Exhibit 10.1

AMENDMENT NO. 3 TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
This AMENDMENT NO. 3 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of August 30, 2019, is entered into by and among ENCORE
CAPITAL GROUP, INC., a Delaware corporation (the “Borrower”), the Guarantors
identified on the signature pages hereto, the Lenders party hereto, and SUNTRUST
BANK, as Administrative Agent (in such capacity, the “Administrative Agent”),
Collateral Agent, Swingline Lender and Issuing Bank.
RECITALS
WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to
that certain Third Amended and Restated Credit Agreement dated as of December
20, 2016 (as the same has been amended, restated, waived, extended, supplemented
or otherwise modified prior to the date hereof, the “Credit Agreement”),
pursuant to which the Lenders have extended revolving credit and term loan
facilities to the Borrower; and
WHEREAS, the Borrower has requested certain amendments to the Credit Agreement
as set forth herein, and the Administrative Agent, the Collateral Agent, the
Swingline Lender, the Issuing Bank and the undersigned Lenders have agreed to
such amendments, subject to the terms and conditions of this Amendment.
NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto hereby agree as follows:
1.Defined Terms. Unless otherwise defined herein, capitalized terms used herein
shall have the meanings assigned to such terms in the Credit Agreement, as
amended by this Amendment.
2.    Amendments to Credit Agreement. Subject to the terms and conditions hereof
and with effect as set forth in Section 4 below, on the Amendment Effective Date
(as defined in Section 4 below) the Credit Agreement is hereby amended as
follows:
(a)    Section 7.1 of the Credit Agreement is hereby amended by restating clause
(d) thereof in its entirety to read as follows:
(d)     (i) Capitalized Leases entered into by the Borrower or any of its
Restricted Subsidiaries after the Closing Date and (ii) secured or unsecured
purchase money Indebtedness incurred by the Borrower or any of its Restricted
Subsidiaries after the Closing Date (so long as the total of all such
Indebtedness incurred pursuant to this clause (ii) on or after the Closing Date
taken together, when aggregated with the Indebtedness permitted under clause (i)
of this Section 7.1, shall not exceed an aggregate principal amount of
$20,000,000 at any one time outstanding); provided that with respect to any
Indebtedness described in the immediately preceding clauses (i) or (ii), (1)
such Indebtedness shall be incurred to finance the acquisition of assets used in
the business of the Borrower or any of its Restricted Subsidiaries, (2) any such
Indebtedness incurred pursuant to this clause (d)

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when incurred shall not exceed the purchase price of the asset(s) financed
therewith, (3) such Indebtedness may be refinanced from time to time so long as
no such Indebtedness shall be refinanced for a principal amount in excess of the
principal balance outstanding thereon at the time of such refinancing, and (4)
any Lien securing such Indebtedness is permitted under Section 7.2;

(b)    Section 7.1 of the Credit Agreement is hereby amended by restating clause
(i) thereof in its entirety to read as follows:
(i)    Additional unsecured Indebtedness of the Borrower or any Restricted
Subsidiary, to the extent not otherwise permitted under this Section 7.1;
provided, however, that the aggregate principal amount of such additional
Indebtedness, when aggregated with the Indebtedness permitted under clause
(d)(ii) immediately above shall not exceed $20,000,000 at any time outstanding;
(c)    Section 7.2 of the Credit Agreement is hereby amended by restating clause
(i) thereof in its entirety to read as follows:
(i)    Liens securing Indebtedness permitted under Section 7.1(d); provided,
that such Liens shall not apply to any property of the Borrower or its
Restricted Subsidiaries other than that property purchased or leased in
connection with the incurrence of such Indebtedness;
(d)    Section 7.5 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:
Section 7.5. Restricted Payments.
The Borrower will not, nor will it permit any Restricted Subsidiary to, make any
Restricted Payment (other than dividends payable in its own capital stock)
except that (i) any Restricted Subsidiary may declare and pay dividends or make
distributions to the Borrower or to a Guarantor, (ii) the Borrower may, so long
as no Default or Event of Default has occurred and is continuing or would arise
after giving effect thereto, make Restricted Payments in an aggregate amount not
to exceed, during any fiscal year of the Borrower, 20% of the audited
Consolidated Net Income for the then most recently completed fiscal year of the
Borrower, (iii) the Borrower or any Restricted Subsidiary may redeem,
repurchase, retire, defease, prepay or otherwise retire for value outstanding
Indebtedness of the Borrower or any Restricted Subsidiary with the proceeds of
Indebtedness incurred by the Borrower or any Restricted Subsidiaries, so long as
after giving effect thereto, such Indebtedness incurred constitutes Permitted
Indebtedness, (iv) Borrower may (A) effect a conversion of Permitted
Indebtedness pursuant to its terms by making any required payments of cash
and/or Borrower's capital stock and (B) make a payment of cash to enter into a
Permitted Indebtedness Hedge in connection with Permitted Indebtedness, and any
payments made in settlement or in performance thereof, and (v) the Borrower may,
so long as the Payment Conditions (as defined below) are satisfied, make
repurchases of its capital stock

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or any Permitted Indebtedness so long as the aggregate cumulative amount
expended on and after July 9, 2015 for all such repurchases of capital stock and
Permitted Indebtedness does not exceed $150,000,000. As used herein, “Payment
Conditions” means (i) no Default or Event of Default has then occurred and is
continuing or would arise after giving effect thereto and (ii) before and after
giving effect (including pro forma effect) thereto, (A) the Borrower is in
compliance with the covenants set forth in ARTICLE VI and (B) the Aggregate
Revolving Credit Exposure shall not exceed the lesser of (x) the Aggregate
Revolving Commitment and (y) the Borrowing Base, in each case, then in effect.
3.    Representations and Warranties. The Borrower and the Guarantors hereby
represent and warrant to the Administrative Agent, the Collateral Agent, the
Swingline Lender, the Issuing Bank and the Lenders as follows:
(a)    As of the date hereof and giving effect to the terms of this Amendment,
no Default or Event of Default has occurred and is continuing.
(b)    The execution, delivery and performance by each Loan Party of this
Amendment are within such Loan Party’s organizational powers and have been duly
authorized by all necessary organizational, and if required, shareholder,
partner or member, action. This Amendment has been duly executed and delivered
by each Loan Party. Each of this Amendment and the Credit Agreement, as amended
hereby, constitute the valid and binding obligations of the Loan Parties,
enforceable against them in accordance with their respective terms, except as
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
or similar laws affecting the enforcement of creditors’ rights generally and by
general principles of equity.
(c)    The execution and delivery of this Amendment by the Loan Parties, and
performance by the Borrower of this Amendment and the Credit Agreement, as
amended hereby (i) do not require any consent or approval of, registration or
filing with, or any action by, any Governmental Authority, except those as have
been obtained or made and are in full force and effect, (ii) will not violate
any organizational documents of, or any law applicable to, any Loan Party or any
judgment, order or ruling of any Governmental Authority, (iii) will not violate
or result in a default under the Credit Agreement, the Prudential Senior Secured
Note Agreement, any Material Indebtedness Agreement, any other material
agreement or other material instrument binding on any Loan Party or any of their
assets or give rise to a right thereunder to require any payment to be made by
any Loan Party, (iv) will not result in the creation or imposition of any Lien
on any asset of any Loan Party, except Liens (if any) created under the Loan
Documents and/or (v) will not result in a material limitation on any licenses,
permits or other governmental approvals applicable to the business, operations
or properties of the Loan Parties.
(d)    The execution, delivery, performance and effectiveness of this Amendment
will not: (i) impair the validity, effectiveness or priority of the Liens
granted pursuant to any Loan Document, and such Liens continue unimpaired with
the same priority to secure repayment of all of the applicable Obligations,
whether heretofore or hereafter incurred and (ii) require that any new filings
be made or other action taken to perfect or to maintain the perfection of such
Liens.

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(e)    Without limiting the foregoing, each Loan Party hereby repeats and
reaffirms all representations and warranties made by such Loan Party in the
Credit Agreement (as amended hereby) and the other Loan Documents to which it is
a party on and as of the date hereof with the same force and effect as if such
representations and warranties were set forth in this Amendment in full, except
to the extent such representations and warranties relate to an earlier date, in
which case each Loan Party repeats and reaffirms such representations and
warranties as of such date.
4.    Amendment Effective Date and Effect on Credit Agreement.
(a)    This Amendment will become effective on the first date on which each of
the following conditions has been satisfied (the “Amendment Effective Date”) to
the satisfaction of the Administrative Agent:
(i)    the Administrative Agent shall have received counterparts of this
Amendment duly executed by the Loan Parties and the Required Lenders;
(ii)    the Borrower shall have paid all fees, charges and disbursements of
counsel to the Administrative Agent (directly to such counsel if requested by
the Administrative Agent) to the extent invoiced at least one (1) Business Day
prior to the Amendment Effective Date, plus such additional amounts of such
fees, charges and disbursements as shall constitute its reasonable estimate of
such fees, charges and disbursements incurred or to be incurred by it through
the closing proceedings;
(iii)    the Administrative Agent shall have received a copy of an amendment to
the Prudential Senior Secured Note Agreement duly executed by each party
thereto, in form and substance acceptable to the Administrative Agent; and
(iv)    the Administrative Agent shall have received such other instruments,
documents and certificates as the Administrative Agent shall reasonably request
in connection with the execution of this Amendment. 
(b)    For purposes of determining compliance with the conditions specified in
this Section 4, each Lender that has executed this Amendment and delivered it to
the Administrative Agent shall be deemed to have consented to, approved or
accepted, or to be satisfied with, each document or other matter required under
this Section 4 to be consented to or approved by or acceptable or satisfactory
to such Lender unless the Administrative Agent shall have received written
notice from such Lender prior to the proposed Amendment Effective Date
specifying its objection thereto.
(c)    On the Amendment Effective Date, the amendments to the Credit Agreement
provided herein will be deemed for all purposes effective as of the Closing
Date, and any action or inaction taken by any Loan Party at any time on or after
the Closing Date in compliance with the Credit Agreement as amended hereby shall
constitute compliance with the Credit Agreement at such time. Except as
expressly amended pursuant hereto, the Credit Agreement shall remain unchanged
and in full force and effect and is hereby ratified and confirmed in all
respects.

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(d)    The Administrative Agent will notify the Borrower and the Lenders of the
occurrence of the Amendment Effective Date.
5.    Miscellaneous.
(a)    Except as herein expressly amended, all terms, covenants and provisions
of the Credit Agreement and each other Loan Document are and shall remain in
full force and effect and all references in any Loan Document to the “Credit
Agreement” shall henceforth refer to the Credit Agreement as amended by this
Amendment. Nothing in this Amendment or in any of the transactions contemplated
hereby (including, without limitation, the refinancing contemplated hereby) is
intended, or shall be construed, to constitute a novation or an accord and
satisfaction of any of the Obligations of the Borrower under the Credit
Agreement or to modify, affect or impair the perfection, priority or
continuation of the security interests in, security titles to or other Liens on
any Collateral for the Obligations.
(b)    This Amendment shall be binding upon and inure to the benefit of the
parties hereto and thereto and their respective successors and assigns.
(c)    THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.6 AND 10.7 OF
THE CREDIT AGREEMENT RELATING TO GOVERNING LAW, JURISDICTION AND WAIVER OF RIGHT
TO TRIAL BY JURY, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED
HEREIN IN FULL.
(d)    This Amendment may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. This
Amendment and the other Loan Documents constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter
hereof. Subject to Section 4 above, this Amendment shall become effective when
it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken
together, bear the signatures of each of the other parties required to be a
party hereto. Delivery of an executed counterpart of a signature page of this
Amendment by telecopy or other electronic imaging means shall be effective as
delivery of a manually executed counterpart of this Amendment. This Amendment
may not be amended except in accordance with the provisions of Section 10.2 of
the Credit Agreement.
(e)    If any provision of this Amendment or the other Loan Documents is held to
be illegal, invalid or unenforceable, (a) the legality, validity and
enforceability of the remaining provisions of this Amendment and the other Loan
Documents shall not be affected or impaired thereby and (b) the parties shall
endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.
Nothing contained herein shall be deemed to constitute a waiver of compliance
with any term or condition contained in the Credit Agreement or any of the other
Loan Documents, or

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constitute a course of conduct or dealing among the parties. The Administrative
Agent and the Lenders reserve all rights, privileges and remedies under the Loan
Documents.
(f)    The Borrower shall reimburse the Administrative Agent upon demand for all
reasonable out-of-pocket costs and expenses (including reasonable attorneys’
fees) incurred by the Administrative Agent in connection with the preparation,
negotiation and execution of this Amendment and the other agreements and
documents executed and delivered in connection herewith.
(g)    In consideration of the amendments contained herein, each of the Loan
Parties hereby waives and releases each of the Lenders, the Administrative Agent
and the Collateral Agent from any and all claims and defenses, known or unknown
as of the date hereof, with respect to the Credit Agreement and the other Loan
Documents and the transactions contemplated hereby and thereby.
(h)    This Amendment shall constitute a “Loan Document” under and as defined in
the Credit Agreement.
[Remainder of this page intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.
ENCORE CAPITAL GROUP, INC.

By: /s/ Jonathan Clark
Name: Jonathan Clark
Title: Chief Financial Officer

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SUNTRUST BANK,
as Administrative Agent, Collateral Agent, Swingline Lender, Issuing Bank and as
a Lender

By: /s/ Andrew Johnson
Name: Andrew Johnson
Title: Managing Director

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BANK OF AMERICA, N.A.,
as Lender

By: /s/ Angel Sutoyo
Name: Angel Sutoyo
Title: Senior Vice President

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FIFTH THIRD BANK, as Lender

By: /s/ Peter Samboul
Name: Peter Samboul
Title: Director

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ING CAPITAL LLC, as Lender

By: /s/ Mary Forstner
Name: Mary Forstner
Title: Director

By: /s/ Jonathan Banks
Name: Jonathan Banks
Title: MD

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MORGAN STANLEY BANK, N.A., as Lender

By: /s/ Emanuel Ma
Name: Emanuel Ma
Title: Authorized Signatory

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ZB, N.A. d/b/a CALIFORNIA BANK & TRUST,
as Lender

By: /s/ Melissa Chang
Name: Melissa Chang
Title: 1st Vice President

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CITIBANK, N.A., as Lender

By: /s/ Lori Galagarza
Name: Lori Galagarza
Title: Senior Vice President

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BANK LEUMI USA, as Lender

By: /s/ Paul King    
Name: Paul King
Title: First Vice President

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MUFG Union Bank, N.A. (formerly known as UNION BANK), as Lender

By: /s/ Meng Zhang
Name: Meng Zhang
Title: Vice President

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CATHAY BANK, CALIFORNIA BANKING CORPORATION, as Lender

By: /s/ Daniel Ahn
Name: Daniel Ahn
Title: AVP

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FLAGSTAR BANK, as Lender

By: /s/ Aaron Bates
Name: Aaron Bates
Title: Vice President

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CIBC BANK USA (formerly known as THE PRIVATEBANK AND TRUST COMPANY), as Lender

By: /s/ Cristina Valdes
Name: Cristina Valdes
Title: Officer    

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender

By: /s/ Doreen Barr
Name: Doreen Barr
Title: Authorized Signatory

By: /s/ Andrew Griffin
Name: Andrew Griffin
Title: Authorized Signatory

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OPUS BANK, as Lender

By: /s/ Ramsey Naber
Name: Ramsey Naber
Title: SVP

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UMPQUA BANK, as Lender

By: /s/ Emily Brayfield
Name: Emily Brayfield
Title: S.V.P.

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WOODFOREST NATIONAL BANK, as Lender

By: /s/ Mai Le Thai
Name: Mai Le Thai
Title: Vice President

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REGIONS BANK, as Lender

By: /s/ Andrew Staszesky
Name: Andrew Staszesky
Title: Vice President

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DNB CAPITAL, LLC, as Lender

By: /s/ Philip F. Kurpiewski
Name: Philip F. Kurpiewski
Title: Senior Vice President

By: /s/ Kristi Birkeland Sorensen
Name: Kristi Birkeland Sorensen
Title: Senior Vice President
Head of Corporate Banking

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BANC OF CALIFORNIA, as Lender

By: /s/ An Pham Jr.
Name: An Pham Jr.
Title: VP

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Each of the undersigned hereby makes the representations and warranties set
forth above in this Amendment, consents to this Amendment and the terms and
provisions hereof and hereby (a) confirms and agrees that notwithstanding the
effectiveness of such Amendment, each Loan Document to which it is a party and
their respective payment, performance and observance obligations and liabilities
(whether contingent or otherwise) is, and shall continue to be, in full force
and effect and is hereby ratified and confirmed in all respects, except that, on
and after the effectiveness of such Amendment, each reference in the Loan
Documents to the “Credit Agreement, “thereunder”, “thereof or words of like
import shall mean and be a reference to the Credit Agreement, as amended by this
Amendment, (b) confirms and agrees that the pledge and security interest in the
Collateral granted by it pursuant to the Collateral Documents to which it is a
party shall continue in full force and effect, and (c) acknowledges and agrees
that such pledge and security interest in the Collateral granted by it pursuant
to such Collateral Documents shall continue to secure the Obligations purported
to be secured thereby.
ENCORE CAPITAL GROUP, INC.

By: /s/ Jonathan Clark
Name: Jonathan Clark
Title: Chief Financial Officer
MIDLAND INTERNATIONAL LLC
MIDLAND PORTFOLIO SERVICES, INC.
MIDLAND FUNDING LLC
MRC RECEIVABLES CORPORATION
MIDLAND FUNDING NCC-2     CORPORATION
ASSET ACCEPTANCE, LLC
MIDLAND INDIA LLC

By: /s/ Jonathan Clark
Name: Jonathan Clark
Title: Vice President
ASSET ACCEPTANCE CAPITAL CORP.
ATLANTIC CREDIT & FINANCE, INC.
MIDLAND CREDIT MANAGEMENT, INC.

By: /s/ Jonathan Clark
Name: Jonathan Clark
Title: Executive Vice President

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ATLANTIC CREDIT & FINANCE SPECIAL
FINANCE UNIT, LLC
ATLANTIC CREDIT & FINANCE SPECIAL
FINANCE UNIT III, LLC

By: /s/ Ryan Bell
Name: Ryan Bell
Title: Executive Vice President