Document:

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Exhibit 10.10

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT, made this 8TH day of December, 2000, to be effective as
of December 15, 2000 (the "Effective Date") by and between NCO Financial
Systems, Inc., a Pennsylvania corporation, (hereinafter called "Company"), and
Albert Zezulinski, an individual (hereinafter called____________________________
"Employee").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, Company wishes to employ Employee and Employee wishes to be
employed by Company on the terms and conditions contained in this Agreement.

         NOW, THEREFORE, in consideration of the facts, mutual promises and
covenants contained herein, intending to be legally bound hereby, Company and
Employee agree as follows:

1. Definitions. As used herein, the following terms shall have the meanings set
forth below unless the context otherwise requires.

2.

3. "Affiliate" shall mean a person who with respect to any entity, directly or
indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with, such entity.

4.

5. "Annual Bonus" shall mean the bonus payments set forth in Section 5(b), as
such amount may be adjusted from time to time.

6.

7. "Base Compensation" shall mean the annual rate of compensation set forth in
Section 5(a), as such amount may be adjusted from time to time.

8.

9. "Board" shall mean the Board of Directors of Company.

10.

11. "Business" shall mean the business conducted by Company on the date of
execution of this Agreement, including without limitation any business in the
collection and/or management of accounts receivable in the healthcare area and
including business activities in developmental stages, business activities which
may be developed by Company, or any Subsidiary or corporate parent thereof or
entity sharing a common corporate parent with Company, during the period of
Employee's employment by Company, and all other business activities which flow
from a reasonable expansion of any of the foregoing, including any business
engaged in by Company subsequent to the execution of this Agreement in which
Employee participates.

12.

13.

14. "Cause" shall mean any one or more of the following:

         (a) if Employee is convicted of a felony involving fraud, theft or
     embezzlement or has entered a plea of nolo contendere (or similar plea) to
     a charge of such an offense; or

         (b) if Employee commits any act of fraud or deliberate misappropriation
     relating to or involving Company; or

         (c) habitual intoxication or drug addiction; or

         (d) if Employee commits a material breach of this Agreement, including
     failure to perform the duties hereunder, which breach effects the business
     operations of Company, and which breach is not cured by Employee after
     thirty (30) days prior written notice and opportunity to cure.

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         "Commencement Date" shall have the meaning specified in Section 4
hereof.

         "Confidential Information" shall have the meaning specified in Section
14(c) hereof.

         "Customer" shall mean any individual or entity to whom Company has
provided goods or services and with whom Employee had, alone or in conjunction
with others, Material Contact during the twelve (12) months prior to the
termination of employee's employment.

         "Disability" shall mean Employee's inability, for a period of 90
consecutive days, or more than 180 days in the aggregate over a consecutive
period of eighteen months, to perform the essential duties of Employee's
position, with or without any reasonable accommodation required by law, due to a
mental or physical impairment which substantially limits one or more major life
activities.

         "Material Contact" shall mean that (i) Employee had business dealings
with Customer on Company's behalf; (ii) Employee was responsible for supervising
or coordinating the dealings between such Customer and Company; or (iii)
Employee obtained Confidential Information about Customer as a result of
Employee's association with employer.

         "Potential Customer" shall mean any individual or entity to whom
Company has actively sought to sell goods or services within the twelve (12)
month period immediately prior to the termination of Employee's employment and
with whom Employee had Material Contact on Company's behalf during that same
time period.

         "Restricted Area" shall have the meaning specified in Section 14(a)
hereof.

         "Restricted Period" shall mean:

         (a) For purposes of Section 14(a)(A), from the date hereof until two
     (2) years after Employee's employment with Company is either terminated by
     Employee or by Company for any reason whatsoever;

         (b) For purposes of Section 14(a)(B) and 14(c), from the date hereof
     until two (2) year after Employee's employment is either terminated by
     Employee or by Company for any reason whatsoever.

         "Subsidiary" shall mean any corporation in which Company owns directly
or indirectly 50% or more of the Voting Stock or 50% or more of the equity; or
any other venture in which it owns either 50% or more of the voting rights or
50% or more of the equity.

         "Term of Employment" shall mean the period specified in Section 4
hereof as the same may be modified in accordance with this Agreement.

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         2. Employment. Company hereby employs Employee and Employee hereby
accepts employment by Company for the period and upon the terms and conditions
specified in this Agreement.

         3. Office and Duties.

         (a) Employee shall serve as Executive Vice President and Division
     Manager of Company's Healthcare Division (the "Division"). In such
     capacity, Employee shall be responsible for the Division's revenue
     attainment, including supervision of the Division's sales force and perform
     sales and marketing services as well overseeing the Division's operations.
     As the Division's Manager, Employee shall manage the Division's transition
     to a new platform. Employee shall also render such services as are
     necessary and desirable to protect and advance the best interests of
     Company, acting, in all instances, under the supervision of the Chief
     Executive Officer and Chief Operating Officer of Company and in accordance
     with the policies set by them. In addition, Employee will render such other
     services and perform such other executive duties for Company and its direct
     and indirect wholly owned Subsidiaries and affiliates as the Chief
     Executive Officer of Company may from time to time reasonably request of
     Employee. Employee may, in addition, hold such offices with Company which
     may from time to time be offered to Employee. Employee's authority shall be
     subject at all times to the direction and control of the Chief Executive
     Officer and Chief Operating Officer of Company and to such Officers'
     discretion to determine the policies of Company.

         (b) For as long as Employee shall remain an employee of Company,
     Employee's entire working time, energy, skill and best efforts shall be
     devoted to the performance of Employee's duties hereunder in a manner which
     will faithfully and diligently further the business and interests of
     Company. Employee may engage in charitable, civic, fraternal, trade and
     professional association activities that do not interfere with Employee's
     obligations to Company, but Employee shall not be employed by or receive
     any remuneration from any other for-profit business without prior written
     consent of Company, which may be withheld for any reason whatsoever. The
     foregoing notwithstanding, Employee shall be permitted to provide general
     financial consulting services to third parties regarding lending and
     investment transactions ( "Consulting Services") provided that such
     Consulting Services are fully disclosed to and approved by Company as not
     being in conflict with (i) Employee's fiduciary obligations to Company, and
     (ii) Company's business interests, and which Consulting Services are not
     deemed to be a part of Employee's job responsibilities hereunder and do not
     interfere with Employee ability to perform his duties as the Division's
     Manager.

         (c) Employee's services will be conducted at Company's offices in the
     Fort Washington, Pennsylvania area and at such other places as Employee's
     duties may require; provided however, that Employee shall not be required
     by Company to relocate his principal residence without his consent, and
     shall not be required to perform services in any location that is greater
     than fifty (50) miles from his principal residence, except in the course of
     normal daily business travel.

         4. Term. Employee shall be employed by Company for an initial Term of
Employment of three (3) years (the "Initial Term"), commencing on the date
Effective Date (the "Commencement Date"), and ending on December 14, 2003,
unless sooner terminated as hereinafter provided. Unless either party elects to
terminate this Agreement at the end of the Initial Term by giving the other
party written notice of such election at least one hundred twenty (180) days
before the expiration of the Initial Term, the Term of Employment shall be
deemed to have been extended for an additional term of one (1) year (the
"Additional Term") commencing on the day after the expiration of the Initial
Term. At any time during the Additional Term, either party may terminate this
Agreement by giving the other party written notice of such election at least one
hundred twenty (180) days prior to such termination.

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         5. Compensation and Benefits.

         (a) For all of the service rendered by Employee to Company, Employee
     shall receive Base Compensation at the gross annual rate of Two Hundred
     Fifty Thousand Dollars ($250,000) payable in installments in accordance
     with Company's regular payroll practices in effect from time to time.

         (b) The Employee shall be entitled to an annual bonus in an amount up
     to One Hundred and Twenty Five Thousand Dollars ($125,000) (the "Bonus")
     based upon the attainment of certain financial goals established by the
     Company and the Employee of Company and Employee as follows: thirty percent
     (30%) of the Bonus upon attainment of annual corporate profit goals, thirty
     percent (30%) of the Bonus upon the Division attaining its annual sales
     goal and forty percent (40%) of the Bonus upon attainment of annual
     business objectives.

         (c) In addition to the foregoing compensation, Employee shall receive a
     commission of Forty percent (40%) of the fee earned by Company as a result
     of Employee providing Consulting Services in accordance with the provisions
     of Section 3(b). Attached hereto as Schedule "A" is a listing of a number
     of transactions in which Employee has been involved and which Company
     acknowledges that Employee may continue to work while employed by Company
     but in which transactions Company shall not participate in the fee earned
     by Employee.

         6. Fringe Benefits. As an inducement to Employee to commence employment
hereunder, and in consideration of Employee's covenants under this Agreement,
Employee shall be entitled to the benefits set forth below (the "Fringe
Benefits") during the Term of Employment:

         (a) Employee shall be eligible to participate in any health, life,
     accident or disability insurance, sick leave or other benefit plans or
     programs made available to other similarly situated employees of Company as
     long as they are kept in force by Company and provided that Employee meets
     the eligibility requirements and other terms, conditions and restrictions
     of the respective plans and programs.

         (b) Employee shall be entitled to a total of four (4) weeks paid
     vacation and personal days during each year, subject to Company's generally
     applicable policies. All vacation and personal days must be used within the
     year in which available and may not be carried over into subsequent years.
     Employee shall give oral or written notice prior to the commencement of any
     vacation in excess of five (5) business days.

         (c) Company will reimburse Employee for all reasonable expenses
     incurred by Employee in connection with the performance of Employee's
     duties hereunder upon receipt of documentation therefor in accordance with
     Company's regular reimbursement procedures and practices in effect from
     time to time. Payment to Employee will be made upon presentation of expense
     vouchers in such detail as Company may from time to time require.

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         (d) Employee shall receive an automobile leased by Company, at a
     monthly cost not to exceed One Thousand Dollars ($1000) and Company shall
     pay for insurance for such automobile as well as all reasonable expenses
     related to the operation of the automobile.

         7. Disability. If Employee suffers a Disability, Company may terminate
Employee's employment relationship with Company at any time thereafter by giving
Employee ten (10) days written notice of termination. Thereafter, Company shall
have no obligation to Employee for Base Compensation, Annual Bonus, Fringe
Benefits or any other form of compensation or benefit to Employee, except as
otherwise required by law or by benefit plans provided at Company expense, other
than (a) amounts of Base Compensation accrued through the date of termination,
(b) a pro rata portion of the Annual Bonus earned to the date of termination of
employment, to the extent payable hereunder, and (c) reimbursement of
appropriately documented expenses incurred by Employee before the termination of
employment, to the extent that Employee would have been entitled to such
reimbursement but for the termination of employment.

         8. Death. If Employee dies during the Term of Employment, the Term of
Employment and Employee's employment with Company shall terminate as of the date
of Employee's death. Company shall have no obligation to Employee or Employee's
estate for Base Compensation, Annual Bonus, Fringe Benefits or any other form of
compensation or benefit, except as otherwise required by law or by benefit plans
provided at Company expense, other than (a) amounts of Base Compensation that
have accrued through the date of Employee's death, (b) a pro rata portion of the
Annual Bonus earned to the date of Employee's death, to the extent payable
hereunder, and (c) reimbursement of appropriately documented expenses incurred
by Employee before Employee's death, to the extent that Employee would have been
entitled to such reimbursement but for his death.

         9. Termination for Cause. Company may terminate Employee's employment
relationship with Company at any time for Cause. Upon termination of Employee
under this Section 9, Company shall have no obligation to Employee for Base
Compensation, Annual Bonus, Fringe Benefits or other form of compensation or
benefits other than (a) amounts of Base Compensation accrued through the date of
termination, and (b) reimbursement of appropriately documented expenses incurred
by Employee before the termination of employment, to the extent that Employee
would have been entitled to such reimbursement but for the termination of
employment.

         10. Termination without Cause. Company may terminate Employee's
employment relationship with Company at any time without Cause. Notwithstanding
termination of Employee' employment under this Section 10, Employee shall
continue to be eligible to receive and Company shall continue to pay Employee's
Base Compensation in accordance with standard payroll practices, a pro rata
portion of the Annual Bonus earned up to the date of termination and all other
compensation and benefits as such amounts would have accrued through the end of
the Initial Term or, if such termination occurs during the Additional Term,
through the end of the Additional Term.

         11. Termination by Employee. Employee may terminate his employment at
any time upon at least 180 days' prior written notice to Company. If Employee
terminates his employment, Company shall have no obligation to Employee for Base
Compensation, Annual Bonus, Fringe Benefits or other form of compensation or
benefits other than (a) amounts of Base Compensation accrued through the date of
termination, and (b) reimbursement of appropriately documented expenses incurred
by Employee before the termination of employment, to the extent that Employee
would have been entitled to such reimbursement but for the termination of
employment.

         12. Consideration. Employee agrees and acknowledges that Employee is
agreeing to be bound by the terms of this Agreement, including without
limitation the provisions of Sections 13 and 14, in consideration of Company's
agreement to pay in full all amounts due as Base Compensation and other amounts
due after Employee's termination without Cause in accordance with Section 10 of
this Agreement; and Employee further agrees and acknowledges that the Fringe
Benefits described above constitute full, complete and adequate consideration
for Employee's obligations hereunder.

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         13. Company Property. All advertising, sales, manufacturers' and other
materials or articles or information, including without limitation data
processing reports, computer programs, software, customer information and
records, business records, price lists or information, samples, or any other
materials or data of any kind furnished to Employee by Company or developed by
Employee on behalf of Company or at Company's direction or for Company's use or
otherwise in connection with Employee's employment hereunder, are and shall
remain the sole property of Company, including in each case all copies thereof
in any medium, including computer tapes and other forms of information storage.
If Company requests the return of such materials at any time during or at or
after the termination of Employee's employment, Employee shall deliver all
copies of the same to Company immediately. Notwithstanding the foregoing,
Employee may retain records relevant to the filing of Employee's personal income
taxes and Company shall grant Employee reasonable access during normal business
hours, to business records of Company relevant to the discharge of Employee's
duties as an officer of Company or any other legitimate non-competitive business
purpose.

         14. Non-competition, Non-interference, Trade Secrets, Etc. Employee
hereby acknowledges that, during and solely as a result of his employment by
Company, Employee will have access to Confidential Information and business and
professional contacts. In consideration of such special and unique opportunities
afforded by Company to Employee as a result of Employee's employment and the
other benefits referred to in Section 12 of this Agreement, Employee hereby
agrees as follows:

         (a) For the duration of the Restricted Period, Employee shall not
     directly or indirectly (A) engage in (as a principal, shareholder, partner,
     director, officer, agent, employee, consultant or otherwise) or be
     financially interested in any business operating within the United States
     (the "Restricted Area"), which is involved in or any other business
     activities which are the same as, similar to or in competition with the
     Business at the time of the termination of Employee's employment; provided
     however, that nothing contained in this Section 14 shall prevent Employee
     from performing services similar to the Consulting Services orfrom holding
     for investment no more than three percent (3%) of any class of equity
     securities of a company whose securities are publicly traded on a national
     securities exchange or in a national market system; or (B) (i) solicit,
     divert away, take away or attempt to solicit or take away any Customer or
     Potential Customer of Company for the purpose of providing or selling
     products or services that are similar to or competitive with those provided
     by Company, if Company is then still engaged in the provision or sale of
     that type of good or service; or (ii) solicit for employment or in any
     other fashion hire, or induce or attempt to influence any employee to
     terminate his or her employment with Company.

         (b) During the Term of Employment, Employee shall not, directly or
     indirectly, disclose or otherwise communicate to any of the clients,
     customers or accounts of Company, its Affiliates or any Subsidiary thereof
     that he is considering terminating, or has decided to terminate, employment
     with Company. Following the termination of Employee's employment, Company
     shall have sole discretion to determine who may notify the clients,
     customers or accounts of Company of the termination of Employee's
     employment, and the form, substance and timing of such notification;
     provided, however, that Company shall not disseminate any notice of
     Employee's termination for any reason other than Cause which is unfavorable
     to Employee's professional or personal reputation or career. Company shall
     inform Employee of the identity of all persons or entities to be so
     notified and provide to Employee a copy of any written notice to such
     persons or entities at least ten business days prior to its dissemination
     to allow Employee to object to or otherwise challenge the content of the
     written notice and/or its dissemination.

         (c) Employee shall not use for Employee's personal benefit, or
     disclose, communicate or divulge to, or use for the direct or indirect
     benefit of any person, firm, association or company other than Company, any
     "Confidential Information" which term shall mean any information regarding

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     the business methods, business policies, policies, procedures, techniques,
     research or development projects or results, historical or projected
     financial information, budgets, trade secrets, or other knowledge or
     processes of or developed by Company or any names and addresses of
     customers or clients or any data on or relating to past, present or
     prospective Company customers or clients or any other confidential
     information relating to or dealing with the business operations or
     activities of Company as such relate specifically to commercial collection
     services, made known to Employee or learned or acquired by Employee while
     in the employ of Company, but Confidential Information shall not include
     information otherwise lawfully known generally by or readily accessible to
     the trade or the general public. All memoranda, notes, lists, records,
     files, documents and otherpapers and other like items (and all copies,
     extracts and summaries thereof) made or compiled by Employee or made
     available to Employee concerning the business of Company shall be Company's
     property and shall be delivered to Company promptly upon the termination of
     Employee's employment with Company or at any other time on request. The
     foregoing provisions of this Subsection 14(c) shall apply during and after
     the period when Employee is an employee of Company and shall be in addition
     to (and not a limitation of) any legally applicable protections of
     Company's interest in confidential information, trade secrets and the like.
     At the termination of Employee's employment with Company, Employee shall
     return to Company all copies of Confidential Information in any medium,
     including computer tapes and other forms of data storage. Notwithstanding
     the foregoing, Employee may retain records relevant to the filing of
     Employee's personal income taxes and Company shall grant Employee
     reasonable access during normal business hours, to business records of
     Company relevant to Employee's discharge of Employee's duties as an officer
     of Company or other legitimate non-competitive business purpose.

         (d) Any and all writings, inventions, improvements, processes,
     procedures and/or techniques which Employee may make, conceive, discover or
     develop, either solely or jointly with any other person or persons, at any
     time when Employee is an employee of Company, whether or not during working
     hours and whether or not at the request or upon the suggestion of Company,
     which relate to or are useful in connection with the Business or with any
     business now or hereafter during the time of Employee's employment
     hereunder carried on or known by Employee to be contemplated by Company,
     including developments or expansions of its present fields of operations,
     shall be the sole and exclusive property of Company. Employee shall make
     full disclosure to Company of all such writings, inventions, improvements,
     processes, procedures and techniques, and shall do everything necessary or
     desirable to vest the absolute title thereto in Company. Employee shall
     write and prepare all specifications and procedures regarding such
     inventions, improvements, processes, procedures and techniques and
     otherwise aid and assist Company so that Company can prepare and present
     applications for copyright or Letters Patent therefor and can secure such
     copyright or Letters Patent wherever possible, as well as reissues,
     renewals, and extensions thereof, and can obtain the record title to such
     copyright or patents so that Company shall be the sole and absolute owner
     thereof in all countries in which it may desire to have copyright or patent
     protection. Employee shall not be entitled to any additional or special
     compensation or reimbursement regarding any and all such writings,
     inventions, improvements, processes, procedures and techniques.

         (e) Employee acknowledges that the restrictions contained in the
     foregoing Subsections (a), (b), (c) and (d), in view of the nature of the
     business in which Company is engaged, are reasonable and necessary in order
     to protect the legitimate interests of Company, that their enforcement will
     not impose a hardship on Employee or significantly impair Employee's
     ability to earn a livelihood, and that any violation thereof would result
     in irreparable injuries to Company. Employee therefore acknowledges that,
     in the event of a purported Employee's violation of any of these
     restrictions, Company shall be entitled to seek from any court of competent
     jurisdiction preliminary and permanent injunctive relief as well as damages
     and an equitable accounting of all earnings, profits and other benefits
     arising from such violation, which rights shall be cumulative and in
     addition to any other rights or remedies to which Company may be entitled.

         (f) If the Restricted Period or the Restricted Area specified in
     Subsections (a) and (b) above should be adjudged unreasonable in any
     proceeding, then the period of time shall be reduced by such amount or the

<PAGE>

     area shall be reduced by the elimination of such portion or both such
     reductions shall be made so that such restrictions may be enforced for such
     time and in such area as is adjudged to be reasonable. If Employee
     purportedly violates any of the restrictions contained in the foregoing
     Subsections (a) or (b), the Restricted Period shall be extended by a period
     equal to the length of time from the commencement of any such violation
     until such time as such violation shall be cured by Employee. Company shall
     have the right and remedy to obtain an order from a court of competent
     jurisdiction to require Employee to account for and pay over to Company all
     compensation, profits, monies, accruals, increments or other benefits
     derived or received by Employee as the result of any transactions
     constituting a breach of this Section 14, and Employee shall account for
     and pay over such amounts to Company upon Company's request therefor after
     anorder is entered directing same. Employee hereby expressly consents to
     the jurisdiction of any court within the Commonwealth of Pennsylvania to
     enforce the provisions of this Section 14, and agrees to accept service of
     process by mail relating to any such proceeding. Company may supply a copy
     of Section 14 of this Agreement to any future or prospective employer of
     Employee or to any person to whom Employee has supplied information if
     Company determines in good faith that there is a reasonable likelihood that
     Employee has violated or will violate such Section.

         15. Consent to Jurisdiction/Arbitration.

         (a) Any legal suit, action, claim, proceeding or investigation arising
     out of or relating to this Agreement may be instituted in the Montgomery
     County Court of Common Pleas of the Commonwealth of Pennsylvania, and each
     of the parties hereto waives any objection which party may now or hereafter
     have to such venue of any such suit, action, claim, proceeding or
     investigation, and irrevocably submits to the jurisdiction of any such
     court. Any and all service of process and any other notice in any such
     suit, action, claim, proceeding or investigation shall be effective against
     any party if given by registered or certified mail, return receipt
     requested, or by any other means of mail which requires a signed receipt,
     postage prepaid, mailed to such party as herein provided. Nothing herein
     contained shall be deemed to affect the right of any party to serve process
     in any manner permitted by law or to commence legal proceedings or
     otherwise proceed against any other party in any jurisdiction other than
     Pennsylvania.

         (b) With the exception of Company's right to injunctive or equitable
     relief described in paragraph 14(e) above, any dispute, controversy or
     claim arising out of or relating to this Agreement or the breach or alleged
     breach of this Agreement shall be settled by arbitration in Montgomery
     County, Pennsylvania in accordance with the commercial arbitration rules,
     then obtaining, of the American Arbitration Association, and judgment upon
     any such arbitration award rendered by the arbitrators may be entered in
     any state or federal court sitting in Pennsylvania. If the parties to any
     such dispute, controversy or claim are unable to agree upon an arbitrator
     or arbitrators, then three arbitrators shall be appointed by the American
     Arbitration Association, as it may determine, in accordance with the
     commercial arbitration rules and practices, then obtaining, of such
     Association. If the parties to any such dispute, controversy or claim shall
     agree upon two arbitrators, but such parties or such arbitrators shall be
     unable to agree upon a third arbitrator, then only such third arbitrator
     shall be appointed as aforesaid by the American Arbitration Association.
     Each of the parties and the arbitrators shall use its best efforts to keep
     confidential the existence of any dispute and arbitration proceedings and
     all information relating thereto or submitted in connection therewith and,
     in the event of judicial proceedings for the enforcement of this paragraph
     or any award pursuant thereto, shall cooperate to seal the record of any
     such arbitration or judicial proceedings.

         (c) In the event judicial proceedings or arbitration proceedings are
     commenced, the prevailing party shall be entitled to an award for its
     reasonable legal fees and costs incurred in relation to such proceedings.

<PAGE>

         16. Prior Agreements. Employee represents to Company that there are no
restrictions, agreements or understandings, oral or written, to which Employee
is a party or by which Employee is bound that prevent or make unlawful
Employee's execution or performance of this Agreement.

         17. Miscellaneous.

         (a) Indulgences, Etc. Neither the failure nor any delay on the part of
     either party to exercise any right, remedy, power or privilege under this
     Agreement shall operate as a waiver thereof, nor shall any single or
     partial exercise of any right, remedy, power or privilege preclude any
     other or further exercise of the same or of any other right, remedy, power
     or privilege, nor shall any waiver of any right, remedy, power or privilege
     with respect to any occurrence be construed as a waiver of such right,
     remedy, power or privilege with respect to any other occurrence. No waiver
     shall be effective unless it is in writing and is signed by the party
     asserted to have granted such waiver.

         (b) Controlling Law. This Agreement and all questions relating to its
     validity, interpretation, performance and enforcement (including, without
     limitation, provisions concerning limitations of actions), shall be
     governed by and construed in accordance with the laws of the Commonwealth
     of Pennsylvania, notwithstanding any conflict-of-laws doctrines of such
     jurisdiction to the contrary, and without the aid of any canon, custom or
     rule of law requiring construction against the draftsman.

         (c) Notices. All notices, requests, demands and other communications
     required or permitted under this Agreement shall be in writing and shall be
     deemed to have been duly given, made and received only when personally
     delivered, on the day specified for delivery when deposited with a
     recognized national or regional courier service for delivery to the
     intended addressee or five (5) days following the day when deposited in the
     United States mails, first class postage prepaid, addressed as set forth
     below:

                                 If to Employee:

                              Mr. Albert Zezulinski
                               2146 Pikeland Road
                                Malvern, PA 19355

             with a copy, given in the manner prescribed above, to:

                                Stephen Frishberg
                           Flamm, Boroff, & Bacine, PC
                          925 Harvest Drive, Suite 220
                               Blue Bell, PA 19422

                                 If to Company:

                                Louis Molettiere
                             Chief Operating Officer
                           NCO Financial Systems, Inc.
                             515 Pennsylvania Avenue
                            Fort Washington, PA 19034

             with a copy, given in the manner prescribed above, to:

                                  Joshua Gindin
                  Executive Vice-President and General Counsel
                                 NCO Group, Inc.
                             515 Pennsylvania Avenue
                            Fort Washington, PA 19034

<PAGE>

         In addition, notice by mail shall be by air mail if posted outside of
the continental United States. Any party may alter the address to which
communications or copies are to be sent by giving notice of such change of
address in conformity with the provisions of this Section for the giving of
notice.

         (d) Binding Nature of Agreement. This Agreement shall be binding upon
     Company and shall inure to the benefit of Company, its present and future
     Subsidiaries, Affiliates, successors and assigns including any transferee
     of the business operation, as a going concern, in which Employee is
     employed and shall be binding upon Employee, Employee's heirs and personal
     representatives. None of the rights or obligations of Employee hereunder
     may be assigned or delegated, except that in the event of Employee's death
     or Disability, any rights of Employee hereunder shall be transferred to
     Employee's estate or personal representative, as the case may be. Company
     may assign its rights and obligations under this Agreement in whole or in
     part to any one or more Affiliates or successors, but no such assignment
     shall relieve Company of its obligations to Employee if any such assignee
     fails to perform such obligations.

         (e) Execution in Counterparts. This Agreement may be executed in any
     number of counterparts, each of which shall be deemed to be an original as
     against any party whose signature appears thereon, and all of which shall
     together constitute one and the same instrument. This Agreement shall
     become binding when such number of counterparts hereof, individually or
     taken together, shall bear the signatures of all of the parties reflected
     hereon as the signatories.

         (f) Provisions Separable. The provisions of this Agreement are
     independent of and separable from each other, and no provision shall be
     affected or rendered invalid or unenforceable by virtue of the fact that
     for any reason any other or others of them may be invalid or unenforceable
     in whole or in part.

         (g) Entire Agreement. This Agreement contains the entire understanding
     among the parties hereto with respect to the employment of Employee by
     Company, and supersedes all prior and contemporaneous agreements and
     understandings, inducements or conditions, express or implied, oral or
     written, except as herein contained. The express terms hereof control and
     supersede any course of performance and/or usage of the trade inconsistent
     with any of the terms hereof. This Agreement may not be modified or amended
     other than by an agreement in writing. Notwithstanding the foregoing,
     nothing herein shall limit the application of any generally applicable
     Company policy, practice, plan or the terms of any manual or handbook
     applicable to Company's employees generally, except to the extent the
     foregoing directly conflict with this Agreement, in which case the terms of
     this Agreement shall prevail.

         (h) Section Headings. The Section headings in this Agreement are for
     convenience only; they form no part of this Agreement and shall not affect
     its interpretation.

         (i) Number of Days. Except as otherwise provided herein, in computing
     the number of days for purposes of this Agreement, all days shall be
     counted, including Saturdays, Sundays and holidays; provided, however, that
     if the final day of any time period falls on a Saturday, Sunday or holiday
     on which federal banks are or may elect to be closed, then the final day
     shall be deemed to be the next day which is not a Saturday, Sunday or such
     holiday.

<PAGE>

         (j) Gender, Etc. Words used herein, regardless of the number and gender
     specifically used, shall be deemed and construed to include any other
     number, singular or plural, and any other gender, masculine, feminine or
     neuter, as the context indicates is appropriate.

         (k) Survival. All provisions of this Agreement which by their terms
     survive the termination of Employee's employment with Company, including
     without limitation the covenants of Employee set forth in Sections 13 and
     14 and the obligations of Company to make any post-termination payments
     under this Agreement, shall survive termination of Employee's employment by
     Company and shall remain in full force and effect thereafter in accordance
     with their terms.

         IN WITNESS WHEREOF, the parties have duly executed and delivered this
Agreement as of the date first above written.

                                        NCO FINANCIAL SYSTEMS, INC.

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                           Albert Zezulinski

<PAGE>

                                  Schedule "A"
                                  ------------
<TABLE>
<CAPTION>
<S>                                       <C>
Starboard Capital                         NCO Financing Transactions related to the Creditrust acquisition.

ExcelleRx, Inc.                           Member of the Board of Directors; and fees and equity interests related
                                          to a new round of equity and debt financing.

The Revenue Maximization                  Residual fees related to the AHERF collections
Group, Inc.

MedCambio, Inc.                           Referral fees related to NCO Group and Crozer Keystone Health Systems

</TABLE><PAGE>

                               FIRST AMENDMENT TO
                   FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

         THIS FIRST AMENDMENT (this "Amendment"), dated as of March 24, 2000, to
FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (the "Credit Agreement"), dated as
of December 31, 1999, by and between NCO GROUP, INC., a Pennsylvania corporation
("NCO Group" or the "Borrower" and sometimes an "Obligor") and the Lenders
listed on the signature pages hereto (together with other lenders party to the
Credit Agreement from time to time pursuant to Section 11.9 of the Credit
Agreement, and their successors and assigns, the "Lenders"), MELLON BANK, N.A.,
a national banking association ("Mellon") for itself and as Administrative Agent
for the other Lenders (in such capacity, together with its successors and
assigns in such capacity, the "Administrative Agent").

         WHEREAS, the parties wish to amend the Credit Agreement on the terms
and conditions set forth below.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained and intending to be legally bound hereby, the
Borrowers and the Lenders agree that the Credit Agreement is hereby amended as
follows:

         1. Defined Terms. Capitalized terms not otherwise defined in this
Amendment will have the meanings that the Credit Agreement gives to those terms.
The Credit Agreement defines the term "Stock Payment" as follows:

            "Stock Payment" by any Person shall mean any dividend, distribution
            or payment of any nature (whether in cash, securities, or other
            property) on account of or in respect of any shares of the capital
            stock (or warrants, options or rights therefor) of such Person,
            including but not limited to any payment on account of the purchase,
            redemption, retirement, defeasance or acquisition of any shares of
            the capital stock (or warrants, options or rights therefor) of such
            Person, in each case regardless of whether required by the terms of
            such capital stock (or warrants, options or rights) or any other
            agreement or instrument.

         2. Amendment to Credit Agreement. The Credit Agreement is hereby
amended as follows:

            a. Section 6.6, page 41, Dividends and Related Distributions. The
section is amended to read in its entirety as follows:

            Dividends and Related Distributions. No Obligor shall declare or
            make any Stock Payment, or agree, become or remain liable
            (contingently or otherwise) to do any of the foregoing, except that
            (a) one Obligor may make a Stock Payment to another Obligor and (b)
            during the year 2000, NCO Group may spend up to $20,000,000 of its
            cash on hand (approximately $55,000,000 as of the date of the First
            Amendment to the Credit Agreement) to repurchase shares of its
            common stock provided that (1) NCO Group will not fund the

<PAGE>

            repurchases, directly or indirectly, with the proceeds of RC Loans
            and (2) no Default or Event of Default will exist at the time of any
            share repurchase or result from the share repurchase.

         3. Representations and Warranties. The Borrower represents and warrants
to the Lenders as follows:

            a. Credit Agreement. Each of the representations and warranties
contained in the Credit Agreement is accurate on and as of the date hereof.

            b. No Defaults. As of the date hereof, no Default or Event of
Default exists.

         4. Continuing Effectiveness of Credit Agreement. Except as amended
hereby, the Credit Agreement remains in full force and effect.

                         [Signatures begin on next page]

                                      -2-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first above written.

                                        NCO GROUP, INC.

                                        By:____________________________________
                                           Michael J. Barrist,
                                           President and Chief Executive Officer

           [Signature page to First Amendment to NCO Credit Agreement]

                                      -3-
<PAGE>

                                        MELLON BANK, N.A.,
                                        for itself and as Administrative Agent

                                        By:_____________________________________
                                           Liam M. Brickley
                                           Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -4-
<PAGE>

                                        PNC BANK, NATIONAL ASSOCIATION

                                        By:_____________________________________
                                           Robert Giannone
                                           Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -5-
<PAGE>

                                        BANK OF AMERICA

                                        By:_____________________________________
                                           Michael J. McKenney
                                           Managing Director

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -6-
<PAGE>

                                        FIRST UNION NATIONAL BANK

                                        By:_____________________________________
                                           Joan Anderson
                                           Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -7-
<PAGE>

                                        SUNTRUST BANK, ATLANTA

                                        By:_____________________________________
                                           Daniel S. Komitor
                                           Vice President

                                        By:_____________________________________
                                           Name:
                                           Title:

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -8-
<PAGE>

                                        UNION BANK OF CALIFORNIA, N.A.

                                        By:_____________________________________
                                           J. Scott Jessup
                                           Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -9-
<PAGE>

                                        NATIONAL CITY BANK OF PENNSYLVANIA

                                        By:_____________________________________
                                           Marissa Mignogna
                                           Assistant Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -10-
<PAGE>

                                        SUMMIT BANK

                                        By:_____________________________________
                                           Gary W. Tyrell
                                           Vice President and Director

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -11-
<PAGE>

                                        PROVIDENT BANK OF MARYLAND

                                        By:_____________________________________
                                           Jennifer L. Kissner
                                           Commercial Banking Officer

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -12-
<PAGE>

                                        MANUFACTURERS AND TRADERS TRUST COMPANY

                                        By:_____________________________________
                                           Kevin B. Quinn
                                           Assistant Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -13-
<PAGE>

                                        FLEET NATIONAL BANK

                                        By:_____________________________________
                                           Jeffrey Lynch
                                           Senior Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -14-
<PAGE>

                                        CITIZENS BANK OF MASSACHUSETTS

                                        By:_____________________________________
                                           Michael G. Ouellet
                                           Assistant Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -15-
<PAGE>

                                        CHEVY CHASE BANK, F.S.B.

                                        By:_____________________________________
                                           Robert Smith
                                           Vice President

           [Signature Page to First Amendment to NCO Credit Agreement]

                                      -16-

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