Exhibit 10.2

EXECUTION COPY

AMENDMENT NO. 2

Dated as of September 21, 2010

to

CREDIT AGREEMENT

Dated as of February 8, 2010

THIS AMENDMENT NO. 2 (“Amendment”) is made as of September 21, 2010 by and among
Encore Capital Group, Inc. (the “Borrower”), the financial institutions listed
on the signature pages hereof (the “Lenders”) and JPMorgan Chase Bank, N.A.
(“JPMorgan”), as Collateral Agent (the “Collateral Agent”) and as Administrative
Agent (the “Administrative Agent” and, together with the Collateral Agent, the
“Agents”), under that certain Credit Agreement dated as of February 8, 2010 by
and among the Borrower, the Lenders and the Agents (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”). Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings
given to them in the Credit Agreement.

WHEREAS, the Borrower has requested that the Lenders and the Administrative
Agent agree to certain amendments and waivers with respect to the Credit
Agreement;

WHEREAS, the Lenders party hereto and the Administrative Agent have agreed to
such amendments and waivers on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders party hereto and the Administrative Agent have agreed to enter into this
Amendment.

1. Amendments to Credit Agreement. Effective as of the date of satisfaction of
the conditions precedent set forth in Section 2 below, the Credit Agreement is
amended as follows:

(a) Section 1.1 of the Credit Agreement is hereby amended to:

(i) add the following definitions in their appropriate alphabetical order
therein:

“ “Non-Consenting Lender” means, in connection with any proposed amendment,
waiver or consent requiring the consent of each Lender or “each Lender directly
and adversely affected thereby,” any Lender whose consent is necessary to such
amendment, waiver or consent but is not obtained, notwithstanding that the
consent of the Required Lenders is obtained.”

“ “Non-Extending Lender” means Israel Discount Bank of New York.”

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“ “Non-Extending Lender Revolving Loan Termination Date” means May 3, 2013.”

(ii) amend and restate the definitions of “Lenders”, “Payment Date” and
“Revolving Loan Termination Date” in their entirety as follows:

“ “Lenders” means the lending institutions listed on the signature pages of this
Agreement and their respective successors and assigns; provided, however, that
as of the Non-Extending Lender Revolving Loan Termination Date, so long as the
Borrower has paid all Obligations owing to such Non-Extending Lender, the
Non-Extending Lender shall no longer be a Lender hereunder. Unless otherwise
specified, the term “Lenders” includes the Swing Line Lender and the LC Issuer.”

“ “Payment Date” means the first day of each April, July, October and January
and the Revolving Loan Termination Date (or in the case of the Non-Extending
Lender, the Non-Extending Lender Revolving Loan Termination Date). The first
Payment Date under this Agreement is April 1, 2010.”

“ “Revolving Loan Termination Date” means the earlier of (a) December 31, 2013
(or, solely with respect to the Non-Extending Lender, the Non-Extending Lender
Revolving Loan Termination Date) and (b) the date of termination in whole of the
Aggregate Revolving Loan Commitment pursuant to Section 2.2 hereof or the
Revolving Loan Commitments pursuant to Section 8.1 hereof.”; and

(iii) amend the definition of “Revolving Loan Commitment” to add the following
proviso to the end of such definition:

“; provided, that on the Non-Extending Lender Revolving Loan Termination Date,
the Non-Extending Lender’s Revolving Loan Commitment shall be terminated (it
being understood that, to the extent any Obligations owing to such Non-Extending
Lender remain unpaid after the Non-Extending Lender Revolving Loan Termination
Date, then for so long as any such Obligations remain outstanding and solely for
purposes of determining the Non-Extending Lender’s Revolving Loan Pro Rata Share
of any payments made in respect of such Obligations, such Non-Extending Lender’s
Revolving Loan Commitment shall be deemed to be equal to the amount of its
Revolving Loan Commitment immediately prior to such Revolving Loaning Commitment
being terminated)”.

(b) Section 2.1 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“2.1 Revolving Loan Commitments. From and including the Closing Date and prior
to the Revolving Loan Termination Date applicable to each Lender, upon the
satisfaction of the conditions precedent set forth in Section 4.1 and 4.2, as
applicable, each such Lender severally and not jointly agrees, on the terms and
conditions set forth in this Agreement, to (i) make Revolving Loans to the
Borrower from time to time and (ii)

 

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participate in Facility LCs issued upon the request of the Borrower, in each
case in an amount not to exceed in the aggregate at any one time outstanding its
Revolving Loan Pro Rata Share of the Available Aggregate Revolving Loan
Commitment; provided that at no time shall the Aggregate Outstanding Revolving
Credit Exposure hereunder exceed the Adjusted Available Aggregate Revolving Loan
Commitment. Subject to the terms of this Agreement, the Borrower may borrow,
repay and reborrow Revolving Loans from each Lender at any time prior to the
Revolving Loan Termination Date applicable to such Lender. The commitment of
each Lender to lend hereunder shall automatically expire on the Revolving Loan
Termination Date applicable to such Lender. The LC Issuer will issue Facility
LCs hereunder on the terms and conditions set forth in Section 2.20.”

(c) Section 2.2(a) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“(a) Any outstanding Revolving Loans made by any Lender shall be paid in full by
the Borrower on the Revolving Loan Termination Date applicable to such Lender
and all other unpaid Obligations owing to such Lender shall be paid in full by
the Borrower on the later of the date when due or the Revolving Loan Termination
Date applicable to such Lender. Following the payment in full of the
Non-Extending Lender’s Revolving Loans on the Non-Extending Lender Revolving
Loan Termination Date, the outstanding Revolving Loans shall be reallocated
among the other Lenders in accordance with such Lenders’ Revolving Loan Pro Rata
Shares, determined after giving effect to the termination of the Non-Extending
Lender’s Revolving Loan Commitment (provided that, to the extent such
reallocation shall cause the Aggregate Outstanding Revolving Credit Exposure to
exceed the Aggregate Revolving Loan Commitment or cause any Lender’s Outstanding
Revolving Credit Exposure to exceed such Lender’s Revolving Loan Commitment, the
Borrower shall, on such date of reallocation, prepay the Revolving Loans and
cash collateralize outstanding LC Exposure in an amount sufficient to eliminate
any such excess). In addition, if at any time the Aggregate Outstanding
Revolving Credit Exposure hereunder exceeds the Adjusted Available Aggregate
Revolving Loan Commitment, the Borrower shall promptly (i) make a mandatory
prepayment of the Loans in an amount equal to such excess (or, if such excess
exceeds $10,000,000, the Ratable Share of such excess), and (ii) if such excess
(or if the excess is greater than $10,000,000, the Ratable Share of such excess)
is greater than the outstanding principal amount of the Revolving Loans, cash
collateralize the outstanding LC Obligations by depositing funds in the Facility
LC Collateral Account, in an aggregate amount equal to the remaining excess (or,
if the excess is greater than $10,000,000, the Ratable Share of the remaining
excess). Notwithstanding the termination of the Revolving Loan Commitments under
this Agreement on the Revolving Loan Termination Date (and the termination of
the Non-Extending Lender’s Revolving Loan Commitment on the Non-Extending Lender
Revolving Loan Termination Date), until all of the Obligations (other than
contingent indemnity obligations) shall have been fully paid and satisfied and
all financing arrangements among the Borrower and the Lenders hereunder and
under the other Loan Documents shall have been terminated, all of the rights and
remedies under this Agreement and the other Loan Documents shall survive.”

(d) Section 2.4.4 of the Credit Agreement is hereby amended to add the following
proviso to the end of the first sentence thereof:

 

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“; provided, however, that on the Non-Extending Lender Revolving Loan
Termination Date, the Revolving Loans of such Non-Extending Lender made pursuant
to this Section 2.4.4 shall be reallocated among the other Lenders in accordance
with such Lenders’ Revolving Loan Pro Rata Shares, determined after giving
effect to the termination of the Non-Extending Lender’s Revolving Loan
Commitment (provided that, to the extent such reallocation shall cause the
Aggregate Outstanding Revolving Credit Exposure to exceed the Aggregate
Revolving Loan Commitment or cause any Lender’s Outstanding Revolving Credit
Exposure to exceed such Lender’s Revolving Loan Commitment, the Borrower shall,
on such date of reallocation, prepay the Revolving Loans and cash collateralize
outstanding LC Exposure in an amount sufficient to eliminate any such excess)”.

(e) Section 2.10 of the Credit Agreement is hereby amended to amend and restate
the last sentence thereof in its entirety as follows:

“No Interest Period in respect of any Revolving Loan made by any Lender may end
after the Revolving Loan Termination Date applicable to such Lender.”

(f) Section 2.19 of the Credit Agreement is hereby amended as follows:

(i) by inserting the phrase “, if any Lender becomes a Non-Consenting Lender”
immediately after the phrase “if any Lender becomes a Defaulting Lender” in the
first sentence thereof; and

(ii) by inserting the phrase “or such Lender continues to be a Non-Consenting
Lender,” immediately after the phrase “or such suspension is still effective” in
the first sentence thereof.

(g) Section 2.20.2 of the Credit Agreement is hereby amended to add the
following proviso to the end of such Section:

“; provided, however, that on the Non-Extending Lender Revolving Loan
Termination Date, the participations so sold and purchased by the Non-Extending
Lender shall be reallocated among the other Lenders in accordance with such
Lenders’ Revolving Loan Pro Rata Shares, determined after giving effect to the
termination of the Non-Extending Lender’s Revolving Loan Commitment (provided
that, to the extent such reallocation shall cause the Aggregate Outstanding
Revolving Credit Exposure to exceed the Aggregate Revolving Loan Commitment or
cause any Lender’s Outstanding Revolving Credit Exposure to exceed such Lender’s
Revolving Loan Commitment, the Borrower shall, on such date of reallocation,
prepay the Revolving Loans and cash collateralize outstanding LC Exposure in an
amount sufficient to eliminate any such excess)”.

(h) Section 11.2 of the Credit Agreement is hereby amended to amend and restate
the parenthetical in the first sentence thereof in its entirety as follows:

“(other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5 or the
payment in full of all Obligations owing to the Non-Extending Lender on the
Non-Extending Lender Revolving Loan Termination Date)”.

(i) Section 12.3.3 of the Credit Agreement is hereby amended to add the phrase
“applicable to such Lender” immediately after the term “Revolving Loan
Termination Date” in the last

 

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sentence thereof.

2. Conditions of Effectiveness. The effectiveness of this Amendment is subject
to the conditions precedent that (a) the Administrative Agent shall have
received (i) counterparts of this Amendment duly executed by the Borrower, each
Lender other than the Non-Extending Lender, the Administrative Agent and the
Collateral Agent and the Consent and Reaffirmation attached hereto duly executed
by the Guarantors, (ii) such other opinions, instruments and documents as are
reasonably requested by the Administrative Agent and the Collateral Agent,
(b) the Borrower shall have paid, for the account of each Lender approving this
Amendment in its entirety, an upfront fee in an amount equal to 0.05% multiplied
by such Lender’s Commitment, and (c) the Borrower shall have paid, to the extent
invoiced, all fees and expenses of the Administrative Agent and its affiliates
(including attorneys’ fees and expenses) in connection with this Amendment and
the other Loan Documents.

3. Representations and Warranties of the Borrower. The Borrower hereby
represents and warrants as follows:

(a) This Amendment and the Credit Agreement as amended hereby constitute legal,
valid and binding obligations of the Borrower and are enforceable against the
Borrower in accordance with their terms.

(b) As of the date hereof and giving effect to the terms of this Amendment,
(i) there exists no Default or Unmatured Default and (ii) the representations
and warranties contained in Article V of the Credit Agreement, as amended
hereby, are true and correct, except for representations and warranties made
with reference solely to an earlier date.

4. Reference to and Effect on the Credit Agreement.

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the
Credit Agreement or any other Loan Document shall mean and be a reference to the
Credit Agreement as amended hereby.

(b) Except as specifically amended above, the Credit Agreement and all other
documents, instruments and agreements executed and/or delivered in connection
therewith shall remain in full force and effect and are hereby ratified and
confirmed.

(c) Other than as expressly set forth herein, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent or the Lenders, nor constitute a
waiver of any provision of the Credit Agreement or any other documents,
instruments and agreements executed and/or delivered in connection therewith.

5. Governing Law. This Amendment shall be governed by and construed in
accordance with the internal laws of the State of New York, but giving effect to
federal laws applicable to national banks.

6. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

 

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7. Counterparts. This Amendment may be executed by one or more of the parties
hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

 

ENCORE CAPITAL GROUP, INC., as the Borrower By:   /s/ J. Brandon Black

Name: J. Brandon Black

Title: President

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender By:   /s/
Anna C. Araya

Name: Anna C. Araya

Title: Vice President

 

JPMORGAN CHASE BANK, N.A., as Collateral Agent By:   /s/ Anna C. Araya

Name: Anna C. Araya

Title: Vice President

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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BANK OF AMERICA, N.A., as a Lender By:   /s/ Christopher D. Pannacciulli

Name: Christopher D. Pannacciulli

Title: Senior Vice President

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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FIFTH THIRD BANK, as a Lender By:   /s/ Gregory J. Vollmer

Name: Gregory J. Vollmer

Title: Vice President

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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SUNTRUST BANK, as a Lender By:   /s/ Mark E. McCall

Name: Mark E. McCall

Title: Managing Director

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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MORGAN STANLEY BANK, N.A., as a Lender By:   /s/ Ryan Vetsch

Name: Ryan Vetsch

Title: Authorized Signatory

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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CALIFORNIA BANK & TRUST, as a Lender By:   /s/ Michael Powell

Name: Michael Powell

Title: Senior Vice President and Manager

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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ING CAPITAL LLC, as a Lender By:   /s/ Mary Fortsner

Name: Mary Fortsner

Title: Director

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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CITIBANK, N.A., as a Lender By:   /s/ Rita Raychaudhuri

Name: Rita Raychaudhuri

Title: Senior Vice President

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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COMPASS BANK, as a Lender By:   /s/ Nancy Zezza

Name: Nancy Zezza

Title: Senior Vice President

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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BANK LEUMI, USA, as a Lender By:   /s/ Jacques Delvoye

Name: Jacques Delvoye

Title: FVP

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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MANUFACTURERS BANK, as a Lender By:   /s/ Maureen Kelly

Name: Maureen Kelly

Title: Vice President

Signature Page to Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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CONSENT AND REAFFIRMATION

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing
Amendment No. 2 to the Credit Agreement dated as of February 8, 2010 (as the
same may be amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”) by and among Encore Capital Group, Inc. (the
“Borrower”), the financial institutions from time to time party thereto (the
“Lenders”) and JPMorgan Chase Bank, N.A., in its individual capacity as a Lender
and in its capacites as contractual representative (the “Administrative Agent”)
and as collateral agent (the “Collateral Agent”), which Amendment No. 2 is dated
as of September 21, 2010 (the “Amendment”). Capitalized terms used in this
Consent and Reaffirmation and not defined herein shall have the meanings given
to them in the Credit Agreement. Without in any way establishing a course of
dealing by the Administrative Agent, the Collateral Agent or any Lender, each of
the undersigned consents to the Amendment and reaffirms the terms and conditions
of the Guaranty Agreement, the Pledge and Security Agreement and any other Loan
Document executed by it and acknowledges and agrees that such agreement and each
and every such Loan Document executed by the undersigned in connection with the
Credit Agreement remains in full force and effect and is hereby reaffirmed,
ratified and confirmed.

All references to the Credit Agreement contained in the above-referenced
documents shall be a reference to the Credit Agreement as so modified by the
Amendment and as each of the same may from time to time hereafter be amended,
modified or restated.

Dated: September 21, 2010

[Signature Page Follows]

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MIDLAND CREDIT MANAGEMENT, INC.     ASCENSION CAPITAL GROUP, INC. By:   /s/ J.
Brandon Black     By:   /s/ J. Brandon Black

Name: J. Brandon Black

Title: President

   

Name: J. Brandon Black

Title: President

 

MIDLAND PORTFOLIO SERVICES, INC.

    MIDLAND FUNDING LLC By:  

/s/ J. Brandon Black

    By:   /s/ J. Brandon Black

Name: J. Brandon Black

Title: President

   

Name: J. Brandon Black

Title: President

 

MIDLAND INDIA LLC

    MIDLAND INTERNATIONAL LLC By:  

/s/ Ronald E. Naves, Jr.

    By:   /s/ J. Brandon Black

Name: Ronald E. Naves, Jr.

Title: Secretary

   

Name: J. Brandon Black

Title: President

 

MIDLAND FUNDING NCC-2 CORPORATION

    MRC RECEIVABLES CORPORATION By:  

/s/ J. Brandon Black

    By:   /s/ J. Brandon Black

Name: J. Brandon Black

Title: President

   

Name: J. Brandon Black

Title: President

Signature Page to Consent and Reaffirmation

Amendment No. 2

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010