Document:

Exhibit

Exhibit 10.3
EXECUTION VERSION
INTERCREDITOR AGREEMENT
dated as of
September 30, 2016 among
UBS AG, Stamford Branch,  
as ABL Facility Collateral Agent,
WILMINGTON TRUST, NATIONAL ASSOCIATION, 
as Applicable Parity Lien Representative,
WILMINGTON TRUST, NATIONAL ASSOCIATION, 
as Parity Lien Collateral Trustee,
CVR Partners, LP
CVR Nitrogen Finance Corporation 
and
The Subsidiaries of CVR Partners, LP Named Herein

    

This INTERCREDITOR AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of September 30, 2016, is among UBS AG, Stamford Branch, as administrative agent and collateral agent for the ABL Facility Secured Parties referred to herein (together with its successors or co- agents in substantially the same capacity as may from time to time be appointed, the “ABL Facility Collateral Agent”), Wilmington Trust, National Association, as Applicable Parity Lien Representative (as defined herein), acting on behalf of the Parity Lien Secured Parties referred to herein, Wilmington Trust, National Association, as collateral trustee for the Parity Lien Secured Parties (together with its successors and co-agents in substantially the same capacity as may from time to time be appointed, the “Parity Lien Collateral Trustee”), CVR Partners, LP, a Delaware limited partnership (“Borrower”), the Subsidiaries of the Borrower party hereto, and each Other Parity Lien Representative from time to time party hereto.
The Borrower, East Dubuque Nitrogen Fertilizers, LLC, a Delaware limited liability company, as a borrower, CVR Nitrogen, LP, a Delaware limited partnership, as a borrower, CVR Nitrogen Holdings, LLC, a Delaware limited liability company, as a borrower, Coffeyville Resources Nitrogen Fertilizers, LLC, a Delaware limited liability company, as a borrower, CVR Nitrogen Finance Corporation, a Delaware corporation (“Finance Corp.”) and CVR Nitrogen GP, LLC, as guarantors, certain other subsidiaries of the Borrower, the lenders and other parties party thereto from time to time and the ABL Facility Collateral Agent are party to the ABL Revolving Credit Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “ABL Credit Agreement”).
The Borrower and Finance Corp. (jointly, the “Issuers”), certain other subsidiaries of the Borrower and Wilmington Trust, National Association, as trustee for the Noteholders (together with such trustee’s successors or co-agents or co-trustees in substantially the same capacity as may from time to time be appointed as trustee, the “Trustee”) and the Parity Lien Collateral Trustee, are party to the Indenture, dated as of the Issue Date as amended, restated, supplemented or otherwise modified from time to time, the “Note Indenture”), pursuant to which 9.25% Senior Secured Notes due 2023 (the “Notes”) were issued.
The Parity Lien Collateral Trustee, the Trustee, the Issuers and the other Grantors party hereto are party to the Collateral Trust Agreement, dated the Issue Date (such Collateral Trust Agreement, as amended, modified, supplemented, replaced or restated, in whole or in part, from time to time, the “Collateral Trust Agreement”).
This Agreement governs the relationship between the Parity Lien Secured Parties as a group, on the one hand, and the ABL Facility Secured Parties, on the other hand, with respect to the Collateral shared by the Parity Lien Secured Parties and the ABL Facility Secured Parties, while the Collateral Trust Agreement governs the relationship of the Parity Lien Secured Parties among themselves with respect to the Collateral.
In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

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Article 1 
DEFINITIONS
Section 1.01.    Construction; Certain Defined Terms. (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) the words “herein”, “hereof and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Exhibits shall be construed to refer to Articles, Sections and Exhibits of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive.
(b)    As used in this Agreement, the following terms have the meanings specified below:
“ABL Cash Management Obligations” means any Cash Management Obligations secured by any Collateral under the ABL Facility Security Documents.
“ABL Credit Agreement” has the meaning set forth in the recitals.
“ABL Facility” means (a)  the ABL Credit Agreement, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time after the date hereof, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof (except to the extent any such refinancing, replacement or restructuring is designated by the Borrower not to be included in the definition of “ABL Facility”), and (b) whether or not the facility referred to in clause (a) remains outstanding, if designated by the Borrower to be included in the definition of “ABL Facility” and subject to the satisfaction of the requirements set forth in Section 6.15, one or more (i) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (ii) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt 

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instruments or bank guarantees or bankers’ acceptances), or (iii) instruments or agreements evidencing any other indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.
“ABL Facility Collateral Agent” has the meaning set forth in the recitals.
“ABL Facility Documents” means the ABL Facility, the ABL Facility Security Documents and the other “Credit Documents” as defined in the ABL Facility.
“ABL Facility Secured Parties” means the “Secured Parties” as defined in the ABL Facility.
“ABL Facility Security Agreement” means the Security Agreement, dated as of the date hereof, among the Borrower, each other pledgor party thereto and the ABL Facility Collateral Agent, as amended, supplemented or modified from time to time in accordance with its terms.
“ABL Facility Security Documents” means the ABL Facility Security Agreement, the ABL Mortgages and any other documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any ABL Obligations.
“ABL Hedging Obligations” means any Hedging Obligations secured by any Collateral under the ABL Facility Security Documents.
“ABL Mortgages” means each “Mortgage” as defined in the ABL Facility.
“ABL Obligations” means (a) all “Obligations” (as such term is defined in the ABL Facility) of the borrowers and other obligors under the ABL Facility or any of the other ABL Facility Documents, and all other obligations to pay principal, premium, if any, and interest (including any interest accruing after the commencement of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such proceeding) when due and payable, and all other amounts due or to become due under or in connection with the ABL Facility Documents and the performance of all other Obligations of the obligors thereunder to the lenders and agents under the ABL Facility Documents, according to the respective terms thereof, and (b) the ABL Hedging Obligations and ABL Cash Management Obligations.
“ABL Priority Collateral” means any and all of the following Collateral now owned or at any time hereafter acquired by the Borrower or any other Grantor to the extent a security interest in such Collateral has been or may hereafter be granted to the ABL Facility Collateral Agent under the ABL Facility Security Documents, including any assets or properties that, but for the application of Section 552 of the Bankruptcy Code, would constitute Collateral: 
(a)    all Accounts; 
(b)    all Inventory; 

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(c)    to the extent evidencing, governing, securing or otherwise related to the items referred to in the preceding clauses (a) and (b), all (i) General Intangibles, (ii) Chattel Paper, (iii) Instruments and (iv) Documents; 
(d)    all Payment Intangibles (including corporate tax refunds), other than any Payment Intangibles that represent tax refunds in respect of or otherwise related to Real Estate Assets, Fixtures or Equipment; 
(e)    all collection accounts, deposit accounts, securities accounts and commodity accounts and any cash or other assets in any such accounts (other than separately identified cash proceeds of Notes Priority Collateral in a segregated account) and securities entitlements and other rights with respect thereto; 
(f)    to the extent relating to any of the items referred to in the preceding clauses (a) through (e) constituting ABL Priority Collateral, all Supporting Obligations and letter-of-credit rights; 
(g)    all books and records related to the foregoing; and 
(h)    all products and proceeds of any and all of the foregoing in whatever form received, including proceeds of insurance policies related to Inventory of any Grantor and business interruption insurance (in each case, except to the extent constituting proceeds of Notes Priority Collateral). 
All capitalized terms used in this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York UCC.
“ABL Priority Possessory Collateral” means ABL Priority Collateral that is Possessory Collateral.
“Agreement” has the meaning set forth in the recitals.
“Applicable Junior Collateral Agent” means (a) with respect to the Notes Priority Collateral, the ABL Facility Collateral Agent, and (b) with respect to the ABL Priority Collateral, the Parity Lien Collateral Trustee.
“Applicable Parity Lien Representative” means the “Applicable Parity Lien Representative” under and as defined in the Collateral Trust Agreement. On the date hereof, the Trustee is the Applicable Parity Lien Representative. For purposes of this Agreement, the ABL Facility Collateral Agent may treat the Trustee as the Applicable Parity Lien Representative until notified in writing by the Parity Lien Collateral Trustee that another representative has become the Applicable Parity Lien Representative.
“Applicable Possessory Collateral Agent” means (a) with respect to ABL Priority Possessory Collateral, the ABL Facility Collateral Agent, and (b) with respect to Notes Priority Possessory Collateral, the Parity Lien Collateral Trustee.

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“Applicable Senior Collateral Agent” means (a) with respect to the ABL Priority Collateral, the ABL Facility Collateral Agent, and (b) with respect to the Notes Priority Collateral, the Parity Lien Collateral Trustee.
“Bankruptcy Case” has the meaning set forth in Section 2.07(b). 
“Bankruptcy Code” means Title 11 of the United States Code, as amended.
“Borrower” has the meaning set forth in the recitals.
“Business Day” means any day that is not a Saturday, Sunday or other day that is a legal holiday under the laws of the State of New York or on which banking institutions in the State of New York or the office of the ABL Facility Collateral Agent or the Parity Lien Collateral Trustee are required or authorized by law or other governmental action to close.
“Cash Management Obligations” means, with respect to any Person, all obligations, whether now owing or hereafter arising, of such Person in respect of overdrafts or other liabilities owed to any other Person that arise from treasury, depositary or cash management services, including any automated clearing house or other electronic transfers of funds, credit cards, purchase or debit cards, e-payable services or any similar transactions, including any services or transactions of the type referred to in the definition of “Secured Cash Management Agreement” in the ABL Facility.
“Class” has the meaning set forth in the definition of Senior Obligations.
“Collateral” means all assets and properties subject to Liens in favor of any Secured Party created by any of the ABL Facility Security Documents or the Parity Lien Security Documents, as applicable, to secure the ABL Obligations or any Parity Lien Obligations, as applicable, including any assets or properties that, but for the application of Section 552 of the Bankruptcy Code, would constitute Collateral.
“Collateral Agent” means the ABL Facility Collateral Agent or the Parity Lien Collateral Trustee or both of the foregoing, as the context may require.
“Collateral Trust Agreement” has the meaning set forth in the recitals.
“Comparable Junior Priority Collateral Document” means, in relation to any Senior  Collateral subject to any Lien created under any Senior Collateral Document, those Junior Collateral Documents that create a Lien on the same Collateral, granted by the same Grantor. 
“DIP Financing” has the meaning set forth in Section 2.07(b).
“DIP Financing Liens” has the meaning set forth in Section 2.07(b).
“DIP Lenders” has the meaning set forth in Section 2.07(b).

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“Discharge” means (a) with respect to the ABL Obligations, the Discharge of ABL Obligations and (b) with respect to Parity Lien Obligations, the Discharge of Parity Lien Obligations.  The term “Discharged” shall have a corresponding meaning.
“Discharge of ABL Obligations” means (a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding) and premium (if any), constituting ABL Obligations; (b) payment in full in cash of all hedging obligations constituting ABL Obligations and the expiration or termination of all hedge agreements included in the ABL Obligations or the cash collateralization of all such hedging obligations on terms satisfactory to each applicable counterparty; (c) payment in full in cash of all cash management obligations constituting ABL Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time; (d) payment in full in cash of all other ABL Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time; (e) termination or expiration of all commitments, if any, to extend credit that would constitute ABL Obligations; and (f) termination or cash collateralization (in an amount and manner reasonably satisfactory to the ABL Facility Collateral Agent, but in no event greater than the lower of (i) 105% of the aggregate undrawn face amount and (ii) the percentage of the aggregate undrawn face amount required for release of liens under the terms of the applicable ABL Facility Document) of all outstanding letters of credit issued under the ABL Facility Documents and constituting ABL Obligations.
“Discharge of Parity Lien Obligations” means (a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding) and premium (if any) constituting Parity Lien Obligations; (b) payment in full in cash of all hedging obligations constituting Parity Lien Obligations and the expiration or termination of all hedge agreements included in the Parity Lien Obligations or the cash collateralization of all such hedging obligations on terms satisfactory to each applicable counterparty; (c) payment in full in cash of all cash management obligations constituting Parity Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time; (d) payment in full in cash of all other Parity Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time; (e) termination or expiration of all commitments, if any, to extend credit that would constitute Parity Lien Obligations; and (f) termination or cash collateralization (in an amount and manner reasonably satisfactory to the Parity Lien Collateral Trustee, but in no event greater than the lower of (i) 105% of the aggregate undrawn face amount and (ii) the percentage of the aggregate undrawn face amount required for 

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release of liens under the terms of the applicable Parity Lien Document) of all outstanding letters of credit issued under the Parity Lien Documents and constituting Parity Lien Obligations.
“Enforcement Notice” means a written notice delivered, at a time when an Event of Default has occurred and is continuing, by either the ABL Facility Collateral Agent or any Parity Lien Representative to the other specifying the relevant Event of Default.
“Event of Default” means an “Event of Default” under and as defined in the ABL Facility, the Indenture and/or any Other Parity Lien Credit Documents, as the context may require.
“Grantor” means the Borrower and each domestic Subsidiary of the Borrower that shall have granted any Lien in favor of any Collateral Agent on any of its assets or properties to secure any of the Obligations.
“Hedging Obligations” means, with respect to any Person, the obligations of such Person under (a) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements, and currency exchange, interest rate or commodity collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices, including any obligations of the type referred to in the definition of “Secured Hedging Agreement” in the ABL Facility.
“Insolvency or Liquidation Proceeding” means (1) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to either Issuers or any Grantor; (2) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to either Issuer or any Grantor or with respect to a material portion of their respective assets; (3) any liquidation, dissolution, reorganization or winding up of either Issuer or any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or (4) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of either Issuer or any Grantor.
“Issue Date” means June 10, 2016. 
“Issuers” has the meaning set forth in the recitals.
“Joinder Agreement” means an agreement in form and substance substantially similar to Exhibit A or Exhibit B hereto, as applicable, pursuant to which any Other Parity Lien Secured Parties or any other ABL Facility Secured Parties, as applicable, either directly or through their respective Other Parity Lien Representative or collateral agent for the new ABL Obligations, as applicable, become a party hereto in accordance with Section 6.15 hereof.
“Junior Claims” means (a) with respect to the ABL Priority Collateral, the Parity Lien Obligations secured by such Collateral, and (b) with respect to the Notes Priority Collateral, the ABL Obligations secured by such Collateral.

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“Junior Collateral” means, with respect to any Obligations, the Collateral in respect of which such Obligations constitute Junior Claims.
“Junior Collateral Agent” means (a) with respect to the Notes Priority Collateral, the ABL Facility Collateral Agent, and (b) with respect to the ABL Priority Collateral, the Parity Lien Collateral Trustee.
“Junior Collateral Documents” means (a) with respect to the Parity Lien Obligations, the ABL Facility Security Documents, and (b) with respect to the ABL Obligations, the Parity Lien Security Documents.
“Junior Lien Intercreditor Agreements” means any other intercreditor agreement governing any junior priority liens on the ABL Priority Collateral and/or Note Priority Collateral, as applicable, that is incurred after the Issue Date in compliance with the ABL Facility and any Parity Lien Documents.
“Junior Obligations” means (a) with respect to the ABL Obligations, the Parity Lien Obligations, and (b) with respect to the Parity Lien Obligations, the ABL Obligations.
“Junior Representative” means (a) with respect to the Notes Priority Collateral, the ABL Facility Collateral Agent, and (b) with respect to the ABL Priority Collateral, each Parity Lien Representative.
“Junior Secured Parties” means (a) with respect to the Notes Priority Collateral, the ABL Facility Secured Parties, and (b) with respect to the ABL Priority Collateral, the Parity Lien Secured Parties.
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, security interest or similar monetary encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.
“Memorandum” has the meaning set forth in Section 2.02(d).
“Mortgages” means the ABL Mortgages and the Parity Lien Mortgages.
“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.
“Note Cash Management Obligations” means any Cash Management Obligations secured by any Collateral under the Note Documents.
“Note Documents” means this Agreement, the Note Indenture, the Notes, the Note Guarantees, the Collateral Trust Agreement, the Parity Lien Security Agreement, the Parity Lien Mortgages and any other documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Note Obligations.

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“Note Guarantee” means any guarantee of the Obligations of the Issuers under the Note Indenture and the Notes by any Person in accordance with the provisions of the Note Indenture.
“Note Guarantor” means any Person that incurs a Note Guarantee; provided that, upon the release or discharge of such Person from its Note Guarantee in accordance with the Note Indenture, such Person ceases to be a Note Guarantor.
“Note Hedging Obligations” means any Hedging Obligations secured by any Collateral under the Note Documents.
“Noteholders” means the holders of the Notes.
“Note Indenture” has the meaning set forth in the recitals.
“Note Obligations” means (a) all “Obligations” (as such term is defined in the Note Indenture) of the Issuers and any other obligor under the Notes, the Note Indenture or any of the other Note Documents, including any Note Guarantor, to pay principal, premium, if any, and interest (including any interest accruing after the commencement of bankruptcy or insolvency proceedings regardless of whether allowed or allowable in such proceeding) when due and payable, and all other amounts due or to become due under or in connection with the Note Documents and the performance of all other Obligations of the Issuers and the Note Guarantors to the Trustee, the Collateral Trustee and the holders of the Notes under the Note Documents, according to the respective terms thereof , and (b) the Note Hedging Obligations and the Note Cash Management Obligations.
“Notes” has the meaning set forth in the recitals.
 “Notes Priority Collateral” means any and all of the following Collateral now owned or at any time hereafter acquired by the Borrower or any other Grantor to the extent a security interest in such Collateral has been or may hereafter be granted to the Parity Lien Secured Parties under the Parity Lien Security Documents, including any assets or properties that, but for the application of Section 552 of the Bankruptcy Code, would constitute Collateral: 
(a)    all Fixtures and Equipment; 
(b)    all intellectual property; 
(c)    all equity interests in each Grantor’s subsidiaries (limited to 65% of the voting interests of the Grantors’ foreign subsidiaries); 
(d)    all General Intangibles, Chattel Paper, Instruments and Documents (other than General Intangibles, Chattel Paper, Instruments and Documents that are ABL Priority Collateral); 
(e)    all Real Estate Assets; 
(f)    all Payment Intangibles that represent tax refunds in respect of or otherwise relate to Real Estate Assets, Fixtures or Equipment; 

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(g)    all intercompany indebtedness of the Borrower and its subsidiaries; 
(h)    all permits and licenses related to any of the foregoing (including any permits or licenses related to the ownership or operation of Real Estate Assets, Fixtures or Equipment of any Grantor); 
(i)    all proceeds of insurance policies (excluding any such proceeds that relate to ABL Priority Collateral); 
(j)    all books and records related to the foregoing and not relating to ABL Priority Collateral; 
(k)    all products and proceeds of any and all of the foregoing (other than any such proceeds that are ABL Priority Collateral); and 
(l)    all other Collateral not constituting ABL Priority Collateral. 
All capitalized terms used in this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York UCC.
“Notes Priority Possessory Collateral” means Notes Priority Collateral that is Possessory Collateral.
“Notes Secured Parties” means the “Secured Parties” as defined in the Note Documents.
“Obligations” means the ABL Obligations and the Parity Lien Obligations. 
“Other Parity Lien Credit Document” means any (a) instruments, agreements or documents evidencing debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (b) debt securities, indentures and/or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (c) instruments or agreements evidencing any other indebtedness, in each case to the extent that (i) the obligations in respect thereof constitute Other Parity Lien Obligations and (ii) if applicable, the Representative with respect thereto has become a party hereto in accordance with Section 6.15 hereof.
“Other Parity Lien Documents” means each Other Parity Lien Credit  Document and each Parity Lien Security Document related thereto.
“Other Parity Lien Obligations” means  any other obligations of the Issuers and the Note Guarantors (other than the Note Obligations and the ABL Obligations) that are equally and ratably secured with the Note Obligations (except as may be separately otherwise agreed in writing by and between the Other Parity Lien Representative, on behalf of itself and the Other Parity Lien Secured Parties represented thereby, and the Parity Lien Collateral Trustee, on behalf of itself and the Note Secured Parties and any Other Parity Lien Secured Parties with Other 

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Parity Lien Obligations secured equally and ratably with the Note Obligations) and are designated by the Borrower as “Other Parity Lien Obligations”; provided that the requirements set forth in Section 6.15 shall have been satisfied.
“Other Parity Lien Representative” means, with respect to any Series of Other Parity Lien Obligations or any separate facility within such Series, the Person elected, designated or appointed as the administrative agent, collateral agent, trustee or other authorized representative of such Series or such separate facility within such Series by or on behalf of the holders of such Series of Other Parity Lien Obligations or such separate facility within such Series, and its respective successors in substantially the same capacity as may from time to time be appointed.
“Other Parity Lien Secured Parties” means (i) the “Secured Parties” as defined in the Parity Lien Security Agreement (other than the Notes Secured Parties) and (ii) any other holders of any Other Parity Lien Obligations who have, directly or through their respective Other Parity Lien Representative, become party to and bound by this Agreement pursuant to a Joinder Agreement in accordance with the provisions of Section 6.15 hereof.
“Parity Lien Collateral Trustee” has the meaning set forth in the recitals. 
“Parity Lien Documents” means (a) the Note Documents and (b) each of the Other Parity Lien Documents.
“Parity Lien Mortgages” means all mortgages, trust deeds, deeds of trust, deeds to secure debt, assignments of leases and rents and other security documents now existing or to be entered into by and among the Issuers and the Subsidiaries of the Issuers party thereto and the Parity Lien Collateral Trustee that create Liens on real property of any Grantor to secure any Priority Lien Obligations.
“Parity Lien Obligations” means (a) the Note Obligations and (b) the Other Parity Lien Obligations.
“Parity Lien Representative” means, each of the Trustee, the Parity Lien Collateral Trustee, each Other Parity Lien Representative and shall include for the avoidance of doubt the Applicable Parity Lien Representative.
“Parity Lien Secured Parties” means (a) the Notes Secured Parties and (b) each Other Parity Lien Secured Party.  For the avoidance of doubt, the Parity Lien Secured Parties include the Applicable Parity Lien Representative.
“Parity Lien Security Agreement” means the Parity Lien Security Agreement, dated as of the Issue Date (as amended, restated, supplemented or otherwise modified from time to time), by and among the Issuers, the Subsidiaries of the Borrower party thereto and the Parity Lien Collateral Trustee that creates Liens on property of any Grantor to secure any Parity Lien Obligations.

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“Parity Lien Security Documents” means the Parity Lien Security Agreement, the Collateral Trust Agreement, the Parity Lien Mortgages, any senior-junior lien intercreditor agreement and any other documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Parity Lien Obligations.
“Permitted Remedies” means, with respect to any Junior Obligations:
(i)    filing a claim or statement of interest with respect to such Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor;
(ii)    taking any action (not adverse to the Liens securing Senior Obligations, the priority status thereof, or the rights of the Applicable Senior Collateral Agent or any of the Senior Secured Parties to exercise rights, powers and/or remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce) its Lien on any of the Collateral;
(iii)    filing any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the Junior Secured Parties, including any claims secured by the Junior Collateral, in each case in accordance with the terms of this Agreement;
(iv)    filing any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of this Agreement and applicable law (including the bankruptcy laws of any applicable jurisdiction); and
(v)    voting on any Plan of Reorganization, filing any proof of claim, making other filings and making any arguments, obligations and motions (including in support of or opposition to, as applicable, the confirmation or approval of any Plan of Reorganization) that are, in each case, in accordance with the terms of this Agreement.
“Person” means any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company or government, individual or family trusts, or any agency or political subdivision thereof.
“Plan of Reorganization” means any plan of reorganization, plan of liquidation, agreement for composition or other type of plan of arrangement proposed in or in connection with any Insolvency or Liquidation Proceeding.
“Possessory Collateral” means the Collateral in the possession or control of any Collateral Agent (or its agents or bailees), to the extent that possession or control thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments and Chattel Paper, in each case, delivered to or in the possession of any Collateral Agent under the terms of the ABL Facility Security Documents or the Parity Lien Security Documents and any 

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deposit account or security accounts under the Control of any Collateral Agent. All capitalized terms used in this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York UCC.
“Possessory Collateral Agent” means, with respect to any Possessory Collateral, the Collateral Agent having possession or control (including through its agents or bailees) of same.
“Proceeds” has the meaning set forth in Section 2.05.
“Real Estate Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Grantor in any real property.
“Refinance” means to amend, restate, supplement, waive, replace (whether or not upon termination, and whether with the original parties or otherwise), restructure, repay, refund, refinance or otherwise modify from time to time (including by means of any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the obligations under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof). “Refinanced” and “Refinancing” shall have correlative meanings.
“Representative” means (a) in the case of any ABL Obligations, the ABL Facility Collateral Agent, and (b) in the case of any Parity Lien Obligations, each Parity Lien Representative with respect thereto.
“Secured Parties” means (a) the ABL Facility Secured Parties, (b) the Note Secured Parties and (c) each Other Parity Lien Secured Party.
“Senior Claims” means (a) with respect to the ABL Priority Collateral, the ABL Obligations secured by such Collateral, and (b) with respect to the Notes Priority Collateral, the Parity Lien Obligations secured by such Collateral.
“Senior Collateral” means, with respect to any Obligations, the Collateral in respect of which such Obligations constitute Senior Claims.
“Senior Collateral Agent” means (a) with respect to the Notes Priority Collateral, the Parity Lien Collateral Trustee, and (b) with respect to the ABL Priority Collateral, the ABL Facility Collateral Agent.
“Senior Collateral Documents” means (a) with respect to the Parity Lien Obligations, the Parity Lien Security Documents, and (b) with respect to the ABL Obligations, the ABL Facility Security Documents.
“Senior Obligations” means (a) with respect to the ABL Obligations, the Parity Lien Obligations, and (b) with respect to the Parity Lien Obligations, the ABL Obligations; the Parity Lien Obligations shall, collectively, constitute one “Class” of Senior Obligations and the ABL Obligations shall constitute a separate “Class” of Senior Obligations.

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“Senior Representative” means (a) with respect to the Notes Priority Collateral, each Parity Lien Representative, and (b) with respect to the ABL Priority Collateral, the ABL Facility Collateral Agent.
“Senior Secured Parties” means (a) with respect to the Notes Priority Collateral, the Parity Lien Secured Parties, and (b) with respect to the ABL Priority Collateral, the ABL Facility Secured Parties.
“Series” means (a) the Note Obligations and each series of Other Parity Lien Obligations, each of which shall constitute a separate Series of the Class of Senior Obligations constituting Parity Lien Obligations, except that to the extent that the Note Obligations and/or any one or more series of such Other Parity Lien Obligations (i) are secured by identical Collateral on an equal and ratable basis held by a common collateral agent and (ii) have their security interests documented by a single set of security documents, such Note Obligations and/or each such series of Other Parity Lien Obligations shall collectively constitute a single Series; and (b) the ABL Obligations, which shall constitute the sole Series of the Class of Senior Obligations constituting ABL Obligations. With respect to the Parity Lien Secured Parties, the Parity Lien Secured Parties with respect to each Series of Note Obligations shall constitute a separate Series of Parity Lien Secured Parties.
“Subsidiary” means, with respect to any person (herein referred to as the “parent”), any corporation, partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
“Trustee” has the meaning set forth in the recitals.
ARTICLE 2     
PRIORITIES AND AGREEMENTS WITH RESPECT TO COLLATERAL
Section 2.01.    Subordination of Liens.
(a)    Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Parity Lien Obligations granted on the Collateral or of any Liens securing the ABL Obligations granted on the Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the ABL Facility Documents or the Parity Lien Documents, or any defect or deficiencies in or failure to perfect any such Liens or any other circumstance whatsoever:
(i)    (1) the Liens on the Notes Priority Collateral securing the Parity Lien Obligations will rank senior to any Liens on such Notes Priority Collateral securing the ABL Obligations, and (2) the Liens on the ABL Priority Collateral securing the ABL 

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Obligations will rank senior to any Liens on such ABL Priority Collateral securing the Parity Lien Obligations, and
(ii)    the Parity Lien Collateral Trustee, on behalf of itself and the Note Secured Parties, and each Other Parity Lien Representative, on behalf of itself and the applicable Other Parity Lien Secured Parties, each hereby agrees that the Liens securing each Series of Parity Lien Obligations shall be of equal priority (except as may be separately otherwise agreed in writing by and between the Other Parity Lien Representative, on behalf of itself and the Other Parity Lien Secured Parties represented thereby, and the Parity Lien Collateral Trustee, on behalf of itself and the Note Secured Parties and any Other Parity Lien Secured Parties with Other Parity Lien Obligations secured equally with the Note Obligations); provided, however, that the foregoing shall not be construed to alter the relative rights or priorities of the various Series of Parity Lien Obligations against each other Series of Parity Lien Obligations, which rights and priorities shall be governed by the Parity Lien Documents and the Collateral Trust Agreement.
(b)    It is acknowledged that (i) the aggregate amount of any Senior Obligations may, subject to the limitations set forth in the ABL Facility, the Note Indenture and any Other Parity Lien Credit  Documents, be Refinanced from time to time, all without affecting the priorities set forth in Section 2.05 or the provisions of this Agreement defining the relative rights of the ABL Facility Secured Parties and the Parity Lien Secured Parties, and (ii) a portion of the Senior Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed. The priorities provided for herein shall not be altered or otherwise affected by any Refinancing of either the Junior Obligations (or any part thereof) or the Senior Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Junior Obligations or Senior Obligations or by any action that any Representative or Secured Party may take or fail to take in respect of any Collateral.
Section 2.02.    Actions With Respect to Collateral; Prohibition on Contesting Liens.  (a) Until the Discharge of all of the Senior Obligations of a particular Class, (i) only the Applicable Senior Collateral Agent shall act or refrain from acting with respect to the Senior Collateral of such Class and then only on the instructions of the applicable Senior Representative (which, in the case of the Notes Priority Collateral, shall be the Applicable Parity Lien Representative), (ii) no Collateral Agent shall follow any instructions with respect to such Senior Collateral from any Junior Representative or from any Junior Secured Parties, and (iii) each Junior Representative and the Junior Secured Parties shall not, and shall not instruct any Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Junior Collateral, whether under any ABL Facility Security Document or any Parity Lien Security Document, as applicable, applicable law or otherwise, it being agreed that (A) only the Applicable Senior Collateral Agent, acting in accordance with the ABL Facility Security Documents or the Parity Lien Security Documents, as applicable, 

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shall be entitled to take any such actions or exercise any such remedies, or to cause any Collateral Agent to do so and (B) notwithstanding the foregoing, each Junior Representative may take Permitted Remedies. Each Senior Collateral Agent may deal with the Senior Collateral as if they had a senior Lien on such Collateral; provided that, with respect to the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee, the provisions of the Collateral Trust Agreement shall also be complied with. No Junior Collateral Agent, Junior Representative or Junior Secured Party will contest, protest or object to any foreclosure proceeding or action brought by any Senior Collateral Agent, Senior Representative or Senior Secured Party or any other exercise by such Senior Collateral Agent, Senior Representative or Senior Secured Party of any rights and remedies relating to the Senior Collateral.  For the avoidance of doubt, nothing in this Agreement shall prohibit (i) the exercise of rights by the ABL Facility Collateral Agent during a Dominion Period (as defined in the ABL Credit Agreement), including the notification of depositary institutions or any other person to deliver proceeds of the ABL Priority Collateral to the ABL Facility Collateral Agent, (ii) the reduction of advance rates or sub-limits under the ABL Facility or (iii) the imposition of any Reserve (as defined in the ABL Credit Agreement).
(b)    Each of the Applicable Parity Lien Representative and the other Parity Lien Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the ABL Facility Secured Parties in all or any part of the Collateral or the provisions of this Agreement, and the ABL Facility Collateral Agent and each of the ABL Facility Secured Parties each agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the Parity Lien Secured Parties in all or any part of the Collateral or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the ABL Facility Collateral Agent, the other ABL Facility Secured Parties, the Applicable Parity Lien Representative or the other Parity Lien Secured Parties to enforce this Agreement.
(c)    The ABL Facility Collateral Agent, for itself and on behalf of the ABL Facility Secured Parties, and the Parity Lien Collateral Trustee for itself and on behalf of the Parity Lien Secured Parties, agree that prior to an issuance of an Enforcement Notice (unless a bankruptcy or insolvency Event of Default then exists), any proceeds of Collateral, whether or not deposited in deposit accounts subject to control agreements, which are used by any Grantor to acquire other property which is Collateral shall not (solely as between the Collateral Agents and the Secured Parties) be treated as Proceeds of Collateral for purposes of determining the relative priorities in the Collateral which was so acquired. Notwithstanding anything to the contrary contained in this Agreement or any Parity Lien Document, unless and until the Discharge of ABL Obligations occurs, if an Insolvency or Liquidation Proceeding is commenced with respect to any of the Grantors, or a notice of an Enforcement Action is delivered by the Applicable Parity Lien Representative to the ABL Facility Collateral Agent, the ABL Facility Collateral Agent is hereby permitted to deem all collections and payments deposited in any deposit or securities account to 

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be Proceeds of ABL Priority Collateral and the Parity Lien Collateral Trustee, on behalf of itself and each other Parity Lien Secured Party, consents to the application of such funds to the ABL Obligations, and no such funds credited to such account shall be subject to disgorgement or be deemed to be held in trust by the ABL Facility Collateral Agent for the benefit of any Parity Lien Collateral Trustee or any other Parity Lien Secured Party.  
(d)    The parties hereto agree to execute, acknowledge and deliver a Memorandum of Intercreditor Agreement (“Memorandum”) together with such other documents in furtherance hereof or thereof, in each case, in form for recording as prepared by the Issuers in connection with any Mortgages and in form reasonably satisfactory to the Parity Lien Collateral Trustee and the ABL Facility Collateral Agent, in those jurisdictions where such recording is required pursuant to the terms of the ABL Facility Documents or the Parity Lien Documents, or as reasonably recommended or requested by local real estate counsel and/or the title insurance company, or as otherwise deemed reasonably necessary or proper by the parties hereto; provided that, the Parity Lien Collateral Trustee and the Parity Lien Representative shall not have a duty to determine what recordings are necessary or proper.
Section 2.03.    No Duties of Senior Representative; Provision of Notice.  (a) Each Junior Secured Party acknowledges and agrees that none of the Senior Collateral Agents, the Senior Representative nor any other Senior Secured Party shall have any duties or other obligations to such Junior Secured Party with respect to any Senior Collateral, other than to transfer to the Applicable Junior Collateral Agent any proceeds of any such Senior Collateral remaining in its possession following any sale, transfer or other disposition of such Collateral (in each case, unless the Junior Obligations have been Discharged prior to or concurrently with such sale, transfer, disposition, payment or satisfaction) and the Discharge of the Senior Obligations secured thereby, or if a Senior Collateral Agent shall be in possession of all or any part of such Collateral after such payment and satisfaction in full and termination, such Collateral or any part thereof remaining, in each case without representation or warranty on the part of any Senior Collateral Agent, the Senior Representative or any Senior Secured Party. In furtherance of the foregoing, each Junior Secured Party acknowledges and agrees that, until the Senior Obligations secured by any Collateral shall have been Discharged, the Applicable Senior Collateral Agent shall be entitled, for the benefit of the holders of such Senior Obligations, to sell, transfer or otherwise dispose of or deal with such Senior Collateral as provided herein and in the ABL Facility Documents and any Parity Lien Documents, as applicable, without regard to any Junior Claims or any rights to which the holders of the Junior Obligations would otherwise be entitled as a result of such Junior Claims. Without limiting the foregoing, each Junior Secured Party agrees that none of the Senior Collateral Agents, the Senior Representatives nor any other Senior Secured Party shall have any duty or obligation first to marshal or realize upon any type of Senior Collateral (or any other collateral securing the Senior Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Collateral (or any other collateral securing the Senior Obligations), in any manner that would maximize the return to the Junior Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Junior Secured Parties from such realization, sale, disposition or liquidation. Each of the Junior Secured Parties waives any claim such Junior Secured Party may now or 

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hereafter have against any Senior Collateral Agent, any Senior Representative or any other Senior Secured Party (or their representatives) arising out of (i) any actions which any Senior Collateral Agent, any Senior Representative or the Senior Secured Parties take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Senior Obligations from any account debtor, guarantor or any other party) in accordance with the ABL Facility Documents and the Parity Lien Documents or any other agreement related thereto or to the collection of the Senior Obligations or the valuation, use, protection or release of any security for the Senior Obligations, (ii) any election by any Applicable Senior Collateral Agent, any Senior Representative or any Senior Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 2.07, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, the Borrower or any of its subsidiaries, as debtor-in-possession.
(b)    The Parity Lien Collateral Trustee shall, after a Responsible Officer (as defined in the Indenture) of the Parity Lien Collateral Trustee obtains actual knowledge that it is no longer authorized by the Applicable Parity Lien Representative to act as the Parity Lien Collateral Trustee hereunder, notify the Borrower, the Other Parity Lien Representatives and the ABL Facility Collateral Agent of the same. The parties are authorized to execute and deliver amendments to this Agreement without the consent of the Secured Parties in order to reflect this Section 2.03(b).
Section 2.04.    No Interference. Each Junior Secured Party, each Junior Representative and each Junior Collateral Agent agrees that (i) it will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any Junior Claim pari passu with, or to give such Junior Secured Party any preference or priority relative to, any Senior Claim with respect to the Senior Collateral or any part thereof, (ii) it will not challenge or question in any proceeding the validity or enforceability of any ABL Facility Security Document or Parity Lien Security Document or the validity, attachment, perfection or priority of any Lien under the ABL Facility Security Documents or the Parity Lien Security Documents, or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement, (iii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Senior Collateral by the Applicable Senior Collateral Agent or any Senior Secured Parties or any Senior Representative acting on their behalf, (iv) it shall have no right to (A) direct the Applicable Senior Collateral Agent, any Senior Representative or any holder of Senior Obligations to exercise any right, remedy or power with respect to any Senior Collateral or (B) consent to the exercise by the Applicable Senior Collateral Agent, any Senior Representative or any other Senior Secured Party of any right, remedy or power with respect to any Senior Collateral, (v) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any claim against the Applicable Senior Collateral Agent, any Senior Representative or other Senior Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with 

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respect to, and none of the Applicable Senior Collateral Agent, any Senior Representative or any other Senior Secured Party shall be liable for, any action taken or omitted to be taken by such Senior Collateral Agent, such Senior Representative or other Senior Secured Party with respect to any Senior Collateral, (vi) it will not seek, and hereby waives any right, to have any Senior Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vii) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the ABL Facility Collateral Agent, the other ABL Facility Secured Parties, the Parity Lien Collateral Trustee or the other Parity Lien Secured Parties to enforce this Agreement.
Section 2.05.    Application of Proceeds; Payments Over. (a) Anything contained herein or in any of the ABL Facility Documents or the Parity Lien Documents to the contrary notwithstanding, if an Event of Default has occurred and is continuing, and any Collateral Agent is taking action to enforce rights in respect of any Collateral (whether in an Insolvency or Liquidation Proceeding or otherwise), or any distribution is made in respect of any Collateral in any Insolvency or Liquidation Proceeding with respect to any Grantor, the Proceeds (subject, in the case of any such distribution, to Section 2.07 hereof) (all proceeds of any sale, collection or other liquidation of any Collateral, all consideration distributed on account of any secured claim and all proceeds of any such distribution being collectively referred to as “Proceeds”) shall be applied as follows:
(i)    In the case of Notes Priority Collateral,
FIRST, to the Parity Lien Collateral Trustee for distribution in accordance with the Collateral Trust Agreement, until payment in full in cash of any Parity Lien Obligations secured by such Notes Priority Collateral, and
SECOND, to the ABL Facility Collateral Agent for distribution in accordance with the ABL Facility Security Agreement and the other ABL Facility Documents.
If any ABL Obligations remain outstanding after the Discharge of the Parity Lien Obligations, all proceeds of the Notes Priority Collateral will be applied to the repayment of any outstanding ABL Obligations.
(ii)    In the case of ABL Priority Collateral,
FIRST, to the ABL Facility Collateral Agent for distribution in accordance with the ABL Facility Security Agreement and the other ABL Facility Documents, until payment in full in cash of the ABL Obligations, and
SECOND, to the Parity Lien Collateral Trustee for distribution in accordance with the Collateral Trust Agreement and the Parity Lien Security Documents.

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If any Parity Lien Obligations remain outstanding after the Discharge of the ABL Obligations, all proceeds of the ABL Priority Collateral will be applied to the repayment of any outstanding Parity Lien Obligations.
(b)    Each Junior Collateral Agent, each Junior Representative and each Junior Secured Party hereby agrees that, if it shall obtain possession of any Senior Collateral or shall realize any proceeds or payment in respect of any such Collateral, pursuant to any ABL Facility Security Document or Parity Lien Security Document or by the exercise of any rights available to it under applicable law or in any bankruptcy, insolvency or similar proceeding or through any other exercise of remedies, at any time prior to the Discharge of the Senior Obligations, then it shall hold such Collateral, proceeds or payment in trust for the Senior Secured Parties and transfer such Collateral, proceeds or payment, as the case may be, to the Applicable Senior Collateral Agent reasonably promptly after obtaining actual knowledge, or notice from the Applicable Senior Collateral Agent, that it is in possession of such Collateral, proceeds or payment. Each Junior Secured Party agrees that if, at any time, it receives notice or obtains actual knowledge that all or part of any payment with respect to any Senior Obligations previously made shall be rescinded for any reason whatsoever, such Junior Secured Party shall promptly pay over to the Applicable Senior Collateral Agent any payment received by it and then in its possession or under its control in respect of any Senior Collateral and shall promptly turn over any Senior Collateral then held by it over to the Applicable Senior Collateral Agent, and the provisions set forth in this Agreement shall be reinstated as if such payment had not been made, until the payment and satisfaction in full of the Senior Obligations.
Section 2.06.    Automatic Release of Junior Liens.  (a) The Parity Lien Collateral Trustee and each other Parity Lien Secured Party agrees that, in the event of a sale, transfer or other disposition of any ABL Priority Collateral in connection with the foreclosure upon or other exercise of rights and remedies with respect to such ABL Priority Collateral or pursuant to a sale of ABL Priority Collateral under Section 363 of the Bankruptcy Code consented to by the ABL Facility Collateral Agent (including any sale or disposition conducted by the Issuers or any Note Guarantor at the direction or with the consent of the ABL Facility Collateral Agent following an Event of Default under the ABL Credit Agreement) that results in the release by the ABL Facility Collateral Agent of the Lien held by the ABL Facility Collateral Agent on such ABL Priority Collateral (regardless of whether or not an Event of Default has occurred and is continuing under the Parity Lien Documents at the time of such sale, transfer or other disposition), the Lien held by the Parity Lien Collateral Trustee and each other Parity Lien Secured Party on such ABL Priority Collateral shall be automatically released; provided that, notwithstanding the foregoing, all holders of the Parity Lien Obligations shall be entitled to any proceeds of a sale, transfer or other disposition under this clause (a) that remain after Discharge of the ABL Obligations, and the Liens on such remaining proceeds securing the Parity Lien Obligations shall not be automatically released pursuant to this Section 2.06(a).
(b)    The ABL Facility Collateral Agent and each other ABL Facility Secured Party agrees that, in the event of a sale, transfer or other disposition of any Notes Priority Collateral in connection with the foreclosure upon or other exercise of rights and remedies with respect to 

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such Notes Priority Collateral or pursuant to a sale of Notes Priority Collateral under Section 363 of the Bankruptcy Code consented to by the Parity Lien Collateral Trustee that results in the release by the Parity Lien Collateral Trustee and the other Parity Lien Secured Parties of the Lien held by them on such Notes Priority Collateral (regardless of whether or not an Event of Default has occurred and is continuing under the ABL Facility Documents at the time of such sale, transfer or other disposition), the Lien held by the ABL Facility Collateral Agent on such Notes Priority Collateral shall be automatically released; provided that, notwithstanding the foregoing, all holders of the ABL Obligations shall be entitled to any proceeds of a sale, transfer or other disposition under this clause (b) that remain after Discharge of all Parity Lien Obligations, and the Liens on such remaining proceeds securing the ABL Obligations shall not be automatically released pursuant to this Section 2.06(b).
(c)    Each Junior Representative and each Junior Collateral Agent agrees to execute and deliver (at the sole cost and expense of the applicable Grantors) all such authorizations and other instruments as shall reasonably be requested by the applicable Senior Representative or the Applicable Senior Collateral Agent to evidence and confirm any release of Junior Collateral provided for in this Section.
(d)    If at any time any Grantor or the holder of any Senior Obligations delivers notice to each Junior Collateral Agent that any specified Senior Collateral (including all or substantially all of the equity interests of a Grantor or any of its Subsidiaries) is sold, transferred or otherwise disposed of by the owner of such Collateral in a transaction permitted under the Parity Lien Documents and the ABL Facility Documents, to the extent the Applicable Senior Collateral Agent has consented to such sale, transfer or disposition, then the Liens in favor of the Junior Secured Parties upon such Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Senior Collateral are released and discharged. Upon delivery to each Junior Collateral Agent of a notice from the Applicable Senior Collateral Agent stating that any release of Liens securing or supporting the Senior Obligations has become effective (or shall become effective upon each Junior Collateral Agent’s release), each Junior Collateral Agent will promptly execute and deliver such instruments, releases, terminations statements or other documents confirming such release on customary terms. 
Section 2.07.    Certain Agreements With Respect to Bankruptcy or Insolvency Proceedings.  (a) This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under the Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against the Borrower or any of its subsidiaries.  This Agreement shall constitute a “subordination agreement” for purposes of Section 510(a) of the Bankruptcy Code.
(b)    If the Borrower or any of its subsidiaries shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code or under any other similar law:
(i)    if the ABL Facility Collateral Agent desires to permit any Grantor that is subject to a Bankruptcy Case, as debtor(s)-in-possession, and to move for the approval of financing (“DIP Financing”) secured by a Lien on the ABL Priority Collateral, to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the 

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Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, then the Applicable Parity Lien Representative and the Parity Lien Secured Parties hereby agree not to object to any such financing or to the Liens on the ABL Priority Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes ABL Priority Collateral, unless the ABL Facility Collateral Agent shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral that constitutes ABL Priority Collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such ABL Priority Collateral for the benefit of the ABL Facility Secured Parties, each Parity Lien Secured Party will subordinate its Liens with respect to such ABL Priority Collateral on the same terms as the Liens of the ABL Facility Secured Parties (other than any Liens of any ABL Facility Secured Party constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such ABL Priority Collateral granted to secure the ABL Obligations of the ABL Facility Secured Parties, each Parity Lien Secured Party will confirm the priorities with respect to such ABL Priority Collateral as set forth herein), in each case so long as (A) the Parity Lien Secured Parties retain the benefit of their Liens on all such ABL Priority Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such Bankruptcy Case as existed prior to the commencement of the Bankruptcy Case (but after giving effect to any subordination to the DIP Financing Liens), (B) if any amount of such DIP Financing or cash collateral is applied to repay any of the ABL Obligations, such amount is applied pursuant to Section 2.05(a) of this Agreement, and (C) if any ABL Facility Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied pursuant to Section 2.05(a) of this Agreement; provided that the Parity Lien Secured Parties of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over Notes Priority Collateral unless such DIP Financing Liens are junior to the Liens of the Parity Lien Secured Parties on such Notes Priority Collateral; and provided further that the Parity Lien Secured Parties receiving adequate protection shall not object to any other Parity Lien Secured Party receiving adequate protection comparable to any adequate protection granted to such Parity Lien Secured Parties in connection with a DIP Financing or use of cash collateral; and
(ii)    if the Applicable Parity Lien Representative desires to permit any Grantor  that is subject to a Bankruptcy Case, as debtor(s)-in-possession, and to move for the approval of a DIP Financing secured by a Lien on Notes Priority Collateral, to be provided by DIP Lenders under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, then the ABL Facility Collateral Agent and the ABL Facility Secured Parties hereby agree not to object to any such financing or to the DIP Financing Liens or to any use of cash collateral that constitutes Notes Priority Collateral, unless the Applicable Parity Lien Representative shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral that constitutes Notes Priority Collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Notes Priority Collateral for the 

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benefit of the Parity Lien Secured Parties, each ABL Facility Secured Party will subordinate its Liens with respect to such Notes Priority Collateral on the same terms as the Liens of the Parity Lien Secured Parties (other than any Liens of any Parity Lien Secured Party constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such Notes Priority Collateral granted to secure the Parity Lien Obligations of the Parity Lien Secured Parties, each ABL Facility Secured Party will confirm the priorities with respect to such Notes Priority Collateral as set forth herein), in each case so long as (A) the ABL Facility Secured Parties retain the benefit of their Liens on all such Notes Priority Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such Bankruptcy Case as existed prior to the commencement of the Bankruptcy Case (but after giving effect to any subordination to the DIP Financing Liens), (B) if any amount of such DIP Financing or cash collateral is applied to repay any of the Parity Lien Obligations, such amount is applied pursuant to Section 2.05(a) of this Agreement, and (C) if any Parity Lien Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection is applied pursuant to Section 2.05(a) of this Agreement; provided that the ABL Facility Secured Parties shall have a right to object to the grant of a Lien to secure the DIP Financing over ABL Priority Collateral unless such DIP Financing Liens are junior to the Liens of the ABL Facility Secured Parties on such ABL Priority Collateral; and provided further that the ABL Facility Secured Parties receiving adequate protection shall not object to any other ABL Facility Secured Party receiving adequate protection comparable to any adequate protection granted to such ABL Facility Secured Parties in connection with a DIP Financing or use of cash collateral. For the avoidance of doubt, the Parity Lien Secured Parties may not provide a DIP Financing secured by a Lien on the ABL Priority Collateral that is senior or pari passu to the liens in the ABL Priority Lien securing the ABL Obligations.
(c)    The Applicable Junior Collateral Agent and each Junior Secured Party agrees that it will not object to and will not otherwise contest: (i) any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of the Senior Obligations made by the Applicable Senior Collateral Agent or any Senior Secured Party; (ii) any exercise by any holder of Senior Claims of the right to credit bid Senior Claims in any sale in foreclosure of Collateral that is Senior Collateral with respect to such Senior Claims; (iii) any other request for judicial relief made in any court by the Applicable Senior Collateral Agent or any Senior Secured Party relating to the lawful enforcement of any Lien on the Senior Collateral; (iv) any sale or other disposition of any Senior Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the Senior Secured Parties of any Series shall have consented to such sale or disposition of such Senior Collateral; or (v) any order relating to a sale of assets of the Borrower or any of its subsidiaries for which the Applicable Senior Collateral Agent has consented which provides that, to the extent the sale is to be free and clear of Liens, the Liens securing the Senior Obligations and the Junior Obligations will attach to the proceeds of the sale on the same basis of priority as the Liens securing such Obligations on the assets being sold, in accordance with this Agreement.

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(d)    The Applicable Junior Collateral Agent and each Junior Secured Party agrees that it will not seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding with respect to Senior Collateral without the prior consent of the Applicable Senior Collateral Agent except and to the extent that the Applicable Senior Collateral Agent has received relief from such stay.
(e)    The Applicable Junior Collateral Agent and each Junior Secured Party hereby agrees that it will not object to and will not otherwise contest (or support any other Person contesting): (i) any request by the Applicable Senior Collateral Agent or any Senior Secured Party for adequate protection or(ii) any objection by the Applicable Senior Collateral Agent or any Senior Secured Party to any motion, relief, action or proceeding based on the Applicable Senior Collateral Agent or any Senior Secured Party claiming a lack of adequate protection. Notwithstanding the foregoing, in any Insolvency or Liquidation Proceeding, (x) if the Senior Secured Parties (or any subset thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash collateral under Section 363 or Section 364 of the Bankruptcy Code or any similar law, then the Applicable Junior Collateral Agent may seek or request adequate protection in the form of a replacement Lien on such additional collateral, so long as, with respect to the Senior Collateral, such Lien is subordinated to the Liens securing the Senior Obligations and such DIP Financing (and all obligations relating thereto), on the same basis as the other Liens securing Junior Obligations on the Senior Collateral are subordinated to the Liens on Senior Collateral securing the Senior Obligations under this Agreement and (y) in the event the Applicable Junior Collateral Agent seeks or requests adequate protection and such adequate protection is granted in the form of additional collateral, then the Applicable Junior Collateral Agent and the Junior Secured Parties hereby agree that the Senior Secured Parties shall also be granted a Lien on such additional collateral as security for the Senior Obligations and any such DIP Financing and that any Lien on such additional collateral that constitutes Senior Collateral securing the Junior Obligations shall be subordinated to the Liens on such collateral securing the Senior Obligations and any such DIP Financing (and all obligations relating thereto) and any other Liens on Senior Collateral granted to the holders of Senior Obligations as adequate protection on the same basis as the Liens securing Junior Obligations are so subordinated to the Liens securing the Senior Obligations under this Agreement.
(f)    The Applicable Junior Collateral Agent and each Junior Secured Party hereby agrees that (i) it will not oppose or seek to challenge any claim by the Applicable Senior Collateral Agent or any Senior Secured Party for allowance of Senior Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Applicable Senior Collateral Agent’s Lien on the Senior Collateral, without regard to the existence of the Lien of the Junior Secured Parties on the Senior Collateral, and (ii) until the Discharge of Senior Obligations has occurred, the Applicable Junior Collateral Agent, on behalf of itself and the Junior Secured Parties, will not assert or enforce any claim under Section 506(c) of the Bankruptcy Code senior to or on a parity with the Liens on Senior Collateral securing the Senior Obligations for costs or expenses of preserving or disposing of any Collateral.

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(g)    The Applicable Parity Lien Representative, on behalf of the Parity Lien Secured Parties, and the ABL Facility Collateral Agent, on behalf of the ABL Facility Secured Parties, acknowledge and intend that the grants of Liens pursuant to the Parity Lien Security Documents, on the one hand, and the ABL Facility Security Documents, on the other hand, constitute separate and distinct grants of Liens, and because of, among other things, their differing rights in the Collateral, the Parity Lien Obligations are fundamentally different from the ABL Obligations and must be separately classified in any Plan of Reorganization proposed or confirmed (or approved) in an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Facility Secured Parties and the Parity Lien Secured Parties in respect of any Collateral constitute claims in the same class (rather than separate classes of senior and junior secured claims), then the ABL Facility Secured Parties and the Parity Lien Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligations and Parity Lien Obligations against the Grantors (with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or the Notes Priority Collateral is sufficient (for this purpose ignoring all claims held by the other Secured Parties for whom such Collateral is Junior Collateral), the ABL Facility Secured Parties or the Parity Lien Secured Parties, respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees or expenses that are available from the Senior Collateral for each of the ABL Facility Secured Parties and the Parity Lien Secured Parties, respectively, before any distribution is made in respect of the Junior Claims with respect to such Collateral, with the holder of such Junior Claims hereby acknowledging and agreeing to turn over to the respective other Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries). 
(h)    If, in any proceeding under the Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, debt obligations of any of reorganized Borrower or any of its subsidiaries secured by Liens upon any property of such reorganized entity are distributed, pursuant to a proposal, plan of reorganization, composition or arrangement on account of both the ABL Obligations and the Parity Lien Obligations, then the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such proposal or plan and will apply with like effect to the Liens securing such debt obligations.
Section 2.08.    Reinstatement.  In the event that any of the Senior Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article 2 shall be fully applicable thereto until all such Senior Obligations shall again have been paid in full in cash.
Section 2.09.    Entry Upon Premises by the ABL Facility Collateral Agent.  (a) If the ABL Facility Collateral Agent takes any enforcement action with respect to the ABL Priority Collateral, the Parity Lien Secured Parties (i) shall cooperate with the ABL Facility Collateral 

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Agent (at the sole cost and expense of the ABL Facility Collateral Agent and subject to the condition that the Parity Lien Secured Parties shall have no obligation or duty to take any action or refrain from taking any action that could reasonably be expected to result in the incurrence of any liability or damage to the Parity Lien Secured Parties) in its efforts to enforce its security interest in the ABL Priority Collateral and to finish any work-in-process and assemble the ABL Priority Collateral, (ii) shall not take or direct any Collateral Agent to take any action designed or intended to hinder or restrict in any respect the ABL Facility Collateral Agent from enforcing its security interest in the ABL Priority Collateral or from finishing any work-in-process or assembling the ABL Priority Collateral, and (iii) shall permit and direct the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee to permit the ABL Facility Collateral Agent, and their respective employees, agents, advisers and representatives, at the sole cost and expense of the ABL Facility Secured Parties and upon reasonable advance notice, to enter upon and use the Notes Priority Collateral (including (x) equipment, processors, computers and other machinery related to the storage or processing of records, documents or files and (y) intellectual property) for a period not to exceed 180 days after the taking of such enforcement action, for purposes of (A) assembling and storing the ABL Priority Collateral and completing the processing of and turning into finished goods of any ABL Priority Collateral consisting of work-in-process, (B) selling any or all of the ABL Priority Collateral located on such Notes Priority Collateral, whether in bulk, in lots or to customers in the ordinary course of business or otherwise, (C) removing any or all of the ABL Priority Collateral located on such Notes Priority Collateral, or (D) taking reasonable actions to protect, secure and otherwise enforce the rights of the ABL Facility Secured Parties and the ABL Facility Collateral Agent in and to the ABL Priority Collateral; provided, however, that nothing contained in this Agreement shall restrict the rights of the Parity Lien Collateral Trustee from selling, assigning or otherwise transferring any Notes Priority Collateral prior to the expiration of such 180-day period if the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section. If any stay or other order prohibiting the exercise of remedies with respect to the ABL Priority Collateral has been entered by a court of competent jurisdiction, such 180-day period shall be tolled during the pendency of any such stay or other order. If the ABL Facility Collateral Agent conducts a public auction or private sale of the ABL Priority Collateral at any of the real property included within the Notes Priority Collateral, the ABL Facility Collateral Agent shall use reasonable efforts to hold such auction or sale in a manner which would not unduly disrupt the Parity Lien Collateral Trustee’s use of such real property for the benefit of the Parity Lien Secured Parties.
(b)    During the period of actual occupation, use or control by the ABL Facility Secured Parties or their agents or representatives (including the ABL Facility Collateral Agent to the extent acting on behalf of such parties) of any Notes Priority Collateral, the ABL Facility Secured Parties shall be obligated to repair at their expense any physical damage to such Notes Priority Collateral or other assets or property resulting from such occupancy, use or control, and to leave such Notes Priority Collateral or other assets or property in substantially the same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear excepted. Notwithstanding the foregoing, in no event shall the ABL Facility Secured Parties have any liability to the Parity Lien Secured Parties pursuant to this Section as a result of any condition (including any environmental condition, claim or liability) on or with respect to the Notes Priority Collateral existing prior to the date of the exercise by the ABL Facility Secured 

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Parties of their rights under this Section and the ABL Facility Secured Parties shall have no duty or liability to maintain the Notes Priority Collateral in a condition or manner better than that in which it was maintained prior to the use thereof by the ABL Facility Secured Parties, or for any diminution in the value of the Notes Priority Collateral that results solely from ordinary wear and tear resulting from the use of the Notes Priority Collateral by the ABL Facility Secured Parties in the manner and for the time periods specified under this Section 2.09. Without limiting the rights granted in this paragraph, the ABL Facility Secured Parties shall cooperate with the Applicable Parity Lien Representative and the other Parity Lien Secured Parties (at the sole cost and expense of the Applicable Parity Lien Representative and the other Parity Lien Secured Parties and subject to the condition that the ABL Facility Secured Parties shall have no obligation or duty to take any action or refrain from taking any action that could reasonably be expected to result in the incurrence of any liability or damage to the ABL Facility Secured Parties) in connection with any efforts made by it to cause the Notes Priority Collateral to be sold.
(c)    In addition, the Parity Lien Secured Parties and their respective Senior Representatives hereby grant to the ABL Facility Collateral Agent and the ABL Facility Secured Parties a non-exclusive worldwide license or right to use, to the maximum extent permitted by applicable law and to the extent of their interest therein, exercisable without payment of royalty or other compensation, any of the Notes Priority Collateral consisting of intellectual property in connection with the liquidation, collection, disposition or other realization upon the ABL Priority Collateral pursuant to any enforcement action by the ABL Facility Collateral Agent and the ABL Facility Secured Parties, and such license shall survive and transfer with any permitted disposition of the Notes Priority Collateral to any third party for the duration of the 180-day period referred to in Section 2.09(a) (including any tolling of such period in accordance with such Section.
Section 2.10.    Insurance.  Unless and until the ABL Obligations have been Discharged, as between the ABL Facility Collateral Agent, on the one hand, and the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee, on the other hand, only the ABL Facility Collateral Agent will have the right (subject to the rights of the Grantors under the ABL Facility Documents and the Parity Lien Documents) to adjust or settle any insurance policy or claim covering or constituting ABL Priority Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the ABL Priority Collateral. Unless and until the Parity Lien Obligations have been Discharged, as between the ABL Facility Collateral Agent, on the one hand, and the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee, on the other hand, only the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee will have the right (subject to the rights of the Grantors under the ABL Facility Documents and the Parity Lien Documents) to adjust or settle any insurance policy covering or constituting Notes Priority Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding solely affecting the Notes Priority Collateral. To the extent that an insured loss covers or constitutes ABL Priority Collateral and Notes Priority Collateral, then the ABL Facility Collateral Agent and the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee will work jointly and in good faith to collect, adjust or settle 

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(subject to the rights of the Grantors under the ABL Facility Documents and the Parity Lien Documents) under the relevant insurance policy.
Section 2.11.    Refinancings. Each of the ABL Obligations and the Parity Lien Obligations and the agreements or indentures governing them may be Refinanced, in whole or in part, in each case without notice to, or the consent (except to the extent a consent is otherwise required to permit the Refinancing transaction under any ABL Facility Document or any Parity Lien Document) of, any ABL Facility Secured Party or any Parity Lien Secured Party, all without affecting the priorities provided for herein or the other provisions hereof; provided, however, that the holders of any such Refinancing indebtedness (or an authorized agent or trustee on their behalf) bind themselves in writing (to the extent they are not already so bound) to the terms of this Agreement pursuant to such Refinancing documents or agreements (including amendments or supplements to this Agreement) as each Applicable Senior Collateral Agent, shall reasonably request and in form and substance reasonably acceptable to such Applicable Senior Collateral Agent. In connection with any Refinancing contemplated by this Section 2.11, this Agreement may be amended at the request and sole expense of the Borrower, and without the consent (except to the extent a consent is otherwise required to permit such Refinancing transaction under any ABL Facility Document or any Parity Lien Document) of any Representative, (a) to add parties (or any authorized agent or trustee therefor) providing any such Refinancing, (b) to confirm that such Refinancing indebtedness in respect of any Parity Lien Obligations shall have the same rights and priorities in respect of any Notes Priority Collateral as the indebtedness being Refinanced and (c) to confirm that such Refinancing indebtedness in respect of any ABL Obligations shall have the same rights and priorities in respect of any ABL Priority Collateral as the indebtedness being Refinanced, all on the terms provided for herein immediately prior to such Refinancing. Any such additional party and each Applicable Senior Collateral Agent shall be entitled to rely on the determination of officers of the Borrower that such modifications do not violate the ABL Facility Documents or the Parity Lien Documents if such determination is set forth in an officers’ certificate delivered to such party and each Applicable Senior Collateral Agent; provided, however, that such determination will not affect whether or not the Borrower has complied with its undertakings in any such document or this Agreement.
Section 2.12.    Amendments to Security Documents.  (a) The Parity Lien Collateral Trustee and other Parity Lien Secured Parties agree that, without the prior written consent of the ABL Facility Collateral Agent, no Parity Lien Security Document to which the Parity Lien Collateral Trustee or Parity Lien Secured Party is party may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification or the terms of any new Parity Lien Security Document would be prohibited by or inconsistent with any of the terms of this Agreement.
(b)    Each of the ABL Facility Collateral Agent and other ABL Facility Secured Parties agrees that, without the prior written consent of the Applicable Parity Lien Representative, no ABL Facility Security Document to which the ABL Facility Collateral Agent or ABL Facility Secured Parties are party may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification or the terms of any new ABL Facility 

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Security Document would be prohibited by or inconsistent with any of the terms of this Agreement.
(c)    In the event that any Senior Collateral Agent or Senior Secured Parties enter into any amendment, waiver or consent in respect of or replace any of the Senior Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, such Senior Collateral Document or changing in any manner the rights of such Senior Collateral Agent, such Senior Secured Parties, the Borrower or any other Grantor thereunder (including the release of any Liens in the applicable Senior Collateral), then such amendment, waiver or consent shall apply automatically to any comparable provision of each Comparable Junior Priority Collateral Document without the consent of any Junior Collateral Agent or any Junior Secured Party and without any action by any Junior Collateral Agent, any Junior Secured Party, the Borrower or any other Grantor; provided, however, that (A) such amendment, waiver or consent does not materially adversely affect the rights of the Junior Representative or the applicable Junior Secured Parties or the interests of the applicable Junior Secured Parties in the applicable Junior Collateral and not the Senior Collateral Agent or the Senior Secured Parties, as the case may be, that have a security interest in the affected collateral in a like or similar manner, and (B) written notice of such amendment, waiver or consent shall have been given by the Borrower to the Applicable Junior Collateral Agent.
Section 2.13.    Possessory Collateral Agent    as Gratuitous Bailee/Agent for Perfection.  (a) Each Possessory Collateral Agent agrees to hold the Possessory Collateral that is in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of each Secured Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral pursuant to the ABL Facility Security Documents or the Parity Lien Security Documents, subject to the terms and conditions of this Section 2.13. To the extent any Possessory Collateral is possessed by or is under the control of a Collateral Agent (either directly or through its agents or bailees) other than the Applicable Possessory Collateral Agent, such Collateral Agent shall deliver or transfer control of such Possessory Collateral to (or shall cause such Possessory Collateral to be delivered or control of transferred to) the Applicable Possessory Collateral Agent and shall take all actions reasonably requested in writing by the Applicable Possessory Collateral Agent to cause the Applicable Possessory Collateral Agent to have possession or control of same. Pending such delivery to the Applicable Possessory Collateral Agent, each other Collateral Agent agrees to hold any Possessory Collateral as gratuitous bailee for the benefit of each other Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable ABL Facility Security Documents or Parity Lien Security Documents, in each case subject to the terms and conditions of this Section 2.13.
(b)    [Reserved].
(c)    The duties or responsibilities of each Possessory Collateral Agent and each other Collateral Agent under this Section 2.13 shall be limited solely to holding the Possessory 

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Collateral as gratuitous bailee for the benefit of each Secured Party for purposes of perfecting the security interest held by the Secured Parties therein.
(d)    Upon the Discharge of all Parity Lien Obligations, the Parity Lien Collateral Trustee (and each other Parity Lien Representative) shall deliver to the ABL Facility Collateral Agent, to the extent that it is legally permitted to do so, the remaining Possessory Collateral (if any) held by it, together with any endorsements reasonably requested by the ABL Facility Collateral Agent (or otherwise allow the ABL Facility Collateral Agent to obtain control of such Possessory Collateral) or as a court of competent jurisdiction may otherwise direct. The Borrower shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify the Possessory Collateral Agent for loss or damage suffered by the Possessory Collateral Agent as a result of such transfer except for loss or damage suffered by the Possessory Collateral Agent as a result of its own willful misconduct, gross negligence or bad faith.  The Parity Lien Collateral Trustee (and each other Parity Lien Representative) shall be obligated to follow instructions from the ABL Facility Collateral Agent in contravention of this Agreement.
(e)    Upon the Discharge of all ABL Obligations, the ABL Facility Collateral Agent shall deliver to the Parity Lien Collateral Trustee, to the extent that it is legally permitted to do so, the remaining Possessory Collateral (if any) held by it, together with any necessary endorsements (or otherwise allow the Parity Lien Collateral Trustee to obtain control of such Possessory Collateral) or as a court of competent jurisdiction may otherwise direct. The Borrower shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify the Possessory Collateral Agent for loss or damage suffered by the Possessory Collateral Agent as a result of such transfer except for loss or damage suffered by the Possessory Collateral Agent as a result of its own willful misconduct, gross negligence or bad faith. The ABL Facility Collateral Agent shall not be obligated to follow instructions from the Parity Lien Collateral Trustee or any other Parity Lien Representative in contravention of this Agreement.
ARTICLE 3     
EXISTENCE AND AMOUNTS OF LIENS AND OBLIGATIONS
Whenever a Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Senior Obligations (or the existence of any commitment to extend credit that would constitute Senior Obligations) or Junior Obligations, or the Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other Representatives and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that, if a Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Borrower. Each Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of 

30

competent jurisdiction) and shall have no liability to the Borrower or any of its subsidiaries, any Secured Party or any other Person as a result of such determination.
ARTICLE 4     
CONSENT OF GRANTORS
Each Grantor hereby consents to the provisions of this Agreement and the intercreditor arrangements provided for herein and agrees that the obligations of the Grantors under the ABL Facility Security Documents and the Parity Lien Security Documents will in no way be diminished or otherwise affected by such provisions or arrangements (except as expressly provided herein, including under Section 2.06 and Section 6.11).
ARTICLE 5     
REPRESENTATIONS AND WARRANTIES
Section 5.01.    Representations and Warranties of Each Party.  Each party hereto represents and warrants to the other parties hereto as follows:
(a)    Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite power and authority to enter into and perform its obligations under this Agreement.
(b)    This Agreement has been duly executed and delivered by such party.
(c)    The execution, delivery and performance by such party of this Agreement
(i)    do not require any consent or approval of, registration or filing with or any other action by any governmental authority, (ii) will not violate any applicable law or regulation or any order of any governmental authority (in the case of the Parity Lien Collateral Trustee and Applicable Parity Lien Representative governing its corporate trust powers) or any credit agreement, agreement or other instrument binding upon such party and (iii) will not violate the charter, by-laws or other organizational documents of such party.
Section 5.02.    Representations and Warranties of Each Representative.  Each Collateral Agent and Representative represents and warrants to the other parties hereto that it is authorized under the ABL Facility or the applicable Parity Lien Documents, as applicable, to enter into this Agreement.
ARTICLE 6     
MISCELLANEOUS
Section 6.01.    Notices.  All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

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(a)    if to the ABL Facility Collateral Agent, to it at:
UBS AG, Stamford Branch
Banking Products Services Loan Administration Team
600 Washington Blvd.
Stamford, CT 06901
Tel: 203-719-4319
Fax: 203-719-3888

(b)    if to the Applicable Parity Lien Representative, to it at
Wilmington Trust National Association 
        Global Capital Markets 
        15950 N. Dallas Parkway, Suite 550 
        Dallas, TX 75248 
        Telephone: (972) 383-3156 
        Facsimile: (888) 316-6238 
        Attention: CVR Partners, LP Secured Notes Administrator
(c)    if to the Parity Lien Collateral Trustee, to it at
Wilmington Trust National Association 
        Global Capital Markets 
        15950 N. Dallas Parkway, Suite 550 
        Dallas, TX 75248 
        Telephone: (972) 383-3156 
        Facsimile: (888) 316-6238 
        Attention: CVR Partners, LP Secured Notes Administrator
(d)    if to any Other Parity Lien Representative, to it at the address set forth in the applicable Joinder Agreement;
(e)    if to the Borrower, to it at 
CVR Partners LP 
2277 Plaza Drive, Suite 500 
Sugarland, TX 77479 
Attention: General Counsel
with a copy to:
Vinson & Elkins, L.L.P. 
666 5th Avenue 
New York, NY 10103 
Attention: David Wicklund; and

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(f)    if to any other Grantor, to it in care of the Borrower as provided in clause (e) above.
Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto (and for this purpose a notice to the Borrower shall be deemed to be a notice to each Grantor). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 6.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 6.01. As agreed to in writing among the Borrower, the ABL Facility Collateral Agent, the Applicable Parity Lien Representative, the Parity Lien Collateral Trustee and each Other Parity Lien Representative from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable Person provided from time to time by such Person.
Section 6.02.    Waivers; Amendment.(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.
(b)    Subject to Section 2.03, to the last sentence of Section 2.11 hereof and to Section 6.15 hereof, neither this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or agreements in writing entered into by each Representative party hereto (including the Applicable Parity Lien Representative), the Parity Lien Collateral Trustee, the ABL Facility Collateral Agent and the Borrower. Notwithstanding anything to the contrary, this Agreement may be amended from time to time at the request of the Borrower, at the Borrower’s expense and without the consent of any Representative, any Collateral Agent, any ABL Facility Secured Party or any Parity Lien Secured Party to (i) add other parties holding other ABL Obligations (or any agent or trustee therefor) and Other Parity Lien Obligations (or any agent or trustee therefor) in each case to the extent such indebtedness is not prohibited by the ABL Facility Documents or the Parity Lien Documents, (ii) in the case of other ABL Obligations, (A) establish that the Lien on the Notes Priority Collateral securing such other ABL Obligations shall be junior and subordinate in all respects to all Liens on the Notes Priority Collateral securing any Parity Lien Obligations and shall share in the benefits of the Notes Priority Collateral equally and ratably (except as may be separately otherwise agreed in writing by and between any such party holding such other ABL Obligations 

33

(or any agent or trustee therefor), and the ABL Facility Collateral Agent, on behalf of itself and the ABL Facility Secured Parties) with all Liens on the Notes Priority Collateral securing any other ABL Obligations (subject to the terms of the ABL Facility Documents), (B) establish that the Lien on the ABL Priority Collateral securing such other ABL Obligations shall be superior in all respects to all Liens on the ABL Priority Collateral securing any Parity Lien Obligations and shall share in the benefits of the ABL Priority Collateral equally and ratably (except as may be separately otherwise agreed in writing by and between any such party holding such other ABL Obligations (or any agent or trustee therefor), and the ABL Facility Collateral Agent, on behalf of itself and the ABL Facility Secured Parties) with all Liens on the ABL Priority Collateral securing any other ABL Obligations (subject to the terms of the ABL Facility Documents) and (C) provide to the holders of such other ABL Obligations (or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the Applicable Senior Collateral Agent) as are provided to the holders of ABL Obligations under this Agreement, and (iii) in the case of Other Parity Lien Obligations, (A) establish that the Lien on the Notes Priority Collateral securing such Other Parity Lien Obligations shall be superior in all respects to all Liens on the Notes Priority Collateral securing any ABL Obligations and shall share in the benefits of the Notes Priority Collateral equally and ratably (except as may be separately otherwise agreed in writing by and between the Other Parity Lien Representative, on behalf of itself and the Other Parity Lien Secured Parties represented thereby, and the Parity Lien Collateral Trustee, on behalf of itself and the Note Secured Parties and any Other Parity Lien Secured Parties with Other Parity Lien Obligations secured equally and ratably with the Note Obligations) with all Liens on the Notes Priority Collateral securing any other Parity Lien Obligations (subject to the terms of the Parity Lien Documents), (B) establish that the Lien on the ABL Priority Collateral securing such Other Parity Lien Obligations shall be junior and subordinate in all respects to all Liens on the ABL Priority Collateral securing any ABL Obligations and shall share in the benefits of the ABL Priority Collateral equally and ratably (except as may be separately otherwise agreed in writing by and between the Other Parity Lien Representative, on behalf of itself and the Other Parity Lien Secured Parties represented thereby, and the Parity Lien Collateral Trustee, on behalf of itself and the Note Secured Parties and any Other Parity Lien Secured Parties with Other Parity Lien Obligations secured equally and ratably with the Note Obligations) with all Liens on the ABL Priority Collateral securing any other Parity Lien Obligations (subject to the terms of the Parity Lien Documents), and (C) provide to the holders of such Other Parity Lien Obligations (or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the Applicable Senior Collateral Agent) as are provided to the holders of then-existing Parity Lien Obligations under this Agreement, in each case so long as such modifications do not expressly violate the provisions of the ABL Facility Documents or the Parity Lien Documents. Any such additional party and each Applicable Senior Collateral Agent shall be entitled to rely on the determination of officers of the Borrower that such modifications do not violate the ABL Facility Documents or the Parity Lien Documents if such determination is set forth in an officers’ certificate delivered to such party and each Applicable Senior Collateral Agent; provided, however, that such determination will not affect whether or not the Borrower has complied with its undertakings in any such document or this Agreement.

34

Section 6.03.    Parties in Interest.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other ABL Facility Secured Parties and the other Parity Lien Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.
Section 6.04.    Survival of Agreement.  All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.
Section 6.05.    Counterparts.  This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or any other electronic means shall be as effective as delivery of a manually signed counterpart of this Agreement.
Section 6.06.    Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
Section 6.07.    Governing Law; Jurisdiction; Consent to Service of Process.  (a) This Agreement and any claim, controversy or dispute arising under or related to such Agreement shall be governed by, and construed in accordance with, the law of the State of New York.
(b)    Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction.
(c)    Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby 

35

irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 6.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
Section 6.08.    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
Section 6.09.    Headings.  Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
Section 6.10.    Conflicts.  In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the ABL Facility Documents and/or any of the Parity Lien Documents, the provisions of this Agreement shall control.
Section 6.11.    Provisions Solely to Define Relative Rights.  The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the ABL Facility Secured Parties and the Parity Lien Secured Parties in relation to one another. None of the Borrower, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Sections 2.06, 2.07, 2.11, 2.12, Article 5 or Article 6) is intended to or will amend, waive or otherwise modify the provisions of the ABL Facility or any Parity Lien Documents), and none of the Borrower or any other Grantor may rely on the terms hereof (other than Sections 2.06, 2.07, 2.11, 2.12, Article 5 and Article 6). Nothing in this Agreement is intended to or shall impair the obligations of the Borrower or any other Grantor, which are absolute and unconditional, to pay the Obligations as and when the same shall become due and payable in accordance with their terms. Notwithstanding anything to the contrary herein or in any ABL Facility Document or any Parity Lien Document, the Grantors shall not be required to act or refrain from acting (a) pursuant to this Agreement or any Parity Lien Document with respect to any ABL Priority Collateral in any manner that would cause a default under any ABL Facility Document, or (b) pursuant to this Agreement or any ABL Facility Document with respect to any Notes Priority Collateral in any manner that would cause a default under any Parity Lien Document.

36

Section 6.12.    Agent Capacities.  Except as expressly set forth herein, none of the ABL Facility Collateral Agent, the Applicable Parity Lien Representative, the Parity Lien Collateral Trustee or the Other Parity Lien Representatives shall have (i) any duties or obligations in respect of any of the Collateral, all of such duties and obligations, if any, being subject to and governed by the ABL Facility Documents and the Parity Lien Documents, as the case may be, or (ii) any liability or responsibility for the actions or omissions of any other Secured Party or for any other Secured Party’s compliance with (or failure to comply with) the terms of this Agreement. None of the ABL Facility Collateral Agent, the Applicable Parity Lien Representative, the Parity Lien Collateral Trustee or the Other Parity Lien Representatives shall have individual liability to any Person if it shall mistakenly pay over or distribute to any Secured Party (or Grantor) any amounts in violation of the terms of this Agreement, so long as such Person is acting in good faith and without gross negligence or willful misconduct.
Section 6.13.    [Reserved].
Section 6.14.    Supplements.  Upon the execution by any subsidiary of the Borrower of a supplement hereto in form and substance satisfactory to the Collateral Agents, such subsidiary shall be a party to this Agreement and shall be bound by the provisions hereof to the same extent as the Borrower and each Grantor are so bound.
Section 6.15.    Joinder Requirements.  The Borrower may designate additional obligations as Other Parity Lien Obligations or other ABL Obligations only if (x) the incurrence of such obligations is permitted under each of the ABL Facility, any existing Parity Lien Document, the Collateral Trust Agreement, as applicable, and this Agreement and (y) the Borrower shall have delivered an officer’s certificate to each Collateral Agent certifying to same. If so permitted, the Borrower shall (i) notify each Representative in writing of such designation and (ii) cause (1) the applicable Other Parity Lien Representative or (2) the additional collateral agent for the new ABL Obligations, as applicable, to execute and deliver to each other Representative, a Joinder Agreement.
Section 6.16.    [Reserved].
Section 6.17.    Other Junior Intercreditor Agreements.
In addition, in the event that the Borrower or any subsidiary incurs any obligations secured by a lien on any Collateral that is junior to the Parity Lien Obligations and/or the ABL Obligations, then the ABL Facility Collateral Agent, the Parity Lien Collateral Trustee, the Applicable Parity Lien Representative and/or any such Other Parity Lien Representative shall enter into a joinder to a Junior Lien Intercreditor Agreement or another intercreditor agreement with the agent or trustee for the secured parties with respect to such secured obligation to reflect the relative lien priorities of such parties with respect to the Collateral and governing the relative rights, benefits and privileges as among such parties in respect of the Collateral, including as to application of proceeds of the Collateral, voting rights, control of the Collateral and waivers with respect to the Collateral, in each case so long as such secured obligations are permitted under, and the terms of such intercreditor agreement do not violate or conflict with, the provisions of this Agreement or the other ABL Facility Documents or Parity Lien Documents, as the case may 

37

be. Each party hereto agrees that the ABL Facility Secured Parties (as among themselves) and the Parity Lien Secured Parties (as among themselves) may each enter into intercreditor agreements (or similar arrangements) with the Applicable Senior Collateral Agent governing the rights, benefits and privileges as among the ABL Facility Secured Parties or the Parity Lien Secured Parties, as the case may be, in respect of the Collateral, this Agreement and the applicable Senior Collateral Documents, as the case may be, including as to the application of proceeds of the Collateral, voting rights, control of the Collateral and waivers with respect to the Collateral, in each case so long as the terms thereof do not violate or conflict with the provisions of this Agreement or the other applicable Senior Collateral Documents, as the case may be. If any such intercreditor agreement (or similar arrangement) is entered into, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement or any other ABL Facility Document or Parity Lien Document, and the provisions of this Agreement and the other ABL Facility Documents and Parity Lien Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms thereof, including to give effect to any intercreditor agreement (or similar arrangement)).  
Section 6.18.    Concerning the Agents.
It is understood and agreed that (a) the ABL Facility Agent is entering into this Agreement solely in its capacity as administrative agent and collateral agent under the ABL Credit Agreement and the provisions of Section 12 of the ABL Credit Agreement applicable to the Administrative Agent and Collateral Agent (as defined therein) therein shall apply to the ABL Facility Agent hereunder, (b) that the Parity Lien Collateral Trustee is entering into this Agreement in its capacity as collateral trustee under the Indenture and the Collateral Trust Agreement and the provisions of Article VII and Article X of the Indenture and Section 6 of the Collateral Trust Agreement applicable to the Collateral Trustee (as defined therein) shall also apply to the Parity Lien Collateral Trustee hereunder, and (c) that the Applicable Parity Lien Representative is entering into this Agreement in its capacity as trustee under the Indenture and the provisions of Article VII and Article X of the Indenture applicable to the Trustee (as defined therein) shall also apply to the Applicable Parity Lien Representative hereunder.
[Remainder of this page intentionally left blank; signatures follow.]

38

	
		
	UBS AG, STAMFORD BRANCH, as Collateral
Agent

	By:
	/s/ Houssem Daly

	Name:
	Houssem Daly

	Title:
	Associate Director

	 
	 

	 
	 

	 
	 

	By:
	/s/ Darlene Arias

	Name:
	Darlene Arias

	Title:
	Director

[SIGNATURE PAGE TO INTERCREDITOR AGREEMENT]

	
		
	WILMINGTON TRUST, NATIONAL 
ASSOCIATION, as Applicable Parity Lien 
Representative

	By:
	/s/ Shawn Goffinet

	Name:
	Shawn Goffinet

	Title:
	Assistant Vice President

[SIGNATURE PAGE TO INTERCREDITOR AGREEMENT]

	
		
	WILMINGTON TRUST, NATIONAL 
ASSOCIATION, as Parity Lien Collateral Trustee

	By:
	/s/ Shawn Goffinet

	Name:
	Shawn Goffinet

	Title:
	Assistant Vice President

[SIGNATURE PAGE TO INTERCREDITOR AGREEMENT]

Agreed and acknowledged by:
	
		
	CVR PARTNERS, LP, 
as a Borrower

	By:
	CVR GP, LLC, its general partner

	By:
	/s/ Susan M. Ball

	Name:
	Susan M. Ball

	Title:
	Chief Financial Officer and Treasurer

	
			
	EAST DUBUQUE NITROGEN FERTILIZERS, LLC, 
as a Borrower
	 

	By:
	/s/ Susan M. Ball

	Name:
	Susan M. Ball

	Title:
	Chief Financial Officer and Treasurer

	
			
	CVR NITROGEN HOLDINGS, LLC, 
as a Borrower
	 

	By:
	/s/ Susan M. Ball

	Name:
	Susan M. Ball

	Title:
	Chief Financial Officer and Treasurer

	
			
	COFFEYVILLE RESOURCES NITROGEN FERTILIZERS, LLC, 
as a Borrower
	 

	By:
	/s/ Susan M. Ball

	Name:
	Susan M. Ball

	Title:
	Chief Financial Officer and Treasurer

[SIGNATURE PAGE TO INTERCREDITOR AGREEMENT]

	
		
	CVR NITROGEN, LP, 
as a Borrower

	By:
	CVR Nitrogen GP, LLC, its general partner

	By:
	/s/ Susan M. Ball

	Name:
	Susan M. Ball

	Title:
	Chief Financial Officer and Treasurer

	
			
	CVR NITROGEN GP, LLC, 
as a Guarantor
	 

	By:
	/s/ Susan M. Ball

	Name:
	Susan M. Ball

	Title:
	Chief Financial Officer and Treasurer

	
			
	CVR NITROGEN FINANCE CORPORATION, 
as a Guarantor
	 

	By:
	/s/ Susan M. Ball

	Name:
	Susan M. Ball

	Title:
	Chief Financial Officer and Treasurer

[SIGNATURE PAGE TO INTERCREDITOR AGREEMENT]
    

EXHIBIT A
(a)    JOINDER AGREEMENT
(Other Parity Lien Obligations)

This JOINDER AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of [                   ] [      ], [               ], is among [                                        ] (the “New Representative”), as an Other Parity Obligations Representative, UBS AG, STAMFORD BRANCH, as ABL Facility Collateral Agent, WILMINGTON TRUST, NATIONAL ASSOCIATION, as Applicable Parity Lien Representative, WILMINGTON TRUST, NATIONAL ASSOCIATION, as Parity Lien Collateral Trustee, and CVR PARTNERS, LP (on behalf of itself and its Subsidiaries).

This Agreement is supplemental to that certain Intercreditor Agreement, dated as of September 30, 2016 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), by and among the parties (other than the New Representative) referred to above. This Agreement has been entered into to record the accession of the New Representative as Other Parity Lien Obligations Representative under the Intercreditor Agreement and to evidence the authority granted by the New Representative to the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee to act on behalf of the New Representative under the Intercreditor Agreement.

ARTICLE I
Definitions

SECTION 1.01 Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Intercreditor Agreement.

ARTICLE II
Accession

SECTION 2.01 The New Representative agrees to become, with immediate effect, a party to and agrees to be bound by the terms of, the Intercreditor Agreement as an Other Parity Lien Obligations Representative as if it had originally been party to the Intercreditor Agreement as an Other Parity Lien Obligations Representative.

SECTION 2.03 The New Representative agrees that the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee shall have the authority to act on behalf of the 

[SIGNATURE PAGE TO INTERCREDITOR AGREEMENT]

New Representative under the Intercreditor Agreement, and each of the Applicable Parity Lien Representative and the Parity Lien Collateral Trustee accepts such authority.

SECTION 2.04 The New Representative confirms that its address details for notices pursuant to the Intercreditor Agreement are as follows:  [                          ].

SECTION 2.05 Each party to this Agreement (other than the New Representative) confirms the acceptance of the New Representative  as an Other Parity Lien Representative for purposes of the Intercreditor Agreement.

SECTION 2.06 [                               ] is acting in its capacity as Other  Parity Lien Representative  solely for the Secured Parties under [                               ].

ARTICLE III
Miscellaneous

SECTION 3.01 This Agreement and any claim, controversy or dispute arising under or related to such Agreement shall be governed by, and construed in accordance with, the law of the State of New York.

SECTION 3.02 This Agreement may be  executed  in  counterparts,  each  of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or any other electronic means shall be as effective as delivery of a manually signed counterpart of this Agreement.

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

[INSERT SIGNATURE BLOCKS]

    

EXHIBIT B

(b)    JOINDER AGREEMENT
(ABL Obligations)

This JOINDER AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of [                   ] [      ], [               ], is among [                                        ], as an ABL Facility Collateral Agent (the “New Collateral Agent”), UBS AG, STAMFORD BRANCH., as ABL Facility Collateral Agent, WILMINGTON TRUST, NATIONAL ASSOCIATION, as Applicable Parity Lien Representative, WILMINGTON TRUST, NATIONAL ASSOCIATION, as Parity Lien Collateral Trustee, and CVR PARTNERS, LP (on behalf of itself and its Subsidiaries).

This Agreement is supplemental to that certain Intercreditor Agreement, dated as of September 30, 2016 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), by and among the parties (other than the New Collateral Agent) referred to above. This Agreement has been entered into to record the accession of the New Collateral Agent as ABL Facility Collateral Agent under the Intercreditor Agreement.

ARTICLE I
Definitions

SECTION 1.01 Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Intercreditor Agreement.

ARTICLE II
Accession

SECTION 2.01 The New Collateral Agent agrees to become, with immediate effect, a party to and agrees to be bound by the terms of, the Intercreditor Agreement as an ABL Facility Collateral Agent as if it had originally been party to the Intercreditor Agreement as an ABL Facility Collateral Agent.

SECTION 2.02 The New Collateral Agent confirms that its address details for notices pursuant to the Intercreditor Agreement are as follows:  [                          ].

    

SECTION 2.03 Each party to this Agreement (other than the New Collateral Agent) confirms the acceptance of the New Collateral Agent as an ABL Facility Collateral Agent for purposes of the Intercreditor Agreement.

SECTION 2.04 [                               ] is acting in its capacity as ABL Facility Collateral Agent solely for the Secured Parties under [                               ].

ARTICLE III
Miscellaneous
SECTION 3.01 This Agreement and any claim, controversy or dispute arising under or related to such Agreement shall be governed by, and construed in accordance with, the law of the State of New York.

SECTION 3.02 This Agreement may be  executed  in  counterparts,  each  of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or any other electronic means shall be as effective as delivery of a manually signed counterpart of this Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
[SIGNATURE PAGES FOLLOW]

    

	
	
	UBS AG, STAMFORD BRANCH, as Collateral Agent

	By: _______________________________________

	Name:

	Title:

    

	
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Applicable Parity Lien Representative

	By: _______________________________________

	Name:

	Title:

    

	
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Parity Lien Collateral Trustee

	By:________________________________________

	Name:

	Title:

    

Agreed and acknowledged by: 

	
		
	CVR PARTNERS, LP, 
as a Borrower

	By:
	 

	 
	Name:   

	 
	Title:   

	
		
	EAST DUBUQUE NITROGEN FERTILIZERS, LLC, 
as a Borrower

	By:
	 

	 
	Name:   

	 
	Title:   

	
		
	CVR NITROGEN HOLDINGS, LLC, 
as a Borrower

	By:
	 

	 
	Name:   

	 
	Title:   

	
		
	COFFEYVILLE RESOURCES NITROGEN FERTILIZERS, LLC, 
as a Borrower

	By:
	 

	 
	Name:   

	 
	Title:   

	CVR NITROGEN, LP, 
as a Borrower

	By:
	 

	 
	Name:   

	 
	Title:   

[SIGNATURE PAGE TO INTERCREDITOR AGREEMENT]

	
		
	CVR NITROGEN GP, LLC,
as a Guarantor 

	By:
	 

	 
	Name:   

	 
	Title:   

	
		
	CVR NITROGEN FINANCE CORPORATION, 
as a Guarantor

	By:
	 

	 
	Name:   

	 
	Title:EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

GREEN TREE AGENCY ADVANCE FUNDING TRUST I, 

as Issuer, 
 WELLS FARGO BANK,
N.A., 
 as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, 

DITECH FINANCIAL LLC, 
 as
Administrator and as Servicer, 
 and 

BARCLAYS BANK PLC, 
 as
Administrative Agent 
  
  

AMENDMENT NO. 1 
 dated as of
September 30, 2016 
 to the 

SECOND AMENDED AND RESTATED INDENTURE 

dated as of October 21, 2015 
  

 
 GREEN TREE
AGENCY ADVANCE FUNDING TRUST I 
 ADVANCE RECEIVABLES BACKED NOTES, ISSUABLE IN SERIES 

 
  

 

 AMENDMENT NO. 1 TO 

SECOND AMENDED AND RESTATED INDENTURE 

This Amendment No. 1, dated as of September 30, 2016 (this “Amendment”), to the Second Amended and Restated
Indenture, dated as of October 21, 2015 (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), by and among Green Tree Agency Advance Funding Trust I, as issuer (the
“Issuer”), Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as
securities intermediary (the “Securities Intermediary”), Ditech Financial LLC (“Ditech”), as administrator (in such capacity, the “Administrator”) and as servicer (in such capacity, the
“Servicer”), and Barclays Bank PLC (“Barclays”), as administrative agent (the “Administrative Agent”). Capitalized terms used herein but not otherwise defined shall have the meanings given to such
terms in the Indenture. 
 WHEREAS, Section 12.1(c) of the Indenture provides, among other things, that subject to the terms and
conditions of Section 12.2 of the Indenture, unless otherwise provided in the related Indenture Supplement with respect to any amendment of the Indenture or an Indenture Supplement, and in addition to Section 12.1(a), clauses
(i) through (xi) of the Indenture, the Indenture may be amended by the Issuer, the Indenture Trustee, the Administrator, the Servicer and the Administrative Agent (in its sole and absolute discretion) without the consent of any of the
Noteholders or any other Person, upon delivery of an Issuer Tax Opinion for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture or modifying in any manner the rights of the
Noteholders of the Notes under the Indenture or any other Transaction Document; 
 WHEREAS, Section 12.1(c) of the Indenture further
provides that in connection with any such amendment, (i) the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment could not have a material Adverse
Effect on any Outstanding Notes and is not reasonably expected to have a material Adverse Effect at any time in the future; (ii) each Note Rating Agency currently rating the Outstanding Notes confirms in writing to the Indenture Trustee that
such amendment will not cause a Ratings Effect on any Outstanding Notes or if the Administrator and the Administrative Agent determine in their reasonable judgment that an applicable Note Rating Agency no longer provides such written confirmation
described in the foregoing clause, (a) the Administrator shall provide prior written notice of such amendment to the related Note Rating Agency and (b) the Administrative Agent shall have provided their prior written consent to such
amendment and (iii) each Derivative Counterparty shall have consented to such amendment; 
 WHEREAS, as of the date hereof, there are
no applicable Derivative Counterparties; 
 WHEREAS, Section 12.3 of the Indenture provides that the Issuer shall deliver to the
Indenture Trustee an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by the Indenture and that all conditions precedent thereto have been satisfied (the “Authorization Opinion”); and 

WHEREAS, the parties hereto desire to amend the Indenture as described below; 

 NOW, THEREFORE, in consideration of the premises and covenants contained herein 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. Amendment to Indenture. The Indenture is hereby amended as follows: 

(a) Section 1.1 of the Indenture is hereby amended by adding the following definitions of “Bail-In Action,” “Bail-In
Legislation,” “EEA Financial Institution,” “EEA Member Country,” “EEA Resolution Authority,” “EU Bail-In Legislation Schedule” and “Write-Down and Conversion Powers” in the correct alphabetical
order: 
 Bail-In Action: The exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution. 
 Bail-In Legislation: With respect to any EEA Member Country implementing Article
55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

EEA Financial Institution: (a) any credit institution or investment firm established in any EEA Member Country which is subject to
the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA
Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. For the avoidance of doubt, EEA Financial Institution shall include, but
shall not be limited to, the VFN Noteholder and Administrative Agent.
 EEA Member Country: Any of the member states of the
European Union, Iceland, Liechtenstein, and Norway. 
 EEA Resolution Authority: Any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegatee) having responsibility for the resolution of any EEA Financial Institution. 

EU Bail-In Legislation Schedule: The EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person),
as in effect from time to time, at http://www.lma.eu.com/. 
 Write-Down and Conversion Powers: With respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule. 

  
 2 

 (b) Section 1.1 of the Indenture is amended by deleting the definition of “Corporate
Trust Office” its entirety and replacing it with the following (modified text underlined for review purposes): 
 “Corporate
Trust Office”: means with respect to the Series 2014-VF2 Notes, the principal corporate trust offices of the Indenture Trustee at which at any particular time its corporate trust business with respect to the Issuer shall be administered,
which offices at the Closing Date are located at (i) for Note transfer purposes, Wells Fargo Center, Corporate Trust Operations, MAC N9033-070, 600 South Fourth Street, 7th Floor, Minneapolis, Minnesota 55479-0113, Attention: Client
Manager, Green Tree Agency Advance Funding Trust I, Series 2014-VF2, and (ii) for all other purposes, 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Client Manager, Green Tree Agency Advance Funding Trust I, Series 2014-VF2,
as well as CTSAdvanceTrustFacility@wellsfargo.com. 
 (c) Section 1.1 of the Indenture is amended by deleting the definition of
“Note Purchase Agreement” its entirety and replacing it with the following (modified text underlined for review purposes): 

“Note Purchase Agreement”: An agreement with one or more initial purchasers or placement agents under which the Issuer will
sell the Notes to such initial purchaser, or contract with such placement agent for the initial private placement of the Notes, in each case as may be amended from time to time and as further defined in the related Indenture Supplement. 

(d) The Indenture is hereby amended by adding the following as a new section of the Indenture in its proper numerical sequence: 

Section 14.11. Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

(a) Notwithstanding anything to the contrary in this Indenture, any other Transaction Documents or in any other agreement,
arrangement or understanding among the parties to the Transaction Documents, the Issuer hereby acknowledges that any liability of any EEA Financial Institution arising under this Indenture or any other Transaction Documents, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(i) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 3 

 (ii) the effects of any Bail-In Action on any such liability, including, if applicable: 

 

	 	(A)	a reduction in full or in part or cancellation of any such liability; 

  

	 	(B)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Indenture or any other Transaction Document; or 

 

	 	(C)	the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

(e) The Indenture is hereby amended by deleting Schedule 2 in its entirety and replacing it with the schedule set forth on
Exhibit A attached hereto. 
 (f) The Indenture is hereby amended by deleting Exhibit A-1, Exhibit A-2, Exhibit A-3 and Exhibit
A-4 in their respective entireties and replacing them with the forms set forth on Exhibit B attached hereto. 

Section 2. Conditions to Effectiveness of this Amendment. 

This Amendment shall become effective upon the latest to occur of the following (the “Effective Date”): 

 

	 	(i)	the execution and delivery of this Amendment by all parties hereto; 

  

	 	(ii)	prior notice to each Note Rating Agency that is presently rating any Outstanding Notes; 

  

	 	(iii)	each Note Rating Agency currently rating the Outstanding Notes confirms in writing to the Indenture Trustee that this Amendment will not cause a Ratings Effect on any Outstanding Notes; 

 

	 	(iv)	the delivery of an Authorization Opinion; 

  

	 	(v)	the delivery of an Issuer Tax Opinion; 

  

	 	(vi)	the Administrative Agent shall have provided its prior written consent to this Amendment; and 

  

	 	(vii)	the delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that this Amendment will not have a material Adverse Effect. 

Section 3. Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Indenture
shall remain in full force and effect and all such 

  
 4 

 
provisions shall apply equally to the terms and conditions set forth herein. This Amendment shall be effective as of the Effective Date upon the satisfaction of the conditions precedent set forth
in Section 2 hereof and shall not be effective for any period prior to the Effective Date. After this Amendment becomes effective, this Amendment will form a part of the Indenture for all purposes and all references in the Indenture to
“this Indenture,” “hereof,” “herein” or words of similar effect referring to such Indenture shall be deemed to be references to the Indenture as amended by this Amendment. This Amendment shall not
be deemed to expressly or impliedly waive, amend or supplement any provision of the Indenture other than as set forth herein. 

Section 4. Representations and Warranties. The Administrative Agent hereby represents and warrants that as of the date
hereof (i) it is duly authorized to deliver this Amendment to the Indenture Trustee and such power has not been granted or assigned to any other Person, and (ii) the Indenture Trustee may conclusively rely upon this Amendment. 

Section 5. Expenses. Ditech hereby agrees that in addition to any costs otherwise required to be paid pursuant to the
Transaction Documents, Ditech shall be responsible for the payments of the reasonable and documented legal fees and out-of-pocket expenses of legal counsel to the Administrative Agent and the Indenture Trustee incurred in connection with the
consummation of this Amendment and all other documents executed or delivered in connection therewith. 
 Section 6.
Representations; Ratifications Covenants: (a) In order to induce the Administrative Agent to execute and deliver this Amendment, each of the Issuer and Ditech, each for itself and for no other party, hereby represents and warrants to the
Administrative Agent that as of the date hereof it is in full compliance with all of the terms and conditions of the Indenture and the other Transaction Documents and no default or Event of Default has occurred and is continuing under the Indenture
or any other Transaction Documents. 
 (b) The parties hereto ratify all terms of the existing Indenture other than those amended hereby,
and ratify those provisions as amended hereby. 
 Section 7. Entire Agreement. This Amendment constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof, and fully supersede any prior or contemporaneous agreements relating to such subject matter. 

Section 8. Successors and Assigns. This Amendment shall be binding upon the parties hereto and their respective successors
and assigns. 
 Section 9. Section Headings. The various headings and sub-headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this Amendment or the Indenture or any provision hereof or thereof. 

Section 10. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN
CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES HERETO, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT 

  
 5 

 
REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 11. Recitals. The statements contained in the recitals to this
Amendment shall be taken as the statements of the Issuer, and the Indenture Trustee (in such capacity) assumes no responsibility for their correctness. The Indenture Trustee makes no representation as to the validity or sufficiency of this Amendment
(except as may be made with respect to the validity of its own obligations hereunder). In entering into this Amendment, the Indenture Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or
affecting the liability of or affording protection to the Indenture Trustee. 
 Section 12. Counterparts. This Amendment
may be executed in one or more counterparts and by the different parties hereto on separate counterparts, including without limitation counterparts transmitted by electronic mail or facsimile, each of which, when so executed, shall be deemed to be
an original and such counterparts, together, shall constitute one and the same agreement. 
 Section 13. Owner Trustee
Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and delivered by Wilmington Trust, National Association, 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, National Association 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, National Association, 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, (d) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Amendment and (e) under no circumstances
shall Wilmington Trust, National Association 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 Amendment or the other Transaction Documents. 
 [Signature pages follow] 

  
 6 

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

					
	GREEN TREE AGENCY ADVANCE FUNDING TRUST I, as Issuer
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Chad May

		 	Name:	 	Chad May
		 	Title:	 	Assistant Vice President

  
 Signature Page to
GTAAFT I Amendment No. 1 to Indenture 

 
					
	WELLS FARGO BANK, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and not in its individual capacity
		
	By:	 	 /s/ Kelly J. Rentz

		 	Name:	 	Kelly J. Rentz
		 	Title:	 	Vice President

  
 Signature Page to
GTAAFT I Amendment No. 1 to Indenture 

 
					
	DITECH FINANCIAL LLC, as Administrator and as Servicer
		
	By:	 	 /s/ Cheryl Collins

		 	Name:	 	Cheryl Collins
		 	Title:	 	Senior Vice President and Treasurer

  
 Signature Page to
GTAAFT I Amendment No. 1 to Indenture 

					
	BARCLAYS BANK PLC,
	as Administrative Agent
		
	By:	 	 /s/ Trevor Moffitt

		 	Name:	 	Trevor Moffitt
		 	Title:	 	Director

  
 Signature Page to
GTAAFT I Amendment No. 1 to Indenture 

 Exhibit A 

[Attached.] 

 Schedule 2 

Wire Instructions 
  

			
	TRANSACTION PARTIES:
	
	If to the Administrator or Servicer:
		
	Name of Bank:	  	Bank of America
	ABA Number of Bank:	  	026-009-593
	Name of Account:	  	Green Tree Advance Receivables III LLC
	Account Number at Bank:	  	XXXXX
	
	If to Barclays Bank PLC, as Series 2014-VF2 Purchaser or Administrative Agent
		
	Name of Bank:	  	Barclays Bank PLC
	ABA Number of Bank:	  	026-002-574
	Name of Account:	  	Barclays CLAD Account
	Account Number:	  	 XXXXX

	REF:	  	Green Tree Servicer Advance/Conduit Operations
	
	If to the Owner Trustee:
		
	Name of Bank:	  	M&T Trust Co./Wilmington Trust Co.
	ABA Number of Bank:	  	031100092
	Name of Account:	  	Green Tree Agency Advance Funding Tr
	Account Number at Bank:	  	 XXXXX

	
	If to the Verification Agent:
		
	Name of Bank:	  	Signature Bank
	City/State of Bank:	  	261 Madison Avenue, NY, NY 10017
	ABA Number of Bank:	  	026013576
	Account Number at Bank:	  	 XXXXX

	Ref:	  	101835
	
	TRUST ACCOUNTS:
	
	If to the Collection and Funding Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	 XXXXX

	For Further Credit To:	  	48382801
	
	If to the Fee Accumulation Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	 XXXXX

	For Further Credit To:	  	48382804

			
	If to the Interest Accumulation Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	XXXXX
	For Further Credit To:	  	48382802
	
	If to the Target Amortization Principal Accumulation Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	XXXXX
	For Further Credit To:	  	48382803
	
	If to the Series 2014-VF2 Reserve Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	XXXXX
	For Further Credit To:	  	48382808
	
	If to the Note Payment Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	XXXXX
	For Further Credit To:	  	48382800
	
	If to the Delinquency Advance Disbursement Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	XXXXX
	For Further Credit To:	  	48382805
	
	If to the Sinking Fund Account:
		
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	121000248
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	XXXXX
	For Further Credit To:	  	48382807

 Exhibit B 

[Attached.] 

 Exhibit A-1 

FORM OF GLOBAL RULE 144A NOTE 
  

			
	Class [    ] Note	  	[Initial Note Balance: $[            ]]
	Note Number: [        ]	  	[Maximum VFN Principal Balance: $[            ]]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE [MAXIMUM VFN PRINCIPAL BALANCE] [INITIAL NOTE
BALANCE] SHOWN ON THE FACE HEREOF. 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY STATE SECURITIES LAWS. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (C) PURSUANT TO ANOTHER EXEMPTION FROM
REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR
CLASS 1 SPECIFIED NOTES ONLY] [NO TRANSFER OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN
WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS PROVIDED IN SECTION 6.5(M) OF THE INDENTURE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH
BENEFICIAL INTEREST.] 
 [FOR ANY NOTE THAT IS NOT A SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF
THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING, HOLDING 

  
 Exhibit A-1-1 

 
OR TRANSFERRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING THE ASSETS OF, ANY “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH
EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATIONS”), WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT
TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED AT LEAST INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR TRANSFER, IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY
FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL SATISFY THE REQUIREMENTS OF PROHIBITED
TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
PTCE 95-60, PTCE 96-23 OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20)
OF THE CODE OR ANY SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR
LAW, WILL NOT VIOLATE ANY SIMILAR LAW.] [FOR A CLASS 1 SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT IT IS NOT, AND
IS NOT ACQUIRING, HOLDING OR TRANSFERRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN
ENTITY WHICH IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION
4975 OF THE CODE, OR A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN WHICH IS SUBJECT TO ANY SIMILAR LAW.] 

  
 Exhibit A-1-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE [AND SECTION [    ] OF THE RELATED INDENTURE SUPPLEMENT] UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR
AND THE ISSUER THE CERTIFICATION REQUIRED BY SECTION 6.5(i) [FOR CLASS 1 SPECIFIED NOTES ONLY] [AND SECTION 6.5(m)] OF THE BASE INDENTURE AND THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN MAY BE TRANSFERRED IN AN OFF-SHORE TRANSACTION AS DEFINED IN
REGULATION S OF THE 1933 ACT TO A PERSON WHO IS NOT ANY TIME A U.S. PERSON AS DEFINED BY REGULATION S OF THE 1933 ACT AND WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S NOTE OR (IN CERTAIN LIMITED CIRCUMSTANCES) A DEFINITIVE NOTE
ONLY (IN THE CASE OF AN INTEREST IN A REGULATION S GLOBAL NOTE) IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN SECTION 6.5 OF THE BASE INDENTURE AND (IN THE CASE OF A DEFINITIVE NOTE) UPON RECEIPT BY THE NOTE REGISTRAR AND INDENTURE TRUSTEE OF SUCH
CERTIFICATION. PRIOR TO PURCHASING THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER. 

THIS NOTE IS A LIMITED RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED TO RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE
INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE SERVICER, THE INDENTURE TRUSTEE, THE CALCULATION AGENT, THE PAYING AGENT, THE
SECURITIES INTERMEDIARY, THE ADMINISTRATOR OR ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE NOTE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 

  
 Exhibit A-1-3 

 GREEN TREE AGENCY ADVANCE FUNDING TRUST I 

ADVANCE RECEIVABLES BACKED NOTES, SERIES [                ] 

CLASS [    ] NOTE 

Green Tree Agency Advance Funding Trust I, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to
pay to [                                ], or registered assigns (the
“Noteholder”), [interest, fees and principal as provided in the Indenture] [the principal sum of [                    ]
($[        ]), or such part thereof as may be advanced and outstanding hereunder and to pay interest on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and
at the times provided in the Indenture] [and to pay any fees in connection therewith from time to time in the amounts and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable [Interim Payment Date and] Payment Date as set forth in Section[s] [4.4] and 4.5 of the
Base Indenture and Section [    ] of the [Series Name] Indenture Supplement. The outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On each applicable [Interim
Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and Section [    ] of the [Series
Name] Indenture Supplement. 
 Capitalized terms used but not defined herein have the meanings set forth in the Second Amended and Restated
Indenture, (as may be amended from time to time, the “Base Indenture”), dated as of October 21, 2015, among the Issuer, Wells Fargo Bank, N.A., a national banking association, as indenture trustee (the “Indenture
Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities Intermediary”), Ditech Financial LLC, a
Delaware limited liability company (“Ditech”), as Administrator on behalf of the Issuer (the “Administrator”), and as Servicer (the “Servicer”) under the Designated Servicing Agreements, and
Barclays Bank PLC (“Barclays”), as Administrative Agent (the “Administrative Agent”) and consented to by Barclays, as Noteholder, and an Indenture Supplement (as may be amended from time to time, the
“[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the “Indenture”), dated as of October 21, 2015, by and among [insert parties to Indenture Supplement]. 

[In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of this Note shall, and is hereby authorized to,
record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation on such schedule or any error in such
schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date to
advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of the Indenture and that certain [Amended and Restated] Note Purchase Agreement (the “Note Purchase
Agreement”), dated as of [            ], 201[  ], among [insert parties to related Note Purchase Agreement]]. 

  
 Exhibit A-1-4 

 [In the event of a payment of all or a portion of the Note Balance of this Note, in accordance
with the terms and provisions of the Indenture, the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

This Note is a Rule 144A Global Note deposited with DTC acting as Depository, and registered in the name of Cede & Co., a nominee of
DTC, and Cede & Co., as holder of record of this Note, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. 

The statements in the legend relating to DTC set forth above are an integral part of the terms of this Note and by acceptance thereof each
holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any. 
 Unless the
certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such
Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose. 

THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS NOTE, THE RELATIONSHIP OF THE
PARTIES HEREUNDER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW
PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Exhibit A-1-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by an Issuer Authorized Officer, as of the date set forth below. 
 Date:             ,
2015 
  

					
	GREEN TREE AGENCY ADVANCE FUNDING TRUST I
		
	By:	 	Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
			
		 	By:	 	  

		 		 	Issuer Authorized Officer

  
 Exhibit A-1-6 

 [INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 2015	 		 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Indenture Trustee]
	  
 [AUTHENTICATING AGENT’S

CERTIFICATE OF AUTHENTICATION
  

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture.

 

	Date:             , 2015	 		 	[                                   
                                         
                              ],
		 		 	as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Authenticating Agent]

  
 Exhibit A-1-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [    ] Notes of the Issuer, designated as its Green Tree Agency
Advance Funding Trust I Advance Receivables Backed Notes, Series [    ], Class [    ] (herein called the “Class [    ] Notes”), all issued under the Indenture.
Reference is hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary and the Holders of the Notes. To
the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to
all terms of the Indenture. 
 The payments on the Class [    ] Notes are [senior to the Class
[    ] Notes, the Class [    ] Notes and the Class [    ] Notes][, and subordinate to the Class [    ] Notes, the Class
[    ] Notes and the Class [    ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest and fees on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest and fees of this Note shall be due and payable on the earlier of
(i) any Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [    ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date. Notwithstanding the foregoing, the
entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of Section 8.1 of the Base
Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in writing to the Issuer (and to
the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the Holders of the Notes entitled
thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class [    ] Note and all
other Class [    ] Notes equally and ratably without prejudice, priority or distinction between any Class [    ] Note and any other Class [    ] Note. The Notes are
limited recourse obligations of the Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners,
agents, officers, directors, employees, or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 

  
 Exhibit A-1-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[    ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all future Holders of this Class
[    ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [    ] Note
(or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders of this Class [    ] Note and of any Note issued upon the
registration of transfer hereof or exchange hereof or in lieu hereof, whether or not noted hereon.] 
 As provided in the Indenture and
subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount]
[VFN Principal Balance] will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each
Noteholder, by acceptance of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its
individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 

  
 Exhibit A-1-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against [Green Tree Advance
Receivables III LLC (the “Depositor”)] [the Depositor] or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity
Facility. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and
local income and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest,
agrees to treat such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section [    ] of the [Series Name]
Indenture Supplement. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative
Agent, as applicable, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of any Noteholder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement 

  
 Exhibit A-1-10 

 
of any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the
contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee, the
Calculation Agent, the Paying Agent, the Securities Intermediary or any Affiliate (other than the Issuer), officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other
amount payable to the Holder will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture. 

Notwithstanding any other terms of the Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of any amount owing in respect of this
Note or the 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 this Note or the
Indenture. The foregoing provisions of this Note 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, (ii) save as specifically
provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) 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 this Note or the 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. 

  
 Exhibit A-1-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                 

 

	
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:                                        
                         

	  

	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
                                 attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 
 Dated:
                     
 Signature
Guaranteed: 

                       
          */ 
 */NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP.

  
 Exhibit A-1-12 

 Schedule to Series [    ], Class [    ] Note 

dated as of [            ], 20[    ] 

of Green Tree Agency Advance Funding Trust I 
  

									
	 [Interim Payment

Date]
 [Payment Date]

[Payment Date of

Additional Note

Balance/Decrease

Note Balance]
	  	 Aggregate

Amount of
 [principal

payment]
 [Funding of

VFN Principal
 Balance

Increase] on
 Class
[    ] Notes
	  	 [Percentage

Interest in]

Aggregate Note

Balance of the

Class [    ] Notes
following

[advance/]
 payment
	  	 [Percentage of

Interest in]
 Aggregate Note

Balance of this

Class [    ] Note

following
 [advance/]

payment
	  	 Note Balance of

Note following
 [advance/]

payment

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 Exhibit A-1-13 

 Exhibit A-2 

FORM OF DEFINITIVE NOTE RULE 144A 
  

			
	Class [    ] Note	  	[Initial Note Balance: $[            ]]
	Note Number: [        ]	  	[Maximum VFN Principal Balance: $[            ]]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE [MAXIMUM VFN PRINCIPAL BALANCE] [INITIAL NOTE
BALANCE] SHOWN ON THE FACE HEREOF. 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY STATE SECURITIES LAWS. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, TO A PERSON THAT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A [FOR CLASS 2 SPECIFIED NOTES ONLY] [, OR AN “ACCREDITED
INVESTOR” AS DEFINED IN PARAGRAPHS (1), (2) (3) OR (7) OF RULE 501 UNDER THE 1933 ACT] OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE REQUIREMENTS OF THE
INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR SPECIFIED NOTES ONLY] [NO TRANSFER OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE
EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS PROVIDED IN SECTIONS 6.5(M) OR
(N) OF THE INDENTURE, AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.] 

[FOR ANY NOTE THAT IS NOT A SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN SHALL DELIVER TO THE 

  
 Exhibit A-2-1 

 
INDENTURE TRUSTEE AND THE NOTE REGISTRAR A CERTIFICATION TO THE EFFECT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING, HOLDING OR TRANSFERRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON
BEHALF OF, OR USING THE ASSETS OF, (I) ANY “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN SECTION 4975(e)(1)
OF THE CODE, AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATIONS”), WHICH EMPLOYEE BENEFIT
PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED AT LEAST INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR TRANSFER, IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS
WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL SATISFY THE
REQUIREMENTS OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF
THE CODE OR ANY SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW,
WILL NOT VIOLATE ANY SIMILAR LAW.] [FOR A SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL DELIVER TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR A
CERTIFICATION TO THE EFFECT THAT IT IS NOT, AND IS NOT ACQUIRING, HOLDING OR TRANSFERRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, A PLAN
DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN, PLAN OR
ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, OR A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN WHICH IS SUBJECT TO ANY SIMILAR LAW.] 

  
 Exhibit A-2-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE AND SECTION [    ] OF THE RELATED INDENTURE SUPPLEMENT UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR AND
THE ISSUER THE CERTIFICATION[S] REQUIRED BY SECTION 6.5(j) [FOR CLASS 1 SPECIFIED NOTES ONLY][AND SECTION 6.5(m)] [FOR CLASS 2 SPECIFIED NOTES ONLY][AND SECTION 6.5(n)] OF THE BASE INDENTURE AND THIS NOTE MAY BE TRANSFERRED ONLY UPON RECEIPT BY THE
NOTE REGISTRAR AND INDENTURE TRUSTEE OF SUCH CERTIFICATION. PRIOR TO PURCHASING THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER.

 THIS NOTE IS A LIMITED RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED TO RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS
PROVIDED IN THE INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE SERVICER, THE INDENTURE TRUSTEE, THE CALCULATION AGENT, THE
PAYING AGENT, THE SECURITIES INTERMEDIARY, THE ADMINISTRATOR OR ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER. 

  
 Exhibit A-2-3 

 GREEN TREE AGENCY ADVANCE FUNDING TRUST I 

ADVANCE RECEIVABLES BACKED NOTES, SERIES [                ] 

CLASS [    ] NOTE 

Green Tree Agency Advance Funding Trust I, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to
pay to [                                ], or registered assigns (the
“Noteholder”), [interest, fees and principal as provided in the Indenture] [the principal sum of [                    ]
($[        ]), or such part thereof as may be advanced and outstanding hereunder and to pay interest on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and
at the times provided in the Indenture] [and to pay any fees in connection therewith from time to time in the amounts and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable [Interim Payment Date and] Payment Date as set forth in Section[s] [4.4] and 4.5 of the
Base Indenture and Section [    ] of the [Series Name] Indenture Supplement. The outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On each applicable [Interim
Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and Section [    ] of the [Series
Name] Indenture Supplement. 
 Capitalized terms used but not defined herein have the meanings set forth in the Second Amended and Restated
Indenture, (as may be amended from time to time, the “Base Indenture”), dated as of October 21, 2015, among the Issuer, Wells Fargo Bank, N.A., a national banking association, as indenture trustee (the “Indenture
Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities Intermediary”), Ditech Financial LLC, a
Delaware limited liability company (“Ditech”), as Administrator on behalf of the Issuer (the “Administrator”), and as Servicer (the “Servicer”) under the Designated Servicing Agreements, and
Barclays Bank PLC (“Barclays”), as Administrative Agent (the “Administrative Agent”) and consented to by Barclays, as Noteholder, and an Indenture Supplement (as may be amended from time to time, the
“[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the “Indenture”), dated as of October 21, 2015, by and among [insert parties to Indenture Supplement]. 

[In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of this Note shall, and is hereby authorized to,
record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation on such schedule or any error in such
schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date to
advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the 

  
 Exhibit A-2-4 

 
terms of the Indenture and that certain [Amended and Restated] Note Purchase Agreement (the “Note Purchase Agreement”), dated as of
[            ], 201[  ], among [insert parties to related Note Purchase Agreement]]. 

[In the event of a payment of all or a portion of the Note Balance of this Note, in accordance with the terms and provisions of the Indenture,
the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

Unless the certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an
Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the
Indenture and/or be valid for any purpose. 
 THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN
CONNECTION WITH THIS NOTE, THE RELATIONSHIP OF THE PARTIES HEREUNDER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. 

  
 Exhibit A-2-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by an Issuer Authorized Officer, as of the date set forth below. 
 Date:             ,
2015 
  

					
	GREEN TREE AGENCY ADVANCE FUNDING TRUST I
		
	By:	 	Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
			
		 	By:	 	  

		 	Issuer Authorized Officer

  
 Exhibit A-2-6 

 [INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 2015	 		 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Indenture Trustee]
	  
 [AUTHENTICATING AGENT’S

CERTIFICATE OF AUTHENTICATION
  

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture.

 

	Date:             , 2015	 		 	[                                  
                                         
                                ],
		 		 	as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Authenticating Agent]

  
 Exhibit A-2-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [    ] Notes of the Issuer, designated as its Green Tree Agency
Advance Funding Trust I Advance Receivables Backed Notes, Series [    ], Class [    ] (herein called the “Class [    ] Notes”), all issued under the Indenture.
Reference is hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary and the Holders of the Notes. To
the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to
all terms of the Indenture. 
 The payments on the Class [    ] Notes are [senior to the Class
[    ] Notes, the Class [    ] Notes and the Class [    ] Notes][, and subordinate to the Class [    ] Notes, the Class
[    ] Notes and the Class [    ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest and fees on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest and fees of this Note shall be due and payable on the earlier of
(i) any Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [    ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date. Notwithstanding the foregoing, the
entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of Section 8.1 of the Base
Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in writing to the Issuer (and to
the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the Holders of the Notes entitled
thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class [    ] Note and all
other Class [    ] Notes equally and ratably without prejudice, priority or distinction between any Class [    ] Note and any other Class [    ] Note. The Notes are
limited recourse obligations of the Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners,
agents, officers, directors, employees, or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 

  
 Exhibit A-2-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[    ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all future Holders of this Class
[    ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [    ] Note
(or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders of this Class [    ] Note and of any Note issued upon the
registration of transfer hereof or exchange hereof or in lieu hereof, whether or not noted hereon.] 
 As provided in the Indenture and
subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount]
[VFN Principal Balance] will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each
Noteholder, by acceptance of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its
individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 

  
 Exhibit A-2-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against [Green Tree Advance
Receivables III LLC (the “Depositor”)] [the Depositor] or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity
Facility. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and
local income and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest,
agrees to treat such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section [    ] of the [Series Name]
Indenture Supplement. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative
Agent, as applicable, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of any Noteholder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

[For Class 2 Specified Notes or any Note issued in definitive form] [This Note is issuable only in definitive form in denominations as
provided in the [Series Name] Indenture Supplement, subject to certain limitations therein set forth.] 

  
 Exhibit A-2-10 

 Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have
the right, which is absolute and unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of any such payment, and such right will not be impaired without
the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be
without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary or any Affiliate (other than the Issuer), officer, employee or
director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder will be limited to amounts available from the Trust Estate and subject to the priority of payment set
forth in the Indenture. 
 Notwithstanding any other terms of the Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of
any amount owing in respect of this Note or the 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 this Note or the Indenture. The foregoing provisions of this Note 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, (ii) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) 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 this Note or the 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. 

  
 Exhibit A-2-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                 

 

	
	
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
                                         
                        

	  

	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
                                 attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 
  

	
	Dated:                     
	
	 Signature Guaranteed:

	
	
                      
          */

 */NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP. 

  
 Exhibit A-2-12 

 Schedule to Series [    ], Class [    ] Note 

dated as of [            ],
[        ] 
 of Green Tree Agency Advance Funding Trust I 

 

									
	 [Interim Payment

Date]
 [Payment Date]

[Payment Date of
 Additional Note

Balance/Decrease
 Note
Balance]
	 	 Aggregate

Amount of
 [principal

payment]
 [Funding of

VFN Principal
 Balance

Increase] on
 Class
[    ] Notes
	 	 [Percentage

Interest in]
 Aggregate Note

Balance of the
 Class
[    ] Notes
 following

[advance/]
 payment
	 	 [Percentage of

Interest in]
 Aggregate Note

Balance of this
 Class
[    ] Note
 following

[advance/]
 payment
	 	 Note Balance of

Note following
 [advance/]

payment

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 Exhibit A-2-13 

 Exhibit A-3 

FORM OF GLOBAL REGULATION S NOTE 
  

			
	Class [    ]	  	Note Initial Note Balance: $[            ]
	Note Number: [        ]	  	[Maximum VFN Principal Balance: $$[            ]]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTE BALANCE SHOWN ON THE FACE HEREOF.

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY STATE SECURITIES LAWS.
THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) PURSUANT TO REGULATION S OF THE 1933 ACT IN AN OFF-SHORE TRANSACTION AS DEFINED IN REGULATION S OF THE 1933 ACT TO A PERSON THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S OF THE
1933 ACT [FOR CLASS 1 SPECIFIED NOTES ONLY] [THAT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED UNDER RULE 144A UNDER THE 1933 ACT)] OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN
COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR CLASS 1 SPECIFIED NOTES ONLY] [NO TRANSFER OF A
BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE
REGISTRAR AS PROVIDED IN SECTION 6.5(M) OF THE INDENTURE, AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.] 

[FOR A NOTE THAT IS NOT A CLASS 1 SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING, HOLDING OR TRANSFERRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING THE ASSETS OF, ANY “EMPLOYEE BENEFIT
PLAN” AS 

  
 Exhibit A-3-1 

 
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN ASSET
REGULATIONS”), WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE,
LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED AT LEAST INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR TRANSFER, IT BELIEVES THAT THIS
NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN WILL SATISFY THE REQUIREMENTS OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH IN
SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF THE CODE OR ANY SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A
GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT VIOLATE ANY SIMILAR LAW. [FOR CLASS 1 SPECIFIED NOTES ONLY UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN SHALL BE DEEMED TO REPRESENT THAT IT IS NOT, AND IS NOT ACQUIRING, HOLDING OR TRANSFERRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA,
A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN,
PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, OR A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN WHICH IS SUBJECT TO ANY SIMILAR LAW.] 

  
 Exhibit A-3-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE AND SECTION [    ] OF THE RELATED INDENTURE SUPPLEMENT UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR AND
THE ISSUER THE CERTIFICATION REQUIRED BY SECTION 6.5(i) [FOR CLASS 1 SPECIFIED NOTES ONLY] [AND SECTION 6.5(m)] OF THE BASE INDENTURE AND THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN MAY BE TRANSFERRED IN AN OFF-SHORE TRANSACTION AS DEFINED IN THE
1933 ACT TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A NOTE OR (IN CERTAIN LIMITED CIRCUMSTANCES) A DEFINITIVE NOTE ONLY (IN THE CASE OF AN INTEREST IN A RULE 144A GLOBAL NOTE) IN ACCORDANCE WITH THE PROCEDURES SET FORTH
IN SECTION 6.5 OF THE BASE INDENTURE AND (IN THE CASE OF A DEFINITIVE NOTE) UPON RECEIPT BY THE NOTE REGISTRAR AND INDENTURE TRUSTEE OF SUCH CERTIFICATION. PRIOR TO PURCHASING THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH
RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER. 
 THIS NOTE IS A LIMITED RECOURSE OBLIGATION
OF THE ISSUER, AND IS LIMITED TO RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN,
AND IS NOT GUARANTEED BY, THE SERVICER, THE INDENTURE TRUSTEE, THE CALCULATION AGENT, THE PAYING AGENT, THE SECURITIES INTERMEDIARY, THE ADMINISTRATOR OR ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR
PRIVATE INSURER. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”) TO THE NOTE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 Exhibit A-3-3 

 GREEN TREE AGENCY ADVANCE FUNDING TRUST I 

ADVANCE RECEIVABLES BACKED NOTES, SERIES [                ] 

CLASS [    ] NOTE 

Green Tree Agency Advance Funding Trust I, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to
pay to [                                ], or registered assigns (the
“Noteholder”), [interest, fees and principal as provided in the Indenture] [the principal sum of [                    ]
($[        ]), or such part thereof as may be advanced and outstanding hereunder and to pay interest on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and
at the times provided in the Indenture] [and to pay any fees in connection therewith from time to time in the amounts and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable [Interim Payment Date and] Payment Date as set forth in Section[s] [4.4] and 4.5 of the
Base Indenture and Section [    ] of the [Series Name] Indenture Supplement. The outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On each applicable [Interim
Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and Section [    ] of the [Series
Name] Indenture Supplement. 
 Capitalized terms used but not defined herein have the meanings set forth in the Second Amended and Restated
Indenture, (as may be amended from time to time, the “Base Indenture”), dated as of October 21, 2015, among the Issuer, Wells Fargo Bank, N.A., a national banking association, as indenture trustee (the “Indenture
Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities Intermediary”), Ditech Financial LLC, a
Delaware limited liability company (“Ditech”), as Administrator on behalf of the Issuer (the “Administrator”), and as Servicer (the “Servicer”) under the Designated Servicing Agreements, and
Barclays Bank PLC (“Barclays”), as Administrative Agent (the “Administrative Agent”) and consented to by Barclays, as Noteholder, and an Indenture Supplement (as may be amended from time to time, the
“[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the “Indenture”), dated as of October 21, 2015, by and among [insert parties to Indenture Supplement]. 

[In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of this Note shall, and is hereby authorized to,
record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation on such schedule or any error in such
schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date to
advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of the Indenture and that certain [Amended and Restated] Note Purchase Agreement (the “Note Purchase
Agreement”), dated as of [            ], 201[  ], among [insert parties to related Note Purchase Agreement]]. 

  
 Exhibit A-3-4 

 [In the event of a payment of all or a portion of the Note Balance of this Note, in accordance
with the terms and provisions of the Indenture, the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

This Note is a Regulation S Global Note deposited with DTC acting as Depository, and registered in the name of Cede & Co., a nominee
of DTC, and Cede & Co., as holder of record of this Note, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. 

The statements in the legend relating to DTC set forth above are an integral part of the terms of this Note and by acceptance thereof each
holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any. 
 Unless the
certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such
Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose. 

THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS NOTE, THE RELATIONSHIP OF THE
PARTIES HEREUNDER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW
PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Exhibit A-3-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by an Issuer Authorized Officer, as of the date set forth below. 
 Date:             ,
2015 
  

					
	GREEN TREE AGENCY ADVANCE FUNDING TRUST I
		
	By:	 	Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
			
		 	By:	 	  

		 		 	Issuer Authorized Officer

  
 Exhibit A-3-6 

 [INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 2015	 		 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Indenture Trustee]
	  
 [AUTHENTICATING AGENT’S

CERTIFICATE OF AUTHENTICATION
  

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture.

 

	Date:             , 2015	 		 	[                                   
                                         
                             ],
		 		 	as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Authenticating Agent]

  
 Exhibit A-3-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [    ] Notes of the Issuer, designated as its Green Tree Agency
Advance Funding Trust I Advance Receivables Backed Notes, Series [    ], Class [    ] (herein called the “Class [    ] Notes”), all issued under the Indenture.
Reference is hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary and the Holders of the Notes. To
the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to
all terms of the Indenture. 
 The payments on the Class [    ] Notes are [senior to the Class
[    ] Notes, the Class [    ] Notes and the Class [    ] Notes][, and subordinate to the Class [    ] Notes, the Class
[    ] Notes and the Class [    ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest and fees on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest and fees of this Note shall be due and payable on the earlier of
(i) any Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [    ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date. Notwithstanding the foregoing, the
entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of Section 8.1 of the Base
Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in writing to the Issuer (and to
the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the Holders of the Notes entitled
thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class [    ] Note and all
other Class [    ] Notes equally and ratably without prejudice, priority or distinction between any Class [    ] Note and any other Class [    ] Note. The Notes are
limited recourse obligations of the Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners,
agents, officers, directors, employees, or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 

  
 Exhibit A-3-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[    ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all future Holders of this Class
[    ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [    ] Note
(or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders of this Class [    ] Note and of any Note issued upon the
registration of transfer hereof or exchange hereof or in lieu hereof, whether or not noted hereon.] 
 As provided in the Indenture and
subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount]
[VFN Principal Balance] will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each
Noteholder, by acceptance of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its
individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 

  
 Exhibit A-3-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against [Green Tree Advance
Receivables III LLC (the “Depositor”)][the Depositor] or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity Facility. 

The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and local income
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest, agrees to treat
such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section [    ] of the [Series Name]
Indenture Supplement. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative
Agent, as applicable, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of any Noteholder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement 

  
 Exhibit A-3-10 

 
of any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the
contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee, the
Calculation Agent, the Paying Agent, the Securities Intermediary or any Affiliate (other than the Issuer), officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other
amount payable to the Holder will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture. 

Notwithstanding any other terms of the Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of any amount owing in respect of this
Note or the 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 this Note or the
Indenture. The foregoing provisions of this Note 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, (ii) save as specifically
provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) 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 this Note or the 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. 

  
 Exhibit A-3-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                 

 

	
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:                                        
                         

	  

	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
                                 attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 
  

	
	Dated:                     
	
	 Signature Guaranteed:

	
	
                      
            */

 */NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP. 

  
 Exhibit A-3-12 

 Schedule to Series [    ], Class [    ] Note 

dated as of [            ],
[        ] 
 of Green Tree Agency Advance Funding Trust I 

 

									
	 [Interim Payment

Date]
 [Payment Date]

[Payment Date of

Additional Note

Balance/Decrease
 Note
Balance]
	  	 Aggregate

Amount of
 [principal

payment]
 [Funding of

VFN Principal
 Balance

Increase] on
 Class
[    ] Notes
	  	 [Percentage

Interest in]
 Aggregate Note

Balance of the
 Class
[    ] Notes
 following

[advance/]
 payment
	  	 [Percentage of

Interest in]
 Aggregate Note

Balance of this
 Class
[    ] Note
 following

[advance/]
 payment
	  	 Note Balance of

Note following
 [advance/]

payment

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 Exhibit A-3-13 

 Exhibit A-4 

FORM OF DEFINITIVE REGULATION S NOTE 
  

			
	Class [    ] Note	  	[Initial Note Balance: $[            ]]
	Note Number: [        ]	  	[Maximum VFN Principal Balance: $$[            ]]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTE BALANCE SHOWN ON THE FACE HEREOF.

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY STATE SECURITIES
LAWS. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) PURSUANT TO REGULATION S OF THE 1933 ACT IN AN OFF-SHORE TRANSACTION AS DEFINED IN THE 1933 ACT TO A PERSON THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S OF THE 1933 ACT [FOR
CLASS 1 SPECIFIED NOTES ONLY] [IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE 1933 ACT) OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE
REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR CLASS 1 SPECIFIED NOTES ONLY] [NO TRANSFER OF A BENEFICIAL INTEREST
IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS PROVIDED IN
SECTION 6.5(M) OF THE INDENTURE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.] 

[FOR A NOTE THAT IS NOT A CLASS 1 SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN SHALL DELIVER TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR A CERTIFICATION TO THE EFFECT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING, HOLDING OR TRANSFERRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON
BEHALF OF, OR USING THE ASSETS OF, (I) ANY EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN

  
 Exhibit A-4-1 

 
SECTION 4975(e)(1) OF THE CODE, AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION 3(42) OF ERISA
(THE “PLAN ASSET REGULATIONS”), WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO
ANY U.S. FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED AT LEAST INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR
TRANSFER, IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL SATISFY THE REQUIREMENTS OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14,
PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR THE STATUTORY
PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF THE CODE OR ANY SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT VIOLATE ANY SIMILAR LAW.] [FOR CLASS 1 SPECIFIED NOTES ONLY UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE
SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL DELIVER TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR A CERTIFICATION TO THE EFFECT THAT IT IS NOT, AND IS NOT ACQUIRING, HOLDING OR TRANSFERRING THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE ASSETS OF ANY SUCH
EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, OR A GOVERNMENTAL, NON-U.S. OR
CHURCH PLAN WHICH IS SUBJECT TO ANY SIMILAR LAW.] 

  
 Exhibit A-4-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE AND SECTION [    ] OF THE RELATED INDENTURE SUPPLEMENT UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR AND
THE ISSUER THE CERTIFICATION[S] REQUIRED BY SECTION 6.5(j) [FOR CLASS 1 SPECIFIED NOTES ONLY][AND SECTION 6.5(m)] OF THE BASE INDENTURE AND THIS NOTE MAY BE TRANSFERRED ONLY UPON RECEIPT BY THE NOTE REGISTRAR AND INDENTURE TRUSTEE OF SUCH
CERTIFICATION. PRIOR TO PURCHASING THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER. 

THIS NOTE IS A LIMITED RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED TO RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE
INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE SERVICER, THE INDENTURE TRUSTEE, THE CALCULATION AGENT, THE PAYING AGENT, THE
SECURITIES INTERMEDIARY, THE ADMINISTRATOR OR ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER. 

  
 Exhibit A-4-3 

 GREEN TREE AGENCY ADVANCE FUNDING TRUST I 

ADVANCE RECEIVABLES BACKED NOTES, SERIES [                ]

 CLASS [    ] NOTE 

Green Tree Agency Advance Funding Trust I, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to
pay to [                                ], or registered assigns (the
“Noteholder”), [interest, fees and principal as provided in the Indenture] [the principal sum of [                    ]
($[        ]), or such part thereof as may be advanced and outstanding hereunder and to pay interest on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and
at the times provided in the Indenture] [and to pay any fees in connection therewith from time to time in the amounts and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable [Interim Payment Date and] Payment Date as set forth in Section[s] [4.4] and 4.5 of the
Base Indenture and Section [    ] of the [Series Name] Indenture Supplement. The outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On each applicable [Interim
Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and Section [    ] of the [Series
Name] Indenture Supplement. 
 Capitalized terms used but not defined herein have the meanings set forth in the Second Amended and Restated
Indenture, (as may be amended from time to time, the “Base Indenture”), dated as of October 21, 2015, among the Issuer, Wells Fargo Bank, N.A., a national banking association, as indenture trustee (the “Indenture
Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities Intermediary”), Ditech Financial LLC, a
Delaware limited liability company (“Ditech”), as Administrator on behalf of the Issuer (the “Administrator”), and as Servicer (the “Servicer”) under the Designated Servicing Agreements, and
Barclays Bank PLC (“Barclays”), as Administrative Agent (the “Administrative Agent”) and consented to by Barclays, as Noteholder, and an Indenture Supplement (as may be amended from time to time, the
“[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the “Indenture”), dated as of October 21, 2015, by and among [insert parties to Indenture Supplement]. 

[In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of this Note shall, and is hereby authorized to,
record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation on such schedule or any error in such
schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date to
advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the 

  
 Exhibit A-4-4 

 
terms of the Indenture and that certain [Amended and Restated] Note Purchase Agreement (the “Note Purchase Agreement”), dated as of
[            ], 201[  ], among [insert parties to related Note Purchase Agreement].] 

[In the event of a payment of all or a portion of the Note Balance of this Note, in accordance with the terms and provisions of the Indenture,
the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

Unless the certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an
Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the
Indenture and/or be valid for any purpose. 
 THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN
CONNECTION WITH THIS NOTE, THE RELATIONSHIP OF THE PARTIES HEREUNDER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. 

  
 Exhibit A-4-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by an Issuer Authorized Officer, as of the date set forth below. 
 Date:             ,
2015 
  

					
	GREEN TREE AGENCY ADVANCE FUNDING TRUST I
		
	By:	 	Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
			
		 	By:	 	  

		 		 	Issuer Authorized Officer

  
 Exhibit A-4-6 

 [INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 2015	 		 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Indenture Trustee]
	  
 [AUTHENTICATING AGENT’S

CERTIFICATE OF AUTHENTICATION
  

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture.

 

	Date:             , 2015	 		 	[                                  
                                         
                               ],
		 		 	as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Authenticating Agent]

  
 Exhibit A-4-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [    ] Notes of the Issuer, designated as its Green Tree Agency
Advance Funding Trust I Advance Receivables Backed Notes, Series [    ], Class [    ] (herein called the “Class [    ] Notes”), all issued under the
Indenture. Reference is hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary and the Holders of
the Notes. To the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes
are subject to all terms of the Indenture. 
 The payments on the Class [    ] Notes are [senior to the Class
[    ] Notes, the Class [    ] Notes and the Class [    ] Notes][, and subordinate to the Class [    ] Notes, the Class
[    ] Notes and the Class [    ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest and fees on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest and fees of this Note shall be due and payable on the earlier of
(i) any Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [    ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date. Notwithstanding the foregoing, the
entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of Section 8.1 of the Base
Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in writing to the Issuer (and to
the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the Holders of the Notes entitled
thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class [    ] Note and all
other Class [    ] Notes equally and ratably without prejudice, priority or distinction between any Class [    ] Note and any other Class [    ] Note. The Notes are
limited recourse obligations of the Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners,
agents, officers, directors, employees, or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 

  
 Exhibit A-4-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[    ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all future Holders of this Class
[    ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [    ] Note
(or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders of this Class [    ] Note and of any Note issued upon the
registration of transfer hereof or exchange hereof or in lieu hereof, whether or not noted hereon.] 
 As provided in the Indenture and
subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount]
[VFN Principal Balance] will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each
Noteholder, by acceptance of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its
individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 

  
 Exhibit A-4-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against [Green Tree Advance
Receivables III LLC (the “Depositor”)] [the Depositor] or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity
Facility. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and
local income and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest,
agrees to treat such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section [    ] of the [Series Name]
Indenture Supplement. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative
Agent, as applicable, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more
predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of any Noteholder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

[For any Note issued in definitive form] [This Note is issuable only in definitive form in denominations as provided in the [Series Name]
Indenture Supplement, subject to certain limitations therein set forth.] 

  
 Exhibit A-4-10 

 Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have
the right, which is absolute and unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of any such payment, and such right will not be impaired without
the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be
without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary or any Affiliate (other than the Issuer), officer, employee or
director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder will be limited to amounts available from the Trust Estate and subject to the priority of payment set
forth in the Indenture. 
 Notwithstanding any other terms of the Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of
any amount owing in respect of this Note or the 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 this Note or the Indenture. The foregoing provisions of this Note 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, (ii) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) 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 this Note or the 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. 

  
 Exhibit A-4-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                 

 

	
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
                                         
                       

	  

	(name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
                                 attorney, to transfer said Note on the books kept
for registration thereof, with full power of substitution in the premises. 
 Dated:
                     
  

	
	 Signature Guaranteed:

	
	
                      
            */

 */NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of
the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP. 

  
 Exhibit A-4-12 

 Schedule to Series [    ], Class [    ] Note 

dated as of [            ],
[        ] 
 of Green Tree Agency Advance Funding Trust I 

 

									
	 [Interim Payment

Date]
 [Payment Date]

[Payment Date of
 Additional Note

Balance/Decrease
 Note
Balance]
	  	 Aggregate

Amount of
 [principal

payment]
 [Funding of

VFN Principal
 Balance

Increase] on
 Class
[    ] Notes
	  	 [Percentage

Interest in]
 Aggregate Note

Balance of the
 Class
[    ] Notes
following
 [advance/]

payment
	  	 [Percentage of

Interest in]
 Aggregate Note

Balance of this
 Class
[    ] Note
 following

[advance/]
 payment
	  	 Note Balance of

Note following
 [advance/]

payment

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 Exhibit A-4-13

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