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Asta Funding Inc. sold all of the issued and outstanding equity capital of its subsidiary CBC Settlement Funding LLC for roughly $10.5 million under a securities purchase agreement with CBC Holdings LLC.
Of the total amount, roughly $4.5 million was paid in cash and $5.8 million will be paid under a promissory note at an annual interest rate of 7% to be paid quarterly and to be secured. The remaining amount was paid as reimbursement of certain invoices of CBC Settlement.