Document:

EX-10.11

 Exhibit 10.11 
 ENCORE CAPITAL GROUP, INC. 
 RESTRICTED STOCK UNIT GRANT NOTICE 
 (2013 INCENTIVE COMPENSATION PLAN) 
 Encore
Capital Group, Inc. (the “Company”) pursuant to its 2013 Incentive Compensation Plan (as amended, the “Plan”), hereby awards to Participant a Restricted Stock Unit award for the number of shares
of the Company’s Stock set forth below (the “Award”). The Award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Unit Agreement and the Plan, both of which are attached
hereto as Attachments I and II, respectively, and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan or the Restricted Stock Unit Agreement. In the event of any
conflict between the terms in the Award and the Plan, the terms of the Plan shall control. 
  

			
	 Participant:
 Date of
Grant:
 Vesting Commencement Date:

Number of Shares Subject to Award:

Consideration:
	  	 [name]
 [date]

See Vesting Schedule below

[number]
 Participant’s
Services

  

			
	 Vesting Schedule:

 
 Issuance Schedule:
	  	 The shares underlying the Award shall vest immediately upon grant.

 
 The shares will be issued in accordance with the issuance schedule set forth in
Section 6 of the Restricted Stock Unit Agreement

 Additional Terms/Acknowledgements: Participant acknowledges receipt of, and understands and agrees to, this Restricted
Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan set forth the entire
understanding between Pal1icipant and the Company regarding the Award and supersede all prior oral and written agreements on that subject. 

Participant further agrees that the Company may deliver by e-mail all documents relating to the Plan or this Award (including without limitation,
prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements). Participant also agrees
that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify Participant by e-mail.

  

									
	ENCORE CAPITAL GROUP, INC.:	 		 	PARTICIPANT:
				
	By:	 	 	 		 	  

		 	[name]	 		 	[name]	 	
					
	 Title:
	 	 	 		 	Date:	 	 
					
	 Date:
	 	 	 		 		 	

 ATTACHMENTS: Restricted Stock Unit Agreement, 2013 Incentive Compensation Plan

 ATTACHMENT I 

ENCORE CAPITAL GROUP, INC. 

2013 INCENTIVE COMPENSATION PLAN 

RESTRICTED STOCK UNIT AGREEMENT –
NON-EMPLOYEE DIRECTOR 
 Pursuant to the Restricted Stock Unit Grant Notice
“Grant Notice”) and this Restricted Stock Unit Agreement and in consideration of your services, Encore Capital Group, Inc. (the “Company”) has awarded you a restricted stock unit award (the
“Award”) under its 2013 Incentive Compensation Plan (as amended, the “Plan”) for the number of shares of the Company’s Stock as indicated in the Grant Notice. Your Award is granted to you
effective as of the Date of Grant set forth in the Grant Notice for this Award. Defined terms not explicitly defined in this Restricted Stock Unit Agreement shall have the same meanings given to them in the Plan. In the event of any conflict between
the terms in this Restricted Stock Unit Agreement and the Plan, the terms of the Plan shall control. 
 In consideration of the
mutual covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree that the details of your Award are as follows: 

1. VESTING. The shares underlying the A ward shall vest immediately upon grant. 

2. NUMBER OF SHARES. The number of shares subject to your Award may be adjusted from
time to time for capitalization adjustments, as provided in the Plan. 
 3. SECURITIES LAW
COMPLIANCE. You may not be issued any shares under your Award unless the shares are either: (i) then registered under the Securities Act of 1933; or (ii) the Company has determined that such issuance would be exempt from
the registration requirements of the Securities Act of 1933. Your Award also must comply with other applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in
material compliance with such laws and regulations. 
 4. LIMITATIONS ON
TRANSFER. Your Award is not transferable, except by will or by the laws of descent and distribution. In addition to any other limitation on transfer created by applicable securities laws, you agree not to assign, hypothecate,
donate, encumber or otherwise dispose of any interest in any of the shares of Stock subject to the Award until the shares are issued to you in accordance with Section 6 of this Restricted Stock Unit Agreement. After the shares have been issued
to you, you are free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with the provisions herein and applicable securities laws. 

5. DIVIDEND EQUIVALENTS You shall be entitled to receive payments equal to any cash
dividends, stock dividends, and/or any other distributions paid with respect to a corresponding number of shares covered by your Award, at the same time and in the same manner as such payments are made to shareholders of the Company’s Stock.

  
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 6. DATE OF ISSUANCE. 

(a) The Company will deliver to you a number of shares of the Company’s Stock equal to the number of vested shares subject to
your Award no later than the 10th day immediately following the date that you are no longer serving as a member of the Board; provided, however, that if the Company determines that you are subject to its policy regarding insider trading of the
Company’ s stock or you are otherwise prohibited from selling shares of the Company’s stock in the public market and any shares of Stock subject to your Award are scheduled to be delivered on a day (the “Original Distribution
Date”) that does not occur during an open “window period” applicable to you, as determined by the Company in accordance with such policy, or a day when you are prohibited from selling shares of the Company’ s stock in the
public market and the Company elects not to satisfy its tax withholding obligations by withholding shares from your distribution, then such shares shall not be delivered on such Original Distribution Date and shall instead be delivered as soon as
practicable within the next open “window period” applicable to you pursuant to such policy or the next day when you are not prohibited from selling shares of the Company’s Stock in the public market; provided, however, that the
delivery of the shares shall not be delayed pursuant to this provision beyond the later of: (a) December 31st of the same calendar year of the Original Distribution Date, or (b) the 15th day of the third calendar month following the
Original Distribution Date. 
 (b) (b) Notwithstanding the foregoing, if at the time the shares would otherwise be issued
to you as a result of your “separation from service” (as such term is used under Internal Revenue Code Section 409A and the regulations promulgated thereunder (“Code Section 409A”), and you are subject to
the distribution limitations contained in Code Section 409A applicable to “specified employees” (as defined under Code Section 409A), then share issuances to you as a result of your separation from service shall not be made
before the date which is 6 months following the date of your separation from service, or, if earlier, the date of your death that occurs within such 6-month period. 
 7. RESTRICTIVE LEGENDS. The shares issued under your Award shall be endorsed with appropriate legends determined by the Company. 

8. CLAWBACK. Notwithstanding anything contained in this Restrictive Stock Unit Agreement to the contrary, if it is
determined, in the sole discretion of the Board by the affirmative vote of not less than a majority of the entire membership of the Board but excluding you (the “Voting Members”), by a resolution duly adopted by the Voting
Members, that you have not earned all or a portion of the Award due to your acting or failing to act in the Company’s best interests during your tenure on the Board or as a result of your failure to complete a full term of Board service for any
reason, then the Award or any portion thereof as determined by the Voting Members shall as of the date of the adoption of such resolution be subject to forfeiture and all of your rights to or with respect to such forfeited Award shall terminate.

 9. WITHHOLDING OBLIGATIONS (IF APPLICABLE). 

(a) On or before the time you receive a distribution of shares pursuant to your Award, or at any time thereafter as requested by
the Company, you hereby authorize withholding 

  
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from payroll and/or any other amounts payable to you, provided that any such withholding will not be in excess of the minimum statutory withholding requirement, and otherwise agree to make
adequate provision for any sums required to satisfy the federal , state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with your Award. If permissible under applicable law, the
Company may, in its sole discretion: (i) sell or arrange for the sale, on your behalf, of shares acquired by you to meet the withholding obligation and/or (ii) withhold in shares, provided that only the amount of shares necessary to
satisfy the minimum withholding amount are withheld . The Company also reserves the right to require that you assume liability for any tax- and/or social insurance-related charges that may otherwise be due by the Company or an Affiliate with respect
to the Award, if the Company determines in its sole discretion that such charges may legally be transferred to you. To the extent that liability for any such charges is transferred to you, such charges will be subject to the applicable withholding
methods set forth in this Section 9. 
 (b) Unless the tax withholding obligations of the Company and/or any
Affiliate are satisfied, as determined by the Company in its sole discretion, the Company shall have no obligation to issue the shares of Stock subject to your Award. 
 10. UNSECURED OBLIGATION. The shares issued under your Award shall be endorsed with appropriate legends determined by the Company. Your Award is unfunded, and as a
holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Restricted Stock Unit Agreement. You shall not have voting or any other
rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Restricted Stock Unit Agreement until such shares are issued to you pursuant to Section 6 of this Restricted Stock Unit Agreement. Upon such
issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Restricted Stock Unit Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any
kind or a fiduciary relationship between you and the Company or any other person. 
 11. NOTICES. Any
notices provided for in your Award or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, 5 days after deposit in the United States mail, postage prepaid,
addressed to you at the last address you provided to the Company. 
 12. MISCELLANEOUS. 

(a) The rights and obligations of the Company under your Award shall be transferable to anyone or more persons or entities, and
all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. 
 (b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

  
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 (c) You acknowledge and agree that you have reviewed your Award in its entirety, have
had an opportunity to obtain the advice of counsel prior to executing and accepting your Award, and fully understand all provisions of your Award. 
 13. GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your A ward, and
is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the
provisions of the Plan shall control. 
 14. SEVERABILITY. If all or any part of this Restricted Stock
Unit Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Restricted Stock Unit Agreement or the Plan not declared to be unlawful
or invalid. Any Section of this Restricted Stock Unit Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section
to the fullest extent possible while remaining lawful and valid. 
 15. EFFECT ON
OTHER EMPLOYMENT BENEFIT PLANS. The value of the Award subject to this Restricted Stock Unit Agreement shall not be included as compensation, earnings, salaries, or other similar terms
used when calculating the Employee’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate
any of the Company’s or any Affiliate’s employee benefit plans. 
 16. AMENDMENT. This
Restricted Stock Unit Agreement may not be modified, amended or terminated except by an instrument in writing, signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Restricted Stock Unit Agreement
may be amended solely by the Board by a writing which specifically states that it is amending this Restricted Stock Unit Agreement, so long as a copy of such amendment is delivered to you, and provided that no such amendment adversely affecting your
rights hereunder may be made without your written consent. Without limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Restricted Stock Unit Agreement in any way it may deem necessary or
advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable only to rights relating to
that portion of the Award which is then subject to restrictions as provided herein. 

  
 5EX-10.12

 Exhibit 10.12 
 INCREMENTAL FACILITY AGREEMENT 
 May 9, 2013

 Encore Capital Group, Inc. 
 3111
Camino Del Rio North 
 Suite 1300 
 San
Diego, California 
 Attention: Chief Financial Officer 
 Re: Incremental Facility Agreement  
 Ladies and Gentlemen: 

Reference is hereby made to that certain Amended and Restated Credit Agreement, dated as of November 5, 2012, as amended by
that certain Amendment No. 1 to Amended and Restated Credit Agreement dated as of the date hereof (as so amended, and as the same may be further amended, restated, modified, supplemented, extended or replaced from time to time, the
“Credit Agreement”), by and among Encore Capital Group, Inc. (“Borrower”), the several banks and other financial institutions and lenders from time to time party thereto (the “Lenders”), SunTrust
Bank, as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent, issuing bank and swingline lender. Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings
set forth in the Credit Agreement. This Incremental Facility Agreement (i) is an “Incremental Facility Amendment” (as defined in the Credit Agreement) and the Credit Agreement is hereby amended in accordance with the terms and
conditions herein and (ii) shall be deemed to be a “Loan Document” under the Credit Agreement. 
 At the request
of the Borrower, each of the lenders identified on the signature pages hereto (each, an “Incremental Lender” and collectively, the “Incremental Lenders”) hereby agrees, severally and not jointly, to provide
(i) an Incremental Revolving Commitment to the Borrower in the amount set forth opposite such Incremental Lender’s name under the heading “Incremental Revolving Commitment” on Annex I attached hereto (as to each Incremental
Lender, the “Incremental Revolving Commitment”) and (ii) a commitment to make Incremental Term Loans to the Borrower in the amount set forth opposite such Incremental Lender’s name under the heading “Incremental DDTL
Commitment” on Annex I attached hereto (as to each Incremental Lender, the “Incremental DDTL Commitment” and together with the Incremental Revolving Commitment of such Incremental Lender, the “Incremental
Commitments”; the Incremental Commitments, together with the Incremental Term Loans funded pursuant to the Incremental DDTL Commitment and the Incremental Revolving Loans funded pursuant to the Incremental Revolving Commitment, the
“Incremental Facility”), which Incremental Term Loans may be made, at the option of the Borrower, in a single Borrowing in a single tranche on any Business Day from the date hereof through the DDTL Commitment Termination Date
(defined below) (such period, the “DDTL Commitment Period”); provided that the Borrower shall give the Administrative Agent written notice no later than 11:00 a.m. (Eastern Time) (x) one (1) Business Day prior to
the date of the requested Borrowing in the case of a Base Rate Borrowing or (y) three (3) Business Days prior to the date of the requested Borrowing in the case of a Eurodollar Borrowing in substantially the form of Exhibit I
attached hereto. Except as expressly provided otherwise herein, the Incremental Facility provided pursuant to this Agreement shall be subject to all of the terms and conditions set forth in the Credit Agreement. As used herein, the “DDTL
Commitment Termination Date” shall mean the earliest to occur of (i) the date that is 

 
ninety (90) days following the date hereof, (ii) the date that the Incremental DDTL Commitment is permanently reduced to zero or otherwise terminated pursuant to the immediately
succeeding paragraph below, (iii) the date on which the Asset Acceptance Acquisition is consummated (and, to the extent the Asset Acceptance Acquisition is to be funded under the Incremental DDTL Commitments, the Incremental Term Loans are
drawn on such date) and (iv) the date on which all Incremental Term Loans have been made by the Incremental Lenders to the Borrower. 
 The Borrower may, upon not less than three (3) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent (which notice shall be
irrevocable), reduce in part the Incremental DDTL Commitment, or terminate the Incremental DDTL Commitment in whole; provided that (i) any partial reduction shall apply to reduce proportionately and permanently the Incremental DDTL
Commitment of each Incremental Lender and (ii) any partial reduction shall be in an amount of at least $5,000,000 and any larger multiple of $1,000,000. The Incremental DDTL Commitment will terminate upon the occurrence of any Event of Default
in accordance with Section 8.2 of the Credit Agreement. 
 During the DDTL Commitment Period, the Borrower shall pay to
each Incremental Lender holding an Incremental DDTL Commitment a ticking fee (the “DDTL Ticking Fee”) in an amount equal to the Applicable Percentage per annum multiplied by the amount of the Incremental DDTL Commitment of
such Incremental Lender outstanding each day, whether or not any borrowing of Incremental Term Loans occurs. The DDTL Ticking Fee shall accrue from the date hereof through and including the DDTL Commitment Termination Date and shall be payable
(i) monthly on the last day of each month during the DDTL Commitment Period, beginning on May 31, 2013 and (ii) on the DDTL Commitment Termination Date. The DDTL Ticking Fee shall be in addition to any fees owing by the Borrower
pursuant to Section 2.14(b) through (d) of the Credit Agreement. 
 Each Incremental Lender, the Borrower and the
Administrative Agent acknowledges and agrees that the Incremental Revolving Commitment provided pursuant to this Agreement shall constitute a “Revolving Commitment” and any Incremental Term Loan provided pursuant to this Agreement shall
constitute a “Term Loan”, in each case for all purposes of the Credit Agreement and the other applicable Loan Documents. Furthermore, each of the parties to this Agreement hereby agrees (i) to the terms set forth on Annex I
hereto in respect of the Incremental Facility, (ii) that the Incremental Revolving Commitment, and the Revolving Loans funded thereunder, shall be on the same terms and conditions as the Revolving Commitments and Revolving Loans under the
Credit Agreement, (iii) that, except as otherwise expressly set forth herein, the Incremental Term Loans shall be on the same terms and conditions as the Term Loans under the Credit Agreement and (iv) Schedule II-A to the Credit Agreement
is hereby amended as reflected under the heading “Incremental Lender Commitments” in Annex I hereto. 
 Each
Incremental Lender hereby (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Agreement and, in the case of any Incremental Lender that is not an existing Lender, to become a Lender under the Credit Agreement pursuant to a Lender Joinder
Agreement substantially in the form attached as Annex II hereto, (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement and the other Loan Documents, (iii) irrevocably authorizes the Administrative Agent to take such action on its behalf
under this Agreement, the other Loan Documents and any other instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties thereunder as are specifically delegated to or required of the
Administrative Agent by the terms thereof and such other powers as are reasonably incidental thereto, (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of

 
the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender and (v) in the case any such Incremental Lender is a Foreign Lender, attaches the forms
and/or certificates referred to in Section 2.20(g) of the Credit Agreement, certifying as to its entitlement as of the date hereof to a complete exemption from, or a reduction of, United States withholding taxes with respect to all payments to
be made to it by the Borrower under the Credit Agreement and the other Loan Documents. 
 Upon the date of (i) the
execution of a counterpart of this Agreement by each Incremental Lender, the Administrative Agent, the Borrower and each Guarantor, (ii) the delivery to the Administrative Agent of a fully executed counterpart (including by way of facsimile or
other form of electronic transmission permitted under the Credit Agreement) hereof, (iii) the payment of any fees then earned, due and payable in connection herewith and (iv) the satisfaction (or waiver in writing) of any other conditions
precedent set forth in Section 4 of Annex I hereto (such date, the “Agreement Effective Date”), each Incremental Lender (a) shall be obligated to fund Revolving Loans and Incremental Term Loans provided to be
made by it, and participate in Letters of Credit and Swingline Loans required to be participated in by it, in each case as provided in this Agreement on the terms, and subject to the conditions, set forth in the Credit Agreement and in this
Agreement, and (b) to the extent provided in this Agreement, shall have the rights and obligations of a Lender thereunder and under the other applicable Loan Documents. 
 Each of the Borrower and each Guarantor acknowledges and agrees that (i) it shall be liable for all Obligations with respect to the Incremental Facility created hereunder and (ii) all such
Obligations (including the Incremental Revolving Loans, the Incremental Term Loans and the obligations to pay the DDTL Ticking Fee) shall constitute (and be included in the definition of) “Secured Obligations” under the Credit Agreement
and be entitled to the benefits of the respective Collateral Documents and the Guaranty Agreement as, and to the extent, provided in the Credit Agreement and in such other Loan Documents. 

Attached hereto as Annex III is the officer’s certificate required pursuant to Section 2.24(a) of the Credit Agreement
certifying as to compliance with clauses (i), (ii) and (iii) of such Section and containing the calculations (in reasonable detail) required by such clause (ii) thereof. 

The Borrower may accept this Agreement by signing the enclosed copies in the space provided below, and returning one copy of same to each
Incremental Lender and one copy to the Administrative Agent before the close of business on May 9, 2013. If the Borrower does not so accept this Agreement by such time, the obligations of the Incremental Lenders to provide the Incremental
Facility set forth in this Agreement shall be deemed canceled and of no force or effect. 
 After the execution and delivery to
the Administrative Agent of a fully executed copy of this Agreement (including by way of counterparts and by facsimile transmission) by the parties hereto, this Agreement may only be changed, modified or varied by written instrument in accordance
with the requirements for the modification of Loan Documents pursuant to Section 10.2 of the Credit Agreement. 
 THIS
AGREEMENT AND THE OBLIGATIONS HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (BUT, IN ANY EVENT, GIVING EFFECT TO SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW). 
 [Signature Pages Follow] 

 
			
	Very truly yours,
	
	Amalgamated Bank, as Lender
		
	By:	 	 /s/ Jackson Eng

	Name:	 	Jackson Eng
	Title:	 	First Vice President
	
	CATHAY BANK, CALIFORNIA BANKING CORPORATION, as Lender
		
	By:	 	 /s/ Shahid Kathrada

	Name:	 	Shahid Kathrada
	Title:	 	Vice President
	
	Chang Hwa Commercial Bank, Ltd., New York Branch, as Lender
		
	By:	 	 /s/ Eric Y.S. Tsai

	Name:	 	Eric Y.S. Tsai
	Title:	 	V.P. & General Manager
	
	Citibank N.A., as Lender
		
	By:	 	 /s/ Rita Raychaudhuri

	Name:	 	Rita Raychaudhuri
	Title:	 	Senior Vice President
	
	Fifth Third Bank, as Lender
		
	By:	 	 /s/ Gregory J Vollmer

	Name:	 	Gregory J Vollmer
	Title:	 	Vice President

 Signature Page to 
 Incremental Facility Agreement 

 
			
	First Bank, as Lender
		
	By:	 	 /s/ Susan J. Pepping

	Name:	 	Susan J. Pepping
	Title:	 	Senior Vice President
	
	FLAGSTAR BANK, as Lender
		
	By:	 	 /s/ Thomas Kuslits

	Name:	 	Thomas Kuslits
	Title:	 	Executive Vice President
	
	ING Capital LLC, as Lender
		
	By:	 	 /s/ Mary Forstner

	Name:	 	Mary Forstner
	Title:	 	Director
	
	ThePrivateBank and Trust Company, as Lender
		
	By:	 	 /s/ Amy Spachner

	Name:	 	Amy Spachner
	Title:	 	Officer
	
	Raymond James Bank, N.A., as Lender
		
	By:	 	 /s/ Kathy Bennett

	Name:	 	Kathy Bennett
	Title:	 	Vice President
	
	RBS CITIZENS, N.A., as Lender
		
	By:	 	 /s/ Megan Livingston

	Name:	 	Megan Livingston
	Title:	 	Vice President

 Signature Page to 
 Incremental Facility Agreement 

 
			
	TORREY PINES BANK, as Lender
		
	By:	 	 /s/ Robert McNamara

	Name:	 	Robert McNamara
	Title:	 	Senior Vice President
	
	Union Bank, as Lender
		
	By:	 	 /s/ Edmund Ozorio

	Name:	 	Edmund Ozorio
	Title:	 	Vice President

 Signature Page to 
 Incremental Facility Agreement 

 Agreed and Accepted as of the date first written above: 

 

			
	SUNTRUST BANK, as Administrative Agent, Issuing Bank and Swingline Lender
		
	By:	 	 /s/ Peter Wesemeier

	Name:	 	Peter Wesemeier
	Title:	 	Vice President

 Signature Page to 
 Incremental Facility Agreement 

 Agreed and Accepted as of the date first written above: 

 

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

		 	Name:	 	J. Brandon Black
		 	Title:	 	CEO

 Signature Page to 
 Incremental Facility Agreement 

 Each Guarantor acknowledges and agrees to each the foregoing provisions of this Incremental
Facility Agreement and to the establishment of the Incremental Facility and the Obligations incurred related thereto. 
  

			
	MIDLAND CREDIT MANAGEMENT, INC.
	MIDLAND FUNDING LLC
	MIDLAND PORTFOLIO SERVICES, INC.
	MIDLAND FUNDING NCC-2 CORPORATION
	MIDLAND INTERNATIONAL LLC
	MRC RECEIVABLES CORPORATION
	PROPEL ACQUISITION, LLC
		
	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black
	Title:	 	President
	
	MIDLAND INDIA LLC
		
	By:	 	 /s/ Glen V. Freter

	Name:	 	Glen V. Freter
	Title:	 	Treasurer

 Signature Page to 
 Incremental Facility Agreement 

 ANNEX I 
 TERMS AND CONDITIONS FOR 
 INCREMENTAL FACILITY AGREEMENT 

 

	1.	Name of Borrower: Encore Capital Group, Inc., a Delaware limited liability company. 

 

	2.	Date upon which Incremental Revolving Commitment is to become effective: May 9, 2013. 

 

	3.	Date upon which the Incremental DDTL Commitment is to become effective: May 9, 2013. 

 

	4.	Date upon which the Incremental Revolving Loans mature: the Revolving Commitment Termination Date. 

 

	5.	Date upon which the Incremental Term Loans mature: Six months from the date of funding of the Incremental Term Loans (the “Funding Date”)

  

	6.	Amortization of Incremental Term Loans: the Incremental Term Loans will amortize in six equal monthly installments, with the first such payment to be made on the date
one month after the Funding Date. 

  

	7.	Applicable Margin for Incremental Facility (including Incremental Term Loans): Identical to the “Applicable Margin” (as defined in the Credit Agreement) with
respect to Revolving Loans (Schedule I-A to the Credit Agreement). 

  

	8.	Applicable Percentage for DDTL Ticking Fee: Identical to the “Applicable Percentage” (as defined in the Credit Agreement) with respect to Revolving Loans
(Schedule 1-A to the Credit Agreement. 

  

	9.	Interest payments: Interest in respect of the Incremental Term Loans shall be due and payable on the same date on which principal in respect of the Incremental Term
Loans is due and payable. 

  

	10.	Collateral: The Incremental Facility shall be secured by the same Collateral and shall have the same priority as the other Loans under the Credit Agreement.

  

	11.	Use of Proceeds: The Incremental DDTL Commitment, and the proceeds of all the Incremental Term Loans funded thereunder, shall be used solely to pay a portion of
purchase price of the Asset Acceptance Acquisition. 

  

	12.	Other Conditions Precedent: 

  

	 	(a)	Officer’s Certificate: The Administrative Agent shall have received a certificate signed by a Responsible Officer substantially in the form attached as
Annex III; 

  

	 	(b)	Legal Opinion: The Administrative Agent shall have received a favorable written opinion of Pillsbury Winthrop Shaw Pittman LLC addressed to the Administrative
Agent and each Incremental Lender covering such matters relating to the Borrower and the transactions contemplated under the Incremental Facility Agreement as the Administrative Agent or Barclays shall reasonably request; and

  

	 	(c)	Satisfaction of Conditions in Section 3.2: At the time of proposed funding of each Incremental Facility, the conditions precedent set forth in
Section 3.2 of the Credit Agreement shall have been satisfied. 

  
 Annex I

	13.	Incremental Lender Commitments: 

  

													
	 Incremental Lender
	  	Incremental Revolving
Commitment	 	  	Incremental DDTL
Commitment	 	  	Total Incremental
Facilities	 
	 RBS Citizens, N.A.
	  	$	26,250,000.00	  	  	$	8,750,000.00	  	  	$	35,000,000.00	  
	 ING Capital, LLC
	  	$	18,750,000.00	  	  	$	6,250,000.00	  	  	$	25,000,000.00	  
	 Flagstar Bank, fsb
	  	$	18,750,000.00	  	  	$	6,250,000.00	  	  	$	25,000,000.00	  
	 The PrivateBank and Trust Company
	  	$	18,750,000.00	  	  	$	6,250,000.00	  	  	$	25,000,000.00	  
	 Torrey Pines Bank
	  	$	22,000,000.00	  	  	$	3,000,000.00	  	  	$	25,000,000.00	  
	 Raymond James Bank, N.A.
	  	$	15,000,000.00	  	  	$	5,000,000.00	  	  	$	20,000,000.00	  
	 Citibank, N.A.
	  	$	11,250,000.00	  	  	$	3,750,000.00	  	  	$	15,000,000.00	  
	 Chang Hwa Commercial Bank, Ltd., New York Branch
	  	$	11,250,000.00	  	  	$	3,750,000.00	  	  	$	15,000,000.00	  
	 Fifth Third Bank
	  	$	10,000,000.00	  	  	$	0	  	  	$	10,000,000.00	  
	 Union Bank
	  	$	7,500,000.00	  	  	$	2,500,000.00	  	  	$	10,000,000.00	  
	 Amalgamated Bank
	  	$	3,750,000.00	  	  	$	1,250,000.00	  	  	$	5,000,000.00	  
	 Cathay Bank, California Banking Corporation
	  	$	3,750,000.00	  	  	$	1,250,000.00	  	  	$	5,000,000.00	  
	 First Bank
	  	$	1,875,000.00	  	  	$	625,000.00	  	  	$	2,500,000.00	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	168,875,000.00	  	  	$	48,625,000.00	  	  	$	217,500,000.00	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 Annex I

 ANNEX II 
 FORM OF LENDER JOINDER AGREEMENT 
 This LENDER JOINDER AGREEMENT, is made this
May 9, 2013 (the “Joinder Agreement” or this “Agreement”), by and among [NEW LENDERS] (each, a “New Lender” and, collectively, the “New Lenders”), ENCORE CAPITAL GROUP,
INC. a Delaware corporation (the “Borrower”), and SUNTRUST BANK, in its capacity as administrative agent (the “Administrative Agent”) under the Credit Agreement referenced below. 

RECITALS: 

WHEREAS, reference is hereby made to (i) the Amended and Restated Credit Agreement, dated as of November 5, 2012, as
amended by that certain Amendment No. 1 to Amended and Restated Credit Agreement dated as of the date hereof (as so amended, and as the same may be further amended, restated, modified, supplemented, extended or replaced from time to time, the
“Credit Agreement”), by and among the Borrower, the several banks and other financial institutions and lenders from time to time party thereto (the “Lenders”) and the Administrative Agent and (ii) that certain
Incremental Facility Agreement, dated as of the date hereof (the “Incremental Facility Agreement”), by and among the Borrower, the Lenders signatory thereto, each New Lender and the Administrative Agent. Unless otherwise defined
herein, capitalized terms used herein shall have the respective meanings set forth in the Credit Agreement. 
 WHEREAS, subject
to the terms and conditions of the Credit Agreement, the Borrower may establish Incremental Facilities with Additional Lenders who will become Lenders under the Credit Agreement by, among other things, entering into this Joinder Agreement; and

 WHEREAS, each New Lender has agreed to provide Incremental Commitments (as defined in the Incremental Facility Agreement)
pursuant to the Incremental Facility Agreement and to become a Lender for all purposes under the Credit Agreement. 
 NOW,
THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, each New Lenders agrees as follows: 
 1. Subject to the terms and conditions hereof and of the Credit Agreement, each of the New Lenders hereby agrees to become a “Lender” under the Credit Agreement with the Commitments as set forth
in the Incremental Facility Agreement. 
 2. Each New Lender hereby (i) confirms that it has received a copy of the Credit
Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Agreement and the Incremental Facility Agreement and to become a Lender under the Credit Agreement, (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement and the other Loan Documents, (iii) irrevocably authorizes the Administrative Agent to
take such action on its behalf under the Credit Agreement, the other Loan Documents and any other instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties thereunder as are specifically
delegated to or required of the Administrative Agent by the terms thereof and such other powers as are reasonably incidental thereto, (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of
the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender and (v) in the case any such Incremental Lender is a Foreign Lender, attaches the forms and/or certificates referred to in Section 2.20(g) of
the Credit Agreement, certifying as to its entitlement as of the date hereof to a complete exemption from, or a reduction of, United States withholding taxes with respect to all payments to be made to it by the Borrower under the Credit Agreement
and the other Loan Documents. 

 3. Each New Lender agrees to provide its Incremental Commitment as set forth in the
Incremental Facility Agreement. 
 4. Each New Lender acknowledges and agrees that upon its execution of this Agreement and the
provision of its Incremental Commitments, such New Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform
all the obligations of and shall have all rights of a Lender thereunder. 
 5. For purposes of Section 10.1 of the
Credit Agreement, the initial notice address of each New Lender shall be as set forth below its signature below. 
 6. Upon
execution, delivery and effectiveness hereof, the Administrative Agent will record the Incremental Commitments provided by each New Lender and any Loans funded thereunder in the Register. 

7. This Agreement may not be amended, waived, supplemented or otherwise modified except (i) prior to the effectiveness of this
Agreement, by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto, and (ii) upon and following the effectiveness of this Agreement, as provided by Section 10.2 of the Credit Agreement.

 8. This Agreement, the Credit Agreement, the Incremental Facility Agreement and the other Loan Documents constitute the
entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter
hereof. 
 9. THIS AGREEMENT AND THE OBLIGATIONS HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY
THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (BUT, IN ANY EVENT, GIVING EFFECT TO SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

10. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall
constitute one and the same agreement. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Lender Joinder Agreement as of the date first set forth above. 
  

			
	[NEW LENDER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	Notice Address:	 	

 
			
	Attention:	 	
	Telephone:	 	
	Facsimile:	 	

 
			
	
	[NEW LENDER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	Notice Address:	 	

 
			
	Attention:	 	
	Telephone:	 	
	Facsimile:	 	

 
			
	
	[NEW LENDER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	Notice Address:	 	

 
			
	Attention:	 	
	Telephone:	 	
	Facsimile:	 	

 
			
	
	[NEW LENDER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

			
	Notice Address:	 	

 
			
	Attention:	 	
	Telephone:	 	
	Facsimile:	 	

 Agreed and Accepted as of the date first written above: 

 

			
	ENCORE CAPITAL GROUP, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Agreed and Accepted as of the date first written above: 

 

			
	SUNTRUST BANK, as Administrative Agent, Issuing Bank and Swingline Lender
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 ANNEX III 
 OFFICER’S CERTIFICATE 
 May     , 2013 

This Officer’s Certificate is being executed and delivered in connection with that certain Incremental Facility Agreement, dated as
of the date hereof (the “Incremental Facility Agreement”) by and among Encore Capital Group, Inc. (the “Borrower”), each lender signatory thereto (each, an “Incremental Lender” and collectively, the
“Incremental Lenders”) and SunTrust Bank, as administrative agent (the “Agent”) under that certain Amended and Restated Credit Agreement, as amended by that certain Amendment No. 1 to Amended and Restated
Credit Agreement dated as of the date hereof (as so amended, and as the same may be further amended, restated, modified, supplemented, extended or replaced from time to time, the “Credit Agreement”), by and among the Borrower, the
several banks and other financial institutions and lenders from time to time party thereto (the “Lenders”), the Agent, in its capacity as administrative agent for the Lenders, as collateral agent for the Secured Parties, as issuing
bank and as swingline lender and the other agents and arrangers party thereto, pursuant to which each Incremental Lender is willing to extend to the Borrower an Incremental Revolving Commitment and an Incremental DDTL Commitment. Capitalized terms
used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 The
undersigned, a Responsible Officer of the Borrower, in such capacity and not individually, hereby certifies on behalf of the Borrower the following: 
  

	 	(a)	no Default or Event of Default has occurred and is continuing or will result from the consummation of the transactions contemplated by the Incremental Facility
Agreement; 

  

	 	(b)	the Borrower and its Subsidiaries are in pro forma compliance with each of the covenants set forth in Article VI of the Credit Agreement as of the last
day of the most recently ended Fiscal Quarter after giving effect to the Incremental Revolving Commitment and the Incremental DDTL Commitment to be provided by each Incremental Lender (assuming for such purpose that both the Incremental Revolving
Commitment and the Incremental DDTL Commitment are fully drawn at such time) and attached hereto as Exhibit A are the calculations (in reasonable detail) demonstrating such compliance; 

 

	 	(c)	all of the conditions set forth in Section 3.2 of the Credit Agreement have been satisfied; and 

 

	 	(d)	attached hereto as Exhibit B is a true and correct copy of the resolutions of the Borrower which approve the incurrence of the Incremental Facility.

 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate to be
effective as of the date first written above. 
  

			
	ENCORE CAPITAL GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Officer’s Certificate] 

 EXHIBIT A 

Covenant Compliance Calculations 

 EXHIBIT B 

RESOLUTIONS 
 See
attached. 

 EXHIBIT I 
 FORM OF NOTICE OF INCREMTAL TERM LOAN BORROWING 

            , 2013 
 SunTrust Bank, 
 as Administrative Agent 

for the Lenders referred to below 

303 Peachtree Street, N.E. 
 Atlanta, Georgia
30308 
 Ladies and Gentlemen: 
 Reference is made to that certain Amended and Restated Credit Agreement dated as of November 5, 2012, as amended by that certain Amendment No. 1 to Amended and Restated Credit Agreement dated as
of the date hereof (as so amended, and as the same may be further amended, restated, modified, supplemented, extended or replaced from time to time, the “Credit Agreement”), by and among Encore Capital Group, Inc., a Delaware
corporation (the “Borrower”), the several banks and other financial institutions and lenders from time to time party thereto (the “Lenders”), SunTrust Bank, in its capacity as administrative agent for the Lenders
(the “Administrative Agent”), as collateral agent for the Secured Parties, as issuing bank and as swingline lender and the other agents and arrangers party thereto. Capitalized terms used herein but not defined herein shall have the
meaning assigned to such terms in the Credit Agreement. This notice constitutes a Notice of Incremental Term Loan Borrowing, and the Borrower hereby requests a Borrowing of Incremental Term Loans under the Credit Agreement, and in that connection
the Borrower hereby specifies the following information with respect to such Borrowing requested hereby1: 
  

	 	A.	The aggregate amount of the proposed Borrowing is $        . 

 

	 	B.	The Business Day of the proposed Borrowing is              , 2013. 

 

	 	C.	The Borrowing is to be comprised of [Eurodollar]/[Base Rate]2 Loans. 

  

	 	D.	[The duration of the Interest Period for the Eurodollar Loans included in the Borrowing shall be [—]
months.]3 

 

	1 	Notice must be provided in writing (or by telephone promptly confirmed in writing) prior to 11:00am Eastern Time (x) 1 Business Day prior to the date of any
proposed Base Rate Borrowing or (y) 3 Business Days prior to the date of the proposed Eurodollar Borrowing. 

	2 	Select one. 

	3 	Include Section D when requesting Eurodollar Loans only. May be 1, 2, 3, or 6 months and shall end no later than the date that is six months following the date
specified in Section B above. 

  
 EXHIBIT I

	 	E.	The proceeds of the proposed Borrowing shall be distributed in accordance with the following wiring instructions: 

 

					
	Bank Name:	  	  
	  	
	ABA:	  	  
	  	
	Acct Name:	  	  
	  	
	Acct #:	  	  
	  	
	Ref:	  	  
	  	
	Attn:	  	  
	  	

 The Borrower hereby represents and warrants that the conditions specified in paragraphs (a), (b),
(c) and (d) of Section 3.2 of the Credit Agreement are satisfied. 
 [Signature Page Follows] 

  
 EXHIBIT I

 
			
	Very truly yours,
	
	 ENCORE CAPITAL GROUP, INC.,
 as Borrower

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT I

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