Document:

Form of Exchange 11.875% Senior Subordinated Notes due 2013

 Exhibit 4.21 
 [Face of Note] 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE
IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 

 CUSIP No.: 65338L AA7 
 ISIN No.: US65338LAA70 
 11.875% Senior Subordinated Notes due 2014 
  

				
	 No. ___
	  	$	____________

 NCO GROUP, INC. 
 promises to pay to CEDE & CO. or registered assigns, 
 the principal sum of
__________________________________________________________ DOLLARS on November 15, 2014. 
 Interest Payment Dates: May 15 and November 15,
commencing May 15, 2007 
 Additional provisions of this Note are set forth on the other side of this Note. 
 Record Dates: May 1 and November 1 
 Dated: ______ ___, 2007

  

			
	NCO GROUP, INC.
		
	By:	 	  
		 	 Name:
 Title:

 Dated: ______ __, 2007 
 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
  

			
	THE BANK OF NEW YORK, as Trustee
		
	By:	 	  
		 	Authorized Signatory

 [Reverse of Note] 
 11.875% Senior Subordinated Notes due 2014 
 Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
 (1) INTEREST. NCO Group, Inc., a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 11.875% per annum from November 15, 2006 until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 2(d) of
the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from November 15, 2006 until the
principal hereof is due. The Company will pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis
of a 360-day year of twelve 30-day months. 
 (2) METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted
interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the May 1 or November 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record
date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. If a Holder has given wire transfer instructions to the Paying Agent on behalf of the Company, the Paying
Agent will remit all principal, interest and premium and Additional Interest, if any, on that Holder’s Notes in accordance with these instructions. All other payments on the Notes will be made by mailing a check to the registered address of
each Holder thereof. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 (3) PAYING AGENT AND REGISTRAR. Initially, The Bank of New York, as the Trustee, will act as Paying Agent and Registrar. The Company may change
any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 (4)
INDENTURE. The Company issued the Notes under an Indenture dated as of November 15, 2006 (the “Indenture”) among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the TIA. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all the terms and provisions of the
Indenture, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling. 
 The Notes are unsecured senior subordinated obligations of the Company. This Note is one of the Exchange Notes referred to in the Indenture.
The Notes include the Initial Notes, the 

 
Exchange Notes and any Additional Notes issued pursuant to the Indenture. The Initial Notes, Exchange Notes and any Additional Notes are treated as a single
class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other
distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Company and such Restricted Subsidiaries,
enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Company and each Subsidiary Guarantor to consolidate or merge with or into any other
Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the due and punctual payment of the principal and interest on
the Notes and all other amounts payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Subsidiary Guarantors have, jointly and severally, unconditionally guaranteed the obligations of the Company under the Notes on an unsecured senior subordinated basis pursuant to the terms of the Indenture. 
 (5) SUBORDINATION. The Notes and the Note Guarantees are general senior subordinated unsecured obligations of the Company and the Subsidiary
Guarantors, subordinated in right of payment to the prior payment in full, in cash or cash equivalents, of all obligations due in respect of existing or future Senior Indebtedness of the Company or a Subsidiary Guarantor, as applicable, as set forth
in Articles 10 and 11, respectively, of the Indenture. Each Holder by its acceptance hereof agrees to be bound by such provisions and authorizes and expressly directs the Trustee, on its behalf, to take such action as may be necessary or appropriate
to effectuate the subordination provided for in the Indenture and appoints the Trustee its attorney-in-fact for such purposes. 
 (6)
OPTIONAL REDEMPTION. 
 (a) Except as set forth in subparagraphs (b) and (c) of this Paragraph 6, the Company will not have the option to
redeem the Notes prior to November 15, 2010. On or after November 15, 2010, the Company may redeem the Notes, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ notice, at the following redemption
prices (expressed as percentages of the principal amount thereof) if redeemed during the twelve-month period commencing on November 15 of the years set forth below, plus, in each case, accrued and unpaid interest thereon and Additional Interest, if
any, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date): 
  

				
	 Year
	  	Percentage	 
	 2010
	  	105.938	%
	 2011
	  	102.969	%
	 2012 and thereafter
	  	100.000	%

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the
Notes or portions thereof called for redemption on the applicable redemption date. 
 (b) At any time prior to November 15, 2009, the Company
may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of the Notes issued under the Indenture with the Net Cash Proceeds of one or more sales of Capital Stock (other than Disqualified Stock) of the Parent (to the
extent such Net Cash Proceeds have been contributed to the equity capital of the Company, in amounts equal to the portion of the total redemption price paid by the Company) or of the Company at a redemption price (expressed as a percentage of
principal amount) of 111.875% plus accrued and unpaid interest and Additional Interest, if any, to the redemption date; provided that at least 65% of the aggregate principal amount of the Notes originally issued on the Closing Date remains
outstanding after each such redemption and notice of any such redemption is mailed within 90 days of each such sale of Capital Stock. 
 (c)
At any time prior to November 15, 2010, the Notes may also be redeemed or purchased, by or on behalf of the Company, in whole, or in part, at the Company’s option (a “Make-Whole Redemption”), at a price equal to 100% of the
principal amount thereof plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to, the date of redemption or purchase pursuant to such Make-Whole Redemption (subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant interest payment date). 
 (7) MANDATORY REDEMPTION. The Company is
not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (8) NOTICE OF REDEMPTION. Notice of
redemption will be mailed by first class mail at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60
days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of
$1,000 in excess thereof. Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 (9) REPURCHASE AT THE OPTION OF HOLDER. 
 (a) Upon the occurrence of a Change of Control, the Company will be obligated to make an Offer to Purchase (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any, on the Notes repurchased to,
but not including, the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, the Company will mail a notice to
each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
 (b) The Company is, subject
to certain conditions, obligated to make an Offer to Purchase Notes at 100% of their outstanding principal amount, plus accrued and unpaid 

 
interest and Additional Interest, if any, thereon to the date of repurchase with certain Net Cash Proceeds of certain sales or other dispositions of assets
in accordance with the Indenture. 
 (10) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or
during the period between a record date and the corresponding Interest Payment Date. 
 (11) PERSONS DEEMED OWNERS. The registered
Holder of a Note shall be treated as its owner for all purposes. 
 (12) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
exceptions, the Indenture, the Notes and any Note Guarantee, may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or Event
of Default or compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or
supplement the Indenture, the Notes and the Note Guarantees, to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Notes and any Note Guarantee in addition to or in place of certificated Notes or comply with
any requirements of the SEC in connection with the qualification of the Indenture under the TIA, or make any other change that does not materially adversely affect the rights of any Holder of a Note. 
 (13) DEFAULTS AND REMEDIES. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of Notes then outstanding may declare all the Notes to be due and payable immediately in the manner and with the effect provided in the Indenture. Holders of Notes may not enforce the Indenture, the Note or any Note Guarantee except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture, the Notes or any Note Guarantees, unless it has received indemnity satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of
the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium or Additional Interest, if any, on,
or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default. 
 (14) DISCHARGE AND DEFEASANCE. Subject to certain conditions, the
Company at any time may terminate some or all of its obligations under the Notes, the Note Guarantees and the 

 
Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Notes to
redemption or maturity, as the case may be. 
 (15) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 (16) NO RECOURSE AGAINST OTHERS. No past, present or future director, manager, officer, employee, incorporator, stockholder or member of the
Company, any Parent or any Subsidiary, as such, will have any liability for any obligations of the Company or the Subsidiary Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
 (17) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 (18) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (19) CUSIP NUMBERS, ISINS. The Company has caused CUSIP numbers and ISINs to be printed on the Notes, and the Trustee may use CUSIP numbers and
ISINs in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other
identification numbers placed thereon. 
 (20) GOVERNING LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THIS NOTE AND THE NOTE GUARANTEES. 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture
and/or the Registration Rights Agreement. Requests may be made to: 
 NCO Group, Inc. 
 507 Prudential Road 
 Horsham, Pennsylvania 19044 
 Facsimile No.: (215) 441-3908 
 Attention:
Michael Barrist, Chairman, President and Chief Executive Officer 

 ASSIGNMENT FORM 
  

			
	To assign this Note, fill in the form below:	  	
		
	(I) or (we) assign and transfer this Note to:	  	  
		  	(Insert assignee’s legal name)
	  
	(Insert assignee’s soc. sec. or tax I.D. no.)
	  
	  
	  
	  
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint ______________________________________________________ to transfer this Note on the books
of the Company. The agent may substitute another to act for him. 
 Date: _______________ 
  

			
	Your Signature:	 	  
		 	(Sign exactly as your name
appears on the face of this Note)

 Signature Guarantee*: _________________________ 
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 
  

			
	 ̈ Section 4.10	  	 ̈ Section 4.15

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or
Section 4.15 of the Indenture, state the amount you elect to have purchased: 
 $_______________ 
 Date: _______________ 
  

			
	Your Signature:	 	  
		 	(Sign exactly as your name
appears on the face of this Note)

  

			
	Tax Identification No.:	 	  

 Signature Guarantee*: _________________________ 
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or
Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of
Exchange
	  	Amount of
decrease in
Principal Amount
at Maturity of
this Global Note	  	Amount of
increase in
Principal Amount
at Maturity of
this Global Note	  	Principal Amount
at Maturity
of this Global Note
following such
decrease (or
increase)	  	Signature of
authorized officer
of Trustee or
CustodianAmended and Restated Exclusivity Agreement

 Exhibit 10.26 
 AMENDED AND RESTATED 
 EXCLUSIVITY AGREEMENT 
 This Amended and Restated Exclusivity Agreement is made and entered into as of June 30, 2005, and amends and restates in its entirety that certain
Letter Agreement dated August 19, 2002 (the “Original Agreement”) by and between CFSC Capital Corp. XXXIV, a Delaware corporation (“Lender”), and NCOP Lakes, Inc., a Nevada corporation
(“Lakes”), NCO Financial Systems, Inc., a Delaware corporation (“Servicer”), NCO Portfolio Management, Inc., a Delaware corporation (“Parent”), and NCO Group, Inc., a Pennsylvania corporation
(“NCOG”). Also joining in this Agreement are NCOP Capital, Inc., a Nevada corporation (“NCOP Capital”), and NCOP Capital I, LLC, a Nevada limited liability company (“NCOP I”), which have previously
acknowledged and agreed to be bound by the terms of the Original Agreement. Additional entities may join in this Amended and Restated Exclusivity Agreement as provided herein. 
 Lender has from time to time entered into Credit Agreements (collectively, the “Credit Agreements”) with Lakes, NCOP Capital and NCOP I
(collectively, the “Borrowers”). Borrowers are wholly owned subsidiaries of Parent. Additional affiliates of Parent may enter into additional Credit Agreements in the future as contemplated hereby, each of which shall be considered
a Credit Agreement for the purposes hereof. Affiliates of Lender (collectively the “Cargill Venturers”) may enter into joint investment arrangements (to be negotiated consistent with the terms set forth on Exhibit A) (collectively
“Joint Venture Agreements” or “Joint Ventures”) with affiliates of Parent (collectively the “NCO Venturers”) for the purpose of acquiring interests in certain classes of assets described in items 1,
3 and 4 on Exhibit A attached hereto. (The Credit Agreements and Joint Venture Agreements are collectively referred to herein as “Finance Agreements”.) 
 1. In order to induce Lender and the Cargill Venturers to make loans under the Credit Agreements and investments under the Joint Venture Agreements and as a condition precedent to such loans and investments, the
Borrowers, the Parent, the Servicer and NCOG (collectively, the Borrowers, the Parent, the Servicer and NCOG are herein called the “Grantors”), on behalf of themselves and on behalf of all parties, whether now existing or
subsequently formed, including any existing or future NCO Venturers, which are related to, controlling, or controlled by, or under common control with any one or more of the Grantors (either through financial investment or management
responsibility), or any member or equity holder of any Grantor which holds fifty percent (50%) or more of the membership or other equity interests in such Grantor (collectively, the “Affiliated Parties”), hereby grant to the
Lender or the Cargill Venturers, pursuant to the terms and conditions of this Agreement, the exclusive right to finance (under the terms of the Credit Agreements) or joint venture (under the terms of the Joint Venture Agreements) debt obligations of
the following classes (collectively, the “Obligations”) to be acquired by any of the Grantors or any Affiliated Party at any time from and after the date hereof to and including June 30, 2009 or such later date as the parties
hereto may subsequently designate in writing (the “Termination Date”). “Obligations” shall include portfolios of debt of the following types: 

 (a) US-based consumer debt with a purchase price equal to or greater than $1,000,000.

 (b) Non- US-based consumer debt. 
 (c) Portfolios of payments due for health-care goods or services. 
 Notwithstanding anything to the contrary contained herein, the Grantors shall not be in violation of this Agreement as a result of maintaining, renewing
or extending, or performing under, any existing joint venture arrangement between Marlin Integrated Holding Corporation or its affiliates and NCOG and its subsidiaries, including, without limitation, Inovision-Medclr NCOP Ventures, LLC,
Inovision-Medclr-NCOP-NF, L.L.C., Inovision-Medclr-NCOP-F, L.L.C. and NCOP/Marlin, Inc., as such existing joint venture arrangements may be amended from time to time, provided that such existing joint venture arrangements are not amended to
add new Obligations other than in a manner expressly permitted hereunder. 
 2. The Grantors agree, on behalf of themselves and on behalf of
each Affiliated Party, that in the event any Grantor or any Affiliated Party desires to purchase any Obligations, such Grantor or such Affiliated Party, as applicable, shall not purchase such Obligations until the Lender or appropriate Cargill
Venturer shall have been given the opportunity to exercise its exclusive right to finance or invest in the purchase of such Obligations pursuant to the terms of this Agreement and a Finance Agreement. Thereafter, the Financier (as defined below)
shall accept or reject such Finance Request (as defined below) within 5 days in accordance with the provisions of the applicable Finance Agreement. Failure to accept such a request within 5 days in accordance with the provisions of the applicable
Finance Agreement shall be deemed a rejection. The economic terms pertaining to advance rates, equity participations and residual sharing arrangements with respect to classes of transactions shall be as set forth on Exhibit A attached hereto;
provided, however, that the Lender, or the appropriate Cargill Venturer, in its sole discretion, may agree to economic terms more favorable to the Grantor or the Affiliated Party on a transaction-by-transaction basis. 
 3. In the event that any of the Grantors or any Affiliated Party desires to purchase any Obligations, the Grantors shall cause the appropriate Borrower
or NCO Venturer (a “Purchaser”) that is the proposed Purchaser to provide to the Lender or the appropriate Cargill Venturer (a “Financier”) with respect to such Obligations a request (“Finance
Request”) and a related bid package in accordance with the provisions of the applicable Finance Agreement. Thereafter, the Financier shall accept or reject such Finance Request within 5 days in accordance with the provisions of the
applicable Finance Agreement. Failure to accept such a request within 5 days in accordance with the provisions of the applicable Finance Agreement shall be deemed a rejection. If the Financier accepts such Finance Request, in the case of a
transaction subject to a Credit Agreement and the Borrower is the winning bidder and elects to close on the purchase, (i) the Borrower shall borrow thereunder in its own name and acquire the assets therein described in its own name or
(ii) the Borrower shall request that the Lender enter into a new set of loan documents with a newly created entity owned by the owners of the Borrower (herein, a “New Borrower”), on substantially the same terms and conditions
as the loan documents contemplated by the existing Credit Agreement for NCOP Capital or hereby and, upon consummation of the execution and delivery of such new loan documents in form and content acceptable to the Lender 

  

 2 

 
(the “New Loan Documents”), satisfaction of all terms and conditions for borrowing thereunder, the Lender shall permit the New Borrower to
satisfy the obligations of the Grantors hereunder with respect to such accepted Finance Request. (Upon entering into a Credit Agreement, a New Borrower shall join in this Agreement by executing and delivering to Lender a joinder agreement in the
form of Exhibit B attached hereto.) The Grantors shall reimburse the Lender for all costs and expenses, including fees and disbursements of counsel to the Lender, incurred in connection with negotiation, preparation and delivery of the New Loan
Documents, which amounts shall be due and payable upon demand of the Lender and shall not be paid from the proceeds of assets acquired. If the Financier accepts such Finance Request, in the case of a transaction subject to a Joint Venture
arrangement and the Joint Venture is the winning bidder and elects to close on the purchase, (i) the appropriate Joint Venture shall acquire the assets therein described in its own name or (ii) affiliates of Lender and Parent shall enter
into a new Joint Venture Agreement in order to form a newly created Joint Venture (herein, a “New Joint Venture”), on substantially the same terms and conditions contemplated by attached Exhibit A or otherwise hereby and, upon
consummation of the execution and delivery of such new Joint Venture documents in form and content acceptable to the respective Joint Venturers (the “New Joint Venture Documents”), satisfaction of all terms and conditions for a
purchase thereunder, the Cargill Venturer shall permit the New Joint Venturer to satisfy the obligations of the Grantors hereunder with respect to such accepted Finance Request. (Upon entering into a Joint Venture Agreement, a New Joint Venturer
shall join in this Agreement by executing and delivering to Lender a joinder agreement in the form of Exhibit B attached hereto.) If the Financier rejects a Finance Request, thereafter any Grantor or any Affiliated Party (other than an existing
Borrower or NCO Joint Venturer) may purchase such Obligations with its own funds, funds from the NCOG’s credit facilities or may obtain financing to purchase such Obligations from another party, provided the economic terms of such
requested financing are no more favorable to such other party than those permitted to be offered to the Financier pursuant to the Finance Request submitted to the Financier with respect to such Obligations. A purchase completed in accordance with
the requirements of this paragraph shall be referred to as a “Complying Purchase.” 
 4. In a circumstance where the Parent
or an Affiliated Party (other than a Borrower or existing NCO Venturer) desires to purchase Obligations without first complying with the requirements for a Complying Purchase, such Parent or Affiliated Party, as applicable, may do so provided that
it shall: 
 (a) notify the appropriate Lender or Cargill Venturer in writing prior to such purchase, which notice shall
include a description of the Obligations to be purchased and the purchase price and estimated purchase expenses for such Obligations; 
 (b) purchase such Obligations pursuant to a purchase agreement (the “Purchase Agreement”) that is fully assignable to the appropriate Borrower or NCO Venturer; 
 (c) immediately offer to assign all of such purchaser’s, right, title and interest in and to such Obligations, the Purchase
Agreement and any UCC-1 financing statement or other security received in connection therewith to the appropriate Purchaser pursuant to an assignment agreement (the “Assignment Agreement”) under which the Parent or such Affiliated
Party shall represent and warrant that (1) the Parent or Affiliated Party, as 

  

 3 

 
applicable, has not conducted any collection activities outside the ordinary course of business with respect to the Obligations purchased under the Purchase
Agreement, and (2) any amount paid by the Purchaser to the Parent or Affiliated Party, as applicable, in connection with the execution and delivery of the Assignment Agreement contains no administrative expense or other fee in favor of the
Parent or Affiliated Party, as applicable, and such amount does not, when aggregated with all amounts still owing to the seller under the Purchase Agreement, exceed the purchase price and estimated expenses set forth in the notice in (a) above;

 (d) cause a Purchaser or a New Borrower or New Joint Venture to comply with the requirements for a Complying Purchase
above; 
 (e) upon the receipt by a Purchaser or a New Borrower or New Joint Venture of an accepted Finance Request with
respect thereto, properly execute and deliver the Assignment Agreement and all other documents required to properly assign all such purchaser’s right, title and interest in and to (i) such Obligations free of all liens, claims or other
encumbrances, (ii) the Purchase Agreement and (iii) any UCC-1 financing statement or other security received in connection therewith, in each case, to the applicable Purchaser, New Borrower or New Joint Venturer (it being understood and
agreed that, in connection with any such transaction, the agreements shall provide that the Financier and each other applicable party receives all of the economic benefits to which it would have been entitled had the Obligations been initially
acquired through a Complying Purchase); 
 (f) at all times prior to the Financier’s rejection of a Finance Request in
accordance with the applicable Finance Agreement with respect thereto, treat such Obligations as held in trust for the applicable Purchaser and not as the Parent’s or Affiliated Party’s exclusive property, including, without limitation
conducting no collection activities outside the ordinary course of business with respect thereto; 
  

	    	Provided, that, any financing obtained by the Parent or Affiliated Party with respect to any Obligations purchased by the Parent or an Affiliated Party in connection with the
above subparagraphs (a) through (f) subsequent to the Financier’s rejection of a Finance Request submitted in connection therewith may not be requested on economic terms more favorable to the lender(s) than those permitted to be
offered to the Financier pursuant to the Finance Request so rejected. 

 5. Notwithstanding anything to the contrary contained
herein, this Agreement may be terminated by Grantors prior to the Termination Date if either: 
 (a) all of the following
conditions precedent shall have been satisfied: 
 (1) Not less than twenty-four (24) calendar months shall have elapsed
since the date of this Agreement; 
 (2) There shall have occurred, at any time after the date of this Agreement, a
“change of control” which, for the purposes of this Agreement, means any event, circumstance or occurrence that results in a person or entity 

  

 4 

 
other than Michael J. Barrist or any affiliate of Michael J. Barrist owning more than fifty percent (50%) of the issued and outstanding equity interests
in NCOG, its successors and assigns; 
 (3) NCOG, its successors and assigns, shall have requested that the Lender or its
affiliates terminate their agreements to consider making any future loans under any Credit Agreement or investments under any Joint Venture Agreement; 
 (4) NCOG, its successors and assigns, shall have agreed to pay or cause the Borrowers and NCO Venturers to pay a termination fee (the “Termination Fee”) equal to the product of (y) $250,000 and
(z) the number of calendar months (or portion thereof) remaining between the effective date of any such termination and the Termination Date, which Termination Fee shall be secured by all collateral securing any obligations of any Borrower
under any Credit Agreement and the NCO Venturers’ interest in any assets of any Joint Venture and payable from (x) proceeds of such collateral which would otherwise be allocated to a Borrower under a Credit Agreement or an NCO Venturer
under a Joint Venture Agreement, if available, or (y) other funds of the Borrowers, the NCO Venturers or NCOG; and 
 (5) NCOG, its successors and assigns, and/or the Borrower(s) and NCO Venturers shall have executed and delivered to the Lender a promissory note or notes evidencing the obligation to pay the Termination Fee, which shall provide for monthly
payments of $250,000 each, commencing on the first day of the first month following the effective date of any such termination and continuing thereafter until paid in full and each Borrower and NCO Venturer not joining in such note or notes shall
have delivered to the Lender its irrevocable guaranty of payment of such promissory note(s), each in form and content acceptable to the Lender. 
  

	 	    	Or 

 (b) by June 30, 2006:
(1) an affiliate of Borrower (“RMA Portfolio Buyer”) has not consummated the purchase of certain portfolios (such portfolios, collectively, the “RMA Portfolio”) owned by Risk Management Alternatives, Inc.
(“RMA”) or its affiliates, which RMA Portfolio is currently financed by Lender or an affiliate of Lender (for purposes hereof, “RMA Lender”), or (2) RMA Lender has not entered into that certain Consent and
Acknowledgment among RMA Lender, RMA and Risk Management Alternatives Portfolio Services, LLC, in conjunction with the sale of the RMA Portfolio to the RMA Portfolio Buyer (the “Consent and Acknowledgment”), which provides that the
Contingent Payment (as defined in the Consent and Acknowledgment) payable to the RMA Lender as part of the Final Distribution (as defined in the Consent and Acknowledgment) shall be $4,000,000, or (3) Lender has not agreed to finance the
purchase of the RMA Portfolio by the RMA Portfolio Buyer pursuant to the terms of the Credit Agreement with NCOP Capital as amended as the date hereof, in which case the Grantors may terminate this Agreement without owing any 

  

 5 

 
termination fee upon written notice to Lender (the date such notice is delivered to Lender, the “Early Termination Date”); provided,
however, that: 
 (1) the applicable Grantors set forth below shall pay to Lender, and the Lender shall pay to such
Grantors, the amount of compensation lost by the other as a result of amendments to the Credit Agreements as contemplated hereby and by that certain letter agreement between Lender and NCO Financial Systems, Inc. dated June 30, 2005
(collectively, the “Amended Credit Agreements”), which compensation shall be payable on the Early Termination Date and calculated as follows: 
 (i) NCO Financial Systems, Inc. shall pay to Lender $164,000 representing the amount paid by Lender to it pursuant to the referenced
letter agreement; 
 (ii) The Grantors shall pay to Lender an amount equal to the termination fee, if any, that would have
been due Lender under the Original Agreement had this Agreement not replaced the Original Agreement; 
 (iii) Each Borrower
or Affiliated Party (as applicable) shall pay to Lender the amount of any residual payment Lender would have received with respect to all loans made by Lender to such Borrower or Affiliated Party from and after July 1, 2005 (collectively, the
“Post-Amendment Loans”) as if Lender’s Contingent Payment Percentage had been thirty-five percent (35%), calculated through the Early Termination Date; 
 (iv) Lender shall pay each Borrower’s or Affiliated Party’s (as applicable) equityholder an amount equal to the difference by
which eighty percent (80%) of the Total Cost of each Asset Pool acquired with a Post-Amendment Loan exceeds the amount funded by Lender with regard to such Asset Pool (the “Funding Difference”); and 
 (v) Lender shall pay each Borrower’s or Affiliated Party’s (as applicable) equityholder an amount equal to the interest that
would have accrued on the Funding Difference with respect to each Asset Pool as if interest had accrued at the rates provided in the Credit Agreements as they existed prior to June 30, 2005 (the Base Rate plus three and a quarter percent
(3.25%)) (the “Prior Rate”); and 
 (2) effective as of the Early Termination Date, (A) Lender
shall recalculate and reset the outstanding principal balance of each Post-Amendment Loan by crediting all collections received with regard to such Post-Amendment Loan as if Lender had funded eighty percent (80%) and the applicable Borrower or
Affiliated Party had funded twenty percent (20%) of the Total Costs of the related Asset Pool and interest on all such funding had accrued at the Prior Rate through the Early Termination Date (which recalculation and resetting will result

  

 6 

 
in the outstanding principal balance of each Post-Amendment Loan being higher than it would have been had Lender and the applicable Borrower or Affiliated
Party funded the respective percentages of the Total Cost of such Asset Pool set forth in the Amended Credit Agreements and accrued interest at the rate set forth therein), and (B) the terms of each Post-Amendment Loan shall be deemed amended
during the remaining portion of the term of such Post-Amendment Loan such that the respective percentages of the Total Cost of such Asset Pool shall be as set forth in clause (A) above and such that (y) the interest rate applicable to such
Post-Amendment Loan shall be the Prior Rate, and (z) the Contingent Payment Percentage applicable to such Post-Amendment Loan shall be thirty-five percent (35%). 
 The parties acknowledge and agree that the purpose of the preceding paragraph 5(b) is to compensate each party upon termination of this Agreement in a manner in which such party would have been compensated had the
Amended Credit Agreements never taken effect and, accordingly, the parties agree that if, due to circumstances not reasonably anticipated by a party as of the date hereof, the operation of paragraph 5(b) fails to so compensate a party, the parties
shall negotiate in good faith with the goal of providing such compensation to such party, provided that nothing contained in this paragraph shall impair or otherwise limit the right of the Grantors to effect a termination of this Agreement so
long as the Grantors make the payments to Lender described in paragraph 5(b) (which payments may be made without prejudicing the rights of the Grantors under this paragraph). 
 6. The Grantors, by signing below, hereby acknowledge and agree that any failure by the Grantors or any Affiliated Party (including future parties to
this Agreement) to comply with the terms and conditions of this Agreement shall constitute an event of default under all Finance Agreements. The Lender and the Cargill Venturers shall be entitled to seek relief pursuant to the Finance Agreements and
shall be entitled to independently seek relief for damages under this Agreement, either in equity or at law, against any Grantor, or all Grantors; provided, however, that the Lender and Cargill Venturers shall not seek money damages against
any Grantor if such Grantor (i) has not breached a covenant or agreement under this Agreement, and (ii) is not an Affiliated Party of the party which has breached such covenant or agreement. Each party (for itself and its affiliates)
hereby waives any right to claim or recover any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual damages. 
 7. The parties acknowledge that they intend to promptly enter into amendments to certain of their existing agreements, and to enter into certain new agreements in connection with new purchases of Obligations
(including, without limitation, agreements to form and fund new Joint Ventures), which amendments and new agreements will be consistent with the terms and provisions of this Agreement and the other amendments and side letters entered into on this
date. The parties agree to negotiate all such amendments and new agreements in good faith and to promptly enter into amendments to the Credit Agreements for Lakes and NCOP I, which amendments will contain modifications conforming the relevant
provisions thereof to the modifications contained in the amendment to the Credit Agreement for NCOP Capital entered into on this date. 
  

 7 

 8. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Minnesota. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts taken together, shall constitute but one and the same instrument.
This Agreement shall be binding upon the Grantors and their respective representatives, successors and assigns. 
 [Signature page follows]

  

 8 

 By signing this Agreement below, the signatories agree to be bound by its terms and conditions as of the
date first written above. 
 Very truly yours, 
  

					
	NCOP LAKES, INC.	  	NCO FINANCIAL SYSTEMS, INC.	 	
		
	 By /s/ Michael J.
Barrist                            
	  	By /s/Michael J. Barrist                                
  
		
	  
 Its
CEO                                       
           
	  	 Its CEO                                    
                  

			
	 NCO PORTFOLIO MANAGEMENT, INC.
	  	NCO GROUP, INC.	 	
		
	 By /s/ Michael J.
Barrist                            
	  	By /s/ Michael J.
Barrist                            
		
	  
 Its
CEO                                       
               
	  	 Its CEO                                    
                  

			
	 NCOP CAPITAL, INC.
	  	NCOP CAPITAL I, LLC.	 	
		
	 By /s/ Michael J.
Barrist                            
	  	By /s/Michael J. Barrist                            
		
	  
 Its
CEO                                       
               
	  	 Its
CEO                                       
               

 Accepted and agreed to as of June 30, 2005. 
 CFSC CAPITAL CORP. XXXIV 
  

	
	 By
/s/                                       
                         

	
	  
 Its Senior Vice
President                              

 Signature Page to Exclusivity Agreement 
  

 9 

 EXHIBIT A 
 Advance Rates/ equity participations/residual sharing etc. 
  

	1.	For US-based consumer portfolio opportunities equal to or greater than $1,000,000, but less than $4,000,000, the parties shall participate on an equity basis in an entity to be
formed, with the Cargill Venturer providing 25% of the equity, and the NCO Venturer providing 75% of the equity. No cross collateralization to other loans or investments. The NCO Venturer or its affiliate will be the managing member of the Joint
Venture. The Cargill Venturer may, in its sole discretion, agree to an equity allocation more favorable to an NCO Venturer on a transaction-by-transaction basis. All other terms shall be negotiated by the parties in good faith including, without
limitation, the negotiation of the servicing fee. 

  

	2.	For US-based consumer portfolio opportunities equal to or greater than $4,000,000, the parties shall participate with Lender providing the capital under the Credit Agreement between
Lender and NCOP Capital dated November 26, 2002, as amended, up to 70% of the acquisition price as debt, which would bear interest at one-month LIBOR or three-month LIBOR, at the discretion of the Borrower, plus 2.50% per annum. NCOP
Capital would contribute the remaining amount of the acquisition price on an equity basis with a preferred return the same as Lender. After repayment of loans to Lender, NCOP Capital and Lender will share residual proceeds from these portfolios on a
72% (NCOP Capital) / 28% (Lender) basis. The Lender may, in its sole discretion, agree to an interest rate, an advance rate and a residual interest allocation more favorable to a Borrower on a transaction-by-transaction basis. All other terms shall
be negotiated by the parties in good faith including, without limitation, the negotiation of the servicing fee. 

  

	3.	For non US-based consumer portfolio opportunities the parties shall work in good faith to create entities and a structure that represents economic terms that equate to a 50% / 50%
sharing by a Cargill Venturer and an NCO Venturer of investments and profits taking into consideration appropriate changes for lending, consumer protection, tax and other local laws of the applicable country, as well as currency and foreign exchange
risk and expatriation issues. No cross collateralization to other loans or investments. An affiliate of the NCO Venturer will be the managing member of each such Joint Venture. The Cargill Venturer may, in its sole discretion, agree to an equity
allocation more favorable to an NCO Venturer on a transaction-by-transaction basis. All other terms shall be negotiated by the parties in good faith including, without limitation, the negotiation of the servicing fee. 

  

	4.	For health-care portfolio opportunities, the parties shall participate on an equity basis in an entity to be formed, with a Cargill Venturer providing 50% of the equity, and an NCO
Venturer providing 50% of the equity. No cross collateralization to other loans or investments. The NCO Venturer will be the managing member of the Joint Venture. The Cargill Venturer may, in its sole discretion, agree to an equity allocation more
favorable to an NCO Venturer on a transaction-by-transaction basis. All other terms shall be negotiated by the parties in good faith including, without limitation, the negotiation of the servicing fee. 

  

 10

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