Document:

Ex 10.15

EXECUTION  COPY

A-MARK PRECIOUS  METALS, INC.

FIFTH  AMENDMENT  DATED AS OF MARCH 31, 2010 TO 
AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT (1999), 
AMENDED AND RESTATED INTERCREDITOR AGREEMENT  (1999), AND
AMENDED AND RESTATED GENERAL SECURITY AGREEMENT (1999) 
EACH DATED AS OF NOVEMBER 30,1999,
AND EACH AS AMENDED

THIS  FIFTH  AMENDMENT is dated as of March 31, 2010 by and among FORTIS CAPITAL CORP., ("FCC"), RZB FINANCE LLC ("RZB"), NATIXIS, NEW YORK BRANCH ("NATIXIS"), FORTIS BANK (NEDERLAND) N.V. ("FORTIS BANK NEDERLAND") and BROWN BROTHERS HARRIMAN & CO. ("BBH" in its capacity as agent for itself as a Lender (as defined below) and all other Lenders the "Agent") and A-MARK PRECIOUS METALS, INC., a New York corporation (the "Company").  FCC, RZB, NATIXIS and BBH are hereinafter sometimes referred to collectively as the "Existing Lenders".

RECITALS

A.        The Company, the Existing 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");  and (iii) Amended and Restated General
Security Agreement (1999) dated as of November 30, 1999 (the "Security Agreement"), as each has been amended by amendments dated as of August 21, 2002, November 30, 2003, November
30, 2004 and March 29, 2006. The capitalized terms used in this Fifth Amendment shall have the meaning given each such term in the Agreement, as amended unless otherwise defined herein.

B.        FORTIS BANK NEDERLAND has agreed to consider in its sole discretion to make advances and provide other financial accommodations to the Company and has requested as of the Effective Date to become a Lender and a party to each of the Agreement and the other Facility Documents, as amended.

C.        Pursuant to the provisions of the Fourth Amendment dated as of March 29,2006, each of the Existing Lenders agreed to consider in its sole discretion to make advances to the Company, which were to be readvanced to Collateral Finance Corporation ("CFC"), a wholly owned subsidiary of the Company, for the purpose of enabling CFC to engage in the business of making loans to its borrowers secured by bullion and/or numismatically valuable or rare coins, which loans and collateral are to be assigned by CFC to the Company and by the Company to the Agent for the benefit of the Lenders.

D.        The Company has requested that the Lenders (as defined below) consider in their respective sole discretion to continue to make advances to the Company which are to be readvanced to CFC, for the purpose described in Recital C above.  The Lenders have agreed to consider in their respective sole discretion to do so, on the terms and conditions set forth in this Fifth Amendment and their respective loan documents.

E.        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) add additional Approved Depositories, (iii) add FORTIS BANK NEDERLAND as a Lender, and (iv) provide for changes in the CFC Loan Documents and for other additional changes, all on the terms and conditions provided for herein.

F.         The foregoing Recitals are incorporated and made a part of this Fifth 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)       Section I "Definitions" is hereby amended to add in alphabetical order or modify the following terms:

"CFC Allonge" shall mean an Allonge in the form of Annex A hereto, duly executed by
CFC, the Company and the Agent and affixed to each CFC Note.

"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, in form, scope and substance, from time to time, acceptable to the Agent and the Lenders, 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 $15,000,000 unless the Agent, on behalf of and with the consent of all the Lenders, shall in writing approve an amount in excess of$15,000,000,  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 and after giving effect to paragraph (k) of Section II(C)(2) of this
Agreement) is more than $7,500,000, 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 of CFC 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 (1) hereof."

"Hedged  Inventory"   means all Precious  Metals  owned  by the Company  with respect  to which  

the Company  has purchased  futures or Forward  Contracts  or which  are subject  to an executed  and binding  forward  sales contract,  with a fixed price  and a delivery  date of not more than one (1) year,  each in form and with a counterparty   acceptable  to the Agent  and the Lenders.

(b)        Section  II(C)(2)  (Other Components   of Collateral  Value)  is hereby  amended  by restating  paragraph   (k) in its entirety,  to read as follows:
    
"(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 $7,500,000,  unless  the Agent,  on behalf  of and with the consent  of the Lenders,  shall in writing approve  an amount  in excess  of  $7,500,000  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) $15,000,000;"

(c)        The terms "this Agreement",  "Intercreditor   Agreement"   and "Security Agreement",   and terms  of similar  import, as each is used in the Agreement,  the Intercreditor Agreement,   the Security  Agreement  and the other Facility  Documents,   as each have or shall be amended  from time  to time, shall include all of the revisions  to each such document  as provided for in this Fifth Amendment.

(d)        The definitions  of "Assigned  Material",  "Assigned  Material  in Transit", "Confirmed   Material",   and "On-Site  Material"  shall each be amended  to insert after the phrase "Precious  Metals"  wherever  such appears therein  the phrase  ",which  constitute  Hedged Inventory. "

(e)        Section  IV (Additional  Reporting  and Other  Requirements)   is hereby  amended  by restating  paragraph   (1) in its entirely,  to 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 each CFC Loan Document,   (iv) deliver  to the Agent,  a UCC  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$15,000,000    or  (B) 25% of the Total  Collateral  Value  as calculated  and 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 (in form acceptable  to the Agent  and the Lenders)  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,  (ix) from time to time,  at Agent's   request,  make such revisions  to the CFC Loan Documents  

as the Agent or any Lender  shall reasonably  request,  and (x) execute  and deliver  to the Agent  a CFC Allonge  within two (2) Business  Days  after the execution  of each CFC Note."

(f)     Section  X(B) is hereby  amended  by adding  thereto  the following: 

Fortis Bank (Nederland)  N.V.
Coolsingel  93,3012   AE
Rotterdam,  The Netherlands
Attention: Aydemir  Koksal
Tel: +31  10 401 6808
Email:  Aydemir.Koksal@nl.fortis.com

(g)        Exhibit  1 (Approved  Depositories)   is hereby  amended  to add thereto  the
Approved  Depositories   as set forth in Annex  B to this Fifth Amendment.

(h)        Exhibit  2 (Collateral  Report)  is hereby  amended  to read in its entirety  as set forth in Annex  C to this Fifth Amendment.

(i)         Notwithstanding   anything to the contrary  contained  in the Agreement,  as modified   by this Fifth 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.

(j)        The Company hereby confirms that it has authorized the Agent to tile a financing statement or other required document under the Personal Property Security Act (Ontario), granting to Agent for the benefit of the Lenders a security interest in all of the Assigned Material from time to time stored at the Royal Canadian Mint, together with the proceeds thereof.  All costs and expenses, including, legal fees, incurred by the Agent in connection with the foregoing shall be paid by the Company. The Company shall execute and deliver to Agent (at the Company's   expense)  all such instruments  as Agent  or any Lender  shall, from time to time, request  in order  to perfect  Agent's   security  interest  in such Assigned  Material.

SECTION 2.  AMENDMENTS  TO FACILITY DOCUMENTS.

(a)         Each reference  to the term "Lenders"   or any similar  term in the Agreement,  each Facility  Document,   the Security  Agreement  and the Intercreditor   Agreement,   shall be deemed  a reference  to the Existing  Lenders  and FORTIS  BANK  NEDERLAND.     From and after the Effective  Date FORTIS  BANK NEDERLAND   shall have all of the rights of and shall be subject to all of the obligations   of a Lender  under the Agreement,   each Facility  Document,  the Security Agreement   and the Intercreditor  Agreement,  as amended  from time to time.

(b)        Each  reference  in any Facility  Document,  the Security  Agreement  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 Fifth  Amendment.

(c)        BBH  hereby  agrees that it shall only assert  its right of set-off  with respect  to any 

monies  on deposit  in any account  covered  by a Cash Collateral  Agreement,   in its capacity  as Agent  for the Lenders,  including,  itself.

(d)        The Agent hereby  agrees to prepare  and file all UCC  Financing  Statements  or Amendments   as reasonably  requested  by FORTIS  BANK  NEDERLAND   to include  it as a secured  party  in each filing heretofore  made by the Agent  on behalf  of the Lenders.

(e)        Each  reference  to the execution  and delivery  of a consent  by a CFC Borrower  in the forms  of CFC Assignment,   Company  Assignment  and CFC Loan Assignment  annexed  as Exhibits  to certain  of the Facility  Documents  is hereby  deleted.

(f)         The Company and CFC shall execute and deliver to the Agent a CFC Allonge with respect to each CFC Note assigned to the Agent prior to the Effective Date, no later than five (5) Business Days after the Effective Date.

SECTION  3.  EFFECTIVE  DATE.

The revisions contained in this Fifth Amendment to the Agreement, each Facility Document, the Security Agreement and the Intercreditor Agreement shall become effective (the "Effective Date") upon the execution and delivery by the parties hereto of this Fifth Amendment.

SECTION  4. FURTHER  ASSURANCES.

The Company agrees to and cause others to execute and deliver all such documents as the Agent and/or the Lenders shall reasonably request in connection with the transactions contemplated by this Fifth Amendment.

SECTION  5. MISCELLANEOUS.

(a)         The Company  hereby represents  and warrants  that after giving  effect  to the transactions   contemplated   by this Fifth Amendment   there exists no default  under  the Agreement, the Security  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 Fifth Amendment,
the Company   hereby  represents,  warrants  and covenants,  that it has not granted  nor shall after the Effective  Date,  grant  a security  interest  in or assign  any of its rights  in any CFC Loan,  any CFC Collateral,  any CFC Note or any of the CFC Loan Documents  to any other person,  firm or entity (other  than the Agent  for the benefit of the Lenders  and as provided  in Section  5(i) below).

(c)        Except  as expressly  modified  by this Fifth Amendment,   the Agreement,   the Intercreditor   Agreement,  the Security  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 Fifth Amendment.

(d)        This Fifth 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 Fifth 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,  the Security Agreement   and the Facility  Documents  as each are amended  by this Fifth 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 Fifth Amendment  and the documents  herein  contemplated, including,  without  limitation,  the disbursements   and fees of counsel  to the Agent.

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

(i)         The Company  and NATIXIS each hereby  agree that notwithstanding   the filing by Natixis  of a UCC-l   financing  statement  on September  2, 2009 against  the Company  and the execution  of a security  agreement  by the Company  in favor of NATIXIS  (together,  the "Natixis Documents"),   the security  interest of the Agent on behalf of itself and all other  Lenders, including  NATIXIS,   shall have priority over the security  interest  in and rights  of Natixis in the

    

Collateral  by reason  of the Natixis  Documents  and NATIXIS  shall not take any action  thereunder except  as expressly  permitted  by the Agreement  and the Intercreditor   Agreement   and shall not assign,  pledge  or transfer  the Natixis  Documents  to any other person  or entity.
    
IN WITNESS WHEREOF,  the parties hereto have caused this Fifth 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:
	 

Collateral  by reason  of the Natixis  Documents  and NATIXIS  shall not take any action  thereunder except  as expressly  permitted  by the Agreement  and the Intercreditor   Agreement   and shall not assign,  pledge  or transfer  the Natixis  Documents  to any other person  or entity.
    
IN WITNESS WHEREOF,  the parties hereto have caused this Fifth 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:
	 

Collateral  by reason  of the Natixis  Documents  and NATIXIS  shall not take any action  thereunder except  as expressly  permitted  by the Agreement  and the Intercreditor   Agreement   and shall not assign,  pledge  or transfer  the Natixis  Documents  to any other person  or entity.
    
IN WITNESS WHEREOF,  the parties hereto have caused this Fifth 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:
	 

	
		
	NATIXIS, NEW YORK BRANCH, as Lender

	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	
		
	RZB FINANCE LLC, as Lender

	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

	
		
	FORTIS BANK (NEDERLAND) N.V., as Lender

	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	
		
	BROWN BROTHERS HARRIMAN & CO.,

	as Lender and Agent

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	
		
	FORTIS BANK (NEDERLAND) N.V., as Lender

	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	
		
	BROWN BROTHERS HARRIMAN & CO.,

	as Lender and Agent

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

ANNEX A

CFC ALLONGE

[SEE ATTACHED]

CFC ALLONGE

ALLONGE TO PROMISSORY NOTE

DATED:______________

Borrower:_______________________________
CFC Loan and Assignment  No.:_____________

This Allonge dated as of ____________, 2010 to the above Promissory  Note  delivered  to Collateral Finance  Corporation  ("CFC") in connection  with the above CFC Loan and Assignment,  is being executed  by CFC and A-Mark Precious  Metals, Inc. ("A-Mark")  in order to induce Brown Brothers  Harriman  & Co., in its capacity as Agent (the "Agent"),  under a certain Amended  and Restated  Collateral  Agency Agreement  (1999), dated as of November  30, 1999, as amended (the "Collateral  Agency  Agreement"),  to accept such Promissory  Note as collateral  under the Collateral  Agency  Agreement.

Each of the undersigned  effective as of the date of the above Promissory  Note  (a) hereby duly indorse, with full recourse to each of them, the above Promissory  Note to the Agent,  and (b) irrevocably  agree that this Allonge and the following  indorsements  shall be affixed to and become a part of such Promissory  Note, in accordance  with the provisions  of Section 3-202 of the New York Uniform  Commercial  Code, as amended from  time to time.

Pay To The Order Of
A-Mark Precious Metals, Inc. 
Collateral Finance Corporation
By:___________________
Thor Gjerdrum
Chief Financial  Officer

Pay To The Order Of
Brown Brothers Harriman  & Co., as Agent

A-Mark Precious Metals, Inc.
By:___________________
Rand LeShay
Senior Vice President
By:__________________
Thor Gjerdrum
Chief Financial  Officer

CFC and A-Mark  each hereby represent to the Agent that such Promissory  Note has not been assigned  except  as herein provided and is duly enforceable  against the Borrower  and there exist no offsets,  defenses  or counterclaims  against CFC, A-Mark or the Agent thereunder.

This Allonge  shall be binding on and inure to the benefit of the successors  and assigns of the parties hereto and shall be governed by the internal laws of the State of New York.

COLLATERAL  FINANCE CORPORATION By:___________________
Name: Thor Gjerdrum
Title: Chief Financial Officer
Address: 429 Santa Monica Blvd.
Suite 230
Santa Monica, CA 90401

A-MARK PRECIOUS  METALS,  INC. 
By:__________________
Name: Rand LeShay
Title: Senior Vice President

By:__________________           
Name: Thor Gjerdrum
Title: Chief Financial Officer
Address: 429 Santa Monica Boulevard
Suite 230
Santa Monica, CA 90401

AGREED:

BROWN BROTHERS  HARRIMAN  & CO., 

as Agent
By:__________________________
Name:
Title:
Address:140 Broadway
New York, NY 10005

ANNEX B

EXHIBIT 1

	
				
	Name of Approved Depository
	Telephone and
	Bank
	Date of

	 
	Telecopier Numbers
	Approved
	Depository

	 
	 
	 
	Agreement

	 
	 
	 
	 

	IBI
	Tel (801) 972-5764
	Assigned
	2/7/2008

	3738 West 2340 South
	Fax (801) 972-8772
	Material
	 

	Suite B
	 
	 
	 

	West Valley City, UT 84120-7211
	 
	 
	 

	Contact: Robert Smith
	 
	 
	 

	 
	 
	 
	 

	The Royal Canadian Mint
	Tel (613) 993-4469
	Assigned
	9/16/2007

	320 Sussex
	Fax (613) 998-1330
	Material
	 

	Ottawa, Ontario K1AOG8
	 
	 
	 

	Contact: Lina Cerilli
	 
	 
	 

ANNEX C

EXHIBIT 2

COLLATERAL REPORT
(INCLUDING CFC COLLATERAL)

[SEE ATTACHED]

April 8, 2010

Alexandra J. Toskovich
Banking - Commodities & International Trade Finance
Brown Brothers Harriman & Co.
140 Broadway
New York, NY 10005
(212) 493-8782

Dear Alexandra:

Attached please find five original signed copies of the Execution Copy of the
Fifth Amendment for A-Mark PMI, in substitution of the signatures pages sent on
March 19.

Diran Cholakian, Director replaces Francisco Calmet, Director, as duly authorized officer for Fortis Capital Corp. as of the date of the Amendment.

Best Regards

Francisco Calmet
Director

Collateral  by reason  of the Natixis  Documents  and NATIXIS  shall not take any action  thereunder except  as expressly  permitted  by the Agreement  and the Intercreditor   Agreement   and shall not assign,  pledge  or transfer  the Natixis  Documents  to any other person  or entity.
    
IN WITNESS WHEREOF,  the parties hereto have caused this Fifth 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:
	 

Collateral  by reason  of the Natixis  Documents  and NATIXIS  shall not take any action  thereunder except  as expressly  permitted  by the Agreement  and the Intercreditor   Agreement   and shall not assign,  pledge  or transfer  the Natixis  Documents  to any other person  or entity.
    
IN WITNESS WHEREOF,  the parties hereto have caused this Fifth 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:Ex 10.16

EXECUTION  COPY

A-MARK PRECIOUS  METALS,  INC.

SIXTH AMENDMENT DATED AS OF OCTOBER 29, 2010 TO
AMENDED AND RESTATED COLLATERAL AGENCY  AGREEMENT (1999), 
AMENDED AND RESTATED INTERCREDITOR AGREEMENT (1999), AND
 AMENDED AND RESTATED GENERAL SECURITY AGREEMENT (1999)
 EACH DATED AS OF NOVEMBER 30,1999,
AND EACH AS AMENDED

THIS  SIXTH  AMENDMENT is dated as of October 29, 2010 by and among BNP PARIBAS ("BNP") as successor to FORTIS CAPITAL CORP., ("FCC"), RB INTERNATIONAL (USA) LLC, f/k/a RZB FINANCE LLC ("RZB"), NATIXIS, NEW YORK BRANCH ("NATIXIS"), ABN AMRO Bank N.V. ("ABN") as successor to FORTIS BANK (NEDERLAND) N.V. ("FORTIS BANK NEDERLAND") and BROWN BROTHERS HARRIMAN & CO. ("BBH" in its capacity as agent for itself as a Lender (as defined below) and all other Lenders the "Agent") and A-MARK PRECIOUS METALS, INC., a New York corporation (the "Company").  BNP, RZB, NATIXIS, ABN and BBH are hereinafter sometimes referred to collectively as the "Lenders".

RECITALS

A.    The Company, 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"); and (iii) Amended and Restated General Security Agreement (1999) dated as of November 30, 1999 (the "Security Agreement"), as each has been amended by amendments dated as of August 21, 2002, November 30, 2003, November 30, 2004,  March 29, 2006 and March 31, 2010. The capitalized terms used in this Sixth Amendment shall have the meaning given each such term in the Agreement, as amended unless
otherwise defined herein.

B.    By virtue of a statutory merger under Dutch law, ABN is the successor in interest to all of the rights and obligations of Fortis Bank Nederland, including, without limitation, all of its rights and obligations under the Facility Documents.  Accordingly, since July 1,2010, the date of the merger of Fortis Bank Nederland into ABN, ABN became a Lender, and a party to the Agreement and the other Facility Documents, as amended.

C.    FCC has transferred to BNP all of its rights and obligations under the Facility Documents and BNP has become a Lender and a party to the Agreement and the other Facility Documents as amended.

D.    Pursuant to the provisions of the Fourth Amendment dated as of March 29, 2006, each of the Existing Lenders agreed to consider in its sole discretion to make advances to the Company, which were to be readvanced to Collateral Finance Corporation ("CFC"), a wholly owned subsidiary of the Company, for the purpose of enabling CFC to engage in the business of making loans to its borrowers secured by bullion  and/or numismatically valuable or rare coins, which  loans and collateral are to be assigned by CFC to the Company and by the Company to the Agent for the benefit of the Lenders,

E.    The Company has requested that the Lenders consider in their respective sole discretion to continue to make advances to the Company which are to be readvanced to CFC, for the purpose described in Recital D above. The 

Lenders have agreed to consider in their respective sole discretion to do so, on the terms and conditions  set forth  in the Facility Documents as amended by this Sixth Amendment and their respective loan documents.

F.    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) confirm each of ABN and BNP as a Lender, and (iii) provide for changes in the CFC Loan Documents and for other  additional changes, all on the terms and conditions provided for herein.

G.    The foregoing Recitals are incorporated and made a part of this Sixth 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)    Section I "Definitions" is hereby amended to add in alphabetical order or modify the following  terms:

"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, in form, scope and substance, from time to time, acceptable to the Agent and the Lenders, 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 together with all other outstanding CFC Loans to the same CFC Borrower are in excess  of $5,000,000, or (b) the aggregate amount outstanding under all CFC Loans as at the date of computation shall be in excess of $25,000,000 unless the Agent, on behalf of and with the consent of all the Lenders, shall in writing approve an amount in excess of $25,000,000, 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  $18,750,000,   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, or (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 of CFC 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, or (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 (k) the CFC Collateral for such CFC Loan is not held at a CFC Approved Depository, or any other Approved Depository as shall be applicable, which has executed a Depository Agreement under which the Agent shall have the right to take exclusive control over such CFC Collateral, or (1) the Company and CFC have failed to comply with all of the terms and conditions contained in Section IV (J) hereof."

(b)    Section II(C)(2) (Other Components of Collateral Value) is hereby amended by restating paragraph (k) in its entirety, to read as follows:

"(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), plus (ii) 80% of the aggregate principal amount of the then outstanding Eligible CFC Loans secured by Bullion Collateral;"

(c)    The terms "this Agreement", "Intercreditor Agreement" and "Security Agreement", and terms of similar import, as each is used in the Agreement, the Intercreditor Agreement, the Security Agreement and the other Facility Documents, as each have or shall be amended from time to time, shall include all of the revisions to each such document as provided for in this Sixth Amendment.

(d)    Section IV (Additional Reporting and Other Requirements) is hereby amended by restating paragraph (J) in its entirely, to read as follows:

"(J)    In addition to the other requirements of this Section IV, with respect to each Eligible CFC Loan, 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, provided, that all CFC Collateral valued at $1,000,000 or more shall be stored at an Approved Depository,  (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 each CFC Loan Document, (iv) deliver to the Agent, a UCC 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, together with a copy of the UCC-l Financing Statement filed by CFC with respect to each CFC Borrower, (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 $25,000,000 or (B) 25% of the Total Collateral Value as calculated and 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 (in form acceptable to the Agent and the Lenders) 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,  (ix) from time to time, at Agent's request, make such revisions to the CFC Loan Documents as the Agent or any Lender shall reasonably request, and (x) execute and deliver to the Agent a copy of each original CFC Note together with the applicable original executed CFC Allonge  within two (2) Business Days after the execution of each CFC Note."

(e)    Section  IV is hereby  further amended  by adding  a new paragraph  (K) which  shall read as follows:

"(K)    The Company  shall not permit  Assigned  Material  or CFC Collateral.  stored  at any Approved  Depository   at anyone   time to exceed  in the aggregate  the  limits provided  for each Approved  Depository   as set forth in Schedule  A annexed  to Exhibit  1 (Approved  Depositories),   as amended  from time  to time by the Lenders."

(f)    Section X(B) is hereby amended by (i) deleting all references to FCC, Fortis Bank Nederland and RZB Finance LLC and (ii) adding thereto the following:

            	
	
	BNP Paribas

	Deborah Whittle

	deborah.whittle@americas.bnpparibas.com

	Structured Finance

	Commodity Finance North America

	787 Seventh Avenue, NY 10019

	Phone:  212-841-2887

	Fax: 212-841-2536

	 

	ABN AMRO Bank N.V. Stacey V. Judd

	stacey.judd@abnamro.com

	100 Park Avenue, 17th Floor

	New York, NY 10017

	Phone:  917-284-6906

	Fax: 917-284-6683

	 

	RB International Finance (USA) LLC

	Katrin Lange -Hornby

	Klange@usafinance.rbinternational.com

	Commodity Finance

	1133 Sixth Avenue, 16th Floor

	New York, NY 10036

	Phone: 212-845-8367

	Fax: 212-944-6389

(g)    Exhibit 2 (Collateral Report) is hereby amended to read in its entirety as set forth in Annex A to this Sixth Amendment.

(h)    Notwithstanding anything to the contrary contained in the Agreement, as modified by this Sixth 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.

(i)    Exhibit 1 (Approved Depositories) is hereby amended to add thereto the Approved Depository limits as set forth in Annex B to this Sixth Amendment.

SECTION  2.  AMENDMENTS TO FACILITY DOCUMENTS.

(a)    Each reference to the term "Lenders" or any similar term in the Agreement, each Facility Document, the Security Agreement and the Intercreditor Agreement, shall be deemed a reference to the Lenders signatory to this Sixth Amendment.  From and after the Effective Date ABN, BNP and RZB shall have all of the rights of and shall be subject to all of the obligations of a Lender under the Agreement, each Facility Document, the Security Agreement and the Intercreditor Agreement, as amended from time to time.

(b)    Each reference in any Facility Document, the Security Agreement 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 Sixth Amendment.

(c)    The Agent hereby agrees to prepare and file all VCC Financing Statements or Amendments as reasonably requested by ABN, BNP or RZB to include it as a secured party in each filing heretofore made by the Agent on behalf of the Lenders.

SECTION 3.  EFFECTIVE DATE.

The revisions contained in this Sixth Amendment to the Agreement, each Facility Document, the Security Agreement and the Intercreditor Agreement shall become effective (the "Effective Date") upon the execution and delivery by the parties hereto of this Sixth Amendment.

SECTION 4.  FURTHER ASSURANCES.

The Company agrees to and cause others to execute and deliver all such documents as the Agent and/or the Lenders shall reasonably request in connection with the transactions contemplated by this Sixth Amendment.

SECTION 5.  MISCELLANEOUS.

(a)    The Company hereby represents and warrants that after giving effect to the transactions contemplated by this Sixth Amendment there exists no default under the Agreement, the Security 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 Sixth Amendment, the Company hereby represents, warrants and covenants, that it has not granted nor shall after the Effective Date, grant a security interest in or assign any of its rights in any CFC Loan, any CFC Collateral, any CFC Note or any of the CFC Loan Documents to any other person, firm or entity (other than the Agent for the benefit of the Lenders and as provided in Section 5(i) below).

(c)    Except as expressly modified by this Sixth Amendment, the Agreement, the Intercreditor Agreement, the Security 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 Sixth Amendment.

(d)    This Sixth 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 Sixth 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, the Security Agreement and the Facility Documents as each are amended by this Sixth 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 Sixth Amendment and the documents herein contemplated, including, without limitation, the disbursements and fees of counsel to the Agent.

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

IN WITNESS WHEREOF,  the parties hereto have caused this Sixth 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:
	 

	 
	 

	BNP PARIBAS, as Lender

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

IN WITNESS WHEREOF,  the parties hereto have caused this Sixth 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:
	 

	 
	 

	BNP PARIBAS, as Lender

	 
	 

	By:
	 

	Name:
	Deborah P. Whittle

	Title:
	Director

	 
	 

	By:
	 

	Name:
	Christina Elio Roberts

	Title:
	Managing Director

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

	
		
	NATIXIS, NEW YORK BRANCH, as Lender

	By:
	 

	Name:
	Carla Sweet

	Title:
	Director

	 
	 

	By:
	 

	Name:
	 

	Title:
	Amaury COURTIAL

	 
	 

	RB INTERNATIONAL FINANCE (USA) LLC, as Lender

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

	
		
	NATIXIS, NEW YORK BRANCH, as Lender

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	RB INTERNATIONAL FINANCE (USA) LLC, as Lender

	 
	 

	By:
	 

	Name:
	PEARL GEFFERS

	Title:
	FIRST VICE PRESIDENT

	 
	 

	By:
	 

	Name:
	Katrin Lange-Hornby

	Title:
	Vice President

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

	
		
	ABN AMRO BANK N.V., as Lender

	By:
	 

	Name:
	P.H.L.M Ingen Housz

	Title:
	 

	 
	 

	By:
	 

	Name:
	J.G. Cregten

	Title:
	 

	 
	 

	BROWN BROTHERS HARRIMAN & CO., as Lender and Agent

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	 
	 

	
		
	ABN AMRO BANK N.V., as Lender

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	BROWN BROTHERS HARRIMAN & CO., as Lender and Agent

	 
	 

	By:
	 

	Name:
	JOHN C. LORENZ

	Title:
	SENIOR VICE PRESIDENT

	 
	 

ANNEXA

EXHIBIT  2

COLLATERAL REPORT
(INCLUDING CFC COLLATERAL)

[SEE ATTACHED]

ANNEX B

SCHEDULE  A
TO EXHIBIT 1

APPROVED DEPOSITORY LIMITS

[ANNEXED HERETO]

EXECUTION  COPY

A-MARK PRECIOUS  METALS,  INC.

SIXTH AMENDMENT DATED AS OF OCTOBER 29, 2010 TO
AMENDED AND RESTATED COLLATERAL AGENCY  AGREEMENT (1999), 
AMENDED AND RESTATED INTERCREDITOR AGREEMENT (1999), AND
 AMENDED AND RESTATED GENERAL SECURITY AGREEMENT (1999)
 EACH DATED AS OF NOVEMBER 30,1999,
AND EACH AS AMENDED

THIS  SIXTH  AMENDMENT is dated as of October 29, 2010 by and among BNP PARIBAS ("BNP") as successor to FORTIS CAPITAL CORP., ("FCC"), RB INTERNATIONAL (USA) LLC, f/k/a RZB FINANCE LLC ("RZB"), NATIXIS, NEW YORK BRANCH ("NATIXIS"), ABN AMRO Bank N.V. ("ABN") as successor to FORTIS BANK (NEDERLAND) N.V. ("FORTIS BANK NEDERLAND") and BROWN BROTHERS HARRIMAN & CO. ("BBH" in its capacity as agent for itself as a Lender (as defined below) and all other Lenders the "Agent") and A-MARK PRECIOUS METALS, INC., a New York corporation (the "Company").  BNP, RZB, NATIXIS, ABN and BBH are hereinafter sometimes referred to collectively as the "Lenders".

RECITALS

A.    The Company, 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"); and (iii) Amended and Restated General Security Agreement (1999) dated as of November 30, 1999 (the "Security Agreement"), as each has been amended by amendments dated as of August 21, 2002, November 30, 2003, November 30, 2004,  March 29, 2006 and March 31, 2010. The capitalized terms used in this Sixth Amendment shall have the meaning given each such term in the Agreement, as amended unless
otherwise defined herein.

B.    By virtue of a statutory merger under Dutch law, ABN is the successor in interest to all of the rights and obligations of Fortis Bank Nederland, including, without limitation, all of its rights and obligations under the Facility Documents.  Accordingly, since July 1,2010, the date of the merger of Fortis Bank Nederland into ABN, ABN became a Lender, and a party to the Agreement and the other Facility Documents, as amended.

C.    FCC has transferred to BNP all of its rights and obligations under the Facility Documents and BNP has become a Lender and a party to the Agreement and the other Facility Documents as amended.

D.    Pursuant to the provisions of the Fourth Amendment dated as of March 29, 2006, each of the Existing Lenders agreed to consider in its sole discretion to make advances to the Company, which were to be readvanced to Collateral Finance Corporation ("CFC"), a wholly owned subsidiary of the Company, for the purpose of enabling CFC to engage in the business of making loans to its borrowers secured by bullion  and/or numismatically valuable or rare coins, which  loans and collateral are to be assigned by CFC to the Company and by the Company to the Agent for the benefit of the Lenders,

E.    The Company has requested that the Lenders consider in their respective sole discretion to continue to make advances to the Company which are to be readvanced to CFC, for the purpose described in Recital D above. The 

Lenders have agreed to consider in their respective sole discretion to do so, on the terms and conditions  set forth  in the Facility Documents as amended by this Sixth Amendment and their respective loan documents.

F.    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) confirm each of ABN and BNP as a Lender, and (iii) provide for changes in the CFC Loan Documents and for other  additional changes, all on the terms and conditions provided for herein.

G.    The foregoing Recitals are incorporated and made a part of this Sixth 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)    Section I "Definitions" is hereby amended to add in alphabetical order or modify the following  terms:

"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, in form, scope and substance, from time to time, acceptable to the Agent and the Lenders, 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 together with all other outstanding CFC Loans to the same CFC Borrower are in excess  of $5,000,000, or (b) the aggregate amount outstanding under all CFC Loans as at the date of computation shall be in excess of $25,000,000 unless the Agent, on behalf of and with the consent of all the Lenders, shall in writing approve an amount in excess of $25,000,000, 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  $18,750,000,   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, or (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 of CFC 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, or (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 (k) the CFC Collateral for such CFC Loan is not held at a CFC Approved Depository, or any other Approved Depository as shall be applicable, which has executed a Depository Agreement under which the Agent shall have the right to take exclusive control over such CFC Collateral, or (1) the Company and CFC have failed to comply with all of the terms and conditions contained in Section IV (J) hereof."

(b)    Section II(C)(2) (Other Components of Collateral Value) is hereby amended by restating paragraph (k) in its entirety, to read as follows:

"(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), plus (ii) 80% of the aggregate principal amount of the then outstanding Eligible CFC Loans secured by Bullion Collateral;"

(c)    The terms "this Agreement", "Intercreditor Agreement" and "Security Agreement", and terms of similar import, as each is used in the Agreement, the Intercreditor Agreement, the Security Agreement and the other Facility Documents, as each have or shall be amended from time to time, shall include all of the revisions to each such document as provided for in this Sixth Amendment.

(d)    Section IV (Additional Reporting and Other Requirements) is hereby amended by restating paragraph (J) in its entirely, to read as follows:

"(J)    In addition to the other requirements of this Section IV, with respect to each Eligible CFC Loan, 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, provided, that all CFC Collateral valued at $1,000,000 or more shall be stored at an Approved Depository,  (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 each CFC Loan Document, (iv) deliver to the Agent, a UCC 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, together with a copy of the UCC-l Financing Statement filed by CFC with respect to each CFC Borrower, (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 $25,000,000 or (B) 25% of the Total Collateral Value as calculated and 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 (in form acceptable to the Agent and the Lenders) 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,  (ix) from time to time, at Agent's request, make such revisions to the CFC Loan Documents as the Agent or any Lender shall reasonably request, and (x) execute and deliver to the Agent a copy of each original CFC Note together with the applicable original executed CFC Allonge  within two (2) Business Days after the execution of each CFC Note."

(e)    Section  IV is hereby  further amended  by adding  a new paragraph  (K) which  shall read as follows:

"(K)    The Company  shall not permit  Assigned  Material  or CFC Collateral.  stored  at any Approved  Depository   at anyone   time to exceed  in the aggregate  the  limits provided  for each Approved  Depository   as set forth in Schedule  A annexed  to Exhibit  1 (Approved  Depositories),   as amended  from time  to time by the Lenders."

(f)    Section X(B) is hereby amended by (i) deleting all references to FCC, Fortis Bank Nederland and RZB Finance LLC and (ii) adding thereto the following:
            

(g)    Exhibit 2 (Collateral Report) is hereby amended to read in its entirety as set forth in Annex A to this Sixth Amendment.

        	
	
	BNP Paribas

	Deborah Whittle

	deborah.whittle@americas.bnpparibas.com

	Structured Finance

	Commodity Finance North America

	787 Seventh Avenue, NY 10019

	Phone:  212-841-2887

	Fax: 212-841-2536

	 

	ABN AMRO Bank N.V. Stacey V. Judd

	stacey.judd@abnamro.com

	100 Park Avenue, 17th Floor

	New York, NY 10017

	Phone:  917-284-6906

	Fax: 917-284-6683

	 

	RB International Finance (USA) LLC

	Katrin Lange -Hornby

	Klange@usafinance.rbinternational.com

	Commodity Finance

	1133 Sixth Avenue, 16th Floor

	New York, NY 10036

	Phone: 212-845-8367

	Fax: 212-944-6389

(h)    Notwithstanding anything to the contrary contained in the Agreement, as modified by this Sixth 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.

(i)    Exhibit 1 (Approved Depositories) is hereby amended to add thereto the Approved Depository limits as set forth in Annex B to this Sixth Amendment.

SECTION  2.  AMENDMENTS TO FACILITY DOCUMENTS.

(a)    Each reference to the term "Lenders" or any similar term in the Agreement, each Facility Document, the Security Agreement and the Intercreditor Agreement, shall be deemed a reference to the Lenders signatory to this Sixth Amendment.  From and after the Effective Date ABN, BNP and RZB shall have all of the rights of and shall be subject to all of the obligations of a Lender under the Agreement, each Facility Document, the Security Agreement and the Intercreditor Agreement, as amended from time to time.

(b)    Each reference in any Facility Document, the Security Agreement 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 Sixth Amendment.

(c)    The Agent hereby agrees to prepare and file all VCC Financing Statements or Amendments as reasonably requested by ABN, BNP or RZB to include it as a secured party in each filing heretofore made by the Agent on behalf of the Lenders.

SECTION 3.  EFFECTIVE DATE.

The revisions contained in this Sixth Amendment to the Agreement, each Facility Document, the Security Agreement and the Intercreditor Agreement shall become effective (the "Effective Date") upon the execution and delivery by the parties hereto of this Sixth Amendment.

SECTION 4.  FURTHER ASSURANCES.

The Company agrees to and cause others to execute and deliver all such documents as the Agent and/or the Lenders shall reasonably request in connection with the transactions contemplated by this Sixth Amendment.

SECTION 5.  MISCELLANEOUS.

(a)    The Company hereby represents and warrants that after giving effect to the transactions contemplated by this Sixth Amendment there exists no default under the Agreement, the Security 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 Sixth Amendment, the Company hereby represents, warrants and covenants, that it has not granted nor shall after the Effective Date, grant a security interest in or assign any of its rights in any CFC Loan, any CFC Collateral, any CFC Note or any of the CFC Loan Documents to any other person, firm or entity (other than the Agent for the benefit of the Lenders and as provided in Section 5(i) below).

(c)    Except as expressly modified by this Sixth Amendment, the Agreement, the Intercreditor Agreement, the Security 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 Sixth Amendment.

(d)    This Sixth 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 Sixth 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, the Security Agreement and the Facility Documents as each are amended by this Sixth 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 Sixth Amendment and the documents herein contemplated, including, without limitation, the disbursements and fees of counsel to the Agent.

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

    

IN WITNESS WHEREOF,  the parties hereto have caused this Sixth 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:
	 

	 
	 

	BNP PARIBAS, as Lender

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

IN WITNESS WHEREOF,  the parties hereto have caused this Sixth 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:
	 

	 
	 

	BNP PARIBAS, as Lender

	 
	 

	By:
	 

	Name:
	Deborah P. Whittle

	Title:
	Director

	 
	 

	By:
	 

	Name:
	Christina Elio Roberts

	Title:
	Managing Director

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

	
		
	NATIXIS, NEW YORK BRANCH, as Lender

	By:
	 

	Name:
	Carla Sweet

	Title:
	Director

	 
	 

	By:
	 

	Name:
	 

	Title:
	Amaury COURTIAL

	 
	 

	RB INTERNATIONAL FINANCE (USA) LLC, as Lender

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	 
	 

	
		
	NATIXIS, NEW YORK BRANCH, as Lender

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	RB INTERNATIONAL FINANCE (USA) LLC, as Lender

	 
	 

	By:
	 

	Name:
	PEARL GEFFERS

	Title:
	FIRST VICE PRESIDENT

	 
	 

	By:
	 

	Name:
	Katrin Lange-Hornby

	Title:
	Vice President

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

	
		
	ABN AMRO BANK N.V., as Lender

	By:
	 

	Name:
	P.H.L.M Ingen Housz

	Title:
	 

	 
	 

	By:
	 

	Name:
	J.G. Cregten

	Title:
	 

	 
	 

	BROWN BROTHERS HARRIMAN & CO., as Lender and Agent

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

	
		
	ABN AMRO BANK N.V., as Lender

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 
	 

	BROWN BROTHERS HARRIMAN & CO., as Lender and Agent

	 
	 

	By:
	 

	Name:
	JOHN C. LORENZ

	Title:
	SENIOR VICE PRESIDENT

	 
	 

ANNEXA

EXHIBIT  2

COLLATERAL REPORT
(INCLUDING CFC COLLATERAL)

[SEE ATTACHED]

ANNEX B

SCHEDULE  A
TO EXHIBIT 1

APPROVED DEPOSITORY LIMITS

[ANNEXED HERETO]

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