Document:

Exhibit 10.24

   

  

  June 7, 2019

   

  

   

  TRG CUSTOMER SOLUTIONS, INC. d/b/a IBEX GLOBAL SOLUTIONS

    1700 PENNSYLVANIA AVE NW STE 5

    WASHINGTON, DC 20006

   

  	Attn:	Karl Gabel
	Phone:	202-580-6051
	Email:	Karl.Gabel@ibexglobal.com
	 	 
	From:	Matthew Gelles
	Phone:	215-585-1434
	 	 
	Reference:	MX_194456
	USI:	1030450478MX_194456

   

  The purpose of this letter agreement is to confirm the terms and conditions of the Interest Rate Swap transaction (the “Transaction”) entered into between TRG CUSTOMER
    SOLUTIONS, INC. d/b/a IBEX GLOBAL SOLUTIONS (“COUNTERPARTY”) and PNC Bank, National Association (“PNC”) on the Trade Date specified below.

   

  	1.	The definitions and provisions contained in the 2006 ISDA
          Definitions (as published by the International Swaps and Derivatives Association, Inc.) and any addenda or revisions thereto, are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and
          this Confirmation, this Confirmation will govern.

   

  	2.	This Confirmation constitutes a “Confirmation” as referred to
          in, and supplements, forms part of and is subject to, that certain ISDA Master Agreement and related Schedule between COUNTERPARTY and PNC, dated as of August 15, 2016 (as amended, modified, supplemented, renewed or restated from time to time,
          the “ISDA Master Agreement”). All provisions contained in or incorporated by reference in the ISDA Master Agreement shall supersede all other prior agreements and understandings, both written and oral, between the parties with respect to the
          subject matter hereof, and the ISDA Master Agreement shall govern this Confirmation and the Transaction evidenced hereby, except as modified expressly below. In the event of any inconsistency between the provisions of the ISDA Master Agreement
          and this Confirmation, this Confirmation will govern for purposes of the Transaction.

   

  	3.	Each party represents to the other party that:

   

  		(a)	It is acting for its own account as principal, and it has
          made its own independent decisions to enter into the ISDA Master Agreement and the Transaction and as to whether the ISDA Master Agreement and the Transaction each is appropriate or proper for it based upon its own judgment and upon advice from
          such advisers as it has deemed necessary to permit it to evaluate the merits and risks of the ISDA Master Agreement and the Transaction. It is not relying on any communication (written or oral) of the other party as investment advice or as a
          recommendation to enter into the ISDA Master Agreement or the Transaction; it being understood that information and explanations related to the terms and conditions of the ISDA Master Agreement or the Transaction shall not be considered
          investment advice or a recommendation to enter into the ISDA Master Agreement or the Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of the
          ISDA Master Agreement or the Transaction.

   

  		(b)	It is capable of assessing the merits of and understanding
          (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the ISDA Master Agreement and the Transaction. It is also capable of assuming, and assumes, the risks of the ISDA
          Master Agreement and the Transaction.

   

  PNC Bank, National Association : 1030450478MX_194456

    Page 1 of 5

  

  
    
      
 

  

  

  

  TRG CUSTOMER SOLUTIONS, INC. d/b/a IBEX GLOBAL SOLUTIONS

  June 7, 2019

   

  		(c)	The other party is not acting as a fiduciary for or an
          adviser to it in respect of the ISDA Master Agreement or the Transaction.

   

  		(d)	It has entered into the Transaction in connection with a line
          of its business and for purposes of hedging and not for the purpose of speculation.

   

  		(e)	It is an “eligible contract participant”, as that term is
          defined in Section 1a(18) of the Commodity Exchange Act and applicable regulations there under.

   

  	4.	The terms of the Transaction to which this Confirmation relates are as follows:

   

  	 	Type Of Transaction:	 	Interest Rate Swap
	 	 	 	 
	 	Notional Amount:	 	USD 15,000,000.00
	 	 	 	 
	 	Trade Date:	 	June 7, 2019
	 	 	 	 
	 	Effective Date:	 	June 24, 2019
	 	 	 	 
	 	Termination Date:	 	June 24, 2021, subject to adjustment in accordance with the Modified  Following Business Day
          Convention.

   

  	 	
          Fixed Amounts:

        	 	 
	 	 	 	 
	 	Fixed Rate Payer:	 	COUNTERPARTY
	 	 	 	 
	 	Fixed Rate Calculation Periods:	 	The initial Calculation Period will be from and including the Effective Date to
          but excluding July 24, 2019. Thereafter, from and including the twenty fourth (24th) day of each month to but excluding the twenty fourth (24th) day of the following month. With the final Calculation Period being from and including May 24, 2021,
          to but excluding the Termination Date. Each calculation period subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 	 
	 	
          Fixed Rate Payer Payment 

          Dates:

        	 	The initial payment will commence on July 24, 2019, and thereafter on the twenty
          fourth (24th) day of each month, and ending on the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.

   

  	 	Fixed Rate:	 	1.99%
	 	 	 	 
	 	Fixed Rate Day Count Fraction:	 	Actual/360
	 	 	 	 
	 	Business Days:	 	New York and London

   

  	 	
          Floating Amounts:

        	 	 
	 	 	 	 
	 	Floating Rate Payer: 	 	PNC
	 	 	 	 
	 	Floating Rate Calculation Periods:	 	The initial Calculation Period will be from and including the Effective Date to
          but excluding July 24, 2019. Thereafter, from and including the twenty fourth (24th) day of each month to but excluding the twenty fourth (24th) day of the following month. With the final Calculation Period being from and including May 24, 2021,
          to but excluding the Termination Date. Each calculation period subject to adjustment in accordance with the Modified Following Business Day Convention.

   

  PNC Bank, National Association : 1030450478MX_194456

    Page 2 of 5

  

  
    
      
 

  

  	 	 	 	
          TRG CUSTOMER SOLUTIONS, INC. d/b/a IBEX GLOBAL SOLUTIONS

          June 7, 2019

        
	 	 	 	 
	 	Floating Rate Payer  	 	 
	 	
          Payment Dates:

        	 	The initial payment will commence on July 24, 2019, and thereafter on the twenty
          fourth (24th) day of each month, and ending on the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 	 
	 	
          Floating Rate for Initial Calculation 

          Period:

        	 	TBD
	 	 	 	 
	 	Reset Dates:	 	The first day of each Floating Rate Calculation Period, with Period End Dates
          subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 	 
	 	Floating Rate Option:	 	USD-LIBOR-BBA-Bloomberg; provided, however, that the reference to “London Banking
          Days” that appears in the 4th line of the definition of “USD-LIBOR-BBA-Bloomberg” is replaced with “New York and London Banking Days” (which for purposes of the Transaction means any day other than a Saturday or Sunday or a legal holiday on which
          commercial banks are authorized or required by law to be closed for business in New York, New York and London, England). Where in no event shall USD-LIBOR-BBA-Bloomberg be below 0.0%.

   

  	 	Designated Maturity:	 	One (1) Month
	 	 	 	 
	 	Spread:	 	Inapplicable
	 	 	 	 
	 	Floating Rate Day Count  Fraction:	 	Actual/360
	 	 	 	 
	 	Business Days:	 	New York and London
	 	 	 	 
	 	Compounding:	 	Inapplicable

   

  	 	
          General Terms:

        	 	 
	 	 	 	 
	 	Calculation Agent:	 	As set forth by the ISDA Master Agreement.
	 	 	 	 
	 	Jury Waiver:	 	EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
          APPLICABLE LAW, ANY AND ALL RIGHTS TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE ISDA MASTER AGREEMENT, ANY CREDIT SUPPORT DOCUMENT, THIS CONFIRMATION OR THE TRANSACTION EVIDENCED HEREBY.
	 	 	 	 
	 	Governing Law:	 	The Transaction shall be governed by and construed in accordance with the laws of
          the State of New York, without reference to the choice of law doctrine.
	 	 	 	 
	 	Execution in Counterparts:	 	This Confirmation may be executed in counterparts, each of which shall be an
          original and both of which when taken together shall constitute the same agreement. Transmission by facsimile, e-mail or other form of electronic transmission of an executed counterpart of this Confirmation shall be deemed to constitute due and
          sufficient delivery of such counterpart.

   

  PNC Bank, National Association : 1030450478MX_194456

    Page 3 of 5

  

  
    
      
 

  

  
   

  

  TRG CUSTOMER SOLUTIONS, INC. d/b/a IBEX GLOBAL
      SOLUTIONS  

  June 7, 2019  

   

  	 	
          Electronic Records and  

        	 	 
	 	Signatures:	 	It is agreed by the parties that the use of electronic signatures and the   keeping of records in electronic form be granted the same legal effect, validity and
          enforceability as a signature affixed by hand or the use of a paper-based record keeping system (as the case may be) to the extent and as provided for in any applicable law.

    

  Periodic Interest Rate Swap
        Payment Method

      Pay by Automatic Debit or Credit  

  

    I hereby Authorize PNC Bank to deposit or withdraw any amounts owed to me or by me by initiating credit or debit entries to my account at the Financial Institution indicated below. Further, I authorize my Financial
      Institution to accept and to credit or debit any entries initiated by PNC Bank to my account. In the event that PNC Bank deposits funds erroneously into my account, I authorize PNC Bank to debit my account for an amount not to exceed the original
      amount of the credit.  

    

  

  	Bank Name:	PNC Bank NA
	ABA:	

        
	Account #:	

        
	Checking or Savings:	Checking

    

  This authorization is to remain in full force
      and effect until PNC Bank and/or my Financial Institution has received written notice from me of its termination in such time and in such manner as to afford PNC Bank and/or my Financial Institution a reasonable opportunity to act on it.  

   

  PNC Contact Information and
        Counterparty Contact Information for securing Web Portal Access:  

   

  

  	Payments:	derivatives.payments@pnc.com	412-237-0529
	Audit Confirmation Requests:	brokerconf@pnc.com	412-237-0544
	Web Portal Access and Customer Onboarding:	cam.derivatives@pnc.com	412-237-0537

    

  PNC will provide access to a secure website
      for the individuals listed below. Access to the site will include the ability to view the Interest Payment Advice, as well as two documents required by Dodd Frank as follows: i) Mid-market Mark Report; and ii) Portfolio
        Reconciliation Report. Unless you notify PNC in writing that you do not agree to receive these Dodd Frank required documents through the website, you agree that the posting of them on the Website is an acceptable and reliable manner of
      disclosure to you. Logon credentials will be provided after confirmation has been executed and returned to PNC. Please provide additional names as required.

   

  

  	First Name	 	Last Name	 	Email address	 	Telephone
	Karl	 	Gabel	 	Karl.Gabel@ibexglobal.com	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

   

  

  Please confirm that the foregoing correctly
      sets forth the terms of our agreement concerning the transaction by signing this Confirmation where indicated below and returning a signed copy to Jeffrey Marraccini either by email (derivatives.operations@pnc.com), or by fax (1-855-568-4533) or by
      overnight delivery (c/o PNC Investment Operations 249 Fifth Avenue, P1-POPP-11-A, Pittsburgh, PA 15222, Attn: Jeffrey Marraccini). By signing below, COUNTERPARTY acknowledges that it has consented to receive this Confirmation via electronic mail.

   

  PNC Bank, National Association :
      1030450478MX_194456   

      Page 4 of 5  

  
    
      
 

  

   

  

  TRG CUSTOMER SOLUTIONS, INC. d/b/a IBEX GLOBAL
      SOLUTIONS   

      June 7, 2019  

   

  Please retain a signed copy of this Confirmation
      for your records. Should you have any questions, please call Jeffrey Marraccini at 412-442-3984.  

   

  

  	Yours Sincerely,	Accepted and agreed as of the date first above written:
	 	 
	PNC BANK, NATIONAL ASSOCIATION	TRG CUSTOMER SOLUTIONS, INC. 

          d/b/a IBEX GLOBAL SOLUTIONS
	 	 	 
	/s/ Derek Millan 	By:	/s/Robert Dechant 
	Derek Millan, AVP	Name: 	Robert Dechant 
	Pnc Bank, National Association 	Title:	
          Chief Executive Officer 

        

   

   

  

  

  PNC Bank, National Association :
      1030450478MX_194456   

      Page 5 of 5Exhibit 10.25

   

  SUPPLEMENTAL DEBENTURE

   

  issued by

   

  IBEX GLOBAL JAMAICA LIMITED

   

  in favour of

   

  FIRST GLOBAL BANK LIMITED

  
    
      
 

  

  IBEX GLOBAL JAMAICA LIMITED

   

  SUPPLEMENTAL DEBENTURE

   

  

  	
          Issued pursuant to the Borrower’s constitutive documents and a Resolution of the Borrower passed on the day of 2018

        
	 	 

   

  

  This Supplemental Debenture is made on the date set out in Item 1 of the First Schedule between the party described in Item 2 of the First
    Schedule (herein referred to as “the Borrower” or “the Company” which expression shall where the context admits include its successors assigns and transferees) of the ONE PART and the party described in Item 3 of the First Schedule (hereinafter called
    “ the Debenture Holder” or “the Bank” which expression shall where the context admits includes the Debenture Holder’s successors assigns and transferees) of the OTHER PART AND is supplemental to a First Demand Debenture dated 31st January, 2018, issued by the Borrower in favour of the Bank more particularly described in Item 4 of the First Schedule (hereinafter called “the Original Debenture”).

   

  WHEREAS

   

  		A.	The Borrower obtained financing from the Bank in the amount of One Million Three Hundred and Sixty Thousand United States Dollars (US$1,360,000.00)
          (the “Bank’s Financing”) for the purposes of assisting with the build-out of infrastructure and the acquisition of equipment, work stations and related facilities to expand its call center operations/facilities at Portmore Pines Plaza, St.
          Catherine.

   

  		B.	The Borrower issued in favour of the Bank a First Demand Debenture (hereinafter the “Original Debenture”) which secures repayment of the obligations
          with respect to the Bank’s Financing.

   

  		C.	The Original Debenture has been impressed with Stamp Duty to cover an aggregate indebtedness in the amount set forth in item 5 of the First Schedule,
          interest, commission, fees and charges related thereto (herein the “Original Indebtedness”).

   

  		D.	The Borrower has requested from the Bank further financing in the amount of One Million Two Hundred Thousand United States Dollars (US$1,200,000.00) to
          be used to assist with the build-out of another call-centre located at the Courtleigh Centre on St. Lucia Avenue being part of the expansion of the Company’s Business Process Outsourcing operations.

        

  
    
      
 

  

  		E.	The Borrower has entered into that certain Security Confirmation Deed by which the Borrower has confirmed that the security constituted by the Original
          Debenture shall continue in force and remain and be security for the discharge of the Borrower’s indebtedness/ obligations.

   

  		F.	The Borrower is desirous of increasing the enforceable value of the security as shall be held by the Bank with respect to the indebtedness of the
          Borrower including an amount equivalent to the Original Indebtedness, the same to secure a further indebtedness by the Borrower in the amount set forth in Item 6 of the First Schedule it being the intent of these presents that until the discharge
          of the Original Debenture and this Supplemental Debenture; the Original Debenture together with this Supplemental Debenture shall be a continuing security covering the aggregate indebtedness of the Borrower to the Bank to such aggregate as the
          stamp duty impressed on the Original Debenture and this Supplemental Debenture will extend to cover and that the Original Debenture and this Supplemental Debenture shall avail the Bank in respect of all present and future indebtedness of the
          Borrower.

   

  		G.	The Borrower has agreed to issue this Supplemental Debenture on the terms and conditions hereinafter appearing.

   

  Now this DEED WITNESSETH as follows:

   

  Expressions used in this Supplemental Debenture and not otherwise defined shall bear the meanings ascribed to these expressions in the Original Debenture.

   

  		1.	The Borrower covenants to pay on demand to the Debenture Holder all sums of money as are now or shall from time to time hereafter become owing to the
          Debenture Holder by the Borrower under and by virtue of the Commitment Letters dated 16th January 2018 and               day of____________,______, the Original Debenture and/or any other Related Documents issued in respect of the Secured
          Obligations as and when the same shall become due and owing under or by virtue of the said documents.

    

  		2.	AND FOR BETTER SECURING to the Debenture Holder the payment of the Secured Obligations in manner provided for by the Original Debenture (as confirmed by
          that certain Security Confirmation Deed aforesaid) to such aggregate as the stamp duty impressed on the Original Debenture and this Supplemental Debenture will extend to cover, the Borrower:

   

  		i.	DOTH HEREBY CHARGES to the Debenture Holder as a continuing security for the payment and discharge of the Secured Obligations (including, for the
          avoidance of doubt, all interest thereon and all liabilities hereby covenanted to be paid and intended to be hereby secured) all the Charged Properties (as described in Item 1 of Second Schedule);

  
    
      
 

  

  		ii.	DOTH HEREBY ASSIGNS absolutely to the Debenture Holder the rights and benefits described in Item 2 of the Second Schedule)

   

  		3.	All covenants powers provisions conditions and agreements contained in or implied by or made applicable to the Original Debenture and/or the Security
          Confirmation Deed shall be applicable to this Supplemental Debenture as fully and effectually as if the same had been set out at length herein and specifically made applicable hereto.

   

  		4.	This Supplemental Debenture shall be impressed in the first instance with stamp duty covering an aggregate further indebtedness of the amount set forth
          in Item 6 of the First Schedule, but the Bank shall be and is hereby empowered at any time or times hereafter without any further license or consent of the Borrower to impress additional stamp duty as is legally required on the Original Debenture
          and/or hereon covering any sum or sums by which the indebtedness to the Bank may exceed the aggregate indebtedness secured by the Original Debenture (as confirmed by that certain Security Confirmation Deed) and/or this Supplemental Debenture as
          the stamp duty impressed thereon and hereon will extend to cover it being the intent of these presents that until discharge thereof the Original Debenture (as confirmed by that certain Security Confirmation Deed) and this Supplemental Debenture
          shall be continuing securities covering indebtedness from the Borrower to the Bank to such aggregate as the stamp duty impressed thereon and hereon will extend to cover and shall avail the Bank in respect of all present and future indebtedness of
          the Borrower.

   

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  FIRST SCHEDULE

   

  	Item 1 Date of this Supplemental Debenture:	the day of 2018

   

  	Item 2 The Borrower:	Ibex Global Jamaica Limited

   

  	Item 3 The Debenture Holder:	First Global Bank Jamaica Limited

    

  	Item 4  Original Debenture: 	First Demand Debenture over the present and future acquired assets of the Company dated 31st January 2018 issued by the Borrower in favour of First Global Bank Limited.

    

  	Item 5 Original Indebtedness:	One Million Three Hundred and Sixty Thousand United States Dollars (US$1,360,000.00)

    

  	Item 6 Further Indebtedness:	One Million Two Hundred Thousand United States Dollars (US$1,200,000.00)

    

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  SECOND SCHEDULE

   

  Item 1: Charged Properties

   

  		i.	by way of first fixed charge, all freehold and leasehold property of the Company and all other rights and interest of the Company in realty
          together with all buildings, fixtures (including trade fixtures), and plant (fixed or unfixed) and all machinery, equipment, computers, furniture and furnishings (together with all accessories, spare parts, additions, renewals and replacements
          from time to time to any of the foregoing) and the full benefit of all warranties and contracts relating to the same, including stock-in-trade of the Company;

   

  		ii.	by way of first fixed charge, all FUTURE freehold and leasehold property of the Company and all other future rights and interest of the Company
          in realty together with all buildings, fixtures (including trade fixtures), and future plant (fixed or unfixed) and all future machinery, equipment, computers, furniture and furnishings (together with all accessories, spare parts, additions,
          renewals and replacement from time to time to, or of any of the foregoing) and the full benefit of all warranties and contracts relating to the same, including stock-in-trade of the Company;

   

  		iii.	by way of first fixed charge, all PRESENT and FUTURE book and other debts and revenues (including, but not limited to, all credit balances and
          deposits of the Company with the Debenture Holder or any financial institution), rentals, accounts receivables and securities for money now or from time to time due or owing to or purchased or otherwise acquired by the Company and the full
          benefit of all rights and remedies relating thereto including but not limited to any bills of exchange, promissory notes and other negotiable or non-negotiable instruments, guarantees, indemnities, debentures, mortgages, legal and equitable
          charges and other security, reservations or proprietary rights, rights of tracing, liens, and all other rights and remedies of whatsoever nature in respect of the same, and all bills of lading, warehouse receipts and other documents of title to
          the goods;

   

  		iv.	by way of first fixed charge, the Company’s PRESENT and FUTURE goodwill, uncalled or unpaid capital and the Shares now or hereafter belonging to
          the Company or in which the Company has an interest or may subsequently acquire an interest, whether as legal or beneficial owner or otherwise;

  
    
      
 

  

  		v.	by way of first fixed charge, all PRESENT and FUTURE rights in Intellectual Property or similar rights now or hereafter belonging to the
          Company;

   

  		vi.	by way of first fixed charge, all PRESENT and FUTURE contracts or policies of insurance (including life policies) in which the Company now or
          hereafter may have an interest and all moneys from time to time payable thereunder including any refund or premiums;

   

  		vii.	by way of first fixed charge, all its PRESENT and FUTURE motor vehicles, spare parts and accessories now or hereinafter belonging to the Company
          or in which the Company may acquire an interest;

   

  		viii.	by way of fixed/general charge all its undertaking and other assets, rights and income (both present and future) not otherwise effectively
          mortgaged, charged or assigned under subparagraphs (i) to (vii) above or Item 2 below.

   

  Item 2: Assigned Benefits

   

  		i.	the benefit to the Company of all rights and claims to which it is now, or may in the future become, entitled in relation to its Charged Properties
          including (but without limitation) all its rights and claims against all persons who now are or who at any time have been or may become purchasers, lessees, sub-lessees, licensees or occupiers of the whole or any part or parts of its Charged
          Properties and all guarantors and sureties for the obligations of any such person;

   

  		ii.	the benefit to the Company of all guarantees, letters of support, warranties and representations given or made by, and any rights or remedies to which the
          Company is now or may, in the future, be entitled against, all or any suppliers, professional advisers and Contractors in relation to any of its Charged Properties and the manufacturers, suppliers or installers of all plant, machinery, fixtures,
          fittings or other items now or from time to time belonging to the Company, and any other person now or from time to time under contract with or under a duty to the Company including (without limitation) the right to prosecute in the name of the
          Company any proceedings against any such person in respect of any act, omission, neglect, default, breach of contract, or breach of duty, whether relating to the design, construction, inspection or supervision of the construction of any of its
          Charged Properties, or to the quality or fitness for use of such plant, machinery, fixtures, fittings and other items or otherwise, and the benefit of all sums recovered in any proceedings against all or any of such persons.

  
    
      
 

  

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  IN WITNESS whereof the Borrower has caused its common seal to be hereunto affixed the day and year first hereinbefore written.

   

  

  	The common seal of IBEX	)	 	 
	GLOBAL JAMAICA LIMITED	)	 	 
	 	)	\s\Robert Dechant	 
	was hereunto put and	)	 	 
	affixed in the presence of and	)	\s\Karl Gabel	 
	this Instrument signed by	)	 	 
	 	)	 	 
	and	)	 	 
	 	)	 	 
	in the presence of	)	 	 
	 	 	 	 
	 	 	 	 
	Attorney-at-law/Justice of the Peace for the parish of:

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