Document:

Subordination and Intercreditor Agreement

 Exhibit 10.2 
 SUBORDINATION AND INTERCREDITOR AGREEMENT 
 This Subordination and Intercreditor Agreement (this
“Agreement”) dated as of March 2, 2009 among PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Revolving Lenders (as defined below) (PNC, in such capacity, “Agent”), STEEL CITY CAPITAL FUNDING, LLC, as agent for
Term B Lenders (as defined below) (in such capacity, “Term B Agent”), ARES CORPORATE OPPORTUNITIES FUND II, L.P., a Delaware limited partnership (“Ares II LP” or “Subordinated Lender”), and each of STREAM HOLDINGS
CORPORATION, a Delaware corporation (“SHC”), STREAM FLORIDA INC., a Delaware corporation and a wholly-owned Subsidiary of SHC (“SFI”), STREAM INTERNATIONAL INC., a Delaware corporation and a wholly-owned Subsidiary of SHC
(“Stream”), STREAM NEW YORK INC. a Delaware corporation and a wholly-owned Subsidiary of SHC (“SNY”) and STREAM INTERNATIONAL EUROPE B.V., a company organized under the laws of the Netherlands and a wholly-owned Subsidiary of
Stream (“Stream BV”), STREAM INTERNATIONAL CANADA INC., a company organized under the laws of Ontario and a Subsidiary of Stream (“Stream Canada”), STREAM INTERNATIONAL SERVICE EUROPE B.V., a company organized under the laws of
the Netherlands and a wholly-owned Subsidiary of Stream International (Bermuda) Ltd. (“Stream Service BV”), STREAM INTERNATIONAL (N.I.) LIMITED, a company organized under the laws of Northern Ireland and a Subsidiary of Stream
(“Stream UK”) and STREAM INTERNATIONAL GMBH, a company organized under the laws of Germany and a Subsidiary of Stream (“Stream Germany”) and STREAM GLOBAL SERVICES, INC, a Delaware corporation and the owner of all of the issued
and outstanding shares of the capital stock of SHC (“SGS”) (SHC, SFI, Stream, SNY, Stream BV, Stream Canada, Stream Service BV, Stream UK, Stream Germany and SGS, each a “Loan Party” and collectively the “Loan
Parties”). 
 BACKGROUND 
 As an inducement for Agent, Term B Agent and Lenders to enter into a certain Amendment No. 1 and Waiver to Fifth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated as of the date hereof (“Amendment
No. 1 and Waiver”) and to continue to provide a credit facility in favor of Loan Parties, Subordinated Lender has agreed to enter into this Agreement to provide for the subordination of (i) the “Subordinated Indebtedness” to
the “Senior Indebtedness” (as each term is defined below) and (ii) the “Liens” in the assets of any Loan Party granted to Subordinated Lender to the “Liens” in such assets of Loan Parties granted to Agent for its
benefit and for the ratable benefit of Lenders. 
 AGREEMENTS 
 NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. 
 1.1. General
Terms. For purposes of this Agreement, the following terms shall have the following meanings: 
 “Agent” shall have the
meaning set forth in the introductory paragraph of this Agreement and shall include its successors and assigns. 

 “Amendment No. 1 and Waiver” shall have the meaning set forth in the Background
paragraph of this Agreement. 
 “Collateral” shall mean all of the property and interests in property, tangible or
intangible, real or personal, now owned or hereafter acquired by any Loan Party in or upon which Agent for its benefit and for the ratable benefit of Lenders at any time has or has been granted a Lien under and pursuant to the terms of the Loan
Agreement and the other Documents, and including, without limitation, all proceeds and products of such property and interests in property. 
 “Creditor Agreements” shall mean, collectively, the Senior Lending Agreements and the Subordinated Agreements. 
 “Creditors” shall mean, collectively, Agent (for its benefit and for the ratable benefit of Lenders) and Subordinated Lender and their respective successors and assigns. 
 “Default” shall have the meaning set forth in the Loan Agreement. 
 “Distribution” shall mean any payment, whether in cash, in kind, securities or any other property, or security for any such
Distribution other than the grant of security pursuant to Section 3(a) of the Reimbursement Agreement, the payment of the LC Fee (as defined in the Reimbursement Agreement) pursuant to Section 2(a) of the Reimbursement Agreement and the
payment of expenses under Section 9(h) of the Reimbursement Agreement. 
 “Documents” shall have the meaning given to
the term “Other Documents” in the Loan Agreement. 
 “Event” shall have the meaning set forth in
Section 2.2(c) hereof. 
 “Holder of Subordinated Indebtedness” or “Subordinated Lender” shall mean
Ares II LP, and any other Person(s) at any time or in any manner acquiring any right or interest in any of the Subordinated Indebtedness, and any heirs, administrators, executors, successor and assigns of such Person. 
 “Lenders” shall mean, jointly and severally, the Revolving Lenders and the Term B Lenders. 
 “Loan Agreement” shall mean the Fifth Amended and Restated Revolving Credit, Term Loan and Security Agreement dated as of
January 8, 2009 among Agent, Term B Agent, Revolving Lenders, Term B Lenders, PNC as Swingline Lender (as therein defined), PNC Capital Markets LLC., as sole lead arranger and Siemens Financial Services, Inc., as documentation agent, as amended
as of the date hereof by Amendment No. 1 and Waiver, and as the same may hereafter be further amended, supplemented, modified or restated from time to time. 
  

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 “Loan Party” and “Loan Parties” shall have the meaning set forth in
the introductory paragraph of this Agreement and shall include their respective successors and assigns. 
 “Person” shall
mean an individual, a partnership, a corporation (including a business trust), a joint stock company, a trust, an unincorporated association, a joint venture, a limited liability company, a limited liability partnership or other entity, or a
government or any agency, instrumentality or political subdivision thereof. 
 “Reimbursement Agreement” shall mean the
Guarantee and Reimbursement Agreement dated as of March 2, 2009 by and among Subordinated Lender and each of SHC, SFI, Stream, SNY and SGS, as the same may hereafter be amended, supplemented, modified or restated from time to time. 

“Revolving Lenders” shall mean each of the financial institutions named as a Revolving Lender in or which hereafter become a
Revolving Lender party to the Loan Agreement. 
 “Secured Lender Remedies” shall mean any action which results in the sale,
foreclosure, realization upon, or a liquidation of any of the Collateral including, without limitation, the exercise of any of the rights or remedies of a “secured party” under Article 9 of the Uniform Commercial Code, such as, without
limitation, the notification of account debtors; provided that “Secured Lender Remedies” shall not include the delivery of reservation of rights letters and the like, the imposition of default interest in accordance with the Subordinated
Agreements and the taking of steps to preserve and protect the security interests in the Collateral granted in favor, or for the benefit, of the Subordinated Lender (or any agent, representative or trustee on behalf thereof). 
 “Senior Indebtedness” shall mean all obligations of any kind owed by Loan Parties to Agent, Term B Agent and/or Lenders from time to
time under or pursuant to any of the Senior Lending Agreements including, without limitation, all principal, interest accruing thereon, charges, expenses, fees and other sums (including all interest, charges, expenses, fees and other sums accruing
after commencement of any case, proceeding or other action relating to the bankruptcy, insolvency or reorganization of any Loan Party) chargeable to any Loan Party by Lenders, Agent and/or Term B Agent, and reimbursement, indemnity or other
obligations due and payable to Lenders, Agent and/or Term B Agent. Senior Indebtedness shall continue to constitute Senior Indebtedness, notwithstanding the fact that such Senior Indebtedness or any claim for such Senior Indebtedness is
subordinated, avoided or disallowed under the federal Bankruptcy Code or other applicable law. Senior Indebtedness shall also include any indebtedness of Loan Parties incurred in connection with a refinancing of all or a portion of the Senior
Indebtedness under the Senior Lending Agreements. 
 “Senior Lending Agreements” shall mean the Loan Agreement and the
other Documents. 
 “Subordinated Indebtedness” shall mean all Reimbursement Obligations (as defined in the Reimbursement
Agreement) and all other principal, interest and other amounts 

  

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payable or chargeable in connection with the standby letters of credit, guarantees and/or other forms of credit support provided under the Subordinated
Agreements. Subordinated Indebtedness shall continue to constitute Subordinated Indebtedness, notwithstanding the fact that such Subordinated Indebtedness or any claim for such Subordinated Indebtedness is subordinated, avoided or disallowed under
the federal Bankruptcy Code or other applicable law. Subordinated Indebtedness shall also include any indebtedness of the Subordinated Lender incurred in connection with a refinancing of all or a portion of the Subordinated Indebtedness under the
Subordinated Agreements. 
 “Subordinated Agreements” shall mean, collectively, the Reimbursement Agreement and all
promissory notes, agreements, documents and instruments now or at any time hereafter executed and/or delivered by any Loan Party or any other Person to, with or in favor of Subordinated Lender in connection therewith or related thereto, as all of
the foregoing now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. 
 “Term B
Agent” shall have the meaning set forth in the introductory paragraph of this Agreement and shall include its successors and assigns. 
 “Term B Lenders” shall mean each of the financial institutions named as a Term B Lender in or which hereafter become a Term B Lender party to the Loan Agreement. 
 1.2. Other Terms. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Loan Agreement. 
 1.3. Certain Matters of Construction. The terms “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. Wherever appropriate in the context, terms used herein in the singular also include the plural and
vice versa. All references to statutes and related regulations shall include any amendments of same and any successor statutes and regulations. Except as expressly set forth herein, all references to any instruments or agreements, including, without
limitation, references to any Creditor Agreements shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof. 
 2. Covenants. Each Loan Party and each Holder of Subordinated Indebtedness hereby covenants that until the Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of
which no claim for payment has been asserted) shall have been paid in full and satisfied in cash and the commitments to advance funds under the Loan Agreement shall have been terminated, all in accordance with the terms thereof, each will comply
with such of the following provisions as are applicable to it: 
 2.1. Transfers. Each Holder of Subordinated Indebtedness covenants
that any transferee from it (other than another existing Holder of Subordinated Indebtedness) of any Subordinated Indebtedness shall, prior to acquiring such interest, execute and deliver a counterpart of this Agreement to each other party hereto.

 2.2. Subordination Provisions. To induce Agent, Term B Agent and Lenders to enter into Amendment No. 1 and Waiver, and to
continue to make loans and advances under 

  

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the Loan Agreement, notwithstanding any other provision of the Subordinated Indebtedness to the contrary, any Distribution with respect to the Subordinated
Indebtedness is and shall be expressly junior and subordinated in right of payment to all amounts due and owing upon all Senior Indebtedness outstanding from time to time in the manner and to the extent provided in this Agreement. 
 (a) Payments. No Loan Party shall make any Distribution on the Subordinated Indebtedness until such time as the Senior Indebtedness (other than
contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been terminated.

 (b) Limitation on Acceleration. Until payment in full in cash of all Senior Indebtedness (other than contingent reimbursement and
indemnification obligations in respect of which no claim for payment has been asserted) and the termination of the commitments to advance funds under the Loan Agreement, no Holder of Subordinated Indebtedness shall exercise any Secured Lender
Remedies or commence any other action or proceeding to recover any amounts due or to become due with respect to Subordinated Indebtedness. Notwithstanding the foregoing, any amounts received by any Holder of Subordinated Indebtedness upon and after
the occurrence of an Event shall be subject to the provisions of Section 2.2(c) hereof. 
 (c) Prior Payment of Senior Indebtedness
in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to any Loan Party or its property, or any receivership, liquidation, reorganization or other similar proceedings in connection therewith, or, in the event of
any proceedings for voluntary liquidation, dissolution or other winding up of any Loan Party or distribution or marshalling of its assets or any composition with creditors of any Loan Party, whether or not involving insolvency or bankruptcy, or if
any Loan Party shall cease its operations, call a meeting of its creditors or no longer do business as a going concern (each individually or collectively, an “Event”), then all Senior Indebtedness (other than contingent reimbursement and
indemnification obligations in respect of which no claim for payment has been asserted) shall be paid in full and satisfied in cash and the commitments to advance funds under the Loan Agreement terminated before any Distribution shall be made on
account of any Subordinated Indebtedness. Any such Distribution which would, but for the provisions hereof, be payable or deliverable in respect of the Subordinated Indebtedness, shall be paid or delivered directly to Agent for application to the
Senior Indebtedness, until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the
commitments to advance funds under the Loan Agreement shall have been terminated. 
 (d) [Reserved] 
 (e) Power of Attorney. To enable Agent to assert and enforce its rights hereunder in any proceeding referred to in Section 2.2(c) or upon
the happening of any Event, Agent or any person whom it may designate is hereby irrevocably appointed attorney in fact for Subordinated Lender with full power to act in the place and stead of Subordinated 

  

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Lender (i) to make, present and file such claims, and/or proofs of claim, against any Loan Party on account of all or any part of the Subordinated
Indebtedness as Agent may deem advisable upon the failure of Subordinated Lender to do so fifteen (15) days prior to the expiration of the time to file any such claim and/or proof of claim and (ii) to receive and collect any and all
dividends or other payments made thereon and to apply the same on account of the Senior Indebtedness. Subordinated Lender will execute and deliver to Agent such instruments as may be required by Agent to enforce any and all Subordinated
Indebtedness, to effectuate the aforesaid power of attorney and to effect collection of any and all dividends or other payments which may be made at any time on account thereof. Subordinated Lender hereby irrevocably appoints Agent as the lawful
attorney and agent of Subordinated Lender to execute financing statements on behalf of Subordinated Lender, and Subordinated Lender hereby further authorizes Agent, to file such financing statements in any appropriate public office. 
 (f) Payments Held in Trust. Should any Distribution or the proceeds thereof, in respect of the Subordinated Indebtedness, be collected or
received by Subordinated Lender or any Affiliate (as such term is defined in Rule 405 of Regulation C adopted by the Securities and Exchange Commission pursuant to the Securities Act of 1933) of Subordinated Lender at a time when Subordinated Lender
is not permitted under this Agreement to receive any such Distribution or proceeds thereof including if same is collected or received when there is or would be after giving effect to such payment a Default or an Event of Default under any Senior
Lending Agreement, then Subordinated Lender will forthwith deliver, or cause to be delivered, the same to Agent, in precisely the form held by Subordinated Lender (except for any necessary endorsement), and until so delivered, the same shall be held
in trust by Subordinated Lender, or any such Affiliate, as the property of Agent. 
 (g) Subrogation. Subject to the prior payment in
full in cash of the Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) and the termination of the commitments to advance funds under the Loan
Agreement, to the extent that Agent has received any Distribution on the Senior Indebtedness which, but for this Agreement, would have been applied to the Subordinated Indebtedness, Subordinated Lender shall be subrogated to the then or thereafter
rights of Agent including, without limitation, the right to receive any Distribution made on the Senior Indebtedness until the Subordinated Indebtedness shall be paid in full; and, for the purposes of such subrogation, no Distribution to Agent to
which Subordinated Lender would be entitled except for the provisions of this Agreement shall, as between each Loan Party, its creditors (other than Agent, Term B Agent and Lenders) and Subordinated Lender, be deemed to be a Distribution by Loan
Parties to or on account of Senior Indebtedness, it being understood that the provisions hereof are and are intended solely for the purpose of defining the relative rights of Subordinated Lender on the one hand, and Agent on the other hand.

 (h) Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of
Subordinated Indebtedness and Agent. Nothing in this Agreement shall impair, as between each Loan Party and Subordinated Lender the unconditional and absolute obligation of such Loan Party to punctually pay the principal, interest and any other
amounts and obligations owing under Subordinated Agreements in accordance with the terms thereof, subject to the rights of Agent under this Agreement. 
  

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 3. Security. 
 3.1. Acknowledgment of Lien. Each Creditor hereby agrees and acknowledges that the other Creditors have been granted a Lien upon the Collateral. 
 3.2. Priority. Notwithstanding the order or time of attachment, or the order, time or manner of perfection, or the order or time of filing or
recordation of any document or instrument, or other method of perfecting a Lien in favor of each Creditor in any Collateral and notwithstanding any conflicting terms or conditions which may be contained in any of the Creditor Agreements, the Liens
upon the Collateral of Agent have and shall have priority over the Liens upon the Collateral of Subordinated Lender and such Liens of Subordinated Lender are and shall be, in all respects, subject and subordinate to the Liens of Agent therein to the
full extent of the Senior Indebtedness outstanding from time to time. Subordinated Lender shall not take any action to foreclose or realize upon the Collateral until such time as the Senior Indebtedness (other than contingent reimbursement and
indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been terminated, other than any actions expressly
permitted by the proviso to the definition of “Secured Lender Remedies”. 
 3.3. No Alteration of Priority. The Lien
priorities provided in Section 3.2 hereof shall not be altered or otherwise affected by any amendment, modification, supplement, extension, renewal, restatement or refinancing of any Senior Indebtedness or the Subordinated Indebtedness.

 3.4. Perfection. Each of Agent and Subordinated Lender shall be solely responsible for perfecting and maintaining the perfection of
its Lien in and to each item constituting the Collateral in which Agent and Subordinated Lender have been granted a Lien. The foregoing provisions of this Agreement are intended solely to govern the respective lien priorities as between Subordinated
Lender on the one hand, and Agent on the other hand, and shall not impose on Agent any obligations in respect of the disposition of proceeds of foreclosure on any Collateral which would conflict with prior perfected claims therein in favor of any
other Person. Agent agrees that it will not contest the validity, perfection, priority or enforceability of the Liens of Subordinated Lender in the Collateral. Subordinated Lender agrees that it will not contest the validity, perfection, priority or
enforceability of the Liens of Agent in the Collateral, and that as between Agent and Subordinated Lender, the terms of this Agreement shall govern even if part or all of the Senior Indebtedness or the Liens of Agent securing payment and performance
thereof are avoided, disallowed, set aside or otherwise invalidated in any judicial proceeding or otherwise. 
 3.5. Management of
Collateral. Agent shall have the exclusive right to manage, perform and enforce the terms of the Senior Lending Agreements to which it is a party with respect to the Collateral and to exercise and enforce all privileges and rights thereunder
according to its discretion and its business judgment, in each case exercised in good faith, and in compliance with the terms of this Agreement and applicable law, including, without limitation, the exclusive right to enforce or settle insurance
claims, take or retake control or possession of the Collateral and to hold, prepare for sale, process, sell, lease, dispose of, or liquidate the Collateral. In connection therewith, Subordinated Lender waives any and all rights to affect the method
or challenge the appropriateness of any action by Agent of the type or nature referred to in, and taken in accordance with, the immediately preceding sentence. 
  

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 3.6. Sale of Collateral. Notwithstanding anything to the contrary contained in any of the Creditor
Agreements, only Agent shall have the right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of Collateral. Subordinated Lender will, immediately upon the request of Agent, release or otherwise terminate its
Liens upon the Collateral (but not the proceeds thereof), to the extent (i) such Collateral is sold or otherwise disposed of either by Agent, or any Loan Party with the consent of Agent, in accordance with the terms of the Loan Agreement, and
(ii) Agent concurrently releases its Liens upon such Collateral (but not the proceeds thereof), and Subordinated Lender, at Agent’s expense (as to which Agent shall be entitled to reimbursement by the Loan Parties), will immediately
deliver such release documents as Agent may reasonably require in connection therewith. 
 3.7. Secured Lender Remedies. In no event
shall Subordinated Lender exercise any Secured Lender Remedies until such time as the Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have
been paid in full in cash and the commitments to advance funds under the Senior Lending Agreements shall have been terminated; nor shall Subordinated Lender join in, solicit any other person to, or act to cause the commencement of, any case
involving any Loan Party under any state or federal bankruptcy or insolvency laws or seek the appointment of a receiver for the affairs or property of any Loan Party until such time as the Senior Indebtedness (other than contingent reimbursement and
indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Senior Lending Agreements shall have been terminated. In the event
Subordinated Lender shall receive any payment or distribution of any kind representing proceeds of any Collateral as to which its Lien in the Collateral is or is required under this Agreement to be subordinated to the Lien of Agent before the Senior
Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Senior Lending
Agreements shall have been terminated, such sums shall be held in trust by Subordinated Lender for the benefit and on account of Agent and such amounts shall be paid to Agent. Notwithstanding anything herein to the contrary, nothing herein shall
limit any rights of or actions by Ares II LP in its capacity as a shareholder of SGS, including rights of or actions by its designees serving on the Board of Directors of SGS or any of its Subsidiaries. 
 3.8. Section 9-611 Notice and Waiver of Marshaling. Subordinated Lender and Agent acknowledge that this Agreement shall constitute notice of
the respective interests of Agent, Term B Agent and Lenders in the Collateral as provided by Section 9-611 of the New York Uniform Commercial Code and each hereby waives any right to compel any marshaling of any of the Collateral. 

3.9. Bailee for Perfection. 
 (a)
Agent hereby agrees to hold that part of the Collateral that is in its possession (or in the possession of any of its agents or bailees) to the extent that possession 

  

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thereof is taken to perfect a security interest therein under the Uniform Commercial Code (such Collateral, “Pledged Collateral”), as collateral
agent for the Lenders and as bailee (and as agent and/or sub-agent as applicable for perfection) for the Subordinated Lender (such bailment or control being intended, among other things, to satisfy the requirements of Sections 8-106, 8-301(a)(2),
9-104, 9-106, and 9-313(c) of the Uniform Commercial Code) and any assignee solely for the purpose of perfecting the security interests granted under the respective Creditor Agreements subject to the terms and conditions of this Section 3.9.

 (b) Agent shall have no obligation whatsoever to the Lenders or the Subordinated Lender to ensure that the Pledged Collateral is genuine
or owned by any of the Loan Parties or to preserve rights or benefits of any Person except as expressly set forth in this Section 3.9. The duties or responsibilities of Agent to the Subordinated Lender under this Section 3.9 shall be
limited solely to holding the Pledged Collateral as bailee (and as agent and/or sub-agent, as applicable, for perfection) in accordance with this Section 3.9 and delivering or assigning the Pledged Collateral to it upon payment in full in cash
of all Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) and the termination of the commitments to advance funds under the Loan Agreement. 

(c) Agent acting pursuant to this Section 3.9 shall not have by reason of the Senior Lending Agreements, the Subordinated Agreements, this
Agreement or any other document a fiduciary relationship in respect of the Lenders or the Subordinated Lender. Except as provided in Section 3.9(d), this Section 3.9 shall not impose upon Agent or any Lender any duty or obligation to take
any action or forbear from taking any action that it could otherwise have taken or not taken. 
 (d) Upon payment in full in cash of all
Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) and the termination of the commitments to advance funds under the Loan Agreement, Agent shall
deliver or assign the remaining Pledged Collateral (if any) together with any necessary endorsements to the Subordinated Lender if Subordinated Indebtedness remains outstanding (so as to allow the Subordinated Lender to obtain possession or control
of such Pledged Collateral). Agent shall take all other actions reasonably requested by the Subordinated Lender in connection with the Subordinated Lender obtaining a first-priority security interest (subject only to security interests permitted
under the Subordinated Agreements) in the Collateral or as a court of competent jurisdiction may otherwise direct, all at the expense of Subordinated Lender. 
 4. Miscellaneous. 
 4.1. Provisions of Reimbursement Agreement. From and after the date hereof,
Loan Parties and Subordinated Lender shall cause the Reimbursement Agreement to contain a provision to the following effect: 
 “This
Guarantee and Reimbursement Agreement is subject to the Subordination and Intercreditor Agreement, dated as of March 2, 2009, among the Loan Parties, the Agent, Term B Agent and Ares under which 

  

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this Guarantee and Reimbursement Agreement and the Stream Entities’ obligations hereunder are subordinated in the manner set forth therein to the prior
payment in full of certain obligations to the holders of Senior Indebtedness as defined therein.” 
 Proof of compliance with the
foregoing shall be promptly given to Agent. 
 If requested by Agent after the occurrence of an Event, each Holder of Subordinated
Indebtedness shall transfer, assign and endorse over to Agent the Subordinated Agreements, as collateral for the obligations hereunder of any Holders of Subordinated Indebtedness. 
 4.2. Additional Agreements. In the event that the Senior Indebtedness is refinanced in full, Subordinated Lender agrees at the request of such
refinancing party to enter into a subordination and intercreditor agreement on terms substantially similar to this Agreement. 
 4.3.
Survival of Rights. The right of Agent to enforce the provisions of this Agreement shall not be prejudiced or impaired by any act or omitted act of any Loan Party or Agent including forbearance, waiver, consent, compromise, amendment,
extension, renewal, or taking or release of security in respect of any Senior Indebtedness or noncompliance by any Loan Party with such provisions, regardless of the actual or imputed knowledge of Agent. 
 4.4. Bankruptcy Financing Issues. 
 (a) This Agreement shall continue in full force and effect after the filing of any petition (“Petition”) by or against any Loan Party under the United States Bankruptcy Code (the “Code”) and all converted or succeeding
cases in respect thereof. All references herein to any Loan Party shall be deemed to apply to such Loan Party as debtor-in-possession and to a trustee for such Loan Party. If any Loan Party shall become subject to a proceeding under the Code, and if
Agent or any Lender shall desire to permit the use of cash collateral or to provide post-Petition financing from Agent or any Lender to any Loan Party under the Code, Subordinated Lender agree as follows: (1) adequate notice to Subordinated
Lender shall be deemed to have been provided for such consent or post-Petition financing if Subordinated Lender receives notice thereof three (3) Business Days (or such shorter notice as is given to Agent and/or Lenders) prior to the earlier of
(a) any hearing on a request to approve such post-Petition financing or (b) the date of entry of an order approving same and (2) no objection will be raised by Subordinated Lender to any such use of cash collateral or such
post-Petition financing from Agent or any Lender. 
 (b) Subordinated Lender shall not offer, or enter into, any post-Petition financing
which includes a proposal, or any provision, for (x) any lien granted in connection with such use of cash collateral or such post-Petition financing or (y) any post-Petition financing that shall benefit from any other priority over the
Senior Indebtedness or post-Petition financing to be provided by Agent or any Lender, whether pursuant to Section 364(d) of the Code or otherwise. 
 (c) Subordinated Lender agrees that it will not contest (or support any other Person contesting) any request by Agent or any Lender for adequate protection (whether in 

  

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the form of payments, liens, a priority administrative expense claim, or otherwise) or any objection by Agent or any Lender to any motion, relief action, or
proceeding based on Agent or any Revolving Lender claiming a lack of adequate protection (whether in the form of payments, liens, a priority administrative expense claim, or otherwise); provided that if any such adequate protection takes the form of
liens on additional assets, Senior Lender will not contest (or support any other Person contesting) any request by Subordinated Lender for a junior lien on such assets, which, if granted, shall be subject to the terms of this Agreement. 

(d) Subordinated Lender shall not propose or support any plan of reorganization that is inconsistent with the priorities or other provisions of this
Agreement. 
 (e) Subordinated Lender shall not join in, solicit any other person to, or act to cause the commencement of, any case
involving any Loan Party under any state or federal bankruptcy or insolvency laws or seek the appointment of a receiver for the affairs or property of any Loan Party until such time as the Senior Indebtedness (other than contingent reimbursement and
indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been terminated. 
 4.5. Insurance Proceeds. Proceeds of the Collateral include insurance proceeds, and therefore, notwithstanding the terms set forth in the Senior
Lending Agreements or Subordinated Agreements, the priorities set forth in Section 3.2 govern the ultimate disposition of casualty insurance proceeds. Agent, as the holders of a senior security interest on the Collateral insured shall have the
sole and exclusive right as against Subordinated Lender, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of such Collateral and otherwise in accordance with the Loan Agreement until such time as the
Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement
shall have been terminated. All proceeds of such insurance shall inure to Agent, to the extent of Agent’s claims, and Subordinated Lender shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds to
Agent. In the event Agent, in its sole discretion exercised in good faith or pursuant to agreement with Loan Parties, permit any Loan Party to utilize the proceeds of insurance to replace Collateral with other assets or property constituting
Collateral, the consent of Agent thereto shall be deemed to include the consent of Subordinated Lender. 
 4.6. No Amendment of
Subordinated Agreements. Until such time as the Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the
commitments to advance funds under the Loan Agreement shall have been terminated, neither any Loan Party nor any Holder of Subordinated Indebtedness shall enter into any amendment to or modification of any Subordinated Agreements which relates to or
affects the principal amount, interest rate, payment terms, or any other material covenant or agreement of any Loan Party thereunder (other than SGS) or in respect thereof, in each case in a manner materially adverse to the interests of the Lenders,
without the prior written consent of Agent. For purpose of clarification, the imposition of any increase of the interest rate pursuant to the Reimbursement Agreement in accordance with the terms thereof, from five percent (5%) to up to seven
percent (7%), shall not be deemed to be an amendment or modification of any of the Subordinated Agreements. 
  

 11 

 4.7. Amendments to Senior Lending Agreements. Nothing contained in this Agreement, or in any other
agreement or instrument binding upon any of the parties hereto, shall in any manner limit or restrict the ability of Agent from increasing or changing the terms of the loans under the Senior Lending Agreements, or to otherwise waive, amend or modify
the terms and conditions of the Senior Lending Agreements, in such manner as Agent and the respective Loan Parties shall mutually determine. Each Holder of Subordinated Indebtedness hereby consents to any and all such waivers, amendments,
modifications and compromises, and any other renewals, extensions, indulgences, releases of collateral or other accommodations granted by Agent to any Loan Party from time to time, and agrees that none of such actions shall in any manner affect or
impair the subordination established by this Agreement in respect of the Subordinated Indebtedness. 
 4.8. Notices. Any notice or
other communication required or permitted pursuant to this Agreement shall be deemed given (a) when personally delivered to any officer of the party to whom it is addressed, (b) on the earlier of actual receipt thereof or three
(3) days following posting thereof by certified or registered mail, postage prepaid, or (c) upon actual receipt thereof when sent by a recognized overnight delivery service or (d) upon actual receipt thereof when sent by telecopier to
the number set forth below with electronic confirmation of receipt, in each case addressed to each party at its address or telecopier number set forth below or at such other address or telecopier number as has been furnished in writing by a party to
the other by like notice: 
  

					
	If to Agent or PNC at:	  	PNC Bank, National Association
		  	4720 Piedmont Row Drive, Suite 300
		  	Charlotte, NC 28210
		  	Attention:	 	Scott Goldstein
		  	Telephone:	 	704.551.8511
		  	Facsimile:	 	704.643.7918
		  	E-mail:	 	scott.goldstein@pnc.com
		
	and a copy to each of:	  	Hahn & Hessen LLP
		  	488 Madison Avenue
		  	New York, New York 10022
		  	Attention:	 	Steven J. Seif, Esq.
		  	Telephone:	 	212.478.7370
		  	Facsimile:	 	212.478.7400
		  	E-mail:	 	sseif@hahnhessen.com
		
	and:	  	PNC Agency Services
		  	PNC Firstside Center
		  	500 First Avenue
		  	Pittsburgh, PA 15219
		  	Attention:	 	Andrea Gibb
		  	Telephone:	 	412.762.7196
		  	Facsimile:	 	412.705.2006
		  	E-mail:	 	andrea.gibb@pnc.com

  

 12 

					
		
	If to Term B Agent at:	  	Steel City Capital Funding, LLC
		  	c/o PNC Bank, National Association
		  	1600 Market Street, 31st Floor
		  	Philadelphia, Pennsylvania 19103
		  	Attention:	 	Susanna Siskind
		  	Telephone:	 	215.585.6877
		  	Facsimile:	 	215.585.4754
		  	E-mail:	 	susanna.siskind@sccfunding.com
		
	with a copy to:	  	Schulte, Roth & Zabel LLP
		  	919 Third Avenue
		  	New York, New York 10022
		  	Attention:	 	Eliot L. Relles, Esq.
		  	Telephone:	 	212.756.2000
		  	Facsimile:	 	212.593.5955
		  	E-mail:	 	eliot.relles@srz.com
		
	If to Subordinated Lender at:	  	c/o Ares Management, Inc.
		  	2000 Avenue of the Stars, 12th Floor
		  	Los Angeles, California 90067
		  	Facsimile:	 	(310) 201-4157
		  	Attention:	 	Jeffrey Schwartz
		
	with a copy to:	  	Proskauer Rose LLP
		  	2049 Century Park East, Suite 3200
		  	Los Angeles, California 90067
		  	Facsimile:	 	(310) 557-2193
		  	Attention:	 	Thomas W. Dollinger, Esq.
		  	E-mail:	 	tdollinger@proskauer.com
		
	If to any Loan Party at:	  	Stream Holdings Corporation
		  	20 William Street, Suite 310
		  	Wellesley, Massachusetts 02481
		  	Attention:	 	R. Scott Murray
		  		 	Chief Executive Officer and Sheila M. Flaherty
		  		 	Chief Legal and Administrative Officer
		  	Telephone:	 	617.517.3250
		  	Facsimile:	 	617.517.3247
		  	E-mail:	 	scott.murray@stream.com and
		  		 	sheila.flaherty@stream.com

  

 13 

					
	with a copy to:	  	Wilmer Cutler Pickering Hale and Dorr LLP
		  	60 State Street
		  	Boston, Massachusetts 02109
		  	Attention:	 	Mitchel Appelbaum, Esq.
		  	Telephone:	 	617.526.6000
		  	Facsimile:	 	617.526.5000
		  	E-mail:	 	mitchel.appelbaum@wilmerhale.com

 4.9. Reimbursement Agreement Obligations. Nothing in this Agreement shall be construed to
restrict or otherwise limit a Stream Entity from performing its obligations under Section 1(c) of the Reimbursement Agreement to the extent permitted by the Loan Agreement, including, without limitation, by replacing an Ares Letter of Credit or
other form of LC Guarantee (each, as defined in the Reimbursement Agreement) with one or more Letters of Credit issued pursuant to, and in accordance with, the Loan Agreement. 
 4.10. Binding Effect; Other. This Agreement shall be a continuing agreement, shall be binding upon and, subject to Sections 2.2(h) and 8, shall
inure to the benefit of the parties hereto from time to time and their respective successors and assigns, shall be irrevocable and subject to Section 2.2(g) and any other provisions of this Agreement that provide that they are to survive the
termination of this Agreement, shall remain in full force and effect until the Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been
satisfied or paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been terminated, but shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any
amount paid by or on behalf of any Loan Party with regard to the Senior Indebtedness is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Loan Party, or upon or as
a result of the appointment of a receiver, intervenor or conservator of, or trustee, custodian, or similar officer, for any Loan Party or any substantial part of its property, or otherwise, all as though such payments had not been made. No action
which Agent, any Lender or any Loan Party may take or refrain from taking with respect to the Senior Indebtedness, including any amendments thereto, shall affect the provisions of this Agreement or the obligations of Subordinated Lender hereunder.
Any waiver or amendment hereunder must be evidenced by a signed writing of the party to be bound thereby, and shall only be effective in the specific instance. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York. The headings in this Agreement are for convenience of reference only, and shall not alter or otherwise affect the meaning hereof. 
 5. Representations and Warranties. 
 (a) Subordinated Lender represents and warrants to Agent that
Subordinated Lender is the holder of the Subordinated Indebtedness and Liens which secure or will secure the Subordinated Indebtedness. Subordinated Lender agrees that it shall not assign or transfer (other than to another existing Holder of
Subordinated Indebtedness) any of the Subordinated Indebtedness or Liens without (i) prior notice being given to Agent and (ii) such assignment or transfer being made expressly subject to the terms of this Agreement. Subordinated Lender
further warrants to Agent that it has the full right, power and authority to enter into this Agreement. 
  

 14 

 (b) Agent represents and warrants to Subordinated Lender that it is the holder of the Liens, on behalf
of Lenders, which secure or will secure the Senior Indebtedness. Agent further warrants to Subordinated Lender that it has full right, power and authority to enter into this Agreement and, to the extent Agent is an agent or trustee for other
parties, that this Agreement shall fully bind all such other parties. 
 6. Proceedings. ANY JUDICIAL PROCEEDING BROUGHT BY OR AGAINST
ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT OR ANY RELATED AGREEMENT MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE CITY OF NEW YORK, STATE OF NEW YORK, UNITED STATES OF AMERICA, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT
EACH PARTY THERETO ACCEPTS FOR THEMSELVES AND IN CONNECTION WITH THEIR PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREE TO BE BOUND BY ANY FINAL JUDGMENT RENDERED THEREBY IN
CONNECTION WITH THIS AGREEMENT. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH PARTY HERETO WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREUNDER AND SHALL NOT ASSERT ANY
DEFENSE BASED ON LACK OF JURISDICTION OR VENUE OR BASED UPON FORUM NON CONVENIENS. 
 7. Waiver Of Jury Trial. EACH PARTY HERETO
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY
WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF ANY CREDITOR OR ANY LOAN PARTY OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED BY THEM IN CONNECTION HEREWITH, OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE, AND EACH PARTY HERETO HEREBY AGREES AND CONSENTS THAT ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
SHALL BE DECIDED BY COURT TRIAL WITHOUT JURY, AND THAT ANY OF THEM MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THEIR CONSENT TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 8. Loan Party Acknowledgement. Each Loan Party agrees that (i) nothing contained in this Agreement shall be deemed to amend, modify,
supersede or otherwise alter the terms of the respective agreements between each Loan Party and each Creditor and (ii) this Agreement is solely for the benefit of the Creditors and shall not give any Loan Party, its successors or assigns or any
other person any rights vis-à-vis any Creditor. 
  

 15 

 9. Counterparts; Facsimile. This Agreement may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission or by other electronic method of transmission
(including, without limitation, in “pdf” format) shall be deemed an original signature hereto. 
 [BALANCE OF PAGE INTENTIONALLY
LEFT BLANK] 
  

 16 

 IN WITNESS WHEREOF, the undersigned have entered into this Agreement as of this 2nd day of March, 2009.

  

			
	PNC BANK, NATIONAL ASSOCIATION,
	as Agent and on behalf of the Revolving Lenders
		
	By:	 	 /s/ Scott Goldstein

	Name:	 	Scott Goldstein
	Title:	 	Vice President
	
	 STEEL CITY CAPITAL FUNDING, LLC,
 as Term B
Agent and on behalf of the Term B Lenders

		
	By:	 	 /s/ Susanna Siskind

	Name:	 	Susanna Siskind
	Title:	 	Vice President
	
	SUBORDINATED LENDER:
	
	ARES CORPORATE OPPORTUNITIES FUND II, L.P.
		
	By:	 	ACOF OPERATING MANAGER II, L.P.,
		 	Its Manager
		
	By:	 	 /s/ Jeffrey Schwartz

	Name:	 	Jeffrey Schwartz
	Title:	 	Vice President

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRIOR PAGE] 
  

			
	LOAN PARTIES:
	
	STREAM HOLDINGS CORPORATION,
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President and Treasurer
	
	STREAM FLORIDA INC.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President and Chief Executive Officer
	
	STREAM INTERNATIONAL INC.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	STREAM NEW YORK INC.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	STREAM INTERNATIONAL CANADA INC.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	[signatures continued on following page]

			
	STREAM INTERNATIONAL (N.I.) LIMITED
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	STREAM INTERNATIONAL GMBH
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	STREAM INTERNATIONAL EUROPE B.V.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	STREAM INTERNATIONAL SERVICE EUROPE B.V.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	STREAM GLOBAL SERVICES, INC.
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President and Chief Executive OfficerAmendment No. 1 and Waiver to Fifth Amended and Restated Revolving Credit

 Exhibit 10.3 
 AMENDMENT NO. 1 
 AND WAIVER TO 
 FIFTH AMENDED AND RESTATED 
 REVOLVING CREDIT, TERM LOAN AND SECURITY
AGREEMENT 
 This Amendment No. 1 and Waiver (“Amendment No. 1 and Waiver”) to the Loan Agreement (as defined
below) is entered into as of March 2, 2009, by and among STREAM HOLDINGS CORPORATION, a Delaware corporation (“SHC”), STREAM FLORIDA INC., a Delaware corporation and a wholly-owned Subsidiary of SHC (“SFI”),
STREAM INTERNATIONAL INC., a Delaware corporation and a wholly-owned Subsidiary of SHC (“Stream”), STREAM NEW YORK INC. a Delaware corporation and a wholly-owned Subsidiary of SHC (“SNY”) and STREAM INTERNATIONAL
EUROPE B.V., a company organized under the laws of the Netherlands and a wholly-owned Subsidiary of Stream (“Stream BV”), (SFI, Stream, SNY and Stream BV, each a “US Borrower” and collectively the “US
Borrowers”), STREAM INTERNATIONAL CANADA INC., a company organized under the laws of Ontario and a Subsidiary of Stream (“Stream Canada”), STREAM INTERNATIONAL SERVICE EUROPE B.V., a company organized under the laws of the
Netherlands and a wholly-owned Subsidiary of Stream International (Bermuda) Ltd. (“Stream Service BV”), STREAM INTERNATIONAL (N.I.) LIMITED, a company organized under the laws of Northern Ireland and a Subsidiary of Stream
(“Stream UK”) and STREAM INTERNATIONAL GMBH, a company organized under the laws of Germany and a Subsidiary of Stream (“Stream Germany”) (Stream Canada, Stream Service BV, Stream UK and Stream Germany, each a
“Foreign Borrower” and collectively the “Foreign Borrowers”) (US Borrowers and the Foreign Borrowers, each a “Borrower” and collectively the “Borrowers”), and STREAM GLOBAL
SERVICES, INC, a Delaware corporation and the owner of all of the issued and outstanding shares of the capital stock of SHC (“SGS”) (SHC and SGS, each a “Guarantor” and collectively the
“Guarantors”; Borrowers and Guarantors, each a “Loan Party” and collectively the “Loan Parties”), the financial institutions which are now or which hereafter become a party to the Loan Agreement
(collectively, the “Lenders” and individually a “Lender”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, “Agent”), PNC as “Swingline
Lender” (as hereafter defined), STEEL CITY CAPITAL FUNDING, LLC (“SCCF”), as agent for Term B Lenders (SCCF, in such capacity, “Term B Agent”), PNC CAPITAL MARKETS LLC., as sole lead arranger (in such
capacity, “Lead Arranger”) and SIEMENS FINANCIAL SERVICES, INC., as documentation agent (in such capacity, “Documentation Agent”). 
 BACKGROUND 
 Each of the Loan Parties, Agent, Term B Agent and Lenders are parties to a Fifth Amended
Restated Revolving Credit, Term Loan and Security Agreement, dated as of January 8, 2009 (as amended, restated or otherwise modified from time to time, the “Loan Agreement”), pursuant to which Agent, Term B Agent and Lenders
provide Borrowers with certain financial accommodations. 

 Agent has caused the issuance of four (4) Letters of Credit for the benefit of US Borrowers in the
Maximum Face Amount of approximately $7,500,000 (subject to currency fluctuations) in connection with the obligations of US Borrowers under leases of Real Property (the “Existing Landlord L/Cs”). In order to, inter alia,
create additional Undrawn Availability under the Loan Agreement, Loan Parties have requested Ares Corporate Opportunities Fund II, L.P., a Delaware limited partnership (“Ares II LP”) or one or more of its Affiliates (each such
Affiliate being referred to as an “Ares Affiliate”; and each Ares Affiliate and Ares II LP being referred to collectively as the “Ares Guarantors”) to cause the issuance of letters of credit from one or more
financial institutions or other entities other than Lenders and their Affiliates, which will replace the Existing Landlord L/Cs (“Replacement L/Cs”). In order to induce the Ares Guarantors to cause the issuance of the Replacement
L/Cs, SGS, SHC, SFI, Stream and SNY (the “Initial Ares-Obligated Loan Parties” and, together with any other Person that becomes a party thereto pursuant to Section 9(b) of the Reimbursement Agreement, the
“Ares-Obligated Loan Parties”) have agreed to enter into a Guarantee and Reimbursement Agreement in the form annexed hereto as Exhibit A (the “Reimbursement Agreement”) which includes grant of a Lien on the
Collateral of the Ares-Obligated Loan Parties in favor of Ares II LP and certain of its Affiliates. 
 Section 7.10 of the Loan
Agreement restricts the ability of Loan Parties to enter into transactions with Affiliates. Loan Parties have requested Agent, Term Loan B Agent and Lenders to waive any failure to comply with Section 7.10 of the Loan Agreement arising out of
the entering into and performance under the Reimbursement Agreement. Loan Parties have also requested Agent, Term B Agent and Lenders to amend (i) the definition of “Permitted Encumbrances” appearing in the Loan Agreement,
(ii) Section 7.3 of the Loan Agreement and (iii) Section 7.8 of the Loan Agreement, all so as to permit the Ares-Obligated Loan Parties to enter into the Reimbursement Agreement. Agent, Term B Agent, Revolving Lenders and Term B
Lenders are willing to grants such waiver (together with the other waivers provided herein), and amend the Loan Agreement, all on the terms and conditions set forth herein. 
 NOW, THEREFORE, based upon the premises set forth above and in consideration of any loan or advance or grant of credit heretofore or hereafter made to or
for the account of Loan Parties by Agent, Term B Agent and Lenders, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Definitions. All capitalized terms not otherwise defined herein shall have the meanings given to them in the Loan Agreement. 
 2. Amendments to Loan Agreement. Subject to satisfaction of the conditions precedent set forth in Section 5 below, the Loan Agreement is
hereby amended as follows: 
 (a) The following defined terms are inserted into Section 1.2 of the Loan Agreement, in the appropriate
alphabetical order: 
 “Amendment No. 1 and Waiver” shall mean that certain Amendment No. 1 and Waiver dated as of
March 2, 2009, to the Fifth Amended Restated Revolving Credit, Term Loan and Security Agreement, dated as of January 8, 2009, by and among Loan Parties, Agent, Term B Agent and Lenders. 
  

 2 

 “Amendment No. 1 Effective Date” shall mean the date upon which the conditions
precedent to the effectiveness of Amendment No. 1 and Waiver have been satisfied, as determined by Agent and Term B Agent. 
 “Ares II LP” shall mean Ares Corporate Opportunities Fund II, L.P., a Delaware limited partnership. 
 “Ares Guarantors” shall mean Ares II LP and one or more of its Affiliates. 
 “Ares-Obligated Loan
Parties” shall mean SGS, SHC, SFI, Stream and SNY and any other Person that becomes a party thereto pursuant to Section 9(b) of the Reimbursement Agreement. 
 “Ares Subordination Agreement” shall mean that certain Subordination and Intercreditor Agreement dated on or about the Amendment No. 1 Effective Date by and among the Loan Parties, Agent, Term B
Agent and Ares II LP, on behalf of the Ares Guarantors. 
 “Reimbursement Agreement” shall mean the Guarantee and
Reimbursement dated as of March 2, 2009 between the Ares-Obligated Loan Parties and Ares II LP. 
 “Replacement L/Cs”
shall mean the letters of credit issued promptly following the Amendment No. 1 Effective Date by financial institutions or other entities acceptable to Agent and Term B Agent in favor of certain landlords of Real Property leased by US
Borrowers, in exchange for Letters of Credit previously provided by Agent to such landlords, the obligations under or in respect of which letters of credit to be issued in replacement of Letters of Credit shall be subject to reimbursement under the
Reimbursement Agreement but subject further to the provisions of the Ares Subordination Agreement. 
 (b) The definition of “Permitted
Encumbrances” appearing in Section 1.2 of the Loan Agreement is hereby amended by changing the word “and” appearing immediately prior to clause “(k)” thereof to a comma and by inserting the following immediately prior
to the period appearing at the end thereof: 
 and (l) Liens in favor of the Ares Guarantors granted under the Reimbursement Agreement

 (c) Section 5.13 of the Loan Agreement is hereby amended by inserting the parenthetical “(other than SGS)” after the phrase
“Loan Party” appearing in the second sentence of such Section. 
  

 3 

 (d) Section 7.3 of the Loan Agreement is hereby amended by changing the word “and”
appearing immediately prior to clause “(b)” thereof to a comma and by inserting the following immediately prior to the period appearing at the end thereof: 
 and (c) obligations of the Ares-Obligated Loan Parties in favor of the Ares Guarantors under the Reimbursement Agreement 
 (e) Section 7.8 of the Loan Agreement is hereby amended by changing the word “and” appearing immediately prior to clause “(ix)” thereof to a comma and by inserting the following immediately
prior to the period appearing at the end thereof: 
 and (x) Indebtedness of the Ares-Obligated Loan Parties in favor of the Ares
Guarantors under the Reimbursement Agreement 
 (f) The Schedules to the Loan Agreement are hereby amended and restated in their entireties,
as of the Amendment No. 1 Effective Date, by the Schedules to the Amendment No. 1 and Waiver. 
 3. Waiver. Subject to
satisfaction of the conditions precedent set forth in Section 4 below, Agent, Term B Agent, Revolving Lenders and Term B Lenders hereby waive the application of the Loan Agreement and the Other Documents, including Section 7.10 of the Loan
Agreement, to the execution, delivery and performance of the Reimbursement Agreement. 
 4. Conditions of Effectiveness. This
Amendment No. 1 and Waiver shall become effective upon satisfaction of each of the following conditions precedent: 
 (a) Agent shall
have received a copy of this Amendment No. 1 and Waiver executed by Term B Agent, Required Revolving Lenders, Term B Lenders and each of the Loan Parties, to be promptly followed by delivery to Agent by ten (10) originally executed copies
hereof; 
 (b) Agent shall have received true and correct copies of the fully executed Reimbursement Agreement, in the form annexed hereto as
Exhibit A. 
 (c) Agent shall be reasonably satisfied that efforts have been commenced for the issuance of the Replacement L/Cs by
financial institutions or other entities satisfactory to Agent and Term B Agent promptly after the Amendment No. 1 Effective Date and, upon the actual issuance thereof, the Letters of Credit which shall have previously been issued to the
respective landlords of US Borrowers shall be returned to Agent for cancellation. 
 (d) Ares II LP and the Initial Ares-Obligated Loan
Parties shall have entered into a Subordination and Intercreditor Agreement with Agent in the form annexed hereto as Exhibit B. 
 (e)
Agent shall have received such other certificates, instruments, documents and agreements as may be required by Agent, Term B Agent, or their respective counsel relating to the transactions contemplated in this Amendment No. 1 and Waiver.

  

 4 

 5. Representations and Warranties. Each Loan Party hereby represents and warrants as follows:

 (a) This Amendment No. 1 and Waiver, and the Loan Agreement, constitute legal, valid and binding obligations of each Loan Party and
are enforceable against each Loan Party in accordance with their respective terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally.

 (b) Upon the effectiveness of this Amendment No. 1 and Waiver, each Loan Party hereby reaffirms all covenants, representations and
warranties made in the Loan Agreement to the extent the same are not waived hereby and agree that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment No. 1 and
Waiver, provided that (i) such representations and warranties shall be true and correct in all material respects and (ii) to the extent that such representations and warranties relate solely to an earlier date, such representations and
warranties shall be true and correct in all material respects as of such earlier date (but, in the case of each of clauses (i) and (ii), after giving effect to this Amendment No. 1 and Waiver). 
 (c) No Event of Default or Default has occurred and is continuing or would exist after giving effect to this Amendment No. 1 and Waiver. 

6. Effect on the Loan Agreement. 
 (a) Except as specifically waived herein, the Loan Agreement, and all 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. 
 (b) Except as specifically provided herein, the execution, delivery and effectiveness of this Amendment No. 1 and Waiver
shall not operate as a waiver of any right, power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Loan Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection
therewith. 
 7. Governing Law. This Amendment No. 1 and Waiver shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns and shall be governed by and construed in accordance with the internal laws of the State of New York. 
 8. Headings. Section headings in this Amendment No. 1 and Waiver are included herein for convenience or reference only and shall not constitute a part of this Amendment No. 1 and Waiver for any other
purpose. 
 9. Counterparts; Facsimile. This Amendment No. 1 and Waiver may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile or “pdf” transmission shall be deemed to be an
original signature hereto. 
 [remainder of page intentionally left blank] 
  

 5 

 IN WITNESS WHEREOF, this Amendment No. 1 and Waiver has been duly executed as of the day and year
first written above. 
  

			
	 STREAM HOLDINGS CORPORATION,

	as a Guarantor
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President and Treasurer
	
	 STREAM FLORIDA INC.,
 as a
Borrower

		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President and Chief Executive Officer
	
	 STREAM INTERNATIONAL INC.,
 as a Borrower

		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	 STREAM NEW YORK INC.,
 as a
Borrower

		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	 STREAM INTERNATIONAL CANADA INC.,
 as a
Borrower

		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	[signatures continued on following page]

  

 6 

			
	 STREAM INTERNATIONAL (N.I.) LIMITED,

	as a Borrower
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	 STREAM INTERNATIONAL GMBH,
 as a Borrower

		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	 STREAM INTERNATIONAL EUROPE B.V.,
 as a
Borrower

		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	STREAM INTERNATIONAL SERVICE EUROPE B.V., as a Borrower
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	Director
	
	 STREAM GLOBAL SERVICES, INC.,
 as a Guarantor

		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President and Chief Executive Officer
	
	[signatures continued on following page]

  

 7 

			
	PNC BANK, NATIONAL ASSOCIATION, as Lender and as Agent
		
	By:	 	 /s/ Scott Goldstein

	Name:	 	Scott Goldstein
	Title:	 	Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Steven C. Gonzalez

	Name:	 	Steven C. Gonzalez
	Title:	 	Vice President
	
	SIEMENS FINANCIAL SERVICES, INC., as Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 [signatures continued on following page] 
  

 8 

			
	 WELLS FARGO FOOTHILL, LLC, as Lender

		
	By:	 	 /s/ Ilene Silberman

	Name:	 	Ilene Silberman
	Title:	 	Vice President
	
	STEEL CITY CAPITAL FUNDING, LLC, as Term B Lender and as Term B Agent
		
	By:	 	 /s/ Susanna Siskind

	Name:	 	Susanna Siskind
	Title:	 	Vice President
	
	A3 FUNDING LP, as Term B Lender
		
	By:	 	A3 Fund Management LLC, it general partner
		
	By:	 	 /s/ Kevin Genda

	Name:	 	 Kevin Genda

	Title:	 	
	
	ABLECO FINANCE LLC, as Term B Lender
		
	By:	 	 /s/ Kevin Genda

	Name:	 	 Kevin Genda 

	Title:	 	

  

 9

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