Document:

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                                                                 Exhibit 10.20

                             SECURITY AGREEMENT AND
                           COLLATERAL AGENCY AGREEMENT

         THIS SECURITY AGREEMENT made as of the 22nd day of December, 1999, by
and among (i) Semele Group Inc., a Delaware corporation (the "Pledgor"), (ii)
Gary D. Engle; James A. Coyne; Wayne Ellis Engle, Trustee, Staci Albury Trust
u/i/t dated July 21, 1998; Wayne Ellis Engle, Trustee, Kristen Engle Trust u/i/t
dated July 21, 1998; Wayne Ellis Engle, Trustee, Sydney Peyton Engle Trust u/i/t
dated July 21, 1998; and Wayne Ellis Engle, Trustee, Zoe P. Engle Trust u/i/t
dated July 21, 1998 (each a "Secured Party" and collectively the "Secured
Parties"), and (iii) Gary D. Engle as agent for the Secured Parties (the
"Collateral Agent");

                             W I T N E S S E T H:

         WHEREAS, pursuant to a Stock Purchase Agreement dated as of the date
hereof (the "Purchase Agreement") the Pledgor purchased from the Secured Parties
an aggregate of 2,550 shares of the Voting and Non-Voting Common Stock, $.01 par
value (the "Stock"), of Equis II Corporation, a Delaware corporation (the
"Company"), as set forth on EXHIBIT A, which are 85% of the shares of capital
stock of the Company issued and outstanding;

         WHEREAS, the Pledgor paid for the Stock by delivery to the Secured
Parties of Promissory Notes of the Pledgor in the aggregate original principal
amount of $19,586,000 (the "Notes");

         WHEREAS, the Stock is currently subject to a pledge previously executed
by the Secured Parties securing certain indebtedness of the Company to Fleet
Bank, N.A., totalling $19,540,000 at September 30, 1999; and

         WHEREAS, the Pledgor and the Secured Parties desire to enter into this
Agreement whereby the Pledgor will secure its commitments under the Notes by a
pledge of the Stock which is junior only to the currently existing pledge and
which will become a first priority pledge when such indebtedness to Fleet Bank
has been repaid and such prior pledge has been released;

         NOW, THEREFORE, in consideration of the mutual covenants contained in
this Agreement, and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto hereby agree as follows:

         1. RIGHTS OF PARTIES HEREUNDER SUBJECT TO PRIOR RIGHTS OF FLEET BANK.
The parties to this Agreement acknowledge and agree that their respective rights
and obligations hereunder are subject to the prior and superior rights of Fleet
Bank, N.A., as pledgee of the Stock, which pledge was made pursuant to a loan
agreement among the Company, Fleet Bank and other interested parties dated July
17, 1997, as amended (the "Acquisition Credit Agreement"), which pledge includes
the right of Fleet Bank to vote the Stock after an event of default under the
Acquisition Credit Agreement.

<PAGE>

         2.       PLEDGE.

                  In consideration of the acceptance by the Secured Parties of
the Notes and the undertakings of the Pledgor in this Agreement, the Pledgor
hereby grants to the Collateral Agent as agent for the Secured Parties a
security interest in the Stock together with all of the Pledgor's rights to
receive distributions in respect to such securities, whether in cash, securities
or other property, and whether during the continuance of or on account of the
liquidation of the issuer of such securities, and all of its other rights as a
holder of securities of such issuer, and all of its rights, title and interest
in and to any certificate, instrument or other evidence of any of the foregoing,
and together with any and all substitutions and replacements thereof, including
any securities or other instruments into which any of the foregoing may at any
time and from time to time be converted or exchanged (the "Pledged Stock"). The
parties hereto acknowledge and agree that such pledge is junior to a prior
pledge of the Stock by the Secured Parties to Fleet Bank, N.A., to secure
certain indebtedness of the Company totalling $19,540,000 at September 30, 1999,
and that such pledge will become a first priority pledge when such indebtedness
has been repaid and such prior pledge has been released. The Pledgor covenants
upon such repayment and release to promptly deliver the Certificates
representing the Pledged Stock accompanied by eight separate stock powers duly
endorsed in blank by the Pledgor to the Collateral Agent as agent for the
Secured Parties, to be held on the terms and conditions contained herein. The
Pledgor hereby appoints the Collateral Agent as agent for the Secured Parties as
its attorney in fact to cause the transfer of the Pledged Stock on the books of
the Company to the Secured Parties or their respective designees, ratably in
proportion to their respective interests as shown on Exhibit A hereto, upon the
occurrence of an "Event of Default," as such term is defined in the Notes. The
Collateral Agent as agent for the Secured Parties shall hold the Pledged Stock
as security for the purposes described herein and shall not encumber or dispose
of such property except in accordance with the provisions of this Agreement.

         3.       STOCK DIVIDEND OR STOCK SPLIT; LIQUIDATION, RECAPITALIZATION,
                  MERGER, ETC.

                  Any additional shares of capital stock paid upon or
distributed with respect to any of the Pledged Stock in the event of any stock
dividend or stock split declared by the Company or any issuer thereof and any
sums paid upon or with respect to any of the Pledged Stock upon the merger,
consolidation, liquidation, recapitalization, dissolution or reorganization of
the Company or any other issuer thereof shall be paid over to the Collateral
Agent as agent for the Secured Parties to be held by him as security for the
Notes; and in case any distribution of capital shall be made upon or with
respect to any of the Pledged Stock or any property shall be distributed upon or
with respect to any of the Pledged Stock pursuant to the recapitalization or
reclassification of the capital of the issuer thereof or pursuant to the
reorganization, merger or consolidation thereof, the property so distributed
shall be delivered to the Collateral Agent as agent for the Secured Parties to
be held by him as security for the Notes. All securities, sums of money and
other property paid or distributed in respect of the Pledged Stock upon any such
stock dividend, stock split, merger, consolidation, liquidation, dissolution,
reorganization, recapitalization or reclassification which are received by the
Pledgor shall, until paid or delivered

                                      -2-
<PAGE>

to the Collateral Agent as agent for the Secured Parties, be held in trust for
the Secured Parties as security for the Notes.

         4.       WARRANTY OF TITLE.

                  The Pledgor warrants that it has good and marketable title to
the Pledged Stock pledged hereunder on the date hereof, subject to no pledge,
lien, security interest, charge, option, restriction or other encumbrance except
as set forth on Exhibit B hereto, and that it has power, authority and legal
right to pledge such Pledged Stock pursuant to this Agreement. The Pledgor
covenants that it will defend the Secured Parties' rights and security interest
in such Pledged Stock against the claims and demands of all persons whomsoever
except for those persons described on Exhibit B, and their successors and
assigns; and the Pledgor covenants that it will have the like title to and right
to pledge all other property hereafter pledged with the Collateral Agent as
agent for the Secured Parties hereunder and will likewise defend the Secured
Parties' rights and security interest therein.

         5.       DIVIDENDS AND VOTING RIGHTS.

                  Unless and until an Event of Default shall have occurred and
be continuing, the Pledgor shall be entitled to receive all cash dividends paid
in respect of the Pledged Stock and to vote the Pledged Stock and to give
consents, waivers and ratifications in respect of the Pledged Stock; provided,
however, that no vote shall be cast, or consent, waiver or ratification given or
action taken which would be inconsistent with or violate any provisions of this
Agreement or the Notes. All such rights of the Pledgor to receive any cash
dividends shall cease in case an Event of Default shall have occurred and be
continuing, and in that case cash dividends shall be paid over by the Pledgor to
the Collateral Agent as agent for the Secured Parties to be applied by him to
the satisfaction of the Notes, and all cash dividends received by the Pledgor
shall, until so paid to the Collateral Agent as agent for the Secured Parties,
be held in trust for the Secured Parties as security for the Notes. All such
rights of the Pledgor to vote and give consents, waivers and ratifications with
respect to the Pledged Stock shall, at the Collateral Agent`s option as
evidenced by the Collateral Agent's notifying the Pledgor of such election,
cease in case an Event of Default shall have occurred and be continuing, and in
that case the Collateral Agent as agent for the Secured Parties shall have all
such rights.

         6.       DISCHARGE OF OBLIGATIONS.

                  Upon payment and performance in full of all obligations to be
performed by the Pledgor under the Notes, the Collateral Agent as agent for the
Secured Parties shall deliver to the Pledgor all of the certificates
representing the Pledged Stock together with any stock powers held by the
Collateral Agent as agent for the Secured Parties as a result of the pledge
contained herein.

                                      -3-
<PAGE>

         7.       DEFAULT.

                  Upon the occurrence of an Event of Default, the Collateral
Agent as agent for the Secured Parties shall have the rights and remedies
provided in the Uniform Commercial Code of Massachusetts, and in that connection
the Collateral Agent as agent for the Secured Parties may, upon 5 days' notice
to each member of the board of directors of the Pledgor sent by registered mail
and without liability for any diminution in price which may have occurred, sell
all of the Pledged Stock in such manner and for such price as the Collateral
Agent as agent for the Secured Parties may determine. It is agreed by the
Pledgor that such notice is reasonable. At any public sale, the Collateral Agent
as agent for the Secured Parties shall be free to purchase all or any part of
the Pledged Stock. Out of the proceeds of any sale, the Collateral Agent as
agent for the Secured Parties may retain an amount equal to the principal and
interest then due under the Notes, plus the amount of the expenses of sale,
including legal costs and reasonable attorneys' fees, and shall pay any balance
of such proceeds to the Pledgor.

         8.       COLLATERAL AGENT.

                  Each Secured Party, by executing this Agreement, hereby
appoints the Collateral Agent and the Collateral Agent hereby accepts such
appointment, as collateral agent hereunder, and each of the Secured Parties
irrevocably authorizes the Collateral Agent to act as the agent of such Secured
Party. The Pledgor may tender performance of the Notes and give any notices
required or permitted to be given hereunder to the Collateral Agent on behalf of
all of the Secured Parties and may rely on all communications from and to the
Collateral Agent as having been given or received on behalf of all of the
Secured Parties.

         9.       BINDING EFFECT.

                  This Agreement shall be binding upon and inure to the benefit
of the Pledgor, the Collateral Agent and the Secured Parties and their
respective successors and assigns; provided, however, that neither the Pledgor
nor the Collateral Agent may assign this Agreement without the consent of the
other. Any purchaser, assignee or transferee of any of the Notes shall become
vested with and entitled to exercise all the powers and rights of a Secured
Party hereunder upon execution of an instrument agreeing to be bound by the
terms of this Agreement.

         10.      OTHER PROVISIONS.

                  (a) WAIVERS; RIGHTS AND REMEDIES. No delay or omission on the
part of the Secured Parties in exercising any right or remedy shall operate as a
waiver thereof or of any other right or remedy. No waiver by the Secured Parties
shall be effective unless made in writing, and a waiver on any one occasion
shall not be construed as a bar to or waiver of any right or remedy on any
future occasion. All the Secured Parties' rights and remedies shall be
cumulative and may be exercised singularly or concurrently, and nothing herein
shall be deemed to limit in any way any rights the Secured Parties might
otherwise have under any other instrument or by law, including, without limiting
the generality thereof, the right to negotiate any note or other instrument
together with any collateral specifically described herein.

                                      -4-
<PAGE>

                  (b) ENTIRE AGREEMENT; AMENDMENT. This Agreement constitutes
the entire agreement of the parties with respect to the subject matter hereof
and may be amended only by an instrument in writing referring to this Agreement
executed by the Pledgor and the Secured Parties.

                  (c) GOVERNING LAW. This Agreement shall be governed by and
construed and interpreted according to the laws of the Commonwealth of
Massachusetts.

                  (d) NOTICES. All notices required or permitted hereunder shall
be in writing and shall be deemed to have been duly given if delivered in hand
or deposited in the United States mail, postage prepaid, or with Federal Express
or comparable overnight delivery service, addressed as follows:

                                    (i)     if to the Pledgor:

                                    Each Member of the Board
                                    of Directors at his address
                                    shown on EXHIBIT B

                                    (ii)    if to the Collateral Agent:

                                    Gary D. Engle
                                    c/o Equis Financial Group Limited
                                      Partnership
                                    88 Broad Street
                                    Boston, MA  02110

or to such other address, or in the case of any change in the Board of
Directors, to such other name and address, as a party shall designate by notice
to the other.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

                                                SEMELE GROUP INC.

/s/ Gary D. Engle                               By: /s/ Gary M. Romano
------------------------------------                ---------------------------
Gary D. Engle, as Collateral Agent              Name: Gary M. Romano
                                                Title: Chief Financial Officer

/s/ Gary D. Engle
------------------------------------
Gary D. Engle

                                      -5-
<PAGE>

/s/ James A. Coyne
-------------------------------------------
James A. Coyne

/s/ Wayne E. Engle
-------------------------------------------
Wayne Ellis Engle, Trustee, Staci
Albury Trust u/i/t dated July 21, 1998

/s/ Wayne E. Engle
-------------------------------------------
Wayne Ellis Engle, Trustee, Kristen
Engle Trust u/i/t dated July 21, 1998

/s/ Wayne E. Engle
-------------------------------------------
Wayne Ellis Engle, Trustee, Sydney
Peyton Engle Trust u/i/t dated July 21, 1998

/s/ Wayne E. Engle
-------------------------------------------
Wayne Ellis Engle, Trustee, Zoe P.
Engle Trust u/i/t dated July 21, 1998

                                      -6-
<PAGE>

                                    EXHIBIT A

<TABLE>
<CAPTION>
                           NAME                                         NUMBER OF SHARES

                                                                 VOTING                NON-VOTING            TOTAL
   <S>                                                           <C>                     <C>                 <C>
                      Gary D. Engle                               382                    1,054               1,436

                      James A. Coyne                               42                      816                 858

   Wayne Ellis Engle, Trustee, Staci Albury Trust u/i/t          None                       64                  64
                   dated July 21, 1998

  Wayne Ellis Engle, Trustee, Kristen Engle Trust u/i/t          None                       64                  64
                   dated July 21, 1998

  Wayne Ellis Engle, Trustee, Sydney Peyton Engle Trust          None                       64                  64
                u/i/t dated July 21, 1998

   Wayne Ellis Engle, Trustee, Zoe P. Engle Trust u/i/t          None                       64                  64
                   dated July 21, 1998                           ----                    -----               -----

                          TOTALS                                 424                     2,126               2,550
                                                                 ====                    =====               =====
</TABLE>

                                      -7-
<PAGE>

                                    EXHIBIT B
<TABLE>
<S>                                                  <C>
Walter E. Auch                                       6001 North 62nd Place
2700 Crystal Drive                                   Paradise Valley, AZ  85253 (Winter)
Crystal Lake
Beulah, MI  49617 (Summer)

Joseph W. Bartlett, Esq.
Morrison & Foerster LLP
1290 Avenue of the Americas
New York, NY  10104-0050

James A. Coyne
Semele Group Inc.
One Canterbury Green, 8th Floor
201 Broad Street
Stamford, CT  06910

Gary D. Engle
One Canterbury Green, 8th Floor
201 Broad Street
Stamford, CT  06910

Robert M. Ungerleider
Felcher, Fox & Litner
18 East 48th Street
New York, NY  10017
</TABLE><PAGE>

                                                                 Exhibit 10.21

                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT made as of the 20th day of January, 2000, by
and between Semele Group Inc., a Delaware corporation (the "Pledgor"), and Equis
Financial Group Limited Partnership, a Massachusetts limited partnership (the
"Secured Party"),

                             W I T N E S S E T H:

         WHEREAS, pursuant to an Agreement for Purchase and Sale of Special
Beneficiary Interests dated November 18, 1999 (the "Purchase Agreement"), the
Pledgor has purchased from the Secured Party a beneficial interest in each of
the four following trusts, each such interest being defined in the Second
Amended and Restated Declaration of Trust, as amended to date, of each of the
trusts as a "Special Beneficiary Interest":

                             AFG Investment Trust A
                             AFG Investment Trust B
                             AFG Investment Trust C
                             AFG Investment Trust D

(such Special Beneficiary Interests collectively, the "Special Beneficiary
Interests," and such Trusts collectively the "Trusts");

         WHEREAS, the Pledgor has paid for the Special Beneficiary Interests by
delivery of the Pledgor's promissory note payable to the Secured Party in the
principal amount of $9,652,500 (the "Note"); and

         WHEREAS, the Pledgor has agreed to secure its commitments under the
Note by a pledge of the Special Beneficiary Interests now owned by the Pledgor;

         NOW, THEREFORE, in consideration of the mutual covenants contained in
this Agreement, and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto hereby agree as follows:

         1.       PLEDGE.

                  In consideration of the acceptance by the Secured Party of the
Note and the undertakings of the Pledgor in this Agreement, the Pledgor hereby
grants a security interest to the Secured Party in the Special Beneficiary
Interests together with all of the Pledgor's rights to receive distributions in
respect to such securities, whether in cash, securities or other property, and
whether during the continuance of or on account of the liquidation of any issuer
of such securities, and all of its other rights as a holder of securities of
each such issuer, and all of its rights, title and interest in and to any
certificate, instrument or other evidence of any of the foregoing, and together
with any and all substitutions and replacements thereof, including any
securities or other instruments into which any of the foregoing may at any time
and from time to time be converted or exchanged (the "Pledged Interests"). An
Assignment form duly endorsed in blank by the Pledgor is herewith delivered to
the Secured Party, to be held on the terms and conditions

<PAGE>

contained herein. The Pledgor hereby appoints the Secured Party as its attorney
in fact to cause the transfer of the Pledged Interests on the books of the
Trusts to the Secured Party or its designee upon the occurrence of an "Event of
Default," as such term is defined in the Note. The Secured Party shall hold the
Pledged Interests as security for the purposes described herein and shall not
encumber or dispose of such property except in accordance with the provisions of
this Agreement.

         2.       LIQUIDATION, RECAPITALIZATION, ETC.

                  Any sums paid upon or with respect to any of the Pledged
Interests upon the consolidation, liquidation, recapitalization, dissolution or
reorganization of any of the Trusts or any other issuer thereof shall be paid
over to the Secured Party to be held by it as security for the Note; and in case
any distribution of capital shall be made upon or with respect to any of the
Pledged Interests or any property shall be distributed upon or with respect to
any of the Pledged Interests pursuant to the recapitalization or
reclassification of the capital of the issuer thereof or pursuant to the
reorganization or consolidation thereof, the property so distributed shall be
delivered to the Secured Party to be held by it as security for the Note. All
sums of money and other property paid or distributed in respect of the Pledged
Interests upon any such stock consolidation, liquidation, dissolution,
reorganization, recapitalization or reclassification which are received by the
Pledgor shall, until paid or delivered to the Secured Party, be held in trust
for the Secured Party as security for the Note.

         3.       WARRANTY OF TITLE.

                  The Pledgor warrants that it has good and marketable title to
the Pledged Interests pledged hereunder on the date hereof, subject to no
pledge, lien, security interest, charge, option, restriction or other
encumbrance, and that it has power, authority and legal right to pledge such
Pledged Interests pursuant to this Agreement. The Pledgor covenants that it will
defend the Secured Party's rights and security interest in such Pledged
Interests against the claims and demands of all persons whomsoever; and the
Pledgor covenants that it will have the like title to and right to pledge all
other property hereafter pledged with the Secured Party hereunder and will
likewise defend the Secured Party's rights and security interest therein.

         4.       DISTRIBUTIONS AND VOTING RIGHTS.

                  Unless and until an Event of Default shall have occurred and
be continuing, the Pledgor shall be entitled to receive all cash distributions
paid in respect of the Pledged Interests and to vote the Pledged Interests and
to give consents, waivers and ratifications in respect of the Pledged Interests;
provided, however, that no vote shall be cast, or consent, waiver or
ratification given or action taken which would be inconsistent with or violate
any provisions of this Agreement or the Note. All such rights of the Pledgor to
receive any cash distributions shall cease in case an Event of Default shall
have occurred and be continuing, and in that case cash distributions shall be
paid over by the Pledgor to the Secured Party to be applied by it to the
satisfaction of the Note, and all cash distributions received by the Pledgor
shall, until so paid to the Secured Party, be held in trust for the Secured
Party as security for the Note. All such rights of the Pledgor to vote and give
consents, waivers and ratifications with respect to the Pledged Interests shall,
at

                                      -2-
<PAGE>

the Secured Party's option as evidenced by the Secured Party's notifying the
Pledgor of such election, cease in case an Event of Default shall have occurred
and be continuing, and in that case the Secured Party shall have all such
rights.

         5.       DISCHARGE OF OBLIGATIONS.

                  Upon payment and performance in full of all obligations to be
performed by the Pledgor under the Note, the Secured Party shall transfer to the
Pledgor all of the Pledged Interests and all rights received by the Secured
Party as a result of the pledge contained herein.

         6.       DEFAULT.

                  Upon the occurrence of an Event of Default, the Secured Party
shall have the rights and remedies provided in the Uniform Commercial Code of
Massachusetts, and in that connection the Secured Party may, upon 5 days' notice
to the Pledgor sent by registered mail and without liability for any diminution
in price which may have occurred, sell all of the Pledged Interests in such
manner and for such price as the Secured Party may determine. It is agreed by
the Pledgor that such notice is reasonable. At any public sale, the Secured
Party shall be free to purchase all or any part of the Pledged Interests. Out of
the proceeds of any sale, the Secured Party may retain an amount equal to the
principal and interest then due under the Note, plus the amount of the expenses
of sale, including legal costs and reasonable attorneys' fees, and shall pay any
balance of such proceeds to the Pledgor.

         7.       BINDING EFFECT.

                  This Agreement shall be binding upon and inure to the benefit
of the Pledgor and the Secured Party and their successors and assigns; provided,
however, that neither party may assign this Agreement without the consent of the
other.

         8.       OTHER PROVISIONS.

                  (a) WAIVERS; RIGHTS AND REMEDIES. No delay or omission on the
part of the Secured Party in exercising any right or remedy shall operate as a
waiver thereof or of any other right or remedy. No waiver by the Secured Party
shall be effective unless made in writing, and a waiver on any one occasion
shall not be construed as a bar to or waiver of any right or remedy on any
future occasion. All the Secured Party's rights and remedies shall be cumulative
and may be exercised singularly or concurrently, and nothing herein shall be
deemed to limit in any way any rights the Secured Party might otherwise have
under any other instrument or by law, including, without limiting the generality
thereof, the right to negotiate any note or other instrument together with any
collateral specifically described herein.

                  (b) ENTIRE AGREEMENT; AMENDMENT. This Agreement constitutes
the entire agreement of the parties with respect to the subject matter hereof
and may be amended only by an instrument in writing referring to this Agreement
executed by the Pledgor and the Secured Party.

                                      -3-
<PAGE>

                  (c) GOVERNING LAW. This Agreement shall be governed by and
construed and interpreted according to the laws of the Commonwealth of
Massachusetts.

                  (d) NOTICES. All notices required or permitted hereunder shall
be in writing and shall be deemed to have been duly given if delivered in hand
or deposited in the United States mail, postage prepaid, or with Federal Express
or comparable overnight delivery service, addressed as follows:

                                    (i)     if to the Pledgor:

                                    Semele Group Inc.
                                    200 Nyala Farms
                                    Westport, CT  06880
                                    Attn:  President

                                    (ii)    if to the Secured Party:

                    Equis Financial Group Limited Partnership
                                    88 Broad Street
                                    Boston, MA  02110
                                    Attn:  Chief Executive Officer

or to such other address as a party shall designate by notice to the other.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

                                    SEMELE GROUP INC.

                                    By: /s/ James A. Coyne
                                        ---------------------------------------
                                        James A. Coyne
                                    Title: President

                                    EQUIS FINANCIAL GROUP LIMITED
                                      PARTNERSHIP

                                    By: Equis Corporation, its general partner

                                    By: /s/ Gary D. Engle
                                        ---------------------------------------
                                        Gary D. Engle
                                        Title: President

                                      -4-

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