Document:

NSMH 09.30.2013 10-Q Exhibit 10.6

Exhibit 10.6
EXECUTION COPY

 RECEIVABLES SALE AGREEMENT
NATIONSTAR MORTGAGE LLC
(Receivables Seller and Servicer)

and
NATIONSTAR SERVICER ADVANCE FACILITY TRANSFEROR, LLC 2013-BC
(Depositor)

Dated as of September 19, 2013
NATIONSTAR SERVICER ADVANCE RECEIVABLES TRUST 2013-BC 
ADVANCE RECEIVABLES BACKED NOTES, ISSUABLE IN SERIES 

TABLE OF CONTENTS
Page
		
	Section 1.
	Definitions; Incorporation by Reference.                    2

		
	Section 2.
	Transfer of Receivables.                            4

		
	Section 3.
	Nationstar’s Acknowledgment and Consent to Assignment.            6

		
	Section 4.
	Representations, Warranties and Certain Covenants of Nationstar, as Servicer and as Receivables Seller.                                7

		
	Section 5.
	Termination.                                    15

		
	Section 6.
	General Covenants of Nationstar, as Receivables Seller and Servicer.    15

		
	Section 7.
	Grant Clause.                                    18

		
	Section 8.
	Conveyance by Depositor; Grant by Issuer.                    19

		
	Section 9.
	Protection of Indenture Trustee’s Security Interest in Trust Estate.        19

		
	Section 10.
	Indemnification.                                19

		
	Section 11.
	Miscellaneous.                                21

Schedule 1    Form of Assignment of Receivables
Exhibit A    Form of Subordinated Note

RECEIVABLES SALE AGREEMENT
This RECEIVABLES SALE AGREEMENT (as it may be amended, supplemented, restated, or otherwise modified from time to time,  this “Agreement”) is made as of September 19, 2013 (the “Closing Date”), by and between Nationstar Mortgage LLC, a limited liability company organized under the laws of the State of Delaware, as receivables seller and servicer (“Nationstar”), and Nationstar Servicer Advance Facility Transferor, LLC 2013-BC, a limited liability company organized under the laws of the State of Delaware, as depositor (the “Depositor”).
RECITALS
A.    The Depositor is a special purpose Delaware limited liability company wholly owned by Nationstar.  Nationstar acts as the servicer under one or more certain servicing agreements (each, as it may be amended, supplemented, restated, or otherwise modified from time to time, a “Servicing Agreement” and, collectively, the “Servicing Agreements”), and has the obligation to make Advances from and after the Closing Date and the right to collect the related Receivables in reimbursement of such Advances and the right to collect Receivables in existence on the Closing Date related to Advances previously made by Nationstar.  As such, Nationstar, as servicer, will service mortgage loans in accordance with the terms of one or more Servicing Agreements (each, as may be amended, supplemented, restated or otherwise modified from time to time, a “Designated Servicing Agreement” and, collectively, the “Designated Servicing Agreements”) that will be designated as described herein for inclusion under this Agreement, the Receivables Pooling Agreement (defined below) and the Indenture (defined below).
B.    Nationstar Servicer Advance Receivables Trust 2013-BC (the “Issuer”), Nationstar, as servicer and as Administrator (in such capacity, the “Administrator”), Wells Fargo Bank, N.A., as Indenture Trustee (the “Indenture Trustee”), as Calculation Agent, as Paying Agent and as Securities Intermediary, and Barclays Bank PLC, as administrative agent (the “Administrative Agent”), propose to enter into an Indenture (as it may be amended, supplemented, restated, or otherwise modified from time to time and including any indenture supplement, the “Indenture”), dated as of even date herewith, pursuant to which the Issuer shall be permitted to issue different Series of Advance Receivables Backed Notes (the “Notes”)  from time to time, on the terms and conditions set forth in the Indenture.
C.    Nationstar is obligated to make certain Advances from time to time with respect to the Mortgage Loans under the Designated Servicing Agreements of different Advance Types as more fully described in the Indenture.  Upon its disbursement of an Advance pursuant to a Designated Servicing Agreement, Nationstar, as servicer, becomes the beneficiary of a contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing Agreement.  Nationstar, as receivables seller, desires to sell, assign, transfer and convey to the Depositor all its contractual rights (A) to reimbursement pursuant to the terms of a Designated Servicing Agreement for an Advance disbursed by Nationstar (or any predecessor servicer to the extent that Nationstar acquires the Advance), pursuant to such Designated Servicing Agreement, which Advance has not previously been reimbursed, or (B) to payment pursuant to the terms of a Designated Servicing Agreement listed on the Designated Servicing Agreement Schedule for a 

Deferred Servicing Fee which has been accrued by Nationstar but not paid, and including in either case all rights of Nationstar (including any predecessor servicer), to enforce payment of such obligation under the related Servicing Agreement and which it either acquires from a predecessor servicer or which it creates itself as described in (A) or (B) above, from the date hereof through the Receivables Sale Termination Date, in respect of mortgage loans under the Designated Servicing Agreements  (any right to reimbursement in respect of any such Advance or payment in respect of such Deferred Servicing Fee, a “Receivable” and, collectively, the “Receivables”), pursuant to the terms of this Agreement.  The Depositor will contemporaneously enter into a Receivables Pooling Agreement, dated as of even date herewith (the “Receivables Pooling Agreement”, as may be amended, supplemented, restated or otherwise modified from time to time), to sell and/or contribute, assign, transfer and convey to the Issuer all Receivables acquired by the Depositor from Nationstar, as receivables seller, immediately upon the Depositor’s acquisition of such Receivables pursuant to this Agreement.
D.    The Notes issued by the Issuer pursuant to the Indenture will be collateralized by the Aggregate Receivables and related property and certain monies in respect thereof now owned and to be hereafter acquired by the Issuer.
E.    In consideration of each transfer by Nationstar, as receivables seller, to the Depositor of the Transferred Assets on the terms and subject to the conditions set forth in this Agreement, the Depositor has agreed to pay to Nationstar a purchase price equal to 100% of the fair market value thereof on each Sale Date.  To the extent the purchase price actually paid in cash by the Depositor for the Transferred Assets is less than 100% of the fair market value thereof, the consideration for such excess fair market value shall be (i) on the Closing Date, the receipt of the membership interest of the Depositor, 100% of which is held by Nationstar, and (ii) on each subsequent Sale Date a borrowing under a Subordinated Note issued by the Depositor to Nationstar in an amount equal to the amount by which the fair market value of such Receivable exceeds the cash purchase price actually paid therefor.    
AGREEMENT
NOW, THEREFORE, in consideration of the above premises and of the  mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
Section 1.    Definitions; Incorporation by Reference.

(a)This Agreement is entered into in connection with the terms and conditions of the Indenture. Any capitalized term used but not defined herein shall have the meaning given to it in the Indenture. Furthermore, for any capitalized term defined herein but defined in greater detail in the Indenture, the detailed information from the Indenture shall be incorporated herein by reference.

Additional Receivables:  As defined in Section 2(a).
Administrative Agent: As defined in the Recitals.  

Administrator:  As defined in the Recitals.
Aggregate Receivables:  All Initial Receivables and all Additional Receivables sold by Nationstar, as receivables seller, to the Depositor hereunder.
Agreement:  As defined in the Preamble.
Assignment of Receivables:  Each agreement documenting an assignment by Nationstar to the Depositor substantially in the form set forth on Schedule 1.
Closing Date:  As defined in the Preamble.
Depositor:  As defined in the Preamble.
Designated Servicing Agreement and Designated Servicing Agreements:  As defined in the Recitals.
Indemnification Amounts:  As defined in Section 10(c).
Indemnified Party:  As defined in Section 10(c).
Indemnity Payment: As defined in Section 4(d).
Indenture:  As defined in the Recitals.
Indenture Trustee:  As defined in the Recitals. 
Initial Receivables:  As defined in Section 2(a).
Issuer:  As defined in the Recitals.
Nationstar:  As defined in the Preamble.
Purchase:  Each purchase by the Depositor from Nationstar, as receivables seller, of Transferred Assets.
Purchase Price:  As defined in Section 2(b). 
Receivable and Receivables:  As defined in the Recitals. 
Receivables Pooling Agreement:  As defined in the Recitals.
Receivables Sale Termination Date:  The date, after the conclusion of the Revolving Period, on which all amounts due on all Classes of Notes issued by the Issuer pursuant to the Indenture, and all other amounts payable to any party pursuant to the Indenture, shall have been paid in full.
Related Documents:  As defined in Section 4(a)(iii).
Removed Servicing Agreement: As defined in Section 2(c).

Sale Date:  (i) With respect to the Initial Receivables, the Closing Date and (ii) with respect to any Additional Receivables, each date after the Closing Date and prior to the Receivables Sale Termination Date on which such Additional Receivable is sold, assigned, transferred and conveyed by Nationstar, as receivables seller, to the Depositor pursuant to the terms of this Agreement.
Series: As defined in the Indenture.
Servicing Agreement and Servicing Agreements:  As defined in the Recitals.
Stop Date: As defined in Section 2(c). 
Subordinated Note: The promissory note in substantially the form of Exhibit A hereto as more fully described in Section 2(b), as the same may be amended, restated, supplemented or otherwise modified from time to time.
Transferred Assets:  As defined in Section 2(a).
UCC:  The Uniform Commercial Code in effect in all applicable jurisdictions.
(b)    The Designated Servicing Agreement Schedule, as may be amended, supplemented, restated, or otherwise modified from time to time in accordance with the Transaction Documents, is incorporated by this reference into this Agreement.

Section 2.    Transfer of Receivables.

(a)    Transferred Assets.  Commencing on the Closing Date, and until the close of business on the Receivables Sale Termination Date, subject to the provisions of this Agreement, Nationstar, as receivables seller, hereby sells and/or contributes, assigns, transfers and conveys to the Depositor, and the Depositor acquires from Nationstar without recourse except as provided herein, all of the Nationstar’s right, title and interest, whether now owned or hereafter acquired, in, to and under (i) each Receivable in existence on the Closing Date that arose under the Servicing Agreements listed on the Designated Servicing Agreement Schedule as of the Closing Date (the “Initial Receivables”), (ii) each Receivable in existence on any Business Day on or after the Closing Date and prior to the Receivables Sale Termination Date that arises under any Servicing Agreement that is listed as a “Designated Servicing Agreement” on the Designated Servicing Agreement Schedule as of the date such Receivable is created (“Additional Receivables”), and (iii) in the case of both Initial Receivables and Additional Receivables, all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the UCC), together with all rights of Nationstar to enforce such Initial Receivables and Additional Receivables (collectively, the “Transferred Assets”).  Receivables for Deferred Servicing Fees that are ineligible for financing under the Indenture will not be sold or transferred hereunder and shall not otherwise constitute “Receivables” for purposes hereof or any other Transaction Document.  Until the Receivables Sale Termination Date, Nationstar shall, automatically and without any further action on its part, sell and/or contribute, assign, transfer and convey to the Depositor, on each Business Day, each Additional Receivable not previously transferred to the Depositor and the Depositor shall purchase each such Additional Receivable together with all of the other Transferred Assets related to such Receivable.

(b)Purchase Price.  In consideration of the sale, assignment, transfer and conveyance to the Depositor of the Aggregate Receivables and related Transferred Assets, on the terms and subject to the conditions set forth in this Agreement, the Depositor shall, on each Sale Date, pay and deliver to Nationstar, in immediately available funds on the related Sale Date, or otherwise promptly following such Sale Date if so agreed by Nationstar, as receivables seller, and the Depositor, a purchase price (the “Purchase Price”) equal to (i) in the case of one Receivable sold, assigned, transferred and conveyed on such Sale Date, the fair market value of such Receivable on such Sale Date or (ii) in the case more than one Receivable is sold, assigned, transferred and conveyed on such Sale Date, the aggregate of the fair market values of such Receivables on such Sale Date, payable in cash to the extent of funds available to the Depositor.  To the extent that the Purchase Price of the Additional Receivables is greater than the cash portion of the Purchase Price, then the Depositor shall (i) first, pay such portion of the Purchase Price in the form of a borrowing under the Promissory Note in the form attached hereto as Exhibit A; provided however, that the Depositor may not make any borrowing under the Subordinated Note unless at the time of (and immediately after) each borrowing thereunder, both before and after the sale transaction (1) the Depositor’s total assets exceed its total liabilities, (2) the Depositor’s cash on hand is sufficient to satisfy all of its current obligations (other than its obligations under the Subordinated Note and the obligation to pay the Purchase Price), (3) the Depositor is adequately capitalized at a commercially reasonable level and (4) the Depositor has determined that its financial capacity to meet its financial commitment under the Subordinated Note is adequate and (ii) second, to the extent the Depositor cannot make a borrowing under the Subordinated Note, accept a contribution to its capital from Nationstar in an amount equal to the remaining unpaid portion of the Purchase Price. Nationstar is hereby authorized by the Depositor to endorse on the schedule attached to the Subordinated Note an appropriate notation evidencing the date and amount of each advance thereunder, as well as the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of the Depositor thereunder.  Nationstar shall record in its books and records all increases in and payments in reduction of the outstanding principal amount of the Subordinated Note.

(c)Removal of Designated Servicing Agreements or Receivables.  On any date on or after the satisfaction of all conditions specified in Section 2.1(c)(ii) of the Indenture, Nationstar, as receivables seller, may remove a Designated Servicing Agreement from the Designated Servicing Agreement Schedule (each such Servicing Agreement so removed, a “Removed Servicing Agreement”).  Upon the removal of a Designated Servicing Agreement from the Designated Servicing Agreement Schedule, (i) except if Nationstar conducts a Permitted Refinancing, all Receivables related to Advances made by or Deferred Servicing Fees accrued by the Servicer under such Removed Servicing Agreement previously transferred to the Depositor and Granted to the Indenture Trustee for inclusion in the Trust Estate, shall remain subject to the lien of the Indenture, in which case the Receivables Seller may not assign to another Person any Receivables arising under that Removed Servicing Agreement until all Receivables that arose under that Removed Servicing Agreement that are included in the Trust Estate shall have been paid in full or sold in a Permitted Refinancing, and (ii) all Receivables related to such Removed Servicing Agreement arising on or after the date that the related Servicing Agreement was removed from the Designated Servicing Agreement Schedule (the “Stop Date”) shall not be sold to the Depositor and shall not  constitute Additional Receivables.  

(d)Marking of Books and Records.  Nationstar shall, at its own expense, on or prior to the applicable Sale Date, in the case of Additional Receivables, indicate in its books and records (including its computer records) that the Receivables under each Designated Servicing Agreement and the related Transferred Assets have been sold, assigned, transferred and conveyed to the Depositor in accordance with this Agreement.  Nationstar shall not alter the indication referenced in this paragraph with respect to any Receivable during the term of this Agreement (except in accordance with Section 9(b)).  If a third party, including a potential purchaser of a Receivable, should inquire as to the status of the Receivables, Nationstar shall promptly indicate to such third party that the Receivables have been sold, assigned, transferred and conveyed and Nationstar (except in accordance with Section 9(b)) shall not claim any right, title or interest (including, but not limited to ownership interest) therein.

Section 3.    Nationstar’s Acknowledgment and Consent to Assignment.

(a)    Acknowledgment and Consent to Assignment.  Nationstar hereby acknowledges that the Depositor has sold and/or contributed, assigned, transferred and conveyed to the Issuer, and that the Issuer has Granted to the Indenture Trustee, on behalf of the Noteholders, the rights (but not the obligations) of the Depositor under this Agreement, including, without limitation, the right to enforce the obligations of Nationstar hereunder.  Nationstar hereby consents to such Grant by the Issuer to the Indenture Trustee pursuant to the Indenture and acknowledges that each of the Issuer and the Indenture Trustee (on behalf of itself, the Noteholders, any Supplemental Credit Enhancement Provider and any Liquidity Provider) shall be a third party beneficiary in respect of the representations, warranties, covenants, rights, indemnities and other benefits arising hereunder that are so Granted by the Issuer.  Moreover, Nationstar hereby authorizes and appoints as its attorney-in-fact the Depositor, the Issuer and the Indenture Trustee, as the Issuer’s  assignee, on behalf of the Depositor, to execute and deliver such documents or certificates as may be necessary in order to enforce its rights under this Agreement and its rights to collect the Aggregate Receivables.

(b)    Access to Records.  In connection with the conveyances hereunder, Nationstar hereby grants to the Depositor (and its assigns) an irrevocable license to access all records relating to the Aggregate Receivables, without the need for any further documentation in connection with any conveyance hereunder; provided, however, that the Depositor (and its assigns) may not exercise any right under such license until an Event of Default has occurred and is continuing; and provided further that such license is for the limited purpose of administering and accounting for the Aggregate Receivables.  In connection with such license, and subject to the foregoing provisos, Nationstar hereby grants to the Depositor (and its assigns) an  irrevocable, non-exclusive license (subject to the restrictions contained in any license with respect thereto) to use, without royalty or payment of any kind, all software used by Nationstar, as receivables seller or as servicer as the case may be, to account for the Aggregate Receivables, to the extent necessary to administer the Aggregate Receivables and such software is owned by Nationstar.  With respect to software owned by others and used by Nationstar under license agreements, Nationstar shall cooperate with the Depositor (and its assigns) to identify such software and the applicable licensors thereof and provide such other information available to it and reasonably necessary in order for the Depositor to obtain its own licenses with respect to such software.  The licenses granted by Nationstar pursuant to this 

Section 3 with respect to software owned by it shall be irrevocable and shall terminate on the Receivables Sale Termination Date.

Section 4.    Representations, Warranties and Certain Covenants of Nationstar, as Servicer and as Receivables Seller.

Nationstar, as receivables seller and as servicer, hereby makes the following representations, warranties and covenants for the benefit of the Depositor, the Issuer, and the Indenture Trustee for the benefit of the Noteholders, on which the Depositor is relying in purchasing the Aggregate Receivables and executing this Agreement, on which the Issuer is relying in purchasing the Aggregate Receivables and executing the Receivables Pooling Agreement, and on which the Noteholders are relying in purchasing the Notes. The representations are made as of the date of this Agreement, and as of each Sale Date.  Such representations and warranties shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables and any other related Transferred Assets to the Depositor and the Issuer.
(a)    General Representations, Warranties and Covenants.

(i)Organization and Good Standing.  Nationstar is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and now has and so long as any Notes are outstanding, will continue to have, power, authority and legal right to acquire, own, hold, transfer, assign and convey the Receivables.

(ii)Due Qualification.  Nationstar is and will continue to be duly qualified to do business as a limited liability company in good standing, and has obtained and will keep in full force and effect all necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, licenses, permits or approvals and as to which the failure to obtain or to keep in full force and effect such licenses, permits or approvals would have a material and adverse impact upon the value or collectability of the Receivables and such failure cannot be subsequently cured for the purposes of enforcing contracts.

(iii)Power and Authority.  Nationstar has and will continue to have all requisite limited liability company power and authority to own the Receivables, and Nationstar has and will continue to have all requisite limited liability company power and authority to execute and deliver this Agreement, the initial Designated Servicing Agreement Schedule and each subsequent Designated Servicing Agreement Schedule, each other Transaction Document to which it is a party and any and all other instruments and documents necessary to consummate the transactions contemplated hereby or thereby (collectively, the “Related Documents”), and to perform each of its obligations under this Agreement and under the Related Documents, and to consummate the transactions contemplated hereby and thereby.  The execution and delivery of this Agreement by Nationstar, and the execution and delivery of each of the Related Documents by Nationstar, the performance by Nationstar of its 

obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby and thereby have each been duly authorized by Nationstar and no further limited liability company action or other actions are required to be taken by Nationstar in connection therewith.

(iv)Valid Transfer.  Upon the execution and delivery of this Agreement, each Assignment of Receivables and the Designated Servicing Agreement Schedule by each of the parties hereto, this Agreement shall evidence a valid sale, transfer, assignment and conveyance of the Initial Receivables as of the Closing Date and the Additional Receivables as of the applicable Sale Date to the Depositor, which is enforceable against creditors of and purchasers from Nationstar except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles.  

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

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

(vii)Perfection.  

(A)This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Aggregate Receivables and the related Transferred Assets with respect thereto in favor of the Depositor, which security interest is prior to all other Adverse Claims, and is enforceable as such against creditors of and purchasers from Nationstar;

(B)Nationstar has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under the UCC in order to perfect the security interest in the Aggregate Receivables and the related Transferred Assets granted to the Depositor hereunder; and

(C)Nationstar has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Aggregate Receivables and the related Transferred Assets, other than under this Agreement, except pursuant to any agreement that has been terminated on or prior to the date hereof.  Nationstar has 

not authorized the filing of and is not aware of any financing statement filed against it, the Depositor or the Issuer covering the Aggregate Receivables and the related Transferred Assets other than those filed in connection with this Agreement and the other Transaction Documents and those that have been terminated on or prior to the date hereof or for which the lien with respect to the Receivables has been released.  Nationstar is not aware of any judgment or tax lien filings against it.

(viii)No Violation.  Neither the execution, delivery and performance of this Agreement, the other Transaction Documents or the Related Documents by Nationstar, nor the consummation by Nationstar of the transactions contemplated hereby or thereby nor the fulfillment of or compliance with the terms and conditions of this Agreement, the Related Documents or the other Transaction Documents to which Nationstar is a party (A) will violate the organizational documents of Nationstar, (B) will constitute a default (or an event which, with notice or lapse of time or both, would constitute a default), or result in a breach or acceleration of, any material indenture, agreement or other material instrument to which Nationstar or any of its Affiliates is a party or by which it or any of them is bound, or which may be applicable to Nationstar, (C) constitutes a default (whether with notice or lapse of time or both), or results in the creation or imposition of any Adverse Claim upon any of the property or assets of Nationstar under the terms of any of the foregoing, or (D) violates any statute, ordinance or law or any rule, regulation, order, writ, injunction or decree of any court or of any public, governmental or regulatory body, agency or authority applicable to Nationstar or its properties.

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

(x)Ownership of Depositor.  Nationstar owns 100% of the membership interest in the Depositor.  No Person other than Nationstar has any rights to acquire membership interests in the Depositor.  Nationstar shall not assign, sell, convey or otherwise transfer its ownership of the membership interest in the Depositor, without the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, it being understood that the Administrative Agent shall consider, among other things, whether there continues to be adequate consideration for the Receivables transfers from the Receivables Seller to the Depositor, following any such transfer.

(xi)Ownership of Issuer.  100% of the Owner Trust Certificate of the Issuer is owned by the Depositor.  No Person other than the Depositor has any rights to acquire all or any portion of the Owner Trust Certificate in the Issuer.

(xii)No Violation of Exchange Act or Regulations T, U or X.  None of the transactions contemplated in the Transaction Documents (including the use of the proceeds from the sale of the Notes) will result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II.

(xiii)All Consents Obtained.  All approvals, authorizations, consents, orders or other actions of any persons or of any governmental body or official required in connection with the execution and delivery by Nationstar or the Depositor of this Agreement and the Transaction Documents to which Nationstar, the Depositor or the Issuer is a party, the performance by Nationstar of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party and the fulfillment by Nationstar of the terms hereof and thereof, including without limitation, the transfer of Receivables from Nationstar to the Depositor and from the Depositor to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee, have been obtained.

(xiv)Not an Investment Company.  None of Nationstar, the Depositor, the Issuer nor the Trust Estate is required to be registered as an “investment company” or a company “controlled” by a company required to be registered as an “investment company” within the meaning of the Investment Company Act, and none of the execution, delivery or performance of obligations under this Agreement or any of the Transaction Documents, or the consummation of any of the transactions contemplated thereby (including, without limitation, the sale of the Transferred Assets hereunder) will violate any provision of the Investment Company Act, or any rule, regulation or order issued by the Securities and Exchange Commission thereunder.

(xv)All Taxes, Fees and Charges Relating to Transaction and Transaction Documents Paid.  Any taxes, fees and other governmental charges due and payable by Nationstar, the Depositor or the Issuer in connection with the execution and delivery of this Agreement and the transactions contemplated hereby have been or will be paid by Nationstar or the Depositor at or prior to the date of this Agreement.

(xvi)No Broker, Finder or Financial Adviser Other Than Pursuant to a Note Purchase Agreement.  None of Nationstar nor any of its officers, directors, employees or agents has employed any broker, finder or financial adviser or incurred any liability for fees or commissions to any person except in connection with the offering, issuance or sale of the Notes of any Class (other than any Retained Notes) pursuant to a Note Purchase Agreement. 
 
(xvii)Solvency.  Nationstar, both prior to and after giving effect to each sale of Receivables with respect to the Designated Servicing Agreements on each Sale Date, (1) is not, and will not be, “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy 

Code), (2) is, and will be, able to pay its debts as they become due, and (3) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage.

(xviii)Information to Note Rating Agencies.  All information provided by Nationstar to any Note Rating Agency, taken together, is true and correct in all material respects.

(xix)No Fraudulent Conveyance.  Nationstar is selling the Aggregate Receivables to the Depositor in furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its creditors.

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

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

(xxii)Fair Consideration.  The aggregate consideration received by Nationstar, as receivables seller, pursuant to this Agreement is fair consideration having reasonably equivalent value to the value of the Aggregate Receivables and the performance of the obligations of Nationstar, as receivables seller, hereunder.

(xxiii)Bulk Transfer.  No sale, contribution, transfer, assignment or conveyance of Receivables by Nationstar, as receivables seller, to the Depositor contemplated by this Agreement or by the Depositor to the Issuer pursuant to the Receivables Pooling Agreement will be subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.

(xxiv)Name.  The legal name of Nationstar is as set forth in this Agreement and Nationstar does not have any trade names, fictitious names, assumed names or “doing business” names.  

(xxv)Default.  None of Nationstar, the Depositor or the Issuer is in default (or, with respect to Nationstar, subject to termination as servicer) under any material agreement, contract, instrument or indenture to which such Person is a party or by which it or its properties is or are bound (including without limitation, each Designated Servicing 

Agreement), or with respect to any order of any court, administrative agency, arbitrator or governmental body which should reasonably be expected to have a material adverse effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any court, administrative agency, arbitrator or governmental body.

(xxvi)Repayment of Receivables.  Nationstar has no reason to believe that at the time of the transfer of any Receivables to the Depositor pursuant hereto, such Receivables will not be paid in full.

(xxvii)[Reserved].  

(xxviii) [Reserved].

(xxix)No Change in Condition of Nationstar.  Since March 31, 2013, there has been no change in the business, operations, financial condition, properties or assets of Nationstar which would have a material adverse effect on its ability to perform its obligations under this Agreement or any other Transaction Document or materially adversely affect the transactions contemplated under this Agreement or any other Transaction Document.

(xxx)Good Standing.  Nationstar is in good standing to sell and service mortgage loans and no event has occurred which would make Nationstar unable to comply with eligibility requirements or which would require notification to any state or federal regulatory agency or body.

(xxxi)Compliance With Laws.  Nationstar has complied or shall comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions or decrees to which it may be subject, except where the failure to so comply should not be reasonably expected to have an Adverse Effect or a material adverse effect on the financial condition or operations of Nationstar, or the ability of Nationstar, the Depositor or the Issuer to perform their respective obligations hereunder or under any of the other Transaction Documents.

(xxxii)Accounting.  Nationstar accounts for the transactions contemplated by this Agreement as a sale from Nationstar to the Depositor, except to the extent that such sales are not recognized under GAAP due to consolidated financial reporting.

(b)    Representations, Warranties and Covenants of Nationstar Concerning the Receivables.

(i)    Facility Eligible Receivables.  Each Receivable is payable in United States dollars, is a Facility Eligible Receivable and is transferred pursuant to a Designated Servicing Agreement that is a Facility Eligible Servicing Agreement. Each Receivable arises from an 

Advance or Deferred Servicing Fee for which Nationstar is entitled to reimbursement or payment, as applicable, pursuant to a Designated Servicing Agreement.

(ii)    Assignment Permitted under Servicing Agreements.  Each Receivable arising under a Designated Servicing Agreement is fully transferable and such transfer will not violate the terms of, or require the consent of any Person under the related Designated Servicing Agreement or any other document or agreement to which Nationstar is a party or to which its assets or properties are subject.

(iii)    Schedule of Receivables.  The information set forth in the Schedule of Receivables hereto shall be true and correct as of the date of this Agreement and each Funding Date.

(iv)    No Fraud.  As of any Sale Date, with respect to the Receivables transferred on such date, no Receivable has been identified by Nationstar or reported to Nationstar by the related MBS Trustee as having resulted from fraud perpetrated by any Person.

(v)    No Impairment of Nationstar’s Rights.  As of the Closing Date, or as of any Sale Date with respect to any Receivables sold on such date, neither Nationstar nor any other Person has taken any action that, or failed to take any action the omission of which, would materially impair its rights or the rights of its assignees, with respect to any Receivables.

(vi)    No Defenses.  As of the related Sale Date, each Receivable represents valid entitlement to be paid, has not been repaid in whole or in part or been compromised, adjusted, extended, satisfied, subordinated, rescinded, waived, amended or modified, and is not subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, waiver, amendment or modification by any Person.

(vii)    No Action to Impair Collectability.  Nationstar has not taken (or omitted to take) and will not take (or omit to take), and has no notice that any other Person has taken (or omitted to take) or will take (or omit to take) any action that could impair the collectability of any Receivable.

(viii)    No Pending Proceedings.  There are no proceedings pending, or, to the best of Nationstar’s knowledge, threatened, wherein any governmental agency has (A) alleged that any Receivable is illegal or unenforceable, (B) asserted the invalidity of any Receivable or (C) sought any determination or ruling that might adversely affect the payment or enforceability of any Receivable.

(ix)    Nationstar’s Reporting Obligations.  With respect to each Receivable, Nationstar is not aware of any circumstances which could reasonably be expected to make it unable to perform its reporting obligations as set forth in the Indenture in any material respect.

(x)    UCC Classification.  No Receivable is secured by “real property” or “fixtures” or evidenced by an “instrument” under and as defined in the UCC.  The Aggregate Receivables constitute “general intangibles,” “accounts,” or “payment intangibles” within the meaning of the applicable UCC.

(xi)    Enforceability; Compliance with Laws.  Each Receivable is enforceable in accordance with its terms set forth in the related Designated Servicing Agreement.  Each Advance complied with all applicable laws, including those relating to consumer protection, is valid and enforceable and, at the time it is sold to the Depositor, will not be subject to any set-off, counterclaim or other defense to payment by the Obligor, the related securitization trust, the related MBS Trustee, or any other party.

(xii)    No Consent Required.  Each Receivable is assignable by Nationstar, and by the Depositor and its successors and assigns, without the consent of any other Person (except any such consent that shall have been obtained), and upon acquiring the Receivables the Issuer will have the right to pledge the Receivables without the consent of any other Person (except any such consent that shall have been obtained) and without any other restrictions on such pledge.

(xiii)    No Government Receivables.  No Receivable is due from the United States of America or any state or from any agency, department or instrumentality of the United States of America or any state thereof.

(c)    Survival.  It its understood and agreed that the representations and warranties set forth in Section 4(a) and Section 4(b) shall continue throughout the term of this Agreement.

It is understood and agreed that the representations and warranties made by Nationstar, as receivables seller and as servicer, pursuant to this Agreement, on which the Depositor and the Issuer are relying in accepting the Receivables, on which the Depositor is relying in executing this Agreement, on which the Issuer is relying in executing the Receivables Pooling Agreement and on which the Noteholders are relying in purchasing the Notes, and the rights and remedies of the Depositor and its assignees under this Agreement against Nationstar pursuant to this Agreement, inure to the benefit of the Depositor, the Issuer, the Indenture Trustee for the benefit of the Noteholders, as the assignees of Nationstar’s rights hereunder.  Such representations and warranties and the rights and remedies for the breach thereof shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables from Nationstar to the Depositor and its assignees, and the pledge thereof by the Issuer to the Indenture Trustee for the benefit of the Noteholders and shall be fully exercisable by the Indenture Trustee for the benefit of the Noteholders.
(d)    Remedies Upon Breach.  Nationstar shall inform the Indenture Trustee and the Administrative Agent promptly, in writing, upon the discovery of any breach of its representations, warranties or covenants hereunder.  Unless such breach shall have been cured or waived within thirty (30) days after the earlier to occur of the discovery of such breach by Nationstar or receipt of written notice of such breach by Nationstar, such that, in the case of a representation and warranty, such representation and warranty shall be true and correct in all material respects as if made on such 

day, and Nationstar shall have delivered to the Indenture Trustee an officer’s certificate describing the nature of such breach and the manner in which the relevant representation and warranty became true and correct or the breach was otherwise cured, Nationstar shall either repurchase the affected Receivables or indemnify its assignees (including the Depositor, the Issuer, the Indenture Trustee and each of their respective assignees), against and hold its assignees (including the Depositor, the Issuer, the Indenture Trustee and each of their respective assignees) harmless from any cost, liability and expense, including, without limitation, reasonable attorneys’ fees and expenses, whether incurred in enforcement proceedings between the parties or otherwise, incurred as a result of, or arising from, such breach, the amount of which shall equal the Receivables Balance of any affected Receivable and each such purchase or indemnification amount to be paid hereunder, an “Indemnity Payment”.  This Section 4(d) sets forth the exclusive remedy for a breach of representation, warranty or covenant by Nationstar, as servicer, pertaining to a Receivable.  Notwithstanding the foregoing, the breach of any representation, warranty or covenant shall not be waived by the Issuer under any circumstances without the consent of the Majority Holders of all Outstanding Notes.

Section 5.    Termination.

This Agreement (a) may not be terminated prior to the termination of the Indenture and (b) may be terminated at any time thereafter by either party hereto upon written notice to the other party.
Section 6.    General Covenants of Nationstar, as Receivables Seller and Servicer.

Nationstar covenants and agrees that, from the date of this Agreement until the termination of the Indenture:
(a)    Reserved.

(b)    Bankruptcy.  Nationstar agrees that it shall comply with Section 11(k).  Nationstar has not engaged in and does not expect to engage in a business for which its remaining property represents an unreasonably small capitalization.  Nationstar will not transfer any of the Aggregate Receivables with an intent to hinder, delay or defraud any Person.

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

(d)    Compliance With Laws.  Nationstar shall comply in all material respects with all laws, rules, regulations and orders of any governmental authority applicable to its operation, the noncompliance with which would reasonably be expected to have a material adverse effect on the financial condition, operations or the ability of Nationstar, the Depositor or the Issuer to perform their obligations hereunder or under any of the other Transaction Documents.

(e)Taxes.  Nationstar shall pay and discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property or any part thereof, before the same shall become in default; provided that Nationstar shall not be required to pay and discharge any such tax, assessment, charge or levy so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings, or so long as the failure to pay any such tax, assessment, charge or levy would not have a material adverse effect on the ability of Nationstar to perform its obligations hereunder.  Nationstar shall have set aside on its books adequate reserves with respect to any such tax, assessment, charge or levy so contested.

(f)Compliance with Representations and Warranties.  Nationstar covenants that it shall conduct its business such that it will continually comply with all of its representations and warranties made in Section 4(a).

(g)Amendments to Designated Servicing Agreements.  Nationstar hereby covenants and agrees not to expressly consent to any amendment to the Designated Servicing Agreements except for such amendments that would have no adverse effect upon the collectability or timing of payment of any of the Aggregate Receivables or the performance of Nationstar’s, the Depositor’s or the Issuer’s obligations under the Transaction Documents or otherwise adversely affect the interest of the Noteholders, any Supplement Credit Enhancement Provider or any Liquidity Provider, without the prior written consent of the Administrative Agent, the Majority Holders of the Outstanding Notes of each Series and of each Supplemental Credit Enhancement Provider.  Nationstar will, within five (5) Business Days following the effectiveness of such amendments, deliver to the Indenture Trustee copies of all such amendments.

(h)Maintenance of Security Interest.  Nationstar shall from time to time, at its own expense, execute and file such additional financing statements (including continuation statements) as may be necessary to ensure that at any time the interest of the Depositor, the Issuer, the Indenture Trustee and the Noteholders and any Supplemental Credit Enhancement Provider and any Liquidity Provider in all of the Aggregate Receivables is fully protected in accordance with the UCC.

(i)Keeping of Records and Books of Account.  Nationstar shall maintain accurate, complete and correct documents, books, records and other information which is reasonably necessary for the collection of all Aggregate Receivables (including, without limitation, records adequate to permit the prompt identification of each new Receivable and all collections of, and adjustments to, each existing Receivable).

(j)Fidelity Bond and Errors and Omissions Insurance.  Nationstar, as servicer, shall obtain and maintain at its own expense and keep in full force and effect so long as any Notes are outstanding, a blanket fidelity bond and an errors and omissions insurance policy with one or more 

insurers covering its officers and employees and other persons acting on its behalf in connection with its activities under the Transaction Documents meeting the criteria required by the Designated Servicing Agreements.  Coverage of Nationstar, as servicer, and of the Depositor under a policy or bond obtained by an Affiliate of Nationstar and providing the coverage required by this subsection (j) shall satisfy the requirements of this subsection (j).  Nationstar will promptly report in writing to the Indenture Trustee any material changes that may occur in its or the Depositor’s fidelity bonds, if any, and/or its or the Depositor’s errors and omissions insurance policies, as the case may be, and will furnish to the Indenture Trustee copies of all binders and polices or certificates evidencing that such bonds, if any, and insurance policies are in full force and effect.

(k)No Adverse Claims, Etc. Against Receivables and Trust Property.  Nationstar hereby covenants that, except for the transfer hereunder and as of any date on which Additional Receivables are transferred, it will not sell, pledge, assign or transfer to any other Person, or grant, create, incur or assume any Adverse Claim on any of the Aggregate Receivables, or any interest therein (other than Permitted Liens).  Nationstar shall notify the Depositor and its designees of the existence of any Adverse Claim (other than as provided above) on any Receivable immediately upon discovery thereof; and Nationstar shall defend the right, title and interest of the Depositor and its assignees in, to and under the Receivables against all claims of third parties claiming through or under it; provided, however, that nothing in this Section 6 shall be deemed to apply to any Adverse Claims for municipal or other local taxes and other governmental charges if such taxes or governmental charges shall not at the time be due and payable or if Nationstar shall currently be contesting the validity thereof in good faith by appropriate Proceedings.  In addition, Nationstar shall take all actions as may be necessary to ensure that, if this Agreement were deemed to create, or does create, a security interest in the Receivables and the other Transferred Assets, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such until the Receivables Sale Termination Date.

(l)Taking of Necessary Actions.  Nationstar shall perform all actions necessary to sell and/or contribute, assign, transfer and convey the Aggregate Receivables to the Depositor and its assigns, including the Issuer, including, without limitation, any necessary notifications to the MBS Trustees or other parties.

(m)Ownership.  Nationstar will take all necessary action to establish and maintain, irrevocably in the Depositor, legal and equitable title to the Aggregate Receivables and the related Transferred Assets, free and clear of any Adverse Claim (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) in all appropriate jurisdictions to perfect the Depositor’s interest in such Aggregate Receivables and related Transferred Assets and such other action to perfect, protect or more fully evidence the interest of the Depositor or the Indenture Trustee (as the Depositor’s assignee) may reasonably request) other than Permitted Liens.

(n)Depositors’ Reliance.  Nationstar acknowledges that the Indenture Trustee and the Noteholders are entering into the transactions contemplated by the Transaction Documents in reliance upon the Depositor’s and Issuer’s identity as a legal entity that is separate from it.  Therefore, from and after the date of execution and delivery of this Agreement, Nationstar will take all 

reasonable steps to maintain each of the Depositor’s and Issuer’s identity as a separate legal entity and to make it manifest to third parties that each of the Depositor and the Issuer is an entity with assets and liabilities distinct from those of Nationstar.  Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, Nationstar (i) will not hold itself out to third parties as liable for the debts of either the Depositor or the Issuer nor purport to own the Aggregate Receivables and other related Transferred Assets, (ii) will take all other actions necessary on its part to ensure that the facts and assumptions regarding it set forth in the opinion issued by Sidley Austin LLP, dated the Closing Date, relating to substantive consolidation issues remain true and correct at all times.

(o)Name Change, Offices and Records.  In the event Nationstar makes any change to its name (within the meaning of Section 9-507(c) of any applicable enactment of the UCC), type or jurisdiction of organization or location of its books and records, it shall notify the Depositor and the Indenture Trustee thereof and (except with respect to a change of location of books and records) shall deliver to the Indenture Trustee not later than thirty (30) days after the effectiveness of such change (i) such financing statements (Forms UCC1 and UCC3) which the Indenture Trustee (acting at the direction of the Administrative Agent) may reasonably request to reflect such name change, or change in type or jurisdiction of organization, (ii) if the Indenture Trustee shall so request, an opinion of outside counsel to Nationstar, in form and substance reasonably satisfactory to the Indenture Trustee, as to the grant or assignment from the Receivables Seller to the Depositor of a security interest in the Aggregate Receivables, if the transfers thereof by Nationstar to the Depositor are determined not to be true sales, and as to the perfection and priority of the Depositor’s security interest in the Aggregate Receivables in such event, and (iii) such other documents and instruments that the Indenture Trustee (acting at the direction of the Administrative Agent) may reasonably request in connection therewith and shall take all other steps to ensure that the Depositor continues to have a first priority, perfected security interest in the Aggregate Receivables and the related Transferred Assets.

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

(q)Servicing Policies.  Nationstar shall provide notice to the Administrative Agent fifteen (15) days prior to the effectiveness of any material changes to Nationstar’s policies or procedures relating to property valuation or stop advance modeling.

Section 7.    Grant Clause.

It is the intention of the parties hereto that each transfer and assignment contemplated by this Agreement shall constitute an absolute sale or contribution, as applicable, of the related Aggregate Receivables from Nationstar to the Depositor and that the Receivables shall not be part of Nationstar’s estate or otherwise be considered property of Nationstar in the event of the bankruptcy, receivership, insolvency, liquidation, conservatorship or similar proceeding relating to Nationstar or any of its property.  However, if such conveyance is deemed to be in respect of a loan, it is intended that:  (a) the rights and obligations of the parties shall be established pursuant to the terms of this Agreement; (b) Nationstar hereby grants to the Depositor a first priority security interest in all of its right, title and interest in, to and under, whether now owned or hereafter acquired, the Aggregate Receivables and the other Transferred Assets to secure payment of such loan; and (c) this Agreement shall constitute a security agreement under applicable law.  Nationstar will, to the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Aggregate Receivables and the other Transferred Assets to secure payment or performance of an obligation, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement.  Nationstar will, at its own expense, make all initial filings on or about the Closing Date, and shall forward a copy of such filing or filings to the Indenture Trustee.  
Nationstar hereby authorizes the Depositor and its assignees, successors and designees to file one or more UCC financing statements, financing statement amendments and continuation statements to perfect the security interest described herein.
Section 8.    Conveyance by Depositor; Grant by Issuer.

Each of the Depositor and the Issuer shall have the right, upon notice to but without the consent of Nationstar, to Grant, in whole or in part, its interest under this Agreement with respect to the Receivables to the Issuer and to the Indenture Trustee, respectively, and the Indenture Trustee then shall succeed to all rights of the Depositor under this Agreement.  All references to the Depositor in this Agreement shall be deemed to include its assignee or designee, specifically including the Issuer and the Indenture Trustee.
Section 9.    Protection of Indenture Trustee’s Security Interest in Trust Estate.

(a)    Nationstar shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit the reader thereof to know at any time following reasonable prior notice delivered to it, the status of such Receivable, including payments and recoveries made and payments owing.  The Schedule of Receivables has been delivered to the Indenture Trustee and shall remain in its possession or control.

(b)    Nationstar will maintain its computer records so that, from and after the Grant of the security interest under the Indenture, Nationstar’s master computer records (including any back-up archives) that refer to any Receivables indicate that the Receivables are owned by the Issuer and 

pledged to the Indenture Trustee on behalf of the Noteholders.  Indication of the Indenture Trustee’s interest in a Receivable shall be deleted from or modified on Nationstar’s records when, and only when, the Receivable has been paid in full or released from the lien of the Indenture pursuant to the Indenture.

Section 10.    Indemnification.

(a)    Without limiting any other rights that an Indemnified Party may have hereunder or under applicable law, Nationstar agrees to indemnify each Indemnified Party from and against any and all Indemnification Amounts which may be imposed on, incurred by or asserted against an Indemnified Party in any way arising out of or relating to any breach of Nationstar’s obligations under this Agreement or the ownership of the Aggregate Receivables or in respect of any Receivable, excluding, however, Indemnification Amounts to the extent resulting from (1) the negligence or willful misconduct on the part of such Indemnified Party or (2) the failure of a particular securitization trust to generate sufficient cash flow to pay the Receivables attributable to that securitization trust.

(b)    Without limiting or being limited by the foregoing, Nationstar shall pay on demand to each Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all Indemnification Amounts relating to or resulting from:

(i)reliance on any representation or warranty made by Nationstar under or in connection with this Agreement, any other Transaction Document, any report or any other information delivered by it pursuant hereto, which shall have been incorrect in any material respect when made or deemed made or delivered;

(ii)the failure by Nationstar to comply with any term, provision or covenant contained in this Agreement, or any agreement executed by it in connection with this Agreement or any other Transaction Document or with any applicable law, rule or regulation with respect to any Receivable, or the nonconformity of any Receivable with any such applicable law, rule or regulation; or

(iii)the failure of this Agreement to vest and maintain vested in the Depositor, or to transfer, to the Depositor, legal and equitable title to and ownership of the Aggregate Receivables which are, or are purported to be, Receivables, together with all collections in respect thereof, free and clear of any adverse claim (except as permitted hereunder) whether existing at the time of the transfer of such Receivable or at any time thereafter.

(c)    Any Indemnification Amounts subject to the indemnification provisions of this Section 10 shall be paid to the Indemnified Party within five (5) Business Days following demand therefor.  “Indemnified Party” means any of the Depositor, the Issuer and the Indenture Trustee.  “Indemnification Amounts” means any and all claims, losses, liabilities, obligations, damages, penalties, actions, judgments, suits, and related reasonable costs and reasonable expenses of any nature whatsoever, including reasonable attorneys’ fees and disbursements, incurred by an 

Indemnified Party with respect to this Agreement as a result of a breach by Nationstar, as described in Section 10(a), including without limitation, the enforcement hereof.

(d)    (i)     Promptly after an Indemnified Party shall have been served with the summons or other first legal process or shall have received written notice of the threat of a claim in respect of which an indemnity may be claimed against Nationstar under this Section 10, the Indemnified Party shall notify Nationstar in writing of the service of such summons, other legal process or written notice, giving information therein as to the nature and basis of the claim, but failure so to notify Nationstar shall not relieve Nationstar from any liability which it may have hereunder or otherwise except to the extent that Nationstar is prejudiced by such failure so to notify Nationstar.  

(ii)    Nationstar will be entitled, at its own expense, to participate in the defense of any such claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party, and, after notice from Nationstar to such Indemnified Party that Nationstar wishes to assume the defense of any such action, Nationstar will not be liable to such Indemnified Party under this Section 10 for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense of any such action unless, (A) the defendants in any such action include both the Indemnified Party and Nationstar, and the Indemnified Party (upon the advice of counsel) shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to Nationstar, or one or more Indemnified Parties, and which in the reasonable judgment of such counsel are sufficient to create a conflict of interest for the same counsel to represent both Nationstar and such Indemnified Party, (B) Nationstar shall not have employed counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of commencement of the action, or (C) Nationstar shall have authorized the employment of counsel for the Indemnified Party at Nationstar’s expense; then, in any such event, such Indemnified Party shall have the right to employ its own counsel in such action, and the reasonable fees and expenses of such counsel shall be borne by Nationstar; provided, however, that Nationstar shall not in connection with any such action or separate but substantially similar or related actions arising out of the same general allegations or circumstances, be liable for any fees and expenses of more than one firm of attorneys at any time for all Indemnified Parties.  Each Indemnified Party, as a condition of the indemnity agreement contained herein, shall use its commercially reasonable efforts to cooperate with Nationstar in the defense of any such action or claim.  

(iii)    Nationstar shall not, without the prior written consent of any Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding or threatened proceeding.

Section 11.    Miscellaneous.

(a)    Amendment.  This Agreement may not be amended except by an instrument in writing signed by Nationstar and the Depositor upon delivery of an Issuer Tax Opinion. In addition, so long as the Notes are outstanding, this Agreement may not be amended  unless either (x) the  Administrative Agent and Noteholders of more than the Series Required Noteholders of each Series shall have consented thereto or (y)  (i) the amendment is for a purpose for which the Indenture could be amended without any Noteholder consent and (ii) Nationstar shall have delivered to the Indenture Trustee an officer’s certificate to the effect that Nationstar reasonably believes that any such amendment will not have an Adverse Effect on the Holders of the Notes.  Any such amendment requested by Nationstar shall be at its own expense. Nationstar, as servicer, shall promptly notify each Note Rating Agency of any amendment of this Agreement or of the Receivables Pooling Agreement, and shall furnish a copy of any such amendment to each such Note Rating Agency.

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

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

(d)    Severability of Provisions.  Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non‐authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction.

(e)    Governing Law.  This Agreement AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES HERETO, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO shall be governed by and construed in accordance with the laws of the State of New York (without reference to the conflicts of laws principles thereof other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

(f)    Counterparts.  This Agreement may be executed in several counterparts and all so executed shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties have not signed the original or the same counterpart. Any counterpart hereof signed by a party against whom enforcement of this Agreement is sought shall be admissible into evidence as an original hereof to prove the contents thereof.  Delivery of an executed counterpart of a signature 

page to this Agreement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.

(g)    Indulgences; No Waivers.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or future exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

(h)    Headings Not to Affect Interpretation.  The headings contained in this Agreement are for convenience of reference only, and they shall not be used in the interpretation hereof.

(i)    Benefits of Agreement.  Nothing in this Agreement, express or implied, shall give to any Person, other than the parties to this Agreement and their successors hereunder, any benefit of any legal or equitable right, power, remedy or claim under this Agreement.

(j)    No Petition.  Nationstar, by entering into this Agreement, agrees that it will not at any time prior to the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full of all of the Notes, institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, Insolvency Proceedings or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes or this Agreement, or cause the Depositor or the Issuer to commence any reorganization, bankruptcy proceedings, or Insolvency Proceedings under any applicable state or federal law, including without limitation any readjustment of debt, or marshaling of assets or liabilities or similar proceedings.  This Section 11(j) shall survive termination of this Agreement.

(k)    WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN AN LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  

 [Signature Page Follows]

Schedule 1

ASSIGNMENT OF RECEIVABLES
Dated as of _________, 20[ ]
This Assignment of Receivables (this “Assignment”) is a schedule to and is hereby incorporated by this reference into a certain Receivables Sale Agreement (the “Agreement”), dated as of September 19, 2013, by and between Nationstar Mortgage LLC, a Delaware limited liability company, as receivables seller and servicer (“Nationstar”), and Nationstar Servicer Advance Facility Transferor, LLC 2013-BC, a Delaware limited liability company (the “Depositor”).  All capitalized terms used herein shall have the meanings set forth in, or referred to in, the Agreement.
By its signature to this Assignment, Nationstar hereby sells, assigns, transfers  and conveys to the Depositor and its assignees, without recourse, but subject to the terms of the Agreement, all of its right, title and interest in, to and under its rights to reimbursement for Receivables arising under each Designated Servicing Agreement listed on Attachment A attached hereto, existing on the date of this Assignment and any Additional Receivables arising under each Designated Servicing Agreement listed on Attachment A, on or before the related Receivables Sale Termination Date, the other Transferred Assets related to such Receivables described in Section 2(a) of the Agreement, pursuant to the terms of the Agreement, and the Depositor hereby accepts such sale, assignment, transfer and conveyance and agrees to transfer to Nationstar, as receivables seller, the consideration set forth in the Agreement.

[Signature page follows]
NATIONSTAR MORTGAGE llc

By:                            
Name:                            
Title:                            

NATIONSTAR SERVICER ADVANCE FACILITY TRANSFEROR, LLC 2013-BC

By:                            
Name:                            
Title:                            

[Nationstar Servicer Advance Receivables Trust 2013-BC  - Signature Page to Schedule 1 to Receivables Sale Agreement - Assignment of Receivables]
Attachment A to Schedule 1-1

Attachment A to Schedule 1

DESIGNATED SERVICING AGREEMENTS RELATED TO THE AGGREGATE RECEIVABLES

EXHIBIT A

FORM OF SUBORDINATED NOTE

THIS SUBORDINATED NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAW, AND MAY NOT BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF BY THE OWNER HEREOF UNLESS SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE ACT AND SUCH STATE LAWS, AND WILL NOT BE A “PROHIBITED TRANSACTION” UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”). BY ACCEPTANCE OF THIS SUBORDINATED NOTE, THE HOLDER AGREES TO BE BOUND BY ALL THE TERMS OF THE RECEIVABLES SALE AGREEMENT.

September 19, 2013

FOR VALUE RECEIVED, the undersigned, Nationstar Servicer Advance Facility Transferor, LLC 2013-BC, a Delaware limited liability company (the “Depositor”), promises to pay to the order of Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller”), on September 18, 2014 (the “Maturity Date”) the  aggregate unpaid principal amount of all amounts loaned hereunder pursuant to Section 2(b) of that certain Receivables Sale Agreement, dated as of September 19, 2013 (together with all amendments and other modifications, if any, from time to time thereafter made thereto, the “Receivables Sale Agreement”), among the Seller and Nationstar Servicer Advance Receivables Trust 2013-BC (the “Issuer”), together with any and all accrued and unpaid interest on all amounts loaned hereunder.

Interest will accrue on the average daily balance of the unpaid principal amount of all amounts loaned hereunder for each day from the date such loan amounts are made until they become due and or are paid in full, at a rate per annum equal to the sum of (i) the LIBOR Rate (as defined below) and (ii) a spread designated as such in writing by the Seller to the Depositor from time to time (the “Spread”).  Interest will be computed on the basis of a 360-day year and paid for the actual number of days elapsed (including the first but excluding the last day). Should any principal of, or accrued interest on, any amounts loaned hereunder not be paid when due, such amount will bear interest from its due date until paid in full, at a rate per annum equal to the sum of (i) the LIBOR Rate, (ii) the Spread and (iii) 1.00%.  Interest shall be payable on the unpaid principal balance of this note (this “Subordinated Note”) commencing on October 21, 2013 and continuing on the 20th day of each month.  With respect to any such 20th day that is not a Business Day, the interest payment otherwise due on such 20th day shall be due on the next subsequent day that is a Business Day.   
For the purposes of this Subordinated Note, “LIBOR Rate” shall mean the offered rate for one-month U.S. dollar deposits as such rate appears on Reuters Screen LIBOR01 Page (as

 defined in the International Swaps and Derivatives Association, Inc. 2000 Definitions) or such other page as may replace Reuters Screen LIBOR01 Page as of 11:00 a.m. (London time) on such date; provided that if such rate does not appear on Telerate Page 3750, the rate for such date will be determined on the basis of the rates at which one-month U.S. dollar deposits are offered by leading banks engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, (ii) whose quotations appear on the Bloomberg Screen US0001M Index Page on the date in question and (iii) which have been designated as such by the Calculation Agent (as defined below) (after consultation with the Administrative Agent) (as defined below) and are able and willing to provide such quotations to the Calculation Agent for such date (the “Reference Banks”) at approximately 11:00 a.m. (London time) on such date to prime banks in the London interbank market.  In such event, the Seller will request the principal London office of each of the Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that date will be the arithmetic mean of the quotations (rounded upwards if necessary to the nearest whole multiple of 1/16%).  If fewer than two quotations are provided as requested, the rate for that date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Seller, at approximately 11:00 a.m. (New York City time) on such date for one-month U.S. dollar loans to leading European banks.
Unless plainly wrong, the computer records of the holder hereof shall on any day conclusively evidence the unpaid balance of this Subordinated Note and its advances and payments history posted up to that day.  All loans and advances and all payments and permitted prepayments made hereon may be (but are not required to be) set forth by or on behalf of such holder on the schedule which is attached hereto or otherwise recorded in such holder’s computer or manual records; provided, that any failure to make notation of any principal advance or accrual of interest shall not cancel, limit or otherwise affect Depositor’s obligations or any of such holder’s rights with respect to that advance or accrual. Unless otherwise defined, capitalized terms used herein have the meanings provided in or specified in accordance with the Receivables Sale Agreement. 
The obligation of the Depositor to pay the principal of, and interest on, all loans and advances on this Subordinated Note shall be absolute and unconditional, shall be binding and, to the fullest extent permitted by law, enforceable in all circumstances whatsoever and shall not be subject to setoff, recoupment or counterclaim; provided, however, that the Depositor shall only be obligated to pay principal and interest on this Subordinated Note from cash actually received by the Depositor from distributions on the Receivables after payment of all amounts due the Noteholder under the Indenture, dated as of September 19, 2013, among the Issuer, Wells Fargo Bank, N.A., as indenture trustee, calculation agent, paying agent and securities intermediary, Nationstar Mortgage LLC, as Servicer and Administrator and Barclays Bank PLC, as Administrative Agent.
Depositor may prepay at any time, without penalty or fee, the principal or interest outstanding hereunder or any portion of such principal or interest. Payments of both principal and interest are to be made in lawful money of the United States of America in same day or immediately available funds.
The Seller hereby agrees, prior to the date that is 367 days after the Maturity Date, not to acquiesce, petition, or invoke the process of any court or government authority (or to encourage or 

cooperate with others) for the purpose of commencing or sustaining a case against the Seller under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of or for the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller.  The foregoing shall not limit the rights of the Depositor to file any claim in, or to otherwise take any action with respect to, any insolvency proceeding instituted against the Seller by any other unaffiliated entity. 
Notwithstanding anything contained herein to the contrary, to the extent that the Seller is deemed to have any interest in any assets of the Depositor, the Seller agrees that its interest in those assets is subordinate to claims or rights of all other creditors of the Depositor.  The Seller agrees that this Subordinated Note constitutes a subordinated note for purposes of Section 510(a) of the United States Bankruptcy Code, as amended from time to time (11 U.S.C. §§ 101 et seq.).  
As set forth in Section 2(b) of the Receivables Sale Agreement, the Depositor hereby represents and warrants as of each loan and advance made hereon that at the time of (and immediately after) each loan and advance made hereunder, (i) the Depositor’s total assets exceed its total liabilities both before and after the sale transaction, (ii) the Depositor’s cash on hand is sufficient to satisfy all of its current obligations (other than its obligations under this Subordinated Note and the obligation to pay the Cash Purchase Price), (iii) the Depositor is adequately capitalized at a commercially reasonable level and (iv) the Depositor has determined that its financial capacity to meet its financial commitment under the Subordinate Loan and this Subordinated Note is adequate.  Each loan or advance made hereunder by the Seller to the Depositor is subject to the accuracy of the representations and warranties herein made on the part of the Depositor.
This Subordinated Note is the Subordinated Note referred to in, and evidences indebtedness incurred under, the Receivables Sale Agreement, and the holder hereof is entitled to the benefits of the Receivables Sale Agreement.  Upon and subject to the terms and conditions of the Receivables Sale Agreement, Depositor may borrow, repay and reborrow against this note under the circumstances, in the manner and for the purposes specified in the Receivables Sale Agreement and this Subordinated Note, but for no other purposes.  All parties hereto, whether as makers, endorsers or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor.    
THIS SUBORDINATED NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.
[Signature Page Follows]

Signature Page to Subordinated NoteSWDocIDLocation

NATIONSTAR SERVICER ADVANCE FACILITY TRANSFEROR, LLC 2013-BC
By:_________________________________
Name: 
Title:  

IN WITNESS WHEREOF, the parties hereto have caused this Receivables Sale Agreement to be duly executed as of the date first above written.
	
		
	 
	NATIONSTAR MORTGAGE LLC, as Receivables Seller and as Servicer 

	 
	

By:/s/ Ellen Coleman                                      .

	 
	Name: Ellen Coleman

	 
	Title: EVP

	 
	 

	 
	NATIONSTAR SERVICER ADVANCE FACILITY TRANSFEROR, LLC 2013-BC, as Depositor

	 
	

By:/s/ Ellen Coleman                                         .

	 
	Name: Ellen Coleman

	 
	Title: EVPNSMH 09.30.2013 10-Q Exhibit 10.7

Exhibit 10.7
EXECUTION COPY

AMENDED AND RESTATED CURRENT EXCESS SERVICING SPREAD ACQUISITION AGREEMENT
FOR NON-AGENCY MORTGAGE LOANS

by and between

NATIONSTAR MORTGAGE LLC
(Seller)

and

MSR XII LLC
(Purchaser)

Dated and effective as of September 10, 2013

Table of Contents
		
	ARTICLE I DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES
	2

		
	Section 1.01
	Definitions                            2

		
	Section 1.02
	General Interpretive Principles                14

		
	ARTICLE II PROCEDURES; ITEMS TO BE DELIVERED
	15

		
	Section 2.01
	Sale of Current Excess Servicing Spread            15

		
	Section 2.02
	Grant of Security Interest                    15

		
	Section 2.03
	Items to be Delivered on the Original Agreement Date    15

		
	Section 2.04
	Items to be Delivered on the Sale Date, Amendment Date or Subsequent Sale Date.                            16

		
	Section 2.05
	Sale Date, Amendment Date and Subsequent Sale Date Transactions.                                20

		
	ARTICLE III PAYMENTS AND DISTRIBUTIONS
	20

		
	Section 3.01
	Purchase Price                            20

		
	Section 3.02
	Payments by Purchaser                    21

		
	Section 3.03
	Accounts                            22

		
	Section 3.04
	Priority of Payments                        25

		
	Section 3.05
	Withdrawals from the Current Spread Reserve Account    26

		
	Section 3.06
	Payment to Seller of Base Servicing Fee            27

		
	Section 3.07
	Intent and Characterization                    27

		
	ARTICLE IV [RESERVED]
	27

		
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF SELLER
	27

		
	Section 5.01
	Due Organization and Good Standing            28

		
	Section 5.02
	Authority and Capacity                    28

		
	Section 5.03
	Title to the Mortgage Servicing Rights; Owner Consents    28

		
	Section 5.04
	Effective Agreements                        29

		
	Section 5.05
	No Accrued Liabilities                    29

		
	Section 5.06
	Seller/Servicer Standing.                    29

		
	Section 5.07
	MERS Membership                        29

		
	Section 5.08
	Owner Set-off Rights                        29

		
	Section 5.09
	Ability to Perform; Solvency                    30

		
	Section 5.10
	Material Documents                        30

		
	Section 5.11
	Obligations with Respect to Origination            30

		
	Section 5.12
	No Actions                            30

		
	ARTICLE VI REPRESENTATIONS AND WARRANTIES AS TO MORTGAGE  LOANS AND SERVICING
	30

		
	Section 6.01
	Servicing Agreements; Applicable Laws            30

		
	Section 6.02
	Related Escrow Accounts                    31

		
	Section 6.03
	Accuracy of Servicing Information                31

		
	Section 6.04
	No Purchaser Responsibility                    31

		
	Section 6.05
	Location of Credit Files                    31

Section 6.06    Representations Concerning the Current Excess Servicing Spread                                        31
		
	ARTICLE VII REPRESENTATIONS AND WARRANTIES OF PURCHASER
	32

		
	Section 7.01
	Due Organization and Good Standing            32

		
	Section 7.02
	Authority and Capacity                    32

		
	Section 7.03
	Effective Agreements                        33

		
	Section 7.04
	Sophisticated Investor                        33

		
	Section 7.05
	No Actions                            33

		
	ARTICLE VIII SELLER COVENANTS
	33

		
	Section 8.01
	Servicing Obligations                        33

		
	Section 8.02
	Cooperation                            34

		
	Section 8.03
	Financing Statements                        35

		
	Section 8.04
	Supplemental Information                    35

		
	Section 8.05
	Access to Information                        35

		
	Section 8.06
	Home Affordable Modification Program            35

		
	Section 8.07
	Distribution Date Data Tapes and Reports            36

		
	Section 8.08
	Financial Statements and Officer’s Certificates        38

		
	Section 8.09
	Monthly Management Calls                    38

		
	Section 8.10
	Timely Payment of Owner Obligations            39

		
	Section 8.11
	Servicing Agreements                        39

		
	Section 8.12
	Transfer of Mortgage Servicing Rights            39

		
	Section 8.13
	Consents to Transaction Documents                39

		
	Section 8.14
	Accounts                            40

		
	Section 8.15
	Notification of Certain Events                40

		
	Section 8.16
	Financing; Pledge of Current Excess Servicing Spread    40

		
	Section 8.17
	Existence, etc                            40

		
	Section 8.18
	Consent to Sub-Servicing                    41

		
	Section 8.19
	Nonpetition Covenant                        42

		
	Section 8.20
	Data Tape; Schedule of Mortgage Loans            42

		
	Section 8.21
	Insurance.                            42

		
	Section 8.22
	Defense of Title.                        42

		
	Section 8.23
	Refinancing of Mortgage Loans.                43

ARTICLE IX CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER    
Section 9.01    Correctness of Representations and Warranties        43
		
	Section 9.02
	Compliance with Conditions                    43

		
	Section 9.03
	Corporate Resolution                        44

		
	Section 9.04
	No Material Adverse Change                    44

		
	Section 9.05
	Consents                            44

		
	Section 9.06
	Delivery of Transaction Documents                44

		
	Section 9.07
	Certificate of Seller                        44

		
	Section 9.08
	Valuation                            45

		
	Section 9.09
	Opinions of Counsel                        45

		
	Section 9.10
	Acquisition of Mortgage Servicing Rights by Seller        45

		
	Section 9.11
	Good Standing Certificate of Seller                45

		
	Section 9.12
	No Actions or Proceedings.                    45

		
	Section 9.13
	Fees, Costs and Expenses.                    45

		
	ARTICLE X CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER
	46

		
	Section 10.01
	Correctness of Representations and Warranties        46

		
	Section 10.02
	Compliance with Conditions                    46

		
	Section 10.03
	Corporate Resolution                        46

		
	Section 10.04
	No Material Adverse Change                    46

		
	Section 10.05
	Certificate of Purchaser                    46

		
	Section 10.06
	Good Standing Certificate of Purchaser.            47

		
	ARTICLE XI INDEMNIFICATION; CURE
	                    47

		
	Section 11.01
	Indemnification by Seller                    47

		
	Section 11.02
	Indemnification by Purchaser                    49

		
	Section 11.03
	Award of Damages                        50

		
	Section 11.04
	Other Rights                            51

		
	ARTICLE XII MISCELLANEOUS
	51

		
	Section 12.01
	Costs and Expenses                        51

		
	Section 12.02
	Confidentiality                        51

		
	Section 12.03
	Broker's Fees                            52

		
	Section 12.04
	Relationship of Parties                    53

		
	Section 12.05
	Survival of Representations and Warranties            53

		
	Section 12.06
	Notices                            53

		
	Section 12.07
	Waivers                            53

		
	Section 12.08
	Entire Agreement; Amendment                54

		
	Section 12.09
	Binding Effect                            54

		
	Section 12.10
	Headings                            54

		
	Section 12.11
	Applicable Law                        54

		
	Section 12.12
	Incorporation of Exhibits                    55

		
	Section 12.13
	Counterparts                            55

		
	Section 12.14
	Severability of Provisions                    55

		
	Section 12.15
	Public Announcement                        55

		
	Section 12.16
	Assignment                            55

		
	Section 12.17
	Termination                            56

		
	Section 12.18
	Third Party Beneficiaries                    56

EXHIBITS

Exhibit A -  Form of Assignment Agreement
Exhibit B - Schedule of Mortgage Loans

Exhibit C - Seller's Officer’s Certificate
Exhibit D - Purchaser's Officer's Certificate
Exhibit E - Location of Credit Files
Exhibit F - Form of Summary Remittance Report
Exhibit G - Form of Delinquency Report
Exhibit H - Form of Disbursement Report
Exhibit I - Seller Jurisdictions and Recording Offices
Exhibit J - Servicing Agreements

AMENDED AND RESTATED CURRENT EXCESS SERVICING SPREAD ACQUISITION AGREEMENT FOR NON-AGENCY MORTGAGE LOANS
This AMENDED AND RESTATED CURRENT EXCESS SERVICING SPREAD ACQUISITION AGREEMENT FOR NON-AGENCY MORTGAGE LOANS (as amended, restated, or otherwise modified and in effect from time to time, this “Agreement”), dated as of September 10, 2013 (the “Amendment Date”), is by and between MSR XII LLC, a Delaware limited liability company (together with its successors and assigns, the “Purchaser”), and Nationstar Mortgage LLC, a Delaware limited liability company (together with its successors and assigns, the “Seller”) (the Purchaser and the Seller will collectively be referred to as the “Parties” and each, a “Party”).
W I T N E S S E T H:
WHEREAS, Seller and Bank of America, National Association (“Bank of America”) have entered into the Purchase and Sale Agreement, pursuant to which, among other things, Seller will acquire and assume all right, title and interest in mortgage servicing rights to a portfolio of residential mortgage loans owned or securitized by the Owners (as defined herein);
WHEREAS, by acquiring such mortgage servicing rights, Seller is entitled to a servicing spread and other incidental fees with respect to the related residential mortgage loans; 
WHEREAS, the servicing spread, together with the Ancillary Income (as defined below), exceeds the compensation that Seller requires to service the related residential mortgage loans;
WHEREAS, Seller desires to sell, and Purchaser desires to purchase, a portion of the servicing spread that exceeds such required compensation amount; and
WHEREAS, pursuant to the Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans on January 6, 2013 (the “Original Agreement”),  the Purchaser and Seller set forth the terms and conditions pursuant to which Seller sold, transferred and assigned to Purchaser, all of Seller’s right, title and interest in and to a portion of the servicing spread, that exceeds the Seller’s required compensation amount, and Purchaser purchased all right, title and interest in and to such portion of the servicing spread;
WHEREAS, the Parties hereto acknowledge that the acquisition by Purchaser of Seller’s right, title and interest in and to an additional portion of the servicing spread, that exceeds the Seller’s required compensation amount, on the Amendment Date is a continuation of the original acquisition on the Closing Date and not a new acquisition or investment; and
WHEREAS, the Parties wish to amend and restate the Original Agreement to set forth the terms of the sale by the Seller to the Purchaser of an additional portion of the servicing spread in excess the Seller’s required compensation amount;

NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and upon the terms and subject to the conditions set forth herein, the Original Agreement is hereby amended and restated to read, and the Parties hereto agree as follows:

ARTICLE I

DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

Section 1.01    Definitions.

Whenever used herein, the following words and phrases, unless the context otherwise requires, shall have the following meanings:
Accepted Servicing Practices:  With respect to any Mortgage Loan, those accepted and prudent mortgage servicing practices (including collection procedures) which are in accordance with the servicing practices and procedures as set forth in the applicable Servicing Agreements, and in a manner at least equal in quality to the servicing that Seller provides to mortgage loans which it owns in its own portfolio.
Agency: Any of Fannie Mae, Freddie Mac or Ginnie Mae, or any successor thereto. 
Agreement:  As defined in the preamble hereof.
Amendment Base Purchase Price:  The meaning given to such term in Section 3.01.  
Amendment Current Excess Servicing Spread:  The rights of Seller, severable from each (and all) of the other rights under the applicable Servicing Agreements, to a percentage of the Total Servicing Spread, which percentage is equal to the Amendment Current Excess Servicing Spread Percentage.
Amendment Current Excess Servicing Spread Percentage: 10.33%.
Amendment Cut-off Date:  August 31, 2013.
Amendment Date:  As defined in the preamble hereof.
Amendment Purchase Price:  The meaning given to such term in Section 3.01.  
Amendment Purchase Price Percentage:  3.65 multiplied by the excess of (i) the Net Servicing Fee (as such Net Servicing Fees are determined in accordance with Exhibit F to the Purchase and Sale Agreement), expressed as an annualized rate on the unpaid principal balances of the related Mortgage Loans as of the Amendment Cut-off Date, as applicable and (ii) the Base Servicing Fee Rate.

Amendment Purchase Price Rebate Amount: An amount equal to the Amendment Current Excess Servicing Spread with respect to the Mortgage Loans for the period from the related Amendment Cut-off Date through the Amendment Date. 
Ancillary Income: All incidental servicing fees (such as late fees, assignment transfer fees, returned check fees, special services fees, amortization schedule fees, HAMP fees, modification and incentive income and any interest or earnings on funds deposited in an account maintained by the Seller as servicer with respect to the Mortgage Loans, etc.) that are supplemental to the servicing spread payable to the servicer pursuant to the Servicing Agreements.
Applicable Law:  With reference to any Person, all laws (including common law), statutes, regulations, ordinances, treaties, judgments, decrees, injunctions, writs and orders of any court, governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any Governmental Authority applicable to such Person or its property or in respect of its operations.  
Assignment Agreement:  An agreement substantially in the form of Exhibit A to this Agreement or in such other form as mutually agreed upon by the Parties.
Bank:  Wells Fargo Bank, National Association, or any successor thereto, or another financial institution mutually agreed upon by the Parties or any successor thereto, each in its capacity as “Bank” under the Current Spread Custodial Account Control Agreement or the  Current Spread Reserve Account Control Agreement, as applicable, or any third party custodian or trustee in similar capacity under any replacement account control agreements.
Bank of America:  As defined in the recitals hereof.
Base Purchase Price:  The meaning given to such term in Section 3.01.  
Base Servicing Fee:  With respect to a Collection Period, an amount equal to the sum for each Mortgage Loan of the product of (A) the outstanding principal balance of such Mortgage Loan with respect to the related Measurement Date, (B) the Base Servicing Fee Rate and (C) (i) in the case of the initial Collection Period following the Sale Date or Subsequent Sale Date for such Mortgage Loan, as applicable, a fraction, the numerator of which is the number of days in the period from and including the Sale Date or Subsequent Sale Date, as applicable, to and including the last day of the such Collection Period, and the denominator of which is 360, and (ii) in the case of all other Collection Periods for a Mortgage Loan, 1/12; provided that the Base Servicing Fee with respect to any Mortgage Loan whose Servicing Agreement is terminated during a Collection Period shall be pro-rated to the actual number of days within such Collection Period in which such Mortgage Loan was serviced by Seller.
Base Servicing Fee Rate:  0.235% per annum, except that, for the period during which the Interim Servicer is servicer of the Mortgage Loans, the Base Servicing Fee Rate shall be the lesser of (a) 0.235% per annum or (b) the interim servicing fee payable to the Interim Servicer.

Business Day:  Any day other than (a) a Saturday or Sunday, (b) a day on which banking institutions in the States of Texas or New York are authorized or obligated by law or by executive order to be closed or (c) such other days as agreed upon by the Parties.
Code: The Internal Revenue Code of 1986, as amended from time to time.
Collateral:  The meaning given to such term in Section 2.02.  
Collection Period:  With respect to any Distribution Date, the calendar month preceding the month in which such Distribution Date occurs.
Consolidated Tangible Net Worth:  (i) The net worth of Seller and its consolidated subsidiaries, on a combined basis, determined in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including goodwill, capitalized financing costs and capitalized administration costs but excluding originated and purchased mortgage servicing rights or retained residual securities) and any and all advances to, investments in and receivables held from affiliates; provided, however, that the non-cash effect (gain or loss) of any mark-to-market adjustments made directly to stockholders' equity for fluctuation of the value of financial instruments as mandated under the Statement of Financial Accounting Standards No. 133 (or any successor statement) shall be excluded from the calculation of Consolidated Tangible Net Worth.
Control:  The meaning specified in Section 8-106 of the UCC.
Credit File:  Those documents, which may be originals, copies or electronically imaged, pertaining to each Mortgage Loan, held by or on behalf of Seller in connection with the servicing of the Mortgage Loan, which may include Mortgage Loan Documents and the credit documentation relating to the origination of such Mortgage Loan, and any documents gathered during the Servicing of a Mortgage Loan. 
Current Excess Servicing Spread:  The rights of Seller, severable from each (and all) of the other rights under the applicable Servicing Agreements, to a percentage of the Total Servicing Spread, which percentage is equal to the then applicable Current Excess Servicing Spread Percentage.
Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans:  The current excess servicing spread acquisition agreement for certain Freddie Mac mortgage loans, dated the date hereof, between the Seller and MSR IX LLC, as may be amended, restated, or otherwise modified and in effect from time to time.
Current Excess Servicing Spread Acquisition Agreement for FNMA Mortgage Loans:  The current excess servicing spread acquisition agreement for certain Fannie Mae mortgage loans, dated the date hereof, between the Seller and MSR X LLC, as may be amended, restated, or otherwise modified and in effect from time to time.

Current Excess Servicing Spread Acquisition Agreement for GNMA Mortgage Loans:  The current excess servicing spread acquisition agreement for certain Ginnie Mae mortgage loans, dated the date hereof, between the Seller and MSR XI LLC, as may be amended, restated, or otherwise modified and in effect from time to time.
Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans for MSR XIII LLC:  The current excess servicing spread acquisition agreement for certain Non-Agency Mortgage Loans, dated the date hereof, between the Seller and MSR XIII LLC, as may be amended, restated, or otherwise modified and in effect from time to time.
Current Excess Servicing Spread Percentage: With respect to (i) any Mortgage Loans for which Current Excess Servicing Spread was acquired on the Sale Date or any Subsequent Sale Date on or prior to the Amendment Date and (a) any date of determination prior to the Amendment Date, the Original Current Excess Servicing Spread Percentage or (b) any date of determination on and after the Amendment Date, the sum of the Original Current Excess Servicing Spread Percentage and the Amendment Current Excess Servicing Spread Percentage and (ii) any Mortgage Loans for which Current Excess Servicing Spread is acquired on any Subsequent Sale Date after the Amendment Date, the Original Current Excess Servicing Spread Percentage.
Current Spread Custodial Account Agreement:  The applicable deposit account agreement and other related account documentation governing the Third Party Controlled Current Spread Custodial Account.
Current Spread Custodial Account Control Agreement:  The account control agreement among Seller, Purchaser and Wells Fargo Bank, National Association, or any other institution agreed upon by the Parties, as Bank, dated as of the Sale Date, entered into with respect to the Third Party Controlled Current Spread Custodial Account, as amended, restated, supplemented or otherwise modified from time to time.
Current Spread Reserve Account:  The account specified in the Current Spread Reserve Account Control Agreement and maintained by Wells Fargo Bank, National Association, or any successor thereto, or any other third party custodian or trustee selected by Purchaser.
Current Spread Reserve Account Agreement:  The applicable deposit account agreement and other related account documentation governing the Current Spread Reserve Account.
Current Spread Reserve Account Control Agreement:  The account control agreement among Seller, Purchaser and Wells Fargo Bank, National Association, or any other institution agreed upon by the Parties, as Bank, dated on or before the Sale Date,  entered into with respect to the Current Spread Reserve Account, as amended, restated, supplemented or otherwise modified from time to time.
Current Spread Reserve Account Deposit Event:  The meaning given to such term in Section 3.03(c). 

Current Spread Reserve Account Required Amount:  The meaning given to such term in Section 3.03(c).
Custodian:  A custodian of Credit Files or any part thereof as identified by the Seller to the Purchaser in writing on or prior to the Sale Date or the related Subsequent Sale Date, as applicable, as the same may be amended and supplemented from time to time by the Seller by providing a written notice of any such update to the Purchaser.
Cut-Off Date:  With respect to the Mortgage Loans sold on the Sale Date, the opening of business on the Sale Date. With respect to the Mortgage Loans sold on a Subsequent Sale Date, the opening of business on such Subsequent Sale Date.  
Deposit: As defined in Section 3.01 hereof. 
Data Tape:  The list of all mortgage loans, dated as of the date specified therein, whose Mortgage Servicing Rights will be sold, or that are anticipated to be sold, as applicable, to Seller under the Purchase and Sale Agreement.
Distribution Date:  The 10th day of each calendar month, or if such day is not a Business Day, the prior  Business Day, beginning in the month following the Sale Date, or such other day as mutually agreed upon by Seller and Purchaser.
Electronic Data File:  A computer tape or other electronic medium generated by or on behalf of Seller and delivered or transmitted to or on behalf of Purchaser which provides information relating to the Mortgage Loans.
Eligible Servicing Agreement:  Unless otherwise agreed to by the Purchaser, a Servicing Agreement in respect of which the following eligibility requirements have been satisfied:  
(a)    either (i) the Owner Consents relating to such Servicing Agreement have been obtained or (ii) a final order entered by the bankruptcy court providing that an Owner Consent with respect to such Servicing Agreement is not required has been obtained;
(b)    such Servicing Agreement is an Eligible Servicing Agreement (as such term is defined in the Purchase and Sale Agreement); 
(c)    such Servicing Agreement is in full force and effect, and is in all respects genuine as appearing on its face or as represented in the books and records of Seller, and no event of default, early amortization event, termination event, or other event giving any party thereto (including with notice or lapse of time or both) the right to terminate Seller as servicer thereunder for cause has occurred and is continuing; provided, however, that with respect to any Servicing Agreement and the occurrence of any event set forth in this clause (c) which is based on a breach of a collateral performance test, such Servicing Agreement shall remain an Eligible Servicing Agreement so long as no notice of termination based on such breach has been given or threatened in writing and subject to the restrictions set forth herein; 

(d)    Seller has not resigned or been terminated as servicer under such Servicing Agreement and has no actual knowledge of any pending or threatened action to terminate Seller, as servicer (whether for cause or without cause); and
(e)    the Seller as servicer may not be terminated without cause pursuant to such Servicing Agreement or if the Seller as servicer may be terminated without cause, upon payment of a termination fee.
Entitlement Holder:  The meaning specified in Section 8-102(a)(7) of the UCC.
Expense Amount:  As defined in Section 11.01(b) hereof.
Expense Amount Accountant’s Letter:  As defined in Section 11.01(b) hereof.
Expense Amount Tax Opinion:  As defined in Section 11.01(b) hereof.
Expense Escrow Account:  As defined in Section 11.01(b) hereof.
Fannie Mae: Federal National Mortgage Association, or any successor thereto.
FHLMC Mortgage Loans: Each of those mortgage loans for which the current excess servicing spread has been sold and assigned to MSR XI LLC pursuant to the Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans.
FNMA Mortgage Loans: Each of those mortgage loans for which the current excess servicing spread has been sold and assigned to MSR X LLC pursuant to the Current Excess Servicing Spread Acquisition Agreement for FNMA Mortgage Loans.
Freddie Mac: Federal Home Loan Mortgage Corporation, or any successor thereto. 
Future Spread Agreements:  The Future Spread Agreement for FHLMC Mortgage Loans, the Future Spread Agreement for FNMA Mortgage Loans, the Future Spread Agreement for GNMA Mortgage Loans, the Future Spread Agreement for Non-Agency Mortgage Loans for MSR XII LLC and the Future Spread Agreement for Non-Agency Mortgage Loans for MSR XIII LLC.
Future Spread Agreement for FHLMC Mortgage Loans:  The Future Spread Agreement for FHLMC Mortgage Loans, dated January 6, 2013, by and between Seller and MSR IX LLC, as may be amended, restated, or otherwise modified and in effect from time to time.
Future Spread Agreement for FNMA Mortgage Loans:  The Future Spread Agreement for FNMA Mortgage Loans, dated January 6, 2013, by and between Seller and MSR X LLC, as may be amended, restated, or otherwise modified and in effect from time to time.
Future Spread Agreement for GNMA Mortgage Loans:  The Future Spread Agreement for GNMA Mortgage Loans, dated January 6, 2013, by and between Seller and MSR XI LLC, as may be amended, restated, or otherwise modified and in effect from time to time.

Future Spread Agreement for Non-Agency Mortgage Loans for MSR XII LLC:  The Future Spread Agreement for Non-Agency Mortgage Loans, dated January 6, 2013, by and between Seller and Purchaser, as may be amended, restated, or otherwise modified and in effect from time to time. 
Future Spread Agreement for Non-Agency Mortgage Loans for MSR XIII LLC:  The Future Spread Agreement for Non-Agency Mortgage Loans, dated January 6, 2013, by and between Seller and MSR XIII LLC, as may be amended, restated, or otherwise modified and in effect from time to time. 
GAAP:  Generally accepted accounting principles in the United States of America as in effect from time to time set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and the statements and pronouncements of the Financial Accounting Standards Board, or in such other statements by such other entity as may be in general use by significant segments of the accounting profession, that are applicable to the circumstances as of the date of determination.
Ginnie Mae: Government National Mortgage Association, or any successor thereto.
GNMA Mortgage Loans: Each of those mortgage loans for which the current excess servicing spread has been sold and assigned to MSR XI LLC pursuant to the Current Excess Servicing Spread Acquisition Agreement for GNMA Mortgage Loans.
Governmental Authority:  With respect to any Person, any nation or government, any state or other political subdivision, agency or instrumentality thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person, any of its subsidiaries or any of its properties.
Grant:  To grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of setoff against, deposit, set over or confirm.  
HAMP:  The meaning given to such term in Section 8.06.
HAMP Loans:  The meaning given to such term in Section 8.06.
Holder Register:  As defined in Section 12.16(b) hereof.
Indemnity Loan:  As defined in Section 11.01(b) hereof.
Indemnity Loan Agreement:  As defined in Section 11.01(b) hereof.
Interim Servicer:  Bank of America or its successors or assigns acting as interim servicer with respect to the Mortgage Loans pursuant to the interim servicing addendum of the Purchase and Sale Agreement. 

IRS: The United States Internal Revenue Service.
Lien:  Any mortgage, deed of trust, pledge, hypothecation, collateral assignment, charge, deposit, arrangement, encumbrance, lien (statutory or other), security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever intended to assure payment of any indebtedness or the performance of any other obligation, including any conditional sale or other title retention agreement.
Lockbox Account:  An account maintained by Wells Fargo Bank, National Association or another third party custodian or trustee selected by Purchaser for the purpose of receiving Servicing Spread Collections. 
Loss or Losses: Any and all direct, actual and out-of-pocket losses (including any loss in the value in the Current Excess Servicing Spread), damages, deficiencies, claims, costs or expenses, including reasonable attorneys' fees and disbursements, excluding (i) any amounts attributable to or arising from overhead allocations, general or administrative costs and expenses, or any cost for the time of any Party's employees, (ii) consequential losses or damages consisting of speculative lost profits, lost investment or business opportunity, damage to reputation or operating losses, or (iii) punitive or treble damages; provided, however, that the exclusions set forth in clauses (ii) or (iii) above do not apply if and to the extent any such amounts are actually incurred in payment to a third party or government entity.
Measurement Date:  With respect to any Collection Period, the first day of such Collection Period.
MERS:  Mortgage Electronic Registration Systems, Inc., or any successor thereto.
MI:  Insurance provided by private mortgage insurance companies to make payments on certain Mortgage Loans in the event that the related Mortgagor defaults in its obligation in respect of the Mortgage.
Mortgage:  Each of those mortgages, deeds of trust, security deeds or deeds to secure debt creating a first lien on or an interest in real property securing a Mortgage Note and related to a Mortgage Loan.
Mortgage Loan:  Each of those mortgage loans listed on the Schedule of Mortgage Loans.
Mortgage Loan Documents:  With respect to each Mortgage Loan, the documents and agreements related to such Mortgage Loan required to be held by the applicable Custodian, including, without limitation, the original Mortgage Note, and any other documents or agreements evidencing and/or governing such Mortgage Loan.  
Mortgage Note:  With respect to any Mortgage Loan, the note or other evidence of indebtedness of the Mortgagor, thereunder, including, if applicable, an allonge and lost note affidavit.

Mortgage Servicing Rights:  The rights and responsibilities of Seller with respect to servicing the Mortgage Loans under the Servicing Agreements, including any and all of the following if and to the extent provided therein: (a) all rights to service a Mortgage Loan; (b) all rights to receive servicing fees, Ancillary Income, reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other payments with respect to the Mortgage Loan and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property described in this paragraph; (e) possession and use of any and all Credit Files pertaining to the Mortgage Loan or pertaining to the past, present or prospective servicing of the Mortgage Loan; (f) to the extent applicable, all rights and benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage Loans; and (g) all rights, powers and privileges incident to any of the foregoing.
Mortgaged Property:  The Mortgagor's real property, securing repayment of a related Mortgage Note, consisting of an interest in a single parcel of real property, improved by a residential dwelling.
Mortgagor:  An obligor under a residential mortgage loan.
Net Servicing Fee: As defined in the Purchase and Sale Agreement.
Non-Agency Mortgage Loans: Each of the mortgage loans for which the current excess servicing spread has been sold and assigned to MSR XII LLC or MSR XIII LLC pursuant to the applicable Sale Agreement.
Nonqualifying Income: Any amount that is treated as gross income for purposes of Section 856 of the Code and which is not Qualifying Income.
Objection Notice:  The meaning given to such term in Section 3.03(c).
Opinion of Counsel:  One or more written opinions, in form and substance reasonably satisfactory to the recipient, of an attorney at law admitted to practice in any state of the United States or the District of Columbia, which attorney may be counsel for Seller or Purchaser, as the case may be.  
Original Agreement Date:  January 6, 2013.
Original Current Excess Servicing Spread:  The rights of Seller, severable from each (and all) of the other rights under the applicable Servicing Agreements, to a percentage of the Total Servicing Spread, which percentage is equal to the Original Current Excess Servicing Spread Percentage.
Original Current Excess Servicing Spread Percentage: 66.67%.

Owner:  With respect to a Mortgage Loan, the owner thereof.
Owner Consent: All agreements, consents, approvals, confirmations and other items required pursuant to a Servicing Agreement to complete the sale of the Mortgage Servicing Rights (including the Total Excess Spread) to Seller.
Party or Parties:  As defined in the preamble hereof.
Person:  Any individual, partnership, corporation, limited liability company, limited liability partnership, business entity, joint stock company, trust, business trust, unincorporated organization, association, enterprise, joint venture, government, any department or agency of any government or any other entity of whatever nature.
Power of Attorney:    A Power of Attorney delivered by the Seller to the Purchaser authorizing the Purchaser to enforce the right to payment of the Current Excess Servicing Spread under the related Servicing Agreement solely in the event that the Seller fails to enforce such right within 30 days after receiving written notice of such failure from the Purchaser to the Seller.
Priority of Payments:  The meaning given to such term in Section 3.04.
Protected REIT: Any entity that (i) has elected to be taxed as a real estate investment trust pursuant to Section 856 et seq. of the Code, (ii) owns a direct or indirect equity interest in Purchaser, and (iii) is treated for purposes of Section 856 of the Code as owning all or a portion of the assets of the Purchaser or as receiving all or a portion of the Purchaser's income.
Purchase and Sale Agreement:  The Mortgage Servicing Rights Purchase and Sale Agreement, dated as of January 6, 2013, by and between Nationstar Mortgage LLC, as purchaser, and Bank of America, National Association, as seller, together with all schedules and exhibits thereto, as the same may be amended, supplemented or otherwise modified from time to time.
Purchase Price:  The meaning given to such term in Section 3.01. 
Purchase Price Percentage:  3.78 multiplied by the excess of (i) the Net Servicing Fee (as such Net Servicing Fees are determined in accordance with Exhibit F to the Purchase and Sale Agreement), expressed as an annualized rate on the unpaid principal balances of the related Mortgage Loans as of the Sale Date or Subsequent Sale Date, as applicable and (ii) the Base Servicing Fee Rate.
Purchased Assets: As defined in the Purchase and Sale Agreement.  
Purchaser:  As defined in the preamble hereof.
Purchaser Enforcement Expenses:  An amount equal to the Current Excess Servicing Spread Percentage of the reasonable expenses, including legal costs and expenses, incurred in the enforcement of any rights of Seller material to the value of the Total Servicing Spread under the 

Purchase and Sale Agreement and related documents, without duplication of any other such expenses paid under any other Sale Agreement, which enforcement has been approved by Purchaser (such approval not to be unreasonably withheld).
Purchaser Indemnitees:  The meaning given to such term in Section 11.01(a).
Qualifying Income: Gross income that is described in Section 856(c)(2) or 856(c)(3) of the Code.
REIT Qualification Ruling:  As defined in Section 11.01(b) hereof.
REIT Requirements: The requirements imposed on REITs pursuant to Sections 856 through and including 860 of the Code.
Related Escrow Accounts:  Mortgage Loan escrow/impound accounts maintained by Seller relating to the Mortgage Servicing Rights, including accounts for buydown funds, real estate taxes and MI, flood and hazard insurance premiums.
Release Document:  As defined in Section 11.01(b) hereof.
Remaining Expected Total Servicing Spread:  The meaning given to such term in Section 3.03(c).
Repurchase Price: As defined in the Purchase and Sale Agreement. 
Requirement of Law:  As to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
Retained Servicing Spread:  The rights of Seller, severable from each (and all) of the other rights under the applicable Servicing Agreements, to the Retained Servicing Spread Percentage of the Total Servicing Spread.
Retained Servicing Spread Percentage: 100% minus the Current Excess Servicing Spread Percentage with respect to the applicable date of determination.
Sale Agreements:  This Agreement, the Current Excess Servicing Spread Acquisition Agreement for FHLMC Mortgage Loans, the Current Excess Servicing Spread Acquisition Agreement for FNMA Mortgage Loans, the Current Excess Servicing Spread Acquisition Agreement for GNMA Mortgage Loans and the Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans for MSR XIII LLC.
Sale Date:   As defined in the Purchase and Sale Agreement; provided that all conditions precedent to the execution and delivery of the related Assignment Agreement shall have been satisfied or waived on such date.

Sales Proceeds: The proceeds received upon a sale (approved by the Parties) of the Total Servicing Spread (except without giving effect to clause (b) of the definition thereof), in whole or in part, including through a sale in accordance with Section 8.12.
Schedule of Mortgage Loans:  The list of Mortgage Loans whose Current Excess Servicing Spread has been assigned to Purchaser pursuant to this Agreement delivered initially accordance with Section 2.04, updated in accordance with Section 3.01 and maintained as Exhibit B hereto.  
Seller:  As defined in the preamble hereof.
Seller Enforcement Expenses:  An amount equal to the Retained Servicing Spread Percentage of the reasonable expenses, including legal costs and expenses, incurred in the enforcement of any rights of Seller material to the value of the Total Servicing Spread under the Purchase and Sale Agreement and related documents, without duplication of any other such expenses paid under any other Sale Agreement, which enforcement has been approved by Purchaser (such approval not to be unreasonably withheld).
Seller Indemnitees:  The meaning given to such term in Section 11.02. 
Servicing:  The responsibilities, with respect to servicing the Mortgage Loans, under the Servicing Agreements.
Servicing Agreements: The servicing agreements, as amended from time to time, and any waivers, consent letters, acknowledgments and other agreements under which Seller or the Interim Servicer is the servicer of the Mortgage Loans relating to the Mortgage Servicing Rights and governing the servicing of the Mortgage Loans.
Servicing Spread Collections:  For each Collection Period, the funds collected on the Mortgage Loans and allocated as the servicing compensation payable to Seller as servicer of the Mortgage Loans with respect to such Collection Period pursuant to the applicable Servicing Agreements, other than Ancillary Income and, for the avoidance of doubt, other than reimbursements received for advances and other out-of-pocket expenditures from an Owner by Seller in accordance with the Servicing Agreements.
Servicing Transfer Date: As defined in the Purchase and Sale Agreement with respect to the Mortgage Loans. 
Solvent:  With respect to any Person as of any date of determination, (a) the value of the assets of such Person is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person as determined in accordance with GAAP, (b) such Person is able to pay all liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital.  In computing the amount of contingent or unliquidated liabilities at any time, such liabilities will be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

Subsequent Sale Date: As defined in the Purchase and Sale Agreement; provided that all conditions precedent to the execution and delivery of the related Assignment Agreement shall have been satisfied or waived on such date.
Third Party Assignee:  The meaning given to such term in Section 12.16.
Third Party Assignment:  The meaning given to such term in Section 12.16.
Third Party Current Spread Agreement:  The meaning given to such term in Section 12.16.
Third Party Claim:  The meaning given to such term in Section 11.01 and Section 11.02, as applicable.
Third Party Controlled Current Spread Custodial Account:  The account specified in the Current Spread Custodial Account Control Agreement and maintained by Wells Fargo Bank, National Association or another third party custodian or trustee selected by Purchaser, into which all Servicing Spread Collections and all Servicing Agreement termination payments in respect of the Mortgage Loans shall be deposited.
Total Servicing Spread:  For each Collection Period on and after the Sale Date, the sum of the following:  (a) the Servicing Spread Collections received during such Collection Period and remaining after payment of the Base Servicing Fee; (b) all Sales Proceeds received during such Collection Period; (c) all Repurchase Prices received during such Collection Period; and (d) all other amounts payable by an Owner to Seller with respect to the Mortgage Servicing Rights for Mortgage Loans, including any termination fees paid by the applicable Owner to Seller for terminating Seller as the servicer of any of the Mortgage Loans, but for the avoidance of doubt, excluding all Ancillary Income and reimbursements received for advances and other out-of-pocket expenditures, if any, from the applicable Owner by Seller in accordance with the Servicing Agreements.
Transaction Documents:  The Purchase and Sale Agreement (including any order, bill of sale, assignment agreement or other transfer agreement related to the sale of the Mortgage Servicing Rights thereunder), the Owner Consents, the Current Spread Custodial Account Agreement, the Current Spread Custodial Account Control Agreement, the Current Spread Reserve Account Agreement, the Current Spread Reserve Account Control Agreement, the Sale Agreements and the Future Spread Agreements.  
UCC:  The Uniform Commercial Code as in effect from time to time in the applicable jurisdiction.
Section 1.02    General Interpretive Principle.

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

(a)    The terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender;

(b)    Accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

(c)    References herein to “Articles,” “Sections,” “Subsections,” “Paragraphs,” and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;

(d)    A reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

(e)    The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; and

(f)    The term “include” or “including” shall mean without limitation by reason of enumeration.

ARTICLE II

PROCEDURES; ITEMS TO BE DELIVERED

Section 2.01    Sale of Current Excess Servicing Spread. 

Subject to, and upon the terms and conditions of this Agreement, on the Sale Date and on each Subsequent Sale Date occurring within 90 days of the Sale Date, Seller will sell, transfer and assign to Purchaser, and Purchaser will acquire from Seller, all of Seller's right, title and interest in and to the Current Excess Servicing Spread and all proceeds thereof with respect to the related Mortgage Loans.
Subject to, and upon the terms and conditions of this Agreement, on the Amendment Date, Seller will sell, transfer and assign to Purchaser, and Purchaser will acquire from Seller, all of Seller's right, title and interest in and to the Amendment Current Excess Servicing Spread and all proceeds thereof with respect to the Mortgage Loans for which the Original Current Excess Servicing Spread has been sold by the Seller and purchased by the Purchaser prior to the Amendment Date.
Section 2.02    Grant of Security Interest. 

In order to secure Seller's obligations to deliver the Current Excess Servicing Spread and perform its obligations hereunder and under the Purchase and Sale Agreement, Seller hereby Grants to Purchaser a valid and continuing first priority and perfected Lien on and security 

interest in all of Seller's right, title and interest in, to and under, the Third Party Controlled Current Spread Custodial Account and the Current Spread Reserve Account, together with all amounts deposited therein from time to time and all cash and non-cash proceeds thereof, in each case, whether now owned or existing, or hereafter acquired and arising (the “Collateral”).
Section 2.03    Items to be Delivered on the Original Agreement Date. 
On the Original Agreement Date, each of Seller and Purchaser shall deliver or cause to be delivered duly executed copies of the following documents to which they are a party or for which they are otherwise responsible as set forth below:
(a)    The Sale Agreements and all agreements, certificates, opinions and instruments required to be delivered under each Sale Agreement on the Original Agreement Date;

(b)    The Future Spread Agreements and all agreements, certificates, opinions and instruments required to be delivered under each Future Spread Agreement on the Original Agreement Date; and

(c)    The executed Purchase and Sale Agreement. 

Section 2.04    Items to be Delivered on the Sale Date, Amendment Date or Subsequent Sale Date.

(a) On the Sale Date, subject to the satisfaction of the terms and conditions herein, each of Seller and Purchaser shall deliver or cause to be delivered duly executed copies of the following documents to which they are a party or for which they are otherwise responsible:

(i)With respect to each related Mortgage Loan, either (i) an Owner Consent relating to the Servicing Agreement for such Mortgage Loan or (ii) a final order entered by the bankruptcy court providing that such Owner Consent is not required; 

(ii)An Assignment Agreement with respect to the Sale Date; 

(iii)All agreements, certificates, opinions and instruments required to be delivered under each Sale Agreement and Future Spread Agreement on the Sale Date; 

(iv)All agreements, certificates, opinions and instruments required to be delivered under the executed Purchase and Sale Agreement reasonably related to the transactions contemplated hereunder that are required to be delivered on the Sale Date; 

(v)The executed Current Spread Custodial Account Agreement;

(vi)The executed Current Spread Custodial Account Control Agreement;

(vii)The executed Current Spread Reserve Account Agreement;

(viii)The executed Current Spread Reserve Account Control Agreement;

(ix)An Opinion of Counsel of Seller reasonably acceptable to Purchaser regarding due authorization, authority, and enforceability of the applicable Transaction Documents to which Seller is a party, and regarding no conflicts with other material Seller agreements;

(x)An Opinion of Counsel of Seller, reasonably acceptable to Purchaser, regarding the characterization of the transfer of the Current Excess Servicing Spread from Seller to Purchaser as a true sale for bankruptcy or receivership purposes, as applicable; 

(xi)An Opinion of Counsel of Seller, reasonably acceptable to Purchaser, regarding the perfection of the assignment of Current Excess Servicing Spread to Purchaser and the security interests granted hereunder;

(xii)A certificate of good standing of Seller dated as of a date within five (5) Business Days prior to the Sale Date to be delivered by Seller;

(xiii)A secretary’s certificate of Seller attaching its organizational documents, board resolutions and incumbency certificates;

(xiv)An officer’s certificate of Seller that all conditions precedent to the purchase of the Mortgage Servicing Rights under the Purchase and Sale Agreement have been satisfied (or if waived, such waiver has been approved by Purchaser);

(xv)A duly executed corporate certificate of Seller required by Section 9.07 dated as of the Sale Date;

(xvi)A duly executed corporate certificate of Purchaser required by Section 10.05 dated as of the Sale Date;

(xvii)A certificate of good standing of Purchaser, dated as of a date within five (5) Business Days prior to the Sale Date to be delivered by Purchaser; and

(xviii)A UCC-1 financing statement relating to the security interest of Purchaser in the Current Excess Servicing Spread, the Third Party Controlled Current Spread Custodial Account and the Current Spread Reserve Account, in form and substance reasonably acceptable to Purchaser.

(b)On the Sale Date, subject to the satisfaction of the terms and conditions herein, Seller shall provide Purchaser with copies of the following:

(i)Any amendments, modifications or restatements of the Purchase and Sale Agreement; 

(ii)Each bill of sale, assignment agreement or other transfer agreement pursuant to which Bank of America will transfer the Mortgage Servicing Rights to Seller; 

(iii)The executed Power of Attorney; and

(iv)A preliminary Schedule of Mortgage Loans containing information with respect to the Mortgage Loans anticipated to be included in this Agreement on the Sale Date as of November 30, 2012.

(c)On each Subsequent Sale Date, subject to the satisfaction of the terms and conditions herein, each of Seller and Purchaser shall deliver or cause to be delivered duly executed copies of the following documents to which they are a party or for which they are otherwise responsible:

(i)With respect to each related Mortgage Loan, either (i) an Owner Consent relating to the Servicing Agreement for such Mortgage Loan or (ii) a final order entered by the bankruptcy court providing that such Owner Consent is not required; 

(ii)Each bill of sale, assignment agreement or other transfer agreement pursuant to which Bank of America will transfer the Mortgage Servicing Rights to Seller pursuant to the Purchase and Sale Agreement; and

(iii)An Assignment Agreement with respect to such Subsequent Sale Date; 

(iv)A preliminary Schedule of Mortgage Loans containing information with respect to the Mortgage Loans anticipated to be included in this Agreement on the Subsequent Sale Date.

(d)On the Amendment Date, subject to the satisfaction of the terms and conditions herein, each of Seller and Purchaser shall deliver or cause to be delivered duly executed copies of the following documents to which they are a party or for which they are otherwise responsible:

(i)An Opinion of Counsel of Seller reasonably acceptable to Purchaser regarding due authorization, authority, and enforceability of the applicable Transaction Documents to which Seller is a party, and regarding no conflicts with other material Seller agreements;

(ii)An Opinion of Counsel of Seller, reasonably acceptable to Purchaser, regarding the characterization of the transfer of the Current Excess Servicing Spread from Seller to Purchaser as a true sale for bankruptcy or receivership purposes, as applicable; 

(iii)An Opinion of Counsel of Seller, reasonably acceptable to Purchaser, regarding the perfection of the assignment of Current Excess Servicing Spread to Purchaser and the security interests granted hereunder;

(iv)An officer’s certificate of Seller that all conditions precedent to the purchase of the Mortgage Servicing Rights under the Purchase and Sale Agreement have been satisfied (or if waived, such waiver has been approved by Purchaser);

(v)A duly executed corporate certificate of Seller required by Section 9.07 dated as of the Amendment Date;

(vi)A duly executed corporate certificate of Purchaser required by Section 10.05 dated as of the Amendment Date;

(vii)An Assignment Agreement with respect to such Amendment; and

(viii)A preliminary Schedule of Mortgage Loans containing information with respect to the Mortgage Loans anticipated to be included in this Agreement on the Amendment Date.

Section 2.05    Sale Date, Amendment Date and Subsequent Sale Date Transactions. 

On the Sale Date and each Subsequent Sale Date, subject to the satisfaction of the terms and conditions herein:
(a)    The Parties shall execute and deliver the Assignment Agreement;

(b)    Purchaser shall remit to Seller the Purchase Price; and 

(c)    Ownership of the Current Excess Servicing Spread shall be transferred to Purchaser.
ARTICLE I

ARTICLE III

PAYMENTS AND DISTRIBUTIONS

Section 3.01    Purchase Price.

On the first Business Day following the Original Agreement Date, Purchaser shall pay Seller an amount (the “Deposit”) equal to the product of (i) $6,943,463 and (ii) the Original Current Excess Servicing Spread Percentage, without any of the adjustments provided in the Purchase and Sale Agreement for such calculation, as an earnest money deposit.  MSR XII LLC shall act as Purchaser for the Sale Date and for any Subsequent Sale Dates occurring within 90 days following the Sale Date with respect to purchases of current excess servicing spread relating to any Non-Agency Mortgage Loan pursuant to the Purchase and Sale Agreement.  For avoidance of doubt, the purchaser for any Subsequent Sale Date occurring after 90 days following the Sale Date will be MSR XIII LLC and not MSR XII LLC, and any related current excess servicing spread shall be sold pursuant to the Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans for MSR XIII LLC and not this Agreement, and MSR XII LLC shall not acquire any interest in such current excess servicing spread.  
In full consideration for the purchase of the Original Current Excess Servicing Spread and the rights under the Future Spread Agreement for Non-Agency Mortgage Loans, and upon the terms and conditions of this Agreement, Purchaser shall pay to Seller an amount (the “Base Purchase Price”) equal to the product of (x) the aggregate outstanding principal balance of the Mortgage Loans as of the Cut-Off Date, (y) the Purchase Price Percentage and (z) the Original Current Excess Servicing Spread Percentage.  The Base Purchase Price shall be allocated by the Parties on the Sale Date to reflect the consideration for the purchase of the Original Current Excess Servicing Spread hereunder (the “Purchase Price”) and the consideration for the rights acquired by Purchaser under the Future Spread Agreement for Non-Agency Mortgage Loans.    
The  Base Purchase Price shall be payable by the Purchaser to the Seller as follows: (a) the Deposit shall be payable on the first Business Day following the Original Agreement Date, (b) 50% of the estimated Base Purchase Price net of the portion of the Deposit with respect to the applicable Servicing Agreements shall be payable on the Sale Date or the Subsequent Sale Date, as applicable and (c) the portion of the Base Purchase Price with respect to the Mortgage Servicing Rights transferred on such Servicing Transfer Date that has not been paid to Seller by Purchaser as of such date, including with respect to Mortgage Loans that have prepaid between either (x) the Sale Date or Subsequent Sale Date, as applicable, and the initial applicable Servicing Transfer Date or (y) two Servicing Transfer Dates pertaining to the same Mortgage Servicing Rights, plus interest thereon at the Federal Funds Rate for the period from the Sale 

Date or Subsequent Sale Date, as applicable, to such Servicing Transfer Date or between such Servicing Transfer Dates, shall be payable on the Servicing Transfer Date.
In full consideration for the purchase of the Amendment Current Excess Servicing Spread, and upon the terms and conditions of this Agreement, Purchaser shall pay to Seller an amount (the “Amendment Base Purchase Price”) equal to the product of (x) the aggregate outstanding principal balance of the Mortgage Loans as of the Amendment Cut-Off Date, (y) the Amendment Purchase Price Percentage and (z) the Amendment Current Excess Servicing Spread Percentage.  The Amendment Base Purchase Price shall be allocated by the Parties to reflect the consideration for the purchase of the Amendment Current Excess Servicing Spread hereunder (the “Amendment Purchase Price”) and the consideration for the rights acquired by Purchaser under the amendment to the Future Spread Agreement for Non-Agency Mortgage Loans executed on the Amendment Date, which such price shall be paid as follows: (1) on the Amendment Date, $24,741,984.37, and (2) no later than the fifteenth (15th) Business Day after the Amendment Date, $3,141,984.36.
With respect to any Mortgage Loan with respect to which the Base Purchase Price for the related Current Excess Servicing Spread has been paid in full, the Purchaser shall pay the Seller the related Amendment Base Purchase Price on the Amendment Date.  With respect to any Mortgage Loan with respect to which the Base Purchase Price for the related Current Excess Servicing Spread has not been paid in full, the Purchaser shall pay the Seller the corresponding portion of the Amendment Base Purchase Price on each date on which all or any portion of the Base Purchase Price for the related Current Excess Servicing Spread is payable in accordance with the second preceding paragraph.
The Seller shall deliver the Schedule of Mortgage Loans no later ten (10) Business Days after the Sale Date and any Subsequent Sale Date, as applicable.  In the event there is an adjustment and reconciliation of the Seller’s purchase price pursuant to the terms of Section 3.01(d) of the Purchase and Sale Agreement, the Base Purchase Price and the Amendment Base Purchase Price shall be subject to a corresponding adjustment and any adjustment amounts (including interest) shall be paid by Purchaser or the Seller, as applicable, to the other party within ten (10) Business Days from receipt of satisfactory written verification of amounts due.  
In the event the sale of the Current Excess Servicing Spreads related to any Servicing Agreement is delayed to a Subsequent Sale Date with respect to which MSR XII LLC is the Purchaser in accordance with the terms of the Purchase and Sale Agreement and this Agreement, the Base Purchase Price, Amendment Base Purchase Price, Purchase Price and Amendment Purchase Price to be paid hereunder related to the Current Excess Servicing Spreads to be sold on such Subsequent Sale Date shall be paid on such Subsequent Sale Date, in accordance with the preceding provisions of this Section 3.01 as if such Subsequent Sale Date were the Sale Date thereunder, net of the portion of the earnest money deposit set forth in the first paragraph of Section 3.01 with respect to the applicable Servicing Agreements.    
On the Amendment Date, Seller shall pay Purchaser an adjustment to the Amendment Purchase Price equal to the Amendment Purchase Price Rebate Amount. The Parties shall treat 

any payment of the Amendment Purchase Price Rebate Amount pursuant to this Agreement as an adjustment to the Amendment Purchase Price for all purposes.  
Section 3.02    Payments by Purchaser.

(a)    Payments shall be made by Purchaser to Seller by wire transfer of immediately available funds to an account designated by Seller.

(b)    If, subsequent to the payment of the Purchase Price, Amendment Purchase Price or the payment of any amounts due hereunder to either party, the outstanding principal balance of any Mortgage Loan is found to be in error, or if for any reason the Purchase Price, Amendment Purchase Price or such other amounts is found to be in error, the party benefiting from the error shall pay an amount sufficient to correct and reconcile the Purchase Price, Amendment Purchase Price or such other amounts and shall provide a reconciliation statement and other such documentation to reasonably satisfy the other party concerning the accuracy of such reconciliation.  Such amounts shall be paid by the proper party within ten (10) Business Days from receipt of satisfactory written verification of amounts due.    

Section 3.03    Accounts.

(a)    Lockbox Account.  Seller shall inform the Mortgagors of Mortgage Loans to remit their mortgage payments due on or after the Servicing Transfer Date to the Lockbox Account.  All amounts on deposit in the Lockbox Account will be maintained and applied in accordance with the Servicing Agreement.  Payments of all Servicing Spread Collections received on and after the Servicing Transfer Date shall be transferred from the Lockbox Account to the Third Party Controlled Current Spread Custodial Account within one Business Day of receipt and identification thereof and in any event, within two Business Days of receipt thereof.  If Seller receives any Servicing Spread Collections not remitted to the Lockbox Account, it shall hold such funds in trust for the benefit of the Purchaser and deposit such amounts to the Third Party Controlled Current Spread Account within two Business Days of receipt thereof.  Any deferred servicing fees purchased by the Seller with respect to the Mortgage Loans under the Purchase and Sale Agreement shall only be retained by Seller after all Servicing Spread Collections with respect to the applicable Mortgage Loan for the related Collection Period (and any unpaid Servicing Spread Collections from prior Collection Periods) have been remitted to the Third Party Controlled Current Spread Custodial Account.

(b)    Third Party Controlled Current Spread Custodial Account.  

(i)The Third Party Controlled Current Spread Custodial Account will be established with Wells Fargo Bank, National Association or with such other third party custodian or trustee selected by Purchaser, for the sole purpose of receiving and disbursing all Servicing Spread Collections, Servicing Agreement termination payments with respect to the Mortgage Loans, Sales Proceeds and Repurchase Prices.  The Third Party 

Controlled Current Spread Custodial Account will be established pursuant to the Current Spread Custodial Account Control Agreement with respect to which Purchaser is an Entitlement Holder with Control.  So long as permitted by the Current Spread Custodial Account Control Agreement, Seller may direct the disposition of funds in the Third Party Controlled Current Spread Custodial Account strictly in accordance with the Priority of Payments.  Upon any material breach of a representation, warranty or covenant by Seller hereunder or during the occurrence and continuance of a Current Spread Reserve Account Deposit Event, Purchaser may elect to exercise Control over the Third Party Controlled Current Spread Custodial Account.  Seller agrees to take all actions reasonably necessary, including the filing of appropriate financing statements, to protect Purchaser's interest in the Third Party Controlled Current Spread Custodial Account.  

(ii)Seller shall inform each Owner to remit the applicable portion of any Servicing Agreement termination payments payable after the Sale Date or Subsequent Sale Date, as applicable, directly to the Third Party Controlled Current Spread Custodial Account.  Any termination payment to be directed to the Third Party Controlled Current Spread Custodial Account shall be equal to the pro rata amount by which the Mortgage Loans affected by such termination bear to all mortgage loans of Seller affected by such termination, based upon the method in which such termination payments are calculated in accordance with the applicable Servicing Agreement.  

(iii)Seller shall direct each payer of  Sales Proceeds to remit such payments directly to the Third Party Controlled Current Spread Custodial Account.

(iv)Seller shall direct Bank of America to remit (i) Servicing Spread Collections received by it prior to the Servicing Transfer Date and (ii) any Repurchase Price under the Purchase and Sale Agreement, directly to the Third Party Controlled Current Spread Custodial Account.

(v)If Seller receives any amounts required to be deposited into the Third Party Controlled Current Spread Custodial Account in error, Seller shall promptly remit such funds to the Third Party Controlled Current Spread Custodial Account.

(c)    Current Spread Reserve Account. The Current Spread Reserve Account will be established with Wells Fargo Bank, National Association or with such other third party custodian or trustee selected by Purchaser.  The Current Spread Reserve Account will be established pursuant to the Current Spread Reserve Account Control Agreement with respect to which Purchaser is an Entitlement Holder with Control.  So long as permitted by the Current Spread Reserve Account Control Agreement, Seller may direct the disposition of funds in the Current Spread Reserve Account strictly in accordance with Section 3.05.  Seller agrees to take 

all actions reasonably necessary, including the filing of appropriate financing statements, to protect Purchaser's interest in the Current Spread Reserve Account.  

If at any time Seller's Consolidated Tangible Net Worth falls below the sum of (x) $250,000,000 and (y) 50% of the proceeds from any issuance of equity on or after the date hereof by Seller, Nationstar Mortgage Holdings Inc. or any of Seller's consolidated subsidiaries or if Seller (considered together with its consolidated subsidiaries) defaults in any indebtedness in excess of $10,000,000 (individually or in the aggregate) (each, a “Current Spread Reserve Account Deposit Event”), Seller shall immediately notify Purchaser in writing that a Current Spread Reserve Account Deposit Event has occurred.  On each Distribution Date upon which a Current Spread Reserve Account Deposit Event has occurred and is continuing, Seller shall be required to transfer funds in the Third Party Controlled Current Spread Custodial Account to the Current Spread Reserve Account in accordance with the Priority of Payments until the amount of funds in the Current Spread Reserve Account is equal to the Current Spread Reserve Account Required Amount.  The “Current Spread Reserve Account Required Amount” is equal to 25% of the fair market value as of the date the Current Spread Reserve Account Deposit Event that is then-continuing first occurred of the Total Servicing Spread expected to be paid over the expected remaining life of the Mortgage Loans (the “Remaining Expected Total Servicing Spread”) determined in accordance with the following paragraph.  Seller shall immediately notify Purchaser in writing if a Current Spread Reserve Account Deposit Event is no longer continuing.  Any funds in the Current Spread Reserve Account in excess of the Current Spread Reserve Account Required Amount shall be released to Seller.
For purposes of determining the fair market value of the Remaining Expected Total Servicing Spread, Purchaser shall submit its claim for determination of the fair market value of the Remaining Expected Total Servicing Spread, together with such back-up information it deems appropriate to justify such fair market value (which value shall be considered the fair market value of the Remaining Expected Total Servicing Spread for purposes of calculating the Current Spread Reserve Account Required Amount until the final determination of such fair market value in accordance with this paragraph).  Within five (5) Business Days of Seller's receipt of such determination, Seller shall notify Purchaser in writing of its acceptance or any objection to such determination of such fair market value, and if Seller objects to such determination, such notice shall include its own determination of such fair market value and any back-up information as it deems appropriate to justify such fair market value (an “Objection Notice”).  In the event an Objection Notice is delivered, the parties shall negotiate in good faith a resolution to such objection. In the event that Seller and Purchaser are unable to resolve such objection within five (5) Business Days of the delivery of such Objection Notice, Seller and Purchaser shall appoint a mutually acceptable nationally recognized valuation expert to determine such fair market value of the Remaining Expected Total Servicing Spread.  The determination of such valuation expert shall be binding on Seller and Purchaser and the fees of such valuation expert shall be borne by Seller.
Section 3.04    Priority of Payments.

On each Business Day, subject to the terms and conditions of the Current Spread Custodial Account Control Agreement, Seller (or, after the delivery of an access termination notice pursuant to the Current Spread Custodial Account Control Agreement, Purchaser) shall direct the Bank to apply the monies in the Third Party Controlled Current Spread Custodial Account in the following order of priority (the “Priority of Payments”), in every case, after giving effect to each prior item in the Priority of Payments on such Distribution Date:  
(a)    first, from amounts in the Third Party Controlled Current Spread Custodial Account attributable to Servicing Agreement termination payments made by an Owner with respect to any Mortgage Loans, pro rata, (A) the Current Excess Servicing Spread Percentage of such termination payments to Purchaser, and (B) the Retained Servicing Spread Percentage of such termination payments to Seller; provided, that (I) prior to the distribution to Purchaser of any termination payments pursuant to clause (A), such termination payments shall be applied first, to the payment to Seller of any Purchaser Enforcement Expenses then due and payable and then, to the payment of any indemnity payments then due and payable, to a Seller Indemnitee pursuant to Section 11.02, and (II) prior to the distribution to Seller of any termination payments pursuant to clause (B), such termination payments shall be applied first, to the payment of any Seller Enforcement Expenses then due and payable, second, to the payment of any indemnity payments then due and payable to a Purchaser Indemnitee pursuant to Section 11.01 and third, for deposit to the Current Spread Reserve Account to the extent necessary to cause the amount of funds on deposit in the Current Spread Reserve Account to equal the Current Spread Reserve Account Required Amount;

(b)    second, on any Business Day from and including the first Business Day of a calendar month to but excluding the Distribution Date in such calendar month, at the option of Seller, the Base Servicing Fee payable with respect to a prior Collection Period for the Mortgage Loans to Seller; provided however, that, to the extent that (i) the Seller is not permitted or is otherwise unable to advance servicing fees relating to the Total Servicing Spread with respect to the Mortgage Loans serviced under the related Servicing Agreement, (ii) the related Servicing Agreement does not permit payment of servicing fees from general collections, and (iii) the related Servicing Agreement does not allocate liquidation proceeds to servicing fees first, payments from monies in the Third Party Controlled Current Spread Custodial Account relating to the affected Mortgage Loans shall be made pursuant to clause (d) below prior to this clause (b); 

(c)    third, on each Distribution Date, to the extent not previously paid to Seller in accordance with Section 3.04(b), any accrued and unpaid Base Servicing Fee to Seller; provided however, that, to the extent that (i) the Seller is not permitted or is otherwise unable to advance servicing fees relating to the Total Servicing Spread with respect to the Mortgage Loans serviced under the related Servicing Agreement, (ii) the related Servicing Agreement does not permit payment of servicing fees from general collections, and (iii) the related Servicing Agreement does not allocate liquidation proceeds to servicing fees first, payments from monies in the Third Party Controlled Current Spread Custodial Account relating to the affected Mortgage Loans shall be made pursuant to clause (d) below prior to this clause (c);

(d)    fourth, on each Distribution Date, pro rata, (A) to Purchaser, any Current Excess Servicing Spread for the prior Collection Period (other than the portion thereof consisting of termination payments paid pursuant to Section 3.04(a)); and (B) to Seller, any Retained Servicing Spread for the prior Collection Period (other than the portion thereof consisting of termination payments paid pursuant to Section 3.04(a)); provided, that (I) prior to the distribution to Purchaser of any Current Excess Servicing Spread pursuant to clause (A), the Current Excess Servicing Spread shall be applied first, to the payment to Seller of any Purchaser Enforcement Expenses then due and payable and then, to the payment of any indemnity payments then due and payable to a Seller Indemnitee pursuant to Section 11.02, and (II) prior to the distribution to Seller of any Retained Servicing Spread pursuant to clause (B), the Retained Servicing Spread shall be applied first, to the payment of any Seller Enforcement Expenses then due and payable, second, to the payment of any indemnity payments then due and payable to a Purchaser Indemnitee pursuant to Section 11.01 and third, for deposit to the Current Spread Reserve Account to the extent necessary to cause the amount of funds on deposit in the Current Spread Reserve Account to equal the Current Spread Reserve Account Required Amount; and

(e)    fifth, on each Distribution Date, to Seller, any other amounts remaining on deposit in the Third Party Controlled Current Spread Custodial Account.

All payments to Purchaser or Seller shall be made by wire transfer of immediately available federal funds to an account designated by Purchaser or Seller, as applicable.
Section 3.05    Withdrawals from the Current Spread Reserve Account.

On any Business Day, at the instruction of Purchaser, Seller shall direct the Bank to apply funds in the Current Spread Reserve Account, if any, to the payment of indemnity payments payable to a Purchaser Indemnitee pursuant to Section 11.01.  If on any Business Day a Current Spread Reserve Account Deposit Event is not then continuing and all outstanding indemnity payments payable to Purchaser Indemnitees have been paid in full, Seller may direct the Bank to distribute any remaining funds in the Current Spread Reserve Account to, or as directed by, Seller.  If there are any funds remaining in the Current Spread Reserve Account after the Current Excess Servicing Spread and all indemnity payments payable to Purchaser Indemnitees have been paid in full, Seller shall direct the Bank to distribute such remaining funds to, or as directed by, Seller.
Section 3.06    Payment to Seller of Base Servicing Fee.

Seller shall be entitled to payment of the Base Servicing Fee only to the extent funds are available therefor in the Third Party Controlled Current Spread Custodial Account in accordance with the Priority of Payments.  Under no circumstances shall Purchaser be liable to Seller for payment of the Base Servicing Fee.  In the event servicing of the Mortgage Loans is transferred to sub-servicers for any reason, the servicing fees and expenses of such sub-servicers shall be paid by Seller and in no event will the amount of Servicing Spread Collections or termination payments otherwise allocable to the Current Excess Servicing Spread be reduced due to the payment of sub-servicing fees and expenses. 

Section 3.07    Intent and Characterization.  

(a)    Seller and Purchaser intend that the sale of the Current Excess Servicing Spread pursuant to this Agreement constitutes a valid sale of such Current Excess Servicing Spread from Seller to Purchaser, conveying good title thereto free and clear of any Lien, and that the beneficial interest in and title to the Current Excess Servicing Spread not be part of Seller's estate in the event of the bankruptcy of Seller.  Seller and Purchaser intend and agree to treat the transfer and assignment of the Current Excess Servicing Spread as an absolute sale for tax purposes, and as an absolute and complete conveyance of title for property law purposes.  Except for financial accounting purposes, neither party intends the transactions contemplated hereby to be characterized as a loan from Purchaser to Seller.

(b)    In the event (but only in the event) that the conveyance of the Current Excess Servicing Spread is characterized by a court or governmental authority as security for a loan rather than a sale, Seller will be deemed to have granted to Purchaser, and Seller hereby grants to Purchaser, a security interest in all of its right, title and interest in, to and under the Current Excess Servicing Spread and all proceeds thereof as security for a loan in an amount equal to the Purchase Price.

ARTICLE IV

[RESERVED]

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF SELLER

As an inducement to Purchaser to enter into this Agreement, Seller represents and warrants to Purchaser as of the Original Agreement Date, the Amendment Date, the Sale Date and as of each Subsequent Sale Date (or as of the date specified below, as applicable):  
Section 5.01    Due Organization and Good Standing.

Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.  Seller is qualified to transact business in each jurisdiction in which such qualification is deemed necessary to service the Mortgage Loans.  Seller has, in full force and effect (without notice of possible suspension, revocation or impairment), all required permits, approvals, licenses, and registrations to conduct all activities in all states in which its activities with respect to the Mortgage Loans or the Mortgage Servicing Rights require it to be licensed, registered or approved in order to service the Mortgage Loans and own the Mortgage Servicing Rights, unless the failure to obtain such permits, approvals, licenses and registrations would not reasonably be expected to have a material adverse effect on Seller's ability to perform its obligations under this Agreement or the other Transaction Documents to which it is a party.

Section 5.02    Authority and Capacity.  

Seller has all requisite limited liability company power, authority and capacity to enter into this Agreement and each other Transaction Document to which it is a party and to perform the obligations required of it hereunder and thereunder.  The execution and delivery of this Agreement and each other Transaction Document to which Seller is a party and the consummation of the transactions contemplated hereby and thereby have each been duly and validly authorized by all necessary corporate action.  This Agreement constitutes, and each other applicable Transaction Document to which Seller is a party constitutes or will constitute, a valid and legally binding agreement of Seller enforceable in accordance with its terms, and no offset, counterclaim or defense exists to the full performance by Seller of this Agreement or such other Transaction Document, except as the same may be limited by bankruptcy, insolvency, reorganization and similar laws affecting the enforcement of creditors' rights generally and by general equity principles.
Section 5.03    Title to the Mortgage Servicing Rights; Owner Consents

(a)    As of the Sale Date or Subsequent Sale Date, as applicable, Seller will be the lawful owner of the Mortgage Servicing Rights, will be responsible for the maintenance of the Related Escrow Accounts, and will have the sole right and authority to transfer the Current Excess Servicing Spread as contemplated hereby.  The transfer, assignment and delivery of the Current Excess Servicing Spread shall be free and clear of any and all claims, charges, defenses, offsets, Liens and encumbrances of any kind or nature whatsoever.  

(b)    As of the Sale Date or Subsequent Sale Date, as applicable, Seller has obtained all Owner Consents or, with respect to any Servicing Agreement relating to the Mortgage Loans for which an Owner Consent has not been obtained, a final order entered by the bankruptcy court providing that such Owner Consent is not required. 

Section 5.04    Effective Agreements.

The execution, delivery and performance of this Agreement and each other Transaction Document that has been executed by Seller, compliance with the terms hereof and thereof and the consummation of the transactions contemplated hereby and thereby did not, and will not, violate, conflict with, result in a breach of, constitute a default under, be prohibited by or require any additional approval under its certificate of formation or limited liability company agreement, any instrument or agreement to which it is a party or by which it is bound or which affects the Current Excess Servicing Spread, or any state or federal law, rule or regulation or any judicial or administrative decree, order, ruling or regulation applicable to it or to the Current Excess Servicing Spread.
Section 5.05    No Accrued Liabilities.

There are no accrued liabilities of Seller with respect to the Mortgage Loans or the Mortgage Servicing Rights or circumstances under which such accrued liabilities will arise against Purchaser as purchaser of the Current Excess Servicing Spread.
Section 5.06    Seller/Servicer Standing. 

Seller is qualified to act as servicer under, and meets all eligibility criteria required by, each applicable Servicing Agreement, and has adequate resources to complete the transactions contemplated hereby on the conditions stated herein.   No event has occurred, including but not limited to a change in insurance coverage, which would make the Seller unable to comply with any such requirements or which would require notification to the applicable Owner. Furthermore, if at any time prior to the termination of this Agreement, the Seller is unable to comply with any eligibility requirements under any Servicing Agreement, it shall immediately notify the Purchaser.
Section 5.07    MERS Membership.

Seller is a member in good standing under the MERS system.
Section 5.08    Owner Set-off Rights.

Seller has no actual notice, including any notice received from an Owner, or any reason to believe, that, other than in the normal course of Seller's business, any circumstances exist that would result in Seller being liable to an Owner for any amount due by reason of: (i) any breach of servicing obligations or breach of mortgage selling warranty to such Owner under servicing agreements relating to Seller’s entire servicing portfolio for such Owner (including any unmet mortgage repurchase obligation), (ii) any unperformed obligation with respect to mortgage loans that Seller is servicing for such Owner under the regular servicing option or other mortgages subject to recourse agreements, (iii) any loss or damage to such Owner by reason of any inability to transfer to a purchaser of the servicing rights Seller’s selling and servicing representations, warranties and obligations, or (iv) any other unmet obligations to such Owner under a servicing contract relating to Seller's entire servicing portfolio with such Owner. 
Section 5.09    Ability to Perform; Solvency.

Seller does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement.  Seller is Solvent and the sale of the Current Excess Servicing Spread will not cause Seller to become insolvent.  The sale of the Current Excess Servicing Spread is not undertaken to hinder, delay or defraud any of the creditors of Seller.  The consideration received by Seller upon the sale of the Current Excess Servicing Spread constitutes fair consideration and reasonably equivalent value therefor.

Section 5.10    Material Documents.

Seller has provided Purchaser with executed copies of all material agreements and documents, and any amendments thereto, relating to Seller's acquisition of the Mortgage Servicing Rights and the servicing of the Mortgage Loans. 
Section 5.11    Obligations with Respect to Origination.  
 
Seller shall remain liable for all obligations with respect to the origination of each Mortgage Loan and, if applicable, for all obligations with respect to the sale of such Mortgage Loan to the applicable Owner. 
Section 5.12    No Actions

There have not been commenced or, to the best of Seller’s knowledge, threatened any action, suit or proceeding which will likely materially and adversely affect the consummation of the transactions contemplated by any Transaction Document.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES AS TO MORTGAGE 
LOANS AND SERVICING

As further inducement to Purchaser to enter into this Agreement, Seller represents and warrants to Purchaser, as of the Original Agreement Date, the Amendment Date, the Sale Date and each Subsequent Sale Date (or as of the date specified below, as applicable): 
Section 6.01    Servicing Agreements; Applicable Laws.

The originator of the Mortgage Loan and each prior owner of the Mortgage Servicing Rights has each performed its obligations in all material respects in accordance with the terms of the related Mortgage Note, Mortgage, Servicing Agreements and Applicable Law.   
Section 6.02    Related Escrow Accounts.

All Related Escrow Accounts are being, and have been, maintained in accordance with Applicable Law and in accordance with the Servicing Agreements and the terms of the related Mortgages and other Mortgage Loan documents; and, except as to payments which are past due under Mortgage Notes, all balances required by the Mortgages or other Mortgage Loan Documents to be paid to Seller for the account of the Mortgagors are on deposit in the appropriate Related Escrow Account.  
Section 6.03    Accuracy of Servicing Information.The information in the Data Tape dated as of November 30, 2012 is true and correct in all material respects as of the 

date specified therein; provided that if there is no date specified in the Data Tape, as of November 30, 2012. 

Section 6.04    No Purchaser Responsibility. 

Purchaser shall have no responsibility, liability or other obligation whatsoever under any Servicing Agreement or with respect to any Mortgage Loan, or to make any advance thereunder, or to pay any servicing fees.
Section 6.05    Location of Credit Files.

All of the Mortgage Loan Documents are or upon delivery by Bank of America will be held by Custodians, or if held by the Seller, in the locations specified in Exhibit E, unless temporarily removed for enforcement purposes in the normal course of servicing.  Seller will notify Purchaser in writing of any changes in locations of the Mortgage Loan Documents held by the Seller in Exhibit E.  
Section 6.06    Representations Concerning the Current Excess Servicing Spread. 

(a)    Seller has not assigned, pledged, conveyed, or encumbered the Current Excess Servicing Spread to any other Person and immediately prior to the sale of the Current Excess Servicing Spread on the Sale Date, Amendment Date or Subsequent Sale Date, as applicable, Seller was the sole owner of the Current Excess Servicing Spread and had good and marketable title thereto, free and clear of all Liens, and no Person, other than Purchaser, has any Lien on, or ownership of, the Current Excess Servicing Spread.  No security agreement, financing statement, equivalent security or lien instrument or continuation statement covering all or any part of the Current Excess Servicing Spread which has been signed by Seller or which Seller has authorized any other Person to sign or file or record, is on file or of record with any public office, except such as may have been terminated or filed by or on behalf of Purchaser.  

(b)    The sale and grant of a security interest by Seller to Purchaser of and on the Current Excess Servicing Spread does not and will not violate any Requirement of Law, the effect of which violation is to render void or voidable such assignment.

(c)    As contemplated under Section 3.07(b), upon the filing of financing statements on Form UCC-1 naming Purchaser as “Secured Party” and Seller as “Debtor”, and describing the Current Excess Servicing Spread, in the jurisdictions and recording offices listed on Exhibit I attached hereto, the sale and security interests granted hereunder in the Current Excess Servicing Spread will constitute perfected first priority security interests under the UCC in all right, title and interest of Purchaser in, to and under the Current Excess Servicing Spread.

(d)    Purchaser has and will continue to have the full right, power and authority to pledge the Current Excess Servicing Spread, and the Current Excess Servicing Spread may be further assigned without any requirement.

(e)    Each Servicing Agreement constitutes an Eligible Servicing Agreement. 

ARTICLE VII

REPRESENTATIONS AND WARRANTIES OF PURCHASER
As an inducement to Seller to enter into this Agreement, Purchaser represents and warrants to Purchaser as of the Original Agreement Date, the Amendment Date, the Sale Date and each Subsequent Sale Date (or as of the date specified below, as applicable):
Section 7.01    Due Organization and Good Standing.

Purchaser is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.  Purchaser is qualified to transact business in each jurisdiction in which such qualification is deemed necessary.  
Section 7.02    Authority and Capacity.

Purchaser has all requisite limited liability company power, authority and capacity to enter into this Agreement and each other Transaction Document to which it is a party and to perform the obligations required of it hereunder and thereunder.  The execution and delivery of this Agreement and each other Transaction Document to which it is a party and the consummation of the transactions contemplated hereby and thereby have each been duly and validly authorized by all necessary limited liability company action.  This Agreement constitutes, and each other applicable Transaction Document to which Purchaser is a party constitutes or will constitute, a valid and legally binding agreement of Purchaser enforceable in accordance with its terms, and no offset, counterclaim or defense exists to the full performance by Purchaser of this Agreement or such other Transaction Document, except as the same may be limited by bankruptcy, insolvency, reorganization and similar laws affecting the enforcement of creditors' rights generally and by general equity principles.
Section 7.03    Effective Agreements.

The execution, delivery and performance of this Agreement and each other Transaction Document to which it is a party by Purchaser, its compliance with the terms hereof and thereof and the consummation of the transactions contemplated hereby and thereby will not violate, conflict with, result in a breach of, constitute a default under, be prohibited by or require any additional approval under its certificate of formation or limited liability company agreement,  any instrument or agreement to which it is a party or by which it is bound, or any state or federal law, rule or regulation or any judicial or administrative decree, order, ruling or regulation applicable to it, in each case which violation, conflict, breach or requirement would reasonably 

be expected to have a material adverse effect on Purchaser's ability to perform its obligations under this Agreement and any other Transaction Document to which it is a party.
Section 7.04    Sophisticated Investor.

Purchaser is a sophisticated investor and its decision to acquire the Current Excess Servicing Spread is based upon Purchaser's own independent experience, knowledge, due diligence and evaluation of this transaction.  Purchaser has relied solely on such experience, knowledge, due diligence and evaluation and has not relied on any oral or written information provided by Seller other than the representations and warranties made by Seller herein.
Section 7.05    No Actions

There shall not have been commenced or, to the best of Purchaser's knowledge, threatened any action, suit or proceeding against the Purchaser that will likely materially and adversely affect the consummation of the transactions contemplated hereby.

ARTICLE VIII

SELLER COVENANTS

Seller covenants and agrees as follows:
Section 8.01    Servicing Obligations.

(a)    Seller shall (or, prior to the Servicing Transfer Date, shall cause the Interim Servicer to,) pay, perform and discharge all liabilities and obligations relating to the Servicing, including all liabilities and obligations under the Mortgage Loan Documents, Applicable Law and the Servicing Agreements; and shall pay, perform and discharge all the rights, obligations and duties with respect to the Related Escrow Accounts as required by the Servicing Agreements, the Mortgage Loan Documents, all Applicable Law and in accordance with the Purchase and Sale Agreement.  

(b)    Under no circumstances shall Purchaser be responsible for the Servicing acts and omissions of Seller or any other servicer or any originator of the Mortgage Loans, or for any servicing related obligations or liabilities of any servicer in the Servicing Agreements or of any Person under the Mortgage Loan Documents, or for any other obligations or liabilities of Seller or Bank of America.

(c)    Any deferred servicing fees purchased by the Seller with respect to the Mortgage Loans under the Purchase and Sale Agreement shall only be retained by Seller after all Servicing Spread Collections with respect to the applicable Mortgage Loan for the related Collection Period (and any unpaid Servicing Spread Collections from prior Collection Periods) have been remitted to the Third Party Controlled Current Spread Custodial Account.

(d)    Subject to a nonrecoverability determination made pursuant to the related Servicing Agreement, the Seller shall advance the full amount of principal and interest on delinquent Mortgage Loans for each Collection Period, including the related servicing fee.

(e)    Upon termination of any Servicing Agreement, Seller shall remain liable to Purchaser and the applicable Owner for all liabilities and obligations incurred by the servicer or its designee while Seller or its designee was acting as the servicer thereunder.

(f)    Seller shall conduct quality control reviews of its servicing operations in accordance with industry standards.  

Section 8.02    Cooperation; Further Assurances. 

Seller shall cooperate with and assist Purchaser, as reasonably requested, in carrying out the purposes of this Agreement.  Seller will cooperate and assist Purchaser, as reasonably requested and at the reasonable expense of Purchaser (except as otherwise provided in Section 12.01), in obtaining consents from any Owner as may be required or advisable to assign, transfer, deliver, hypothecate, pledge, subdivide, finance or otherwise deal with the Current Excess Servicing Spread.  If Seller is terminated under any Servicing Agreement, Seller shall cooperate fully and at its own expense in transferring such Servicing.  If Purchaser assigns all or any portion of the Current Excess Servicing Spread or its other rights under this Agreement to a Third Party Assignee, Seller will cooperate and assist any Third Party Assignee in drafting and entering into a Third Party Current Spread Agreement in accordance with Section 12.16.
Section 8.03    Financing Statements.

Seller hereby authorizes the filing of any financing statements or continuation statements, and amendments to financing statements, in any jurisdictions and with any filing offices as Purchaser may determine, in its sole discretion, are necessary or advisable to perfect the sale of the Current Excess Servicing Spread and the security interests granted to Purchaser in connection herewith.  Seller agrees to execute financing statements in form reasonably acceptable to Purchaser and Seller at the request of Purchaser in order to reflect Purchaser's interest in the Current Excess Servicing Spread, the Third Party Controlled Current Spread Custodial Account and the Current Spread Reserve Account.
Section 8.04    Supplemental Information.

From time to time after the Sale Date or the Subsequent Sale Date, as applicable, Seller promptly shall furnish Purchaser such incidental information, which is reasonably available to Seller, supplemental to the information contained in the documents and schedules delivered pursuant to this Agreement, as may reasonably be requested to monitor performance of the Mortgage Loans and the payment of the Current Excess Servicing Spread.  
Section 8.05    Access to Information.

From time to time, at such times as are reasonably convenient to Seller, Purchaser or its designees may conduct audits or visit and inspect (a) any of the Mortgage Loans or places where the Credit Files are located, to examine the Credit Files, internal controls and procedures maintained by Seller and its agents, and take copies and extracts therefrom, and to discuss Seller’s affairs with its officers, employees and, upon notice to Seller, independent accountants.  Seller hereby authorizes such officers, employees and independent accountants to discuss with Purchaser the affairs of Seller and (b) the Seller’s servicing facilities for the purpose of satisfying the Purchaser that Seller, has the ability to service the Mortgage Loans related to Mortgage Servicing Rights in accordance with the standards set forth in the applicable Servicing Agreement.  Any audit provided for herein will be conducted in accordance with Seller’s rules respecting safety and security on its premises, in accordance with applicable privacy and confidentiality laws and without materially disrupting operations.
Section 8.06    Home Affordable Modification Program.

With respect to any Mortgage Loans that have been modified or that are or will be in a modification trial period as part of the U.S. Department of the Treasury's Home Affordable Modification Program (“HAMP”) (such Mortgage Loans, the “HAMP Loans”), Seller represents and warrants that it will continue to service such HAMP Loan in accordance with the HAMP terms and will ensure the timely compliance and filing of any appropriate HAMP documentation with the applicable regulator.
Section 8.07    Distribution Date Data Tapes and Reports.

Seller shall deliver the following to Purchaser two Business Days prior to each Distribution Date:
(a)    An Electronic Data File in form and substance acceptable to Purchaser containing, for each Mortgage Loan, principal, interest and Servicing Spread Collections, and delinquency status (i.e. 30, 60, 90, FCL, REO) as of the last day of the prior Collection Period;

(b)    A Summary Activity Report with respect to the Mortgage Loans with respect to the prior Collection Period containing:

(i)    aggregate beginning principal balance as of the first and last date of the Collection Period,

(ii)    aggregate regular principal collected,

(iii)    aggregate noncash principal,

(iv)    aggregate interest collected,

(v)    aggregate liquidation principal,

(vi)    aggregate curtailments,

(vii)    liquidations,

(viii)    short sales, 

(ix)    (1) for each Mortgage Loan, the principal balance, the applicable servicing spread, the final maturity date, the mortgage interest rate, the loan-to-value ratio and the FICO score, and (2) for each Mortgage Loan that was refinanced by a lender other than Seller or an affiliate thereof, to the extent such information is known to Seller in the ordinary course of business and the collection and delivery of such information does not impose any additional and undue burden on Seller, the name of such lender and the mortgage interest rate of the newly originated residential mortgage loan; 

(c)    A Delinquency Report with respect to the Mortgage Loans containing:

(i)    The aggregate outstanding principal balance of the Mortgage Loans  and percentages of the aggregate outstanding principal balance of the Mortgage Loans in each of the following categories as of the last day of the prior Collection Period:
(1)Current Mortgage Loans,

(2)0-29 days delinquent,

(3)30-59 days delinquent,

(4)60-89 days delinquent,

(5)90 days or more delinquent,

(6)Mortgage Loans in Foreclosure,

(7)Mortgage Loans with respect to which the related Mortgaged Properties have become real estate owned properties, and

(8)Mortgage Loans in which the Mortgagor is in bankruptcy; 

(ii)    For each of the above categories, a roll report showing the migration of Mortgage Loans in such category from the last day of the second prior Collection Period;

(d)    A Disbursement Report for such Distribution Date containing:

(i)    The Servicing Spread Collections for the prior Collection Period,

(ii)    The Base Servicing Fee paid to Seller, 

(iii)    The amount of the Current Excess Servicing Spread paid to Purchaser,

(iv)    The amount of funds, if any, transferred to the Current Spread Reserve Account,

(v)    The amount of Purchaser Indemnitees, if any, paid from each of the Third Party Controlled Current Spread Custodial Account or the Current Spread Reserve Account, and

(vi)    The amount of funds paid to Seller from the Current Spread Reserve Account.

Section 8.08    Financial Statements and Officer’s Certificates.

(a)    If Seller's financial statements are not filed with the U.S. Securities and Exchange Commission and are not publicly available, Seller shall deliver to Purchaser copies of Seller's most recent audited quarterly financial statements within 45 days of the end of each of Seller's fiscal quarters and its most recent audited annual financial statements within 90 days of the end of each of Seller's fiscal years.

(b)    Within 45 days of the end of each of Seller’s fiscal quarters, Seller shall deliver to Purchaser a certificate from a duly authorized officer of Seller certifying (i) whether or not Seller has a Consolidated Tangible Net Worth of at least the sum of (x) $250,000,000 and (y) 50% of the proceeds from any issuance of equity on or after the date hereof by Seller, Nationstar Mortgage Holdings Inc. or any of Seller’s consolidated subsidiaries (and shall provide a calculation of its determination of its Consolidated Tangible Net Worth) and (ii) whether or not Seller (considered together with its consolidated subsidiaries) is in default in any indebtedness in excess of $10,000,000 (individually or in the aggregate).

Section 8.09    Monthly Management Calls.

Within five Business Days after each Distribution Date, Seller shall make its management team and other appropriate officers and employees available to Purchaser to discuss by telephone the performance of the Mortgage Loans and the performance of the parties under the Transaction Documents.  
Section 8.10    Timely Payment of Owner Obligations.

Seller shall pay all of its obligations to the Owners in a timely manner so as to avoid exercise of any right of set-off by any Owner against Seller.  
Section 8.11    Servicing Agreements.

After the Serving Transfer Date, Seller will service the Mortgage Loans in accordance with Accepted Servicing Practices and will perform its obligations in all material respects in accordance with the Servicing Agreements and Applicable Law.  In particular, after the Servicing Transfer Date, Seller shall comply with any advancing obligation under the Servicing Agreements.  Without the express written consent of Purchaser (which consent may be withheld in its absolute discretion), Seller shall not (a) cancel, terminate or amend any Mortgage Servicing Rights, (b) expressly provide any required consent to any termination, amendment or modification of any Servicing Agreements either verbally or in writing, (c) expressly provide any required consent to any termination, amendment or modification of any other servicing agreements or enter into any other agreement or arrangement with any Owner that may be reasonably material to Purchaser either verbally or in writing or (d) take any other action in connection with any such Servicing Agreement that would impair in any material respect the value of the interests or rights of the Purchaser hereunder.  Seller shall conduct its business and perform its obligations under the Servicing Agreements in a manner such that no Owner will have cause to terminate any Servicing Agreement.  Notwithstanding the foregoing, in no event will the prohibitions contained in this Section 8.11 apply to any amendments or modifications of the Servicing Agreements applicable to Mortgage Loans owned by Seller which do not affect the Current Excess Servicing Spread with respect to such Mortgage Loans and are not reasonably material to the Purchaser.
The Seller shall monitor the obligations of the Interim Servicer to service and administer the Mortgage Loans in accordance with the terms of the Servicing Agreement.  
Section 8.12    Transfer of Mortgage Servicing Rights.

If Seller intends to assign, transfer or sell any of its Mortgage Servicing Rights to a replacement servicer, to the extent permitted by applicable law, (a) Seller shall consult with Purchaser and Purchaser shall participate in the assignment, transfer and sale of such Mortgage Servicing Rights, and (b) Seller shall obtain the written consent of Purchaser, granted by the Purchaser in its sole discretion, prior to any assignment, transfer or sale thereof.
Section 8.13    Consents to Transaction Documents.
Seller shall not terminate, amend, amend and restate, modify or waive any conditions or provisions of any Transaction Document without the express written consent of Purchaser, which consent shall not be unreasonably withheld, delayed or conditioned.  
Section 8.14    Accounts.

Seller shall inform the Mortgagors of Mortgage Loans at its own expense to remit their mortgage payments to the Lockbox Account, and any change in such instructions shall only be permitted with the express written consent of Purchaser.
Section 8.15    Notification of Certain Events.

Seller shall promptly notify Purchaser of any event which, with the passage of time, could reasonably be expected to result in a termination of any servicing agreement between Seller and any Owner.  Seller shall provide Purchaser with copies of any notices from any Owner of any breach, potential breach, default or potential default by Seller under any servicing agreement between Seller and such Owner, and with copies of any notices from any Owner of any termination, potential termination or threatened termination of any servicing agreement entered into between Seller and such Owner.  Seller shall promptly forward copies of any material notices received from any Owner or from any Governmental Authority with respect to the Mortgage Loans.  Seller shall provide Purchaser with (a) copies of all amendments to the Transaction Documents, the Servicing Agreements and the agreements relating to Seller's acquisition of the Mortgage Servicing Rights, and (b) copies of any other agreements Seller enters into with any Owner that may be reasonably material to Purchaser, in each case, promptly after execution thereof.
Section 8.16    Financing; Pledge of Current Excess Servicing Spread.

Seller shall not pledge, obtain Seller financing for, or otherwise permit any Lien of any creditor of Seller to exist on, any portion of the Servicing Spread Collections without the prior written consent of Purchaser.  Seller's financial statements shall contain footnotes indicating that the Current Excess Servicing Spread has been sold, and Seller does not maintain any ownership interest therein.
Section 8.17    Existence, etc.

Seller shall:
(a)    preserve and maintain its legal existence, good standing and all of its material licenses required to service the Mortgage Loans;

(b)    comply with the requirements of all Applicable Laws, rules, regulations and orders of Governmental Authorities (including, truth in lending and real estate settlement procedures) if failure to comply with such requirements could be reasonably likely (either individually or in the aggregate) to have a material adverse effect on its ability to perform its obligations hereunder or under any other Transaction Document;

(c)    keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, and maintain adequate accounts and reserves for all taxes (including income taxes), all depreciation, depletion, obsolescence and amortization of its properties, all contingencies, and all other reserves;

(d)    not move its chief executive office or chief operating office from the addresses referred to in Exhibit I unless it shall have provided Purchaser not less than thirty (30) days prior written notice of such change;

(e)    pay and discharge all material taxes, assessments and governmental charges or levies imposed on it or its income or profits or on any of its property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained.  Seller and its subsidiaries shall file on a timely basis all federal, and material state and local tax and information returns, reports and any other information statements or schedules required to be filed by or in respect of it;

(f)    keep in full force and effect the provisions of its charter documents, by-laws, operating agreements or similar organizational documents in each case to the extent reasonably necessary to perform its obligations hereunder or under any other Transaction Documents; 

(g)    keep in full force and effect all agreements and instruments by which it or any of its properties may be bound and all applicable decrees, orders and judgments, in each case to the extent reasonably necessary to perform its obligations hereunder or under any other Transaction Document; and

(h)    comply with its obligations under the Transaction Documents to which it is a party.

Section 8.18    Consent to Sub-Servicing.

Subject to the rights of the Owners, and except as contemplated under the Purchase and Sale Agreement with respect to transition services hereunder, Seller will not permit any Person other than Seller to service or sub-service the Mortgage Loans without the prior written consent of Purchaser, in each case other than (i) the Interim Servicer (prior to the Servicing Transfer Date) and (ii) third-party vendors customarily employed by servicers in the ordinary course of business in accordance with prudent mortgage servicing practices. 
Section 8.19    Nonpetition Covenant.

Seller shall not, prior to the date that is one year and one day after the payment in full of the Current Excess Servicing Spread, petition or otherwise invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against Purchaser under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Purchaser or any substantial part of its property, or ordering the winding up or liquidation of the affairs of Purchaser.
Section 8.20    Data Tape; Schedule of Mortgage Loans.

The information in the Data Tape delivered to Purchaser on the Sale Date or the Subsequent Sale Date, as applicable, will be true and correct in all material respects as of the date specified.  Seller shall maintain the Schedule of Mortgage Loans, which shall be updated as of the Sale Date or the Subsequent Sale Date, as applicable.  The information in the Schedule of Mortgage Loans pertaining to the Mortgage Loans and the Mortgage Servicing Rights will be true and correct in all material respects as of the date specified.
Section 8.21    Insurance.

The Seller shall maintain (a) general liability insurance, (b) errors and omission insurance or blanket bond coverage and (c) fidelity bond insurance, in each case, from reputable companies with coverage in amounts customarily maintained by such similarly situated entities in the same jurisdiction and industry as the Seller.
Section 8.22    Defense of Title.

  The Seller warrants and will defend the right, title and interest of the Purchaser in and to the Current Excess Servicing Spread against all adverse claims and demands.
Section 8.23    Refinancing of Mortgage Loans.

Each agreement or arrangement that Seller enters into to purchase Mortgage Servicing Rights shall be entered into on an arm’s length contractual basis in the ordinary course of business and shall have market terms applicable for the type of Mortgage Servicing Rights to be acquired thereby.  Seller shall not enter into any agreement or arrangement with a third party intended to encourage the refinancing of any Mortgage Loan by any Person other than Seller.

ARTICLE IX

CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER

The obligations of Purchaser under this Agreement and under the Assignment Agreement are subject to the satisfaction of the following conditions as of the Sale Date, the Amendment Date or as of each Subsequent Sale Date, as applicable:
Section 9.01    Correctness of Representations and Warranties.

The representations and warranties made by Seller in this Agreement and each other Transaction Document to which Seller is a party to be made on or prior to the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable, are true and correct in all material respects; provided however, that, if the representations and warranties made in Sections 5.03(b) and 6.06(e) hereof with respect to any Servicing Agreement are not true and correct in all material respects on the Sale Date or the Subsequent Sale Date, as applicable, unless otherwise agreed in writing by Purchaser, (a) the Current Excess Servicing Spread for the Mortgage Loans relating to the affected Servicing Agreements shall not be sold to Purchaser and (b) such 

Servicing Agreements shall be removed from the definition of Servicing Agreements. In the event that the representations and warranties made in Sections 5.03(b) and 6.03(e) hereof are not true and correct in all material respects on the Sale Date or the Subsequent Sale Date, as applicable, with respect to a Servicing Agreement (a) unless the Purchaser elects to waive the failure of such representations and warranties with respect to any such Servicing Agreement and purchase the related Current Excess Servicing Spread, Seller shall have no further obligations to Purchaser with respect to such Servicing Agreement or the related Mortgage Loans and (b) the failure of such representations and warranties to be true and correct in all material respects on the Sale Date or the Subsequent Sale Date, as applicable, with respect to a Servicing Agreement or any number of Servicing Agreements shall not be considered a failure of the condition precedent contained in this Section 9.01 for the consummation of the transactions contemplated hereby with respect to those Servicing Agreements that do satisfy this condition.
Section 9.02    Compliance with Conditions.

All of the terms, covenants, conditions and obligations of this Agreement and each other Transaction Document required to be complied with and performed by Seller and Bank of America on or prior to the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable, shall have been duly complied with and performed in all material respects.
Section 9.03    Corporate Resolution.

Receipt by the Purchaser of a certified copy of the Seller's corporate resolution approving the execution and delivery of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby, together with such other certificates of incumbency and other evidences of corporate authority as Purchaser or its counsel may reasonably request.  
Section 9.04    No Material Adverse Change.

From the Original Agreement Date, there shall not have been any change to Seller's financial or operating condition, or in the Mortgage Servicing Rights, the Mortgage Loans or the Related Escrow Accounts that in each case will likely have a material adverse effect the consummation of the transactions contemplated hereby or the Current Excess Servicing Spread.

Section 9.05    Consents.

Seller shall have obtained all consents, approvals or other requirements of third parties required for the consummation of the transactions contemplated by the Transaction Documents that are to be obtained on or prior to the Sale Date or the Subsequent Sale Date, as applicable. No consents are required for the sale of the Current Excess Servicing Spread from Seller to Purchaser.  All actions of all Governmental Authorities required to consummate the transactions contemplated by the Transaction Documents and the documents related thereto shall have been obtained or made.

Section 9.06    Delivery of Transaction Documents.

Seller shall have delivered to the Purchaser copies of each executed Transaction Document that is to be entered into on or prior to such date and each of the items required to be delivered pursuant to Section 2.04 hereof.
Section 9.07    Certificate of Seller.

Seller shall have provided Purchaser a certificate, substantially in the form attached hereto as Exhibit C, signed by an authorized officer of Seller dated as of such date, applicable to the transactions contemplated by this Agreement, to the effect that: (a) each of Seller's representations and warranties made in this Agreement and each other Transaction Document to which Seller is a party is true and correct in all material respects as of such date; (b) all of the terms, covenants, conditions and obligations of this Agreement and each other Transaction Document to which Seller is a party that are required to be complied with and performed by Seller at or prior to the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable, have been duly complied with and performed in all material respects; (c) the conditions set forth in Section 9.04 and Section 9.05 have been satisfied; and (d) as of the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable, Seller has a Consolidated Tangible Net Worth of at least the sum of (x) $250,000,000 and (y) 50% of the proceeds from any issuance of equity on or after the date hereof by Seller, Nationstar Mortgage Holdings Inc. or any of Seller’s consolidated subsidiaries, and the Seller (considered together with the Seller’s consolidated subsidiaries) is not in default in any indebtedness in excess of $10,000,000 (individually or in the aggregate).
Section 9.08    Valuation.

Purchaser shall have received an opinion reasonably satisfactory to Purchaser that the Base Servicing Fee of the Mortgage Loans and the Purchase Price of the Current Excess Servicing Spread is fair and reasonable.
Section 9.09    Opinions of Counsel.

Seller's counsel shall have delivered the Opinions of Counsel required pursuant to Section 2.04(a)(ix), Section 2.04(a)(x) and Section 2.04(a)(xi).
Section 9.10    Acquisition of Mortgage Servicing Rights by Seller.

Seller shall have acquired the Mortgage Servicing Rights and the other Purchased Assets from Bank of America pursuant to the Purchase and Sale Agreement as of the Sale Date or the Subsequent Sale Date, as applicable.
Section 9.11    Good Standing Certificate of Seller

Seller shall have provided Purchaser a certificate of good standing of Seller, dated as of a date within five (5) Business Days prior to the Sale Date or the Subsequent Sale Date, as applicable.
Section 9.12    No Actions or Proceedings. 

No action, suit, proceeding or investigation by or before any Governmental Authority shall have been instituted to restrain or prohibit the consummation of, or to invalidate, any of the transactions contemplated by this Agreement and the documents related hereto in any material respect.
Section 9.13    Fees, Costs and Expenses. 

The fees, costs and expenses payable by the Seller on or prior to the Sale Date or the Subsequent Sale Date, as applicable pursuant to Section 12.01 hereof and any other Transaction Document shall have been paid.

ARTICLE X

CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER

The obligations of Seller under this Agreement are subject to the satisfaction of the following conditions as of the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable:
Section 10.01    Correctness of Representations and Warranties.

The representations and warranties made by Purchaser in this Agreement to be made on or prior to the Original Agreement Date, Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable, are true and correct in all material respects as of the date thereof.
Section 10.02    Compliance with Conditions.

All of the terms, conditions, covenants and obligations of this Agreement required to be complied with and performed by Purchaser on or prior to the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable, shall have been duly complied with and performed in all material respects as of the date thereof.
Section 10.03    Corporate Resolution.

As of the date hereof, Seller shall have received from Purchaser a certified copy of its corporate resolution approving the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, together with such other certificates of incumbency and other evidences of corporate authority as Seller or its counsel may reasonably request.

Section 10.04    No Material Adverse Change.

Since the Original Agreement Date, there shall not have been any change to Purchaser's financial condition that will likely materially and adversely affect the consummation of the transactions contemplated hereby.
Section 10.05    Certificate of Purchaser.

Purchaser shall have provided Seller a certificate, substantially in the form attached hereto as Exhibit D, signed by an authorized officer of Purchaser dated as of such date, applicable to the transactions contemplated by this Agreement, to the effect that: (a) each of Purchaser's representations and warranties made in this Agreement is true and correct in all material respects as of such date; (b) all of the terms, covenants, conditions and obligations of this Agreement required to be complied with and performed by Purchaser at or prior to the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable, have been duly complied with and performed in all material respects; and (c) the condition set forth in Section 10.04 has been satisfied.
Section 10.06    Good Standing Certificate of Purchaser. 

Purchaser shall have provided Seller a certificate of good standing of Purchaser, dated as of a date within five (5) Business Days prior to the Sale Date, the Amendment Date or the Subsequent Sale Date, as applicable. 

ARTICLE XI

INDEMNIFICATION; CURE 

Section 11.01    Indemnification by Seller.

(a)    Seller shall indemnify, defend and hold Purchaser, its affiliates and its and their respective directors, managers, officers, employees, agents, representatives and advisors (the “Purchaser Indemnitees”) harmless from and shall reimburse the applicable Purchaser Indemnitee for any Losses suffered or incurred by any Purchaser Indemnitee after the Sale Date or the Subsequent Sale Date, as applicable, which result from:

(i)    Any material breach of a representation or warranty by Seller, or non-fulfillment of any covenant or obligation of Seller, contained in this Agreement or the Assignment Agreement; 

(ii)    Any servicing act or omission of any prior servicer relating to any Mortgage Loan and any act or omission of any party related to the origination of any Mortgage Loan; 

(iii)    Any act, error or omission of Seller in servicing any of the Mortgage Loans, including improper action or failure to act when required to do so;

(iv)    Any exercise of any rights of setoff or other netting arrangements by any Owner against Seller that results in a decrease in Servicing Agreements termination payments due to Seller with respect to the Mortgage Loans from such Owner or in a shortfall of funds to pay the Current Excess Servicing Spread; 

(v)    Any breach by Seller of the Purchase and Sale Agreement; and

(vi)    Litigation, proceedings, governmental investigations, orders, injunctions or decrees resulting from any of the items described in Section 11.01(a)(i) - (v) above;
provided, however, that the applicable Purchaser Indemnitee has taken all commercially reasonable and appropriate actions to mitigate any such losses, damages, deficiencies, claims, causes of action or expenses as reasonably requested by Seller, which such failure of mitigation shall not relieve Seller of its indemnification obligations in this Section 11.01 but may affect the amount of such obligation; and further provided, that any Losses incurred by the Purchaser Indemnitee pursuant to any attempt to mitigate any such losses, damages, deficiencies, claims, causes of action or expenses shall be reimbursed by Seller as part of its indemnification obligations in this Section 11.01.  Purchaser shall notify Seller promptly after receiving written notice of the assertion of any litigation, proceedings, governmental investigations, orders, injunctions, decrees or any third party claims subject to indemnification under this Agreement (each, a “Third Party Claim”).  Upon receipt of such notice of a Third Party Claim, Seller shall have the right to assume the defense of such Third Party Claim using counsel of its choice reasonably satisfactory to the applicable Purchaser Indemnitee, but may not enter into any settlement without the prior written consent of the applicable Purchaser Indemnitee, which shall not be unreasonably withheld.  A Purchaser Indemnitee shall have the right to select separate counsel and to otherwise separately defend itself at its own expense but shall not consent to the entry of a judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of Seller, which consent shall not be unreasonably withheld.  Any exercise of such rights by a Purchaser Indemnitee shall not relieve Seller of its obligations and liabilities under this Section 11.01 or any other provision of this Agreement.  With respect to any Third Party Claim subject to indemnification under this Agreement, the applicable Purchaser Indemnitee shall be required to cooperate in good faith with Seller to ensure the proper and adequate defense of such Third-Party Claim.  For the avoidance of doubt, Seller's obligations for Purchaser Indemnitees shall not be limited to funds available in the Third Party Controlled Current Spread Custodial Account or the Current Spread Reserve Account.

(b)    REIT Requirements.   Notwithstanding anything in Section 11.01(a) above, in the event that counsel or independent accountants for the Protected REIT determine that there exists a material risk that any amounts due to Purchaser under ARTICLE XI hereof would be treated as Nonqualifying Income upon the payment of such amounts to Purchaser, the amount paid to Purchaser pursuant to this Agreement in any tax year shall not exceed the maximum amount that can be paid to Purchaser in such year without causing the Protected REIT to fail to meet the REIT Requirements for such year, determined as if the payment of such amount were Nonqualifying Income as determined by such counsel or independent accountants to the Protected REIT.  If the amount payable for any tax year under the preceding sentence is less than the amount which Seller would otherwise be obligated to pay to Purchaser pursuant to ARTICLE XI of this Agreement (the “Expense Amount”), then: (1) Seller shall place the Expense Amount into an escrow account (the “Expense Escrow Account”) using an escrow agent and agreement reasonably acceptable to Purchaser and shall not release any portion thereof to Purchaser, and Purchaser shall not be entitled to any such amount, unless and until Purchaser delivers to Seller, at the sole option of the Protected REIT, (i) an opinion (an “Expense Amount Tax Opinion”) of the Protected REIT’s tax counsel to the effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income, (ii) a letter (an “Expense Amount Accountant’s Letter”) from the Protected REIT’s independent accountants indicating the maximum amount that can be paid at that time to Purchaser without causing the Protected REIT to fail to meet the REIT Requirements for any relevant taxable year, or (iii) a private letter ruling issued by the IRS to the Protected REIT indicating that the receipt of any Expense Amount hereunder will not cause the Protected REIT to fail to satisfy the REIT Requirements (a “REIT Qualification Ruling” and, collectively with an Expense Amount Tax Opinion and an Expense Amount Accountant’s Letter, a “Release Document”); and (2) pending the delivery of a Release Document by Purchaser to Seller, Purchaser shall have the right, but not the obligation, to borrow the Expense Amount from the Escrow Account pursuant to a loan agreement (an “Indemnity Loan Agreement”) reasonably acceptable to Purchaser that (i) requires Seller to lend Purchaser immediately available cash proceeds in an amount equal to the Expense Amount (an “Indemnity Loan”), and (ii) provides for (A) a commercially reasonable interest rate and commercially reasonable covenants, taking into account the credit standing and profile of Purchaser or any guarantor of Purchaser, including the Protected REIT, at the time of such Loan, and (B) a 15 year maturity with no periodic amortization.  

Section 11.02    Indemnification by Purchaser.

Purchaser shall indemnify, defend and hold Seller, its affiliates and its and their respective directors, managers, officers, employees, agents, representatives and advisors (the “Seller Indemnitees”) harmless from and shall reimburse the applicable Seller Indemnitee for any Losses suffered or incurred by any Seller Indemnitee which result from:
(a)    Any material breach of a representation or warranty by Purchaser, or non-fulfillment of any covenant or obligation of Purchaser contained in this Agreement; and

(b)    Litigation, proceedings, governmental investigations, orders, injunctions or decrees, the basis for which occurred after the Original Agreement Date, resulting from any of the items described in Section 11.02(a) above;

provided, however, that the applicable Seller Indemnitee has taken all commercially reasonable and appropriate actions to mitigate any such losses, damages, deficiencies, claims, causes of action or expenses as reasonably requested by Purchaser, which such failure of mitigation shall not relieve Purchaser of its indemnification obligations in this Section 11.02 but may affect the amount of such obligation; and further provided, that any Losses incurred by the Seller Indemnitee pursuant to any attempt to mitigate any such losses, damages, deficiencies, claims, causes of action or expenses shall be reimbursed by Purchaser as part of its indemnification obligations in this Section 11.02. Seller shall notify Purchaser promptly after receiving written notice of the assertion of any litigation, proceedings, governmental investigations, orders, injunctions, decrees or any third party claims subject to indemnification under this Agreement (each, a “Third Party Claim”).  Upon receipt of such notice of a Third Party Claim, Purchaser shall have the right to assume the defense of such Third Party Claim using counsel of its choice reasonably satisfactory to the applicable Seller Indemnitee, but may not enter into any settlement without the prior written consent of Purchaser, which shall not be unreasonably withheld.  A Seller Indemnitee shall have the right to select separate counsel and to otherwise separately defend itself but shall not consent to the entry of a judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of Purchaser, which consent shall not be unreasonably withheld.  Any exercise of such rights by a Seller Indemnitee shall not relieve Purchaser of its obligations and liabilities under this Section 11.02 or any other provision of this Agreement.  With respect to any Third Party Claim subject to indemnification under this Agreement, the applicable Seller Indemnitee shall be required to cooperate in good faith with Purchaser to ensure the proper and adequate defense of such Third-Party Claim. 
Section 11.03    Award of Damages.

(a)

(i)In the event that an award of damages or other payment is received by a Party or a designee of a Party as a result of a claim, judgment, settlement or arbitration (including payment pursuant to a guaranty of Bank of America by any other Person) of a legal dispute that occurs either on or after the execution of the Purchase and Sale Agreement in connection with the enforcement of the Purchase and Sale Agreement in the event of a breach by Bank of America of any representations and warranties or covenants where such breach had an adverse impact on the value of the Total Servicing Spread, the Current Excess Servicing Spread Percentage of that award shall be distributed to Purchaser or its designee and the remainder of that award shall be distributed to Seller or its designee

(ii)In the event that an award of damages or other payment is received by a Party or a designee of a Party as a result of a claim, 

judgment, settlement or arbitration (including payment pursuant to a guaranty of Bank of America by any other Person) of a legal dispute that occurs either on or after the execution of the Purchase and Sale Agreement in connection with the enforcement of the Purchase and Sale Agreement in the event of a breach by Bank of America of any representations and warranties or covenants where such breach did not have an adverse impact on the value of the Total Servicing Spread, the entirety of the award shall be distributed to Seller or its designee.

(b)In the event that a Party or designee of a Party receives an award pursuant to Sections 11.03(a)(i) or (ii) and some or all of that amount is to be distributed to the other Party or a designee of the other Party pursuant to Sections 11.03(a)(i) or (ii), the Party or the Party's designee in possession of the applicable amount shall promptly notify the other Party or the other Party's designee as to the award's existence and request that the other Party or other Party's designee, as applicable, designate an account to which the amount shall be remitted.  Once the necessary account information has been provided by the appropriate Party or designee of a Party, the applicable amount shall be remitted by wire transfer of immediately available federal funds to the account so designated.

(c)Two Business Days prior to each Distribution Date, the Seller shall, provide Purchaser with a monthly report of all claims and legal disputes made or pending with Bank of America during the prior month, including the amounts of any claims made or resolved during such month.

Section 11.04    Other Rights

The Seller hereby acknowledges that, in addition to its rights under this Agreement, the Purchaser is entitled to exercise its rights under the related Owner Consent.

ARTICLE XII

MISCELLANEOUS

Section 12.01    Costs and Expenses.
Except as otherwise provided herein, Purchaser and Seller shall share the expenses incurred by Seller and Purchaser or their respective affiliates in connection with the transactions contemplated hereby, with the expense allocation percentage to be mutually agreed upon by the Parties.
Section 12.02    Confidentiality.

Each Party understands that in connection with this transaction, it has been furnished and will be furnished Non-Public Personal Information and/or Personally Identifiable Financial Information (as those terms are defined in Sections 573.3(n) and (o) of the Office of Thrift Supervision Regulations on Privacy of Consumer Information published at 12 C.F.R. Chapter V 

implementing Title V of the Gramm-Leach-Bliley Act), and other information regarding the policies and plans of the other Party and its affiliates that is and has been designated as confidential and proprietary, and each Party agrees that it will maintain the confidentiality of such information and will not disclose it to others (except for its affiliates and its and their respective directors, managers, officers, employees, financing sources, agents, representatives and advisors), or use it except in connection with the proposed acquisition contemplated by this Agreement, without the prior written consent of the Party furnishing such information.  Information which is generally known in the industry concerning a Party or among such Party's creditors generally or which has been disclosed to the other Party by third parties who have a right to do so shall not be deemed confidential or proprietary information for these purposes.  If Purchaser, any of its affiliates or any officer, director, employee or agent of any of the foregoing is at any time requested or required to disclose any information supplied to it in connection with the transactions contemplated hereby, Purchaser agrees to provide Seller with prompt notice of such request(s) so that Seller may seek an appropriate protective order and/or waive Purchaser's compliance with the terms of this Section 12.02.  If Seller, any of its affiliates or any officer, director, employee or agent of any of the foregoing is at any time requested or required to disclose any information supplied to it in connection with the transactions contemplated hereby, Seller agrees to provide Purchaser with prompt notice of such request(s) so that Purchaser may seek an appropriate protective order and/or waive Seller's compliance with the terms of this Section 12.02. Notwithstanding the terms of this Section 12.02, if, in the absence of a protective order or the receipt of a waiver hereunder, Purchaser or Seller is nonetheless, in the opinion of its counsel, compelled to disclose information concerning the other Party to any tribunal or else stand liable for contempt or suffer other censure or penalty, Purchaser or Seller may disclose such information to such tribunal without liability hereunder.  If the proposed acquisition is not consummated, each Party agrees to promptly return to the other, promptly upon request, all confidential materials, and all copies thereof, which have been furnished to it in connection with the transactions contemplated hereby.  For the avoidance of doubt, either Party may provide its shareholders and creditors with a general description of this Agreement and any related transactions, and, subject to the provisions of this Section 12.02, information obtained from the reports provided by Seller pursuant to Section 8.07.
Section 12.03    Broker's Fees.

Each party hereto represents and warrants to the other that it has made no agreement to pay any finder's, agent's, broker's or originator's fee arising out of or in connection with the subject matter of this Agreement.  In the event Purchaser has entered or enters into an agreement to pay any finder's, agent's, broker's, advisor's or originator's fee arising out of or in connection with the subject matter of this Agreement, Purchaser shall be solely responsible for all such fees. The parties hereto shall indemnify and hold each other harmless from and against any such obligation or liability and any expense incurred in investigating or defending (including reasonable attorneys' fees) any claim based upon the other party's actions in connection with such obligation.

Section 12.04    Relationship of Parties.

The Parties intend that the transactions contemplated in the Transaction Documents constitute arms-length transactions among third parties.  Nothing contained in the Transaction Documents will establish any fiduciary, partnership, joint venture or similar relationship between or among the Parties except to the extent otherwise expressly stated therein.  
Section 12.05    Survival of Representations and Warranties.

Each party hereto covenants and agrees that the representations and warran-ties in this Agreement, and in any document delivered or to be delivered pursuant hereto, shall survive the Original Agreement Date. 
Section 12.06    Notices.

All notices, requests, demands and other communications which are required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given if personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid or by prepaid overnight delivery service:
(d)If to Purchaser, to: 
Fortress Investment Group LLC
1345 Avenue of the Americas
New York, NY 10105
Attn:  Brian Sigman
Chief Financial Officer
(212) 479-5343

(e)If to Seller, to:
Nationstar Mortgage LLC
350 Highland Drive
Lewisville, Texas 75067
Attn: Amar Patel

or to such other address as Purchaser or Seller shall have specified in writing to the other.

Section 12.07    Waivers.

Either Purchaser or Seller may, by written notice to the other:
(a)    Extend the time for the performance of any of the obligations or other transactions of the other; and

(b)    Waive compliance with or performance of any of the terms, conditions, covenants or obligations required to be complied with or performed by the other here-under.

The waiver by Purchaser or Seller of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach.
Section 12.08    Entire Agreement; Amendment.

This Agreement and the related Transaction Documents constitute the entire agreement between the parties with respect to the transactions contemplated hereby and supersede all prior agreements with respect thereto.  This Agreement may be amended only in a written instrument signed by both Seller and Purchaser.
Section 12.09    Binding Effect.

This Agreement shall inure to the benefit of and be binding upon the Parties and their successors and assigns.  Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Parties and their successors and assigns, any rights, obligations, remedies or liabilities.
Section 12.10    Headings.

Headings on the Articles and Sections in this Agreement are for reference purposes only and shall not be deemed to have any substantive effect.
Section 12.11    Applicable Law.

This Agreement shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with the laws of the State of New York, except to the extent preempted by Federal law.  This Agreement shall constitute a security agreement under the laws of the State of New York.  In addition to any other rights available under this Agreement or otherwise available at law or in equity but subject to the terms hereof, Purchaser shall have all rights and remedies of a secured party with respect to the Collateral under the laws of the State of New York and under any other applicable law to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to compliance with any mandatory requirements of applicable law and the terms of this Agreement, to sell or apply any rights and other interests with respect to the Collateral assigned or pledged hereby in accordance with the terms hereof at 

public and private sale in accordance with the terms of this Agreement.  The parties agree to waive trial by jury in the event of any dispute under this Agreement.
Section 12.12    Incorporation of Exhibits.

The Exhibits attached hereto shall be incorporated herein and shall be understood to be a part hereof as though included in the body of this Agreement.
Section 12.13    Counterparts.

This Agreement may be executed in counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement.
Section 12.14    Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the rights of the parties hereto.
Section 12.15    Public Announcement.

No public release or statement concerning the subject matter of this Agreement shall be made by either party without the express written consent and approval of the other party, except as required by law or stock exchange rule, and provided that on and after the Original Agreement Date,  either party may provide its shareholders and creditors with a general description of this Agreement and any related transactions, and, subject to the provisions of Section 12.02, information obtained from the reports provided by Seller pursuant to Section 8.07.
Section 12.16    Assignment.

(a)    Seller may not assign, transfer, sell or subcontract all or any part of this Agreement, any interest herein, or any of the Seller's interest in the Servicing Spread Collections, other than the interest in the Total Servicing Spread sold hereby, without the prior written consent of Purchaser, provided that any successor to Seller must assume Seller's obligations under this Agreement.  Purchaser shall have the unrestricted right to further assign, transfer, deliver, hypothecate, pledge, subdivide or otherwise deal with its rights under this Agreement on whatever terms Purchaser shall determine without the consent of Seller; including the right to assign all or any portion of the Current Excess Servicing Spread and to assign the related rights under this Agreement.  If Purchaser assigns any rights under this Agreement to a third party (a “Third Party AssignmentThird Party Assignment“), such third party (a “Third Party AssigneeThird Party Assignee“) shall enter into a new agreement (a “Third Party Current Spread AgreementThird Party Current Spread Agreement“) with Seller or Seller's assignee that 

provides such Third Party Assignee with the same rights with respect to the Current Excess Servicing Spread that Purchaser would have had under this Agreement if the Third Party Assignment had not occurred.  

(b)    Seller shall maintain a register on which it enters the name and address of each holder of the Current Excess Servicing Spread and each holder's interest in the Current Excess Servicing Spread (the “Holder Register”) for each transaction described in Section 12.16(a). The entries in the Holder Register shall be conclusive absent manifest error, and Seller shall treat each Person whose name is recorded in the Holder Register as an owner of the Current Excess Servicing Spread for all purposes of this Agreement notwithstanding any notice to the contrary.

Section 12.17    Termination.

If the Purchase and Sale Agreement is terminated, this Agreement shall be terminated concurrently therewith, without any further action of either Party.  In the event this agreement is terminated as set forth in the prior sentence or in Section 8.13, neither Party shall have any further obligations to the other Party hereunder except as expressly set forth herein.  If all conditions to Purchaser’s or Seller’s obligations to close set forth in Article IX and Article X, respectively, are not satisfied on the Sale Date or the Subsequent Sale Date, as applicable, Purchaser or Seller, as applicable based on the condition or conditions not satisfied, may terminate this agreement by written notice to the other party, and neither party shall have any further obligations to the other party hereunder, except as expressly set forth herein.   
Section 12.18    Third Party Beneficiaries.

This Agreement does not and is not intended to confer any rights or remedies upon any person or entity other than Purchaser and Seller, except as provided in Section 11.01 and in Section 11.02, provided that Purchaser and Seller reserve the right to modify any term of, or terminate, this Agreement, without the consent of any Purchaser Indemnitee or Seller Indemnitee. 

 

    

IN WITNESS WHEREOF, each of the undersigned parties to this Agreement has caused this Agreement to be duly executed in its corporate name by one of its duly authorized officers, all as of the date first above written.
MSR XII LLC
Purchaser 
By: /s/ Robert Williams    
Name:      Robert Williams
Title:        Chief Financial Officer 

NATIONSTAR MORTGAGE LLC
Seller
By:    /s/ Amar Patel    
Name:      Amar Patel
Title:        Executive Vice President

EXHIBIT A
FORM OF ASSIGNMENT AGREEMENT FOR MORTGAGE LOANS
Subject to, and upon the terms and conditions of the Amended and Restated Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans, dated as of September 10, 2013 (the “Agreement”), by and between Nationstar Mortgage LLC, a Delaware limited liability company (together with its successors and assigns, the “Seller”) and MSR XII LLC, a Delaware limited liability company (together with its successors assigns, the “Purchaser”), as may be amended, restated, or otherwise modified and in effect from time to time, Seller hereby assigns, transfers and delivers to Purchaser all of Seller's right, title and interest in and to Current Excess Servicing Spread for each of the Mortgage Loans set forth in Annex A attached hereto and all proceeds thereof, and agrees that as of the Sale Date, the applicable Mortgage Loan shall be deemed to be a “Mortgage Loan” for all purposes of the Agreement.  Capitalized terms used in this Assignment Agreement have the meanings given to such terms in, or incorporated by reference into, the Agreement.
In the event (but only in the event) that the conveyance of the Current Excess Servicing Spread is characterized by a court or governmental authority as security for a loan rather than a sale, Seller will be deemed to have granted to Purchaser, and Seller hereby grants to Purchaser, a security interest in all of its right, title and interest in, to and under the Current Excess Servicing Spread and all proceeds thereof as security for a loan in an amount of the Purchase Price..
All of the terms, covenants, conditions and obligations of the Agreement required to be complied with and performed by Seller on or prior to the date hereof have been duly complied with and performed in all material respects.
NATIONSTAR MORTGAGE LLC
Seller
By:            
Name:        
Title:        

Annex A
[ATTACH ANNEX A, WHICH MAY BE ON COMPUTER TAPE, COMPACT DISK, OR MICROFICHE, CONTAINING THE INFORMATION SET FORTH BELOW]
	
							
	(a)
	(b)
	(c)
	(d)
	(e)
	(f)
(column  (d) - column (e))
	(g)
([  ]% of column (f))

	Sale Date
	Loan # of Mortgage Loan
	Principal Balance of Mortgage Loan as of the Sale Date
	Servicing Spread Rate
	Base Servicing Fee Rate
	Net Servicing Spread Rate
	Current Excess Servicing Spread

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

EXHIBIT B
SCHEDULE OF MORTGAGELOANS
SEPARATELY DELIVERED]

EXHIBIT C
SELLER'S OFFICER'S CERTIFICATE
(To be supplied on the Sale Date)
I, _____________________________, a [Vice President] of Nationstar Mortgage LLC (the “Company”), pursuant to Section 9.07 of the Amended and Restated Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans by and between MSR XII LLC and the Company, dated as of September 10, 2013 (the “Agreement”), hereby certify on behalf of the Company that:
(i)Each of the Company's representations and warranties made in the Agreement is true and correct in all material respects as of the date hereof; 
(ii)All of the terms, covenants, conditions and obligations of the Agreement required to be complied with and performed by the Company at or prior to the date hereof have been duly complied with and performed in all material respects; 
(iii)The conditions set forth in Sections 9.04 and 9.05 of the Agreement have been satisfied; and
(iv)As of the date hereof, the Company has a Consolidated Tangible Net Worth (as defined in the Agreement) of at least the sum of (x) $250,000,000 and (y) 50% of the proceeds from any issuance of equity on or after the date of the Agreement by the Company, Nationstar Mortgage Holdings Inc. or any of Company’s consolidated subsidiaries, and the Company (considered together with its consolidated subsidiaries) is not in default in any indebtedness in excess of $10,000,000 (individually or in the aggregate).
IN WITNESS WHEREOF, the undersigned has executed this Certificate as of [______________]
By:            

EXHIBIT D
PURCHASER'S OFFICER'S CERTIFICATE
(To be supplied on the Sale Date)
I, ______________, [POSITION] of [___________], the sole member of MSR XII LLC (the “Company”), pursuant to Section 10.05 of the Amended and Restated Current Excess Servicing Spread Acquisition Agreement for Non-Agency Mortgage Loans by and between the Company and Nationstar Mortgage LLC, dated as of September 10, 2013 (the “Agreement”), hereby certify on behalf of the Company that:
(i)    Each of the Company's representations and warranties made in the Agreement is true and correct in all material respects as of the date hereof; and
(ii)    All of the terms, covenants, conditions and obligations of the Agreement required to be complied with and performed by the Company at or prior to the date hereof have been duly complied with and performed in all material respects; and
(iii)    All conditions set forth in Section 10.04 have been satisfied.  
IN WITNESS WHEREOF, the undersigned has executed this Certificate as of [______________].
MSR XII LLC
By:  [_________], as member
By:            

EXHIBIT E
LOCATION OF CREDIT FILES

350 Highland Drive
Lewisville, Texas 75067

EXHIBIT F
FORM OF SUMMARY REMITTANCE REPORT

[DELIVERED SEPARATELY] 

EXHIBIT G
FORM OF DELINQUENCY REPORT

[DELIVERED SEPARATELY]

 

EXHIBIT H
FORM OF DISBURSEMENT REPORT

[DELIVERED SEPARATELY] 

EXHIBIT I
SELLER JURISDICTIONS AND RECORDING OFFICES

Chief Executive Office:
350 Highland Drive
Lewisville, Texas 75067
Recording Office:
Secretary of State, State of Delaware
    

EXHIBIT J
SERVICING AGREEMENTS

[DELIVERED SEPARATELY]

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