Exhibit 10.1

EXECUTION COPY

AMENDMENT NO. 4

Dated as of April 10, 2012

to

CREDIT AGREEMENT

Dated as of February 8, 2010

THIS AMENDMENT NO. 4 (“Amendment”) is made as of April 10, 2012 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 with respect to the Credit Agreement;

WHEREAS, the Lenders party hereto and the Administrative Agent have agreed to
such amendments 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 3 below, the Credit Agreement is
amended as follows:

(a) Section 1.1 of the Credit Agreement is amended to add the following
definition in its appropriate alphabetical order therein:

“ “Amendment No. 4 Effective Date” means April 10, 2012.”

(b) Section 1.1 of the Credit Agreement is further amended to amend and restate
the definition of “Aggregate Revolving Loan Commitment” set forth therein in its
entirety as follows:

“ “Aggregate Revolving Loan Commitment” means the aggregate of the Revolving
Loan Commitments of all the Lenders, as may be increased or reduced from time to
time pursuant to the terms hereof. The Aggregate Revolving Loan Commitment as of
the Amendment No. 4 Effective Date is Five Hundred Twenty Five Million Five
Hundred Thousand and 00/100 Dollars ($525,500,000).”

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(c) Section 2.5.3 of the Credit Agreement is hereby amended to amend and restate
the first sentence thereof in its entirety as follows:

“At any time, but not more than two (2) times during the period commencing on
the Amendment No. 4 Effective Date and ending on the three-year anniversary of
the Closing Date and not more than three (3) times during each successive
one-year anniversary of the Closing Date, the Borrower may request that the
Aggregate Revolving Loan Commitment be increased; provided that (A) the
Aggregate Revolving Loan Commitment shall at no time exceed $625,500,000 minus
the aggregate amount of all reductions in the Aggregate Revolving Loan
Commitment previously made pursuant to Section 2.5.2; (B) such request shall be
in an amount not less than $5,000,000; and (C) the aggregate amount of all such
increases effected on or after the Amendment No. 4 Effective Date shall not
exceed $100,000,000.”

(d) The Revolving Loan Commitments of certain of the Lenders (the “Increasing
Lenders”) are hereby increased as set forth in the Commitment Schedule on Annex
A attached hereto. Certain financial institutions not party to the Credit
Agreement prior to the date hereof are identified as New Lenders on Annex A
attached hereto (the “New Lenders”). Upon the effectiveness hereof and the
execution hereof by each New Lender, such New Lender shall constitute a “Lender”
for all purposes under the Loan Documents. Accordingly, the Commitment Schedule
attached to the Credit Agreement is hereby amended and restated in its entirety
in the form attached hereto as Annex A. The Borrower hereby agrees to compensate
each Lender for any and all losses, costs and expenses incurred by such Lender
in connection with the sale and assignment of any Eurodollar Loans and the
reallocation described in Section 2 below (unless such compensation is waived by
such Lender in its sole discretion), in each case on the terms and in the manner
set forth in Section 3.4 of the Credit Agreement.

2. Reallocations. The Administrative Agent shall (and the Lenders party hereto
authorize the Administrative Agent to) make such reallocations of the Aggregate
Outstanding Revolving Credit Exposure under the Credit Agreement as are
necessary in order that the Revolving Credit Exposure with respect to such
Lender reflects such Lender’s Revolving Loan Pro Rata Share of the Aggregate
Outstanding Revolving Credit Exposure under the Credit Agreement as amended
hereby.

3. 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
Increasing Lender, each New Lender, the Required Lenders, the Administrative
Agent and the Collateral Agent and the Consent and Reaffirmation attached hereto
duly executed by the Guarantors and (ii) such other opinions, instruments and
documents as are reasonably requested by the Administrative Agent and the
Collateral Agent and (b) 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.

4. 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

 

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of the Credit Agreement, as amended hereby, are true and correct, except for
representations and warranties made with reference solely to an earlier date.

5. 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.

6. 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.

7. 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.

8. 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.
Signatures delivered by facsimile or PDF shall have the same force and effect as
manual signatures delivered in person.

[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. 4

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. 4

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. 4

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. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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SUNTRUST BANK, as a Lender By:  

/s/ Douglas O’Bryan

Name:   Douglas O’Bryan Title:   Director

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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MORGAN STANLEY SENIOR FUNDING, INC., as a Lender By:  

/s/ Harry Comninellis

Name:   Harry Comninellis Title:   Vice President

 

Signature Page to Amendment No. 4

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 G. Powell

Name:   Michael G. Powell Title:   Senior Vice President

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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COMPASS BANK, as a Lender By:  

/s/ Mark Sunderland

Name:   Mark Sunderland Title:   Senior Vice President

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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ISRAEL DISCOUNT BANK OF NEW YORK, as a Lender By:  

/s/ Kenneth Lipke

Name:   Kenneth Lipke Title:   First Vice President

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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BANK LEUMI, USA, as a Lender By:  

/s/ Vandit Jan-Engel

Name:   Vandit Jan-Engel Title:   Vice President

 

Signature Page to Amendment No. 4

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. 4

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 Forstner

Name:   Mary Forstner Title:   Director

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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UNION BANK, N.A., as a Lender By:  

/s/ Edmund Ozorio

Name:   Edmund Ozorio Title:   Vice President

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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DEUTSCHE BANK TRUST COMPANY AMERICAS, as a New Lender By:  

/s/ Mary Conners

Name:   Mary Conners Title:   Director By:  

/s/ Kevin Tanzer

Name:   Kevin Tanzer Title:   Director

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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FIRST BANK, as a New Lender By:  

/s/ Susan J. Pepping

Name:   Susan J. Pepping Title:   Vice President

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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AMALGAMATED BANK, as a New Lender By:  

/s/ Jackson Eng

Name:   Jackson Eng Title:   First Vice President

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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CATHAY BANK, CALIFORNIA BANKING CORPORATION, as a New Lender By:  

/s/ Shahid Kathrada

Name:   Shahid Kathrada Title:   Vice President

 

Signature Page to Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010

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ANNEX A

COMMITMENT SCHEDULE

 

Lender1

   Amount of
Revolving Loan
Commitment  

JPMorgan Chase Bank, N.A.

   $ 55,000,000   

Bank of America, N.A.

   $ 55,000,000   

Deutsche Bank Trust Company Americas*

   $ 50,000,000   

SunTrust Bank

   $ 50,000,000   

ING Capital LLC

   $ 45,000,000   

California Bank & Trust

   $ 40,000,000   

Fifth Third Bank

   $ 40,000,000   

Morgan Stanley Senior Funding, Inc.

   $ 40,000,000   

Citibank, N.A.

   $ 33,000,000   

Bank Leumi USA

   $ 20,000,000   

Compass Bank, successor in interest to Guaranty Bank

   $ 20,000,000   

Israel Discount Bank of New York

   $ 20,000,000   

Amalgamated Bank*

   $ 15,000,000   

First Bank*

   $ 15,000,000   

Cathay Bank, California Banking Corporation*

   $ 10,000,000   

Union Bank, N.A.

   $ 10,000,000   

Manufacturers Bank

   $ 7,500,000   

TOTAL

   $ 525,500,000   

 

1 

Lenders marked with an “*” are New Lenders.

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CONSENT AND REAFFIRMATION

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing
Amendment No. 4 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 capacities as contractual representative (the “Administrative Agent”)
and as collateral agent (the “Collateral Agent”), which Amendment No. 4 is dated
as of April 10, 2012 (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: April 10, 2012

[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     Name:   J. Brandon Black Title:   President    
Title:   President MIDLAND PORTFOLIO SERVICES, INC.     MIDLAND FUNDING LLC By:
 

/s/ J. Brandon Black

    By:  

/s/ J. Brandon Black

Name:   J. Brandon Black     Name:   J. Brandon Black Title:   President    
Title:   President MIDLAND INDIA LLC     MIDLAND INTERNATIONAL LLC By:  

/s/ Glen Freter

    By:  

/s/ J. Brandon Black

Name:   Glen Freter     Name:   J. Brandon Black Title:   Treasurer     Title:  
President MIDLAND FUNDING NCC-2 CORPORATION     MRC RECEIVABLES CORPORATION By:
 

/s/ J. Brandon Black

    By:  

/s/ J. Brandon Black

Name:   J. Brandon Black     Name:   J. Brandon Black Title:   President    
Title:   President

 

Signature Page to Consent and Reaffirmation

Amendment No. 4

Encore Capital Group, Inc.

Credit Agreement dated as of February 8, 2010