Document:

Amended and Restated Intercreditor Agreement

 Exhibit 10.4 
 EXECUTION VERSION 
 AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 This AMENDED AND RESTATED INTERCREDITOR AGREEMENT, dated as of November 5, 2012 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Agreement”), amends and restates in its entirety that certain Intercreditor Agreement, dated as of September 20, 2010 (as amended, supplemented or otherwise
modified as of the date hereof, the “Original Agreement”) and is entered into by and among SunTrust Bank (“SunTrust”), in its capacity as administrative agent (collectively with its successors and assigns, the
“Agent”) for the “Lenders” under the Bank Credit Agreement (as defined below) (such Lenders, collectively with their respective successors and assigns, the “Banks”) and the holders of the Pru Notes (as
defined below) listed on Annex II attached hereto (collectively with their respective successors and assigns, the “Pru Noteholders”) (the Banks, the relevant Affiliates of the Banks (in respect of Banking Services Obligations
and Rate Management Obligations), the Pru Noteholders and the Agent, together with their respective successors and assigns, are herein sometimes collectively called the “Secured Parties” and individually called a “Secured
Party”), and SunTrust, in its capacity as contractual representative for the Secured Parties hereunder (the “Collateral Agent”). Capitalized terms used herein but not defined herein shall have the meanings set forth in the
“Bank Credit Agreement” (as defined below) as in effect on the date hereof. 
 RECITALS: 

WHEREAS, Encore Capital Group, Inc. (herein called the “Borrower”), the Banks party thereto, and the Agent entered into
that certain Amended and Restated Credit Agreement, dated as of November 5, 2012 (as used herein, the term “Bank Credit Agreement” means the foregoing Credit Agreement, as the same may be amended, restated, supplemented or
otherwise modified from time to time); 
 WHEREAS, the Pru Noteholders listed on Annex II attached hereto are the holders
of the 7.75% Senior Secured Notes, due 2017 in an aggregate original principal amount of $50,000,000 (collectively, as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2010 Pru Notes”)
and the 7.375% Senior Secured Notes, due 2018 in an aggregate original principal amount of $25,000,000 (collectively, as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2011 Pru Notes”
and, together with the 2010 Pru Notes, the “Pru Notes”), issued pursuant to an Amended and Restated Senior Secured Note Purchase Agreement, dated as of February 10, 2011, between the Borrower, on the one hand, and the Pru
Noteholders listed on Annex II attached hereto, on the other hand (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Pru Note Agreement”); 

WHEREAS, pursuant to the terms of the Collateral Documents, each of the Borrower and the entities set forth on Annex III
hereto (such entities together with all other parties which guaranty any Secured Obligations from time to time, collectively, the “Guarantors”) that have guaranteed the repayment of all amounts due and payable under the Secured
Creditor Documents, may from time to time grant a security interest in certain of its assets to the Collateral Agent; 

WHEREAS, the Secured Parties desire to agree to the relative priority of the application of payments received pursuant to the terms of
the Collateral Documents and all Guaranties and certain 

 
other payments with respect to the Secured Obligations (as defined below), and certain other rights and interests; and 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Secured Parties and the Collateral Agent hereby agree as follows: 

1. Defined Terms. As used in this Agreement, the following terms shall have the following meanings, in addition to the terms
defined in the Recitals: 
 “Actionable Default” means, under the Bank Credit Agreement or the Pru Note
Agreement, (a) a Default shall have occurred thereunder as a result of (i) the nonpayment of amounts owing thereunder or under any note issued thereunder after expiration of any applicable cure or grace period provided thereunder,
(ii) noncompliance with Sections 5.3, 6.1, 6.2, 6.3, 7.1, 7.2, 7.3, 7.4, 7.5 or 7.6 of the Bank Credit Agreement or Sections 9.2, 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, 10.12 or 10.13 of the Pru Note Agreement, (iii) the bankruptcy or
insolvency of the Borrower or any of its subsidiaries, including, without limitation, the Guarantors or (iv) the occurrence of a Change of Control under the Bank Credit Agreement or the occurrence of a “Change of Control” under the
Pru Note Agreement, (b) a notice shall have been delivered to the Borrower by the Agent under the Bank Credit Agreement or a Pru Noteholder under the Pru Note Agreement indicating that an Event of Default (as defined therein) has occurred and
is continuing and the Secured Obligations due under any such Secured Creditor Document are immediately due and payable, to the extent provided for in the applicable Secured Creditor Document, (c) a default shall have occurred under any
Collateral Document or Guaranty (defined below) and the Agent, the Collateral Agent, or a Secured Party, as applicable, shall have caused the amounts owing thereunder to become immediately due and payable, to the extent provided for in the
applicable Collateral Document or Guaranty or (d) any other Default that is caused by any Rate Management Transaction (as defined in the Bank Credit Agreement) with a Secured Party being terminated by such Secured Party prior to the stated
termination date of such Rate Management Transaction, and the Borrower or any Guarantor is required to make a payment to such Secured Party as a result of such termination. 
 “Collateral” means all property of the Borrower or any Guarantor in which the Collateral Agent shall have been granted a security interest or lien under any of the Collateral Documents.

 “Collateral Account” means the collateral account established and maintained by the Collateral Agent
pursuant to Section 8 hereof. 
 “Collateral Agent’s Expenses” means all of the fees, costs
and expenses of the Collateral Agent (including, without limitation, the reasonable fees and disbursements of its counsel) (i) arising in connection with the preparation, execution, delivery, modification, restatement, amendment or termination
of this Agreement and each Collateral Document, if not previously reimbursed, or the enforcement (whether in the context of a civil action, adversarial proceeding, workout or otherwise) of any of the provisions hereof or thereof, or
(ii) incurred or required to be advanced in connection with the sale or other disposition or the custody, preservation or protection of the Collateral pursuant to any Collateral Document and the exercise or enforcement of the Collateral
Agent’s rights under this Agreement and in and to the Collateral. 
 “Collateral Documents” means any and
all security agreements, pledge agreements, mortgages, deeds of trust, financing statements, and other similar instruments executed by the Borrower or any Guarantor in favor of the Collateral Agent from time to time pursuant hereto, in each case as
such agreements, documents and instruments may be amended, modified, supplemented and/or restated, and together in each case with any other agreements, instruments and documents incidental thereto. 

  
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 “Default” means (a) any “Event of Default” (as defined in
the Bank Credit Agreement) or (b) any “Event of Default” (as defined in the Pru Note Agreement). 

“Distribution Date” means the second business day in each calendar week, commencing with the first such business day
following receipt by the Collateral Agent of a Notice of Actionable Default. 
 “Guaranty” means any guaranty
entered into in favor of the Agent, the Collateral Agent, and/or any other Secured Party guaranteeing the repayment of the Secured Obligations due and payable under a Secured Creditor Document. 

“L/C Interests” means, with respect to any Bank, such Bank’s direct or participation interests in all unpaid
reimbursement obligations with respect to Letters of Credit and such Bank’s direct obligations or risk participations with respect to undrawn amounts of all outstanding Letters of Credit, provided that the undrawn amounts of outstanding
Letters of Credit shall be considered to have been reduced to the extent of any amount on deposit with the Agent or any other Secured Party at any time as provided in Section 9(b) hereof or Sections 2.12(c), 2.22(g), 2.23(a)(ii) or (v),
2.25(e), 2.28 or 8.2(a) or any other provision of the Bank Credit Agreement to the extent that such Bank Credit Agreement provisions provide for the Cash Collateralization (as defined in the Bank Credit Agreement as of the date hereof) of unpaid
reimbursement obligations with respect to Letters of Credit. 
 “Notice of Actionable Default” means a written
notice to the Collateral Agent from any Secured Party or Secured Parties stating that it is a “Notice of Actionable Default” hereunder and certifying that an Actionable Default has occurred and is continuing. A Notice of Actionable Default
may be included in a written direction to the Collateral Agent from the Requisite Secured Parties pursuant to Section 5 hereof. 
 “Notice of Default” means a written notice to the Collateral Agent from any Secured Party or Secured Parties stating that it is a “Notice of Default” hereunder and certifying
that a Default has occurred and is continuing. 
 “Principal Exposure” means, with respect to any Secured Party
at any time (i) if such Secured Party is a Bank under the Bank Credit Agreement, the aggregate amount of such Secured Party’s Commitment under the Bank Credit Agreement, or, if the Banks shall then have terminated the Commitments under the
Bank Credit Agreement, the sum of (x) the outstanding principal amount of such Secured Party’s Loans thereunder and (y) the outstanding face and/or principal amount of such Secured Party’s L/C Interests thereunder at such time
and (ii) if such Secured Party is a Pru Noteholder, the outstanding principal amount of such Secured Party’s Pru Notes at such time. 
 “Pro Rata Share” means, with respect to any Secured Party at any time, a fraction (expressed as a percentage), the numerator of which is the amount of such Secured Party’s Principal
Exposure at such time, and the denominator of which is the aggregate amount of the Principal Exposure of all of the Secured Parties at such time. 
 “Requisite Secured Parties” means, at any time, (i) Banks under the Bank Credit Agreement whose Pro Rata Shares exceed fifty percent of the aggregate Pro Rata Shares of the Banks
under the Bank Credit Agreement (provided that the Pro Rata Share of any Defaulting Lender shall not be included in the foregoing calculation) and (ii) Pru Noteholders whose Pro Rata Shares exceed fifty percent of the aggregate Pro Rata
Shares of the Pru Noteholders. 

  
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 “Secured Creditor Documents” means the Bank Credit Agreement, the Pru Note
Agreement and the Pru Notes. 
 “Secured Obligations” means all of the monetary obligations owed by the
Borrower or any Guarantor to the Secured Parties or the Agent under the Bank Credit Agreement, the Pru Note Agreement, the Pru Notes, any other Secured Creditor Document, the Guaranties, the Collateral Documents, and related agreements, documents,
and instruments, including, without limitation, (1) the “Obligations” (as defined in the Bank Credit Agreement), (2) the outstanding principal amount of, accrued and unpaid interest on, and any unpaid Make-Whole Amount (as
defined in the Pru Note Agreement) or other breakage or prepayment indemnification due with respect to, the Loans and the Pru Notes, (3) any unpaid reimbursement obligations with respect to any Letters of Credit, (4) any undrawn amounts of
any outstanding Letters of Credit and (5) any other unpaid amounts (including amounts in respect of Banking Services Obligations (as defined in the Bank Credit Agreement), Rate Management Obligations (as defined in the Bank Credit Agreement),
fees, expenses, indemnification and reimbursement) due from the Borrower or any Guarantor under any of the Pru Note Agreement, the Pru Notes, the Bank Credit Agreement, any other Secured Creditor Document, the Guaranties or the Collateral Documents;
provided that (x) the undrawn amounts of any outstanding Letters of Credit shall be considered to have been reduced to the extent of any amount on deposit with the Agent or any other Secured Party at any time as provided in
Section 9(b) hereof or Sections 2.12(c), 2.22(g), 2.23(a)(ii) or (v), 2.25(e), 2.28 or 8.2(a) or any other provision of the Bank Credit Agreement and (y) Banking Services Obligations and Rate Management Obligations (or any similar
terms defined in the Bank Credit Agreement) shall only constitute Secured Obligations under this Agreement and the Collateral Documents to the extent that the holders of such Banking Services Obligations or Rate Management Obligations (or such
similar terms), as the case may be, have agreed to be bound by the provisions of this Agreement. 
 2. Appointment; Nature of
Relationship. Subject to the terms and conditions contained in this Agreement, the Agent (on behalf of the Banks) and the Pru Noteholders hereby designate and appoint SunTrust as their Collateral Agent under this Agreement and the Collateral
Documents, and each of them hereby authorizes the Collateral Agent to take such action on its behalf under the provisions of this Agreement and the Collateral Documents and to exercise such powers as are set forth herein or therein, together with
such other powers as are incidental thereto. The Collateral Agent agrees to act as such on the express terms and conditions contained in this Agreement. Notwithstanding the use of the defined term “Collateral Agent,” it is expressly
understood and agreed that the Collateral Agent shall not have any fiduciary responsibilities to any Secured Party by reason of this Agreement and that the Collateral Agent is merely acting as the representative of the Secured Parties with only
those duties as are expressly set forth in this Agreement and the Collateral Documents. In its capacity as the Secured Parties’ contractual representative, the Collateral Agent (i) does not assume any fiduciary duties to any of the Secured
Parties and (ii) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the Collateral Documents. The Agent (on behalf of the Banks) and the Pru Noteholders agree to
assert no claim against the Collateral Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each of them hereby waives. 

3. Powers and Duties. Subject to the provisions of Section 6 hereof, the Collateral Agent shall have and may exercise
such powers under the Collateral Documents as are specifically delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. The Collateral Agent shall have no implied duties to
the Secured Parties, or any obligation to the Secured Parties to take any action hereunder or under any of the Collateral Documents, except any action specifically required by this Agreement or any of the Collateral Documents to be taken by the
Collateral Agent or directed by the Requisite Secured Parties in accordance with the 

  
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terms hereof. The Collateral Agent shall not take any action which is in conflict with any provisions of applicable law or of this Agreement or any Collateral Document. 

4. Authorization to Execute Collateral Documents. If the Collateral Agent receives written notice from either the Agent or a Pru
Noteholder at any time or from time to time hereunder that Collateral Documents are required pursuant to the Bank Credit Agreement or the Pru Note Agreement in connection with the grant of a security interest in and lien against the assets of the
Borrower and/or a Guarantor, the Collateral Agent is authorized to and shall execute and deliver such Collateral Documents as the Agent or such Pru Noteholder shall direct requiring execution and delivery by it and is authorized to and shall accept
delivery from the Borrower of such Collateral Documents as the Agent or the Pru Noteholder shall direct which do not require execution by the Collateral Agent, provided, however, that the Collateral Agent shall not execute a Collateral
Document providing for a lien on real property without the approval of the Requisite Secured Parties. 
 5. Direction by
Requisite Secured Parties. Except as otherwise provided in this Section 5, the Collateral Agent shall take any action with respect to the Collateral and the Collateral Documents directed in writing by the Requisite Secured Parties.
Notwithstanding the foregoing, the Collateral Agent shall not be obligated to take any such action (i) which is in conflict with any provisions of applicable law or of this Agreement or any Collateral Document or (ii) with respect to which
the Collateral Agent, in its opinion, shall not have been provided adequate security and indemnity against the costs, expenses and liabilities that may be incurred by it as a result of compliance with such direction. Under no circumstances shall the
Collateral Agent be liable for following the written direction of the Requisite Secured Parties. In each instance in which the Requisite Secured Parties deliver a written direction to the Collateral Agent pursuant hereto, the Collateral Agent shall
promptly send a copy of such written direction to each Secured Party that is not included in such Requisite Secured Parties. 

6. Notice of Actionable Default. Any Secured Party or Secured Parties may give the Collateral Agent a Notice of Default or a
Notice of Actionable Default in the manner provided in Section 31 hereof and shall give a copy of such Notice of Default or Notice of Actionable Default to each of the other Secured Parties. If and only if the Collateral Agent shall have
received a Notice of Actionable Default, the Collateral Agent shall, if and only if directed in writing by the Requisite Secured Parties, exercise the rights and remedies provided in this Agreement and in any of the Collateral Documents. 

7. Remedies. Each of the Secured Parties hereby irrevocably agrees that the Collateral Agent shall be authorized, after the
occurrence and during the continuance of an Actionable Default and at the direction of the Requisite Secured Parties or incidental to any such direction, for the purpose of carrying out the terms of this Agreement and any of the Collateral
Documents, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes hereof and thereof, including, without limiting the generality of the foregoing, to
the extent permitted by applicable law, to do the following: 
 (i) to ask for, demand, sue for, collect, receive
and give acquittance for any and all moneys due or to become due with respect to the Collateral (except that, without the consent of all Secured Parties, the Collateral Agent shall not accept any Secured Obligations in whole or partial consideration
from the disposition of any Collateral), 
 (ii) to receive, take, endorse, assign and deliver any and all
checks, notes, drafts, acceptances, documents and other negotiable and nonnegotiable instruments, documents and chattel paper taken or received by the Collateral Agent in connection with this Agreement or any of the Collateral Documents, 

  
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 (iii) to commence, file, prosecute, defend, settle, compromise or adjust any
claim, suit, action or proceeding with respect to the Collateral, 
 (iv) to sell, transfer, assign or otherwise
deal in or with the Collateral or any part thereof pursuant to the terms and conditions of this Agreement and the Collateral Documents, and 
 (v) to do, at its option and at the expense and for the account of the Secured Parties (to the extent the Collateral Agent shall not be reimbursed by the Borrower) at any time or from time to time, all
acts and things which the Collateral Agent deems reasonably necessary to protect or preserve the Collateral and to realize upon the Collateral. 
 8. The Collateral Account. (a) Upon receipt by the Collateral Agent of a Notice of Actionable Default, and until such time as the Actionable Default described therein is cured or waived, the
Collateral Agent shall establish and maintain at its principal office an interest-bearing account that shall be entitled the “Encore Capital Collateral Account.” All moneys received by the Collateral Agent with respect to Collateral after
receipt of a Notice of Actionable Default and until such time as the Actionable Default described therein is cured or waived shall be deposited in the Collateral Account and thereafter shall be held, applied and/or disbursed by the Collateral Agent
in accordance with Section 9 hereof. In addition, (i) any other payments received, directly or indirectly, by any Secured Party of or with respect to any of the Secured Obligations from the Borrower or any Guarantor after the
occurrence and during the continuance of an Actionable Default (including, without limitation, any amount of any balances held by any Secured Party for the account of the Borrower or any Guarantor or any other property held or owing by it to or for
the credit or for the account of the Borrower or any Guarantor which has been set off or appropriated by it and any payments received upon the termination of any Rate Management Transaction prior to its stated termination date), (ii) any
payment received by any Secured Party with respect to any of the Secured Obligations in an insolvency or reorganization proceeding or otherwise with respect to the Borrower or any Guarantor or (iii) any payment from a Guarantor received by any
Secured Party with respect to any Secured Obligations, shall, in each case, promptly be delivered to the Collateral Agent and thereafter shall be held, applied and/or disbursed by the Collateral Agent in accordance with Section 9 hereof,
provided that the foregoing clauses (i), (ii) and (iii) shall not apply to distributions by the Collateral Agent under Section 9 hereof. The Collateral Account at all times shall be subject to the exclusive dominion and
control of the Collateral Agent. Each of the Borrower and each Guarantor hereby pledges, assigns and grants to the Collateral Agent, on behalf of and for the ratable benefit of the Secured Parties, a security interest in all of its right, title and
interest in and to the Collateral Account and all funds which may from time to time be on deposit therein to secure the prompt and complete payment and performance of the Secured Obligations. 

(b) Notwithstanding the foregoing, with respect to any collections or payments received by any Secured Party on or after the occurrence
and during the continuance of an Actionable Default but prior to the date of the occurrence of an event described in clauses (a)(iii) or (b) of the definition of Actionable Default (such event, an “Acceleration”), (1) such
collections and payments shall be delivered to the Collateral Agent pursuant to the foregoing provisions, only to the extent that the principal amount of the Secured Obligations owed to such Secured Party on the date of such Acceleration is less
than the principal amount of the Secured Obligations owed to such Secured Party on the date of such Actionable Default, and (2) the amount of any such collections and payments subject to the foregoing provisions shall not be so delivered until
the date of the occurrence of such Acceleration. For the purposes of the preceding sentence, any collection or payment received by the Agent on behalf of the Banks shall be considered to have been received by the Banks, and applied to pay the
Secured Obligations owed to the Banks, to which such payment or collection relates whether or not distributed by the Agent to the Banks. 

  
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 (c) Any re-allocations of any payments or distributions initially made or received on any
Secured Obligations due to payments and transfers among the Secured Parties and the Collateral Agent under Section 8(b) hereof shall be deemed to reduce the Secured Obligations of any Secured Party receiving any such payment or other
transfer under Section 8(b) hereof and shall be deemed to restore and reinstate the Secured Obligations of any Secured Party making any such payment or other transfer under Section 8(b) hereof, in each case by the amount of
such payment and other transfer; provided that if for any reason such restoration and reinstatement shall not be binding against the Borrower or any Guarantor, the Secured Parties agree to take actions as shall have the effect of placing them
in the same relative positions as they would have been if such restoration and reinstatement had been binding against the Borrower and the Guarantors. 
 9. Application of Moneys. (a) All moneys held by the Collateral Agent in the Collateral Account shall be distributed by the Collateral Agent on each Distribution Date as follows: 

FIRST: To the Collateral Agent in an amount equal to the Collateral Agent’s Expenses that are unpaid as of such
Distribution Date, and to any Secured Party that has theretofore advanced or paid any such Collateral Agent’s Expenses in an amount equal to the amount thereof so advanced or paid by such Secured Party prior to such Distribution Date;

 SECOND: To the Secured Parties pro rata in proportion to the respective amounts of the Secured Obligations
owed to the Secured Parties under the Secured Creditor Documents as of such Distribution Date; and 
 THIRD: Any
surplus remaining after payment in full in cash of all Collateral Agent’s Expenses and all of the Secured Obligations shall be paid to the Borrower, or to whomever may be lawfully entitled to receive the same, or as a court of competent
jurisdiction may direct, provided that if any Secured Party shall have notified the Collateral Agent in writing that a claim is pending for which such Secured Party is entitled to the benefits of an indemnification, reimbursement or similar
provision under which amounts are not yet due but with respect to which the Borrower continues to be contingently liable, and amounts payable by the Borrower with respect thereto are secured by the Collateral, the Collateral Agent shall continue to
hold the amount specified in such notice in the Collateral Account until the Borrower’s liability with respect thereto is discharged or released to the satisfaction of such Secured Party. 

Notwithstanding the foregoing, except for any surplus under clause THIRD above, the Collateral Agent shall not be required (unless directed by the
Requisite Secured Parties) to make a distribution on any Distribution Date if the balance in the Collateral Account available for distribution on such Distribution Date is less than $10,000. The Collateral Agent shall not be responsible for any
Secured Party’s application (or order of application) of payments received by such Secured Party from the Collateral Agent hereunder to the Secured Obligations owing to such Secured Party. For the purpose of determining the amounts to be
distributed pursuant to clause SECOND of subsection (a) above with respect to the undrawn amounts of the outstanding Letters of Credit, such undrawn amounts shall be reduced by any amounts held as collateral pursuant to subsection
(b) of this Section 9. 
 (b) Any distribution pursuant to clause SECOND of subsection
(a) above with respect to the undrawn amount of any outstanding Letter of Credit shall be paid to the Agent to be held as collateral for the Banks and disposed of as provided in this subsection (b). On each date on which a payment is
made to a beneficiary pursuant to a draw on a Letter of Credit, the Agent shall distribute to the Banks from the amounts held pursuant to this subsection (b) for application to the payment of the reimbursement

  
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obligation due to such Banks with respect to such draw an amount equal to the product of (1) the total amount then held pursuant to this subsection (b), and (2) a fraction,
the numerator of which is the amount of such draw and the denominator of which is the aggregate undrawn amount of all outstanding Letters of Credit immediately prior to such draw. On each date on which a reduction in the undrawn amount of any
outstanding Letter of Credit occurs other than on account of a payment made to a beneficiary pursuant to a draw on such Letter of Credit, the Agent shall distribute to the Collateral Agent from the amounts held pursuant to this
subsection (b) an amount equal to the product of (1) the total amount then held pursuant to this subsection (b) and (2) a fraction the numerator of which is the amount of such reduction and the denominator of which
is the aggregate undrawn amount of all outstanding Letters of Credit immediately prior to such reduction, which amount shall be distributed by the Collateral Agent as provided in clause SECOND of subsection (a) above. At such time as no
Letters of Credit are outstanding, any remaining amount held pursuant to this subsection (b), after the distribution therefrom as provided above, shall be distributed to the Collateral Agent for application as provided in clause SECOND of
subsection (a) above. 
 (c) The Borrower and each Guarantor, by its acknowledgment hereto, agrees that in the event
any payment is made with respect to any Secured Obligations, as between the Borrower, each Guarantor and each Secured Party, the Secured Obligations discharged by such payment shall be the amount or amounts of the Secured Obligations with respect to
which such payment is distributed pursuant to this Section 9 notwithstanding the payment may have initially been made by the Borrower or a Guarantor with respect to other Secured Obligations. 

10. Information from Secured Parties. Each of the Secured Parties hereby agrees, promptly upon request by the Collateral Agent, to
provide to the Collateral Agent in writing such information regarding the Secured Obligations held by such Secured Party as may be reasonably required by the Collateral Agent at any time to determine such Secured Party’s Pro Rata Share or to
calculate distributions to such Secured Party from the Collateral Account. Each Secured Party shall notify the Collateral Agent in writing promptly following the repayment in full of all Secured Obligations owing to such Secured Party. 

11. Limitation on Collateral Agent’s Duties in Respect of Collateral. Other than the Collateral Agent’s duties set forth
in this Agreement and the Collateral Documents as to the custody of Collateral and the proceeds thereof received by the Collateral Agent hereunder and thereunder and all other monies received by the Collateral Agent pursuant to Section 8
above and the accounting to the Borrower, the Guarantors, and the Secured Parties therefor, the Collateral Agent shall have no duty to the Borrower, the Guarantors, or the Secured Parties with respect to any Collateral in its possession or control
or in the possession or control of its agent or nominee, any income thereon, or the preservation of rights against prior parties or any other rights pertaining thereto. 
 12. Secured Party Credit Decision. Each Secured Party acknowledges that it has, independently and without reliance upon the Collateral Agent or any other Secured Party and based on the financial
information provided by the Borrower and its Subsidiaries and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Secured Party also acknowledges that it
will, independently and without reliance upon the Collateral Agent or any other Secured Party 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 this Agreement and the Collateral Documents. 
 13. Exculpation. Neither the Collateral Agent nor any of its
directors, officers, affiliates, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (i) any statement, warranty or representation made by the Borrower or any Guarantor in connection with any
Collateral Document or Guaranty; (ii) the performance or observance of any of the covenants or 

  
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agreements of the Borrower, or any Guarantor under any Collateral Document or Guaranty; (iii) the satisfaction or observance of any condition or covenant specified in any of the Secured
Creditor Documents; (iv) the existence or possible existence of any default under any of the Secured Creditor Documents or any Actionable Default; (v) the validity, enforceability, effectiveness or genuineness of any Collateral Document,
Guaranty or any other instrument or writing furnished in connection herewith; (vi) the validity, perfection or priority of any security interest or lien created under any Collateral Document; or (vii) the financial condition of the
Borrower or any of its Subsidiaries. 
 14. Employment of Agents and Counsel. The Collateral Agent may execute any of its
duties as the Collateral Agent hereunder and under any Collateral Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Secured Parties, except as to money or securities received by it or its authorized
agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Collateral Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Collateral Agent and
the Secured Parties and all matters pertaining to the Collateral Agent’s duties hereunder and under the Collateral Documents. 
 15. Reliance on Documents and Counsel. The Collateral Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, letter, telegram, statement, paper or document believed by it
to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Collateral Agent, which may be employees of the Collateral Agent. 

16. Collateral Agent’s Reimbursement and Indemnification. The Secured Parties agree to reimburse and indemnify the Collateral
Agent ratably in proportion to their respective Pro Rata Shares as of the date of the occurrence of the event as to which such reimbursement or indemnification is being made (i) for any costs or expenses not reimbursed by the Borrower, or any
Guarantor, under its Collateral Documents or Guaranty, as applicable, (ii) for any other expenses incurred by the Collateral Agent, on behalf of the Secured Parties, in connection with the preservation or protection of the Collateral or the
validity, perfection or priority of the Collateral Agent’s interest therein or the enforcement of the Collateral Documents and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Collateral Agent in any way relating to or arising out of the Collateral Documents or any other document delivered in connection
therewith or the transactions contemplated thereby, or the enforcement of any of the terms thereof or of any such other documents, provided that no Secured Party shall be liable for any of the foregoing to the extent any of the foregoing is
found by a court of competent jurisdiction by final and nonappealable judgment to have arisen from the gross negligence or willful misconduct of the Collateral Agent. The agreements in this Section 16 shall survive the repayment of the
Secured Obligations and the termination of the other provisions of this Agreement. 
 17. Rights as a Secured Party.
Notwithstanding that SunTrust is acting as the Collateral Agent hereunder, SunTrust in its individual capacity shall have the same rights and powers hereunder as any Secured Party and may exercise the same as though it were not the Collateral Agent,
and the term “Secured Party” or “Secured Parties” shall include SunTrust in its individual capacity. 
 18.
Successor Collateral Agent. The Collateral Agent may resign at any time by giving not less than thirty days’ prior written notice thereof to the Secured Parties, the Borrower and the Guarantors and, only to the extent the Collateral
Agent is an Insolvent Entity, may be removed at any time by the Requisite Secured Parties. Upon any such resignation or removal, the Requisite Secured Parties shall have the right to appoint, on behalf of the Secured Parties, a successor Collateral
Agent. If no successor Collateral Agent shall have been so appointed by the Requisite Secured Parties or if no 

  
 9 

 
successor Collateral Agent shall have accepted its appointment by the Requisite Secured Parties within thirty days after the retiring Collateral Agent’s giving notice of resignation or its
removal by the Requisite Secured Parties, then the retiring or removed Collateral Agent may appoint, on behalf of the Secured Parties, a successor Collateral Agent, so long as such successor Collateral Agent is not a Secured Party or an affiliate of
a Secured Party or an Insolvent Entity. Upon the acceptance of any appointment as the Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the retiring or removed Collateral Agent, and the retiring or removed Collateral Agent shall be discharged from its duties and obligations hereunder and under the Collateral Documents. No resignation or removal of
the Collateral Agent shall become effective until a replacement Collateral Agent shall have been selected as provided herein and shall have assumed in writing the obligations of the Collateral Agent hereunder and under the Collateral Documents. Any
replacement Collateral Agent shall be a bank or trust company having capital, surplus, and undivided profits of at least $250,000,000. After any retiring or removed Collateral Agent’s resignation or removal hereunder as Collateral Agent, the
provisions of this Agreement shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent hereunder and under the Collateral Documents. As used herein,
“Insolvent Entity” means any entity that has (i) become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 
 19. Release. If the Collateral Agent receives written notice from the Agent and the Required Holders under the Pru Note Agreement that the lien on any Collateral granted pursuant to any Collateral
Document may be released pursuant to a transaction permitted by both the terms of the Bank Credit Agreement and the Pru Note Agreement, the Collateral Agent shall promptly release such Collateral in accordance with the directions of the Agent and
the Required Holders under the Pru Note Agreement. The Collateral Agent shall not otherwise release or subordinate any lien on any Collateral except pursuant to Section 7 or Section 20 hereof. 

20. Release and Termination. All of the Collateral shall be released and this Agreement shall be terminated on the earlier of:

 (a) the date on which (i) the Collateral Agent shall have received from each of the Secured Parties
written notice that all Secured Obligations (other than contingent indemnity obligations) owing to such Secured Party have been paid in full and (ii) all Collateral Agent’s Expenses shall have been paid in full; or 

(b) the date on which (i) the Collateral Agent shall have received written notice from (1) the Agent and
(2) the Pru Noteholders directing the Collateral Agent to release the Collateral, and (ii) all Collateral Agent’s Expenses shall have been paid in full. 
 21. Amendments and Waivers of Collateral Documents. The Collateral Agent shall not execute or deliver any amendment or waiver, other than any amendments or waivers which are of a technical nature,
with respect to any Collateral Document except at the direction or with the consent of the Requisite Secured Parties. 
 22.
Notices With Respect to Secured Creditor Documents. Each of the Agent and each Pru Noteholder agrees to use its best efforts to give to the other (a) copies of any notice of the occurrence or existence of any default in payment of the
Secured Obligations sent to the Borrower and/or any Subsidiary of the Borrower, simultaneously with the sending of such notice to the Borrower and/or such Subsidiary, and (b) notice of any acceleration of the Loans or the Pru Notes, promptly
upon such 

  
 10 

 
acceleration, but the failure to give any of the foregoing notices shall not affect the validity of such notice of default or such acceleration or create a cause of action against or cause a
forfeiture of any rights of the party failing to give such notice or create any claim or right on behalf of any third party. 

23. No Other Security. Neither the Agent nor any Secured Party shall take or receive a security interest in or lien upon any of
the property or assets of the Borrower or any of its Subsidiaries as security for the Secured Obligations other than pursuant to this Agreement and the Collateral Documents or as security for any other obligations of the Borrower or any of its
Subsidiaries other than the Secured Obligations. The existence of a common law lien and setoff rights on deposit accounts shall not be prohibited by the provisions of this Section 23 provided that any realization on such lien or
setoff rights and the application of the proceeds thereof shall be subject to the provisions of this Agreement. Each Secured Party agrees that it will have recourse to the Collateral only through the Collateral Agent, that it shall have no
independent recourse thereto and that it shall refrain from exercising any rights or remedies under the Collateral Documents which have or may have arisen or which may arise as a result of an Event of Default or an acceleration of the Secured
Obligations, except that, upon the direction of the Requisite Secured Parties, any Secured Party may set off any amount of any balances held by it for the account of the Borrower or any Guarantor or any other property held or owing by it to or for
the credit or for the account of the Borrower or any Guarantor provided that the amount set off is delivered to the Collateral Agent for application pursuant to Section 8 hereof. Without such direction, no Secured Party shall set
off any such amount. 
 24. Accounting; Invalidated Payments. (a) The Agent and each Secured Party agrees to render
an accounting to any of the others of the outstanding amounts of the Secured Obligations, of receipts of payments from the Borrower, any Subsidiary of the Borrower and any Guarantor and of other items relevant to the provisions of this Agreement
upon the reasonable request from one of the others as soon as reasonably practicable after such request. 
 (b) To the extent
that any payment received by any Secured Party pursuant to a distribution under Section 9(a) hereof is subsequently invalidated, declared fraudulent or preferential, set aside or required to be paid to a trustee, receiver, or any other
party under any bankruptcy act, state or federal law, common law or equitable cause, then each other Secured Party that received a payment pursuant to such distribution shall purchase from the Secured Party whose payment was invalidated (the
“Affected Secured Party”), at such time as the Affected Secured Party is required to return or repay such payment, an undivided participation interest in the Affected Secured Parties’ Secured Obligations in an
amount such that after such purchase the amount of such distribution (after deduction of the invalidated payment) shall have been shared ratably among the Secured Parties as contemplated by Section 9(a) hereof. 

25. Continuing Agreement; No Novation. This Agreement shall in all respects be a continuing, absolute, unconditional and
irrevocable agreement, and shall remain in full force and effect until terminated in accordance with Section 20 hereof. Without limiting the generality of the foregoing, this Agreement shall survive the commencement of any bankruptcy,
reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar proceeding involving the Borrower, a Subsidiary of the Borrower or a Guarantor. The Collateral Agent and each Secured Party agrees that
this Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment (in whole or in part) of any of the Secured Obligations pursuant to any distribution hereunder is rescinded or must otherwise be restored
by the Collateral Agent or any Secured Party, upon the insolvency, bankruptcy or reorganization of the Borrower, a Subsidiary of the Borrower or a Guarantor or otherwise, as though such payment had not been made. This Agreement amends and restates
in its entirety the Original Agreement as of the date hereof and shall not constitute a novation of the Original Agreement (it being acknowledged and agreed that all representations and warranties made

  
 11 

 
under the Original Agreement shall continue to be effective as of the date when made, and all obligations of any party to the Original Agreement shall be enforceable against such party for
periods until the effectiveness of this Agreement). 
 26. Representations and Warranties. Each of the parties hereto
severally represents and warrants to the other parties hereto that it has full corporate power, and has taken all action necessary, to execute and deliver this Agreement and to fulfill its obligations hereunder, and that no governmental or other
authorizations are required in connection herewith, and that this Agreement constitutes its legal, valid and binding obligation, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium,
regulatory and similar laws of general application and by general principles of equity. 
 27. Binding Effect. This
Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the Collateral Agent, the Secured Parties and each of their respective successors, transferees and assigns. Without limiting the generality of the foregoing
sentence, if any Secured Party assigns or otherwise transfers (in whole or in part) to any other person or entity the Secured Obligations to such Secured Party under the Bank Credit Agreement or the Pru Note Agreement, such other person or entity
shall thereupon become vested with all rights and benefits, and become subject to all the obligations, in respect thereof granted to or imposed upon such Secured Party under this Agreement. 

28. No Reliance by Borrower. None of the Borrower, any Subsidiary of the Borrower, or any Guarantor shall have any rights under
this Agreement or be entitled, in any manner whatsoever, to rely upon or enforce, or to raise as a defense, the provisions of this Agreement or the failure of the Collateral Agent, the Agent or any Secured Party to comply with such provisions.

 29. Other Proceedings. Nothing contained herein shall limit or restrict the independent right of any Secured Party to
initiate an action or actions in any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar proceeding in its individual capacity and to appear or to be heard on any matter before
the bankruptcy or other applicable court in any such proceeding, including, without limitation, with respect to any questions concerning the post-petition usage of collateral and post-petition financing arrangement; provided that neither the
Collateral Agent nor any Secured Party shall contest the validity or enforceability of or seek to avoid, have declared fraudulent or have set aside any of the Secured Obligations. 

30. Amendments and Waivers. No amendment to or waiver of any provision of this Agreement, nor consent to any departure by any
Secured Party, the Agent or the Collateral Agent herefrom, shall in any event be effective unless the same shall be in writing and signed by the “Required Holders” (as defined in and under the Pru Note Agreement), the Agent (on behalf of
the Banks), and the Collateral Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. In addition to the foregoing, Sections 8 and 9 hereof and this
Section 30 shall not be amended or waived directly or indirectly without the consent of the Collateral Agent and all Secured Parties. No consent of the Borrower or a Guarantor shall be required for any such amendment, waiver or departure
to provisions of this Agreement unless such amendment, waiver or departure relates to a provision of this Agreement expressly binding upon the Borrower or such Guarantor. 
 31. Notices. All notices and other communications provided to any party under this Agreement shall be in writing or by facsimile and addressed, delivered or transmitted to such party at its address
or facsimile number set forth (a) in the case of the Agent, the Collateral Agent and each of the Banks, on Annex I hereto, (b) in the case of the Pru Noteholders listed on Annex II hereto, on Annex II 

  
 12 

 
hereto, (c) in the case of the Borrower or any Guarantor, on Annex III hereto, or (d) in any case, at such other address or facsimile number as may be designated by such party in
a notice (which complies with the other requirements of this Section 31) to the other parties. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by prepaid courier service, shall be deemed given
when received; and notice, if transmitted by facsimile, shall be deemed given when transmitted if actually received, and the burden or proving receipt shall be on the transmitting party. 

32. No Waiver. No failure or delay on the part of any Secured Party, the Agent or the Collateral Agent in exercising any power or
right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 33. Severability. Whenever possible each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 34. No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

35. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THIS
AGREEMENT CONSTITUTES THE ENTIRE UNDERSTANDING BETWEEN THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 

36. Counterparts. This Agreement may be separately executed and delivered in counterparts and by the different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to constitute one and the same Agreement. Facsimile transmission of the signature of any party hereto shall be effective as an original signature. 

37. Headings. Section headings used in this Agreement are for convenience only and shall not affect the construction of this
Agreement. 
 [Signature Pages Follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized officers. 
  

			
	SUNTRUST BANK, as Agent for itself and on behalf of the Banks
		
	By:	 	 /s/ Peter Wesemeier

	Name:	 	Peter Wesemeier
	Title:	 	Vice President

  
 Signature Page
to 
 Amended and Restated Intercreditor Agreement 

 
			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as a Pru Noteholder
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President
	
	PRUCO LIFE INSURANCE COMPANY, as a Pru Noteholder
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President
	
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY, as a Pru Noteholder
	
	By: Prudential Investment Management, Inc., investment manager
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President
	
	PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION, as a Pru Noteholder
	
	By: Prudential Investment Management, Inc., investment manager
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President

  
 Signature Page
to 
 Amended and Restated Intercreditor Agreement 

 
			
	SUNTRUST BANK, as Collateral Agent
		
	By:	 	 /s/ Peter Wesemeier

	Name:	 	Peter Wesemeier
	Title:	 	Vice President

  
 Signature Page
to 
 Amended and Restated Intercreditor Agreement 

 The provisions of the last two sentences of Section 8(a) hereof and all of
Section 8(c), Section 9(c), Section 25, Section 28 and Section 30 hereof agreed to, by: 
  

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

	Name:	 	J. Brandon Black	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President
			
	MIDLAND CREDIT MANAGEMENT, 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 FUNDING NCC-2 CORPORATION	 		 	MIDLAND INTERNATIONAL LLC
					
	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.	 		 	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
				
	MIDLAND INDIA LLC	 		 		 	
					
	By:	 	 /s/ James A. Syran
	 		 		 	
	Name:	 	James A. Syran	 		 		 	
	Title:	 	President	 		 		 	

  
 Signature Page
to 
 Amended and Restated Intercreditor Agreement 

 ANNEX I 
 NOTICE INFORMATION: Any notice or other information required to be delivered hereunder to the Agent, the Banks and/or the Collateral Agent shall be delivered to the following: 

SunTrust Bank 
 3333 Peachtree Road 

Atlanta, Georgia 30326 
 Attention: Peter
Wesemeier 
 Facsimile No.: 404-439-7390 
 With a copy to: 
 SunTrust Bank 
 Agency Services 
 303 Peachtree Street, 25th Floor 

Atlanta, Georgia 30308 
 Attention: Doug Weltz

 Facsimile No.: 404-495-2170 

 ANNEX II 
 PRU NOTEHOLDERS: The following are the “Pru Noteholders”: 
 The Prudential Insurance
Company Of America 
 Pruco Life Insurance Company 
 Prudential Retirement Insurance And Annuity Company 
 Prudential Annuities Life Assurance
Corporation 
 NOTICE INFORMATION: Any notice or other information required to be delivered hereunder to any Pru Noteholder shall be delivered
to the following: 
 c/o Prudential Capital Group 
 Four Embarcadero Center, Suite 2700 
 San Francisco, CA 94111 

Attention: Managing Director 
 Telefacsimile:
(415) 421-6233 

 ANNEX III 
 GUARANTORS: The following are “Guarantors” on the date hereof: 
 Midland Credit
Management, Inc. 
 Midland Funding LLC 

Midland Funding NCC-2 Corporation 
 Midland
International LLC 
 Midland Portfolio Services, Inc. 
 MRC Receivables Corporation 
 Midland India LLC 

Propel Acquisition LLC 
 NOTICE INFORMATION: Any
notice or other information required to be delivered hereunder to the Borrower and/or any Guarantor shall be delivered to the following: 

Encore Capital Group, Inc. 
 8875 Aero Drive,
Suite 200 
 San Diego, California 92123 

Attention: General Counsel 
 Telephone:
(858) 309-6964 
 FAX: (858) 309-6995Amendment No. 2 to Note Purchase Agreement

 Exhibit 10.5 
 Execution Version 
 AMENDMENT NO. 2 

Dated as of November 5, 2012 
 to 
 AMENDED AND RESTATED SENIOR SECURED NOTE PURCHASE AGREEMENT 

Dated as of February 10, 2011 
 THIS AMENDMENT NO. 2 (“Amendment”) is made as of November 5, 2012 by and among Encore Capital Group, Inc. (the “Company”) and the undersigned holders of Notes (the
“Noteholders”). Reference is made to that certain Amended and Restated Senior Secured Note Purchase Agreement, dated as of February 10, 2011, between the Company, on the one hand, and the Purchasers named therein, on the other
hand (as amended, supplemented or otherwise modified from time to time, the “Note Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Note Agreement.

 WHEREAS, the Company has requested that the Noteholders agree to certain amendments with respect to the Note Agreement as
provided in this Amendment; 
 WHEREAS, the Noteholders party hereto 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 Company and the Noteholders party hereto have agreed to enter into this Amendment. 

1. Amendments to Note Agreement. Effective as of the Effective Date, the Note Agreement is amended as follows: 

(a) Sections 7.1.1 through 7.1.5, are amended and restated, as follows: 

“7.1.1 Within 90 days after the close of each of its fiscal years, financial statements prepared in accordance with
Agreement Accounting Principles on a consolidated basis for itself and its Subsidiaries, including balance sheets as of the end of such period, statements of income and statements of cash flows, accompanied by (a) an audit report, unqualified
as to scope, of BDO USA LLP or another nationally recognized firm of independent public accountants or other independent public accountants reasonably acceptable to the Required Holders (provided that so long as the Company is a reporting
company, filing of the Form 10-K by the Company with respect to a fiscal year within such 90-day period on the website of the Securities and Exchange Commission at http://www.wec.gov shall satisfy the requirement for the annual audit report and

 
consolidated financial statements for such fiscal year under this Section 7.1.1) and (b) any management letter prepared by said accountants. 

7.1.2 Within 45 days after the close of the first three quarterly periods of each of its fiscal years, for itself and its
Subsidiaries, consolidated unaudited balance sheets as at the close of each such period and consolidated statements of income and a statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, all
certified as to fairness of presentation, compliance with Agreement Accounting Principles and consistency by its chief financial officer, treasurer or assistant treasurer (provided that so long as the Company is a reporting company, filing of
the Form 10-Q by the Company with respect to a fiscal quarter within such 45-day period on the website of the Securities and Exchange Commission at http://www.sec.gov shall satisfy the requirement for certified quarterly consolidated
financial statements for such fiscal quarter under this Section 7.1.2). 
 7.1.3 On the same date as the
filing of the financial statements required under Sections 7.1.1 and 7.1.2, a compliance certificate signed by its chief financial officer, treasurer or assistant treasurer showing the calculations necessary to determine compliance with Sections
10.1, 10.3, 10.4, 10.5, 10.12, 10.13, 10.14, 10.15, 10.17, 10.18 and 10.19, an Officer’s Certificate stating that no Default or Event of Default exists, or if any Default or Event of Default exists, stating the nature and status thereof, and a
certificate executed and delivered by the chief executive officer or chief financial officer stating that the Company and each of its principal officers are in compliance with all requirements of Section 302 and Section 906 of the
Sarbanes-Oxley Act of 2002 and all rules and regulations related thereto (provided that so long as the Company is a reporting company, inclusion of the certificates required pursuant to Section 302 and 906 of the Sarbanes-Oxley Act of
2002 in the Form 10-K or Form 10-Q filed by the Company pursuant to Sections 7.1.1 or 7.1.2 shall satisfy the requirement for such certification of compliance with the Sarbanes-Oxley Act under this Section 7.1.3). 

7.1.4 [Intentionally Omitted] 
 7.1.5 As soon as possible and in any event within 10 days after the Company knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer,
treasurer or assistant treasurer of the Company, describing said Reportable Event and the action which the Company proposes to take with respect thereto.” 
 (b) Section 7.1.11 is amended and restated, as follows: 

“7.1.11 Such other information (including non-financial information, and including the audit report with respect to
the following reports and evaluations (but not the reports or evaluations themselves): the Commercial Finance Examination Reports and evaluations of the Bureau Enhanced Behavioral Liquidations Score and the Unified Collections Score) as any holder
of Notes may from time to time reasonably request.” 
 (c) Section 7.3 is amended and restated, as follows:

  
 2 

 “7.3 Inspection; Keeping of Books and Records. The Company will,
and will cause each Subsidiary to, permit the holders of Notes, by their respective representatives and agents (at reasonable times and upon reasonable advance written notice, so long as no Default or Event of Default has occurred and is continuing)
to inspect (including without limitation to conduct an annual field examination of) any of its Property, including, without limitation, an audit by professionals (including consultants and accountants) retained by the Required Holders of the
Company’s practices in the computation of the Borrowing Base, inspection and audit of the Collateral, books and financial records of the Company and each other Credit Party, to examine and make copies of the books of account and other financial
records of the Company and each other Credit Party, and to discuss the affairs, finances and accounts of the Company and each other Credit Party with, and to be advised as to the same by, their respective officers and their independent public
accountants. The Company shall keep and maintain, and cause each of its Subsidiaries to keep and maintain, in all material respects, proper books of record and account in which entries in conformity with Agreement Accounting Principles shall be made
of all dealings and transactions in relation to their respective businesses and activities. If an Event of Default has occurred and is continuing, the Company, upon the Required Holders’ request, shall turn over copies of any such records to
the Required Holders or their representatives. Without limiting the Company’s obligations under Section 15, the Company shall pay the fees and expenses of the holders of the Notes and such professionals with respect to such examinations,
audits and evaluations; provided, that the Required Holders shall undertake only one (1) field examination/audit during any period of twelve (12) consecutive months at the Company’s expense. Notwithstanding the foregoing, in
addition to the field examinations and audits described above, the Required Holders may have additional field examinations and audits done if an Event of Default shall have occurred and be continuing, at the Company’s expense.” 

(d) Section 9.2 is amended and restated, as follows: 

“9.2 Conduct of Business. 

The Company will, and will cause each Subsidiary to, (i) carry on and conduct its business in substantially the same
manner and in substantially the same fields of enterprise as it is conducted on the Amendment No. 2 Effective Date; provided that in no event shall any member of the Propel Group engage in any business such that it would acquire any
material amount of Receivables to the extent such Receivables could be Eligible Receivables if held by a Credit Party, and (ii) do all things necessary to remain duly incorporated or organized, validly existing and (to the extent such concept
applies to such entity) in good standing as a domestic corporation, partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, as in effect on the Closing Date, and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is conducted, except (i) as permitted by Section 10.2, and (ii) to the extent that the failure to maintain any of the foregoing could not reasonably be
expected to have a Material Adverse Effect.” 
 (e) Section 9.4 is amended to insert the word “reasonably”
in the second sentence immediately prior to the word “acceptable.” 

  
 3 

 (f) Section 9.7 is amended and restated, as follows: 

“9.7 Guarantors. 
 The Company shall cause each of its Subsidiaries (other than the Excluded Subsidiaries, Immaterial Subsidiaries and each member of the Propel Group)) to guarantee pursuant to the Multiparty Guaranty or
supplement or counterpart thereto (or, in the case of a Foreign Subsidiary, any other guaranty agreement requested by the Required Holders) the obligations of the Company evidenced by the Notes and under the other Transaction Documents. In
furtherance of the above, after the formation or acquisition of any Subsidiary the Company shall promptly (and in any event upon the earlier of (x) such time as such Subsidiary becomes a guarantor, co-borrower or other obligor under the Credit
Agreement and (y) within 45 days after such formation or acquisition): (i) provide written notice to the holders of Notes upon any Person becoming a Subsidiary, setting forth information in reasonable detail describing all of the assets of
such Person; (ii) cause such Person (other than any Excluded Subsidiary, Immaterial Subsidiary and member of the Propel Group) to execute a supplement or counterpart to the Multiparty Guaranty and such other Collateral Documents as are
necessary for the Company and its Subsidiaries to comply with Section 9.8; (iii) cause the Applicable Pledge Percentage of the issued and outstanding equity interests of such Person and each other Pledge Subsidiary to be delivered to the
Collateral Agent (together with undated stock powers signed in blank, if applicable) and pledged to the Collateral Agent pursuant to an appropriate pledge agreement(s) in substantially the form of the Pledge and Security Agreement (or joinder or
other supplement thereto) and otherwise in form reasonably acceptable to the Required Holders; and (iv) deliver such other documentation as the Required Holders may reasonably request in connection with the foregoing, including, without
limitation, certified resolutions and other authority documents of such Person and, to the extent requested by the Required Holders, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding
effect and enforceability of the documentation referred to above), all in form, content and scope reasonably satisfactory to the Required Holders. Notwithstanding the foregoing, no Foreign Subsidiary shall be required to execute and deliver the
Multiparty Guaranty (or supplement thereto) or such other guaranty agreement if such execution and delivery would cause a Deemed Dividend Problem or a Financial Assistance Problem with respect to such Foreign Subsidiary and, in lieu thereof, the
Company and the relevant Subsidiaries shall provide the pledge agreements required under this Section 9.7 or Section 9.8. Notwithstanding the foregoing, the Company will be required to comply with this Section 9.7 (a) with
respect to any member of the Propel Group to the extent that the provisions of the Propel Indebtedness no longer prohibits the guaranty of the obligations evidenced by the Notes or the granting of security with respect thereto, and (b) with
respect to any Immaterial Subsidiary if it ceases to be an Immaterial Subsidiary under the terms of the definition thereof.” 
 (g) Section 9.8 is amended to delete the reference to “its counsel” in the last sentence thereof and to replace such reference with “counsel to the holders of the Notes.”

 (h) Section 9.9 is amended and restated, as follows: 

  
 4 

 “9.9 Most Favored Lender. 

If at any time any of the Credit Agreement, or any agreement or document related to the Credit Agreement or any Principal
Credit Facility of the Company, includes (i) any covenant, event of default or similar provision that is not provided for in this Agreement, or (ii) any covenant, event of default or similar provision that is more restrictive than the same
or similar covenant, event of default or similar provision provided in this Agreement (all such provisions described in clauses (i) or (ii) of this Section 9.9 being referred to as the “Most Favored Covenants”), then
(a) such Most Favored Covenant shall immediately and automatically be incorporated by reference in this Agreement as if set forth fully herein, mutatis mutandis, and no such provision may thereafter be waived, amended or modified under this
Agreement except pursuant to the provisions of Section 17, and (b) the Company shall promptly, and in any event within five (5) Business Days after entering into any such Most Favored Covenant, so advise the holders of Notes in
writing. Thereafter, upon the request of the Required Holders, the Company shall enter into an amendment to this Agreement with the Required Holders evidencing the incorporation of such Most Favored Covenant, it being agreed that any failure to make
such request or to enter into any such amendment shall in no way qualify or limit the incorporation by reference described in clause (a) of the immediately preceding sentence.” 

(i) Sections 10.1 and 10.2 are amended and restated, as follows: 

“10.1 Restricted Payments. 

The Company will not, nor will it permit any Subsidiary to, make any Restricted Payment (other than dividends payable in
its own capital stock) except that (i) any Subsidiary may declare and pay dividends or make distributions to the Company or a Guarantor, (ii) the Company 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 Company, 20% of the audited Consolidated Net Income for the then most recently completed fiscal year of the
Company, (iii) the Company or any Subsidiary may acquire all or any portion of the minority interest in a JV Entity, so long as such acquisition constitutes a Permitted Acquisition, (iv) the Company may (A) effect a conversion of
Permitted Indebtedness pursuant to its terms by making any required payments of cash and/or the Company’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 Company may, so long as the Payment Conditions are satisfied, make repurchases of its capital stock so long as the aggregate cumulative amount expended on and after
February 8, 2010 for all such repurchases of capital stock does not exceed $50,000,000. 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 Company is in compliance with the covenants set forth in Sections 10.12 and 10.13, and (B) the Aggregate Outstanding Revolving
Credit Exposure shall not 

  
 5 

 
exceed the lesser of (x) the Aggregate Revolving Commitment and (y) the Borrowing Base, in each case, then in effect. 

10.2 Merger or Dissolution. 

The Company will not, nor will it permit any Subsidiary to, merge or consolidate with or into any other Person or
dissolve, except that: 
 10.2.1 a Subsidiary may merge into (x) the Company, so long as the Company is the
survivor of such merger or (y) a Wholly-Owned Subsidiary that is a Guarantor or becomes a Guarantor promptly upon the completion of the applicable merger or consolidation, so long as such Wholly-Owned Subsidiary is the survivor of such merger;

 10.2.2 the Company or any Subsidiary may consummate any merger or consolidation in connection with any
Permitted Acquisition so long as (i) in the case of the Company, the Company is the surviving entity and (ii) in the case of any Subsidiary, the Company has otherwise complied with Sections 9.7 and 9.8 in respect of the surviving entity;
and 
 10.2.3 the Company and the Subsidiaries may enter into Permitted Restructurings.” 

(j) Section 10.3 is amended to delete the reference to “$10,000,000” in subsection 10.3.5 thereof and to replace such
reference with “$20,000,000.” 
 (k) Section 10.4 is amended (i) to delete the language “that the
foregoing shall not permit investments the purpose of which is the acquisition of receivables owed by a Person subject to bankruptcy or similar proceedings; provided further” in subsection 10.4.5 thereof, (ii) to delete the
reference to “$10,000,000” in subsection 10.4.8 thereof and to replace such reference with “$20,000,000”, and (iii) to insert the following sentence at the end of Section 10.4 immediately following subjection 10.4.10
thereof: 
 “For purposes of determining the amount of any Investment outstanding for purposes of this Section 10.4,
such amount shall be deemed to be the amount of such Investment when made, purchased or acquired less any amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount
invested).” 
 (l) Section 10.5 is amended and restated, as follows: 

“10.5 Indebtedness. 
 The Company will not, nor will it permit any Subsidiary to, create, incur or suffer to exist any Indebtedness, except: 

10.5.1 the Secured Obligations; 
 10.5.2 Indebtedness existing on the date hereof and described in Schedule 10.5; 

  
 6 

 10.5.3 Indebtedness arising under Rate Management Transactions (other than
for speculative purposes); 
 10.5.4 secured or unsecured purchase money Indebtedness (including Capitalized
Leases) incurred by the Company or any of its Subsidiaries after February 8, 2010 to finance the acquisition of assets used in its business, if (1) the total of all such Indebtedness for the Company and its Subsidiaries taken together
incurred on or after February 8, 2010, when aggregated with the Indebtedness permitted under Section 10.5.9, shall not exceed an aggregate principal amount of $15,000,000 at any one time outstanding, (2) such Indebtedness when
incurred shall not exceed the purchase price of the asset(s) financed, (3) 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 10.6 (such Indebtedness being referred to herein as “Permitted Purchase Money Indebtedness”); 

10.5.5 Indebtedness arising from intercompany loans and advances (i) made by any Subsidiary to any Credit Party;
provided that the Company agrees that all such Indebtedness owed to any member of the Propel Group by any Credit Party shall be expressly subordinated to the Secured Obligations pursuant to subordination provisions reasonably acceptable to the
Required Holders, (ii) made by the Company to any other Credit Party, (iii) made by the Company or any Subsidiary to any Subsidiary solely for the purpose of facilitating, in the ordinary course of business consistent with past practice as
of the Closing Date (and excluding, for the avoidance of doubt, any business relating to the acquisition of receivables owed by a Person subject to bankruptcy or similar proceedings), the payment of fees and expenses in connection with collection
actions or proceedings or (iv) made by the Company or any other Credit Party to any member of the Propel Group to the extent such loan would be permitted as an investment in compliance with the final proviso of Section 10.4.5; 

10.5.6 guaranty obligations of the Company of any Indebtedness of any Subsidiary permitted under Section 10.5.2;

 10.5.7 guaranty obligations of any Subsidiary of the Company that is a Guarantor with respect to any
Indebtedness of the Company or any other Subsidiary permitted under this Section 10.5, other than the Permitted Foreign Subsidiary Non-Recourse Indebtedness; 

10.5.8 [Intentionally Omitted]; 
 10.5.9 additional unsecured Indebtedness of the Company or any Domestic Subsidiary, to the extent not otherwise permitted under this Section 10.5; provided, however, that the aggregate principal
amount of such additional Indebtedness, when aggregated with the Indebtedness permitted under Section 10.5.4 shall not exceed $20,000,000 at any time outstanding; 

10.5.10 bonds or other Indebtedness required by collections licensing laws in the ordinary course of the Credit
Parties’ business; 

  
 7 

 10.5.11 Indebtedness, liabilities and contingent obligations incurred or
assumed in connection with a Permitted Acquisition; provided, however, that any such Indebtedness incurred or assumed by a Person that is a Foreign Subsidiary after giving effect to the consummation of such Permitted Acquisition shall be permitted
only to the extent such Indebtedness constitutes Permitted Foreign Subsidiary Non-Recourse Indebtedness; 

10.5.12 [Intentionally Omitted]; 
 10.5.13 Permitted Foreign Subsidiary Non-Recourse Indebtedness; 

10.5.14 Indebtedness constituting Permitted Foreign Subsidiary Investments/Loans; 

10.5.15 additional unsecured or subordinated Indebtedness of the Company or any of its Domestic Subsidiaries, to the
extent not otherwise permitted under this Section 10.5; provided, however, that (i) the aggregate principal amount of such additional Indebtedness shall not exceed $150,000,000, and (ii) if such Indebtedness is subordinated, the terms
of such subordination shall be reasonably acceptable to the Required Holders; 
 10.5.16 the Propel Indebtedness,
provided that the aggregate principal amount thereof does not exceed $200,000,000, and the unsecured guaranty obligations of the Company of such Propel Indebtedness; and 

10.5.17 so long as no Default or Event of Default then exists or would result therefrom, Indebtedness of any Credit Party
not otherwise permitted pursuant to this Section 10.5 in an aggregate principal amount not to exceed $10,000,000 at any time outstanding; provided, that such Indebtedness shall be limited to a letter of credit facility provided to or for
the benefit of the Company and/or its Subsidiaries.” 
 (m) Section 10.6 is amended (i) to delete the reference
to “survey exceptions” in subsection 10.6.8 thereof and to replace such reference with “survey or title exceptions” and (ii) to delete the “and” at the end of subsection 10.6.14, to delete the period at the end of
subsection 10.6.15 and replace such period with “; and”, and to insert the following new subsection 10.6.16: 
 “10.6.16 Liens securing Indebtedness permitted by Section 10.5.17; provided that the holder(s) of such Indebtedness and the Collateral Agent shall have entered into an intercreditor
agreement with respect to such Liens (and the assets subject to such Liens) that is in form and content acceptable to the Required Holders.” 
 (n) Section 10.10 is amended (i) to delete clause (v) thereof and to replace such clause with “(v) Contingent Obligations in respect of customary indemnification and purchase price
adjustment obligations incurred in connection with acquisitions or sales of assets,” and (ii) to delete the parenthetical in clause (vii) thereof and to replace such parenthetical with “(it being acknowledged and agreed that none
of the Company, the Guarantors or the Domestic Subsidiaries shall make or shall suffer to exist any Contingent Obligation in respect of Indebtedness of Foreign Subsidiaries, except to the extent permitted as Investments under
Section 10.4).” 

  
 8 

 (o) Section 10.14 is amended to delete the reference to “$12,500,000” and to
replace such reference with “$20,000,000.” 
 (p) Section 10.15 is amended to delete the reference to
“$12,500,000” and to replace such reference with “15,000,000.” 
 (q) Section 10.17 is amended and
restated, as follows: 
 “10.17 Acquisitions of Receivables Portfolios. 

The Company will not, nor will it permit any other Credit Party to, acquire any single or related series of Receivables
Portfolio(s) with a purchase price in excess of the lesser of (i) 50% of Consolidated Tangible Net Worth as of the Company’s most recently ended fiscal quarter and based on the financial statements of the Company delivered hereunder for
such fiscal quarter and (ii) $150,000,000 (it being agreed that any one or more tranches or groups of Receivables purchased by one or more Credit Parties from the same seller or an Affiliate of such seller within a period of seven
(7) consecutive days shall be deemed to be a single acquisition).” 
 (r) Section 10.18 is deleted and replaced
with “[Intentionally Omitted.]”. 
 (s) Section 10.19 is amended and restated, as follows: 

“10.19 Acquisition of Foreign Receivables. 

The Company will not, nor will it permit any Subsidiary to, (i) acquire any Receivable denominated in a currency
other than Dollars, (ii) acquire any Receivable with respect to which the debtor is a resident of a jurisdiction other than the United States of America, (iii) acquire any Person which owns any Receivable denominated in a currency other
than Dollars or any Receivable with respect to which the debtor is a resident of a jurisdiction other than the United States of America, or (iv) acquire any Person organized under the laws of any jurisdiction other than the United States of
America or any state thereof, if, after giving effect to such acquisition, the aggregate outstanding book value (without duplication) of all such Receivables (in the case of clauses (i) and (ii)), all such Receivables owned by such Person (in
the case of clause (iii)) and any and all Receivables owned by such Person (in the case of clause (iv)) would exceed in the aggregate 40% of the total book value of all Receivables of the Company and its Subsidiaries at any time.” 

(a) Section 11 is amended (i) to delete clause (c) thereof and replace such clause with the following: “(c) the
Company defaults in the performance of or compliance with any term contained in Sections 7.1, 7.2, 8.6, 8.7, 9.7, 9.8, 9.10 or 10; or”, (ii) to delete the term “$5,000,000” where it appears in each of clauses (f), (i),
(j) and (l) of Section 11 and to replace such term in each case with “$10,000,000, and (iii) to insert the parenthetical “(including any action taken on the part of the Company or its Subsidiaries to assert such
invalidity or unenforceability of)” immediately following the words “invalidity or unenforceability” where such words first appear in clause (p) of Section 11. 

  
 9 

 (t) Schedule B of the Note Agreement is amended to amend and restate the following existing
definitions: 
 ““Aggregate Outstanding Revolving Credit Exposure” has the meaning
specified in the Credit Agreement as of the date hereof for the term “Aggregate Revolving Credit Exposure.” 
 “Asset Sale” means, with respect to the Company or any Subsidiary, the sale, lease, conveyance, disposition or other transfer by such Person of any of its assets (including by way of a
Sale and Leaseback Transaction, and including the sale or other transfer of any of the capital stock or other equity interests of such Person or any Subsidiary of such Person) to any Person other than the Company or any of its Wholly-Owned
Subsidiaries other than (i) the sale of Receivables in the ordinary course of business, (ii) the sale or other disposition of any obsolete, excess, damaged or worn-out Equipment disposed of in the ordinary course of business,
(iii) leases of assets in the ordinary course of business consistent with past practice, and (iv) sales or dispositions of assets outside the ordinary course of business with an aggregate fair market value not to exceed, during the term of
this Agreement, $20,000,000. 
 “Borrowing Base” means, as of any date of calculation, an
amount, as set forth on the most current Borrowing Base Certificate delivered to the holders of Notes on or prior to such date, equal to (i) the lesser of: (1) the Advance Rate of Estimated Remaining Collections (exclusive of any
Receivables in any Receivables Portfolio that are not Eligible Receivables) as of the last day of the month for which such Borrowing Base Certificate was provided; and (2) the product of the net book value of all Receivables Portfolios acquired
by any Credit Party on or after January 1, 2005 multiplied by 95%, minus (ii) the sum of (x) the aggregate principal amount outstanding in respect of the Notes plus (y) the aggregate principal amount outstanding in respect
of the Term Loans (as defined in the Credit Agreement); provided, however, that, for purposes of calculating the amount specified in clause (1) above (the “Total ERC Amount”), the Advance Rate of Estimated
Remaining Collections attributable to Debtor Receivables shall not at any time exceed an amount equal to 35% of the Total ERC Amount (without regard to this proviso). 

“Consolidated EBITDA” means Consolidated Net Income plus, (1) to the extent not included in
such revenue, Amortized Collections, and (2) to the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense (whether actual or contingent), (ii) expense for taxes paid or accrued,
(iii) depreciation expense, (iv) amortization expense, (v) any extraordinary losses, and (vi) non-cash charges arising from compensation expense as a result of the adoption of amendments to Agreement Accounting Principles
requiring certain stock based compensation to be recorded as an expense within the Company’s consolidated statement of operations, minus, to the extent included in Consolidated Net Income, (a) interest income, (b) any
extraordinary gains, (c) the income of any JV Entity or any other Person (1) in which any Person other than the Company or any of its Subsidiaries has a joint interest or a partnership interest or other ownership interest, and (2) to
the extent the Company or any of its Subsidiaries does not control the board of directors or other governing body of such 

  
 10 

 
JV Entity or Person or otherwise does not control the declaration of a dividend or other distribution by such JV Entity or Person, except in each case to the extent of the amount of dividends or
other distributions actually paid to the Company or any of its Subsidiaries by such JV Entity or Person during the relevant period, and (d) the income of any Subsidiary of the Company to the extent that the declaration or payment of dividends
or distributions (including via intercompany advances or other intercompany transactions but in each case up to and not exceeding the amount of such income) by that Subsidiary of that income is not at the time permitted by operation of the terms of
its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, all calculated for the Company and its Subsidiaries on a consolidated basis. 

“Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of November 5,
2012, by and among the Company, the Lenders and the other Persons party thereto and SunTrust Bank, as administrative agent thereunder, as amended, amended and restated, supplemented, refinanced, replaced or otherwise modified from time to time.

 “Intellectual Property Security Agreements” means the amended and restated intellectual
property security agreements executed by the applicable Credit Parties on the Amendment No. 2 Effective Date and such intellectual property security agreements as any Credit Party may from time to time after the Amendment No. 2 Effective
Date make in favor of the Collateral Agent for the benefit of the Secured Parties, in each case as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Intercreditor Agreement” means the Amended and Restated Intercreditor Agreement, dated as of the
Amendment No. 2 Effective Date, among the Collateral Agent, the holders of the Notes and the Agent named therein, as amended, restated, supplemented or otherwise modified from time to time. 

“Material Adverse Effect” means a material adverse effect on (i) the business, Property, condition
(financial or otherwise), operations or results of operations of the Company, or the Company and its Subsidiaries taken as a whole, (ii) the ability of the Company or any Subsidiary to perform its obligations under the Transaction Documents, or
(iii) the validity or enforceability of any of the Transaction Documents or the rights or remedies of the Collateral Agent or the holders of Notes thereunder or their rights with respect to the Collateral. 

“Permitted Foreign Subsidiary Non-Recourse Indebtedness” means Indebtedness of Foreign Subsidiaries,
provided that (a) no Default or Event of Default exists at the time of or immediately after giving effect to the incurrence of such Indebtedness, (b) such Indebtedness is non-recourse at all times to the Company, the Guarantors and
the Domestic Subsidiaries, (c) such Indebtedness does not benefit at any time from any direct or indirect guaranties or other credit support from the Company, any Guarantor or any Domestic Subsidiary, and (d) the total principal amount
outstanding of such Indebtedness does not exceed 40% of Consolidated Tangible Net Worth at any time. 

  
 11 

 “Pledge and Security Agreement” means that certain Amended
and Restated Pledge and Security Agreement, dated as of the Amendment No. 2 Effective Date, by and between the Credit Parties and the Collateral Agent for the benefit of the Secured Parties, as the same may be amended, restated, supplemented,
or otherwise modified from time to time. 
 “Principal Credit Facility” means any loan
agreement, credit agreement, note purchase agreement, indenture or similar document under which credit facilities in the aggregate original principal or commitment amount of at least $20,000,000 are provided for.” 

(u) Schedule B of the Note Agreement is amended to add the following new definitions in their appropriate alphabetical order therein:

 ““Advance Rate” means, for the period commencing on the Amendment No. 2 Effective
Date to the first Advance Rate Measurement Date, 33%, and, thereafter, for the period from (but not including) each Advance Rate Measurement Date to the immediately succeeding Advance Rate Measurement Date, the percentage obtained by subtracting
from the Advance Rate in effect immediately prior to the first day of such period the difference (the “Cost Differential”, and which may be a positive or negative number) between: 

(a) the average “Cost Per Total Dollar Collected” percentage as shown on the Company’s consolidated
financial statements for the most recent four consecutive fiscal quarters (for which financial statements have been delivered in accordance with Section 7.1.1 or Section 7.1.2) ending on or before such Advance Rate Measurement Date; and

 (b) the average “Cost Per Total Dollar Collected” percentage as shown on the Company’s
consolidated financial statements for the most recent four consecutive fiscal quarters (for which financial statements have been delivered in accordance with Section 7.1.1 or Section 7.1.2) ending on or before the Advance Rate Measurement
Date immediately preceding such Advance Rate Measurement Date; 
 provided that if the resulting Cost
Differential includes a fractional amount, the fractional portion thereof shall be ignored when determining the Cost Differential on the applicable Advance Rate Measurement Date but shall be added (or subtracted, as applicable) to the Cost
Differential obtained on the following Advance Rate Measurement Date (with any resulting fractional portion again being ignored and added (or subtracted, as applicable) subsequently); provided further that, except as set forth in the
immediately following proviso, in no event shall the Advance Rate ever be lower than 30% or higher than 35% and provided further that the Advance Rate to be applied with respect to the Estimated Remaining Collections from Debtor
Receivables shall in all events be 55%. The Company shall set forth in reasonable detail the calculations of the Advance Rate on each compliance certificate delivered pursuant to Section 7.1.3. 

“Advance Rate Measurement Date” means each date on which the Company’s financial statements required
to be delivered pursuant to Section 7.1.1 or Section 7.1.2 have been filed with the Securities and Exchange Commission. 

  
 12 

 “Aggregate Revolving Commitment” has the meaning specified
in the Credit Agreement as of the date hereof. 
 “Amendment No. 2 Effective Date” means
November 5, 2012. 
 “Debtor Receivables” means a Receivable the obligor on which is
subject to bankruptcy or similar proceedings. 
 “Immaterial Subsidiary” means, as of any date
of determination, any Subsidiary of the Company (x) whose consolidated tangible assets (as set forth in the most recent consolidated balance sheet of the Company and its Subsidiaries delivered to the holders of the Notes pursuant to this
Agreement and computed in accordance with Agreement Accounting Principles), when added to the consolidated tangible assets of all other Immaterial Subsidiaries (as set forth in the most recent consolidated balance sheet of the Company and its
Subsidiaries delivered to the holders of the Notes pursuant to this Agreement and computed in accordance with Agreement Accounting Principles), do not constitute more than 5.0% of the Consolidated Tangible Assets and (y) whose consolidated net
revenue, when added to the consolidated net revenue attributable to all other Immaterial Subsidiaries, does not constitute more than 5.0% of consolidated net revenue of the Company and its Subsidiaries (in each case, as determined for the four
fiscal quarter period most recently ended for which financial statements have been delivered to the holders of the Notes pursuant to this Agreement).” 
 2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that (a) the Noteholders shall have received (i) counterparts of this Amendment,
duly executed by the Company and the Required Holders, and the Consent and Reaffirmation attached hereto duly executed by the Guarantors, (ii) a fully executed copy of the Credit Agreement, which shall be in form and substance reasonably
satisfactory to the Required Holders, (iii) fully executed copies of each of the Intercreditor Agreement, the Pledge and Security Agreement and the Intellectual Property Security Agreements, each of which shall be in form and substance
reasonably satisfactory to the Required Holders, (iv) their ratable share of an amendment fee equal to 5 basis points multiplied by the aggregate principal amount of the Notes outstanding on the date hereof, and (v) such other opinions,
instruments and documents as are reasonably requested by the Noteholders and (b) the Company shall have paid, to the extent invoiced, all fees and expenses of the Noteholder (including attorneys’ fees and expenses) in connection with this
Amendment and the other Transaction Documents. 
 3. Representations and Warranties of the Company. The Company hereby
represents and warrants as follows: 
 (a) This Amendment and the Note Agreement as amended hereby constitute legal, valid and
binding obligations of the Company and are enforceable against the Company 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 Event of Default and (ii) the representations and warranties contained in Section 5 of the Note Agreement are true and correct, except for
representations and warranties made with reference solely to an earlier date, which are true and correct as of such earlier date. 
 4. Reference to and Effect on the Note Agreement. 

  
 13 

 (a) Upon the effectiveness hereof, each reference to the Note Agreement in the Note
Agreement or any other Transaction Document shall mean and be a reference to the Note Agreement as amended hereby. 
 (b) Except
as specifically amended above, the Note 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 Noteholders, nor constitute a waiver of any provision of the Note 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,
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. 
 6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

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

[Signature Pages Follow] 

  
 14 

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

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

	Name:	 	J. Brandon Black
	Title:	 	President

 Signature Page to Amendment No. 2 

Encore Capital Group, Inc. 
 Amended and Restated Senior Secured Note Purchase Agreement dated as of February 10, 2011 

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President
	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President
	
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
	
	By: Prudential Investment Management, Inc., investment manager
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President
	
	PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
	
	By: Prudential Investment Management, Inc., investment manager
		
	By:	 	 /s/ Cornelia Cheng

		 	Vice President

 Signature Page to Amendment No. 2 

Encore Capital Group, Inc. 
 Amended and Restated Senior Secured Note Purchase Agreement dated as of February 10, 2011 

 CONSENT AND REAFFIRMATION 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 2 to the Amended and Restated Senior
Secured Note Agreement dated as of February 10, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Note Agreement”) by and between Encore Capital Group, Inc. (the
“Company”) and the holders of Notes party thereto (the “Noteholders”), which Amendment No. 2 is dated as of November 5, 2012 (the “Amendment”). Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in the Note Agreement. Without in any way establishing a course of dealing by any Noteholder, each of the undersigned agrees to be bound by its obligations under
Section 1 of the Amendment and consents to the Amendment and reaffirms the terms and conditions of the Multiparty Guaranty, the Pledge and Security Agreement and any other Transaction Document executed by it and acknowledges and agrees that
such agreement and each and every such Transaction Document executed by the undersigned in connection with the Note Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. 

All references to the Note Agreement contained in the above-referenced documents shall be a reference to the Note Agreement as modified
by the Amendment and as each of the same may from time to time hereafter be amended, modified or restated. 
 Dated: November 5, 2012

 [Signature Page Follows] 

									
	MIDLAND CREDIT MANAGEMENT, INC.	 		 	PROPEL ACQUISITION LLC
					
	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/ James A. Syran
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	James A. Syran	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	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. 2 
 Encore Capital Group, Inc. 
 Amended and Restated Senior Secured Note Purchase
Agreement dated as of February 10, 2011

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