FIFTH AMENDMENT TO CREDIT AGREEMENT

This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of August 4, 2015, among PRA GROUP, INC. (f/k/a Portfolio Recovery Associates,
Inc.), a Delaware corporation (“PRA”, or the “Company”), PRA GROUP CANADA INC.,
a Canadian corporation organized under the Canada Business Corporations Act (the
“Canadian Borrower”, and, together with PRA, the “Borrowers”) the Guarantors,
the Lenders party hereto, BANK OF AMERICA, N.A., as Administrative Agent and
BANK OF AMERICA, N.A., acting through its Canada branch, as Canadian
Administrative Agent (together with the Administrative Agent, the “Agents” and
each an “Agent”).

RECITALS

PRA, the Guarantors, the Lenders, and BANK OF AMERICA, N.A., as Administrative
Agent, Swing Line Lender and L/C Issuer, are party to that certain Credit
Agreement dated as December 19, 2012 (as amended, supplemented, modified and in
effect from time to time, the “Existing Credit Agreement”), pursuant to which
the Lenders agreed to provide a senior credit facility to PRA.  Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to
them in the Existing Credit Agreement, or the Amended Credit Agreement, as
applicable.
PRA has requested (i) to add the Canadian Borrower as a Borrower under the
Existing Credit Agreement and (ii) that the Administrative Agent, the Canadian
Administrative Agent and the Lenders agree to certain additional amendments to
the Existing Credit Agreement (including, without limitation, (a) the removal of
the Financial Covenant with respect to Consolidated Tangible Net Worth, (b) the
termination of the Multi Currency Revolving B Commitments, (c) the addition of
$50,000,000 of Canadian Revolving Commitments and (d) the acknowledgment of the
change of PRA’s legal name to PRA Group, Inc. and that, as so amended, the
Existing Credit Agreement for ease of reference be restated (after giving effect
to this Amendment) in the form of Schedule A hereto.  The Administrative Agent,
the Canadian Administrative Agent and the Lenders set forth below are willing to
agree to such amendments to the Existing Credit Agreement on the terms and
subject to the conditions hereinafter set forth.

In consideration of the foregoing recitals and the mutual covenants herein set
forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound, PRA, the
Canadian Borrower, the Guarantors, the Lenders party hereto, the Canadian
Administrative Agent and the Administrative Agent hereby agree as follows:

ARTICLE I
AMENDMENTS TO CREDIT AGREEMENT
Effective as of the Fifth Amendment Effective Date, (a) the Existing Credit
Agreement is hereby amended to delete the stricken text (indicated textually in
the same manner as the following example: stricken text) and to add the bold and
double-underlined text (indicated textually in the same manner as the following
example: bold and double-underlined text) as set forth on the pages of the
Existing Credit Agreement in the form of Schedule A hereto (the Existing Credit
Agreement, as so amended by this Amendment, being referred to as the “Amended
Credit Agreement”), (b) Exhibits A, C-2 and G to the Existing Credit Agreement
are hereby amended to read as provided on Exhibits A, C-2 and G attached hereto,
(c) a new Exhibits I-2 and M are hereby added to the Existing Credit Agreement
in the form of Exhibits I-2 and M attached hereto and (d) Schedule 2.01 to the
Existing Credit Agreement is hereby amended to read as provided on Schedule

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2.01 attached hereto. Except as expressly set forth herein, all Schedules and
Exhibits to the Existing Credit Agreement will continue in their present forms
as Schedules and Exhibits to the Amended Credit Agreement.
        
ARTICLE II
CONDITIONS TO EFFECTIVENESS
The amendments set forth in Article I shall become effective on the date first
written above (the “Fifth Amendment Effective Date”), when the following
conditions have been met:
1.    Counterparts. Receipt by the Administrative Agent of counterparts of this
Amendment executed by the Administrative Agent, the Canadian Administrative
Agent, the L/C Issuer, the applicable Lenders, the Borrowers and the Guarantors.
2.    Canadian Borrower. Receipt by the Agents of the following documents with
respect to the Canadian Borrower:
(a)     copies of the Organization Documents of the Canadian Borrower certified
to be true and complete as of a recent date by a Responsible Officer of the
Canadian Borrower to be true and correct as of the Fifth Amendment Effective
Date;
(b)    such certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of the Canadian Borrower as
the Agents may reasonably require evidencing the identity, authority and
capacity of each Responsible Officer thereof authorized to act as a Responsible
Officer in connection with this Amendment and the other Loan Documents to which
such Loan Party is a party;
(c)    such documents and certifications as the Agents may reasonably require to
evidence that the Canadian Borrower is duly organized or formed, and is validly
existing, in good standing and qualified to engage in business in Canada.
(d)    an opinion of legal counsel to the Canadian Borrower, addressed to the
Agents and each Lender, dated as of the Fifth Amendment Effective Date, and in
form and substance reasonably satisfactory to the Agents;
(e)    copies of insurance policies or certificates of insurance of the Canadian
Borrower evidencing liability and casualty insurance meeting the requirements
set forth in the Loan Documents, including, but not limited to, naming the
Canadian Administrative Agent as additional insured (in the case of liability
insurance) or Lender’s loss payee (in the case of property insurance) on behalf
of the Lenders;
(f)    searches of the personal property registry maintained in the jurisdiction
of formation of the Canadian Borrower or where a filing would need to be made in
order to perfect the Canadian Administrative Agent’s security interest in the
Collateral, copies of the financing statements on file in such jurisdictions and
evidence that no Liens exist other than Permitted Liens;
(g)    PPSA financing statements in each appropriate jurisdiction as is
necessary, in the Canadian Administrative Agent’s sole discretion, to perfect
the Canadian Administrative Agent’s security interest in the Collateral;

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(h)    all certificates evidencing any certificated Equity Interests pledged to
the Administrative Agent pursuant to the Pledge Agreement, together with duly
executed in blank and undated stock powers attached thereto;
(i)    counterparts of the Canadian Security Agreement executed on behalf of the
Canadian Borrower and the Canadian Administrative Agent;
(j)    a Canadian Borrowing Base Certificate for the month ended May 31, 2015;
and
(k)    Canadian Revolving Notes executed by the Canadian Borrower in favor of
each Canadian Lender requesting such Canadian Revolving Notes.
3.    Prepayments. PRA shall have (i) prepaid Domestic Revolving A Loans to the
extent necessary to cause the Outstanding Amount of Domestic Revolving A Loans
to be less than $600,000,000 and (ii) prepaid Multi Currency Revolving B Loans
such that the Outstanding Amount of Multi Currency Revolving B Loans equals $0,
in each case, together with accrued interest on any amounts prepaid and any
additional amounts required pursuant to Section 3.05 of the Credit Agreement.
4.    Fees. Receipt by the Agents of all fees and expenses due and owing in
connection with this Amendment, including, without limitation, the reasonable
and documented legal fees and expenses of Moore & Van Allen PLLC, counsel to the
Agents.
ARTICLE III
JOINDER OF CANADIAN BORROWER
The Canadian Borrower hereby acknowledges, agrees and confirms that, by its
execution of this Amendment, such Canadian Borrower will be deemed to be a party
to the Amended Credit Agreement and a Borrower for all purposes of the Amended
Credit Agreement, and shall have all of the obligations of a Borrower thereunder
as if it had executed the Existing Credit Agreement. The Canadian Borrower
hereby ratifies, as of the date hereof, and agrees to be bound by, all of the
terms, provisions and conditions applicable to a Borrower contained in the
Amended Credit Agreement.

ARTICLE IV
JOINDER OF CANADIAN ADMINISTRATIVE AGENT
Each of the parties hereto hereby acknowledges, agrees and confirms that, by its
execution of this Amendment, the Canadian Administrative Agent will be deemed to
be a party to the Amended Credit Agreement and an Agent for all purposes of the
Amended Credit Agreement, and shall have all of the rights of an Agent
thereunder as if it had executed the Existing Credit Agreement. The Canadian
Administrative hereby ratifies, as of the date hereof, and agrees to be bound
by, all of the terms, provisions and conditions applicable to an Agent contained
in the Amended Credit Agreement.
ARTICLE V
MISCELLANEOUS
1.    Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.

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2.    Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Amendment by telecopy or other electronic imaging means shall be effective as
delivery of a manually executed counterpart of this Amendment.
3.    Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
4.    Full Force and Effect; Limited Amendment. Except as expressly amended
hereby, all of the representations, warranties, terms, covenants, conditions and
other provisions of the Existing Credit Agreement and the other Loan Documents
shall remain unchanged and shall continue to be, and shall remain, in full force
and effect in accordance with their respective terms and each Borrower and each
Guarantor confirms, reaffirms and ratifies all such documents and agrees to
perform and comply with the terms and conditions of the Amended Credit Agreement
and the other Loan Documents. The amendments set forth herein shall be limited
precisely as provided for herein to the provisions expressly amended herein and
shall not be deemed to be an amendment to, waiver of, consent to or modification
of any other term or provision of the Existing Credit Agreement or any other
Loan Document or of any transaction or further or future action on the part of
any Loan Party which would require the consent of the Lenders under the Amended
Credit Agreement or any of the Loan Documents. This Amendment shall constitute a
Loan Document.
5.    Representations and Warranties. To induce the Agents and the Lenders to
execute and deliver this Amendment, each Borrower hereby represents and warrants
to the Agents and the Lenders on the Fifth Amendment Effective Date that no
Default or Event of Default exists and all statements set forth in Section
5.02(a) of the Amended Credit Agreement are true and correct in all material
respects (unless qualified by materiality or Material Adverse Effect, in which
case, such statement shall be true and correct in all respects) as of such date,
except to the extent that any such statement expressly relates to an earlier
date (in which case such statement was true and correct in all material respects
(unless qualified by materiality or Material Adverse Effect, in which case, such
statement was true and correct in all respects) on and as of such earlier date).
6.    Commitments. Effective as of the Fifth Amendment Effective Date (a) the
Aggregate Domestic Revolving A Commitments are hereby reduced from $630,000,000
to $600,000,000, (b) the Domestic Revolving A Commitment of each Lender after
giving effect to the reduction in clause (a) above shall be as set forth on
Schedule 2.01 attached hereto, (c) the Aggregate Multi Currency Revolving B
Commitments shall be permanently reduced to $0 and such Multi Currency Revolving
B Commitments shall be terminated and (d) the Canadian Revolving Commitment of
each Lender shall be as set forth on Schedule 2.01 attached hereto. In order to
effect the modified Domestic Revolving A Commitments of the Lenders (after
giving effect to the reduction in clause (a) above and as set forth on Schedule
2.01 attached hereto), assignments of Domestic Revolving A Commitments shall be
deemed to be made among the applicable Lenders (not including Wells Fargo Bank,
National Association) in such amounts as may be necessary, and with the same
force and effect as if such assignments of Domestic Revolving A Commitments were
evidenced by the applicable Assignment and Assumptions (but without the payment
of any related assignment fee), and no other documents or instruments shall be
required to be executed in connection with such assignments (all of which such
requirements are hereby waived).
[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the date first above written.
PRA GROUP, INC. (f/k/a Portfolio Recovery Associates, Inc.)
By: /s/ Judith Scott    
Name: Judith Scott
Title: EVP and General Counsel
PRA GROUP CANADA, INC.
By: /s/ Christopher B. Graves    
Name: Christopher B. Graves
Title: Director
PORTFOLIO RECOVERY ASSOCIATES, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
PRA HOLDING I, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
PRA LOCATION SERVICES
By : PLS HOLDINGS I, LLC, its General
Partner
By: /s/ Steven C. Roberts    
Name: Steven C. Roberts
Title: Manager

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PRA GOVERNMENT SERVICES, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
PRA RECEIVABLES MANAGEMENT, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
PRA HOLDING II, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
PRA HOLDING III, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
MUNI SERVICES, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
PRA PROFESSIONAL SERVICES, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative

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PRA FINANCIAL SERVICES, LLC
By: /s/ P. Kent McCammon    
Name: P. Kent McCammon
Title: Manager
PLS HOLDING I, LLC
By: /s/ Steven C. Roberts    
Name: Steven C. Roberts
Title: Manager
PLS HOLDING II, LLC
By: /s/ Steven C. Roberts    
Name: Steven C. Roberts
Title: Manager
PRA AUTO FUNDING, LLC
By: /s/ Michael J. Petit    
Name: Michael J. Petit
Title: Manager
PRA HOLDING IV, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative
PRA HOLDING V, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative

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CLAIMS COMPENSATION BUREAU, LLC
By: /s/ Judith Scott    
Name: Judith Scott
Title: Member’s Representative

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BANK OF AMERICA, N.A., as
Administrative Agent
By: /s/ Angela Larkin    
Name: Angela Larkin
Title: Assistant Vice President
BANK OF AMERICA, N.A., acting through its Canada branch, as Canadian
Administrative Agent
By: /s/ Medina Sales de Andrade    
Name: Medina Sales de Andrade
Title: Vice President
BANK OF AMERICA, N.A., as a Lender
By: /s/ Jundie Cadiena    
Name: Jundie Cadiena
Title: Senior Vice President
BANK OF AMERICA, N.A., acting through its Canada Branch, as a Lender
By: /s/ Medina Sales de Andrade    
Name: Medina Sales de Andrade
Title: Vice President

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SUNTRUST BANK,
as a Lender
By: /s/ Paula Mueller    
Name: Paula Mueller
Title: Director

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KEYBANK NATIONAL ASSOCIATION,
as a Lender

By: /s/ James Cribbet    
Name: James Cribbet
Title: Senior Vice President

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FIFTH THIRD BANK,
as a Lender

By: /s/ J. David Izard    
Name: J. David Izard
Title: Vice President

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FIFTH THIRD BANK, operating through its Canadian Branch, as a Lender

By: /s/ Ramin Ganjavi    
Name: Ramin Ganjavi
Title: Director

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First Tennessee Bank National Association,
as a Lender

By: /s/ Keith A. Sherman    
Name: Keith A. Sherman
Title: Senior Vice President

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CAPITAL ONE, N.A.
as a Lender

By: /s/ William A. Casey    
Name: William A. Casey
Title: Senior Vice President

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CITIZENS BANK OF PENNSYLVANIA,
as a Lender

By: /s/ David W. Dinella    
Name: David W. Dinella
Title: Senior Vice President

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Israel Discount Bank of New York,
as a Lender

By: /s/ Rahum N. Williams    
Name: Rahum N. Williams
Title: First Vice President

By: /s/ Richard Miller    
Name: Richard Miller
Title: Senior Vice President

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XENITH BANK,
as a Lender

By: /s/ Bradley D. Nott    
Name: Bradley D. Nott
Title: Senior Vice President

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Bank of Hampton Roads,
as a Lender

By: /s/ Patrick Kelley Gowen    
Name: Patrick Kelley Gowen
Title: Senior Vice President

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Union Bank & Trust,
as a Lender

By: /s/ Debbie H. Young    
Name: Debbie H. Young
Title: Senior Vice President

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DNB CAPITAL LLC,
as a Lender

By: /s/ Philip P. Kurpiewski    
Name: Philip P. Kurpiewski
Title: Senior Vice President

By: /s/ Thomas Tangen    
Name: Thomas Tangen
Title: Senior Vice President
Head of Corporate Banking

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ING CAPITAL LLC,
as a Lender

By: /s/ Mary Forstner    
Name: Mary Forstner
Title: Director

By: /s/ Robert Miners    
Name: Robert Miners
Title: Director

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RAYMOND JAMES BANK, N.A.,
as a Lender

By: /s/ Jason Williams    
Name: Jason Williams
Title: Vice President

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Heritage Bank,
as a Lender

By: /s/ Leigh C. Keagh    
Name: Leigh C. Keagh
Title: EVP