Document:

EX-10.18

 Exhibit 10.18 
 AMENDMENT NO. 1 
 Dated as of May 29, 2013 

to 
 SECOND
AMENDED AND RESTATED SENIOR SECURED NOTE PURCHASE AGREEMENT 
 Dated as of May 9, 2013 

THIS AMENDMENT NO. 1 (“Amendment”) is made as of May 29, 2013 by and among Encore Capital Group, Inc. (the
“Company”) and the undersigned holders of Notes (the “Noteholders”). Reference is made to that certain Second Amended and Restated Senior Secured Note Purchase Agreement, dated as of May 9, 2013, 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 a 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) Section 10.4 of the Note Agreement is hereby amended by deleting the
“and” at the end of Section 10.4.10, deleting the “.” at the end of Section 10.4.11 and replacing it with “; and”, and adding the following new Section 10.4.12 immediately thereafter: 

“10.4.12 Investments in one or more Unrestricted Subsidiaries that are made for the purpose of consummating the
Acquisition of Cabot Credit Management Limited and certain of its Subsidiaries; provided that (x) no Default or Event of Default shall have occurred and be continuing as of the date of any such Investment or would result from the making
of any such Investment and (y) such Investment under this Section 10.4.12 shall not exceed $230,000,000 in the aggregate at any time outstanding.” 

 (b) Schedule B of the Note Agreement is hereby amended by amending and restating in its
entirety the proviso at the end of the definition of “Acquisition” to read as follows: 
 “provided,
however, that the following shall not be considered “Acquisitions”: (a) any asset purchase consisting solely of Receivables Portfolios; (b) the purchase of equity interests of an entity (1) the assets of which consist
solely of Receivables, (2) which has not engaged in the conduct of business and (3) which has no Indebtedness; (c) any asset purchase by one or more Subsidiaries of Propel Acquisition LLC consisting solely of Tax Liens; and
(d) the purchase of equity interests by any Subsidiary of Propel Acquisition LLC of an entity (1) the assets of which consist solely of Tax Liens, (2) which has not engaged in the conduct of business and (3) which has no
Indebtedness.” 
 (c) Schedule B of the Note Agreement is hereby amended by amending and restating in its entirety the
definition of “Investment” to read as follows: 
 “Investment” of a Person means any
loan, advance (other than commission, travel and similar advances to officers, employees made in the ordinary course of business), extension of credit (other than Accounts arising in the ordinary course of business, but including Contingent
Obligations with respect to any obligation or liability of another Person) or contribution of capital by such Person; stocks, bonds, mutual funds, limited liability company interests, partnership interests, notes, debentures or other securities
owned by such Person; any deposit accounts and certificate of deposit owned by such Person; and structured notes, derivative financial instruments and other similar instruments or contracts owned by such Person; provided, however, that
the following shall not be considered an “Investment”: (a) the purchase of equity interests of an entity (1) the assets of which consist solely of Receivables, (2) which has not engaged in the conduct of business and
(3) which has no Indebtedness; (b) the purchase of equity interests by any Subsidiary of Propel Acquisition LLC of an entity (1) the assets of which consist solely of Tax Liens, (2) which has not engaged in the conduct of
business and (3) which has no Indebtedness; and (c) Permitted Restructurings.” 
 (d) Schedule B of the Note
Agreement is hereby amended by adding the following definition of “Tax Liens” in proper alphabetical order: 
 ““Tax Liens” means liens on the assets of any Person in respect of delinquent property tax receivables.” 

(e) Schedule B of the Note Agreement is hereby amended by deleting the reference to “Section 10.4.11” at the end of clause
(a)(iii) in the definition of the term “Unrestricted Subsidiary” and substituting in lieu thereof a reference to “Section 10.4.11 or Section 10.4.12.” 
 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 and (ii) a fully executed copy of a corresponding amendment of the Credit Agreement, which shall
be in form and substance reasonably satisfactory to the Required Holders; and (b) the Company shall have paid, to the extent invoiced, all fees and expenses of the Noteholders (including attorneys’ fees and expenses) in connection with
this Amendment and the other Transaction Documents. 

  
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 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. 
 (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] 

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

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

	Name:	 	J. Brandon Black
	Title:	 	Chief Executive Officer

  
 Signature
Page to Amendment No. 1 
 Encore Capital Group, Inc. 
 Second Amended and Restated Senior Secured Note Purchase Agreement dated as of May 9, 2013 

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Jason Richardson

		 	Vice President
	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Jason Richardson

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

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

		 	Vice President

  
 Signature
Page to Amendment No. 1 
 Encore Capital Group, Inc. 
 Second Amended and Restated Senior Secured Note Purchase Agreement dated as of May 9, 2013 

 CONSENT AND REAFFIRMATION 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Second Amended and Restated
Senior Secured Note Agreement dated as of May 9, 2013 (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. 1 is dated as of May 29, 2013 (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: May 29, 2013

 [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/ Glen V. Freter
	 		 	By:	 	 /s/ J. Brandon Black

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

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

  

  
 Signature
Page to Consent and Reaffirmation 
 Amendment No. 1 
 Encore Capital Group, Inc. 
 Second Amended and Restated Senior Secured Note
Purchase Agreement dated as of May 9, 2013EX-10.23

 Exhibit 10.23 
 AMENDMENT TO 
 SECURITIES PURCHASE AGREEMENT 

This AMENDMENT TO SECURITIES PURCHASE AGREEMENT (this “Amendment”) is entered into as of July 1, 2013, by and
between Encore Europe Holdings S.À R.L., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg,
having its registered office at 560A, rue de Neudorf, L-2220 Luxembourg, not yet registered with the Luxembourg Trade and Companies Register and having a share capital of £15,000 (“Purchaser”) and JCF III Europe S.À
R.L., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 47, avenue John F.
Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B 161027 and having a share capital of EUR 8,501,530 (“Seller”). Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Purchase Agreement (as defined below). 
 RECITALS 

WHEREAS, Encore Capital Group, Inc., a Delaware Corporation (the “Assignor”), and Seller have entered into that certain
Securities Purchase Agreement dated as of May 29, 2013 (as amended, the “Purchase Agreement”); 

WHEREAS, in accordance with Section 5.9 of the Purchase Agreement, Assignor has assigned, and Purchaser has assumed, all of
Assignor’s rights and obligations in, to and under the Purchase Agreement (other than with respect to Assignor’s obligations under Section 5.16 of the Purchase Agreement, which shall remain with Assignor), pursuant to that certain
Assignment and Assumption Agreement dated June 28, 2013; and 
 WHEREAS, Purchaser and Seller have agreed to amend the
Purchase Agreement pursuant to this Amendment, as set forth herein. 
 AGREEMENT 

In consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Purchaser and Seller each agree to amend the Purchase Agreement as follows: 
 1. The
seventh clause under the section titled “Witnesseth” is hereby amended and restated in its entirety to read as follows: 
 “WHEREAS, immediately prior to Closing (as defined below), Seller will be the beneficial and legal owner of 3,498,563 E shares (the “E Shares”), 3,484,597 J shares (the “J
Shares”, and together with the E Shares, the “Company Shares”), E Bridge PECs with a face value of £10,218,574 (the “E Bridge PECs”), J Bridge PECs with a face value of £10,177,781 (the
“J Bridge PECs”, and together with the E Bridge PECs, (the “Company Bridge PECs”)), E PECs with a face value of £96,729,661 (the “Company E PECs”), and J PECs with a face value of
£96,343,515 (the “Company J PECs” and, together with the Company Shares, the Company E PECs and the Company Bridge PECs, the “Total Securities”) of Janus Holdings Luxembourg

  
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S.à r.l., a Luxembourg private limited liability company (société à responsabilité limitée) (the “Company”) formed for the purpose
of holding all of Seller’s Holdings Securities (other than Bridge PECs of Holdings with a face value of £24,603,645 (the “Redeemed Bridge PECs”), which shall be redeemed on or before August 30, 2013 pursuant to the
Redemption Agreement of Bridge PECs dated June 28, 2013 between Holdings and Seller (the “Bridge PEC Redemption”), and the 100 A Shares of Holdings retained by Seller, which will be sold to Purchaser in accordance with the
terms herein), which Total Securities will represent all of the issued and outstanding equity and debt interests of the Company;” 
 2. The ninth clause under the section titled “Witnesseth” is hereby amended and restated in its entirety to read as follows: 

“WHEREAS, the Total Securities will be issued immediately prior to Closing in exchange for the contribution and transfer by the
Seller to the Company of 6,983,160 A Shares of Holdings, Bridge PECs of Holdings with a face value of £20,396,355 (and any accrued interest thereof) and A PECs of Holdings with a face value of £193,073,176 (and any accrued interest
thereof);” 
 3. Purchase Price. The first sentence of Section 1.2 is hereby amended and restated in its
entirety to read as follows: 
 “The aggregate purchase price (the “Purchase Price”) for the Purchased
Securities shall be £115,069,669, in respect of the E Bridge PECs, the Company E PECs and the E Shares, and £40 in respect of the Holdings A Shares.” 
 4. Closing. Section 1.3 is hereby amended and restated in its entirety to read as follows: 
 “Upon the terms and subject to the conditions set forth herein, the purchase and sale of the Purchased Securities (the “Closing”) shall occur on the second day other than a Saturday,
Sunday or other day on which commercial banks in Luxembourg or the City of London are authorized or required to close (each such day, a “Business Day”) following the satisfaction or waiver of the conditions in Section 2
(other than conditions to be satisfied at the Closing), and shall take place remotely via the exchange of documents and signatures, or at such other date, time and place as may be agreed by Seller and Purchaser orally or in writing (which date, time
and place are referred to as the “Closing Date”).” 
 5. Payment of Expenses. 

(a) Section 4.3(a) is hereby amended and restated in its entirety to read as follows: 

“Within 30 days of Closing, Purchaser and Seller shall calculate and agree upon all documented out-of-pocket expenses (including
advisor costs but excluding payments pursuant to Section 1.5 or 1.6 and any filing fees or other payments to any Governmental Authority (other than United Kingdom stamp duty to the extent incurred) in connection with the transactions
contemplated by this Agreement) incurred by Seller and Purchaser, their respective affiliates, in connection with the Acquisition and the transactions contemplated by this Agreement (the “Total 

  
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Costs”). For the avoidance of doubt, with respect to fees allocated pursuant to the Investment Agreement to the parties thereto, Total Costs shall only include amounts allocable to
Investors (as defined in the Investment Agreement) pursuant to Section 14.1 of the Investment Agreement. Following the determination of the Total Costs, each of Seller and Purchaser shall be responsible for, and shall promptly following invoice
thereof cause to be paid or reimbursed to the relevant parties, (i) in the case of Seller, 49.9% of the Total Costs and (ii) in the case of Purchaser, 50.1% of the Total Costs.” 

(b) Section 4.3 is hereby amended to include a new Section 4.3(d) as follows: 

“(d) Within 30 days of the Closing Date, (i) Purchaser shall contribute £50,100 to the Company and (ii) Seller shall
contribute £49,900 to the Company (of which £12,500 was previously contributed), in each case to be allocated to the share premium account of the Company.” 
 6. Option to Purchase Redeemed Bridge PECs. Section 4 is hereby amended to include a new Section 4.8 as follows: 
 “4.8 Option to Purchase Redeemed Bridge PECs. In the event that the Bridge PEC Redemption does not occur on or prior to August 30, 2013, Purchaser shall have the option to purchase 50.1%
of the Redeemed Bridge PECs at a purchase price equal to 50.1% of the face value, plus the accrued yield (through the date of purchase) of the Redeemed Bridge PECs. Purchaser shall have until September 30, 2013 to exercise its option by
delivering written notice to Seller (the “Election Notice”) of its election to purchase 50.1% of the Redeemed Bridge PECs. Purchaser and Seller agree to use their commercially reasonable efforts to consummate the sale of 50.1% of
the Redeemed Bridge PECs as promptly as practicable following the delivery of the Election Notice.” 
 7. Headings.
The headings of the Sections herein are inserted for convenience of reference only and are not intended to be a part of or affect the meaning or interpretation of this Amendment. 

8. Severability. If any term or provision of this Amendment is invalid, illegal or unenforceable in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other term or provision of this Amendment or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Amendment so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the
transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 
 9. Governing
Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, as such laws are applied to contracts entered into and performed in such State, without reference to principles of conflicts of laws.

 10. Counterparts; Electronic Signatures. This Amendment may be executed in counterparts, each of which shall be deemed
to be an original, but all of which together shall 

  
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constitute one and the same instrument. The parties agree that this Amendment shall be legally binding upon the electronic transmission, including by facsimile or email, by each party of a signed
signature page to this Amendment to the other party. 
 11. Full Force and Effect; No Obligation for Other Amendments.
Each of the parties hereto confirms that this Amendment is intended to be a part of, and will serve as a valid, written amendment to, the Purchase Agreement. Except as otherwise set forth in this Amendment, this Amendment shall not by implication or
otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Purchase Agreement, which are hereby ratified and affirmed in all respects and shall continue in full force and
effect, and this Amendment will not operate as an extension or waiver by the parties to the Purchase Agreement of any other condition, covenant, obligation, right, power or privilege under the Purchase Agreement. This Amendment relates only to the
specific matters covered herein, and shall not be considered to create a course of dealing or to otherwise obligate any party to the Purchase Agreement to execute similar amendments or grant any waivers under the same or similar circumstances in the
future. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on
their respective behalf, by their respective officers thereunto duly authorized all as of the day and year first above written. 
  

			
	PURCHASER
	
	ENCORE EUROPE HOLDINGS S.À R.L.
		
	By:	 	 /s/ Paul Grinberg

	Name:	 	Paul Grinberg
	Title:	 	Manager
	
	SELLER
	
	JCF III EUROPE S.À R.L.
		
	By:	 	 /s/ Sally Rocka

	Name:	 	Sally Rocka
	Title:	 	Manager

 Amendment to Securities Purchase Agreement

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