Document:

EX-10.6

 Exhibit 10.6 
  

 
  

HLSS SERVICER ADVANCE RECEIVABLES TRUST 
 as Issuer 
 and 

DEUTSCHE BANK NATIONAL TRUST COMPANY 
 as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary 

and 
 HLSS
HOLDINGS, LLC, 
 as Administrator and as Servicer (on and after the MSR Transfer Date) 

and 
 OCWEN LOAN
SERVICING, LLC, 
 as a Subservicer and as Servicer (prior to the MSR Transfer Date) 

and 
 BARCLAYS
BANK PLC, 
 as Administrative Agent 
 and 
 WELLS FARGO SECURITIES, LLC 

as Administrative Agent 
  

 
 SERIES 2012-MM1

 INDENTURE SUPPLEMENT 
 Dated as of September 13, 2012 
 to 

SECOND AMENDED AND RESTATED INDENTURE 
 Dated as of September 13, 2012 
  

 
 HLSS SERVICER
ADVANCE RECEIVABLES TRUST 
 ADVANCE RECEIVABLES BACKED NOTES, 

SERIES 2012-MM1 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	SECTION 1.	 	 CREATION OF SERIES 2012-MM1 NOTES
	  	 	2	  
			
	SECTION 2.	 	 DEFINED TERMS
	  	 	2	  
			
	SECTION 3.	 	 FORMS OF SERIES 2012-MM1 NOTES; TRANSFER RESTRICTIONS
	  	 	12	  
			
	SECTION 4.	 	 COLLATERAL VALUE EXCLUSIONS
	  	 	13	  
			
	SECTION 5.	 	 SWEEP ACCOUNT; NOTE PURCHASE PROCEEDS ACCOUNT; GENERAL RESERVE ACCOUNTS
	  	 	14	  
			
	SECTION 6.	 	 ENFORCEMENT PROCEEDINGS
	  	 	15	  
			
	SECTION 7.	 	 PAYMENTS; NOTE BALANCE INCREASES; EARLY MATURITY; OPTIONAL REDEMPTION
	  	 	16	  
			
	SECTION 8.	 	 DETERMINATION OF NOTE INTEREST RATE AND LIBOR
	  	 	18	  
			
	SECTION 9.	 	 INCREASED COSTS
	  	 	20	  
			
	SECTION 10.	 	 SERIES REPORTS
	  	 	21	  
			
	SECTION 11.	 	 CONDITIONS PRECEDENT SATISFIED
	  	 	23	  
			
	SECTION 12.	 	 REPRESENTATIONS AND WARRANTIES
	  	 	23	  
			
	SECTION 13.	 	 AMENDMENTS
	  	 	23	  
			
	SECTION 14.	 	 COUNTERPARTS
	  	 	23	  
			
	SECTION 15.	 	 ENTIRE AGREEMENT
	  	 	24	  
			
	SECTION 16.	 	 LIMITED RECOURSE
	  	 	24	  
			
	SECTION 17.	 	 NOTICE
	  	 	24	  
			
	SECTION 18.	 	 LIMITATION OF LIABILITY
	  	 	25	  

 SCHEDULES 
 SCHEDULE I—AMORTIZATION SCHEDULE 

  
 i 

 THIS SERIES 2012-MM1 INDENTURE SUPPLEMENT (this “Indenture Supplement”),
dated as of September 13, 2012, is made by and among HLSS SERVICER ADVANCE RECEIVABLES TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), DEUTSCHE BANK NATIONAL TRUST COMPANY, a national
banking association, as trustee (the “Indenture Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the
“Securities Intermediary”), HLSS HOLDINGS, LLC, a Delaware limited liability company (“HLSS”), as Administrator on behalf of the Issuer, as owner of the economics associated with the servicing under the Designated
Servicing Agreements, and as Servicer under the Designated Servicing Agreements from and after the related MSR Transfer Dates (as defined below), OCWEN LOAN SERVICING, LLC (“OLS”), as a Subservicer, and as Servicer under the
Designated Servicing Agreements, prior to the related MSR Transfer Dates, BARCLAYS BANK PLC, a public limited company formed under the laws of England and Wales, as Administrative Agent (as defined below), and WELLS FARGO SECURITIES, LLC, a Delaware
limited liability company, as Administrative Agent. This Indenture Supplement relates to and is executed pursuant to that certain Second Amended and Restated Indenture (as amended, supplemented, restated or otherwise modified from time to time, the
“Base Indenture”), as further supplemented hereby, dated as of September 13, 2012, among the Issuer, the Servicer, the Administrator, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary
and the Administrative Agent, all the provisions of which are incorporated herein as modified hereby and shall be a part of this Indenture Supplement as if set forth herein in full (the Base Indenture as so supplemented by this Indenture Supplement
being referred to as the “Indenture”). 
 Capitalized terms used and not otherwise defined herein shall have
the respective meanings given them in the Base Indenture. 
 PRELIMINARY STATEMENT 

The Issuer has duly authorized the issuance of a Series of Notes, the Series 2012-MM1 Notes (the “Series 2012-MM1
Notes”), and the Issuer shall issue such Notes on or about September 13, 2012 pursuant to the Base Indenture (the “Issuance Date”). The parties are entering this Indenture Supplement to document the terms of the
issuance of the Series 2012-MM1 Notes in the format required under the Base Indenture, as amended and restated on the date hereof to provide for the issuance of Notes in multiple series from time to time. The Series 2012-MM1 Notes are issued in one
(1) Class of Term Notes (Class A-MM1) and one (1) Class of Draw Notes (Class A-MM1), with the Initial Note Balances, Maximum Note Principal Balance, Stated Maturity Dates, Revolving Period, Note Interest Rates, Expected Repayment Dates and
other terms as specified in this Indenture Supplement, to be known as the Advance Receivables Backed Notes, Series 2012-MM1, secured by the Trust Estate Granted to the Indenture Trustee pursuant to the Base Indenture. The Indenture Trustee shall
hold the Trust Estate as collateral security for the benefit of the Holders of the Series 2012-MM1 Notes. In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the
Base Indenture, the terms and provisions of this Indenture Supplement shall govern to the extent of such conflict. 

  
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 Section 1. Creation of Series 2012-MM1 Notes. 

There are hereby created, effective as of the Issuance Date, the Series 2012-MM1 Notes, to be issued pursuant to the Base Indenture and
this Indenture Supplement, to be known as “HLSS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2012-MM1 Notes.” The Series 2012-MM1 Notes shall not be subordinated to any other Notes. The Series 2012-MM1 Notes
are issued in one (1) Class of Term Notes and one (1) Class of Draw Notes. 
 Section 2. Defined Terms.

 With respect to the Series 2012-MM1 Notes and in addition to or in replacement for the definitions set forth in
Section 1.1 of the Base Indenture, the following definitions shall be assigned to the defined terms set forth below: 

“Additional Note Balances” has the meaning set forth in the MM1 Note Purchase Agreement. 

“Adjusted Tangible Equity” means, as of any date of determination, the excess of (i) total assets (net of goodwill
and intangible assets), but including MSRs, over (ii) total liabilities on such date, calculated in accordance with GAAP; provided, that the Administrative Agent shall have the right to perform valuations of the MSRs on a quarterly basis
or more frequently as reasonably requested by the Administrative Agent, using a nationally recognized third party appraiser with expertise evaluating MSRs approved by both the Administrative Agent and HLSS, at HLSS’s expense, and any such
valuations shall be the MSR value for purposes of determining “Adjusted Tangible Equity”. 
 “Adjusted
Tangible Equity Requirement” means, a requirement that HLSS hold Adjusted Tangible Equity equal to the greater of (1) $25,000,000 and (2) the sum of (a) 0.25% of the aggregate unpaid principal balance of all mortgage loans as
to which HLSS holds the rights to service or the rights to the MSRs, together with the obligation to fund related servicer advances, plus (b) 5.00% of the aggregate amount of all servicer advances made by HLSS that remain unreimbursed.

 “Administrative Agent” means, for so long as the Series 2012-MM1 Notes have not been paid in full:
(i) with respect to the provisions of this Indenture Supplement, Wells Fargo Securities, LLC or an Affiliate or successor thereto; and (ii) with respect to the provisions of the Base Indenture, and notwithstanding the terms and provisions
of any other Indenture Supplement, together, Barclays Bank PLC, Wells Fargo Securities, LLC and such other parties as set forth in any other Indenture Supplement, or a respective Affiliate or any respective successor thereto. For the avoidance of
doubt, reference to “it” or “its” with respect to the Administrative Agent in the Base Indenture shall mean “them” and “their,” and reference to the singular therein in relation to the Administrative Agent
shall be construed as if plural. 
 “Advance Rates” means, for any date of determination with respect to each
Receivable and any Class of Series 2012-MM1 Notes, the percentage amount based on the Advance Type of such Receivable, as set forth below; provided, that in the event the Servicer’s (prior to any MSR Transfer Date) or the related
Subservicer’s (on and after any MSR Transfer Date) sub-prime 

  
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servicer rating is reduced below “Average,” the Advance Rates applicable to the Receivables related to such Class of Notes shall be equal to the Advance Rates prior to such ratings
reduction minus 5.00%; and provided, that the Advance Rates applicable to the Receivables related to any Class of Notes shall each be reduced by the Advance Rate Reduction Factor for such Class of Notes when the related Weighted
Average Foreclosure Timeline exceeds fifteen (15) months; and provided, further, that the Advance Rate for any Receivable related to any Class of Notes shall be zero if such Receivable is not a Facility Eligible Receivable.

  

									
	 Advance Type
	  	Class A-MM1
Term Notes	 	 	Class A-MM1
Draw Notes	 
	 P&I Advances (other than Servicing Fee Advances) in Non-Judicial States
	  	 	86.25	% 	 	 	86.25	% 
	 P&I Advances (other than Servicing Fee Advances) in Judicial States
	  	 	76.50	% 	 	 	76.50	% 
	 Servicing Fee Advances in Non-Judicial States
	  	 	74.50	% 	 	 	74.50	% 
	 Servicing Fee Advances in Judicial States
	  	 	38.75	% 	 	 	38.75	% 
	 Escrow Advances in Non-Judicial States
	  	 	83.50	% 	 	 	83.50	% 
	 Escrow Advances in Judicial States
	  	 	64.75	% 	 	 	64.75	% 
	 Corporate Advances in Non-Judicial States
	  	 	82.25	% 	 	 	82.25	% 
	 Corporate Advances in Judicial States
	  	 	70.75	% 	 	 	70.75	% 

 “Advance Rate Reduction Factor” means the product of (i) the quotient of the Note
Interest Rate for such Class divided by 12, and (ii) the number of months by which the Weighted Average Foreclosure Timeline exceeds fifteen (15) months. 
 “Advance Ratio” means, as of any date of determination with respect to any Designated Servicing Agreement, the ratio (expressed as a percentage), calculated as of the last day of the
calendar month immediately preceding the calendar month in which such date occurs, of (i) the related PSA Stressed Non-Recoverable Advance Amount on such date over (ii) the aggregate monthly scheduled principal and interest payments for
the calendar month immediately preceding the calendar month in which such date occurs with respect to all non-delinquent Mortgage Loans serviced under such Designated Servicing Agreement. 

“Applicable Rating” means the rating assigned to each Class of the Series 2012-MM1 Notes by S&P, as the Note Rating
Agency, upon the issuance of such Class as set forth below: 
 (i) Class A-MM1 Draw Notes: “AAA(sf)”; and

 (ii) Class A-MM1 Term Notes: “A-1+ (sf)”. 

“Base Indenture” has the meaning assigned to such term in the Preamble. 

  
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 “Class A Notes” means, together, the Class A-MM1 Draw Notes and the
Class A-MM1 Term Notes. 
 “Class A-MM1 Term Notes” means the Term Notes issued hereunder by the Issuer,
having an Initial Note Balance of $265,000,000. 
 “Class A-MM1 Draw Notes” means the Draw Notes issued
hereunder by the Issuer, having an aggregate Note Balance of no greater than the Maximum Note Principal Balance. 

“Coefficient” means, for each Class of the Series 2012-MM1 Notes, 0.08%. 

“Constant” means, for each Class of the Series 2012-MM1 Notes, 1.00%. 

“Corporate Trust Office” means, with respect to the Series 2012-MM1 Notes, the office of the Indenture Trustee at which
at any particular time its corporate trust business will be administered, which office at the date hereof is located at 1761 East St. Andrew Place, Santa Ana, California 92705, Attention: Trust Administration – OC12S6. 

“Draw Note Transfer Denial” has the meaning assigned such term in Section 3(c) of this Indenture Supplement.

 “Eurodollar Disruption Event” means any of the following: (i) a good faith determination by any Holder
of the Class A-MM1 Draw Notes that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) for such Holder to obtain United States dollars in the London
interbank market to fund or maintain any portion of the Note Balances of such Notes during any Interest Accrual Period, (ii) a good faith determination by any Holder of the Class A-MM1 Draw Notes that the interest rates offered on deposits
of United States dollars to such Holder in the London interbank market does not accurately reflect the cost to such Holder of purchasing, funding or maintaining any portion of the Note Balances of such Notes during any Interest Accrual Period or
(iii) the inability of any Holder of the Class A-MM1 Draw Notes to obtain United States dollars in the London interbank market to fund or maintain any portion of the Note Balances of such Notes for such Interest Accrual Period. 

“Expected Repayment Date” means, with respect to the Class A-MM1 Term Notes, the related Stated Maturity Date and,
with respect to the Class A-MM1 Draw Notes, the second anniversary of the related Issuance Date. 
 “Expense
Rate” means, as of any date, with respect to the Class A-MM1 Notes, the percentage equivalent of a fraction, (i) the numerator of which equals (A) the sum of (1) the product of the Series Allocation Percentage for such
Series multiplied by the aggregate amount of Fees due and payable by the Issuer on the next succeeding Payment Date plus (2) any expenses payable or reimbursable by the Issuer on the next succeeding Payment Date, up to the applicable
Expense Limit, if any, prior to any payments to the Holders of the Class A-MM1 Notes, pursuant to the terms and provisions of this Indenture Supplement, the Base Indenture or any other Transaction Document, that have been invoiced to the
Indenture Trustee and the Administrator, plus (3) the aggregate amount of related Series Fees payable by the Issuer on the next succeeding Payment Date and (ii) the denominator of which equals the sum of the outstanding Note
Balances of all Class A-MM1 Notes at the close of business on such date. 

  
 4 

 “Increased Costs Limit” means for each Holder of Class A-MM1 Draw
Notes, such Holder’s pro rata percentage (based on the Note Balance of such Holder’s Class A-MM1 Draw Notes) of 0.10% of the average aggregate Note Balance for all Classes of Series 2012-MM1 Notes Outstanding for any
twelve-month period. 
 “Initial Note Balance” means, for any Class A Note, the Note Balance of such Note
upon the Issuance Date, as follows: 
 (i) Class A-MM1 Term Notes: $265,000,000; and 

(ii) Class A-MM1 Draw Notes: $0. 
 “Interest Accrual Period” means, for the Series 2012-MM1 Notes and any Payment Date, the period beginning on the immediately preceding Payment Date (or, in the case of the first Payment
Date, the Issuance Date) and ending on the day immediately preceding the current Payment Date. The Interest Payment Amount for the Series 2012-MM1 Notes on any Payment Date shall be determined based on the actual number of days in the Interest
Accrual Period. 
 “Interest Coverage Payment” has the meaning assigned such term in Section 7(a)(iii) of
this Indenture Supplement. 
 “Interest Day Count Convention” means the actual number of days in the related
Interest Accrual Period divided by 360. 
 “Interest Payment Amount” means, for the Series 2012-MM1 Notes and
with respect to any Payment Date: 
 (i) for the Class A-MM1 Term Notes, as set forth in clause (i) of the definition
of “Interest Payment Amount” in the Base Indenture; and 
 (ii) for the Class A-MM1 Draw Notes, the related
Cumulative Interest Shortfall Amount plus the product of: 
 (A) the related Note Balance for such Class as of the close of
business on the preceding Payment Date; 
 (B) the related Note Interest Rate for such Class and for the related Interest
Accrual Period; and 
 (C) the actual number of days in the related Interest Accrual Period divided by 360. 

“Issuance Date” has the meaning set forth in the Preliminary Statement of this Indenture Supplement. 

  
 5 

 “LIBOR” has the meaning assigned such term in Section 8 of this
Indenture Supplement. 
 “LIBOR Determination Date” means, for each Interest Accrual Period, the second London
Banking Day prior to the commencement of such Interest Accrual Period. 
 “Liquidity Requirement” means the
requirement that an entity have funds available to fund servicer advances, as of the close of business on the last Business Day of each calendar month, beginning September 28, 2012, in an amount at least equal to the lesser of
(1) $100,000,000 and (2) the greater of (a) the sum of (i) 0.001% of the aggregate unpaid principal balance of all mortgage loans sub-serviced by such entity (i.e., without an obligation to fund servicer advances) plus
(ii) 0.01% of the aggregate unpaid principal balance of all mortgage loans serviced by such entity (i.e., with the obligation to fund servicer advances) or as to which such entity holds rights to the servicing plus the obligation to fund
servicer advances, plus (iii) 3.25% of the aggregate amount of all servicer advances made by such entity that remain unreimbursed, and (b) $25,000,000; provided, that at least the greater of (1) $15,000,000 and (2) 50% of such
funds available, must consist of unrestricted cash on deposit in accounts held in the sole name of, and solely controlled by, such entity, free and clear of all Adverse Claims (including liens), and the remainder as undrawn and available borrowing
capacity under committed servicer advance facilities and committed unsecured revolving loans made to such entity as borrower, as determined on such date of measurement, which undrawn and available borrowing capacity need not be presently
collateralized. 
 “London Banking Day” means any day on which commercial banks and foreign exchange markets
settle payment in both London and New York City. 
 “Low Threshold Servicing Agreement” means a Designated
Servicing Agreement (i) for which the underlying Mortgage Loans have an unpaid principal balance less than $10,000,000, or (ii) contain fewer than 50 Mortgage Loans, as of the end of the most recently concluded calendar month, to the
extent that such Receivable Balances, when added to the aggregate Receivable Balances of all Receivables outstanding with respect to Low Threshold Servicing Agreements, cause the total Receivable Balances attributable to Low Threshold Servicing
Agreements to exceed 2.00% of the total Receivable Balances of all Receivables included in the Facility. 

“Margin” means, for the Class A-MM1 Draw Notes, a per annum rate equal to 2.00%. 

“Market Value Ratio” means, as of any date of determination with respect to a Designated Servicing Agreement, the ratio
(expressed as a percentage) of (i) the lesser of (A) the Funded Advance Receivable Balance for such Designated Servicing Agreement on such date and (B) the aggregate of all Facility Eligible Receivables under such Designated Servicing
Agreement on such date over (ii) the aggregate Net Property Value of the Mortgaged Properties and REO Properties for Mortgage Loans that are serviced under such Designated Servicing Agreement on such date. 

“Maximum Note Principal Balance” means, for the Class A-MM1 Draw Notes, $265,000,000 or such lesser amount
calculated pursuant to a written agreement between the Servicer, the Administrator and the Administrative Agent. 

  
 6 

 “Middle Threshold Servicing Agreement” means a Designated Servicing
Agreement (i) for which the underlying Mortgage Loans have an unpaid principal balance greater than or equal to $10,000,000 but less than $25,000,000, or (ii) contain at least 50 but less than 125 Mortgage Loans, as of the end of the most
recently concluded calendar month, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Receivables outstanding with respect to Middle Threshold Servicing Agreements, cause the total
Receivable Balances attributable to Middle Threshold Servicing Agreements to exceed 8.00% of the aggregate of the Receivable Balances of all Receivables included in the Facility. 

“MM1 Facility Fee” means an amount (as set forth in the MM1 Fee Letter), payable in twenty-four (24) monthly
installments on each Payment Date equal to $220,833, commencing on the Payment Date in September 2012.
 “MM1 Fee
Letter” means that certain Fee Letter Agreement, dated as of September 13, 2012, among Wells Fargo Securities, LLC, as Administrative Agent, the Administrator, the Servicer and the Issuer. 

“MM1 Note Purchase Agreement” means that certain Note Purchase Agreement, dated September 13, 2012, by and among the Issuer, Wells
Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, N.A., as the Purchaser. 
 “MM1 Note Purchase
Default” has the meaning set forth in the definition of Target Amortization Event. 
 “MM1 Placement Agency
Agreement” means that certain Placement Agency Agreement, dated September 7, 2012, by and among the Issuer, the Receivables Seller and Wells Fargo Securities, LLC, as Placement Agent. 

“MM1 Refinancing Failure” means, for each date of determination following the Stated Maturity Date of the
Class A-MM1 Term Notes unless and until a new Series of Term Notes is issued, the failure of the Issuer to repay the aggregate Outstanding Note Balance of the Class A-MM1 Draw Notes from the proceeds of a refinancing of such Class through
the issuance of such new Series of Term Notes or otherwise. 
 “Monthly Reimbursement Rate” means, as of any
date of determination, the arithmetic average of the fractions (expressed as percentages), determined for each of the three (3) most recently concluded calendar months, obtained by dividing (i) the aggregate Advance Reimbursement Amounts
collected by the Servicer and deposited into the Trust Accounts during such month by (ii) the aggregate Receivable Balances funded by the Servicer using its own funds or facility funds as of the close of business on the last day of the Monthly
Advance Collection Period. 
 “MSRs” means mortgage servicing rights and/or any rights to mortgage servicing
rights, as applicable. 
 “Net Proceeds Coverage Percentage” means, for any Payment Date, the percentage
equivalent of a fraction, (i) the numerator of which equals the amount of Collections on Receivables deposited into the Collection and Funding Account during the related Monthly Advance Collection Period, and (ii) the denominator of which
equals the aggregate average outstanding Note Balances of all Outstanding Notes during such Monthly Advance Collection Period. 

  
 7 

 “Net Property Value” means, with respect to any Mortgaged Property,
(A) with respect to a Current Mortgage Loan, the market value of such Mortgaged Property as established by OLS’s independent property valuation methodology (as established by the lesser of any appraisal, broker’s price opinion or
OLS’s automated valuation model with respect to such Mortgaged Property) or (B) with respect to a Delinquent Mortgage Loan, the product of (a) the market value of such Mortgaged Property as established by OLS’s independent
property valuation methodology (as established by the lesser of any appraisal, broker’s price opinion or OLS’s automated valuation model with respect to such Mortgaged Property), multiplied by (b) OLS’s established market and
property discount value rate, minus (c) OLS’s brokerage fee and closing costs with respect to such Mortgaged Property, plus (d) any projected mortgage insurance claim proceeds. 

“Note Balance” means, for any date: 
 (i) for the Class A-MM1 Term Notes, as set forth in clause (i) of the definition of “Note Balance” in the Base Indenture; and 

(ii) for the Class A-MM1 Draw Notes, (A) the Initial Note Balance of such Notes plus (B) the amount of all Additional Note
Balances purchased by the Holder of the Class A-MM1 Draw Notes, which amounts, together with the Initial Note Balance of such Notes, shall not exceed the Maximum Note Principal Balance, (C) less all amounts paid in respect of principal to
the Holder of such Notes as of such date. 
 “Note Interest Rate” means, with respect to any Interest Accrual
Period, a rate per annum equal to (i) with respect to the Class A-MM1 Term Note, 0.65% and (ii) with respect to the Class A-MM1 Draw Notes, the sum of (A) One-Month LIBOR plus (B) the applicable Margin; provided,
that, if for any Interest Accrual Period, a Eurodollar Disruption Event shall have occurred, the Note Interest Rate with respect to the Class A-MM1 Draw Notes shall be a rate equal to One-Month LIBOR as determined with respect to the Payment
Date immediately preceding such Eurodollar Disruption Event; provided, further, that on any day on which a Facility Early Amortization Event or an Event of Default shall have occurred and shall be continuing at the opening of business
on such day, the Note Interest Rate with respect to the Class A-MM1 Draw Notes shall equal the applicable Default Rate. 

“Note Purchase Proceeds Account” has the meaning assigned to such term in Section 5 of this Indenture Supplement.

 “Note Rating Agency” means, for the Series 2012-MM1 Notes, S&P. 

“One-Month LIBOR” has the meaning assigned such term in Section 8 of this Indenture Supplement. 

“PSA Stressed Non-Recoverable Advance Amount” means as of any date of determination, the sum of: 

  
 8 

 (i) for all Mortgage Loans that are current as of such date, the greater of
(A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property
Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and 
 (ii) for all Mortgage Loans that are delinquent as of such date, but not related to property in foreclosure or REO Property, the greater of (A) zero and (B) the excess of (i) Total Advances
related to such Mortgage Loans on such date over (ii) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of
Mortgage Loans secured by a second or more junior lien, zero; and 
 (iii) for all Mortgage Loans that are
related to properties in foreclosure, the greater of (A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the
product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and 

(iv) for all Mortgage Loans that are related to REO Property, the greater of (A) zero and (B) the excess of
(1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related REO Property or
(y) in the case of Mortgage Loans secured by a second or more junior lien, zero. 
 “Purchaser” has the
meaning assigned to such term in the MM1 Note Purchase Agreement. 
 “Reference Banks” has the meaning assigned
to such term in Section 8 of this Indenture Supplement. 
 “Reserve Interest Rate” has the meaning
assigned to such term in Section 8 of this Indenture Supplement. 
 “Scheduled MM1 Principal Balance”
means, with respect to any Payment Date and the Class A-MM1 Term Notes, the amount set forth for such date on the Amortization Schedule annexed hereto as Schedule I. 
 “Senior Rate” means, with respect to each Class of Series 2012-MM1 Notes, the applicable Note Interest Rate. 
 “Series General Reserve Required Amount” means, with respect to any Payment Date or Interim Payment Date, as the case may be, (i) for the General Reserve Account applicable to the
Class A-MM1 Term Notes and the remaining Interest Accrual Periods following the immediately preceding Payment Date, an amount equal to the sum of the related Interest Payment Amounts remaining to be paid (estimated based on the Scheduled MM1
Principal Balances set forth in Schedule I hereto and determined as of such immediately preceding Payment Date) and (ii) for the General Reserve Account applicable to the Class A-MM1 Draw Notes, an amount equal to $2,650,000. 

  
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 “Series Fees” means, for the Series 2012-MM1 Notes and any Payment Date,
the sum of (i) the MM1 Facility Fee and (ii) the aggregate unreimbursed fees and expenses of the Administrative Agent (other than Interest Coverage Payments made by the Class A-MM1 Draw Noteholders with respect to previous Payment
Dates). 
 “Series Fee Limit” means $500,000. 

“Stated Maturity Date” means: (i) for the Class A-MM1 Term Notes, September 16, 2013; provided, however,
that (x) if as a result of a change in law, or in the interpretation of existing law (in each case, as evidenced by an Opinion of Counsel delivered to the Issuer, the Administrator, the Indenture Trustee and the Administrative Agent), the
Class A-MM1 Term Notes will no longer be classified as “Eligible Securities” under Rule 2a-7(a)(10)(i) of the Investment Company Act, the “Stated Maturity Date” pursuant to this clause (i) will be such applicable
shorter period required under Rule 2a-7; and (ii) for the Class A-MM1 Draw Notes, September 15, 2044. 

“Stressed Interest Rate” means, for any Class as of any date, (i) (I) for the Class A-MM1 Term Notes, the
fixed rate per annum with respect to such Class of Notes or (II) for the Class A-MM1 Draw Notes, the per annum index on the basis of such Class of Note’s interest rate is determined for the current Interest Accrual Period, and (III) such
Class’s Constant and (z) the product of (I) such Class’s Coefficient and (II) Stressed Time, plus (ii) the weighted average per annum margin of all outstanding Classes that is added to the index to determine the interest
rates for such Class. 
 “Stressed Time” means, as of any date of determination, the percentage equivalent of a
fraction, the numerator of which is one (1), and the denominator of which equals the Stressed Time Percentage times the Monthly Reimbursement Rate on such date. 
 “Stressed Time Percentage” means, for the Series 2012-MM1 Notes, Class A-MM1 Term Notes: 21% and Class A-MM1 Draw Notes: 21%. 

“Sweep Account” has the meaning assigned to such term in Section 5 of this Indenture Supplement. 

“Sweep Period” has the meaning assigned to such term in Section 5 of this Indenture Supplement. 

“Target Amortization Amount” means: (i) with respect to the Class A-MM1 Term Notes and each Payment Date
during the related Target Amortization Period, an amount equal to $20,384,615; and (ii) with respect to the Class A-MM1 Draw Notes and each Payment Date during the related Target Amortization Period, $33,125,000. 

“Target Amortization Class” means the Class A-MM1 Term Notes or the Class A-MM1 Draw Notes during the
applicable Target Amortization Period. 

  
 10 

 “Target Amortization Event” means, immediately upon the sending of notice
by the Administrative Agent or any Holder of a Class A Note to the Indenture Trustee indicating which of the following events or conditions have occurred, the occurrence of any of the following conditions or events: 

(i) with respect to the Class A-MM1 Term Notes, following the occurrence and during the continuance of a default by the Holder of the
Class A-MM1 Draw Notes in purchasing Additional Note Balances in accordance with the terms and provisions of Section 2.01 of the MM1 Note Purchase Agreement (a “MM1 Note Purchase Default”), which is not waived by 100% of
the Class A-MM1 Term Noteholders; and 
 (ii) with respect to the Class A-MM1 Draw Notes for any date of determination,
the occurrence of any of the following conditions or events, which is not waived by the Administrative Agent: 
 (a) on any
Payment Date, the arithmetic average of the Net Proceeds Coverage Percentage determined for such Payment Date and the two (2) preceding Payment Dates is less than five (5) times the percentage equivalent of a fraction (A) the
numerator of which equals the sum of the accrued Interest Payment Amounts for each Class of all Outstanding Notes on such date and (B) the denominator of which equals the aggregate average Note Balances of each Class of Outstanding Notes during
the related Monthly Advance Collection Period; 
 (b) the occurrence of one or more Servicer Termination Events under Designated
Servicing Agreements representing 15% or more (by Mortgage Loan balance as of the date of termination) of all the Designated Servicing Agreements then included in the Facility, but not including any Servicer Termination Events that are solely due to
the breach of one or more Collateral Performance Tests or a Servicer Ratings Downgrade or the transfer of subservicing of any such Designated Servicing Agreement without the prior written consent of the Administrative Agent; 

(c) the Monthly Reimbursement Rate is less than 8.00%; 
 (d) the rating assigned to any Class of Notes is reduced below the Applicable Rating assigned to such Class of Notes; 
 (e) as of the close of business on the last Business Day of any calendar month, beginning in September 2012, the Servicer or HLSS (or the Subservicer on and after the MSR Transfer Date) shall have failed
to satisfy the Liquidity Requirement; 
 (f) as of the close of business on the last Business Day of any calendar month,
beginning in September 2012, HLSS shall have failed to satisfy the Adjusted Tangible Equity Requirement; 
 (g) as of any Payment
Date, the average net income of Home Loan Servicing Solutions, Ltd., determined in accordance with GAAP, for any two (2) consecutive fiscal quarters shall be less than $1.00; 

  
 11 

 (h) a “Target Amortization Event” shall have occurred with respect to any Class of
Variable Funding Notes or Draw Notes of any other Series; or 
 (i) as of the occurrence and during the continuance of a MM1
Refinancing Failure. 
 “Target Amortization Period” means, for the Class A-MM1 Term Notes or the
Class A-MM1 Draw Notes, as applicable, the period that begins upon both the occurrence of a related Target Amortization Event and ends upon the earlier of (i) a Facility Early Amortization Event and (ii) the date on which the Notes of
such Class are paid in full. 
 “Transaction Documents” means, in addition to the documents set forth in the
definition thereof in the Base Indenture, this Indenture Supplement, the MM1 Note Purchase Agreement, the MM1 Placement Agency Agreement and the MM1 Fee Letter, each as amended, supplemented, restated, or otherwise modified from time to time.

 “Trigger Advance Rate” means, for any Class within the Series 2012-MM1 Notes, as of any date, the rate equal
to (1) 100% minus (2) the product of (a) one-twelfth (1/12) of the Stressed Interest Rate for such Class, as of such date plus the related pro rata portion of the Expense Rate as of such date, multiplied by
(b) the related Stressed Time for such Class as of such date. 
 “UPB Ratio” means, as of any date of
determination with respect to a Designated Servicing Agreement, the ratio (expressed as a percentage) of (i) the lesser of (A) the Funded Advance Receivable Balance for such Designated Servicing Agreement on such day, and (B) the
aggregate of the Receivable Balances of Facility Eligible Receivables under such Designated Servicing Agreement on such date over (ii) the aggregate of the unpaid principal balances of the Mortgage Loans serviced under such Designated Servicing
Agreement on such date. 
 “Weighted Average Foreclosure Timeline” means, as of any Determination Date,
calculated as of the end of the preceding calendar month, the six-month rolling average of the number of months (calculated consistently with then current Fannie Mae state foreclosure timeline guidance) elapsed from the initiation of foreclosure
through the foreclosure sale of each Mortgage Loan serviced under the Designated Servicing Agreements (with each Mortgage Loan weighted equally). 
 Section 3. Forms of Series 2012-MM1 Notes; Transfer Restrictions. 
 (a) The
form of the Rule 144A Definitive Notes with respect to the Class A-MM1 Draw Notes and the Rule 144A Global Note with respect to the Class A-MM1 Term Notes to evidence the Series 2012-MM1 Notes in the circumstances described in
Section 5.4(c) of the Base Indenture are attached to the Base Indenture as Exhibits A-1 and A-2, as applicable. For the avoidance of doubt, and subject to the terms and provisions of Section 5.4 of the Base Indenture, the
Class A-MM1 Term Notes are to be issued as Book-Entry Notes. 
 (b) For the avoidance of doubt, reference in the Base
Indenture to Voting Interests, consent rights or other rights of any Class of Term Notes shall also include the Class A-MM1 Notes. 

  
 12 

 (c) In addition to any provisions set forth in Section 6.5 of the Base Indenture, with
respect to the Class A-MM1 Draw Notes, the Holder of such Class of Notes shall only transfer its beneficial interest in a Class A-MM1 Draw Note to another potential investor (i) following receipt of (1) the consent of 100% of the
Holders of the Class A-MM1 Term Notes and (2) a confirmation from the applicable Note Rating Agency that such transfer shall not result in a Ratings Effect with respect to the Series 2012-MM1 Notes and (ii) the Administrative Agent
shall have notified the Issuer, the Administrator, the Indenture Trustee and the Holders of the Class A-MM1 Term Notes of such transfer; provided, that, to the extent 100% of the Holders of the Class A-MM1 Term Notes do not provide their
consent with respect to a requested transfer (a “Draw Note Transfer Denial”), then the Holders of the Class A-MM1 Draw Notes shall not effect such requested transfer but may pay the remaining Note Principal Balance of
the Class A-MM1 Term Notes on the next succeeding Purchase Date and shall remain obligated to make Interest Coverage Payments under Section 7 hereof with respect to the immediately succeeding Payment Date; provided, however, this
Section 3(c) does not apply to the transfer of a participation interest of a Class A-MM1 Draw Note or the transfer of all or a portion of a Class A-MM1 Draw Note that does not include the Commitment of the Purchaser under the MM1 Note
Purchase Agreement. 
 Section 4. Collateral Value Exclusions. 

For purposes of calculating “Collateral Value” in respect of the Series 2012-MM1 Notes, the Collateral Value shall be
zero for any Receivable that: 
 (i) is attributable to any Designated Servicing Agreement to the extent
that the related Receivable Balance, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100%; 

(ii) is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance, when added
to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related UPB Ratio to exceed 20%; 
 (iii) is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance, when added to the aggregate Receivable Balances already outstanding with respect to such
Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 20%; 
 (iv) is attributable
to a Designated Servicing Agreement that is a Low Threshold Servicing Agreement; 
 (v) is attributable to a
Designated Servicing Agreement that is a Middle Threshold Servicing Agreement; 
 (vi) is attributable to a
Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable
Balances attributable to such Designated Servicing Agreement to exceed 15% of the aggregate of the Receivable Balances of all Receivables included in the Trust Estate; or 

  
 13 

 (vii) until the Administrative Agent shall have provided its written consent
(in its sole and absolute discretion), and notwithstanding satisfaction of clauses (xi) and (xii) of the definition of “Facility Eligible Receivable” and clause (viii) of the definition of “Facility Eligible Servicing
Agreement” in the Base Indenture, is a Servicing Fee Advance Receivable. 
 Section 5. Sweep Account; Note Purchase
Proceeds Account; General Reserve Accounts. 
 (a) (i) Pursuant to Section 4.1 of the Base Indenture, in addition to all
other Trust Accounts, the Indenture Trustee shall establish and maintain a segregated trust account (the “Sweep Account”), which shall be an Eligible Account, solely for the benefit of the Holders of the Class A-MM1 Draw Notes.
If such account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. Notwithstanding the terms and provisions of the Base Indenture,
amounts held in the Sweep Account shall be held uninvested. 
 (ii) Consistent with the limited purposes for
which the Sweep Account is to be established, on each Payment Date upon which the Class A-MM1 Term Notes remain outstanding following the commencement of the Full Amortization Period and there shall not have occurred a MM1 Note Purchase Default
(such period, a “Sweep Period”), the Indenture Trustee shall withdraw Available Funds from the Collection and Funding Account and deposit them into the Sweep Account pursuant to, and to the extent required by, Sections 5 and 7 hereof and
Section 4.5 of the Base Indenture. 
 (iii) Notwithstanding any provisions to the contrary in
Section 4.4 of the Base Indenture, on each Interim Payment Date during a Sweep Period, the Indenture Trustee shall deposit all remaining Available Funds into the Sweep Account following payment of any amounts set forth in Section 4.4(f)
and prior to payment of any amounts pursuant to Section 4.4(g) of the Base Indenture. 
 (iv)
Notwithstanding any provisions to the contrary in Section 4.5(a) of the Base Indenture, on each Payment Date during a Sweep Period, the Indenture Trustee shall deposit all remaining Available Funds into the Sweep Account in accordance with the
terms and provisions of Section 4.5(a)(2)(v) and prior to payment of any amounts pursuant to Section 4.5(a)(2)(vi) of the Base Indenture. 
 (v) Upon the termination of a Sweep Period following the payment in full of the Class A-MM1 Term Notes, amounts described in Sections 5 and 7 hereof and Section 4.5(a) of the Base Indenture
shall be withdrawn from the Sweep Account by the Indenture Trustee and remitted for payments as described herein and therein. Upon payment in full of the Class A-MM1 Draw Notes pursuant to Section 4.5(a) of the Base Indenture, the
Indenture Trustee shall remit all remaining amounts in the Sweep Account to the Note Payment Account for application as Available Funds by the Indenture Trustee in accordance with the terms and provisions of Section 7 hereof and
Section 4.5 of the Base Indenture. 

  
 14 

 (b) (i) Pursuant to Section 4.1 of the Base Indenture, in addition to all other Trust
Accounts, the Indenture Trustee shall establish and maintain a segregated trust account (the “Note Purchase Proceeds Account”), which shall be an Eligible Account, solely for the benefit of the Holders of the Class A-MM1 Term
Notes. If such account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. Notwithstanding the terms and provisions of the Base
Indenture, amounts held in the Note Purchase Proceeds Account shall be held uninvested. 
 (ii) Consistent with the limited
purposes for which the Note Purchase Proceeds Account is to be established, and notwithstanding any provisions to the contrary in the Base Indenture, on each Payment Date upon which the Class A-MM1 Term Notes remain outstanding, the Indenture
Trustee shall remit all amounts on deposit in the Note Purchase Proceeds Account as set forth in Section 7(b) and pay such amounts pro rata to the Holders of the Class A-MM1 Term Notes. 

(c) (i) In accordance with the terms and provisions of this Section 5 and Section 4.6 of the Base Indenture, the Indenture
Trustee shall establish and maintain General Reserve Accounts with respect to each of the Class A-MM1 Term Notes and the Class A-MM1 Draw Notes, each of which shall be an Eligible Account, for the benefit of the Class A-MM1 Term
Noteholders and the Class A-MM1 Draw Noteholders, respectively. 
 (ii) Notwithstanding the terms and provisions of
Section 4.6(b) of the Base Indenture, amounts may be withdrawn by the Indenture Trustee from the General Reserve Account with respect to the Class A-MM1 Term Notes and remitted to the Note Payment Account solely to cover payments allocable
to such Notes pursuant to Section 4.5(a)(1)(iii) or Section 4.5(a)(2)(iii)(C), as applicable, which are not payable out of Available Funds due to an insufficiency of Available Funds. 

Section 6. Enforcement Proceedings. If the Class A-MM1 Draw Noteholder fails to pay any amounts in accordance with the terms
and provisions of this Indenture Supplement or the MM1 Note Purchase Agreement, forthwith upon notice of such failure by any Class A-MM1 Term Noteholder (with a copy to the Indenture Trustee), the Indenture Trustee (at the written direction of
such Class A-MM1 Term Noteholders) shall, in the name of the Trust but not its own name and without the possession of any of the Series 2012-MM1 Notes or the production thereof in any proceeding relating thereto, institute a judicial proceeding
for the collection of the sums so due and unpaid, and may directly prosecute such proceeding to judgment or final decree, and the Indenture Trustee may enforce the same against the Class A-MM1 Draw Noteholders and collect the money adjudged or
decreed to be payable in the manner provided by law, the Base Indenture and this Indenture Supplement; provided, that the Indenture Trustee receives indemnity satisfactory to it in its sole discretion against all liability and expense in connection
with such proceeding from the Class A-MM1 Term Noteholders and all expenses of the Indenture Trustee and its respective agents and counsel are promptly paid by the Class A-MM1 Term Noteholders upon written request of the Indenture Trustee.
Recovery of judgment will, after provision for the payment of remaining amounts due (if any) for the reasonable 

  
 15 

 
compensation, expenses, disbursements and advances of the Indenture Trustee and its respective agents and counsel, be for the ratable benefit of the Holders of the Class A-MM1 Term Notes in
respect of which such judgment has been recovered. Notwithstanding the foregoing, the Indenture Trustee shall not be required to take any action to exercise or enforce the trusts hereby created which, in the opinion of the Indenture Trustee, shall
be likely to involve expense or liability to the Indenture Trustee. The Indenture Trustee shall not be required to ascertain or inquire as to the performance or observance of any of the covenants or agreements contained in this Indenture Supplement
or in the MM1 Note Purchase Agreement. 
 Section 7. Payments; Note Balance Increases; Early Maturity; Optional Redemption.

 (a) (i) The Paying Agent shall make payments of interest, on a pro rata basis, in respect to the Series 2012-MM1 Notes on
each Payment Date in accordance with the terms and provisions of this Indenture Supplement and Section 4.5 of the Base Indenture. 
 (ii) In accordance with the terms and provisions of Section 4.4(b) of the Base Indenture, the Indenture Trustee shall remit Available Funds held in the Collection and Funding Account into the
Interest Accumulation Account with respect to the Class A-MM1 Term Notes in an amount equal to the sum of (i) the Interest Accumulation Amount for such Interim Payment Date with respect to the Class A-MM1 Term Notes plus (ii) the
aggregate outstanding balance of all Interest Coverage Payments made by and payable to the Class A-MM1 Draw Noteholders with respect to prior Payment Dates. 
 (iii) In accordance with the terms and provisions of Section 4.5(a)(1)(iii) of the Base Indenture, the Paying Agent shall pay, pro rata, (i) to the Class A-MM1 Draw Noteholders,
reimbursement with respect to any outstanding Interest Coverage Payments and (ii) to the Holders of the Class A-MM1 Term Notes, pro rata based on their respective interest entitlement amounts, the related Cumulative Interest
Shortfall Amounts attributable to unpaid Senior Interest Amounts from prior Payment Dates, and the Senior Interest Amount for the current Payment Date, for such Class; provided, that if the amount of Available Funds on deposit in the
Collection and Funding Account on such day is insufficient to pay any such amounts pursuant to Section 4.5(a)(1)(iii) of the Base Indenture, the Paying Agent shall withdraw from the General Reserve Account related to the Class A-MM1 Term
Notes an amount equal to the lesser of the amount then on deposit in such General Reserve Account and the amount of such shortfall for disbursement to the Noteholders of such Class in reduction of such shortfall; provided, further, that if
the amount of funds on deposit in the General Reserve Account related to the Class A-MM1 Term Notes on such day is insufficient to pay any amounts in respect of any Class pursuant to Section 4.5(a)(1)(iii) of the Base Indenture, the
Class A-MM1 Draw Noteholders, at the request of any Holder of a Class A-MM1 Term Note, shall make an advance of funds (an “Interest Coverage Payment”) in an amount equal to such shortfall for disbursement to the
Noteholders of such Class in reduction of such shortfall.
 In accordance with the terms and provisions of
Section 4.5(a)(2)(iii)(C) of the Base Indenture, the Paying Agent shall pay, pro rata, (i) to the Class A-MM1 Draw Noteholders, reimbursement with respect to any outstanding Interest Coverage Payments and (ii) to the Holders of
the Class A-MM1 Term Notes, pro rata based on their respective interest entitlement 

  
 16 

 
amounts, the related Cumulative Interest Shortfall Amounts attributable to unpaid Senior Interest Amounts from prior Payment Dates, and the Senior Interest Amount for the current Payment Date,
for such Class; provided, that if the amount of Available Funds on deposit in the Collection and Funding Account on such day is insufficient to pay any such amounts pursuant to Section 4.5(a)(2)(iii)(C) of the Base Indenture, the Paying
Agent shall withdraw from the General Reserve Account related to the Class A-MM1 Term Notes an amount equal to the lesser of the amount then on deposit in such General Reserve Account and the amount of such shortfall for disbursement to the
Noteholders of such Class in reduction of such shortfall; provided, further, that if the amount of funds on deposit in the General Reserve Account related to the Class A-MM1 Term Notes on such day is insufficient to pay any amounts in
respect of any Class pursuant to Section 4.5(a)(2)(iii)(C) of the Base Indenture, the Class A-MM1 Draw Noteholders, at the request of any Holder of a Class A-MM1 Term Note, shall make an Interest Coverage Payment in an amount equal to
the amount of such shortfall for disbursement to the Noteholders of such Class in reduction of such shortfall.
 The parties
hereto agree that any such failure of the Class A-MM1 Draw Noteholders to make an Interest Coverage Payment under this Section 7(a) shall constitute an Event of Default under Section 8.1(a)(i) of the Base Indenture.

 (iv) In addition, in accordance with the terms and provisions of Section 4.5(a)(1)(ii) and
Section 4.5(a)(2)(iii)(A) of the Base Indenture, the Paying Agent shall allocate amounts related to all Series Fees for the Series 2012-MM1 Notes in the following order of priority: (i) first, as set forth in Section 7(b), to pay the
applicable portion of the MM1 Facility Fee to Wells Fargo Securities, LLC, as Administrative Agent; and (ii) second, pro rata, to pay all other fees and expenses related to the Series 2012-MM1 Notes (other than any Interest Coverage
Payments).
 (b) Principal, Class A- MM1 Term Notes: 

(i) With respect to the Class A-MM1 Term Notes, notwithstanding the commencement of a Target Amortization Period with respect to the
Class A-MM1 Draw Notes or the Full Amortization Period, the Holder of the Class A-MM1 Draw Notes shall purchase Additional Note Balances in accordance with the terms and provisions of Section 2.01 of the MM1 Note Purchase Agreement
and deposit the related proceeds into the Note Purchase Proceeds Account. On each Payment Date, the Paying Agent shall apply the amounts on deposit in the Note Purchase Proceeds Account for such Payment Date to pay down the respective Note Balances
of the Class A-MM1 Term Notes, pro rata, until the reduction of all such Note Balances to zero. In addition, the Paying Agent shall pay to Wells Fargo Securities, LLC, as Administrative Agent, on each Payment Date, the applicable monthly
portion of the MM1 Facility Fee in accordance with the terms and provisions of Section 4.5(a)(1)(ii) of the Base Indenture and/or the accrued and unpaid portion of the MM1 Facility Fee in accordance with the terms and provisions of
Section 4.5(a)(2)(iii)(A) of the Base Indenture, as applicable. 
 (ii) During a Target Amortization Period with respect to
the Class A-MM1 Term Notes, (A) on each Interim Payment Date preceding each Payment Date, the Paying Agent shall remit to the related Target Amortization Principal Accumulation Account an aggregate amount equal to the Target Amortization
Amount for the Class A-MM1 Term Notes in accordance with the terms and provisions of Section 4.4(d) of the Base Indenture and (B) on each such Payment 

  
 17 

 
Date, the Paying Agent shall make payments of principal on the Class A-MM1 Term Notes in an amount equal to such Target Amortization Amount in accordance with Section 4.5(a)(1)(v) of
the Base Indenture. Until the Class A-MM1 Term Notes are paid in full, amounts on deposit in the related Target Amortization Principal Accumulation Account in accordance with the terms and provisions of this Section 7(b) may only be used
to pay the related Target Amortization Amounts of the Class A-MM1 Term Notes. 
 (iii) During the Full Amortization Period
(during which a Target Amortization Period with respect to the Class A-MM1 Term Notes has also occurred), on each Payment Date in accordance with Section 4.5(a)(2)(iii)(D) of the Base Indenture, the Paying Agent shall make payments of
principal in the following order of priority: (i) first, on the Class A-MM1 Term Notes, until the Note Balance thereof has been paid to zero; and (ii) second, on the Class A-MM1 Draw Notes, until the Note Balance thereof has been
paid to zero. 
 (c) Principal, Class A-MM1 Draw Notes: 

(i) During a Target Amortization Period with respect to the Class A-MM1 Draw Notes, (A) on each Interim Payment Date preceding
each Payment Date, the Paying Agent shall remit to the related Target Amortization Principal Accumulation Account an aggregate amount equal to the Target Amortization Amount for the Class A-MM1 Draw Notes in accordance with the terms and
provisions of Section 4.4(d) of the Base Indenture, and (B) on each such Payment Date, the Paying Agent shall make payments of principal on the Class A-MM1 Draw Notes in accordance with the terms and provisions of
Section 4.5(a)(1)(v) of the Base Indenture. Until the Class A-MM1 Draw Notes are paid in full, amounts on deposit in the related Target Amortization Principal Accumulation Account in accordance with the terms and provisions of this
Section 7(c) may only be used to pay the related Target Amortization Amounts for the Class A-MM1 Draw Notes. 
 (ii)
Subject to the terms and provisions of Section 7(b)(iii) hereof, during the Full Amortization Period (unless a Target Amortization Period with respect to the Class A-MM1 Term Notes has occurred), on each Payment Date in accordance with
Section 4.5(a)(2)(iii)(D) of the Base Indenture, the Paying Agent shall make payments of principal on the Class A-MM1 Draw Notes, until the Note Balance thereof has been paid down to zero. 

(d) Notwithstanding the terms and provisions of Section 13.1 of the Base Indenture, with respect to the Series 2012-MM1 Notes, the
Issuer may not effect a call of such Notes on any Redemption Payment Date. 
 Section 8. Determination of Note Interest Rate
and LIBOR. 
 (a) At least one (1) Business Day prior to each Determination Date, the Administrator shall calculate the
Note Interest Rate for the related Interest Accrual Period (using One-Month LIBOR as determined by the Administrative Agent in accordance with Section 8(b) below) and the Interest Payment Amount for the Series 2012-MM1 Notes for the
upcoming Payment Date, and include a report of such amount in the related Payment Date Report. 

  
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 (b) On each LIBOR Determination Date, the Administrative Agent will determine the
arithmetic mean of the London Interbank Offered Rate (“LIBOR”) quotations for one-month Eurodollar deposits (“One-Month LIBOR”) for the succeeding Interest Accrual Period for the Series 2012-MM1 Notes on the basis
of the Reference Banks’ offered LIBOR quotations provided to the Calculation Agent as of 11:00 a.m. (London time) on such LIBOR Determination Date. As used herein with respect to a LIBOR Determination Date, “Reference Banks”
means leading banks engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, (ii) whose quotations appear on the Bloomberg Screen US0001M Index Page for
the LIBOR Determination Date in question and (iii) which have been designated as such by the Calculation Agent (after consultation with the Administrative Agent) and are able and willing to provide such quotations to the Calculation Agent for
each LIBOR Determination Date. “Bloomberg Screen US0001M Index Page” means the display designated as page US0001M Index Page on the Bloomberg Financial Markets Commodities News (or such other pages as may replace such page on that
service for the purpose of displaying LIBOR quotations of major banks). If any Reference Bank should be removed from the Bloomberg Screen US0001M Index Page or in any other way fails to meet the qualifications of a Reference Bank, the Administrative
Agent may, in its sole discretion, designate an alternative Reference Bank. 
 If, for any LIBOR Determination Date, two
(2) or more of the Reference Banks provide offered One-Month LIBOR quotations on the Bloomberg Screen US0001M Index Page, One-Month LIBOR for the next succeeding Interest Accrual Period for the Series 2012-MM1 Notes will be the arithmetic mean
of such offered quotations (rounding such arithmetic mean if necessary to the nearest five decimal places). 
 If, for any LIBOR
Determination Date, only one (1) or none of the Reference Banks provides such offered One-Month LIBOR quotations for the next applicable Interest Accrual Period, One-Month LIBOR for the next Interest Accrual Period for the Series 2012-MM1 Notes
will be the higher of (x) One-Month LIBOR as determined for the previous LIBOR Determination Date and (y) the Reserve Interest Rate. The “Reserve Interest Rate” on any date of determination will be the rate per annum that
the Administrative Agent determines to be either (A) the arithmetic mean (rounding such arithmetic mean if necessary to the nearest five decimal places) of the one-month Eurodollar lending rate that New York City banks selected by the
Administrative Agent are quoting, on the relevant LIBOR Determination Date, to the principal London offices of at least two (2) leading banks in the London Interbank market or (B) in the event that the Administrative Agent is unable to
determine such arithmetic mean, the lowest one-month Eurodollar lending rate that the New York City banks so selected by the Administrative Agent are quoting on such LIBOR Determination Date to leading European banks. 

If, on any LIBOR Determination Date, the Administrative Agent is required but is unable to determine the Reserve Interest Rate in the
manner provided in the preceding paragraph, One-Month LIBOR for the next applicable Interest Accrual Period will be One-Month LIBOR as determined for the previous LIBOR Determination Date. 

Notwithstanding the foregoing, One-Month LIBOR for an Interest Accrual Period shall not be based on One-Month LIBOR for the previous
Interest Accrual Period on the Series 2012-MM1 Notes for two (2) consecutive LIBOR Determination Dates. If, under the priorities described above, One-Month LIBOR for an Interest Accrual Period on the Series 2012-MM1 Notes would be based on
One-Month LIBOR for the previous LIBOR Determination Date for 

  
 19 

 
the second consecutive LIBOR Determination Date, the Administrative Agent shall select an alternative index (over which the Administrative Agent has no control) used for determining one-month
Eurodollar lending rates that is calculated and published (or otherwise made available) by an independent third party, and this alternative index shall constitute One-Month LIBOR for all purposes under this Indenture Supplement in that event.

 (c) The establishment of One-Month LIBOR by the Administrative Agent and the Administrative Agent’s subsequent
calculation of the Note Interest Rate on the Series 2012-MM1 Notes for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding. 
 Section 9. Increased Costs. 
 If any requirement of any law, rule,
regulation or order applicable to a Holder of a Class A-MM1 Draw Note (a “Requirement of Law”) or any change in the interpretation or application thereof or compliance by such Holder with any request or directive (whether or
not having the force of law) from any central bank or other governmental authority made subsequent to the date hereof: 
 (1) shall subject such Holder to any tax of any kind whatsoever with respect to its Class A-MM1 Draw Note (excluding income taxes, branch profits taxes, franchise taxes or similar taxes imposed on
such Holder as a result of any present or former connection between such Holder and the United States, other than any such connection arising solely from such Holder having executed, delivered or performed its obligations or received a payment
under, or enforced, this Indenture) or change the basis of taxation of payments to such Holder in respect thereof; shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by,
deposits or other liabilities in or for the account of, advances, or other extensions of credit by, or any other acquisition of funds by, any office of such Holder which is not otherwise included in the determination of the Note Interest Rate
hereunder; or 
 (2) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, or credit extended or participated by, or any other acquisition of funds by, any office of such Holder which is not
otherwise included in the determination of the Note Interest Rate hereunder; or 
 (3) impose on such Holder or
the London interbank market any other condition, cost or expense (other than with respect to taxes) affecting this Agreement or the Series 2012-MM1 Notes or any participation therein; or 

(4) shall impose on such Holder any other condition; 
 and the result of any of the foregoing is to increase the cost to such Holder, by an amount which such Holder deems to be material, of continuing to hold its Class A-MM1 Draw Note, of maintaining its
obligations with respect thereto or to reduce any amount due or owing hereunder 

  
 20 

 
in respect thereof, or to reduce the amount of any sum received or receivable by such Holder (whether of principal, interest or any other amount) or (in the case of any change in a Requirement of
Law regarding capital adequacy or liquidity requirements or in the interpretation or application thereof or compliance by such Holder or any Person controlling such Holder with any request or directive regarding capital adequacy or liquidity
requirements (whether or not having the force of law) from any governmental or quasi-governmental authority made subsequent to the date hereof) shall have the effect of reducing the rate of return on such Holder’s or such controlling
Person’s capital as a consequence of its obligations as a Holder of a Draw Note to a level below that which such Holder or such controlling Person could have achieved but for such adoption, change or compliance (taking into consideration such
Holder’s or such controlling Person’s policies with respect to capital adequacy), then, in any such case, such Holder shall invoice the Administrator for such additional amount or amounts as calculated by such Holder in good faith as will
compensate such Holder for such increased cost or reduced amount, and such invoiced amount shall be payable to such Holder on the Payment Date following the next Determination Date following such invoice, in accordance with
Section 4.5(a)(1)(ii) or Section 4.5(a)(2)(ii) of the Base Indenture, as applicable; provided, however, that any amount of Increased Costs in excess of the Increased Cost Limit shall be payable to such Holder in accordance
with Section 4.5(a)(1)(ix) or Section 4.5(a)(2)(iv) of the Base Indenture, as applicable. 
 Increased Costs payable
under this Section 9 shall be payable on a Payment Date only to the extent invoiced to the Indenture Trustee prior to the related Determination Date. 
 Section 10. Series Reports. 
 (a) Series Calculation Agent Report.
The Calculation Agent shall deliver a report of the following items together with each Calculation Agent Report pursuant to Section 3.1 of the Base Indenture, to the extent received from the Servicer, with respect to the Series 2012-MM1 Notes:

 (i) the unpaid principal balance of the Mortgage Loans subject to any Low Threshold Servicing Agreement and
Middle Threshold Servicing Agreement; 
 (ii) the Advance Ratio for each Designated Servicing Agreement, and
whether the Advance Ratio for such Designated Servicing Agreement exceeds 100%; 
 (iii) the Market Value Ratio
for each Designated Servicing Agreement, and whether the UPB Ratio for such Designated Servicing Agreement exceeds 20%; 
 (iv) the UPB Ratio for each Designated Servicing Agreement, and whether the UPB Ratio for such Designated Servicing Agreement exceeds 20%; 

(v) for each Middle Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the
aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate;

  
 21 

 (vi) for each Low Threshold Servicing Agreement, as of the end of the most
recently concluded calendar month, the aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all
Receivables included in the Trust Estate; 
 (vii) the Weighted Average Liquidation Timeline with respect to each
Designated Servicing Agreement as of the end of the most recently ended calendar month; 
 (viii) the Weighted
Average Foreclosure Timeline as of the Determination Date for the most recently ended calendar month; 
 (ix) (A)
a list of each Target Amortization Event for the Series 2012-MM1 Notes and presenting a “yes” or “no” answer beside each indicating whether each such Target Amortization Event has occurred as of the end of the Monthly Advance
Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date; and (B) whether any Target Amortization Amount that has become due and payable has been paid; 

(x) whether any Receivable, or any portion of the Receivables, attributable to a Designated Servicing Agreement, has zero
Collateral Value by virtue of the definition of “Collateral Value” or Section 4 of this Indenture Supplement; 
 (xi) a calculation of the Net Proceeds Coverage Percentage in respect of each of the three (3) preceding Monthly Advance Collection Periods (or each that has occurred since the date of this Indenture
Supplement, if less than three (3)), and the arithmetic average of the three; 
 (xii) the Monthly Reimbursement
Rate for the upcoming Payment Date or Interim Payment Date; 
 (xiii) the PSA Stressed Non-Recoverable Advance
Amount for the upcoming Payment Date or Interim Payment Date; 
 (xiv) the MM1 Facility Fee payable on such
Payment Date; and 
 (xv) the Trigger Advance Rates for each Class of Series 2012-MM1 Notes. 

(b) Series Payment Date Report. In conjunction with each Payment Date Report, the Indenture Trustee shall also report the Stressed
Time Percentage. 
 (c) Limitation on Indenture Trustee Duties. The Indenture Trustee shall have no independent duty to
verify: (i) the Adjusted Tangible Equity, the occurrence of any of the events described in clause (b), (e), (f) and (g) of clause (ii) of the definition of “Target Amortization Event,” (ii) compliance with clause
(vi) of the definition of “Facility Eligible Servicing Agreement” and (iii) that all Series 2012-MM1 Notes meet the criteria set forth in the last proviso of the definition of “Note Interest Rate.” 

  
 22 

 Section 11. Conditions Precedent Satisfied. 

The Issuer hereby represents and warrants to the Holders of the Series 2012-MM1 Notes and the Indenture Trustee that, as of the related
Issuance Date, each of the conditions precedent set forth in the Base Indenture, including but not limited to those conditions precedent set forth in Section 6.10(a) thereof, have been satisfied. 

Section 12. Representations and Warranties. 
 The Issuer, the Administrator and Servicer and the Indenture Trustee hereby restate as of the related Issuance Date, or as of such other date as is specifically referenced in the body of such
representation and warranty, all of the representations and warranties set forth in Sections 9.1, 10.1 and 11.14, respectively, of the Base Indenture. 
 Section 13. Amendments. 
 (a) Notwithstanding any provisions to the contrary
in Article XII of the Base Indenture, and in addition to and otherwise subject to the provisions set forth in Sections 12.1 and 12.3 of the Base Indenture, without the consent of the Holders of any Notes or any other Person but with the consent of
the Issuer (evidenced by its execution of such amendment), the Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required only to the extent that such amendment would materially affect the Subservicer) and
the Administrative Agent, and with prior notice to the applicable Note Rating Agency, at any time and from time to time, upon delivery of an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate
to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect, may amend this Indenture Supplement for any of the following purposes: (i) to correct any mistake or typographical error or cure any
ambiguity, or to cure, correct or supplement any defective or inconsistent provision herein or any other Transaction Document; (ii) to correct, modify or supplement any provision herein that may be defective or may be inconsistent with any
provision in the final Private Placement Memorandum dated as of September 12, 2012; (iii) to take any action necessary to maintain the rating currently assigned by the applicable Note Rating Agency to and/or to avoid such Class of Notes
being placed on negative watch by such Note Rating Agency; or (iv) to amend any other provision of this Indenture Supplement. 
 (b) Notwithstanding any provisions to the contrary in Section 6.10 or Article XII of the Base Indenture, no supplement, amendment or indenture supplement entered into with the respect to the issuance
of a new Series of Notes or pursuant to the terms and provisions of Section 12.2 of the Base Indenture may, without the consent of 66 2/3% of the Series 2012-MM1 Notes (including 100% of the Class A-MM1 Term Notes), supplement, amend or
revise any term or provision of this Indenture Supplement. 
 Section 14. Counterparts. 

This Indenture Supplement may be executed in any number of counterparts, by manual or facsimile signature, each of which so executed shall
be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

  
 23 

 Section 15. Entire Agreement. 

This Indenture Supplement, together with the Base Indenture incorporated herein by reference, constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter. 
 Section 16. Limited Recourse. 
 Notwithstanding any other terms of this
Indenture Supplement, the Series 2012-MM1 Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under the Series 2012-MM1 Notes, this Indenture and each other Transaction Document to which it is a party are limited
recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance with the terms of this Indenture Supplement, none of the Holders of Series
2012-MM1 Notes, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be
extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Series 2012-MM1 Notes or this Indenture or for any action or inaction of the Issuer against any officer, director, employee,
shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Series 2012-MM1 Notes or this Indenture. It is understood that the foregoing provisions of this Section 16
shall not (a) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate or (b) save as specifically provided therein, constitute a waiver, release
or discharge of any indebtedness or obligation evidenced by the Series 2012-MM1 Notes or secured by this Indenture. It is further understood that the foregoing provisions of this Section 16 shall not limit the right of any Person to name
the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Series 2012-MM1 Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked
for or (if obtained) enforced against any such Person or entity. 
 Section 17. Notice. 

Any communication provided for or permitted hereunder or otherwise pursuant to the Base Indenture shall be in writing and, unless
otherwise expressly provided herein, shall be deemed to have been duly given if delivered by courier or mailed by first class mail, postage prepaid, or if transmitted by facsimile and confirmed in a writing delivered or mailed as aforesaid, to: in
the case of Wells Fargo Securities, LLC, 301 South College Street, MAC D1053-082, Charlotte, North Carolina 28288, Attention: Goetz Rokahr, facsimile number: 704-383-3556; in the case of Wells Fargo Bank, N.A., 301 South College Street, MAC
D1053-082, Charlotte, North Carolina 28288, Attention: Goetz Rokahr, facsimile number: 704-383-3556; or, as to such Person, such other address or facsimile number as may hereafter be furnished by such Person to the parties hereto in writing.

  
 24 

 Section 18. Limitation of Liability. 

It is expressly understood and agreed by the parties hereto that (a) this Indenture Supplement is executed and delivered by
Wilmington Trust Company, not individually or personally, but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings
and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing
herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture Supplement or the other Transaction Documents. 

  
 25 

 IN WITNESS WHEREOF, HLSS Servicer Advance Receivables Trust, as Issuer, HLSS
Holdings, LLC (as Administrator on behalf of the Issuer and as Servicer (on and after the MSR Transfer Date)), Ocwen Loan Servicing, LLC (as Servicer (prior to the MSR Transfer Date)), Deutsche Bank National Trust Company, as Indenture Trustee,
Calculation Agent, Paying Agent and Securities Intermediary, Barclays Bank PLC, as Administrative Agent, and Wells Fargo Securities, LLC, as Administrative Agent, have caused this Indenture Supplement relating to the Series 2012-MM1 Notes, to be
duly executed by their respective officers thereunto duly authorized and their respective signatures duly attested all as of the day and year first above written. 
  

													
	HLSS SERVICER ADVANCE RECEIVABLES TRUST, as Issuer	 		 	DEUTSCHE BANK NATIONAL TRUST COMPANY, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary and not in its individual
capacity
				
	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee	 		 	By:	 	  

		 		 		 		 		 	Name:	 	  

		 		 		 		 		 	Title:	 	  

					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 	  
	 		 		 	Name:	 	  

		 	Title:	 	  
	 		 		 	Title:	 	  

			
	HLSS HOLDINGS, LLC, as Administrator and as Servicer (on or after the MSR Transfer Date)	 		 	OCWEN LOAN SERVICING, LLC, as a Subservicer and as Servicer (prior to the MSR Transfer Date)
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 	  
	 		 		 	Name:	 	  

		 	Title:	 	  
	 		 		 	Title:	 	  

			
	BARCLAYS BANK PLC, as Administrative Agent	 		 	WELLS FARGO SECURITIES, LLC, as Administrative Agent
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 	  
	 		 		 	Name:	 	  

		 	Title:	 	  
	 		 		 	Title:	 	  

 [Signature Page to Indenture Supplement – HLSS Series 2012-MM1 Notes] 

 SCHEDULE I 

CLASS A-MM1 TERM NOTES 
 AMORTIZATION SCHEDULE 
  

			
	 Date
	  	 Scheduled MM1

Principal Balance

	 Issuance Date
	  	265,000,000
	 9/15/2012
	  	244,615,385
	 10/15/2012
	  	224,230,769
	 11/15/2012
	  	203,846,154
	 12/15/2012
	  	183,461,538
	 1/15/2013
	  	163,076,923
	 2/15/2013
	  	142,692,308
	 3/15/2013
	  	122,307,692
	 4/15/2013
	  	101,923,077
	 5/15/2013
	  	81,538,462
	 6/15/2013
	  	61,153,846
	 7/15/2013
	  	40,769,231
	 8/15/2013
	  	20,384,615
	 9/15/2013
	  	—EX-10.7

 Exhibit 10.7 
 SECOND AMENDED AND RESTATED RECEIVABLES POOLING AGREEMENT 
 between 

HLSS SERVICER ADVANCE FACILITY TRANSFEROR, LLC 
 (Depositor) 
 and 

HLSS SERVICER ADVANCE RECEIVABLES TRUST 
 (Issuer) 
 Dated as of September 13, 2012 

HLSS SERVICER ADVANCE RECEIVABLES BACKED NOTES 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Section 1.
	 	Definitions; Incorporation by Reference	  	 	4	  
	 Section 2.
	 	Transfer of Receivables	  	 	6	  
	 Section 3.
	 	Depositor’s Acknowledgment and Consent to Assignment	  	 	8	  
	 Section 4.
	 	Representations, Warranties and Certain Covenants of Depositor	  	 	9	  
	 Section 5.
	 	Remedies Upon Breach	  	 	14	  
	 Section 6.
	 	Termination	  	 	15	  
	 Section 7.
	 	General Covenants of Depositor	  	 	15	  
	 Section 8.
	 	Grant Clause	  	 	17	  
	 Section 9.
	 	Grant by Issuer	  	 	17	  
	 Section 10.
	 	Protection of Indenture Trustee’s Security Interest in Trust Estate	  	 	17	  
	 Section 11.
	 	Limited Recourse	  	 	18	  
	 Section 12.
	 	Miscellaneous	  	 	18	  
			
	 Schedule 1
	 	Form of Assignment of Receivables	  			

  
 i 

 RECEIVABLES POOLING AGREEMENT 

This SECOND AMENDED AND RESTATED RECEIVABLES POOLING AGREEMENT (as may be amended, supplemented, restated or otherwise modified from time
to time, this “Agreement”) is made as of September 13, 2012 (“Effective Date”), by and between HLSS SERVICER ADVANCE FACILITY TRANSFEROR, LLC, a Delaware limited liability company (the
“Depositor”), and HLSS SERVICER ADVANCE RECEIVABLES TRUST, a statutory trust organized under the laws of Delaware (the “Issuer”). 

RECITALS 

(a) The Depositor is a special purpose Delaware limited liability company. The Issuer is a statutory trust organized under the laws of
Delaware. The Depositor and the Issuer were parties to that certain Receivables Pooling Agreement (the “Original Receivables Pooling Agreement”), dated as of August 31, 2010 (the “Original Closing
Date”). The Original Receivables Pooling Agreement was amended and restated in its entirety by that certain Amended and Restated Receivables Pooling Agreement (the “Amended and Restated Receivables Pooling
Agreement”), dated as of March 5, 2012 (the “Amended and Restated Closing Date”). Pursuant to Section 12(a) of the Amended and Restated Receivables Pooling Agreement, the Depositor and the Issuer may
amend the Amended and Restated Receivables Pooling Agreement by written instrument provided that: (i) so long as the Notes are outstanding, more than 50% of the Holders of all Outstanding Notes, each Supplemental Credit Provider and each
Liquidity Provider provide their prior written consent, (ii) the Depositor shall have delivered to the Indenture Trustee an officer’s certificate to the effect that the Depositor reasonably believes that any such amendment will not have an
Adverse Effect on the Noteholders, and (iii) Ocwen Loan Servicing, LLC (“OLS”) shall promptly notify each Note Rating Agency of any such amendment and shall furnish a copy of any such amendment to each such Note Rating
Agency. The Depositor and the Issuer wish to amend and restate in its entirety the Amended and Restated Receivables Pooling Agreement in accordance with Section 12(a) of the Amended and Restated Receivables Pooling Agreement, pursuant to the
terms set forth in this Agreement. 
 (b) OLS is the “Servicer” under certain pooling and servicing agreements, sale
and servicing agreements, and servicing agreements (each, as may be amended, supplemented, restated, or otherwise modified from time to time, a “Servicing Agreement” and, collectively, the “Servicing
Agreements”). Certain Servicing Agreements (each, as may be amended, supplemented, restated, or otherwise modified from time to time, a “Designated Servicing Agreement” and, collectively, the
“Designated Servicing Agreements”) will be designated as described herein for inclusion under this Agreement, the Receivables Sale Agreement and the Indenture. 

(c) OLS has sold and is selling the economics associated with the servicing rights under the Designated Servicing Agreements to HLSS
Holdings, LLC (“HLSS”), a Delaware limited liability company, which is wholly owned by Home Loan Servicing Solutions, Ltd., an exempted company formed under the laws of the Cayman Islands. On the Amended and Restated Closing
Date or the Effective Date, as applicable, and until the MSR Transfer Date with respect to any Designated Servicing Agreement, OLS shall continue to (i) be the “Servicer” 

 
under such Designated Servicing Agreement, (ii) have the obligation to make the required Advances under such Designated Servicing Agreement, (iii) have the right to collect the related
Receivables in reimbursement of such Advances, and (iv) have the right to collect Receivables in existence on the Amended and Restated Closing Date or the Effective Date, as applicable, related to Advances. Upon its disbursement of an Advance
pursuant to a Designated Servicing Agreement, OLS, as servicer (until the related MSR Transfer Date), becomes the beneficiary of a contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing
Agreement. Immediately, upon their creation, OLS shall sell the related Receivables to HLSS for cash purchase prices equal to 100% of their respective Receivable Balances pursuant to the Receivables Sale Agreement (as defined in Paragraph
(g) below) and the Purchase Agreement. 
 (d) When all required consents and ratings agency letters required for a
formal change of the named servicer under a Designated Servicing Agreement from OLS to HLSS shall have been obtained, OLS shall sell to HLSS all of the servicing rights and obligations under such Designated Servicing Agreement (the “MSR
Transfer Date”) pursuant to the Master Servicing Rights Purchase Agreement dated as of February 10, 2012 and related Sale Supplements, dated as of February 10, 2012, May 1, 2012, August 1, 2012 and
September 13, 2012, by and between OLS and HLSS (as may be amended, supplemented, restated, or otherwise modified from time to time and including any future sale supplements, the “Purchase Agreement”). Following the MSR
Transfer Date for any Designated Servicing Agreement, HLSS shall be the “Servicer” under such Designated Servicing Agreement, and HLSS shall thereafter (i) be the “Servicer” under such Designated Servicing Agreement,
(ii) have the obligation to make the required Advances under such Designated Servicing Agreement, (iii) have the right to collect the related Receivables in reimbursement of such Advances, and (iv) have the right to collect
Receivables in existence on the MSR Transfer Date related to Advances. Upon its disbursement of an Advance pursuant to a Designated Servicing Agreement, HLSS, as servicer (on and after the related MSR Transfer Date), becomes the beneficiary of a
contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing Agreement. OLS will initially be engaged by HLSS as subservicer for all of the Designated Servicing Agreements as to which the
related MSR Transfer Date has occurred under a subservicing agreement (as may be amended, supplemented, restated or otherwise modified from time to time, a “Subservicing Agreement”). Other subservicers may be appointed for
some or all of the Designated Servicing Agreements or for other servicing rights acquired by HLSS from time to time in compliance with Section 4(a)(xix) hereof. 
 (e) The Issuer, HLSS, as servicer (on and after the related MSR Transfer Date) and as Administrator, OLS, as servicer (until the related MSR Transfer Date) and as subservicer (on the MSR Transfer Date),
Deutsche Bank National Trust Company, as Indenture Trustee (the “Indenture Trustee”), as Calculation Agent, as Paying Agent and as Securities Intermediary, Barclays Bank PLC (“Barclays”), as
administrative agent, Sheffield Receivables Corporation and Ocwen Financial Corporation, entered into an Amended and Restated Indenture, dated as of March 5, 2012 (as amended, supplemented, restated, or otherwise modified until the date hereof,
the “Amended and Restated Indenture”), amending and restating that certain Indenture, dated as of August 31, 2010 (the “Original Indenture”). 

  
 2 

 (f) Pursuant to the Original Indenture, the Issuer issued term amortizing asset-backed notes
in four classes and a variable funding note, all collateralized by the Receivables. On the Amended and Restated Closing Date, pursuant to the Amended and Restated Indenture, the Series 2010-ADV1 Class D Term Notes were paid in full and retired. The
remaining Series 2010-ADV1 Notes were amended to have terms consistent with those set forth in the Amended and Restated Indenture. On the Effective Date, pursuant to a Second Amended and Restated Indenture (as may be amended, supplemented, restated
or otherwise modified from time to time and including any indenture supplement, the “Indenture”), among the Issuer, HLSS, as servicer (on and after the related MSR Transfer Date) and as Administrator, OLS, as servicer (until
the related MSR Transfer Date) and as subservicer (on the related MSR Transfer Date), the Indenture Trustee, as Indenture Trustee, as Calculation Agent, as Paying Agent and as Securities Intermediary, Barclays, as administrative agent and sole
Holder of the Series 2010-ADV1 Notes and Wells Fargo Securities, LLC, as administrative agent, the Amended and Restated Indenture will be amended and restated to provide for, among other things, the Issuer’s authority to issue different Series
of Advance Receivables Backed Notes from time to time, on the terms and conditions set forth in the Indenture. Such Advance Receivables Backed Notes shall be collateralized by the Aggregate Receivables and related property and certain monies in
respect thereof now owned and to be hereafter acquired by the Issuer. 
 (g) HLSS, as receivables seller, desires to sell and/or
contribute, assign, transfer and convey to the Depositor all its contractual rights (A) to reimbursement pursuant to the terms of a Designated Servicing Agreement for an Advance (other than Servicing Fee Advances) made by the Servicer
(including any predecessor servicer) pursuant to such Designated Servicing Agreement, which Advance has not previously been reimbursed, or (B) to payment pursuant to the terms of a Designated Servicing listed on the Servicing Fee Advance
Designated Servicing Agreement Schedule for a Servicing Fee Advance owed the Servicer pursuant to the terms of a Designated Servicing Agreement listed on the Servicing Fee Advance Designated Servicing Agreement Schedule for a Servicing Fee Advance
owed to the Servicer pursuant to such Designated Servicing Agreement which has been accrued by the Servicer but not paid, and including in either case all rights of the Servicer (including any predecessor Servicer) to enforce payment of such
obligation under the related Servicing Agreement and which it either acquires from OLS (before the related MSR Transfer Date) or creates itself as described in (A) or (B) above (on or after the related MSR Transfer Date), from the date
hereof through the Receivables Sale Termination Date, under the Designated Servicing Agreements (a “Receivable” and, collectively, the “Receivables”), pursuant to that certain Second Amended and
Restated Receivables Sale Agreement, dated as of even date herewith (as may be amended, supplemented, restated or otherwise modified from time to time, the “Receivables Sale Agreement”), amending and restating that certain
Amended and Restated Receivables Sale Agreement dated as of March 5, 2012 (the “Amended and Restated Receivables Sale Agreement”), which in turn amended and restated that certain Receivables Sale Agreement, dated as of
August 31, 2010 (the “Original Receivables Sale Agreement”). The Depositor is entering into this Agreement, to sell and/or contribute, assign, transfer and convey to the Issuer all Receivables acquired by the Depositor
from HLSS, as receivables seller, immediately upon the Depositor’s acquisition of such Receivables pursuant to Receivables Sale Agreement; provided, however, that all Receivables in existence on the Amended and Restated Closing Date shall have
been transferred from OLS to the Depositor under the Original Receivables Sale Agreement and from the Depositor to the Issuer under the Original Receivables Pooling Agreement prior to the Amended and Restated Closing Date. 

  
 3 

 (h) In consideration of each transfer by the Depositor to the Issuer of the Transferred
Assets on the terms and subject to the conditions set forth in this Agreement, the Issuer has agreed to pay to the Depositor a purchase price equal to 100% of the fair market value thereof on each Sale Date. To the extent the purchase price actually
paid in cash by the Issuer for the Transferred Assets is less than 100% of the fair market value thereof, the consideration for such excess fair market value shall be an increase in the value of the Owner Trust Certificate of the Issuer, 100% of
which is held by the Depositor, by the amount by which the fair market value of such Receivable exceeds the cash purchase price actually paid therefor. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the above premises and of
the mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Definitions; Incorporation by Reference. 

(a) This Agreement is entered into in connection with the terms and conditions of the Indenture. Any capitalized term used but not defined
herein shall have the meaning given to it in the Indenture. 
 Additional Receivables: As defined in Section 2(a)(ii).

 Administrative Agent: As defined in the Indenture. 
 Aggregate Receivables: (i) All Initial Receivables under a Designated Servicing Agreement sold and/or contributed by the Depositor to the Issuer under the Original Receivables Pooling
Agreement and (ii) all Additional Receivables under a Designated Servicing Agreement sold and/or contributed by the Depositor to the Issuer hereunder. 
 Agreement: As defined in the Preamble. 
 Amended and Restated Closing Date: As
defined in the Recitals. 
 Amended and Restated Receivables Pooling Agreement: As defined in the Recitals. 

Amended and Restated Receivables Sale Agreement: As defined in the Recitals. 
 Assignment of Receivables: Each agreement documenting an assignment by HLSS to the Depositor substantially in the form set forth on Schedule 1. 

Barclays: As defined in the Recitals. 

Depositor: As defined in the Preamble. 

  
 4 

 Depositor’s Related Documents: As defined in Section 4(a)(iii). 

Designated Servicing Agreement and Designated Servicing Agreements: As defined in the Recitals. 

Effective Date: As defined in the Preamble. 
 HLSS: As defined in the Recitals.  
 Indenture: As defined in the
Recitals. 
 Indenture Trustee: As defined in the Recitals. 
 Initial Receivables: As defined in Section 2(a)(i). 
 Initial RSA: As
defined in the Recitals. 
 Issuer: As defined in the Preamble. 
 MSR Transfer Date: As defined in the Recitals. 
 Notes: As defined in the Recitals.

 OLS: As defined in the Recitals. 
 Original Closing Date: As defined in the Recitals. 
 Original Indenture: As
defined in the Recitals.  
 Original Receivables Pooling Agreement: As defined in the Recitals.  

Original Receivables Sale Agreement: As defined in the Recitals. 
 Original Transferred Assets: As defined in Section 2(a)(i).  

Purchase: Each purchase by the Issuer from the Depositor of Transferred Assets. 
 Purchase Agreement: As defined in the Recitals. 
 Purchase Price: As defined in
Section 2(b). 
 Receivable and Receivables: As defined in the Recitals. 

Receivables Sale Agreement: As defined in the Recitals. 
 Receivables Sale Termination Date: The date, after the conclusion of the Revolving Period, on which all amounts due on all Classes of Notes issued by the Issuer pursuant to the Indenture, and all
other amounts payable to any party pursuant to the Indenture, shall have been paid in full. 

  
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 Removed Servicing Agreement: As defined in Section 2(c). 

Sale Date: (i) With respect to the Initial Receivables, each date from and including the Original Closing Date to the Effective Date on which
such Initial Receivable was sold and/or contributed, assigned, transferred and conveyed by the Depositor to the Issuer pursuant to the terms of the Original Receivables Pooling Agreement and (ii) with respect to any Additional Receivables, each
date from and including the Effective Date to the Receivables Sale Termination Date on which such Additional Receivable is sold and/or contributed, assigned, transferred and conveyed by the Depositor to the Issuer pursuant to the terms of this
Agreement. 
 Series: As defined in the Indenture. 
 Series 2010-ADV1 Notes: As defined in the Indenture. 
 Servicing Agreement and
Servicing Agreements: As defined in the Recitals. 
 Stop Date: As defined in Section 2(c). 

Subservicer: OLS or other subservicers that may be engaged by HLSS as subservicer for all of the Designated Servicing Agreements or for
other servicing rights acquired by HLSS from time to time. 
 Subservicing Agreement: As defined in the Recitals. 

 Subsidiary: Of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of
which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association,
joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 
 Transferred Assets: As defined in Section 2(a)(ii). 
 UCC: As defined in
Section 2(a)(i). 
 (b) The Designated Servicing Agreement Schedule, as may be amended, supplemented, restated, or
otherwise modified from time to time in accordance with the Transaction Documents, is incorporated by this reference into this Agreement. 
 Section 2. Transfer of Receivables. 
 (a) Transferred Assets.

 (i) From the Original Closing Date to the Amended and Restated Closing Date, subject to the provisions of the
Original Receivables Pooling Agreement, the Depositor sold and/or contributed, assigned, transferred and conveyed to the Issuer, and the Issuer acquired from the Depositor without recourse except as provided under the Original Receivables Pooling
Agreement, all of the Depositor’s right, title and interest, 

  
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whether now owned or hereafter acquired, in, to and under each Receivable (1) in existence on the Original Closing Date and in existence on any Business Day on or after the Original Closing
Date and prior to the Amended and Restated Closing Date that is listed as a “Designated Servicing Agreement” on the Designated Servicing Agreement Schedule as of the date such Receivable is created (the “Initial
Receivables”), and (2) all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the Uniform Commercial Code in effect in all
applicable jurisdictions (the “UCC”)), together with all rights of the Depositor to enforce such Initial Receivables (collectively, the “Original Transferred Assets”). 

(ii) Commencing on the Amended and Restated Closing Date, and until the close of business on the Receivables Sale
Termination Date, subject to the provisions of this Agreement, the Depositor hereby sells and/or contributes, assigns, transfers and conveys to the Issuer, and the Issuer acquires from the Depositor without recourse except as provided herein, all of
the Depositor’s right, title and interest, whether now owned or hereafter acquired, in, to and under (1) each Receivable in existence on any Business Day on or after the Amended and Restated Closing Date and prior to the Receivables Sale
Termination Date that arises under any Servicing Agreement that is listed as a “Designated Servicing Agreement” on the Designated Servicing Agreement Schedule as of the date such Receivable is created (the “Additional
Receivables”), and (2) all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the UCC), together with all rights of the Depositor
to enforce such Additional Receivables (collectively, the “Transferred Assets”). Until the Receivables Sale Termination Date, the Depositor shall, automatically and without any further action on its part, sell and/or
contribute, assign, transfer and convey to the Issuer, on each Business Day, each Additional Receivable not previously transferred to the Issuer and the Issuer shall purchase each such Additional Receivable together with all of the other Transferred
Assets related to such Receivable. 
 (b) Purchase Price. In consideration of the sale and/or contribution,
assignment, transfer and conveyance to the Issuer of the Aggregate Receivables and related Transferred Assets, on the terms and subject to the conditions set forth in this Agreement, the Issuer shall, on each Sale Date, pay and deliver to the
Depositor, in immediately available funds on the related Sale Date, or otherwise promptly following such Sale Date if so agreed by the Depositor and the Issuer, a purchase price (the “Purchase Price”) equal to (i) in the
case of one Receivable sold, assigned, transferred and conveyed on such Sale Date, the fair market value of such Receivable on such Sale Date or (ii) in the case more than one Receivable is sold, assigned, transferred and conveyed on such Sale
Date, the aggregate of the fair market values of such Receivables on such Sale Date, payable in cash to the extent of funds available to the Issuer, plus an increase in the value of the Owner Trust Certificate of the Issuer, to the extent the
Purchase Price exceeds the cash paid. 

  
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 (c) Removal of Designated Servicing Agreements and Receivables. On any date on or
after the satisfaction of all conditions specified in Section 2.1(c) of the Indenture, the Depositor may remove a Designated Servicing Agreement from the Designated Servicing Agreement Schedule (each such Servicing Agreement so removed, a
“Removed Servicing Agreement”). Upon the removal of a Designated Servicing Agreement from the Designated Servicing Agreement Schedule, (i) all Receivables related to such Removed Servicing Agreement previously
transferred to the Issuer and Granted to the Indenture Trustee for inclusion in the Trust Estate shall remain subject to the lien of the Indenture unless purchased for the aggregate of the Receivables Balances for such Receivables by a Person not
affiliated with HLSS or by a Person that is a bankruptcy remote special purpose entity, as evidenced by an opinion of counsel acceptable to the Administrative Agent, and (ii) all Receivables related to such Removed Servicing Agreement arising
on or after the date that the related Servicing Agreement was removed from the Designated Servicing Agreement Schedule (the “Stop Date”) shall continue to be sold and/or contributed by the Depositor to the Issuer pursuant to
the Receivables Pooling Agreement until all Receivables related to such Removed Servicing Agreement included in the Trust Estate are paid in full or sold pursuant to the terms of the Indenture; provided, however, that such Receivables
sold and/or contributed to the Depositor on or after the Stop Date shall not constitute Additional Receivables. 
 (d)
Marking of Books and Records. The Depositor shall, at its own expense, on or prior to the applicable Sale Date, in the case of Additional Receivables, indicate in its books and records (including its computer records) that the Receivables
arising under each Designated Servicing Agreement and the related Transferred Assets have been sold and/or contributed, assigned, transferred and conveyed to the Issuer in accordance with this Agreement. The Depositor shall not alter the indication
referenced in this paragraph with respect to any Receivable during the term of this Agreement, (except in accordance with Section 10(b)). If a third party, including a potential purchaser of a Receivable, should inquire as to the status
of the Receivables, the Depositor shall promptly indicate to such third party that the Receivables have been sold and/or contributed, assigned, transferred and conveyed and the Depositor (except in accordance with Section 10(b)) shall
not claim any right, title or interest (including, but not limited to ownership interest) therein. 
 Section 3.
Depositor’s Acknowledgment and Consent to Assignment. 
 (a) Acknowledgment and Consent to Assignment. The
Depositor hereby acknowledges that the Issuer has Granted to the Indenture Trustee, on behalf of the Noteholders, the rights (but not the obligations) of the Issuer under this Agreement, including, without limitation, the right to enforce the
obligations of the Depositor hereunder, and the obligations of HLSS under the Receivables Sale Agreement. The Depositor hereby consents to such Grant by the Issuer to the Indenture Trustee pursuant to the Indenture. The Depositor acknowledges that
the Indenture Trustee (on behalf of itself, the Noteholders, any Supplemental Credit Enhancement Provider and any Liquidity Provider) shall be a third party beneficiary in respect of the representations, warranties, covenants, rights, indemnities
and other benefits arising hereunder that are so Granted by the Issuer. Moreover, the Depositor hereby authorizes and appoints as its attorney-in-fact the Issuer and the Indenture Trustee, as the Issuer’s assignee, on behalf of the Issuer, to
execute and deliver such documents or certificates as may be necessary in order to enforce its rights under this Agreement and its rights to collect the Aggregate Receivables. 

  
 8 

 Section 4. Representations, Warranties and Certain Covenants of Depositor.

 The Depositor hereby makes the following representations and warranties for the benefit of the Issuer, the Indenture Trustee
and the Noteholders, on which the Issuer is relying in purchasing the Aggregate Receivables and executing this Agreement, and on which the Noteholders are relying in purchasing the Notes. The representations are made as of the date of this
Agreement, and as of each Sale Date. Such representations and warranties shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables to the Issuer. 

(a) General Representations, Warranties and Covenants. 

(i) Organization and Good Standing. The Depositor is a limited liability company organized and validly existing
under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and now has and so
long as any Notes are outstanding, will continue to have, power, authority and legal right to acquire, own, hold, transfer, assign and convey the Receivables. 
 (ii) Due Qualification. The Depositor is and will continue to be duly qualified to do business as a limited liability company in good standing, and has obtained and will keep in full force and
effect all necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, licenses, permits or approvals and as to which the failure to
obtain or to keep in full force and effect such licenses, permits or approvals would have a material and adverse impact upon the value or collectability of the Receivables. 

(iii) Power and Authority. The Depositor has and will continue to have all requisite limited liability company
power and authority to own the Receivables, and the Depositor has and will continue to have all requisite limited liability company power and authority to execute and deliver this Agreement, the initial Designated Servicing Agreement Schedule and
each subsequent Designated Servicing Agreement Schedule, each other Transaction Document to which it is a party and any and all other instruments and documents necessary to consummate the transactions contemplated hereby or thereby (collectively,
the “Depositor’s Related Documents”), and to perform each of its obligations under this Agreement and under the Depositor’s Related Documents, and to consummate the transactions contemplated hereby and thereby. The
execution and delivery of this Agreement by the Depositor, and the execution and delivery of each of the Depositor’s Related Documents by the Depositor, the performance by the Depositor of its obligations hereunder and thereunder, and the
consummation of the transactions contemplated hereby and thereby have each been duly authorized by the Depositor and no further limited liability company action or other actions are required to be taken by the Depositor in connection therewith.

 (iv) Valid Transfer. Upon the execution and delivery of this Agreement, each Assignment of Receivables
and the Designated Servicing Agreement Schedule by each of the parties hereto, this Agreement shall evidence a valid sale and/or contribution, transfer, 

  
 9 

 
assignment and conveyance of the Additional Receivables as of the applicable Sale Date to the Issuer, which is enforceable against creditors of and purchasers from the Depositor, except as such
enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 
 (v)
Binding Obligation. This Agreement and each of the other Transaction Documents to which the Depositor is a party has been, or when delivered will have been, duly executed and delivered and constitutes the legal, valid and binding obligation
of the Depositor, enforceable against the Depositor, in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 

(vi) Good Title. Immediately prior to each Purchase of Receivables hereunder, the Depositor is the legal and
beneficial owner of each such Receivable and the related Transferred Assets with respect thereto, free and clear of any Adverse Claims and immediately upon the transfer and assignment thereof, the Depositor and its assignees will have good and
marketable title to, with the right to sell and encumber, each Receivable, whether now existing or hereafter arising, together with the related Transferred Assets with respect thereto, free and clear of any Adverse Claims. 

(vii) Perfection. 
 (A) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Aggregate Receivables and the related Transferred Assets with respect thereto in favor of the
Issuer, which security interest is prior to all other Adverse Claims, and is enforceable as such against creditors of and purchasers from the Depositor; 
 (B) The Depositor has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under the UCC in order to perfect the security interest in the
Aggregate Receivables and the related Transferred Assets granted to the Issuer hereunder; and 
 (C) The
Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Aggregate Receivables and the related Transferred Assets, other than under this Agreement, except pursuant to any agreement that has been
terminated prior to the date hereof. The Depositor has not authorized the filing of and is not aware of any financing statement filed against the Depositor covering the Aggregate Receivables and the related Transferred Assets other than those filed
in connection with this Agreement and the other Transaction Documents, and those that have been terminated prior to the date hereof. The Depositor is not aware of any judgment or tax lien filings against the Depositor. 

(viii) No Violation. Neither the execution, delivery and performance of this Agreement, the other Transaction
Documents or the Depositor’s Related Documents by the Depositor nor the consummation by the Depositor of the transactions contemplated 

  
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hereby or thereby nor the fulfillment of or compliance with the terms and conditions of this Agreement, the Depositor’s Related Documents or the other Transaction Documents to which the
Depositor is a party (A) will violate the organizational documents of the Depositor, (B) will constitute a default (or an event which, with notice or lapse of time or both, would constitute a default), or result in a breach or acceleration
of, any material indenture, agreement or other material instrument to which the Depositor or any of its Affiliates is a party or by which it or any of them is bound, or which may be applicable to the Depositor, (C) constitutes a default
(whether with notice or lapse of time or both), or results in the creation or imposition of any Adverse Claim upon any of the property or assets of the Depositor under the terms of any of the foregoing, or (D) violates any statute, ordinance or
law or any rule, regulation, order, writ, injunction or decree of any court or of any public, governmental or regulatory body, agency or authority applicable to the Depositor or its properties. 

(ix) No Proceedings. There is no action, suit or proceeding before or by any court or governmental agency or body,
domestic or foreign, now pending, or to the Depositor’s knowledge, threatened, against or affecting the Depositor (A) in which a third party not affiliated with the Indenture Trustee or a Noteholder asserts the invalidity of any of the
Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the Transaction Documents, (C) seeking any determination or ruling that should reasonably be
expected to affect materially and adversely the performance by the Depositor or its Affiliates of their obligations under, or the validity or enforceability of, any of the Transaction Documents or (D) relating to the Depositor or its Affiliates
and which should reasonably be expected to affect adversely the federal income tax attributes of the Notes. 

(x) Ownership of Issuer. 100% of the Owner Trust Certificate of the Issuer is owned by the Depositor. No Person
other than the Depositor has any rights to acquire all or any portion of the Owner Trust Certificate in the Issuer. 
 (xi) Solvency. The Depositor, both prior to and after giving effect to each sale and/or contribution of Receivables with respect to the Designated Servicing Agreements on each Sale Date,
(1) is not, and will not be, “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy Code), (2) is, and will be, able to pay its debts as they become due, and (3) does not have unreasonably small capital
for the business in which it is engaged or for any business or transaction in which it is about to engage. 

(xii) Information to Note Rating Agencies. All information provided by the Depositor to any Note Rating Agency is
true and correct in all material respects. 
 (xiii) No Fraudulent Conveyance. The Depositor is selling
and/or contributing the Aggregate Receivables to the Issuer in furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its creditors. 

(xiv) Ability to Perform Obligations. The Depositor does not believe, nor does it have any reasonable cause to
believe, that it cannot perform each and every covenant contained in this Agreement. 

  
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 (xv) Information. No document, certificate or report furnished by the
Depositor in writing pursuant to this Agreement, any other Transaction Document or in connection with the transactions contemplated hereby or thereby contains or will contain when furnished any untrue statement of a material fact. There are no facts
relating to and known by the Depositor which when taken as a whole may impair the ability of the Depositor to perform its obligations under this Agreement or any other Depositor’s Transaction Document, which have not been disclosed herein or in
the certificates and other documents furnished by or on behalf of the Depositor pursuant hereto or thereto specifically for use in connection with the transactions contemplated hereby or thereby. 

(xvi) Fair Consideration. The aggregate consideration received by the Depositor pursuant to this Agreement is fair
consideration having reasonably equivalent value to the value of the Aggregate Receivables and the performance of the Depositor’s obligations hereunder. 
 (xvii) Name. The legal name of the Depositor is as set forth in this Agreement and the Depositor does not have any trade names, fictitious names, assumed names or “doing business” names.

 (xviii) Subsidiaries. The Depositor has one Subsidiary, the Issuer. 

(xix) Appointment of Subservicers. HLSS shall not appoint any Subservicer other than OLS unless and until each
rating agency that rated the related mortgage-backed securities as stated in the documentation for the related MBS Trust, shall have delivered written confirmation that the appointment of such Subservicer will not result in a reduction of the
then-current ratings of such securities, if rating agency confirmation is required for the appointment of a subservicer under the related Servicing Agreement. 
 (xx) Special Purpose Entity. The Depositor is operated as an entity separate from HLSS. In addition, the Depositor: 

(A) maintains and will continue to maintain its assets separate and distinct from those of HLSS and any Affiliates of HLSS
in a manner which facilitates their identification and segregation from those of HLSS; 
 (B) conducts and will
continue to conduct all intercompany transactions with HLSS or any Affiliate of HLSS on an arm’s-length basis; 
 (C) has not guaranteed and will not guarantee any obligation of HLSS or any of HLSS’s Affiliates, nor has it had or will it have any of its obligations guaranteed by any such entities and has not
held and will not hold itself out as responsible for debts of any such entity or for the decisions or actions with respect to the business affairs of any such entity; 

(D) has not permitted and will not permit the commingling or pooling of its funds or other assets with the assets of HLSS
or any Affiliate of HLSS (other than in respect of items of payment and funds which may be commingled until deposit into the Trust Accounts); 

  
 12 

 (E) has and will continue to have separate deposit and other bank accounts
to which neither HLSS nor any of its Affiliates has any access and does not at any time pool any of its funds with those of HLSS or any of its Affiliates; 
 (F) maintains and will continue to maintain financial records which are separate from those of HLSS or any of its Affiliates, and the financial statements of HLSS will disclose that the assets of the
Depositor are not available to pay creditors of HLSS or any Affiliate of HLSS, and will reflect its separate corporate existence; 
 (G) compensates and will continue to compensate all employees, consultants and agents, if any, or reimburses HLSS from its own funds, for services provided to it by such employees, consultants and agents,
and, to the extent any employee, consultant or agent of it is also an employee, consultant or agent of HLSS allocate the compensation of such employee, consultant or agent between it and HLSS as agreed to between them on an arm’s length basis;

 (H) conducts and will continue to conduct all of its business (whether in writing or orally) solely in its own
name and on its own stationery and pays and will continue to pay its own expenses, makes and will make all communications to third parties (including all invoices (if any), letters, checks and other instruments) solely in its own name (and not as a
division of any other Person), and requires and will require that its employees, if any, when conducting its business identify themselves as such (including, without limitation, by means of providing appropriate employees with business or
identification cards identifying such employees as its employees); 
 (I) adheres and will continue to adhere and
comply with its organizational documents and maintains and will maintain company records and books of account separate and distinct from HLSS’s corporate records and the records of any Affiliate of HLSS; 

(J) does not and will not permit HLSS or any Affiliate of HLSS, to be involved in its daily management; provided,
however, that officers of HLSS or any such Affiliate shall not be prohibited from serving as officers of it; 
 (K) does not and will not act as agent for HLSS or any Affiliate of HLSS and agrees that it will not authorize HLSS or any Affiliate of HLSS to act as its agent; 

(L) pays and will continue to pay its own incidental administrative costs and expenses from its own funds, allocates and
will continue to allocate all other shared overhead expenses (including, without limitation, telephone and other utility charges, the services of shared employees, consultants and agents, and reasonable legal and auditing expenses), and other items
of cost and expense shared between it and HLSS, as agreed to between them on an arm’s length basis; and 

  
 13 

 (M) takes and shall continue to take such actions as are necessary on its
part to ensure that all procedures required by its organizational documents are duly and validly taken. 
 (b) Survival.
It its understood and agreed that the representations and warranties of the Depositor set forth in Section 4(a), and of HLSS in Section 5 of the Receivables Sale Agreement shall continue throughout the term of this Agreement.

 (c) It is understood and agreed that the (1) representations and warranties made by HLSS pursuant to Section 5(b) of
the Receivables Sale Agreement, and the representations and warranties made by the Depositor pursuant to this Agreement, on which the Issuer is relying in accepting the Receivables and executing this Agreement and on which the Noteholders are
relying in purchasing the Notes, and (2) the rights and remedies of the Depositor and its assignees under the Receivables Sale Agreement against HLSS, and the rights and remedies of the Issuer and its assignees under this Agreement against the
Depositor, inure to the benefit of the Issuer, the Indenture Trustee and the Noteholders, as the assignees of the Depositor’s rights under the Receivables Sale Agreement and the Issuer’s rights hereunder. Such representations and
warranties, and the rights and remedies for the breach thereof, shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables from the Depositor to the Issuer and its assignees and the pledge thereof by the
Issuer to the Indenture Trustee for the benefit of the Noteholders and shall be fully exercisable by the Indenture Trustee for the benefit of the Noteholders. 
 Section 5. Remedies Upon Breach 
 The Depositor shall inform the
Indenture Trustee, the Administrator and the Administrative Agent promptly, in writing, upon the discovery of any breach of the Depositor’s representations, warranties or covenants hereunder, or HLSS’s representations, warranties or
covenants under the Receivables Sale Agreement. Unless such breach shall have been cured or waived within thirty (30) days after the earlier to occur of the discovery of such breach by the Depositor or receipt of written notice of such breach
by the Depositor, such that, in the case of a representation and warranty, such representation and warranty shall be true and correct in all material respects as if made on such day, and the Depositor shall have delivered to the Indenture Trustee an
officer’s certificate describing the nature of such breach and the manner in which the relevant representation and warranty became true and correct or the breach was otherwise cured, the Depositor shall either repurchase the affected
Receivables or indemnify the Issuer and its assignees (including the Issuer, the Indenture Trustee and each of their respective assignees) against and hold the Issuer and its assignees (including the Issuer, the Indenture Trustee and each of their
respective assignees) harmless from any cost, liability and expense, including, without limitation, reasonable attorneys’ fees and expenses, whether incurred in enforcement proceedings between the parties or otherwise, incurred as a result of,
or arising from, such breach (each such repurchase or indemnification amount to be paid hereunder, an “Indemnity Payment”), the amount of which shall equal the Receivables Balance of any affected Receivable; provided,
that any unpaid amount shall be payable at such time only if the Collateral Test is not satisfied to the extent necessary to satisfy the Collateral Test. This Section 5 sets forth the exclusive remedy for a breach of representation,
warranty or covenant pertaining to a Receivable. Notwithstanding the foregoing, the breach of any representation, warranty or covenant shall not be waived by the Issuer under any circumstances without the consent of the Majority Holders of the
Outstanding Notes of each Series and the Administrative Agent. 

  
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 Section 6. Termination. 

This Agreement (a) may not be terminated prior to the termination of the Indenture and (b) may be terminated at any time
thereafter by either party hereto upon written notice to the other party. 
 Section 7. General Covenants of
Depositor. 
 The Depositor covenants and agrees that from the date of this Agreement until the termination of the
Indenture: 
 (a) Change of Control. The Depositor shall not enter into any transaction the result of which would be a
Change of Control (as defined in the Indenture) (it being understood that the acquisition of the Depositor by HLSS shall not violate this provision). 
 (b) Bankruptcy. The Depositor agrees that it shall comply with Section 12(k). The Depositor has not engaged in and does not expect to engage in a business for which its remaining
property represents an unreasonably small capitalization. The Depositor will not transfer any of the Aggregate Receivables with an intent to hinder, delay or defraud any Person. 

(c) Legal Existence. The Depositor shall do or cause to be done all things necessary on its part to preserve and keep in full
force and effect its existence as a limited liability company in the jurisdiction of its formation, and to maintain each of its licenses, approvals, registrations and qualifications in all jurisdictions in which its ownership or lease of property or
the conduct of its business requires such licenses, approvals, registrations or qualifications, except for failures to maintain any such licenses, approvals, registrations or qualifications which, individually or in the aggregate, would not
reasonably be expected to have a material adverse effect on the financial conditions, operations or the ability of the Depositor or the Issuer to perform its obligations hereunder or under any of the other Transaction Documents. 

(d) Compliance With Laws. The Depositor shall comply in all material respects with all laws, rules, regulations and orders of any
governmental authority applicable to its operation, the noncompliance with which would reasonably be expected to have a material adverse effect on the financial condition, operations or the ability of HLSS the Depositor or the Issuer to perform
their obligations hereunder or under any of the other Transaction Documents. 
 (e) Taxes. The Depositor shall pay and
discharge all taxes, assessments and governmental charges or levies imposed upon the Depositor or upon its income and profits, or upon any of its property or any part thereof, before the same shall become in default; provided that the
Depositor shall not be required to pay and discharge any such tax, assessment, charge or levy so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings, or so long as the failure to pay any such tax,
assessment, charge or levy would not have a material adverse effect on the ability of the Depositor to perform its obligations hereunder. The Depositor shall have set aside on its books adequate reserves with respect to any such tax, assessment,
charge or levy so contested. 

  
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 (f) Compliance with Representations and Warranties. The Depositor covenants that it
shall conduct its business such that it will continually comply with all of its representations and warranties made in Section 4(a). 
 (g) Keeping of Records and Books of Account. The Depositor shall maintain accurate, complete and correct documents, books, records and other information which is reasonably necessary for the
collection of all Aggregate Receivables (including, without limitation, records adequate to permit the prompt identification of each new Receivable and all collections of, and adjustments to, each existing Receivable). 

(h) Ownership. The Depositor will take all necessary action to establish and maintain, irrevocably in the Issuer, legal and
equitable title to the Aggregate Receivables and the related Transferred Assets, free and clear of any Adverse Claim (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the
UCC (or any comparable law) in all appropriate jurisdictions to perfect the Issuer’s interest in such Aggregate Receivables and related Transferred Assets and such other action to perfect, protect or more fully evidence the interest of the
Issuer or the Indenture Trustee (as the Depositor’s assignee) may reasonably request). 
 (i) Reliance on
Separateness. The Depositor acknowledges that the Indenture Trustee and the Noteholders are entering into the transactions contemplated by the Transaction Documents in reliance upon the Depositor’s and Issuer’s identity as a legal
entity that is separate from HLSS. Therefore, from and after the date of execution and delivery of this Agreement, the Depositor will take all reasonable steps to maintain each of the Depositor’s and Issuer’s identity as a separate legal
entity and to make it manifest to third parties that each of the Depositor and the Issuer is an entity with assets and liabilities distinct from those of HLSS. Without limiting the generality of the foregoing and in addition to the other covenants
set forth herein, the Depositor (i) will not hold itself out to third parties as liable for the debts of the Issuer nor purport to own the Aggregate Receivables and other related Transferred Assets, (ii) will take all other actions
necessary on its part to ensure that the facts and assumptions regarding it set forth in the opinion issued by Kramer Levin Naftalis & Frankel LLP, dated as of the Effective Date, relating to substantive consolidation issues remain true and
correct at all times. 
 (j) Name Change, Offices and Records. In the event the Depositor makes any change to its name
(within the meaning of Section 9-507(c) of any applicable enactment of the UCC), type or jurisdiction of organization or location of its books and records the Depositor shall notify the Issuer and the Indenture Trustee thereof and (except with
respect to a change of location of books and records) shall deliver to the Indenture Trustee not later than thirty (30) days after the effectiveness of such change (i) such financing statements (Forms UCC1 and UCC3) which the Indenture
Trustee (acting at the direction of the Administrative Agent) may reasonably request to reflect such name change, or change in type or jurisdiction of organization, (ii) if the Indenture Trustee shall so request, an opinion of outside counsel
to the Depositor, in form and substance reasonably satisfactory to the Indenture Trustee, as to the perfection and priority of the Issuer’s security interest in the Aggregate Receivables in such event, (iii) such other documents and
instruments that the Indenture Trustee (acting at the direction of the Administrative Agent) may reasonably request in connection therewith and shall take all other steps to ensure that the Issuer continues to have a first priority, perfected
security interest in the Aggregate Receivables and the related Transferred Assets. 

  
 16 

 (k) Location of Jurisdiction of Organization and Records. In the case of a change in
the jurisdiction of organization of the Depositor, or in the case of a change in the “location” of the Depositor for purposes of Section 9-307 of the UCC, the Depositor must take all actions necessary or reasonably requested by the
Issuer, the Administrative Agent or the Indenture Trustee to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested by the Issuer, the
Administrative Agent or the Indenture Trustee to further perfect or evidence the rights, claims or security interests of any of the Issuer or any assignee or beneficiary of the Issuer’s rights under this Agreement, including the Indenture
Trustee on behalf of the Noteholders under any of the Transaction Documents. 
 Section 8. Grant Clause.

 It is intended that the conveyance of the Depositor’s right, title and interest in, to and under the Receivables and
the other Transferred Assets to the Issuer pursuant to this Agreement shall constitute, and shall be construed as, a sale of such Receivables and the other Transferred Assets and not a grant of a security interest to secure a loan. However, if such
conveyance is deemed to be in respect of a loan, it is intended that: (a) the rights and obligations of the parties shall be established pursuant to the terms of this Agreement; (b) the Depositor hereby grants to the Issuer a first
priority security interest in all of the Depositor’s right, title and interest in, to and under, whether now owned or hereafter acquired, the Receivables and the other Transferred Assets to secure payment of such loan; and (c) this
Agreement shall constitute a security agreement under applicable law. The Depositor will, to the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a
security interest in the Receivables and the other Transferred Assets, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. The
Depositor will, at its own expense, make all initial filings on or about the Original Closing Date and shall forward a copy of such filing or filings to the Indenture Trustee. 
 Section 9. Grant by Issuer. 
 The Issuer shall have the right, upon
notice to but without the consent of the Depositor, to Grant, in whole or in part, its interest under this Agreement with respect to the Receivables to the Indenture Trustee and the Indenture Trustee then shall succeed to all rights of the Issuer
under this Agreement. All references to the Issuer in this Agreement shall be deemed to include its assignee or designee, specifically including the Issuer and the Indenture Trustee. 

Section 10. Protection of Indenture Trustee’s Security Interest in Trust Estate. 

(a) The Depositor shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit the reader
thereof to know at any time following reasonable prior notice delivered to the Depositor, the status of such Receivable, including payments and recoveries made and payments owing. 

  
 17 

 (b) The Depositor shall maintain its records so that, from and after the time of the
Granting of the security interest under the Indenture in the Receivables to the Indenture Trustee, the Depositor’s records (including computer records any back-up archives) that refer to any Receivables indicate clearly the interest of the
Indenture Trustee in such Receivables and that the Receivable is held by the Indenture Trustee on behalf of the Noteholders. Indication of the Indenture Trustee’s interest in a Receivable shall be deleted from or modified on the
Depositor’s records when, and only when, the Receivable has been paid in full or released from the lien of the Indenture pursuant to the Indenture. 
 Section 11. Limited Recourse. 
 No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer under this Agreement or any certificate or other writing delivered in connection herewith or therewith, against (a) any owner of a beneficial interest in the Issuer or (b) any
holder of a beneficial interest in the Issuer in its individual capacity, except as any such Person may have expressly agreed. Notwithstanding any other terms of this Agreement, the Notes, any other Transaction Documents or otherwise, the
obligations of the Issuer under the Notes, the Indenture, this Agreement and each other Transaction Document to which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of
the Trust Estate and application of the proceeds thereof in accordance with the terms of the Indenture, none of the Noteholders, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further
steps to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes, the
Indenture or this Agreement or for any action or inaction of the Issuer against any Officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Notes or
this Agreement. It is understood that the foregoing provisions of this Section 11 shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the
Trust Estate or (ii) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture. It is further understood that the foregoing provisions
of this Section 11 shall not limit the right of any Person, to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Notes or this Agreement, so long as no judgment in the nature of a
deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. 
 Section 12. Miscellaneous. 
 (a) Amendment. This Agreement may
not be amended except by an instrument in writing signed by the Depositor and the Issuer. In addition, so long as the Notes are outstanding, this Agreement may not be amended without the prior written consent of the Administrative Agent, the
Majority Holders of the Outstanding Notes of each Series, each Supplemental Credit 

  
 18 

 
Enhancement Provider and each Liquidity Provider unless (i) the amendment is for a purpose for which the Indenture could be amended without any Noteholder consent and (ii) the Depositor
shall have delivered to the Indenture Trustee an officer’s certificate to the effect that the Depositor reasonably believes that any such amendment will not have an Adverse Effect on the Holders of the Notes. Any such amendment requested by the
Depositor shall be at the expense of the Depositor. Amendments shall require notice to Note Rating Agencies as described in Section 14(a) of the Receivables Sale Agreement. 

(b) Binding Nature; Assignment. The covenants, agreements, rights and obligations contained in this Agreement shall be binding
upon the successors and assigns of the Depositor and shall inure to the benefit of the successors and assigns of the Issuer, and all persons claiming by, through or under the Issuer. 

(c) Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

(d) Derivative Instrument. The parties hereto mutually acknowledge and agree that the Depositor shall have the right under this
Agreement, at any time and from time to time, to convey to the Issuer a prepaid derivative, credit enhancement agreement or similar instruments, without the consent of the Holders of the Notes. 

(e) Severability of Provisions. Any provision of this Agreement which is prohibited, unenforceable or not authorized in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such
provision in any other jurisdiction. 
 (f) Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (g) Counterparts. This Agreement may be executed in several counterparts and all so executed shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties have
not signed the original or the same counterpart. Any counterpart hereof signed by a party against whom enforcement of this Agreement is sought shall be admissible into evidence as an original hereof to prove the contents thereof. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
 19 

 (h) Indulgences; No Waivers. Neither the failure nor any delay on the part of a party
to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or future exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver. 
 (i) Headings Not to Affect Interpretation. The headings contained in this Agreement are for convenience
of reference only, and they shall not be used in the interpretation hereof. 
 (j) Benefits of Agreement. Nothing in this
Agreement, express or implied, shall give to any Person, other than the parties to this Agreement and their successors hereunder, any benefit of any legal or equitable right, power, remedy or claim under this Agreement. 

(k) No Petition. The Depositor, by entering into this Agreement, agrees that it will not at any time prior to the date which is
one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full of all of the Notes, institute against the Issuer, or join in any institution against the Issuer of, Insolvency Proceedings or other
similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes or this Agreement, or cause the Issuer to commence any reorganization, bankruptcy
proceedings, or Insolvency Proceedings under any applicable state or federal law, including without limitation any readjustment of debt, or marshaling of assets or liabilities or similar proceedings. This Section 12(k) shall survive
termination of this Agreement. 
 (l) Owner Trustee Limitation of Liability. It is expressly understood and agreed by the
parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust Company but is
made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for
the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other Transaction Documents.

 [Signature Pages Follow] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Receivables Pooling Agreement to be
duly executed as of the date first above written. 
  

			
	 HLSS SERVICER ADVANCE FACILITY
 TRANSFEROR, LLC, as Depositor

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

 [Signatures continue] 

  
 [HLSS -
Signature Page to HLSS Second Amended and Restated Receivables Pooling Agreement] 

 
			
	 HLSS SERVICER ADVANCE RECEIVABLES
 TRUST, as Issuer
 By: Wilmington Trust Company, not in its individual

capacity but solely as Owner Trustee

		
	By:	 	  
	Name:	 	
	Title:	 	

 [Signatures continue] 

  
 [HLSS -
Signature Page to HLSS Second Amended and Restated Receivables Pooling Agreement] 

 Acknowledged and Agreed as of the date first above 
 written: 
 BARCLAYS BANK PLC, as Administrative Agent and 

sole Holder of the Series 2010-ADV1 Notes 

			
		
	By:	 	  
	Name:	 	 
	Title:	 	 

 WELLS FARGO SECURITIES, LLC, as 
 Administrative Agent 
  

			
		
	By:	 	  
	Name:	 	 
	Title:	 	 

 [End of signatures] 

  
 [HLSS -
Signature Page to HLSS Second Amended and Restated Receivables Pooling Agreement] 

 Schedule 1 

ASSIGNMENT OF RECEIVABLES 
 Dated as of [                    ], 2012 

This Assignment of Receivables (this “Assignment”) is a schedule to and is hereby incorporated by this reference
into a certain Second Amended and Restated Receivables Pooling Agreement (the “Agreement”), dated as of September 13, 2012, by and between HLSS Servicer Advance Facility Transferor, LLC, a Delaware limited liability
company (the “Depositor”), and HLSS Servicer Advance Receivables Trust, a statutory trust formed under the laws of the State of Delaware (the “Issuer”). All capitalized terms used herein shall have the
meanings set forth in, or referred to in, the Agreement. 
 By its signature to this Assignment, the Depositor hereby sells
and/or contributes, assigns, transfers and conveys to the Issuer and its assignees, without recourse, but subject to the terms of the Agreement, all of the Depositor’s right, title and interest in, to and under its rights to reimbursement for
Receivables arising under each Designated Servicing Agreement listed on Attachment A attached hereto, existing on the date of this Assignment and any Additional Receivables arising under each Designated Servicing Agreement listed on
Attachment A, on or before the related Receivables Sale Termination Date, the other Transferred Assets related to such Receivables described in Section 2(a) of the Agreement, pursuant to the terms of the Agreement, and the Issuer
hereby accepts such sale and/or contribution, assignment, transfer and conveyance and agrees to transfer to the Depositor the consideration set forth in the Agreement. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed as of
the date first above written. 
  

			
	 HLSS SERVICER ADVANCE FACILITY
 TRANSFEROR, LLC, as Depositor

		
	By:	 	  
	Name:	 	
	Title:	 	

 [Signatures continue] 

  
 [HLSS -
Signature Page to Schedule 1 to HLSS Second Amended and Restated Receivables Pooling Agreement - Assignment of Receivables] 

 
			
	 HLSS SERVICER ADVANCE RECEIVABLES
 TRUST, as Issuer
 By: Wilmington Trust Company, not in its individual

capacity but solely as Owner Trustee

		
	By:	 	  
	Name:	 	
	Title:	 	

 [End of signatures] 

  
 [HLSS -
Signature Page to Schedule 1 to HLSS Second Amended and Restated Receivables Pooling Agreement - Assignment of Receivables] 

 Attachment A to Schedule 1 

DESIGNATED SERVICING AGREEMENTS RELATED TO ADDITIONAL RECEIVABLES 
 Attachment A to Schedule 1-1

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