Document:

Exhibit 10.3

 Exhibit 10.3 
 GUARANTY 
 This GUARANTY, together with all
amendments and other modifications, if any from time to time hereto (this “Guaranty”), is dated as of December 30, 2011, by and among the Guarantors identified as such on the signature page hereof and each additional party that
becomes a Guarantor hereof pursuant to Section 12 hereof (each, a “Guarantor” and collectively, “Guarantors”), and BANK LEUMI USA, a New York banking corporation (“Lender”). 

WITNESSETH: 
 WHEREAS, pursuant to that certain Loan Agreement dated as of December 30, 2011, by and among ASTA FUNDING ACQUISITION I, LLC, a Delaware limited liability company, ASTA FUNDING ACQUISITION II, LLC, a
Delaware limited liability company, PALISADES COLLECTION, L.L.C., a Delaware limited liability company, PALISADES ACQUISITION I, LLC, a Delaware limited liability company, PALISADES ACQUISITION II, LLC, a Delaware limited liability company,
PALISADES ACQUISITION IV, LLC, a Delaware limited liability company, PALISADES ACQUISITION IX, LLC, a Delaware limited liability company, PALISADES ACQUISITION X, LLC, a Delaware limited liability company, CLIFFS PORTFOLIO ACQUISITION I, LLC, a
Delaware limited liability company, SYLVAN ACQUISITION I, LLC, a Delaware limited liability company, and OPTION CARD, LLC, a Colorado limited liability company (collectively referred to herein as the “Borrowers”), the other Credit
Parties signatory thereto (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the “Loan Agreement”), Lender has agreed to make the Revolving Loan to
Borrowers; 
 WHEREAS, each of the Guarantors will derive direct and indirect economic benefits from the making
of the Revolving Loan and other financial accommodations provided to Borrowers pursuant to the Loan Agreement; and 
 WHEREAS, in order to induce Lender to enter into the Loan Agreement and the other Loan Documents and to induce Lender to make the Revolving Loan as provided for in the Loan Agreement, Guarantors have
agreed to guarantee payment and performance of the Obligations; 
 NOW, THEREFORE, in consideration of the
premises and mutual covenants herein contained, to induce Lender to make the Revolving Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 1. DEFINITIONS. 

Unless otherwise defined herein, terms defined in the Loan Agreement or in Annex A attached thereto are used herein
(including the recitals hereof) as therein defined (such meanings being equally applicable to both the singular and plural form of the terms defined). 

 2. THE GUARANTY. 

2.1 Guaranty of Guaranteed Obligations of Borrower. Each Guarantor hereby, jointly and severally, unconditionally
guarantees to Lender, and its successors, endorsees, transferees and assigns, the prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of the Obligations of Borrowers (hereinafter the “Guaranteed
Obligations”). Guarantors agree that this Guaranty is a guaranty of payment and performance and not of collection, and that their obligations under this Guaranty shall be primary, absolute and unconditional, irrespective of, and unaffected
by: 
 (a) the genuineness, validity, regularity, enforceability or any future amendment of, or
change in this Guaranty, any of the Loan Documents or any other agreement, document or instrument to which any Credit Party and/or Guarantors are or may become a party; 

(b) the absence of any action to enforce this Guaranty or any of the Loan Documents or the waiver or
consent by Lender with respect to any of the provisions thereof; 
 (c) the existence, value or
condition of, or failure to perfect its Lien against, any Collateral for the Guaranteed Obligations or any action, or the absence of any action, by Lender in respect thereof (including, without limitation, the release of any such security);

 (d) the insolvency of any of the Credit Parties; or 

(e) any other action or circumstances which might otherwise constitute a legal or equitable discharge or
defense of a surety or guarantor, 
 it being agreed by each Guarantor that its obligations under this Guaranty shall not be
discharged until the Termination Date. Each Guarantor shall be regarded, and shall be in the same position, as principal debtor with respect to the Guaranteed Obligations. Each Guarantor agrees that any notice or directive given at any time to
Lender which is inconsistent with the waiver in the immediately preceding sentence shall be null and void and may be ignored by Lender, and, in addition, may not be pleaded or introduced as evidence in any litigation relating to this Guaranty for
the reason that such pleading or introduction would be at variance with the written terms of this Guaranty, unless Lender has specifically agreed otherwise in writing. It is agreed among each Guarantor and Lender that the foregoing waivers are of
the essence of the transaction contemplated by the Loan Documents and that, but for this Guaranty and such waivers, Lender would decline to enter into the Loan Agreement. 

2.2 Demand by Lender. In addition to the terms of the Guaranty set forth in Section 2.1 hereof, and in
no manner imposing any limitation on such terms, it is expressly understood and agreed that, if, at any time, the outstanding principal amount of the Guaranteed Obligations under the Loan Agreement (including all accrued interest thereon) is
declared to be immediately due and payable, then Guarantors shall, without demand, pay to the holders of the Guaranteed Obligations the entire outstanding Guaranteed Obligations due and owing to such

  
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holders. Payment by Guarantors shall be made to Lender in immediately available U.S. federal funds to an account designated by Lender or at the address set forth herein for the giving of notice
to Lender or at any other address that may be specified in writing from time to time by Lender, and shall be credited and applied to the Guaranteed Obligations. 

2.3 Enforcement of Guaranty. In no event shall Lender have any obligation (although it is entitled, at its option)
to proceed against any Borrower or any other Credit Party or any Collateral pledged to secure Guaranteed Obligations before seeking satisfaction from any or all of the Guarantors, and Lender may proceed, prior or subsequent to, or simultaneously
with, the enforcement of Lender’s rights hereunder, to exercise any right or remedy which it may have against any Collateral, as a result of any Lien it may have as security for all or any portion of the Guaranteed Obligations. 

2.4 Waiver. In addition to the waivers contained in Section 2.1 hereof, Guarantors waive, and agree
that they shall not at any time insist upon, plead or in any manner whatever claim or take the benefit or advantage of, any appraisal, valuation, stay, extension, marshaling of assets or redemption laws, or exemption, whether now or at any time
hereafter in force, which may delay, prevent or otherwise affect the performance by Guarantors of their Guaranteed Obligations under, or the enforcement by Lender of, this Guaranty. Guarantors hereby waive diligence, presentment and demand (whether
for non-payment or protest or of acceptance, maturity, extension of time, change in nature or form of the Guaranteed Obligations, acceptance of further security, release of further security, composition or agreement arrived at as to the amount of,
or the terms of, the Guaranteed Obligations, notice of adverse change in any Borrower’s financial condition or any other fact which might increase the risk to Guarantors) with respect to any of the Guaranteed Obligations or all other demands
whatsoever and waive the benefit of all provisions of law which are or might be in conflict with the terms of this Guaranty. Guarantors represent, warrant and jointly and severally agree that, as of the date of this Guaranty, their obligations under
this Guaranty are not subject to any offsets or defenses against Lender or any Credit Party of any kind. 
 2.5
Benefit of Guaranty. The provisions of this Guaranty are for the benefit of Lender and its successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any Credit Party and Lender, the obligations of
any Credit Party under the Loan Documents. In the event all or any part of the Guaranteed Obligations are transferred, indorsed or assigned by Lender to any Person or Persons in accordance with the terms of the Loan Agreement, any reference to
“Lender” herein shall be deemed to refer equally to such Person or Persons. 
 2.6 Modification of
Guaranteed Obligations, Etc. Each Guarantor hereby acknowledges and agrees that Lender may at any time or from time to time, with or without the consent of, or notice to, Guarantors or any of them: 

(a) change or extend the manner, place or terms of payment of, or renew or alter all or any portion of,
the Guaranteed Obligations; 
 (b) take any action under or in respect of the Loan Documents in
the exercise of any remedy, power or privilege contained therein or available to it at law, equity or otherwise, or waive or refrain from exercising any such remedies, powers or privileges; 

  
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 (c) amend or modify, in any manner whatsoever, the Loan
Documents; 
 (d) extend or waive the time for any Credit Party’s performance of, or
compliance with, any term, covenant or agreement on its part to be performed or observed under the Loan Documents, or waive such performance or compliance or consent to a failure of, or departure from, such performance or compliance; 

(e) take and hold Collateral for the payment of the Guaranteed Obligations guaranteed hereby or sell,
exchange, release, dispose of, or otherwise deal with, any property pledged, mortgaged or conveyed, or in which Lender has been granted a Lien, to secure any Obligations; 

(f) release anyone who may be liable in any manner for the payment of any amounts owed by Guarantors or
any Credit Party to Lender; 
 (g) modify or terminate the terms of any intercreditor or
subordination agreement pursuant to which claims of other creditors of any Guarantor or any Credit Party are subordinated to the claims of Lender; and/or 

(h) subject to the terms of the Loan Agreement, apply any sums by whomever paid or however realized to
any amounts owing by any Guarantor or any Credit Party to Lender in such manner as Lender shall determine in its discretion; 

and Lender shall not incur any liability to Guarantors as a result thereof, and no such action shall impair or release the Guaranteed
Obligations of Guarantors or any of them under this Guaranty. 
 2.7 Reinstatement. This Guaranty shall
remain in full force and effect and continue to be effective should any petition be filed by or against any Credit Party or any Guarantor for liquidation or reorganization, should any Credit Party or any Guarantor become insolvent or make an
assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of any Credit Party’s or any Guarantor’s assets, and shall continue to be effective or be reinstated, as the case may be,
if at any time payment and performance of the Guaranteed Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by Lender, whether as a “voidable
preference”, “fraudulent conveyance”, or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Guaranteed
Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 2.8 Deferral of Subrogation, Etc. Notwithstanding anything to the contrary in this Guaranty, or in any of the Loan Documents and except as set forth in Section 7.12, each Guarantor
hereby: 

  
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 (a) expressly and irrevocably waives, on behalf of itself
and its successors and assigns (including any surety) until the Termination Date, any and all rights at law or in equity to subrogation, to reimbursement, to exoneration, to contribution, to indemnification, to set off or to any other rights that
could accrue to a surety against a principal, to a guarantor against a principal, to a guarantor against a maker or obligor, to an accommodation party against the party accommodated, to a holder or transferee against a maker, or to the holder of any
claim against any Person, and which such Guarantor may have or hereafter acquire against any Credit Party in connection with or as a result of such Guarantor’s execution, delivery and/or performance of this Guaranty, or any other documents to
which such Guarantor is a party or otherwise; and 
 (b) acknowledges and agrees (i) that
this waiver is intended to benefit Lender and shall not limit or otherwise affect any Guarantor’s liability hereunder or the enforceability of this Guaranty, and (ii) that Lender and its successors and assigns are intended third party
beneficiaries of the waivers and agreements set forth in this Section 2.8 and their rights under this Section 2.8 shall survive payment in full of the Guaranteed Obligations. 

2.9 Election of Remedies. If Lender may, under applicable law, proceed to realize benefits under any of the Loan
Documents giving Lender a Lien upon any Collateral owned by any Credit Party, either by judicial foreclosure or by non-judicial sale or enforcement, or otherwise, Lender may, at its sole option, determine which of such remedies or rights it may
pursue without affecting any of such rights and remedies under this Guaranty. If, in the exercise of any of its rights and remedies, Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any
Credit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, Guarantors hereby consent to such action by Lender and waive any claim based upon such action, even if such action by Lender shall
result in a full or partial loss of any rights of subrogation which Guarantors might otherwise have had but for such action by Lender. Any election of remedies which results in the denial or impairment of the right of Lender to seek a deficiency
judgment against any Credit Party shall not impair each Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law
or the Loan Documents, Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any
such sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed
Obligations guaranteed under this Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Lender might otherwise be entitled but for such
bidding at any such sale. 
 3. DELIVERIES. 

In a form satisfactory to Lender, Guarantors shall deliver to Lender, concurrently with the execution of this Guaranty
and the Loan Agreement, the Loan Documents and other instruments, certificates and documents as are required to be delivered by Guarantors to Lender under the Loan Agreement. 

  
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 4. REPRESENTATIONS AND WARRANTIES. 

To induce Lender to make the Revolving Loan under the Loan Agreement, Guarantors jointly and severally make the
representations and warranties as to each Guarantor contained in the Loan Agreement, each of which is incorporated herein by reference, and the following representations and warranties to Lender, each and all of which shall survive the execution and
delivery of this Guaranty: 
 4.1 Corporate Existence; Compliance with Law. Each Guarantor (i) is a
corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of its respective jurisdiction of incorporation or organization; (ii) is duly qualified to conduct business and
is in good standing in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to
have a Material Adverse Effect; (iii) has the requisite corporate, limited liability company or partnership power and authority and the legal right to own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property
it operates under lease and to conduct its business as now, heretofore and proposed to be conducted, except where the failure to have such power, authority and right could not reasonably be expected to have a Material Adverse Effect;
(iv) subject to specific representations regarding Environmental Laws made in the Loan Agreement, has all licenses, permits, consents or approvals from or by, and has made all filings with, and has given all notices to, all Governmental
Authorities having jurisdiction, to the extent required for such ownership, operation and conduct, except where the failure to so obtain such licenses, permits, consents or approvals or to make such filings or to give such notices could not result
in material liabilities and could not reasonably be expected to have a Material Adverse Effect; (v) is in compliance with its charter and by-laws or partnership or operating agreement as applicable; and (vi) subject to specific
representations regarding ERISA, Environmental Laws, tax and other laws made in the Loan Agreement, is in compliance with all applicable provisions of law, except where the failure to comply, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. 
 4.2 Executive Offices. Each Guarantor’s executive
office and principal place of business are as set forth in the Disclosure Document. 
 4.3 Corporate Power;
Authorization; Enforceable Guaranteed Obligations. The execution, delivery and performance by each Guarantor of this Guaranty and all other Loan Documents to which it is a party and the creation of all Liens provided for therein: (a) are
within such Guarantor’s power; (b) have been duly authorized by all necessary corporate, limited liability company or limited partnership action; (c) do not contravene any provision of such Guarantor’s charter, bylaws or
partnership or operating agreement as applicable; (d) do not violate any law or regulation, or any order or decree of any court or Governmental Authority applicable to such Guarantor; (e) do not conflict with or result in the breach or
termination of, constitute a default under or accelerate or permit the acceleration of any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Guarantor is a party or by which such
Guarantor or any of its property is bound which, 

  
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individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; (f) do not result in the creation or imposition of any Lien upon any of the property of such
Guarantor other than those in favor of Lender pursuant to the Loan Documents; and (g) do not require the consent or approval of any Governmental Authority or any other Person, except those referred to in Section 2.1(c) of the Loan
Agreement, all of which will have been duly obtained, made or complied with prior to the Closing Date. This Guaranty and each of the Loan Documents to which any Guarantor is a party shall be duly executed and delivered by each Guarantor that is a
party thereto and each such Loan Document shall constitute a legal, valid and binding obligation of such Guarantor enforceable against it in accordance with its terms. 

5. FURTHER ASSURANCES. 
 Each Guarantor agrees, upon the written request of Lender to execute and deliver to Lender, from time to time, any additional instruments or documents as may be necessary or proper in the reasonable
judgment of Lender to cause this Guaranty to be, become or remain valid and effective in accordance with its terms. 
 6. PAYMENTS FREE AND CLEAR OF TAXES. 
 All payments
required to be made by each Guarantor hereunder shall be made to Lender free and clear of, and without deduction for, any and all present and future Taxes. If any Guarantor shall be required by law to deduct any Taxes from or in respect of any sum
payable hereunder, (a) the sum payable shall be increased as much as shall be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 6), Lender receives
an amount equal to the sum they would have received had no such deductions been made, (b) such Guarantor shall make such deductions, and (c) such Guarantor shall pay the full amount deducted to the relevant taxing or other authority in
accordance with applicable law. Promptly upon written request but no later than thirty (30) days after the date of any payment of Taxes referred to in this Section 6, each applicable Guarantor shall (or shall cause Borrower
Representative to) furnish to Lender the original or a certified copy of a receipt evidencing payment thereof. Each Guarantor shall jointly and severally indemnify and, within fifteen (15) days of demand therefor, pay Lender for the full amount
of Taxes (including any Taxes imposed by any jurisdiction on amounts payable under this Section 6) paid by Lender and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally asserted. The obligations of each Guarantor under this Section 6 shall be subject to the provisions of Section 1.12(d) of the Loan Agreement. 

7. OTHER TERMS. 
 7.1 Entire Agreement. This Guaranty is to be read, construed and applied together with the Loan Agreement and the other Loan Documents which, taken together, set forth the complete understanding
and agreement of Lender and Guarantors with respect to the matters referred to herein and therein. Except as otherwise specifically provided, if any provision contained in this Guaranty or any other Loan Document conflicts with any provision in the
Loan Agreement, the provision contained in the Loan Agreement shall control. 

  
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 7.2 Section Titles. The Section titles contained in this Guaranty are
and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 
 7.3 Severability. Whenever possible, each provision of this Guaranty shall be interpreted in such a manner to be effective and valid under applicable law, but if any provision of this Guaranty
shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty.

 7.4 Notices. Whenever it is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give or serve upon another any such communication with respect to this Guaranty, each such
notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be addressed to the party to be notified at the addresses set forth in the Loan Agreement (or such other address as may be substituted by
notice in the manner required by Section 11.9 of the Loan Agreement) and given in the manner required by Section 11.9 of the Loan Agreement. 

7.5 Successors and Assigns. This Guaranty and all obligations of Guarantors hereunder shall be binding upon the
successors and assigns of each Guarantor (including a debtor-in-possession on behalf of such Guarantor) and shall, together with the rights and remedies of Lender, inure to the benefit of Lender, all future holders of any instrument evidencing any
of the Obligations and its successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Obligations or any portion thereof or interest therein
shall in any manner affect the rights of Lender hereunder. Guarantors may not assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Guaranty. Lender may assign their rights under this Guaranty. 

7.6 No Waiver; Cumulative Remedies; Amendments. Lender shall not by any act, delay, omission or otherwise be
deemed to have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by Lender and then only to the extent therein set forth. A waiver by Lender of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which Lender would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising on the part of Lender, any right, power or privilege hereunder, shall operate as
a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder provided
are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Guaranty may be waived, altered, modified, supplemented or amended except by an
instrument in writing, duly executed by Lender and the applicable party to be charged. 
 7.7
Termination. This Guaranty is a continuing guaranty and shall remain in full force and effect until the Termination Date. 

  
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 7.8 Counterparts. This Guaranty may be executed in any number
of counterparts, each of which shall collectively and separately constitute one agreement. This Guaranty may be executed by manual signature, facsimile or, if approved in writing by Lender, electronic means, all of which shall be equally valid.

 7.9 GOVERNING LAW: CONSENT TO JURISDICTION AND VENUE. 

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH
STATE, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. EACH GUARANTOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG GUARANTORS, LENDER PERTAINING TO THIS GUARANTY OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS, PROVIDED, THAT LENDER AND GUARANTORS
ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY, AND, PROVIDED, FURTHER, THAT NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE LENDER FROM BRINGING
SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE GUARANTEED OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF LENDER. EACH GUARANTOR EXPRESSLY SUBMITS AND
CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH GUARANTOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND
HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH GUARANTOR AT THE ADDRESS SET FORTH ON SCHEDULE I HERETO AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF
ACTUAL RECEIPT THEREOF OR FIVE (5) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 
 7.10
WAIVER OF JURY TRIAL. 
 BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE
MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH 

  
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APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), EACH GUARANTOR AND LENDER DESIRES THAT DISPUTES ARISING HEREUNDER OR RELATING HERETO BE RESOLVED BY A JUDGE APPLYING
SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OR ARBITRATION, EACH GUARANTOR AND LENDER WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED IN CONNECTION WITH THIS GUARANTY AND THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR
THERETO. 
 7.11 Limitation on Guaranteed Obligations. Notwithstanding any provision herein contained to
the contrary, each Guarantor’s liability hereunder shall be limited to an amount not to exceed as of any date of determination the greater of: 

(a) the amount of the Revolving Loan, including all Revolving Credit Advances, and other extensions of
credit advanced under the Loan Agreement and the other Loan Documents and directly or indirectly re- loaned or otherwise transferred to, or incurred for the benefit of, such Guarantor, plus interest thereon at the applicable rate specified in the
Loan Agreement; or 
 (b) the amount that could be claimed by Lender from such Guarantor under
this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or
common law after taking into account, among other things, such Guarantor’s right of contribution and indemnification from each other Guarantor under Section 7.12. 

7.12 Contribution with Respect to Guaranteed Obligations. 

(a) To the extent that any Guarantor shall make a payment under this Guaranty of all or any of the Guaranteed
Obligations (a “Guarantor Payment”) which, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount such Guarantor would otherwise have paid if each Guarantor had paid
the aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion that such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the
aggregate Allocable Amounts of all of Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Obligations and termination of the Commitments, such
Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately
prior to such Guarantor Payment. 

  
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 (b) As of any date of determination, the “Allocable
Amount” of any Guarantor shall be equal to the maximum amount of the claim which could then be recovered from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the
Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c) This Section 7.12 is intended only to define the relative rights of Guarantors and nothing set forth in this Section 7.12 is intended to or shall impair the obligations of
Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. 
 (d) The rights of the indemnifying Guarantor against the other Guarantors under this Section 7.12 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations and
the termination of the Loan Agreement and the other Loan Documents. 
 (e) The parties hereto acknowledge that
the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor to which such contribution and indemnification is owing. 
 8. SECURITY. 
 To secure payment of each Guarantor’s
obligations under this Guaranty, concurrently with the execution of this Guaranty, each Guarantor has entered into the Pledge Agreement and the Security Agreement. 

9. LOAN AND SECURITY AGREEMENT. 

Each Guarantor agrees to perform, comply with and be bound by the covenants contained in Sections 4, 5 and
6 of the Loan Agreement (which provisions are incorporated herein by reference) as if each Guarantor were a Credit Party signatory to the Loan Agreement. 

10. NO STRICT CONSTRUCTION. 

The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In the event an ambiguity
or question of intent or interpretation arises, this Guaranty shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
provisions of this Guaranty. 
 11. ADVICE OF COUNSEL. 

Each of the parties represents to each other party hereto that it has discussed this Agreement and, specifically, the
provisions of Sections 7.9 and 7.10, with its counsel. 

  
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 12. ADDITIONAL GUARANTORS. 

The initial Guarantors hereunder shall include the Credit Parties as are signatory hereto. From time to time subsequent
to the date hereof, additional Persons may become parties hereto as additional Guarantors (each, an “Additional Guarantor”), by executing a counterpart of this Guaranty substantially in the form of Exhibit A attached hereto.
Upon delivery of any such counterpart to Lender, notice of which is hereby waived by the Guarantors, each Additional Guarantor shall be a Guarantor and shall be as fully a party hereto as if such Additional Guarantor were an original signatory
hereto. Each Guarantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Guarantor hereunder nor by any election of Lender not to cause any Credit Party of any other
Person to become an Additional Guarantor hereunder. This Guaranty shall be fully effective as to any Guarantor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Guarantor hereunder.

 [Signature Page Follows] 

  
 12 

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

			
	ASTA FUNDING, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	BANK LEUMI USA
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	

 Guaranty - Asta Funding 

  

 EXHIBIT A 

COUNTERPART TO GUARANTY 
 This counterpart, dated             ,20        , is delivered pursuant to Section 12 of that
certain Guaranty dated as of December 30, 2011 (as from time to time amended, modified or supplemented, the “ Guaranty”; the terms defined therein and not otherwise defined herein being used as therein defined), among ASTA
FUNDING, INC., a Delaware corporation, and             (collectively referred to herein as the “Guarantors”), the other Credit Parties signatory thereto, the Persons
signatory thereto from time to time as Lenders and BANK LEUMI USA, a New York banking corporation, as Lender. The undersigned hereby agrees (i) that this counterpart may be attached to the Guaranty, and (ii) that the undersigned will
comply with and be subject to, including representations and warranties, all the terms and conditions of the Guarantor as if it were an original signatory thereto. 

 

			
	[NAME OF ADDITIONAL GUARANTOR]
		
	By:	 	 

  
 14Exhibit 10.4

 Exhibit 10.4 
 SECURITY AGREEMENT 
 (Guarantor) 

THIS SECURITY AGREEMENT (together with all amendments and other modifications, if any from time to time hereto, this
“Security Agreement”), is dated as of December 30, 2011, by and among EACH OF THE GRANTORS SIGNATORY HERETO AND EACH ADDITIONAL PARTY THAT BECOMES A GRANTOR HERETO PURSUANT TO SECTION 24 HEREOF (together with their respective
successors and assigns, collectively “Grantors” and each individually “Grantor”), and BANK LEUMI USA, a New York banking corporation (“Lender”). 

WITNESSETH: 
 WHEREAS, pursuant to that certain Loan Agreement dated as of December 30, 2011, by and among ASTA FUNDING ACQUISITION I, LLC, a Delaware limited liability company, ASTA FUNDING ACQUISITION II, LLC, a
Delaware limited liability company, PALISADES COLLECTION, L.L.C. , a Delaware limited liability company, PALISADES ACQUISITION I, LLC, a Delaware limited liability company, PALISADES ACQUISITION II, LLC, a Delaware limited liability company,
PALISADES ACQUISITION IV, LLC, a Delaware limited liability company, PALISADES ACQUISITION VIII, LLC, a Delaware limited liability company, PALISADES ACQUISITION IX, LLC, a Delaware limited liability company, PALISADES ACQUISITION X, LLC, a Delaware
limited liability company, CLIFFS PORTFOLIO ACQUISITION I, LLC, a Delaware limited liability company, SYLVAN ACQUISITION I, LLC, a Delaware limited liability company, and OPTION CARD, LLC, a Colorado limited liability company (collectively referred
to herein as the “Borrowers”), the other Credit Parties signatory thereto, and Lender (including all annexes, exhibits and schedules thereto, and as from time to time amended, restated, supplemented or otherwise modified, the
“Loan Agreement”), Lender has agreed to make the Revolving Loan to Borrowers; and 
 WHEREAS,
in order to induce Lender to enter into the Loan Agreement and the other Loan Documents and to induce Lender to make the Revolving Loan as provided for in the Loan Agreement, Grantors have agreed to guarantee payment and performance of the
Obligations (as that term is defined in the Loan Agreement) and have executed and delivered to Lender, that certain Guaranty dated of even date with the Loan Agreement (the “Guaranty”); and 

WHEREAS, Grantors have agreed to grant a continuing first-priority security interest in and other Lien (as applicable) on
the Collateral (as hereinafter defined) to secure Grantors’ obligations under the Guaranty and all of the Guaranteed Obligations (as that term is defined in the Guaranty); 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, to induce Lender to make the
Revolving Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 1. DEFINED TERMS. 

(a) Unless otherwise defined herein, terms defined in the Loan Agreement or in Annex A attached thereto are used
in this Security Agreement (including the recitals hereof) as therein defined, and the following shall have the following respective meanings (such meanings being equally applicable to both the singular and plural form of the terms defined). All
other capitalized terms contained in this Security Agreement, unless the context indicates otherwise, have the meanings provided for by the Code to the extent the same are used or defined therein. 

(b) “Uniform Commercial Code jurisdiction” means any jurisdiction that has adopted all or substantially all of
Article 9 as contained in the 2000 Official Text of the Uniform Commercial Code, as recommended by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, together with any subsequent amendments or
modifications to the Official Text. 
 2. GRANT OF LIEN. 

(a) To secure the prompt and complete payment, performance and observance of all of the Guaranteed Obligations, each
Grantor hereby grants, assigns, conveys, mortgages, pledges, hypothecates and transfers to Lender a first- priority lien and security interest in and other Lien (as applicable) upon all of its right, title and interest in, to and under all property,
including personal property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of such Grantor (including under any trade names, styles or derivations thereof), and whether owned or consigned by or to,
or leased from or to, such Grantor, and regardless of where located (all of which being hereinafter collectively referred to as the “Collateral”), including, without limitation, the following: 

(i) all Accounts; 

(ii) all Chattel Paper (including Electronic Chattel Paper and Tangible Chattel Paper); 

(iii) all Documents; 

(iv) all General Intangibles (including Payment Intangibles and Software and tax refunds); 

(v) all Contracts; 

(vi) all Licenses; 

(vii) all Goods (including Inventory, Equipment and Fixtures); 

(viii) all Consumer Loans; 

(ix) all Instruments; 

  
 2 

 (x) all Investment Property; 

(xi) all Intellectual Property; 

(xii) all Deposit Accounts of any Grantor, including all Blocked Accounts, concentration accounts,
disbursement accounts, and all other bank accounts and all deposits therein, provided, that, such Lien in Deposit Accounts shall be limited to the Maximum Revolving Loan Amount; 

(xiii) all money, cash or cash equivalents of any Grantor; 

(xiv) all Supporting Obligations, Letters of Credit and Letter-of-Credit Rights of any Grantor;

 (xv) all Commercial Tort Claims, including, without limitation, the Commercial Tort Claims
listed on Annex I attached hereto; 
 (xvi) without limiting any of the foregoing, all
Portfolios and agreements relating thereto and all accounts receivable, consumer receivables, rights to payment of a monetary obligation, whether or not earned by performance, and other Accounts constituting any or all of the Portfolios; 

(xvii) all right, title and interest of Grantors in and to all servicing agreements, master servicing
agreements, servicing and collection agreements and other similar contracts and agreements relating to any Portfolio (or any portion of a Portfolio) or Account (the “Servicing Agreements”) and any right to payment arising under the
Servicing Agreements; and 
 to the extent not otherwise included, all Proceeds, tort claims, insurance claims and other rights
to payments not otherwise included in the foregoing and products of the foregoing and all accessions to, substitutions and replacements for, and rents and profits of, each of the foregoing. 

Notwithstanding the foregoing, the Collateral shall not include (i) any assets leased or licensed to any Grantor from any
unaffiliated third party if the granting of a security interest therein is prohibited by or otherwise would materially breach the terms of such lease or license, and (ii) the Stock of any Person in which any Grantor owns less than 100% of the
Stock if, and to the extent that, such Grantor is prohibited from pledging, granting a security interest in, or assigning such Stock, or (iii) any voting Stock of any controlled foreign corporation (as that term is defined in the IRC, a
“CFC”), solely to the extent that (x) such Stock represents more than 65% of the outstanding voting Stock of such CFC, and (y) pledging or hypothecating more than 65% of the total outstanding voting Stock of such CFC would
result in material adverse tax consequences for such Grantor (all such assets and Stock being hereinafter referred to as “Excluded Assets”); provided, however, that (1) each Grantor shall use commercially reasonable efforts to
obtain any and all consents and/or waivers necessary for the granting of a security interest in each such Excluded Asset by such Grantor to Lender that is material to the operation of Grantors’ business or to the extent reasonably required by
Lender, and (2) no Grantor shall, without Lender’s prior 

  
 3 

 
written consent, which shall not be unreasonably withheld, on and after the Closing Date, enter into any additional leases or licenses which contain any such prohibition, which are, either
individually or in the aggregate, material to the operation of Grantor’s business. The foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect Lender’s unconditional continuing first-priority liens and
security interests in and Liens (as applicable) upon any Excluded Asset once any such applicable prohibition is no longer in effect. 
 (b) As additional security for the payment and performance of the Guaranteed Obligations, the Grantors hereby assign to Lender, any and all monies, payments and proceeds (including proceeds of insurance
and refunds of unearned premiums) due or to become due under, and all other rights of the Grantors with respect to, any and all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business
records or valuable papers pertaining thereto, and, at any time that both (x) an Event of Default shall have occurred and is continuing and (y) any Loans are outstanding, the Grantors hereby direct the issuer of any such policy to pay all
such monies, sums and amounts directly to the Lender to be applied to the Guaranteed Obligations. At any time that both (x) an Event of Default shall have occurred and is continuing and (y) any Loans are outstanding, the Lender may (but
need not), in the Lender’s name or in the Grantors’ name(s), execute and deliver proof of claim, receive all such monies, payments and sums, endorse checks and other instruments representing payment of such monies, and adjust, litigate,
compromise or release any claim against the issuer of any such policy. 
 (c) In addition, to secure the prompt
and complete payment, performance and observance of the Guaranteed Obligations and in order to induce Lender as aforesaid, each Grantor hereby grants to Lender, a right of setoff against the Collateral and all other property and assets of such
Grantor held by Lender, consisting of property described above in Section 2(a) and 2(b) now or hereafter in the possession or custody of or in transit to Lender, for any purpose, including safekeeping, collection or pledge, for the
account of such Grantor, or as to which such Grantor may have any right or power, which set off may be exercised only if an Event of Default has occurred and is continuing. 

3. LENDER’S RIGHTS: LIMITATIONS ON LENDER’S OBLIGATIONS. 

(a) It is expressly agreed by Grantors that, anything herein to the contrary notwithstanding, each Grantor shall remain
liable for the Collateral and all aspects of the Collateral, including under each of its Contracts (for purposes of this Security Agreement, the term Contracts shall include the Servicing Agreements) and each of its Licenses to observe and perform
all the conditions and obligations to be observed and performed by it thereunder. Lender shall not have any obligation or liability under any Contract or License by reason of or arising out of this Security Agreement or the granting herein of a
security interest or Lien thereon or the receipt by Lender of any payment relating to any Contract or License pursuant hereto. Lender shall not be required or obligated in any manner to perform or fulfill any of the obligations of any Grantor under
or pursuant to any Contract or License, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Contract or License, or to present
or file any claims, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

  
 4 

 (b) Lender may, at any time upon the occurrence and continuance of a
Default, which is not reasonably capable of being cured, or Event of Default, upon notice to any Grantor, notify Account Debtors, Servicing Agents and other Persons obligated on the Collateral that Lender has a security interest therein, and that
payments shall be made directly to Lender upon the occurrence of an Event of Default. Upon the occurrence and during the continuance of a Default, which is not reasonably capable of being cured, or Event of Default, at the request of Lender, in its
reasonable business discretion, each Grantor shall notify Account Debtors, Servicing Agents and other Persons obligated on Collateral that Lender has a first-priority security interest in the Collateral. Once any such notice has been given to any
Account Debtor, Servicing Agent or other Person obligated on the Collateral, the affected Grantor shall not give any contrary instructions to such Account Debtor, Servicing Agent or other Person without Lender’s prior written consent.

 (c) Lender may at any time in Lender’s own name, in the name of a nominee of Lender or in the name of
any Grantor communicate (by mail, telephone, facsimile or otherwise) with Account Debtors, any Servicing Agent, parties to Contracts and obligors in respect of Instruments to verify, to Lender’s satisfaction, the existence, amount, terms of,
and any other matter relating to, Accounts, payment intangibles, Instruments or Chattel Paper or other Collateral. 
 4. REPRESENTATIONS AND WARRANTIES. Each Grantor represents and warrants that: 
 (a) Each Grantor has rights in and the power to transfer each item of the Collateral (other than Excluded Assets) upon which it purports to grant a security interest and Lien hereunder, free and clear of
any and all Liens other than Permitted Encumbrances. 
 (b) No effective security agreement, financing
statement, equivalent security or Lien instrument or continuation statement covering all or any part of the Collateral is on file or of record in any public office, except such as may have been filed (i) by any Grantor in favor of Lender
pursuant to this Security Agreement or the other Loan Documents, (ii) in connection with any other Permitted Encumbrances, and (iii) financing statements describing a Grantor’s purchase of Collateral. 

(c) This Security Agreement is effective to create a valid and continuing security interest in and other Lien (as
applicable) on the Collateral and, upon the filing of the appropriate financing statements listed on Schedule I attached hereto, a perfected security interest in favor of Lender on the Collateral, with respect to which a security interest may
be perfected by filing pursuant to the Code. Such security interest in favor of Lender is senior and prior to all other security interests and Liens in the Collateral, except Permitted Encumbrances, and is enforceable as such as against any and all
creditors of and purchasers from any Grantor (other than purchasers and lessees of Accounts in the ordinary course of business and non-exclusive licensees of General Intangibles in the ordinary course of business). All action by any Grantor
necessary or reasonably desirable to protect and perfect such Lien on each item of the Collateral has been duly taken. 

  
 5 

 (d) Schedule II hereto lists all Instruments, Letter of Credit Rights
and Chattel Paper of each Grantor having a value of $100,000.00 or more. All action by any Grantor reasonably necessary to perfect the security interest and Lien of Lender on each item set forth on Schedule II (including the delivery of
originals thereof to Lender and the legending of all Chattel Paper as required by Section 5(b) hereof) has been duly taken. The Lien of Lender on the Collateral listed on Schedule II hereto is senior and prior to all other Liens,
except Permitted Encumbrances, that would be prior to the Liens in favor of Lender as a matter of law, and is enforceable as such against any and all creditors of and purchasers from any Grantor. 

(e) Each Grantor’s name as it appears in official filings in the state of its incorporation or other organization,
the type of entity of each Grantor (including corporation, partnership, limited partnership or limited liability company), organizational identification number issued by each Grantor’s state of incorporation or organization or a statement that
no such number has been issued, each Grantor’s state of organization or incorporation, the location of each Grantor’s chief executive office, principal place of business, offices, all warehouses and premises where material Collateral is
stored or located, and the locations of its primary books and records concerning the Collateral are set forth on Schedules III-A - III-O, respectively, hereto. Each Grantor has only one state of incorporation or organization. 

(f) Each material Trademark and Copyright, if any, registered with or that is the subject of an application with the
United States Patent and Trademark Office, or its foreign equivalents, or the United States Copyright Office or its foreign equivalents, as applicable, each patent and each License is listed, together with application or registration numbers, as
applicable, in Schedule IV hereto. Except as set forth in Schedule IV hereto, each Grantor, jointly and severally, represents and warrants that all patents, Trademarks and Copyrights which are necessary or material to the operations of
such Grantor have been registered with the United States Patent and Trademark Office or its foreign equivalents or the United States Copyright Office or its foreign equivalents, as applicable. This Security Agreement is effective to create a valid
and continuing Lien on and, upon filing of the Intellectual Property Security Agreement with the United States Copyright Office and the United State Patent and Trademark Office, perfected Liens in favor of Lender on each Grantor’ s patents,
Trademarks and Copyrights and such perfected Liens are enforceable as such as against any and all creditors of and purchasers from any Grantor. Upon filing of the Copyright Security Agreements with the United States Copyright Office and filing of
the Patent Security Agreements and the Trademark Security Agreements with the United States Patent and Trademark Office and the filing of appropriate financing statements listed on Schedule I hereto, all action necessary or reasonably
desirable to protect and perfect Lender’s Lien on each Grantor’s patents, Trademarks or Copyrights shall have been duly taken. 
 (g) All motor vehicles, if any, owned by each Grantor are listed on Schedule V hereto, by model, model year and vehicle identification number (“VIN”). 

  
 6 

 5. COVENANTS. Each Grantor, jointly and severally, covenants and
agrees with Lender that from and after the date of this Security Agreement and until the Termination Date: 

(a) Further Assurances: Pledge of Instruments; Chattel Paper. 

(i) At any time and from time to time, upon the written request of Lender and at the sole expense of
Grantors, each Grantor shall promptly and duly execute and deliver any and all such further instruments and documents and take such further actions as Lender may reasonably deem desirable to obtain the full benefits of this Security Agreement and of
the rights and powers herein granted, including (A) using its commercially reasonable best efforts to secure all consents and approvals necessary or appropriate for the assignment to or for the benefit of Lender of any material License or
Contract held by such Grantor and to enforce the security interests granted hereunder; and (B) filing any financing or continuation statements under the Code with respect to the Liens granted hereunder or under any other Loan Document as to
those jurisdictions that are not Uniform Commercial Code jurisdictions. Each Grantor hereby authorizes Lender to file and record in such public records offices as Lender may reasonably determine such financing statements as Lender may reasonably
determine relative to the transactions contemplated by this Agreement. 
 (ii) Unless Lender
shall otherwise consent in writing (which consent may be revoked), after the occurrence and during the continuance of an Event of Default, each Grantor shall deliver to Lender all Collateral having a value in excess of $1,000,000.00 consisting of
certificated securities (accompanied by appropriate instruments of transfer executed in blank) promptly after such Credit Party receives the same, and each Grantor shall acquire and maintain all Portfolios consisting, in whole or in any material
part, of negotiable Documents, Chattel Paper, and/or Instruments having an original purchase price in excess of $1,000,000.00 (unless otherwise agreed in writing by Lender) in a commercially reasonable manner such that notice is given that Lender
has been granted a first-priority lien and security interest in and upon all such Collateral consisting of negotiable Documents, Chattel Paper, and Instruments. As part of each Grantor’s duties under this Section 5(a)(ii), each Grantor
shall (promptly after such Credit Party acquires an interest in any such Collateral) place or cause to be placed on the face of each individual tangible item constituting negotiable Documents, Chattel Paper, and Instruments having a value in excess
of $1,000,000.00, in a conspicuous manner, the following written indication or legend: “This document has been assigned as collateral to BANK LEUMI USA, a New York banking corporation, as Lender, and is subject to a lien and security interest
granted in favor of Lender.” Furthermore, each Grantor shall (promptly after such Credit Party acquires an interest in any such Collateral) indicate or cause to be indicated on each individual electronic or intangible item constituting Chattel
Paper, in a conspicuous manner, the following electronic indication or legend: “This entry, information and material and the rights arising thereunder have been assigned as collateral to BANK LEUMI USA, a New York banking corporation, as
Lender, and is subject to a lien and security interest granted in favor of Lender.” 

  
 7 

 (iii) Except as otherwise expressly provided for in the Loan
Agreement, each Grantor shall, in accordance with the terms of the Loan Agreement, obtain or use its commercially reasonable best efforts to obtain waivers or subordinations of Liens from landlords and mortgagees, and each Credit Party shall, except
as otherwise expressly provided for in the Loan Agreement, in all instances obtain signed acknowledgements of Lender’s Liens from bailees having possession of any Grantor’s material Goods that they hold for the benefit of Lender.

 (iv) If required by the terms of the Loan Agreement and not waived by Lender in writing
(which waiver may be revoked), each Grantor shall obtain authenticated Control Letters from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding any financial assets or commodities to or
for any Grantor having a value in excess of $1,000,000.00. 
 (v) Reserved. 

(vi) Each Grantor that is or becomes the beneficiary of a letter of credit evidencing indebtedness in
excess of $1,000,000.00 shall promptly, and in any event within two (2) Business Days after becoming a beneficiary, notify Lender thereof and enter into a tri-party agreement with Lender and the issuer and/or confirmation bank with respect to
Letter-of-Credit Rights assigning such Letter-of-Credit Rights to Lender and directing all payments thereunder to the Collection Account, all in form and substance reasonably satisfactory to Lender. 

(vii) Each Grantor shall take all steps necessary to grant the Lender control of all electronic chattel
paper having a value in excess of $1,000,000.00 in accordance with the Code and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.

 (viii) Each Grantor hereby irrevocably authorizes the Lender at any time and from time to
time to file in any filing office in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that (a) indicate the Collateral (i) as all assets of such Grantor or words of similar effect, regardless
of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code or such jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail, and (b) contain any other information
required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether such Grantor is an organization, the type of organization and any organization
identification number issued to such Grantor, and (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral 

  
 8 

 
or timber to be cut, a sufficient description of real property to which the Collateral relates. Each Grantor agrees to furnish any such information to the Lender promptly upon request. Each
Grantor also ratifies its authorization for the Lender to have filed in any Uniform Commercial Code jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. 

(ix) Each Grantor shall promptly, and in any event within five (5) Business Days after the same is
acquired by it, notify Lender of any commercial tort claim (as defined in the Code) having a value in excess of $1,000,000 acquired by it and unless otherwise consented by Lender, such Grantor shall enter into a supplement to this Security
Agreement, granting to Lender a Lien in such commercial tort claim and amending Annex I attached hereto. 

(b) Maintenance of Records. Grantors shall keep and maintain, at their own cost and expense, satisfactory and
complete records of the Collateral, including a record of any and all payments received and any and all credits granted with respect to the Collateral and all other dealings with the Collateral. Grantors shall mark their books and records pertaining
to the Collateral to evidence this Security Agreement and the Liens granted hereby. If any Grantor retains possession of any Chattel Paper or Instruments with Lender’s consent, such Chattel Paper and Instruments shall be marked with the
following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interest of Bank Leumi USA, as Lender.” 
 (c) Covenants Regarding Patent, Trademark and Copyright Collateral. 
 (i) Grantors shall notify Lender promptly if they know or have reason to know that any application or registration relating to any material patent, Trademark or Copyright (now or hereafter existing) may
become abandoned or dedicated, or of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright
Office or any court) regarding any Grantor’s ownership of any patent, Trademark or Copyright, its right to register the same, or to keep and maintain the same. 

(ii) In no event shall any Grantor, either itself or through any agent, employee, licensee or designee,
file an application for the registration of any material patent, Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency without giving Lender prior written notice
thereof, and, upon request of Lender, Grantor shall execute and deliver any and all security agreements in respect of such Intellectual Property (the “Intellectual Property Security Agreements”) and supplements hereto as Lender may
request to evidence Lender’s Lien on such patent, Trademark or Copyright, and the General Intangibles of such Grantor relating thereto or represented thereby. 

(iii) Grantors shall take all actions necessary or requested by Lender to maintain and pursue each
application, to obtain the relevant registration and to 

  
 9 

 
maintain the registration of each of the material patents, Trademarks and Copyrights (now or hereafter existing), including the filing of applications for renewal, affidavits of use, affidavits
of noncontestability and opposition and interference and cancellation proceedings. 
 (iv) In
the event that any of the material Intellectual Property Collateral is believed by Grantor to be infringed upon, or misappropriated or diluted by a third party, such Grantor shall promptly give notice thereof to Lender and to the extent applicable
comply with Section 5(a)(ix) of this Security Agreement and such Grantor shall, unless such Grantor shall reasonably determine that such Intellectual Property Collateral is in no way material to the conduct of its business or operations,
promptly sue for infringement, misappropriation or dilution, to recover any and all damages for such infringement, misappropriation or dilution, take such other actions to enforce its right and protect such Intellectual Property Collateral whether
by action, suit, proceeding or otherwise and take any and all other actions as Lender shall deem necessary or appropriate under the circumstances to protect such Intellectual Property Collateral. 

(d) Indemnification. In any suit, proceeding or action brought by Lender relating to any Collateral for any sum
owing with respect thereto or to enforce any rights or claims with respect thereto, each Grantor will save, indemnify and keep Lender harmless from and against all expense (including reasonable attorneys’ fees and expenses), loss or damage
suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever of the Account Debtor or other Person obligated on the Collateral, arising out of a breach by any Grantor of any obligation thereunder or
arising out of any other agreement, indebtedness or liability at any time owing to, or in favor of, such obligor or its successors from such Grantor, except in the case of Lender, to the extent: (i) such expense, loss, or damage is attributable
to the gross negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction, or (ii) of Lender’s failure to act in a commercially reasonable manner (as finally determined by a court of competent
jurisdiction) such that such failure is determined by a court of competent jurisdiction to be egregious, unconscionable and beyond the standards of experienced commercial lenders in similar circumstances. All such obligations of Grantors shall be
and remain enforceable against and only against Grantors and shall not be enforceable against Lender. 
 (e)
Compliance with Terms of Accounts, etc. Each Grantor will perform and comply with all material obligations in respect of the Collateral and all other material agreements to which it is a party or by which it is bound relating to the
Collateral. 
 (f) Limitation on Liens on Collateral. No Grantor will create, permit or suffer to exist,
and each Grantor will defend the Collateral against, and take such other action as is necessary to remove, any Lien on the Collateral except Permitted Encumbrances, and will defend the right, title and interest of Lender in and to any of such
Grantor’s rights under the Collateral against the claims and demands of all Persons whomsoever. 

  
 10 

 (g) Limitations on Disposition. No Grantor will sell, license, lease,
transfer or otherwise dispose of any of the Collateral, or attempt or contract to do so, except for sales of Accounts and Portfolios in the ordinary course of business as permitted by the Loan Agreement. 

(h) Notices. Grantors will advise Lender promptly, in reasonable detail, (i) of any Lien (other than
Permitted Encumbrances) made or asserted against any of the Collateral, and (ii) of the occurrence of any other event which could reasonably be expected to have a Material Adverse Effect on the aggregate value of the Collateral or on the Liens
created hereunder or under any other Loan Document. 
 (i) Good Standing Certificates. Upon request by
Lender, each Grantor shall provide to Lender a certificate of good standing from its state of incorporation or organization. 
 (j) No Reincorporation. Except as permitted in the Loan Agreement, no Grantor shall reincorporate or reorganize itself under the laws of any jurisdiction other than the jurisdiction in which it is
incorporated or organized as of the date hereof without the prior written consent of Lender, which consent shall not be unreasonably withheld or delayed. 
 (k) Terminations; Amendments Not Authorized. Each Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing
statement without the prior written consent of Lender and agrees that it will not do so without the prior written consent of Lender. 
 (l) Authorized Terminations. Lender will promptly deliver to each Grantor for filing or authorize each Grantor to prepare and file termination statements and releases in accordance with the Loan
Agreement. 
 6. LENDER’S APPOINTMENT AS ATTORNEY-IN-FACT. 

On the Closing Date each Grantor shall execute and deliver to Lender a power of attorney (the “Power of
Attorney”) substantially in the form attached hereto as Exhibit A. The power of attorney granted pursuant to the Power of Attorney is a power coupled with an interest and shall be irrevocable until the Termination Date. The
powers conferred on Lender under the Power of Attorney are solely to protect Lender’s interests in the Collateral and shall not impose any duty upon Lender to exercise any such powers. Lender agrees that (a) except for the powers granted
in clause (h) of the Power of Attorney, it shall not exercise any power or authority granted under the Power of Attorney unless a Default, which is not reasonably capable of being cured, or Event of Default has occurred and is continuing, and
(b) Lender shall account for any moneys received by Lender in respect of any foreclosure on or disposition of Collateral pursuant to the Power of Attorney provided that Lender shall not have any duty as to any Collateral (except as may be
required by applicable law), and Lender shall be accountable only for amounts that they actually receive as a result of the exercise of such powers. LENDER OR ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL NOT BE
RESPONSIBLE TO ANY GRANTOR FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR OTHERWISE, EXCEPT IN RESPECT OF AND TO THE EXTENT OF DAMAGES ARISING FROM THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF
COMPETENT JURISDICTION, NOR FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 

  
 11 

 7. REMEDIES: RIGHTS UPON DEFAULT. 

(a) In addition to all other rights and remedies granted to it under this Security Agreement, the Guaranty, the Loan
Agreement, the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the Guaranteed Obligations, if a Default, which is not reasonably capable of being cured, or any Event of Default shall have
occurred and is continuing, Lender may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, to the extent permitted by law, each Grantor expressly agrees that in any such event Lender,
without demand of performance or other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands,
advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial
process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on Lender’s claim or action and may collect, receive, assemble, process, appropriate and realize upon the
Collateral, or any part thereof, and may forthwith sell, lease, license, assign, give an option or options to purchase, or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels
at a public or private sale or sales, at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Lender shall have the right upon any such public sale or sales and,
to the extent permitted by law, upon any such private sale or sales, to purchase for the benefit of Lender, the whole or any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby
waives and releases. Such sales may be adjourned and continued from time to time with or without notice. Lender shall have the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the right to use any Grantor’s
premises without charge for such time or times as Lender deems necessary or advisable. 
 If any Event of
Default shall have occurred and is continuing, each Grantor further agrees, at Lender’s request, to assemble the Collateral and make it available to Lender at a place or places designated by Lender which are reasonably convenient to Lender and
such Grantor, whether at such Grantor’s premises or elsewhere. Until Lender is able to effect a sale, lease, or other disposition of Collateral, Lender shall have the right to hold or use Collateral, or any part thereof, to the extent that it
deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by Lender. Lender shall have no obligation to any Grantor to maintain or preserve the rights of such Grantor as against third parties
with respect to Collateral while Collateral is in the possession of Lender. Lender may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Lender’s remedies, with respect to such
appointment without prior notice or hearing as to such appointment. Lender shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to the Guaranteed Obligations as provided in

  
 12 

 
the Loan Agreement, and only after so paying over such net proceeds, and after the payment by Lender of any other amount required by any provision of law, need Lender account for the surplus, if
any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the
gross negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that ten (10) days prior notice by Lender of the time and place of any public sale or of the time after which a
private sale may take place is reasonable notification of such matters. Grantors shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Guaranteed Obligations, including any
attorneys’ fees and other expenses incurred by Lender to collect such deficiency. 
 (b) Except as
otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral. 

(c) To the extent that applicable law imposes duties on the Lender to exercise remedies in a commercially reasonable
manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for the Lender (i) to fail to incur expenses reasonably deemed significant by the Lender to prepare Collateral for disposition, (ii) to fail to obtain
third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of,
(iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and
other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the
Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as the Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more
professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types
included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as
title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Lender against risks of loss, collection or disposition of Collateral or to provide to the Lender a guaranteed return from the collection or
disposition of Collateral, or (xii) to the extent deemed appropriate by the Lender, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Lender in the collection or disposition of any of
the Collateral. Each Grantor acknowledges that the purpose of this Section 7(c) is to provide non-exhaustive indications of what actions or omissions by the Lender would not be commercially unreasonable in the Lender’s exercise of remedies
against the Collateral and that other actions or omissions by the Lender shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 7(c). Without limitation upon the foregoing, nothing contained in
this Section 7(c) shall be construed to grant any rights to any Grantor or to impose any duties on Lender that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 7(c).

  
 13 

 (d) Lender shall not be required to make any demand upon, or pursue or
exhaust any of their rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Guaranteed Obligations or to pursue or exhaust any of their rights or remedies with respect to
any Collateral therefore or any direct or indirect guarantee thereof. Lender shall not be required to marshal the Collateral or any guarantee of the Guaranteed Obligations or to resort to the Collateral or any such guarantee in any particular order,
and all of its and their rights hereunder or under any other Loan Document shall be cumulative. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to
assert against the Lender, any valuation, stay, appraisement, extension, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale
of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise. 

8. GRANT OF LICENSE TO USE INTELLECTUAL PROPERTY COLLATERAL. For the purpose of enabling Lender to exercise rights
and remedies under Section 7 hereof (including, without limiting the terms of Section 7 hereof, in order to take possession of, hold, preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose
of Collateral) at such time as Lender shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to Lender an irrevocable (until the Termination Date), nonexclusive license (exercisable without payment of royalty or
other compensation to such Grantor) to use, license or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license access to all media in which any of the
licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof, all without compensation to Grantor. 

9. LIMITATION ON LENDER’S DUTY IN RESPECT OF COLLATERAL. Lender shall use reasonable care with respect to the
Collateral in its possession or under its control. Lender shall not have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of Lender, or any income thereon or as to the
preservation of rights against prior parties or any other rights pertaining thereto. 
 10.
REINSTATEMENT. This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an
assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Guaranteed Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Guaranteed Obligations, whether as a
“voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the
Guaranteed Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

  
 14 

 11. NOTICES. Whenever it is provided herein that any notice, demand,
request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give and serve upon any other party any communication with
respect to this Security Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the manner, and deemed received, as provided for in the Loan Agreement. Notices to
any Grantor shall be made to Borrower Representative on behalf of such Grantor and any such notice when delivered to Borrower Representative in accordance with the provisions of the Loan Agreement shall be deemed made on the applicable Grantor.

 12. SEVERABILITY. Whenever possible, each provision of this Security Agreement shall be interpreted in
a manner as to be effective and valid under applicable law, but if any provision of this Security Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity
without invalidating the remainder of such provision or the remaining provisions of this Security Agreement. This Security Agreement is to be read, construed and applied together with the Loan Agreement and the other Loan Documents which, taken
together, set forth the complete understanding and agreement of Lender and Grantors with respect to the matters referred to herein and therein. Except as otherwise specifically provided, if any provision contained in this Security Agreement or any
other Loan Document conflicts with any provision in the Loan Agreement, the provision in the Loan Agreement shall govern and control. 
 13. NO WAIVER; CUMULATIVE REMEDIES; AMENDMENTS. Lender shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder, and no waiver shall be
valid unless in writing, signed by Lender and then only to the extent therein set forth. A waiver by Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Lender would otherwise have
had on any future occasion. No failure to exercise nor any delay in exercising on the part of Lender, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised singly or concurrently, and are not exclusive of
any rights and remedies provided by law. None of the terms or provisions of this Security Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by Lender and the applicable party to be charged.

 14. LIMITATION BY LAW. All rights, remedies and powers provided in this Security Agreement may be
exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory provisions of law that may be
controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

  
 15 

 15. TERMINATION OF THIS SECURITY AGREEMENT. Subject to
Section 10 hereof, this Security Agreement shall terminate upon the Termination Date. 
 16.
SUCCESSORS AND ASSIGNS. This Security Agreement and all obligations of Grantors hereunder shall be binding upon the successors and assigns of each Grantor (including any debtor-in-possession on behalf of such Grantor) and shall, together with
the rights and remedies of Lender, hereunder, inure to the benefit of Lender, all future holders of any instrument evidencing any of the Guaranteed Obligations and their respective successors and assigns. No sales of participations, other sales,
assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Obligations or the Guaranteed Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to Lender
hereunder. No Grantor may assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Security Agreement. 
 17. COUNTERPARTS. This Security Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute one agreement. This Security Agreement
may be executed by manual signature, facsimile or, if approved in writing by Lender, electronic means, all of which shall be equally valid. 
 18. GOVERNING LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS SECURITY AGREEMENT AND
THE GUARANTEED OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE, AND ANY APPLICABLE LAWS OF THE UNITED
STATES OF AMERICA. EACH GRANTOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN GRANTORS, AND
LENDER PERTAINING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, PROVIDED, THAT LENDER AND GRANTORS ACKNOWLEDGE THAT ANY
APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY, AND, PROVIDED, FURTHER, NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL
ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE GUARANTEED OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF LENDER. EACH GRANTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH GRANTOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH 

  
 16 

 
COURT. EACH GRANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER
PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH GRANTOR AT THE ADDRESS SET FORTH ON ANNEX I TO THE LOAN AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR FIVE
(5) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 
 19. WAIVER OF JURY TRIAL.
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION
RULES), THE PARTIES DESIRE THAT DISPUTES ARISING HEREUNDER OR RELATING HERETO BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE
ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG LENDER AND GRANTORS ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED IN CONNECTION WITH, THIS SECURITY AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO. 
 20. SECTION TITLES. The Section titles
contained in this Security Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

21. NO STRICT CONSTRUCTION. The parties hereto have participated jointly in the negotiation and drafting of this
Security Agreement. In the event an ambiguity or question of intent or interpretation arises, this Security Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provisions of this Security Agreement. 
 22. ADVICE
OF COUNSEL. Each of the parties represents to each other party hereto that it has discussed this Security Agreement and, specifically, the provisions of Section 18 and Section 19, with its counsel. 

23. BENEFIT OF LENDER. All Liens granted or contemplated hereby shall be for the benefit of Lender, and all
proceeds or payments realized from Collateral in accordance herewith shall be applied to the Guaranteed Obligations in accordance with the terms of the Loan Agreement. 

24. ADDITIONAL GRANTORS. The initial Grantors hereunder shall include the Credit Parties as are signatory hereto.
From time to time subsequent to the date hereof, additional Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a counterpart of this Security Agreement substantially in the form of
Exhibit B  

  
 17 

 
attached hereto. Upon delivery of any such counterpart to Lender, notice of which is hereby waived by the Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto
as if such Additional Grantor were an original signatory hereto. Each Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder nor by any election
of Lender not to cause any Credit Party or any other Person to become an Additional Grantor hereunder. This Security Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other Person
becomes or fails to become or ceases to be a Grantor hereunder. 
 [Signature Pages to Follow] 

  
 18 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Security
Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	ASTA FUNDING, INC., a Delaware corporation
		
	By:	 	 
	Name:	 	Gary Stern
	Title:	 	President

 [Signatures continued on next page] 

Security Agreement Asta - Funding, Inc. 

  

 [Signatures continued on next page] 

 

			
	 BANK LEUMI USA,
 a New York banking corporation, as Lender

		
	By:	 	 
	Name:	 	
	Title:	 	Its Duly Authorized Signatory

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	Its Duly Authorized Signatory

 Security Agreement Asta - Funding, Inc. 

  

 [GUARANTOR] 
 ANNEX I 
 COMMERCIAL TORT CLAIMS 

None 

  

 SCHEDULE I 
 to 
 SECURITY AGREEMENT 

FILING JURISDICTIONS 
  

			
	Credit Party	 	Filing Jurisdiction
	Asta Funding, Inc.	 	Delaware

  

 SCHEDULE II 
 to 
 SECURITY AGREEMENT 

INSTRUMENTS 

CHATTEL PAPER 
 AND
 
 LETTER OF CREDIT RIGHTS 
 Instruments 
 None 

Chattel Paper 
 None 
 Letter of Credit Rights 

None 

  

 SCHEDULE III 
 to 
 SECURITY AGREEMENT 

SCHEDULE OF OFFICES, LOCATIONS OF COLLATERAL AND RECORDS CONCERNING COLLATERAL OF ASTA FUNDING, INC. 

 

	I.	 Grantor’s official name: ASTA FUNDING, INC. 

  

	II.	 Type of entity (e.g. corporation, partnership, business trust, limited partnership, limited liability company): Corporation

  

	III.	 Organizational identification number issued by Grantor’s state of incorporation or organization or a statement that no such number has been
issued: 2525976 

  

	IV.	 State or Incorporation or Organization of Grantor: Delaware 

 

	V.	 Chief Executive Office and principal place of business of Grantor: 

210 Sylvan Avenue 

Englewood Cliffs, NJ 07632 

 

	VI.	 Corporate Offices of Grantor: 

210 Sylvan Avenue 

Englewood Cliffs, NJ 07632 

 

	VII.	 Warehouses: None 

  

	VIII.	 Other Premises at which Collateral is Stored or Located: None 

 

	IX.	 Locations of Records Concerning Collateral: 524 Grand Avenue, Englewood, NJ 07632, Units 1022, 1052 and 1053 

  

 SCHEDULE IV 
 to 
 SECURITY AGREEMENT 

PATENTS, TRADEMARKS AND COPYRIGHTS 
 None. 

  

 SCHEDULE V 
 to 
 SECURITY AGREEMENT 

MOTOR VEHICLES OWNED 
 None.

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