reduce the amount payable under the CFC Loan Documents or CFC's obligations to the Company or any payment default or bankruptcy default shall have occurred with respect to the CFC Borrower or CFC, or (j) the CFC Collateral for such CFC Loan is not held at a CFC Approved Depository which has executed a Depository Agreement under which the Agent shall have the right to take exclusive control over such CFC Collateral, or (k) the Company and CFC have failed to comply with all of the terms and conditions contained in Section IV (J) hereof."

"Numismatic Collateral"  shall mean any CFC Collateral (other than Bullion Collateral or
Semi-Numismatic Collateral) which contains a premium over the then Spot Value of the fine troy ounce Precious Metal content of any item of such CFC Collateral of 100% or more, which determination is made in the good faith judgment of the Company with the concurrence of the Lenders.

"Semi-Numismatic Collateral"  shall mean any CFC Collateral (other than Bullion Collateral or Numismatic Collateral) which contains a premium over the then Spot Value of the fine troy ounce Precious Metal content of any item of such CFC Collateral of greater than 25% and less than 100%, which determination is made in the good faith judgment of the Company with the concurrence of the Lenders.

"Spot Value" shall mean the value of a particular item of CFC Collateral as determined by 

reference to a published value as of the date of determination by a reputable recognized source in the Precious Metal industry, acceptable to the Agent.

(d)       The term "Facility Documents" shall include each CFC Assignment and Company Assignment, now or hereafter executed and delivered pursuant to this Agreement, as amended from time to time.
(e)       Section II(C)(2) (Other Components of Collateral Value) is hereby amended by deleting paragraphs (k) and (1) in their entirety and replacing them with the following:

"(k) an amount equal to (i) 70% of the aggregate principal amount of the then outstanding Eligible CFC Loans secured by CFC Collateral (other than Bullion Collateral), but in no event more than $5,000,000, unless the Agent, on behalf of and with the consent of the Lenders, shall in writing approve an amount in excess of  $5,000,000 plus (ii) 80% of the aggregate principal amount of the then outstanding Eligible CFC Loans secured by Bullion Collateral provided that at no time shall the aggregate outstanding amount of all Eligible CFC Loans exceed the lesser of (A) the then outstanding   indebtedness of CFC to the Company  with respect  to CFC Loans  and (B) $10,000,000; and

"(l) In no event  at any time shall the aggregate  amount  of the Collateral Value  of non CFC Collateral  and the Collateral  Value  of the CFC Collateral  shown  on such Collateral  Report  be less than the total amount of the Outstanding  Credits as of the date of computation."

(f)        The term "Security" as used in the Agreement  shall include  the CFC Collateral.
(g)        The term "this Agreement"  as used in the Amended  and Restated  Collateral Agency  Agreement   (1999)  shall include all of the revisions  provided  for in this Fourth Amendment.
(h)        Section  IV (Additional  Reporting  and Other Requirements) is hereby  amended  by
adding a new paragraph  (J), which  shall read as follows:

(J)        In addition to the other requirements, of this Section  IV, the Company  shall and/or cause CFC to (i) deposit  all CFC Collateral  with a CFC Approved  Depository,  which CFC Approved  Depository   shall execute  and deliver  to the Agent  a Depository  Agreement,  (ii) insure  all CFC Collateral  in amounts  and coverage  acceptable  to the Lenders,  which  insurance  policy  shall name  the Agent  on behalf of the Lenders,  as loss payee,  (iii) comply  with all of the terms and conditions  of each CFC Assignment,   Company  Assignment,   CFC Loan  Assignment  and CFC Loan Document,  (iv) deliver  to the Agent,  a VCC search  with respect  to each CFC Borrower  indicating  there are no liens or security  interests  covering  the CFC Collateral  of such CFC Borrower  except  in favor  of CFC, the Company  or the Agent,  (v) not make  any CFC Loan which together  with then outstanding  Eligible  CFC Loans  would  in the aggregate exceed  the lesser of (A) the principal  amount  of$10,000,000    or  (B) 25% of the Total  Collateral  Value as reported  on the Company's   most recent  Collateral Report  delivered  to the Lenders,  (vi) deliver  to the Agent  and the Lenders  at the time  of the delivery  of each Collateral  Report  a supplement  thereto  with respect to the CFC Collateral  and CFC Loans in the form of Exhibit  2  annexed  hereto, (vii) not make  any CFC Loan which by its original  terms is payable  more than 6 months  after its original  execution  date, (viii) not renew  or extend  any CFC Note evidencing  a CFC Loan for more than 6 months,  and (ix) cause each CFC Borrower  to consent  in writing  to the execution  and delivery  of the CFC Assignment,   the Company  Assignment  and the transactions  therein

contemplated."

(i)         Section  X (B) of the Agreement  is hereby  amended  to delete all reference  to the
Guarantors,  and that notices  to the Company  shall be addressed  and/or  transmitted  as follows:

A-Mark  Precious  Metals,  Inc.
429 Santa Monica Boulevard
Suite 230
Santa Monica,  CA 90401
Attention: Telecopier:

(j)          A new Section XV (California Dispute Resolution) is hereby added, which shall read as follows:

XV.  CALIFORNIA DISPUTE RESOLUTION

(A)       In the event that pursuant to the non-exclusive jurisdiction provision of Section XIV above, any party hereto commences an action or is required by law to commence an action in the State of California with respect to any controversy, dispute or claim between the parties based upon, arising out of, or in any way relating to: (i) this Agreement or any supplement or amendment thereto; or (ii) any other present or future instrument or agreement between the parties hereto; or (iii) any breach, conduct, acts or omissions of any of the parties hereto or any of their respective directors, officers, employees, agents, attorneys or any other person affiliated with or representing any of the parties hereto; in each of the foregoing cases, whether sounding in contract or tort or otherwise (a "Dispute") shall be resolved exclusively by judicial reference in accordance with Sections 638 et seq. of the California Code of Civil Procedure ("CCP") and Rule 244.1 of the California Rules of Court ("CRC"), subject to the following terms and conditions. (All references in this section to provisions of the CCP and/or CRC shall be deemed to include any and all successor provisions and amendments thereof.)

(B)       The reference shall be a consensual general reference pursuant to CCP Sections 638 and 644(a). Unless the parties otherwise agree in writing, the reference shall be to a single referee. The referee shall be a retired Judge of the Los Angeles County Superior Court ("Superior Court") or a retired Justice of the California Court of Appeal or California Supreme Court. Nothing in this section shall be construed to limit the right of a party, pending appointment of the referee, to seek and obtain provisional relief from the Superior Court, including without limitation writ of attachment, writ of possession, appointment of a receiver, temporary restraining order and/or preliminary injunction.

(C)         Within  fifteen  (15) days after a party  gives written notice  in accordance  with this Agreement  to all other parties  to a Dispute  that the Dispute exists,  all parties  to the Dispute  shall attempt  to agree on the individual  to be appointed  as referee.  If the parties  are unable  to agree on the individual  to be appointed  as referee,  the referee shall be appointed,  upon noticed  motion  or ex parte  application  by any party, by the Superior  Court  in accordance  with CCP Section  640, subject to all rights of the parties  to 

challenge  or object to the appointment,   including  without  limitation  the right to peremptory  challenge
under  CCP Section  170.6. If the referee  (or any successor  referee)  appointed  by
the Superior  Court is unable, or at any time becomes  unable,  to serve as referee  in the Dispute,  the Superior  Court shall appoint  a new referee  as agreed to by the parties  or, if the parties  cannot agree,  in accordance  with CCP Section 640, which new referee  shall then have the same powers,  and be subject to the same terms
and conditions,  as the predecessor  referee.

(D)        Venue for all proceedings  before  the referee,  and for any Superior  Court proceeding  for the appointment  of the referee,  shall be exclusively within  the County  of Los Angeles,  State of California.   The referee  shall have the exclusive  power  to determine  whether  a Dispute  is subject to judicial  reference pursuant  to this section.  Trial, and all proceedings   and hearings  on dispositive motions,  conducted  before the referee  shall be conducted  in the presence  of, and shall be transcribed  by, a court reporter,  unless  otherwise  agreed in writing  by all parties  to the proceeding.  The referee  shall issue a written  statement  of decision, which  shall be subject to objections  of the parties  pursuant  to CRC Rule 232 as if the statement  of decision were issued by the Superior  Court. The referee's powers  include,  in addition  to those  set forth in CCP  Sections  638, et seq., and CRC Rule 244.1, (i) the power to grant provisional  relief, including  without limitation  writ of attachment,  writ of possession,   appointment  of a receiver, temporary  restraining  order and/or preliminary   injunction,  and (ii) the power  to hear and resolve  all post-trial  matters  in connection  with the Dispute  that would otherwise  be determined  by the Superior  Court, including  without  limitation motions  for new trial, reconsideration,   to vacate judgment,  to stay execution  or enforcement,   to tax costs, and/or for attorneys'   fees. The parties  shall, subject  to the referee's  power  to award costs to the prevailing  party, bear equally the costs
of the reference  proceeding,  including  without  limitation  the fees and costs of the referee  and the court reporter.

(E)         The parties  acknowledge   that (i) the referee  alone shall determine  all issues of fact and/or law in the Dispute,  without  a jury,  (ii) the referee  does not have the power to empanel  a jury,  (iii) the Superior  Court  shall enter judgment  on the decision of the referee pursuant  to CCP  Section  644(a)  as if the decision  were issued by the Superior  Court,  (iv) the decision  of the referee shall not be subject to review by the Superior  Court,  and (v) the decision  of the referee,  once entered as a judgment  by the Superior  Court, shall be binding,  final and conclusive,  shall have the full force and effect  of a judgment  of the Superior Court,  and shall be subject to appeal to the same extent  as a judgment  of the Superior  Court.

(k)        Exhibit  2 is hereby  amended  to read in its entirety  as set forth in Annex C to this
Fourth  Amendment.

(l)         Notwithstanding   anything  to the contrary  contained  in the Agreement,  as
modified  by this Fourth  Amendment,   CFC Collateral  shall not be included  in Assigned  Collateral and/or  Confirmed  Collateral  but shall be treated  as a separate  category  for purposes  of computing Collateral  Value  on the Collateral  Report.

SECTION 2.  SECURITY   AGREEMENT.

The term "Security"   as used in the Security  Agreement,  shall include  the CFC Collateral.

SECTION 3.  UCC  FINANCING    STATEMENTS.

The Company  shall cause CFC to file a financing  statement  with respect  to each CFC Loan naming  CFC  as secured  party  and the Agent as assignee  of the secured  party in the appropriate  state for each CFC Borrower,  to effectuate  the security  interest  granted  in the CFC Loans  and the CFC  Collateral  pursuant  to each CFC Loan Assignment  and Company Assignment.

SECTION 4. AMENDMENTS  TO FACILITY DOCUMENTS.

Each reference  in any Facility  Document  and the Intercreditor  Agreement  to the Collateral  Agency  Agreement,  or words  or terms of a similar meaning  and the Exhibits  relating thereto  shall be deemed  to incorporate  the revisions  provided  for in this Fourth  Amendment.

SECTION 5.  EFFECTIVE  DATE.

The revisions  contained  in this Fourth Amendment  with respect  to the components  of the Collateral  Value  under  the Agreement  shall become  effective  upon the execution  and delivery  by the parties  hereto  of this Fourth  Amendment  and the execution  and/or  delivery  of any other documents  provided  for in this Fourth  Amendment.

SECTION 6. CONSENT OF LENDERS

The Agent  and the Lenders  each hereby  (a) consent  to the transactions  contemplated  by the New A-Mark  Restructure,   (b) release the Guarantors from their obligations under the Guaranty and (c) terminate the Guarantor Security Agreement. The Company agrees to and cause others to execute and deliver all such documents as the Lenders shall reasonably request in connection with the transactions contemplated by the Purchase Agreement and the New A-Mark Restructure.

SECTION  7.  MISCELLANEOUS.

(a)        The Company  hereby  represents  and warrants  that after giving  effect to the transactions   contemplated   by the Purchase  Agreement,  the New A-Mark  Restructure  and this Fourth  Amendment   there  exists no default under the Agreement  or any Facility  Document  and the representations   and warranties  made by it herein  and therein  are materially  true and correct as of the date hereof.

(b)        In order  to induce the Lenders  and the Agent  to enter into this Fourth Amendment,   the Company  agrees not to grant a security  interest  in or assign  any of its rights in any CFC Loan,  any CFC Collateral,  any CFC Note and any of the CFC Loan Documents  to any other person,  firm or entity (other than the Agent).

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

Fourth  Amendment.

(d)        This Fourth  Amendment  may be executed  in any number  of separate  counterparts, each of which  shall be an original  and all of which taken together  shall be deemed  to constitute one and the same instrument.

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

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

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

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

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

	
	
	A-MARK PRECIOUS METALS, INC.

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	FORTIS CAPITAL CORP., as Lender

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	NATEXIS BANQUES POPULAIRES,

	NEW YORK BRANCH, as Lender

	 

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

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

	
	
	A-MARK PRECIOUS METALS, INC.

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	FORTIS CAPITAL CORP., as Lender

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	NATEXIS BANQUES POPULAIRES,

	NEW YORK BRANCH, as Lender

	 

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

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

	
	
	A-MARK PRECIOUS METALS, INC.

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	FORTIS CAPITAL CORP., as Lender

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	NATEXIS BANQUES POPULAIRES,

	NEW YORK BRANCH, as Lender

	 

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

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

	
	
	A-MARK PRECIOUS METALS, INC.

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	FORTIS CAPITAL CORP., as Lender

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	NATEXIS BANQUES POPULAIRES,

	NEW YORK BRANCH, as Lender

	 

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	RZB FINANCE LLC, as Lender

	 

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	
	
	RZB FINANCE LLC, as Lender

	 

	By:____________________________________

	Name:

	Title:

	 

	By:_____________________________________

	Name:

	Title:

	 

	BROWN BROTHERS MARRIMAN & CO.,

	as Lender and Agent

	 

	By:____________________________________

	Name:

	Title:

ANNEXA

CFC ASSIGNMENT

Dated:___________________

A-Mark  Precious  Metals,  Inc.
100 Wilshire  Blvd.
Santa Monica,  CA  90401

Re:  CFC Loan  and CFC Assignment  No.______________

Gentlemen:
The undersigned   Collateral  Finance  Corporation  ("CFC") has   entered  into a Commercial Finance  Loan and Security  Agreement  dated_________________, with_______________(the "CFC Borrower"),   as from time to time amended,  restated,  supplemented   or otherwise  modified (the "CFC  Loan Agreement").  Pursuant  to the CFC Loan Agreement   CFC has made or shall make loans to the CFC Borrower  in a principal  amount  not to exceed  $_______________ at any. one time outstanding   (the "CFC Loan"),  which are evidenced  by the CFC Borrower's   promissory note(s)  (the "CFC Note")  and are secured by the Collateral  (as defined  in the CFC Loan Agreement).

CFC hereby  acknowledges  that in order to enable  it to make  the CFC Loan, A-Mark Precious  Metals,  Inc. (the "Company")  has from time to time made  funds available  to CFC, which  funds are proceeds  of loans made to the Company,  pursuant  to the terms of an Amended and Restated  Collateral  Agency  Agreement  (1999) dated as of November   30, 1999, as amended from time to time, among  the Company,  the Lenders  and the Agent  (the "Collateral  Agency Agreement").    All capitalized  terms used herein  shall have the meaning  given each such term in the Collateral  Agency  Agreement,  unless otherwise  defined  herein.

As a condition  to the Lenders  making  loans to the Company,  which  in part are relent to CFC by the Company,  CFC has agreed to (a) enter into this CFC Assignment,   (b) the reassignment   by the Company  of all of CFC's rights  in and to the CFC Loan, the CFC Loan Documents,  the CFC Note and the CFC Collateral,  pursuant  to the terms of an assignment executed  by the Company  in favor of the Agent,  for the benefit  of the Lenders  (the "Company Assignment"),   and (c) the exercise by the Agent  of CFC's   rights  under  the CFC Loan Documents in the event of default  by the CFC Borrower,  to which the CFC Borrower  has consented  to in writing.

The Company  and CFC each hereby  agree as follows:

1.         CFC hereby  represents,  covenants  and agrees that:

(a)  CFC has delivered  to the Company  the executed  original  (i) CFC Loan Agreement,  (ii) CFC Note duly endorsed  by CFC,  (iii) each others  CFC Loan Document,  (iv) UCC-l  Financing  Statement  filed with respect  to the CFC Collateral CFC hereby  authorizes  the Agent to file a UCC-3  Financing Statement  naming  the Agent as assignee of CFC,   as secured  party  and (v) consent  of the CFC Borrower  to the assignment  of the CFC Loan Documents to the Company  and the Agent,  in form satisfactory  to the Agent;

(b) CFC shall promptly  notify the Agent in writing  of any default  in the payment of any installment  of principal  under a CFC Note by the CFC Borrower  (a "Default  Notice");

(c)  CFC shall not terminate  or amend  any of the CFC Loan Documents  without the prior written  consent  of the Agent or enter into any transaction  with the CFC Borrower  which  might result in a set-off  against  or deductions  from amounts  payable  under the CFC Loan Documents;

(d)  CFC shall not release  any CFC Collateral  without  the prior written  consent of the Agent;

(e)  CFC shall promptly  notify the Agent in writing  in the event that (i) there is an Equity  Call (as defined in the CFC Loan Documents)   and/or  (ii) the Appraisal Value  of the Collateral  is less than the then outstanding   CFC Loan for any period  of two consecutive  days;

(f)  After the sending  of a Default  Notice,  CFC shall not exercise  any of its rights under the CFC Note and the CFC Loan Agreement  with respect  to the CFC Collateral  unless  (i) CFC notifies  the Agent,  in accordance  with paragraph  9 hereof,  that it proposes  to liquidate  the CFC Collateral  in accordance  with the terms  of the CFC Loan Agreement  and that the sales price of the CFC Collateral  to be realized  from such liquidation  shall be in an amount  equal to, or greater than, the then outstanding  CFC Loan,  and (ii) the Agent  shall give its written  consent  to such proposed  liquidation,  provided  however,  that such written  consent  of the Agent  shall not be required  if the Agent,  in its sole discretion,  determines  that a delay in granting  such written  consent  shall result in a material  decline  in the liquidation  value of such CFC Collateral  and the liquidation  value is in an amount  equal to or greater  than the then outstanding CFC Loan; and

(g)  CFC hereby  covenants  that (a) at all times the CFC  Collateral  shall be physically  stored only at a CFC Approved  Depository,   (b) the Agent shall be named  as additional  insured  and loss payee,  at no cost to the Agent, in the insurance  policy  covering  the CFC Collateral,  (c) the Agent  shall have the right,  from time to time, during normal  business  hours,  to inspect the CFC Collateral,  (d) CFC shall hold the CFC Collateral  for the benefit  of the Agent and (e) after the sending  of a Default  Notice  CFC  shall deliver  the Collateral to such person  or location  as the Agent shall designate  in writing.

2.          CFC hereby  assigns,  transfers  and sets over to the Company,  its successors  and assigns  (including  the Agent)  and grants to the Company,  arid its successors  and assigns  (including  the Agent)  a security  interest  in, and lien upon, all of CFC's right,  title and interest  in, under, to and by virtue of (a) the CFC Loan Documents, (b) the CFC Note,  (c) all of CFC's right to compel  performance   by the CFC Borrower  of the terms of the foregoing  and (d) all of CFC's rights  to receive  all monies  due and to become  thereunder  or payable  by reason  thereof.

3.    CFC hereby  irrevocably  authorizes  and empowers  the Agent  to give notice of this CFC Assignment  and the Company  Assignment  to the CFC Borrower,  and to any other person  obligated  on the CFC Note and after any Lender  demands  payment from or gives notice of an Event of Default  by the Company  (a "Company Default")  to receive  directly  all payments  or prepayments   made by the CFC Borrower.

4.          CFC hereby  irrevocably  authorizes  and empowers  the Agent  after a Company Default  in its name or otherwise,  to demand,  receive  and collect,  and to give acquittance  for the payment  of any and all amounts,  paid or to be paid under or pursuant  to the CFC Loan Agreement,  the CFC Note  or any other CFC Loan Document,  or to file any claims and to commence,  maintain  or discontinue  any actions,  suits or other proceedings  which the Agent  deems  advisable,  in order to collect  or enforce payment  of such amounts,  to settle,  adjust  and compromise  any and all disputes  or claims in respect to such amounts,  all without  the consent of CFC,  and to endorse  any and all checks, drafts or other  orders  or instruments  for the payment  of money which shall be issued in respect  to amounts  due pursuant  to or under the CFC Loan Agreement  and the CFC Note.

5.    CFC further represents and warrants that (a) the CFC Loan Agreements, the CFC Note and each other CFC Loan Document, are each in full force and effect and each constitutes the valid, binding and enforceable obligation of each person who is a party thereto, (b) it has not assigned, pledged, transferred or granted a security interest in or otherwise encumbered any of its rights arising under or by virtue of the CFC Loan Agreement, the CFC Note and each other CFC Loan Document, and it will not assign, pledge, transfer, grant a security interest in or otherwise encumber any such rights except as provided herein, (c) the CFC Note is not subject to any offset,  defense  or counterclaim,  and (d) the unpaid  principal amount  of the CFC Note on the date hereof  is $____________.

6.    Anything herein contained to the contrary not withstanding, (a) CFC shall remain liable under the CFC Loan Agreement to perform all the obligations assumed by it thereunder, (b) neither the Company nor the Agent shall have any obligation or liability under the CFC Loan Agreement by reason of or arising out of this CFC Assignment nor shall the Company or the Agent be required or obligated in any manner to perform or fulfill any of the obligations of CFC under or pursuant to the CFC Loan Agreement, including, the making of any loans to the CFC Borrower.

7.        At any time and from time to time, upon the written request of the Agent, and at the sole expense of CFC, CFC shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action, as the Agent may reasonably request in order to obtain for the Agent the full benefits of this CFC Assignment and of the rights and powers herein granted.

8.    CFC hereby ratifies and confirms the CFC Loan Agreement and represents and warrants that it keeps its records concerning the CFC Loan Agreement, the CFC Note and the CFC Collateral at 100 Wilshire Boulevard, Santa Monica, CA 90401. CFC will not change its state of incorporation, the location of its records, nor the location of the CFC Collateral without the prior written consent of the Agent.

9.        All notices to the Agent shall be in writing and shall be sent by CFC by
Telecopier or by overnight next day courier delivery service as follows:

Brown Brothers Harriman & Co.
140 Broadway
New York, NY 10005
Telecopier No.:  (212) 493-_____
Attention:

10.    This CFC Assignment shall (a) be governed and construed in accordance with the internal laws of the State of New York without regard to conflict of laws principles, (b) remain in full force and effect until terminated in a written instrument signed by the Agent, and (c) be binding upon the CFC and the Company and their successors and assigns and shall inure to the benefit of their successors and assigns (including the Agent). This CFC Assignment may be executed in counterpart copies.

11.    THE PARTIES EACH HEREBY CONSENT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND CONSENT THAT ANY ACTION OR PROCEEDING HEREUNDER MAYBE BROUGHT  IN SUCH  COURTS.   EACH HEREBY  WANE   ANY OBJECTION THAT  IT MAY NOW  OR HEREAFTER   HAVE  TO THE VENUE  OF SUCH ACTION  OR PROCEEDING   IN ANY SUCH COURT  OR THAT  SUCH ACTION  OR PROCEEDING   WAS BROUGHT  IN AN INCONVENIENT COURT  AND AGREES  NOT TO PLEAD  THE SAME.  TO THE EXTENT PERMITTED   BY APPLICABLE   LAW, EACH  PARTY  HEREBY  WANES
THE RIGHT  TO TRIAL  BY JURY  IN ANY ACTION,  CLAIM,  LAWSUIT  OR PROCEEDING   BASED  UPON,  ARISING  OUT OF, OR IN ANY WAY RELATING  TO: (i) THIS AGREEMENT   OR ANY  SUPPLEMENT   OR AMENDMENT   THERETO;  OR (ii) ANY OTHER  PRESENT  OR FUTURE INSTRUMENT   OR AGREEMENT   BETWEEN  ANY OF THE PARTIES HERETO;  OR (iii) ANY BREACH,  CONDUCT,  ACTS  OR OMISSIONS  OF ANY  OF THE PARTIES  HERETO  OR ANY OF THEIR  RESPECTNE DIRECTORS,   OFFICERS,  EMPLOYEES,   AGENTS,  ATTORNEYS   OR ANY OTHER  PERSON  AFFILIATED  WITH OR REPRESENTING   ANY OF THE PARTIES  HERETO;  IN EACH OF THE FOREGOING   CASES,  WHETHER SOUNDING  IN CONTRACT  OR TORT OR OTHERWISE.

12.      California  Dispute  Resolution.

(a)        Notwithstanding   Section  11 above, with respect  to any controversy, dispute  or claim brought  in the State of California  between  the parties  based upon, arising  out of, or in any way relating  to: (i) this Agreement  or any supplement  or amendment  thereto;  or (ii) any other present  or future instrument  or agreement between  the parties  hereto; or (iii) any breach,  conduct,  acts or omissions  of any of the parties hereto  or any of their respective  directors,  officers,  employees, agents,  attorneys  or any other person  affiliated  with or representing   any of the parties  hereto; in each of the foregoing  cases, whether  sounding  in contract  or tort or otherwise  (a "Dispute")  shall be resolved  exclusively  by judicial  reference  in accordance  with Sections  638 et seq. of the California  Code of Civil Procedure ("CCP")  and Rule 244.1 of the California  Rules  of Court ("CRC"),  subject to the following  terms and conditions.  (All references  in this section  to provisions  of the CCP and/or CRC shall be deemed  to include  any and all successor  provisions).

(b)       The reference shall be a consensual general reference pursuant to CCP Sections 638 and 

644(a). Unless the parties otherwise agree in writing, the reference shall be to a single referee. The referee shall be a retired Judge of the Los Angeles County Superior Court ("Superior Court") or a retired Justice of the California Court of Appeal or California Supreme Court. Nothing in this section shall be construed to limit the right of a party, pending appointment of the referee, to seek and obtain provisional relief from the Superior Court, including without limitation writ of attachment, writ of possession, appointment of a receiver, temporary restraining order and/or preliminary injunction.

		
	(c)   
	Within fifteen (15) days after a party gives written notice in accordance with this Agreement to all other parties to a Dispute that the Dispute exists, all parties  to the Dispute  shall attempt  to agree on the individual  to be appointed  as referee.  If the parties  are unable  to agree on the individual  to be appointed  as referee,  the referee  shall be appointed,  upon noticed  motion  or ex parte application by any party, by the Superior  Court in accordance  with  CCP Section  640, subject to all rights of the parties  to challenge  or object to the appointment,   including without  limitation  the right to peremptory  challenge  under  CCP Section  170.6. If the referee  (or any successor  referee)  appointed  by the Superior  Court is unable, or at any time becomes  unable,  to serve as referee  in the Dispute,  the Superior Court  shall appoint  a new referee  as agreed to by the parties  or, if the parties cannot  agree, in accordance  with CCP Section  640, which  new referee  shall then have the same  powers,  and be subject to the same terms  and conditions,  as the predecessor  referee.

(d)        Venue for all proceedings  before the referee,  and for any Superior  Court proceeding  for the appointment  of the referee,  shall be exclusively  within the County  of Los Angeles,  State of California.   The referee  shall have the exclusive power  to determine  whether  a Dispute  is subject  to judicial  reference  pursuant  to this section. Trial, and all proceedings  and hearings  on dispositive  motions, conducted  before  the referee  shall be conducted  in the presence  of, and shall be transcribed  by, a court reporter,  unless otherwise  agreed  in writing  by all parties  to the proceeding.  The referee  shall issue a written  statement  of decision,  which shall be subject  to objections  of the parties pursuant  to CRC Rule 232 as if the statement  of decision  were issued by the Superior  Court.  The referee's  powers include,  in addition  to those set forth in CCP Sections  638, et seq., and CRC Rule 244.1,  (i) the power to grant provisional  relief, including  without  limitation  writ of attachment,  writ of possession,  appointment  of a receiver,  temporary  restraining order  and/or preliminary  injunction,  and (ii) the power  to hear and resolve  all post-trial  matters  in connection  with the Dispute  that would  otherwise  be determined  by the Superior  Court, including  without  limitation  motions  for new trial, reconsideration,   to vacate judgment,  to stay execution  or enforcement,  to tax costs,  and/or for attorneys'  fees. The parties  shall, subject  to the referee's  power to award  costs to the prevailing  party, bear equally the costs of the reference proceeding,  including  without  limitation  the fees and costs of the referee  and the court reporter.

		
	(e)
	The parties  acknowledge  that (i) the referee  alone  shall determine  all issues  of fact and/or law in the Dispute, without  a jury,  (ii) the referee  does not have the power to empanel  a jury,  (iii) the Superior  Court  shall enter judgment  on the  decision  of the referee pursuant  to CCP Section  644(a)  as ifthe  decision  were issued  by the Superior  Court, (iv) the decision  of the referee  shall not be subject to review  by the Superior  Court, and (v) the decision  of the referee,  once entered  as a judgment  by the Superior Court,  shall be binding,  final and conclusive,  shall have the full force and effect of a judgment  of the Superior  Court,  and shall be subject to appeal to the same extent as a judgment  of the Superior  Court.

[SIGNATURES APPEAR ON NEXT PAGE]

	
		
	Very truly yours,

	 
	 

	COLLATERAL FINANCE

	CORPORATION

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	Address: 
	429 Santa Monica Boulevard

	 
	Suite 230

	 
	Santa Monica, CA 90401

	
		
	AGREED:

	 
	 

	A-MARK PRECIOUS METALS, INC.

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	Address: 
	429 Santa Monica Boulevard

	 
	Suite 230

	 
	Santa Monica, CA 90401

	
		
	Very truly yours,

	 
	 

	COLLATERAL FINANCE

	CORPORATION

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	Address: 
	429 Santa Monica Boulevard

	 
	Suite 230

	 
	Santa Monica, CA 90401

	
		
	AGREED:

	 
	 

	A-MARK PRECIOUS METALS, INC.

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	Address: 
	429 Santa Monica Boulevard

	 
	Suite 230

	 
	Santa Monica, CA 90401

ANNEXB

COMPANY ASSIGNMENT

Dated:_____________ 

Brown Brothers Harriman & Co., as Agent
140 Broadway.
New York, NY 10005

Re:  CFC Loan and CFC Assignment No.______________

Gentlemen:

The undersigned, A-Mark Precious Metals, Inc. (the "Company") pursuant to the terms of an Amended and Restated Collateral Agency Agreement (1999) dated as of November 30, 1999, as amended from time to time, among the Company, the Lenders, the Agent (the "Collateral Agency Agreement") has executed and delivered this Company Assignment.  All capitalized terms used in this Company Assignment shall have the meaning given each such term in the Collateral Agency Agreement, unless otherwise defined herein.

Collateral Finance Corporation, a wholly owned subsidiary of the Company ("CFC") has entered into a Commercial Finance Loan and Security Agreement dated_____________, with _____________ (the "CFC Borrower"), as from time to time amended, restated, supplemental or otherwise modified (the "CFC Loan Agreement"). Pursuant to CFC Loan Agreement, CFC has made or shall make loans to the CFC Borrower in a principal amount not to exceed $________________at anyone time outstanding (the "CFC Loan"), which are evidenced by the CFC Borrower's promissory note(s) (the "CFC Note") and are secured by the Collateral (as defined in the CFC Loan Agreement).

As a condition to the Lenders making loans to the Company, which in part are relent to CFC by the Company, CFC has executed and delivered the CFC Assignment, assigning to the Company of all of CFC's rights in and to the CFC Loan, the CFC Note, the CFC Loan Documents and the Collateral.

The Company hereby agrees as follows:

1.    The Company hereby represents, covenants and agrees that it has delivered to the Agent the executed original (i) CFC Assignment, (ii) CFC Loan Agreement, (iii) CFC Note duly endorsed by CFC and the Company, (iv) acknowledged UCC-l Financing Statement filed with respect to the CFC Collateral and (v) the other Loan Documents.   The Company  hereby  authorizes  the Agent to file a UCC-3
Financing Statement  naming  the Agent  as assignee  of CFC, as secured  party.

2.    The Company  hereby  assigns,  transfers  and sets over to the Agent  (for the benefit of the Lenders),  its successors  and assigns  and grants to the Agent  (for the benefit of the Lenders),  and its successors  and assigns  a security  interest  in, and lien upon, all of CFC's   and the Company's right, title and interest  in, under,  to and by virtue  of (a) the CFC Loan Documents,   as the same maybe  amended  or supplemented  from time to time, (b) the CFC Note,  (c) the other CFC Loan Documents,  (d) all of 

CFC's and the Company's   right to compel performance  by the CFC Borrower  of the terms of the foregoing,  (e) all of the  CFC Collateral  and the proceeds  thereof,  and (f) all of CFC's right to receive  all monies  due and to become  thereunder  or payable  by reason  thereof.

3.    The Company  hereby  irrevocably  authorizes  and empowers  the Agent  to give notice  of this Company  Assignment  to the CFC Borrower,  and to any other person  obligated  on the CFC Note and after any Lender  demands  payment  from or gives notice of an Event of Default  by the Company  (a "Company  Default")  to receive  directly  all payments  or prepayments   made by the CFC Borrower.   The Collateral  shall be included  in the Security  and in the event of a Company Default  the Agent shall have all of the rights and remedies  with respect  thereto as provided  for in the Facility Documents.

4.    The Company  hereby  irrevocably  authorizes  and empowers  the Agent  after a Company  Default  in its name or otherwise,  to demand,  receive  and collect,  and to give acquittance  for the payment  of any and all amounts,  paid or to be paid under or pursuant  to the CFC Loan Agreement  the CFC Note,  and any other  CFC Loan Document,  or to file any claims and to commence,  maintain  or discontinue  any actions,  suits or other proceedings  which  the Agent  deems  advisable,  in order to collect  or enforce payment  of such amounts,  to settle,  adjust  and compromise  any and all disputes  or claims in respect  to such amounts  and to endorse  any and all checks,  drafts or other orders or instruments  for the payment  of money  which shall be issued in respect to amounts  due pursuant  to or under the CFC Loan Agreement,  the CFC Note and any other CFC Loan Document.

5.    The Company  further represents  and warrants  that (a) the CFC Loan Agreement, the CFC Note and each other CFC Loan Document  are each in full force and effect  and each constitutes  the valid, binding  and enforceable  obligation  of each person  who is a party thereto,  (b) it has not assigned,  pledged,  transferred  or granted  a security  interest in or otherwise  encumbered  any of its rights  arising under  or by virtue of the CFC Loan Agreement,  the CFC Note or any other CFC Loan Document  and it will not assign, pledge,  transfer,  grant a security  interest in or otherwise  encumber  any such rights  except as provided  herein,  (c) the CFC Note is not subject to any offset, defense  or counterclaim,   and (d) the unpaid principal  amount of the CFC Note on the date hereof  is $__________________.

6.    At any time and from time to time, upon the written request  of the Agent,  and at the sole expense  of the Company,   the Company  shall promptly  and duly execute and deliver  any and all such further  instruments  and documents  and take such further  action,  as the Agent may reasonably  request  in order to obtain  for the Agent  the full benefits  of this Company  Assignment,  the CFC Assignment  and of the rights  and powers  herein  and therein  granted.

7.        This  Company  Assignment  shall (a) be governed  and construed  in accordance with  the internal  laws of the State of New York without  regard  to conflict  of laws principles,  (b) remain  in full force and effect until terminated  in a written instrument  signed by the Agent,  and (c) be binding  upon the Company  and its successors  and assigns  and shall inure to the benefit  of the agent and their successors  and assigns.

8.    THE PARTIES  EACH  HEREBY  CONSENT  TO THE JURISDICTION   OF THE COURTS  OF THE STATE  OF NEW  YORK  AND THE COURTS  OF THE UNITED  STATES  FOR THE SOUTHERN  DISTRICT  OF NEW  YORK AND  CONSENT  THAT  ANY ACTION  OR PROCEEDING   HEREUNDER MAYBE  BROUGHT  IN SUCH  COURTS.   EACH HEREBY  WANE   ANY OBJECTION   THAT  IT MAY NOW  OR HEREAFTER   HAVE  TO THE VENUE  OF SUCH ACTION  OR PROCEEDING   IN ANY  SUCH  COURT  OR THAT  SUCH ACTION  OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT   COURT  AND AGREES  NOT TO 

PLEAD  THE SAME.   TO THE EXTENT  PERMITTED  BY APPLICABLE   LAW, EACH  PARTY HEREBY  WAlVES  THE RIGHT  TO TRIAL  BY JURY  IN ANY  ACTION, CLAIM,  LAWSUIT  OR PROCEEDING   BASED  UPON,  ARISING  OUT OF, OR IN ANY WAY RELATING  TO: (i) THIS AGREEMENT   OR ANY SUPPLEMENT   OR AMENDMENT   THERETO;  OR (ii) ANY OTHER PRESENT  OR FUTURE  INSTRUMENT   OR AGREEMENT   BETWEEN   ANY OF THE PARTIES  HERETO;  OR (iii) ANY BREACH,  CONDUCT,  ACTS  OR OMISSIONS  OF ANY  OF THE PARTIES  HERETO  OR ANY  OF THEIR RESPECTNE    DIRECTORS,   OFFICERS,  EMPLOYEES,   AGENTS, ATTORNEYS   OR ANY OTHER  PERSON  AFFILIATED   WITH  OR REPRESENTING   ANY  OF THE PARTIES  HERETO;  IN EACH  OF THE FOREGOING   CASES,  WHETHER  SOUNDING  IN CONTRACT   OR TORT OR  OTHERWISE.

9.          California  Dispute  Resolution.

(a)       Notwithstanding   Section  8 above, with respect  to any controversy,   dispute or claim brought  in the State of California  between  the parties  based  upon, arising  out of, or in any way relating  to: (i) this Agreement  or any supplement  or amendment  thereto;  or (ii) any other present  or future instrument  or agreement between  the parties hereto;  or (iii) any breach,  conduct,  acts or omissions  of any of the parties hereto or any of their respective  directors,  officers,  employees, agents,  attorneys  or any other person  affiliated  with or representing   any of the parties  hereto;  in each of the foregoing  cases, whether  sounding  in contract  or tort or otherwise  (a "Dispute")  shall be resolved  exclusively  by judicial  reference  in accordance  with Sections  638 et seq. of the California  Code of Civil Procedure ("CCP")  and Rule 244.1 of the California  Rules of Court  ("CRC"),  subject to the following  terms and conditions.  (All references  in this section  to provisions  of the CCP  and/or CRC shall be deemed  to include  any and all successor  provisions).

(b)       The reference  shall be a consensual  general reference  pursuant  to CCP Sections  638 and 644(a). Unless  the parties  otherwise  agree in writing,  the reference  shall be to a single referee.  The referee  shall be a retired  Judge of the Los Angeles  County  Superior  Court  ("Superior  Court")  or a retired  Justice  of the California  Court of Appeal  or California  Supreme  Court. Nothing  in this section shall be construed  to limit the right of a party, pending  appointment   of the referee,  to seek and obtain provisional  relief from the Superior  Court,  including without  limitation  writ of attachment,  writ of possession,   appointment   of a receiver,  temporary  restraining  order  and/or preliminary   injunction.

(c)       Within  fifteen (15) days after a party gives written  notice  in accordance with this Agreement  to all other parties  to a Dispute  that the Dispute  exists, all parties  to the Dispute  shall attempt  to agree on the individual  to be appointed  as referee.  If the parties  are unable to agree on the individual  to be appointed  as referee,  the referee  shall be appointed,  upon noticed  motion  or ex parte application  by any party, by the Superior  Court in accordance  with CCP Section 640, subject to all rights of the parties  to challenge  or object  to the appointment, including  without  limitation  the right to peremptory  challenge  under  CCP Section 170.6. If the referee  (or any successor  referee)  appointed  by the Superior  Court is unable,  or at any time becomes  unable,  to serve as referee  in the Dispute,  the Superior  Court shall appoint  a new referee  as agreed to by the parties  or, if the parties  cannot  agree, in accordance  with CCP Section  640, which  new referee shall  then have the same powers,  and be subject to the same terms  and conditions,  as the predecessor  referee.

(d)       Venue  for all proceedings  before the referee,  and for any Superior  Court proceeding  for the appointment  of the referee,  shall be exclusively  within  the County  of Los Angeles,  State of California.   The referee  shall have the exclusive power  to determine  whether  a Dispute  is subject to judicial  reference  pursuant  to this section. Trial, and all proceedings   and hearings on dispositive motions, conducted  before  the referee  shall be conducted  in the presence  of, and shall be transcribed   by, a court reporter,  unless  otherwise  agreed  in writing  by all parties to the proceeding.   The referee  shall issue a written  statement  of decision,  which shall be subject  to objections  of the parties  pursuant  to CRC  Rule 232 as if the statement  of decision  were issued by the Superior  Court.  The referee's  powers include,  in addition  to those set forth in CCP Sections  638, et seq., and CRC Rule 244.1,  (i) the power  to grant provisional  relief,  including  without  limitation  writ of attachment,   writ of possession,  appointment  of a receiver,  temporary restraining   order  and/or preliminary  injunction,  and (ii) the power  to hear and resolve  all post-trial  matters  in connection  with the Dispute  that would  otherwise be determined   by the Superior  Court, including  without  limitation  motions  for new trial,  reconsideration,   to vacate judgment,  to stay execution  or enforcement, to tax costs,  and/or  for attorneys'   fees. The parties  shall, subject  to the referee's power  to award  costs to the prevailing  party, bear equally  the costs of the reference  proceeding,   including  without  limitation  the fees and costs of the referee  and the court reporter.

(e)       The parties  acknowledge   that (i) the referee  alone  shall determine  all issues  of fact and/or  law in the Dispute,  without  a jury,  (ii) the referee  does not have the  power  to empanel  a jury,  (iii) the Superior  Court  shall enter judgment  on the  decision  of the referee  pursuant  to CCP Section  644(a)  as if the decision  were issued  by the Superior  Court,  (iv) the decision  of the referee  shall not be subject to review  by the Superior  Court, and (v) the decision  of the referee,  once entered as a judgment   by the Superior  Court,  shall be binding,  final and conclusive,  shall have the full force and effect of a judgment  of the Superior  Court,  and shall be subject  to appeal  to the same extent  as a judgment  of the Superior  Court.

	
		
	Very truly yours,

	 
	 

	COLLATERAL FINANCE

	CORPORATION

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	Address: 
	429 Santa Monica Boulevard

	 
	Suite 230

	 
	Santa Monica, CA 90401

ANNEX C

EXHIBIT  2

COLLATERAL REPORT
(INCLUDING CFC COLLATERAL)

	
					
	FAXED AND MAILED ON
	 
	A-MARK WEEKLY COLLATERAL REPORT
	 
	 

	3RD BUSINESS DAY EACH WEEK
	 
	 
	 
	Prepared By:

	 
	 
	(AS OF CLOSE OF BUSINESS_______)
	 
	Reviewed By:

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

Signed by __________________________________________________________  Date __________________________
Thor Gjerdrum, Chief Financial Officer
	
	
	FOR INTERNAL USE ONLY BY A-MARK PRECIOUS METALS, INC.

A-MARK WEEKLY COLLATERAL REPORT

A-MARK WEEKLY COLLATERAL REPORT

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