EX-10.2





Exhibit 10.2



 

 








TAX MATTERS AGREEMENT




By and Between




OCWEN FINANCIAL CORPORATION




and




ALTISOURCE SOLUTIONS S.À R.L.




Dated as of August 10, 2009




 

 








 









 












TABLE OF CONTENTS




	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	ARTICLE I           DEFINITION OF TERMS	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II          ALLOCATION OF TAX LIABILITIES	 	 	9	 
	 
	 	 	 	 	 	 
	SECTION 2.01

	 	General Rule
	 	 	9	 
	SECTION 2.02

	 	Allocations of Taxes
	 	 	9	 
	SECTION 2.03

	 	Certain Transaction and Other Taxes
	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE III         PRORATION OF TAX ITEMS	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE IV         PREPARATION AND FILING OF TAX RETURNS	 	 	10	 
	 
	 	 	 	 	 	 
	SECTION 4.01

	 	General
	 	 	10	 
	SECTION 4.02

	 	OFC’s Responsibility
	 	 	10	 
	SECTION 4.03

	 	Altisource’s Responsibility
	 	 	11	 
	SECTION 4.04

	 	Tax Accounting Practices
	 	 	11	 
	SECTION 4.05

	 	Consolidated or Combined Tax Returns
	 	 	11	 
	SECTION 4.06

	 	Right To Review Tax Returns
	 	 	11	 
	SECTION 4.07

	 	Altisource Carrybacks and Claims for Refund
	 	 	12	 
	SECTION 4.08

	 	Apportionment of Earnings and Profits and Tax Attributes
	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE V         TAX PAYMENTS	 	 	13	 
	 
	 	 	 	 	 	 
	SECTION 5.01

	 	Payment of Taxes With Respect to Tax Returns Reflecting Taxes of the
Other Company
	 	 	13	 
	SECTION 5.02

	 	Indemnification Payments
	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE VI        TAX BENEFITS	 	 	14	 
	 
	 	 	 	 	 	 
	SECTION 6.01

	 	Tax Refunds in General
	 	 	14	 
	SECTION 6.02

	 	Timing Differences and Reverse Timing Differences
	 	 	14	 
	SECTION 6.03

	 	Altisource Carrybacks
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VII        TAX-FREE STATUS	 	 	15	 
	 
	 	 	 	 	 	 
	SECTION 7.01

	 	Tax Opinions and Representation Letters
	 	 	15	 
	SECTION 7.02

	 	Restrictions on Altisource
	 	 	15	 
	SECTION 7.03

	 	Liability for Tax-Related Losses
	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE VIII        ASSISTANCE AND COOPERATION	 	 	19	 
	 
	 	 	 	 	 	 
	SECTION 8.01

	 	Assistance and Cooperation
	 	 	19	 
	SECTION 8.02

	 	Income Tax Return Information
	 	 	20	 






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TABLE OF CONTENTS

(continued)




	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	SECTION 8.03
	 	Reliance	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE IX         TAX RECORDS	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 9.01
	 	Retention of Tax Records	 	 	21	 
	SECTION 9.02
	 	Access to Tax Records	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE X          TAX CONTESTS	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 10.01
	 	Notice	 	 	21	 
	SECTION 10.02
	 	Control of Tax Contests	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE XI          EFFECTIVE DATE; TERMINATION OF PRIOR INTERCOMPANY TAX ALLOCATION AGREEMENTS	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE XII         SURVIVAL OF OBLIGATIONS	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE XIII        TREATMENT OF PAYMENTS; TAX GROSS UP	 	 	22	 
	 
	 	 	 	 	 	 
	SECTION 13.01
	 	Treatment of Tax Indemnity and Tax Benefit Payments	 	 	22	 
	SECTION 13.02
	 	Tax Gross Up	 	 	23	 
	SECTION 13.03
	 	Interest Under This Agreement	 	 	23	 
	 
	 	 	 	 	 	 
	ARTICLE XIV         DISAGREEMENTS	 	 	23	 
	 
	 	 	 	 	 	 
	ARTICLE XV          LATE PAYMENTS	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE XVI         EXPENSES	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE XVII        GENERAL PROVISIONS	 	 	24	 
	 
	 	 	 	 	 	 
	SECTION 17.01
	 	Addresses and Notices	 	 	24	 
	SECTION 17.02
	 	Binding Effect	 	 	25	 
	SECTION 17.03
	 	Waiver	 	 	25	 
	SECTION 17.04
	 	Severability	 	 	25	 
	SECTION 17.05
	 	Authority	 	 	25	 
	SECTION 17.06
	 	Further Action	 	 	26	 
	SECTION 17.07
	 	Integration	 	 	26	 
	SECTION 17.08
	 	Construction	 	 	26	 
	SECTION 17.09
	 	No Double Recovery	 	 	26	 
	SECTION 17.10
	 	Counterparts	 	 	26	 
	SECTION 17.11
	 	Governing Law	 	 	26	 
	SECTION 17.12
	 	Jurisdiction	 	 	26	 






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TABLE OF CONTENTS

(continued)




	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	SECTION 17.13
	 	Amendment	 	 	27	 
	SECTION 17.14
	 	Altisource Subsidiaries	 	 	27	 
	SECTION 17.15
	 	Successors	 	 	27	 
	SECTION 17.16
	 	Injunctions	 	 	27	 







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          TAX MATTERS AGREEMENT (this “Agreement”) entered into as of August 10, 2009, by and
between OCWEN FINANCIAL CORPORATION, a Florida corporation (“OFC”), and ALTISOURCE
SOLUTIONS S.À R.L., a private limited liability company organized under the laws of the Grand Duchy
of Luxembourg and an indirect wholly-owned subsidiary of OFC (“Altisource”).




          WHEREAS, the board of directors of OFC has determined that it is in the best interests of OFC
and its shareholders to separate the Altisource Business (as defined below) from OFC.




          WHEREAS, as of the date hereof, OFC is the common parent of an affiliated group of
corporations, including Altisource, which has elected to file consolidated United States Federal
income tax returns;




          WHEREAS, OFC and Altisource have entered into the Separation Agreement (as defined below),
pursuant to which OFC agreed to contribute and otherwise transfer to Altisource, and Altisource
agreed to receive and assume, the assets and liabilities then associated with the Altisource
Business.




          WHEREAS, OFC intends to distribute to shareholders of OFC all the outstanding shares of
Altisource Capital Stock;




          WHEREAS, pursuant to the Distribution (as defined in the Separation Agreement), Altisource and
its subsidiaries will cease to be members of the affiliated group (as that term is defined in
Section 1504 of the Code (as defined below)) of which OFC is the common parent; and




          WHEREAS the Companies (as defined below) desire to provide for and agree upon the allocation
between the Companies of liabilities for Taxes (as defined below) arising prior to, as a result of,
and subsequent to the Distribution, and to provide for and agree upon other matters relating to
Taxes.




          NOW, THEREFORE, in consideration of the mutual agreements contained herein, the Companies
hereby agree as follows:




ARTICLE I




Definition of Terms




          For purposes of this Agreement (including the recitals hereof), the following terms have the
following meanings, and capitalized terms used but not otherwise defined herein shall have the
meaning ascribed to them in the Separation Agreement:




          “Accountant” shall have the meaning set forth in Section 8.02(b).




          “Accounting Cutoff Date” means, with respect to Altisource, any date as of the end of
which there is a closing of the financial accounting records for Altisource.




 









 





          “Active Trade or Business” means the active conduct (within the meaning of Section
355(b) of the Code and the regulations thereunder) by Altisource of the Altisource Business.




          “Adjustment Request” means any formal or informal claim or request filed with any Tax
Authority, or with any administrative agency or court, for the adjustment, refund or credit of
Taxes, including (a) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax
Return or, if applicable, as previously adjusted, (b) any claim for equitable recoupment or other
offset and (c) any claim for refund or credit of Taxes previously paid.




          “Affiliate” means any entity that is directly or indirectly “controlled” by either the
person in question or an Affiliate of such person. For purposes of the definition of “Affiliate,”
“control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a person, whether through ownership of voting
securities, by contract or otherwise.




          “Agreement” shall have the meaning provided in the first sentence of this Agreement.




          “Altisource” shall have the meaning provided in the first sentence of this Agreement.




          “Altisource Affiliated Group” shall have the meaning provided in the definition of
“Altisource Federal Consolidated Income Tax Return.”




          “Altisource Business” means the knowledge process outsourcing business, as defined in
the Separation Agreement.




          “Altisource Capital Stock” means all classes or series of capital stock of Altisource,
including (i) the Altisource Common Stock, (ii) all options, warrants and other rights to acquire
such capital stock and (iii) all instruments properly treated as stock in Altisource for U.S.
Federal income tax purposes.




          “Altisource Carryback” means any net operating loss, net capital loss, excess tax
credit or other similar Tax item of any member of the Altisource Group that may or must be carried
from one Tax Period to another prior Tax Period under the Code or other applicable Tax Law.




          “Altisource Common Stock” has the meaning set forth in the Separation and Distribution
Agreement.




          “Altisource Federal Consolidated Income Tax Return” means any United States (or any
foreign country) Federal income Tax Return for the affiliated group (as that term is defined in
Section 1504 of the Code) of which Altisource (or a subsidiary thereof) is the common parent (the
“Altisource Affiliated Group”).




          “Altisource Group” means Altisource and its Subsidiaries, as determined immediately
after the Distribution.




2









 





          “Altisource Separate Return” means any Separate Return of Altisource or any member of
the Altisource Group.




          “Ancillary Agreements” means the Employee Matters Agreement, the Transition Services
Agreement, the Tax Matters Agreement, the Intellectual Property Agreement, the Data Center and
Disaster Recovery Agreement, the Services Agreements and any instruments, assignments and other
documents and agreements executed in connection with the implementation of the transactions
contemplated by the Separation Agreement, including Article II.




          “Base Rate” shall be the rate as set forth in Article XV.




          “Board Certificate” shall have the meaning set forth in Section 7.02(d).




          “Closing Date” means the date of the Distribution.




          “Code” means the U.S. Internal Revenue Code of 1986, as amended.




          “Companies” means OFC and Altisource, collectively, and “Company,” as the
context requires, means either OFC or Altisource.




          “Contribution” means the contribution of assets and liabilities by OFC itself directly
to Altisource itself pursuant to Sections 2.01, 2.02, 2.03, 2.04 and 2.05 of the Separation
Agreement.




          “Distribution” has the meaning set forth in the Separation Agreement.




          “Distribution-Related Proceeding” means any Tax Contest in which the IRS, another Tax
Authority or any other party asserts a position that could reasonably be expected to adversely
affect the Tax-Free Status.




          “Fifty-Percent or Greater Interest” shall have the meaning ascribed to such term for
purposes of Sections 355(d) and (e) of the Code.




          “Filing Date” shall have the meaning set forth in Section 7.03(c).




          “Final Determination” means the final resolution of liability for any Tax, which
resolution may be for a specific issue or adjustment or for a taxable period, (a) by IRS Form 870
or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the
taxpayer, or by a comparable form under the laws of a State, local, or foreign taxing jurisdiction,
except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to
the extent that it reserves (whether by its terms or by operation of law) the right of the taxpayer
to file a claim for refund or the right of the Tax Authority to assert a further deficiency in
respect of such issue or adjustment or for such taxable period (as the case may be); (b) by a
decision, judgment, decree or other order by a court of competent jurisdiction, which has become
final and unappealable; (c) by a closing agreement or accepted offer in compromise under Sections
7121 or 7122 of the Code, or a comparable agreement under the laws of a State, local or foreign
taxing jurisdiction; (d) by any allowance of a refund or credit in respect of an



3









 






overpayment of Tax, but only after the expiration of all periods during which such refund may
be recovered (including by way of offset) by the jurisdiction imposing such Tax; (e) by a final
settlement resulting from a treaty-based competent authority determination; or (f) by any other
final disposition, including by reason of the expiration of the applicable statute of limitations
or by mutual agreement of the parties.




          “Group” means the OFC Group or the Altisource Group, or both, as the context requires.




          “High-Level Dispute” means any dispute or disagreement (a) relating to liability under
Section 7.03 of this Agreement or (b) in which the amount of the liability in dispute exceeds $2
million.




          “Indemnitee” shall have the meaning set forth in Section 13.03.




          “Indemnitor” shall have the meaning set forth in Section 13.03.




          “IRS” means the United States Internal Revenue Service.




          “Joint Return” means any Tax Return that includes at least one member of the OFC Group
and at least one member of the Altisource Group.




          “Notified Action” shall have the meaning set forth in Section 7.02(e).




          “OFC” shall have the meaning provided in the first sentence of this Agreement.




          “OFC Affiliated Group” shall have the meaning provided in the definition of “OFC
Federal Consolidated Income Tax Return.”




          “OFC Federal Consolidated Income Tax Return” means any United States Federal income
Tax Return for the affiliated group (as that term is defined in Section 1504 of the Code and the
regulations thereunder) of which OFC is the common parent (the “OFC Affiliated Group”).




          “OFC Group” means OFC and its Subsidiaries, excluding any entity that is a member of
the Altisource Group.




          “OFC Separate Return” means any Separate Return of OFC or any member of the OFC Group.




          “OFC State Combined Income Tax Return” means a consolidated, combined or unitary State
Income Tax Return that actually includes, by election or otherwise, one or more members of the OFC
Group together with one or more members of the Altisource Group.




          “Past Practices” shall have the meaning set forth in Section 4.04(a).




          “Payment Date” means (i) with respect to any OFC Federal Consolidated Income Tax
Return, the due date for any required installment of estimated taxes determined under




4









 







Section 6655 of the Code, the due date (determined without regard to extensions) for filing
the return determined under Section 6072 of the Code, and the date the return is filed, and (ii)
with respect to any other Tax Return, the corresponding dates determined under the applicable Tax
Law.




          “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political subdivision thereof,
without regard to whether any entity is treated as disregarded for U.S. Federal income tax
purposes.




          “Post-Closing Period” means any Tax Period that, to the extent it relates to a member
of the Altisource Group, begins after the Closing Date.




          “Pre-Closing Period” means any Tax Period that, to the extent it relates to a member
of the Altisource Group, ends on or before the Closing Date.




          “Privilege” means any privilege that may be asserted under applicable law, including
any privilege arising under or relating to the attorney-client relationship (including the
attorney-client and work product privileges), the accountant-client privilege and any privilege
relating to internal evaluation processes.




          “Proposed Acquisition Transaction” means a transaction or series of transactions (or
any agreement, understanding or arrangement, within the meaning of Section 355(e) of the Code and
Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into
a transaction or series of transactions), whether such transaction is supported by Altisource
management or shareholders, is a hostile acquisition, or otherwise, as a result of which Altisource
would merge or consolidate with any other Person or as a result of which one or more Persons would
(directly or indirectly) acquire, or have the right to acquire, from Altisource and/or one or more
holders of outstanding shares of Altisource Capital Stock, a number of shares of Altisource Capital
Stock that would, when combined with any other changes in ownership of Altisource Capital Stock
pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (A) the value of all
outstanding shares of stock of Altisource as of the date of such transaction, or in the case of a
series of transactions, the date of the last transaction of such series, or (B) the total combined
voting power of all outstanding shares of voting stock of Altisource as of the date of such
transaction or, in the case of a series of transactions, the date of the last transaction of such
series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A)
the adoption by Altisource of a shareholder rights plan or (B) issuances by Altisource that satisfy
Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services)
or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury
Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an
indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption
of shares of stock shall be treated as an indirect acquisition of shares of stock by the
non-exchanging shareholders. This definition and the application thereof is intended to monitor
compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification
of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be
incorporated in this definition and its interpretation.




5









 





          “Representation Letters” means the representation letters and any other materials
delivered or deliverable by OFC, Altisource or others in connection with the rendering by Tax
Advisors of any opinions in connection with the Transactions.




          “Responsible Company” means, with respect to any Tax Return, the Company having
responsibility for preparing and filing such Tax Return under this Agreement.




          “Ruling” means any private letter ruling issued by the IRS in connection with the
Transactions or any similar ruling (including any supplemental ruling) issued by any Tax Authority
other than the IRS in connection with the Transactions.




          “Section 7.02(d) Acquisition Transaction” means any transaction or series of
transactions that is not a Proposed Acquisition Transaction but would be a Proposed Acquisition
Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were
25% instead of 40%.




          “Separate Return” means (a) in the case of any Tax Return of any member of the
Altisource Group (including any consolidated, combined or unitary return), any such Tax Return that
does not include any member of the OFC Group and (b) in the case of any Tax Return of any member of
the OFC Group (including any consolidated, combined or unitary return), any such Tax Return that
does not include any member of the Altisource Group.




          “Separation Agreement” means the Separation and Distribution Agreement, as amended
from time to time, by and between OFC and Altisource dated as of August 10, 2009.




          “Signing Group” shall have the meaning set forth in Section 8.03.




          “State Income Tax” means any Tax imposed by any State of the United States or by any
political subdivision of any such State (or by the District of Columbia) that is imposed on or
measured by net income, including state and local franchise or similar Taxes measured by net
income, and any interest, penalties, additions to tax or additional amounts in respect of the
foregoing.




          “Supplier Group” shall have the meaning set forth in Section 8.03.




          “Tax” or “Taxes” means any income, gross income, gross receipts, profits,
capital stock, franchise, withholding, payroll, social security, workers compensation,
unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service,
sales, use, license, lease, transfer, import, export, value added, alternative minimum, estimated
or other tax (including any fee, assessment or other charge in the nature of or in lieu of any tax)
imposed by any governmental entity or political subdivision thereof, and any interest, penalties,
additions to tax, or additional amounts in respect of the foregoing.




          “Tax Advisor” means a United States tax counsel or accountant of recognized national
standing.




          “Tax Arbitrator” shall have the meaning set forth in Article XIV.




6









 





          “Tax Arbitrator Dispute” shall have the meaning set forth in Article XIV.




          “Tax Attribute” or “Attribute” means a net operating loss, net capital loss,
unused investment credit, unused foreign tax credit, excess charitable contribution, general
business credit, Tax basis or any other Tax Item that could reduce a Tax.




          “Tax Authority” means, with respect to any Tax, the governmental entity or political
subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of
such Tax for such entity or subdivision.




          “Tax Benefit” means any refund, credit or other reduction in otherwise required Tax
payments.




          “Tax Contest” means an audit, review, examination or other administrative or judicial
proceeding with the purpose or effect of redetermining Taxes (including any administrative or
judicial review of any claim for refund).




          “Tax Detriment” means any increase in required Tax payments (or, without duplication,
the reduction in any refund or credit).




          “Tax-Free Status” means the qualifications of (i) the Distribution and Contribution,
taken together, as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, and
(ii) the Transactions in which OFC, Altisource and the shareholders of OFC recognize no income or
gain for U.S. federal income tax purposes, other than in the case of the shareholders of OFC, to
the extent of any cash received in exchange for fractional shares, and in the case of OFC, taxation
under Section 367 of the Code.




          “Tax Item” means, with respect to any income Tax, any item of income, gain, loss,
deduction or credit.




          “Tax Law” means the law of any governmental entity or political subdivision thereof
relating to any Tax.




          “Tax Opinions” means the opinions of Tax Advisors deliverable to OFC in connection
with the Transactions.




          “Tax Period” means, with respect to any Tax, the period for which the Tax is reported
as provided under the Code or other applicable Tax Law.




          “Tax Records” means Tax Returns, Tax Return workpapers, documentation relating to any
Tax Contests and any other books of account or records required to be maintained under the Code or
other applicable Tax Laws or under any record retention agreement with any Tax Authority.




          “Tax-Related Losses” means (i) all Federal, state and local Taxes (including interest
and penalties thereon) imposed pursuant to any settlement, Final Determination, judgment or
otherwise; (ii) all reasonable accounting, legal and other professional fees and court costs
incurred in connection with such Taxes; and (iii) all reasonable costs and expenses and all




7









 







damages associated with shareholder litigation or controversies and any amount paid by OFC (or
any Affiliate of OFC) or Altisource (or any Affiliate of Altisource) in respect of the liability of
shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in each case,
resulting from the failure of the Transactions to have Tax-Free Status.




          “Tax Return” or “Return” means any report of Taxes due, any claim for refund
of Taxes paid, any information return with respect to Taxes, or any other similar report,
statement, declaration or document required to be filed under the Code or other Tax Law, including
any attachments, exhibits or other materials submitted with any of the foregoing, and including any
amendments or supplements to any of the foregoing.




          “Transactions” means the Distribution, Contribution and the other transactions
contemplated by the Separation Agreement.




          “Treasury Regulations” means the regulations promulgated from time to time under the
Code as in effect for the relevant Tax Period.




          “Unqualified Tax Opinion” means an opinion of a Tax Advisor, which Tax Advisor is
reasonably acceptable to OFC, on which OFC may rely to the effect that a transaction will not
affect the Tax-Free Status. Any such opinion must assume that the Transactions would have
qualified for Tax-Free Status if the transaction in question did not occur.




ARTICLE II




Allocation of Tax Liabilities




          SECTION 2.01 General Rule. (a) OFC Liability. OFC shall be liable for,
and shall indemnify and hold harmless the Altisource Group from and against any liability for,
Taxes that are allocated to OFC under this Article II.




          (b) Altisource Liability. Altisource shall be liable for, and shall indemnify and
hold harmless the OFC Group from and against any liability for, Taxes that are allocated to
Altisource under this Article II.




          SECTION 2.02 Allocations of Taxes. Except as provided in Section 2.03, Taxes shall
be allocated as follows:




          (a) Allocation of Taxes to OFC. OFC shall be responsible for:





          (i) any and all Taxes due or required to be reported on any Joint Return or OFC
Separate Return (including any increase in such Tax as a result of a Final Determination);
and



          (b) Allocation of Taxes to Altisource. Altisource shall be responsible for any and
all Taxes due or required to be reported on any Altisource Separate Return (including any increase
in such Tax as a result of a Final Determination)




8









 








          SECTION 2.03 Certain Transaction and Other Taxes. (a) Altisource
Liability. Altisource shall be liable for, and shall indemnify and hold harmless the OFC Group
from and against any liability for:





          (i) any Tax resulting from a breach by Altisource of any covenant in this Agreement,
the Separation Agreement or any Ancillary Agreement; and




          (ii) any Tax-Related Losses for which Altisource is responsible pursuant to Section
7.03



          (b) OFC Liability. OFC shall be liable for, and shall indemnify and hold harmless the
Altisource Group from and against any liability for:





          (i) any Taxes imposed pursuant to Treasury Regulation Section 1.1502-6 (or any similar
provision of foreign, State or local Tax law) on any member of the Altisource Group solely
as a result of such member’s being a member of the OFC Affiliated Group (or similar group
under foreign, State or local Tax law);




          (ii) any Taxes imposed pursuant to Section 367 of the Code and the Treasury Regulations
thereunder as a consequence of the Transactions;




          (iii) any Tax resulting from a breach by OFC of any covenant in this Agreement, the
Separation Agreement or any Ancillary Agreement; and




          (iv) any Tax-Related Losses for which OFC is responsible pursuant to Section 7.03.



ARTICLE III




Proration of Tax Items




          (a) General Method of Proration. Tax Items shall be apportioned between Pre-Closing
Periods and Post-Closing Periods in accordance with the principles of Treasury Regulation Section
1.1502-76(b) as reasonably interpreted and applied by OFC. No election shall be made under
Treasury Regulation Section 1.1502-76(b)(2)(ii) (relating to ratable allocation of a year’s items).
If the Closing Date is not an Accounting Cutoff Date, the provisions of Treasury Regulation
Section 1.1502-76(b)(2)(iii) will be applied to allocate ratably the items (other than
extraordinary items) for the month that includes the Closing Date.




          (b) Transactions Treated as Extraordinary Items. In determining the apportionment of
Tax Items between Pre-Closing Periods and Post-Closing Periods, any Tax Items relating to the
Transactions shall be treated as extraordinary items described in Treasury Regulation Section
1.1502-76(b)(2)(ii)(C) and shall (to the extent occurring on or prior to the Closing Date) be
allocated to Pre-Closing Periods, and any Taxes related to such items shall be treated under
Treasury Regulation Section 1.1502-76(b)(2)(iv) as relating to such extraordinary items and shall
(to the extent occurring on or prior to the Closing Date) be allocated to Pre-Closing Periods.




9









 








ARTICLE IV




Preparation and Filing of Tax Returns




          SECTION 4.01 General. Except as otherwise provided in this Article IV, Tax Returns
shall be prepared and filed when due (including extensions) by the person obligated to file such
Tax Returns under the Code or applicable Tax Law. The Companies shall provide, and shall cause
their Affiliates to provide, assistance and cooperation to one another in accordance with Article
VIII with respect to the preparation and filing of Tax Returns, including providing information
required to be provided in Article VIII.




          SECTION 4.02 OFC’s Responsibility. OFC has the exclusive obligation and right to
prepare and file, or to cause to be prepared and filed:




          (a) OFC Federal Consolidated Income Tax Returns for all Tax Periods;




          (b) OFC State Combined Income Tax Returns and any other Joint Returns that OFC reasonably
determines are required to be filed (or that OFC chooses to be filed) by the Companies or any of
their Affiliates for all Tax Periods; provided, however, that OFC shall provide written notice (no
later than 60 days prior to the date such Returns are due, including extensions) of such
determination to file such OFC State Combined Income Tax Returns or other Joint Returns to
Altisource; and




          (c) OFC Separate Returns and Altisource Separate Returns that OFC reasonably determines are
required to be filed by the Companies or any of their Affiliates for Tax Periods ending on, before
or after the Closing Date (limited, in the case of Altisource Separate Returns, to such Returns as
are filed on or prior to the Closing Date).




          SECTION 4.03 Altisource’s Responsibility. Altisource shall prepare and file, or
shall cause to be prepared and filed, all Altisource Separate Returns other than those Tax Returns
filed on or prior to the Closing Date. The Tax Returns required to be prepared and filed by
Altisource under this Section 4.03 shall include (a) any Altisource Federal Consolidated Income Tax
Return and (b) Altisource Separate Returns required to be filed for Tax Periods ending after the
Closing Date.




          SECTION 4.04 Tax Accounting Practices. (a) General Rule. Except as
provided in Section 4.04(b), with respect to any Tax Return that Altisource has the obligation and
right to prepare and file, or cause to be prepared and filed, under Section 4.03, for any
Pre-Closing Period (and the portion, ending on the Closing Date, of any Tax Period that includes
but does not end on the Closing Date), such Tax Return shall be prepared in accordance with past
practices, accounting methods, elections or conventions (“Past Practices”) used by OFC and
its Subsidiaries with respect to the Tax Returns in question (unless there is no reasonable basis
for the use of such Past Practices) solely to the extent a change in such Past Practice could
reasonably be expected to cause OFC to incur a Tax Detriment, and to the extent any items are not
covered by Past Practices (or in the event that there is no reasonable basis for the use of such
Past Practices), in accordance with reasonable Tax accounting practices. Except as provided in
Section 4.04(b), OFC shall prepare any Tax Return that it has the obligation and right to prepare




10









 







and file, or cause to be prepared and filed, under Section 4.02, in accordance with reasonable
Tax accounting practices selected by OFC.




          (b) Reporting of Transaction Tax Items. Altisource and OFC shall file all Tax Returns
consistent with the Tax treatment of the Transactions set forth in the Tax Opinions. To the extent
there is a Tax treatment relating to the Transactions that is not covered by the Tax Opinions, the
Tax treatment shall be determined by OFC with respect to such Tax Return, and Altisource shall
agree to such treatment and shall file all Tax Returns for which it is responsible consistently
with such treatment, unless either (i) there is no reasonable basis for such Tax treatment or (ii)
such Tax treatment is inconsistent with the Tax treatment contemplated in the Tax Opinions.




          (c) Detrimental Tax Positions. Neither Altisource nor OFC shall take a position on
any Tax Return that is reasonably expected to cause a Tax Detriment to the other party without
agreeing first in writing to bear all Tax-Related Losses associated with such Tax Detriment.




          SECTION 4.05 Consolidated or Combined Tax Returns. Altisource shall elect and
join, and shall cause its respective Affiliates to elect and join, in filing any OFC State Combined
Income Tax Returns and any Joint Returns that OFC files pursuant to Section 4.02(b).




          SECTION 4.06 Right to Review Tax Returns. (a) General. The Responsible
Company with respect to any material Tax Return shall make such Tax Return and related workpapers
available for review by the other Company, if requested, to the extent (i) such Tax Return relates
to Taxes for which the requesting party would reasonably be expected to be liable, (ii) the
requesting party would reasonably be expected to be liable in whole or in part for any additional
Taxes owing as a result of adjustments to the amount of such Taxes reported on such Tax Return,
(iii) such Tax Return relates to Taxes for which the requesting party would reasonably be expected
to have a claim for Tax Benefits under this Agreement or (iv) the requesting party reasonably
determines that it must inspect such Tax Return to confirm compliance with the terms of this
Agreement. The Responsible Company shall use reasonable best efforts to make such Tax Return
available for review, including by delivering such materials to the requesting party at the
requesting party’s expense, as required under this paragraph sufficiently in advance of the due
date (including extensions) for filing of such Tax Return to provide the requesting party with a
meaningful opportunity to analyze and comment on such Tax Return.




          (b) Execution of Returns Prepared by Other Party. In the case of any Tax Return that
is required to be prepared and filed by the Responsible Company under this Agreement and that is
required by law to be signed by the other Company (or by its authorized representative), the
Company that is legally required to sign such Tax Return shall be required to sign such Tax Return
unless there is no reasonable basis for the Tax treatment of an item reported on the Tax Return or
the Tax treatment of an item reported on the Tax Return should, in the opinion (reasonably
acceptable in form and substance to the Responsible Company) of a Tax Advisor, subject the other
Company (or its authorized representatives) to material penalties.




11









 





          SECTION 4.07 Altisource Carrybacks and Claims for Refund. (a) Altisource hereby
agrees that, unless OFC consents in writing, no Adjustment Request with respect to any Tax Return
for the Pre-Closing Period shall be filed; provided, however, that upon the
reasonable request of Altisource, OFC shall use reasonable best efforts to make, at Altisource’s
expense, an Adjustment Request claiming a refund of Taxes for the Pre-Closing Period with respect
to a Altisource Carryback arising in a Post-Closing Period related to U.S. Federal or State Taxes
(any such Adjustment Request to be prepared and filed by OFC) where, in OFC’s reasonable
discretion, such Adjustment Request will not materially impair the ability of OFC to use Tax
Attributes. OFC shall not take any action that would impair the use of any Tax Attribute by a
member of the Altisource Group without the prior written consent of Altisource.




          (b) Altisource, upon the request of OFC, agrees to repay the amount paid over to Altisource
(plus any penalties, interest or other charges imposed by the relevant Tax Authority) in the event
OFC is required to repay such refund to such Tax Authority.




          SECTION 4.08 Apportionment of Earnings and Profits and Tax Attributes. OFC shall
in good faith advise Altisource in writing of the portion, if any, of any earnings and profits, Tax
Attribute or other consolidated, combined or unitary attribute that OFC determines shall be
allocated or apportioned to the Altisource Group under applicable law. Altisource and all members
of the Altisource Group shall prepare all Tax Returns in accordance with such written notice. As
soon as practicable after receipt of a written request from Altisource, OFC shall provide copies of
any studies, reports and workpapers supporting such allocations and apportionments. In the event
of a subsequent adjustment by the applicable Tax Authority to such allocations and apportionments,
OFC shall promptly notify Altisource in writing of such adjustment. For the avoidance of doubt,
OFC shall not be liable to any member of the Altisource Group for any failure of any determination
under this Section 4.08 to be accurate under applicable Tax Law.




ARTICLE V




Tax Payments




          SECTION 5.01 Payment of Taxes With Respect to Tax Returns Reflecting Taxes of the Other
Company. In the case of any Tax Return reflecting Taxes allocated hereunder to the Company
that is not the Responsible Company:




          (a) Computation and Payment of Tax Due. At least 3 business days prior to any Payment
Date for any Tax Return, the Responsible Company shall compute the amount of Tax required to be
paid to the applicable Tax Authority (taking into account the requirements of Section 4.04 relating
to consistent accounting practices) with respect to such Tax Return on such Payment Date. The
Responsible Company shall pay such amount to such Tax Authority on or before such Payment Date (and
provide notice and proof of payment to the other Company).




          (b) Computation and Payment of Liability With Respect to Tax Due. Within 30 days
following the earlier of (i) the due date (including extensions) for filing any such Tax Return
(excluding any Tax Return with respect to payment of estimated Taxes or Taxes due with a request
for extension of time to file) or (ii) the date on which such Tax Return is filed, if OFC




12









 







is the Responsible Company, then Altisource shall pay to OFC the amount allocable to the
Altisource Group under the provisions of Article II, and if Altisource is the Responsible Company,
then OFC shall pay to Altisource the amount allocable to the OFC Group under the provisions of
Article II, in each case, plus interest computed at the Base Rate on the amount of the payment
based on the number of days from the earlier of (A) the due date of the Tax Return (including
extensions) or (B) the date on which such Tax Return is filed to the date of payment.




          (c) Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to
a Final Determination with respect to any such Tax Return, the Responsible Company shall pay to the
applicable Tax Authority when due any additional Tax due with respect to such Tax Return required
to be paid as a result of such adjustment pursuant to a Final Determination. The Responsible
Company shall compute the amount attributable to the Altisource Group in accordance with Article II
and Altisource shall pay to OFC any amount due OFC (or OFC shall pay Altisource any amount due
Altisource) under Article II within 30 days from the later of (i) the date the additional Tax was
paid by the Responsible Company or (ii) the date of receipt of a written notice and demand from the
Responsible Company for payment of the amount due, accompanied by evidence of payment and a
statement detailing the Taxes paid and describing in reasonable detail the particulars relating
thereto. Any payments required under this Section 5.01(c) shall include interest computed at the
Base Rate based on the number of days from the date the additional Tax was paid by the Responsible
Company to the date of the payment under this Section 5.01(c).




          SECTION 5.02 Indemnification Payments. All indemnification payments under this
Agreement shall be made by OFC directly to Altisource and by Altisource directly to OFC; provided,
however, that if the Companies mutually agree with respect to any such indemnification
payment, any member of the OFC Group, on the one hand, may make such indemnification payment to any
member of the Altisource Group, on the other hand, and vice versa.




ARTICLE VI




Tax Benefits




          SECTION 6.01 Tax Refunds in General. Except as set forth below, OFC shall be
entitled to any refund (and any interest thereon received from the applicable Tax Authority) of
Taxes for which OFC is liable hereunder, Altisource shall be entitled to any refund (and any
interest thereon received from the applicable Tax Authority) of Taxes for which Altisource is
liable hereunder and a Company receiving a refund to which another Company is entitled hereunder
shall pay over such refund to such other Company within 30 days after such refund is received
(together with interest computed at the Base Rate based on the number of days from the date the
refund was received to the date the refund was paid over).




          SECTION 6.02 Timing Differences and Reverse Timing Differences. (a) If as a result
of an adjustment pursuant to a Final Determination to any Taxes for which a member of the OFC Group
is liable hereunder (or Tax Attribute of a member of the OFC Group) a member of the Altisource
Group could realize a current or future Tax Benefit that it could not realize but for such
adjustment (determined on a with and without basis), or if as a result of an adjustment



13









 






pursuant to a Final Determination to any Taxes for which a member of the Altisource Group is
liable hereunder (or Tax Attribute of a member of the Altisource Group) a member of the OFC Group
could realize a current or future Tax Benefit that it could not realize but for such adjustment
(determined on a with and without basis), Altisource or OFC, as the case may be, shall make a
payment to either OFC or Altisource, as appropriate, within 30 days following the date of a written
notice and demand from OFC or Altisource, as appropriate, for payment of the amount due,
accompanied by evidence of such adjustment and describing in reasonable detail the particulars
relating thereto. Any payment required under this Section 6.02(a) shall include interest on such
payment computed at the Base Rate based on the number of days from the date of such written notice
to the date of payment under this Section 6.02(a). In the event that OFC or Altisource disagrees
with any such calculation described in this Section 6.02(a), OFC or Altisource shall so notify the
other Company in writing within 30 days of receiving the written calculation set forth above in
this Section 6.02(a). OFC and Altisource shall endeavor in good faith to resolve such
disagreement.




          (b) If a member of the Altisource Group actually realizes in cash pursuant to a Final
Determination any Tax Detriment as a result of an adjustment pursuant to a Final Determination to
any Taxes for which a member of the OFC Group is liable hereunder (or Tax Attribute of a member of
the OFC Group) (in such circumstance, OFC being the “Adjusted Party”) and such Tax
Detriment would not have arisen but for such adjustment (determined on a with and without basis),
or if a member of the OFC Group actually realizes in cash pursuant to a Final Determination any Tax
Detriment as a result of an adjustment pursuant to a Final Determination to any Taxes for which a
member of the Altisource Group is liable hereunder (or Tax Attribute of a member of the Altisource
Group) (in such circumstance, Altisource being the “Adjusted Party”) and such Tax Detriment
would not have arisen but for such adjustment (determined on a with and without basis), the
Adjusted Party shall make a payment to the other party within 30 days following the later of such
actual realization of the Tax Detriment and the Adjusted Party’s actual realization of the
corresponding Tax Benefit, in an amount equal to the lesser of such Tax Detriment actually realized
in cash and the Tax Benefit, if any, actually realized in cash by the Adjusted Party pursuant to
such adjustment (which would not have arisen but for such adjustment), plus interest on such amount
computed at the Base Rate based on the number of days from the later of the date of such actual
realization of the Tax Detriment and the Adjusted Party’s actual realization of the corresponding
Tax Benefit to the date of payment of such amount under this Section 6.02(b). No later than 30
days after a Tax Detriment described in this Section 6.02(b) is actually realized in cash by a
member of the OFC Group or a member of the Altisource Group, OFC (if a member of the OFC Group
actually realizes such Tax Detriment) or Altisource (if a member of the Altisource Group actually
realizes such Tax Detriment) shall provide the other Company with a written calculation of the
amount payable pursuant to this Section 6.02(b). In the event that OFC or Altisource disagrees
with any such calculation described in this Section 6.02(b), OFC or Altisource shall so notify the
other Company in writing within 30 days of receiving the written calculation set forth above in
this Section 6.02(b). OFC and Altisource shall endeavor in good faith to resolve such
disagreement.




          SECTION 6.03 Altisource Carrybacks. Altisource shall be entitled to any refund
actually received in cash that is attributable to, and would not have arisen but for (determined on
a with and without basis), an Altisource Carryback pursuant to the proviso set forth in Section
4.07, provided that the refund is a refund of Taxes for the Tax Period to which




14









 







the Altisource Carryback is carried or the first or second immediately following Tax Periods.
Any such payment of such refund made by OFC to Altisource pursuant to this Section 6.03 shall be
recalculated in light of any Final Determination (or any other facts that may arise or come to
light after such payment is made, such as a carryback or carryforward of a OFC Group Tax Attribute
to a Tax Period in respect of which such refund is received) that would affect the amount to which
Altisource is entitled, and an appropriate adjusting payment shall be made by Altisource to OFC
such that the aggregate amounts paid pursuant to this Section 6.03 equals such recalculated amount
(with interest computed at the Base Rate based on the number of days from the date of the actual
receipt of such refund to the date of payment of such amount under this Section 6.03).




ARTICLE VII




Tax-Free Status




          SECTION 7.01 Tax Opinions and Representation Letters. Each of Altisource and OFC
hereby represents and agrees that (i) it has examined the Representation Letters prior to the date
hereof and (ii) all information contained in such Representation Letters that concerns or relates
to such Company or any member of its Group will be true, correct and complete.




          SECTION 7.02 Restrictions on Altisource. (a) Altisource agrees that it will not
take or fail to take, or permit any Altisource Affiliate to take or fail to take, any action where
such action or failure to act would be inconsistent with or cause to be untrue any material,
information, covenant or representation in any Representation Letters or Tax Opinions. Altisource
agrees that it will not take or fail to take, or permit any Altisource Affiliate to take or fail to
take, any action that prevents or could reasonably be expected to prevent (i) the Tax-Free Status
or (ii) any transaction contemplated by the Separation Agreement that is intended by the parties
to be tax-free from so qualifying, including issuing any Altisource Capital Stock that would
prevent the Distribution from qualifying as a tax-free distribution within the meaning of Section
355 of the Code.




          (b) Altisource agrees that, from the date hereof until the first day after the two-year
anniversary of the Closing Date, it will (i) maintain its status as a company whose separate
affiliated group, within the meaning of Section 355(b)(3) of the Code, is engaged in the Active
Trade or Business and (ii) not engage in any transaction that would result in it ceasing to be a
company whose separate affiliated group is so engaged in the Active Trade or Business.




          (c) Altisource agrees that, from the date hereof until the first day after the two-year
anniversary of the Closing Date, it will not (i) enter into any Proposed Acquisition Transaction
or, to the extent Altisource has the right to prohibit any Proposed Acquisition Transaction, permit
any Proposed Acquisition Transaction to occur (whether by (A) redeeming rights under a shareholder
rights plan, (B) finding a tender offer to be a “permitted offer” under any such plan or otherwise
causing any such plan to be inapplicable or neutralized with respect to any Proposed Acquisition
Transaction or (C) approving any Proposed Acquisition Transaction, whether for purposes of Section
203 of the DGCL or any similar corporate statute, any “fair price” or other provision of
Altisource’s charter or bylaws or otherwise), (ii) merge or consolidate with any other Person or
liquidate or partially liquidate, (iii) in a single transaction or




15









 







series of transactions sell or transfer (other than sales or transfers of inventory in the
ordinary course of business) 60% or more of the gross assets of the Active Trade or Business or 60%
or more of the consolidated gross assets of Altisource and its Affiliates (such percentages to be
measured based on fair market value as of the Closing Date), (iv) redeem or otherwise repurchase
(directly or through a Altisource Affiliate) any Altisource Capital Stock, except to the extent
such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the
amendment of such Revenue Procedure by Revenue Procedure 2003-48), (v) amend its certificate of
incorporation (or other organizational documents), or take any other action, whether through a
shareholder vote or otherwise, affecting the relative voting rights of Altisource Capital Stock
(including, without limitation, through the conversion of any Altisource Capital Stock into another
class of Altisource Capital Stock) or (vi) take any other action or actions (including any action
or transaction that would be reasonably likely to be inconsistent with any representation made in
the Representation Letters or the Tax Opinions) that in the aggregate (and taking into account any
other transactions described in this subparagraph (c)) would be reasonably likely to have the
effect of causing or permitting one or more persons (whether or not acting in concert) to acquire
directly or indirectly stock representing a Fifty-Percent or Greater Interest in Altisource or
otherwise jeopardize the Tax-Free Status, unless prior to taking any such action set forth in the
foregoing clauses (i) through (vi), (A) Altisource shall have requested that OFC obtain a Ruling in
accordance with Sections 7.02(e) and (f) to the effect that such transaction will not affect the
Tax-Free Status and OFC shall have received such a supplemental Ruling in form and substance
satisfactory to OFC in its sole and absolute discretion, which discretion shall be exercised in
good faith solely to preserve the Tax-Free Status (and in determining whether such a Ruling is
satisfactory, OFC may consider, among other factors, the appropriateness of any underlying
assumptions and management’s representations made in connection with such Ruling), or (B)
Altisource shall provide OFC with an Unqualified Tax Opinion in form and substance satisfactory to
OFC in its sole and absolute discretion, which discretion shall be exercised in good faith solely
to preserve the Tax-Free Status (and in determining whether an opinion is satisfactory, OFC may
consider, among other factors, the appropriateness of any underlying assumptions and management’s
representations if used as a basis for the opinion and OFC may determine that no opinion would be
acceptable to OFC) or (C) OFC shall have waived the requirement to obtain such ruling or opinion.




          (d) Certain Issuances of Altisource Capital Stock. If Altisource proposes to enter
into any Section 7.02(d) Acquisition Transaction or, to the extent Altisource has the right to
prohibit any Section 7.02(d) Acquisition Transaction, proposes to permit any Section 7.02(d)
Acquisition Transaction to occur, in each case, during the period from the date hereof until the
first day after the two-year anniversary of the Closing Date, Altisource shall provide OFC, no
later than ten days following the signing of any written agreement with respect to the Section
7.02(d) Acquisition Transaction, with a written description of such transaction (including the type
and amount of Altisource Capital Stock to be issued in such transaction) and a certificate of the
Board of Directors of Altisource to the effect that the Section 7.02(d) Acquisition Transaction is
not a Proposed Acquisition Transaction or any other transaction to which the requirements of
Section 7.02(c) apply (a “Board Certificate”).




          (e) Procedures Regarding Opinions and Rulings. If Altisource notifies OFC that it
desires to take one of the actions described in clauses (i) through (vi) of Section 7.02(c) (a
“Notified Action”), OFC and Altisource shall reasonably cooperate to attempt to obtain the



16









 






ruling or opinion referred to in Section 7.02(c), unless OFC shall have waived the requirement
to obtain such ruling or opinion.




          (f) Rulings or Unqualified Tax Opinions at Altisource’s Request. OFC agrees that at
the reasonable request of Altisource pursuant to Section 7.02(c) OFC shall cooperate with
Altisource and use reasonable best efforts to seek to obtain, as expeditiously as possible, a
Ruling or an Unqualified Tax Opinion for the purpose of permitting Altisource to take the Notified
Action. In no event shall OFC be required to file any request for a Ruling under this Section
7.03(f) unless Altisource represents that (A) it has read the request for the Ruling and (B) all
information and representations, if any, relating to any member of the Altisource Group contained
in the request for the Ruling are (subject to any qualifications therein) true, correct and
complete. Altisource shall reimburse OFC for all reasonable costs and expenses incurred by the OFC
Group in obtaining a Ruling or Unqualified Tax Opinion requested by Altisource within 10 business
days after receiving an invoice from OFC therefor.




          (g) Rulings or Unqualified Tax Opinions at OFC’s Request. OFC shall have the right to
obtain a supplemental Ruling or an Unqualified Tax Opinion at any time in its sole and absolute
discretion. If OFC determines to obtain a supplemental Ruling or an Unqualified Tax Opinion,
Altisource shall (and shall cause each Affiliate of Altisource to) cooperate with OFC and take any
and all actions reasonably requested by OFC in connection with obtaining the Ruling or Unqualified
Tax Opinion (including, without limitation, by making any representation or reasonable covenant or
providing any materials or information requested by the IRS or Tax Advisor; provided that
Altisource shall not be required to make (or cause any Affiliate of Altisource to make) any
representation or covenant that is inconsistent with historical facts or as to future matters or
events over which it has no control). OFC and Altisource shall each bear its own costs and expenses
in obtaining a Ruling or an Unqualified Tax Opinion requested by OFC.




          (h) Altisource hereby agrees that OFC shall have sole and exclusive control over the process
of obtaining any Ruling, and that only OFC shall apply for a Ruling. In connection with obtaining
a Ruling pursuant to Section 7.02(c), (A) OFC shall keep Altisource informed in a timely manner of
all material actions taken or proposed to be taken by OFC in connection therewith; (B) OFC shall
(1) reasonably in advance of the submission of a request for a Ruling provide Altisource with a
draft copy thereof, (2) reasonably consider Altisource’s comments on such draft copy and (3)
provide Altisource with a final copy; and (C) OFC shall provide Altisource with notice reasonably
in advance of, and Altisource shall have the right to attend, any formally scheduled meetings with
the IRS (subject to the approval of the IRS) that relate to such Ruling. Neither Altisource nor
any Altisource Affiliate shall seek any guidance from the IRS or any other Tax Authority (whether
written, verbal or otherwise) at any time concerning the Transactions (including the impact of any
transaction on the Transactions).




          SECTION 7.03 Liability for Tax-Related Losses. (a) Notwithstanding anything in
this Agreement or the Separation Agreement to the contrary, Altisource shall be responsible for,
and shall indemnify and hold harmless OFC and its Affiliates and each of their respective officers,
directors and employees from and against, one hundred percent (100%) of any Tax-Related Losses that
are attributable to or result from any one or more of the following: (A) the acquisition of all or
a portion of the stock or assets of any member of the Altisource Group by any means whatsoever by
any Person, (B) any negotiations, understandings, agreements or




17









 







arrangements by Altisource with respect to transactions or events (including, without
limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants,
capital contributions or acquisitions, or a series of such transactions or events) that cause the
Distribution to be treated as part of a plan pursuant to which one or more Persons acquire directly
or indirectly stock of Altisource representing a Fifty-Percent or Greater Interest therein, (C) any
action or failure to act by Altisource after the Distribution (including, without limitation, any
amendment to Altisource’s certificate of incorporation (or other organizational documents), whether
through a shareholder vote or otherwise) affecting the relative voting rights of any class of
Altisource Capital Stock (including, without limitation, through the conversion of any class of
Altisource Capital Stock into another class of Altisource Capital Stock), (D) any act or failure to
act by Altisource or any Altisource Affiliate described in Section 7.02 (regardless whether such
act or failure to act is covered by a Ruling, Unqualified Tax Opinion or waiver described in clause
(A), (B) or (C) of Section 7.02(c) or a Board Certificate described in Section 7.02(d)) or (E) any
breach by Altisource of its agreement and representation set forth in Section 7.01.




          (b) For purposes of calculating the amount and timing of any Tax-Related Loss for which
Altisource is responsible under this Section 7.03, Tax-Related Losses shall be calculated by
assuming that OFC, the OFC Affiliated Group and each member of the OFC Group (i) pay Tax at the
highest marginal corporate Tax rates in effect in each relevant taxable year and (ii) have no Tax
Attributes in any relevant taxable year.




          (c) Altisource shall pay OFC the amount of any Tax-Related Losses for which Altisource is
responsible under this Section 7.03: (A) in the case of Tax-Related Losses described in clause (i)
of the definition of Tax-Related Losses no later than 2 business days prior to the date OFC files,
or causes to be filed, the applicable Tax Return for the year of the Distribution (the “Filing
Date”) (provided that if such Tax-Related Losses arise pursuant to a Final Determination
described in clause (a), (b) or (c) of the definition of “Final Determination”, then
Altisource shall pay OFC no later than 2 business days after the date of such Final Determination
with interest calculated at the Base Rate, from the date that is 2 business days prior to the
Filing Date through the date of such Final Determination) and (B) in the case of Tax-Related Losses
described in clause (ii) or (iii) of the definition of Tax-Related Losses, no later than 2 business
days after the date OFC pays such Tax-Related Losses.




ARTICLE VIII




Assistance and Cooperation




          SECTION 8.01 Assistance and Cooperation. (a) After the Distribution, the Companies
shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each
other’s agents, including accounting firms and legal counsel, in connection with Tax matters
relating to the Companies and their Affiliates including (i) preparation and filing of Tax Returns,
(ii) determining the liability for and amount of any Taxes due (including estimated Taxes) or the
right to and amount of any refund of Taxes, (iii) examinations of Tax Returns and (iv) any
administrative or judicial proceeding in respect of Taxes assessed or proposed to be assessed.
Such cooperation shall include making all information and documents in their possession relating to
the other Company and its Affiliates available to such other Company as provided in Article IX.
Each of the Companies shall also make available to the other, as




18









 







reasonably requested and available, personnel (including officers, directors, employees and
agents of the Companies or their respective Affiliates) responsible for preparing, maintaining and
interpreting information and documents relevant to Taxes, and personnel reasonably required as
witnesses or for purposes of providing information or documents in connection with any
administrative or judicial proceedings relating to Taxes.




          (b) Any information or documents provided under this Article VIII shall be kept confidential
by the Company receiving the information or documents, except as may otherwise be necessary in
connection with the filing of Tax Returns or in connection with any administrative or judicial
proceedings relating to Taxes.




          SECTION 8.02 Income Tax Return Information. Altisource and OFC acknowledge that
time is of the essence in relation to any request for information, assistance or cooperation made
by OFC or Altisource pursuant to Section 8.01 or this Section 8.02. Altisource and OFC acknowledge
that failure to conform to the deadlines set forth herein or reasonable deadlines otherwise set by
OFC or Altisource could cause irreparable harm.




          (a) Each Company shall provide to the other Company information and documents relating to its
Group required by the other Company to prepare Tax Returns. Any information or documents the
Responsible Company requires to prepare such Tax Returns shall be provided in such form as the
Responsible Company reasonably requests and in sufficient time for the Responsible Company to file
such Tax Returns on a timely basis.




          (b) In the event that a party fails to provide any information requested by the other party
pursuant to Section 8.01 or this Section 8.02, within the deadlines as set forth herein, a party
shall have the right to engage a nationally recognized public accounting firm of its choice (the
“Accountant”), in its sole and absolute discretion, to gather such information directly
from the other party. The parties agree, and will cause all other members of their Group to agree,
upon 10 business days’ notice, in the case of a failure to provide information pursuant to Section
8.01 or this Section 8.02, to permit any such Accountant full access to all records or other
information requested by such Accountant during reasonable business hours. Such other party agrees
promptly pay all reasonable costs and expenses incurred by the requesting party in connection with
the engagement of such Accountant.




          SECTION 8.03 Reliance. If any member of one Group (the “Supplier Group”)
supplies information to a member of the other Group (the “Signing Group”) in connection
with a Tax liability and an officer of a member of the Signing Group signs a statement or other
document under penalties of perjury in reliance upon the accuracy of such information, then upon
the written request of such member of the Signing Group identifying the information being so relied
upon, the chief financial officer of the Supplier Group (or any officer of the Supplier Group as
designated by the chief financial officer of the Supplier Group) shall certify in writing that to
his or her knowledge (based upon consultation with appropriate employees) the information so
supplied is accurate and complete. The Company that is a member of the Supplier Group agrees to
indemnify and hold harmless each member of the Signing Group and its directors, officers and
employees from and against any fine, penalty or other cost or expense of any kind attributable to a
member of the Supplier Group having supplied, pursuant to this




19









 







Article VIII, a member of the Signing Group with inaccurate or incomplete information in
connection with a Tax liability.




ARTICLE IX




Tax Records




          SECTION 9.01 Retention of Tax Records. Each Company shall preserve and keep all
Tax Records exclusively relating to the assets and activities of its Group for Pre-Closing Periods
(and the portion, ending on the Closing Date, of any Tax Period that includes but does not end on
the Closing Date), and OFC shall preserve and keep all other Tax Records relating to Taxes of the
Groups for Pre-Closing Periods until the later of (i) the expiration of any applicable statutes of
limitation, and (ii) 7 years after the Closing Date. After such earlier date, each Company may
dispose of such records upon 90 days’ prior written notice to the other Company. If, prior to the
expiration of the applicable statute of limitation or such seven-year period, a Company reasonably
determines that any Tax Records that it would otherwise be required to preserve and keep under this
Article IX are no longer material in the administration of any matter under the Code or other
applicable Tax Law and the other Company agrees, then such first Company may dispose of such
records upon 90 days’ prior notice to the other Company. Any notice of an intent to dispose given
pursuant to this Section 9.01 shall include a list of the records to be disposed of describing in
reasonable detail each file, book or other record accumulation being disposed. The notified
Company shall have the opportunity, at its cost and expense, to copy or remove, within such 90-day
period, all or any part of such Tax Records.




          SECTION 9.02 Access to Tax Records. The Companies and their respective Affiliates
shall make available to each other for inspection and copying (or delivery, at the requesting
party’s expense) during normal business hours upon reasonable notice all Tax Records in their
possession to the extent reasonably required by the other Company in connection with the
preparation of Tax Returns, audits, litigation or the resolution of items under this Agreement.




ARTICLE X




Tax Contests




          SECTION 10.01 Notice. Each of the parties shall provide prompt notice to the other
party of any written communication from a Tax Authority regarding any pending or threatened Tax
audit, assessment or proceeding or other Tax Contest of which it becomes aware related to Taxes for
Tax Periods for which it is indemnified by the other party hereunder. Such notice shall attach
copies of the pertinent portion of any written communication from a Tax Authority and contain
factual information (to the extent known) describing any asserted Tax liability in reasonable
detail and shall be accompanied by copies of any notice and other documents received from any Tax
Authority in respect of any such matters.




          SECTION 10.02 Control of Tax Contests. (a) OFC Returns. In the case of
any Tax Contest with respect to any (i) OFC Federal Consolidated Income Tax Return, (ii) OFC State
Combined Income Tax Return, (iii) any other Joint Return or (iv) any OFC Separate



20









 






Return, OFC shall have exclusive control over the Tax Contest, including exclusive authority
with respect to any settlement of Tax liability arising from such Tax Contest. OFC shall keep
Altisource informed in a timely manner regarding such Tax Contests to the extent relating to the
Altisource Business, the Altisource Group or the assets transferred to Altisource pursuant to the
Transactions insofar as such Tax Contests would reasonably be expected to affect the Altisource
Group.




          (b) Altisource Separate Returns. In the case of any Tax Contest with respect to an
Altisource Separate Return, Altisource shall have exclusive control over the Tax Contest, including
exclusive authority with respect to any settlement of Tax liability arising from such Tax Contest.




          (c) Distribution-Related Proceedings. In the event of any Distribution-Related
Proceeding as a result of which Altisource could reasonably be expected to become liable for any
Tax-Related Losses that OFC is entitled to control under this Article 10, (A) OFC shall consult
with Altisource reasonably in advance of taking any significant action in connection with such
Distribution-Related Proceeding, (B) OFC shall consult with Altisource and offer Altisource a
reasonable opportunity to comment before submitting any written materials prepared or furnished in
connection with such Distribution-Related Proceeding, (C) OFC shall defend such
Distribution-Related Proceeding diligently and in good faith and (D) OFC shall provide Altisource
copies of any written materials relating to such Distribution-Related Proceeding received from the
relevant Tax Authority.




ARTICLE XI




Effective Date; Termination of Prior Intercompany Tax Allocation Agreements




          This Agreement shall be effective as of the date hereof. As of the date hereof, all prior
intercompany Tax allocation agreements or arrangements relating to one or more members of the OFC
Group, on the one hand, and one or more members of the Altisource Group, on the other hand, shall
be terminated, and no member of any Group shall have any right or obligation in respect of any
member of the other Group thereunder.




ARTICLE XII




Survival of Obligations




          The representations, warranties, covenants and agreements set forth in this Agreement shall be
unconditional and absolute and shall remain in effect without limitation as to time.




ARTICLE XIII




Treatment of Payments; Tax Gross Up




          SECTION 13.01 Treatment of Tax Indemnity and Tax Benefit Payments. In the absence
of any change in Tax treatment under the Code or other applicable Tax Law:




21









 








          (a) any Tax indemnity payments made by a Company under Article V shall be reported for Tax
purposes by the payor and the recipient as distributions or capital contributions, as appropriate,
occurring immediately before the Distribution (but only to the extent the payment does not relate
to a Tax allocated to the payor in accordance with Section 1552 of the Code or the regulations
thereunder or Treasury Regulation Section 1.1502-33(d) (or under corresponding principles of other
applicable Tax Laws)) or as payments of an assumed or retained liability, and




          (b) any Tax Benefit payments made by a Company under Article VI, shall be reported for Tax
purposes by the payor and the recipient as distributions or capital contributions, as appropriate,
occurring immediately before the Distribution (but only to the extent the payment does not relate
to a Tax allocated to the payor in accordance with Section 1552 of the Code or the regulations
thereunder or Treasury Regulation Section 1.1502-33(d) (or under corresponding principles of other
applicable Tax Laws)) or as payments of an assumed or retained liability.




          SECTION 13.02 Tax Gross Up. If, notwithstanding the manner in which Tax indemnity
payments and Tax Benefit payments were reported, there is an adjustment to the Tax liability of a
Company as a result of its receipt of a payment pursuant to this Agreement, such payment shall be
appropriately adjusted so that the amount of such payment, reduced by the amount of all income
Taxes payable with respect to the receipt thereof (but taking into account all correlative Tax
Benefits resulting from the payment of such income Taxes), shall equal the amount of the payment
that the Company receiving such payment would otherwise be entitled to receive pursuant to this
Agreement.




          SECTION 13.03 Interest under This Agreement. Anything herein to the contrary
notwithstanding, to the extent one Company (“Indemnitor”) makes a payment of interest to
another Company (“Indemnitee”) under this Agreement with respect to the period from the
date that the Indemnitee made a payment of Tax to a Tax Authority to the date that the Indemnitor
reimbursed the Indemnitee for such Tax payment, the interest payment shall be treated as interest
expense to the Indemnitor (deductible to the extent provided by law) and as interest income by the
Indemnitee (includible in income to the extent provided by law). The amount of the payment shall
not be adjusted under Section 13.02 to take into account any associated Tax Benefit to the
Indemnitor or Tax Detriment to the Indemnitee.




ARTICLE XIV




Disagreements




          The Companies mutually desire that collaboration will continue between them. Accordingly,
they will try, and they will cause their respective Group members to try, to resolve in an amicable
manner all disagreements and misunderstandings connected with their respective rights and
obligations under this Agreement, including any amendments hereto. In furtherance thereof, in the
event of any dispute or disagreement (other than a High-Level Dispute) (a “Tax Arbitrator
Dispute”) between the Companies as to the interpretation of any provision of this Agreement or
the performance of obligations hereunder, the Tax departments of the Companies shall negotiate in
good faith to resolve the Tax Arbitrator Dispute. If such good faith negotiations do not resolve
the Tax Arbitrator Dispute, then the matter, upon written request of either Company, will be
referred to a tax lawyer or accountant acceptable to each of the




22









 







Companies (the “Tax Arbitrator”). The Tax Arbitrator may, in its discretion, obtain
the services of any third-party appraiser, accounting firm or consultant that the Tax Arbitrator
deems necessary to assist it in resolving such disagreement. The Tax Arbitrator shall furnish
written notice to the Companies of its resolution of any such Tax Arbitrator Dispute as soon as
practical, but in any event no later than 45 days after its acceptance of the matter for
resolution. Any such resolution by the Tax Arbitrator will be conclusive and binding on the
Companies. Following receipt of the Tax Arbitrator’s written notice to the Companies of its
resolution of the Tax Arbitrator Dispute, the Companies shall each take or cause to be taken any
action necessary to implement such resolution of the Tax Arbitrator. In accordance with Article
XVI, each Company shall pay its own fees and expenses (including the fees and expenses of its
representatives) incurred in connection with the referral of the matter to the Tax Arbitrator. All
fees and expenses of the Tax Arbitrator in connection with such referral shall be shared equally by
the Companies. Any High-Level Dispute shall be resolved pursuant to the procedures set forth in
Article VII of the Separation Agreement. Nothing in this Article XIV will prevent either Company
from seeking injunctive relief if any delay resulting from the efforts to resolve the Tax
Arbitrator Dispute through the Tax Arbitrator (or any delay resulting from the efforts to resolve
any High-Level Dispute through the procedures set forth in Article VII of the Separation Agreement)
could result in serious and irreparable injury to either Company.




ARTICLE XV




Late Payments




          Any amount owed by one party to another party under this Agreement that is not paid when due
shall bear interest at three (3) month London Interbank Offer Rate (LIBOR), compounded
semiannually, from the due date of the payment to the date paid. To the extent interest required
to be paid under this Article XV duplicates interest required to be paid under any other provision
of this Agreement, interest shall be computed at the higher of the interest rate provided under
this Article XV or the interest rate provided under such other provision.




ARTICLE XVI




Expenses




          Except as otherwise provided in this Agreement, each party and its Affiliates shall bear their
own expenses incurred in connection with preparation of Tax Returns, Tax Contests, and other
matters related to Taxes under the provisions of this Agreement.




ARTICLE XVII




General Provisions




          SECTION 17.01 Addresses and Notices. All notices or other communications under
this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered in
person or (b) deposited in the United States mail or private express mail, postage prepaid,
addressed as follows:




23









 







If to OFC, to:

Ocwen Financial Corporation

1661 Worthington Road

West Palm Beach, Florida 33409

Attn: Corporate Secretary

Fax No.: (561) 471-4264



If to Altisource to:

Altisource Solutions S.à r.l.

2-8 Avenue Charles de Gaulle

L-1653 Luxembourg

Attn: Corporate Secretary

Fax No.: 352-2744-9499




          Either party may, by notice to the other party, change the address to which such notices are
to be given.




          SECTION 17.02 Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their successors and assigns.




          SECTION 17.03 Waiver. Waiver by any party hereto of any default by any other party
hereto of any provision of this Agreement shall not be deemed a waiver by the waiving party of any
subsequent or other default.




          SECTION 17.04 Severability. If any provision of this Agreement or the application
thereof to any Person or circumstance is determined by a court of competent jurisdiction to be
invalid, void or unenforceable, the remaining provisions hereof, or the application of such
provision to Persons or circumstances or in jurisdictions other than those as to which it has been
held invalid or unenforceable, shall remain in full force and effect and shall in no way be
affected, impaired or invalidated thereby, so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to either party.
Upon any such determination, the parties shall negotiate in good faith in an effort to agree upon a
suitable and equitable provision to effect the original intent of the parties.




          SECTION 17.05 Authority. Each of the parties represents to the other that (a) it
has the corporate or other requisite power and authority to execute, deliver and perform this
Agreement, (b) the execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate or other action, (c) it has duly and validly executed and delivered this
Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it
in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and general equity
principles.




          SECTION 17.06 Further Action. The parties shall execute and deliver all documents,
provide all information, and take or refrain from taking action as may be necessary or appropriate
to achieve the purposes of this Agreement, including the execution and delivery to





24









 







the other parties and their Affiliates and representatives of such powers of attorney or other
authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests
(or portions thereof) under the control of such other parties in accordance with Article X.




          SECTION 17.07 Integration. This Agreement, together with each of the exhibits and
schedules appended hereto, constitutes the final agreement between the parties, and is the complete
and exclusive statement of the parties’ agreement on the matters contained herein. All prior and
contemporaneous negotiations and agreements between the parties with respect to the matters
contained herein are superseded by this Agreement, as applicable. In the event of any
inconsistency between this Agreement and the Separation Agreement, or any other agreements relating
to the transactions contemplated by the Separation Agreement, with respect to matters addressed
herein, the provisions of this Agreement shall control.




          SECTION 17.08 Construction. The language in all parts of this Agreement shall in
all cases be construed according to its fair meaning and shall not be strictly construed for or
against any party. The captions, titles and headings included in this Agreement are for
convenience only, and do not affect this Agreement’s construction or interpretation. Unless
otherwise indicated, all “Section” and “Article” references in this Agreement are to sections and
articles of this Agreement.




          SECTION 17.09 No Double Recovery. No provision of this Agreement shall be
construed to provide an indemnity or other recovery for any costs, damages, or other amounts for
which the damaged party has been fully compensated under any other provision of this Agreement or
under any other agreement or action at law or equity. Unless expressly required in this Agreement,
a party shall not be required to exhaust all remedies available under other agreements or at law or
equity before recovering under the remedies provided in this Agreement.




          SECTION 17.10 Counterparts. The parties may execute this Agreement in multiple
counterparts, each of which constitutes an original as against the party that signed it, and all of
which together constitute one agreement. This Agreement is effective upon delivery of one executed
counterpart from each party to the other party. The signatures of both parties need not appear on
the same counterpart. The delivery of signed counterparts by facsimile or email transmission that
includes a copy of the sending party’s signature is as effective as signing and delivering the
counterpart in person.




          SECTION 17.11 Governing Law. This Agreement and, unless expressly provided
therein, each Ancillary Agreement, shall be governed by and construed and interpreted in accordance
with the internal laws of the State of New York applicable to contracts made and to be performed
wholly in such State and irrespective of the choice of law principles of the State of New York, as
to all matters (other than with respect to the corporate action of the OFC board of directors
attendant to the declaration and payment of the dividend of the Altisource Common Shares, which
shall be governed by the law of the State of Florida.)




          SECTION 17.12 Jurisdiction. Any action or proceeding arising out of or relating to
this Agreement or any Ancillary Agreement shall be brought in the courts of the State of New York
located in the County of New York or in the United States District Court for the





25









 







Southern District of New York (if any party to such action or proceeding has or can acquire
jurisdiction), and each of the parties hereto or thereto irrevocably submits to the exclusive
jurisdiction of each such court in any such action or proceeding, waives any objection it may now
or hereafter have to venue or to convenience of forum, agrees that all claims in respect of the
action or proceeding shall be heard and determined only in any such court and agrees not to bring
any action or proceeding arising out of or relating to this Agreement or any Ancillary Agreement in
any other court. The parties to this Agreement or any Ancillary Agreement agree that any of them
may file a copy of this paragraph with any court as written evidence of the knowing, voluntary and
bargained agreement between the parties hereto and thereto irrevocably to waive any objections to
venue or to convenience of forum. Process in any action or proceeding referred to in the first
sentence of this Section may be served on any party to this Agreement or any Ancillary Agreement
anywhere in the world.




          SECTION 17.13 Amendment. No provisions of this Agreement shall be deemed waived,
amended, supplemented or modified by any party hereto, unless such waiver, amendment, supplement or
modification is in writing and signed by the authorized representative of the party against whom it
is sought to enforce such waiver, amendment, supplement or modification.




          SECTION 17.14 Altisource Subsidiaries. If, at any time, Altisource or OFC,
respectively, acquires or creates one or more subsidiaries that are includable in the Altisource
Group or the OFC Group, respectively, they shall be subject to this Agreement and all references to
the Altisource Group or OFC Group, respectively, herein shall thereafter include a reference to
such subsidiaries.




          SECTION 17.15 Successors. This Agreement shall be binding on and inure to the
benefit of any successor by merger, acquisition of assets, or otherwise, to any of the parties
hereto (including but not limited to any successor of OFC or Altisource succeeding to the Tax
Attributes of either under Section 381 of the Code), to the same extent as if such successor had
been an original party to this Agreement.




          SECTION 17.16 Injunctions. The parties acknowledge that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with its specific terms or were otherwise breached. The parties hereto shall be entitled to an
injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce
specifically the terms and provisions hereof in any court having jurisdiction, such remedy being in
addition to any other remedy to which they may be entitled at law or in equity.




26









 





          IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the date set forth above.




	 	 	 	 	 
	 	OCWEN FINANCIAL CORPORATION

 	 
	 	By  	/s/ Ronald M. Faris
 	 
	 	 	Name:  	Ronald M. Faris 	 
	 	 	Title:  	President 	 
	 
	 	ALTISOURCE SOLUTIONS S.À R.L.

 	 
	 	By  	/s/ William B. Shepro
 	 
	 	 	Name:  	William B. Shepro 	 
	 	 	Title:  	Manager