Document:

<PAGE>

                             EIGHTH AMENDMENT TO THE
                         RECEIVABLES PURCHASE AGREEMENT

EIGHTH AMENDMENT (the "Amendment"), dated as of January 10, 1999, to the
Receivables Purchase Agreement, dated as of September 30, 1998, and as amended,
among AMERICAN BUSINESS LEASE FUNDING CORPORATION, as the seller, AMERICAN
BUSINESS LEASING, INC., as the Servicer, the INVESTORS named therein, VARIABLE
FUNDING CAPITAL CORPORATION, as a Purchaser, FIRST UNION SECURITIES, INC. (f/k/a
First Union Capital Markets, a division of Wheat First Securities, Inc.), as
deal agent, FIRST UNION NATIONAL BANK, as liquidity agent and NORWEST BANK
MINNESOTA, NATIONAL ASSOCIATION, as the Collateral Custodian and Backup Servicer
(as amended, modified or supplemented from time to time, the "Receivables
Purchase Agreement"). Capitalized terms used and not defined herein shall have
the same meanings as defined in the Receivables Purchase Agreement.

                                    RECITALS

         The parties listed on the signature pages hereto desire to amend the
Receivables Purchase Agreement to the extent set forth herein, and are willing
to do so subject to the terms and conditions set forth herein.

         Accordingly, in consideration of the covenants, conditions and
agreements hereinafter set forth, and for other good and valuable
considerations, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree to amend the Receivables Purchase Agreement as follows:

         1. Pursuant to the provisions of Section 2.1(b) of the Receivables
Purchase Agreement, the Seller is required to provide no more than 60 days, but
not less than 45 days, prior written notice to the Deal Agent to extend the
Commitment Termination Date. Each of the parties hereto waives the requirement
that an extension request be made within the time required by Section 2.1(b).

         2. The definition of "Commitment Termination Date" in Section 1.1 of
the Receivables Purchase Agreement is hereby amended in its entirety to read as
follows:

         "Commitment Termination Date: March 31, 2000."

         3. Clause (b) of the definition of "Portfolio Concentration Criteria"
in Section 1.1 of the Receivables Purchase Agreement is hereby amended in its
entirety to read as follows:

         "(b) the Contract has a remaining term to maturity of not greater than
         60 months, provided, however, that up to 7.25% (by ADCB) may have a
         remaining term to maturity of not greater than 84 months;"

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         4. Clause (g) of the definition of "Portfolio Concentration Criteria"
in Section 1.1 of the Receivables Purchase Agreement is hereby amended in its
entirety to read as follows:

         "(g) (i) no more than one Source (including its Affiliates) has
         originated more than 5% of the ADCB (this one Source not to exceed
         12.2%), except as consented to by the Deal Agent and (ii) no more than
         44% of the ADCB will be originated by Sources;"

         5. The definition of "Purchase Limit" in Section 1.1 of the Receivables
Purchase Agreement is hereby amended in its entirety to read as follows:

         "Purchase Limit: At any time, $16,000,000, on or after the Termination
         Date, the "Purchase Limit" shall mean the then aggregate outstanding
         Capital."

         6. Section 2.8 of the Receivables Purchase Agreement is hereby amended
in its entirety to read as follows:

         "Section 2.8. [Reserved]."

         7. The introductory paragraph of Section 2.9 of the Receivables
Purchase Agreement is hereby amended in its entirety to read as follows:

         "The provisions of this Section 2.9 shall apply (i) after April 1, 2000
         and (ii) during the term of this Agreement after the occurrence of the
         Termination Date:"

         8. The Seller hereby certifies that each of the representations and
warranties set forth in Article IV of the Receivables Purchase Agreement are
true and correct on the date hereof, as if each such representation and warranty
was made on the date hereof.

         9. This Amendment may be executed in any number of counterparts, each
of which shall be an original and all of which shall constitute one document. It
shall not be necessary in making proof of this Amendment to produce or account
for more than one counterpart signed by the party to be charged. Delivery of an
executed counterpart of a signature page to this letter agreement by facsimile
shall be effective as delivery of a manually executed counterpart of this letter
agreement.

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

         11. Except as amended hereby, the Receivables Purchase Agreement shall
in all other respects remain in full force and effect.

                [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

THE SELLER:                         AMERICAN BUSINESS LEASE FUNDING CORPORATION

                                    By /s/
                                       -----------------------------------------
                                    Title: E.V.P

THE SERVICER:                       AMERICAN BUSINESS LEASING, INC.

                                    By /s/
                                       -----------------------------------------
                                    Title: E.V.P

THE INVESTORS:                      FIRST UNION NATIONAL BANK

                                    By
                                       -----------------------------------------
                                    Title:

                                    Commitment:  $16,000,000

                                    First Union National Bank
                                    One First Union Center TW-9
                                    Charlotte, NC 28288
                                    Attention:  Jane Workman
                                    Facsimile No.:  (704) 374-6249
                                    Confirmation No:  (704) 374-4382

VFCC:                               VARIABLE FUNDING CAPITAL
                                    CORPORATION

                                    By First Union Securities, Inc.,
                                    as attorney-in-fact

                                    By
                                       -----------------------------------------
                                    Title:

                                    Variable Funding Capital Corporation
                                    c/o First Union Securities, Inc.
                                    One First Union Center, TW-9
                                    Attention:  Conduit Administration
                                    Facsimile No.:  (704) 383-6036
                                    Confirmation No.:  (704) 383-9343

                                       3
<PAGE>

THE DEAL AGENT:                     FIRST UNION SECURITIES, INC.

                                    By
                                       -----------------------------------------
                                    Title:

                                    First Union Securities, Inc.
                                    One First Union Center, TW-9
                                    Charlotte, North Carolina 28288
                                    Attention:  Conduit Administration
                                    Facsimile No.:  (704) 383-6036
                                    Telephone No.:  (704) 383-9343

THE LIQUIDITY AGENT:                FIRST UNION NATIONAL BANK

                                    By
                                       -----------------------------------------
                                    Title:

                                    First Union National Bank
                                    One First Union Center TW-9
                                    Charlotte, NC 28288
                                    Attention:  Jane Workman
                                    Facsimile No.:  (704) 374-6249
                                    Confirmation No:  (704) 374-4382

THE COLLATERAL CUSTODIAN:           NORWEST BANK MINNESOTA,
                                    NATIONAL ASSOCIATION,
                                    as Collateral Custodian

                                    By
                                       -----------------------------------------
                                    Title:

                                    Norwest Bank Minnesota, National Association
                                    Sixth Street and Marquette Avenue
                                    Minneapolis, MN  55479-0067

                                    Attention:  Custody Vault
                                    Facsimile No.:  (612) 667-1080
                                    Confirmation No.:  (612) 667-4960

THE BACKUP SERVICER:                NORWEST BANK MINNESOTA,
                                    NATIONAL ASSOCIATION,
                                    as Backup Servicer

                                    By
                                       -----------------------------------------
                                    Title:

                                    Norwest Bank Minnesota, National Association
                                    Sixth Street and Marquette Avenue
                                    Minneapolis, MN  55479-0070

                                    Attention:  Corporate Trust Services
                                       Asset-Backed Administration
                                    Facsimile No.:  (612) 667-3539
                                    Confirmation No.:  (612) 667-8058

                                       4<PAGE>

                              EMPLOYMENT AGREEMENT

         This Employment Agreement ("Agreement") is executed on this ____ day of
October, 1999 by and between RESOURCE AMERICA, INC., a Delaware corporation
having its principal place of business at 1521 Locust Street, Philadelphia,
Pennsylvania 19102 ("RAI") and SCOTT F. SCHAEFFER ("Schaeffer").

                                   BACKGROUND

         A.  Since 1995, Schaeffer has been an officer of RAI and currently he
serves as the Vice Chairman of RAI.

         B. Schaeffer and RAI desire to formally set forth the terms, conditions
and agreements regarding Schaeffer's employment as Vice Chairman of RAI.

                                      TERMS

         NOW, THEREFORE, in consideration of the mutual promises set forth
herein, and intending to be legally bound hereby, RAI and Schaeffer agree as
follows:

         1.  Employment. During the term of this Agreement, Schaeffer shall be
employed as the Vice Chairman of the Board of Directors of RAI.

         2.  Duties. Schaeffer shall report to and accept direction from the
Chairman of the Board and from the Board. Schaeffer shall serve RAI diligently
and to the best of his abilities, but Schaeffer shall be required to devote only
so much of his time and attention to the business of RAI as may be required to
fulfill his duties. It is recognized that Schaeffer in the past has
participated, and it is agreed that Schaeffer in the future may participate in
business endeavors separate and apart from RAI.

         3.  Term. Schaeffer's employment hereunder shall continue in full force
and effect for a period of three (3) years, unless sooner terminated in
accordance with the provisions hereof. Such term shall automatically extend so
that on any day that this Agreement is in effect, it shall have a then current
term of three (3) years. Such automatic extensions shall cease upon RAI's
written notice to Schaeffer of its election to terminate this Agreement at the
end of the three (3) year period then in effect.

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         4.  Compensation.

             (a) Base Compensation. During the period of employment, RAI shall
pay to Schaeffer "Base Compensation" to be established by the Board, initially
in an amount equal to Four Hundred Twenty-Five Thousand Dollars ($425,000.00)
per annum base compensation which Schaeffer, under existing arrangements
approved by the Board, is to receive during calendar 1999 (the "Initial Level").
The Base Compensation will be payable in accordance with the general payroll
practices by which RAI pays its executive officers, and the historical practice
of RAI's compensation of Schaeffer. It is understood that RAI, through the
compensation committee of the Board, will review Schaeffer's performance on an
annual basis and increase or decrease (but in no event below the Initial Level)
such Base Compensation, based upon Schaeffer's performance.

             (b) Incentive Compensation. During the period of employment
Schaeffer may receive incentive compensation in the form of cash bonus payments,
stock option grants and other forms of incentive compensation, based upon
Schaeffer's performance.

             (c) Reimbursement of Expenses. RAI shall reimburse Schaeffer for
all reasonable expenses incurred by Schaeffer in the performance of his duties,
including (without limitation) expenses incurred during business-related travel.

         5.  Benefits.

             Schaeffer shall be entitled to receive the following benefits from
RAI independent of any other benefits which Schaeffer may receive from RAI or
otherwise:

             (a) Participation in Benefit Plans. Schaeffer will participate in
all employee benefit plans in effect during the term of Schaeffer's employment
hereunder.

             (b) Temporary Disability. During any period that Schaeffer fails to
perform his duties hereunder as a result of incapacity due to physical or mental
illness Schaeffer shall continue to receive his full compensation at the rate
then in effect for such period until his employment is terminated pursuant to
paragraph 6(b) hereof.

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         6.  Termination.

             Schaeffer's employment hereunder shall terminate as follows:

             (a) Death. Schaeffer's employment shall terminate automatically
upon the death of Schaeffer.

             (b) Disability. RAI may terminate this Agreement if Schaeffer
becomes disabled by reason of any physical or mental disability whatsoever for
more than two hundred forty (240) days in the aggregate during any calendar year
and the Board determines, that Schaeffer, by reason of such physical or mental
disability, is rendered unable to perform his duties and services hereunder (a
"Disability");

             (c) Termination by Schaeffer for Cause. Schaeffer may terminate his
employment for cause upon thirty (30) days' prior written notice to RAI, with
opportunity to cure any condition reasonably susceptible of cure. For the
purposes of this paragraph 6(c), cause shall be deemed to exist if any of the
following shall occur: (i) without the written consent of Schaeffer, a
substantial change in the services or duties required of Schaeffer hereunder or
the imposition of any services or duties substantially inconsistent with, or in
diminution of Schaeffer's current position, services or duties, or status with
RAI; (ii) failure to continue Schaeffer's coverage under any RAI benefit plan as
required under paragraph 5(a) except pursuant to a change to a benefit plan that
applies to senior executives of RAI generally or is required by law or
regulation; or (iii) any material breach by RAI of any provision of this
Agreement;

             (d) Termination by Schaeffer Without Cause. Schaeffer may terminate
this Agreement without cause upon one hundred eighty (180) days prior written
notice to RAI.

             (e) Change of Control. Schaeffer may, in his discretion, terminate
his employment upon a Change in Control or Potential Change in Control by
sending a Notice of Termination.

             (f) Termination by RAI. In accordance with paragraph 3 hereof, RAI
may terminate this Agreement at the end of the then current three (3) year term.

         7.  Effect of Termination.

             (a) Death. Upon the termination of Schaeffer's employment pursuant
to paragraph 6(a) hereof due to Schaeffer's death, a death benefit shall be paid
to Schaeffer's estate equal to the total amount payable to Schaeffer under this
Agreement until expiration of the term then in effect, assuming that Schaeffer's
total compensation for each year would be equal to the Average Compensation. The
death benefit shall be paid in thirty-six (36) equal, consecutive monthly
installments, beginning the first month following the month in which Schaeffer
shall have died.

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<PAGE>

             (b) Disability. Upon the termination of Schaeffer's employment
pursuant to paragraph 6(b) hereof due to Schaeffer's disability, Schaeffer shall
be entitled to receive a monthly disability benefit equal to one twelfth (1/12)
of the product of (i) the Average Compensation, multiplied by (ii) seventy-five
percent (75%). The disability benefit described above shall be paid to
Schaeffer, beginning the first month following the termination pursuant to
paragraph 6(b). Schaeffer's disability benefit shall cease if he resumes his
employment with RAI on the terms provided in this Agreement. Disability payments
made under this paragraph shall not be reduced by any payments made directly to
Schaeffer by an insurance company.

             (c) For Cause; Change of Control. Upon the termination of this
Agreement either (i) by Schaeffer for cause pursuant to paragraph 6(c) hereof,
(ii) by Schaeffer pursuant to paragraph 6(e) after a Change in Control or
Potential Change of Control or (iii) by RAI pursuant to section 6(f) hereof,
then RAI shall provide to Schaeffer the benefits described in Section 7(c)(1)
and 7(c)(2) below (the "Severance Benefits").

                 (1) Lump-Sum Severance Payment. In lieu of any further
compensation payments to Schaeffer for periods subsequent to the Date of
Termination, RAI shall pay to Schaeffer a lump sum severance payment, in cash,
without discount, equal to the sum of the total amount payable to Schaeffer
under this Agreement until expiration of the term then in effect, assuming that
Schaeffer's total compensation for each year would be equal to the Average
Compensation.

                 (2) Continued Benefits. For a thirty-six (36) month period
after the Date of Termination (the "Benefits Period"), RAI shall provide
Schaeffer with group term life insurance, health insurance, accident and
long-term disability insurance benefits (collectively, "Welfare Benefits")
substantially similar in all respects to those that Schaeffer was receiving
immediately prior to the Date of Termination (without giving effect to any
reduction in such benefits subsequent to a Change in Control). During the
Benefits Period, Schaeffer shall be entitled to elect to change his level of
coverage and/or his choice of coverage options with respect to the Welfare
Benefits to be provided by RAI to Schaeffer to the same extent that actively
employed senior executives of RAI are permitted to make such changes.

             (e) Vesting of Options. Upon any termination of this Agreement, the
vesting of all options to purchase securities of RAI granted to Schaeffer during
his employment with RAI shall be accelerated to the later of the effective date
of termination of this Agreement, or six months after the date such option was
granted, and any provision contained in the agreements under which such options
were granted that is inconsistent with such acceleration is hereby modified to
the extent necessary to provide for such acceleration; such acceleration shall
not apply to any option that by its terms would vest prior to the date provided
for in this paragraph 7(d).

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<PAGE>

         8.  Gross-Up Payment.

             (a) In the event that (i) Schaeffer becomes entitled to any
benefits or payments in connection with the termination of Schaeffer's
employment, whether pursuant to the terms of this Agreement or otherwise,
including without limitation the Severance Benefits (collectively, the "Total
Benefits"), and (ii) any of the Total Benefits will be subject to the Excise
Tax, RAI shall pay to Schaeffer an additional amount (the "Gross-Up Payment")
such that the net amount retained by Schaeffer, after deduction of any Excise
Tax on the Total Benefits and any federal, state and local income taxes, Excise
Tax, and FICA and Medicare withholding taxes upon the payment provided for by
this paragraph 8(a), shall be equal to the Total Benefits. For purposes of
determining whether any of the Total Benefits will be subject to the Excise Tax
and the amount of such Excise Tax, the amount of the Total Benefits that shall
be treated as subject to the Excise Tax shall be equal to the amount of the
Total Benefits reduced by the amount of such Total Benefits that, in the opinion
of tax counsel selected by Schaeffer, at RAI's expense and reasonably acceptable
to RAI ("Tax Counsel"), are not excess parachute payments (within the meaning of
Section 28OG(b)(1) of the Code).

             (b) For purposes of this Section 8, Schaeffer shall be deemed to
pay federal income taxes at the highest marginal rate of federal income taxation
in the calendar year in which the Excise Tax is (or would be) payable and state
and local income taxes at the highest marginal rate of taxation in the state and
locality of Schaeffer's residence on the Date of Termination, net of the
reduction in federal income taxes which could be obtained from deduction of such
state and local taxes (calculated by assuming that any reduction under Section
68 of the Code in the amount of itemized deductions allowable to Schaeffer
applies first to reduce the amount of such state and local income taxes that
would otherwise be deductible by Schaeffer). Except as otherwise provided
herein, all determinations required to be made under this Section 8 shall be
made by Tax Counsel.

             (c) In the event that the Excise Tax is subsequently determined to
be less than the amount taken into account hereunder at the time of termination
of Schaeffer's employment, Schaeffer shall repay to RAI, at the time that the
amount of such reduction in Excise Tax is finally determined, the portion of the
Gross-Up Payment attributable to such reduction (plus that portion of the
Gross-Up Payment attributable to the Excise Tax, federal, state and local income
taxes and FICA and Medicare withholding taxes imposed on the Gross-Up Payment
being repaid by Schaeffer to the extent that such repayment results in a
reduction in Excise Tax, FICA and Medicare withholding taxes and/or a federal,
state or local income tax deduction) plus interest on the amount of such
repayment at the rate provided in Section 1274(b)(2)(B) of the Code. In the
event that the Excise Tax is determined to exceed the amount taken into account
hereunder at the time of the termination of Schaeffer's employment (including by
reason of any payment the existence or amount of which cannot be determined at

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the time of the Gross-Up Payment), RAI shall make an additional Gross-Up Payment
to Schaeffer in respect of such excess (plus any interest, penalties or
additions payable by Schaeffer with respect to such excess) at the time that the
amount of such excess is finally determined.

         9.  Indemnification.

             (a) If Schaeffer is made a party or is threatened to be made a
party to or is involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative (herein a "proceeding"), by reason of
the fact that he is or was an employee (which term includes officer, director,
agent and any other capacity) of RAI or is or was serving at the request of RAI
as an employee or agent of another corporation or of a partnership, joint
venture, trust or other enterprise, including service with respect to employee
benefit plans, whether the basis of such proceeding is alleged action in an
official capacity as an employee or agent or in any other capacity while serving
as an employee or agent, Schaeffer shall be indemnified and held harmless by RAI
to the fullest extent authorized by applicable law, against all expense,
liability and loss (including, but not limited to, attorneys' fees, judgments,
fines, ERISA excise taxes and penalties and amounts paid or to be paid in
settlement) incurred or suffered by Schaeffer in connection therewith and such
indemnification shall continue as to Schaeffer after he has ceased to be a
director, officer, employee or agent and shall inure to the benefit of
Schaeffer's heir, executors, and administrators; provided, however, that RAI
shall indemnify any such person seeking indemnification in connection with a
proceeding (or part thereof) initiated by Schaeffer (other than a proceeding to
enforce this paragraph 9) only if such proceeding (or part thereof) was
authorized directly or indirectly by the Board of RAI. The right to
indemnification conferred in this paragraph shall be a contract right and shall
include the right to be, promptly upon request, paid by RAI the expenses
incurred in defending any such proceeding in advance of its final disposition;
provided, however, that if the Business Corporation Law of the Commonwealth of
Pennsylvania requires the payment of such expenses incurred by an employee in
his capacity as an employee (and not in any other capacity in which service was
or is rendered by such person while a director or officer, including, without
limitation, service to an employee benefit plan) in advance of the final
disposition of a proceeding, payment shall be made only upon delivery to RAI of
an undertaking, by or on behalf of Schaeffer, to repay all amounts so advanced
if it shall ultimately be determined that such employee is not entitled to be
indemnified under this paragraph or otherwise.

             (b) The indemnification provided by this paragraph shall not be
limited or exclude any rights, indemnities or limitations of liability to which
Schaeffer may be entitled, whether as a matter of law, under the Certificate of
Incorporation, By-laws of RAI, by agreement, vote of the stockholders or
disinterested directors of RAI or otherwise.

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             (c) Schaeffer, in seeking indemnification under this Agreement (an
"Indemnitee"), shall give the other party or parties (the "Indemnitor") prompt
written notice of any claim, suit or demand that the Indemnitee believes will
give rise to indemnification under this Agreement; provided, however, that the
failure to give such notice shall not affect the liability of the Indemnitor
under this Agreement unless the failure to give such notice materially and
adversely affects the ability of the Indemnitor to defend itself against or to
cure or mitigate the damages. Except as hereinafter provided, the Indemnitor
shall have the right (without prejudice to the right of the Indemnitee to
participate at its expense through counsel of its own choosing) to defend and to
direct the defense against any such claim, suit or demand, at the Indemnitor's
expense and with counsel chosen jointly by Indemnitor and Indemnitee, and the
right to settle or compromise any such claim, suit or demand; provided, however,
that the Indemnitor shall not, without the Indemnitee's written consent, which
shall not be unreasonably withheld, settle or compromise any claim or consent to
any entry of judgment. The Indemnitee shall, at the Indemnitor's expense,
cooperate in the defense of any such claim, suit or demand. If the Indemnitor,
within a reasonable time after notice of a claim fails to defend the Indemnitee,
the Indemnitee shall be entitled to undertake the defense, compromise or
settlement of such claim at the expense of and for the account and risk of the
Indemnitor.

             (d) Schaeffer will be covered during the entire term of this
Agreement by Officer and Director liability insurance in amounts and on terms
similar to that afforded to other executives and/or directors of RAI or its
affiliates, which such insurance shall be paid by RAI.

         10. Definitions. Any terms not otherwise defined herein shall have the
following meaning:

             (a) "Average Compensation" means the average of the three highest
amounts of annual total compensation received by Schaeffer during any of the
then current calendar year (on an annualized basis) and the then preceding eight
(8) calendar years.

             (b) "Board" means the Board of Directors of RAI.

             (c) A "Change in Control" means the occurrence of any of the
following events:

                 (1) RAI's shareholders approve (or, in the event no approval of
RAI's shareholders is required, RAI consummates) a merger, consolidation, share
exchange, division or other reorganization or transaction of RAI (a "Fundamental
Transaction") with any other corporation, other than a Fundamental Transaction
which would result in the voting securities of RAI outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being

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converted into voting securities of the surviving entity) at least sixty percent
(60%) of the combined voting power immediately after such Fundamental
Transaction of (i) RAI's outstanding securities, (ii) the surviving entity's
outstanding securities, or (iii) in the case of a division, the outstanding
securities of each entity resulting from the division;

                 (2) the shareholders of RAI approve a plan of complete,
liquidation or winding-up of RAI or an agreement for the sale or disposition (in
one transaction or a series of transactions) of all or substantially all of
RAI's assets; or

                 (3) during any period of twenty-four consecutive months,
individuals who at the beginning of such period constituted the Board (including
for this purpose any new director whose election or nomination for election by
RAI's shareholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who were directors at the beginning of such
period) cease for any reason to constitute at least a majority of the Board.

             (d) "Code" means the Internal Revenue Code of 1986, as amended from
time to time.

             (e) "Control Effort" means any acting together or undertaking
efforts to act together by any Person or Persons, excluding employee benefit
plans of RAI, who are, or seek in any direct or indirect manner to become, the
"beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act
or any successor provisions thereto), directly or indirectly, of securities of
RAI representing twenty-five percent (25%) or more of the combined voting power
of RAI's then outstanding securities.

             (f) "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time.

             (g) "Excise Tax" means any excise tax imposed under Section 4999 of
the Code or a similar provision that may later be enacted.

             (h) "Notice of Termination" After a Potential Change in Control or
a Change in Control, Schaeffer may terminate this Agreement by sending a written
notice to RAI that shall (i) specify the date of termination (the "Date of
Termination") which shall not be more than sixty (60) days from the date such
Notice of Termination is given, (ii) indicate the specific provisions of this
Agreement that will apply upon such termination and (iii) set forth in
reasonable detail the facts and circumstances for the application of the
provisions indicated.

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             (i) "Person" shall have the meaning given in Section 3(a)(9) of the
Exchange Act and shall also include any syndicate or group deemed to be a
"person" under Section 13(d)(3) of the Exchange Act.

             (j) "Potential Change in Control" means the occurrence of any of
the following:

                 (1) the Board approves a transaction described in Subsection
(2) of the definition of Change in Control contained in paragraph 10(c) hereof;

                 (2) the commencement of a proxy or other contest or effort to
effectuate a Change in Control; or

                 (3) a Control Effort.

             (k) "RAI" means Resource America, Inc., a Delaware corporation and
any direct or indirect subsidiary of RAI by which Schaeffer is employed.
References to payments, benefits, privileges or other rights to be provided by
RAI or such subsidiary by which Schaeffer is employed, as the case may be, will
correspond to the corporate entity obligated to make payments or provide
benefits, privileges or other rights pursuant to employee benefit plans affected
by the provisions hereof, and in the absence of any such existing plans or
provisions, such reference shall be deemed to be to RAI. RAI shall also mean any
successor by merger or other business combination to more than one-half of the
assets or ownership of RAI.

         11. Miscellaneous.

             (a) Severability. In case any one or more of the provisions
contained herein shall, for any reason, be held to be invalid, illegal, or
unenforceable in any respect such validity, illegality or unenforceability shall
not affect any other provisions of this Agreement, and this Agreement shall be
construed as if such invalid, illegal or unenforceable provision(s) had never
been contained herein, provided that such invalid, illegal or unenforceable
provision(s) shall first be curtailed, limited or eliminated only to the extent
necessary to remove such invalidity, illegality or unenforceability with respect
to the applicable law as it shall then be applied.

             (b) Modification of Agreement. This Agreement shall not be modified
by any oral agreement, either expressed or implied, and all modifications
thereof shall be in writing and signed by the parties hereto.

             (c) Waiver. The waiver of any right under this Agreement by any of
the parties hereto shall not be construed as a waiver of the same right at a
future time or as a waiver of any other rights under this Agreement.

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             (d) Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Delaware, without
giving affect to the principles of conflicts of laws.

             (e) Notices. Any notice to be given pursuant to this Agreement
shall be sufficient if in writing and mailed by certified or registered mail,
postage-prepaid, to the addresses listed below, or to such other address as
either party may notify the other of in accordance with this section.

             If to RAI:
             Resource America, Inc.
             1521 Locust Street, Suite 400
             Philadelphia, PA  19102

             If to Schaeffer:
             Scott F. Schaeffer
             1521 Locust Street, Suite 400
             Philadelphia, PA 19102

             (f) Duplicate Originals and Counterparts. This Agreement may be
executed in any number of duplicate originals or counterparts or facsimile
counterparts, each of such duplicate original or counterpart or facsimile
counterpart shall be deemed to be an original and all taken together shall
constitute but one and the same instrument.

                           [INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed or caused to be
executed this Agreement on the day first above written.

                                                 RESOURCE AMERICA, INC.

                                                 By:____________________________

                                                 SCOTT F. SCHAEFFER

                                                 _______________________________

                                       11
<PAGE>

STATE OF PENNSYLVANIA      :
                           :
COUNTY OF PHILADELPHIA     :

         On this ___ day of October, 1999, before me, the undersigned, a Notary
Public in and for said state personally appeared Edward E. Cohen and Scott F.
Schaeffer, on behalf of Resource America, Inc., a Delaware corporation, known to
me or proved to me to be the persons who executed the within instrument of
behalf of said corporation and acknowledged to me that they executed the same
for the purposes therein stated.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal, the day and year last above written.

                                            ____________________________________
                                                        Notary Public

My Commission Expires:

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