Document:

Form of 7.75% Senior Secured Note due 2017

 Exhibit 4.2 
 EXHIBIT A-1 
 [FORM OF 2010 NOTE] 

ENCORE CAPITAL GROUP, INC. 
 7.75% SENIOR SECURED NOTE DUE SEPTEMBER 17, 2017 
  

			
	No. [        ]	  	[Date]
	$[            ]	  	PPN: 292554 A*3

 FOR VALUE
RECEIVED, the undersigned, ENCORE CAPITAL GROUP, INC. (herein called the “Company”), a company organized and existing under the laws of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (or so much thereof as shall not have been prepaid) on September 17, 2017, with interest (computed on the basis
of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 7.75% per annum from the date hereof, payable at maturity and quarterly, on the 17th day of each March, June, September and December in each year,
commencing with the March 17, June 17, September 17 or December 17 next succeeding the date hereof until the principal hereof shall have become due and payable, and (b) at a rate per annum from time to time equal
to the greater of (i) 9.75% and (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank from time to time in New York, New York as its “base” or “prime” rate (A) on any overdue payment of
interest, and (B) following the occurrence and during the continuance of an Event of Default on the unpaid principal balance, any overdue payment of interest and any overdue payment of any Make-Whole Amount, in the case of this clause (b),
payable at maturity and quarterly as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of
principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to
the Company in writing as provided in the Agreement referred to below. 
 This Note is one of a series of senior secured notes
(herein called the “Notes”) issued pursuant to an Amended and Restated Senior Secured Note Purchase Agreement, dated as of February 10, 2011 (as from time to time amended, amended and restated, supplemented or otherwise
modified, the “Agreement”), between the Company, on the one hand, and the other Persons party thereto, on the other hand, and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to
have (i) agreed to the confidentiality provisions set forth in Section 20 of the Agreement, and (ii) made the representation set forth in Section 6.2 of the Agreement. Unless otherwise indicated, capitalized terms used in this
Note shall have the respective meanings ascribed to such terms in the Agreement. 
 This Note is a registered Note and, as
provided in the Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a replacement Note for a like principal amount will be issued to, and registered in the 

 
name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 The Company
will make required prepayments of principal on the dates and in the amounts specified in the Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the
Agreement, but not otherwise. 
 This Note is secured by, and entitled to the benefits of, the Collateral Documents. Reference
is made to the Collateral Documents for the terms and conditions governing the collateral security for the obligations of the Company hereunder. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and
with the effect, provided in the Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of
the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state. 

 

			
	ENCORE CAPITAL GROUP, INC.
		
	 By:
	 	 
		 	Name:
		 	Title:Form of 7.375% Senior Secured Note due 2018

 Exhibit 4.3 
 EXHIBIT A-2 
 [FORM OF 2011 NOTE] 

ENCORE CAPITAL GROUP, INC. 
 7.375% SENIOR SECURED NOTE DUE FEBRUARY 10, 2018 
  

			
	No. [        ]	  	[Date]
	$[            ]	  	PPN: 292554 A@1

 FOR VALUE
RECEIVED, the undersigned, ENCORE CAPITAL GROUP, INC. (herein called the “Company”), a company organized and existing under the laws of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (or so much thereof as shall not have been prepaid) on February 10, 2018, with interest (computed on the basis of
a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 7.375% per annum from the date hereof, payable at maturity and quarterly, on the 10th day of each February, May, August and November in each year,
commencing with the February 10, May 10, August 10 or November 10 next succeeding the date hereof until the principal hereof shall have become due and payable, and (b) at a rate per annum from time to time equal to
the greater of (i) 9.375% and (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank from time to time in New York, New York as its “base” or “prime” rate (A) on any overdue payment of
interest, and (B) following the occurrence and during the continuance of an Event of Default on the unpaid principal balance, any overdue payment of interest and any overdue payment of any Make-Whole Amount, in the case of this clause (b),
payable at maturity and quarterly as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of
principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at JPMorgan Chase Bank, New York, New York or at such other place as the holder hereof shall designate to
the Company in writing as provided in the Agreement referred to below. 
 This Note is one of a series of senior secured notes
(herein called the “Notes”) issued pursuant to an Amended and Restated Senior Secured Note Purchase Agreement, dated as of February 10, 2011 (as from time to time amended, amended and restated, supplemented or otherwise
modified, the “Agreement”), between the Company, on the one hand, and the other Persons party thereto, on the other hand, and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to
have (i) agreed to the confidentiality provisions set forth in Section 20 of the Agreement, and (ii) made the representation set forth in Section 6.2 of the Agreement. Unless otherwise indicated, capitalized terms used in this
Note shall have the respective meanings ascribed to such terms in the Agreement. 
 This Note is a registered Note and, as
provided in the Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a replacement Note for a like principal amount will be issued to, and registered in the 

 
name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 The Company
will make required prepayments of principal on the dates and in the amounts specified in the Agreement. This Note is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the
Agreement, but not otherwise. 
 This Note is secured by, and entitled to the benefits of, the Collateral Documents. Reference
is made to the Collateral Documents for the terms and conditions governing the collateral security for the obligations of the Company hereunder. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and
with the effect, provided in the Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of
the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state. 

 

			
	ENCORE CAPITAL GROUP, INC.
		
	 By:
	 	 
		 	Name:
		 	Title:Amendment No. 3 to the Credit Agreement

 Exhibit 10.1 
 AMENDMENT NO. 3 
 Dated as of March 25, 2011 

to 
 CREDIT
AGREEMENT 
 Dated as of February 8, 2010 
 THIS AMENDMENT NO. 3 (“Amendment”) is made as of March [    ], 2011 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 2 below, Section 1.1 of the Credit Agreement is amended as follows: 
 (a) The definition of
“Revolving Loan Termination Date” set forth therein is amended to delete the following parenthetical therefrom: “(or, solely with respect to the Non-Extending Lender, the Non-Extending Lender Revolving Loan Termination Date)”;

 (b) The definitions of “Non-Extending Lender” and “Non-Extending Lender Revolving Loan Termination Date”
set forth therein are amended and restated in their entirety as follows: 
 “ “Non-Extending
Lender” means [Reserved]. As of the Amendment No. 3 Effective Date, there are no Non-Extending Lenders.” 

 “ “Non-Extending Lender Revolving Loan Termination Date”
means [Reserved]. As of the Amendment No. 3 Effective Date, there is no Non-Extending Lender Revolving Loan Termination Date.”; and 
 (c) The following definition of “Amendment No. 3 Effective Date” is added to Section 1.1 in its appropriate alphabetical order therein: 

“ “Amendment No. 3 Effective Date” means March 25, 2011.” 

2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that (a) the
Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the Required Lenders (including Israel Discount Bank), the Administrative Agent and the Collateral Agent and the Consent and Reaffirmation
attached hereto duly executed by the Guarantors, (b) the Borrower shall have paid, for the account of Israel Discount Bank, an upfront fee in an amount equal to 0.05% multiplied by Israel Discount Bank’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 

  
 2 

 
convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
 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] 

  
 3 

 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 & CEO

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	 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. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/S/    CHRISTOPHER D. PANNACCIULLI
		 	Christopher D. Pannacciulli
		 	Senior Vice President

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	SUNTRUST BANK, as a Lender
		
	By:	 	/S/    WILLIAM CHRISTENSEN
	Name:	 	William Christensen
	Title:	 	Director

  

 
  
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
		
	By:	 	/S/    HARRY COMNINELLIS
	Name:	 	Harry Comninellis
	Title:	 	Vice President

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	CALIFORNIA BANK & TRUST, as a Lender
		
	By:	 	/S/    MICHAEL POWELL
	Name:	 	Michael Powell
	Title:	 	Senior Vice President

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	/S/    DENNIS JANS
	Name:	 	Dennis Jans
	Title:	 	Sr. Vice President

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	ISRAEL DISCOUNT BANK OF NEW YORK, as a Lender
		
	By:	 	/S/    KENNETH LIPKE
	Name:	 	Kenneth Lipke
	Title:	 	FVP
		
	By:	 	/S/    JEFFERY S. ACKERMAN
	Name:	 	Jeffery S. Ackerman
	Title:	 	Senior Vice President

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	MANUFACTURERS BANK, as a Lender
		
	By:	 	/S/    MAUREEN KELLY
	Name:	 	Maureen Kelly
	Title:	 	Vice President

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 
			
	UNION BANK, N.A., as a Lender
		
	By:	 	/S/    MARK ADELMAN
	Name:	 	Mark Adelman
	Title:	 	Vice President

  

 
  

  
 Signature
Page to Amendment No. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010 

 CONSENT AND REAFFIRMATION 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 3 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. 3 is dated as of March 25, 2011 (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: March 25, 2011 

[Signature Page Follows] 

									
	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 & CEO	 		 	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/ Ronald E. Naves, Jr.	 		 	By:	 	/s/ J. Brandon Black
	Name: Ronald E. Naves, Jr.	 		 	Name: J. Brandon Black
	Title: Secretary	 		 	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. 3 
 Encore Capital Group, Inc. 
 Credit Agreement dated as of February 8, 2010

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