ENCORE CAPITAL GROUP INC
EXCLUSIVITY AGRMT
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<DESCRIPTION>EXCLUSIVITY AGRMT
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.11 </FONT></P>



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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[***]        &nbsp;&nbsp;           TEXT
OMITTED AND FILED SEPARATELY<BR> CONFIDENTIAL TREATMENT REQUESTED  </FONT></P>




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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MRC RECEIVABLES
CORPORATION <BR>5775 Roscoe Court <BR>San Diego, California
92123 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 20, 2000 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CFSC Capital Corp. VIII12700
<BR>Whitewater Drive <BR>Minnetonka, Minnesota
55343-9439 <BR>Attention:&nbsp;&nbsp;Greggory S. Haugen<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Jon
Taxdahl </FONT></P>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>     Re:  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exclusivity
 Agreement  related  to Credit  Agreement  between  MRC  Receivables  Corporation,  a
                  Delaware  corporation (the  "Borrower") and CFSC Capital Corp. VIII, a
Delaware  corporation (the                   "Lender") dated as of December 20, 2000 (the
"Credit Agreement") </FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reference is made to the Credit
Agreement. All capitalized terms used in this letter and not otherwise defined herein
shall have the meanings given to them in the Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To induce the Lender to enter into
the Credit Agreement with the Borrower, which is a wholly-owned subsidiary of MCM Capital
Group, Inc., a Delaware corporation (&#147;MCM Capital Group&#148;), and as a condition to
making any Loans thereunder, the Borrower, MCM Capital Group and Midland Credit
Management, Inc., a Kansas corporation (the &#147;Servicer&#148;) (which is also a
wholly-owned subsidiary of MCM Capital Group ( collectively, the Borrower, the Servicer
and MCM Capital Group are herein called the &#147;Grantors&#148;), on behalf of themselves
and on behalf of all parties which are controlled by the Borrower, the Servicer and/or MCM
Capital Group ( either through financial investment or management responsibility) or in
which the Borrower, the Servicer and/or MCM Capital Group have any financial investment
(the &#147;Affiliated Parties&#148;), hereby grant to the Lender, pursuant to the terms
and conditions of this letter agreement, the exclusive right during the Exclusivity Period
(as defined below) to finance charged-off consumer credit card accounts (the
&#147;Assets&#148;) to be acquired by any of the Grantors or any Afflliated Party. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used herein, the term &#147;Exclusivity Period&#148; means the period of time commencing
on the date of this letter agreement and ending on the earliest of following: </FONT></P>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the Facility Termination Date, </FONT></TD>
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               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the date on which a Lender Default shall exist (as defined below), </FONT></TD>
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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
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               the date on which a material adverse change shall occur in the financial
               condition or available resources of the Lender which would result in the Lender
               being unable to continue to perform its obligations under the Credit Agreement, </FONT></TD>
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               <BR><BR><BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[***] </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Omitted pursuant to a request for confidential treatment. The omitted material
               has been filed separately with the Securities and Exchange Commission. </FONT></TD>
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               <BR>


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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the date on which Greggory S. Haugen shall cease to be an employee of [***] or
               one of its affiliates <U>and </U> the Lender shall have rejected Borrowing
               Requests (other than because of a Default or Event of Default under the Credit
               Agreement) to make Loans under the Credit Agreement for the Borrower&#146;s
               purchase of Assets which (i) had an aggregate purchase price of $10,000,000 or
               more during any consecutive ninety (90) day period (excluding Asset Pools whose
               weighted average time since charge-off is less than six (6) months), and (ii)
               were to be financed pursuant to requested Loans with economic terms (other than
               interest rate )substantially similar to prior Loans made by the Lender under the
               Credit Agreement, </FONT></TD>
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               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               in the event that the Lender has terminated the Servicing Agreement with the
               Servicer as a result of a Termination Event and the Lender has not sold,
               assigned or transferred its rights or obligations under the Loan Documents, so
               long as the Borrower and the Servicer have cooperated with the Lender in all
               material respects for a period of sixty (60) days following such termination in
               connection with the Lender&#146;s entering into a replacement servicing
               agreement with a replacement servicer and in transferring such information and
               documentation as is reasonably necessary to enable such replacement servicer to
               service the Assets in the Asset Pools, the date following such sixty ( 60) days
               of cooperation by the Borrower and the Servicer, or </FONT></TD>
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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               in the event that the Lender has terminated the Servicing Agreement with the
               Servicer as a result of a Termination Event and the Lender has sold, assigned or
               transferred its rights or obligations under the Loan Documents, the date which
               is the later of the date on which the Lender terminated the Servicing Agreement
               with the Servicer or the date on which the Lender sold, assigned or transferred
               its rights or obligations under the Loan Documents ( other than pursuant to
               subsections (i), (ii) or (iii) of <U>Section 9.12</U> of the Credit Agreement). </FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any sale, transfer, assignment or
conveyance permitted pursuant to subsections (i), (ii) or (iii) of <U>Section 9.12 </U>of
the Credit Agreement shall not constitute a &#147;sale, assignment or transfer of rights
or obligations under the Loan Documents&#148; for purposes of subsection ( e ) and (f)
above. In addition, as used herein, the term &#147;Lender Default&#148; means any of the
following events: (a) the Lender shall fail to make a Loan available to the Borrower on
the applicable Borrowing Date with respect to an Accepted Borrowing Request at a time when
all conditions precedent to making such Loan available to the Borrower under <U>Section
4.2</U> and <U>Section 4.3</U> of the Credit Agreement have been satisfied and the
continuance of such failure on the part of the Lender for two (2) Business Days after the
Lender has received written notice of such failure from the Borrower, (b) the Lender shall
fail to approve a distribution of Asset Pool Proceeds from the Collateral Account in
accordance with the provisions of <U>Section 2.7 </U>and <U>Section 2.8</U> of the Credit
Agreement at a time when the Lender has received the applicable Distribution Report with
all applicable information as required by the Credit Agreement, all information contained
in such Distribution Report is true and correct in all material respects and the
distribution contemplated in such Distribution Report is consistent with the provisions of
<U>Section 2.8</U> and other applicable provisions of the Credit Agreement and the
continuance of such failure on the part of the Lender for two (2) Business Days after the
Lender has received written notice of such failure from the Borrower, ( c ) the Lender
shall breach its covenants or agreements under <U>Section 9.16</U> of the Credit Agreement
or under <U>Section 7.14</U> of the Servicing Agreement in any material respect, or ( d)
the Lender shall breach its covenants or agreements under <U>Section 9.12.</U> </FONT></P><BR><BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[***]&nbsp;&nbsp;&nbsp;&nbsp;
          Omitted pursuant to a request for confidential treatment. The omitted material
          has been filed separately with the Securities and Exchange Commission. </FONT></P><BR><BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grantors agree, on behalf of themselves and on behalf of each Affiliated Party, that if
any Grantor or any Affiliated Party desires to purchase any Assets during the Exclusivity
Period, such Grantor or such Affiliated Party, as applicable, shall not purchase such
Assets until the Lender shall have been given the opportunity to finance the
Borrower&#146;s purchase of such Assets pursuant to the Credit Agreement by the Borrower
providing to the Lender a Borrowing Request and a related bid package in accordance with
the provisions of <U>Section 2.1</U> of the Credit Agreement with respect to such Assets.
If the Lender rejects or is deemed to have rejected such Borrowing Request pursuant to
<U>Section 2.1</U> of the Credit Agreement, then, any Grantor ( other than the Borrower)
or any Affiliated Party may (i) obtain financing from another lender to purchase such
Assets so long as (A) the purchase price for such Assets and the Purchase Agreement for
the purchase of such Assets are the same as those described in the Borrowing Request and
related bid package rejected by the Lender, and ( B ) none of the material terms and
information related to the financing provided by such other lender, including interest
rate. contingent payment percentage, servicing fee, equity infusion and cash flow
projections. are more favorable to such other lender than were such terms and information
as set forth or contemplated in the Borrowing Request and related bid package rejected by
the Lender. or (ii) purchase such Assets with its own funds which have not been borrowed,
directly or indirectly. from any other Person ( excluding, however, funds which have been
borrowed by a Grantor or another Affiliated Party under a revolving credit facility in
which ( <B>1) </B>the lender makes funds available for general corporate purposes, (2)
such lender does not evaluate any assets being purchased with proceeds of advances under
such revolving credit facility, and (3) such revolving credit facility does not contain a
borrowing base or similar concept which includes assets being purchased with proceeds of
such advances so long as (A) the purchase price for such Assets and the Purchase Agreement
for the purchase of such Assets are the same as those described in the Borrowing Request
and related bid package rejected by the Lender, and (B) none of the material information
used by such Grantor or Affiliated Party in determining whether to purchase such Assets
with its own funds, including cash flow projections, are more favorable to such Grantor or
Affiliated Party than was such information, including cash flow projections, as set forth
or contemplated in the Borrowing Request and related bid package rejected by the Lender. T
o the extent that any of the conditions of the preceding sentence are not satisfied, the
Grantors agree on behalf of themselves and on behalf of each Affiliated Party, that the
Borrower shall be obligated to submit a new Borrowing Request and related bid package to
the Lender which shall contain all modified terms and information, and such Borrowing
Request shall be deemed a new Borrowing Request for purposes of the Credit Agreement and
this 1etter agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grantors, by signing be1ow, hereby acknow1edge and agree that any fai1ure by the Grantors
or any Affiliated Party to comp1y with the terms and conditions of this letter agreement
during the Exclusivity Period shall constitute an Event of Default under the Credit
Agreement. Upon the failure by the Grantors or any Affiliated Party to comp1y with the
terms and conditions of this letter agreement during the Exclusivity Period, the Lender
shall (i) be entitled to enforce all rights and remedies available to the Lender under the
Credit Agreement and the other Loan Documents, and (ii) be entitled to seek re1ief for the
breach of this letter agreement, either in equity or at law. </FONT></P><BR>

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<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Very truly yours, </FONT></P>

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<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GRANTORS: </FONT></P>








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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MRC RECEIVABLES CORPORATION</B><BR><BR>
<BR>BY: /S/ Timothy W. Moser<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
 Name &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    Timothy W. Moser<BR>Its &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;
      Secretary</FONT></TD>
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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MIDLAND CREDIT MANAGEMENT, INC.</B><BR><BR>
<BR>BY: /S/ Timothy W. Moser<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     Timothy W. Moser<BR>Its &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;  Secretary</FONT></TD>
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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MCM CAPITAL GROUP, INC.</B><BR><BR>
<BR>BY: /S/ Timothy W. Moser<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     Timothy W. Moser<BR> Its &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;   Secretary</FONT></TD>
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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accepted and agreed to as of the<BR>
20th day of December, 2000. </FONT></P>


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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CFSC CAPITAL CORP. VIII</B><BR><BR>
<BR>BY: /S/ Greggory S. Haugen<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Name &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    Greggory S. Haugen<BR>Its &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;    V.P.</FONT></TD>
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