Eighth Amended and Restated Secured Promissory Note



 Exhibit 10.27 
 THIS EIGHTH AMENDED AND RESTATED SECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW. THIS EIGHTH AMENDED AND RESTATED SECURED PROMISSORY NOTE HAS BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND NEITHER THIS EIGHTH AMENDED AND RESTATED SECURED PROMISSORY NOTE NOR ANY INTEREST HEREIN MAY BE SOLD OR OTHERWISE TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION AND QUALIFICATION
PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS THEREFROM. 
 THIS EIGHTH AMENDED AND RESTATED SECURED PROMISSORY NOTE IS
SUBJECT TO THE TERMS OF A JUNIOR SUBORDINATION AGREEMENT, DATED AS OF MAY 11, 2006, BETWEEN THE CIT GROUP/BUSINESS CREDIT, INC., WORLD FOCUS AND ESSAR INFRASTRUCTURE LIMITED, F/K/A ESSAR GLOBAL LIMITED. 
 EIGHTH AMENDED AND RESTATED SECURED PROMISSORY NOTE 
  

			
	 $1,975,269.00
	 	May 11, 2006

 For value received, the undersigned, Aegis Communications Group, Inc., a Delaware corporation (the
“Company”), hereby PROMISES TO PAY to the order of World Focus, a private company limited by shares organized under the laws of Mauritius (“World Focus”), the principal sum of $1,975,269.00 together with interest in
arrears from and including the date hereof on the unpaid principal balance until such principal balance is paid in full. The Company agrees to make all payments under this Eighth Amended and Restated Secured Promissory Note to the order of World
Focus, in lawful money of the United States of America and in immediately available funds, to such account or place as World Focus may request in writing ten (10) Business Days (as defined herein) prior to any such payment. World Focus,
together with its assignees hereunder are collectively referred to as the “Noteholders”. Terms used and not defined in the text of this Seventh Amended and Restated Secured Promissory Note (this “Secured Promissory
Note”) have the meaning specified in Annex II to this Secured Promissory Note or in the Purchase Agreement referred to below. 
 This Secured Promissory Note amends and restates in its entirety that certain Secured Promissory Note, dated November 5, 2003, made by the Company to the order of Deustche Bank AG—London, acting through DB Advisors, LLC, as
investment advisor, in the amount of $14,087,352.00, restated in that certain Amended and Restated Secured Promissory Note, dated January 28, 2004, restated in that certain Second Amended and Restated Secured Promissory Note, dated
March 30, 2004, restated in that certain Third Amended and Restated Secured Promissory Note, dated August 23, 2004, restated in that certain Fourth Amended and Restated Secured Note, dated November 22, 2004, restated in that certain
Fifth Amended and Restated Secured Promissory Note, dated December 15, 2004, restated in that certain Sixth Amended and Restated Secured Promissory Note dated January 3, 2005, restated in that certain Seventh Amended and Restated Secured
Promissory Note, dated April 20, 2005 (and subsequently assigned by Deutsche Bank to World Focus) (the “Original Note”) and shall be deemed for purposes of the Loan Documents (defined herein) to be the same as the Original
Note. 









 The Company agrees to pay interest on the unpaid principal amount of this Secured Promissory Note until
such principal amount shall be paid in full, compounded quarterly, at a rate per annum equal to 0.50% per annum above the rate of interest per annum (the “Eurodollar Rate”) (rounded upwards, if necessary, to the nearest 1/100
of 1%) appearing on Telerate Page 3750 (or any successor page) as the London interbank offered rate for deposits in U.S. dollars at 11:00 A.M. (London time) two Business Days before the first day of each Interest Period (as defined below) for an
amount substantially equal to such unpaid amount and for a period equal to such Interest Period (provided that, if for any reason such rate is not available, the term “Eurodollar Rate” shall mean, for any Interest Period, the rate
of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London interbank offered rate for deposits in U.S. dollars at approximately 11:00 A.M. (London time) two Business Days
prior to the first day of each Interest Period for a term comparable to such Interest Period; provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of
all such rates). Each interest period shall be a period having a duration of three months (an “Interest Period”). The initial Interest Period shall begin on the date hereof and each subsequent Interest Period shall begin on the last
day of the immediately preceding Interest Period. Interest shall be payable in arrears at the end of each Interest Period as set forth in the relevant provision below and shall be calculated on the basis of actual number of days elapsed and a year
of 360 days. Notwithstanding any other provision of this Secured Promissory Note, World Focus does not intend to charge, and the Company shall not be required to pay, any interest or other fees or charges in excess of the maximum permitted by
applicable law; any payments in excess of such maximum shall be credited to reduce principal hereunder. Except as otherwise provided herein or in the Security Agreement (as defined below), all payments received by World Focus hereunder will be
applied first to costs of collection, if any, then to accrued but unpaid interest and the balance to principal (in each case, pro rata to each Noteholder according to the interests of each Noteholder in and to the principal outstanding at such time
under this Secured Promissory Note). 
 The Company shall pay interest on the amount of any principal, interest or other amount payable
hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable on demand, at a rate per annum equal at all times to two percent (2%) per annum above the rate per annum of interest
set forth in the immediately preceding paragraph (the “Default Rate”). 
 Principal hereunder shall be payable in
installments as follows: 
 (a) In an initial installment of $231,897.80 (the “Initial Principal Payment”)
payable from time to time on or before June 30, 2006; and 
 (b) the balance of the outstanding principal amount hereof
shall be payable on April 26, 2007. 
 Each installment of principal shall be paid to World Focus by 11:00 A.M. (New York City time) on
the date due. Interest hereunder shall be payable to World Focus on the last day of each Interest Period in arrears commencing on May 12, 2006 (each such date being an “Interest Payment Date”) with a final payment of all unpaid
interest on the date principal is paid in full hereunder. The Company shall have the option to pay such interest in cash or to cause such interest to be capitalized on any such Interest Payment Date and added to the principal amount of this Secured
Promissory Note, which additional amount shall bear interest and otherwise be payable in accordance with the terms and conditions of this Secured Promissory Note. 
  

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 World Focus shall have the right at any time to request that any or all capitalized interest added to the
principal amount of this Secured Promissory Note be evidenced by a separate promissory note or notes in substantially the form of this Secured Promissory Note. 
 If any day on which a payment is due pursuant to the terms of this Secured Promissory Note is not a Business Day, such payment shall be due on the next Business Day following such date and interest shall accrue on the
accrued and unpaid interest during such extension of time; provided, that any such interest accruing for such extension of time shall be due and payable on the immediately succeeding Interest Payment Date. 
 This Secured Promissory Note may be prepaid at any time, without premium or penalty, in whole or in part, together with accrued interest to the date of
such prepayment on the portion prepaid. All prepayments made shall be recorded by World Focus and, prior to any transfer hereof, indorsed on the grid attached as Annex I hereto, which is part of this Secured Promissory Note; provided, that
the failure of World Focus to make any such recordation shall not affect the obligations of the Company under this Secured Promissory Note. 
 This Secured Promissory Note will be entitled to the benefits of and will be secured by the pledge, liens, security, title, rights and security interests granted under (a) the General Security Agreement, dated as of January 26,
2004 (the “Security Agreement”), made by the Company and its Subsidiaries party thereto in favor of Wilmington Trust Company, as collateral trustee for the Noteholders (together with its successors and assigns, the
“Collateral Trustee”) pursuant to the Collateral Trustee Agreement, dated as of January 26, 2004 (the “Collateral Trustee Agreement”), among the Collateral Trustee, the Company, the Guarantors, Essar Global
Limited and Deutsche Bank AG London – acting through DB Advisors, LLC, as investment advisor. This Secured Promissory Note is subject to the terms of a Junior Subordination Agreement, dated as of May 11, 2006 (the “Subordination
Agreement”) among The CIT Group/Business Credit, Inc., Essar Infrastructure Limited, f/k/a Essar Global Limited and World Focus. The Subordination Agreement, together with this Secured Promissory Note, the Collateral Documents, the
Collateral Trustee Agreement and the Subsidiary Guaranty made by each of the Subsidiaries of the Company and dated as of November 5, 2003, as amended by the Amendment No. 1 to Subsidiary Guaranty dated as of January 26, 2004 (the
“Guaranty”), as each of the same may be amended, supplemented or renewed from time to time, are collectively referred to as the “Loan Documents.” 
 So long as any Obligation under this Secured Promissory Note or any other Loan Document shall remain unpaid, the Company will comply with the affirmative
and negative covenants set forth in Annex II to this Secured Promissory Note in accordance with the terms of those covenants. 
 Subject to
the terms of the Subordination Agreement, upon the occurrence and during the continuation of any Event of Default (as defined in Annex II hereto), (i) World Focus, may by notice to the Company, declare this Secured Promissory Note, all interest
thereon and all other amounts payable hereunder to be forthwith due and payable, whereupon this Secured Promissory Note, all such interest and all such other amounts shall become and be forthwith due and payable, without presentment, demand, protest
or further notice of any kind, all of which are hereby expressly waived by the Company and (ii) World Focus may pursue all remedies available to it under the Loan Documents and applicable law against the Company and the personal property that
secures the Obligations, from time to time and in such order as World Focuus shall determine. 
  

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 The Company agrees that, upon the acceleration of this Secured Promissory Note following the occurrence
of an Event of Default that is not cured within the applicable cure period, the Company shall pay to the World Focus, in addition to principal and accrued interest thereon, all out-of-pocket costs of collection of the principal and accrued interest,
including, but not limited to, all reasonable out-of-pocket attorneys’ fees, court costs, and other reasonable out-of-pocket costs and expenses of World Focus related to the enforcement of payment of this Secured Promissory Note. Such amounts
which are not paid within 10 days after World Focus’s written demand therefor shall be added to the principal of this Secured Promissory Note and will bear interest at the Default Rate. 
 Each Noteholder Party hereby appoints and authorizes the Collateral Trustee (the “Agent”) to take such action as agent on its behalf and
to exercise such powers and discretion under this Secured Promissory Note and the other Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto. As
to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of this Secured Promissory Note), no Agent shall be required to exercise any discretion or take any action, but shall be
required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Noteholders, in the case of the Collateral Trustee, and such instructions shall be binding upon all
Noteholder Parties; provided, however, that no Agent shall be required to take any action that exposes such Agent to personal liability or that is contrary to this Agreement or applicable law. 
 Neither any Agent nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it
or them under or in connection with the Loan Documents, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, each Agent: (a) may consult with legal counsel (including counsel
for any Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts;
(b) makes no warranty or representation to any Noteholder Party and shall not be responsible to any Noteholder Party for any statements, warranties or representations (whether written or oral) made in or in connection with the Loan Documents;
(c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any Loan Document on the part of any Loan Party or to inspect the property (including the books and
records) of any Loan Party; (d) shall not be responsible to any Noteholder Party for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest
created or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; and (e) shall incur no liability under or in respect of any Loan Document by acting upon any
notice, consent, certificate or other instrument or writing (which may be by telegram, telecopy or telex) believed by it to be genuine and signed or sent by the proper party or parties. 
 No amendment, waiver, modification or supplement of any provision of this Secured Promissory Note, nor consent to any departure by the Company therefrom,
shall in any event be effective unless the same shall be in writing signed by the Company and accepted and agreed to by the Required Lenders and then such amendment, waiver, modification, supplement or consent shall be effective only in the specific
instance and for the specific purpose for which given. 
 This Secured Promissory Note is governed by and construed in accordance with, the
laws of the State of New York. 
 This Secured Promissory Note may be assigned, in whole or in part, from time to time, by World Focus
without the prior written consent of the Company. 
  

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 This Secured Promissory Note and the rights and obligations under this Secured Promissory Note are not
assignable or delegable, directly or indirectly, in whole or in part, by the Company, without the prior written consent of the World Focus; provided, however, that the Company may transfer this Secured Promissory Note and the rights and obligations
under this Secured Promissory Note to any third party that has acquired all or substantially all of the capital stock or ownership interest in and to the Company (including by way of merger or consolidation) or to any third party that has acquired
all or substantially all of the assets of the Company; provided that the Collateral (as defined in the Security Agreement) is included in any such sale. This Secured Promissory Note shall be binding upon the Company, its permitted successors and its
assigns, and, in addition, shall inure to the benefit of and be enforceable by each Noteholder and its successors and assigns. Whenever possible this Secured Promissory Note and each provision hereof shall be interpreted in such manner as to be
effective, valid and enforceable under applicable law. If and to the extent that any such provision of this Secured Promissory Note shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or
render unenforceable any other provisions hereof, and any determination that the application of any provision hereof to any person or under any circumstance is illegal and unenforceable shall not affect the legality, validity and enforceability of
such provision as it may be applied to any other person or in any other circumstance. All rights and remedies provided in this Secured Promissory Note, the Guarantee, the Security Agreement or any law shall be available to the World Focus and shall
be cumulative. 
 The Company hereby expressly waives presentment, demand, and protest, notice of demand, dishonor and nonpayment of this
Secured Promissory Note, and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or enforcement hereof, and hereby consents to any delays, extensions of time, renewals, waivers or modifications
that may be granted or consented to by the Noteholders with respect to the time of payment or any other provision hereof or of the Security Agreement. 
 No course of dealing between the Company and the World Focus or any other Noteholder or Noteholder Party and no delay or failure in exercising any rights hereunder in respect thereof shall operate as a waiver of any
rights of any Noteholder Party. 
 This Secured Promissory Note, and the indebtedness of the Company to the World Focus evidenced hereby,
shall not be subject to any set-off, recoupment or counterclaim, each of which is hereby expressly waived by the Company with respect to this Secured Promissory Note and such indebtedness. 
 The Company hereby irrevocably submits to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in New York City in
any action or proceeding arising out of or relating to this Secured Promissory Note and hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in any such court and irrevocably waives any
objection it may now or hereafter have as to the venue of any such suit, action or proceeding brought in such a court or that such court is an inconvenient forum. Nothing herein shall limit the right of the World Focus or any other Noteholder Party
to bring proceedings against the Company in the courts of any other jurisdiction. 
  

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 THE COMPANY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS SECURED PROMISSORY NOTE. 
  

					
	  	 	COMPANY:
		
		 	 AEGIS COMMUNICATIONS GROUP, INC.

			
		 	 By:
	  	 /s/ Deepak Rastogi

		 	Name:	  	Deepak Rastogi
		 	Title:	  	V.P. – Business Planning & Secretary

  

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 Annex I 
 PREPAYMENTS 
  

							
	Date	 	Amount Prepaid	 	Unpaid Balance	 	Notation Made By

  

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 Annex II 
 Covenants, Events of Default and Related Definitions 
 1. Definitions and Interpretations 
 1.1 Definitions As used in this Annex II, the following terms shall have the following definitions: 
 “Account” means an account (as that term is defined in the Code), and any and all supporting obligations in respect thereof. 

“Account Debtor” means any Person who is obligated under, with respect to, or on account of, an Account, chattel paper, or a General
Intangible. 
 “Advances” means the principal amounts outstanding and unpaid from time to time evidenced by the Secured
Promissory Note to which this Annex II is attached and any other secured promissory note having the same terms as this secured promissory note and issued simultaneously with the Secured Promissory Note to which this Annex II is attached. 

“Affiliate” means, as applied to any Person, any other Person who, directly or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and
policies of a Person, whether through the ownership of Stock, by contract, or otherwise. 
 “ATC” means Advanced
Telemarketing Corporation, a Nevada corporation. 
 “Bankruptcy Code” means title 11 of the United States Code, as in effect
from time to time. 
 “Board of Directors” means the board of directors (or comparable managers) of the Company or any
committee thereof duly authorized to act on behalf of the board of directors (or comparable managers). 
 “Books” means all
of Company’s and its Subsidiaries’ now owned or hereafter acquired books and records (including all of their Records indicating, summarizing, or evidencing their assets (including the Collateral) or liabilities, all of Company’s and
its Subsidiaries’ Records relating to their business operations or financial condition, and all of their goods or General Intangibles related to such information). 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in the state of New York or for purposes of determining the interest rate
hereunder, London. 
 “Capital Expenditures” means, with respect to any Person for any period, the sum of (a) the
aggregate of all expenditures by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed, and (b) to the extent not covered
by clause (a), the aggregate of all expenditures by such Person and its Subsidiaries during such period to acquire by purchase or otherwise the business or capitalized assets of, or the Capital Stock of, any other Person. 
  

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 “Capital Lease” means a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP. 
 “Capitalized Lease Obligation” means that portion of the obligations under a Capital
Lease that is required to be capitalized in accordance with GAAP. 
 “Cash Equivalents” means (a) marketable direct
obligations issued or unconditionally guaranteed by the United States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the date of acquisition thereof,
(b) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at the time of
acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s Rating Group (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), (c) commercial paper maturing no
more than 270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates of deposit or bankers’ acceptances maturing within 1
year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000, (e) demand
Deposit Accounts maintained with any bank organized under the laws of the United States or any state thereof so long as the amount maintained with any individual bank is less than or equal to $100,000 and is insured by the Federal Deposit Insurance
Corporation, and (f) Investments in money market funds substantially all of whose assets are invested in the types of assets described in clauses (a) through (e) above. 
 “Change of Control” means that (a) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of
the Exchange Act), other than Permitted Holders, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 25%, or more, of the Stock of the Company having the right to vote for the election of
members of the Board of Directors, or (b) World Focus ceases to own, directly or indirectly, and control Stock and Warrants (as defined in the Purchase Agreement) of the Company representing (if such warrants were exercised) in the aggregate
65% of the outstanding Stock of the Company, or (c) a majority of the members of the Board of Directors do not constitute Continuing Directors, or (d) the Company or its Subsidiaries cease to own, directly or indirectly, and control
98.76 % of the outstanding Stock of ATC and the Company or its Subsidiaries cease to own, directly or indirectly, and control 100% of the outstanding Stock of each of their Subsidiaries (other than ATC) extant as of the Closing Date.

 “Closing Date” means the date of this Secured Promissory Note. 
 “Code” means the New York Uniform Commercial Code, as in effect from time to time. 
 “Collateral” means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by the Company or its
Subsidiaries in or upon which a Lien is granted under any of the Loan Documents. 
 “Collateral Access Agreement” means a
landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in Company’s or its Subsidiaries’ Books or
Equipment, in each case, in form and substance satisfactory to Collateral Trustee. 
  

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 “Continuing Director” means (a) any member of the Board of Directors who was a
director (or comparable manager) of the Company on the date of execution of the Secured Promissory Notes, and (b) any individual who becomes a member of the Board of Directors after the date of execution of the Secured Promissory Notes if such
individual was appointed or nominated for election to the Board of Directors by a majority of the Continuing Directors, but excluding any such individual originally proposed for election in opposition to the Board of Directors in office on the date
of execution of the Secured Promissory Notes in an actual or threatened election contest relating to the election of the directors (or comparable managers) of the Company and whose initial assumption of office resulted from such contest or the
settlement thereof. 
 “Control Agreement” means a control agreement, in form and substance satisfactory to Collateral
Trustee, executed and delivered by the Company or one of its Subsidiaries, Collateral Trustee and, so long as the WFF Facility remains outstanding, WFF as Collateral Trustee under the WFF Facility (in which case such Control Agreement shall provide
that the Collateral Trustee shall replace WFF as secured party thereunder upon termination and payment in full of the WFF Facility), and the applicable securities intermediary (with respect to a Securities Account) or a bank (with respect to a
Deposit Account). 
 “Default” means an event, condition, or default that, with the giving of notice, the passage of time,
or both, would be an Event of Default. 
 “Deposit Account” means any deposit account (as that term is defined in the Code)
other than the payroll account of the Company or any of its Subsidiaries or any account maintained by the Company or any of its Subsidiaries out of which payroll or related taxes (but not other operating expenses) are payable. 
 “EBITDA” means, with respect to any fiscal period, the Company’s and its Subsidiaries’ consolidated net earnings (or loss),
minus extraordinary gains and interest income, plus interest expense, income taxes, depreciation and amortization and extraordinary non-cash losses for such period, as determined in accordance with GAAP. 
 “Environmental Actions” means any complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial or
administrative proceeding, judgment, letter, or other communication from any Governmental Authority, or any third party involving violations of Environmental Laws or releases of Hazardous Materials from (a) any assets, properties, or businesses
of the Company or any of its Subsidiaries, or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any facilities which received Hazardous Materials generated by the Company or any of its
Subsidiaries, or any of their predecessors in interest. 
 “Environmental Law” means any applicable federal, state,
provincial, foreign or local statute, law, rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy or rule of common law now or hereafter in effect and in each case as amended, or any judicial or
administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, to the extent binding on the Company or any of its Subsidiaries, relating to the environment, employee health and safety (to the
extent it regulates occupational exposure to Hazardous Materials), or Hazardous Materials, including CERCLA; RCRA; the Federal Water Pollution Control Act, 33 USC § 1251 et seq; the Toxic Substances Control Act, 15 USC § 2601
et seq; the Clean Air Act, 42 USC § 7401 et seq.; the Safe Drinking Water Act, 42 USC § 3803 et seq.; the Oil Pollution Act of 1990, 33 USC § 2701 et seq.; the 
  

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 Emergency Planning and the Community Right-to-Know Act of 1986, 42 USC § 11001 et seq.; the Hazardous
Material Transportation Act, 49 USC § 1801 et seq.; and the Occupational Safety and Health Act, 29 USC §651 et seq. (to the extent it regulates occupational exposure to Hazardous Materials); any state and local or
foreign counterparts or equivalents, in each case as amended from time to time. 
 “Environmental Liabilities and Costs”
means all liabilities, monetary obligations, Remedial Actions, losses, damages, punitive damages, consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or
consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by any Governmental Authority or any third party, and which relate to any Environmental Action.

 “Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities and Costs.

 “Equipment” means equipment (as that term is defined in the Code), and includes machinery, machine tools, motors,
furniture, furnishings, fixtures, vehicles (including motor vehicles), computer hardware, tools, parts, and goods (other than consumer goods, farm products, or Inventory), wherever located, including all attachments, accessories, accessions,
replacements, substitutions, additions, and improvements to any of the foregoing. 
 “Event of Default” has the meaning set
forth in Section 4 of this Annex II. 
 “Exchange Act” means the Securities Exchange Act of 1934, as in effect
from time to time. 
 “Excluded Subsidiary” means any Subsidiary of the Company or a Guarantor that (i) has an
aggregate book value, for all of its assets, of less than $25,000, (ii) owns no registered intellectual property, (iii) has annual revenues of less than $25,000, and (iv) has been designated an “Excluded Subsidiary” by the
Company with the consent of World Focus in its Permitted Discretion. The Company may withdraw such designation at any time in its discretion. As of the Closing Date, EBA Direct, Inc., a Canadian corporation and wholly owned Subsidiary of IQI, Inc.,
is the sole Excluded Subsidiary. 
 “Financed Capital Expenditures” means Capital Expenditures permitted under
Section 3.16(b)(ii) without the incorporation by reference of Section 3.16(b)(i) set forth therein. 
 “FEIN”
means Federal Employer Identification Number. 
 “Funded Capital Expenditures” means Capital Expenditures permitted under
Section 3.16(b)(i) without the incorporation by reference of Section 3.16(b)(ii) set forth therein. 
 “GAAP”
means generally accepted accounting principles as in effect from time to time in the United States, consistently applied. 
 “General
Intangibles” means general intangibles (as that term is defined in the Code), including payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action,
goodwill, patents, trade names, trade secrets, trademarks, servicemarks, copyrights, blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights 
  

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 under any royalty or licensing agreements, infringement claims, computer programs, information contained on computer
disks or tapes, software, literature, reports, catalogs, insurance premium rebates, tax refunds, and tax refund claims, and any and all supporting obligations in respect thereof, and any other personal property other than Accounts, Deposit Accounts,
goods, Investment Property, and Negotiable Collateral. 
 “Governmental Authority” means any federal, state, local, or other
governmental or administrative body, instrumentality, department, or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body. 
 “Guarantor” means each Material Subsidiary of the Company. 
 “Hazardous Materials” means (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws
or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to define, list, or classify substances by reason of deleterious
properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids,
produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or any radioactive materials, and (d) asbestos in
any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 
 “Hedge Agreement” means any and all agreements, or documents now existing or hereafter entered into by Company or its Subsidiaries that provide for an interest rate, credit, commodity or equity swap,
cap, floor, collar, forward foreign exchange transaction, currency swap, cross currency rate swap, currency option, or any combination of, or option with respect to, these or similar transactions, for the purpose of hedging Company’s or its
Subsidiaries’ exposure to fluctuations in interest or exchange rates, loan, credit exchange, security or currency valuations or commodity prices. 
 “Initial Noteholders” means Deutsche Bank AG London acting through DB Advisors, LLC and Essar Global Limited. 
 “Indebtedness” means (a) all obligations for borrowed money, (b) all obligations evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other
obligations in respect of letters of credit, bankers acceptances, interest rate swaps, or other financial products, (c) all obligations as a lessee under Capital Leases, (d) all obligations or liabilities of others secured by a Lien on any
asset of a Person or its Subsidiaries, irrespective of whether such obligation or liability is assumed, (e) all obligations to pay the deferred purchase price of assets (other than trade payables incurred in the ordinary course of business and
repayable in accordance with customary trade practices), (f) all obligations owing under Hedge Agreements, and (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made,
discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (a) through (f) above. 
 “Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments
for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief. 
  

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 “Interest Expense” means, for any period, the aggregate of the interest expense of the
Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Inventory”
means inventory (as that term is defined in the Code). 
 “Investment” means, with respect to any Person, any investment by
such Person in any other Person (including Affiliates) in the form of loans, guarantees, advances, or capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary
course of business, and (b) bona fide Accounts arising in the ordinary course of business consistent with past practice), purchases or other acquisitions of Indebtedness, Stock, or all or substantially all of the assets of such other
Person (or of any division or business line of such other Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. 
 “Investment Property” means investment property (as that term is defined in the Code), and any and all supporting obligations in respect
thereof. 
 “Lien” means any interest in an asset securing an obligation owed to, or a claim by, any Person other than the
owner of the asset, irrespective of whether (a) such interest is based on the common law, statute, or contract, (b) such interest is recorded or perfected, and (c) such interest is contingent upon the occurrence of some future event
or events or the existence of some future circumstance or circumstances. Without limiting the generality of the foregoing, the term “Lien” includes the lien or security interest arising from a mortgage, deed of trust, encumbrance, pledge,
hypothecation, assignment, deposit arrangement, security agreement, conditional sale or trust receipt, or from a lease, consignment, or bailment for security purposes and also includes reservations, exceptions, encroachments, easements,
rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Real Property. 
 “Material Adverse Change” means (a) a material adverse change in the business, prospects, operations, results of operations, assets, liabilities or condition (financial or otherwise) of the Company and its
Subsidiaries, taken as a whole, (b) a material impairment of the Company’s or a Subsidiary of the Company’s ability to perform its obligations under the Loan Documents to which it is a party or of the Noteholder Parties’ ability
to enforce the Obligations or realize upon the Collateral, or (c) a material impairment of the enforceability or priority of the Collateral Trustee’s Liens with respect to the Collateral as a result of an action or failure to act on the
part of the Company or a Subsidiary of the Company. 
 “Material Subsidiary” means any Subsidiary of the Company or a
Guarantor that is not an Excluded Subsidiary. 
 “Negotiable Collateral” means letters of credit, letter of credit rights,
instruments, promissory notes, drafts, documents, and chattel paper (including electronic chattel paper and tangible chattel paper), and any and all supporting obligations in respect thereof. 
 “Noteholder” or “Noteholders” means the World Focus and each Person that becomes a holder of the Secured Promissory
Note to which this Annex II is attached or to the owner of an undivided interest in the Secured Promissory Note to which this Annex II is attached pursuant to the terms hereof for so long as World Focus or such Person, as the case may be, shall be a
holder hereof. 
  

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 “Noteholder Party” or “Noteholder Parties” means any or all of the
Noteholders and Agents, as the case may be. 
 “Obligations” means all loans, Advances, debts, principal, interest
(including any interest that, but for the commencement of an Insolvency Proceeding, would have accrued), premiums, liabilities, obligations (including indemnification obligations), fees, charges, costs, expenses of any of the Noteholders or the
Agents payable by the Company to any Noteholder Party under the Loan Documents and (including any fees or expenses that, but for the commencement of an Insolvency Proceeding, would have accrued), guaranties, covenants, and duties of any kind and
description owing by the Company to any of the Noteholder Parties pursuant to or evidenced by the Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now
existing or hereafter arising, and including all interest not paid when due and all costs and expenses of the Noteholder Parties payable by the Company under the Loan Documents, by law, or otherwise. Any reference herein to the Obligations shall
include all extensions, modifications, renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding. 
 “Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment. 
 “Permitted Dispositions” means (a) sales or other dispositions of Equipment that is substantially worn, damaged, or obsolete in the
ordinary course of business, (b) sales of Inventory to buyers in the ordinary course of business, (c) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan
Documents, and (d) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business and (d) the sale of assets having an aggregate book value on the
Books of the “Borrowers” (as such term is defined in the WWF Facility) not exceeding $100,000 in any twelve-month period. 
 “Permitted Holders” means the Initial Noteholders and the Prior Stockholders. 
 “Permitted
Investments” means (a) Investments in cash and Cash Equivalents, (b) Investments in negotiable instruments for collection, (c) advances made in connection with purchases of goods or services in the ordinary course of
business, (d) Investments received in settlement of amounts due to the Company or any Material Subsidiary of the Company effected in the ordinary course of business or owing to the Company or any Material Subsidiary of the Company as a result
of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor of the Company or any Material Subsidiary of the Company, and (e) Investments in de minimis amounts in Excluded
Subsidiaries that are necessary to maintain the corporate existence of such Excluded Subsidiaries under applicable law. 
 “Permitted
Liens” means (a) Liens held by Collateral Trustee, (b) Liens for unpaid taxes that either (i) are not yet delinquent, or (ii) do not constitute an Event of Default hereunder and are the subject of Permitted Protests,
(c) Liens set forth on Schedule 3.2 to this Annex II, (d) the interests of lessors under operating leases, (e) purchase money Liens or the interests of lessors under Capital Leases to the extent that such Liens or interests
secure Permitted Purchase Money Indebtedness and so long as such Lien attaches only to the asset purchased or acquired and the proceeds thereof, (f) Liens arising by operation of law in favor of warehousemen, landlords, carriers, mechanics,
materialmen, laborers, or suppliers, incurred in the ordinary course of the Company and its Subsidiaries’ business and not in connection with the borrowing of money, and which Liens either (i) are for sums not yet delinquent, or
(ii) are the subject of Permitted Protests, 
  

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 (g) Liens arising from deposits made in connection with obtaining worker’s compensation or other unemployment
insurance, (h) Liens or deposits to secure performance of bids, tenders, or leases incurred in the ordinary course of business and not in connection with the borrowing of money, (i) Liens granted as security for surety or appeal bonds in
connection with obtaining such bonds in the ordinary course of business, (j) Liens resulting from any judgment or award that is not an Event of Default hereunder, (k) with respect to any Real Property, easements, rights of way, and zoning
restrictions that do not materially interfere with or impair the use or operation thereof and (l) any and all Liens granted in, created by or arising out of any WFF Loan Documents, which Liens may be senior and prior to any Lien in favor of the
Collateral Trustee or Noteholders to secure the repayment and performance of the Obligations. 
 “Permitted Protest” means
the right of Company or any of its Subsidiaries to protest any Lien (other than any Lien that secures the Obligations), taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment, provided
that (a) a reserve with respect to such obligation is established on the Books in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by Company or any of its Subsidiaries, as
applicable, in good faith, and (c) while any such protest is pending, there will be no impairment of the enforceability, validity, or priority of any of the Collateral Trustee’s Liens. 
 “Permitted Purchase Money Indebtedness” means, as of any date of determination, Purchase Money Indebtedness incurred after the date of
execution of the Secured Promissory Notes in an aggregate amount outstanding at any one time not in excess of $10,000,000. 
 “Person” means natural persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability partnerships, statutory trusts, joint ventures, trusts, land trusts, business trusts,
statutory trusts or other organizations, irrespective of whether they are legal entities, and governments and agencies and political subdivisions thereof. 
 “Prior Stockholders” means Questor Partners Fund II, L.P.; Questor Side-by-Side Partners II, L.P.; Questor Side-by-Side Partners II 3(c)(1), L.P.; TC Co-Investors, LLC; and Thayer Equity Investors
III, L.P. 
 “Projections” means the Company’s forecasted (a) balance sheets, (b) profit and loss statements,
and (c) cash flow statements, all prepared on a consistent basis with the Company’s historical financial statements, together with appropriate supporting details and a statement of underlying assumptions. 
 “Purchase Money Indebtedness” means Indebtedness (other than the Obligations, but including Capitalized Lease Obligations), incurred at
the time of, or within 20 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof. 
 “Real Property” means any estates or interests in real property now owned or hereafter acquired by the Company or a Subsidiary of the Company and the improvements thereto. 
 “Record” means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable
in perceivable form. 
 “Remedial Action” means all actions taken to (a) clean up, remove, remediate, contain, treat,
monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or 
  

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 outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not
migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance activities, or (d) conduct any
other actions authorized by 42 USC § 9601. 
 “SEC” means the United States Securities and Exchange Commission and any
successor thereto. 
 “Secured Promissory Note” means this Secured Promissory Note and each other secured promissory note
issued by the Company as of the date hereof. 
 “Securities Account” means a “securities account” as that term is
defined in the Code. 
 “Solvent” means, with respect to any Person on a particular date, that, at fair valuations, the sum
of such Person’s assets is greater than all of such Person’s debts. 
 “Stock” means all shares, options,
warrants, interests, participations, or other equivalents (regardless of how designated) of or in a Person, whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in
Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act). 
 “Subsidiary” of a
Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly owns or controls the shares of Stock having ordinary voting power to elect a majority of the board of directors (or
appoint other comparable managers) of such corporation, partnership, limited liability company, or other entity. 
 “Surviving
Preferred Shares” means, collectively, the Surviving Series B Shares and the Surviving Series F Shares. 
 “Surviving Series
B Shares” means 29,778 shares of the Series B Preferred Stock, par value $.01 per share, of Parent. 
 “Surviving Series F
Shares” means 23,875 shares of the Series F Preferred Stock, par value $.01 per share, of Parent. 
 “United
States” means the United States of America. 
 “WFF” means Wells Fargo Foothill. 
 “WFF Facility” means the Loan and Security Agreement, dated as of January 26, 2004, by and among the Company, each of its
subsidiaries signatories thereto, each of the lenders signatories thereto and WFF as the arranger and administrative agent thereunder. 
 “WFF Loan Documents” means the WFF Facility and each other “Loan Document” as defined therein. 
 1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. When used herein, the term “financial statements” shall 
  

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 include the notes and schedules thereto. Whenever the term “the Company and its Subsidiaries” or the term
“Company” is used in respect of a financial covenant or a related definition, it shall be understood to mean the Company and its Subsidiaries on a consolidated basis unless the context clearly requires otherwise. 
 1.3 Code. Any terms used in this Annex II that are defined in the Code shall be construed and defined as set forth in the Code unless
otherwise defined herein. 
 2. Affirmative Covenants 
 The Company covenants and agrees that, until the payment in full of the Obligations, the Company and its Subsidiaries shall and shall cause each of their respective Subsidiaries to do all of the following: 

2.1 Accounting System. Maintain a system of accounting that enables the Company and its Subsidiaries to produce financial statements in
accordance with GAAP and maintain records pertaining to the Collateral that contain information as from time to time reasonably may be requested by Collateral Trustee. 
 2.2 [Reserved]. 
 2.3 Returns. Cause returns and allowances as between the
Company and its Subsidiaries and their Subsidiaries and their Account Debtors, to be on the same basis and in accordance with the usual customary practices of the Company and its Subsidiaries and their Subsidiaries, as they exist at the time of the
execution and delivery of this Agreement. 
 2.4 Maintenance of Properties. Maintain and preserve all of their properties which
are necessary or useful in the proper conduct to their business and not obsolete in good working order and condition, ordinary wear and tear excepted, and comply at all times with the provisions of all leases to which it is a party as lessee, so as
to prevent any loss or forfeiture thereof or thereunder. 
 2.5 [Reserved]. 
 2.6 [Reserved] 
 2.7
Location of Inventory and Equipment. Keep the Company and its Subsidiaries’ and their Subsidiaries’ Equipment only at the locations identified on Schedule 2.7 to this Annex II and their chief executive offices only at the
locations identified on said Schedule 2.7; provided, however, that Company may amend Schedule 2.7 so long as such amendment occurs by written notice to Collateral Trustee not less than 30 days prior to the date on which such
Equipment is moved to such new location or such chief executive office is relocated, so long as such new location is within the continental United States, and so long as, at the time of such written notification, the Company or its Subsidiary
provides Collateral Trustee a Collateral Access Agreement with respect thereto. 
 2.8 Compliance with Laws. Comply with the
requirements of all applicable laws, rules, regulations, and orders of any Governmental Authority, including the Fair Labor Standards Act and the Americans With Disabilities Act, other than laws, rules, regulations, and orders the non-compliance
with which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change. 
  

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 2.9 [Reserved]. 
 2.10. [Reserved]. 
 2.11
Environmental. (a) Keep any property either owned or operated by the Company or any Subsidiary of the Company free of any Environmental Liens or post bonds or other financial assurances sufficient to satisfy the obligations or liability
evidenced by such Environmental Liens, (b) comply, in all material respects, with Environmental Laws and provide to World Focus documentation of such compliance which World Focus reasonably requests, (c) promptly notify World Focus of any
release of a Hazardous Material of any reportable quantity from or onto property owned or operated by the Company or any Subsidiary of the Company and take any Remedial Actions required to abate said release or otherwise to come into compliance with
applicable Environmental Law, and (d) promptly, but in any event within five days of its receipt thereof, provide World Focus with written notice of any of the following: (i) notice that an Environmental Lien has been filed against any of
the real or personal property of the Company or any Subsidiary of the Company, (ii) commencement of any Environmental Action or notice that an Environmental Action will be filed against the Company or any Subsidiary of the Company, and
(iii) notice of a violation, citation, or other administrative order which reasonably could be expected to result in a Material Adverse Change. 
 2.12 [Reserved]. 
 2.13 Formation of Subsidiaries. At the time that the Company
or any Subsidiary of the Company forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Closing Date, the Company or such existing Subsidiary shall, subject to the terms of the Subordination Agreement,
(a) if such new Subsidiary is a Material Subsidiary, cause such new Subsidiary to provide to World Focus a Guaranty Supplement (as defined in the Guaranty) and joinder to the Security Agreement, together with such other security documents as
well as appropriate UCC-1 financing statements, all in form and substance satisfactory to Collateral Trustee (including being sufficient to grant Collateral Trustee a first priority Lien (subject to Permitted Liens) in and to the assets of such
newly formed or acquired Subsidiary), (b) provide to Collateral Trustee a pledge agreement and appropriate certificates and powers or UCC-1 financing statements, hypothecating all of the direct or beneficial ownership interest in such new
Subsidiary, in form and substance satisfactory to Collateral Trustee, and (c) provide to Collateral Trustee all other documentation, including one or more opinions of counsel satisfactory to Collateral Trustee, which in its opinion is
appropriate with respect to the execution and delivery of the applicable documentation referred to above (including policies of title insurance or other documentation with respect to all property subject to a Mortgage). Any document, agreement, or
instrument executed or issued pursuant to this Section 2.13 shall be a Loan Document. 
 Notwithstanding anything to the contrary in
this Section 2 of this Annex II, in no event shall the Company or any Subsidiary of the Company be required to make any disclosure of information or provide any information, including any financial statements, to World Focus, pursuant to
Regulation FD promulgated under the Securities Act of 1933, as amended, the Company would be required to make any disclosure of that information in a circumstance in which, or at a time at which, the Company reasonably determines such disclosure
would be adverse to the best interest of the Company and its Subsidiaries or the best interest of its stockholders or if the disclosure of that information would include the disclosure of non-GAAP financial measures as contemplated by Regulation G
of the SEC. 
  

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 2.14 Conversion of Excluded Subsidiaries. At the time that any Excluded Subsidiary becomes
a Material Subsidiary, the Company shall, subject to the terms of the Subordination Agreement, (a) cause such Subsidiary to provide to Collateral Trustee a Guaranty Supplement and joinder to the Security Agreement, together with such other
security documents (including Mortgages with respect to any Real Property of such Subsidiary), as well as appropriate UCC-1 financing statements (and with respect to all property subject to a Mortgage, fixture filings), all in form and substance
satisfactory to Collateral Trustee (including being sufficient to grant Collateral Trustee a second priority Lien (subject to Permitted Liens) in and to the assets of such Subsidiary), and (b) provide to Collateral Trustee all other
documentation, including one or more opinions of counsel satisfactory to Collateral Trustee, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above (including policies of
title insurance or other documentation with respect to all property subject to a Mortgage). Any document, agreement, or instrument executed or issued pursuant to this Section 2.14 shall be a Loan Document. 
 2.15 [Reserved] 
 3. Negative Covenants.

 The Company covenants and agrees that, until the payment in full of the Obligations, but subject to the terms of the Subordination
Agreement and to the obligation and rights of the Company to perform its obligations and covenants and discharge its obligations under the WFF Loan Documents, the Company and its Subsidiaries will not and will not permit any of their respective
Material Subsidiaries to do any of the following: 
 3.1 Indebtedness. Create, incur, assume, suffer to exist, guarantee, or
otherwise become or remain, directly or indirectly, liable with respect to any Indebtedness without the written consent of World Focus, except: 
 (a) Indebtedness evidenced by the Secured Promissory Notes; 
 (b) Indebtedness set forth on
Schedule 3.1 to this Annex II; 
 (c) Permitted Purchase Money Indebtedness; 
 (d) refinancings, renewals, or extensions of Indebtedness permitted under clauses (b) and (c) of this Section 3.1
(and continuance or renewal of any Permitted Liens associated therewith) so long as: (i) the terms and conditions of such refinancings, renewals, or extensions do not, in World Focus’s judgment, materially impair the prospects of repayment
of the Obligations by the Company and its Subsidiaries or materially impair the Company and its Subsidiaries’ creditworthiness, (ii) such refinancings, renewals, or extensions do not result in an increase in the then extant principal
amount of, or interest rate with respect to, the Indebtedness so refinanced, renewed, or extended or add one or more borrowers as liable with respect thereto if such additional borrowers were not liable with respect to the original Indebtedness,
(iii) such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions, that, taken as a whole, are materially
more burdensome or restrictive to the Company or any of its Subsidiaries, (iv) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the
refinancing, renewal, or extension Indebtedness must be include subordination terms and conditions that are at least as favorable to World Focus as those that were applicable to the refinanced, renewed, or extended 
  

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 Indebtedness, and (v) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that
is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended; 
 (e) endorsement of instruments or other payment items for deposit; and 
 (g) Indebtedness composing Permitted Investments. 
 3.2 Liens. Create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind (expressly including, without limitation, Real Property),
whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens (including Liens that are replacements of Permitted Liens to the extent that the original Indebtedness is refinanced, renewed, or extended under
Section 3.1(d) of this Annex II and so long as the replacement Liens only encumber those assets that secured the refinanced, renewed, or extended Indebtedness). 
 3.3 Restrictions on Fundamental Changes. 
 (a) Enter into any merger, consolidation, reorganization or recapitalization, or reclassify its Stock; provided, that (i) the Company may be merged with or into or consolidated into a wholly-owned direct
or indirect Subsidiary of the Company if the Company is the surviving entity; (ii) any Guarantor may be merged with or into or consolidated into a wholly-owned direct or indirect Subsidiary of the Company if the surviving entity is a Guarantor;
(iii) any Material Subsidiary may be merged with or into or consolidated into an Excluded Subsidiary if the surviving entity is a Material Subsidiary; and (iv) any Subsidiary may be merged into the Company. 
 (b) Liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution). 
 (c) Other than in Permitted Dispositions, convey, sell, lease, license, assign, transfer, or otherwise dispose of, in one transaction or
a series of transactions, all or any substantial part of its assets. 
 3.4 [Reserved]. 
 3.5 Change Name. Change the Company’s or any Subsidiary of the Company’s name, FEIN, organizational identification number, state
of organization, or organizational identity; provided, however, that the Company or a Subsidiary of the Company may change its name upon at least 30 days prior written notice by Company to Collateral Trustee of such change and so long
as, at the time of such written notification, such Borrower or such Subsidiary provides any financing statements necessary to perfect and continue perfected Collateral Trustee’s Liens. 
 3.6 Nature of Business. Make any change in the principal nature of their business. 
 3.7 Reserved. 
 3.8
Change of Control. Cause, permit, or suffer, directly or indirectly, any Change of Control. 
 3.9 Distributions. Other
than distributions or declaration and payment of dividends by the Company to another Borrower or by a Subsidiary of the Company to the Company, make any 
  

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 distribution or declare or pay any dividends (in cash or other property, other than common Stock) on, or purchase,
acquire, redeem, or retire any of the Company’s Stock, of any class, whether now or hereafter outstanding. 
 3.10 Accounting
Methods. Modify or change their fiscal year or their method of accounting (other than as may be required to conform to GAAP or to conform to more commonly used principles that are a part of GAAP) or as required by applicable law or enter
into, modify, or terminate any agreement currently existing, or at any time hereafter entered into with any third party accounting firm or service bureau for the preparation or storage of the Company and its Subsidiaries’ or their
Subsidiaries’ accounting records without said accounting firm or service bureau agreeing to provide World Focus information regarding the Company and its Subsidiaries’ and their Subsidiaries’ financial condition. 
 3.11 [Reserved] 
 3.12
[Reserved]. 
 3.13 Suspension. Suspend or go out of a substantial portion of their business. 
 3.14 Compensation. Increase the annual fee or per-meeting fees paid to the members of its Board of Directors during any year by more than
15% over the prior year; pay or accrue total cash compensation, during any year, to its officers and senior management employees in an aggregate amount in excess of 115% of that paid or accrued in the prior year. 
 3.15 Equipment with Bailees. Store the Equipment of the Company and its Subsidiaries or their Subsidiaries at any time now or hereafter
with a bailee, warehouseman, or similar party without Collateral Trustee’s prior written consent. 
 3.16 [Reserved].

 3.17 Billing Practices. Modify or change their billing practices. 
 3.18 Change of Officers. Permit any change in the holders of the offices of President and Chief Executive Officer and Chief Financial
Officer unless the individual named to any such office is satisfactory to World Focus in its Permitted Discretion. 
 3.19
[Reserved]. 
 3.20 Excluded Subsidiaries. Except as permitted under Section 3.12, transfer any capital or assets
to an Excluded Subsidiary or incur any Indebtedness to an Excluded Subsidiary 
 4. EVENTS OF DEFAULT. 
 Any one or more of the following events shall constitute an event of default (each, an “Event of Default”) under the Secured Promissory
Notes: 
 4.1 If the Company and its Subsidiaries fail to pay within 5 calendar days of the date when due and payable or when declared due
and payable, all or any portion of the Obligations other than the principal amount payable under the Secured Promissory Notes (whether of interest (including any interest which, but for the provisions of the Bankruptcy Code, would have accrued on
such amounts), fees, charges and expense reimbursements due the Noteholders or other amounts constituting Obligations); 
  

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 4.2 If the Company and its Subsidiaries fail to pay when due and payable or when declared due and
payable, all or any portion of the principal amount payable under the Secured Promissory Notes; 
 4.3[Reserved]. 
 4.4 If any material portion of the Company’s or any Subsidiary of the Company’s assets is attached, seized, subjected to a writ or distress
warrant, levied upon, or comes into the possession and control of any third Person; 
 4.5 If an Insolvency Proceeding is commenced by the
Company or any Subsidiary of the Company; 
 4.6 If an Insolvency Proceeding is commenced against the Company or any Subsidiary of the
Company, and any of the following events occur: (a) the applicable Borrower or Subsidiary consents to the institution of the Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely
controverted, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the
properties or assets of, or to operate all or any substantial portion of the business of, the Company or any Subsidiary of the Company, or (e) an order for relief shall have been entered therein; 
 4.7 If the Company or any Subsidiary of the Company is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any
material part of its business affairs; 
 4.8 If a notice of Lien, levy, or assessment is filed of record with respect to the Company’s
or any Subsidiary of the Company’s assets by the United States, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, or if any taxes or debts owing at any time hereafter to any one
or more of such entities becomes a Lien, whether choate or otherwise, upon the Company’s or any Subsidiary of the Company’s assets and the same is not paid before such payment is delinquent or the same is not subject to a Permitted
Protest; 
 4.9 [Reserved]; 
 4.10 [Reserved] 
 4.11 If the Company or any Subsidiary of the Company makes any payment on account of Indebtedness that has been
contractually subordinated in right of payment to the payment of the Obligations, except to the extent such payment is permitted by the terms of the subordination provisions applicable to such Indebtedness; 
 4.12 If any representation, warranty, statement or Record fails to be true and accurate in all material respects on the date as of which such information
is dated or certified and or omits to state any fact necessary to make such representation, warranty, statement or Record (taken as a whole) not misleading in any material respect at such time in light of the circumstances in which it was made to
the Noteholders or any Agent by the Company, any Subsidiary of the Company, or any officer, employee, agent, or director of the Company or any Subsidiary of the Company; 
  

 17 








 4.13 If any of the Loan Documents that purports to create a Lien, shall, for any reason, fail or cease to
create a valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien on or security interest in the Collateral covered hereby or thereby; or 
 4.14 Any material provision of any Loan Document shall at any time for any reason be declared to be null and void, or the validity or enforceability
thereof shall be contested by the Company or any Subsidiary of the Company, or a proceeding shall be commenced by the Company or any Subsidiary of the Company, or by any Governmental Authority having jurisdiction over the Company or any Subsidiary
of the Company, seeking to establish the invalidity or unenforceability thereof, or the Company or any Subsidiary of the Company shall deny that it has any liability or obligation purported to be created under any Loan Document. 
  

 18 








 Schedule 2.7 
 Locations of Equipment 
 The Equipment is located at the offices and facilities of the Company located in the following
cities. 
  

	1.	Sierra Vista, Arizona 


	2.	Port St. Lucie, Florida 


	3.	Joplin, Missouri 


	4.	Irving, Texas 


	5.	Elkins, West Virginia 


	6.	Fairmont, West Virginia 


	7.	New York City, New York 


	8.	Fort Lauderdale, Florida 

 Address of Chief Executive Office of the
Company 
 8001 Bent Branch Drive 
 Irving, Texas 75063 
  

 19 








 Schedule 3.1 
 Scheduled Indebtedness 
 1.    Promissory Note, dated May 11, 2006, in the original principal amount of
$1,440,837.97, made by Aegis Communications Group, Inc. in favor of Essar Global Limited. 
 2.    Networking Equipment Lease Agreement,
dated August 18, 2005, among Aegis BPO Services Limited, Aegis Communications Group, Inc., and SREI Infrastructure Finance Limited. (capital lease obligation in the approximate amount of $4.0 million) 
 3.    Indemnity Agreement (in respect of obligations under two separate letters of credit in the maximum amounts of $2,489,667 and $390,000,
respectively), dated as of March 30, 2005, between Export-Import Bank of India and Aegis Communications Group, Inc. 
 4.    Credit
Facility Agreement, dated May 11, 2006, relating to borrowing availability of $1,500,000 under a stand-by letter of credit, between Aegis Communications Group, Inc. and UTI Bank Limited, a company incorporated under the Companies Act 1956 of
India. 
 5.    Financing Agreement, dated as of May 11, 2006, among the CIT Group/Business Credit, Inc., the Lenders that are
parties thereto, Aegis Communications Group, Inc., Advanced Telemarketing Corporation, IQI, Inc., Lexi International, Inc. and InterServ Services Corporation. 
  

 20 








 Schedule 3.2 
 Permitted Liens 
 The following table describes the existing Liens to which assets of the Company and its
Subsidiaries are subject. 
  

							
	 Debtor
	  	 Secured Party
	  	Delaware UCC file number
and date of filing	  	Collateral
	Aegis Communications Group, Inc.	  	SREI Infrastructure Finance, Limited	  	N/A	  	equipment
				
	Aegis Communications Group, Inc., Lexi International, Inc., Advanced Telemarketing Corporation, IQI, Inc., Interserv Services Corporation	  	CIT Group/Business Credit, Inc.	  	N/A	  	all assets
		
	 Ontario Personal Property Security Registration System
	  	
				
	 EBA Direct, Inc.
	  	none	  		  	

  

 21 








 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT AND COLLATERAL ASSIGNMENT, dated as of May 11, 2006 (this “Agreement”), made by and among
each of AEGIS COMMUNICATIONS GROUP, INC., a Delaware corporation (“Parent”) ADVANCED TELEMARKETING CORPORATION, a Nevada corporation (“ATC”), IQI, INC., a New York corporation (“IQI”), LEXI
INTERNATIONAL, INC., a California corporation (“Lexi”), and INTERSERV SERVICES CORPORATION, a Delaware corporation (“InterServ” and together with Parent, ATC, IQI and Lexi, each individually a
“Company” and collectively, the “Companies”), each with a principal place of business at 8001 Bent Branch Drive, Irving, Texas 75063, in favor of THE CIT GROUP/BUSINESS CREDIT, INC., a New York corporation, as agent
(“Agent”) for itself and certain other Lenders (defined below). 
 W I T N E S S
E T H: 
 WHEREAS, pursuant to the Financing Agreement, dated as of the date hereof, by and among the
Companies, Agent and the lenders party thereto (collectively, the “Lenders”) (as amended, supplemented or otherwise modified from time to time, the “Financing Agreement”), (i) the Lenders have agreed to make
certain loans to the Companies and (ii) the Companies have granted a security interest to Agent, for the benefit of itself and the Lenders, in, among other things, all right, title and interest of the Companies in, to and under all of the
Companies’ Intellectual Property (as defined below), whether now existing or hereafter arising or acquired as security for the Obligations from time to time owing by the Companies under the Financing Agreement; and 
 WHEREAS, each Company is the owner of the entire right, title and interest in, to and under such Company’s respective Intellectual Property
listed on Schedule I hereto; and 
 NOW, THEREFORE, in consideration of the premises and to induce Agent and Lenders to
enter into the Financing Agreement, the Companies hereby agree with Agent as follows: 
  

	1.	Defined Terms. 

  

	 	(a)	Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble and recitals, have the meanings
provided in the Financing Agreement. 

  

	 	(b)	Definitions of Certain Terms Used Herein. As used herein, the following terms shall have the following meanings: 

 “Copyrights” shall mean, with respect to any Company, all of such Company’s now existing or hereafter acquired
right, title, and interest in and to: (i) copyrights, rights and interests in copyrights, works protectable by copyright, all applications, registrations and recordings relating to the foregoing as may at any time be filed in the United States
Copyright Office or in any similar office or agency of the United States, any state thereof, any political subdivision thereof or in any other country, and all research and development relating to the foregoing; and (ii) all renewals of any of
the foregoing. 
 “Copyright Licenses” shall mean all agreements, whether written or oral, providing for the
grant by or to any Company of any right to use any Copyright. 







 “Governmental Authority” shall mean any federal, state, municipal, national, local or
other governmental department, court, commission, board, bureau, agency or instrumentality or political subdivision thereof, or any entity or officer exercising executive, legislative or judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case, whether of the United States or a state, territory or possession thereof, a foreign sovereign entity or country or jurisdiction or the District of Columbia. 
 “Financing Agreement” shall have the meaning assigned to such term in the preliminary statement of this Agreement. 
 “Intellectual Property” shall mean all: (i) Trademarks and Trademark Licenses; (ii) Patents and Patent Licenses;
(iii) Copyrights and Copyright Licenses; (iv) all customer lists and customer information; (v) books, records, writings, computer tapes or disks, flow diagrams, specification sheets, computer software (but excluding in all cases any
agreements for the licensing of commercially available off-the-shelf software), source codes, object codes, executable code, data, databases and other physical manifestations, embodiments or incorporations of any Trademark, Trademark License,
Patent, Patent License, Copyright or Copyright License; (vi) all other intellectual property; and (vii) all common-law and other rights throughout the world in and to all of the foregoing. 
 “IP Collateral” shall have the meaning assigned to such term in Section 2 hereof. 
 “Licenses” shall mean, collectively, the Trademark Licenses, the Patent Licenses, and the Copyright Licenses. 

“Patents” shall mean, with respect to any Company, all of such Company’s now existing or hereafter acquired
right, title and interest in and to: (i) all patents, patent applications, inventions, invention disclosures and improvements, and all applications, registrations and recordings relating to the foregoing as may at any time be filed in the
United States Patent and Trademark Office or in any similar office or agency of the United States, any state thereof, any political subdivision thereof or in any other country, and all research and development relating to the foregoing; and
(ii) the reissues, divisions, continuations, renewals, extensions and continuations-in-part of any of the foregoing. 
 “Patent Licenses” shall mean all agreements, whether written or oral, providing for the grant by or to any Company of any right to manufacture, use or sell any invention covered by a Patent. 
 “Trademarks” shall mean, with respect to any Company, all of such Company’s now existing or hereafter acquired
right, title, and interest in and to: (i) all of such Company’s trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos, other business identifiers, prints and
labels on which any of the foregoing have appeared or appear, all applications (but excluding in all cases all intent-to-use United States trademark applications for which an amendment to allege use or statement of use has not been filed under 15
U.S.C. § 1051(c) or 15 U.S.C. § 1051(d), respectively, or if filed, has not been deemed in conformance with 15 U.S.C. § 1051(a) or examined and accepted, respectively, by the United States Patent and Trademark Office, provided,
that, upon such filing and acceptance, such intent-to-use applications shall be included in the definition of Trademarks), registrations and recordings relating to the foregoing as may at any time be filed in the United States Patent and
Trademark Office or in any similar office or agency of the United States, any State thereof, any political subdivision thereof or in any other country, and all research and development relating to the foregoing; (ii) all renewals thereof; (iii)








 
the entire goodwill of the such Company’s business connected with and symbolized by the foregoing or the use thereof; and (iv) all designs and
general intangibles of a like nature. 
 “Trademark Licenses” shall mean all agreements, whether written or
oral, providing for the grant by or to any Company of any right to use any Trademark. 
  

	 	(c)	Other Definitional Provisions. 

  

	 	i.	The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement, and section and paragraph references are to this Agreement unless otherwise specified. 

  

	 	ii.	The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

 2.        Grant of Security Interest. To secure the payment and performance of the Obligations, each Company hereby
confirms and acknowledges that it has granted, assigned and conveyed (and, to the extent not previously granted under the Financing Agreement, does hereby grant, assign and convey) to Agent, for the benefit of itself and the Lenders, a first
priority lien and security interest in such Company’s entire right, title and interest in its respective Intellectual Property (except to the extent any Intellectual Property License prohibits such grant, assignment or conveyance or requires
the consent of any third party) and all proprietary rights relating to or arising from such Intellectual Property, in each case whether now owned or hereafter acquired by such Company, and including, without limitation, each Company’s right,
title and interest in and to each Intellectual Property and proprietary rights identified on Schedule I attached hereto and made a part hereof, and the right to sue for past, present and future infringements and dilutions, and all rights
corresponding thereto throughout the world, and the entire goodwill of such Company’s business connected with and symbolized by the Intellectual Property and all income, fees, royalties, proceeds and other payments at any time due or payable
with respect to any of the foregoing (referred to collectively as the “IP Collateral”). 
 3.        Protection of Intellectual Property by Companies. The Companies shall, at their sole cost, expense and risk, to the extent the Companies deem necessary in their good faith
business judgment, in connection with the operation of their business, undertake the following with respect to the Intellectual Property, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect:

  

	 	(a)	Pay all renewal fees and other fees and costs associated with maintaining the Intellectual Property and with the processing of the Intellectual Property and take all other
reasonable and necessary steps to maintain each registration of the Intellectual Property. 

  

	 	(b)	Take all actions reasonably necessary to prevent any of the Intellectual Property from becoming forfeited, abandoned, dedicated to the public, invalidated or impaired in any way.


  

	 	(c)	Pursue the prompt, diligent processing of each application for registration, which is the subject of the security interest created herein, and not abandon or delay any such efforts.


  

	 	(d)	Take any and all action that the Companies reasonably deem appropriate under the circumstances to protect the Intellectual Property from infringement, misappropriation or dilution,
including, without limitation, the prosecution and defense of infringement actions. 









	4.	Representations and Warranties. Each Company represents and warrants that: 

  

	 	(a)	Schedule I is a true, correct and complete list of all registered or applied for Intellectual Property owned by the Companies as of the date hereof. 


 

	 	(b)	Except as set forth in Schedule I, none of the Intellectual Property identified on Schedule I is the subject of any licensing or franchise agreement pursuant to which
any Company is the licensor or franchisor. 

  

	 	(c)	Except as could not be reasonably expected to have a Material Adverse Effect, the Intellectual Property identified on Schedule I hereto, is valid and enforceable, and to the
Companies’ knowledge: (i) no claim has been made that the use of any of the Intellectual Property does or may violate the rights of any third person; and (ii) no material claim has been asserted and is pending by any Person
challenging or questioning the use by any Company of any of the Intellectual Property owned by any Company or the validity or effectiveness of any of the Intellectual Property owned by any Company, nor does any Company know of any valid basis for
any such claim. 

  

	 	(d)	Except as could not be reasonably expected to have a Material Adverse Effect, each Company owns, or is licensed to use, all Intellectual Property necessary for the conduct of its
business as currently conducted, and such Company is the sole and exclusive owner of the entire right, title and interest in, under and to, free and clear of any liens, charges and encumbrances, other than any Intellectual Property listed on
Schedule I that is purported to be owned by each of the Companies and Permitted Encumbrances. 

  

	 	(e)	To the knowledge of each of the Companies, no holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity of, or
any Company’s rights in, any Intellectual Property set forth on Schedule I in any respect that could reasonably be expected to have a Material Adverse Effect on the business or the property of any Company. 

  

	 	(f)	Each Company has the legal right and authority to enter into this Agreement and perform its terms. 

  

	 	(g)	The Companies shall give Agent written notice (with reasonable detail) on a quarterly basis in the event any of the following occur: 

  

	 	i.	The Companies’ (or any of them) obtaining rights to, and filing applications for registration of, any new Intellectual Property, or otherwise acquiring ownership of any newly
registered Intellectual Property, which is material to the business, operations, performance or prospects of any Company, or has had a worth, in the aggregate of $25,000 or more. 

  

	 	ii.	The Companies’ (or any of them) becoming entitled to the benefit of any registered Intellectual Property whether as licensee or licensor which is material to the business,
operations, performance or prospects of any Company, or has had a worth, in the aggregate of $25,000 or more. 

  

	 	iii.	The Companies’ (or any of them) entering into any new Licenses as licensor thereunder. 









	 	iv.	Unless where the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Companies’ shall give Agent written notice (with reasonable detail)
following the occurrence of the Companies’ knowing or having reason to know, that any application or registration relating to any material Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse
determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office or any court or tribunal) regarding the Companies’
ownership of, or the validity of, any material Intellectual Property or the Companies’ right to register the same or to own and maintain the same. 

  

	 	(h)	If any Company amends its name, such Company shall provide copies of such amendment documentation to Agent and shall re-register such Company’s Intellectual Property with the
appropriate Governmental Authority and shall execute and deliver such agreements or documentation as Agent shall request to maintain a perfected first priority security interest in such Intellectual Property, to the extent such security interest can
be perfected by such filing. 

 5.        No Violation of Financing Agreement. The
representations, warranties or covenants contained herein are supplemental to those representations, warranties and covenants contained in the Financing Agreement, and shall not be deemed to modify any such representation, warranty or covenant
contained in the Financing Agreement. 
  

	6.	Agreement Applies to Future Intellectual Property. 

  

	 	(a)	The provisions of this Agreement shall automatically apply to any such additional property or rights described in Section 4 above, all of which shall be deemed to be and
treated as “Intellectual Property” within the meaning of this Agreement. 

  

	 	(b)	Upon the reasonable request of Agent, the Companies shall execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as Agent may request to
evidence Agent’s security interest in any Intellectual Property and the goodwill of the Companies relating thereto or represented thereby (including, without limitation, filings with the United States Patent and Trademark Office or any similar
office), and the Companies hereby constitute Agent as their attorney-in-fact to execute and file all such writings for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; provided, however, Agent’s
taking of such action shall not be a condition to the creation or perfection of the security interest created hereby. 

 7.        Companies’ Rights To Enforce Intellectual Property. Prior to Agent’s giving of notice to the Companies following the occurrence and during the continuance of an Event
of Default the Companies shall have the exclusive right to sue for past, present and future infringement of the Intellectual Property including the right to seek injunctions and/or money damages, in an effort by the Companies to protect the
Intellectual Property against encroachment by third parties, provided, however: 
  

	 	(a)	Any money damages awarded or received by the Companies on account of such suit (or the threat of such suit) shall constitute IP Collateral. 









	 	(b)	Any damages recovered in any action pursuant to this Section, net of costs and attorneys’ fees reasonably incurred, to be applied as provided in the Financing Agreement.


  

	 	(c)	Following the occurrence of any Event of Default, Agent, by notice to the Companies may terminate or limit the Companies’ rights under this Section 7.


 8.        Rights Upon Default. Upon the occurrence of any Event of Default, Agent may
exercise all rights and remedies as provided for in the Financing Agreement. 
 9.        Agent’s
Rights. Upon an Event of Default any use by Agent of the Intellectual Property, as authorized hereunder in connection with the exercise of Agent’s rights and remedies under this Agreement and under the Financing Agreement shall be
coextensive with the Companies’ rights thereunder and with respect thereto and without any liability for royalties or other related charges. 
 10.        No Limitation; Financing Agreement. This Agreement has been executed and delivered by the Companies for the purpose of recording the security interest granted to Agent with
respect to the IP Collateral with the United States Patent and Trademark Office and the United States Copyright Office. The security interest granted hereby has been granted as a supplement to, and not in limitation of, the security interest granted
to Agent, for the benefit of itself and the Lenders, under the Financing Agreement and the other Loan Documents. The Financing Agreement (and all rights and remedies of the Companies, Agent, and the Lenders thereunder) shall remain in full force and
effect in accordance with its terms. In the event of a conflict between this Agreement and the Financing Agreement, the terms of this Agreement shall control with respect to the IP Collateral and the Financing Agreement shall control with respect to
all other Collateral. 
 11.        Termination; Release of Trademark Collateral. This Agreement and
all obligations of the Companies and Agent hereunder shall terminate on the date upon which the Obligations are performed in full and indefeasibly paid in full in cash and the Financing Agreement and other Loan Documents are terminated in accordance
with the terms of the Financing Agreement. Upon termination of this Agreement, Agent shall, at the expense of the Companies, take such actions required by the Financing Agreement to release its security interest in the IP Collateral. 
 12.        Binding Effect; Benefits. This Agreement shall be binding upon the Companies and their respective
successors and assigns, and shall inure to the benefit of Agent, the Lenders and their respective successors and assigns. 
 13.        GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK. 
 [Remainder of Page Intentionally Left Blank] 







 IN WITNESS WHEREOF, the parties have caused this Intellectual Property Security Agreement to be
executed by its duly authorized representatives as of the date first above written. 
  

			
	AEGIS COMMUNICATIONS GROUP, INC.
		
	By:	 	 /s/ Kannan Ramasamy

	Title:	 	President & CEO
	
	ADVANCED TELEMARKETING CORPORATION
		
	By:	 	 /s/ Kannan Ramasamy

	Title:	 	President & CEO
	
	IQI, INC.
		
	By:	 	 /s/ Kannan Ramasamy

	Title:	 	President & CEO
	
	LEXI INTERNATIONAL, INC.
		
	By:	 	 /s/ Kannan Ramasamy

	Title:	 	President & CEO
	
	INTERSERV SERVICES CORPORATION
		
	By:	 	 /s/ Steven Alred Hough Marshall

	Title:	 	President & CEO


 Signature Page to Intellectual Property Security Agreement 







 SCHEDULE I 
 TO 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 LIST OF PATENTS AND PATENT APPLICATIONS 
 None. 
 LIST OF TRADEMARKS AND TRADEMARK APPLICATIONS 
  

	A.	AEGIS COMMUNICATIONS GROUP, INC. 

  

							
	 Trademark
	 	 Registration
 Number
	 	 Registration
 Date
	 	 Expiration
 Date

	  
 


  
 AEGIS (Design only)
	 	2347271	 	May 2, 2000	 	N/A
	  
 


 (Design plus words, letters and/or numbers)
	 	2347270	 	May 2, 2000	 	N/A

  

	
	 TRADEMARK APPLICATIONS:    None.


  

	B.	ADVANCED TELEMARKETING CORPORATION 

  

							
	 Trademark
	 	 Registration
 Number
	 	 Registration
 Date
	 	 Expiration
 Date

	  
 


	 	1461348	 	October 13, 1987	 	N/A

  

	
	 TRADEMARK APPLICATIONS: None


  

	C.	INTERSERV SERVICES CORPORATION 

  

							
	 Trademark
	 	 Registration
 Number
	 	 Registration
 Date
	 	 Expiration
 Date

	 InterServ
	 	1926943	 	October 17, 1995	 	N/A
	 IS
	 	1929003	 	October 24, 1995	 	N/A

  

	
	 TRADEMARK APPLICATIONS:    None









 LIST OF COPYRIGHTS AND COPYRIGHT APPLICATIONS 
  

	A.	AEGIS COMMUNICATIONS GROUP, INC. 

  

					
	 Copyright
	 	 Registration Number
	 	 Registration Date

			
	 aDialer
	 	 None
	 	 None

			
	 Aegis Tags
	 	 None
	 	 None

			
	 Client Interface Suite
	 	 None
	 	 None

			
	 CTI
	 	 None
	 	 None

			
	 VTC
	 	 None
	 	 None

			
	 VTC Lite
	 	 None
	 	 None


  

	
	COPYRIGHT APPLICATIONS:    None