Document:

EX-10.1

	 	 	 	 	 
	BANK OF

AMERICA, N.A.

	 	WACHOVIA BANK,

NATIONAL

ASSOCIATION
	 	

RBC CENTURA BANK

SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

This SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (“Agreement”) is entered into as
of the 4th day of May, 2007, by and among BANK OF AMERICA, N.A., WACHOVIA BANK, NATIONAL
ASSOCIATION, RBC CENTURA BANK and PORTFOLIO RECOVERY ASSOCIATES, INC., a Delaware corporation
(“Borrower”).

RECITALS

Borrower, Bank of America, N.A. and Wachovia Bank, National Association and RBC Centura Bank
entered into an Amended and Restated Loan and Security Agreement on May 5, 2006, and the parties
thereto now desire to increase the Revolving Facility and modify certain terms. Borrower wishes to
continue to obtain credit from time to time from the Banks, and the Banks desire to extend credit
to Borrower for use by Borrower in its business. This Agreement sets forth the terms and
conditions on which the Banks will advance credit to Borrower.

AGREEMENT

The parties agree as follows:

1. DEFINITIONS AND INTERPRETATION.

1.1 Definitions. Capitalized terms used herein and not defined in the specific
section in which they are used shall have the meanings assigned to such terms in Exhibit A.
Terms not defined in a specific section or in Exhibit A which are defined in the Code
shall have the meanings assigned to such terms in the Code.

1.2 Accounting Terms. All accounting terms not specifically defined in Exhibit
A shall be construed in accordance with GAAP and all calculations shall be made in accordance
with GAAP. The term “financial statements” shall include the accompanying notes and schedules.

1.3 Use and Application of Terms. To the end of achieving the full realization by the
Banks of their rights and remedies under this Agreement, including payment in full of the
Obligations, in using and applying the various terms, provisions and conditions in this Agreement,
the following shall apply: (i) the terms “hereby”, “hereof”, “herein”, “hereunder” and any similar
words refer to this Agreement; (ii) words in the masculine gender mean and include correlative
words of the feminine and neuter genders and words importing the singular numbered meaning include
the plural number, and vice versa; (iii) words importing persons include firms, companies,
associations, general partnerships, limited partnerships, limited liability partnerships, limited
liability limited partnerships, limited liability companies, trusts, business trusts, corporations
and other registered or legal organizations, including public and quasi-public bodies, as well as
individuals; (iv) the use of the terms “including” or “included in”, or the use of examples
generally, are not intended to be limiting, but shall mean, without limitation, the examples
provided and others that are not listed, whether similar or dissimilar; (v) the phrase “costs and
expenses”, or variations thereof, shall include, without limitation, the reasonable fees of the
following persons: attorneys, legal assistants, accountants, engineers, surveyors, appraisers and
other professionals and service providers; (vi) as the context requires, the word “and” may have a
joint meaning or a several meaning and the word “or” may have an inclusive meaning or an exclusive
meaning; (vii) this Agreement shall not be applied, interpreted and construed more strictly against
a person because that person or that person’s attorney drafted this Agreement; and (viii) wherever
possible each provision of this Agreement and the other Loan Documents shall be interpreted and
applied in such manner as to be effective and valid under applicable Requirements of Law, but if
any provision of this Agreement or any of the other Loan Documents shall be prohibited or invalid
under such law, or the application thereof shall be prohibited or invalid under such law, such
provision shall be ineffective to the extent of such prohibition or invalidity without invalidating
the remainder of such provision or the remaining provisions, or the application thereof shall be in
a manner and to an extent permissible under applicable Requirements of Law.

2. CREDIT EXTENSIONS.

2.1 (a) Credit Extensions. Subject to and upon the terms and conditions of this
Agreement and provided that no Event of Default has occurred and is continuing, the Banks shall
make available to Borrower the Revolving Facility with a non-revolving sublimit and Credit
Extensions thereunder generally described as follows: a revolving line of credit in an amount equal
to One Hundred Fifty Million Dollars ($150,000,000) (the “Revolving Facility”) with a Fifty Million
Dollar ($50,000,000) sublimit for non-revolving fixed rate advances (the “Non-Revolving Sublimit”)
provided, however, in no event shall the aggregate amount outstanding under the Revolving Facility
and the Non-Revolving Sublimit ever exceed thirty percent (30%) of Borrower’s and Portfolio
Recovery Associates, L.L.C.’s Estimated Remaining Collections of all Eligible Asset Pools. The
Revolving Facility and the Non-Revolving Sublimit and related Credit Extensions which are to be
made available to Borrower are more fully described below in this Section 2.1 and unless otherwise
provided in this Agreement, the Revolving Facility and the Non-Revolving Sublimit and related
Credit Extensions shall be evidenced by one or more Promissory Notes from Borrower to the Banks and
the Credit Extensions shall bear interest, and the Credit Extensions, the interest and the fees,
charges, premiums and costs and expenses associated therewith, shall be repayable in accordance
with the terms of such Promissory Notes and this Agreement.

(b) Revolving Facility. At any time from the date hereof through the Revolver
Maturity Date, Borrower may request and the Banks agree to make Advances under the Revolving
Facility to Borrower to finance (i) working capital needs for its business, (ii) payments of
dividends, (iii) repurchases of capital stock of Portfolio Recovery Associates, Inc., and (iv)
acquisitions permitted by Section 7.3 – and not for any other purpose. The aggregate amount of
outstanding Advances under the Revolving Facility shall not exceed at any time the Committed Line
less Advances made under the Non-Revolving Sublimit. If no Event of Default has occurred and is
continuing, amounts borrowed under the Revolving Facility may be repaid and reborrowed at any time
prior to the Revolver Maturity Date.

(c) Non-Revolving Sublimit. At any time from the date hereof through the Revolver
Maturity Date, Advances up to the amount of the Non-Revolving Sublimit, each in integral increments
of Ten Million Dollars($10,000,000), shall be available to be advanced to Borrower on a
non-revolving basis, and the proceeds of Advances under the Non-Revolving Sublimit shall be used by
Borrower to finance (i) working capital needs for its business, (ii) payment of dividends, (iii)
repurchases of capital stock of Portfolio Recovery Associates, Inc., and (iv) acquisitions
permitted by Section 7.3, and not for any other purpose. Advances made under the Non-Revolving
Sublimit shall reduce availability under the Revolving Facility. Borrower may also convert amounts
outstanding under the Revolving Facility to Advances under the Non-Revolving Sublimit by giving
written notice of such conversion to each Bank. Such conversions may only be made in integral
increments of Ten Million Dollars ($10,000,000). If no Event of Default has occurred and is
continuing, each Advance made under the Non-Revolving Sublimit and all amounts owed in connection
therewith shall be repaid on or before the Non-Revolving Maturity Date for such Advance.

2.2 Credit Extensions – Disbursements. (a) Whenever Borrower desires an Advance,
Borrower shall notify each Bank by facsimile transmission or telephone no later than 10:00 a.m.
eastern time, on the Business Day on which Borrower desires the Advance to be made. Each
notification by facsimile transmission shall include the information requested on the form attached
as Exhibit B, shall be submitted substantially in the form of Exhibit B and shall
be signed by a Responsible Officer or a designee thereof. Each notification by telephone shall
include the information requested on the form attached as Exhibit B and each notification
by telephone shall be followed within one Business Day by a facsimile transmission which meets the
criteria regarding a facsimile transmission. Each Bank shall be entitled to rely on any telephonic
notice given by a person who such Bank reasonably believes to be a Responsible Officer or a
designee thereof. No Bank shall have any liability to Borrower or any other person for its failure
to make an Advance on the date requested by Borrower, unless such failure is the result of willful
misconduct or gross negligence of such Bank; and if such Bank’s failure is a result of willful
misconduct or gross negligence, its liability shall be limited to actual damages only – no Bank
shall be liable for indirect, speculative, consequential or punitive damages and losses. Where
Borrower maintains its operating deposit account with a Bank, such Bank will credit the amount of
the Advances made by such Bank to such account.

(b) Borrower shall use its best efforts to ensure that each request for an Advance is made of
all Banks, in accordance with each Bank’s Borrowing Percentage, and all payments and pre-payments
to the Banks shall be made Pro Rata, it being understood that the parties intend that Credit
Extensions hereunder, and outstanding balances to each Bank, shall approximate each Bank’s
Borrowing Percentage as closely as practicable.

2.3 Overadvances. If, at any time, the aggregate amount of the outstanding principal
under the Revolving Facility and the Non-Revolving Sublimit exceeds the Committed Line, the
Borrower shall immediately pay to each Bank, in cash, its Pro Rata portion of such excess.

2.4 Charging of Payments. A Bank may, after the occurrence of an Event of Default, at
its option, set-off and apply to the Obligations and otherwise exercise its rights of recoupment as
to any and all (i) balances and deposits of Borrower held by such Bank, (ii) indebtedness and other
obligations at any time owing to or for the credit or the account of Borrower by such Bank and by
any of such Bank’s Affiliates. A Bank may, after notice to Borrower at its option, also charge all
payments required to be made on any of the Obligations against the Revolving Facility. If a Bank
charges the aforementioned payments against the Revolving Facility, the same shall be deemed an
Advance thereunder and the amount of the Advance shall thereafter accrue interest at the interest
rate applicable from time to time to Advances; and if a Bank charges payments as aforesaid, such
Bank may, in its discretion, limit, declare a moratorium on and terminate Borrower’s right under
this Agreement to receive additional Advances, after notice to Borrower and each other Bank, and a
Bank’s decision to do one of the foregoing does not prevent it from later doing any one or more of
the others.

2.5 Fees. In addition to the other fees, charges, costs and expenses required to be
paid by Borrower under this Agreement and the other Loan Documents, Borrower shall pay to the Banks
the fees, charges, costs and expenses set forth in this Section 2.5.

(a) Unused Facility Fee. Borrower shall pay to each Bank an annualized three-tenths
of one percent (0.30%) Unused Facility Fee, which shall be payable monthly on the first day of each
month, and which shall be based upon the average amount of the Unused Facility for the preceding
calendar month for each Bank relative to each such Bank’s Commitment. The average amount of the
Unused Facility for any partial month shall be calculated based on the unused amounts in such
partial month.

(b) Bank Expenses. On the Closing Date, Borrower shall pay to the Banks all
reasonable Bank Expenses incurred through the Closing Date and shall pay, as and when demand is so
made by a Bank to Borrower, all reasonable Bank Expenses incurred relating to completion, after the
Closing Date, of matters related to closing of this Agreement. Borrower shall be responsible for
its own fees and expenses, including its legal fees.

2.6 Documentary and Intangible Taxes; Additional Costs. To the extent not prohibited
by law and notwithstanding who is liable for payment of the taxes and fees, Borrower shall pay, on
a Bank’s demand, all intangible personal property taxes, documentary stamp taxes, excise taxes and
other similar taxes assessed, charged and required to be paid in connection with the Credit
Extensions and any extension, renewal and modification thereof, or assessed, charged and required
to be paid in connection with this Agreement, any of the other Loan Documents and any extension,
renewal and modification of any of the foregoing. If, with respect to this Agreement or the
transactions hereunder, any Requirement of Law (i) subjects a Bank to any tax (except federal,
state and local income taxes on the overall net income of a Bank), (ii) imposes, modifies and deems
applicable any deposit insurance, reserve, special deposit or similar requirement against assets
held by, or deposits in, or loans by a Bank, or (iii) imposes upon a Bank any other condition, and
the result of any of the foregoing is to increase the cost to such Bank, reduce the income
receivable by such Bank or impose any expense upon such Bank with respect to the Obligations,
Borrower agrees to pay to such Bank the amount of such increase in cost, reduction in income or
additional expense within thirty (30) days following presentation by such Bank of a statement of
the amount and setting forth such Bank’s calculation thereof, all in reasonable detail, which
statement shall be deemed true and correct absent manifest error.

2.7 Term of Agreement. This Agreement shall become effective on the Closing Date and
shall continue in full force and effect until the payment in full of all of the Obligations.
Notwithstanding the foregoing, each Bank shall have the right to limit, declare a moratorium on and
terminate its obligation to make Credit Extensions under this Agreement immediately and without
notice to Borrower (but with immediate written notice to each other Bank) upon the occurrence and
during the continuance of an Event of Default; and such action by a Bank shall not constitute a
termination of this Agreement, shall not constitute a termination of Borrower’s obligations under
this Agreement or the other Loan Documents and shall not adversely affect or impair any Bank’s
security interests in the Collateral. A Bank’s decision to do any one of the foregoing (i.e.,
limit, declare a moratorium and terminate its obligations to make Credit Extensions) shall not
prevent it from exercising any one or more of the other options available to it at any other time.
The Banks shall review the Revolver Maturity Date annually, and shall notify Borrower (pursuant to
a notice substantially in the form of the Notice of Extension attached hereto) not less than sixty
(60) days before each anniversary of this Agreement only if they intend to extend the Revolver
Maturity Date to a date which is one year beyond the then current Revolver Maturity Date.

3. CONDITIONS OF CREDIT EXTENSIONS.

3.1 Conditions Precedent to Initial Credit Extension. The obligation of any Bank to
make the initial Credit Extension is subject to the condition precedent that all of the conditions
and requirements set forth in this Section 3.1 and Section 3.2 have been satisfied and completed,
or the satisfaction and completion thereof waived by the Banks. If all of the conditions are not
met to all Banks’ satisfaction, or the completion thereof waived by each Bank, each Bank may, at
its option, (i) withhold disbursement until the same are met, (ii) close and require that any
unsatisfied conditions be satisfied as a condition subsequent to closing within such period of time
as may be designated by such Bank or (iii) terminate its obligation to make any Credit Extension
and recover from Borrower all Bank Expenses incurred by such Bank in connection with its
preparations for making the Credit Extensions, together with the fees and other costs and expenses
required to be paid by Borrower under the Commitment. A waiver by the Banks of a condition must be
in writing to be effective and a waiver as to one or more conditions shall not constitute a waiver
as to other conditions and shall not establish a “course of dealing or practice” that would require
a waiver of the same or a similar condition at some later time. A waiver shall not be deemed
effective against the rights of a Bank unless expressly given by such Bank.

(a) Loan Documents, etc. Each Bank shall have received an original of this Agreement,
duly executed by Borrower and any other persons who are parties hereto, and all of the information,
certifications, certificates, authorizations, consents, approvals, title and other insurance
policies and commitments, financial statements, financing statements, agreements, documents and
records as the Banks and their counsel may deem reasonably necessary or appropriate.

(b) Payment of Fees. Each Bank shall have received payment of the fees and Bank
Expenses then due, as specified in Section 2.

(c) No Event of Default. No Event of Default shall have occurred and be continuing as
of the Closing Date, or after giving effect to the initial Credit Extension to be made at or
immediately after closing.

(d) Additional Matters. All other legal and non-legal matters as any Bank or its
counsel deems reasonably necessary or appropriate to be satisfied, completed and received prior to
the initial Credit Extension shall be satisfied, completed and received in form and substance
satisfactory to such Bank and its counsel; and the Bank’s counsel shall have received duly executed
counterpart originals, or certified or other such copies of all records as such counsel may
reasonably request.

3.2 Conditions Precedent to All Credit Extensions. The obligation of any Bank to make
each Credit Extension, including the initial Credit Extension, is further subject to all of the
conditions and requirements set forth in this Section 3.2 being satisfied and completed, or the
satisfaction and completion thereof waived by each Bank.

(a) Loan Payment/Advance Request Form. Each Bank shall have received, as and when
required, a completed Loan Payment/Advance Request Form in the form of Exhibit B attached
hereto.

(b) Representations and Warranties; No Event of Default. The representations and
warranties referenced in Section 5 and in the other Loan Documents shall be true and correct on and
as of the date of such Loan Payment/Advance Request Form and on the effective date of each Credit
Extension as though made at and as of each such date, and no Event of Default shall have occurred
and be continuing, or would exist after giving effect to such Credit Extension (provided, however,
that those representations and warranties expressly referring to another date shall be true,
correct and complete as of such date). The making of each Credit Extension shall be deemed to be a
representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of
the facts referred to in this subsection.

(c) Audit of Collateral. At any Bank’s election, such Bank shall have received from
Borrower an internally prepared report of the Collateral (including, without limitation, Borrower’s
and Portfolio Recovery Associates, L.L.C.’s Asset Pools), in a format consistent with the form
included in Borrower’s quarterly and annual public filings. In the event Borrower’s accountants
make material corrections or modifications to the report presented to them for review, Borrower
shall immediately inform each Bank of such corrections or modifications.

4. CREATION OF SECURITY INTEREST.

4.1 Grant of Security Interest. Borrower grants and pledges to the Banks a continuing
security interest in all presently existing and hereafter acquired or arising Collateral to secure
the prompt repayment of any and all Obligations and to secure the prompt performance by Borrower of
each of its covenants, duties and obligations under the Loan Documents. Except as set forth in the
Schedule, such security interest constitutes a valid, first priority security interest in the
presently existing Collateral, and will constitute a valid, first priority security interest in
Collateral acquired or arising after the date hereof. Notwithstanding any limitation of,
moratorium on or termination of any Bank’s obligation to make Credit Extensions under this
Agreement, the Banks’ security interest on the Collateral shall remain in full force and effect for
so long as any Obligations are outstanding.

4.2 Delivery of Additional Documentation Required. (a) To the extent that such
documentation is physically available to Borrower; Borrower shall from time to time execute and
deliver to any Bank, at the request of such Bank, all Negotiable Collateral, all Financing
Statements and other documents and records that such Bank may request, in form and substance
satisfactory to such Bank and its counsel, to perfect and continue perfected such Bank’s security
interests in the Collateral and in order to fully consummate all of the transactions contemplated
under the Loan Documents. Borrower hereby consents to the filing by any Bank of Financing
Statements and such other instruments and documents in any jurisdictions or locations deemed
advisable or necessary in such Bank’s discretion to preserve, protect and perfect such Bank’s
security interest and rights in the Collateral. Borrower further consents to and ratifies the
filing of such Financing Statements and other instruments and documents prior to the Closing Date.
If Borrower has executed and delivered to any Bank a separate security agreement or agreements in
connection with any or all of the Obligations, that security agreement or those security agreements
and the security interests created therein shall be in addition to and not in substitution of this
Agreement and the security interests created hereby, and this Agreement shall be in addition to and
not in substitution of the other security agreement or agreements and the security interests
created thereby, but shall be subject at all times to the Intercreditor Agreement. In all cases
this Agreement and the aforesaid security agreement or agreements, as well as all other evidences
or records of any and all of the Obligations and agreements of Borrower, the Banks and other
persons who may be obligated on any of the Obligations, shall be applied and enforced in harmony
with and in conjunction with each other to the end that each Bank realizes fully upon its rights
and remedies in each and the Liens created by each; and, to the extent conflicts exist between this
Agreement and the other security agreements and records, they shall be resolved in favor of the
Banks for the purpose of achieving the full realization of the Banks’ collective rights and
remedies thereunder and the Liens as aforesaid.

(b) Borrower shall take reasonable steps to provide that computer or other records
representing or evidencing an Account contain (by way of stamp, legend or other method satisfactory
to the Banks) the following language: “Pledged to Bank of America, Wachovia Bank and RBC Centura
Bank as Collateral” or such other language as the Banks may from time to time require. After an
Event of Default, if requested by any Bank, all contracts, documents, instruments and chattel paper
evidencing an Account shall contain (by way of stamp, legend or other method satisfactory to such
Bank) the above quoted language. Failure to deliver physical possession of any instruments,
documents, or writings in respect of any Account to any Bank, or all of them, shall not invalidate
any such Bank’s security interest therein. To the extent that possession may be required by
applicable law for perfection of a Bank’s security interest, the original chattel paper and
instruments representing the Accounts (to the extent available) shall be deemed to be held by such
Bank, although kept by Borrower or Guarantor as the custodial agent of such Bank(s). Borrower or
Guarantor (as the case may be) shall, at any reasonable time and at Borrower’s or Guarantor’s own
expense, upon any Bank’s reasonable request, physically deliver to such Bank on computer disk or
other electronic data storage means which shall be machine readable in Microsoft Access or such
other form as mutually agreed upon by the parties hereto, copies of all Accounts (including any
instruments, documents or writings in respect of any Account together with all other instruments,
documents or writings in respect of any collateral securing each Account, then in Borrower’s or
Guarantor’s control) assigned to a Bank to any reasonable place or places designated by such Bank.
All Accounts shall, regardless of their location, be deemed to be under the Banks’ dominion and
control (with both paper and computer files so labeled) and deemed to be in the Bank or Banks’, as
applicable, possession.).

(c) A copy of any notice or request by any Bank pursuant to this Section 4.2, and any response
or information provided by Borrower to any Bank pursuant to this Section 4.2, shall be delivered to
all other Banks simultaneously.

4.3 Power of Attorney. Borrower does hereby irrevocably constitute and appoint each
Bank, or any of them, its true and lawful attorney with full power of substitution, for it and in
its name, place and stead, to execute, deliver and file such agreements, documents, notices,
statements and records, to include, without limitation, Financing Statements, and to do or
undertake such other acts as any such Bank, after notice to Borrower and each other Bank, and after
providing a copy of any such item to Borrower in its sole discretion, deems necessary or advisable
to effect the terms and conditions of this Agreement, the other Loan Documents and to otherwise
preserve, protect and perfect the security of the security interest in the Collateral. The
foregoing appointment is and the same shall be coupled with an interest in favor of the Banks.
Notwithstanding the foregoing present grant of a power of attorney by Borrower to the Banks, except
as otherwise provided in this Agreement and except with respect to filing of Financing Statements
and other actions any Bank deems necessary or appropriate to preserve, protect, and perfect or
continue the perfection of its security interests in the Collateral, no Bank shall exercise the
rights granted to it under this Section 4.3 until after the occurrence of an Event of Default, or
the occurrence of an event which, upon the giving of any required notice or the lapse of any
required period of time, would be an Event of Default.

4.4 Right to Inspect and Audit. Any Bank (through any of its officers, employees,
agents or other persons designated by such Bank) shall have the right, at its own expense (except
after the occurrence of an Event of Default at Borrower’s expense and without notice) upon
reasonable prior notice, from time to time during Borrower’s usual business hours, to inspect
Borrower’s Books and to make copies thereof and to inspect, check, test, audit and appraise the
Collateral and Borrower’s business affairs in order to verify Borrower’s financial condition or the
amount, condition of, or any other matter relating to the Collateral and Borrower’s compliance with
the terms and conditions of this Agreement and the other Loan Documents. A Bank shall make
reasonable efforts to minimize disruption of Borrower’s operations when conducting such work.
Borrower shall permit representatives of the Banks to discuss the business, operations, properties
and financial and other conditions of Borrower with its officers, board members, executives,
managers, members, partners, employees, agents, independent certified public accountants and
others, as applicable. The representatives of the Banks will maintain the confidentiality of
non-public information obtained from such discussions or otherwise and will not trade the
Borrower’s stock based upon material, non-public information concerning the Company that the
representatives of the Banks may obtain. Notwithstanding the foregoing provisions of this Section
4.4, the Banks shall not be required to give prior notice or limit their inspections to normal
business hours if they, or any of them, deem an emergency or other extraordinary situation to exist
with respect to the Collateral, Borrower’s Books and their other rights hereunder.

4.5 Collection of Accounts. In addition to its other rights and remedies in this
Agreement, the Banks shall have the rights and remedies set forth in this Section 4.5, all of which
may be exercised by the Banks, or any of them, upon the occurrence of an Event of Default, or the
occurrence of an event which, upon the giving of any required notice or the lapse of any required
period of time, would be an Event of Default.

(a) After the occurrence of an Event of Default, but subject to the terms of the Intercreditor
Agreement, or the occurrence of an event or condition which, after the giving of any required
notice and the lapse of any required period of time, would be an Event of Default, each Bank is
authorized and empowered at any time in its sole discretion (i) to demand, collect, settle,
compromise for, recover payment of, to hold as additional security for the Obligations and to apply
against the Obligations any and all sums which are now owing and which may hereafter arise and
become due and owing upon any of said Accounts and upon any other obligation to Borrower (to
include making, settling, adjusting, collecting and recovering payment of all claims under and
decisions with respect to Borrower’s policies of insurance); (ii) to enforce payment of any Account
and any other obligation of any person to Borrower either in its own name or in the name of
Borrower; (iii) to endorse in the name of Borrower and to collect any instrument or other medium of
payment, whether tangible or electronic, tendered or received in payment of the Accounts that
constitute Collateral and any other obligation to Borrower; (iv) to sign Borrower’s name on any
invoice or bill of lading relating to any Account, drafts against account debtors, schedules and
assignments of Accounts, verifications of Accounts and notices to account debtors; and (v) dispose
of any Collateral constituting Accounts and to convert any Collateral constituting Accounts into
other forms of Collateral. But, under no circumstances shall any Bank be under any duty to act in
regard to any of the foregoing matters. Without limiting the provisions of Section 4.3 hereof, but
in addition thereto, Borrower hereby appoints each Bank and any employee or representative of each
Bank as such Bank may from time to time designate, as attorneys-in-fact for Borrower, to sign and
endorse in the name of Borrower, to give notices in the name of Borrower and to perform all other
actions necessary or desirable in the reasonable discretion of such Bank to effect these provisions
and carry out the intent hereof. Borrower hereby ratifies and approves all lawful acts of such
attorneys-in-fact and except as otherwise provided for herein, neither any Bank nor any other such
attorneys-in-fact will be liable for any lawful acts of commission or omission nor for any error of
judgment or mistake of fact or law. The foregoing power, being coupled with an interest, is
irrevocable so long as any Account pledged and assigned to such Bank remains unpaid and this
Agreement or any other Loan Document is in force. The costs and expenses of such collection and
enforcement shall be borne solely by Borrower whether the same are incurred by a Bank or on behalf
of a Bank or Borrower and, if paid or incurred by a Bank, the same shall be an Obligation owing by
Borrower to such Bank, payable on demand with interest at the Default Rate, and secured by this
Agreement and the other Loan Documents. Borrower hereby irrevocably authorizes and consents to all
account debtors and other persons communicating after an Event of Default with any Bank, or its
agent, with respect to Borrower’s property, business and affairs and to all of the foregoing
persons acting after an Event of Default upon and in accordance with a Bank’s, or its
representative’s, instructions, directions and demands, including, without limitation, such Bank’s
request and demand to pay money and deliver other property to such Bank or Bank’s representatives,
all without liability to Borrower for so doing, except as otherwise provided herein.

(b) After the occurrence of an Event of Default, or the occurrence of an event or condition
which after the giving of any required notice or the lapse of any required period of time, would be
an Event of Default, at any Bank’s request, Borrower will forthwith upon receipt of all checks,
drafts, cash and other tangible and electronic remittances in payment or on account of Borrower’s
Accounts, deposit the same in a special bank account maintained with such Bank or its
representative, over which such Bank and its representative (as applicable) have the sole power of
withdrawal and will designate with each such deposit the particular Account upon which the
remittance was made. The funds in said account shall be held by such Bank as security for the
Obligations (and shall be subject to the terms of the Intercreditor Agreement). Said proceeds
shall be deposited in precisely the form received except for the endorsement of Borrower where
necessary to permit collection of items, which endorsement Borrower agrees to make, and which
endorsement the Bank and its representative (as applicable) are also hereby authorized to make on
Borrower’s behalf. Pending such deposit, Borrower agrees that it will not commingle any such
checks, drafts, cash and other remittances with any of Borrower’s funds or property, but will hold
them separate and apart therefrom and upon an express trust for the Banks until deposit thereof is
made in the special account. After the occurrence of an Event of Default, or the occurrence of an
event or condition which after the giving of any required notice or the lapse of any required
period of time, would be an Event of Default, the Bank maintaining such account may at anytime and
from time to time, in its sole discretion but subject to the terms of the Intercreditor Agreement,
apply any part of the credit balance in the special account to the payment of all or any of the
Obligations, and to payment of any other obligations owing to the Banks under or on account of this
Agreement or any of the other Loan Documents. On the Maturity Date and upon the full and final
payment of all of the Obligations and the other obligations as aforesaid, together with a
termination of all Bank’s obligation to make additional Advances, each Bank will pay over to the
Borrower any excess good and collected funds received by such Bank from Borrower, whether received
as a deposit in the special account or received as a direct payment on any of the Obligations.

(c) After the occurrence of an Event of Default, or the occurrence of an event or condition
which after the giving of any required notice or the lapse of any required period of time, would be
an Event of Default, each Bank shall have the absolute and unconditional right to apply for and to
obtain the appointment of a receiver, custodian or similar official for all or a portion of the
Collateral, including, without limitation, the Accounts, to, among other things, manage and sell
the same, or any part thereof, and to collect and apply the proceeds therefrom to payment of the
Obligations as provided in this Agreement and the other Loan Documents. Any such receiver,
custodian or similar official, if required, shall be qualified and licensed as a collection agency
in each state or territory in which any customer Accounts may be so collected or managed. In the
event of such application, Borrower consents to the appointment of such qualified and licensed
receiver, custodian or similar official and agrees that such receiver, custodian or similar
official may be appointed without further notice to Borrower beyond any notice required to be given
to Borrower prior to the occurrence of an Event of Default, if any, without regard to the adequacy
of any security for the Obligations secured hereby and without regard to the solvency of Borrower
or any other person who or which may be liable for the payment of the Obligations or any other
obligations of Borrower hereunder. All costs and expenses related to the appointment of a
receiver, custodian or other similar official hereunder shall be the responsibility of Borrower,
but if paid by any Bank, Borrower hereby agrees to pay to such Bank, on demand, all such costs and
expenses, together with interest thereon from the date of payment at the Default Rate. All sums so
paid by a Bank, and the interest thereon, shall be an Obligation owing by Borrower to such Bank,
and secured by this Agreement and the other Loan Documents. Notwithstanding the appointment of any
receiver, custodian or other similar official, each Bank shall be entitled as pledgee to the
possession and control of any cash, deposits, accounts, account receivables, documents, chattel
paper, documents of title or instruments at the present or any future time held by, or payable or
deliverable under the terms of the Loan Documents to such Bank. If the balance of the Obligation
outstanding is ZERO at any time prior to the Maturity Date, and no Event of Default has occurred or
is continuing and the Banks have no further obligation to make Advances, the Bank or Banks, as
applicable shall terminate the appointment of any such receiver custodian or similar official.

5. REPRESENTATIONS AND WARRANTIES.

Borrower represents and warrants to each Bank that, as of the date of this Agreement, there
are no Subsidiaries of Borrower other than the Guarantor. Further, Borrower represents and
warrants to each Bank that the certifications, representations and warranties set forth in the
Certificate of Borrower which has been executed and delivered by Borrower to each Bank
contemporaneously with the execution and delivery of this Agreement by Borrower to each Bank are
true, correct and accurate as of the date of this Agreement or such other date as may be
specifically set forth in a particular certification, representation or warranty. Borrower agrees
that all certifications, representations and warranties set forth herein shall be continuing
certifications, representations and warranties of Borrower to each Bank.

6. AFFIRMATIVE COVENANTS.

Borrower covenants and agrees that until the termination of the Banks’ obligations under this
Agreement to make Credit Extensions and the payment in full of the Obligations, Borrower shall do
each and all of the matters set forth in this Section 6; and Borrower acknowledges to each Bank
that the breach or default by Borrower of any of the covenants and agreements set forth below in
this Section 6 is and the same shall be material.

6.1 Good Standing and Government Compliance. Borrower shall maintain in good standing
its and each of its Subsidiaries’ organizational existence in their respective jurisdictions of
organization and maintain qualification in each jurisdiction in which the conduct of their
respective businesses or their respective ownership of property requires that they be so qualified.
Borrower shall comply, and shall cause each Subsidiary to comply with all Requirements of Law to
which they are subject, and shall maintain, and shall cause each of its Subsidiaries to maintain,
in force all licenses, approvals and agreements, the loss of which or failure to comply with which
could have a Material Adverse Effect, or an adverse effect in a material manner on the Collateral
or the priority of the Banks’ security interest in the Collateral.

6.2 Payment/Performance. Borrower shall pay when due all amounts owing to the Banks
under this Agreement and the other Loan Documents and promptly perform all other obligations of
Borrower thereunder and hereunder.

6.3 Use of Loan Funds. Borrower shall use all loan proceeds disbursed to Borrower
only for the purposes stated in this Agreement and the other Loan Documents.

6.4 Financial Statements; Reports; Certificates.

(a) Borrower shall deliver to each Bank each and all of the financial statements, reports,
certificates and other records referenced under this subsection (a) and such other statements,
reports, certificates and records as any Bank may reasonably request from time to time.

(i) As soon as available, but in any event within thirty (30) days after the end of each
calendar quarter, Borrower shall deliver to each Bank internally prepared consolidated financial
statements.

(ii) Beginning with the fiscal year ending December 31, 2005, as soon as available, but in any
event within one hundred twenty (120) days after the end of Borrower’s fiscal year, Borrower shall
deliver to each Bank audited CPA prepared consolidated and, upon request of any Bank, internally
prepared consolidating, financial statements of Borrower (including a balance sheet, an income
statement and a statement of retained earnings, each with the related notes and changes in the
financial position for such year and setting forth in comparative form the figures for the prior
year) prepared in accordance with GAAP, consistently applied, together with (with respect to the
CPA prepared statements) an opinion on such financial statements that is unqualified or qualified
in a manner acceptable to the Banks from an independent certified public accounting firm reasonably
acceptable to the Banks. After the occurrence of an Event of Default, any Bank may request and
Borrower shall so provide audited CPA prepared consolidating statements which meet the foregoing
requirements established for consolidated statements.

(iii) Within thirty (30) days after the last day of each fiscal quarter, Borrower shall
deliver to each Bank a statement of Borrower’s Net Finance Receivable prepared and presented in a
manner and format consistent with past practice and consistent with the manner and format employed
in Borrower’s public filings, and will be consistent with the information contained in Borrower’s
public filings for the same periods.

(iv) If applicable, Borrower shall deliver to each Bank copies of all statements, reports and
notices sent or made available generally by Borrower to its security holders or to any holders of
Subordinated Liabilities and all reports on Forms 10-K and 10-Q filed with the Securities and
Exchange Commission.

(v) Within thirty (30) days after the last day of each fiscal quarter, Borrower shall deliver
to each Bank a report of any legal actions pending or threatened against Borrower or any
Subsidiary, which report shall include at a minimum the claimant, the amount of the claim, the
defendants named and the date of such claim. Borrower agrees to cooperate in good faith with
respect to any additional information requested by any Bank with respect to such reports.

(b) Within thirty (30) days after the last day of each month, Borrower shall deliver to each
Bank a Borrowing Base Certificate dated and signed by a Responsible Officer in substantially the
form of Exhibit D hereto that provides the required information that is current within one
day.

(c) Within thirty (30) days after the last day of each month, Borrower shall deliver to each
Bank with the monthly financial statements a Compliance Certificate signed by a Responsible Officer
in substantially the form of Exhibit E hereto.

(d) Borrower shall provide such additional statements and information as any Bank may from
time to time request, in form reasonably acceptable to the Banks. Each Bank shall keep such
information confidential which is marked “Confidential” and which has not been disclosed to third
parties, and shall not disclose such information to any department of such Bank which provides
investment and stock brokerage services.

6.5 Taxes. Borrower shall make, and shall cause each Subsidiary to make, due and
timely payment of, or deposit or withholding of, all federal, state and local taxes, assessments or
contributions required of it by all Requirements of Law, and will execute and deliver to each Bank,
on demand, appropriate certificates attesting to the payment, deposit or withholding thereof;
provided that Borrower or a Subsidiary need not make any payment if the amount or validity of such
payment is contested in good faith by appropriate proceedings and is reserved against (to the
extent required by GAAP) by Borrower.

6.6 Insurance.

(a) Borrower, at its expense, shall keep the Collateral insured against loss or damage by
fire, theft, explosion, sprinklers and all other hazards and risks required by the Banks, acting
reasonably and taking into account the types and risks customarily insured against by businesses
similar to Borrower’s. Unless otherwise directed by the Banks, the insurance shall be all risk
replacement cost insurance with agreed amount endorsement, standard noncontributing mortgagee
clauses and standard waiver of subrogation clauses. Borrower shall also maintain general
liability, workmen’s compensation and other insurance in amounts and of a type that are customary
to businesses similar to Borrower’s, unless the Banks reasonably direct otherwise, in which event
Borrower shall maintain such insurance in amounts and types as the Banks reasonably direct.

(b) All policies of insurance shall be in such form and with such companies as may be
reasonably satisfactory to the Banks. All policies of property insurance shall contain a lender’s
loss payable endorsement, in a form reasonably satisfactory to the Banks, showing the Banks,
collectively, as additional loss payees, and all liability insurance policies shall show the Banks,
collectively, as additional insureds. All policies shall specify that the insurer must give at
least twenty (20) days’ notice to each Bank before canceling its policy for any reason. Upon any
Bank’s request, Borrower shall deliver to each Bank certified copies of the policies of insurance
and evidence of all premium payments. All proceeds payable under any casualty policy or policies
shall, at the payee Bank’s option, be payable to such Bank to be applied on account of the
Obligations, except for casualty policies insuring loss of assets encumbered by Permitted Liens
which are prior to the Lien of such Bank.

6.7 Primary Depository. Each of Borrower and its wholly owned Subsidiaries (excluding
the operating depositing account of PRA Receivables Management, LLC, d/b/a Anchor Receivables
Management) shall maintain their primary operating depository accounts with the Banks during the
term of the Revolving Facility. At least one operating deposit account shall be maintained with
each Bank.

6.8 Financial Covenants. On a consolidated basis, Borrower shall maintain, as of the
last day of each calendar month unless stated otherwise, and Borrower shall fully and timely comply
on a consolidated basis with, each and every one of the financial maintenance covenants set forth
in this Section and others that may be contained in this Agreement and the other Loan Documents.

(a) Funded Debt to EBITDA. A ratio not exceeding 2.0:1.0.

(b) Tangible Net Worth. Maintain on a consolidated basis Tangible Net Worth equal to
at least 100% of Tangible Net Worth reported by Borrower at September 30, 2005, plus 25% of
cumulative positive net income accrued since the end of such fiscal quarter, plus 100% of the net
proceeds from any equity offering, calculated quarterly on the last day of each fiscal quarter.
For purposes of this covenant, Tangible Net Worth of Borrower shall be calculated without giving
effect to reductions in Tangible Net Worth due to repurchases of up to $100,000,000 of Borrower’s
capital stock by Borrower.

6.9 Maintenance of Property. Borrower shall keep and maintain the Collateral in good
working order and condition and make all needful and proper repairs, replacements, additions, or
improvements thereto as are necessary, reasonable wear and tear excepted.

6.10 Maintain Security Interest. Borrower shall maintain, protect and preserve the
security interest of the Banks in the Collateral and the lien position of the Banks in the
Collateral, including, without limitation, (i) the filing of “claims” under insurance policies and
(ii) protecting, defending and maintain the validity and enforceability of the Trademarks, Patents
and Copyrights.

6.11 Deposit Accounts. With respect to deposit accounts that are maintained with
financial institution other than the Banks, the Banks, or any of them, may request, and Borrower
and each of its Subsidiaries shall obtain in favor of such Bank(s), a control agreement in form and
substance satisfactory to such Bank(s).

6.12 Further Assurances. At any time and from time to time, Borrower shall execute
and deliver such further instruments, agreements, documents and other records and take such further
action as may be requested by any Bank to effect the purposes of this Agreement, including, without
limitation, the perfection and continuation of perfection of the Banks’ security interests in the
Collateral.

7. NEGATIVE COVENANTS.

Borrower covenants and agrees that until the termination of all Banks’ obligations under this
Agreement to make Credit Extensions, and the payment in full of the Obligations, Borrower shall not
do or permit to be done any of the matters set forth in this Section 7; and Borrower acknowledges
to each Bank that the breach or default by Borrower of any of the covenants and agreements set
forth below in this Section 7 is and the same shall be material.

7.1 Dispositions. Borrower shall not convey, sell, lease, transfer and otherwise
dispose of and Borrower shall not permit any of its Subsidiaries to convey, sell, lease, transfer
and otherwise dispose of (with respect to both Borrower and Borrower’s Subsidiaries, by operation
of law or otherwise) any part of and any interest in their respective businesses and properties,
including the Collateral, other than Permitted Transfers.

7.2 Change in Business; Change in Management or Executive Office. Borrower shall not
engage in any business, or permit any of its Subsidiaries to engage in any business, other than as
reasonably related or incidental to the businesses currently engaged in by Borrower. Borrower
shall not have a Change in Management and will not, without thirty (30) days’ prior written
notification to each Bank, relocate its chief executive office, change its state of organization or
change any other matter that will or could result in any Bank’s security interests in the
Collateral becoming unperfected.

7.3 Mergers or Acquisitions; New Subsidiary. Except for Permitted Acquisitions,
Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or consolidate,
with or into any other business organization, or acquire, or permit any of its Subsidiaries to
acquire, all or substantially all of the capital stock or property of another person without the
prior written consent of each Bank, which any Bank may grant or withhold in its sole and absolute
discretion. Borrower shall not create or cause to be created or to come into existence any new
Subsidiary after the Closing Date, without the prior written consent of each Bank.

7.4 Indebtedness. Borrower shall not create, incur, assume or be or remain liable
with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted
Indebtedness and normal and customary unsecured indebtedness incurred in the ordinary course of
business. With respect to Indebtedness described in clause (iii) of the definition of Permitted
Indebtedness in Exhibit A, to the extent not specifically prohibited by the terms of such
Indebtedness, the Banks shall have a subordinate lien in and to all equipment and property financed
or acquired with such Indebtedness (with the priority and allocation of such subordinate lien among
the Banks to be determined pursuant to the Intercreditor Agreement).

7.5 Encumbrances. Borrower shall not create, incur, assume or allow any Lien with
respect to the Collateral or any of its property, or assign or otherwise convey any right to
receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do,
except for Permitted Liens, or covenant to any other person that Borrower in the future will
refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s
property.

7.6 Judgments. Borrower shall not permit a judgment or judgments for the payment of
money in excess of $500,000 in the aggregate to be entered against it or any Subsidiary which
judgment Borrower permits to remain unsatisfied or unstayed for a period of thirty (30) days after
the same is entered against Borrower or a Subsidiary.

7.7 Distributions. Except for Permitted Dividends and Permitted Investments, Borrower
shall not pay any dividends or make any other distribution or payment on account of or in
redemption, retirement or purchase of any capital stock, or permit any of its Subsidiaries to do
so.

7.8 Investments. Borrower shall not directly or indirectly acquire or own, or make
any Investment in or to any person, or permit any of its Subsidiaries so to do, other than
Permitted Investments.

7.9 Loans. Except for Permitted Investments and Permitted Acquisitions, Borrower
shall not make or commit to make, or permit any of its Subsidiaries to make or commit to make, any
advance, loan, extension of credit or capital contribution to, or purchase of any stock, bonds,
notes, debentures or other securities of any person.

7.10 Loans to Officers. Borrower shall not make, or permit any of its Subsidiaries
to make, any loan or advance directly or indirectly for the benefit of any past, present, or future
stockholder, director, officer, executive, manager, member, partner or employee of Borrower or a
Subsidiary, as the case may be, other than advances or loans made in the ordinary course of
business consistent with past practice, including but not limited to employee relocation loans,
employee bridge loans and other incidental loans to employees, all in the ordinary course of
business.

7.11 Compensation. Borrower shall not pay, or permit any Subsidiary to pay, any
compensation to any past, present or future shareholder, director, officer, executive, member,
manager, partner and employee, whether through salary, bonus or otherwise, if contrary to
Borrower’s compensation policies or the executive compensation rules established by the United
States Securities and Exchange Commission or the NASDAQ Stock Exchange.

7.12 Transactions with Affiliates. Borrower shall not directly or indirectly enter
into or permit to exist, or permit any Subsidiary to directly or indirectly enter into or permit to
exist, any material transaction with any Affiliate of Borrower or any Subsidiary except for
transactions that are in the ordinary course of Borrower’s or such Subsidiary’s business, upon fair
and reasonable terms that are no less favorable to Borrower or Subsidiary than would be obtained in
an arm’s length transaction with a non-affiliated Person.

7.13 Subordinated Liabilities. Borrower shall not make any payment in respect of any
Subordinated Liabilities, or permit any of its Subsidiaries to make any such payment except in
compliance with the terms of such Subordinated Liabilities, or amend any provision contained in any
documentation relating to the Subordinated Liabilities without each Bank’s prior written consent.

7.14 Inventory and Equipment. Borrower shall not store, or permit any Subsidiary to
store, its Equipment with a bailee, warehouseman or similar person unless the Banks have received a
pledge of the warehouse receipt covering such Equipment. Except for such other locations as each
Bank may approve in writing, Borrower shall not move or relocate its Equipment from the location or
locations identified in the Certificate of Borrower and such other locations of which Borrower
gives each Bank prior written notice and as to which Borrower authorizes the filing of a Financing
Statement where needed to perfect each Bank’s security interest.

7.15 Licenses. Borrower shall not become bound by, or permit its Subsidiaries to
become bound by, any license, agreement or other record which would have a Material Adverse Effect.

7.16 Compliance. Borrower shall not become or be controlled by an “investment
company”, within the meaning of the Investment Company Act of 1940, or become principally engaged
in, or undertake as one of its important activities, the business of extending credit for the
purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for
such purpose, or permit any of its Subsidiaries to do any of the foregoing.

7.17 Negative Pledge Agreements. Borrower shall not permit the inclusion in any
contract to which it becomes a party of any provisions that could restrict or invalidate the
creation of a security interest in Borrower’s rights and interests in any Collateral.

7.18 Third Party Agreements. Borrower shall not enter into any agreement containing
any provision that would be violated or breached by the performance of the obligations of Borrower
under this Agreement.

8. EVENTS OF DEFAULT.

The occurrence of any one or more of the events, conditions, circumstances and matters set
forth below in this Section 8 shall constitute an Event of Default by Borrower under this Agreement
and the other Loan Documents. Notwithstanding the foregoing and anything else in this Agreement to
the contrary, if any of the Obligations are payable on demand of the Banks, or any of them, then,
in such event, there are no conditions precedent to any such Bank’s right to demand payment of such
Obligations, in whole or in part, at any time and from time to time, without prior notice, until
the entire unpaid balance outstanding under such Obligations, including principal, interest, fees,
premiums, charges and costs and expenses are paid in full. And, there are no conditions precedent
to any Bank exercising any of and all of its other rights and remedies at such time or times as it
deems necessary or appropriate to recover full payment of the Obligations, including, without
limitation, the exercise of any of and all of its rights and remedies set forth in Section 9 below,
the exercise of any of and all of its other rights and remedies granted to it under the Loan
Documents and the exercise of any of and all of its rights and remedies at law and in equity. The
rights and obligations of the Banks relative to each other with respect to the priority of liens
and the exercise of rights against, and the allocation of, the Collateral, are set forth in the
Intercreditor Agreement.

8.1 Default under Obligations. The occurrence of any event of default or default
condition under any of the Obligations, including, without limitation, Borrower’s failure to pay,
when due, the principal of and interest on any of the Obligations, or Borrower’s failure to pay,
when due, any and all other amounts due under any of the Obligations, including, without
limitation, any taxes, fees, charges, premiums and costs and expenses.

8.2 Covenant Default. Borrower fails to perform or satisfy any obligation under
Section 6 or violates any of the covenants contained in Section 7 of this Agreement, or fails or
neglects to perform or observe or otherwise defaults under any other term, provision, condition,
covenant or agreement contained in this Agreement, in any of the other Loan Documents, or in any
other present or future instrument, document, agreement or other record between Borrower and any
Bank or from Borrower to any Bank or for the benefit of any Bank, whether monetary or non-monetary,
and as to any default under such other term, provision, condition, covenant or agreement that can
be cured, has failed to cure such default within ten (10) days after Borrower receives notice
thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default is
non-monetary and cannot by its nature be cured within the ten (10) day period or cannot after
diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely
to be cured within a reasonable time, then Borrower shall have an additional reasonable period
(which shall not in any case exceed thirty (30) days) to attempt to cure such non-monetary default,
and within such reasonable time period the failure to have cured such default shall not be deemed
an Event of Default (provided that the Banks shall not be required to make any Credit Extensions
during such cure period).

8.3 Guarantor Default. The failure of any other person obligated for the payment of
any of the Obligations, either directly or indirectly, or obligated under this Agreement or any of
the other Loan Documents to perform any of the terms and conditions imposed upon such other person
by any of said agreements, as and when the same are required to be so performed, or the occurrence
of some other default by such other person under any of said agreements.

8.4 Termination of Supporting Obligation. The termination of or the occurrence of an
event of default or a default condition, after the expiration of any applicable cure periods, under
any guaranty agreement or other supporting obligation (inclusive of letters of credit, third person
pledge agreements and third person security agreements) which applies to this Agreement or any of
the other Loan Documents.

8.5 Attachment. Borrower’s assets, or any part or portion thereof, are attached,
seized, subjected to a writ or distress warrant, or are levied upon, or come into the possession of
any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or
distress warrant or levy has not been removed, discharged or rescinded within ten (10) days, or if
Borrower is enjoined, restrained or in any way prevented by court order from continuing to conduct
all or any material part of its business affairs, or if a judgment or other claim becomes a lien or
encumbrance upon any material portion of Borrower’s assets, or if a notice of lien, levy or
assessment is filed of record with respect to any of Borrower’s assets by the United States
Government, or any department, agency or instrumentality thereof, or by any state, county,
municipal or governmental agency, and the same is not paid within ten (10) days after Borrower
receives notice thereof, provided that none of the foregoing shall constitute an Event of Default
where such action or event is stayed or an adequate bond has been posted pending a good faith
contest by Borrower (provided that no Credit Extensions will be required to be made during such
cure period).

8.6 Insolvency. Borrower becomes insolvent, or an Insolvency Proceeding is commenced
by Borrower, or an Insolvency Proceeding is commenced against Borrower and is not dismissed or
stayed within thirty (30) days (provided that no Credit Extensions will be required to be made
prior to the dismissal of such Insolvency Proceeding).

8.7 Other Agreements. The occurrence of a default in any agreement or agreements to
which Borrower is a party with a third person or persons which results in a right by such third
person or persons, whether or not exercised, to accelerate the maturity of any Indebtedness in an
amount in the aggregate in excess of 2% of Borrower’s Tangible Net Worth or that could have a
Material Adverse Effect.

8.8 Subordinated Liabilities. Borrower makes any payment on account of Subordinated
Liabilities, except to the extent the payment is allowed under any subordination agreement entered
into with the Banks.

8.9 Misrepresentations. Any misrepresentation or misstatement exists now or hereafter
in any warranty or representation set forth herein, in any other Loan Document or in any
certificate delivered to any Bank by any Responsible Officer pursuant to this Agreement or any
other Loan Document, or to induce any Bank to enter into this Agreement or any other Loan Document.

8.10 Subsidiary Default. Default by any of Borrower’s Subsidiaries under any
Indebtedness or other obligation now owing or which hereafter arises and is owing to any Bank.

9. BANK’S RIGHTS AND REMEDIES UPON DEFAULT.

9.1 Rights and Remedies upon an Event of Default. If an Event of Default shall occur
under this Agreement, in addition to any other rights and remedies which may be available to the
Banks and without limiting any other rights and remedies granted to the Banks in this Agreement,
the other Loan Documents and at law and in equity, including, without limitation, the rights and
remedies provided to the Banks under the Code, which rights and remedies are fully exercisable by
each Bank as and when provided herein and therein, the Banks shall have the rights and remedies set
forth below in this Section 9.1, any and all of which any Bank may exercise at its election,
without notice to Borrower of its election and without demand, but subject to the rights of each
other Bank under the Intercreditor Agreement, and with immediate written notice to each other Bank
of the exercise of any such right or remedy.

(a) Acceleration of Obligations. Any Bank may, at its option, accelerate and declare
immediately due and payable the Obligations, as well as any of and all of the other indebtedness
and obligations owing under this Agreement and the other Loan Documents that are not already due
hereunder and that are not already due thereunder. If there is more than one Obligation, any Bank
may accelerate and declare immediately due and payable all of the Obligations owing to it, or any
Bank may from time to time and at any number of times after the occurrence of an Event of Default,
accelerate and declare immediately due and payable any one or more of the Obligations owing to it,
as such Bank in its discretion elects to accelerate (provided that upon the occurrence of an Event
of Default described in Section 8 under the heading “Insolvency”, all Obligations shall become
immediately due and payable without any action by any Bank).

(b) Terminate Credit Extensions. Each Bank may limit Borrower’s right to receive any
and all Advances under this Agreement and under any other agreement between such Bank and Borrower
to such amounts as such Bank determines from time to time to be appropriate under the
circumstances; each Bank may impose a moratorium on future Advances under this Agreement and under
any other agreement between such Bank and Borrower; and each Bank may terminate the right of
Borrower to receive Advances under this Agreement and under any other agreement between Borrower
and such Bank; and in all the foregoing instances, a Bank’s rights relative to Credit Extensions
may be exercised cumulatively, concurrently, alternatively and in any other manner and at any time
or times as such Bank deems appropriate, in its discretion.

(c) Protection of Collateral. Each Bank may make such payments and do or cause to be
done such acts as such Bank considers necessary or advisable to protect the Collateral and to
preserve, protect, perfect and continue the perfection of its security interest in the Collateral.
Borrower agrees to assemble the Collateral if any Bank so requires and to make the Collateral
available to a Bank as such Bank (subject to the Intercreditor Agreement) may designate. Borrower
authorizes each Bank and its representatives to enter the premises where the Collateral is located,
to do, among other things a Bank deems necessary or advisable, the following: (i) take and
maintain possession of the Collateral, or any part or parts of it, (ii) pay, purchase, contest or
compromise any encumbrance, charge or lien which in a Bank’s determination appears to be prior or
superior to its security interest, and (iii) pay all costs and expenses incurred in connection with
any of the foregoing. With respect to any of Borrower’s premises, Borrower hereby grants each Bank
a license to enter into possession of such premises and to occupy the same, without charge, in
order to exercise any of the Banks’ rights and remedies provided herein, at law, in equity and
otherwise.

(d) Sale and Disposition of Collateral Upon Default.

(i) Each Bank, directly and through others on its behalf, may ship, reclaim, recover, store,
finish, maintain, repair, prepare for sale, advertise for sale and/or sell the Collateral, or part
or parts thereof, for cash or on terms, at one or more private or public sales held at such place
or places as such Bank determines to be commercially reasonable, after having complied with the
provisions of this Agreement, the Intercreditor Agreement, the other Loan Documents and applicable
Requirements of Law relating to sale of the Collateral, including, without limitation, the
requirements of the Code. Each Bank is hereby irrevocably granted a license or other right,
pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents,
copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks,
advertising matter and any property of a similar nature, together with the right of access to all
tangible or electronic media in which any of the foregoing may be recorded or stored, in completing
production of, management of, advertising for sale and selling any Collateral and, in connection
with a Bank’s exercise of its rights under this Section 9.1, Borrower’s rights under all licenses
and all franchise agreements shall inure to the Banks’ benefit. Borrower hereby agrees: (i) that
fifteen (15) days notice of any intended sale or disposition of any Collateral is commercially
reasonable; (ii) that a shorter period of notice of not less than ten (10) days will be
commercially reasonable if each Bank, in its opinion, deems it necessary to move more expeditiously
with disposition of the Collateral or any part thereof; and (iii) that the foregoing shall not
require a notice if no notice is required under the Code (except immediate notice to each other
Bank).

(ii) Each Bank, or any or all of them, may credit bid and purchase at any sale or sales.

(iii) The proceeds of any sale of, or other realization upon, all or any part of the
Collateral pursuant to this Section 9.1 shall be applied by the Banks in the following order of
priorities (subject to the terms of the Intercreditor Agreement), or such other order as the Banks,
together, may determine or as may be required under applicable Requirements of Law: first,
to payment of the costs and expenses of such sale or other realization, and all expenses,
liabilities and advances incurred or made by the Banks in connection therewith, and any other
unreimbursed costs and expenses for which the Banks are to be reimbursed pursuant to this Agreement
and the other Loan Documents; second, to the payment of accrued but unpaid interest on the
Obligations; third, to the payment of unpaid principal of the Obligations; fourth,
to the payment of all other amounts owing or outstanding by Borrower under the Obligations, this
Agreement, the other Loan Documents and otherwise to any Bank as provided herein or therein, until
all the foregoing shall have been paid in full; finally, to payment to Borrower or its
successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then
remaining from such proceeds.

(iv) Any deficiency that exists after disposition of the Collateral as provided above will be
paid immediately by Borrower, without demand by any Bank, but this provision shall not require any
Bank to first dispose of the Collateral before attempting to recover payment of the Obligations
from Borrower or any other person and each Bank shall have the right to proceed successively,
concurrently and alternatively against the Collateral, the Borrower and any other person obligated
on any of the Obligations in any order and at any time or times as it deems to be in its best
interest.

(e) Discontinuance of Proceedings; Position of Parties Restored. If any Bank shall
have proceeded to enforce any right or remedy under the Loan Documents by foreclosure, entry, or
otherwise and such proceedings shall have been discontinued or abandoned for any reason, or such
proceedings shall have resulted in a final determination adverse to any Bank, then and in every
such case Borrower and each Bank shall be restored to their former positions and rights hereunder,
and all rights, powers and remedies of the Banks shall continue as if no such proceedings had
occurred or had been taken.

9.2 Remedies Cumulative. Each Bank’s rights and remedies under this Agreement, the
Loan Documents and all other agreements shall be cumulative and may be exercised successively,
concurrently, alternatively and in any other order and at such time or times as any Bank elects in
its discretion. Each Bank shall have all other rights and remedies not inconsistent herewith as
provided under the Code, by law and in equity. No exercise by any Bank of one right or remedy
shall be deemed an election, and no waiver by any Bank, or all of them, of any Event of Default on
Borrower’s part shall be deemed a continuing waiver. No delay by any Bank, or all of them, shall
constitute a waiver, election or acquiescence by it. No waiver by any Bank shall be effective
unless made in a written document signed on behalf of such Bank and then shall be effective only in
the specific instance and for the specific purpose for which it was given. For the avoidance of
doubt, a waiver of one Bank shall not in any event constitute a waiver by any other Bank absent its
execution thereof.

10. NOTICES.

Unless otherwise provided in this Agreement, all notices or demands by any party relating to
this Agreement or any other agreement entered into in connection herewith shall be in writing and
(except for financial statements and other informational documents which may be sent by first-class
mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery
service, certified mail, postage prepaid, return receipt requested, or by facsimile to Borrower or
to a Bank, as the case may be, at their respective addresses as set forth on the signature page of
this Agreement. Any such notice or demand sent by or to Borrower shall be sent simultaneously to
all Banks. The parties may change the address at which they are to receive notices hereunder by
notice in writing in the foregoing manner given to the other.

11. WAIVERS.

11.1 Waiver Of Trial By Jury. To the extent not prohibited by applicable Requirements
of Law, Borrower and each Bank hereby waive their respective rights to a jury trial of any claim or
cause of action based upon or arising out of any of the Loan Documents or any of the transactions
contemplated therein, including contract claims, tort claims, breach of duty claims and all other
common law or statutory claims. Each party recognizes and agrees that the foregoing waiver
constitutes a material inducement for it to enter into this Agreement. Each party represents and
warrants that it has reviewed this waiver with its legal counsel and that it knowingly and
voluntarily waives its jury trial rights following consultation with legal counsel.

11.2 Marshalling of Assets. Borrower hereby waives, to the extent permitted by law,
the benefit of all appraisal, valuation, stay, extension, reinstatement and redemption laws now in
force and those hereafter in force and all rights of marshalling in the event of any sale hereunder
of the Collateral or any part or any interest therein.

11.3 Waiver of Action Against Third Persons. Borrower waives any right to require any
Bank to bring any action against any other person or to require that resort be had to any security
or to any balances of any deposit or other accounts or debts or credits on the books of any such
Bank in favor of any other person.

12. GENERAL PROVISIONS.

12.1 Indemnification. Borrower hereby agrees to defend, protect, indemnify and hold
harmless each Bank, all directors, officers, employees, attorneys, agents and independent
contractors of each Bank, from and against all claims, actions, liabilities, damages and costs and
expenses asserted against, imposed upon or incurred by such Bank or any of such other persons as a
result of, or arising from, or relating to this Agreement, the other Loan Documents or the
transactions contemplated hereby or thereby, except for losses resulting from the gross negligence
or willful misconduct of or breach of this Agreement by, the person otherwise to be indemnified
hereunder.

12.2 Choice of Law. This Agreement shall be deemed to have been executed and
delivered in the Commonwealth of Virginia regardless of where the signatories may be located at the
time of execution and shall be governed by and construed in accordance with the substantive laws of
the Commonwealth of Virginia, excluding, however, the conflict of law provisions thereof.

12.3 Additional Lenders. Additional lenders may be added to this credit facility upon
the written consent of all parties hereto, the execution by such additional lenders of an
additional signature page to this Agreement evidencing such lender’s agreement to be bound by the
terms hereof, and the similar execution by such lenders of the Intercreditor Agreement and such
other instruments and agreements as may be required by the Banks then party hereto. The joinder of
any such lender to this credit facility shall not in any way affect the rights or obligations of
the Banks then party hereto, except that the Commitments hereunder shall be adjusted from the date
of such joinder in such manner as all parties may agree. Any such additional lender shall be
deemed a “Bank” for purposes of this Agreement.

12.4 Incorporation of Exhibits; Customer and Loan Numbers. All exhibits, schedules,
addenda and other attachments to this Agreement are by this reference incorporated herein and made
a part hereof as if fully set forth in the body of this Agreement. The Customer and Loan Numbers,
if any, stated in this Agreement are for the respective Bank’s internal business use and reference
only and do not and shall not limit the scope and extent of any Bank’s rights hereunder, including
the Obligations secured hereby and the security interests of the Banks in the Collateral.

12.5 Maintenance of Records by Banks. Borrower acknowledges and agrees that each Bank
is authorized to maintain, store and otherwise retain the Loan Documents or any of them in their
original, inscribed tangible form or a record thereof in an electronic medium or other non-tangible
medium which permits such record to be retrieved in a perceivable form; that a record of any of the
Loan Documents in a non-tangible medium which is retrievable in a perceivable form shall be the
agreement of Borrower to the same extent as if such Loan Document was in its original, inscribed
tangible medium and such a record shall be binding on and enforceable against Borrower
notwithstanding the same is in a non-tangible form and notwithstanding the signatures of the
signatories hereof are electronic, typed, printed, computer generated, facsimiles or other
reproductions, representations or forms; and that a Bank’s certification that a non-tangible record
of any of the Loan Documents is an accurate and complete copy or reproduction of the original,
inscribed tangible form shall be conclusive, absent clear and convincing evidence of the
incorrectness of said certification, and such non-tangible record or a reproduction thereof shall
be deemed an original and have the same force and effect as the original, inscribed tangible form.

12.6 Credit Investigations; Sharing of Information; Control Agreements. Each Bank is
irrevocably authorized by Borrower, during the term of this Agreement and until the last to occur
of (i) payment in full of all the Obligations and (ii) termination of the Banks’ obligations to
make Credit Extensions under this Agreement, to make or have made such credit investigations as it
deems appropriate to evaluate Borrower’s and its Subsidiaries’ credit or financial standing, and
Borrower authorizes each Bank to share with its affiliates its experiences with Borrower and its
Subsidiaries and other information in Bank’s possession relative to Borrower and its Subsidiaries.
The Banks (i) shall not have any obligation or responsibility to provide information to third
persons relative to any Bank’s security interest in the Collateral, this Agreement or otherwise
with respect to Borrower and its Subsidiaries and (ii) shall not have any obligation or
responsibility to subordinate its security interest in the Collateral to the interests of any third
persons or to enter into control agreements relative to the Collateral.

12.7 Banks’ Liability for Collateral. Notwithstanding anything in this Agreement or
any of the other Loan Documents to the contrary, a Bank may at any time or times during the term of
this Agreement make such payments and do or cause to be done such acts as a Bank considers
necessary or advisable to protect the Collateral and to preserve, protect and perfect or continue
the perfection of its security interest in the Collateral. So long as a Bank complies with
reasonable banking practices, except as may be provided herein to the contrary, such Bank shall not
in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral; (ii) any
loss or damage thereto occurring or arising in any manner or fashion from any cause; (iii) any
diminution in the value thereof; or (iv) any act or default of any carrier, warehouseman, bailee,
forwarding agency or other person whomsoever.

12.8 Bank Expenses. If Borrower fails to pay any amounts or furnish any required
proof of payment due to third persons, as required under the terms of this Agreement and the other
Loan Documents, then after ten (10) days prior written notice to Borrower, and Borrower’s failure
to pay such amounts, the Banks, or any of them, may do or cause to be done any or all of the
following: (i) make payment of the same or any part thereof; (ii) set up such reserves as such
Bank(s) deems necessary to protect it from the exposure created by such failure; and (iii) obtain
and maintain insurance policies of the type required by this Agreement, and take any action with
respect to such policies as any Bank deems prudent. Any amounts so paid or deposited by such Bank
shall constitute Bank Expenses, shall be immediately due and payable, shall bear interest at the
Default Rate from the date of payment or deposit and shall be secured by the Collateral. Any
payments made by a Bank shall not constitute an agreement by a Bank to make similar payments in the
future or a waiver by any Bank of any Event of Default under this Agreement. If a Bank is
requested to waive an Event of Default or forbear taking action relative thereto, such Bank may
condition any waiver or forbearance it elects, in its discretion, to grant Borrower on payment by
Borrower of such fees to Bank as such Bank deems appropriate under the circumstances and may
condition any such waiver or forbearance on Borrower reimbursing such Bank for all costs and
expenses such Bank incurs in connection with such waiver or forbearance.

12.9 No Waiver; No Course of Dealing. Any Bank, at any time or times, may grant
extensions of time for payment or other indulgences or accommodations to any person obligated on
any of the Obligations, or permit the renewal, amendment or modification thereof or substitution or
replacement therefor, or permit the substitution, exchange or release of any property securing any
of the Obligations and may add or release any person primarily or secondarily liable on any of the
Obligations, all without releasing Borrower from any of its liabilities and obligations under any
of the Loan Documents and without such Bank waiving any of its rights and remedies under any of the
Loan Documents, or otherwise, and further without effecting any release or waiver of any
liabilities, obligations, rights or remedies accruing to any other Bank. No delay or forbearance
by any Bank in exercising any or all of its rights and remedies hereunder and under the other Loan
Documents or rights and remedies otherwise afforded by law or in equity shall operate as a waiver
thereof or preclude the exercise thereof during the continuance of any Event of Default as set
forth herein or in the event of any subsequent Event of Default hereunder. Also, no act or
inaction of any Bank under any of the Loan Documents shall be deemed to constitute or establish a
“course of performance or dealing” that would require such Bank, or any of them, to so act or
refrain from acting in any particular manner at a later time under similar or dissimilar
circumstances.

12.10 Relationship of Parties; Successors and Assigns. The relationship of the Banks
to Borrower is that of a creditor to an obligor (inclusive of a person obligated on a supporting
obligation) and a creditor to a debtor; and in furtherance thereof and in explanation thereof, no
Bank has any fiduciary, trust, guardian, representative, partnership, joint venturer or other
similar relationship to or with Borrower and no such relationship shall be drawn or implied from
any of the Loan Documents or any actions or inactions of any Bank hereunder or with respect hereto
– and, no Bank has any obligation to Borrower or any other person relative to administration of any
of the Obligations and the Collateral, or any part or parts thereof, except as otherwise set forth
herein. The covenants, terms and conditions herein contained shall bind, and the benefits and
powers shall inure to, the respective heirs, executors, administrators, successors and assigns of
the parties hereto, as well as any persons who become bound hereto as a debtor. If two or more
persons or entities have joined as Borrower, each of the persons and entities shall be jointly and
severally obligated to perform the conditions and covenants herein contained. The term “Bank”
shall include any payee of the Obligations hereby secured and any transferee or assignee thereof,
whether by operation of law or otherwise, and any Bank may transfer, assign or negotiate all or any
of the Obligations secured by this Agreement from time to time without the consent of Borrower and
without notice to Borrower (but subject to the consent of each other Bank and the execution and
delivery by any such transferee or assignee of such documents, guaranties and agreements,
including, without limitation, this Agreement and the Intercreditor Agreement, as such other Banks
may reasonably require) and any transferee or assignee of any Bank or any transferee or assignee of
another may do the same without Borrower’s consent and without notice to Borrower. Borrower waives
and will not assert against any transferee or assignee of any Bank any claims, defenses, set-offs
or rights of recoupment which Borrower could assert against a Bank, except defenses which Borrower
cannot waive.

12.11 Time of Essence. Time is of the essence for the performance of all of
Borrower’s covenants and agreements (inclusive of the Obligations) set forth in this Agreement and
each of the Loan Documents.

12.12 Amendments in Writing; Integration. All amendments to or terminations of this
Agreement must be in writing and must be executed by each party hereto. All prior agreements,
understandings, representations, warranties and negotiations between the parties hereto with
respect to the subject matter of this Agreement, if any, are merged into this Agreement and the
Loan Documents.

12.13 Counterparts. This Agreement may be executed in any number of counterparts and
by different parties on separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall constitute but one and the
same Agreement.

12.14 Survival. All covenants, representations and warranties made in this Agreement
shall continue in full force and effect so long as any Obligations remain outstanding.
Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, the
obligations of Borrower to indemnify the Banks as described in Section 12.1 shall survive until all
applicable statute of limitations periods with respect to actions that may be brought against each
such Bank have run.

12.15 Limited License. During the term of this Agreement, Borrower hereby grants to
each Bank and its Affiliates, a non-exclusive, world-wide, non-transferable, royalty-free
irrevocable license to use the Borrower’s Marks (as herein defined) solely for and in connection
with the general marketing, promotion and advertising activities of such Bank and its Affiliates.
General marketing, promotion and advertising activities shall include press releases, product
brochures, tombstone ads and other advertising typical in industry practice and disclosure of
Borrower’s Marks on such Bank’s website, including a link to the Borrower’s website. “Marks” shall
mean Borrower’s names, logos, Trademarks, trade names, service marks and world wide web addresses.
Bank shall use commercially reasonable efforts to cause the appropriate designation “TM” or the
registration symbol “®” to be placed adjacent to the Marks in connection with the use thereof.
Notwithstanding the foregoing, no Bank shall be under any obligation to use any of such Marks. Any
marketing, promotion, advertising or other materials which incorporate Borrower’s Marks shall be
submitted to Borrower for approval prior to publication.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

1024329\13

1

In witness whereof, the parties have caused this agreement to be executed with authority duly
obtained, as of the date first written above.

	 	 	 	 	 
	PORTFOLIO RECOVERY ASSOCIATES, INC.	 	 	 	 
	By:_________/S/_____________________________
	 	 	 	 
	 
	 	 	 	 
	Steven D. Fredrickson
President and Chief Executive Officer
Portfolio Recovery Associates, Inc.
	 	Witness:

	120 Corporate Boulevard, Suite 100
	 	 	_______________/S/_____________	 
	Norfolk, VA 23502
	 	 	—	 
	Attn: General Counsel
	 	Print Name: Kevin P. Stevenson

	FAX: 757-554-0586
	 	 	 	 
	WACHOVIA BANK, NATIONAL ASSOCIATION
	 	BANK OF AMERICA, N.A.
	By: /S/
	 	By: /S/

	 
	 	 	 	 
	Name: Charnette Simmons
	 	Name: Paula H. Smith

	Title:
	 	Title:

	Address for Notices:
	 	Address for Notices:

	Wachovia Bank, National Association
	 	Bank of America, N.A.

	101 West Main Street
	 	One Commercial Place

	Mail Code VA 5263
	 	Commercial Banking, Third Floor

	Norfolk, VA 23510
	 	Norfolk, VA 23510

	Attn: Charnette Simmons, Senior Vice President
	 	Attn: Paula H. Smith

	FAX: (757) 640-5638
	 	FAX: (757) 441-8599

	RBC CENTURA BANK
	 	 	 	 
	By: /S/
	 	 	 	 
	 
	 	 	 	 
	Name: Denise M. Howard
Title: Vice President
Address for Notices:
	 	 	 	 
	RBC Centura Bank
555 E. Main Street, Suite 1000
Norfolk, VA 23510
Attn: Denise M. Howard, Vice President
FAX: (757) 892-2045
	 	 	 	 

Each of the undersigned, having guaranteed pursuant to Unconditional Guaranty Agreements in favor
of each Bank dated May 5, 2006, (“Guarantees”), payment and performance of the obligations of
Borrower to each Bank, hereby acknowledges and consents to the execution and delivery of this
Second Amended and Restated Loan and Security Agreement and the related Loan Documents and affirms
its obligations under the Guarantees to which it is a party.

PRA Location Services, LLC

By: /S/

Steven D. Fredrickson

PRA Holding I, LLC

By: /S/

Steven D. Fredrickson

Portfolio Recovery Associates, L.L.C.

By: /S/

Steven D. Fredrickson

PRA Receivables Management, LLC

By: /S/

Steven D. Fredrickson

PRA Government Services, LLC

By: /S/

Steven D. Fredrickson

2

EXHIBIT A

DEFINITIONS

“Accounts” shall have a broad meaning and shall include all accounts (as such term is
defined in Article 9 of the Code) owned by the Borrower and all accounts in which the Borrower has
any rights (including, without limitation, rights to grant a security interest in accounts owned by
other persons), both now existing and hereafter owned, acquired and arising; and, to the extent not
included in the term accounts as so defined after ascribing a broad meaning thereto, all accounts
receivable, health-care-insurance receivables, credit and charge card receivables, bills,
acceptances, documents, choses in action, chattel paper (both tangible and electronic), promissory
notes and other instruments, deposit accounts, license fees payable for use of software, commercial
tort claims, letter of credit rights and letters of credit, rights to payment for money or funds
advanced or sold other than through use of a credit card, lottery winnings, rights to payment with
respect to investment property, general intangibles and other forms of obligations and rights to
payment of any nature, now owing to the Borrower and hereafter arising and owing to the Borrower,
together with (i) the proceeds of all of the accounts and other property and property rights
described hereinabove, including all of the proceeds of Borrower’s rights with respect to any of
its goods and services represented thereby, whether delivered or returned by customers, and all
rights as an unpaid vendor and lienor, including rights of stoppage in transit and of recovering
possession by any proceedings, including replevin and reclamation, and (ii) all customer lists,
books and records, ledgers, account cards, and other records including those stored on computer or
electronic media, whether now in existence or hereafter created, relating to any of the foregoing;
including, without limitation, an account established for a bank credit card, retail credit card,
consumer installment loan, defaulted auto loans or lines of credit in the name of an Account
Debtor, as set forth and described in a Purchase Agreement, and all unpaid balances due from such
Account Debtor, together with all available documents evidencing such Account Debtor’s agreement to
make payment of such unpaid balances, including without limitation each available credit card
application or agreement, and each available promissory note, receivable, obligation, chattel
paper, payment agreement, contract, installment sale agreement or other obligation or promise to
pay of an Account Debtor, all as described and referred to in a Purchase Agreement.

“Account Debtor” means any person or persons that are an obligor in any contractual
arrangement for amounts due to Borrower, Guarantors or any co-signor in respect of such contractual
arrangement.

“Advance” means an advance of borrowed funds made by the Banks to Borrower pursuant to
this Agreement.

“Affiliate” means, with respect to any person, any person that owns or controls
directly or indirectly such person, any person that controls or is controlled by or is under common
control with such person, and each of such person’s senior executive officers, directors and
partners.

“Agreement” means this Loan and Security Agreement, and any and all amendments,
modifications, renewals, extensions, replacements and substitutions thereof and therefor.

“Asset Pool” means all Receivables and other Assets, as the context may require, which
Receivables shall all have been purchased from a single creditor and from which Borrower or
Guarantor have purchased such Receivables on the same Business Day, together with (i) each and
every Asset obtained in replacement or satisfaction of or substitution for, any such Receivable so
purchased, (ii) each and every item of property obtained by Borrower or Guarantor as a result of
its collection activities with respect to any such purchased Receivable, (iii) each and every item
of collateral or security, including all security interests, liens, guarantees and other interests
securing payment of any purchased Receivable, and all other rights and interests of Borrower or
Guarantor with respect to each purchased Receivable, (iv) each judgment rendered against a
purchased Account Debtor in respect to a Receivable, together with all lien rights related thereto,
(v) Asset Pool Proceeds derived from or paid or payable with respect thereto, together with any and
all earnings thereon, and (vi) each and every other right, claim and interest associated therewith.
With respect to an Asset Pool: (a) the term “Receivable” shall mean a purchased account
established for a bank credit card, retail credit card, consumer installment loan, defaulted auto
loans or lines of credit in the name of an Account Debtor, as set forth and described in a Purchase
Agreement, and all unpaid balances due from such Account Debtor, together with (to the extent
available) all documents evidencing such Account Debtor’s agreement to make payment of such unpaid
balances, including, without limitation, each credit card application or agreement, and each
promissory note, receivable, obligation, chattel paper, payment agreement, contract, installment
sale agreement or other obligation or promise to pay of an Account Debtor, all as described and
referred to in a Purchase Agreement; and (b) the term “Asset” shall mean each purchased Receivable
and any property or other right obtained by Borrower in connection with collection of any such
purchased Receivable or in substitution therefor, all of which constitutes part of the Asset Pool
into which such purchased Receivable was initially delivered.

“Asset Pool Proceeds” means, with respect to an Asset Pool, any and all payments,
revenues, income, receipts, collections, recoveries and other proceeds or assets received with
respect to such Asset Pool, including, without limitation, (i) payments of principal, interest,
fees, late charges, insufficient funds charges, guaranty payments and any interest thereon, credit
insurance costs, guaranty fees and other amounts recovered on account of any Asset in such Asset
Pool, and (ii) settlements, compromises, liquidations, foreclosure proceeds, dispositions, sales,
transfers or other proceeds, whether cash or otherwise, received as a result of or in any way in
connection with collection activities related to any Asset or in connection with the sale of any
Asset constituting a part of such Asset Pool.

“Asset Pool Report” means a report, in a form and substance acceptable to the Banks,
that sets forth each Asset Pool purchased by Borrower in a form reasonably acceptable to the Banks
and that identifies the Eligible Asset Pools.

“Asset Pool Seller” means, with respect to an Asset Pool, the party which has agreed
to sell a specified Asset Pool to Borrower or any Guarantor pursuant to the terms of a Purchase
Agreement.

“Bank Expenses” means all costs and expenses incurred and suffered by the Banks, or
any of them, in connection with the preparation, negotiation, administration and enforcement of the
Loan Documents and their rights and remedies thereunder, including, without limitation, perfection,
audit, inspection, protection and enforcement of the Banks’ security interests in the Collateral.

“Banks” means Wachovia Bank, National Association, Bank of America, N.A., RBC Centura
Bank, and such other lenders or financial institutions as may become party to this Agreement as
lenders pursuant to the terms hereof, and their permitted successors, assigns, transferees and the
holder of this Agreement and the other Loan Documents, and “Bank” means any of them.

“Borrower” means Portfolio Recovery Associates, Inc., a Delaware corporation, and its
successors and permitted assigns.

“Borrower’s Books” means all of Borrower’s books and records including, without
limitation, ledgers, journals, spread sheets, business plans, business projections, tax returns and
accompanying worksheets and notes related thereto, governmental and regulatory filings and reports
and all other records concerning Borrower’s assets and liabilities, the Collateral, business
operations and financial condition; and the term includes media on which such records are stored or
maintained, whether electronic, printed, imbedded in software or other computer programs or on tape
files, and the equipment containing such information.

“Borrowing Base” means an amount equal to 30% of Estimated Remaining Collections of
all Eligible Asset Pools, as determined by Bank with reference to the most recent Borrowing Base
Report delivered by Borrower.

“Borrowing Percentage” means, with respect to any Bank, the ratio of such Bank’s
Commitment to the aggregate of all the Banks’ Commitments hereunder.

“Business Day” means any day that is not a Saturday, Sunday or other day on which
banks in the Commonwealth of Virginia are authorized or required to close.

“Capitalized Leases” means all leases that have been or should be, in accordance with
GAAP, recorded as capitalized leases.

“Certificate of Borrower” means that certain Certificate of Borrower dated as of the
date hereof, executed by Borrower and delivered to the Banks in connection with this Agreement
with respect to certain representations, warranties, resolutions and organizational matters.

“Change in Management” shall mean Kevin P. Stevenson and Steven D. Fredrickson are no
longer Chief Financial Officer and President or Chief Executive Officer of Borrower, respectively.

“Close” or “Closing” means the completion of the conditions precedent to the
initial Credit Extension.

“Closing Date” means the date of this Agreement.

“Code” means the Uniform Commercial Code as in effect, from time to time, in the
Commonwealth of Virginia.

“Collateral” means the property and property rights described on Exhibit C and
all Negotiable Collateral and Intellectual Property Collateral to the extent not described on
Exhibit C.

“Commitment” means, with respect to any Bank, the dollar amount of the commitment made
by such Bank to Borrower pursuant to this Agreement. For the avoidance of doubt, the initial
Commitment of Bank of America, N.A., shall be $55,000,500, under the Revolving Facility and
$18,333,500 under the Non-Revolving Sublimit and the initial Commitment of Wachovia Bank, National
Association, shall be $55,000,500 under the Revolving Facility and $18,333,500 under the
Non-Revolving Sublimit and the initial Commitment of RBC Centura Bank shall be $39,999,000 under
the Revolving Facility and $13,333,000 under the Non-Revolving Sublimit.

“Committed Line” means Credit Extensions under the Revolving Facility and the
Non-Revolving Sublimit of up to the lesser of: (i) One Hundred Fifty Million Dollars
($150,000,000) and (ii) thirty percent (30%) of Borrower’s and Portfolio Recovery Associates,
L.L.C.’s Estimated Remaining Collections of all Eligible Asset Pools.

“Contingent Obligation” or “Contingent Liabilities” means, as applied to any person,
any direct or indirect liability, contingent or otherwise, of that person with respect to (i) any
account, instrument, chattel paper, document, general intangible, indebtedness, lease, dividend,
letter of credit, letter of credit right or other obligation of another person, including, without
limitation, any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted
or sold with recourse by that person, or in respect of which that person is otherwise directly or
indirectly liable; (ii) any obligations with respect to undrawn letters of credit issued for the
account of that person; and (iii) all obligations arising under any interest rate, currency or
commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other
agreement or arrangement designated to protect a person against fluctuation in interest rates,
currency exchange rates or commodity prices; provided, however, that the term “Contingent
Obligation” shall not include endorsements for collection or deposit in the ordinary course of
business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determined amount of the primary obligation in respect of which such Contingent
Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof as determined by such person in good faith; provided, however, that such amount
shall not in any event exceed the maximum amount of the obligations under the guarantee or other
support arrangement.

“Copyrights” means any and all copyright rights, copyright applications, copyright
registrations and like protections in each work of authorship and derivative work thereof, both
published and unpublished and whether or not the same also constitutes a trade secret, now existing
and hereafter arising, created, acquired or held.

“Credit Extension” means each Advance, or any other extension of credit by any Bank
for the benefit of Borrower hereunder.

“Default Rate” means a rate of interest per annum equal to the contract rate of
interest defined as the “Default Rate” in the Promissory Note, and if there is more than one
Promissory Note, it shall mean a rate of interest per annum equal to the highest of the contract
rates of interest defined in the Promissory Notes as a “Default Rate”.

“EBITDA” means net income, less income or plus loss from discontinued operations and
extraordinary items, plus income taxes, plus interest expense, plus depreciation, depletion,
amortization (including payments applied to principal on finance receivables) and other non-cash
charges.

“Eligible Asset Pool” means those existing Asset Pools accepted by the Banks at
Closing and newly acquired Asset Pools of Borrower and Portfolio Recovery Associates, L.L.C.
acquired from Asset Pool Sellers not affiliated with the Borrower or Guarantor, that in each case,
meet all of the following requirements:

(i) the Accounts in such Asset Pool, taken as a whole, comply in all material respects with
all applicable laws and regulations, including, but not limited to, truth in lending and credit
disclosure laws and regulations;

(ii) all amounts and information appearing on the applicable Asset Pool Report furnished to
the Banks in connection therewith are true and correct in all material respects;

(iii) Borrower or Portfolio Recovery Associates, L.L.C. has good and marketable title and has
the right to pledge, assign and deliver the Assets of such Asset Pool, free from all liens, claims,
encumbrances or security interests whatsoever;

(iv) no more than one percent (1%) of the number of Accounts in such Asset Pool constitute
Accounts with respect to which the Account Debtor thereon or any guarantor thereof is employed by
or related to Borrower or any Guarantor or is Borrower or any Guarantor;

(v) to the best knowledge of Borrower and Guarantor no condition exists that materially or
adversely affects the Level Yield of the Asset Pool, and

(vi) since the acquisition of the Asset Pool by Borrower or Portfolio Recovery Associates,
L.L.C., no sale of any Account within the Asset Pool has occurred except arms length sales to
non-affiliated third parties .

“Estimated Remaining Collections” means the aggregate gross remaining cash collections
which Borrower or Portfolio Recovery Associates, L.L.C. anticipate to receive from an Asset Pool or
as referred to by Borrower or Portfolio Recovery Associates, L.L.C. as the “Level Yield,”
determined and reported by Borrower or Portfolio Recovery Associates, L.L.C. pursuant to their
financial statements and other reporting to the Banks. Such remaining book balance shall be
calculated by Borrower or Portfolio Recovery Associates, L.L.C. (as the case may be) in accordance
with GAAP and in a manner consistent with past practice and with the methodology employed in the
reporting of Estimated Remaining Collections in Borrower’s public filings. Provided, however, the
manner and method of computing Estimated Remaining Collections and all assumptions made in
connection therewith shall be explained to each Bank in full detail upon any Bank’s request. Any
deviation from the current method and assumptions used in computing Estimated Remaining Collections
must be acceptable to each Bank in its sole and absolute discretion.

“Event of Default” has the meaning assigned in Section 8.

“Funded Debt” means all outstanding liabilities for borrowed money and other
interest-bearing liabilities, including current and long-term debt, less the non-current portion of
Subordinated Liabilities.

“Funded Debt to EBITDA Ratio” means, on a consolidated basis, a ratio of Funded Debt
to EBITDA. This ratio will be calculated at the end of each reporting period for which the Banks
require financial statements from Borrower, using the results of the twelve-month period ending
with that reporting period.

“GAAP” means generally accepted accounting principles and practices in effect in the
United States from time to time as promulgated by the American Institute of Certified Public
Accounts.

“Guarantor” means Portfolio Recovery Associates, L.L.C., PRA Holding I, LLC, PRA
Location Services, LLC, PRA Government Services, LLC, PRA Receivables Management, LLC, and PRA
Holding II, LLC, jointly and severally.

“Governmental Authority” means any nation or government, any state or other political
subdivision thereof, and any organization exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government.

“Indebtedness” means (a) all liabilities which would be reflected on a balance sheet
prepared in accordance with GAAP, (b) all indebtedness for borrowed money or the deferred purchase
price of property or services, including without limitation reimbursement and other obligations
with respect to surety bonds and letters of credit, (c) all obligations evidenced by notes, bonds,
debentures or similar instruments, (d) all capital lease obligations and (e) all Contingent
Obligations.

“Insolvency Proceeding” means any proceeding commenced by or against any person or
entity under any provision of the United States Bankruptcy Code, as amended, or under any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or
informal moratoria, compositions, extension generally with its creditors, or proceedings seeking
reorganization, arrangement or other relief.

“Intellectual Property Collateral” means all of Borrower’s right, title and interest
in and to its intellectual property, including without limitation, the following: (i) Copyrights,
Trademarks and Patents; (ii) any and all trade secrets, and any and all intellectual property
rights in software and software products now or hereafter existing, created, acquired or held
during the term of this Agreement; (iii) any and all design rights which may be available to
Borrower now or hereafter existing, created, acquired or held during the term of this Agreement;
(iv) any and all mask works or similar rights now or hereafter existing, created, acquired or held
during the term of this Agreement; (v) any and all claims for damages by way of past, present and
future infringement of any of the rights included above, with the right, but not the obligation, to
sue for and collect such damages for said use or infringement of the intellectual property rights
identified above; (vi) all licenses or other rights to use any of the Copyrights, Patents or
Trademarks, and all license fees and royalties arising from such use to the extent permitted by
such license or rights; (vii) all amendments, renewals, re-issues, divisions, continuations and
extensions of any of the Copyrights, Trademarks or Patents; and (viii) all proceeds and products of
the foregoing, including without limitation all payments under insurance or any indemnity or
warranty payable in respect of any of the foregoing.

“Intercreditor Agreement” means that certain Intercreditor Agreement of even date
herewith, by and between the Banks, and any successor instrument thereto with respect to the
relative rights and interests of the Banks in and to the Collateral.

“Interest Expense” means the total of the costs of advances outstanding under
Indebtedness including (i) interest charges, (ii) capitalized interest, (iii) the interest
component of Capitalized Leases, (iv) fees payable in respect of letters of credit and letters of
guarantee, and (v) discounts incurred and fees payable in respect of bankers’ acceptances.

“Investment” means any beneficial ownership of (including stock, membership interest,
partnership interest or other securities) any person, or any loan, advance or capital contribution
to any person.

“IRC” means the Internal Revenue Code of 1986, as amended, and the regulations
thereunder.

“Knowledge” means actual knowledge or such level of knowledge or awareness as would be
obtained or should have been known at the time by a prudent business person under substantially
similar circumstance after diligent investigation.

“Lien” means any mortgage, lien, deed of trust, deed to secure debts, charge, pledge,
security interest or other encumbrance and the term “security interest” and Lien shall be
interchangeable, as necessary or appropriate.

“Loan Documents” means, collectively, this Agreement, the Intercreditor Agreement, any
instruments, including promissory notes, executed and delivered by Borrower to any Bank, and any
one or more of the following entered into by Borrower and any Bank, or by Borrower for the benefit
of any Bank, or by another person and any Bank or by another person for benefit of any Bank, in
connection with the Agreement or any of the Obligations, together with any and all renewals,
extensions, amendments, modifications, replacements and substitutions thereof and therefor:
mortgages, deeds to secure debt, deeds of trust, security agreements, negative pledge agreements,
pledge agreements, guaranty agreements, control agreements, hypothecation agreements, documents,
agreements and other records.

“Material Adverse Effect” means a material adverse effect on (i) the business
operations or condition (financial or otherwise) of Borrower and its Subsidiaries taken as a whole
or (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under
the Loan Documents as and when required thereunder.

“Material Agreements” has the meaning assigned in the Certificate of Borrower.

“Negotiable Collateral” means all of Borrower’s present and future letters-of-credit
and letter-of-credit rights of which it is a beneficiary, instruments (including promissory notes),
drafts, securities, documents of title and chattel paper (including electronic chattel paper), and
Borrower’s Books relating to any of the foregoing.

“Net Finance Receivable” means the remaining book balance of Borrower’s or a
Guarantor’s net investment in all Asset Pools or as referred to by Borrower as the “unamortized
portfolio price”, determined and reported by Borrower pursuant to its consolidated financial
statements and other reporting provided to the Banks. Such remaining book balance shall be
calculated by Borrower in accordance with GAAP and in a manner consistent with past practice and
with the manner of calculation of Net Finance Receivable in Borrower’s public filing and such
amount shall be consistent with the amount actually reported in Borrower’s public filings.

“Net Income” means total revenues minus total expenses.

“Non-Revolving Sublimit” means the portion of the Revolving Facility available to
Borrower for non-revolving fixed rate borrowings in the aggregate amount not to exceed
$50,000,000.00.

“Non-Revolving Maturity Date” means the day before the fifth anniversary of the
Closing Date or such later date to which all the Banks may agree in their sole and absolute
discretion.

“Obligations” means all indebtedness, including principal, interest, fees, premiums,
penalties, charges, Bank Expenses and other amounts owed to any Bank by Borrower pursuant to this
Agreement, the other Loan Documents and any other agreement, document and record, both absolute and
contingent, due and to become due, now existing and hereafter arising, including any interest and
fees that accrue after the commencement of an Insolvency Proceeding and including any indebtedness,
liability and obligation now owing and any indebtedness, liability and obligation hereafter arising
and owing from Borrower to others that any Bank has obtained or may in the future obtain by
assignment or otherwise.

“Patents” means all patents, patent applications and like protections including
without limitation improvements, divisions, continuations, renewals, reissues, extensions and
continuations-in-part of the same.

“Periodic Payments” means all installment and similar recurring payments that Borrower
may now be obligated to pay and may hereafter become obligated to pay to the Banks, or any of them,
pursuant to the terms and provisions of any instrument, agreement, document and record now in
existence and which may hereafter come into existence between Borrower and any Bank.

“Permitted Acquisitions” means acquisitions of all or substantially all of the assets
or 100% of the capital stock of another entity (the “Acquired Business”) (including by (i) merger
of the Acquired Business with Borrower or a Subsidiary of Borrower so long as the survivor of such
merger is, or becomes at such time, a Guarantor and pledges on a first priority basis all its
assets to secure the Obligations in the same manner as the other Guarantors, although in the case
of any such merger which involves Borrower, Borrower shall be the surviving corporation or (ii)
means of a joint venture where Borrower or a Subsidiary owns at least fifty percent (50%) of the
equity interests of such joint venture), provided that the sum of the aggregate cash
consideration plus the aggregate fair market value of all other consideration paid by Borrower or
its Subsidiaries (including any indebtedness issued, incurred or assumed by Borrower or any of its
Subsidiaries and any capital stock, issued by Borrower) in connection with any Permitted
Acquisitions in any Borrower fiscal year shall not exceed in the aggregate Thirty Million Dollars
($30,000,000), without the prior written consent of all Banks.

“Permitted Dividends” means dividends lawfully declared and paid which (i) would not
cause a breach of this Agreement if paid, (ii) do not exceed in the aggregate Twenty Million
Dollars ($20,000,000) in any Borrower fiscal year, and (iii) would not have resulted in a breach of
Borrower’s Funded Debt to EBITDA ratio or minimum Tangible Net Worth had the dividend been declared
and paid on the last day of the most recent month.

“Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of the Banks
arising under this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing
Date which is disclosed in the Schedule; (iii) Indebtedness not to exceed in the aggregate in any
fiscal year 2% of Borrower’s Tangible Net Worth secured by a lien described in clause (iii) of the
defined term “Permitted Liens”, provided such Indebtedness does not exceed the lesser of the cost
or fair market value of the Equipment financed with such Indebtedness and provided Borrower gives
the Banks right of first refusal to provide such financing; (iv) Subordinated Liabilities; (v)
Indebtedness of Borrower in connection with Capitalized Leases with any Bank or any Affiliate of
any Bank; and (vi) Indebtedness of Borrower owed to any Bank or any Affiliate of any Bank in
connection with any credit card, commercial paper or interest rate protection agreement or program.

“Permitted Investment” means: (i) Investments existing on the Closing Date disclosed
in the Certificate of Borrower; (ii) (A) marketable direct obligations issued or unconditionally
guaranteed by the United States of America or any agency or any State thereof maturing within one
year from the date of acquisition thereof, (B) commercial paper maturing no more than one year from
the date of creation thereof and currently having a rating of at least A-2 or P-2 from either
Standard & Poor’s Corporation or Moody’s Investors Service, (C) certificates of deposit maturing no
more than one year from the date of investment therein issued by a Bank, and (D) any Bank’s money
market accounts; (iii) Investments accepted in connection with Permitted Transfers; (iv)
Investments consisting of (A) travel advances and employee relocation loans and other employee
loans and advances in the ordinary course of business, and (B) loans to employees, officers or
directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to
employee stock purchase plan agreements approved by Borrower’s board of directors; (v) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of
customers or suppliers and in settlement of delinquent obligations of, and other disputes with,
customers or suppliers arising in the ordinary course of Borrower’s business; (vi) Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers
and suppliers who are not Affiliates, in the ordinary course of business; and (vii) repurchase of
stock of the Borrower, except that a repurchase shall only be permitted if, at the time of the
repurchase, such repurchase amount, when combined with other repurchases in the prior twelve (12)
month period does not exceed One Hundred Million Dollars ($100,000,000) and if, at the time of the
repurchase, no Event of Default has occurred, is continuing or would exist after giving effect to
the repurchase.

“Permitted Liens” means the following: (i) any Liens existing on the Closing Date and
disclosed in the Schedule or arising under this Agreement or the other Loan Documents; (ii) Liens
for taxes, fees, assessments or other governmental charges or levies, either not delinquent or
being contested in good faith by appropriate proceedings and for which Borrower maintains adequate
reserves, provided the same have no priority over any of the Banks’ security interests; (iii) Liens
securing the Indebtedness not to exceed the amount described in (iii) of the definition of
Permitted Indebtedness (A) upon or in any Equipment acquired or held by Borrower or any of its
Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the
purpose of financing the acquisition of such Equipment, or (B) existing on such Equipment at the
time of its acquisition, provided that the Lien is confined solely to the property so acquired and
improvements thereon, and the proceeds of such Equipment, provided that, to the extent not
specifically prohibited by the terms of such financings, Borrower shall grant and pledge to the
Banks a valid, perfected security interest which is second in priority to any lien granted under
this provision; and (iv) Liens incurred in connection with the extension, renewal or refinancing of
the indebtedness secured by Liens of the type described in clauses (i) through (iii) above,
provided that any extension, renewal or replacement Lien shall be limited to the property
encumbered by the existing Lien and the principal amount of the indebtedness being extended,
renewed or refinanced does not increase.

“Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by
Borrower or any Subsidiary of: (i) Assets, Accounts or Inventory in the ordinary course of
business and in the ordinary course of portfolio management, which may include sales from
portfolios acquired under joint bids where the Borrower is the lead purchaser; (ii) non-exclusive
licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in
the ordinary course of business; (iii) surplus, worn-out or obsolete Equipment, or (iv) the capital
stock of Borrower for fair market value.

“Postponed Debt” means the total Indebtedness that is fully postponed and
subordinated, on terms satisfactory to the Banks, to the obligations owing to the Banks.

“Promissory Note” means any promissory note or other instrument of Borrower in favor
of any Bank evidencing any indebtedness of Borrower to any Bank under this Agreement or evidencing
any of the other Obligations, together with any amendments, modifications, extensions, renewals,
substitutions or replacements thereto or therefor.

“Pro Rata” means, with respect to a Bank as of any date of determination, such Bank’s
allocable portion of outstanding Credit Extensions under the Revolving Facility and the
Non-Revolving Sublimit expressed as a fraction, the numerator of which is such Bank’s total
outstanding Credit Extensions and the denominator of which is the aggregate of all outstanding
Credit Extensions under this Agreement, as of such date of determination.

“Purchase Agreement” means the agreement between Borrower or any Guarantor and any
Asset Pool Seller for the purchase of an Asset Pool.

“Purchase Price” shall mean the actual purchase price paid by Borrower or a Guarantor
for an Asset Pool, pursuant to the terms of a Purchase Agreement.

“Requirement of Law” means as to any person, the certificate of incorporation and
by-laws or other organizational or governing documents of such person, and any law, treaty, rule,
or regulation, or determination of an arbitrator or a court or other Governmental Authority, in
each case applicable to or binding upon such person or any of its properties or to which such
person or any of its properties is subject, either individually, or jointly or collectively with
another person or persons.

“Responsible Officer” means each of the Chief Executive Officer, the Chief Operating
Officer, the Chief Financial Officer and the Controller of Borrower.

“Revolver Maturity Date” means the day before the third anniversary of the Closing
Date, or any extension thereof pursuant to Section 2.7 hereof.

“Revolving Facility” means the facility under which Borrower may request the Banks to
issue Advances, as specified in Section 2 under subsection entitled “Revolving Facility”.

“Schedule” means the schedule of exceptions attached hereto, if any.

“Shareholders’ Equity” means the total of (i) share capital (excluding redeemable
preferred shares and treasury stock), (ii) contributed surplus, (iii) retained earnings and (iv)
Postponed Debt; and for non-corporate organizations such as partnerships or limited liability
companies, equity accounts similar to those described herein for corporations.

“Software Products” and “Software” are interchangeable and mean software,
computer source codes and other computer programs.

“Subordinated Liabilities” means liabilities subordinated to Borrower’s obligations to
the Banks in a manner acceptable to the Banks in each Bank’s sole discretion.

“Subsidiary” means any registered organization or other organization (1) the majority
(by number of votes) of the outstanding voting interests of which is at the time owned or
controlled by Borrower, or by one or more Subsidiaries of Borrower, or Borrower and one or more
Subsidiaries of Borrower, or (2) otherwise controlled by or within the control of Borrower or any
Subsidiary.

“Tangible Net Worth” means the value of Borrower’s total assets (including leaseholds
and leasehold improvements and reserves against assets but excluding goodwill, patents, trademarks,
trade names, organization expense, unamortized debt discount and expense, capitalized or deferred
research and development costs, deferred marketing expenses, and other like intangibles, and monies
due from affiliates, officers, directors, employees, shareholders, members or managers of Borrower)
less total liabilities, including but not limited to accrued and deferred income taxes, but
excluding the non-current portion of Subordinated Liabilities.

“Total Liabilities” or “Total Debt “ means all liabilities, including Contingent
Liabilities, exclusive of deferred tax liabilities and Postponed Debt.

“Trademarks” means any trademark and service mark rights, whether registered or not,
applications to register and registrations of the same and like protections, and the entire
goodwill of the business of Borrower connected with and symbolized by such trademarks.

“Unused Facility” means an amount equal to the Committed Line then in effect less the
aggregate amount of Advances outstanding under the Revolving Facility and the Non-Revolving
Sublimit and any other deductions from the Committed Line as provided in the Agreement.

3

EXHIBIT B

	 	 	 	 	 
	LOAN PAYMENT/ADVANCE REQUEST FORM

	 	

	 	

	 
	 	 	 	 
	DEADLINE FOR SAME DAY PROCESSING IS 10:00 A.M., E.T.
	 	 
	 
	 	 	 	 
	TO:      

	 	and
	 	DATE:
	
 
	 	 
	 	

	FAX #:     

	 	and
	 	TIME:
	
 
	 	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FROM:

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CLIENT NAME (BORROWER)

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	REQUESTED BY:

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AUTHORIZED SIGNATURE:

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PHONE NUMBER:

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FROM BANK OF AMERICA ACCT #

	 	 	 	TO ACCOUNT #
	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FROM WACHOVIA ACCT #

	 	 	 	TO ACCOUNT #
	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FROM RBC CENTURA ACCT #

	 	 	 	TO ACCOUNT #
	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CHECK ONE: ?Revolving Facility	 	?Non-Revolving Sublimit
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	REQUESTED TRANSACTION TYPE	 	 	 	REQUEST DOLLAR AMOUNT	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	 	Bank of America
	 	 	 	 	 	Wachovia Bank
	 	 	 	 	 	RBC Centura Bank

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PRINCIPAL INCREASE (ADVANCE)

	 	 	 	 	$	 	 	 	 	 	$	 	 	 	$	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PRINCIPAL PAYMENT (ONLY)

	 	 	 	 	$	 	 	 	 	 	$	 	 	 	$	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	INTEREST PAYMENT (ONLY)

	 	 	 	 	$	 	 	 	 	 	$	 	 	 	$	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PRINCIPAL AND INTEREST (PAYMENT)

	 	 	 	 	$	 	 	 	 	 	$	 	 	 	$	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	OTHER INSTRUCTIONS:

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	All representations and warranties of Borrower stated in the Loan and Security Agreement are true, correct and complete in all respects as of the date

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	of this Loan Payment/Advance Request; provided, however, that those representations and warranties expressly referring to another date shall be true,

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	correct and complete as of such date.

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BANK USE ONLY

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TELEPHONE REQUEST:

	 	

	 	

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	The following person is authorized to request the loan payment transfer/loan advance on the advance designated account and is known to me.

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Authorized Requester

	 	 	 	 	 	 	 	 	 	Phone #
	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Received By (Bank)

	 	 	 	 	 	 	 	 	 	Phone #
	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Authorized Signature (Bank)

	 	

	 	

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

4

EXHIBIT C

	 	 	 
	DEBTOR:

SECURED PARTIES:

	 	PORTFOLIO RECOVERY ASSOCIATES, INC.

BANK OF AMERICA, N.A. WACHOVIA BANK, NATIONAL

ASSOCIATION, RBC CENTURA BANK

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT

All personal property owned by Borrower and all personal property in which Borrower has a property
interest, both presently existing and hereafter created, written, produced, developed, acquired and
arising, of every nature, kind and description, wherever located and notwithstanding in whose
custody and possession any of the foregoing may be at any time or times, including, but not limited
to:

	(i)	 	all accounts (as such term is defined in Article 9 of the Uniform Commercial Code in effect
from time to time in the Commonwealth of Virginia) owned by the Borrower and all accounts in
which the Borrower has any rights (including, without limitation, rights to grant a security
interest in accounts owned by other persons), both now existing and hereafter owned, acquired
and arising and, to the extent not included in the term accounts as so defined after ascribing
a broad meaning thereto, all accounts receivable, health-care-insurance receivables, credit
and charge card receivables, bills, acceptances, documents, choses in action, chattel paper
(both tangible and electronic), promissory notes and other instruments, deposit accounts,
license fees payable for use of software, commercial tort claims, letter of credit rights and
letters of credit, rights to payment for money or funds advanced or sold other than through
use of a credit card, lottery winnings, rights to payment with respect to investment property,
general intangibles and other forms of obligations and rights to payment of any nature, now
owing to the Borrower and hereafter arising and owing to the Borrower, together with (1) the
proceeds of all of the accounts and other property and property rights described hereinabove,
including all of the proceeds of Borrower’s rights with respect to any of its goods and
services represented thereby, whether delivered or returned by customers, and all rights as an
unpaid vendor and lienor, including rights of stoppage in transit and of recovering possession
by any proceedings, including replevin and reclamation, and (2) all customer lists, books and
records, ledgers, account cards, and other records including those stored on computer or
electronic media, whether now in existence or hereafter created, relating to any of the
foregoing; including, without limitation, any account established for a bank credit card,
retail credit card, consumer installment loan, defaulted auto loans or lines of credit in the
name of an Account Debtor, as set forth and described in a Purchase Agreement, and all unpaid
balances due from such Account Debtor, together with all available documents evidencing such
Account Debtor’s agreement to make payment of such unpaid balances, including without
limitation each available credit card application or agreement, and each available promissory
note, receivable, obligation, chattel paper, payment agreement, contract, installment sale
agreement or other obligation or promise to pay of an Account Debtor, all as described and
referred to in a Purchase Agreement, together with any property or other right obtained by
Borrower in connection with collection of any account or in substitution therefor, all of
which constitutes a part of the Asset Pool into which such Account was initially delivered;

	(ii)	 	all now existing and hereafter acquired Asset Pools and Asset Pool Proceeds, as defined in
this Agreement;

	(iii)	 	all rights in and to each Purchase Agreement, as defined in this Agreement;

	(iv)	 	all now existing and hereafter acquired software, computer source codes, computer programs
embedded in goods that consist solely of the medium in which the program is embedded and other
computer programs and supporting information (collectively, the “Software Products”), and all
common law and statutory copyrights and copyright registrations, applications for
registration, now existing and hereafter arising, United States of America and foreign,
obtained and to be obtained on or in connection with the Software Products, and any parts
thereof and any underlying and component elements of the Software Products, together with the
right to copyright and all rights to renew and extend such copyrights and the right (but not
the obligation) of Bank to sue in its own name and in the name of the Borrower for past,
present and future infringements of copyright;

	(v)	 	all now existing and hereafter acquired goods, including, without limitation, fixtures,
equipment and inventory;

	(vi)	 	all now existing and hereafter arising rights in oil, gas or other minerals before
extraction;

	(vii)	 	all now existing and hereafter arising guarantees and other supporting obligations, together
with the security therefor;

	(viii)	 	all now existing and hereafter arising copyrights, trade secrets, trademarks, service marks,
trade names and service names and the goodwill associated therewith;

	(ix)	 	all now existing and hereafter arising (a) patents and patent applications filed in the
United States Patent and Trademark Office or any similar office of any foreign jurisdiction,
and interests under patent license agreements, including, without limitation, the inventions
and improvements described and claimed therein, (b) licenses pertaining to any patent whether
Borrower is licensor or licensee, (c) income, royalties, damages, payments, accounts and
accounts receivable now due and those hereafter arising and due under and with respect
thereto, including, without limitation, damages and payments for past, present and future
infringements thereof, (d) the right (but not the obligation) to sue for past, present and
future infringements thereof, (e) rights corresponding thereto throughout the world in all
jurisdictions in which such patents have been issued or applied for, and (f) the reissues,
divisions, continuations, renewals, extensions and continuations-in-part with any of the
foregoing (all of the foregoing patents and applications and interests under patent license
agreements, together with the items described in clauses (a) through (f) in this paragraph are
sometimes herein individually and collectively referred to as the “Patents”);

	(x)	 	one hundred percent (100%)of the limited liability company membership interests in Portfolio
Recovery Associates, L.L.C., a Delaware limited liability company, PRA Location Services, LLC,
a Delaware limited liability company, PRA Government Services, LLC, a Delaware limited
liability company, PRA Receivables Management, LLC, a Virginia limited liability company, as
well as any interest whatsoever of Debtor in any entity, regardless of the form of such
entity, whether such interest is now owned or hereafter acquired, whether certificated,
uncertificated or in some other form or evidenced in some other manner or method or later
becomes certificated, owned and held by Debtor or owned by Debtor and held on Debtor’s behalf
and for the account of Debtor by some other person or entity, together with all now existing
and hereafter arising property and property rights and benefits accruing and payable
thereunder or otherwise arising therefrom or related thereto, including, without limitation,
all general intangibles and all payments, cash, monies, interest, payments, dividends,
distributions, insurance proceeds, condemnation proceeds and other proceeds; and

	(xi)	 	all now existing and hereafter arising accessions, products and proceeds, including, without
limitation, insurance proceeds and condemnation proceeds, of any and all of the foregoing
property and property rights.

5

EXHIBIT D

	 	 	 	 	 	 	 	 	 
	 	 	 	 	BORROWING BASE CERTIFICATE
	Bank of America, N.A. Wachovia Bank, National	 	(Estimated Remaining Collections of All Eligible
	Association RBC Centura Bank	 	Asset Pools)	 	 	 	 
	Borrower: Portfolio Recovery Associates, Inc.
	 	Lenders: Bank of America, N.A. and Wachovia

	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Bank, National Association, RBC Centura Bank

	 
	 	 	 	 	 	 	 	 
	Credit Line Amount:

	 	

	 	

	 	

	[Revolving and

Non-Revolving]

	 	

$150,000,000
	 	

	 	

	 
	 	 	 	 	 	 	 	 
	ESTIMATED REMAINING COLLECTIONS

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 
	1. Borrower’s and Portfolio Recovery Associates, L.L.C.’s Estimated
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Remaining Collections of all Eligible Asset Pools identified in the
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	attached Asset Pool Report
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(a) Bank of America
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(b) Wachovia Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(c) RBC Centura Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	2. Loan Value of #1 (a) (30% of #1(a))
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Loan Value of #1 (b) (30% of #1(b))
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Loan Value of #1 (c) (30%) of #1(c))
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	BALANCES

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 
	3. Maximum Credit Line [Revolving and Non-Revolving]
	 	 	 	 	150,000,000	 
	 
	 	 	 	 	 	 	 	 
	
 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(a) Bank of America
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(b) Wachovia Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(c) RBC Centura Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	4. Total Permissible Borrowings on Credit Line [Revolving and
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Non-Revolving] (Lesser of #2 or #3)
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(a) Bank of America
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(b) Wachovia Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(c) RBC Centura Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	5. Present balance owing on Line of Credit [Revolving and Non-Revolving]
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(a) Bank of America
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(b) Wachovia Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(c) RBC Centura Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	6. RESERVE POSITION (#4 minus #5)
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(a) Bank of America
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(b) Wachovia Bank
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	(c) RBC Centura Bank
	 	 	 	 	 	 

The undersigned represents and warrants that the foregoing is true, accurate and complete as of the
date indicated below, and that the information reflected in this Borrowing Base Certificate
complies with the representations and warranties set forth in the Loan Agreement between the
undersigned, Bank of America, N.A., Wachovia Bank, National Association, and RBC Centura Bank

	 	 	 	 	 
	Portfolio Recovery Associates, Inc.
	 	Date: __________________
	 
	 	 	 	 
	By:

	 	

	 	

	 
	 	 	 	 
	
 
	 	Authorized Signer
	 	

	 
	 	 	 	 

6

EXHIBIT E

	 	 	 
	Bank of America, N.A.	 	 
	Wachovia Bank, National Association	 	 
	RBC Centura Bank

	 	COMPLIANCE CERTIFICATE

TO: BANK OF AMERICA, N.A, WACHOVIA BANK, NATIONAL ASSOCIATION and RBC CENTURA BANK (the “Banks”)

FROM: PORTFOLIO RECOVERY ASSOCIATES, INC.

The undersigned authorized officer of Portfolio Recovery Associates, Inc. (“Borrower”) hereby
certifies that in accordance with the terms and conditions of the Amended and Restated Loan and
Security Agreement between Borrower and the Banks dated May 4, 2007 (the “Agreement”), (i) Borrower
is in complete compliance for the period ending      , with all covenants set forth in the Agreement,
except as noted below and (ii) all representations and warranties of Borrower stated in the
Agreement are true, correct and accurate as of the date hereof. Attached herewith are the required
documents supporting the above certification. The undersigned authorized officer further certifies
that this Compliance Certificate and any supporting financial documents have been prepared in
accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from
one period to the next except as explained in an accompanying letter or footnotes – or unless
otherwise permitted in the Agreement. Reference is made to the Agreement for the relevant meanings
of the reporting requirements and covenants which are stated below in a “short-hand” manner.

Please indicate compliance status by circling Yes/No under “Complies” column.

	 	 	 	 	 	 	 
	Reporting Covenant	 	Required	 	Complies
	Quarterly financial statements

	 	Quarterly within 30 days
	 	Yes
	 	No
	 
	 	 	 	 	 	 
	Quarterly audits of Net Financed Balances

	 	Quarterly within 30 days
	 	Yes
	 	No
	 
	 	 	 	 	 	 
	Annual financial statements (Audited)

	 	FYE within 120 days
	 	Yes
	 	No
	 
	 	 	 	 	 	 
	10K and 10Q

	 	As applicable
	 	Yes
	 	No
	 
	 	 	 	 	 	 
	Borrowing Base Cert. – Estimated

Remaining Collections

	 	

Monthly within 30 days
	 	

Yes
	 	

No

(Continued on Next Page)

7

Compliance Certificate

(Continued from Previous Page)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Financial Covenant	 	Required	 	Actual	 	Complies
	Funded Debt to EBITDA

	 	Not more than 2.0 to 1.0

	 	 	 	to
	 	     

_
	 	Yes

	 	No

	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Tangible Net Worth

	 	Equal to at least 100%

of Tangible Net Worth

reported by Borrower at

September 30, 2005,

plus 25% of cumulative

positive net income

accrued since the end

of such fiscal quarter,

plus 100% of the net

proceeds from any

equity offering,

calculated quarterly on

the last day of each

fiscal quarter, it

being understood that

up to $100,000,000

worth of funds expended

by Borrower on the

repurchase of

Borrower’s capital

stock shall not be

deducted from Tangible

Net Worth for purposes

of this covenant.
	 	

	 	

	 	

	 	Yes

	 	No

	
 
	 	 
	 	

	 	

	 	

	 	

	 	

(Continued on Next Page)

8

Compliance Certificate

(Continued from Previous Page)

	 	 	 	 	 	 	 
	Comments Regarding Exceptions: See Attached.

	 	BANK USE ONLY
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Received by:
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Authorized Signer
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Date:
	 	

	 	

	 
	 	 	 	 	 	 
	Authorized Signatory of Borrower

	 	

	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Verified:
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Authorized Signer
	 	

	 	

	 
	 	 	 	 	 	 
	Title

	 	

	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Date:
	 	

	 	

	 
	 	 	 	 	 	 
	Date

	 	

	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Compliance Status
	 	Yes
	 	No
	 
	 	 	 	 	 	 

9

EXHIBIT F

Form of Asset Pool Report

10

SCHEDULE OF EXCEPTIONS

Permitted Indebtedness

Indebtedness owed by Borrower or any Guarantor hereunder or to (i) Bank of America on fixed rate
loan maturing 8/1/2007, (ii) Steelcase Financial or De Lage Landen Financial Services on
Capitalized Leases maturing 2/14/2008, 6/14/2008, 8/16/2008 and 1/16/2009 respectively, and (iii)
USBANCORP on operating Leases.

Permitted Investments

Investments (i) in the membership interests of each Guarantor and (ii) in connection with any
Permitted Acquisition.

Permitted Liens

Liens securing Permitted Indebtedness.

11

	 	 	 
	Bank of America, N.A.

Wachovia Bank, National Association

RBC Centura Bank

	 	INSURANCE CERTIFICATION

and

AGREEMENT

	 	 	 
	TO:

Date: May 4, 2007

From:

	 	BANK OF AMERICA, N.A., WACHOVIA BANK, NATIONAL

ASSOCIATION, and RBC CENTURA BANK

PORTFOLIO RECOVERY ASSOCIATES, INC.

In consideration of a loan referenced above (“loan”), the undersigned, jointly and severally if
more than one, certifies to and agrees with Bank of America, Wachovia Bank and RBC Centura Bank
(the “Banks”) as follows:

(a) the insurance coverage required in connection with the loan is in place and will remain
in force during the term of the loan;

(b) the policies of insurance evidencing the insurance coverage referenced in (a) above are
listed below, which information is accurate in all material respects as of the date of this
certification;

(c) we have notified the agent and companies identified below to add “Bank of America, N.A.,
Wachovia Bank, National Association, RBC Centura Bank and their successors and assigns” as equal
lender’s loss payees/mortgagees, as directed by the Banks, on the existing insurance policies and
to add “Bank of America, N.A., Wachovia Bank, National Association and RBC Centura Bank and their
successors and assigns” as equal lender’s loss payees/mortgagees on any new policies;

(d) we have notified the agents and companies identified below to furnish the Banks at the
above addresses with copies of the policies with all endorsements, together with any subsequent
renewal policies – all of which shall reflect the interests of the Banks as required herein or as
may otherwise be directed by the Banks; and

(e) we have notified the agents and companies identified below to provide copies of all
notices given under the insurance policies to the Banks, including copies of all notices regarding
non-payment of premiums and termination or cancellation of the policies, or any of them.

The following is identifying information on the policies of insurance required to be carried by us
under the loan:

(Continued on Next Page)

12

	 	 	 	 	 	 	 
	Casualty Insurance

	 	Name: Hartford Casualty
	 	Name:
	 	

	 
	 	 	 	 	 	 
	
 
	 	Address: 8711 University East
	 	Address:
	 	

	
 
	 	Dr.
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Charlotte, NC 28213
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Telephone: 800-448-5462
	 	Telephone:
	 	

	 
	 	 	 	 	 	 
	General Liability

	 	Name: Hartford Casualty
	 	Name:
	 	

	 
	 	 	 	 	 	 
	
 
	 	Address: 8711 University East
	 	Address:
	 	

	
 
	 	Dr.
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Charlotte, NC 28213
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Telephone:800-448-5462
	 	Telephone:
	 	

	 
	 	 	 	 	 	 
	Workmen’s Comp.

	 	Name: PMA Insurance Co.
	 	Name:
	 	

	 
	 	 	 	 	 	 
	
 
	 	Address: P.O. Box 3031
	 	Address:
	 	

	 
	 	 	 	 	 	 
	
 
	 	380 Sentry Parkway
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	BWE BEU, PA 19422-0754
	 	

	 	

	 
	 	 	 	 	 	 
	
 
	 	Telephone:610-397-5000
	 	Telephone:
	 	

	 
	 	 	 	 	 	 
	
 
	 	 	 	 	 	Name: AWAC
	
 
	 	 	 	 	 	 
	Officers’ &

Directors’

	 	Name:XL Insurance
	 	Name: Zurich North      
	 	Address: 225

Franklin Street

—

Boston, MA
	
 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	
 
	 	Address: 17th Floor
	 	Address:21st Floor
	 	

	 
	 	 	 	 	 	 
	
 
	 	100 Constitution Plaza
	 	1818 Market Street
	 	

	 
	 	 	 	 	 	 
	
 
	 	Hartford, CT 06103
	 	Philadelphia, PA 19103
	 	

	 
	 	 	 	 	 	 
	
 
	 	Telephone:
	 	Telephone:
	 	

	 
	 	 	 	 	 	 
	Flood Insurance

	 	Name: Hartford
	 	Name: Travelers
	 	

	 
	 	 	 	 	 	 
	
 
	 	Address: P.O. Box 2057
	 	Address: P.O. Box 34272
	 	

	 
	 	 	 	 	 	 
	
 
	 	Kalispell, MT 59903-2057
	 	Bethesda, MD 20827
	 	

	 
	 	 	 	 	 	 
	
 
	 	Telephone:800-759-8656
	 	Telephone: 800-356-6670
	 	

	 
	 	 	 	 	 	 
	Umbrella:

	 	Name: Hartford Casualty
	 	Name: St. Paul Travelers
	 	

	 
	 	 	 	 	 	 
	
 
	 	Address: Hartford Plaza
	 	Address: 111 Schilling Road
	 	

	 
	 	 	 	 	 	 
	
 
	 	Hartford, CT 06115
	 	Hunt Valley, MD 21031
	 	

	 
	 	 	 	 	 	 
	
 
	 	Telephone:
	 	Telephone:
	 	

(Signatures on Next Page)

13

	 
	 

	Portfolio Recovery Associates, Inc.

By: /S/

	 

	Steven D. Fredrickson

President and Chief Executive Officer

	 	 	 
	FOR BANK USE ONLY

	 	

	 
	 	 
	INSURANCE VERIFICATION: Date:

	 
	 	 
	Person Spoken to:

	 	

	 
	 	 
	Policy Number:

	 	

	 
	 	 
	Effective From:

	 	To:
	 
	 	 
	Verified by:

	 	

14

	 	 	 
	Bank of America, N.A.	 	 
	Wachovia Bank, National Association

RBC Centura Bank

	 	AUTOMATIC DEBIT

AUTHORIZATION

	 	 	 	 	 
	To: Bank of America, N.A.

	 

	Wachovia Bank, National Association

	 

	RBC Centura Bank

	 

	Re: Loan #

	 	 	 
	You are hereby authorized and instructed to charge,

America account No.      and Wacho

      in the name of

     and RB

	 	respectively, Bank of

via Bank account No.

C Centura Bank account No.
	 
	 	 
	_____________________ for principal, interest, fees, charges and other payments

	 
	 	 
	due on the above-referenced loan (“loan”) as set fo

loan.

	 	rth below and credit the

	 
	 	 
	     Debit each interest pa

according to the terms of

agreements evidencing the

renewed, extended, amended

substituted from time to t

	 	yment as it becomes due

the instruments and other

loan, as the same may be

        , modified, replaced and

ime.
	 
	 	 
	     Debit each principal p

according to the terms of

agreements evidencing the

renewed, extended, amended

substituted from time to t

	 	ayment as it becomes due

the instruments and other

loan, as the same may be

        , modified, replaced and

ime.
	 
	 	 
	     Debit any fees, charge

become due according to th

and other agreements evide

may be renewed, extended,

and substituted from time

	 	s and other payment as they

e terms of the instruments

ncing the loan, as the same

amended, modified, replaced

to time.
	 
	 	 
	This Authorization is to remain in full force and e

writing by an authorized representative of Borrower

Bank. A revocation shall be deemed delivered to a

p.m. on the calendar day which is 30 business days

revocation is deposited in the U.S. mail, postage p

Bank at such address as the Bank may designate from

	 	ffect until revoked in

which is delivered to each

Bank effective as of 5:00

following the date the

repaid, addressed to the

time to time.

	 	 	 
	Portfolio Recovery Associates, Inc.

By:      

Print Name:      

Title:     

	 	

Date:      

15

	 	 	 
	Bank of America, N.A.	 	 
	Wachovia Bank, National Association	 	 
	RBC Centura Bank

	 	SIGNATURE AUTHORIZATION

To: Bank of America, N.A. Wachovia Bank, National Association            RBC Centura Bank

Address: One Commercial Place Address: 101 West Main Street Address: 555 E. Main St.

Commercial Banking, Third Floor Mail Code VA 5263 Suite 1000

Norfolk, VA 23510 Norfolk, VA 23510 Norfolk, VA 23510

Attn: Paula H. Smith Attn: Charnette Simmons, Attn: Denise M. Howard,

Senior Vice President            Vice President

This Authorization is in reference to that certain Loan and Security Agreement (“Agreement”)
executed by the undersigned borrower (“Borrower”) concerning a loan or loans from Bank of America
        ,Wachovia Bank and RBC Centura Bank (each a “Bank” and collectively the “Banks”) to Borrower. Each
individual signing on behalf of the Borrower, as shown below, hereby certifies that he/she has been
authorized by Borrower to designate certain individuals who are employees or agents of Borrower to
perform such acts as are contemplated by and in furtherance of the Agreement.

The individuals named on the next page, and any one acting alone, are hereby authorized and
appointed for and on behalf of Borrower from time to time to do any of the following:

	 	(1)	 	To request advances of credit under the Agreement and to effect repayment of
any credit outstanding under the Agreement.

	 	(2)	 	To execute and deliver assignments, borrowing certificates, instruments,
schedules, reports, invoices, bills, shipping documents and such other documents and
certificates as may be necessary or appropriate under the Agreement and any instruments
and other agreements relating thereto, including all those executed and delivered in
connection therewith;

	 	(3)	 	To transfer and endorse to each Bank, as applicable, in payment of Borrower’s
obligations to each Bank any of Borrower’s now existing and hereafter acquired real and
personal property, including, without limitation, any goods, monies, accounts, general
intangibles, investment property, documents, chattel paper and any checks, drafts,
notes and other instruments payable to Borrower; and

	 	(4)	 	To do and perform any and all other acts and matters in any way relating to any
or all of the foregoing.

The undersigned individuals each further certifies that the specimen signatures below are the
genuine signatures of the individuals designated herein and that their signatures shall be binding
on Borrower until the Banks receive written notice of termination of the authority of any such
designated individuals.

	 	 	 
	Date: May 4, 2007

	 	Portfolio Recovery Associates, Inc.

By: /S/
	
 
	 	 
	
 
	 	Steven D. Fredrickson

President and Chief Executive Officer

Authorized Individuals and Specimen Signatures On Next Page

16

Attached to Signature Authorization

for

Portfolio Recovery Associates, Inc. to Bank of America, N.A. and Wachovia Bank, National

Association,

and RBC Centura Bank

dated May 4, 2007

Authorized Individuals and Specimen Signatures:

	 	 	 
	Name (Typed or Printed)

	 	Signature
	 
	 	 
	Steven D. Fredrickson

	 	/ S/
	 

	 	 
	 
	 	 
	Kevin P. Stevenson

	 	/ S/
	 
	 	 
	Judith S. Scott

	 	/ S/
	 
	 	 

17

	 	 	 
	Bank of America, N.A.	 	 
	Wachovia Bank, National Association	 	 
	RBC Centura Bank

	 	Notice of Extension

To: PORTFOLIO RECOVERY ASSOCIATES, INC.

Address: 120 Corporate Boulevard

Suite 100

Norfolk, VA 23502

Attn:      

Facsimile:      

This Notice of Extension is in reference to that certain Second Amended and Restated Loan and
Security Agreement dated as of May 4, 2007 (“Agreement”) executed by Portfolio Recovery Associates,
Inc. (“Borrower”) concerning a loan or loans from Bank of America, Wachovia Bank and RBC Centura
Bank (each a “Bank” and collectively with any additional lenders thereunder, the “Banks”), to
Borrower.

Pursuant to Section 2.7 of the Agreement, you are hereby notified that the Revolver Maturity Date
of the Agreement (as defined therein) is hereby extended to a date that is one year from the
current Revolver Maturity Date. For avoidance of doubt, the Revolver Maturity Date is hereby
extended to May      , 200_.

The provisions of the Agreement shall continue in full force and effect and shall not be modified
or amended in any manner except as expressly provided above.

BANK OF AMERICA, N.A. WACHOVIA BANK, NATIONAL ASSOCIATION

By:      By:      

	 	 	 
	Name:

	 	Name:
	Title:

	 	Title:
	Date:      

	 	

	 
	 	 
	RBC CENTURA BANK

By:      

Name:

	 	

	Title:

	 	

Date:      

18EX-10.1

AGREEMENT OF SALE AND PURCHASE

BY AND BETWEEN

YORKTOWN BUILDING HOLDING

COMPANY, LLC, a Georgia limited liability

company

(“SELLER”)

AND

TRIPLE NET PROPERTIES, LLC

a Virginia limited liability company

(“PURCHASER”)

For the Sale and Purchase

of

101 Yorktown Drive, Fayetteville, Georgia

4000 Shakerag Hill Road, Peachtree City, Georgia

1

March 29, 2007

AGREEMENT OF SALE AND PURCHASE

THIS AGREEMENT OF SALE AND PURCHASE (the “Agreement”) is made and entered into by and between
YORKTOWN BUILDING HOLDING COMPANY, LLC, a Georgia limited liability company, a Georgia limited
liability company (hereinafter referred to as “Seller”), and TRIPLE NET PROPERTIES, LLC, a
Virginia limited liability company(hereinafter referred to as “Purchaser”). Seller and Purchaser
are sometimes collectively referred to herein as the “Parties”.

WHEREAS, Seller is the owner of certain office buildings and related surface parking on
approximately 10.30 acres of land and located in Land Lot 125 of the 5th District,
Fayette, County, Georgia, and approximately 2.97 acres of land and located in Land Lot 93 of the
7th District, Peachtree City, Fayette County, Georgia, consisting of certain land more
particularly described on Exhibit “A” and the improvements located thereon as further
defined below and made a part hereof; and

WHEREAS, Seller desires to sell and Purchaser desires to purchase the Property.

NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00), the mutual covenants and
agreements contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as follows:

ARTICLE I.

Definitions

As used herein (including any Exhibits attached hereto), the following terms shall have the
meanings indicated:

“Business Agreements” shall mean any management agreement, service contract or other agreement
or instrument affecting all or a portion of the Property to which Seller is a party but not
including Tenant Leases. A listing of Business Agreements is attached hereto as Exhibit
“C” and incorporated herein by reference.

“Business Day(s)” shall mean calendar days other than Saturdays, Sundays and legal holidays.

“Claim” shall mean any obligation, liability, lien, encumbrance, loss, damage, cost, expense
or claim, including, without limitation, any claim for damage to property or injury to or death of
any person or persons.

“Closing” shall mean the consummation of the sale and purchase of the Property as provided for
herein, to be conducted at such location as the Parties may mutually agree in writing.

“Closing Date” shall mean the actual day on which the transaction contemplated hereby is
closed with the transfer of title to the Property to Purchaser. The Parties agree that the Closing
Date shall be on May 2, 2007.

“Deed” shall mean a limited warranty deed in content, form and substance reasonably acceptable
to the Parties and complying with local law executed by Seller, as grantor, in favor of Purchaser
or its permitted assignee, as grantee, conveying the Property as described in Exhibit “A” to
Purchaser, subject to the Permitted Exceptions.

“Due Diligence Materials” shall mean all documents relating to the development and operation
of the Property described in Exhibit “F” attached hereto and incorporated herein by
reference.

“Due Diligence Period” shall mean that period of time ending March 26, 2007, during which the
Purchaser shall perform its desired inspections of the Property and review the due diligence
materials as set forth in Section 4.1.

“Earnest Money Deposit” shall mean the aggregate sum of One Million Two Hundred Fifty
Thousand and No/100 Dollars ($1,250,000.00) to be delivered to the Title Company by Purchaser as
contemplated by Section 3.2.

“Effective Date” shall mean the later of the two (2) dates on which this Agreement is signed
and all changes initialed by the Parties, as indicated by their signatures below.

“Engineering Documents” shall mean all site plans, surveys, soil and substrata studies,
architectural drawings, plans and specifications, engineering plans and studies, floor plans,
landscape plans, and other plans and studies, if any, that relate to the Property which are in the
possession of Seller.

“Exception Documents” shall mean true, correct and legible copies of each document listed as
an exception to title on the Title Commitment.

“Fixtures” shall mean all permanently affixed equipment, machinery, fixtures, and other items
of real and/or personal property, including all components thereof, now and hereafter located in,
on or used in connection with, and permanently affixed to or incorporated into the Improvements,
including, without limitation, all furnaces, boilers, heaters, electrical equipment, heating,
plumbing, lighting, ventilating, refrigerating, incineration, air and water pollution control,
waste disposal, air-cooling and air-conditioning systems and apparatus, sprinkler systems and fire
and theft protection equipment, all of which, to the greatest extent permitted by law, are hereby
deemed-by the parties hereto to constitute real estate, together with all replacements,
modifications, alterations and additions thereto, but specifically excluding all items of personal
property or trade fixtures leased by Seller and property owned by tenants under any Tenant Lease(s)
encumbering the Property.

“Improvements” shall mean all buildings, improvements, structures and Fixtures now or on the
Closing Date to the extent owned by Seller and located on the Land, including, without limitation,
landscaping, parking lots and structures, roads, drainage and all above ground and underground
utility structures, equipment systems and other so-called “infrastructure” improvements to the
extent any of same may be owned by Seller.

“Intangible Property” means all of Seller’s right, title and interest, if any, in all
intangible assets relating to the Land, the Improvements, the Fixtures and/or the Personal
Property, including all of Seller’s right, title and interest, if any, in all (a) warranties and
guaranties relating to the Land, the Improvements, the Fixtures and/or the Personal Property, (b)
all licenses, permits and approvals relating to the Land, the Improvements, the Fixtures and/or the
Personal Property, (c) all logos and tradenames relating to the Land, the Improvements, the
Fixtures and/or the Personal Property (but specifically excluding the name “Kaufman” and any
derivatives thereof), (d) all contract rights, and (e) all plans and specifications relating to the
Land, the Improvements, the Fixtures and/or the Personal Property, in each case to the extent that
Seller may legally transfer the same.

“Land” means the real property more particularly described on Exhibit “A”, attached
hereto and made a part hereof, together with any easements, rights-of-way, rights of ingress or
egress or other interests and owned by or vested in Seller as related thereto.

“Laws” means all federal, state and local laws, moratoria, initiatives, referenda, ordinances,
rules, regulations, standards, orders and other governmental requirements, including, without
limitation, those relating to the environment, health and safety, disabled or handicapped persons.

“Permitted Exceptions” shall have the meaning ascribed to it in Section 4.2(b).

“Personal Property” means, to the extent owned by Seller and physically located upon the Land
and used in the operation of the Improvements, any machinery, equipment, trade fixtures,
furnishings, inventory, telecommunications equipment, or other personal property, but expressly
excluding any and all personal property of the tenants under the Tenant Leases.

“Property” shall mean, collectively, the Land, the Fixtures, the Improvements, the Personal
Property and the Intangible Property.

“Purchase Price” shall mean the amount of Twenty One Million Five Hundred Thousand and No/100
Dollars ($21,500,000.00).

“Survey” shall mean that current as-built ALTA/ASCM survey of the Property procured by
Purchaser, at its sole cost and expense, and bearing the signature and seal of a surveyor
acceptable to Purchaser licensed within the State of Georgia, and which survey shall be certified
to Purchaser, Seller and the Title Company.

“Tenant Leases” shall mean those leases, license agreements and, as and if applicable, other
occupancy agreements for rental of space in the Improvements or on the Property, and those
additional leases executed after the Effective Date hereof and which are in existence as of the
Closing Date, together with all renewals, modifications, addenda, guarantees and other security
documents of any and all such leases.

“Title Commitment” shall mean a current commitment issued by the Title Company to Purchaser,
at Purchaser’s expense, pursuant to the terms of which the Title Company shall commit to issue the
title policy to Purchaser in accordance with the provisions of this Agreement, and reflecting all
matters which would be listed as exceptions to coverage on the title policy.

“Title Company” shall mean Land America Title Company, Attn: Gale Hunt, LandAmerica Commercial
Services, 1920 Main Street, 12th Floor, Irvine California, 92614,
ghunt@landam.com; telephone: 949-930-9307; facsimile 714-459-7203.

ARTICLE II.

Agreement to Sell and Purchase

2.1 Agreement to Sell and Purchase. On the Closing Date, Seller shall sell, convey,
assign, transfer and deliver to Purchaser and Purchaser shall purchase, acquire, have conveyed unto
it and accept from Seller, the Property, for the Purchase Price and subject to the terms and
conditions of this Agreement.

ARTICLE III.

Purchase Price and Earnest Money Deposits

3.1 Payment of Purchase Price. The Purchase Price shall be paid by Purchaser in cash
or other immediately available funds at Closing, subject to the adjustments and prorations provided
for herein.

3.2 Earnest Money Deposit.

(a) Within three (3) business days of the Effective Date hereof, Purchaser shall
deliver to the Title Company the sum of Seven Hundred Fifty Thousand and No/100 Dollars
($750,000.00), which sum shall constitute a portion of the Earnest Money Deposit.

(b) If Purchaser does not terminate this Agreement prior to the Expiration of the Due
Diligence Period as contemplated herein, Purchaser shall deliver to the Title Company Five
Hundred Thousand and No/100 Dollars ($500,000.00) of the Earnest Money Deposit on or before
the expiration of the Due Diligence Period, for a total of One Million Two Hundred Fifty
Thousand and No/100 Dollars in Earnest Money.

All earnest monies so deposited shall, if Purchaser closes on the purchase of the Property as
contemplated hereby, be credited towards the Purchase Price at the Closing, but shall, upon the
expiration of the initial Due Diligence Period be deemed immediately fully earned by Seller and
otherwise become non-refundable to Purchaser, except as specifically otherwise set forth in this
Agreement. Any interest earned on the Earnest Money Deposit shall be added to and become part of
the Earnest Money Deposit.

3.3 Independent Consideration. Seller and Purchaser acknowledge and agree that One
Hundred and No/100 Dollars ($100.00) of the Earnest Money Deposit shall be paid to Seller if this
Agreement is terminated for any reason (the “Independent Contract Consideration”). Moreover,
Seller and Purchaser acknowledge and agree that the Independent Contract Consideration has been
bargained for and agreed to as additional consideration for Seller’s execution and delivery of this
Agreement. At Closing, the Independent Contract Consideration shall be applied to the Purchase
Price. In the event this Agreement is terminated for any reason, Seller shall be entitled to the
Independent Contract Consideration.

ARTICLE IV.

Items to be Furnished to Purchaser by Seller

4.1 Due Diligence Materials. Within two (2) days of the Effective Date, Seller shall
make available to Purchaser for its inspection or review the Due Diligence Materials, to the extent
in Seller’s possession, each of which Purchaser agrees to hold in confidence and to return (along
with any and all copies thereof) to Seller if Closing hereunder does not occur, and to otherwise
hold in confidence all information Purchaser receives and/or discovers regarding its physical
condition, its tenants, any claims or asserted claims, litigation or threatened litigation, or
otherwise. Purchaser’s agreement and obligation to maintain such confidentiality shall survive any
termination of this Agreement. Notwithstanding the foregoing, the parties agree that Purchaser may
disclose the due diligence materials to (a) employees, agents, members of professional firms
serving it, and third parties assisting in the evaluation of the Property, and (b) individuals or
entities evaluating the feasibility of investing in the Property.

4.2 Due Diligence Review.

(a) During the Due Diligence Period, Purchaser shall review all Due Diligence
Materials, and, at its sole cost and expense, examine, inspect and investigate the Property
to determine whether it is acceptable to Purchaser. If Purchaser shall, for any reason in
Purchaser’s sole discretion, disapprove or be dissatisfied with any aspect of such
information, or the Property, then Purchaser shall, subject to earlier deadlines prescribed
by Section 4.2(b) hereof, be entitled to terminate this Agreement and to the return of its
Earnest Money Deposit by giving written notice thereof to Seller before the expiration of
the Due Diligence Period, whereupon this Agreement shall automatically be rendered null and
void, and thereafter neither Party shall have any further obligations or liabilities to the
other hereunder, except for those obligations surviving termination hereof. Purchaser
covenants with Seller, which covenants shall survive termination hereof, that it shall
repair and restore any damage or alteration to the Property occurring during the course of
inspections by Purchaser or any of its agents, and Purchaser agrees to and shall indemnify,
hold harmless and, should Seller elect, defend Seller, its agents, representatives and
designees from and against any and all claims for death or injury to persons or property
arising out of or in connection with Purchaser’s (or its successors, assigns, agents,
representatives and designees) activities upon or around the Property, together with any
loss or damage Seller may incur from any liens, costs, (including attorneys fees), expenses,
liabilities and damages arising therefrom. Purchaser shall provide Seller with certificates
evidencing the comprehensive general liability insurance policies which shall be maintained
by Purchaser and each consultant which Purchaser will have present on the Property in
connection with its investigation upon the Property prior to the date of entry upon the
Property, with limits, coverage and insurer under such policies being reasonably
satisfactory to Seller. All third party consultants employed by Purchaser in connection
with Purchaser’s investigation of the Property shall be reputable, maintain adequate levels
of insurance, and otherwise be satisfactory to Seller, acting reasonably. Purchaser shall
conduct its due diligence investigation of the Property in a manner that will not interfere
with the day-to-day operations of the Property and without disturbance to any tenant of the
Property. Purchaser shall not engage in any onsite examination of the Property nor engage
in any communications with any tenant (or any employee of tenant) or with any employee or
contractor of Seller, or any service provider, claimant or person asserting any claim
against Seller without first notifying Charlie Coppolino, representative of Seller, of the
time that Purchaser desires to communicate with Tenant. Seller shall, at its option, have
the right to cause a representative of Seller to be present at all such inspections,
examinations and communications.

(b) Purchaser shall review title to the Property as disclosed by the Title Commitment
and the Survey. Seller shall have no obligation to cure title objections other than
outstanding security deeds encumbering the Property, which Seller shall cause to be released
at the Closing. As to any title objections, Purchaser may, on or before seven (7) business
days prior to the end of the Due Diligence Period, in writing, request Seller to cure any
title matters not acceptable to Purchaser. Seller shall have five (5) days following
receipt of Purchaser’s request to indicate (the “Seller’s Response Notice”) to Purchaser
which, if any, of Purchaser’s objections Seller will cure. If there are any objections
Seller declines to cure or if Seller fails to deliver the Seller’s Response Notice within
the requisite time period, then at the option of Purchaser, evidenced by written notice
(“Purchaser’s Response Notice”) to Seller delivered within two (2) days after delivery of
the Seller’s Response Notice to Purchaser, Purchaser may elect (i) to terminate this
Agreement and receive the return of all the Earnest Money Deposit (less any amounts payable
to Seller pursuant to Section 3.3 herein), and this Agreement shall be of no further force
or effect, except for the provisions which by their terms survive the termination of this
Agreement, or (ii) to close, in which event Purchaser shall receive the limited warranty
deed required herein from Seller irrespective of such objections, and without reduction of
the Purchase Price. In the event Purchaser fails to deliver Purchaser’s Response Notice
within said two (2) day period, Purchaser shall be deemed to have elected to close the
purchase subject to such objections without reduction in the Purchase Price.
Notwithstanding anything to the contrary set forth above, Purchaser shall have the right to
object to any title exceptions first arising after the effective date of the Title
Commitment, and to the extent any new monetary liens are filed during this period, Seller
shall satisfy or have such monetary liens removed from the Property (provided, however, that
Seller shall have the right to extend the Closing Date up to 15 days to satisfy or remove
said monetary liens). Notwithstanding anything to the contrary in this Agreement, the term
“Permitted Exceptions” shall mean: the specific exceptions (exceptions that are not part of
the promulgated title insurance form) in the Title Commitment as of the Closing Date that
Seller is not required to remove as provided above or that Purchaser has not objected to in
writing under this Section 4.2; items shown on the Survey, which have not been removed by
Seller prior to Closing that Purchaser has not objected to under this Section 4.2; such
restrictive covenants, use restrictions, zoning requirements and other matters which do not
materially interfere with the use and operation of the Property for its existing use(s);
matters shown in Exhibit “D” attached hereto: and, real estate taxes and assessments not yet
due and payable with respect to the Property or any portion thereof. To the extent Seller’s
Response Notice contains title objections which Seller elects to cure, Seller will be
obligated to cure such objections at or prior to Closing.

(c) Prior to the end of the Due Diligence Period, Purchaser shall deliver to Seller:
two (2) prints of the Survey, together with a legally sufficient description of the metes
and bounds of the Property based on the Survey, along with a copy of Purchaser’s Title
Commitment with a copy of all underlying exception documents.

ARTICLE V.

Representations, Warranties, Covenants and Agreements

5.1 Representations and Warranties of Seller. Seller, subject to the other terms and
conditions of this Agreement, represents and warrants to Purchaser as follows:

(a) Seller has and will convey, transfer and assign to Purchaser, good and marketable
title to the Property, free and clear of liens, encumbrances, and other matters affecting
title of the Property, except the Permitted Exceptions.

(b) Seller is not a “foreign person” within the meaning of the United States tax laws
and to which reference is made in Internal Revenue Code Section 1445(b)(2).

(c) Seller has duly and validly authorized and executed this Agreement, and shall have,
as of Closing, full right, power and authority to consummate the transactions provided for
herein, and to Seller’s knowledge, the joinder of no person or entity is or will be
necessary to sell the Property to Purchaser at Closing.

(d) From the Effective Date through the Closing Date, Seller shall carry on its
business and activities relating to the Property, including the maintenance and insurance of
the Property, in the same manner as Seller has done for the last year.

(e) All information shown on the rent roll attached hereto as Exhibit “B” is
true and correct in all material respects, and all leases provided to Purchaser by Seller
with the Due Diligence Materials are true, correct and complete copies of the leases
affecting the Property, including all amendments thereto. To the best of Seller’s
knowledge, there are no defaults under the current leases as of the Effective Date of this
Agreement, and there are no material disputes about additional rent described in said leases
and payable by tenants.

(f) This Agreement does not conflict with any other agreement that Seller is a party to
or bound by.

(g) To the best of Seller’s knowledge, the operating statements delivered to Purchaser
are true, accurate and complete.

The representations and warranties set forth in this Section 5.1 shall survive Closing for a
period of six (6) months, and Seller shall reaffirm such representations and warranties at Closing.
As used herein, the term “knowledge of Seller” or “Seller’s knowledge” shall mean and be limited
to the actual knowledge of Charlie Coppolino, representative of Seller and manager of the Property.

5.2 Representations and Warranties of Purchaser. Purchaser represents and warrants to
Seller that:

(a) Purchaser has duly and validly authorized and executed this Agreement, and has full
right, power and authority to enter into this Agreement and to consummate the transactions
provided for herein, and the joinder of no person or entity will be necessary to purchase
the Property from Seller at Closing.

(b) The execution by Purchaser of this Agreement and the consummation by Purchaser of
the transactions contemplated herein do not, and at the Closing will not, result in any
breach of any of the terms or provisions of or constitute a default or a condition which
upon notice or lapse of time or both would ripen into a default under any indenture,
agreement, instrument or obligation to which Purchaser is a party; and does not and at the
Closing will not constitute a violation of any order, rule or regulation applicable to
Purchaser or any portion of the Property of any court or of any federal or state or
municipal regulatory body or administrative agency or other governmental body having
jurisdiction over Purchaser.

5.3 Special Covenants of Purchaser.

(a) PURCHASER ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT ANY INFORMATION
(“INFORMATION”) SUPPLIED OR MADE AVAILABLE BY SELLER, WHETHER WRITTEN ORAL, OR IN THE FORM
OF MAPS, SURVEYS, PLATS, ENVIRONMENTAL REPORTS, ENGINEERING STUDIES, INSPECTION REPORTS,
PLANS, SPECIFICATIONS, OR ANY OTHER INFORMATION WHATSOEVER, WITHOUT EXCEPTION, PERTAINING TO
THE PROPERTY IN ANY FASHION, ANY AND ALL RECORDS, RENT ROLLS AND OTHER DOCUMENTS PERTAINING
TO THE USE AND OCCUPANCY OF THE PROPERTY, OR ANY PORTION THEREOF, INCOME THEREOF, THE COSTS
AND EXPENSES OF MAINTENANCE THEREOF, AND ANY AND ALL OTHER MATTERS CONCERNING THE CONDITION,
SUITABILITY, INTEGRITY, MARKETABILITY, COMPLIANCE WITH LAW OR OTHER ATTRIBUTES OF THE
PROPERTY, OR ANY PART THEREOF, IS FURNISHED TO PURCHASER SOLELY AS A COURTESY. FURTHER,
PURCHASER ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT AS OF THE CLOSING DATE, PURCHASER WILL
BE FAMILIAR WITH THE PROPERTY AND WILL HAVE MADE ALL SUCH INDEPENDENT INVESTIGATIONS AS
PURCHASER DEEMS NECESSARY OR APPROPRIATE CONCERNING THE PROPERTY. AS SUCH, THE PROPERTY IS
SOLD BY SELLER AND IS HEREBY ACCEPTED BY PURCHASER AS IS, WHERE IS, AND WITH ALL FAULTS, AND
WITHOUT ANY REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXCEPT FOR THE EXPRESS REPRESENTATIONS
AND WARRANTIES OF SELLER CONTAINED IN THIS AGREEMENT AND THE LIMITED WARRANTY OF TITLE MADE
BY SELLER AS HEREIN PROVIDED, EXPRESSED OR IMPLIED, WRITTEN OR ORAL; IT BEING THE INTENTION
OF PURCHASER TO EXPRESSLY REVOKE, RELEASE, NEGATE, UNCONDITIONALLY WAIVE AND EXCLUDE ALL
REPRESENTATIONS AND WARRANTIES (EXCEPT FOR THE LIMITED WARRANTY OF TITLE MADE BY SELLER),
INCLUDING, BUT NOT LIMITED TO, ANY AND ALL EXPRESS OR IMPLIED REPRESENTATIONS AND WARRANTIES
AS TO: (I) THE CONDITION OF THE PROPERTY OR ANY ASPECT THEREOF, INCLUDING, WITHOUT
LIMITATION, ANY AND ALL EXPRESS OR IMPLIED REPRESENTATIONS AND WARRANTIES RELATED TO
SUITABILITY FOR HABITATION, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE;
(II) THE NATURE OR QUALITY OF CONSTRUCTION, STRUCTURAL DESIGN, OR ENGINEERING OF THE
IMPROVEMENTS; (III) THE QUALITY OF THE LABOR OR MATERIALS INCLUDED IN THE IMPROVEMENTS; (IV)
THE SOIL CONDITIONS, DRAINAGE, TOPOGRAPHICAL FEATURES, OR OTHER CONDITIONS OF THE PROPERTY
OR WHICH AFFECT THE PROPERTY; (V) ANY FEATURES OR CONDITIONS AT OR WHICH AFFECT THE PROPERTY
WITH RESPECT TO ANY PARTICULAR PURPOSE, USE, DEVELOPMENTAL POTENTIAL, CASH FLOW, OR
OTHERWISE; (VI) ALL EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES CREATED BY ANY
AFFIRMATION OF FACT OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY; (VII) ANY
ENVIRONMENTAL, GEOLOGICAL, METEOROLOGICAL, STRUCTURAL, OR OTHER CONDITION OR HAZARD OR THE
ABSENCE THEREOF HERETOFORE, NOW, OR HEREAFTER AFFECTING IN ANY MANNER ANY OF THE PROPERTY;
(VIII) CLAIMS REGARDING DEFECTS WHICH WERE NOT OR ARE NOT DISCOVERABLE; (IX) PRODUCT
LIABILITY CLAIMS IN ANY MANNER RELATED TO THE PROPERTY; AND (X) ALL OTHER EXPRESS OR IMPLIED
WARRANTIES AND REPRESENTATIONS BY GRANTOR WHATSOEVER, EXCEPT SOLELY THE LIMITED WARRANTY OF
TITLE REPRESENTATIONS MADE BY SELLER EXPRESSLY SET FORTH HEREIN OR THE DEED.

(b) PURCHASER IS A SOPHISTICATED PURCHASER WHO IS FAMILIAR WITH THE OWNERSHIP AND
OPERATION OF REAL ESTATE PROJECTS SIMILAR TO THE PROPERTY, AND PURCHASER HAS OR WILL HAVE
ADEQUATE OPPORTUNITY TO COMPLETE ALL PHYSICAL AND FINANCIAL EXAMINATIONS RELATING TO THE
ACQUISITION OF THE PROPERTY IT DEEMS NECESSARY, AND WILL ACQUIRE THE SAME SOLELY ON THE
BASIS OF SUCH EXAMINATIONS AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER,
OTHER THAN AS EXPRESSLY PROVIDED IN THIS AGREEMENT OR THE DOCUMENTS EXECUTED AT CLOSING.

ARTICLE VI.

Conditions to the Seller’s and Purchaser’s Obligations

6.1 Conditions to the Purchaser’s Obligations. The obligations of Purchaser to
purchase the Property from Seller and to consummate the transactions contemplated by this Agreement
are subject to the satisfaction, at all times prior to and as of the Closing, of each of the
following conditions:

(a) The representations and warranties of Seller set forth in this Agreement shall be
true in all material respects at all times prior to, at and as of the Closing.

(b) Seller shall have delivered, performed, observed and complied with, all of the
items, instruments, documents, covenants, agreements and conditions required by this
Agreement to be delivered, performed, observed and complied with by it prior to, or as of,
the Closing.

6.2 Failure of Conditions to Purchaser’s Obligations. In the event any one or more of
the conditions to Purchaser’s obligations are not satisfied in whole or in part at any time prior
to or as of the expiration of the Due Diligence Period or the Closing as applicable, and provided
such event is not caused by Purchaser’s actions or default(s) hereunder, Purchaser, at Purchaser’s
option, shall be entitled to: (a) terminate this Agreement by giving written notice thereto to
Seller and Purchaser shall have no further obligations or liabilities hereunder, except those
expressly surviving termination of this Agreement; or (b) proceed to Closing hereunder.

6.3 Condition to the Seller’s Obligations. The obligations of Seller to sell the
Property to Purchaser and to consummate the transaction contemplated by this Agreement are subject
to the satisfaction at all times prior to and, as applicable, at closing of each of the following:

(a) All of the representations and warranties of Purchaser set forth in this Agreement
shall be true at all times prior to, at, and as of the Closing.

(b) Purchaser shall have delivered, performed, observed and complied with, all of the
items, instruments, documents, covenants, agreements and conditions required by this
Agreement to be delivered, performed, observed, and complied with by it prior to, and as of
the Closing.

(c) Purchaser shall have delivered the Earnest Money Deposit and has otherwise, at or
prior to Closing, delivered to the Title Company the balance of the Purchase Price due and
owing Seller at Closing.

6.4 Risk of Loss. Except for damage, destruction or loss caused by Purchaser during
its Due Diligence Period review and inspection of the Property and for which responsibility shall
lie with Purchaser under Section 4.2 hereof, risk of loss up to and including the Closing Date
shall be borne by Seller. In the event of any material damage to or destruction of the Property or
any portion thereof (damage to the Property shall be deemed material if a Major Tenant, as
hereinafter defined is entitled to, and terminates, its lease), not the creation of Purchaser, its
agents or representatives, Purchaser may, at its option, by notice to Seller given within five (5)
days after Seller notifies Purchaser of such damage or destruction (and if necessary the Closing
Date shall be extended to give Purchaser the full five (5) day period to make such election): (i)
terminate this Agreement and the Earnest Money Deposit (with the interest accrued thereon) shall be
immediately returned to Purchaser, or (ii) proceed under this Agreement, receive any insurance
proceeds due Seller as a result of such damage or destruction to the Property (excluding loss of
rents insurance proceeds paid for the period prior to Closing) and assume responsibility for such
repair, provided that Purchaser shall receive a credit at Closing for any deductible, uninsured or
co insured amount under said insurance policies. Seller will reasonably cooperate with Purchaser
in obtaining the insurance proceeds from Seller’s insurers. If the damage or loss to the Property
is caused by Purchaser or its agents or representatives, or if the Property is not materially
damaged, then Purchaser shall not have the right to terminate this Agreement and the terms of
clause (ii) above shall apply, except for damage, destruction or loss caused by Purchaser during
its Due Diligence Period review and inspection of the Property. “Material damage” and “materially
damaged” means damage in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) to
repair.

6.5 Condemnation. In the event that all or any Substantial Portion (as defined below)
of the Property shall be taken in condemnation, or by conveyance in lieu thereof, or under the
power of eminent domain after the Effective Date and before the Closing Date, then Purchaser may,
at its option, terminate this Agreement by written notice thereof to Seller within five (5) days
after Seller notifies Purchaser of the condemnation, conveyance in lieu thereof, or eminent domain
proceeding, in which event Purchaser shall receive an immediate refund of the Earnest Money
Deposit. In the event Purchaser fails to timely deliver written notice of termination as described
above, it shall be deemed to have elected to proceed to close the transaction contemplated herein
pursuant to the terms hereof, in which event Seller shall deliver to Purchaser at Closing any
proceeds actually received by Seller attributable to the Property from such condemnation or eminent
domain proceeding or conveyance in lieu thereof or assign to Purchaser all of Seller’s rights to
such proceeds, and there shall be no reduction in the Purchase Price. If the taking does not
involve a Substantial Portion of the Property, then Purchaser shall be obligated to close the
transaction contemplated herein according to the terms hereof, notwithstanding such taking, and
Seller shall deliver to Purchaser at Closing any and all awards or consideration attributable to
such taking, together with an assignment of any other rights of Seller to any such awards or
consideration and there shall be no reduction in the Purchase Price. For the purposes of this
Section 6.5, a “Substantial Portion” of the Property shall be deemed to include any taking of a
portion of the Property valued in excess of Two Hundred Fifty Thousand and No/100 Dollars
($250,000.00), or any taking that would allow a Major Tenant to terminate its lease.

6.6 Leasing. From the expiration of the Inspection Period until the Closing or
earlier termination of this Agreement, Seller will endeavor to lease the Property in the customary
and ordinary manner consistent with Seller’s current practices in effect as of the Effective Date.
If Seller enters into any lease from the Effective Date, through a date three days prior to the
expiration of the Inspection Period, Seller shall deliver said lease to Purchaser within two (2)
days of full execution of said lease. If Seller desires to enter into a lease from a date three
days prior to the end of the Inspection Period through Closing, Seller shall first submit said
proposed lease to Purchaser, and Purchaser shall have three (3) days from receipt to approve or
disapprove. If Purchaser disapproves of said lease after reasonable review, Purchaser shall notify
Seller and Seller shall not enter into said lease. If (i) Seller enters into a new lease after the
Effective Date more than three (3) days prior to the end of the Due Diligence Period; or (ii)
Seller enters into a lease approved by Purchaser and Seller incurs any costs or expenses of
entering into and/or performing obligations and/or work under or in connection with any new Leases
or renewal or modification of existing Leases including, tenant improvement and/or leasing
commission costs (collectively, “New Tenant Costs”), such costs shall be prorated between Seller
and Purchaser, and Purchaser’s portion of said New Tenant Costs shall be credited in favor of
Seller at Closing. New Tenant Costs shall also include tenant improvement costs and commissions
for leases commencing during the Due Diligence Period and prior to Closing, including, without
limitation, that certain lease with Visiting Nurse Health System, Inc. dated May 01, 2007. Seller
shall supply invoices and statements for all New Tenant Costs to Purchaser at or prior to Closing.
If any space is vacant at the time of Closing, Purchaser shall accept the Property subject to such
vacancy.

ARTICLE VII.

Provisions with Respect to the Closing

7.1 Seller’s Closing Obligations. At the Closing, Seller shall furnish or as
applicable execute and deliver to the Title Company for delivery to Purchaser, the following:

(a) The Deed duly executed and acknowledged by Seller;

(b) One (1) or more assignment agreements in form mutually acceptable to the Parties
assigning all of Seller’s rights, title and interests in the Tenant Leases and other
applicable Business Agreements, and including Seller’s agreement to indemnify and hold
harmless Purchaser from and against all losses, claims and damages arising under such Tenant
Leases or Business Agreements arising prior to Closing and a similar agreement by Purchaser
for matters first arising after Closing;

(c) All keys, combinations, codes and security information to all locks on the Property
in the possession of Seller;

(d) Standard affidavits by the Seller as the Title Company may reasonably require in
order to omit from its insurance policy all exceptions for unfiled mechanic’s, materialmen’s
or similar liens and to provide “gap” coverage insuring the period from the Effective Date
of the Title Commitment through the date and time of recording of the Deed; provided that
Seller shall have no obligation to provide a “gap” indemnity agreement in favor of Title
Company;

(e) Such other instruments or documents as are reasonably necessary or reasonably
required by Purchaser or the Title Company to consummate the transaction contemplated
hereby, including to evidence the status and capacity of Seller to consummate this
transaction and the authority of the person or persons who are executing the various
documents on behalf of Seller in connection with the purchase and sale transaction
contemplated hereby, including Seller’s authority to execute and deliver the closing
documents;

(f) A closing statement itemizing the Purchase Price and all adjustments thereto as
provided herein;

(g) A bill of sale and instrument of transfer and assignment, in form mutually
acceptable to the Parties, assigning all of Seller’s right, title and interest in and to all
of the Personal Property and Intangible Property;

(h) A certificate necessary to establish the non-foreign status of Seller under Section
1445 of the Internal Revenue Code of 1986, as amended;

(i) Original Tenant Leases and all amendments thereto, to the extent in Seller’s
possession;

(j) Originals of all surviving Business Agreements and all amendments thereto, to the
extent in Seller’s possession;

(k) All building and Tenant Lease files, including all permits and licenses for
operation of the Property, to the extent in Seller’s possession;

(l) Notice letters to all Tenants;

(m) Reaffirmation of Seller’s surviving representations and warranties;

(n) A rent roll updated to the date of Closing; and

(o) Seller agrees to deliver to all tenants of the Property a request for an estoppel
certificate in a form to be provided by Purchaser to Seller for Seller’s reasonable approval
within seven (7) days of the Effective Date of this Agreement (and Seller shall have up to
seven (7) days upon receipt to review and approve said estoppel certificate); provided,
however, that if any of the Tenant Leases require a specific form of estoppel letter, the
estoppel letter required by said Tenant Lease will be the only estoppel required hereunder.
The form of estoppel certificate provided by Purchaser and approved by Seller shall be
attached as Exhibit “E” hereto. The parties agree that, subject to the provisions
of this paragraph below, it shall be a condition to Purchaser’s obligation to close under
this Agreement that an estoppel certificate be delivered to Purchaser from tenants under
Tenant Leases covering at least 80% of the leased square footage of each building at the
Property on the date hereof (and from every tenant which occupies over 5,000 square feet
(referred to herein as a “Major Tenant”)) (the “Required Tenant Estoppels”), no later than
three (3) days before Closing. Additionally, Seller shall deliver to each tenant a
Subordination, Non-Disturbance and Attornment Agreement (on a form provided by Purchaser)
(the “SNDA”), and Seller shall use its best efforts to obtain the SNDAs from each tenant,
but it shall not be a condition to close that SNDAs be obtained from each tenant.
Notwithstanding the foregoing, Purchaser shall deliver the form SNDA to Seller for review
and approval within seven (7) days of the Effective Date of this Agreement (and Seller shall
have up to seven (7) days upon receipt to review and approve said SNDA form). Once the SNDA
form is approved by Seller, Seller shall be obligated to obtain SNDAs prior to closing from
each of the following tenants: (a) Piedmont Medical Care Corporation (pursuant to Office
Lease dated September 1, 2006 with Seller, as amended); (b) Piedmont Medical Care
Corporation for Piedmont Rheumatology and Arthritis — Yorktown (pursuant to Office Lease
dated September 1, 2006 with Seller, as amended); (c) Piedmont Medical Care Corporation
(pursuant to Office Lease dated April 1, 2006 with Seller, as amended); and (d) Fayette
Community Hospital, Inc. d/b/a Piedmont Fayette Hospital (pursuant to Office Lease dated
October 1, 2004 with Seller, as amended). If Seller fails to obtain SNDAs from all of the
aforementioned four (4) tenants prior to Closing, then Seller shall escrow the sum of
$300,000.00 which shall be held by Title Company until such time as the SNDAs are obtained
and delivered to Purchaser. Seller agrees to use good faith efforts to obtain such Required
Tenant Estoppels and SNDAs, provided however, Seller shall not be obligated to expend any
funds in order to do so. In the event a Tenant Estoppel contains a material exception or
qualification or alleges a material default by Seller (a “Material Default”), Purchaser’s
sole and exclusive remedy shall be to terminate this Agreement by delivering notice thereof
in writing to Seller, on the earlier of two (2) business days after the date of delivery to
Purchaser of a Tenant Estoppel alleging a Material Default and the Closing Date (the
“Estoppel Termination Notice”), time being of the essence as to the giving of such notice.
If Purchaser shall timely give the Estoppel Termination Notice, then subject to Seller’s
option set forth below, this Agreement shall terminate, and upon such termination, Purchaser
shall be entitled to the return of the Earnest Money, and neither party shall have any
obligation hereunder except for the obligations specifically intended by the parties to
survive termination of this Agreement. If Purchaser shall not have given timely the
Estoppel Termination Notice, time being of the essence as to the giving of such notice,
Purchaser shall be deemed for all purposes to be satisfied with the form and substance of
each Tenant Estoppel and shall have no further right to object thereto or to terminate this
Agreement based on the response or lack thereof with respect to the Tenant Estoppels.
Additionally, it shall be a condition to Purchaser’s obligation to close that no Major
Tenant has filed for bankruptcy, defaulted pursuant to their lease, or discontinued
operations at the Property.

7.2 Purchaser’s Closing Obligations. At the Closing, Purchaser shall execute and
deliver to the Title Company for delivery to Seller:

(a) Wired funds payable to the order of the Seller representing the balance of the
Purchase Price due in accordance with Section 3.1 and other applicable provisions herein.

(b) Execute and deliver an assumption agreement in a form mutually acceptable to the
parties assuming the obligations of Seller under the Tenant Leases and the Assumed
Agreements.

(c) Such instruments as are necessary or reasonably required by Seller or the Title
Company to consummate the transaction contemplated hereby, including evidence of authority
of Purchaser to consummate the purchase and sale transaction contemplated hereby and to
execute and deliver the closing documents on the Purchaser’s part to be delivered.

(d) A closing statement itemizing the Purchase Price and all adjustments thereto as
provided herein.

ARTICLE VIII.

Expenses of Closing

8.1 Closing Prorations. The following items shall be prorated and adjusted between
the Seller and the Purchaser as of 11:59 p.m. on the day preceding the Closing Date:

(a) Rents. All rents and other receipts actually received in the month in
which the Closing occurs shall be prorated as of the Closing. Purchaser shall use
reasonable efforts after the Closing to collect delinquent rents for the period up to the
Closing. Percentage Rents (if any) shall be prorated by Purchaser when received by
Purchaser, based on twelve thirty (30) day months.

(b) Taxes. Real estate taxes, recurring assessments, and personal property
taxes, if any, on all or any portion of the Property, based on the regular and supplemental
tax bills for the calendar year in which the Closing occurs shall be prorated as of the
Closing. If the tax bill has not yet been issued for the calendar year in which the Closing
occurs, then such proration shall be based upon the most current information available
regarding the Property valuation and tax rates. If any supplemental real estate taxes are
levied for any period preceding the Closing, the parties will, immediately after the closing
or the issuance of the supplemental real estate tax bill (whichever last occurs), prorate
between themselves, in cash, without interest and to the date of the Closing Date, the
supplemental real estate taxes shown by such bill.

(c) Utilities. All utilities, including gas, water, sewer, electricity,
telephone and other utilities supplied to the Property shall be read as of the Closing Date.
Seller shall pay, prior to the Closing Date, all such amounts for which a bill has been
received or for which service was rendered prior to the Closing Date.

(d) Business Agreements. Amounts payable under Business Agreements shall be
prorated at Closing. Seller shall pay, prior to the Closing Date, all such amounts for
which service was rendered prior to the Closing Date. Prior to the expiration of the Due
Diligence Period, Purchaser shall notify the Seller which of the Business Agreements
Purchaser wishes to assume at Closing (the “Assumed Agreements”) and Purchaser shall assume
and be responsible for all of Seller’s obligations under the Assumed Agreements from and
after Closing. Seller shall be responsible for the termination as of Closing of all
Business Agreements other than the Assumed Agreements which may be terminated by their
terms. The leasing and management agreements applicable to the Property shall be terminated
by Seller prior to Closing.

(e) Other Items. All other proratable items, including without limitation
licenses and permits being assumed by Purchaser (if any; provided that in no event shall
Purchaser assume any indemnification obligations of Seller) and other income from, and
expenses associated with, the Property shall be prorated between Purchaser and Seller as of
the Closing.

Purchaser and Seller’s obligation to prorate shall survive the Closing for a period of one (1)
year (unless within such time Purchaser or Seller makes a claim against the other party to this
Agreement with respect to such obligation to prorate, in which case such obligation shall survive
without limitation), and Purchaser and Seller shall use good faith efforts to conclude prorations
with respect to percentage rent (if applicable) as soon as practicable after the determination of
the amounts thereof.

The Purchaser hereby acknowledges that it has no right, title or interest in or to any refunds
which may hereafter be payable to the Seller, or the tenants, in respect of real estate taxes,
water or sewer charges or other assessments which accrued and related to the period prior to the
Closing Date. To the extent that such refunds are paid to Seller and are due to tenants, Seller
does hereby covenant and agree that it shall, upon receipt thereof, reimburse tenants for their
applicable share of such refunds.

Such other rental arrearages will remain the sole and exclusive property of Seller after
Closing, and Seller shall retain all right, title, power and authority to enforce payment thereof
after Closing but, provided, further, at Seller’s reasonable cost and expense, Purchaser will
assist Seller by all reasonable means in Seller’s collection of such outstanding rents, provided
that Purchaser shall not be obligated to incur any costs or file or become a party to any
litigation. If, after Closing, Purchaser, or its designee, shall receive any delinquent rents as to
which Seller did not receive a proration credit at Closing, Purchaser covenants and agrees, on its
behalf and on behalf of its designee, to immediately remit such amounts to Seller; provided,
however, that any rents received from tenants shall first be applied to amounts currently owed by
such tenants. The provisions of this Section 8.1 as pertains to rent proration shall survive
Closing. Seller shall retain all security deposits and other similar deposits, and Purchaser shall
receive a credit for such deposits at Closing.

8.2 Closing Costs. Purchaser shall pay: (a) all title examination fees and premiums
for the Title Policy and any endorsements thereto; (b) the charges and costs of any Survey,
environmental assessments, building assessments or other inspections which it may commission of the
Property during the Due Diligence Period; (c) the charges for or in connection with the recording
and/or filing of any instrument or document provided herein or contemplated by this Agreement or
any agreement or document described or referred to herein; (d) Purchaser’s legal, accounting and
other professional fees; and (e) one-half of the charges by the Title Company for escrow services
for the Earnest Money Deposits and closing escrow fees. Seller shall pay: (a) Seller’s legal,
accounting and other professional fees and expenses and the cost of all certificates, instruments,
documents and papers required to be delivered, or to cause to be delivered, by Seller hereunder,
including without limitation, the cost of performance by Seller of its obligations hereunder; (b)
all recording costs on documents necessary for Seller to clear title (to the extent required of it
hereunder) other than the Permitted Exceptions; (c) one-half of the charges by the Title Company
for escrow services for the Earnest Money Deposits and closing escrow fees; and (d) all transfer
taxes payable in connection with the delivery for recording of any title transfer instrument or
document by Seller provided in or contemplated by this Agreement or any agreement or commitment
described or referred to herein;. Purchaser and Seller shall each be responsible for other costs
in the usual and customary manner for this kind of transaction in the county where the Property is
located.

8.3 Commissions/Broker’s Fees. Seller and Purchaser represent and warrant each to the
other that other than Carter Real Estate (“Broker”) they have not dealt with any real estate
broker, sales person or finder in connection with this transaction. In the event of any claim for
broker’s or finder’s fees or commissions by any party other than said brokers in connection with
the negotiation, execution or consummation of this Agreement or the transactions contemplated
hereby, each party shall indemnify and hold harmless the other party from and against any such
claim based upon any statement, representation or agreement of such party. At Closing Seller shall
pay all commissions to Broker pursuant to a separate agreement between Broker and Seller. No
commission shall be due or payable to Broker in the event Closing does not occur for any reason.
Broker has represented Seller in this transaction.

8.4 Improvement Liens. Certified, confirmed or ratified liens fully due and payable
for governmental improvements as of the Closing, if any, shall be paid in full by Seller, and
pending liens or installment liens accruing after the Closing Date for governmental improvements
completed as of the Closing shall be assumed by Purchaser.

ARTICLE IX.

Default and Remedies

9.1 Seller’s Default; Purchaser’s Remedies.

(a) Seller’s Default. Seller shall be deemed to be in default hereunder upon
the occurrence of the following events: (i) any of Seller’s warranties or representations
set forth herein shall be materially untrue when made; or (ii) Seller shall fail to meet,
comply with, or perform any material covenant, agreement or obligation on its part required
within the time limits and in the manner required in this Agreement and shall fail to cure
same within five (5) business days after receipt of written notice from Purchaser (provided
that any cure period shall not operate to extend the Closing date).

(b) Purchaser’s Remedies. In the event Seller shall be deemed to be in
continuing default hereunder after the expiration of the applicable cure period, then
Purchaser may, at Purchaser’s sole option, either:

(i) terminate this Agreement by written notice delivered to Seller on or before
the Closing Date, in which case all payments previously made by Purchaser to Seller
or the Title Company hereunder shall be returned to Purchaser by Seller or the Title
Company, and this Agreement shall be of no further force or effect, except for the
provisions which by their terms survive the termination of this Agreement, whereupon
Purchaser shall have no further rights or remedies with respect to Seller or this
Agreement. Purchaser shall have no obligation to deposit the Purchase Price into
escrow prior to exercising its remedy to terminate this Agreement and receive the
return of all payments previously made by Purchaser to Seller or Title company; or

(ii) waive such default by Seller and elect to purchase the Property pursuant
to the terms hereof; or

(iii) within thirty (30) days of said default, bring an action seeking specific
performance of Seller’s obligations under this Agreement, but in no event shall
Purchaser have the right to seek damages against Seller. Purchaser shall have no
obligation to deposit the Purchase Price into escrow prior to seeking an action for
specific performance, but Purchaser must not otherwise be in default hereunder.

9.2 Purchaser’s Default; Seller’s Remedies.

(a) Purchaser’s Default. Purchaser shall be deemed to be in default hereunder
upon the occurrence of the following events: (i) any of Purchaser’s warranties or
representations set forth herein shall be untrue when made; or (ii) Purchaser shall fail to
meet, comply with, or perform any material covenant, agreement or obligation on its part
required within the time limits and in the manner required in this Agreement and shall fail
to cure same within five (5) business days after written notice from Seller (except for the
timely payment of the Purchase Price at Closing, for which no notice and cure period
applies) (provided that any cure period shall not operate to extend the Closing date) .

(b) Seller’s Remedy. In the event Purchaser shall be in continuing default
hereunder after the expiration of the applicable cure period, Seller shall be entitled to
terminate this Agreement and receive from the Title Company upon written notice to it all
monies held as the Earnest Money Deposit (including all interest thereon) hereunder as
liquidated damages, Seller waiving all other rights or remedies in the event of such default
by Purchaser, except for those matters expressly surviving termination hereof and including
collection of the aforementioned fees, costs and expenses. The parties have agreed that a
reasonable estimate of the total net detriment that Seller would suffer in such event is and
shall be the Title Company’s delivery of the Earnest Money Deposit to Seller as liquidated
damages, as Seller’s sole and exclusive remedy under this Agreement (subject to those
provisions of this Agreement which, by their express terms, survive a termination of this
Agreement). Such liquidated damages are not intended as a forfeiture or penalty within the
meaning of applicable law.

ARTICLE X.

Miscellaneous

10.1 Survival. All of the representations, warranties, covenants, agreements and
indemnities of Seller and Purchaser contained in this Agreement, to the extent not performed at or
prior to the Closing, shall be deemed independent of one another and shall survive the Closing for
the specified period herein (if any) and shall not be deemed to merge upon the acceptance of the
Deed by Purchaser.

10.2 Right of Assignment. Purchaser shall have no right to assign this Agreement
without the prior written consent of Seller, which consent shall not be unreasonably withheld,
conditioned or delayed. Nothwithstanding the foregoing, Purchaser shall have the right to assign
the Agreement to an entity controlled or managed by Purchaser, provided that Purchaser provides to
Seller a copy of said assignment whereby the assignee assumes all obligations pursuant to this
Agreement. Additionally, Purchaser may designate up to 35 entities (who will not be contract
assignees) to be the grantee on the Limited Warranty Deed to be delivered by Seller; provided that
such designation shall not relieve Purchaser of its obligations hereunder.

10.3 Notices. All notices, requests and other communications under this Agreement
shall be in writing and shall be either (a) delivered in person, (b) delivered by a recognized
delivery service or (c) sent by facsimile transmission (provided that the communication is also
sent by overnight courier) and addressed as follows:

If intended for Seller: Yorktown Building Holding Company, LLC 101 Yorktown Drive

	 	 	 	 	 
	 
	 	Fayetteville, Georgia 30214

	 
	 	Attn:  Charlie Coppolino

	 
	 	Phone:  770-460-4411

	 
	 	Fax:  770-460-3189

	With a copy to:
	 	Michael J. Hay, Esq.

	 
	 	Andersen, Tate & Carr, P.C.

	 
	 	1505 Lakes Parkway, Suite 100
	 
	 	Lawrenceville, Georgia 30043

	 
	 	Phone:  (770) 822-0900

	 
	 	Fax (770) 822-9680

	 
	 	Email:  mhay@atclawfirm.com

	If intended for Purchaser:
	 	Theresa Hutton

	 
	 	 	 	 
	 
	 	Triple Net Properties, LLC

	 
	 	1551 N. Tustin Ave., Suite 200
	 
	 	Santa Ana, CA  92705

	 
	 	877.888.7348 x 338 Phone
	 
	 	714.667.8252 x 338 Phone
	 
	 	714.918.9102 Fax
	With a copy to:
	 	Joseph J. McQuade

Hirschler Fleischer

The Edgeworth Building

2100 East Cary Street

Richmond, VA 23223

Phone (804) 771-9502

FAX (804) 644-0957

Email: jmcquade@hf-law.com

or at such other address, and to the attention of such other person, as the parties shall give
notice as herein provided. A notice, request and other communication shall be deemed to be duly
received if delivered in person or by a recognized delivery service, when left at the address of
the recipient and if sent by facsimile, upon receipt by the sender of an acknowledgment or
transmission report generated by the machine from which the facsimile was sent indicating that the
facsimile was sent in its entirety to the recipient’s facsimile number; provided that if a notice,
request or other communication is served by hand or is received by facsimile on a day which is not
a business day, or after 5:00 P.M. on any business day at the addressee’s location, such notice or
communication shall be deemed to be duly received by the recipient at 9:00 a.m. on the first
business day thereafter.

10.4 Entire Agreement; Modifications. This Agreement embodies and constitutes the
entire understanding between the parties with respect to the transactions contemplated herein, and
all prior or contemporaneous agreements, understandings, representations and statements (oral or
written) are merged into this Agreement. Neither this Agreement nor any provision hereof may be
waived, modified, amended, discharged or terminated except by an instrument in writing signed by
the Party against whom the enforcement of such waiver, modification, amendment, discharge or
termination is sought, and then only to the extent set forth in such instrument. This Agreement,
although initially drawn by one of the Parties hereto, shall not be construed for or against either
party as a result thereof in any dispute pertaining to this Agreement or the transaction
contemplated hereby, but this Agreement shall be interpreted in accordance with language hereof in
an effort to reach the result intended thereby.

10.5 Applicable Law. THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA.

10.6 Captions. The captions in this Agreement are inserted for convenience of
reference only and in no way define, describe, or limit the scope or intent of this Agreement or
any of the provisions hereof.

10.7 Binding Effect. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, executors, administrators, legal
representatives, successors, and assigns; provided, however the delivery of the Agreement by one
party shall not be binding upon either until both parties have fully executed same.

10.8 Time is of the Essence. With respect to all provisions of this Agreement, time
is of the essence. However, if the first date of any period which is set out in any provision of
this Agreement falls on a day which is not a Business Day, then, in such event, the time of such
period shall be extended to the next day which is a Business Day.

10.9 Waiver of Conditions. Any Party may at any time or times, at its election, waive
any of the conditions to its obligations hereunder, but any such waiver shall be effective only if
contained in a writing signed by such Party. No waiver by a Party of any breach of this Agreement
or of any warranty or representation hereunder by the other Party shall be deemed to be a waiver of
any other breach by such other Party (whether preceding or succeeding and whether or not of the
same or similar nature), and no acceptance of payment or performance by a Party after any breach by
the other Party shall be deemed to be a waiver of any breach of this Agreement or of any
representation or warranty hereunder by such other Party, whether or not the first Party knows of
such breach at the time it accepts such payment or performance. No failure or delay by a Party to
exercise any right it may have by reason of the default of the other Party shall operate as a
waiver of default or modification of this Agreement or shall prevent the exercise of any right by
the first Party while the other Party continues to be so in default.

10.10 Interpleader. Seller and Purchaser mutually agree that in the event of any
controversy regarding the Earnest Money Deposit(s), unless mutual written instructions are received
by the Title Company directing the Earnest Money Deposit’s disposition, the Title Company shall not
take any action, but instead shall await the disposition of any proceeding relating to the earnest
money or, at the Title Company’s option, the Title Company may interplead all parties and deposit
the earnest money with a court of competent jurisdiction in which event the Title Company may
recover all of its court costs and reasonable attorneys’ fees. Seller or Purchaser, whichever
loses in any such interpleader action, shall be solely obligated to pay such costs and fees of the
Title Company, as well as the reasonable attorneys’ fees of the prevailing party in accordance with
the other provisions of this Agreement.

10.11 Severability. In the event any term or provision of this Agreement be
determined by appropriate judicial authority to be illegal or otherwise invalid, such provision
shall be given its nearest legal meaning or be construed as deleted as such authority determines,
and the remainder of this Agreement shall be construed to be in full force and effect.

10.12 No Recording. Purchaser shall not record this Agreement or any short form,
memorandum or notice thereof in any public or governmental office.

10.13 Seller’s Exculpation. In the event of a default by Seller hereunder prior to or
at Closing, Purchaser’s sole remedies shall be as otherwise specifically set forth in this
Agreement, and no direct or indirect subsidiary, affiliate, shareholder, officer, director,
employee, agent, trustee, or contractor of Seller shall have any liability hereunder or in
connection therewith.

10.14 Attorneys’ Fees. In the event of any litigation between the parties under this
Agreement, the prevailing party, in addition to those damages and other awards given such party
therein, shall be entitled to reasonable attorneys’ fees and court costs at all trial and appellate
levels.

10.15 Like-Kind Exchange Provisions. Notwithstanding Section 10.2 to the contrary, if
either party desires to purchase or sell the Property in connection with a tax-deferred exchange
under Section 1031 of the Internal Revenue Code of 1986, that party (the “Exchanging Party”) may
assign its rights under this Agreement to a “qualified exchange intermediary” within the meaning of
said Section 1031. In such case, the other party (the “Non-Exchanging Party”) shall sign such
documents and otherwise reasonably cooperate, as may be reasonably necessary, to complete the
tax-deferred exchange including delivering or receiving the Deed or all or a portion of the
Purchase Price to or from a third party, provided that the Exchanging Party shall pay any expenses
incurred by the Non-Exchanging Party as a result of such cooperation, and such cooperation shall
not increase the obligations or potential liability of the Non-Exchanging Party under this
Agreement or delay the Closing Date or other time frames set forth in this Agreement.

10.16 Assignment to REIT. The Seller acknowledges that Purchaser may assign all of
its rights, title and interest in and to this Agreement.  The assignee may be a publicly registered
company (“Registered Company”) promoted by the Purchaser.  The Seller acknowledges that it has been
advised that if the purchaser is a Registered Company, the assignee is required to make certain
filings with the Securities and Exchange Commission (the “SEC Filings”) that relate to the most
recent pre-acquisition fiscal year (the “Audited Year”) and the current fiscal year through the
date of acquisition (the “stub period”) for the Property. To assist the assignee in preparing the
SEC Filings, the Seller agrees to provide the assignee with the following, provided that Seller has
in its possession, or can obtain at no cost to Seller, the following:

	 	1.	 	Access to bank statements for the Audited year and stub period;

	 	 	 	2.  Rent Roll as of the end of the Audited Year and stub period;

	 	3.	 	Operating Statements for the Audited Year and stub period;

	 	4.	 	Access to the general ledger for the Audited Year and stub
period;

	 	5.	 	Cash receipts schedule for each month in the Audited Year and
stub period;

	 	6.	 	Access to invoice for expenses and capital improvements in the
Audited Year and stub period;

	 	7.	 	Accounts payable ledger and accrued expense reconciliations;

	 	8.	 	Check register for the 3-months following the Audited Year and
stub period;

	 	9.	 	Leases and 5-year lease schedules;

	 	10.	 	Copies of all insurance documentation for the Audited Year and
stub period;

	 	11.	 	Copies of accounts receivable aging as of the end of the
Audited Year and stub period along with an explanation for all accounts over 30
days past due as of the end of the Audited Year and stub period; and

12. The letter attached hereto as Exhibit “G”

10.17 Miscellaneous Closing Matters.

(a) At Closing, the Purchaser shall receive a credit toward the Purchase Price in the amount
of $30,096 related to the Eye Consultants Lease for free rent.

(b) Seller’s current first mortgage lender requires a 30-day notice prior to closing, and the
closing must occur exactly 30 days after notice. To ensure compliance with this requirement,
Purchaser and Seller agree that all executed closing documents must be delivered to Title Company
no later than one day prior to the Closing Date. Additionally, Purchaser shall deposit all funds
required for Closing with Title Company on the day before the Closing Date. In consideration for
Purchaser funding the required funds one day before the Closing Date, Seller agrees to pay to
Purchaser an amount equal to one day of interest on the required funds at the interest rate being
charged by Purchaser’s lender to Purchaser in connection with Purchaser’s loan to fund the
transaction, said rate not to exceed 8% per annum.

2

EXECUTED to be effective as of the Effective Date.

SELLER:

YORKTOWN BUILDING HOLDING

COMPANY, LLC, a Georgia limited liability

company

	 	 	 
	By:

	 	/s/ James C. Sams MD
	
 
	 	 
	Name:

	 	James C. Sams MD
	
 
	 	 
	Title:

	 	Chairman/CEO
	
 
	 	 

	 	 	[SEAL]

(Signatures Continued On Following Page)

3

PURCHASER:

 TRIPLE NET PROPERTIES, LLC

a Virginia limited liability company

By: /S/ Jeff Hanson

Name: Jeff Hanson

Title: Chief Investment Officer

[SEAL]

4

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