Document:

Stock Subscription Agreement

 Exhibit 10.29 
 Execution Version 
 STOCK SUBSCRIPTION AGREEMENT 
 STOCK SUBSCRIPTION AGREEMENT, dated as of November 15, 2006 (this “Agreement”), by and among Collect Holdings, Inc., a Delaware
corporation (“Parent”) and the several other individuals and entities listed on the signature pages hereto from time to time (each a “Purchaser” and collectively, the “Purchasers”). 
 W I T N E S S E T H: 
 WHEREAS, on
July 21, 2006, Parent, Collect Acquisition Corp., a Pennsylvania corporation and a wholly owned subsidiary of Parent (“Acquisition”), and NCO Group, Inc., a Pennsylvania corporation (“Target”), entered into an
Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which, upon the terms and subject to the conditions set forth therein, Acquisition will merge with and into Target (the “Merger”) with Target
continuing as the surviving corporation; 
 WHEREAS, on July 21, 2006, Parent and Michael Barrist entered into a Rollover Agreement (the
“Rollover Agreement”) pursuant to which, upon the terms and subject to the conditions set forth therein, Mr. Barrist (or certain permitted transferees as further described in the Rollover Agreement) will contribute shares of
common stock of the Target in exchange for Parent Class L Common Stock (the “Rollover”); 
 WHEREAS, on or prior to the
closing of the Merger (the “Closing”), the Certificate of Incorporation of Parent will be amended and restated in substantially the form of. Exhibit A hereto (the “Restated Parent Charter”), and pursuant to
the Restated Parent Charter, the authorized capital stock of Parent will consist of 6,500,000 shares of Preferred Stock, par value $.01 per share, including 6,000,000 shares of Series A 14% PIK Preferred Stock (“Parent Series A Preferred
Stock”), 400,000 shares of Class L Common Stock, par value $.01 per share (“Parent Class L Common Stock”), and 2,750,000 shares of Class A Common Stock, par value $.01 per share (“Parent Class A Common
Stock”); 
 WHEREAS, in a single overall plan and transaction, each of the Purchasers, acting severally and not jointly, wishes to
purchase from Parent, upon the terms and subject to the conditions hereinafter set forth, newly issued shares of Parent Series A Preferred Stock, Parent Class L Common Stock and Parent Class A Common Stock in consideration of each such
Purchaser’s contribution to Parent of cash or a combination of cash and shares of Target Common Stock, each such transaction to be consummated on the Closing Date (as hereinafter defined) at the effective time of the Merger, but only if,
substantially simultaneously with the consummation of such transaction each such other transaction is also consummated; 
 WHEREAS, Parent
desires to issue and sell to the Purchasers, upon the terms and subject to the conditions hereinafter set forth, newly issued shares of Parent Series A Preferred Stock, Parent Class L Common Stock and Parent Class A Common Stock in
consideration of each Purchaser’s contribution to Parent of cash or a combination of cash and shares of Target Common Stock, each such transaction to be consummated on the Closing Date at the effective time of the Merger; 

 WHEREAS, each Purchaser has conditioned its acquisition of the shares of Parent Series A Preferred Stock,
Parent Class L Common Stock and Parent Class A Common Stock to be acquired by such Purchaser hereunder on Parent making certain representations, warranties, covenants and agreements hereunder and, in order to induce such Purchaser to acquire
such shares and in connection with the transactions contemplated hereby, Parent is willing to make such representations, warranties, covenants and agreements; and 
 WHEREAS, it is the intention of the parties hereto that the purchase by the Purchasers from Parent of newly issued shares of Parent Series A Preferred Stock, Parent Class L Common Stock and Parent Class A Common
Stock qualify for treatment under Section 351 of the Internal Revenue Code of 1986, as amended (the “Code”), for federal income tax purposes; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I. 
 ISSUANCE, SALE AND DELIVERY OF SHARES;  
 CONTRIBUTIONS; CLOSING; CERTAIN TAX MATTERS 
 SECTION 1.01. Issuance, Sale and Delivery of Shares; Contributions.
Upon the terms and subject to the conditions of this Agreement, on the Closing Date, in a single overall plan and transaction, Parent shall issue, sell and deliver to each Purchaser, and each Purchaser, acting severally and not jointly, shall
purchase from Parent, (i) at a purchase price of $237.50 per share, that number of shares of newly issued Parent Series A Preferred Stock as is set forth opposite such Purchaser’s name under the heading “Shares of Parent Series A Preferred
Stock” on Schedule I hereto, (ii) at a purchase price of $247.50 per share, that number of shares of newly issued Parent Class L Common Stock as is set forth opposite such Purchaser’s name under the heading “Shares of Parent
Class L Common Stock” on Schedule I hereto, as the case may be, and (iii) at a purchase price of $10 per share, that number of shares of newly issued Parent Class A Common Stock as is set forth opposite such Purchaser’s name under
the heading “Shares of Parent Class A Common Stock” on Schedule I hereto (such shares of Shares of Parent Series A Preferred Stock, Parent Class L Common Stock and Parent Class A Common Stock, collectively the “Shares”).
Upon the terms and subject to the conditions of this Agreement, on the Closing Date, as payment in full for the Shares being issued to each such Purchaser hereunder, each Purchaser shall contribute to Parent the amount of cash, if any, set forth
opposite the name of such Purchaser under the heading “Cash Purchase Price” on Schedule I hereto, as the case may be. All amounts of cash contributed to Parent by the Purchasers in exchange for Shares hereunder shall be delivered to
Parent by wire transfer of immediately available funds to an account designated by Parent to such Purchasers. 
 SECTION 1.02.
Closing. Upon the terms and subject to the conditions of this Agreement, the issuance, sale and delivery of the Shares contemplated by Section 1.01 (the “Subscription Closing”) shall take place at the effective time of the
Merger at the same location as the Merger closing and concurrent with the closing of the Rollover (such date being herein called the “Closing Date”). 
  

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 SECTION 1.03. Stockholders Agreement and Registration Rights Agreement. Parent and each Purchaser
agrees that, at the Closing, they shall enter into (a) a stockholders agreement in substantially the form set forth in Exhibit B hereto (the “Stockholders Agreement”) and (b) a registration rights agreement in
substantially the form set forth in Exhibit C hereto (the “Registration Rights Agreement”). 
 SECTION 1.04.
Certain Tax Matters. Parent and the Purchasers shall, for all federal, state and local income tax purposes, treat the transactions effected pursuant to Section 1.01 as collectively constituting a transaction under Section 351 of the
Code, in which the Purchasers transfer property to Parent in exchange for stock in Parent and immediately after the exchange the Purchasers are in control (as defined in Section 368(c) of the Code) of Parent. 
 ARTICLE II.  
 REPRESENTATIONS AND
WARRANTIES OF PARENT 
 Parent represents and warrants to the Purchasers that: 
 SECTION 2.01. Corporate Existence and Power; Newly Formed Corporation. Parent is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware. Parent was formed on July 13, 2006 solely for the purpose of engaging in the transactions contemplated by the Merger Agreement and hereby. Parent has not engaged in any other business
activities. Except for (i) customary obligations or liabilities incurred in connection with its organization, and (ii) the transactions contemplated hereby and in the Merger Agreement, Parent has not incurred any material obligations or
liabilities or engaged in any business activities. 
 SECTION 2.02. Authorization; Validity. The execution and delivery by Parent of
this Agreement and each of the other agreements, instruments and certificates being executed and delivered in connection with this Agreement, including the Stockholders Agreement and the Registration Rights Agreement, each as defined below (the
“Ancillary Agreements”) to which Parent is a party and the consummation of the transactions contemplated hereby (including the issuance, sale and delivery of the Shares) and thereby are within Parent’s powers and have been duly
authorized by all necessary corporate action on the part of Parent. This Agreement has been duly executed and delivered by Parent and each Ancillary Agreement to which Parent is a party will be duly executed and delivered by Parent at the
Subscription Closing. This Agreement constitutes, and each Ancillary Agreement to which Parent is a party, when executed and delivered by Parent at the Subscription Closing, will constitute, a valid and binding agreement of Parent, enforceable
against Parent in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) with respect to provisions relating to indemnification and contribution, as limited by considerations of public
policy and by federal or state securities laws. 
 SECTION 2.03. Governmental Authorization. Assuming the accuracy of the
Purchasers’ representations and warranties set forth in Article III hereof, no order, license, 

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consent, authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental body,
agency or official is required by or with respect to Parent in connection with the execution, delivery and performance by Parent of this Agreement and each Ancillary Agreement to which Parent is a party except (i) for filings under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Filings”), (ii) for such filings as may be required under Regulation D promulgated under the Securities Act of 1933, as amended (“Regulation
D”), or under any applicable state securities laws, (iii) for such other filings and approvals as have been made or obtained, or (iv) where the failure to obtain any such order, license, consent, authorization, approval or
exemption or give any such notice or make any filing or registration would not have a material adverse effect on the ability of Parent to perform its obligations hereunder and thereunder. 
 SECTION 2.04. Noncontravention. The execution, delivery and performance by Parent of this Agreement and each Ancillary Agreement to which Parent
is a party, does not and will not (i) violate the Restated Parent Charter and the Bylaws of Parent attached as Exhibit D hereto), (ii) violate any law, rule, regulation, judgment, injunction, order or decree applicable to or binding
upon Parent, (iii) violate any contract, agreement, license, lease or other instrument, arrangement, commitment, obligation, understanding or restriction of any kind to which Parent is a party or (iv) require any consent or other action by
any person under, constitute a default under (with due notice or lapse of time or both), or give rise to any right of termination, cancellation or acceleration of any right or obligation of Parent or to a loss of any benefit to which Parent is
entitled under any provision of any agreement or other instrument binding upon Parent or any of its assets or properties. 
 SECTION 2.05.
Capitalization. At and immediately after the Closing, the authorized capital stock of Parent shall consist of 6,500,000 shares of Parent Preferred Stock, including 6,000,000 shares of Parent Series A Preferred Stock, 400,000 shares of Parent
Class L Common Stock and 2,750,000 shares of Parent Class A Common Stock. At and immediately after the Closing there will be no outstanding (i) shares of capital stock or voting securities of Parent, (ii) securities of Parent
convertible into or exchangeable for shares of capital stock or voting securities of Parent or (iii) options or other rights to acquire from Parent, or other obligation of Parent to issue any capital stock, voting securities or securities
convertible into or exchangeable for capital stock or voting securities of Parent, except, (A) for the Shares to be issued hereunder, (B) the Shares to be issued pursuant to the Rollover Agreement and (C) such other Shares as, between
the date hereof and the Closing, as One Equity Partners II, L.P., a Cayman Islands limited partnership may determine to cause Parent to issue to a third party (the “Other Investor”) not affiliated with One Equity Partners II, L.P.,
a Cayman Islands limited partnership (“OEP II”), OEP II Co-Investors, L.P., a Cayman Islands limited partnership (“OEP II Co-Invest”), and OEP II Partners Co-Invest, L.P., a Cayman Islands limited partnership
(“OEP II Partners Co-Invest,” and together with OEP II and OEP Co-Invest, “OEP”) provided that (1) such Other Investor acquires such Shares for cash, at the same per share price paid by the Purchasers, and
(2) each such Other Investor agrees to be bound by the terms of the Stockholders Agreement and Registration Rights Agreement. 
 SECTION
2.06. Valid Issuance of Shares. At Closing, the Shares will have been duly and validly authorized and when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be validly issued, fully
paid and nonassessable shares 

  

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of Parent Series A Preferred Stock, Parent Class L Common Stock or Parent Class A Common Stock, as the case may be, free and clear of all claims, liens
and encumbrances, other than any claims, liens and encumbrances created by the Stockholders Agreement. 
 ARTICLE III.  
 REPRESENTATION AND WARRANTIES OF THE PURCHASERS 
 Each Purchaser, severally and not jointly, and solely with respect to such Purchaser, represents and warrants to Parent that: 
 SECTION 3.01. Existence. Such Purchaser (if not a natural person) is a corporation, limited partnership, limited liability company, government pension plan or other entity, as the case may be, duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization. 
 SECTION 3.02. Authorization; Power;
Validity. The execution and delivery by such Purchaser (if not a natural person) of this Agreement and each Ancillary Agreement to which such Purchaser is a party and the consummation of the transactions contemplated hereby and thereby are
within such Purchaser’s powers and have been duly authorized by all necessary action on the part of such Purchaser. This Agreement has been duly executed and delivered by such Purchaser and each Ancillary Agreement to which such Purchaser is a
party will be duly executed and delivered by such Purchaser at the Subscription Closing. This Agreement constitutes, and each Ancillary Agreement to which such Purchaser is a party, when executed and delivered by such Purchaser at the Subscription
Closing will constitute, a valid and binding agreement of such Purchaser, enforceable against such Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) with respect to
provisions relating to indemnification and contribution, as limited by considerations of public policy and by federal or state securities laws. 
 SECTION 3.03. Governmental Authorization. No order, license, consent, authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental body, agency or
official is required by or with respect to such Purchaser in connection with the execution, delivery and performance by such Purchaser of this Agreement and each Ancillary Agreement to which such Purchaser is a party except (i) for HSR Filings,
(ii) for such filings and notices of sale as may be required under Regulation D or under any applicable state securities laws, (iii) for such other filings and approvals as have been made or obtained, or (iv) where the failure to
obtain any such order, license, consent, authorization, approval or exemption or give any such notice or make any filing or registration would not have a material adverse effect on the ability of such Purchaser to perform such Purchaser’s
obligations hereunder or thereunder. 
 SECTION 3.04. Noncontravention. The execution, delivery and performance by such Purchaser of
this Agreement and each Ancillary Agreement to which such Purchaser is a party does not and will not (i) violate, if such Purchaser is not a natural person, the certificate of 

  

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incorporation, bylaws, certificate of limited partnership, agreement of limited partnership, certificate of formation, limited liability company agreement or
other organizational documents of such Purchaser, (ii) violate any law, rule, regulation, judgment, injunction, order or decree applicable to or binding upon such Purchaser, (iii) violate any contract, agreement, license, lease or other
instrument, arrangement, commitment, obligation, understanding or restriction of any kind to which such Purchaser is a party, (iv) require any consent or other action by any person under, constitute a default under (with due notice or lapse of
time or both), or give rise to any right of termination, cancellation or acceleration of any right or obligation of such Purchaser under any provision of any agreement or other instrument binding upon such Purchaser or any of its assets or
properties or (v) result in the creation or imposition of any material lien, claim, charge, pledge, security interest or other encumbrance with respect to any Shares acquired hereunder. 
 SECTION 3.05. Purchase for Investment. Such Purchaser is purchasing the Shares being purchased by such Purchaser hereunder for investment for such
Purchaser’s own account and not with a view to, or for sale in connection with, any distribution thereof. 
 SECTION 3.06. Private
Placement. 
 (a) Such Purchaser’s financial situation is such that such Purchaser can afford to bear the economic risk of holding
the Shares being purchased by such Purchaser hereunder for an indefinite period of time, and such Purchaser can afford to suffer the complete loss of such Purchaser’s investment in the Shares. 
 (b) Such Purchaser’s knowledge and experience in financial and business matters are such that such Purchaser is capable of evaluating the merits and
risks of such Purchaser’s investment in the Shares or such Purchaser has been advised by a representative possessing such knowledge and experience. 
 (c) Such Purchaser understands that the Shares acquired hereunder are a speculative investment which involves a high degree of risk of loss of the entire investment therein, that there will be substantial restrictions
on the transferability of the Shares and that following the date hereof there will be no public market for the Shares and that, accordingly, it may not be possible for such Purchaser to sell or pledge the Shares, or any interest in the Shares, in
case of emergency or otherwise. 
 (d) Such Purchaser and such Purchaser’s representatives, including, to the extent such Purchaser
deems appropriate, such Purchaser’s legal, professional, financial, tax and other advisors, have reviewed all documents provided to them in connection with such Purchaser’s investment in the Shares, and such Purchaser understands and is
aware of the risks related to such investment. 
 (e) Such Purchaser and such Purchaser’s representatives have been given the
opportunity to examine all documents and to ask questions of, and to receive answers from, Parent, Target and their respective representatives concerning Parent, Target, the terms and conditions of such Purchaser’s acquisition of the Shares and
related matters and to obtain all additional information which such Purchaser or such Purchaser’s representatives deem necessary. 
  

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 (f) Such Purchaser is an “accredited investor” as such term is defined in Regulation D.

 SECTION 3.07. No Other Representations and Warranties. Each Purchaser hereby acknowledges and agrees that the representations and
warranties set forth in this Article III hereof are the only representations, warranties and statements being relied on by such Purchaser in connection with this Agreement. 
 ARTICLE IV.  
 CONDITIONS TO CLOSING 
 SECTION 4.01. Conditions to the Obligations of the Purchasers and Parent. The obligations of each of the Purchasers and Parent to consummate the
transactions contemplated hereby are subject to the satisfaction or waiver of the following conditions: 
 (a) No provision of any applicable
law, rule or regulation and no judgment, injunction, order or decree by any court or other governmental or other entity of competent jurisdiction shall prohibit the consummation of the transactions contemplated hereby. 
 (b) All material actions by or in respect of, or filings with, or approvals of, any governmental or regulatory entity, body, agency, official or
authority required to be taken, made or obtained prior to the Subscription Closing to permit the consummation of the transactions contemplated hereby shall have been taken, made or obtained. 
 (c) The conditions to the consummation of the Merger set forth in Article VI of the Merger Agreement, shall have been satisfied or waived. 
 SECTION 4.02. Conditions to the Obligations of the Purchasers. The obligation of each Purchaser to consummate the transactions contemplated hereby
is subject to the satisfaction or waiver (by each Purchaser as to himself, herself or itself) of the following further conditions: 
 (a)
Parent shall have performed in all material respects all of its obligations hereunder required to be performed by it on or prior to the date of the Closing. 
 (b) The representations and warranties of Parent contained in this Agreement in Sections 2.05 and 2.06 shall be true and correct in all respects, and all other representations on Parent contained in this Agreement
shall be true and correct in all material respects when made and as of the date of the Subscription Closing, as if made on such date. 
 (c)
Parent and each Other Investor shall have executed and delivered the Stockholders Agreement and the Registration Rights Agreement. 
  

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 SECTION 4.03. Conditions to the Obligation of Parent. The obligation of Parent to consummate the
transactions contemplated hereby is subject to the satisfaction or waiver of the following further conditions: 
 (a) Each Purchaser shall
have performed in all material respects all of its obligations hereunder required to be performed by such Purchaser on or prior to the date of the Subscription Closing. 
 (b) The representations and warranties of each Purchaser contained in this Agreement shall be true and correct in all material respects when made and as of the date of the Subscription Closing, as if made on such
date; provided that the representations and warranties set forth in Section 3.05 shall be true and correct in all respects when made and as of the date of the Subscription Closing, as if made on such date. 
 (c) Each Purchaser and Michael Barrist shall have executed and delivered the Stockholders Agreement and the Registration Rights Agreement. 
 ARTICLE V.  
 TERMINATION

 SECTION 5.01. Termination. This Agreement shall be terminated, and the transactions contemplated hereby abandoned at any time
prior to the Subscription Closing, upon the Merger Agreement being terminated. In addition, the obligations of any Purchaser under the terms of this Agreement, may be terminated at any time prior to the Subscription Closing upon the mutual agreement
of the Parent and such Purchaser. 
 SECTION 5.02. Effect of Termination. If this Agreement (or the obligations of any one Purchaser)
is terminated, as the case may be, as permitted by Section 5.01, such termination shall be without liability of any party (or any stockholder, general partner, limited partner, member, director, officer, trustee, employee, agent, consultant or
representative of such party) to any of the other parties to this Agreement and this Agreement (or the obligations of such Purchaser, as the case may be) shall become void and of no further force or effect. Notwithstanding the foregoing, the
provisions of this Section 5.02 and of Article VI shall survive any termination hereof pursuant to Section 5.01. 
 ARTICLE VI. 

 MISCELLANEOUS 
 SECTION 6.01. Survival. All of the covenants, agreements, representations and warranties contained herein shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 SECTION 6.02. Notices. Any notice or communication required or permitted hereunder shall be in writing and shall be delivered
personally, delivered by nationally recognized overnight courier service, sent by certified or registered mail, postage prepaid, or sent by facsimile (subject to electronic confirmation of such facsimile transmission). Any such notice or 

  

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communication shall be deemed to have been given (i) when delivered, if personally delivered, (ii) one business day after it is deposited with a
nationally recognized overnight courier service, if sent by nationally recognized overnight courier service, (iii) the day of sending, if sent by facsimile prior to 5:00 p.m. (EST) on any business day or the next succeeding business day if sent
by facsimile after 5:00 p.m. (EST) on any business day or on any day other than a business day or (iv) five business days after the date of mailing, if mailed by certified or registered mail, postage prepaid, in each case, to the following
address or facsimile number, or to such other address or addresses or facsimile number or numbers as such party may subsequently designate to the other parties by notice given hereunder: 
 if to Parent, to it at: 
 Collect Holdings,
Inc. 
 c/o One Equity Partners II, L.P. 
 320 Park Avenue, 18th Floor 
 New York, NY 10022 
 Attn: James Rubin and Daniel Selmonosky 
 Facsimile: (212) 277-1533 
 with a copy to: 
 Dechert LLP 
 Cira Centre 
 2929 Arch Street 
 Philadelphia, PA 19104 
 Attention: Carmen J. Romano, Esq. 
 Facsimile: (215) 994-2222 
 if to any Purchaser, to such Purchaser at the address set forth for such Purchaser on Schedule I hereto. 
 SECTION 6.03. Amendments and Waivers. (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in
writing and, in the case of an amendment, signed by Parent and a majority-in-interest of the Purchasers (determined by reference to the number of Shares purchased hereunder) or, in the case of a waiver, signed by the party against whom the waiver is
to be effective. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege. 
 SECTION 6.04. Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such cost or expense. 
 SECTION 6.05. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. No party hereto shall assign this Agreement or any of its rights, interests or 

  

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obligations hereunder without the prior written consent of Parent; provided, however, after the Closing, any Purchaser may assign its rights
under this Agreement to any transferee of the Shares purchased by such Purchaser hereunder in connection with any transfer of Shares which is made in compliance with the terms of the Stockholders Agreement. 
 SECTION 6.06. Governing Law. This Agreement, and all claims arising hereunder or relating hereto, shall be governed and construed and enforced in
accordance with the laws of the State of New York. 
 SECTION 6.07. Jurisdiction. The parties hereto agree that any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement, any Ancillary Agreement or the transactions contemplated hereby or thereby may only be brought in a the United States
District Court for the Southern District of New York or any New York State court sitting in the borough of Manhattan, New York County, New York, and each of the parties hereby consents to the exclusive jurisdiction of such courts in any such suit,
action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action
or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, and each party agrees that, in addition to any method of
service of process otherwise permitted by law, service of process on each party may be made by any method for giving such party notice as provided in Section 7.02, and shall be deemed effective service of process on such party. 
 SECTION 6.08. Waiver Of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY ANCILLARY AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 SECTION 6.09. Counterparts; Third Party Beneficiaries. This Agreement may be executed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. No provision of this Agreement shall confer upon any person other than the parties hereto any rights or remedies hereunder. 
 SECTION 6.10. Entire Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both oral and written, among the
parties with respect to the subject matter hereof. 
 SECTION 6.11. Severability. If one or more provisions of this Agreement are
finally held to be unenforceable under applicable law, such provision shall be deemed to be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforced in accordance
with its terms to the maximum extent permitted by law. 
  

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 SECTION 6.12. Interpretation. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. As used in this Agreement, the words “hereof”, “herein”, “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and the words “Article” and “Section” are references to the articles and sections of this Agreement unless otherwise
specified. Whenever the words “include,” “includes,” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.” As used in this Agreement, the term
“affiliate” shall have the meaning provided for such term in the Stockholders Agreement. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as
to the feminine and neuter genders of such terms. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 [SIGNATURE PAGES FOLLOW] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has duly executed and delivered this Agreement as of the
day and year first above written. 
  

					
	PARENT:	 	COLLECT HOLDINGS, INC.
			
		 	By:	 	 /s/ Daniel J. Selmonosky

		 	Name:	 	Daniel J. Selmonosky
		 	Title:	 	President and Treasurer
			
	PURCHASERS:	 		 	
		 	 /s/ Steven L. Leckerman

		 	Steven L. Leckerman
		
		 	 /s/ Steven L. Winokur

		 	Steven L. Winokur
		
		 	 /s/ Stephen W. Elliott

		 	Stephen W. Elliott
		
		 	 /s/ Paul E. Weitzel, Jr.

		 	Paul E. Weitzel, Jr.
		
		 	 /s/ Albert Zezulinski

		 	Albert Zezulinski
		
		 	 /s/ Charles F. Burns

		 	Charles F. Burns
		
		 	 /s/ Joshua Gindin

		 	Joshua Gindin
		
		 	 /s/ John R. Schwab

		 	John R. Schwab

 [Signature Page to Subscription Agreement – Management] 

 The following schedule and exhibits are omitted. NCO Group, Inc. agrees to furnish supplementally a copy of such
schedules and/or exhibits to the Securities and Exchange Commission upon request. 
  

					
	SCHEDULE	  		  	
			
	Schedule I	  	-  	  	Purchasers
			
	EXHIBITS	  		  	
			
	Exhibit A	  	-  	  	Amended and Restated Certificate of Incorporation of Collect Holdings, Inc.
	Exhibit B	  	-  	  	Stockholders Agreement
	Exhibit C	  	-  	  	Registration Rights Agreement
	Exhibit D	  	-  	  	Bylaws of Collect Holdings, Inc.

  

 13Amendment No. 14 to the Receivables Purchase Agreement dated January 31, 2007

 Exhibit 10.25 
 AMENDMENT NO. 14 
 to 
 RECEIVABLES PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 14 (this “Amendment”) is entered into
as of January 31, 2007 by and among New School, Inc., as Seller (“Seller”), School Specialty, Inc., as Servicer (“SSI”), Falcon Asset Securitization Company LLC (formerly known as Falcon Asset Securitization
Corporation) (“Falcon”), the Financial Institutions party hereto, and JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA (Main Office Chicago)), as agent (the “Agent”). 
 PRELIMINARY STATEMENT 
 A. Seller, SSI,
Falcon, the Financial Institutions and the Agent are parties to that certain Receivables Purchase Agreement dated as of November 22, 2000 (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase
Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement. 
 B. Seller, SSI, Falcon, the Financial Institutions and the Agent have agreed to amend the Purchase Agreement, subject to the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Amendment. Effective as of the date hereof, subject to
the satisfaction of the condition precedent set forth in Section 2 below, the Purchase Agreement is hereby amended as follows: 
 1.1 Clause (i) of the definition of “Eligible Receivable” in Exhibit I thereof is restated in its entirety as follows: 
 (i) the Obligor of which (a) is not an Affiliate of any of the parties hereto; (b) is not a Designated Obligor; and (c) is not a government or a governmental subdivision or agency not related to
education, and if (x) such Obligor is a natural person who is not a resident of the United States or, (y) such Obligor is a corporation or other business organization which is not organized under the laws of the United States or any
political subdivision thereof or which does not have its chief executive office in the United States (each such Obligor described in (x) and (y) above, a “Foreign Obligor”), then the Outstanding Balance of such Receivable,
when added to the Outstanding Balance of all Receivables then due from all Foreign Obligors shall not exceed 2.0% of the Outstanding Balance of all Receivables at such time; 

 1.2 The definition of “Liquidity Termination Date” in Exhibit I thereof is restated in
its entirety as follows: 
 “Liquidity Termination Date” means January 30, 2008. 
 SECTION 2. Condition Precedent. This Amendment shall become effective and be deemed effective, as of the date first above written, upon receipt by
the Agent of one copy of this Amendment duly executed by each of the parties hereto. 
 SECTION 3. Covenants, Representations and
Warranties of the Seller and the Servicer. 
 3.1 Upon the effectiveness of this Amendment, each of Seller and SSI hereby reaffirms all
covenants, representations and warranties made by it, to the extent the same are not amended hereby, in the Purchase Agreement and agrees that all such covenants, representations and warranties shall be deemed to have been re-made as of the
effective date of this Amendment. 
 3.2 Each of Seller and SSI hereby represents and warrants as to itself (i) that this Amendment
constitutes the legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally and general principles of equity which may limit the availability of equitable remedies and (ii) upon the effectiveness of this Amendment, no event shall have occurred and be continuing which
constitutes an Amortization Event or a Potential Amortization Event. 
 SECTION 4. Reference to and Effect on the Purchase Agreement.

 4.1 Upon the effectiveness of this Amendment, each reference in the Purchase Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” “hereby” or words of like import shall mean and be a reference to the Purchase Agreement as amended hereby, and each reference to the Purchase Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the Purchase Agreement shall mean and be a reference to the Purchase Agreement as amended hereby. 
 4.2 Except as specifically amended hereby, the Purchase Agreement and other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby
ratified and confirmed. 
 4.3 The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power
or remedy of Falcon, the Financial Institutions or the Agent under the Purchase Agreement or any of the other Transaction Documents, nor constitute a waiver of any provision contained therein, except as specifically set forth herein. 
 SECTION 5. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS, AND
REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

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 SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. 
 SECTION 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose. 
 * * * * * 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the date first set
forth above by their respective officers thereto duly authorized, to be effective as hereinabove provided. 
  

			
	NEW SCHOOL, INC., as Seller
		
	By:	 	 /s/ David G. Gomach

	Name:	 	David G. Gomach
	Title:	 	Treasurer
	
	SCHOOL SPECIALTY, INC., as Servicer
		
	By:	 	 /s/ David G. Gomach

	Name:	 	David G. Gomach
	Title:	 	Treasurer
	
	FALCON ASSET SECURITIZATION COMPANY LLC
		
	By:	 	JPMORGAN CHASE BANK, N.A.,
		 	its Attorney-in-Fact
		
	By:	 	 /s/ John M. Kuhns

	Name:	 	John M. Kuhns
	Title:	 	Vice President
	
	 JPMORGAN CHASE BANK, N.A., as a
 Financial
Institution and as Agent

		
	By:	 	 /s/ John M. Kuhns

	Name:	 	John M. Kuhns
	Title:	 	Vice President

 Signature Page 
 to 
 Amendment No. 14 to Receivables Purchase Agreement

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