Document:

Form of Executive Severance Agreement

 Exhibit 10.1 
 

 
                     ,
2007 
 [Executive Name] 
 [Executive Address] 
 Dear                     : 
 We are pleased to offer you the benefits outlined in this letter agreement (this “Agreement”) in connection with your continuing service
as an officer of Encore Capital Group, Inc. (the “Company”) or one of its subsidiaries. 
 Notwithstanding any benefit
provided to you in this Agreement, your employment with the Company remains “at will.” This means that either you or the Company may terminate your employment at any time and for any reason, with or without notice or cause. The Company
also has the right to change at-will the compensation, benefits, duties, assignments or responsibilities of your position. While you are being offered certain benefits payable in the future, nothing in this Agreement may be construed as guaranteeing
employment of any length or changing the “at will” nature of your employment. 
 The Company hereby agrees to provide the following
benefits on the terms and conditions set forth in this Agreement: 
  

	1.	Termination Without Cause. In the event your employment is terminated without Cause following the date of this Agreement, upon your execution and delivery of a General
Release and Waiver of Claims in substantially the form attached as Exhibit A hereto, within the time period set forth therein (but in no event later than forty-five (45) days after your termination date), the Company will pay you an
amount equal to
                                        
                    , less applicable taxes and withholdings. Subject to Section 3 below, all such amounts owed to you will be paid in equal
increments in accordance with to the Company’s then-current regular payroll schedule. 

 For purposes of this Agreement,
“Cause” is defined as (i) your failure to adhere to any written policy of the Company that is legal and generally applicable to employees of the Company; (ii) your failure to substantially perform your duties, which failure
amounts to a repeated and consistent neglect of your duties; (iii) the appropriation (or attempted appropriation) of a material business opportunity of the Company, including attempting to secure or securing any personal profit in connection
with any transaction entered into on behalf of the Company; (iv) the misappropriation (or attempted misappropriation) of any of the Company’s funds or property; (v) the conviction of, or the entering of a guilty plea or plea of no
contest, with respect to a felony, the equivalent thereof, a crime of moral turpitude or any other crime with respect to which imprisonment is a possible punishment; (vi) conduct materially injurious to the Company’s reputation or
business; or (vii) willful misconduct. 
  

	2.	Resignation for Good Reason. In the event you resign your employment for Good Reason following the date of this Agreement, upon your execution and delivery of the General
Release and Waiver of Claims in substantially the form attached as Exhibit A hereto, within the time period set forth therein (but in no event later than forty-five (45) days after your termination date), the Company will pay you an
amount equal to
                                        
                    , less applicable taxes and withholdings. Subject to Section 3 below, all such amounts owed to you will be paid in equal
increments in accordance with the Company’s then-current regular payroll schedule. 

 For purposes of this Agreement, a “Good Reason” is defined as any of the following reasons:
(i) a material reduction in your base compensation; (ii) a material reduction in your authority, duties or responsibilities; (iii) a material reduction in the authority, duties or responsibilities of the person to whom you report;
(iv) a material reduction in the budget over which you retain authority; or (v) a material change in the location at which your provide services for the Company (which is defined as any relocation by the Company of your employment to a
location that is more than thirty-five (35) miles from your present office location and is more than thirty-five (35) miles from your primary residence at the time of such relocation, without your consent). To be eligible to receive the
benefits set forth in this Section, (x) you must provide written notice of the “Good Reason” condition to the Company within ninety (90) days after the initial existence of such condition, (y) the Company must not have cured
such condition within thirty (30) days of receipt of your written notice or it must have stated unequivocally in writing that it does not intend to attempt to cure such condition; and (z) you resign from employment within twelve
(12) months following the end of the period within which the Company was entitled to remedy the condition constituting Good Reason but failed to do so. 
  

	3.	Compliance with Code Section 409A. Compensation and benefits payable under the Agreement, to the extent of payments made from the date of your termination through
March 15th of the calendar year following such termination, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral”
rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said March 15th, they are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the
Treasury Regulations made upon an involuntary termination from service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision, with any excess amount being regarded as
subject to the distribution requirements of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that payment
to you be delayed until the first regular payroll date which occurs more than 6 months after separation from service if you are a “specified employee” within the meaning of the aforesaid section of the Code at the time of such separation
from service, with the first of such payments including all payments which would have been made during the period of such delay without regard thereto and without interest. 

  

	4.	Prorated Bonus. If, as of the date of your termination, you are eligible for a bonus under the Company’s bonus programs then in place, and you have been terminated
without Cause or have resigned for Good Reason, you will receive [the prorated bonus earned by you through your termination date/your target annual bonus for the year in which your termination occurs] if and when bonuses are paid to employees under
any such bonus program. It is intended that any bonus payments made under this Agreement will not be deferred compensation within the meaning of Section 409A of the Internal Revenue Code of 1986 (the “Code”). Accordingly, any bonus
amount will be paid out within two and one-half (2 1/2) months of the end of the calendar year in which the bonus was earned and vested within the meaning of Section 409A. 

  

	5.	Continued Cooperation. Both during and after your employment with the Company or any of its subsidiaries, you will cooperate with all outstanding legal and administrative
matters, issues that you have been involved with during your employment and other transition matters. This obligation includes, but is not limited to, spending adequate time for preparation to testify or give depositions, and cooperating with the
Company or its attorneys in gathering information regarding any legal or investigative matter. 

	6.	Restrictive Covenants. 

 (a)
Non-Solicitation. You agree that for the one (1) year period commencing on and following the date of termination of your employment, you will not directly or indirectly (i) solicit or encourage the solicitation of any person who was
an employee of the Company or any Subsidiary at any time on or after the date of termination (unless more than six (6) months shall have elapsed between the last day of such person’s employment by the Company or any of its subsidiaries and
the first date of such solicitation) or (ii) induce or attempt to induce any employee of the Company or any of its subsidiaries to leave the employ thereof or in any way interfere with the relationship between the Company or any of its
subsidiaries and any employee thereof. 
 (b) Non-Disparagement. You agree (whether during or after your employment with the Company)
not to issue, circulate, publish or make any false or disparaging statements, remarks or rumors about the Company or the officers or directors of the Company other than to the extent reasonably necessary in order to (i) assert a bona fide claim
against the Company arising out of your employment with the Company, or (ii) respond in a truthful and appropriate manner to any legal process or give truthful and appropriate testimony in a legal, administrative or regulatory proceeding.

 (c) Remedies Upon Breach. If you breach the provisions of Section 6(a) or (b), the Company shall have the right to have such
restrictive covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach of such restrictive covenants would cause irreparable injury to the Company and that money damages would not provide an adequate
remedy for such injury. Accordingly, the Company shall be entitled to injunctive relief to enforce the terms of such restrictive covenants and to restrain you from any violation thereof. The rights and remedies set forth in this Section 6(c)
shall be independent of all other others rights and remedies available to the Company for a breach of such restrictive covenants, and shall be severally enforceable from, in addition to, and not in lieu of, any other rights and remedies available at
law or in equity. 
  

	7.	Full Settlement. In the event you are owed separation benefits as a result of the terms of this Agreement, the Company’s obligation to make any such payments shall be in
full settlement of all other severance payments that may be owed to you under any other severance or employment related agreement between you and the Company. The Company’s obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment defense or other claim, right or action which the Company may have against you or others. In no event shall you be obligated to seek other employment or take other action by way of mitigation of the amounts payable to you
under any of the provisions of this Agreement and such amounts shall not be reduced whether or not you obtain other employment. 

  

	8.	Employment with Subsidiaries. Employment with the Company for purposes of this Agreement shall include employment with any subsidiary of the Company.

  

	9.	Successors. This Agreement shall not be terminated by any reorganization, merger or consolidation involving the Company (each, a “Business Combination”). In the
event of any Business Combination, the provisions of this Agreement shall be binding upon the person resulting from such Business Combination (the “Surviving Person”), and the Surviving Person shall be treated as the Company hereunder.

  

	10.	Binding Agreement. This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If you shall die while any amounts would be payable to you hereunder had you continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to
such person or persons appointed in writing by you to receive such amounts or, if no person is so appointed, to your estate. 

	11.	Notice. For purposes of this Agreement all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given
(1) on the date of delivery if delivered personally or by facsimile upon confirmation of receipt, (2) on the first business day following the date of dispatch if delivered by a recognized next-day courier service or (3) five days
after deposit in the United States mail, certified and return receipt requested, postage prepaid. All such notices and communications shall be delivered as set forth below. 

 If to you: To the home address last appearing in the Company’s records. 
 If to the Company: 
 Encore Capital Group, Inc. 
 8875 Aero Drive, Suite 200 
 San Diego, California 92123 
 Attn: General Counsel 
  

	12.	Survival. The respective obligations and benefits afforded to the Company and you as provided in Sections 1 and 2 (to the extent that payments or benefits are owed as a
result of a termination of employment that occurs during the term of this Agreement) and Section 6 of this Agreement shall survive the termination of this Agreement. 

  

	13.	Dispute Resolution. You and the Company agree that any controversy or claim arising out of or relating to this Agreement (as amended) (other than a controversy under
Section 6 of this Agreement), or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association (“AAA”) in accordance with its Employment Arbitration Rules then in effect. Venue for any
arbitration pursuant to this Agreement will lie in the County of San Diego, California. One of the arbitrators shall be appointed by the Company, one shall be appointed by you and the third shall be appointed by the first two arbitrators. If the
first two arbitrators cannot agree on the third arbitrator within 30 days following the appointment of the second arbitrator, then the third arbitrator shall be appointed by AAA. All three arbitrators shall be experienced in the resolution of
disputes under employment agreements for senior executives of major corporations. Any award entered by the arbitrators shall be final, binding and non-appealable and judgment may be entered thereon by either party in accordance with applicable law
in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other
than a benefit specifically provided under or by virtue of this Agreement. Each party shall be responsible for its own expenses relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses). The Company shall
pay the fees of the AAA and the arbitrators, if applicable. 

  

	14.	Prior Agreements Superseded. This Agreement shall supersede and replace in its entirety any other oral or written agreement, arrangement or award provided to you by the
Company or any of its subsidiaries with respect to the subject matter hereof. 

  

	15.	Amendment. Neither you or the Company may alter or amend this Agreement without a document signed by you and the President of the Company. 

  

	16.	Governing Law; Consent to Jurisdiction. All disputes arising under this Agreement will be governed by, and interpreted in accordance with, the laws of the State of
California, without regard to its conflict of law provisions. Any action to enforce this Agreement (other than an action which must be brought by arbitration pursuant to Section 13) must be brought in, and you and the Company hereby consent to
the jurisdiction of, the County of San Diego, California. Both you and the Company hereby waive the right to claim that any such court is an inconvenient forum for the resolution of any such action. 

	17.	Headings. The section and subsection headings contained in this Agreement are used solely for convenience of reference and shall not affect the meaning or interpretation of
this Agreement or of any term or provision hereof. 

  

	
	Sincerely,
	
	 
	J. Brandon Black
	President and Chief Executive Officer

  

					
	AGREED AND ACCEPTED:	 		 	
			
	  	 		 	  
	(Signature of Executive)	 		 	(Date Signed)

 EXHIBIT A 
 GENERAL RELEASE AND WAIVER OF CLAIMS 
 TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that: 

1.                      (the “Executive”), on his
or her own behalf and on behalf of his or her descendants, dependents, heirs, executors and administrators and permitted assigns, past and present, in consideration for the amounts payable to the undersigned under that letter agreement dated as of
                     (the “Agreement”) between Executive and Encore Capital Group, Inc. (the “Company”), does hereby agree
not to bring any claim or pursue any litigation (or file any charge or otherwise correspond with any Federal, state or local administrative agency) against, and waives, releases and discharges the Company, and its respective assigns, affiliates,
subsidiaries, parents, predecessors and successors, and the past and present stockholders, employees, officers, directors, members, managers, representatives and agents or any of them (collectively, the “Company Group”), from any and all
claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description, whether known or unknown, accrued or not accrued, that Executive ever had, now has or shall or may have or assert
as of the date of this General Release and Waiver of Claims against any of them, including, without limiting the generality of the foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action related to
employment or termination of employment or that arise out of or relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of
1964, as amended, and other Federal, state and local laws relating to discrimination on the basis of age, sex or other protected class, all claims under Federal, state or local laws for express or implied breach of contract, wrongful discharge,
defamation, intentional infliction of emotional distress, and any related claims for attorneys’ fees and costs; provided, however, that nothing herein shall release any member of the Company Group from any of its obligations under the Agreement
or any rights to indemnification under any charter or by-laws (or similar documents) of any member of the Company Group. The Executive further agrees that this General Release and Waiver of Claims may be pleaded as a full defense to any action, suit
or other proceeding covered by the terms hereof which is or may be initiated, prosecuted or maintained by the Executive, his or her heirs or assigns. Notwithstanding the foregoing, the Executive understands and confirms that he is executing this
General Release and Waiver of Claims voluntarily and knowingly, and that the same shall not affect the Executive’s right to claim otherwise under ADEA. In addition, the Executive shall not be precluded by this General Release and Waiver of
Claims from filing a charge with any relevant federal, state or local administrative agency, but the Executive agrees not to participate in, and agrees to waive his or her rights with respect to any monetary or other financial relief arising from
any such administrative proceeding. 
 2. Notwithstanding anything herein to the contrary, Executive does not release any claims that the law does not permit
Executive to release, including, without limitation, claims under the Family Medical Leave Act, the Fair Labor Standards Act, California Workers’ Compensation, California Family Rights Act, and Division 3, Article 2 of the California Labor Code
(including indemnification rights). 

 3. The Company, on its own behalf and on behalf of the Company Group, does hereby agree not to bring any claim or pursue
any litigation (or file any charge or otherwise correspond with any federal, state or local administrative agency) against, and waives, releases and discharges Executive and his or her heirs, successors and assigns, descendants, dependents,
executors and administrators, past and present, and any of his or her affiliates and each of them (collectively, the “Executive Releasees”) from any and all claims, demands, rights, judgments, defenses, actions, charges or causes of action
whatsoever, of any and every kind and description, whether known or unknown, accrued or not accrued, that any person or entity of the Company Group ever had, now has or shall or may have or assert as of the date of this General Release and Waiver of
Claims against any of them, based on facts known to any executive officer of the Company as of the date of this General Release and Waiver of Claims (other than the Executive), including specifically, but not exclusively and without limiting the
generality of the foregoing, any and all claims, demands, agreements, obligations and causes of action arising out of or in any way connected with any transaction, occurrence, act or omission related to Executive’s employment by the Company or
any of its subsidiaries or the termination of that employment; provided, however, that nothing herein shall release the Executive Releasees from any obligations arising out of or related in any way to Executive’s obligations under the
Agreement, the Confidentiality Agreement (as defined in the Agreement) or any agreement governing the terms of any equity award granted to the Executive or impair the right or ability of the Company to enforce the terms thereof. 
 4. In furtherance of their respective agreements set forth above, each of the Executive and the Company hereby expressly waives and relinquishes any and all rights under
any applicable statute, doctrine or principle of law restricting the right of any person to release claims which such person does not know or suspect to exist at the time of executing a release, which claims, if known, may have materially affected
such person’s decision to give such a release. In connection with such waiver and relinquishment, each of the Executive and the Company acknowledges that it is aware that it may hereafter discover claims presently unknown or unsuspected, or
facts in addition to or different from those which it now knows or believes to be true, with respect to the matters released herein. Nevertheless, it is the intention of each of the Executive and the Company to fully, finally and forever release all
such matters, and all claims relative thereto which now exist, may exist or theretofore have existed, as specifically provided herein. The parties hereto acknowledge and agree that this waiver shall be an essential and material term of the release
contained above. In addition, and not by way of limitation to the foregoing, each of the Executive and the Company fully understands and knowingly and expressly waives its rights and benefits under Section 1542 of the California Civil Code or
under any similar provision of law. Section 1542 of the California Civil Code states that: 

 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE [EMPLOYEE] DOES NOT KNOW OR SUSPECT TO EXIST IN
HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH [THE COMPANY]. 
 Nothing in this paragraph is intended to expand the scope of the release as specified herein. 
 5. This General Release and Waiver of Claims shall
be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of law provisions. 
 6. To the extent
that the Executive is forty (40) years of age or older, this paragraph shall apply. Executive acknowledges that Executive is waiving and releasing any rights he or she may have under the ADEA and that this General Release and Waiver of Claims
is entered into knowingly and voluntarily. Executive acknowledges that this General Release and Waiver of Claims does not apply to any rights or claims that may arise under the ADEA after the date of this General Release and Waiver of Claims.
Executive acknowledges that the consideration given for this General Release and Waiver of Claims is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that Executive has been advised by this
writing as required by the ADEA that: 
 (a) Executive has the right to and is advised to consult with an attorney prior to executing this
General Release and Waiver of Claims; 
 (b) Executive has up to twenty-one (21) days within which to consider this General Release and
Waiver of Claims (although Executive may choose to execute this General Release and Waiver of Claims earlier); 
 (c) Executive has seven
(7) days following the execution of this General Release and Waiver of Claims to revoke; and 
 (d) This General Release and Waiver of
Claims and Executive’s right to receive payments or other benefits payable by the Company pursuant to the Agreement shall not be effective until the revocation period has expired. 
 In order to cancel or revoke this General Release and Waiver of Claims, Executive must deliver to the General Counsel of the Company written notice stating that the Executive is canceling or revoking this General
Release and Waiver of Claims. If this General Release and Waiver of Claims is timely cancelled or revoked, none of the provisions of this General Release and Waiver of Claims shall be effective or enforceable and the Company shall not be obligated
to make the payments to the Executive under the Agreement or to provide the Executive with the other benefits described in this General Release and Waiver of Claims, and all contracts and provisions modified, relinquished or rescinded hereunder
shall be reinstated to the extent in effect immediately prior hereto. 

 7. Each of the Executive and the Company acknowledge that they have entered into this General Release and Waiver of
Claims knowingly and willingly and has had ample opportunity to consider the terms and provisions of this General Release. 
 IN WITNESS WHEREOF, the parties
hereto have caused this General Release and Waiver of Claims to be executed on this          day of
                    , 20    . 
  

	
	  
	(Executive’s Signature)

  

			
	ENCORE CAPITAL GROUP, INC.
		
	By:	 	 
	Name:	 	 
	Title:Waiver Letter and Consent

 EXHIBIT 10.1 
 To: Goldman Sachs Credit Partners L.P. as Priority Agent; and UBS AG, Stamford Branch as Second Lien Agent. 
 November 15, 2007 
 Letter of waiver and consent 
 Subject: Credit agreement dated 8 December 2006 as amended on 1 April 2007 and 11 June 2007 between, amongst others, BST US Holdings, Inc. as Parent, BST Safety Textiles Acquisition GmbH as Original
Borrower, Goldman Sachs Credit Partners L.P. and UBS Securities LLC as Mandated Lead Arrangers, Goldman Sachs Credit Partners L.P. as Priority Agent and UBS AG, Stamford Branch as Second Lien Agent (the “Credit Agreement”).

 This letter (which is the first of two waiver and consent requests) relates solely to the waiver of certain breaches of the financial covenant
ratios under the Credit Agreement as at 30 September 2007 and certain amendments to the financial covenants going forward as delineated in Sections 2 and 3 below. Following execution of this letter and as a second waiver and consent process,
the Lenders and the Parent will consider certain amendments to the Credit Agreement that will be required in order to implement the ITG Legal Entity Realignment as described in the ITG Legal Entity Realignment Step plan dated 2 November 2007
drafted by Ernst & Young (the “ITG Realignment”). 
  

	1.	Interpretation 

 Terms defined in the Credit
Agreement have the same meanings in this letter, unless the context requires otherwise. The provisions of Clause 1.2 (Construction) of the Credit Agreement apply to this letter as though they were set out in full in this letter except that
references to the Credit Agreement are to be construed as references to this letter. 
  

	2.	Waiver Request 

 It is anticipated that the
financial statements relating to the Financial Quarter ended on 30 September 2007 to be delivered by the Parent pursuant to Clause 25.1(b) (Financial Statements) of the Credit Agreement together with the accompanying Compliance
Certificate may show a breach of the financial covenant ratios required under Clause 26.2 (Financial Condition) of the Credit Agreement. 
 The Parent requests that the Majority Lenders permanently waive non-compliance with: 
  

	 	(a)	Clause 26.2(a) (Interest Cover); and 

  

	 	(b)	Clause 26.2(b) (Debt Cover), 

 for the
30 September 2007 Financial Quarter and the testing date of 14 November 2007 only and not in respect of any subsequent Financial Quarter or testing date. 

	3.	Financial Covenants 

 Subject to the International
Textile Group, Inc. providing Narricot Industries, L.P. with the Subordinated Loan within ten Business Days of the Effective Date as set forth in paragraph 4(a) below, the Credit Agreement shall be amended as follows: 
  

	 	(a)	Clause 26.2(a) Interest Cover as follows: 

  

			
	 Column 1 Relevant Period
	  	Column 2
Ratio (to 1.00)
	 Period expiring 31 December 2007
	  	2.30
	 Period expiring 31 March 2008
	  	2.45
	 Period expiring 30 June 2008 
	  	2.45
	 Period expiring 30 September 2008
	  	2.70

  

	 	(b)	Clause 26.2(b) Debt Cover as follows: 

  

			
	 Column 1 Relevant Period
	  	Column 2
Ratio (to 1.00)
	 Period expiring 31 December 2007
	  	5.20
	 Period expiring 31 March 2008
	  	4.60
	 Period expiring 30 June 2008 
	  	4.45
	 Period expiring 30 September 2008
	  	4.45

  

	4.	Additional undertakings - subordinated loan 

 The
Parent shall procure that International Textile Group, Inc. provides Narricot Industries, L.P. (“Narricot”) with a subordinated loan (the “Subordinated Loan”) on terms acceptable to the Majority Lenders (including,
without limitation, as to repayment and/or prepayment) of not less than $20,000,000 within ten Business Days of the Effective Date (defined below). Although the Subordinated Loan shall initially be fully subordinated, the Lenders acknowledge that in
connection with the second waiver and consent process described in the preamble above, the terms of the subordination shall be amended so as to permit the Subordinated Loan together with accrued interest to be repayable at any time on or after the
Completion Date subject to satisfying certain conditions determined by the Majority Lenders. 
 Following receipt of the proceeds of the
Subordinated Loan by Narricot, such proceeds must be applied in prepayment of outstanding Revolving Facility Loans on each date on which a Revolving Facility Loan is due to be repaid under the terms of the Credit Agreement, until the full amount of
the proceeds of the Subordinated Loan have been so applied, it being understood that the entire $20,000,000 Subordinated Loan will be advanced at one time. 
  

 - 2 - 

	 	(c)	Availability in respect of Revolving Facility Utilisations shall be temporarily reduced by an amount equal to the proceeds of the Subordinated Loan until the Completion Date.

  

	5.	Additional undertakings – ITG Realignment 

  

	 	(a)	The Parent shall procure that the ITG Realignment is completed (the date on which such completion occurs being the “Completion Date”) on terms satisfactory to all
the Lenders before 14 January 2008 (or such later date as the Majority Lenders may agree). 

  

	 	(b)	For the avoidance of doubt, it is hereby agreed that it shall be an Event of Default if the ITG Realignment does not occur by the date referred to in paragraph 5(a) above (whether
or not the Lenders withhold their consent to the ITG Realignment). 

  

	 	(c)	If Lenders whose Commitments aggregate more than 80 per cent. of the Total Commitments have consented to the ITG Realignment, the Parent shall have the right but not the
obligation to replace, by notice to the Agent(s) and the relevant Lender, a Lender that has not so consented (the “Non-Consenting Lender”) by requiring (and such Lender shall) transfer pursuant to Clause 29 (Changes to the Lenders)
of the Credit Agreement all (and not part only) of its rights and obligations under the Credit Agreement to another Lender, bank, financial institution, trust fund or other entity (other than a member of the BST Group) (a “Replacement
Lender”) selected by the Parent, and which is acceptable to (in the case of any transfer of a Revolving Facility Commitment), the Is suing Bank, which confirms its willingness to assume and does assume all the obligations of the
transferring Lender (including the assumption of the transferring Lender’s participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of
such Lender’s participation in the outstanding Utilisations and all accrued interest and/or Letter of Credit fees, Break Costs and other amounts payable to it under the Finance Documents. 

  

	 	(d)	The replacement of a Lender pursuant to paragraph 5(c) shall be subject to the following conditions: 

  

	 	(i)	the Parent shall have no right to replace an Agent or the Security Agent; 

  

	 	(ii)	neither Agent nor the Lenders shall have any obligation to the Parent to find a Replacement Lender; 

  

	 	(iii)	in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than ten days after the date the Non-Consenting Lender notifies the Parent and the
Agent of its failure or refusal to agree to any consent, waiver or amendment in respect of the ITG Realignment; 

  

 - 3 - 

	 	(iv)	in no event shall the Lender replaced under this paragraph 5 be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the
Finance Documents; and 

 if such participation is transferred to a member of the ITG Group, WL Ross & Co. LLC or any
of its Affiliates, its (or their) Commitment and/or participation shall be excluded for the purpose of determining whether the required proportion of Lenders have consented to any matter. 
  

	6.	Consent fees 

  

	 	(a)	The Parent must pay to the Agents (for the account of each Lender in the proportion that all the Commitments of that Lender bears to the Total Commitments):

 a consent fee of 0.25 per cent. of the Total Commitments; and 
 if the Completion Date does not occur before 14 January 2008 and the Majority Lenders have not otherwise agreed to an extension of such date, upon
written notice to the Parent by the Agents acting on the instructions of the Majority Lenders, an additional consent fee of 0.50 per cent. of the Total Commitments. 
  

	 	(b)	The Parent must pay the consent fee: 

  

	 	(i)	referred to in paragraph (a)(i) above, on the Effective Date; and 

  

	 	(ii)	referred to in paragraph (a)(ii) above, not later than three Business Days after the date of receipt of the written notice provided for in such paragraph. 

 

	 	(c)	During the period commencing on 30 September 2007 and ending on the Completion Date, the Margin in relation to: 

  

	 	(i)	each First Lien Facility Loan and each Revolving Facility Loan shall be increased to 4.5 per cent. per annum; and 

  

	 	(ii)	each Second Lien Facility Loan shall be increased to 7.25 per cent. per annum. 

  

 - 4 - 

	7.	Information The Parent shall procure that: 

  

	 	(a)	any information that the Lenders may reasonably require (including substantially final drafts of the documentation required in order to implement the ITG Realignment and financial
information) in order to consider granting their consent to the ITG Realignment shall be provided to the Lenders; and 

  

	 	(b)	a Lender meeting or conference call (determined in consultation with the Agents) together with supporting written information explaining the financial condition, business,
prospects, performance and progress of the ITG Realignment is held, and provided to the Lenders, 

 on or before
10 December 2007 (or such later date as the Majority Lenders may agree). 
  

	8.	BST Europe Prepayment 

 The Parent shall procure
that the First Lien Loans are prepaid by at least €2,000,000 at the end of the Interest Period immediately before 15 December 2007. 
  

	9.	Break Costs 

 In order to avoid the payment of Break
Costs that may be incurred in connection with a prepayment contemplated by the terms of this letter, prior to the Completion Date, the Agents (on behalf of all the Lenders) agree that the Parent or the Borrower may select an Interest Period of less
than one Month in respect of the Interest Periods falling after the current Interest Periods to ensure that the date of prepayment is at the end of an Interest Period in an amount at least equal to the amount. The Borrowers and the Agents agree to
make such selection accordingly. 
  

	10.	Miscellaneous 

  

	 	(a)	This letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this letter.

  

	 	(b)	The agreement constituted by countersignature of this letter shall be governed by English law. 

  

	 	(c)	Except as otherwise provided in this letter, the Finance Documents remain in full force and effect. 

  

	 	(d)	Except to the extent expressly waived or amended in this letter, no waiver, consent or amendment is given or made by this letter, and the Lenders expressly reserve all their
rights and remedies in respect of any breach of, or other Default under, the Finance Documents. 

  

	 	(e)	The provisions of Clause 43 (Enforcement) of the Credit Agreement apply to this letter as though they were set out in full in this letter except that references to the
Credit Agreement are to be construed as references to this letter. 

  

 - 5 - 

	 	(f)	The waivers, consents and amendments requested in this letter only take effect with effect from the date (the “Effective Date”) on which the Agents have
countersigned this letter (such countersignature being confirmation that all the Lenders have consented to such waivers, consents and amendments). 

  

	 	(g)	The undertakings and reimbursement obligations set out in this letter shall survive its execution. 

  

	 	(i)	Clause 28.3(b) of the Credit Agreement shall not apply to any non-compliance with a provision of this letter by any Obligor. 

  

	 	(j)	The undertakings given by the Parent in this letter are given to all the Finance Parties. 

  

	 	(k)	Non-compliance by the Parent with paragraph 5 (Additional undertakings – ITG Realignment) only provides the Finance Parties with the rights set out in or in connection
with the Finance Documents (such as termination) and does not give rise to a remedy for specific performance. 

 Finance Document 
 This letter is designated a Finance Document. 
  

	11.	Costs and expenses 

  

	 	(a)	The Parent acknowledges that the Agents have informed it that an informal working group of the Lenders was formed to consider the waivers, consents and amendments in this letter.
The Parent agrees that the Agents and/or the Lenders may, from time to time, appoint advisers to assist them and the Lenders with the matters contemplated by this letter and in connection with the ITG Realignment. 

  

	 	(b)	The Parent agrees to reimburse, within 15 Business Days of receipt by the Parent of a reasonably detailed invoice, the Agents in respect of all reasonable fees and disbursements of
a single non-legal adviser retained by the Agents and/or the Lenders in consultation with the Parent to assist the Lenders in connection with the matters contemplated by this letter and in connection with the matters arising out of the ITG
Realignment. 

  

	 	(c)	In accordance with Clause 22.2 of the Credit Agreement, the Parent agrees to pay the fees and expenses reasonably incurred by the Agents and/or the Lenders in respect of a single
legal adviser to them in connection with this letter and the ongoing advice of such counsel relating to the ITG Realignment and any amendments associated with the Completion Date, including the fees and expenses of Latham & Watkins and
relevant instructed local counsel. 

  

 - 6 - 

	
	
	/s/ David L. Wax

 For and on behalf of BST US Holdings, Inc. as Parent and Obligors’ Agent for and on behalf of the other
Obligors 
  

					
			
	Acknowledged and confirmed by:	 	/s/ JESSICA WIDDOWSON	 	 
		 	AUTHORISED SIGNATORY	 	
		 	GOLDMAN SACHS CREDIT PARTNERS L.P.	 	

 For and on behalf of Goldman Sachs Credit Partners L.P. as Priority Agent Date: 
  

	
	
	/s/ Richard L. Tarron and David B. Julie

 For and on behalf of UBS AG, Stamford Branch as Second Lien Agent Date: 
  

 - 7 -

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