Document:

EX-4.13

 EXHIBIT 4.13 

FORM OF 
 SUBORDINATED
INDENTURE 
 Between 

ONCOGENEX PHARMACEUTICALS, INC. 

and 

                       
     , 
 AS TRUSTEE 

Dated as of                     

 TABLE OF CONTENTS 

 

									
	 	  	 	  	Page	 
	 ARTICLE 1
	  	DEFINITIONS	  	 	1	  
				
		  	 Section 1.01.
	  	Certain Terms Defined	  	 	1	  
			
	 ARTICLE 2
	  	 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION, TRANSFER AND EXCHANGE OF SUBORDINATED SECURITIES
	  	 	6	  
				
		  	 Section 2.01.
	  	Form of Subordinated Securities and Trustee’s Certificate of Authentication	  	 	6	  
				
		  	 Section 2.02.
	  	Form of Trustee’s Certificate of Authentication	  	 	7	  
				
		  	 Section 2.03.
	  	Amount Unlimited, Issuable in Series	  	 	7	  
				
		  	 Section 2.04.
	  	Authentication and Delivery of Subordinated Indentures	  	 	9	  
				
		  	 Section 2.05.
	  	Execution of Subordinated Securities	  	 	11	  
				
		  	 Section 2.06.
	  	Certificate of Authentication	  	 	11	  
				
		  	 Section 2.07.
	  	Denominations; Payment of Interest on Subordinated Securities	  	 	12	  
				
		  	 Section 2.08.
	  	Registration, Transfer and Exchange of Subordinated Securities	  	 	13	  
				
		  	 Section 2.09.
	  	Mutilated, Defaced, Destroyed, Lost and Stolen Subordinated Securities	  	 	14	  
				
		  	 Section 2.10.
	  	Cancellation and Destruction of Surrendered Subordinated Securities	  	 	15	  
				
		  	 Section 2.11.
	  	Temporary Subordinated Securities	  	 	15	  
				
		  	 Section 2.12.
	  	Subordinated Securities in Global Form	  	 	16	  
				
		  	 Section 2.13.
	  	CUSIP Numbers	  	 	17	  
			
	 ARTICLE 3
	  	REDEMPTION OF SUBORDINATED SECURITIES	  	 	17	  
				
		  	 Section 3.01.
	  	Applicability of Article	  	 	17	  
				
		  	 Section 3.02.
	  	Notice of Redemption; Partial Redemptions	  	 	17	  
				
		  	 Section 3.03.
	  	Payment of Subordinated Securities Called for Redemption	  	 	18	  

  
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	 	  	 	  	Page	 
		  	Section 3.04.	  	Exclusion of Certain Subordinated Securities From Eligibility for Selection for Redemption	  	 	19	  
			
	 ARTICLE 4
	  	PARTICULAR COVENANTS OF THE COMPANY	  	 	19	  
				
		  	 Section 4.01.
	  	Payment of Principal of and Interest on Subordinated Securities	  	 	19	  
				
		  	 Section 4.02.
	  	Corporate Existence of the Company; Consolidation, Merger, Sale or Transfer	  	 	19	  
				
		  	 Section 4.03.
	  	 Maintenance of Offices or Agencies for Transfer, Registration, Exchange and Payment of Subordinated Securities
	  	 	19	  
				
		  	 Section 4.04.
	  	Appointment to Fill a Vacancy in the Office of Trustee	  	 	20	  
				
		  	 Section 4.05.
	  	Duties of Paying Agent	  	 	20	  
				
		  	 Section 4.06.
	  	Notice of Default	  	 	21	  
				
		  	 Section 4.07.
	  	Maintenance of Properties	  	 	21	  
				
		  	 Section 4.08.
	  	Payment of Taxes and Other Claims	  	 	21	  
			
	 ARTICLE 5
	  	 SUBORDINATED SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	 	21	  
				
		  	 Section 5.01.
	  	 Company to Furnish Trustee Information as to the Names and Addresses of Subordinated Securityholders
	  	 	21	  
				
		  	 Section 5.02.
	  	Preservation of Information; Communication to Subordinated Securityholders	  	 	22	  
				
		  	 Section 5.03.
	  	Reports by Company	  	 	23	  
				
		  	 Section 5.04.
	  	Reports by Trustee	  	 	24	  
			
	 ARTICLE 6
	  	 REMEDIES OF THE TRUSTEE AND SUBORDINATED SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	25	  
				
		  	 Section 6.01.
	  	 Events of Default; Acceleration, Waiver of Default and Restoration of Position and Rights
	  	 	25	  
				
		  	 Section 6.02.
	  	 Covenant of Company to Pay to Trustee Whole Amount Due on Subordinated Securities on Default in Payment of Interest or
Principal
	  	 	27	  

  
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	 	  	 	  	Page	 
		  	Section 6.03.	  	Trustee May File Proofs of Claim	  	 	28	  
				
		  	 Section 6.04.
	  	Trustee May Enforce Claims Without Possession of Subordinated Securities	  	 	29	  
				
		  	 Section 6.05.
	  	Application of Moneys Collected by Trustee	  	 	29	  
				
		  	 Section 6.06.
	  	Limitation on Suits by Holders of Subordinated Securities	  	 	30	  
				
		  	 Section 6.07.
	  	Rights and Remedies Cumulative	  	 	30	  
				
		  	 Section 6.08.
	  	Delay or Omission Not Waiver	  	 	31	  
				
		  	 Section 6.09.
	  	Control by Holders; Waiver of Past Defaults	  	 	31	  
				
		  	 Section 6.10.
	  	Trustee to Give Notice of Defaults Known to it, but May Withhold in Certain Circumstances	  	 	31	  
				
		  	 Section 6.11.
	  	 Requirement of an Undertaking to Pay Costs in Certain Suits Under the Subordinated Indenture or Against the Trustee
	  	 	32	  
				
		  	 Section 6.12.
	  	Waiver of Stay, or Extension Laws	  	 	32	  
			
	 ARTICLE 7
	  	CONCERNING THE TRUSTEE	  	 	32	  
				
		  	 Section 7.01.
	  	Certain Duties and Responsibilities of Trustee	  	 	32	  
				
		  	 Section 7.02.
	  	Certain Rights of Trustee	  	 	33	  
				
		  	 Section 7.03.
	  	Trustee Not Responsible for Recitals or Application of Proceeds	  	 	35	  
				
		  	 Section 7.04.
	  	Trustee May Own Subordinated Securities	  	 	35	  
				
		  	 Section 7.05.
	  	Moneys Received by Trustee to be Held in Trust	  	 	35	  
				
		  	 Section 7.06.
	  	Trustee Entitled to Compensation, Reimbursement and Indemnity	  	 	35	  
				
		  	 Section 7.07.
	  	 Right of Trustee to Rely on Officer’s Certificate Where No Other Evidence Specifically Prescribed
	  	 	35	  
				
		  	 Section 7.08.
	  	Disqualification; Conflicting Interest	  	 	36	  
				
		  	 Section 7.09.
	  	Requirements for Eligibility of Trustee	  	 	36	  

  
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	 	  	 	  	Page	 
		  	Section 7.10.	  	Resignation and Removal of Trustee; Appointment of Successor	  	 	36	  
				
		  	 Section 7.11.
	  	Acceptance of Appointment by Successor Trustee	  	 	37	  
				
		  	 Section 7.12.
	  	Successor to Trustee by Merger, Consolidation or Succession to Business	  	 	38	  
				
		  	 Section 7.13.
	  	Preferential Collection of Claims Against Company	  	 	38	  
				
		  	 Section 7.14.
	  	Appointment of Authenticating Agent	  	 	38	  
			
	 ARTICLE 8
	  	CONCERNING THE SUBORDINATED SECURITYHOLDERS	  	 	40	  
				
		  	 Section 8.01.
	  	Evidence of Action by Subordinated Securityholders	  	 	40	  
				
		  	 Section 8.02.
	  	Proof of Execution of Instruments and of Holding of Subordinated Securities	  	 	40	  
				
		  	 Section 8.03.
	  	Who May be Deemed Owners of Subordinated Securities	  	 	40	  
				
		  	 Section 8.04.
	  	 Subordinated Securities Owned by the Company or Controlled or Controlling Persons Disregarded for Certain Purposes
	  	 	41	  
				
		  	 Section 8.05.
	  	Instruments Executed by Subordinated Securityholders Bind Future Holders	  	 	41	  
			
	 ARTICLE 9
	  	SUBORDINATED SECURITYHOLDERS’ MEETINGS	  	 	42	  
				
		  	 Section 9.01.
	  	Purposes for Which Meetings May be Called	  	 	42	  
				
		  	 Section 9.02.
	  	Manner of Calling Meetings	  	 	42	  
				
		  	 Section 9.03.
	  	Call of Meeting by the Company or Subordinated Securityholders	  	 	42	  
				
		  	 Section 9.04.
	  	Who May Attend and Vote at Meetings	  	 	42	  
				
		  	 Section 9.05.
	  	Regulations May be Made by Trustee; Conduct of the Meeting; Voting Rights—Adjournment	  	 	43	  
				
		  	 Section 9.06.
	  	Manner of Voting at Meetings and Record to be Kept	  	 	43	  
				
		  	 Section 9.07.
	  	 Exercise of Rights of Trustee and Subordinated Securityholders Not to be Hindered or Delayed
	  	 	44	  

  
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	 	  	 	  	Page	 
	 ARTICLE 10
	  	SUPPLEMENTAL SUBORDINATED INDENTURES	  	 	44	  
				
		  	 Section 10.01.
	  	 Purposes for Which Supplemental Subordinated Indentures May be Entered into Without Consent of Subordinated Securityholders
	  	 	44	  
				
		  	 Section 10.02.
	  	Modification of Subordinated Indenture With Consent of Holders of Subordinated Securities	  	 	45	  
				
		  	 Section 10.03.
	  	Effect of Supplemental Subordinated Indentures	  	 	46	  
				
		  	 Section 10.04.
	  	 Subordinated Securities May Bear Notation of Changes by Supplemental Subordinated Indentures
	  	 	46	  
			
	 ARTICLE 11
	  	DISCHARGE; DEFEASANCE	  	 	47	  
				
		  	 Section 11.01.
	  	Satisfaction and Discharge of Subordinated Indenture	  	 	47	  
				
		  	 Section 11.02.
	  	Application by Trustee of Funds Deposited for Payment of Subordinated Securities	  	 	50	  
				
		  	 Section 11.03.
	  	Repayment of Moneys Held by Paying Agent	  	 	50	  
				
		  	 Section 11.04.
	  	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	  	 	50	  
				
		  	 Section 11.05.
	  	Indemnity for U.S. Government of Obligations	  	 	50	  
			
	 ARTICLE 12
	  	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  	 	50	  
				
		  	 Section 12.01.
	  	 Incorporators, Stockholders, Officers and Directors of Company Exempt From Individual Liability
	  	 	50	  
			
	 ARTICLE 13
	  	MISCELLANEOUS PROVISIONS	  	 	51	  
				
		  	 Section 13.01.
	  	Successors and Assigns of the Company bound by Subordinated Indenture	  	 	51	  
				
		  	 Section 13.02.
	  	Notices; Effectiveness	  	 	51	  
				
		  	 Section 13.03.
	  	Compliance Certificates and Opinions	  	 	52	  
				
		  	 Section 13.04.
	  	Days on Which Payment to be Made, Notice Given or Other Action Taken	  	 	53	  
				
		  	 Section 13.05.
	  	Provisions Required by Trust Indenture Act to Control	  	 	53	  

  
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	 	  	 	  	Page	 
		  	Section 13.06.	  	Governing Law and Waiver of Trial By Jury	  	 	53	  
				
		  	 Section 13.07.
	  	Effect of Headings	  	 	53	  
				
		  	 Section 13.08.
	  	Judgment Currency	  	 	53	  
				
		  	 Section 13.09.
	  	 Provisions of the Subordinated Indenture and Subordinated Securities for the Sole Benefit of the Parties and the Subordinated
Securityholders
	  	 	54	  
				
		  	 Section 13.10.
	  	Subordinated Indenture May be Executed in Counterparts	  	 	54	  
				
		  	 Section 13.11.
	  	Facsimile or PDF	  	 	54	  
				
		  	 Section 13.12.
	  	U.S.A. Patriot Act	  	 	54	  
			
	 ARTICLE 14
	  	 SUBORDINATION OF SECURITIES
	  	 	55	  
				
		  	Section 14.01.	  	Subordinated Securities Subordinated to Senior Indebtedness	  	 	55	  
				
		  	 Section 14.02.
	  	Subrogation	  	 	56	  
				
		  	 Section 14.03.
	  	Obligation of the Company Unconditional	  	 	56	  
				
		  	 Section 14.04.
	  	Payments on Subordinated Securities Permitted	  	 	57	  
				
		  	 Section 14.05.
	  	Effectuation of Subordinated by Trustee	  	 	57	  
				
		  	 Section 14.06.
	  	Knowledge of Trustee	  	 	57	  
				
		  	 Section 14.07.
	  	Trustee May Hold Senior Indebtedness	  	 	57	  
				
		  	 Section 14.08.
	  	Rights of Holders of Senior Indebtedness Not Impaired	  	 	57	  

  
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 THIS SUBORDINATED INDENTURE, dated as of
                    , between ONCOGENEX PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), and
                            , a
                    , as trustee (the “Trustee”). 

WITNESSETH: 
 WHEREAS, the
Company has duly authorized the issuance, sale, execution and delivery, from time to time, of its unsecured evidences of subordinated indebtedness (hereinafter referred to as the “Subordinated Securities”), without limit as to
principal amount, issuable in one or more series, the amount and terms of each such series to be determined as hereinafter provided; and, to provide the terms and conditions upon which the Subordinated Securities are to be issued, authenticated and
delivered, the Company has duly authorized the execution of this Subordinated Indenture; and 
 WHEREAS, all acts and things necessary to
make the Subordinated Securities, when executed by the Company and authenticated and delivered by the Trustee as in this Subordinated Indenture provided, the valid, binding and legal subordinated obligations of the Company, and to constitute this
Subordinated Indenture a valid indenture and agreement according to its terms, have been done and performed, and the execution of this Subordinated Indenture and the issuance hereunder of the Subordinated Securities have in all respects been duly
authorized; 
 NOW, THEREFORE, THIS SUBORDINATED INDENTURE 

WITNESSETH: 
 That in order to
declare the terms and conditions upon which the Subordinated Securities are to be issued, authenticated and delivered, and in consideration of the premises and of the purchase and acceptance of the Subordinated Securities by the Holders thereof, the
Company covenants and agrees with the Trustee, for the equal and proportionate benefit of the respective Holders from time to time of the Subordinated Securities or of any series thereof, as follows: 

ARTICLE 1 

DEFINITIONS 
 
SECTION 1.01. Certain Terms Defined. For all purposes of this Subordinated Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(a) the terms defined in this Article One have the meanings assigned to them in this Article One, and include the plural as well as the
singular; 
 (b) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein; 
 (c) all accounting terms not otherwise defined herein shall have the meanings assigned to them and all
computations herein provided for shall be made, in accordance with generally accepted accounting principles, and the term “U.S. generally accepted accounting principles” shall mean such principles as they exist at the date of
applicability thereof; and 
 (d) the words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Subordinated Indenture as a whole and not to any particular Article, Section or other subdivision. 

  
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 “Affiliate” of any Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by”
and “under common control with”) when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise. 
 “Agent” means any Registrar, Paying Agent, transfer agent or
Authenticating Agent. 
 “Authenticating Agent” shall the meaning set forth in Section 7.14. 

“Authorized Newspaper” means a newspaper (which, in the case of The City of New York, will, if practicable, be The Wall
Street Journal (Eastern Edition), published in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation. If it shall be impractical in the
opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof which is made or given with the approval of the Trustee shall constitute a sufficient
publication of such notice. 
 “Board of Directors” shall mean the Board of Directors of the Company, or any duly
authorized committee of such Board of Directors. 
 “Board Resolution” shall mean on or more resolutions of the Board of
Directors of the Company certified by the Secretary or by an Assistant Secretary of the Company to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification. 

“Business Day” means, with respect to any Subordinated Security, a day that is not a Saturday, Sunday or a day on which the
office of the Trustee or banking institutions in the City of New York in which amounts are payable, as specified in the form of such Subordinated Security, are authorized or required by any applicable law or regulation to be closed. 

“Commission” shall mean the U.S. Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or if at any time after the execution of this Subordinated Indenture such Commission is not existing and performing the duties theretofore assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 “Company” shall mean OncoGenex Pharmaceuticals, Inc., a Delaware corporation, until a successor corporation shall have
become such pursuant to the applicable provisions hereof, and thereafter “Company” shall mean such successor Company. 

“Company Order” means a written statement, request or order of the Company signed in its name by the Chairman of the Board of
Directors of the Company, the President or Chief Executive Officer, any Vice President, the Treasurer or the Chief Financial Officer of the Company. 

“covenant defeasance” shall have the meaning set forth in Section 11.01. 

“Defaulted Interest” shall have the meaning set forth in Section 2.07. 

“Depository” shall mean, with respect to the Subordinated Securities of any series issuable or issued in whole or in part in
the form of one or more Global Subordinated Securities, the Person designated as Depository by the Company pursuant to Section 2.03 of this Subordinated Indenture until a 

  
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successor Depository shall have become such pursuant to the applicable provisions of this Subordinated Indenture, and thereafter the term “Depository” shall mean or include each Person
who is then a Depository hereunder, and if at any time there is more than one such Person, “Depository” as used with respect to the Subordinated Securities of any such series shall mean the Depository with respect to the Subordinated
Securities of that series. 
 “Euro” or “euro” means the currency adopted by those countries participating
in the third stage of the European Monetary Union. 
 “Event of Default” with respect to Subordinated Securities of any
series shall mean any event specified as such in Section 6.01 and any other event as may be established with respect to the securities of such series as permitted by Section 2.03. An Event of Default shall “exist” if an Event of
Default shall have occurred and be continuing. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Foreign Currency” means a currency issued by the government of a country other than the United States of America, and
the European Currency Unit as defined and revised from time to time by the European Monetary System of the European Community and/or Euros. 

“Global Subordinated Security” means a Subordinated Security evidencing all or a portion of a series of Registered
Subordinated Securities, issued to the Depository for such series in accordance with Section 2.12, and bearing the legend prescribed in Section 2.12 and any other legend required by the Depository for such series. 

“Holder,” “Holder of Subordinated Securities,” “Subordinated Securityholder” or any other
similar term means in the case of any Registered Subordinated Security, the person in whose name such Subordinated Security is registered in the Register kept by the Company for that purpose in accordance with the terms hereof. 

“Interest Payment Date” when used with respect to any Subordinated Security means the Stated Maturity of an installment of
interest on such Subordinated Security. 
 “IRS” means the Internal Revenue Service of the United States Department of the
Treasury, or any successor entity. 
 “Judgment Currency” has the meaning set forth in Section 13.09. 

“Officer’s Certificate” shall mean a certificate signed by the Chairman of the Board of Directors of the Company, any
Vice—Chairman of the Board of Directors of the Company, the President or Chief Executive Officer or any Vice—President, the Treasurer, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company. 

“Opinion of Counsel” shall mean a written opinion of legal counsel who may be an employee of the Company or other counsel
satisfactory to the Trustee. 
 “Original Issue Date” of any Subordinated Security (or portion thereof) means the earlier
of (a) the date of such Subordinated Security or (b) the date of any Subordinated Security (or portion thereof) for which such Subordinated Security was issued (directly or indirectly) on registration of transfer, exchange or substitution.

  
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 “Original Issue Discount Subordinated Security” shall mean (a) any
Subordinated Security which provides for an amount less than the principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01 or (b) any other Subordinated Security which
for United States Federal income tax purposes would be considered an original issue discount security. 
 “Outstanding”
when used with reference to Subordinated Securities shall, subject to the provisions of Section 8.04, mean, as of the date of determination, all Subordinated Securities theretofore authenticated and delivered under this Subordinated Indenture,
except: 
 (a) Subordinated Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

(b) Subordinated Securities, or portions thereof, for whose payment or redemption moneys or U.S. Government Obligations (as provided in
Section 11.01) in the necessary amount have been theretofore deposited with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside, segregated and held in trust by the Company (if the Company shall act as its
own Paying Agent) in trust for the Holders of such Subordinated Securities, provided that if such Subordinated Securities or portions thereof, are to be redeemed prior to the Stated Maturity thereof, notice of such redemption has been duly given as
provided in Article Three hereof, or provision therefor satisfactory to the Trustee has been made; 
 (c) Subordinated Securities in
exchange for or in lieu of which other Subordinated Securities shall have been authenticated and delivered under this Subordinated Indenture; and 

(d) Subordinated Securities alleged to have been destroyed, lost or stolen which have been paid as provided in Section 2.07 hereof. 

In determining whether the Holders of the requisite principal amount of Outstanding Subordinated Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Subordinated Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would
be due and payable as of the date of such determination as if a declaration of acceleration of the maturity thereof pursuant to Section 6.01 had been made. 

“Paying Agent” means any Person authorized by the Company to pay the principal of and any interest and premium, if any, on
any Subordinated Securities on behalf of the Company. 
 “Periodic Offering” means an offering of Subordinated Securities
of a series from time to time, the specific terms of which Subordinated Securities, including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with
respect thereto, are to be determined by the Company or its agents upon the issuance of such Subordinated Securities. 

“Person” shall mean an individual, a corporation, a partnership, a limited liability company, a joint venture, an
association, a joint stock company, a trust, an unincorporated organization, or a government or any agency, authority or political subdivision thereof. 

“Predecessor Subordinated Security” of any particular Subordinated Security means every previous Subordinated Security
evidencing all or a portion of the same debt as that evidenced by such particular Subordinated Security; and, for the purposes of this definition, any Subordinated Security authenticated and delivered under Section 2.04 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Subordinated Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Subordinated Security. 

  
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 “principal” whenever used with reference to the Subordinated Securities or any
Subordinated Security or any portion thereof, shall be deemed to include “and premium, if any,” provided, however, that such inclusion of premium, if any, shall under no circumstances result in the double counting of such premium for the
purpose of any calculation required hereunder. 
 “Principal Office of the Trustee” shall mean the office of the Trustee at
which at any particular time the trust created by this Indenture shall be administered, except that with respect to presentation of Subordinated Securities for payment such term shall mean any office or agency of the Trustee at which at any
particular time its corporate trust services business shall be conducted. The present address of the Principal Office of the Trustee is
                            , Attention:
                    . 
 “Record
Date” for the interest payable on any Interest Payment Date on any series of Subordinated Securities shall mean the date specified as such in the Subordinated Securities of such series. 

“Register” shall mean the books for the registration and transfer of Subordinated Securities which books are kept by the
Trustee pursuant to Section 2.08. 
 “Registered Subordinated Security” means any Subordinated Security registered on
the Register of the Company. 
 “Required Currency” shall have the meaning set forth in Section 13.09. 

“Responsible Officer” when used with respect to the Trustee shall mean an officer of the Trustee or any other officer of the
Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because
of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Senior Indebtedness” means (i) the principal of and premium, if any, and unpaid interest on indebtedness for money
borrowed, (ii) purchase money and similar obligations, (iii) obligations under capital leases, (iv) guarantees, assumptions or purchase commitments relating to, or other transactions as a result of which the Company is responsible for
the payment of, such indebtedness of others, (v) renewals, extensions and refunding of any such indebtedness, (vi) interest or obligations in respect of any such indebtedness accruing after the commencement of any insolvency or bankruptcy
proceedings; and (vii) obligations associated with derivative products such as interest rate and currency exchange contracts, foreign exchange contracts, commodity contracts, and similar arrangements, unless, in each case, the instrument by
which the Company incurred, assumed or guaranteed the indebtedness or obligations described in clauses (i) through (vii) hereof expressly provides that such indebtedness or obligation is subordinate or junior in right or payment to any
other indebtedness or obligation is subordinate or junior in right of payment to any other indebtedness or obligations of the Company. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 2.07. 

  
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 “Stated Maturity” when used with respect to any Subordinated Security or any
installment of interest thereon means the date specified in such Subordinated Security as the fixed date on which the principal of such Subordinated Security or such installment of interest is due and payable. 

“Subordinated Indenture” shall mean this instrument as originally executed, or as it may from time to time be supplemented,
modified or amended, as provided herein, and shall include the form and terms of particular series of Subordinated Securities established in accordance with the provisions of Sections 2.03 and 2.04. 

“Subordinated Security” or “Subordinated Securities” shall mean any security or securities of the Company without
regard to series, authenticated and delivered under this Subordinated Indenture. 
 “Supplemental Subordinated Indenture”
shall mean an indenture supplemental hereto as such Supplemental Subordinated Indenture may be originally executed, or as it may from time to time be supplemented, modified or amended, as provided herein and therein. 

“Trustee” shall mean the party named as such in the first paragraph of this Subordinated Indenture until a successor Trustee
shall have become such pursuant to the applicable provisions of this Subordinated Indenture, and thereafter “Trustee” shall mean such successor Trustee. “Trustee” shall also mean or include each Person who is then a trustee
hereunder, and, if at any time there is more than one such Person, “Trustee” as used with respect to the Subordinated Securities of any series shall mean the trustee with respect to the Subordinated Securities of such series. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended as of the date of this Subordinated Indenture.

 “United States Dollars” shall mean the lawful currency of the United States of America. 

“U.S. Government Obligations” shall have the meaning set forth in Section 11.01. 

“Yield to Maturity” means the yield to maturity on a series of securities, calculated at the time of issuance of such series,
or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 

ARTICLE 2 

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION, 

TRANSFER AND EXCHANGE OF SUBORDINATED SECURITIES 

SECTION 2.01. Form of Subordinated Securities and Trustee’s Certificate of Authentication. The
Subordinated Securities of each series shall be substantially in such form (not inconsistent with this Subordinated Indenture) as shall be established by or pursuant to one or more Board Resolutions and as set forth in an Officer’s Certificate
or Supplemental Subordinated Indenture, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Subordinated Indenture, and may have such letters, numbers or other marks of
identification or designation and such legends or endorsements thereon as the Board of Directors may deem appropriate and as are not inconsistent with the provisions of this Subordinated Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Subordinated Securities of such series may be listed, or to conform to usage all as may be determined by the officers executing such
Subordinated Securities as evidenced by their execution of such Subordinated Securities. 

  
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 The definitive Subordinated Securities and each Global Subordinated Security may be printed,
lithographed or fully or partly engraved or produced in any other manner, all as determined by the officers executing such Subordinated Securities as evidenced by their execution thereof. 

SECTION 2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication on all Subordinated Securities shall be in substantially the following form: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 This is one of the Subordinated Securities, of the series designated herein, referred to in the within—mentioned Subordinated
Indenture. 
  

			
	  
	 	, as Trustee

  

			
	By	 	  

		 	Authorized Signatory

  

SECTION 2.03. Amount Unlimited, Issuable in Series. 

(a) The aggregate principal amount of Subordinated Securities which may be authenticated and delivered under this Subordinated Indenture is
not limited. The Subordinated Securities may be issued in one or more series. 
 The following terms and provisions of each series of
Subordinated Securities shall be established in or pursuant to one or more Board Resolutions and set forth in an Officer’s Certificate detailing such establishment or established in one or more Supplemental Subordinated Indentures prior to the
issuance of Subordinated Securities of any series: 
 (1) the designation of the series of Subordinated Securities of the series (which shall
distinguish the Subordinated Securities of such series from all other series of Subordinated Securities) and which may be part of a series of Subordinated Securities previously issued; 

(2) any limit upon the aggregate principal amount of the particular series of Subordinated Securities which may be executed, authenticated and
delivered under this Subordinated Indenture; provided, however, that nothing contained in this Section 2.03 or elsewhere in this Subordinated Indenture or in the Subordinated Securities or in an Officer’s Certificate or in a Supplemental
Subordinated Indenture is intended to or shall limit execution by the Company or authentication and delivery by the Trustee of Subordinated Securities under the circumstances contemplated by Sections 2.08, 2.09, 2.11, 3.03 and 10.04; 

(3) if other than United States Dollars, the coin, currency or currencies or composite currency in which principal of and interest and any
premium on such series of Subordinated Securities shall be payable (including, but not limited to, any Foreign Currency); 
 (4) the Stated
Maturity for payment of principal of such series of Subordinated Securities; 
 (5) the rate or rates at which such series of Subordinated
Securities shall bear interest, if any, the date or dates from which such interest shall accrue, on which such interest shall be payable, the terms and conditions of any deferral of interest and the additional interest, if any, thereon, the right,
if any, of 

  
 7 

 
the Company to extend the time for payment of interest, the terms and duration of such extension rights and (in the case of Registered Subordinated Securities) the date or dates on which a record
shall be taken for the determination of Holders to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined; 

(6) the place or places where the principal of and any interest on Subordinated Securities of any series shall be payable, where such
Subordinated Securities may be surrendered for registration of transfer, where such Subordinated Securities may be surrendered for exchange and where notice and demands to or upon the Company, in respect of such Subordinated Securities, and this
Subordinated Indenture may be served, if other than as provided in Section 4.03; 
 (7) the right, if any, of the Company to redeem
Subordinated Securities, in whole or in part, at its option and the period or periods within which, the price or prices at which and any terms and conditions upon which Subordinated Securities of the series may be so redeemed; 

(8) the obligation, if any, of the Company to redeem, purchase or repay Subordinated Securities of the series pursuant to any mandatory
redemption or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and any terms and conditions upon which Subordinated Securities of the series shall be redeemed,
purchased or repaid, in whole or in part, pursuant to such obligation; 
 (9) if other than denominations of $1,000 and any integral
multiple thereof, the denominations in which such series of Subordinated Securities shall be issuable; 
 (10) the percentage of the
principal amount at which the Subordinated Securities will be issued, and, if other than the principal amount thereof, the portion of the principal amount of such series of Subordinated Securities which shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.01; 
 (11) if other than the U.S. Dollar, the coin, currency or
currencies in which payment of the principal of or interest on the Subordinated Securities of such series shall be payable, including composite currencies or currency units and any related provisions for the calculations of payments and
denominations; 
 (12) if the principal or interest on the Subordinated Securities of the series are to be payable, at the election of the
Company or a Holder thereof, in a coin or currency other than that in which the Subordinated Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 

(13) if the amount of payments or principal of and interest on the Subordinated Securities of the series may be determined with reference to
an index or formula based on a coin, currency, composite currency or currency unit other than that in which the Subordinated Securities of the series are denominated, the manner in which such amounts shall be determined; 

(14) whether and under what circumstances the Company will pay additional amounts on the Subordinated Securities of the series held by a
person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem the Subordinated Securities of the series rather than pay such additional
amounts; 
 (15) if the Subordinated Securities of the series are to be issuable in definitive form (whether upon original issue or upon
exchange of a temporary Subordinated Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

  
 8 

 (16) any trustees, depositaries, authenticating or paying agents, transfer agents or registrars
of any other agents with respect to the Subordinated Securities of such series; 
 (17) any additional events of default or covenants with
respect to the Subordinated Securities of a particular series not set forth herein; 
 (18) the terms of subordination applicable to such
series of Subordinated Securities; 
 (19) the terms and conditions, if any, upon which any Subordinated Securities of such series may or
shall be converted or exchanged into common stock of the Company; and 
 (20) any other terms of such series of Subordinated Securities
(which terms shall not be inconsistent with the provisions of this Subordinated Indenture). 
 (b) All Subordinated Securities of any one
series shall be substantially identical except that any series may have serial maturities and different interest rates for different maturities and except in the case of Registered Subordinated Securities as to denomination and the differences
herein specified between Global Subordinated Securities and Registered Subordinated Securities issued in definitive form and except as may otherwise be provided in or pursuant to such Board Resolution and set forth in such Officer’s Certificate
or Supplemental Subordinated Indenture relating to such series of Subordinated Securities. All Subordinated Securities of any one series need not be issued at the same time, and, unless otherwise provided in the Officer’s Certificate or
Supplemental Subordinated Indenture relating to such series, a series may be reopened for issuances of additional Subordinated Securities of such series. 

SECTION 2.04. Authentication and Delivery of Subordinated Indentures. At any time and from time to time
after the execution and delivery of this Subordinated Indenture, the Company may deliver any series of Subordinated Securities executed by the Company to the Trustee for authentication by it together with the applicable documents referred to below
in this Section 2.04, and the Trustee shall thereupon authenticate and deliver said Subordinated Securities (or if only a single Subordinated Security, such Subordinated Security) to or upon the written order of the Company, signed by an
officer of the Company, without any further corporate action. The maturity date, original issue date, interest rate and any other terms of the Subordinated Securities of such series shall be determined by or pursuant to such Company Order and
procedures. In authenticating such Subordinated Securities and accepting the additional responsibilities under this Subordinated Indenture in relation to such Subordinated Securities, the Trustee shall be entitled to receive (in the case of
subparagraphs (2), (3) and (4) below only at or before the time of the first request of the Company to the Trustee to authenticate Subordinated Securities of such series) and (subject to Section 7.01) shall be fully protected in
relying upon, the following enumerated documents unless and until such documents have been superseded or revoked: 
 (1) a Company Order
requesting such authentication and setting forth delivery instructions if the Subordinated Securities are not to be delivered to the Company, provided that, with respect to Subordinated Securities of a series subject to a Periodic Offering,
(a) such Company Order may be delivered by the Company to the Trustee prior to the delivery to the Trustee of such Subordinated Securities for authentication and delivery, (b) the Trustee shall authenticate and deliver Subordinated
Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount established for such series, pursuant to a Company Order or pursuant to procedures acceptable to the
Trustee as may be specified from time to time by a Company Order, and (c) the maturity date or dates, original issue date or dates, interest rate or rates and any other terms of Subordinated Securities of such series shall be determined by a
Company Order or pursuant to such procedures; 

  
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 (2) any Board Resolution, Officer’s Certificate and/or executed Supplemental Subordinated
Indenture referred to in Section 2.01 and 2.03 by or pursuant to which the forms and terms of the Subordinated Securities were established; 

(3) an Officer’s Certificate setting forth the form or forms and terms of the Subordinated Securities stating that the form or forms and
terms of the Subordinated Securities have been established pursuant to Sections 2.01 and 2.03 and comply with this Subordinated Indenture, and covering such other matters as the Trustee may reasonably request; and 

(4) either one or more Opinions of Counsel, or a letter addressed to the Trustee permitting it to rely on one or more Opinions of Counsel,
substantially to the effect that: 
 (a) the form or forms of the Subordinated Securities have been duly authorized and established in
conformity with the provisions of this Subordinated Indenture; 
 (b) the terms of the Subordinated Securities have been duly authorized and
established in conformity with the provisions of this Subordinated Indenture, and, certain terms of the Subordinated Securities have been established pursuant to a Board Resolution, an Officer’s Certificate or a Supplemental Subordinated
Indenture in accordance with this Subordinated Indenture, and when such other terms as are to be established pursuant to procedures set forth in a Company Order shall have been established, all such terms will have been duly authorized by the
Company and will have been established in conformity with the provisions of this Subordinated Indenture; 
 (c) this Indenture and such
Subordinated Securities, when executed and issued by the Company and authenticated by the Trustee in accordance with the provisions of this Subordinated Indenture and duly paid for by the purchasers thereof, and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, except as any rights thereunder may be limited by the effect of bankruptcy, insolvency, reorganization,
receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to the rights of creditors generally; the rules governing the availability of specific performance, injunctive relief or other equitable remedies and general
principles of equity, regardless of whether considered in a proceeding in equity or at law; the effect of applicable court decisions invoking statutes or principles of equity, which have held that certain covenants and provisions of agreements are
unenforceable where the breach of such covenants or provisions imposes restrictions or burdens upon a borrower, and it cannot be demonstrated that the enforcement of such restrictions or burdens is necessary for the protection of the creditor, or
which have held that the creditor’s enforcement of such covenants or provisions under the circumstances would have violated the creditor’s covenants of good faith and fair dealing implied under Washington law; and the effect of Washington
statutes and rules of law which cannot be waived prospectively by a borrower, and such counsel need express no opinion with regard to the enforceability of Section 7.06 or of a judgment denominated in a currency other than United States
Dollars; and 
 (d) the Company has complied with all applicable Federal laws and requirements in respect of the execution and delivery of
such Subordinated Securities; and 
 (e) such other opinions as the Company may be required to deliver under the Trust Indenture Act. 

  
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 (5) if the Securities are to be secured, a supplemental indenture conforming to the requirements
of Section 314 of the Trust Indenture Act and such other documents as may be required by Section 314; and 
 (6) if the Securities
are to be convertible, a supplemental indenture conforming to the requirements of Section 314 of the Trust Indenture Act and such other documents as may be required by Section 314. 

In rendering such opinions, any counsel may qualify any opinions as to enforceability by stating that such enforceability may be limited by
bankruptcy, insolvency, reorganization, liquidation, moratorium, fraudulent transfer and other similar laws affecting the rights and remedies of creditors and is subject to general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). Such counsel may rely upon opinions of other counsel (copies of which shall be delivered to the Trustee) reasonably satisfactory to the Trustee, in which case the opinion shall state that such counsel
believes he and the Trustee are entitled so to rely. Such counsel may also state that, insofar as such opinion involves factual matters, he has relied, to the extent he deems proper, upon certificates of officers of the Company and its subsidiaries
and certificates of public officials. 
 The Trustee shall have the right to decline to authenticate and deliver any Subordinated Securities
under this section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Company or if the Trustee in good faith by its board of directors or board of trustees, executive committee or a trust
committee of directors or trustees shall determine that such action would expose the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties or immunities under the Subordinated Securities, this
Subordinated Indenture or otherwise. 
 SECTION 2.05. Execution of Subordinated Securities. The
Subordinated Securities shall be executed manually or in facsimile, by any two of the Chairman of the Board, Chief Executive Officer, the President, and Vice President, the Treasurer, the Secretary, or the Chief Financial Officer of the Company
under its corporate seal which may be affixed thereto or printed, engraved or otherwise reproduced thereon, by facsimile or otherwise. Only such Subordinated Securities as shall bear thereon a certificate of authentication substantially in the form
recited herein, executed by the Trustee manually by an authorized officer, shall be entitled to the benefits of this Subordinated Indenture or be valid or obligatory for any purpose. Such certificate of authentication of the Trustee upon any
Subordinated Security executed by the Company shall be conclusive evidence that the Subordinated Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Subordinated
Indenture. Typographical or other errors or defects in the seal or facsimile signature on any Subordinated Security or in the text thereof shall not affect the validity or enforceability of such Subordinated Security if it has been duly
authenticated and delivered by the Trustee. 
 In case any officer of the Company who shall have signed any of the Subordinated Securities
(manually or in facsimile) shall cease to be such officer before the Subordinated Securities so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Subordinated Securities nevertheless may be
authenticated and delivered or disposed of as though the Person who signed such Subordinated Securities had not ceased to be such officer of the Company. Also, any Subordinated Security may be signed on behalf of the Company by such Persons as on
the actual date of execution of such Subordinated Security shall be the proper officers of the Company, although at the date of the execution of this Subordinated Indenture or on the nominal date of such Subordinated Security any such Person was not
such officer. 
 SECTION 2.06. Certificate of Authentication. Only such Subordinated Securities as shall
bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the 

  
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Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Subordinated Indenture or be valid or obligatory for any purpose. The execution of
such certificate by the Trustee upon any Subordinated Security executed by the Company shall be conclusive evidence that the Subordinated Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled
to the benefits of this Subordinated Indenture. 
 SECTION 2.07. Denominations; Payment of Interest on
Subordinated Securities. 
 (a) The Subordinated Securities of each series may be issued in such denominations as shall be specified as
contemplated by Section 2.03. In the absence of such provisions with respect to the Subordinated Securities of any series, the Subordinated Securities of such series shall be issued in denominations of $1,000 and any integral multiple thereof.
The Subordinated Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the officers of the Company executing the same may determine. 

(b) If the Subordinated Securities of any series shall bear interest, each Subordinated Security of such series shall bear interest from the
applicable date at the rate per annum specified in the Officer’s Certificate or Supplemental Subordinated Indenture with respect to such series of Subordinated Securities. Unless otherwise specified in the Officer’s Certificate or
Supplemental Subordinated Indenture with respect to the Subordinated Securities of any series, interest on the Subordinated Securities of such series shall be computed on the basis of a 360—day year of twelve 30—day months. Such interest
shall be payable on the Interest Payment Dates specified in the Officer’s Certificate or Supplemental Subordinated Indenture with respect to such series of Subordinated Securities. The Person in whose name any Subordinated Security (or one or
more Predecessor Subordinated Securities) is registered at the close of business on the applicable Record Date for the series of which such Subordinated Security is a part shall be entitled to receive the interest payable thereon on such Interest
Payment Date notwithstanding the cancellation of such Subordinated Security upon any transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date unless such Subordinated Security shall have been called for
redemption on a Redemption Date which is subsequent to such Record Date and prior to such Interest Payment Date or unless the Company shall default in the payment of interest due on such Interest Payment Date on any Subordinated Security of such
series. 
 Any interest on any Subordinated Security of any series which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Record Date solely by virtue of such Holder having been such Holder; and such Defaulted Interest may be
paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
 (1) The Company may elect to make
payment of any Defaulted Interest on the Subordinated Securities of any series to the Persons in whose names such Subordinated Securities (or their respective Predecessor Subordinated Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Subordinated Security and the date
of the proposed payment (which date shall be such as will enable the Trustee to comply with the next sentence hereof), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this subsection provided. Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record 

  
 12 

 
Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first—class
postage prepaid, to each Holder of a Subordinated Security of such series at such Holder’s address as it appears in the Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Subordinated Securities of such series are registered on such Special Record Date and shall no longer be
payable pursuant to the following subsection (2). 
 (2) The Company may make payment of any Defaulted Interest on the Subordinated
Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Subordinated Securities may be listed and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this subsection, such payment shall be deemed practicable by the Trustee. 

Interest on Subordinated Securities of any series that bear interest may be paid by mailing a check to the address of the person entitled
thereto as such address shall appear in the Register. 
 Subject to the foregoing provisions of this Section 2.07, each Subordinated
Security delivered under this Subordinated Indenture upon transfer of or in exchange for or in lieu of any other Subordinated Security shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Subordinated Security and each such Subordinated Security shall bear interest from such date, such that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 

SECTION 2.08. Registration, Transfer and Exchange of Subordinated Securities. Except as specifically
otherwise provided herein with respect to Global Subordinated Securities, Subordinated Securities of any series may be exchanged for a like aggregate principal amount of Subordinated Securities of the same series of other authorized denominations.
Subordinated Securities to be exchanged shall be surrendered at the offices or agencies to be maintained in accordance with the provisions of Section 4.03 and the Company shall execute the Subordinated Security or Subordinated Securities, and
the Trustee shall authenticate and deliver in exchange therefor the Subordinated Security or Subordinated Securities which the Subordinated Securityholder making the exchange shall be entitled to receive. 

The Company shall cause the Trustee to keep or cause to be kept, at one or more of the offices or agencies to be maintained by the Trustee in
accordance with the provisions of Section 4.03 with respect to the Subordinated Securities of each series, the Register in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the
Registered Subordinated Securities of such series and the transfer of Registered Subordinated Securities of such series as in this Article provided. The Register shall be in written form or in any other form capable of being converted into written
form within a reasonable time. At all reasonable times the Register shall be open for inspection by the Trustee and any registrar of the Subordinated Securities of such series other than the Trustee. Upon due presentment for transfer of any
Subordinated Security of any series at the offices or agencies of the Company to be maintained in accordance with Section 4.03 with respect to the Registered Subordinated Securities of such series, the Company shall execute a new Subordinated
Security and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Subordinated Security or Registered Subordinated Securities of the same series for a like aggregate principal amount of authorized
denominations. Notwithstanding any other provisions of this Section 2.08, unless and until it is exchanged in whole or in part for Registered Subordinated Securities in definitive form, a Global Subordinated Security representing all or a
portion of the Registered Subordinated Securities of a series may not be transferred except as a whole by the Depository for such series to a nominee of such Depository or by a nominee of such Depository to such Depository or another nominee of such
Depository or by such Depository or any such nominee to a successor Depository for such series or a nominee of such successor Depository. 

  
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 At the option of the Holder thereof, Registered Subordinated Securities of any series (other than
a Global Subordinated Security, except as set forth below) may be exchanged for a Registered Subordinated Security or Registered Subordinated Securities of such series and tenor having authorized denominations and an equal aggregate principal
amount, upon surrender of such Registered Subordinated Securities to be exchanged at the agency of the Company that shall be maintained for such purpose in accordance with Section 4.03 and upon payment, if the Company shall so require, of the
charges hereinafter provided. All Subordinated Securities surrendered upon any exchange or transfer provided for in this Subordinated Indenture shall be promptly cancelled and disposed of by the Trustee, and the Trustee shall deliver a certificate
of disposition thereof to the Company. 
 All Registered Subordinated Securities of any series presented or surrendered for exchange,
transfer, redemption, conversion or payment shall, if so required by the Company or any registrar of the Subordinated Securities of such series, be accompanied by a written instrument or instruments of transfer, in form satisfactory to the Company
and such registrar, duly executed by the registered Holder or by such Person’s attorney duly authorized in writing. 
 No service
charge shall be made for any exchange or registration of transfer of Subordinated Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 

The Company shall not be required to exchange or transfer (a) any Subordinated Securities of any series during a period beginning at the
opening of business 15 days before the day of the first publication or the mailing (if there is no publication) of a notice of redemption of Subordinated Securities of such series and ending at the close of business on the day of such publication or
mailing or (b) any Subordinated Securities called or selected for redemption in whole or in part, except, in the case of Subordinated Securities called for redemption in part, the portion thereof not so called for redemption in whole or in part
or during a period beginning at the opening of business on any Record Date for such series and ending at the close of business on the relevant Interest Payment Date therefor. 

SECTION 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Subordinated Securities. In case any temporary
or definitive Subordinated Security shall be mutilated, defaced, destroyed, lost or stolen, the Company in its discretion may execute and, upon the written request of any officer of the Company, the Trustee shall authenticate and delivery, a new
Subordinated Security of the same series, maturity date, interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Subordinated
Security, or in lieu of and in substitution for the Subordinated Security so destroyed, lost or stolen. In every case the applicant for a substitute Subordinated Security shall furnish to the Company and to the Trustee and any agent of the Company
or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such
Subordinated Security and of the ownership thereof, and in the case of mutilation or defacement shall surrender the Subordinated Security to the Trustee or such agent. If the Company becomes aware that such Security has been acquired by a bona fide
purchaser, it shall notify the Trustee in writing. 
 Upon the issuance of any substitute Subordinated Security, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) or its agent connected therewith. In case any Subordinated
Security which has matured or is about to mature or has 

  
 14 

 
been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Company may instead of issuing a substitute Subordinated Security, pay or authorize the
payment of the same (without surrender thereof except in the case of a mutilated or defaced Subordinated Security, if the applicant for such payment shall furnish to the Company and to the Trustee and any agent of the Company or the Trustee such
security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and to the Trustee and any agent of the Company or the Trustee evidence
to their satisfaction of the destruction, loss or theft of such Subordinated Security and of the ownership thereof. 
 Every substitute
Subordinated Security of any series issued pursuant to the provisions of this Section by virtue of the fact that any such Subordinated Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Subordinated Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Subordinated
Indenture equally and proportionately with any and all other Subordinated Securities of such series duly authenticated and delivered hereunder. All Subordinated Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost or stolen Subordinated Securities and shall preclude any and all other rights or remedies notwithstanding
any law or statue existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

SECTION 2.10. Cancellation and Destruction of Surrendered Subordinated Securities. All Subordinated
Securities surrendered for payment, redemption, transfer, conversion or exchange, or for credit against any payment in respect of a sinking or analogous fund, if any, shall, if surrendered to the Company, the Trustee or any agent of the Company or
of the Trustee, be delivered to the Trustee, and the same, together with Subordinated Securities surrendered to the Trustee for cancellation, shall be canceled by it and thereafter disposed of by it as directed by the Company, and no Subordinated
Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Subordinated Indenture. The Trustee shall destroy canceled Subordinated Securities in accordance with applicable laws and procedures, and
deliver a certificate of destruction thereof to the Company. If the Company shall purchase or otherwise acquire any of the Subordinated Securities, however, such purchase or acquisition shall not operate as a payment, redemption or satisfaction of
the indebtedness represented by such Subordinated Securities unless and until the Company, at its option shall deliver or surrender the same to the Trustee for cancellation. 

SECTION 2.11. Temporary Subordinated Securities. Pending the preparation of definitive Subordinated
Securities of any series, the Company may execute and the Trustee shall authenticate and deliver temporary Subordinated Securities of such series which are printed, lithographed, typewritten or otherwise produced, in each case satisfactory to the
Trustee. Temporary Subordinated Securities of any series shall be issuable substantially in the form of the definitive Subordinated Securities of such series but with such appropriate omissions, insertions, substitutions and other variations as the
officers executing such Subordinated Securities may determine, as evidenced by their execution of such Subordinated Securities. Every such temporary Subordinated Security shall be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with the same effect, as the definitive Subordinated Securities. If temporary Subordinated Securities are issued, the Company will cause definitive Subordinated Securities to be prepared without unreasonable delay.
After the preparation of definitive Subordinated Securities, the temporary Subordinated Securities of such series shall be exchangeable for definitive Subordinated Securities upon surrender of the temporary Subordinated Securities without charge to
the Holder at the offices or agencies to be maintained by the Trustee as provided in Section 4.03 with respect to the Subordinated Securities of such series. 

  
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 Upon surrender for cancellation of any one or more temporary Subordinated Securities the Company
shall execute and the Trustee shall authenticate and deliver in exchange for such temporary Subordinated Securities an equal aggregate principal amount of definitive Subordinated Securities of such series. Until so exchanged, the temporary
Subordinated Securities of any series shall in all respects be entitled to the benefits of this Subordinated Indenture and interest thereon, when and as payable, shall be paid to the registered owners thereof. 

SECTION 2.12. Subordinated Securities in Global Form. 

(a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal
amount of, all of the Outstanding Subordinated Securities of such series, (ii) shall be registered in the name of the Depository or its nominee, (iii) shall be held by the Trustee as custodian for the Depository or pursuant to the
Depository’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.12 of the Indenture, this Security may be transferred, in whole but not in part, only to
another nominee of the Depository or to a successor Depository or to a nominee of such successor Depository.” 
 (b)
Notwithstanding the provisions of Section 2.05, the Global Subordinated Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.08, only to another nominee of the Depository for such
series, or to a successor Depository for such series selected or approved by the Corporation or to a nominee of such successor Depository. 

(c) If at any time the Depository for a series of the Subordinated Securities notifies the Company that it is unwilling or unable to continue
as Depository for such series or if at any time the Depository for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depository for such series is not
appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the
Depositary, this Section 2.10 shall no longer be applicable to the Securities of such series and the Company will execute and subject to Section 2.04, the Trustee will authenticate and deliver the Subordinated Securities of such series in
definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Subordinated Security of such series in exchange for such Global Subordinated Security or
Subordinated Securities upon the instruction of the Depository. In addition, the Company may at any time determine that the Subordinated Securities of any series shall no longer be represented by a Global Subordinated Security and that the
provisions of this Section 2.12 shall no longer apply to the Securities of such series. In such event, the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officers’ Certificate evidencing such
determination by the Company, will authenticate and deliver the Subordinated Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of
the Global Subordinated Security of such series in exchange for such Global Subordinated Security. Upon the exchange of the Global Subordinated Security for such Subordinated Securities in definitive registered form without coupons, in authorized
denominations, the Global Subordinated Security shall be canceled by the Trustee. 
 Such Subordinated Securities in definitive registered
form issued in exchange for the Global Subordinated Security pursuant to this Section 2.10(c) shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Debt Securities to the Depository for delivery to the Persons in whose names such Securities are so registered. 

  
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 SECTION 2.13. CUSIP Numbers. The Company in issuing the
Subordinated Securities may use “CUSIP” and “CINS” numbers (if then generally in use), and the Trustee shall use CUSIP numbers or CINS numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders
and no representation shall be made as to the correctness of such numbers either as printed on the Subordinated Securities or as contained in any notice of redemption or exchange. The Company will promptly notify the Trustee of any change in the
“CUSIP” and/or such other numbers. 
 ARTICLE 3 

REDEMPTION OF SUBORDINATED SECURITIES 

SECTION 3.01. Applicability of Article. The provisions of this Article shall be applicable to the
Subordinated Securities of any series which are redeemable before their Stated Maturity except as otherwise specified as contemplated by Section 2.03 for Subordinated Securities of such series. 

SECTION 3.02. Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Registered
Subordinated Securities of any series to be redeemed as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by electronic transmission, first-class mail, postage prepaid, at least 30 days and not more
than 60 days prior to the date fixed for redemption to such Holders of Subordinated Securities of such series at their last addresses as they shall appear upon the Register. 

Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the
notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Subordinated Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of such
Subordinated Security of such series. 
 The notice of redemption to each such Holder shall specify the principal amount of each
Subordinated Security of such series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Subordinated Securities,
that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Subordinated Security of a
series is to be redeemed in part only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Subordinated Security, a
new Subordinated Security or Subordinated Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

The notice of redemption of Subordinated Securities of any series to be redeemed at the option of the Company shall be given by the Company
or, at the Company’s request delivered to the Trustee at least five Business Days prior to the intended date of mailing to the Holders, by the Trustee in the name and at the expense of the Company. 

On or before the redemption date specified in the notice of redemption given as provided in this Section, the Company will deposit with the
Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and holder in trust as provided in Section 4.05), no later than 11:00 a.m. New York City time, an amount of money sufficient
to redeem on the 

  
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redemption date all the Subordinated Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. The
Company will deliver to the Trustee at least 70 days prior to the date fixed for redemption, or such shorter period as shall be acceptable to the Trustee, an Officer’s Certificate stating the aggregate principal amount of Subordinated
Securities to be redeemed with a copy of the form on notice to the Holders setting forth the information required by this Section 3.02. In case of a redemption at the election of the Company prior to the expiration of any restriction on such
redemption, the Company shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section, an Officer’s Certificate stating that such restriction has been complied with. 

If less than all the Subordinated Securities of a series are to be redeemed, the Trustee shall select, in such manner as it shall deem
appropriate and fair, in its sole discretion, Subordinated Securities of such series to be redeemed in whole or in part. Subordinated Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Subordinated
Securities of such series or any multiple thereof. The Trustee shall promptly notify the Company in writing of the Subordinated Securities of such series selected for redemption and, in the case of any Subordinated Securities of such series selected
for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Subordinated Indenture, unless the context otherwise requires, all provisions relating to the redemption of Subordinated Securities of any series shall
relate, in the case of any Subordinated Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Subordinated Security which has been or is to be redeemed. 

SECTION 3.03. Payment of Subordinated Securities Called for Redemption. If notice of redemption has been
given as above provided, the Subordinated Securities or portions of Subordinated Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with
interest accrued to the date fixed for redemption, and on and after said date (unless the Company shall default in the payment of such Subordinated Securities at the redemption price, together with interest accrued to said date) interest on the
Subordinated Securities or portions of Subordinated Securities so called for redemption shall cease to accrue, and, except as provided in Sections 7.05 and 11.04, such Subordinated Securities shall cease from and after the date fixed for redemption
to be entitled to any benefit or security under this Subordinated Indenture, and the Holders thereof shall have no right in respect of such Subordinated Securities except the right to receive the redemption price thereof and unpaid interest to the
date fixed for redemption. On presentation and surrender of such Subordinated Securities at a place of payment specified in said notice, said Subordinated Securities or the specified portions thereof shall be paid and redeemed by the Company at the
applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided, that payment of interest becoming due on or prior to the date fixed for redemption shall be payable to the Holder of such Registered
Subordinated Securities registered as such on the relevant record date, subject to the terms and provisions of Section 2.03 and 2.07 hereof. 

If any Subordinated Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid
or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Subordinated Security) borne by such Subordinated Security. 

Upon presentation of any Subordinated Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver
to or on the order of the Holder thereof, at the expense of the Company, a new Subordinated Security or Subordinated Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Subordinated
Security so presented. 

  
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 SECTION 3.04. Exclusion of Certain Subordinated Securities
From Eligibility for Selection for Redemption. Subordinated Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officer’s Certificate delivered to the
Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Company or (b) an entity specifically identified in
such written statement as directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. 

ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

SECTION 4.01. Payment of Principal of and Interest on Subordinated Securities. The Company covenants that
it will duly and punctually pay or cause to be paid the principal of and any interest and premium on each of the Subordinated Securities in accordance with the terms of the Subordinated Securities and this Subordinated Indenture. Except with respect
to any Global Subordinated Securities, if the Subordinated Securities of any series bear interest, each installment of interest on the Subordinated Securities of such series may, at the option of the Company, be paid by mailing a check or checks for
such interest payable to the Person entitled thereto pursuant to Section 2.07 to the address of such Person as it appears on the Register of such series on the applicable Record Date for such interest payment. The interest, if any, on
Registered Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be payable only to or upon the written order of the Holders thereof and, at the option of the Company, may be paid by wire transfer
or by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on the Register of the Company. 

SECTION 4.02. Corporate Existence of the Company; Consolidation, Merger, Sale or Transfer. The Company
covenants that so long as any of the Subordinated Securities are Outstanding, it will maintain its existence, will not dissolve, sell or otherwise dispose of all or substantially all of its assets and will not consolidate with or merge into another
entity or permit one or more other entities to consolidate with or merge into it; provided that the Company may, without violating the covenants in this Section 4.02 contained, consolidate with or merge into another entity or permit one or more
other entities to consolidate with or merge into it, or sell or otherwise transfer to another entity all or substantially all of its assets as an entirety and thereafter dissolve, if the surviving, resulting or transferee entity, as the case may be,
(i) shall be organized and existing under the laws of one of the States of the United States of America, (ii) assumes, if such entity is not the Company, all of the obligations of the Company hereunder and (iii) is not, after such
transaction, otherwise in default under any provisions hereof. 
 SECTION 4.03. Maintenance of Offices or
Agencies for Transfer, Registration, Exchange and Payment of Subordinated Securities. So long as any of the Subordinated Securities shall remain Outstanding, the Company covenants that it will cause the Trustee to maintain an office or agency in
                    , where the Subordinated Securities may be presented for registration, exchange and transfer as in this Subordinated Indenture
provided, and where notices and demands to or upon the Trustee in respect of the Subordinated Securities or of this Subordinated Indenture may be served, and where the Subordinated Securities may be presented for payment. In case the Trustee shall
fail to maintain any such office or agency, presentations and demands may be made and notices may be served at the principal office of the Company. 

The Company will give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. In
case the Company shall fail to maintain any agency required by this Section to be located in                     , or shall fail to give such notice
of the location or for any change in the location of any of the above agencies, presentations and demands may be made and notices may be served at the Principal Office of the Trustee. 

  
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 The Company may from time to time designate one or more additional offices or agencies where the
Subordinated Securities of a series may be presented for payment, where the Subordinated Securities of that series may be presented for exchange as provided in this Subordinated Indenture and pursuant to Section 2.04 and where the Registered
Subordinated Securities of that series may be presented for registration of transfer as in this Subordinated Indenture provided, and the Company may from time to time rescind any such designation, as the Company may deem desirable or expedient;
provided, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain the agencies provided for in this Section. The Company shall give to the Trustee prompt written notice of any such designation or
rescission thereof. 
 SECTION 4.04. Appointment to Fill a Vacancy in the Office of Trustee. The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, covenants that it will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee with respect to the Outstanding
Subordinated Securities. 
 SECTION 4.05. Duties of Paying Agent. 

(a) If the Company shall appoint a Paying Agent other than the Trustee with respect to Subordinated Securities of any series, it will cause
such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.05 and Section 11.04, 

(1) that it will hold all sums held by it as such agent for the payment of the principal of or interest, if any, on the Subordinated
Securities of such series (whether such sums have been paid to it by the Company or by any other obligor on the Subordinated Securities of such series) in trust for the benefit of the Holders of the Subordinated Securities entitled to such principal
or interest and will notify the Trustee of the receipt of sums to be so held, 
 (2) that it will give the Trustee notice of any failure by
the Company (or by any other obligor on the Subordinated Securities of such series) to make any payment of the principal of or interest on the Subordinated Securities of such series when the same shall be due and payable, and 

(3) that it will at any time during the continuance of any Event of Default, upon the written request of the Trustee, deliver to the Trustee
all sums so held in trust by it. 
 (b) Whenever the Company shall have one or more Paying Agents with respect to the Subordinated
Securities of any series, it will, prior to each due date of the principal of or any interest on the Subordinated Securities of such series, deposit with a Paying Agent of such series a sum sufficient to pay the principal or interest so becoming
due, such sum to be held in trust for the benefit of the Holders of Subordinated Securities entitled to such principal or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act. 
 (c) If the Company shall act as its own Paying Agent with respect to the Subordinated Securities of any series, it will, on or
before each due date of the principal of or interest on the Subordinated Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Subordinated Securities of such series a sum sufficient to pay such
principal or interest so becoming due. The Company will promptly notify the Trustee of any failure to take such action. 

  
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 (d) Anything in this Section 4.05 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge of this Subordinated Indenture with respect to one or more or all series of Subordinated Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums
held in trust for such series by it, or any Paying Agent hereunder, as required by this Section 4.05, and such sums are to be held by the Trustee upon the trust herein contained. 

SECTION 4.06. Notice of Default. The Company covenants that, as soon as is practicable but in no event
later than twenty Business Days after the occurrence thereof, the Company will furnish the Trustee notice of any event which is an Event of Default or which with the giving of notice or the passage of time or both would constitute an Event of
Default which has occurred and is continuing on the date of such notice, which notice shall set forth the nature of such event and the action which the Company proposes to take with respect thereto. 

SECTION 4.07. Maintenance of Properties. The Company will cause all properties used in or useful in the
conduct of its business to be maintained and kept in good condition, repair, and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof,
all as in the judgment of the Company may be necessary, so that the business carried on in connection therewith may be properly and advantageously conducted at all time except to the extent that the Company may be prevented from so doing by
circumstances beyond its control; provided, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance of any of such properties, or disposing of any of them, if such discontinuance or disposal is, in the
judgment of the Company desirable in the conduct of the business of the Company and not disadvantageous in any material respect to the Subordinated Securityholders. 

SECTION 4.08. Payment of Taxes and Other Claims. The Company will pay or discharge or cause to be paid or
discharged, before the same shall become delinquent: (a) all taxes, assessments and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company; and (b) all lawful claims for labor,
materials, and supplies, which, if unpaid, might by law become a lien upon the property of the Company; provided, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim
whose amount, applicability or validity is being contested in good faith by appropriate proceedings; and provided further that the Company shall not be required to cause to be paid or discharged any such tax, assessment, charge or claim if the
Company shall determine that such payment is not advantageous to the conduct of the business of the Company taken as a whole and that the failure so to pay or discharge is not disadvantageous in any material respect to the Subordinated
Securityholders. 
 ARTICLE 5 

SUBORDINATED SECURITYHOLDERS’ LISTS AND REPORTS 

BY THE COMPANY AND THE TRUSTEE 
 
SECTION 
5.01. Company to Furnish Trustee Information as to the Names and Addresses of Subordinated Securityholders. The Company will furnish or cause to be furnished to the Trustee, not less than 45 days nor more than 60 days after each date (month and day) specified
 as an Interest Payment Date for the Subordinated Securities of the first series issued under this Subordinated Indenture (whether or not any Subordinated Securities of that series are then Outstanding), but in no event less frequently than semiannually,
 and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request, a list in such form as the Trustee may reasonably require containing all the information in the possession or control of the
Company, or any of its Paying Agents other than the Trustee, as to the names and addresses of the Holders of Subordinated Securities, obtained since the date 

  
 21 

 
as of which the next previous list, if any, was furnished, excluding from any such list the names and addresses received by the Trustee in its capacity as registrar (if so acting). Any such list
may be dated as of a date not more than 15 days prior to the time such information is furnished and need not include information received after such date. However, if the Trustee is appointed as Registrar, the Company has no obligation to furnish
the list of holders. 
 SECTION 5.02. Preservation of Information; Communication to Subordinated
Securityholders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the
Holders of Subordinated Securities of each series (1) contained in the most recent list furnished to it as provided in Section 5.01, (2) received by the Trustee in the capacity of Paying Agent or registrar (if so acting) and
(3) filed with the Trustee within the two preceding years as provided for in Section 5.04(c). The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

(b) If three or more Holders of Subordinated Securities (hereinafter referred to as “applicants”) apply in writing to the Trustee,
and furnish to the Trustee reasonable proof that each such applicant has owned a Subordinated Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate
with other Holders of Subordinated Securities of any series or with Holders of all Subordinated Securities with respect to their rights under this Subordinated Indenture or under such Subordinated Securities, and is accompanied by a copy of the form
of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either: 

(1) afford such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection
(a) of this Section 5.02; or 
 (2) inform such applicants as to the approximate number of Holders of Subordinated Securities of
such series or all Subordinated Securities, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 5.02, and as to
the approximate cost of mailing to such Subordinated Securityholders the form of proxy or other communications, if any, specified in such application. 

If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such
applicants, mail to each of the Holders of Subordinated Securities of such series, or all Subordinated Securities, as the case may be, whose name and address appear in the information preserved at the time by the Trustee in accordance with the
provisions of subsection (a) of this Section 5.02, a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment,
or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders of Subordinated Securities of such series or all Subordinated Securities, as the case may be, or would be in violation
of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of
such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so
declaring, the Trustee shall mail copies of such material to all such Subordinated Securityholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or
duty to such applicants respecting their application. 

  
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 (c) Each and every Holder of the Subordinated Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Paying Agent nor any registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of
Subordinated Securities in accordance with the provisions of subsection (b) of this Section 5.02, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under said subsection (b). 
 SECTION 5.03. Reports by Company. 

(a) The Company covenants and agrees to file with the Trustee within 15 days after the Company is required to file the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such sections, then to file with the
Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the
Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations. 

(b) The Company covenants and agrees to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from
time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Subordinated Indenture as may be required from time to time by such
rules and regulations. 
 (c) The Company covenants and agrees to transmit to the Holders of Subordinated Securities within 30 days after
the filing thereof with the Trustee, in the manner and to the extent provided in subsection (c) of Section 5.04 with respect to reports pursuant to subsection (a) of said Section 5.04, such summaries of any information, documents
and reports required to be filed by the Company pursuant to subsections (a) and (b) of this Section 5.03 as may be required by rules and regulations prescribed from time to time by the Commission. Delivery of reports, information and
documents to the Trustee under this Section 5.03 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(d) The Company and any other obligor on the Subordinated Securities each covenant and agree to furnish to deliver to the Trustee, within 120
days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, from the principal executive officer, principal financial officer or principal accounting officer stating whether or not to the best
knowledge of the signers thereof, the Company or Subsidiary of the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Subordinated Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if the Company or a Subsidiary of the Company in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 

  
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 SECTION 5.04. Reports by Trustee. 

(a) On or before the first July 15th following the date of execution of this Subordinated Indenture, and on or before July 15 in
every year thereafter, if and so long as any Subordinated Securities are Outstanding hereunder, the Trustee shall transmit to the Subordinated Securityholders as hereinafter in this Section 5.04 provided, a brief report dated as of the
preceding May 15 with respect to any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted): 

(1) any change to its eligibility under Section 7.09, and its qualifications under Section 7.08; 

(2) the creation of or any material change to a relationship specified in paragraph (1) through (10) of Section 7.08(d); 

(3) the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by
the Trustee (as such) which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Subordinated Securities of any series, on any property or funds held or collected
by it as Trustee, except that the Trustee shall not be required (but may elect) to state such advances if such advances so remaining unpaid aggregate not more than one—half of one percent of the principal amount of the Subordinated Securities
of such series Outstanding on the date of such report; 
 (4) the amount, interest rate and maturity date of all other indebtedness owing by
the Company (or by any other obligor on the Subordinated Securities) to the Trustee in its individual capacity, on the date of such report, with a brief description of any property held as collateral security therefor, except indebtedness based upon
a creditor relationship arising in any manner described in paragraph (2), (3), (4) or (6) of subsection (b) of Section 7.13; 

(5) any change to the property and funds, if any, physically in the possession of the Trustee (as such) on the date of such report; 

(6) any additional issue of Subordinated Securities which the Trustee has not previously reported; and 

(7) any action taken by the Trustee in the performance of its duties under this Subordinated Indenture which it has not previously reported
and which in its opinion materially affects the Subordinated Securities, except action in respect of a default, notice of which has been or is to be withheld by it in accordance with the provisions of Section 6.10. 

(b) The Trustee shall transmit to the Subordinated Securityholders, as hereinafter provided, a brief report with respect to the character and
amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) since the date of the last report transmitted pursuant to the provisions of subsection (a) of this
Section 5.04 (or if no such report has yet been so transmitted, since the date of execution of this Subordinated Indenture), for the reimbursement of which it claims or may claim a lien or charge prior to that of the Subordinated Securities of
any series on property or funds held or collected by it as Trustee, and which it has not previously reported pursuant to this subsection, except that the Trustee shall not be required (but may elect) to report such advances if such advances
remaining unpaid at any time aggregate ten percent or less of the principal amount of Subordinated Securities of such series Outstanding at such time, such report to be transmitted within 90 days after such time. 

  
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 (c) Reports pursuant to this Section 5.04 shall be transmitted by mail (i) to all
Holders of Subordinated Securities of any series, as the names and addresses of such Holders shall appear upon the Register of the Subordinated Securities of such series, (ii) to such Holders of Subordinated Securities as have, within the two
years preceding such transmission, filed their names and addresses with the Trustee for that purpose and (iii) except in the case of reports pursuant to subsection (b) of this Section 5.04 to each Holder whose name and address are
preserved at the time by the Trustee as provided in Section 5.02(a) hereof. 
 (d) A copy of each such report shall, at the time of
such transmission to Subordinated Securityholders, be filed by the Trustee with each stock exchange upon which the Subordinated Securities of any series are listed and also with the Commission. The Company will notify the Trustee when and as the
Subordinated Securities of any series become listed on any stock exchange. 
 ARTICLE 6 

REMEDIES OF THE TRUSTEE AND SUBORDINATED 

SECURITYHOLDERS ON EVENT OF DEFAULT 

SECTION 6.01. Events of Default; Acceleration, Waiver of Default and Restoration of Position and Rights.
The term “Event of Default” whenever used herein with respect to any particular series of Subordinated Securities shall mean any one of the following events: 

(a) default in the payment of any installment of interest on any Subordinated Security of such series as and when the same shall become due and
payable, and continuance of such default for a period of 30 days provided however, that an extension of one or more Interest Payment Dates by the Company in accordance with the provisions of any Supplemental Subordinated Indenture, shall not
constitute an Event of Default; or 
 (b) default in the payment of all or any part of the principal of or any premium on any Subordinated
Security of such series as and when the same shall become due and payable whether at maturity, by proceedings for redemption, by declaration or otherwise, provided however, that an extension of the Stated Maturity for payment of principal of
Subordinated Securities of such series in accordance with the provisions of any Supplemental Subordinated Indenture, shall not constitute an Event of Default; or 

(c) failure on the part of the Company to observe or perform in any material respect any other of the covenants or agreements on its part in
the Subordinated Securities or in this Subordinated Indenture (including any Supplemental Subordinated Indenture or pursuant to any Officer’s Certificate, as contemplated by Section 2.03) specifically contained for the benefit of the
Holders of the Subordinated Securities of such series, for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of not less than 25% in
principal amount of the Subordinated Securities of such series and all other series so benefited (all series voting as one class) at the time Outstanding under this Subordinated Indenture a written notice specifying such failure and stating that
such is a “Notice of Default” hereunder; or 
 (d) the entry by a court having jurisdiction in the premises of a decree or order
for relief in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or for any substantial part of its property, or ordering the winding up or liquidation of its affairs, if such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

  
 25 

 (e) the commencement by the Company of a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or the Company’s consent to the entry of an order for relief in any involuntary case under any such law, or its consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or for any substantial part of its property, or the making by the Company of any general assignment for the benefit of creditors, or its failure generally to
pay its debts as they become due or the taking by the Company of any corporate action in furtherance of any of the foregoing; or 
 (f) any
other Event of Default provided in the Officer’s Certificate or Supplemental Subordinated Indenture under which such series of Subordinated is issued or in the form of Subordinated Security for such series. 

If an Event of Default described in clause (a) or (b) shall have occurred and be continuing with respect to any one or more series
of Outstanding Subordinated Securities, then and in each and every such case, unless the principal amount of all the Subordinated Securities of each series as to which there is an Event of Default shall have already become due and payable, either
the Trustee or the Holders of not less than 25% in principal amount of the Subordinated Securities of such series then Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Company (and to the Trustee if
given by Subordinated Securityholders) may declare the principal amount (or, if the Subordinated Securities of any such series are Original Issue Discount Subordinated Securities, such portion of the principal amount as may be specified in the terms
of such series) of all the Subordinated Securities of such series, together with any accrued interest, to be due and payable immediately, and upon any such declaration the same shall be immediately due and payable, anything in this Subordinated
Indenture or in the Subordinated Securities of such series contained to the contrary notwithstanding. 
 Except as otherwise provided in the
terms of any series of Subordinated Securities pursuant to Section 2.03, if an Event of Default described in clause (c) or (f) above with respect to all series of Subordinated Securities then Outstanding, occurs and is continuing,
then, and in each and every such case, unless the principal of all of the Subordinated Securities shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of all of the
Subordinated Securities then Outstanding hereunder (treated as one class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Subordinated Securities of any series are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all of the Subordinated Securities then Outstanding, and the interest accrued thereon, if any, to be due and payable
immediately, and upon such declaration, the same shall become immediately due and payable. If an Event of Default described in clause (e) or (f) above occurs and is continuing, then the principal amount of all of the Subordinated
Securities then Outstanding, and the interest accrued thereon, if any, shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

If an Event of Default described in clause (d) or (g) occurs and is continuing, which Event of Default is with respect to less than
all series of Subordinated Securities then Outstanding, then, and in each and every such case, except for any series of Subordinated Securities the principal of which shall have already become due and payable, either the Trustee or the Holders of
not less than 25% in aggregate principal amount of the Subordinated Securities of each such affected series then Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Company (and to the Trustee if given by
Securityholders), may declare the entire principal (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series,
and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable. 

  
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 The foregoing provisions, however, are subject to the condition that if, at any time after the
principal amount (or, if the Subordinated Securities are Original Issue Discount Subordinated Securities, such portion of the principal as may be specified in the terms thereof of the Subordinated Securities of any one or more series (or of all the
Subordinated Securities, as the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment of moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall
deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Subordinated Securities of such series (or upon all the Subordinated Securities, as the case may be) and the principal of any and all Subordinated
Securities of such series (or of any and all the Subordinated Securities, as the case may be) which shall have become due otherwise than by declaration (with interest on overdue installments of interest to the extent permitted by law and on such
principal at the rate or rates of interest borne by, or prescribed therefor in the Subordinated Securities of such series to the date of such payment or deposit) and interest upon such principal and, to the extent that payment of such interest is
enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series (or at the respective
rates of interest or Yields to Maturity of all the Securities, as the case may be) to the date of such payment or deposit; and the amounts payable to the Trustee under Section 7.06 and any and all defaults under the Subordinated Indenture with
respect to Subordinated Securities of such series (or all Subordinated Securities, as the case may be), other than the non—payment of principal of and any accrued interest on Subordinated Securities of such series (or any Subordinated
Securities, as the case may be) which shall have become due by declaration shall have been cured, remedied or waived as provided in Section 6.09—then and in every such case the Holders of a majority in principal amount of the Subordinated
Securities of such series (or of all the Subordinated Securities, as the case may be) then Outstanding (such series or all series voting as one class if more than one series are so entitled) by written notice to the Company and to the Trustee, may
rescind and annul such declaration and its consequences; but no such rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. 

For all purposes under this Subordinated Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been
accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be
deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

In case the Trustee shall have proceeded to enforce any right under this Subordinated Indenture and such proceedings shall have been
discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and the Holders of the Subordinated Securities of
such series (or of all the Subordinated Securities, as the case may be) shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee and the Holders of the
Subordinated Securities of such series (or of all the Subordinated Securities, as the case may be) shall continue as though no such proceedings had been taken. 

SECTION 6.02. Covenant of Company to Pay to Trustee Whole Amount Due on Subordinated Securities on Default
in Payment of Interest or Principal. The Company covenants that: 
 (a) in case default shall be made in the payment of any installment of
interest on any of the Subordinated Securities of any series as and when the same shall become due and payable and which payment has not been extended in accordance with the provisions of a Supplemental Subordinated Indenture, and such default shall
have continued for a period of 30 days; 

  
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 (b) in case default shall be made in the payment of all or any part of the principal of any of
the Subordinated Securities of any series when the same shall have become due and payable and which payment has not been extended in accordance with the provisions of a Supplemental Subordinated Indenture, whether at the Stated Maturity of such
series or by any call for redemption or by declaration of acceleration or otherwise; or 
 (c) upon demand of the Trustee, the Company will
pay to the Trustee, for the benefit of the Holders of the Subordinated Securities of such series, the whole amount that then shall have become due and payable on all such Subordinated Securities of such series for principal (and any premium) and
interest together with interest upon the overdue principal and installments of interest (to the extent permitted by law) at the rate or rates of interest borne by or Yield to Maturity (in the case of Original Issue Discount Subordinated Securities),
or prescribed therefor in, the Subordinated Securities of such series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expense of collection, including a reasonable compensation to the Trustee, its agents
and counsel, and any expenses or liabilities incurred, and all advances made, by the Trustee hereunder other than through its negligence or bad faith. 

In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as Trustee of an express
trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any
such judgment or final decree against the Company or any other obligor upon such Subordinated Securities, and collect in the manner provided by law out of the property of the Company or any other obligor upon such Subordinated Securities wherever
situated the moneys adjudged or decreed to be payable. 
 If an Event of Default with respect to Subordinated Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Subordinated Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Subordinated Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 6.03. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Company or any other obligor upon the Subordinated Securities or the property of the Company or of such other obligor
or their creditors, the Trustee (irrespective of whether the principal of the Subordinated Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the
Subordinated Securities (or, if the Subordinated Securities are Original Issue Discount Subordinated Securities, such portion of the principal amount as may be specified in the terms of such Subordinated Securities) and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in
such judicial proceeding; and 

  
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 (b) to collect and receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Subordinated Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.04. Trustee May Enforce Claims Without Possession of Subordinated Securities. All rights of
action and claims under this Subordinated Indenture or the Subordinated Securities of any series may be prosecuted and enforced by the Trustee to the fullest extent permitted by law without the possession of any of the Subordinated Securities of any
series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Subordinated Securities in respect of which such judgment has been recovered. 

SECTION 6.05. Application of Moneys Collected by Trustee. Any moneys collected by the Trustee pursuant to
Section 6.02 shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the several Subordinated Securities in respect of which moneys have been collected, and
stamping thereon the payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due
to the Trustee under Section 7.06; 
 SECOND: In case the principal of the Outstanding Subordinated Securities in respect of which
moneys have been collected shall not have become due and be unpaid, to the payment of any interest on such Subordinated Securities, in the order of the maturity of the installments of such interest, with interest upon the overdue installments of
interest (so far as permitted by law and to the extent that such interest has been collected by the Trustee at the rate or rates of interest borne by or Yield to Maturity (in the case of Original Issue Discount Subordinated Securities) of such
Subordinated Securities or prescribed therefor therein) such payments to be made ratably to the Persons entitled thereto, without discrimination or preference; 

THIRD: In case the principal of the Outstanding Subordinated Securities in respect of which such moneys have been collected shall have become
due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon such Subordinated Securities for principal and interest, if any, with interest on the overdue principal and any installments of interest (so far as
permitted by law and to the extent that such interest has been collected by the Trustee) at the rate or rates of interest borne by or Yield to Maturity (in the case of Original Issue Discount Subordinated Securities), or prescribed therefor in, such
Subordinated Securities; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon such Subordinated Securities, then to the payment of such principal and interest or Yield to Maturity, without preference
or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of interest, or of any Subordinated Security over any other Subordinated
Security, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 

  
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 FOURTH: To the payment of the remainder, with appropriate interest to the Company or its
successors or assigns, or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 

SECTION 6.06. Limitation on Suits by Holders of Subordinated Securities. No Holder of any Subordinated
Security of any series shall have any right by virtue or by availing of any provision of this Subordinated Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Subordinated Indenture or for
the appointment of a receiver or trustee, or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of a continuing Event of Default, as hereinbefore provided, and unless also the Holders of not
less than 25% in principal amount of the Subordinated Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby (including the reasonable fees of counsel for the Trustee), and the Trustee, for 60 days after its
receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee by the holders of a
majority in principal amount of the outstanding debt securities pursuant to this Section 6.06; it being understood and intended, and being expressly covenanted by the taker and Holder of every Subordinated Security with every other taker and
Holder and the Trustee, that no one or more Holders of Subordinated Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision of this Subordinated Indenture to affect, disturb or prejudice the
rights of the Holders of any other of such Subordinated Securities, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Subordinated Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all Holders of Subordinated Securities of the applicable series. For the protection and enforcement of the provisions of this Section 6.06, each and every Holder and the Trustee shall be entitled
to such relief as can be given either at law or in equity. 
 Notwithstanding any other provisions in this Subordinated Indenture, the right
of any Holder of any Subordinated Security to receive payment of the principal of and interest on such Subordinated Security on or after the respective due dates expressed in such Subordinated Security (or, in the case of redemption, on or after the
date fixed for redemption), or to institute suit for the enforcement of any such payment on or after such respective dates shall not be impaired or affected without the consent of such Holder. 

SECTION 6.07. Rights and Remedies Cumulative. All powers and remedies given by this Article Six to the
Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Subordinated Indenture, and no delay or omission of the Trustee or of any Holder of any of the Subordinated Securities to exercise any right or power accruing upon any
default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy
given by this Article Six or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. The assertion or employment of any right or remedy hereunder or
otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
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 SECTION 6.08. Delay or Omission Not Waiver. No delay or
omission of the Trustee or of any Holder of any Subordinated Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Subject to the provisions of Section 6.06, every right and remedy given by this Article Six or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be. 
 SECTION 6.09. Control by Holders; Waiver of Past Defaults. The
Holders of a majority in principal amount of the Subordinated Securities of all series (voting as one class) at the time Outstanding (determined as provided in Section 8.04) shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee; provided, however, that, subject to Section 7.01 the Trustee shall have the right to decline to follow any such
direction if the Trustee in reliance upon an Opinion of Counsel determines that the action so directed may not lawfully be taken, or if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the
proceedings so directed would be illegal or involve it in personal liability or be unduly prejudicial to the rights of Holders not parties to such direction, and provided further that nothing in this Subordinated Indenture shall impair the right of
the Trustee to take any action deemed proper by the Trustee and which is not inconsistent with such direction by the Holders. 
 The Company
may set a special record date for purposes of determining the identity of the Holders of Subordinated Securities entitled to vote or consent to any action by vote or consent authorized or permitted by this Section 6.09. Such record date shall
be the later of 15 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee pursuant to Section 5.01 of this Subordinated Indenture prior to such solicitation. 

The Holders of not less than a majority in principal amount of the Subordinated Securities of any series at the time Outstanding (determined
as provided in Section 8.04) may on behalf of the Holders of all the Subordinated Securities of such series waive any past Event of Default with respect to such series and its consequences (subject to Section 6.02), except a continuing
Event of Default specified in Section 6.01(a), (b) or (c), or in respect of a covenant or provision of this Subordinated Indenture which under Article Ten cannot be modified or amended without the consent of the Holder of each Subordinated
Security so affected. Upon any such waiver, the Company, the Trustee and the Holders of the Subordinated Securities of such series shall be restored to their former positions and rights hereunder, respectively, and such Event of Default shall be
deemed to have been cured and not continuing for every purpose of this Subordinated Indenture; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. 

SECTION 6.10. Trustee to Give Notice of Defaults Known to it, but May Withhold in Certain Circumstances.
The Trustee shall, within 90 days after the occurrence of a default with respect to the Subordinated Securities of any series, give notice of all defaults with respect to that series known to the Trustee to all Holders of Subordinated Securities of
such series in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, unless in each case such defaults shall have been cured before the mailing or publication of such notice (the term “default” for the
purpose of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided, that, except in the case of default in the payment of the principal of or
interest on any of the Subordinated Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or
Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Subordinated Securityholders of such series. 

  
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 SECTION 6.11. Requirement of an Undertaking to Pay Costs in
Certain Suits Under the Subordinated Indenture or Against the Trustee. All parties to this Subordinated Indenture agree, and each Holder of any Subordinated Security by such Holder’s acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any right or remedy under this Subordinated Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the provisions of this Section 6.11 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder of Subordinated Securities of any series, or
group of such Holders, holding in the aggregate more than ten percent in principal amount of the Subordinated Securities of such series Outstanding, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or
any interest or premium on any Subordinated Security, on or after the due date expressed in such Subordinated Security or for such interest (or in the case of any redemption, on or after the dated fixed for redemption). 

SECTION 6.12. Waiver of Stay, or Extension Laws. The Company covenants (to the extent that it may lawfully
do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereinafter in force, which may affect the covenants or
the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that they will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 
ARTICLE 7 
 CONCERNING THE TRUSTEE 

SECTION 7.01. Certain Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an
Event of Default and after the curing, remedying or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Subordinated Indenture. In case an Event of
Default has occurred (which has not been cured, remedied or waived), the Trustee shall exercise such of the rights and powers vested in it by this Subordinated Indenture, and use the same degree of care and skill in their exercise, as a prudent
person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 No provision of this Subordinated
Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, provided, however, that: 

(a) prior to the occurrence of an Event of Default and after the curing, remedying or waving of all Events of Default which may have occurred:

 (1) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Subordinated Indenture and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Subordinated Indenture, and no implied covenants or obligations shall be read into this Subordinated Indenture against the
Trustee; 
 (2) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, 

  
 32 

 
upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Subordinated Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Subordinated Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated therein); and; 
 (3) this Subsection shall not be construed to
limit the effect of the first paragraph and the second to last paragraph of this Section; 
 (b) the Trustee shall not be liable for any
error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of Subordinated Securities pursuant to Section 6.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Subordinated Indenture. 
 None of the provisions contained in this Subordinated Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

SECTION 7.02. Certain Rights of Trustee. Except as otherwise provided in Section 7.01: 

(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate
(unless other evidence in respect thereof shall be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a Board Resolution; 

(c) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such written advice or Opinion of Counsel; 

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Subordinated Indenture at the
request, order or direction of any of the Subordinated Securityholders pursuant to the provisions of this Subordinated Indenture, unless such Subordinated Securityholders shall have offered to the Trustee reasonable security or indemnity
satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; 

  
 33 

 (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Subordinated Indenture; 
 (f) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or
document, unless requested in writing so to do by the Holders of Subordinated Securities pursuant to Section 6.09; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Subordinated Indenture, the Trustee may require reasonable indemnity
against such costs, expenses or liabilities as a condition to such proceeding; and provided further, that nothing in this subsection (f) shall require the Trustee to give the Subordinated Securityholders any notice other than that required by
Section 6.10. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be reimbursed by the Company upon demand; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall be under no responsibility for the approval by it in good faith of any expert for any of the purposes expressed in this
Subordinated Indenture; 
 (i) the Trustee shall not be deemed to have notice or be charged with knowledge of any default (within the
meaning of Section 602) or Event of Default with respect to the Securities of any series for which it is acting as Trustee unless written notice of such default or Event of Default, as the case may be, is received by the Trustee at the
Corporate Trust Office of the Trustee from the Company, any other obligor upon such Securities or by any Holder of such Securities, and such notice references the Securities and this Indenture; 

(j) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(k) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any persons authorized to sign an Officers’ Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded; 
 (l) the permissive right of the Trustee hereunder to take or omit to take
any action shall not be construed as a duty; and 
 (m) anything in this Indenture notwithstanding, in no event shall the Trustee be liable
for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Company has been advised as to the likelihood of such loss or damage and regardless of the form of
action. 

  
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 SECTION 7.03. Trustee Not Responsible for Recitals or
Application of Proceeds. The recitals contained herein and in the Subordinated Securities (other than the certificate of authentication on the Subordinated Securities) shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Subordinated Indenture or of the Subordinated Securities. The Trustee shall not be accountable for the use or application
by the Company of any of the Subordinated Securities or of the proceeds thereof. 
 SECTION 7.04. Trustee
May Own Subordinated Securities. The Trustee, any Paying Agent, registrar or any agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Subordinated Securities with the same rights it
would have if it were not Trustee, Paying Agent, registrar or such other agent. 
 SECTION 7.05. Moneys
Received by Trustee to be Held in Trust. Moneys held by the Trustee in trust need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company. 
 SECTION 7.06. Trustee Entitled to Compensation,
Reimbursement and Indemnity. The Company agrees to pay to the Trustee from time to time reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of any express trust), and the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in connection with the acceptance or administration of its trust under this Subordinated Indenture (including
the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith. The Company also agrees to
indemnify the Trustee and its officers, directors, agents and employees for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises. The obligations of the Company under this Section to compensate the Trustee, to pay or
reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless the Trustee and its officers, directors, agents and employees shall constitute additional indebtedness hereunder and shall survive the satisfaction and
discharge of this Subordinated Indenture and the resignation or removal of the Trustee. Such additional indebtedness shall be secured by a lien prior to that of the Subordinated Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the payment of principal of or interest or redemption premium on particular Subordinated Securities. 

In addition and without prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs
expenses or renders services in connection with an Event of Default specified in Section 601(e) or Section 601(f), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are
intended to constitute expenses of administration under any applicable Federal and State bankruptcy, insolvency or other similar law. 
 
SECTION 7.07. Right of Trustee to Rely on Officer’s Certificate Where No Other Evidence Specifically Prescribed. Except as otherwise provided in Section 
7.01, whenever in the administration of the provisions of this Subordinated Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, such matter (unless
 other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate of the Company or an Opinion
 of Counsel or both delivered to the Trustee, and such Officer’s 

  
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Certificate or Opinion of Counsel, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under
the provisions of this Subordinated Indenture upon the faith thereof. 
 SECTION 7.08. Disqualification;
Conflicting Interest. If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall eliminate such interest, apply to the Commission for permission to continue as
trustee (if any of the Securities are registered pursuant to the Securities Act) or, resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such
Act, the Trustee, by virtue of its capacity as Trustee of the Securities of any series shall not be deemed to have a conflicting interest arising from its capacity as trustee in respect of the Securities of any other series issued under this
Indenture. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture Act. 

SECTION 7.09. Requirements for Eligibility of Trustee. There shall always be at least one Trustee
hereunder. The Trustee hereunder shall at all times be a Company organized and doing business as a commercial bank under the laws of the United States of America or any state thereof or of the District of Columbia or a Company or other Person
permitted to act as a trustee by the Commission and, in each case, authorized under such laws to exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a
combined capital and surplus of at least $50,000,000, and subject to supervision or examination by Federal, State or District of Columbia authority. If such Company or bank holding company parent publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Company or bank holding company parent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. No obligor on the Subordinated Securities or Person directly or indirectly controlling, controlled by or under common control with such obligor shall serve as
Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.09, the Trustee shall resign immediately in the manner and with the effect specified in this Article Seven. 

SECTION 7.10. Resignation and Removal of Trustee; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 
 The Trustee,
may resign at any time with respect to the Subordinated Securities of one or more series of by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 7.11 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to
the Securities of such series. 
 The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the
Trustee within 30 days after the Trustee’s receipt of such notice of removal, the departing Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Subordinated Security of such series. 

  
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 (b) In case at any time any of the following shall occur: 

(1) the Trustee shall fail to comply with the provisions of subsection (a) of Section 7.08 after written request therefor by the
Company or by any Subordinated Securityholder who has been a bona fide Holder of a Subordinated Security or Subordinated Securities of the applicable series for at least six months; or 

(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written
request therefor by the Company or by any such Subordinated Securityholder; or 
 (3) the Trustee shall become incapable of acting, or shall
be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation; or 
 (4) the Company shall determine that the Trustee has failed to perform its obligations under this Subordinated
Indenture in any material respect, then, in any such case, the Company may remove the Trustee and appoint a successor trustee by written instrument executed by an authorized officer of the Company, one copy of which instrument shall be delivered to
the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Subordinated Securityholder who has been a bona fide Holder of a Subordinated Security or Subordinated Securities of the affected
series for at least six months may, on such Person’s behalf and on behalf of all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to
such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in principal amount of the Subordinated Securities Outstanding (determined as provided in Section 8.04) may
at any time remove the Trustee and appoint a successor trustee by written instrument or instruments signed by such Holders or their attorneys—in—fact duly authorized, or by the affidavits of the permanent chairman and secretary of a
meeting of the Subordinated Securityholders evidencing the vote upon a resolution or resolutions submitted thereto with respect to such removal and appointment (as provided in Article Nine), and by delivery thereof to the Trustee so removed, to the
successor trustee and to the Company. 
 (d) Any resignation or removal of the Trustee and any appointment of a successor trustee pursuant
to any of the provisions of this Section 7.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

SECTION 7.11. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided
in Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective
and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as
trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an
instrument transferring to such successor trustee all the rights and powers with respect to 

  
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the trustee so ceasing to act. Upon written request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and
confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions
of Section 7.06. 
 No successor trustee shall accept appointment as provided in this Section 7.11 unless at the time of such
acceptance such successor trustee shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09. 

SECTION 7.12. Successor to Trustee by Merger, Consolidation or Succession to Business. Any Company into
which the Trustee may be merged or converted or with which it may be consolidated, or any Company resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Company succeeding to all or substantially all of
the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided such Company shall be qualified under the provisions of Section 7.08
and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Subordinated Indenture any of the Subordinated
Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Subordinated Securities so authenticated; and in case at that time
any of the Subordinated Securities shall not have been authenticated, any successor to the Trustee may authenticate such Subordinated Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all such
cases such certificates shall have the full force which it is anywhere in the Subordinated Securities or in this Subordinated Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the
certificate of authentication of any predecessor Trustee or to authenticate Subordinated Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

SECTION 7.13. Preferential Collection of Claims Against Company. If and when the Trustee shall be or become
a creditor of the Company (or any other obligor upon the Subordinated Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

SECTION 7.14. Appointment of Authenticating Agent. As long as any Subordinated Securities of a series
remain Outstanding, the Trustee may, by an instrument in writing, appoint with the approval of the Company an authenticating agent (the “Authenticating Agent”) which shall be authorized to act on behalf of the Trustee to
authenticate Subordinated Securities, including Subordinated Securities issued upon exchange, registration of transfer, partial redemption or pursuant to Section 2.09. Subordinated Securities of each such series authenticated by such
Authenticating Agent shall be entitled to the benefits of this Subordinated Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Whenever reference is made in this Subordinated Indenture to the
authentication and delivery of Subordinated Securities of any series by the Trustee or to the Trustee’s Certificate of Authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent for such series and a Certificate of Authentication executed on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the
United States of America or of any State, authorized under such laws to exercise corporate trust powers, having (or in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital and surplus of
at least $45,000,000 (determined as provided in Section 7.09 with respect to the Trustee) and subject to supervision or examination by Federal or State authority. 

  
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 Any corporation into which any Authenticating Agent may be merged or converted, or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Authenticating Agent (including the agency contemplated by this Indenture) shall be a party, or any corporation succeeding to the corporate
agency business of any Authenticating Agent, shall continue to be the authenticating Agent with respect to all series of Subordinated Securities for which it served as Authenticating Agent without the execution or filing of any paper or any further
act on the part of the Trustee or such Authenticating Agent. Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice of resignation to the Trustee and to the Company. 

Upon receiving such a notice of resignation or upon such a termination, or in case in any time any Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section 7.14 with respect to one or more series of Subordinated Securities, the Trustee shall upon receipt of a Company Order appoint a successor Authenticating Agent and the Company shall
provide notice of such appointment to all Holders of Subordinated Securities of such series in the manner and to the extent provided in Section 13.02. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Company agrees to pay to the Authenticating Agent for such series from time to time
reasonable compensation. The Authenticating Agent for the Subordinated Securities of any series shall have no responsibility or liability for any action taken by it as such at the direction of the Trustee. 

If an appointment is made with respect to one or more series pursuant to this Section, the Subordinated Securities of such series may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication substantially in the following form: 

This is one of the Subordinated Securities described in the within—mentioned Subordinated Indenture. 

 

			
	                                , as
Trustee
		
	By	 	 
		 	As Authenticating Agent
		
	By	 	 
		 	Authorized Signatory

 Sections 7.02, 7.03, 7.04, 7.06 and 8.03 shall be applicable to any Authenticating Agent. 

  
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 ARTICLE 8 

CONCERNING THE SUBORDINATED SECURITYHOLDERS 

SECTION 8.01. Evidence of Action by Subordinated Securityholders. Whenever in this Subordinated Indenture
it is provided that the Holders of a specified percentage in principal amount of the Subordinated Securities of any or all series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the
taking of any other action), the fact that at the time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by such
Subordinated Securityholders in Person or by agent or proxy appointed in writing, or (b) by the record of such Holders of Subordinated Securities voting in favor thereof at any meeting of such Subordinated Securityholders duly called and held
in accordance with the provisions of Article Nine, or (c) by a combination of such instrument or instruments and any such record of such a meeting of such Subordinated Securityholders. 

SECTION 8.02. Proof of Execution of Instruments and of Holding of Subordinated Securities. Subject to the
provisions of Sections 7.01, 7.02 and 9.05, proof of the execution of any instrument by a Subordinated Securityholder or such Holder’s agent or proxy and proof of the holding by any Person of any of the Subordinated Securities shall be
sufficient if made in the following manner: 
 (a) The fact and date of the execution by any such Person of any instrument may be proved in
any reasonable manner acceptable to the Trustee; 
 (b) The ownership of Subordinated Securities of any series shall be proved by the
Register of such Subordinated Securities of such series, or by certificates of the Subordinated Security registrar or registrars thereof. 

The Trustee shall not be bound to recognize any Person as a Subordinated Securityholder unless and until such Person’s title to the
Subordinated Securities held by it is proved in the manner in this Article Eight provided. 
 The record of any Subordinated
Securityholders’ meeting shall be proved in the manner provided in Section 9.06. 
 The Trustee may accept such other proof or
require such additional proof of any matter referred to in this Section 8.02 as it shall deem reasonable. 

SECTION 8.03. Who May be Deemed Owners of Subordinated Securities. Prior to due presentment for transfer of
any Subordinated Security, the Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Person in whose name such Subordinated Security shall be registered upon the Register of Subordinated Securities of the series of
which such Subordinated Security is a part as the absolute owner of such Subordinated Security (whether or not such Subordinated Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of
receiving payment of or on account of the principal of and interest, subject to the provisions of this Subordinated Indenture, on such Subordinated Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the
Company or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Holder for the time being, or upon such Holder’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to
satisfy and discharge the liability of moneys payable upon any such Subordinated Security. 

  
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 If the Subordinated Securities of any series are issued in the form of one or more Global
Subordinated Securities, the Depository therefor may grant proxies to Persons having a beneficial ownership in such Global Subordinated Security or Subordinated Securities for purposes of voting or otherwise responding to any request for consent,
waiver or other action which the Holder of such Registered Subordinated Security is entitled to grant or take under this Subordinated Indenture and the Trustee shall accept such proxies for the purposes granted; provided that neither the Trustee nor
the Company shall have any obligation with respect to the grant of or solicitation by the Depository of such proxies. 
 SECTION 8.04.
Subordinated Securities Owned by the Company or Controlled or Controlling Persons Disregarded for Certain Purposes. In determining whether the Holders of the requisite principal amount of Subordinated Securities have concurred in any demand,
direction, request, notice, vote, consent, waiver or other action under this Subordinated Indenture, Subordinated Securities which are owned by the Company or any other obligor on the Subordinated Securities or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Subordinated Securities shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, provided
that for the purposes of determining whether the Trustee shall be protected in relying on any such demand, direction, request, notice, vote, consent, waiver or other action, only Subordinated Securities which a Responsible Officer of the Trustee
assigned to its Principal Office knows are so owned shall be so disregarded. Subordinated Securities so owned which have been pledged in good faith may be regarded as Outstanding for the purposes of this Section 8.04, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee’s right to vote such Subordinated Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company or any such other obligor. 
 Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s
Certificate listing and identifying all Subordinated Securities, if any, known by the Company to be owned or held by or for the account of the Company or any other obligor on the Subordinated Securities or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Subordinated Securities; and, subject to the provisions of Section 7.01, the Trustee shall be entitled to accept such
Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Subordinated Securities not listed therein are Outstanding for the purpose of any such determination. 

SECTION 8.05. Instruments Executed by Subordinated Securityholders Bind Future Holders. At any time prior
to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage in principal amount of the Subordinated Securities specified in this Subordinated Indenture in
connection with such action, any Holder of a Subordinated Security which is shown by the evidence to be included in the Subordinated Securities the Holders of which have consented to such action may, by filing written notice with the Trustee at its
principal office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Subordinated Security. Except as aforesaid any such action taken by the Holder of any Subordinated Security and any direction,
demand, request, notice, waiver, consent, vote or other action of the Holder of any Subordinated Security which by any provisions of this Subordinated Indenture is required or permitted to be given shall be conclusive and binding upon such Holder
and upon all future Holders and owners of such Subordinated Security, and of any Subordinated Security issued in lieu thereof, irrespective of whether any notation in regard thereto is made upon such Subordinated Security. Any action taken by the
Holders of the percentage in principal amount of the Subordinated Securities of any or all series specified in this Subordinated Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the Holders of
all of the Subordinated Securities of such series subject, however, to the provisions of Section 7.01. 

  
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 ARTICLE 9 

SUBORDINATED SECURITYHOLDERS’ MEETINGS 

SECTION 9.01. Purposes for Which Meetings May be Called. A meeting of Holders of Subordinated Securities of
any or all series may be called at any time and from time to time pursuant to the provisions of this Article for any of the following purposes: 

(a) to give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any default
hereunder and its consequences, or to take any other action authorized to be taken by Holders of Subordinated Securities of any or all series, as the case may be, pursuant to any of the provisions of Article Six; 

(b) to remove the Trustee and appoint a successor trustee pursuant to the provisions of Article Seven; 

(c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or 

(d) to take any other action authorized to be taken by or on behalf of the Holders of any specified principal amount of the Subordinated
Securities of any or all series, as the case may be, under any other provision of this Subordinated Indenture or under applicable law. 
 
SECTION 9.02. Manner of Calling Meetings. The Trustee may at any time call a meeting of Subordinated Securityholders to take any action specified in Section 
9.01, to be held at such time and at such place in The City of New York, New York, or such other city as the Trustee shall determine. Notice of every meeting of Subordinated Securityholders, setting forth the time and place of such meeting and in general
 terms the action proposed to be taken at such meeting, shall be mailed not less than 20 nor more than 60 days prior to the date fixed for the meeting. 

SECTION 9.03. Call of Meeting by the Company or Subordinated Securityholders. In case at any time the
Company pursuant to a resolution of its Board of Directors, or the Holders of not less than ten percent in principal amount of the Subordinated Securities of any or all series, as the case may be, then Outstanding, shall have requested the Trustee
to call a meeting of Holders of Subordinated Securities of any or all series, as the case may be, to take any action authorized in Section 9.01 by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have mailed notice of such meeting within 20 days after receipt of such request, then the Company or such Holders of Subordinated Securities in the amount above specified may determine the time and place in any of
the City of Seattle, Washington, County of King, Washington or The City of New York, New York for such meeting and may call such meeting to take any action authorized in Section 9.01, by mailing (and publishing, if required) notice thereof as
provided in Section 9.02. 
 SECTION 9.04. Who May Attend and Vote at Meetings. To be entitled to
vote at any meeting of Subordinated Securityholders a Person shall (a) be a Holder of one or more Subordinated Securities with respect to which the meeting is being held; or (b) be a Person appointed by an instrument in writing as proxy by
such Holder of one or more Subordinated Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Subordinated Securityholders shall be the Persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

  
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 SECTION 9.05. Regulations May be Made by Trustee; Conduct of
the Meeting; Voting Rights—Adjournment. Notwithstanding any other provisions of this Subordinated Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Subordinated Securityholders, in regard to
proof of the holding of Subordinated Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall think fit. Except as otherwise permitted or required by any such regulations, the holding of Subordinated Securities shall be proved in the manner specified in
Section 8.02. and the appointment of any proxy shall be proved in the manner specified in said Section 8.02; provided, however, that such regulations may provide that written instruments appointing proxies regular on their face, may be
presumed valid and genuine without the proof hereinabove or in said Section 8.02 specified. 
 The Trustee shall by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Subordinated Securityholders as provided in Section 9.03, in which case the Company or the Subordinated Securityholders calling
the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 

Subject to the provisions of Section 8.04, at any meeting each Subordinated Securityholder or proxy shall be entitled to one vote for
each $1,000 principal amount (in the case of Original Issue Discount Subordinated Securities, such principal amount shall be equal to such portion of the principal amount as may be specified in the terms of such series) of Subordinated Securities
held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Subordinated Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of Subordinated Securities held by such Person or instruments in writing as aforesaid duly designating such Person as the Person to vote on behalf of other Subordinated
Securityholders. Any meeting of Subordinated Securityholders duly called pursuant to the provisions of Section 9.02 or 9.03 may be adjourned from time to time, and the meeting may be held so adjourned without further notice. 

At any meeting of Subordinated Securityholders, the presence of Persons holding or representing Subordinated Securities in principal amount
sufficient to take action on the business for the transaction of which such meeting was called shall constitute a quorum, but, if less than a quorum is present, the Persons holding or representing a majority in principal amount of the Subordinated
Securities represented at the meeting may adjourn such meeting with the same effect for all intents and purposes, as though a quorum had been present. 

SECTION 9.06. Manner of Voting at Meetings and Record to be Kept. The vote upon any resolution submitted to
any meeting of Subordinated Securityholders shall be by written ballots on which shall be subscribed the signatures of the Holders of Subordinated Securities or of their representatives by proxy and the principal amount or principal amounts of the
Subordinated Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Subordinated Securityholders shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was mailed as provided in Section 9.02. The record shall show the principal amount or principal amounts of the Subordinated Securities voting in favor of or against any resolution. The record shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one copy thereof shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee. 

  
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 Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 SECTION 9.07. Exercise of Rights of Trustee and Subordinated Securityholders Not to be Hindered or Delayed. Nothing in this Article
Nine contained shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Subordinated Securityholders or any rights expressly or impliedly conferred hereunder to make such call, any hindrances or delay in the
exercise of any right or rights conferred upon or reserved to the Trustee or to the Subordinated Securityholders under any of the provisions of this Subordinated Indenture or of the Subordinated Securities. 

ARTICLE 10 

SUPPLEMENTAL SUBORDINATED INDENTURES 

SECTION 10.01. Purposes for Which Supplemental Subordinated Indentures May be Entered into Without Consent
of Subordinated Securityholders. Without the consent of the Holders of any Subordinated Securities, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with
the provisions of the Trust Indenture Act as then in effect) for one or more of the following purposes: 
 (a) to convey, transfer, assign,
mortgage or pledge to the Trustee as security for the Subordinated Securities of one or more series any property or assets; 
 (b) if deemed
appropriate by the Company or required by law, to evidence the succession of another Company to the Company or successive successions and the assumption by the successor Company of the covenants, agreements and obligations of the Company pursuant to
Article Four hereof; 
 (c) to add to the covenants of the Company such further covenants, restrictions or conditions as its Board of
Directors and the Trustee shall consider to be for the protection of the Holders of all or any series of Subordinated Securities (and if such covenants, restrictions or conditions are to be for the benefit of less than all series of Subordinated
Securities, stating that such covenants, restrictions or conditions are expressly being included solely for the benefit of such series), and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants,
restrictions or conditions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Subordinated Indenture as herein set forth; provided, however, that in respect to any such additional covenant,
restriction or condition such Supplemental Subordinated Indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such default or may limit the remedies available to the Trustee upon such default; 
 (d) to add or change any of the
provisions of this Subordinated Indenture to such extent as shall be necessary to facilitate the issuance of Subordinated Securities in (i) global form or (ii) bearer form, registerable or not registerable as to principal or principal and
interest, and with or without coupons; 
 (e) to change or eliminate any of the provisions of this Subordinated Indenture; provided,
however, that any such change or elimination shall become effective only when there is no Subordinated Security of any series Outstanding created prior to the execution of such Supplemental Subordinated Indenture which is entitled to the benefit of
such provision; 

  
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 (f) to establish the form or terms of Subordinated Securities of any series as permitted by
Sections 2.01 and 2.03; 
 (g) to appoint, at the request of the Trustee, a successor Trustee for a particular series of Subordinated
Securities to act as such pursuant to the provisions of this Subordinated Indenture and to add to or change the provisions of this Subordinated Indenture to such extent as shall be necessary to facilitate the performance of the duties of such
trustee; and 
 (h) to cure any ambiguity or to correct or supplement any provisions contained herein or in any Supplemental Subordinated
Indenture which may be defective or inconsistent with any other provision contained herein or in any Supplemental Subordinated Indenture, or to make such other provisions in regard to matters or questions arising under this Subordinated Indenture or
any Supplemental Subordinated Indenture which shall not adversely affect the interests of the Holders of the Subordinated Securities. 
 
SECTION 10.02. Modification of Subordinated Indenture with Consent of Holders of Subordinated Securities. With the consent (evidenced as provided in Section 
8.01) of the Holders of not less than a majority in principal amount of the Subordinated Securities of all series at the time Outstanding (determined as provided in Section 
8.04) affected by such Supplemental Subordinated Indenture (voting as one class), the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the provisions of the
 Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Subordinated Indenture or of any Supplemental Subordinated Indenture or of modifying in any manner
 the rights of the Holders of the Subordinated Securities of each such series; provided, however, that no such Supplemental Subordinated Indenture shall, without the consent of the Holders of each Outstanding Subordinated Security affect thereby: 

 (a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Subordinated Security, or reduce
the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Subordinated Security or any other Subordinated Security which would
be due and payable upon a declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.01, or change any place of payment where, or the coin or currency in which, any Subordinated Security or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the date fixed for redemption), or modify the provisions of this
Subordinated Indenture with respect to this subordination of the Subordinated Securities in a manner adverse to the Holders, or 
 (b)
Reduce the percentage in principal amount of the Outstanding Subordinated Securities the consent of the Holders of which is required for any such Supplemental Subordinated Indenture, or the consent of the Holders of which is required for any waiver
(of compliance with certain provisions of this Subordinated Indenture or certain defaults hereunder and their consequences) provided for in this Subordinated Indenture or 

(c) Change the time of payment or reduce the amount of any minimum sinking account or fund payment or 

(d) Modify any of the provisions of this Section 10.02, except to increase any such percentage or to provide that certain other
provisions of this Subordinated Indenture cannot be modified or waived without the consent of the Holder of each Subordinated Security affected thereby. 

  
 45 

 A supplemental indenture which changes or eliminates any covenant or other provision of this
Subordinated Indenture which has expressly been included solely for the benefit of one or more particular series of Subordinated Securities, or which modifies the rights of Holders of Subordinated Securities of such series with respect to such
covenant or provision, shall be deemed not to affect the rights under this Subordinated Indenture of the Holders of Subordinated Securities of any other series. 

Upon the request of the Company, accompanied by a copy of a resolution of the Board of Directors (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant to a Company Order) certified by the secretary or an assistant secretary of the Company authorizing the execution
of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of the Holders of the Subordinated Securities as aforesaid and other documents, if any, required by Section 8.01, the Trustee shall join with
the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Subordinated Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental indenture. 
 It shall not be necessary for the consent of the
Securityholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions to this Section, the
Trustee shall give notice thereof to the Holders of then Outstanding Registered Subordinated Securities of each series affected thereby, by mailing a notice thereof by first—class mail to such Holders at their addresses as they shall appear on
the Security Register and in each case such notice shall set forth in general terms the substance of such supplemental indenture. Any failure of the Company to give such notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture. 
 SECTION 10.03. Effect of Supplemental Subordinated
Indentures. Upon the execution of any Supplemental Subordinated Indenture pursuant to the provisions of this Article Ten, this Subordinated Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective
rights, limitations of rights, obligations, duties and immunities under this Subordinated Indenture of the Trustee, the Company and the Holders of Subordinated Securities shall thereafter be determined, exercised and enforced hereunder subject in
all respects to such modifications and amendments, and all the terms and conditions of any such Supplemental Subordinated Indenture shall be and be deemed to be part of the terms and conditions of this Subordinated Indenture for any and all
purposes. 
 The Trustee shall be entitled to receive, and subject to the provisions of Section 7.01 shall be entitled to rely upon, an
Opinion of Counsel as conclusive evidence that any such Supplemental Subordinated Indenture complies with the provisions of this Article Ten and that the Subordinated Securities affected by the Supplemental Subordinated Indenture, when such
Subordinated Securities are authenticated and delivered by the Trustee and executed and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will be valid and binding obligations of the Company,
except as any rights thereunder may be limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and by general equity principles. 

SECTION 10.04. Subordinated Securities May Bear Notation of Changes by Supplemental Subordinated
Indentures. Subordinated Securities authenticated and delivered after the execution of any Supplemental Subordinated Indenture pursuant to the provisions of this Article Ten, or after any action taken at a Subordinated Securityholders’ meeting
pursuant to Article Nine, may bear a notation in form 

  
 46 

 
approved by the Trustee as to any matter provided for in such Supplemental Subordinated Indenture or as to any action taken at any such meeting. If the Company or the Trustee shall so determine,
new Subordinated Securities so modified as to conform, in the opinion of the Trustee and the Company, to any modification of this Subordinated Indenture contained in any such Supplemental Subordinated Indenture may be prepared by the Company,
authenticated by the Trustee and delivered in exchange for the Subordinated Securities then Outstanding. 

ARTICLE 11 

DISCHARGE; DEFEASANCE 
 
SECTION 11.01. Satisfaction and Discharge of Subordinated Indenture. 
 (A) . If at any time (i) the Company shall have paid
or caused to be paid the principal of and interest on all the Subordinated Securities of any series Outstanding hereunder (other than Subordinated Securities of such series which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 2.09) as and when the same shall have become due and payable, or (ii) the Company shall have delivered to the Trustee for cancellation all Subordinated Securities of any series theretofore authenticated (other
than any Subordinated Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) or (iii) in the case of any series of Subordinated Securities where the
exact amount (including the currency of payment) of principal of and interest due on which can be determined at the time of making the deposit referred to in clause (b) below, (a) all the Subordinated Securities of such series not
theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption, and (b) the Company shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust the entire amount in (i) cash (other than moneys repaid by the Trustee
or any Paying Agent to the Company in accordance with Section 11.04), (ii) in the case of any series of Subordinated Securities the payments on which may only be made in Dollars, direct obligations of the United States of America, backed
by its full faith and credit (“U.S. Government Obligations”), maturing as to principal and interest at such times and in such amounts as will insure the availability of cash sufficient to pay at such Maturity or upon such
redemption, as the case may be, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
(a) the principal and interest on all Subordinated Securities of such series on each date that such principal or interest is due and payable in accordance with the terms of the Subordinated Indenture and the Subordinated Securities of such
series; (x) the principal and interest on all Subordinated Securities of such series on each date that such principal or interest is due and payable and in accordance with the terms of the Subordinated Indenture and the Subordinated Securities
of such series; and if, in any such case, the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Subordinated Indenture shall cease to be of further effect (except as to (i) rights of
registration of transfer and exchange of Subordinated Securities of such series and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Subordinated Securities,
(iii) rights of Holders of Subordinated Securities to receive payments of principal thereof and interest thereon, upon the original stated due dates therefore (but not upon acceleration), (iv) any optional redemption rights of such series
of Subordinated Securities to the extent to be exercised to make such call for redemption within one year, (v) the rights, obligations, duties and immunities of the Trustee hereunder, including without limitation those under Section 7.6,
(vi) the rights of the Holders of securities of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vii) the obligations of the Company under Section 4.03
and the Trustee, on demand of the Company accompanied by an Officer’s Certificate and an Opinion of Counsel and at the 

  
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cost and expense of the Company, shall execute proper instruments acknowledging such satisfaction of and discharging this Subordinated Indenture; provided, that the rights of Holders of the
Subordinated Securities to receive amounts in respect of principal of and interest on the Subordinated Securities held by them shall not be delayed longer than required by then applicable mandatory rules or policies of any securities exchange upon
which the Subordinated Securities are listed. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly
rendered by the Trustee in connection with this Subordinated Indenture or the Subordinated Securities of such series. 
 (B) The following
provisions shall apply to the Subordinated Securities of each series unless specifically otherwise provided in an Officer’s Certificate or indenture supplemental hereto provided pursuant to Section 2.03. In addition to discharge of the
Subordinated Indenture pursuant to the next preceding paragraph, in the case of any series of Subordinated Securities the exact amounts (including the currency of payment) of principal of and interest due on which can be determined at the time of
making the deposit referred to in clause (a) below, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Subordinated Securities of such a series on the date of the deposit referred to in clause
(a) below, and the provisions of this Subordinated Indenture with respect to the Subordinated Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of Subordinated
Securities of such series and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Subordinated Securities, (iii) rights of Holders of Subordinated Securities to
receive payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration), (iv) any optional redemption rights of such series of Subordinated Securities to the extent to be exercised to
make such call for redemption within one year, (v) the rights, obligations, duties and immunities of the Trustee hereunder, (vi) the rights of the Holders of Subordinated Securities of such series as beneficiaries hereof with respect to
the property so deposited with the Trustee payable to all or any of them and (vii) the obligations of the Company under Section 4.03 and the Trustee, at the expense of the Company, shall at the Company’s request, execute proper
instruments acknowledging the same, if 
 (a) with reference to this provision the Company has irrevocably deposited or caused to be
irrevocably deposited with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Subordinated Securities of such series (i) cash in an amount, or (ii) in the
case of any series of Subordinated Securities the payments on which may only be made in United States Dollars, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of
cash or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay the principal and interest on all
Subordinated Securities of such series on each date that such principal or interest is due and payable in accordance with the terms of the Subordinated Indenture and the Subordinated Securities of such series; 

(b) such deposit will not result in a breach or violation of, or constitute a default under, any agreement or instrument to which the Company
is a party or by which it is bound; 
 (c) the Company has delivered to the Trustee an Opinion of Counsel based on the fact that
(x) the Company has received from, or there has been published by, the IRS a ruling or (y) since the date hereof, there has been a change in the applicable Federal income tax law, in either case to the effect that, and such opinion shall
confirm that, the Holders of the Subordinated Securities of such series will not recognize income, gain or loss for United States Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to United States
Federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; 

  
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 (d) no event or condition exists that, based on the subordination provisions applicable to the
Subordinated Securities of such series, would prevent the Company from making payments of principal of, premium, if any, and interest on any of the applicable Subordinated Securities at the date of the irrevocable deposit referred to in
Section 11.01(B)(a) above or at any time during the period ending on the 91st day after such deposit date; and 
 (e) the Company has
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this provision have been complied with. 

(C) The Company shall be released from its obligations under Sections 4.02 and unless otherwise provided for in the Board Resolution,
Officer’s Certificate or Subordinated Indenture supplemental hereto establishing such series of Subordinated Securities, from all covenants and other obligations referred to in Section 2.03(18) or 2.03(20) with respect to such series of
Subordinated Securities outstanding on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance means that, with respect to the Outstanding
Subordinated Securities of any series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in such Section, whether directly or indirectly by reason of any reference elsewhere
herein to such Section or by reason of any reference in such Section to any other provision herein or in any other document and such omission to comply shall not constitute an Event of Default under Section 6.01, but the remainder of this
Subordinated Indenture and such Subordinated Securities shall be unaffected thereby. The following shall be the conditions to application of this subsection C of this Section 11.01: 

(a) The Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of the Subordinated Securities of such series (i) cash in an amount, or (ii) in the case of any series of Subordinated Securities
the payments on which may only be made in United States Dollars, U.S. Government Obligations maturing as to principal and interest at such times and in such amounts as will insure the availability of cash or (iii) a combination thereof,
sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay the principal and interest on all Subordinated Securities of such series in
accordance with the terms of the Subordinated Indenture and the Subordinated Securities of such series; 
 (b) No Event of Default or event
which with notice or lapse of time or both would become an Event of Default with respect to the Subordinated Securities shall have occurred and be continuing on the date of such deposit; 

(c) Such covenant defeasance shall not cause the Trustee to have a conflicting interest as defined in Section 7.08 and for purposes of
the Trust Indenture Act with respect to any securities of the Company; 
 (d) Such covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Subordinated Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(e) Such covenant defeasance shall not cause any Subordinated Securities then listed on any registered national securities exchange under the
Exchange Act to be delisted; 

  
 49 

 (f) The Company shall have delivered to the Trustee an Officer’s Certificate and Opinion of
Counsel to the effect that the Holders of the Subordinated Securities of such series will not recognize income, gain or loss for United States Federal income tax purposes as a result of such covenant defeasance and will be subject to United States
Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 

(g) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the covenant defeasance contemplated by this provision have been complied with. 
 
SECTION 11.02. Application by Trustee of Funds Deposited for Payment of Subordinated Securities. Subject to Section 11.04, all moneys deposited with the Trustee (for other trustee) pursuant to Section 
11.01 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the particular Subordinated Securities of such series for the payment or
redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law. 

SECTION 11.03. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge
of this Subordinated Indenture with respect to Subordinated Securities of any series, all moneys then held by any Paying Agent under the provisions of this Subordinated Indenture with respect to such series of Subordinated Securities shall, upon
demand of the Company, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

SECTION 11.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys
deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of and any premium and interest on any Subordinated Security and not so applied but remaining unclaimed under applicable law shall be transferred by the
Trustee to the appropriate Persons in accordance with applicable laws, and the Holder of such Subordinated Security of such series shall thereafter look only to such Persons for any payment which such Holder may be entitled to collect and all
liability of the Trustee and such Paying Agent with respect to such moneys shall thereupon cease. 

SECTION 11.05. Indemnity for U.S. Government of Obligations. The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 11.01 or the principal or interest received in respect of such obligations. 

ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, 

OFFICERS AND DIRECTORS 
 
SECTION 
12.01. Incorporators, Stockholders, Officers and Directors of Company Exempt From Individual Liability. No recourse under or upon any obligation, covenant or agreement of this Subordinated Indenture, or of any Subordinated Security, or for any claim based
 thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, as such past, present or future, of the Company, either directly or through the Company, whether by virtue of any constitution, statute or
 rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Subordinated Indenture and the obligations issued hereunder are 

  
 50 

 
solely corporate obligations, and that no personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors, as such, of the
Company because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Subordinated Indenture or in any of the Subordinated Securities or implied therefrom; and that
any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director, as such,
because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Subordinated Indenture or in any of the Subordinated Securities or implied therefrom are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Subordinated Indenture and the issue of such Subordinated Securities. 

ARTICLE 13 

MISCELLANEOUS PROVISIONS 
 
SECTION 
13.01. Successors and Assigns of the Company Bound by Subordinated Indenture. All the covenants, stipulations, promises and agreements in this Subordinated Indenture contained by or in behalf of the Company shall bind its successors and assigns, whether
 so expressed or not. 
 SECTION 13.02. Notices; Effectiveness. Any notice or demand which by any
provision of this Subordinated Indenture is required or permitted to be given or served by the Trustee or by the Holders of Subordinated Securities to or on the Company, or by the Company or by the Holders of Subordinated Securities to the Trustee
or upon the Depository by the Company or the Trustee may be electronically communicated or hand delivered or sent by overnight courier, addressed to the relevant party as provided in this Section 13.02. 

All communications intended for the Company shall be sent to: 

OncoGenex Pharmaceuticals, Inc. 

1522 217th Place SE, Suite 100 

Bothell, Washington 98021 

Attention: Chief Financial Officer 

All communications intended for the Trustee shall be sent to: 
  

					
			
	 	  		  	
			
	 	  		  	
			
	 	  		  	

					
			
	Attention:	 	 	  	

 or at any other address of which any of the foregoing shall have notified the others in any manner prescribed in this
Section 13.02. 
 For all purposes of this Subordinated Indenture, a notice or communication will be deemed effective: 

(a) if delivered by hand or sent by overnight courier, on the day it is delivered unless (i) that day is not a Business Day in the city
specified (a “Local Business Day”) in the address for notice provided by the recipient or (ii) if delivered after the close of business on a Local Business Day, then on the next succeeding Local Business Day or 

  
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 (b) if sent by facsimile transmission, on the date transmitted, provided that oral or written
confirmation of receipt is obtained by the sender unless the date of transmission and confirmation is not a Local Business Day, in which case, on the next succeeding Local Business Day. 

Any notice, direction, requires, demand, consent or waiver by the Company, any Subordinated Securityholder to or upon the Trustee shall be
deemed to have been sufficiently given, made or filed, for all purposes, if given, made or filed in writing at the Principal Office of the Trustee in accordance with the provisions of this Section 13.02. 

Any notice, request, consent or waiver by the Company or the Trustee upon the Depository shall have been sufficiently given, made or filed,
for all purposes, if give or made in accordance with the provisions of this Section 13.02 at the address shown for such Depository in the Register or at such other address as the Depository shall have provided for purposes of notice. 

SECTION 13.03. Compliance Certificates and Opinions. Upon on any request or application by the Company to
the Trustee to take any action under any of the provisions of this Subordinated Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Subordinated
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand
as to which the furnishing of such document is specifically required by any provision of this Subordinated Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Subordinated Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Subordinated Indenture (other than a certificate provided pursuant to Section 5.03(d) shall include (a) a statement that the Person making such certificate or opinion has read such covenant or
condition; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (c) a statement that, in the opinion of such Person,
he or she has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with. 
 Any certificate, statement or opinion of an officer of the
Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which such
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon the certificate, statement or opinion of or representations by an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows that
the certificate, statement or opinion or representations with respect to the matters upon which such Person’s certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the
same are erroneous. 
 Any certificate, statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates
to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate or opinion of any firm of independent
public accountants filed with the Trustee shall contain a statement that such firm is independent. 

  
 52 

 SECTION 13.04. Days on Which Payment to be Made, Notice Given
or Other Action Taken. If any date on which a payment is to be made, notice given or other action taken hereunder is a Saturday, Sunday or legal holiday in the state in which the payment, notice or other action is to be made, given or taken, then
such payment, notice or other action shall be made, given or taken on the next succeeding Business Day in such state, and in the case of any payment, no interest shall accrue for the delay. 

SECTION 13.05. Provisions Required by Trust Indenture Act to Control. If and to the extent that any
provision of this Subordinated Indenture limits, qualifies or conflicts with another provision included in this Subordinated Indenture which is required to be included in this Subordinated Indenture by any of Sections 310 to 317, inclusive, of the
Trust Indenture Act such required provision shall control. 
 SECTION 13.06. Governing Law and Waiver of
Trial By Jury. THIS SUBORDINATED INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE). THE TRUSTEE AND THE COMPANY AGREE TO SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH
OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES. THIS INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TRUST INDENTURE ACT THAT ARE REQUIRED TO BE PART OF THIS INDENTURE
AND SHALL, TO THE EXTENT APPLICABLE, BE GOVERNED BY SUCH PROVISIONS. 
 THE TRUSTEE AND THE COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR
WRITTEN) OR ACTIONS OF THE TRUSTEE OR THE COMPANY RELATING THERETO. THE COMPANY ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE TRUSTEE AND
THE HOLDERS ENTERING INTO THIS INDENTURE. 
 SECTION 13.07. Effect of Headings. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 
SECTION 13.08. Judgment Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) 
if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Subordinated Securities of any series (the “Required Currency”), into a currency in which
a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations
under this Subordinated Indenture to make payments in the Required Currency (i) shall not be discharged or 

  
 53 

 
satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this Subordinated Indenture. The Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Trustee against loss if Dollars so purchased are less than the sum
originally due to the Trustee in Dollars. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of
New York are authorized or required by law or executive order to close. 
 SECTION 13.09. Provisions of
the Subordinated Indenture and Subordinated Securities for the Sole Benefit of the Parties and the Subordinated Securityholders. Nothing in this Subordinated Indenture or in the Subordinated Securities, expressed or implied, shall give or be
construed to give any Person, firm or Company, other than the parties hereto and the Holders of the Subordinated Securities, any legal or equitable right, remedy or claim under or in respect of this Subordinated Indenture, or under any covenant,
condition and provision herein contained; all its covenants, conditions and provisions being for the sole benefit of the parties hereto and of the Holders of the Subordinated Securities. 

SECTION 13.10. Subordinated Indenture May be Executed in Counterparts. This Subordinated Indenture may be
executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

SECTION 13.11. Facsimile or PDF. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. 
 SECTION 13.12. Force Majeure. In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions or loss of utilities; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 13.12. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326
of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A.
Patriot Act. 

  
 54 

 ARTICLE 14 

SUBORDINATION OF SECURITIES 
 
SECTION 
14.01. Subordinated Securities Subordinated to Senior Indebtedness. The Company covenants and agrees, and each Holder of Subordinated Securities, by his acceptance thereof, likewise covenants and agrees, that the indebtedness represented by the Subordinated
 Securities and the payment of the principal of (and premium, if any) in respect of each and all of the Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment
in full of Senior Indebtedness. 
 In the event (a) of any distribution of assets of the Company upon any dissolution, winding up,
liquidation or reorganization of the Company whether in bankruptcy, insolvency, reorganization or receivership proceeding or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or
otherwise, except a distribution in connection with a member or consolidation or a conveyance or transfer of all or substantially all of the properties of the Company which complies with the requirements of Section 4.02, or (b) that a
default shall have occurred and be continuing with respect to the payment of principal of (or premium, if any) in respect of any Senior Indebtedness, or (c) that the principal of the Subordinated Securities of any series (or in the case of
Original Issue Discount Securities, the portion of the principal amount thereof referred to in Section 6.01) shall have been declared due and payable pursuant to Section 6.01 and such declaration shall not have been rescinded and annulled
as provided in Section 6.01, then: 
 (1) in a circumstance described in the foregoing clause (a) or (b) the holders of all
Senior Indebtedness, and in the circumstance described in the foregoing clause (c) the holders of all Senior Indebtedness outstanding at the time the principal of such Subordinated Securities (or in the case of Original Issue Discount
Securities, such portion of the principal amount) shall have been so declared due and payable, shall first be entitled to receive payment of the full amount due thereon in respect of principal, premium (if any), interest, or provision shall be made
for such payment in money or money’s worth, before the Holders of any of the Subordinated Securities are entitled to receive any payment on account of the principal of (or premium, if any) or interest payable in respect of the indebtedness
evidenced by the Subordinated Securities; 
 (2) any payment by, or distribution of assets of, the Company of any kind of character, whether
in cash, property or securities (other than securities of the Company as reorganized or readjusted or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in this Article with respect to the securities, to the payment of all Senior Indebtedness, provided that the rights of the holders of the Senior Indebtedness are not altered by such reorganization or readjustment), to
which the Holders of any of the Subordinated Securities would be entitled except for the provisions of this Article shall be paid or delivered by the person making such payment or distribution, whether a trustee in bankruptcy, a receive or
liquidating trustee or otherwise, directly to the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instrument evidencing any of such Senior Indebtedness
may have been issued, ratably according to the aggregate amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid after
giving effect to any concurrent payment or distribution (or provision therefore) to the holders of such Senior Indebtedness, before any payment or distribution is made to the Holders of the indebtedness evidenced by the Subordinated Securities under
this Subordinated Indenture; and 

  
 55 

 (3) in the event that, notwithstanding the foregoing, any payment by, or distribution of assets
of, the Company of any kind of character, whether in cash, property or securities (other than securities of the Company as reorganized or readjusted or securities of the Company or any other corporation provided for by a plan of reorganization or
readjustments the payment of which is subordinate, at least to the extent provided in this Article with respect to the Subordinated Securities, to the payment of all Senior Indebtedness, provided that the rights of the holders of Senior Indebtedness
are not altered by such reorganization or readjustment), shall be received by the Holders of any of the Subordinated Securities before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over to the holders of such
Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, for application to
the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior
Indebtedness. 
 SECTION 14.02. Subrogation. Subject to the payment in full of all Senior Indebtedness to
which the indebtedness evidenced by the securities is in the circumstances subordinated as provided in Section 14.01, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to
receive payments or distributions of cash, property or Subordinated Securities of the Company applicable to such Senior Indebtedness until all amounts owing on the Subordinated Securities shall be paid in full, and, as between the Company, its
creditors other than holders of such Senior Indebtedness, and the Holders of the Subordinated Securities, no such payment or distribution made to the holders of such Senior Indebtedness by virtue of this Article which otherwise would have been made
to the Holders of the Subordinated Securities shall be deemed to be a payment by the Company on account of such Senior Indebtedness, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the
relative rights of the Holders of the Subordinated Securities, on the one hand, and the holders of Senior Indebtedness. 
 
SECTION 
14.03. Obligation of the Company Unconditional. Nothing contained in this Article or elsewhere in this Subordinated Indenture or in the Subordinated Securities is intended to or shall impair, as between the Company, its creditors other than the holders
 of Senior Indebtedness, and the Holders of the Subordinated Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Subordinated Securities the principal of (and premium, if any) and interest payable
 in the respect of the Subordinated Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Subordinated Securities and creditors of the Company
other than the holders of Senior Indebtedness nor shall anything herein or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Subordinated Indenture, subject
 to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or Subordinated Securities of the Company received upon the exercise of any such remedy. 

Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee and the Holders of the Subordinated
Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Company is pending or upon a
certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent or other person making any payment or distribution, delivered to the Trustee or to the Holders of the Subordinated Securities,
for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount paid or distributed
thereon and all other facts pertinent thereto or to this Article. 

  
 56 

 SECTION 14.04. Payments on Subordinated Securities Permitted.
Nothing contained in this Article or elsewhere in this Subordinated Indenture, or in any of the Subordinated Securities, shall affect the obligation of the Company to make, or prevent the Company from making, payment of the principal of (or premium,
if any) or interest payable in respect of the Subordinated Securities in accordance with the provisions hereof and thereof, except as otherwise provided in this Article. 

SECTION 14.05. Effectuation of Subordinated by Trustee. Each holder of the Subordinated Securities, by his
acceptance thereof, authorizes and directs the Trustee in his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes. 

SECTION 14.06. Knowledge of Trustee. Notwithstanding the provisions of this Article or any other provisions
of this Subordinated Indenture, the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment or
moneys to or by the Trustee, or the taking of any other action by the Trustee, unless and until the Trustee shall have received written notice thereof from the Company, any Holder of Subordinated Securities, any paying or conversion agent of the
Company or the holder or representative of any class of Senior Indebtedness; provided, however, that if the Trustee shall not have received the notice provided for in this Section at least three Business Days prior to the date upon which, by the
terms hereof, any money may become payable for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest on any Subordinated Security) then, anything herein contained to the contrary
notwithstanding, the Trustee shall have all power and authority to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the contrary which may be received by it during
or after such three Business Day period. 
 SECTION 14.07. Trustee May Hold Senior Indebtedness. The
trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness at the time held by it, to the same extent ads any other holder of Senior Indebtedness, and nothing in
Section 313 of the Trust Indenture Act or elsewhere in this Subordinated Indenture shall deprive the Trustee of any of its rights as such holder. 

Nothing in this Article shall subordinate any claims of, or payments to, the Trustee (under or pursuant to Section 7.06) to Senior
Indebtedness. 
 SECTION 14.08. Rights of Holders of Senior Indebtedness Not Impaired. No right of any
present or future holder of any Senior Indebtedness to enforce the subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any
non-compliance by the Company with the terms, provisions and covenants of this Subordinated Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

[Signature page follows] 

  
 57 

 IN WITNESS WHEREOF, ONCOGENEX PHARMACEUTICALS, INC. has caused this Subordinated Indenture to be
signed by its Chairman of the Board or its President or Chief Financial Officer or one of its Vice Presidents and Trustee has caused this Subordinated Indenture to be signed and acknowledged by an appropriate officer, all as of the day and year
first written above. 
  

					
	ONCOGENEX PHARMACEUTICALS, INC.
			
	By  	 	 	 	 
		
	  Title:	 	 
	
	                             , as Trustee
			
	By  	 	 	 	 
		
	  Title:	 	 

  
 58Exhibit 4.1

 

 

SEVENTH
AMENDED AND RESTATED INDENTURE

 

HLSS SERVICER ADVANCE RECEIVABLES TRUST,

 as Issuer

 

and

 

DEUTSCHE BANK NATIONAL TRUST COMPANY,

as Indenture Trustee, Calculation Agent,
Paying Agent and Securities Intermediary

 

and

 

HLSS HOLDINGS, LLC,

 as Administrator and as Servicer
(on and after the MSR Transfer Date)

 

and

 

OCWEN LOAN SERVICING, LLC,

as a Subservicer and as Servicer (prior
to the MSR Transfer Date),

 

and

 

NEW RESIDENTIAL INVESTMENT CORP.,

 

and

 

BARCLAYS BANK PLC,

 as Administrative Agent 

 

and

 

WELLS FARGO SECURITIES, LLC,

as Administrative Agent 

 

and

 

CREDIT SUISSE AG, NEW YORK BRANCH,

 as Administrative Agent 

 

Dated as of October 23, 2015

 

 

 

HLSS SERVICER ADVANCE RECEIVABLES TRUST

 ADVANCE RECEIVABLES BACKED NOTES,
ISSUABLE IN SERIES

 

 

    	 

    	 

    

TABLE OF CONTENTS

	 	 	 	Page
	Article I	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	5
	 	Section 1.1.	Definitions	5
	 	Section 1.2.	Interpretation	44
	 	Section 1.3.	Compliance Certificates and Opinions	45
	 	Section 1.4.	Form of Documents Delivered to Indenture Trustee	45
	 	Section 1.5.	Acts of Noteholders	46
	 	Section 1.6.	Notices, etc., to Indenture Trustee, Issuer, Administrator and the Administrative Agent	47
	 	Section 1.7.	Notices to Noteholders; Waiver	47
	 	Section 1.8.	Administrative Agent	48
	 	Section 1.9.	Effect of Headings and Table of Contents	49
	 	Section 1.10.	Successors and Assigns	49
	 	Section 1.11.	Severability of Provisions	49
	 	Section 1.12.	Benefits of Indenture	50
	 	Section 1.13.	Governing Law	50
	 	Section 1.14.	Counterparts	50
	Article II	THE TRUST ESTATE	50
	 	Section 2.1.	Contents of Trust Estate	50
	 	Section 2.2.	Receivable Files	53
	 	Section 2.3.	Indemnity Payments for Receivables Upon Breach	54
	 	Section 2.4.	Duties of Custodian with Respect to the Receivables Files	55
	 	Section 2.5.	Application of Trust Money	56
	Article III	ADMINISTRATION OF RECEIVABLES; REPORTING TO INVESTORS	56
	 	Section 3.1.	Duties of the Calculation Agent	56
	 	Section 3.2.	Reports by Administrator and Indenture Trustee	60
	 	Section 3.3.	Annual Statement as to Compliance; Notice of Default; Agreed Upon Procedures Reports	64
	 	Section 3.4.	Access to Certain Documentation and Information	67
	 	Section 3.5.	Indenture Trustee to Make Reports Available	69
	

    	i

    	 

    

	Article IV	THE TRUST ACCOUNTS; PAYMENTS	70
	 	Section 4.1.	Trust Accounts	70
	 	Section 4.2.	Collections and Disbursements of Advances by Servicer	71
	 	Section 4.3.	Funding of Additional Receivables	72
	 	Section 4.4.	Interim Payment Dates	77
	 	Section 4.5.	Payment Dates	78
	 	Section 4.6.	General Reserve Account	83
	 	Section 4.7.	Collection and Funding Account, Interest Accumulation Account, Fee Accumulation Account and Target Amortization Principal Accumulation Account	84
	 	Section 4.8.	Note Payment Account	85
	 	Section 4.9.	Securities Accounts	86
	 	Section 4.10.	Notice of Adverse Claims	88
	 	Section 4.11.	No Gross Up	88
	 	Section 4.12.	Facility Early Amortization Events; Target Amortization Events	89
	Article V	NOTE FORMS	89
	 	Section 5.1.	Forms Generally	89
	 	Section 5.2.	Forms of Notes	90
	 	Section 5.3.	Form of Indenture Trustee’s Certificate of Authentication	91
	 	Section 5.4.	Book-Entry Notes	91
	 	Section 5.5.	Beneficial Ownership of Global Notes	93
	 	Section 5.6.	Notices to Depository	94
	Article VI	THE NOTES	94
	 	Section 6.1.	General Provisions; Notes Issuable in Series; Terms of a Series or Class Specified in an Indenture Supplement	94
	 	Section 6.2.	Denominations	96
	 	Section 6.3.	Execution, Authentication and Delivery and Dating	96
	 	Section 6.4.	Temporary Notes	97
	 	Section 6.5.	Registration, Transfer and Exchange	97
	 	Section 6.6.	Mutilated, Destroyed, Lost and Stolen Notes	104
	 	Section 6.7.	Payment of Interest; Interest Rights Preserved; Withholding Taxes	105
	 	Section 6.8.	Persons Deemed Owners	106
	 	Section 6.9.	Cancellation	106
	 	Section 6.10.	New Issuances of Notes	106
	

    	ii

    	 

    

	Article VII	SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUER OR DEPOSITOR OR ORIGINATOR	109
	 	Section 7.1.	Satisfaction and Discharge of Indenture	109
	 	Section 7.2.	Application of Trust Money	109
	 	Section 7.3.	Cancellation of Notes Held by the Issuer, the Depositor or the Receivables Seller	110
	Article VIII	EVENTS OF DEFAULT AND REMEDIES	110
	 	Section 8.1.	Events of Default	110
	 	Section 8.2.	Acceleration of Maturity; Rescission and Annulment	114
	 	Section 8.3.	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	115
	 	Section 8.4.	Indenture Trustee May File Proofs of Claim	116
	 	Section 8.5.	Indenture Trustee May Enforce Claims Without Possession of Notes	116
	 	Section 8.6.	Application of Money Collected	117
	 	Section 8.7.	Sale of Collateral Requires Consent of Majority of All Noteholders	117
	 	Section 8.8.	Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee	118
	 	Section 8.9.	Limitation on Suits	118
	 	Section 8.10.	Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse	118
	 	Section 8.11.	Restoration of Rights and Remedies	119
	 	Section 8.12.	Rights and Remedies Cumulative	119
	 	Section 8.13.	Delay or Omission Not Waiver	120
	 	Section 8.14.	Control by Noteholders	120
	 	Section 8.15.	Waiver of Past Defaults	120
	 	Section 8.16.	Sale of Trust Estate	120
	 	Section 8.17.	Undertaking for Costs	122
	 	Section 8.18.	Waiver of Stay or Extension Laws	122
	 	Section 8.19.	Notice of Waivers	122
	

    	iii

    	 

    

	Article IX	THE ISSUER	122
	 	Section 9.1.	Representations, Warranties and Certain Covenants of Issuer	122
	 	Section 9.2.	Liability of Issuer; Indemnities	126
	 	Section 9.3.	Merger or Consolidation, or Assumption of the Obligations, of the Issuer	128
	 	Section 9.4.	Issuer May Not Own Notes	128
	 	Section 9.5.	Covenants of Issuer	129
	Article X	THE ADMINISTRATOR AND SERVICER	133
	 	Section 10.1.	Representations and Warranties of Administrator and Servicer	133
	 	Section 10.2.	Covenants of Administrator and Servicer	134
	 	Section 10.3.	Liability of Administrator and Servicer; Indemnities	136
	 	Section 10.4.	Merger or Consolidation, or Assumption of the Obligations, of the Administrator or the Servicer	138
	Article XI	THE INDENTURE TRUSTEE	139
	 	Section 11.1.	Certain Duties and Responsibilities	139
	 	Section 11.2.	Notice of Defaults	140
	 	Section 11.3.	Certain Rights of Indenture Trustee	140
	 	Section 11.4.	Not Responsible for Recitals or Issuance of Notes	141
	 	Section 11.5.	Reserved	142
	 	Section 11.6.	Money Held in Trust	142
	 	Section 11.7.	Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity	142
	 	Section 11.8.	Corporate Indenture Trustee Required; Eligibility	143
	 	Section 11.9.	Resignation and Removal; Appointment of Successor	144
	 	Section 11.10.	Acceptance of Appointment by Successor	145
	 	Section 11.11.	Merger, Conversion, Consolidation or Succession to Business	146
	 	Section 11.12.	Appointment of Authenticating Agent	146
	 	Section 11.13.	Tax Returns	147
	 	Section 11.14.	Representations and Covenants of the Indenture Trustee	148
	 	Section 11.15.	Indenture Trustee’s Application for Instructions from the Issuer	148
	

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	Article XII	AMENDMENTS AND INDENTURE SUPPLEMENTS	148
	 	Section 12.1.	Supplemental Indentures and Amendments Without Consent of Noteholders	148
	 	Section 12.2.	Supplemental Indentures and Amendments with Consent of Noteholders	150
	 	Section 12.3.	Execution of Amendments	152
	 	Section 12.4.	Effect of Amendments	152
	 	Section 12.5.	Reference in Notes to Indenture Supplements	152
	Article XIII	EARLY REDEMPTION OF NOTES	153
	 	Section 13.1.	Optional Redemption	153
	 	Section 13.2.	Notice	154
	Article XIV	MISCELLANEOUS	154
	 	Section 14.1.	No Petition	154
	 	Section 14.2.	No Recourse	154
	 	Section 14.3.	Tax Treatment	155
	 	Section 14.4.	Alternate Payment Provisions	155
	 	Section 14.5.	Termination of Obligations	155
	 	Section 14.6.	Final Distribution	156
	 	Section 14.7.	Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity Provider as Third-Party Beneficiaries	156
	 	Section 14.8.	Owner Trustee Limitation of Liability	156
	 	Section 14.9.	Consent and Acknowledgement of the Amendments	157

 

 

    	v

    	 

    

SCHEDULES AND EXHIBITS

 

	Appendix A	MSR Transfer Notice
	Schedule 1	Designated Servicing Agreement Schedule
	Schedule 2	Servicing Fee Advance Designated Servicing Agreement Schedule
	Exhibit A-1	Form of Global Rule 144A Note
	Exhibit A-2	Form of Definitive Rule 144A Note
	Exhibit A-3	Form of Global Regulation S Note
	Exhibit A-4	Form of Definitive Regulation S Note
	Exhibit B-1	Form of Transferee Certificate for Rule 144A Transfers of Notes 
	Exhibit B-2	Form of Transferee Certificate for Regulation S Transfers of Notes
	Exhibit C	Form of Omnibus Notice to MBS Trustee/Notice of Assignment of Receivables
	Exhibit D	Agreed Upon Procedures
	Exhibit E	Form of Additional Transferee Certification for Transfer of Restricted Notes

 

 

    	vi

    	 

    

THIS SEVENTH AMENDED
AND RESTATED INDENTURE (as amended, supplemented, restated, or otherwise modified from time to time, the “Indenture”),
is made and entered into as of October 23, 2015 (the “Seventh A&R Effective Date”), by and among
HLSS SERVICER ADVANCE RECEIVABLES TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”),
DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, in its capacity as Indenture Trustee (the “Indenture
Trustee”), and as Calculation Agent, Paying Agent and Securities Intermediary (in each case, as defined below), HLSS
HOLDINGS, LLC, a Delaware limited liability company (“HLSS”), as Administrator (as defined below) on
behalf of the Issuer, as owner of the economics associated with the servicing under the Designated Servicing Agreements (as defined
below), and, from and after the MSR Transfer Date (as defined below), as Servicer (as defined below) under the Designated Servicing
Agreements, OCWEN LOAN SERVICING, LLC (“OLS”), as a Subservicer, and as Servicer prior to the MSR Transfer
Date, NEW RESIDENTIAL INVESTMENT CORP., and BARCLAYS BANK PLC, a public limited company formed under the laws of England and Wales,
as Administrative Agent (as defined below), WELLS FARGO SECURITIES, LLC, a Delaware limited liability company, as Administrative
Agent and CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative Agent.

 

RECITALS

 

On the date hereof,
the parties hereto are amending and restating that certain Sixth Amended and Restated Indenture, dated as of January 17, 2014,
by and among the Issuer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Administrator,
the Servicer, the Subservicer, Barclays Bank PLC, as Administrative Agent, Wells Fargo Securities, LLC, as Administrative Agent
and Credit Suisse AG, New York Branch, as Administrative Agent.

 

This Indenture shall
become effective as of the Seventh A&R Effective Date, upon the latest to occur of the following:

 

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

 

		(ii)	the delivery of an Opinion of Counsel stating that the execution of this Indenture is authorized
and permitted by the Indenture and that all conditions precedent thereto have been satisfied.

 

The Issuer has duly
authorized the execution and delivery of this Indenture to provide for the issuance of its Term Notes and Variable Funding Notes,
to be issued in one or more Series and/or Classes.

 

All things necessary
to make this Indenture a valid agreement of the Issuer, in accordance with its terms, have been done.

 

    	 

    	 

    

GRANTING CLAUSE

 

The Issuer hereby Grants
to the Indenture Trustee for the benefit and security of (a) the Noteholders, (b) each Derivative Counterparty, if any, each Supplemental
Credit Enhancement Provider, if any, and/or each Liquidity Provider, if any, that is a party to any Derivative Agreement, Supplemental
Credit Enhancement Agreement or Liquidity Facility, as applicable, entered into in connection with the issuance of a Series of
Notes, in each case to the extent that the related Derivative Agreement, Supplemental Credit Enhancement Agreement or Liquidity
Facility expressly states that such Derivative Counterparty, Supplemental Credit Enhancement Provider or Liquidity Provider, as
the case may be, is entitled to the benefit of the Collateral, and (c) the Indenture Trustee, in its individual capacity, a security
interest in all of its right, title and interest in and to the following, whether now owned or hereafter acquired (collectively,
the “Collateral”), and all monies, “securities,” “instruments,” “accounts,”
“general intangibles,” “payment intangibles,” “goods,” “letter of credit rights,”
“chattel paper,” “financial assets,” “investment property” (the terms in quotations are defined
in the UCC) and other property consisting of, arising from or relating to any of the following:

 

(i)                
all right, title and interest of the Issuer (A) existing as of the Cut-off Date in, to and under the Initial Receivables,
and (B) in, to and under any and all Additional Receivables created after the Cut-off Date and on and after the Closing Date, and
(C) in the case of both Initial Receivables and Additional Receivables, all monies due or to become due thereon, and all amounts
received or receivable with respect thereto, and all proceeds thereof (including “proceeds” as defined in the UCC in
effect in all relevant jurisdictions (including, without limitation, any proceeds of any Sales)), together with all rights of the
Issuer, as the assignee of the Receivables Seller, to enforce such Receivables (and including any Indemnity Payments made with
respect to the Receivables for which a payment is made by the Issuer, the Depositor or the Receivables Seller as described in Section
2.3);

 

(ii)              
all rights of the Issuer as Purchaser under the Receivables Pooling Agreement, including, without limitation, the Issuer’s
rights as assignee of the Depositor’s rights under the Receivables Sale Agreement and of the Receivables Seller’s rights
under the Receivables Sale Agreement, including, without limitation, the right to enforce the obligations of the Receivables Seller
and the Servicer under the Receivables Sale Agreement with respect to the Receivables and the obligations of the Servicer under
the Receivables Sale Agreement and any rights of HLSS against OLS with respect to any Receivables sold by OLS to HLSS;

 

(iii)            
the Trust Accounts, and all amounts and property on deposit or credited to the Trust Accounts (excluding investment earnings
thereon) from time to time (whether or not constituting or derived from payments, collections or recoveries received, made or realized
in respect of the Receivables);

 

(iv)            
all right, title and interest of the Issuer as assignee of the Depositor, the Receivables Seller and the Servicer to rights
to payment on the Receivables under each related Designated Servicing Agreement on the related Sale Dates of the Receivables, and
under all related documents, instruments and agreements pursuant to which the Receivables Seller acquired, or acquired an interest
in, any of the Receivables;

 

(v)              
all other monies, securities, reserves and other property now or at any time in the possession of the Indenture Trustee
or its bailee, agent or custodian and relating to any of the foregoing; and

    	2

    	 

    

(vi)            
all present and future claims, demands, causes and choses in action in respect of any and all of the foregoing and all payments
on or under, and all proceeds of every kind and nature whatsoever in respect of, any and all of the foregoing and all payments
on or under, and all proceeds of every kind and nature whatsoever in conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, checks, deposit accounts,
rights to payment of any and every kind, and other forms of obligations and receivables, instruments and other property which at
any time constitute all or part of or are included in the proceeds of any of the foregoing.

 

The Security Interest
in the Trust Estate is Granted to secure the Notes issued pursuant to this Indenture (and the obligations under this Indenture,
any Indenture Supplement and any applicable Derivative Agreement, Supplemental Credit Enhancement Agreement and/or Liquidity Facility)
equally and ratably without prejudice, priority or distinction between any Note and any other Note by reason of difference in time
of issuance or otherwise, except as otherwise expressly provided in this Indenture or in any Indenture Supplement, and to secure
(1) the payment of all amounts due on such Notes (and, to the extent so specified, the obligations under any applicable Derivative
Agreement, Supplemental Credit Enhancement Agreement and/or Liquidity Facility) in accordance with their terms, (2) the payment
of all other sums payable by the Issuer under this Indenture or any Indenture Supplement and (3) compliance by the Issuer with
the provisions of this Indenture or any Indenture Supplement. This Indenture, as it may be supplemented, including by each Indenture
Supplement, is a security agreement within the meaning of the UCC.

 

The Indenture Trustee
acknowledges the Grant of such Security Interest, and agrees to perform the duties herein in accordance with the terms hereof.

 

The Issuer hereby irrevocably
constitutes and appoints the Indenture Trustee and any officer or agent thereof, effective upon the occurrence and continuation
of an Event of Default, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and
authority in the place and stead of the Issuer and in the name of the Issuer, for the purpose of carrying out the terms of this
Indenture and each Indenture Supplement, to take any and all appropriate action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this Indenture, each Indenture Supplement, the Receivables Sale
Agreement and the Receivables Pooling Agreement, and, without limiting the generality of the foregoing, the Issuer hereby gives
the Indenture Trustee the power and right (1) to take possession of and endorse and collect any wired funds, checks, drafts, notes,
acceptances or other instruments for the payment of moneys due under any Receivable Granted by the Issuer to the Indenture Trustee
from the related MBS Trust, the Obligors on underlying Mortgage Loans, any Receivables Seller or the Servicer and any related subsidiaries,
as the case may be, (2) to file any claim or proceeding in any court of law or equity or take any other action otherwise deemed
appropriate by the Indenture Trustee for the purpose of collecting any and all such moneys due from the related MBS Trust, the
Obligors on underlying Mortgage Loans, any Receivables Seller or the Servicer or the related Subservicer under such Receivable
whenever payable and to enforce any other right in respect of any Receivable or related to the Trust Estate, (3) to direct the
related MBS Trustee or the Servicer or related Subservicer to make payment of any and all moneys due or to become due under the
Receivable directly to the Indenture Trustee or as the Indenture Trustee shall direct, (4) to ask or demand for, collect, receive
payment of and receipt for, any and all moneys, claims and other amounts due or to become due from the related MBS Trust or the
Servicer or Subservicer at any time in respect of or arising out of any Receivable, (5) to sign and endorse any assignments, notices
and other documents in connection with the Receivables or the Trust Estate, and (6) to sell, transfer, pledge and make any agreement
with respect to or otherwise deal with the Receivables and the Trust Estate as fully and completely as though the Indenture Trustee
were the absolute owner thereof for all purposes, and do, at the Indenture Trustee’s option and at the expense of the Issuer,
at any time, or from time to time, all acts and things which the Indenture Trustee deems necessary to protect, preserve or realize
upon the Receivable or the Trust Estate and the Indenture Trustee’s and the Issuer’s respective security interests
and ownership interests therein and to effect the intent of this Indenture, all as fully and effectively as the Issuer might do.
Nothing contained herein shall in any way be deemed to be a grant of power or authority to the Indenture Trustee or any officer
or agent thereof to take any of the actions described in this paragraph with respect to any underlying Obligor under any Mortgage
Loan in any MBS Trust, for which an Advance was made.

    	3

    	 

    

 

The parties hereto
intend that the Security Interest Granted under this Indenture shall give the Indenture Trustee on behalf of the Noteholders a
first priority perfected security interest in, to and under the Collateral, and all other property described in this Indenture
as a part of the Trust Estate and all proceeds of any of the foregoing in order to secure the obligations of the Issuer to the
Indenture Trustee, the Noteholders under the Notes, and to any Derivative Counterparty, any Supplement Credit Enhancement Provider
and/or any Liquidity Provider, under this Indenture, the related Indenture Supplement, and all of the other Transaction Documents.
The Indenture Trustee on behalf of the Noteholders shall have all the rights, powers and privileges of a secured party under the
UCC. The Issuer agrees to execute and file all filings (including filings under the UCC) and take all other actions reasonably
necessary in any jurisdiction to provide third parties with notice of the Security Interest Granted pursuant to this Indenture
and to perfect such Security Interest under the UCC.

 

Particular Notes, Derivative
Agreements, Supplemental Credit Enhancement Agreements and Liquidity Facilities will benefit from the Security Interest to the
extent (and only to the extent) proceeds of and distributions on the Collateral are allocated for their benefit pursuant to this
Indenture and the applicable Indenture Supplement.

 

AGREEMENTS OF THE PARTIES

 

To set forth or to
provide for the establishment of the terms and conditions upon which the Notes are to be authenticated, issued and delivered, and
in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed as set
forth in this Indenture, for the equal and proportionate benefit of all Holders of the Notes or of a Series or Class thereof, as
the case may be.

 

LIMITED RECOURSE

 

The obligation of the
Issuer to make payments of principal, interest and other amounts on the Notes and to make payments in respect of any Derivative
Agreements, Supplemental Credit Enhancement Agreements or Liquidity Facilities is limited in recourse as set forth in Section
8.10.

    	4

    	 

    

Article
I

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
1.1.          Definitions.

 

For all purposes of
this Indenture and each Indenture Supplement, except as otherwise expressly provided or unless the context otherwise requires:

 

(1)              
the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular;

 

(2)              
all other terms used herein which are defined in the related Indenture Supplement, either directly or by reference therein,
have the meanings assigned to them therein;

 

(3)              
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the
United States of America at the date of such computation;

 

(4)              
all references in this Indenture to designated “Articles,” “Sections” and other subdivisions are
to the designated Articles, Sections and other subdivisions of this Indenture as originally executed. The words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision; and

 

(5)              
“including” and words of similar import will be deemed to be followed by “without limitation.”

 

Act: When used with respect to any
Noteholder, is defined in Section 1.5.

 

Action: When used with respect to
any Noteholder, is defined in Section 1.5.

 

Additional Receivables: All Receivables
created on or after the Cut-off Date which are (i) sold by the Servicer to the Receivables Seller under the Receivables Sale Agreement
and/or which are (ii) sold and/or contributed by (A) the Receivables Seller to the Depositor pursuant to the Receivables Sale Agreement,
as described in Section 2(a) of the Receivables Sale Agreement and (B) the Depositor to the Issuer pursuant to the Receivables
Pooling Agreement. Any Receivables (x) created at any time with respect to an MBS Trust or a Mortgage Loan with respect to which
OLS no longer acts at such time as Servicer prior to the MSR Transfer Date, or as to which HLSS no longer acts as Servicer from
and after the MSR Transfer Date, or (y) sold and/or contributed to the Depositor or the Issuer on or after a Stop Date pursuant
to Section 2(d) of the Receivables Sale Agreement or Section 2(c) of the Receivables Pooling Agreement shall not constitute Additional
Receivables.

    	5

    	 

    

Administration Agreement: The Second
Amended and Restated Administration Agreement, dated September 13, 2012, by and between the Issuer and the Administrator, as amended,
supplemented, restated, or otherwise modified from time to time.

 

Administrative Agent: Barclays Bank
PLC, Wells Fargo Securities, LLC and Credit Suisse AG, New York Branch or, in each case, an Affiliate thereof or any successor
thereto and, in respect of any Series, the Person(s) specified in the related Indenture Supplement.

 

Administrative Expenses: Any amounts
due from or accrued for the account of the Issuer with respect to any period for any administrative expenses incurred by the Issuer,
including without limitation (i) to any accountants, agents, counsel and other advisors of the Issuer (other than the Owner Trustee)
for fees and expenses; (ii) to the rating agencies for fees and expenses in connection with any rating of the Notes or rating estimate;
(iii) to any other person in respect of any governmental fee, charge or tax; (iv) to any other Person (other than the Owner Trustee)
in respect of any other fees or expenses permitted under this Indenture (including indemnities) and the documents delivered pursuant
to or in connection with this Indenture and the Notes; (v) any and all fees and expenses of the Issuer incurred in connection with
its entry into and the performance of its obligations under any of the agreements contemplated by this Indenture; (vi) the orderly
winding up of the Issuer following the cessation of the transactions contemplated by this Indenture; and (vii) any and all other
fees and expenses properly incurred by the Issuer in connection with the transactions contemplated by this Indenture, but not in
duplication of any amounts specifically provided for in respect of the Indenture Trustee, the Owner Trustee, the Administrator
or any VFN Holder.

 

Administrator: HLSS, in its capacity
as administrator hereunder on behalf of the Issuer, and any successor to HLSS in such capacity.

 

Advance: Any P&I Advance (including
Servicing Fee Advances), Escrow Advance or Corporate Advance.

 

Advance Collection Period: (i) For
the first Interim Payment Date or Payment Date, the period beginning on the Cut-off Date and ending at the end of the day before
the Determination Date for such Interim Payment Date or Payment Date, and (ii) for each other Interim Payment Date and Payment
Date, the period beginning at the opening of business on the most recent preceding Determination Date and ending as of the close
of business on the day before the Determination Date for such Interim Payment Date or Payment Date.

 

Advance Rate: With respect to any
Series of Notes, and for any Class within such Series, if applicable, and with respect to any Receivables related to any particular
Advance Type (and attributable to any particular Designated Servicing Agreement, if so specified in the related Indenture Supplement),
the percentage specified for such Advance Type (and attributable to such Designated Servicing Agreement, if applicable) as its
“Advance Rate” in the Indenture Supplement for such Series, as reduced by any applicable Advance Rate Reduction Factor.

 

Advance Rate Reduction Factor: For
any Class of Notes, as defined in the related Indenture Supplement.

    	6

    	 

    

Advance Reimbursement Amount: Any
amount which the Servicer, or the Indenture Trustee as the Servicer’s assignee, collects on a Mortgage Loan, withdraws from
a Dedicated Collection Account or receives from an MBS Trustee or any predecessor servicer, to reimburse an Advance made by the
Servicer (including reimbursement of P&I Advances which were advanced using Amounts Held for Future Distribution) pursuant
to a Designated Servicing Agreement.

 

Advance Type: Judicial P&I Advances,
Non-Judicial P&I Advances, Judicial Escrow Advances, Non-Judicial Escrow Advances, Judicial Corporate Advances and Non-Judicial
Corporate Advances, Judicial Servicing Fee Advances, Non-Judicial Servicing Fee Advances which may be further subdivided as set
forth in the related Indenture Supplement.

 

Adverse Claim: A lien, security
interest, charge, encumbrance or other right or claim of any Person (other than the liens created by (i) this Indenture, (ii) the
Receivables Pooling Agreement, (iii) the Receivables Sale Agreement, (iv) the Purchase Agreement in favor of HLSS or (v) any other
Transaction Document).

 

Adverse Effect: Whenever used in
this Indenture with respect to any Series or Class of Notes and any event, means that such event is reasonably likely, at the time
of its occurrence, to (i) result in the occurrence of a Facility Early Amortization Event or Event of Default, as applicable, or
a Target Amortization Event relating to such Series or Class of Notes, (ii) adversely affect (A) the amount of funds available
to be paid to the Noteholders of such Series or Class of Notes pursuant to this Indenture, (B) the timing of such payments or (C)
the rights or interests of the Noteholders, any Derivative Counterparty, any Supplemental Credit Enhancement Provider or any Liquidity
Provider, (iii) adversely affect the Security Interest of the Indenture Trustee in the Collateral securing the Outstanding Notes,
unless otherwise permitted by this Indenture, or (iv) adversely affect the collectability of the Receivables.

 

Affiliate: With respect to any specified
Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such
specified Person as identified to the Indenture Trustee in writing.

 

Aggregate Receivables: All Initial
Receivables and all Additional Receivables related to Designated Servicing Agreements on the Closing Date (with respect to the
Initial Receivables) or the related Sale Date (with respect to the Additional Receivables), which Initial Receivables and Additional
Receivables are sold and/or contributed by the Receivables Seller to the Depositor under the Receivables Sale Agreement and sold
and/or contributed by the Depositor to the Issuer under the Receivables Pooling Agreement.

 

Amounts Held for Future Distribution:
As defined in Section 4.2(c).

 

Applicable Law: As defined in Section
4.1.

 

Applicable Rating: For each Class
of Notes, the rating(s) specified as such for such Class in the related Indenture Supplement.

 

Authenticating Agent: Any Person
authorized by the Indenture Trustee to authenticate Notes under Section 11.12.

    	7

    	 

    

Authorized Signatory: With respect
to any entity, each Person duly authorized to act as a signatory of such entity at the time such Person signs on behalf of such
entity.

 

Available Funds: (i) With respect
to any Interim Payment Date, all Collections on the Receivables received during the related Advance Collection Period and deposited
into the Collection and Funding Account, plus any amounts released from the Fee Accumulation Account or the Interest Accumulation
Account on such Interim Payment Date pursuant to Section 4.7(d), plus any other funds of the Issuer that the Issuer
(or the Administrator) identifies to the Indenture Trustee to be treated as “Available Funds”; and (ii) with respect
to any Payment Date, the sum of (A) all amounts on deposit in the Fee Accumulation Account, the Interest Accumulation Account and
any Target Amortization Principal Accumulation Account at the close of business on the last Interim Payment Date during the related
Monthly Advance Collection Period, plus (B) amounts released from a General Reserve Account for distribution by the Indenture
Trustee, plus (C) all Collections received during the final Advance Collection Period during the immediately preceding Monthly
Advance Collection Period (in each case, adjusted to reflect all deposits and payments on any Funding Date that may occur after
the end of such Advance Collection Period, but prior to such Payment Date or Interim Payment Date, and not including any such funds
required to be returned to a VFN Holder pursuant to this Indenture due to any failure to utilize amounts provided by such VFN Holder
to pay New Receivables Funding Amounts), plus (D) any proceeds received by the Issuer under any Derivative Agreement, Supplemental
Credit Enhancement Agreement or Liquidity Agreement for any Series or Class of Notes, plus (E) any other funds of the Issuer
that the Issuer (or the Administrator) identifies to the Indenture Trustee to be treated as “Available Funds”.

 

Bankruptcy Code: The Bankruptcy
Reform Act of 1978, 11 U.S.C. §§ 101 et seq., as amended.

 

Book-Entry Notes: A note registered
in the name of the Depository or its nominee, ownership of which is reflected on the books of the Depository or on the books of
a Person maintaining an account with such Depository (directly or as an indirect participant in accordance with the rules of such
Depository); provided, that after the occurrence of a condition whereupon Definitive Notes are to be issued to Note Owners,
such Book Entry Notes shall no longer be “Book Entry Notes”.

 

Borrowing Capacity: For any VFN
on any date, the difference between (i) the related Maximum VFN Principal Balance on such date and (ii) the related VFN Principal
Balance on such date.

 

Business Day: For any Class of Notes,
means any day other than (i) a Saturday or Sunday or (ii) any other day on which national banking associations or state banking
institutions in New York, New York, West Palm Beach, Florida, Atlanta, Georgia, Wilmington, Delaware or the city and state where
the Corporate Trust Office is located, are authorized or obligated by law, executive order or governmental decree to be closed.

 

Calculation Agent: The same Person
who serves at any time as the Indenture Trustee, or an Affiliate of such Person, as calculation agent pursuant to the terms of
this Indenture.

 

Cease Pre-Funding Notice: As defined
in Section 4.3(c).

    	8

    	 

    

Certificate of Authentication: The
certificate of the Indenture Trustee, the form of which is described in Section 5.3, or the alternative certificate of the
Authenticating Agent, the form of which is described in Section 11.12.

 

Change of Control:  Means,
as to any Servicer or a Subservicer (other than OLS or any OFC-Owned Affiliate), the occurrence of  (1) any person, entity
or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended) other
than the holders of equity of such Servicer or Subservicer (or in the event such Servicer or Subservicer is 100% owned by an ultimate
parent company ("Parent"), such Servicer’s or Subservicer's Parent, as the case may be) on the date of the
Administrative Agent’s written approval thereof (the “Control Determination Date”), shall have acquired
beneficial ownership or control of 35% or more, on a fully diluted basis, of the voting and/or economic interest in the equity
interests of such Parent, Servicer or Subservicer, as applicable; (2) in the case of a Parent, such Parent shall cease to beneficially
own and control, directly or indirectly through a holding company, free and clear of all liens, 100.0%, on a fully diluted basis,
of the economic and voting interest in the equity interests of such Servicer or such Subservicer, as the case may be; (3) the majority
of the seats (other than the vacant seats) on the board of directors (or similar governing body) of such Parent, Servicer or Subservicer,
as applicable, cease to be occupied by persons who either (a) were members of such board or other governing body on the Control
Determination Date or (b) were approved by such board of directors or other similar governing body, a majority of whom were directors
or managers on the Control Determination Date or whose election or nomination for election was previously so approved; (4) any
other material change in the identity of the members of such board of directors (or similar governing body) that could have a material
and adverse effect on the Receivables or the Noteholders, as determined by the Administrative Agent in the exercise of its reasonable
discretion; or (5) any “change of control” (or similar event, however denominated) shall occur under and as defined
in any indenture or agreement in respect of material indebtedness to which Parent, the Servicer or such Subservicer, as the case
may be, or any subsidiary of the Servicer or such Subservicer, as the case may be, is a party. The occurrence of a “change
of control” (howsoever designated) or any change of ownership, control or management of HLSS, OLS or any OFC-Owned Servicer
shall not constitute a “Change of Control”.

 

Class: With respect to any Notes,
the class designation assigned to such Note in the related Indenture Supplement. A Series issued in one class, with no class designation
in the related Indenture Supplement, may be referred to herein as a “Class.”

 

Class Invested Amount: For any Class
of Notes on any date, an amount equal to (i) the sum of (A) the outstanding Note Balance of such Class plus (B) the aggregate outstanding
Note Balances of all Classes within the same Series that are senior to or pari passu with such Class on such date, divided
by (ii) the Weighted Average CV Adjusted Advance Rate in respect of such Class (after giving effect to amounts collected on
the Receivables as of such date).

 

Clearing Corporation: As defined
in Section 8-102(a)(5) of the UCC.

 

Closing Date: August 31, 2010.

 

Code: The Internal Revenue Code
of 1986, as amended.

    	9

    	 

    

Collateral: As defined in the Granting
Clause.

 

Collateral Performance Test: A collateral
performance benchmark or similar test or “trigger” in a Designated Servicing Agreement, the failure of which results
in the occurrence of a Servicer Termination Event pursuant to the terms of such Designated Servicing Agreement.

 

Collateral Test: A test designed
to measure, on any date of determination, whether each Series of Notes is adequately collateralized on such date and the satisfaction
of which is achieved on any date of determination if, with respect to every Series, (i) the products of (1) the Series Allocation
Percentage for such Series and (2) (A) the aggregate Receivable Balances of all Receivables under all Designated Servicing Agreements,
plus (B) all Collections on deposit in the Trust Accounts (other than the General Reserve Account) on such date (after giving
effect to any required payments on such date, if any), shall be greater than or equal to (ii) the Series Invested Amount for such
Series on such date (after giving effect to any required payments on such date, if any). The parties hereto hereby agree that the
Collateral Test shall not be satisfied on any date if determination if (i) the Weighted Average CV Adjusted Advance Rate in respect
of any Class of Outstanding Notes is 0% and (ii) there is any unpaid principal outstanding in respect of such Class of Notes.

 

Collateral Value: For any Receivable
and for any Series on any date, the product of (i) the Receivable Balance of such Receivable and (ii) the lesser of (A) the highest
Advance Rate applicable to the Advance Type of such Receivable in respect of any Class within such Series (as set forth in the
related Indenture Supplement), and (B) the highest Trigger Advance Rate (if any) for any Class within such Series; provided,
further, that the Collateral Value shall be zero for any Receivable that is not a Facility Eligible Receivable, and
for any other Receivable, in respect of a Series, to the extent so provided in the related Indenture Supplement.

 

Collection and Funding Account:
The segregated non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established and maintained
pursuant to Section 4.1 and entitled “Deutsche Bank National Trust Company, as Indenture Trustee for the HLSS Servicer
Advance Receivables Backed Notes, Collection and Funding Account.”

 

Collections: The amount of Advance
Reimbursement Amounts and other cash collected in reimbursement of Receivables in the Trust Estate, during each Advance Collection
Period, plus the proceeds of any Permitted Refinancing or of any Indemnity Payments.

 

Control, Controlling or Controlled:
The possession of the power to direct or cause the direction of the management or policies of a Person through the right to exercise
voting power or by contract, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

 

Control Determination Date: As defined
in the definition of “Change of Control” herein.

 

    	10

    	 

    

Core Business Activities: Loan servicing
and collection activities and ancillary services directly related thereto (including, for example, the making of servicer advances
and the financing of servicer advances), asset management for investors that are not a part of the Administrator’s consolidated
group and management of loans, REO Property and securities portfolios for investors that are not a part of the Administrator’s
consolidated group, support services to third-party mortgage lending and loan investment and servicing businesses (e.g., due diligence
services, loan underwriting services, real estate title services, provision of broker-price opinions and other valuation services),
collection of consumer receivables, bankruptcy assistance and solution activities, and the provision of technological support products
and services related to the foregoing and business initiatives arising out of and related to any of the foregoing; provided, however,
that the Administrator and each of its Affiliates shall be specifically permitted to make material changes to their Core Business
Activities insofar as these changes relate to originating, acquiring, securitizing and/or selling mortgage loans.

 

Corporate Advance: Collectively,
(i) any advance made by the Servicer (including any predecessor servicer) and reimbursable to the Servicer pursuant to a Designated
Servicing Agreement to inspect, protect, preserve or repair properties that secure Mortgage Loans or that have been acquired through
foreclosure or deed in lieu of foreclosure or other similar action pending disposition thereof, or for similar or related purposes,
including, but not limited to, necessary legal fees and costs expended or incurred by the Servicer (including any predecessor servicer)
in connection with foreclosure, bankruptcy, eviction or litigation actions with or involving Obligors on Mortgage Loans, as well
as costs to obtain clear title to such a property, to protect the priority of the lien created by a Mortgage Loan on such a property,
and to dispose of properties taken through foreclosure or by deed in lieu thereof or other similar action, (ii) any advance made
by the Servicer (including any predecessor servicer) pursuant to a Designated Servicing Agreement to foreclose or undertake similar
action with respect to a Mortgage Loan, and (iii) any other out of pocket expenses incurred by the Servicer (including any predecessor
servicer) pursuant to a Designated Servicing Agreement (including, for example, costs and expenses incurred in loss mitigation
efforts and in processing assumptions of Mortgage Loans).

 

Corporate Advance Receivable: Any
Receivable representing the right to be reimbursed for a Corporate Advance.

 

Cumulative Default Fee Amount: For
any Payment Date and any Class of Notes, any portion of the Default Fee for that Class for a previous Payment Date that has not
been paid, plus accrued and unpaid interest thereon at the applicable Note Interest Rate plus 3.00% from the Payment Date
on which the shortfall first occurred through the current Payment Date.

 

Cumulative ERD Fee Amount: For any
Payment Date and any Class of Notes, any portion of the ERD Fee for that Class for a previous Payment Date that has not been paid,
plus accrued and unpaid interest thereon at the applicable Note Interest Rate plus the ERD Fee Rate for that Class from
the Payment Date on which the shortfall first occurred through the current Payment Date.

 

Cumulative Interest Shortfall Amount:
For any Payment Date and any Class of Notes, any portion of the Interest Payment Amount for that Class for a previous Payment Date
that has not been paid, plus accrued and unpaid interest at the applicable Note Interest Rate plus 3.00% on such shortfall
from the Payment Date on which the shortfall first occurred through the current Payment Date.

 

Custodian: As defined in Section
2.4(a).

    	11

    	 

    

Cut-off Date: The close of business
on August 31, 2010.

 

Dedicated Collection Account: For
each MBS Trust, the segregated, non-commingled account or accounts, specified in the related Designated Servicing Agreement, into
which the Servicer is required to deposit Collections with respect to the Mortgage Loans serviced under that Designated Servicing
Agreement, which may be called a “Certificate Account,” a “Custodial Account,” a “Custodial P&I
Account,” a “Principal and Interest Account” or be known by another name specified in the related Designated
Servicing Agreement.

 

Default Fee: For each Class of Notes
and any Payment Date following the occurrence of an Event of Default including the Final Payment Date for such class of Notes,
a fee equal to the product of (i) 3.00%, (ii) the related Note Balance as of the close of business on the preceding Payment Date
and (iii) a fraction, the numerator of which is the number of days elapsed from and including the preceding Payment Date (or, if
later, the occurrence of such Event of Default) to but excluding such current Payment Date and the denominator of which equals
360.

 

Defaulted Derivative Agreement Termination
Payment: With respect to any Derivative Agreement, any termination payments payable to a Derivative Counterparty, to the extent
not previously paid, in the event such Derivative Counterparty is a defaulting party or the sole affected party under the terms
of such Derivative Agreement.

 

Definitive Note: A Note issued in
definitive, fully registered form evidenced by a physical Note.

 

Depositor: HLSS Servicer Advance
Facility Transferor, LLC, a Delaware limited liability company wholly owned by HLSS.

 

Depository: Initially, The Depository
Trust Company, the nominee of which is Cede & Co., and any permitted successor depository, or any other entity specified in
the related Indenture Supplement. The Depository shall at all times be a Clearing Corporation.

 

Depository Agreement: For any Series
or Class of Book-Entry Notes, the agreement among the Issuer, the Indenture Trustee and the Depository, dated as of the related
Issuance Date, relating to such Notes.

 

Depository Participant: A broker,
dealer, bank or other financial institution or other Person for whom from time to time the Depository effects book-entry transfers
and pledges of securities deposited with the Depository.

 

Derivative Agreement: Any currency,
interest rate or other swap, cap, collar, guaranteed investment contract or other derivative agreement entered into by the Issuer
or the Indenture Trustee in connection with any Class or Series of Notes.

 

Derivative Counterparty: Any party
to any Derivative Agreement other than the Issuer or the Indenture Trustee.

 

Designated Servicing Agreement:
As of any date, a Servicing Agreement that is listed on the Designated Servicing Agreement Schedule on such date, the Receivables
attributable to which have been designated by the Receivables Seller to be sold and/or contributed or pledged, as applicable and
to the extent they satisfy the criteria for sale, contribution or pledge set forth in the applicable agreement, (i) by Homeward
to OLS pursuant to the Homeward Sale Agreement, (ii) by any other OFC-Owned Servicer to OLS pursuant to an OFC-Owned Servicer Sale
Agreement, (iii) by OLS to the Receivables Seller and the Receivables Seller to the Depositor pursuant to the Receivables Sale
Agreement, and (iv) by the Depositor to the Issuer pursuant to the Receivables Pooling Agreement and pledged by the Issuer hereunder
as part of the Trust Estate.

    	12

    	 

    

Designated Servicing Agreement Schedule:
The list of Servicing Agreements attached hereto as Schedule 1-A, as may be amended from time to time in accordance with
Section 2.1(c). As additional Servicing Agreements are added as Designated Servicing Agreements, and as Servicing Agreements
are removed as Designated Servicing Agreements, the Administrator shall update the Designated Servicing Agreement Schedule and
furnish it to the Indenture Trustee, and the most recently furnished schedule shall be maintained by the Indenture Trustee as the
definitive Designated Servicing Agreement Schedule.

 

Designation Date: For any Designated
Servicing Agreement, the meaning assigned to such term in the Receivables Sale Agreement.

 

Determination Date: In respect of
any Payment Date or Interim Payment Date, the third Business Day before such Payment Date or Interim Payment Date.

 

Determination Date Administrator Report:
A report delivered by the Administrator as described in Section 3.2(a), which shall be delivered in the form of one or more
electronic files.

 

Deutsche Bank National Trust Company
Fee Letter: The fee letter agreement between Deutsche Bank National Trust Company and the Issuer dated August 20, 2010, as
amended, supplemented, restated, or otherwise modified, setting forth the fees to be paid to Deutsche Bank National Trust Company
for the performance of its duties as Indenture Trustee and in all other capacities.

 

Disbursement Report: As defined
in Section 4.3(e).

 

Distribution Compliance Period:
In respect of any Regulation S Global Note or Regulation S Definitive Note, the 40 consecutive days beginning on and including
the later of (a) the day on which any Notes represented thereby are offered to persons other than distributors (as defined in Regulation
S under the Securities Act) pursuant to Regulation S and (b) the Issuance Date for such Notes.

 

Eligible Account: Any of (i) an
account or accounts maintained with a depository institution with a short-term rating of at least “F1+” by Fitch, if
rated by Fitch, and a long-term rating of at least “A” coupled with a short-term rating of at least “A-1”
by S&P (or a long-term rating of at least “A+” if the short-term rating is not available), and that is (w) a federal
savings and loan association duly organized, validly existing and in good standing under the federal banking laws of the United
States, (x) a banking or savings and loan association duly organized, validly existing and in good standing under the applicable
laws of any state, (y) a national banking association duly organized, validly existing and in good standing under the federal banking
laws of the United States, or (z) a principal subsidiary of a bank holding company; or (ii) a segregated trust account maintained
in the trust department of a federal or state chartered depository institution or trust company in the United States, having capital
and surplus of not less than $50,000,000, and meeting the rating requirements described in clause (i) above, acting in its fiduciary
capacity. Any Eligible Accounts maintained with the Indenture Trustee shall conform to the preceding clause (ii).

    	13

    	 

    

Eligible Subservicer: An established
mortgage servicer who (i) meets the criteria to be an eligible successor Servicer under the related Servicing Agreement(s), (ii)
meets the minimum financial requirements of Fannie Mae and Freddie Mac approved servicers, (iii) (except with respect to OLS or
any OFC-Owned Servicer, acting as Servicer or as Subservicer) has a servicer rating of at least “Average” from S&P,
(iv) has been approved by the Administrative Agent in writing, (v) (except with respect to OLS or any OFC-Owned Servicer, acting
as Servicer or as Subservicer) has not, since the date of approval by the Administrative Agent, been the subject of a Change of
Control, and (vi)  has not failed to satisfy the Liquidity Requirement.

 

Eligible Subservicing Agreement:
A subservicing agreement that (i) has been approved by the Administrative Agent by signed instrument, (ii) that has not been assigned
without the Administrative Agent’s written consent, and (iii) is terminable only for cause. For the avoidance of doubt, the
arrangement for the division of servicing income, rights and responsibilities between OLS and HLSS before the MSR Transfer Date
shall be considered a Subservicing Agreement that is required to be an Eligible Subservicing Agreement, with HLSS as Servicer and
OLS as Subservicer and reported as such, notwithstanding the fact that during this period OLS is the Servicer under the Designated
Servicing Agreements; provided that OLS is the “Servicer” under each Designated Servicing Agreement for all other purposes
hereunder until the related MSR Transfer Date. Each of the Homeward Subservicing Agreement and the HLSS Subservicing Agreement
is initially approved by the Administrative Agent as an Eligible Subservicing Agreement, assuming continuing compliance with the
requirements of clauses (ii) through (iii) above.

 

Entitlement Order: As defined in
Section 8-102(a)(8) of the UCC.

 

ERD Fee: In the event that any Class
of Notes is not refinanced on the related Expected Repayment Date and for each Payment Date on or after such Expected Repayment
Date, the product of (i) the ERD Fee Rate for that Class, (ii) the related Note Balance as of the close of business on the preceding
Payment Date and (iii) a fraction, the numerator of which is the number of days elapsed from and including the preceding Payment
Date (or, if later, the occurrence of such Event of Default) to but excluding such current Payment Date and the denominator of
which equals 360.

 

ERD Fee Rate: For any Class of Notes,
as specified in the related Indenture Supplement.

 

ERISA: The Employee Retirement Income
Security Act of 1974, as amended.

 

Escrow Advance: An advance made
by the Servicer (including any predecessor servicer) with respect to a Mortgage Loan pursuant to the Servicer’s obligation
to do so under a Designated Servicing Agreement, of real estate taxes and assessments, or of hazard, flood or primary mortgage
insurance premiums, required to be paid (but not otherwise paid) by the related Obligor under the terms of the related Mortgage
Loan.

 

Escrow Advance Receivable: Any Receivable
representing the right to be reimbursed for an Escrow Advance.

    	14

    	 

    

Euroclear: Euroclear Bank S.A./N.V.
as operator of the Euroclear System, and any successor thereto.

 

EU Risk Retention Rules: (1) Articles
404 to 410 of Regulation (EU) No. 575/2013, referred to as the Capital Requirements Regulation, as supplemented by Commission Delegated
Regulation (EU) No 625/2014 of March 13, 2014 (each as amended, supplemented or replaced from time to time) and (2) Articles 51
to 53 of Regulation (EU) No. 231/2013, referred to as the Alternative Investment Fund Managers Regulation (as amended, supplemented
or replaced from time to time).

 

Event of Default: As defined in
Section 8.1.

 

Excess Cash Amount: On any Payment
Date or Interim Payment Date, the amount of funds available to be distributed to the Depositor pursuant to Section 4.4(h)
or Section 4.5(a)(1)(xii) or Section 4.5(a)(2)(v), as applicable.

 

Excess Receivables Funding Amount:
On any Funding Date, the amount that could be drawn on a VFN without violating the Collateral Test, after all New Receivables Funding
Amounts to be drawn on such VFN have been drawn.

 

Exchange Act: The Securities Exchange
Act of 1934, as amended.

 

Expected Repayment Date: For each
Class of Notes, as specified in the related Indenture Supplement, which shall be the day before the related Scheduled Amortization
Date.

 

Expense Limit: With respect to expenses
and indemnification amounts, for the Indenture Trustee (in all of its capacities), $200,000 in any calendar year and $100,000 for
any single Payment Date; for the Owner Trustee, $5,000 in any calendar year; and for other Administrative Expenses, $50,000 in
any calendar year; provided, that the Expense Limit shall only apply to distributions made pursuant to Section 4.5(a)(1)(i)
and (ii) and Section 4.5(a)(2)(i) and (ii).

 

Facility Early Amortization Event:
Any of the following conditions or events, which is not waived by, together, 66 2/3% of the Holders of the Notes of each Series
and the Administrative Agent:

 

(i)                
the occurrence of any Event of Default;

 

(ii)              
following a Payment Date on which a draw is made on a General Reserve Account, the amount on deposit in such General Reserve
Account is not increased back to the related General Reserve Required Amount on or prior to the next Payment Date;

    	15

    	 

    

(iii)            
any United States federal income tax is imposed on the Issuer as an association (or publicly traded partnership) taxable
as a corporation or a taxable mortgage pool taxable as a corporation, each for United States federal income tax purposes, or a
tax, ERISA, or other government lien is imposed on the Receivables or any property of the Issuer or the Depositor;

 

(iv)            
the occurrence of a Change of Control;

 

(v)              
on any date of determination, the Servicer has ceased to be an approved servicer of residential mortgage loans for either
Fannie Mae or Freddie Mac;

 

(vi)            
the Receivables Seller fails to sell and/or contribute a Receivable from any Designated Servicing Agreement or Servicing
Fee Advance Designated Servicing Agreement to the Depositor pursuant to the Receivables Sale Agreement or the  Depositor
fails to sell and/or contribute a Receivable from any Designated Servicing Agreement or Servicing Fee Advance Designated Servicing
Agreement to the Issuer pursuant to the Receivables Pooling Agreement by the first Funding Date subsequent to the date upon
which such Receivable is created;

 

(vii)          
the sale and/or contribution by the Servicer of Receivables of any MBS Trust to any Person other than the Issuer other than
pursuant to the terms and provision of the Transaction Documents; and

 

(viii)        
certain other events as may be set forth in the related Indenture Supplement.

 

For the avoidance of
doubt, the occurrence of a Facility Early Amortization Event shall constitute an Event of Default under Section 8.1.

 

Facility Eligible Receivable: With
respect to each Series of Notes, a Receivable satisfying the definition of Facility Eligible Receivable set forth in the related
Indenture Supplement, which definition shall include the following criteria:

 

(i)such
Receivable constitutes a “general intangible,” “account” or “payment intangible” within the
meaning of Section 9-102(a)(42), Section 9-102(a)(2) and Section 9-102(a)(61), respectively (or the corresponding
provision in effect in a particular jurisdiction) of the UCC as in effect in all applicable jurisdictions;

 

(ii)such
Receivable is denominated and payable in United States dollars; and

 

(iii)such
Receivable arises under a Facility Eligible Servicing Agreement for such Series.

    	16

    	 

    

Facility Eligible Servicing Agreement:
With respect to each Series of Notes, a Designated Servicing Agreement satisfying the definition of Facility Eligible Servicing
Agreement set forth in the related Indenture Supplement. In addition, for a subservicing agreement to be a Facility Eligible Servicing
Agreement, the subservicing agreement and the related servicing or master servicing agreement must provide that: (1) Servicer,
as subservicer, under such agreement, is required to make all Advances on Mortgage Loans subserviced by a Servicer; (2) Servicer,
as subservicer under such agreement, is entitled to reimbursement from all permitted sources under the Servicing Agreement; (3)
the related primary or master servicer agrees to remit to the Servicer, as subservicer, within two (2) Business Days of receipt
thereof, any collections and reimbursements of P&I Advances, Corporate Advances and Escrow Advances it receives, without set-off;
and (4) the related primary or master servicer agrees to reasonably cooperate with the Servicer, as subservicer, to obtain reimbursement
of P&I Advances, Corporate Advances and Escrow Advances including, if either of such primary or master servicer or the Servicer,
as subservicer, is terminated, by seeking immediate reimbursement therefor from the successor servicer or, failing that, on a first-in-first-out
basis.

 

Facility Entity: As defined in Section 9.5(i).

 

Facility Year: A period beginning
on the Closing Date or any anniversary of the Closing Date, and ending on the next anniversary of the Closing Date.

 

Fannie Mae: The Federal National
Mortgage Association (commonly known as Fannie Mae), and its successors.

 

FDIC: The Federal Deposit Insurance
Corporation, and its successors.

 

Fee Accumulation Account: The segregated
non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established and maintained pursuant
to Section 4.7 and entitled “Deutsche Bank National Trust Company, as Indenture Trustee in trust for the Noteholders
of the HLSS Servicer Advance Receivables Backed Notes, Fee Accumulation Account.”

 

Fee Accumulation Amount: With respect
to each Interim Payment Date, the aggregate amount of Fees, plus any Series Fees up to the Series Fee Limit, plus any Undrawn Fees,
due and payable on the next Payment Date plus any expenses (including indemnities) payable on the next Payment Date pursuant
to Section 4.5(a)(1)(i) or (ii) or Section 4.5(a)(2)(i)or (ii) that have been invoiced or
noticed to the Indenture Trustee and the Administrator prior to the Determination Date for such Interim Payment Date, minus
amounts already on deposit in the Fee Accumulation Account (assuming for this purpose that the aggregate VFN Principal Balance
remains unchanged from the Determination Date for such Interim Payment Date through the end of the then-current Interest Accrual
Period).

 

Fee Letter: For any Series, as defined
in the related Indenture Supplement.

 

Fees: Collectively, with respect
to any Interest Accrual Period, the Indenture Trustee Fee, the Owner Trustee Fee, and the Verification Agent Fee.

 

Final Payment Date: For any Class
of Notes, the earliest of (i) the Stated Maturity Date for such Class, (ii) after the end of the related Revolving Period, the
Payment Date on which the Note Balance of the Notes of such Class has been reduced to zero, and (iii) the Payment Date which follows
the Payment Date on which all proceeds of the sale of the Trust Estate are distributed pursuant to Section 8.6.

    	17

    	 

    

Financial Asset: As defined in Section
8-102(a)(9) of the UCC.

 

Fitch: Fitch Ratings, Inc. and any
successor in interest.

 

Freddie Mac: The Federal Home Loan
Mortgage Corporation (commonly known as Freddie Mac), and its successors.

 

Full Amortization Period: For all
Series of Notes, the period that begins upon the occurrence of a Facility Early Amortization Event or an Event of Default and ends
on the date on which the Notes of all Series are paid in full.

 

Funded Advance Receivable Balance:
On any date for Facility Eligible Receivables included in the Trust Estate, the aggregate of the Receivable Balances of such Facility
Eligible Receivables minus the portion of aggregate P&I Advances that were funded using Amounts Held for Future Distribution
which have not yet been restored by the Servicer to the related Dedicated Collection Account. For any particular Designated Servicing
Agreement on any date, the aggregate balance of all Advances outstanding under such Servicing Agreement minus the portion
thereof that was funded using Amounts Held for Future Distribution which have not yet been restored by the Servicer to the related
Dedicated Collection Account.

 

Funding Certification: A report
delivered by the Administrator in respect of each Funding Date pursuant to Section 4.3(a).

 

Funding Conditions: With respect
to any proposed Funding Date, the following conditions:

 

(i)
               no breach of the Collateral Test shall exist following the proposed funding;

 

(ii)              
no breach of representation, warranty or covenant of the Receivables Seller, the Servicer, the Depositor, the Administrator
or the Issuer, or with respect to the Receivables, hereunder or under any Transaction Document, shall exist;

 

(iii)            
no Event of Default, Funding Interruption Event or Facility Early Amortization Event shall have occurred and be continuing;

 

(iv)            
(A) with respect to any Funding Date which will be a VFN Draw Date, the Administrator shall have provided the Indenture
Trustee, no later than 12:00 p.m. (noon) Eastern Time on the Business Day preceding such Funding Date, a Determination Date Administrator
Report reporting information with respect to the Receivables in the Trust Estate and demonstrating the satisfaction of the Collateral
Test, and no later than 1:00 p.m. Eastern Time on such Funding Date, a Funding Certification certifying that all Funding Conditions
have been satisfied and (B) with respect to any Funding Date which is not a VFN Draw Date, the Administrator shall have provided
the Indenture Trustee, no later than 12:00 p.m. (noon) Eastern Time on such Funding Date, a Determination Date Administrator Report
reporting information with respect to the Receivables in the Trust Estate and demonstrating the satisfaction of the Collateral
Test, and no later than 1:00 p.m. Eastern Time on such Funding Date, a Funding Certification certifying that all Funding Conditions
have been satisfied;

    	18

    	 

    

(v)              
the full amount of the Required Expense Reserve shall be on deposit in the Trust Accounts before and after the release of
cash from such account to fund the purchase price of Receivables, including amounts necessary to restore full funding of each General
Reserve Account to its General Reserve Required Amount on the upcoming Payment Date;

 

(vi)            
none of the Issuer, the Depositor, the Servicer, the Subservicer or the Receivables Seller shall be insolvent nor shall
the Issuer have been made insolvent by the transfer of such Receivables into the Trust Estate nor shall any of the Issuer, the
Depositor, the Servicer or the Receivables Seller, respectively, be aware of any pending insolvency against it;

 

(vii)          
no Servicer Termination Event shall have occurred with respect to the Servicing Agreement related to any Receivable to be
funded and no Subservicer Termination Event shall have occurred with respect to any related Subservicing Agreement; provided,
that the breach of a Collateral Performance Test as it relates to the performance of the related mortgage loans, shall not be considered
a Servicer Termination Event or a Subservicer Termination Event for purposes of this clause (vi) unless the Servicer
or Subservicer shall have received a written notice of pending termination; provided, further, that a Servicer Ratings
Downgrade shall not be considered a Servicer Termination Event or a Subservicer Termination Event for purposes of this clause (vi)
unless the Servicer or Subservicer shall have received a written notice of pending termination;

 

(viii)        
the Interest Accumulation Amount is on deposit in the Interest Accumulation Account, the Fee Accumulation Amount is on deposit
in the Fee Accumulation Account, and the Target Amortization Principal Accumulation Amount, if any, is on deposit in the Target
Amortization Principal Accumulation Account;

 

(ix)            
the payment of the New Receivables Funding Amount in connection with the related sale of Additional Receivables on such
Funding Date shall not result in a material adverse United States federal income tax consequence to the Trust Estate or any Noteholders;
and

 

(x)              
the related Advances shall have been fully funded out of the Servicer’s own funds and/or Amounts Held for Future Distribution
under the related Designated Servicing Agreement (if permitted under the related Designated Servicing Agreement), and, if a P&I
Advance subject to same-day pre-funding, shall be on deposit in a disbursement account under the exclusive control and direction
of the Indenture Trustee pending remittance to the related MBS Trustee; it being understood that the Indenture Supplement may specify
conditions, in addition to the Funding Conditions, that must be met before draws may be made on a VFN issued under such Indenture
Supplement.

 

Funding Date: Any Payment Date,
Interim Payment Date or Limited Funding Date occurring at a time when no Facility Early Amortization Event or Event of Default
shall have occurred and shall be continuing; provided, that the Administrator shall have delivered a Funding Certification
in accordance with Section 4.3(a) for such date.

    	19

    	 

    

Funding Interruption Event: The
occurrence of an event which with the giving of notice or the passage of time, or both, would constitute a Facility Early Amortization
Event or an Event of Default.

 

GAAP: U.S. generally accepted accounting
principles that are (i) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its
successors, as in effect from time to time, and (ii) applied consistently with principles applied to past financial statements
of HLSS and its subsidiaries; provided, that a certified public accountant would, insofar as the use of such accounting
principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally
accepted accounting principles) that such principles have been properly applied in preparing such financial statements.

 

General Reserve Account: An account
established for each Series which shall be a segregated non-interest bearing trust account which is an Eligible Account, established
and maintained pursuant to Section 4.6, and in the name of the Indenture Trustee in trust for the Noteholders and identified
by each relevant Series.

 

General Reserve Required Amount:
For each Series, the amount calculated as described in the related Indenture Supplement.

 

Grant: Pledge, bargain, sell, warrant,
alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to this Indenture. A Grant of collateral or of any other agreement or instrument
shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of such collateral
or other agreement or instrument and all other moneys payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party
or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder
or with respect thereto.

 

HLSS: As defined in the Preamble.

 

HLSS Subservicing Agreement: That
certain subservicing agreement, dated as of February 10, 2012, between HLSS and OLS, as amended, supplemented, restated, or otherwise
modified from time to time.

 

Holder: Each purchaser of a Note.

 

Homeward: Homeward Residential,
Inc.

 

Homeward Designated Servicing Agreement:
As of any date, the Servicing Agreements identified on the Homeward Designated Servicing Agreement Schedule, for which OLS is assuming
such servicing rights and obligations by acting as a subservicer of the mortgage loans for Homeward, including the obligation to
make Advances from and after March 13, 2013 and the right to collect the related Receivables in reimbursement of such Advances
and the right to collect Receivables in existence on March 13, 2013 related to Advances made by Homeward.

    	20

    	 

    

Homeward Designated Servicing Agreement
Schedule: The list of all Homeward Designated Servicing Agreements, as may be amended from time to time in accordance with
Section 2.1(c). As Servicing Agreements are removed as Homeward Designated Servicing Agreements, the Administrator
shall update the Homeward Designated Servicing Agreement Schedule and furnish it to the Indenture Trustee, and the most recently
furnished schedule shall be maintained by the Indenture Trustee as the definitive Homeward Designated Servicing Agreement Schedule.

 

Homeward Sale Agreement: The Master
Servicing Rights Sale Agreements, dated as of March 1, 2013 and March 29, 2013, each between Homeward and OLS and other similar
agreements as may be entered into after the date hereof, each as amended, supplemented, restated, or otherwise modified from time
to time.

 

Homeward Subservicing Agreement:
That certain subservicing agreement, dated as of February 15, 2013, between Homeward and OLS, as amended, supplemented, restated,
or otherwise modified from time to time.

 

Increased Costs: The amounts described
in the related Indenture Supplement.

 

Increased Costs Limit: For any Class
of Notes, as defined in the related Indenture Supplement.

 

Indemnified Losses: As defined in
Section 10.3(a).

 

Indemnified Party: As defined in
Section 9.2(b) and Section 10.3(a).

 

Indemnity Payment: With respect
to any Receivable in respect of which a payment is required to be made by the Issuer, the Depositor or the Receivables Seller under
this Indenture, the Receivables Pooling Agreement or the Receivables Sale Agreement, and as of the Payment Date on which the “Indemnity
Payment” must be made, all of the outstanding and unpaid balance of such Receivable as of such Payment Date.

 

Indenture: As defined in the Preamble.

 

Indenture Supplement: With respect
to any Series of Notes, a supplement to this Indenture, executed and delivered in conjunction with the issuance of such Notes pursuant
to Section 6.1, together with any amendment to the Indenture Supplement executed pursuant to Section 12.1
or 12.2, and, in either case, including all amendments thereof and supplements thereto.

 

Indenture Trustee: The Person named
as the Indenture Trustee in the Preamble until a successor Indenture Trustee shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is then an Indenture
Trustee hereunder.

 

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Indenture Trustee Authorized Officer:
Any vice president, any assistant vice president, the treasurer, any assistant treasurer, associate, any trust officer, or any
other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject, and identified in writing to all parties hereto as having
direct responsibility for administration of this Indenture.

 

Indenture Trustee Fee: The fee payable
to the Indenture Trustee hereunder on each Payment Date in a monthly amount as agreed in the Deutsche Bank National Trust Company
Fee Letter, which includes the fees to Deutsche Bank National Trust Company and its successors and assigns in its capacities as
Calculation Agent, Paying Agent, Securities Intermediary and Note Registrar; provided that the Indenture Trustee shall also
be entitled to receive payment of separate fees and expenses pursuant to Section 11.13 in connection with tax filings
made by the Indenture Trustee, subject to the Expense Limit.

 

Independent Manager: a. A natural
person and b. a Person who i. shall not have been at the time of such Person’s appointment, and may not have been at any
time during the preceding five (5) years and shall not be as long as such Person is an Independent Manager of the Depositor 1. a
direct or indirect legal or beneficial owner in such entity or any of its Affiliates, 2. a member, officer, director, manager,
partner, shareholder or employee of the Administrator or any of its managers, members, partners, subsidiaries, shareholders or
Affiliates other than the Depositor (collectively, the “Independent Parties”), 3. a supplier to any of the Independent
Parties, 4. a person controlling or under common control with any director, member, partner, shareholder or supplier of any of
the Independent Parties or 5. a member of the immediate family of any director, member, partner, shareholder, officer, manager,
employee or supplier of the Independent Parties, ii. has prior experience as an independent director or manager for a corporation
or limited liability company whose charter documents required the unanimous consent of all independent directors or managers thereof
before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against
it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and iii. has at least
three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses,
advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities;
provided, that, notwithstanding the terms and provisions of clause (x)b.i.1 immediately above, the indirect or beneficial
ownership of membership interests of the Administrator through a mutual fund or similar diversified investment vehicle with respect
to which the owner does not have discretion or control over the investments held by such diversified investment vehicle shall not
preclude such owner from being an Independent Manager.

 

Index: For any Series or Class of
Notes, as defined in the related Indenture Supplement.

 

Initial Note Balance: For any Note
or for any Class of Notes, the Note Balance of such Note upon the related Issuance Date as specified in the related Indenture Supplement.

 

Initial Receivables: The Receivables
sold and/or contributed by OLS, as the Receivables Seller, to the Depositor on the Cut-off Date pursuant to the Receivables Sale
Agreement, and further sold and/or contributed by the Depositor to the Issuer on the date of this Indenture pursuant to the Receivables
Pooling Agreement, and Granted by the Issuer to the Indenture Trustee for inclusion in the Trust Estate, and which consist of Receivables
arising from the making by the Receivables Seller of Advances with respect to the Designated Servicing Agreements listed on the
Designated Servicing Agreement Schedule as of the Closing Date.

 

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Insolvency Event: With respect to
a specified Person, (i) an involuntary case or other proceeding under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect shall be commenced against any Person or any substantial part of its property, or a petition shall be
filed against such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, seeking the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its property, or the winding-up or liquidation of such Person’s business and (A)
such case or proceeding shall continue undismissed and unstayed and in effect for a period of sixty (60) days or (B) an order for
relief in respect of such Person shall be entered in such case or proceeding under such laws or a decree or order granting such
other requested relief shall be granted; or (ii) the commencement by such Person of a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in
an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property,
or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to
pay its debts as such debts become due or the admission by such Person of its inability to pay its debts generally as they become
due.

 

Insolvency Proceeding: Any proceeding
of the sort described in the definition of Insolvency Event.

 

Interest Accrual Period: For any
Class of Notes and any Payment Date, the period specified in the related Indenture Supplement.

 

Interest Accumulation Account: The
segregated non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established and maintained
pursuant to Section 4.1 and Section 4.7 and entitled “Deutsche Bank National Trust Company, as Indenture
Trustee in trust for the Noteholders of the HLSS Servicer Advance Receivables Backed Notes, Interest Accumulation Account.”

 

Interest Accumulation Amount: With
respect to each Interim Payment Date, the sum of the Interest Payment Amount due and payable with respect to all Classes of Notes
on the next succeeding Payment Date, plus all Cumulative Interest Shortfall Amounts as of the immediately preceding Payment
Date, minus amounts then on deposit in the Interest Accumulation Account (assuming for this purpose that the aggregate VFN
Principal Balance remains unchanged from the Determination Date for such Interim Payment Date through the end of its then-current
Interest Accrual Period).

 

Interest Day Count Convention: For
any Series or Class of Notes, the fraction specified in the related Indenture Supplement to indicate the number of days counted
in an Interest Accrual Period divided by the number of days assumed in a year, for purposes of calculating the Interest Payment
Amount for each Interest Accrual Period in respect of such Series or Class.

 

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Interest Payment Amount: Unless
otherwise specified for a Series in the related Indenture Supplement, for any Series or Class of Notes and with respect to any
Payment Date:

 

(i)              
for any Class of Term Notes, the related Cumulative Interest Shortfall Amount plus the product of:

 

(A)            
the related Note Balance as of the close of business on the preceding Payment Date;

 

(B)             
the related Note Interest Rate for such Class and for the related Interest Accrual Period; and

 

(C)             
the Interest Day Count Convention specified in the related Indenture Supplement; and

 

(ii)            
for any Class of Variable Funding Notes, the related Cumulative Interest Shortfall Amount plus the product of:

 

(A)            
the average daily aggregate VFN Principal Balance during the related Interest Accrual Period (calculated based on the average
of the aggregate VFN Principal Balances on each day during the related Interest Accrual Period);

 

(B)             
the related Note Interest Rate for such Class during the related Interest Accrual Period; and

 

(C)             
the Interest Day Count Convention specified in the related Indenture Supplement.

 

Interested Noteholders: For any
Class, any Noteholder or group of Noteholders holding Notes evidencing not less than 25% of the aggregate Voting Interests of such
Class.

 

Interim Payment Date: With respect
to each Series of Notes and each calendar month, (i) the 7th, 17th, 18th, 20th, 21st, 22nd, 23rd, 24th and 29th day of each such
month, (or if any such date is not a Business Day, the next succeeding Business Day) and (ii) any other of five (5) Business Days
in such month, in each case following one (1) Business Day’s written notice from the Issuer to the related Noteholders, the
Administrative Agent and the Indenture Trustee, and (iii) any other Business Day in such month agreed to among the Issuer, the
Administrator and the Administrative Agent, following one (1) Business Day’s written notice to the Indenture Trustee. If
an Interim Payment Date falls on the same date as a Payment Date, the Interim Payment Date shall be disregarded.

 

Interim Payment Date Report: As
defined in Section 3.2(c).

 

Invested Amount: For any Series
or Class of Notes, the related Series Invested Amount or Class Invested Amount, as applicable.

 

Investment Company Act: The Investment
Company Act of 1940, as amended.

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Issuance Date: For any Series of
Notes, the date of issuance of such Series, as set forth in the related Indenture Supplement.

 

Issuer: As defined in the Preamble.

 

Issuer Affiliate: Any person involved
in the organization or operation of the Issuer or an affiliate of such a person within the meaning of Rule 3a-7 promulgated under
the Investment Company Act.

 

Issuer Amount: As defined in Section 4.3(e).

 

Issuer Authorized Officer: Any Director
or any authorized officer of the Owner Trustee or the Administrator, who may also be an officer or employee of HLSS, its Parent
or an Affiliate of HLSS or its Parent.

 

Issuer Certificate: A certificate
(including an Officer’s Certificate) signed in the name of an Issuer Authorized Officer, or signed in the name of the Issuer
by an Issuer Authorized Officer. Wherever this Indenture requires that an Issuer Certificate be signed also by an accountant or
other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be an employee of
HLSS or an Affiliate.

 

Issuer Tax Opinion: With respect
to any undertaking, an Opinion of Counsel to the effect that, for United States federal income tax purposes, (i) such undertaking
will not result in the Issuer or the Trust Estate being subject to tax on its net income as an association (or publicly traded
partnership) taxable as a corporation or a taxable mortgage pool taxable as a corporation, each for United States federal income
tax purposes, (ii) if any Notes are issued or deemed issued as a result of such undertaking, any Notes issued or deemed issued
on such date that are outstanding for United States federal income tax purposes (other than any Restricted Notes) will be debt,
and, if requested by the Administrative Agent, (iii) such undertaking will not cause the Noteholders or beneficial owners of Notes
previously issued to be deemed to have sold or exchanged such Notes in a manner that generates gain or loss for federal income
tax purposes under Section 1001 of the Code.

 

Judicial Corporate Advance: Any
Corporate Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State.

 

Judicial Corporate Receivable: Any
Corporate Advance Receivable in respect of a Judicial Corporate Advance.

 

Judicial Escrow Advance: Any Escrow
Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State.

 

Judicial Escrow Receivable: Any
Escrow Advance Receivable in respect of a Judicial Escrow Advance.

 

Judicial P&I Advance: Any P&I
Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State.

 

    	25

    	 

    

Judicial P&I Receivable: Any
P&I Advance Receivable in respect of a Judicial P&I Advance.

 

Judicial State: Each state or territory
of the United States that is not a Non-Judicial State.

 

Limited Funding Date: Any Business
Day that is not a Payment Date or Interim Payment Date, at a time when no Facility Early Amortization Event shall have occurred
and shall be continuing, which date is designated by the Administrator on behalf of the Issuer to the Indenture Trustee and the
Administrative Agent in writing no later than 9:00 a.m. Eastern Time on such date; provided, that the Administrator shall
have delivered a Funding Certification in accordance with Section 4.3(a) for such date, and provided, further
that no fundings may be made under a Variable Funding Note on such date and no payments on any Notes shall be made on such date;
provided, further, that no more than five (5) Limited Funding Dates may be designated by the Administrator on behalf
of the Issuer in any calendar month.

 

Liquidity Facility: Any liquidity
back-stop facility which may be utilized by a Noteholder of the Notes of a Class to fund some or all of its disbursements on any
such Class of the Notes.

 

Liquidity Provider: Any financial
institution, rated at least “A-1” by S&P, “P-1” by Moody’s Investors Service, Inc., or “F1+”
by Fitch, who provides a Liquidity Facility.

 

Liquidity Requirement: For any VFN
Class, if applicable, as defined in the related Indenture Supplement.

 

Majority Holders or Majority Noteholders:
With respect to any Series or Class of Notes or all Outstanding Notes, the Holders of greater than 50% of the Outstanding Notes
of such Series or Class of Outstanding Notes, as the case may be, by Voting Interests in either case.

 

Margin: For any Class of Notes bearing
interest at a floating rate, the fixed per annum rate that is added to the applicable Index to determine the Note Interest Rate
for such Class for any Interest Accrual Period, as specified in the related Indenture Supplement.

 

Maximum VFN Principal Balance: For
any VFN Class, the amount specified in the related Indenture Supplement.

 

MBS Trust: A trust or trust estate
in which the Mortgage Loans being serviced by the Servicer pursuant to a Designated Servicing Agreement, are held by the related
MBS Trustee.

 

MBS Trustee: A trustee or indenture
trustee for an MBS Trust.

 

Monthly Advance Collection Period:
With respect to any Payment Date, the period beginning on the Determination Date for the preceding Payment Date and ending at the
close of business on the day before the Determination Date for the current Payment Date, except that, with respect to the initial
Payment Date, the Monthly Advance Collection Period begins on the Cut-off Date and ends at the close of business on the day before
the related Determination Date.

 

Monthly MBS Remittance Report: For
any MBS Trust, the monthly report(s) prepared by the related servicer, master servicer, securities administrator or MBS Trustee
and delivered to the related security holders, detailing cash flows on the related Mortgage Loans and remittances to the related
investors.

 

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Month-to-Date Available Funds: With
respect to any Interim Payment Date or any Payment Date, the aggregate amount of Collections deposited into the Collection and
Funding Account during the period beginning on the day immediately succeeding the Payment Date prior to such Interim Payment Date
or Payment Date and ending on such Interim Payment Date or Payment Date.

 

Mortgage: With respect to a Mortgage
Loan, a mortgage, deed of trust or other instrument encumbering a fee simple interest in real property securing a Mortgage Note.

 

Mortgage Loan: A loan secured by
a Mortgage on real property (including REO Property held by an MBS Trust following the foreclosure of the real property that had
secured such loan), which loan has been transferred and assigned to an MBS Trustee and serviced for such MBS Trustee pursuant to
a Servicing Agreement. For the avoidance of doubt, and notwithstanding any other provision of this Indenture, all references in
this Indenture and in any other Transaction Documents to “Advances” and “Receivables” refer solely to those
related to Mortgage Loans serviced by HLSS, OLS, Homeward or any other OFC-Owned Servicer pursuant to the related Designated Servicing
Agreement.

 

Mortgage Loan Collection Period:
With respect to any Payment Date, the calendar month preceding the calendar month in which the Payment Date occurs.

 

Mortgage Note: The note or other
evidence of the indebtedness of a mortgagor secured by a Mortgage under a Mortgage Loan and all amendments, modifications and attachments
thereto.

 

Mortgaged Property: The interest
in real property securing a Mortgage Loan as evidenced by the related Mortgage, together with improvements thereto securing a Mortgage
Loan.

 

MSRs: Mortgage Servicing Rights.

 

MSR Transfer Date: For any Designated
Servicing Agreement, the date when all required consents and rating agency letters for a formal change of the named servicer under
such Designated Servicing Agreement from OLS to HLSS shall have been obtained, and OLS shall sell to HLSS all of the servicing
rights and obligations of OLS under such Designated Servicing Agreement, as evidenced by the MSR Transfer Notice.

 

MSR Transfer Notice: The notice
delivered by HLSS to the Indenture Trustee in the form attached hereto as Appendix A. The MSR Transfer Notice shall include
evidence reasonably satisfactory to the Administrative Agent that (i) all conditions to transfer servicing with respect thereto
to HLSS set forth in the related Servicing Agreement, if any, have been satisfied, and (ii) the mortgage loan servicing rights
relating to the Mortgage Loans held by the related MBS Trust have been properly transferred from OLS to HLSS, which in each case
shall include, but not be limited to, (A) copies of all acknowledgments and consents from each related servicing counterparty and
unqualified rating agency confirmations, in each case, to the extent required under such Servicing Agreement, (B) copies of each
notice, if any, regarding the transfer of servicing from OLS to HLSS required under such Servicing Agreement to be delivered to
a servicing counterparty, (C) executed copies of the assignment and assumption agreement, bill of sale and any other documentation
required to effect such servicing rights transfer from OLS to HLSS.

 

    	27

    	 

    

New Receivables Funding Amount:
For any Funding Date and the Additional Receivables proposed to be funded on such Funding Date, an amount equal to the sum of the
Series New Receivables Funding Amounts for all Outstanding Series of VFNs in respect of such Funding Date; provided, however,
that (1) in any event the aggregate New Receivables Funding Amount disbursed on any Funding Date shall be limited to an amount
which may be disbursed without resulting in a violation of the Collateral Test, (2) no amounts may be drawn on VFNs on a Limited
Funding Date, and (3) the New Receivable Funding Amount on a Limited Funding Date is limited to amounts then on deposit in the
Collection and Funding Account minus the Required Expense Reserve.

 

Non-Judicial Corporate Advance:
Any Corporate Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Non-Judicial State.

 

Non-Judicial Corporate Receivable:
A Corporate Advance Receivable in respect of a Non-Judicial Corporate Advance.

 

Non-Judicial Escrow Advance: Any
Escrow Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Non-Judicial State.

 

Non-Judicial Escrow Receivable:
An Escrow Advance Receivable in respect of a Non-Judicial Escrow Advance.

 

Non-Judicial P&I Advance: Any
P&I Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Non-Judicial State.

 

Non-Judicial P&I Receivable:
A P&I Advance Receivable in respect of a Non-Judicial P&I Advance.

 

Non-Judicial State: Each of the
following: Alabama, Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Maryland, Michigan,
Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Oregon, Rhode Island, Tennessee, Texas,
Utah, Virginia, Washington, West Virginia and Wyoming. Additional Non-Judicial States may be designated from time to time pursuant
to Section 12.1.

 

Note or Notes: Any note or notes
of any Class authenticated and delivered from time to time under this Indenture including, but not limited to, any Variable Funding
Note.

 

Note Balance: On any date (i) for
any Term Note, or for any Class of Term Notes, as the context requires, the Initial Note Balance of such Term Note or the aggregate
of the Initial Note Balances of the Term Notes of such Series or Class, as applicable, less all amounts paid to Holder of such
Term Note or Holders of such Term Notes with respect to principal, (ii) for any Variable Funding Note, its VFN Principal Balance
on such date and (iii) for any other Note, as set forth in the related Indenture Supplement.

 

    	28

    	 

    

Note Interest Rate: For any Note,
or for any Series or Class of Notes as the context requires, the interest rate specified, or calculated as provided in, the related
Indenture Supplement.

 

Note Owner: With respect to a Book
Entry Note, the Person who is the owner of such Book Entry Note, as reflected on the books of the Depository, or on the books of
a Person maintaining an account with such Depository (directly as a Depository Participant or as an indirect participant, in each
case in accordance with the rules of such Depository) and with respect to any Definitive Notes, the Holder of such Note.

 

Note Payment Account: The segregated
non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established and maintained pursuant
to Section 4.1 and Section 4.8 and entitled “Deutsche Bank National Trust Company, as Indenture Trustee
in trust for the Noteholders of the HLSS Servicer Advance Receivables Backed Notes, Note Payment Account.”

 

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

 

Note Rating Agency: With respect
to any Outstanding Class of Notes, each rating agency, if any, specified in the related Indenture Supplement. References to Note
Rating Agencies or “each” or “any” Note Rating Agency in this Indenture refer to Note Rating Agencies that
were engaged to rate any Notes issued under this Indenture, which Notes are still Outstanding.

 

Note Register: As defined in Section 6.5.

 

Note Registrar: The Person who keeps
the Note Register specified in Section 6.5.

 

Noteholder: The Person in whose
name a Note is registered in the Note Register, except that, solely for the purposes of giving certain consents, waivers, requests
or demands pursuant to this Indenture, the interests evidenced by any Note registered in the name of, or in the name of a Person
or entity holding for the benefit of, the Issuer, the Receivables Seller or any Person that is an Affiliate of either or both of
the Issuer and the Receivables Seller, shall not be taken into account in determining whether the requisite percentage necessary
to effect any such consent, waiver, request or demand shall have been obtained. The Indenture Trustee shall have no responsibility
to count any Person as a Noteholder who is not permitted to be so counted hereunder pursuant to the definition of “Outstanding”
unless a Responsible Officer of the Indenture Trustee has actual knowledge that such Person is an Affiliate of either or both of
the Issuer and Receivables Seller.

 

Noteholders’ Amount: As defined
in Section 4.3(e).

 

NRZ Change of Control: For any Class
of Notes, as defined in the related Indenture Supplement.

 

Obligor: Any Person who owes or
may be liable for payments under a Mortgage Loan.

 

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OFC: Ocwen Financial Corporation,
a Florida corporation.

 

OFC-Owned Servicer: Any wholly-owned
subsidiary of OFC (including, but not limited to, Homeward) for which OLS serves as subservicer for the Mortgage Loans serviced
by such wholly-owned subsidiary of OFC.

 

OFC-Owned Servicer Sale Agreement:
A sale agreement, between an OFC-Owned Servicer and OLS, dated on or after the Closing Date, whereby an OFC-Owned Servicer sold
and/or contributed Receivables from such OFC-Owned Servicer to OLS.

 

Officer’s Certificate: A certificate
signed by an Issuer Authorized Officer and delivered to the Indenture Trustee. Wherever this Indenture requires that an Officer’s
Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided
in this Indenture) may be an employee of the Receivables Seller or the Servicer.

 

OLS: Ocwen Loan Servicing, LLC,
a Delaware limited liability company.

 

OLS Subservicing Agreement: The
Subservicing Agreement, dated as of February 10, 2012, between HLSS, as Servicer, and OLS, as Subservicer, acceptable in form and
substance to the Administrative Agent.

 

Opinion of Counsel: A written opinion
of counsel acceptable to the Indenture Trustee, which counsel may, without limitation, and except as otherwise expressly provided
in this Indenture and except for any opinions related to tax matters or material adverse effects on Holders, be an employee of
the Issuer, the Receivables Seller or any of their Affiliates.

 

Organizational Documents: The Issuer’s
Trust Agreement (including the related Owner Trust Certificate).

 

Outstanding: With respect to all
Notes and, with respect to a Note or with respect to Notes of any Series or Class means, as of the date of determination, all such
Notes theretofore authenticated and delivered under this Indenture, except:

 

(i)                
any Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation, or canceled
by the Issuer and delivered to the Indenture Trustee pursuant to Section 6.6;

 

(ii)              
any Notes to be redeemed for whose full payment (including principal and interest) redemption money in the necessary amount
has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided
that, if such Notes are to be redeemed, notice of such redemption has been duly given if required pursuant to this Indenture, or
provision therefore satisfactory to the Indenture Trustee has been made;

 

(iii)            
any Notes which are canceled pursuant to Section 7.3; and

 

(iv)            
any Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture
(except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is presented that such Note is held
by a person in whose hands such Note is a legal, valid and binding obligation of the Issuer).

 

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For purposes of determining
the amounts of deposits, allocations, reallocations or payments to be made, unless the context clearly requires otherwise, references
to “Notes” will be deemed to be references to “Outstanding Notes.” In determining whether the Holders of
the requisite principal amount of such Outstanding Notes have taken any Action hereunder, Notes owned by the Issuer, the Receivables
Seller, or any Affiliate of the Issuer or the Receivables Seller shall be disregarded. In determining whether the Indenture Trustee
will be protected in relying upon any such Action, only Notes which an Indenture Trustee Authorized Officer has actual knowledge
are owned by the Issuer or the Receivables Seller, or any Affiliate of the Issuer or the Receivables Seller, will be so disregarded.
Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee proves to the satisfaction of
the Indenture Trustee the pledgee’s right to act as owner with respect to such Notes and that the pledgee is not the Issuer
or the Receivables Seller or any Affiliate of the Issuer or the Receivables Seller.

 

Owner: When used with respect to
a Note, any related Note Owner.

 

Owner Trust Certificate: A certificate
evidencing a 100% undivided beneficial interest in the Issuer.

 

Owner Trustee: Wilmington Trust
Company, a Delaware banking corporation, not in its individual capacity but solely as owner trustee under the Trust Agreement,
and any successor Owner Trustee.

 

Owner Trustee Fee: The annual fee
payable as agreed upon by the Owner Trustee and the Depositor pursuant to the Owner Trustee Fee Letter.

 

Owner Trustee Fee Letter: The fee
letter agreement between the Owner Trustee and the Depositor dated July 19, 2010, as amended, supplemented, restated, or otherwise
modified, setting forth the fees to be paid to the Owner Trustee for the performance of its duties as Owner Trustee of the Issuer.

 

P&I Advance: (i) Any advance
disbursed by the Servicer (including any predecessor servicer) pursuant to any Designated Servicing Agreement, of delinquent interest
and/or principal that have not been timely paid by Obligors, including any amounts deposited by the Servicer into a Dedicated Collection
Account in order to reimburse such Dedicated Collection Account for Amounts Held for Future Distribution previously on deposit
therein which the Servicer (including any predecessor servicer) had used to make a previous P&I Advance in accordance with
the related Designated Servicing Agreement and (ii) any Servicing Fee Advance.

 

P&I Advance Amount: As defined
in Section 4.3(e).

 

P&I Advance Disbursement Account:
The segregated non-interest bearing trust account, which shall be an Eligible Account, established and maintained pursuant to Section 4.3(d)
as a Trust Account and entitled “Deutsche Bank National Trust Company, as Indenture Trustee for the HLSS Servicer Advance
Receivables Backed Notes, P&I Advance Disbursement Account.”

 

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P&I Advance Receivable: Any
Receivable representing the right to be reimbursed for a P&I Advance.

 

Parent: As defined in the definition
of “Change of Control” herein.

 

Paying Agent: The same Person who
serves at any time as the Indenture Trustee, or an Affiliate of such Person, as paying agent pursuant to the terms of this Indenture.

 

Payment Date: The 15th
day of the month or, if such 15th day is not a Business Day, the next Business Day following such 15th day.

 

Payment Date Report: As defined
in Section 3.2(b).

 

Payment Default: An Event of Default
of the type described in Section 8.1(a).

 

Permitted Investments: At any time,
any one or more of the following obligations and securities:

 

(i)                
direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States
or any agency or instrumentality thereof, provided that such obligations are backed by the full faith and credit of the
United States, and provided further that the short-term obligations of such agency or instrumentality at the date
of acquisition thereof have been rated (x) “A-1” by S&P if such obligations have a maturity of less than 60 days
after the date of acquisition or (y) “A-1+” by S&P if such obligations have a maturity date greater than 60 days
after the date of acquisition;

 

(ii)              
repurchase agreements on obligations specified in clause (a) maturing not more than three months from the date of acquisition
thereof; provided that the short-term unsecured debt obligations of the party agreeing to repurchase such obligations are
at the time rated by each Note Rating Agency in its highest rating category for unsecured short-term debt;

 

(iii)            
certificates of deposit, time deposits and bankers’ acceptances of any U.S. depository institution or trust company
incorporated under the laws of the United States or any state thereof and subject to supervision and examination by a federal and/or
state banking authority of the United States; provided that the unsecured short-term debt obligations of such depository
institution or trust company at the date of acquisition thereof have been rated by each Note Rating Agency in its highest debt
rating category for unsecured short-term debt;

 

(iv)            
commercial paper of any entity organized under the laws of the United States or any state thereof which on the date of acquisition
has been rated by each Note Rating Agency in its highest applicable rating category;

 

(v)              
short term investment funds sponsored by any trust company or banking association incorporated under the laws of the United
States or any state thereof which on the date of acquisition has been rated by each Note Rating Agency in its highest rating category
for long-term unsecured debt;

    	32

    	 

    

(vi)            
interests in any U.S. money market fund which, at the date of acquisition of the interests in such fund (including any such
fund that is managed by the Indenture Trustee or an Affiliate of the Indenture Trustee or for which the Indenture Trustee or an
Affiliate acts as advisor) and throughout the time as the interest is held in such fund, has a rating from each Note Rating Agency
in its highest applicable rating category for long-term unsecured debt; or

 

(vii)          
other obligations or securities that are acceptable to each Note Rating Agency as Permitted Investments hereunder and if
the investment of Account funds therein will not result in a reduction in the then current rating of the Notes, as evidenced by
a letter to such effect from each Note Rating Agency;

 

provided, that each of the foregoing
investments shall mature no later than the Business Day prior to the Payment Date immediately following the date of purchase thereof
(other than in the case of the investment of monies in instruments of which the Indenture Trustee is the obligor, which may mature
on the related Payment Date), and shall be required to be held to such maturity; and provided, further, that each
of the Permitted Investments may be purchased by the Indenture Trustee through an Affiliate of the Indenture Trustee; and provided,
further, that no such investment shall be subject to U.S. or foreign withholding tax unless the issuer of such investment
is required to make “gross-up” payments that cover the full amount of any such withholding tax on an after-tax basis
(including any tax on such additional payments).

 

Permitted Investments
are only those which are acquired by the Indenture Trustee in its name and in its capacity as Indenture Trustee, and with respect
to which (A) the Indenture Trustee has noted its interest therein on its books and records, and (B) the Indenture Trustee has purchased
such investments for value without notice of any adverse claim thereto (and, if such investments are securities or other financial
assets or interests therein, within the meaning of Section 8-102 of the UCC, without acting in collusion with a Securities Intermediary
in violating such Securities Intermediary’s obligations to entitlement holders in such assets, under Section 8-504 of
the UCC, to maintain a sufficient quantity of such assets in favor of such entitlement holders), and (C) either (i) such investments
are in the possession of the Indenture Trustee or (ii) such investments: (x) if certificated securities and in bearer form, have
been delivered to the Indenture Trustee, or if in registered form, have been delivered to the Indenture Trustee and either registered
by the issuer in the name of the Indenture Trustee or endorsed by effective endorsement to the Indenture Trustee or in blank; (y)
if uncertificated securities, ownership of such securities has been registered in the name of the Indenture Trustee on the books
of the issuer thereof (or another person, other than a Securities Intermediary, either has become the registered owner of the uncertificated
security on behalf of the Indenture Trustee or, having previously become the registered owner, acknowledges that it holds for the
Indenture Trustee); or (z) if Securities Entitlements representing interests in securities or other financial assets (or interests
therein) held by a Securities Intermediary, a Securities Intermediary indicates by book entry that a security or other financial
asset has been credited to the Indenture Trustee’s Securities Account with such Securities Intermediary. No instrument described
hereunder may be purchased at a price greater than par, if such instrument may be prepaid or called at a price less than its purchase
price prior to its stated maturity.

 

    	33

    	 

    

Permitted Refinancing: An assignment
by the Issuer, subject to satisfaction of Section 2.1(c), either (i) to a third party unaffiliated with the Servicer
or (ii) to a special purpose, bankruptcy-remote entity, of all the Receivables attributable to one or more Designated Servicing
Agreements, as a result of which assignment the assignee pays to the Issuer 100% of the Receivable Balances with respect to such
Receivables; provided, that in the case of any special purpose entity, an opinion of external legal counsel, reasonably
satisfactory to the Administrative Agent, to the effect that the assignee would not be substantively consolidated with HLSS or
any Affiliate of HLSS, shall have been delivered to the Administrative Agent.

 

Person: Any individual, corporation,
estate, partnership, limited liability company, limited liability partnership, joint venture, association, joint-stock company,
business trust, trust, unincorporated organization, government or any agency or political subdivision thereof, or other entity
of a similar nature.

 

Place of Payment: With respect to
any Class of Notes issued hereunder, the city or political subdivision so designated with respect to such Class of Notes by the
Indenture Trustee.

 

Predecessor Notes: Of any particular
Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purposes of this definition, any Note authenticated and delivered under Section 6.6 in lieu of a mutilated, lost,
destroyed or stolen Note will be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

 

PTCE: As defined in Section 6.5(k).

 

Purchase Agreement: The Master Servicing
Rights Purchase Agreement, dated as of October 1, 2012 (as may be amended, restated supplemented or modified from time to time),
and related Sale Supplements, dated as of February 10, 2012, May 1, 2012, August 1, 2012, September 13, 2012, September 28, 2012,
December 26, 2012, March 13, 2013, May 21, 2013, July 1, 2013 and October 25, 2013, by and among OLS, HLSS and HLSS MSR-EBO Acquisition
LLC.

 

Qualified Institutional Buyer: As
defined in Rule 144A under the Securities Act.

 

Ratings Effect: A reduction, qualification
with negative implications or withdrawal of any then current rating of any Outstanding Notes (other than as a result of the termination
of the related Note Rating Agency), or any disapproval by any other Person who is granted the approval authority of the related
Note Rating Agency.

 

Receivable: The contractual right
(A) to reimbursement pursuant to the terms of a Designated Servicing Agreement for an Advance (other than Servicing Fee Advances)
made by the Servicer (including any predecessor servicer) pursuant to such Designated Servicing Agreement, which Advance has not
previously been reimbursed, or (B) to payment for a Servicing Fee Advance pursuant to the terms of a Servicing Fee Advance Designated
Servicing Agreement and including, in the case of both (A) and (B), all rights of the Servicer (including any predecessor servicer)
to enforce payment of such obligation under the related Servicing Agreement, but excluding in the case of both (A) and (B), any
such contractual right to reimbursement or to servicing fees that have been paid in full or have otherwise been released from the
Security Interest in accordance with the terms of this Indenture. A “Receivable” remains a “Receivable,”
and is not deemed to have been converted into cash, except to the extent that cash in respect of a reimbursement of that Receivable
has been deposited into the Collection and Funding Account.

 

    	34

    	 

    

Receivable Balance: As of any date
of determination and with respect to any Receivable, the outstanding amount of such Receivable, which shall only be reduced to
the extent that cash in respect of reimbursement of that Receivable has been deposited into the Collection and Funding Account.

 

Receivable File: The documents described
in Section 2.2 pertaining to a particular Receivable.

 

Receivables Pooling Agreement: The
Second Amended and Restated Receivables Pooling Agreement, dated as of September 13, 2012, between the Depositor, as seller, and
the Issuer, as purchaser, as amended, supplemented, restated, or otherwise modified from time to time.

 

Receivables Sale Agreement: The
Third Amended and Restated Receivables Sale Agreement, dated as of March 13, 2013, among OLS, as initial receivables seller (prior
to the MSR Transfer Date), as servicer (prior to the MSR Transfer Date) and as subservicer with respect to the Homeward Designated
Servicing Agreements, Homeward, HLSS Holdings, LLC, as receivables seller (on and after the MSR Transfer Date) and as servicer
(on and after the MSR Transfer Date), and the Depositor, as purchaser, as amended, supplemented, restated, or otherwise modified
from time to time.

 

Receivables Sale Termination Date:
The date on which all amounts due on all Series and Classes of Notes issued by the Issuer pursuant to this Indenture, and all other
amounts payable to any party pursuant to this Indenture, shall have been paid in full.

 

Receivables Seller: With respect
to each Receivable attributable to a Designated Servicing Agreement (1) OLS, as the entity that sold and contributed to the Depositor,
prior to March 5, 2012, and as the entity that sells to HLSS, on and after March 5, 2012 but before the related MSR Transfer Date,
and (2) HLSS, as the entity that shall, on and after March 5, 2012, and both before and after the related MSR Transfer Date, sell
and contribute to the Depositor all Receivables that it either acquires from OLS (before the related MSR Transfer Date) or creates
as a result of making Advances (on or after the related MSR Transfer Date), under such Designated Servicing Agreements.

 

Record Date: For the interest or
principal payable on any Note on any applicable Payment Date or Interim Payment Date, (i) for a Book Entry Note, the last Business
Day before such Payment Date or Interim Payment Date, as applicable, and (ii) for a Definitive Note, the last day of the calendar
month preceding such Payment Date or Interim Payment Date, as applicable, unless otherwise specified in the related Indenture Supplement.

 

Redemption Amount: With respect
to a redemption of any Series or Class of Notes by the Issuer pursuant to Section 13.1, an amount, which when applied
together with other Available Funds pursuant to Section 4.5, shall be sufficient to pay an amount equal to the sum
of (i) the Note Balance of all Outstanding Notes of such Series or Class as of the applicable Redemption Payment Date or Redemption
Date, (ii) all accrued and unpaid interest, ERD Fees, Cumulative ERD Fee Amounts, Default Fees and Cumulative Default Fee Amounts
on the Notes of such Series or Class through the day prior to such Redemption Payment Date or Redemption Date, (iii) any and all
amounts then owing to the Indenture Trustee, the Securities Intermediary, any Derivative Counterparty, Liquidation Provider or
Supplemental Credit Enhancement Provider, from the Issuer pursuant to the terms hereof, and (iv) any and all other amounts due
and payable hereunder and sufficient to authorize the satisfaction and discharge of this Indenture pursuant to Section 2.1.

 

    	35

    	 

    

Redemption Date: As defined in Section 13.1.

 

Redemption Notice: As defined in
Section 13.1.

 

Redemption Payment Date: As defined
in Section 13.1.

 

Redemption Percentage: For any Class,
10% or such other percentage set forth in the related Indenture Supplement.

 

Regulation S: Regulation S promulgated
under the Securities Act or any successor provision thereto, in each case as the same may be amended from time to time; and all
references to any rule, section or subsection of, or definition contained in, Regulation S means such rule, section, subsection,
definition or term, as the case may be, or any successor thereto, in each case as the same may be amended from time to time.

 

Regulation S Definitive Note: As
defined in Section 5.2(c)(ii).

 

Regulation S Global Note: As defined
in Section 5.2(c)(ii).

 

Regulation S Note: As defined in
Section 5.2(c)(ii).

 

Regulation S Note Transfer Certificate:
As defined in Section 6.5(i)(ii).

 

REO Property: A Mortgaged Property
in which a MBS Trustee has acquired title to such Mortgaged Property through foreclosure or by deed in lieu of foreclosure.

 

Required Expense Reserve: With respect
to any Funding Date, an amount that, following such Funding Date, shall remain on deposit in the Trust Accounts, which amount shall
comprise and be equal to with respect to the Receivables, Collections in an amount equal to the aggregate of (i) the amounts payable
in respect of Fees and invoiced or regularly occurring expenses payable from Available Funds on the next Payment Date, plus (ii)
all accrued and unpaid interest due on the Notes on the next Payment Date following such Funding Date, plus (iii) all amounts required
to be deposited into each General Reserve Account on the next Payment Date, plus (iv) the aggregate of all Target Amortization
Amounts payable on the next Payment Date, except with respect to any Classes of Notes for which the related Indenture Supplement
provides that Target Amortization Amounts shall not be reserved as part of the Required Expense Reserve.

 

    	36

    	 

    

Reserve Interest Rate: As defined
in the related Indenture Supplement for any Series or Class of Notes.

 

Responsible Officer:

 

(i)                
When used with respect to the Indenture Trustee, the Calculation Agent or the Paying Agent, an Indenture Trustee Authorized
Officer; and

 

(ii)              
when used with respect to the Issuer, any Issuer Authorized Officer who is an officer of the Issuer; and

 

(iii)            
when used with respect to the Administrator or the Servicer, the chief executive officer, the chief financial officer or
any vice president of the Administrator or the Servicer, as the case may be.

 

Restricted Notes: Any Class of Notes
as to which the Issuer and Indenture Trustee have not received an Opinion of Counsel that such Notes will be debt for United States
federal income tax purposes. Restricted Notes shall be subject to restrictions on transfer as provided in Section 6.5.

 

Revolving Period: For any Series
or Class of Notes, the period of time which begins on the related Issuance Date and ends on the earlier to occur of (i) a Target
Amortization Event for such Series or Class of Notes and (ii) a Facility Early Amortization Event.

 

Rule 144A: Rule 144A promulgated
under the Securities Act.

 

Rule 144A Definitive Note: As defined
in Section 5.2(c)(i).

 

Rule 144A Global Note: As defined
in Section 5.2(c)(i).

 

Rule 144A Note: As defined in Section 5.2(c)(i).

 

Rule 144A Note Transfer Certificate:
As defined in Section 6.5(i)(iii).

 

S&P: Standard and Poor’s
Ratings Services, a division of the McGraw-Hill Companies, Inc.

 

Sale: Any sale of any portion of
the Trust Estate pursuant to Section 8.16.

 

Sale Date: As defined in the Receivables
Sale Agreement.

 

Schedule of Receivables: On any
date, a schedule, which shall be delivered by the Administrator to the Indenture Trustee, and maintained by the Indenture Trustee,
in an electronic form, listing the outstanding Receivables sold and/or contributed to the Depositor under the Receivables Sale
Agreement and sold and/or contributed to the Issuer under the Receivables Pooling Agreement and Granted to the Indenture Trustee
pursuant to this Indenture, as updated from time to time to list Additional Receivables Granted to the Indenture Trustee and deducting
any amounts paid against the Receivables as of such date, identifying such Receivables by Designated Servicing Agreement, dollar
amount of the related Advance, identifying the Advance Type for such Receivable and identifying the related Mortgage Loan number
and date of the related Advance.

 

    	37

    	 

    

Scheduled Amortization Date: For
any Class of Notes, the day after the related Expected Repayment Date.

 

Securities Account: As defined in
Section 8-501(a) of the UCC.

 

Securities Act: The Securities Act
of 1933, as amended.

 

Securities Intermediary: As defined
in Section 8-102(a)(14) of the UCC, and where appropriate, shall mean Deutsche Bank National Trust Company or its successor, in
its capacity as securities intermediary pursuant to Section 4.9.

 

Security Entitlement: As defined
in Section 8-102(a)(17) of the UCC.

 

Security Interest: The security
interest in the Collateral Granted to the Indenture Trustee pursuant to the Granting Clause.

 

Series Allocation Percentage: For
any Series on any date of determination, the percentage obtained by dividing (i) Series Invested Amount for such Series by (ii)
the aggregate of the Series Invested Amounts for all Outstanding Series.

 

Series Available Funds: As defined
in Section 4.5(a)(2)(iii) hereof.

 

Series Fees: For any Series, as
specified in the related Indenture Supplement, which shall include any amounts payable to any Derivative Counterparty, Supplemental
Credit Enhancement Provider, Liquidity Provider or other similar amount payable in respect of a particular Series, subject to any
carve-outs for items payable solely on a subordinated basis in the related Indenture Supplement.

 

Series Fee Limit: For any Series,
as specified in the related Indenture Supplement.

 

Series Funding Allocation Percentage:
For any Funding Date and a Series and Class of Variable Funding Notes, the percentage obtained by dividing (i) the Series Invested
Amount of such Series and Class by (ii) the aggregate of the Series Invested Amount of all VFN Series and Classes.

 

Series Invested Amount: For any
Series on any date, the highest Class Invested Amount for any Class of Notes included in such Series.

 

Series New Receivables Funding Amount:
For any Funding Date, any Series and Class of VFN Notes and any Additional Receivables proposed to be funded on such Funding Date,
the related Series Funding Allocation Percentage of the product of (i) the applicable Weighted Average CV Adjusted Advance Rate
for such Series and Class of Notes (taking into account the inclusion of the new Additional Receivables but not taking into account
any Trigger Advance Rate for purposes of calculating the Weighted Average CV Adjusted Advance Rate for purposes of this definition)
and (ii) the aggregate Receivable Balance of all Additional Receivables proposed to be funded on such Funding Date and which have
a positive Collateral Value (including all P&I Advance Receivables to be so conveyed on such Funding Date, but excluding any
portion thereof to be funded using Amounts Held for Future Distribution).

 

    	38

    	 

    

Servicer: For any Designated Servicing
Agreement, (i) until the MSR Transfer Date, OLS in its capacity as the Servicer under such Designated Servicing Agreement in servicing
or subservicing the related Mortgage Loans for and on behalf of the respective MBS Trustees or other owner(s), and any successor
named servicer or subservicer appointed under such Designated Servicing Agreement; (ii) on and after the MSR Transfer Date, HLSS
in its capacity as the Servicer under such Designated Servicing Agreement in servicing or subservicing the related Mortgage Loans
for and on behalf of the respective MBS Trustees or other owner(s), and any successor named servicer or subservicer appointed under
such Designated Servicing Agreement.

 

Servicer Ratings Downgrade: A downgrade
by any rating agency of the servicer ratings of the Servicer or the Subservicer that results in the occurrence of a Servicer Termination
Event with respect to the Servicer or Subservicer pursuant to the terms of a Designated Servicing Agreement.

 

Servicer Termination Event: With
respect to any Designated Servicing Agreement, the occurrence of any events or conditions, and the passage of any cure periods
and giving to and receipt by the Servicer of any required notices, as a result of which any Person has the current right to terminate
the Servicer as servicer or subservicer under such Designated Servicing Agreement.

 

Servicing Agreement: Any pooling
and servicing agreement, sale and servicing agreement, or servicing agreement or subservicing agreement pursuant to which the Servicer
is servicing Mortgage Loans for and on behalf of an MBS Trust or other owner, each as amended, supplemented, restated, or otherwise
modified from time to time.

 

Servicing Fee Advance: Any earned
and accrued but unpaid servicing fees earned by the Servicer and outstanding at least thirty (30) days since having been earned
(which advance has not been paid or reimbursed to the Receivables Seller), pursuant to the terms and provisions of a Designated
Servicing Agreement.

 

Servicing Fee Advance Designated Servicing
Agreement: A Designated Servicing Agreement which has been approved by the Administrative Agent for the inclusion of related
Servicing Fee Advances as Facility Eligible Receivables, subject to the terms hereof (including the definition of a “Facility
Eligible Receivable”).

 

Servicing Fee Advance Designated Servicing
Agreement Schedule: A list of all Designated Servicing Agreements related to Servicing Fee Advance Receivables attached hereto
as Schedule 2. As additional Servicing Agreements are added as Designated Servicing Agreements, and as Servicing Agreements are
removed as Designated Servicing Agreements, in each case related to Servicing Fee Advance Receivables, the Administrator shall
update the Servicing Fee Advance Designated Servicing Agreement Schedule and furnish it to the Indenture Trustee, and the most
recently furnished schedule shall be maintained by the Indenture Trustee as the definitive Servicing Fee Advance Designated Servicing
Agreement Schedule.

 

Servicing Fee Advance Receivable:
Any Receivable representing the right to receive payment for a Servicing Fee Advance pursuant to the terms and provisions of a
Servicing Fee Designated Servicing Agreement.

 

    	39

    	 

    

Seventh A&R Effective Date:
As defined in the preamble.

 

Stated Maturity Date: For each Class
of Notes, the date specified in the Indenture Supplement for such Note as the fixed date on which the outstanding principal and
all accrued interest of such Series of Class of Notes is due and payable.

 

Subservicer: Prior to the MSR Transfer
Date with respect to each Designated Servicing Agreement, OLS or any successor named servicer thereto, shall be the Subservicer
for all Designated Servicing Agreements for all purposes under this Indenture. On the related MSR Transfer Date with respect to
each Designated Servicing Agreement, OLS in its capacity as the Subservicer for such Designated Servicing Agreements under the
OLS Subservicing Agreement, and any other subservicer as may be appointed from time for some or all of the Designated Servicing
Agreements pursuant to an Eligible Subservicing Agreement.

 

Subservicer Termination Event: The
occurrence of any events or conditions, and the passage of any cure periods and giving to and receipt by the Subservicer of any
required notices, as a result of which the Servicer has the current right to terminate the Subservicer under the Subservicing Agreement.

 

Subservicing Agreement: The HLSS
Subservicing Agreement, the Homeward Subservicing Agreement and any other subservicing agreement entered into by HLSS, as servicer,
and a Subservicer for some or all of the Designated Servicing Agreements that must be an Eligible Subservicing Agreement including,
without limitation, the economic agreement as to the Designated Servicing Agreements between HLSS and OLS and the economic agreement
as to the Homeward Designated Servicing Agreements between Homeward and OLS prior to the MSR Transfer Date.

 

Supplemental Credit Enhancement Agreement:
A letter of credit, cash collateral account or surety bond or other similar arrangement with any credit enhancement provider which
provides the benefit of one or more forms of credit enhancement which is referenced in the applicable Indenture Supplement for
any Series or Class of Notes.

 

Supplemental Credit Enhancement Provider:
Any party to any Supplemental Credit Enhancement Agreement other than the Issuer or the Indenture Trustee.

 

Target Amortization Amount: For
any Interim Payment Date or any Payment Date, as the case may be, for each Class of Notes then in its Target Amortization Period,
the monthly amount specified in, or calculated as described in, the related Indenture Supplement; provided, that such monthly
amount must be either a fixed dollar amount or a fixed percentage of the Note Balance of such Class as of the first day of its
Target Amortization Period.

 

Target Amortization Class: Any Class
of Notes that is in its Target Amortization Period at a time when no Facility Early Amortization Event or Event of Default shall
have occurred and be continuing unwaived.

 

Target Amortization Event: For any
Series or Class of Notes, the earlier of (i) the related Expected Repayment Date and (ii) the occurrence of any of the events designated
as such in the related Indenture Supplement; provided, that if any Target Amortization Event occurs with respect to any
VFN, it shall constitute a Target Amortization Event for all Classes of VFNs.

 

    	40

    	 

    

Target Amortization Period: For
any Class of Notes, the period that begins upon the termination of the related Revolving Period and ends upon the earlier of (i)
a Facility Early Amortization Event or Event of Default and (ii) the date on which the Notes of such Class are paid in full, in
accordance with the related Indenture Supplement.

 

Target Amortization Principal Accumulation
Account: The segregated non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established
and maintained pursuant to Section 4.1 and Section 4.7 and entitled “Deutsche Bank National Trust
Company, as Indenture Trustee in trust for the Noteholders of the HLSS Servicer Advance Receivables Backed Notes, Target Amortization
Principal Accumulation Account.”

 

Target Amortization Principal Accumulation
Amount: For any Target Amortization Class on any date, the Target Amortization Amount for the next Payment Date.

 

Term Note: Notes of any Series or
Class designated as “Term Notes” in the related Indenture Supplement.

 

Term Note Purchase Agreement: For
any Series that includes Term Notes, an agreement with one or more initial purchasers or placement agents under which the Issuer
will sell such Term Notes to such initial purchaser(s), or contract with such placement agent(s) for the initial private placement
of such Term Notes, in accordance with the related Indenture Supplement.

 

Total Advances: With respect to
any date of determination, the sum of all outstanding amounts of all outstanding Advances related to Facility Eligible Receivables
funded by the Servicer out of its own funds or funds (including Advances funded using Amounts Held For Future Distribution under
the related Designated Servicing Agreement) with respect to such Mortgage Loans on such date.

 

Transaction Documents: Collectively,
this Indenture, each Note Purchase Agreement and Term Note Purchase Agreement, the Receivables Sale Agreement, the Receivables
Pooling Agreement, the Fee Letter, the Schedule of Receivables and the Designated Servicing Agreement Schedule, all Notes, the
Trust Agreement, the Administration Agreement, each Subservicing Agreement, each Indenture Supplement, and each of the other documents,
instruments and agreements entered into on the date hereof and thereafter in connection with any of the foregoing or the transactions
contemplated thereby, each as amended, supplemented, restated, or otherwise modified from time to time.

 

Transfer: As defined in Section 6.5(h).
It is expressly provided that the term “Transfer” in the context of the Notes includes, without limitation,
any distribution of the Notes by (i) a corporation to its shareholders, (ii) a partnership to its partners, (iii) a limited liability
company to its members, (iv) a trust to its beneficiaries or (v) any other business entity to the owners of the beneficial interests
in such entity.

 

    	41

    	 

    

Trigger Advance Rate: For any Class
or Series of Notes, as defined in the related Indenture Supplement. If an Indenture Supplement does not define a “Trigger
Advance Rate,” the related Series and Classes shall have no Trigger Advance Rate.

 

Trust Account or Trust Accounts:
Individually, any of the Collection and Funding Account, the Note Payment Account, the General Reserve Account, the Interest Accumulation
Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account, the P&I Advance Disbursement
Account and any other account required under any Indenture Supplement. Collectively, the Collection and Funding Account, the Note
Payment Account, the General Reserve Account, the Interest Accumulation Account, the Target Amortization Principal Accumulation
Account, the Fee Accumulation Account, the P&I Advance Disbursement Account and any other account required under any Indenture
Supplement.

 

Trust Agreement: The Third Amended
and Restated Trust Agreement, dated May 21, 2013, by and between the Depositor and Owner Trustee, as amended, supplemented, restated,
or otherwise modified from time to time.

 

Trust Estate: The trust estate established
under this Indenture for the benefit of the Noteholders, which consists of the property described in the Granting Clause, to the
extent not released pursuant to Section 7.1.

 

Trust Property: The property, or
interests in property, constituting the Trust Estate from time to time.

 

UCC: The Uniform Commercial Code,
as in effect in the relevant jurisdiction.

 

Undrawn Fees: With respect to any
Payment Date during the related Revolving Period, an amount equal to the aggregate of the accrued and unpaid Undrawn Fee Amounts
for each day of the Monthly Advance Collection Period immediately preceding such Payment Date, plus any unpaid Undrawn Fees from
prior Payment Dates.

 

Undrawn Fee Amount: For any VFN
Class as specified in the related Indenture Supplement, for each day during the related Revolving Period, an amount equal to the
product of (i) the related Maximum VFN Principal Balance less the VFN Principal Balance as of the close of business on such day,
and (ii) the Undrawn Fee Rate divided by 360.

 

Undrawn Fee Rate: For any VFN Class,
the rate set forth or described in the related Indenture Supplement, if any.

 

United States and U.S.: The United
States of America.

 

United States Person: (i) A citizen
or resident of the United States, (ii) a corporation or partnership (or entity treated as a corporation or partnership for United
States federal income tax purposes) created or organized in or under the laws of the United States, any one of the states thereof
or the District of Columbia, (iii) an estate the income of which is subject to United States federal income taxation regardless
of its source or (iv) a trust if a court within the United States is able to exercise primary supervision over the administration
of such trust, and one or more such United States Persons have the authority to control all substantial decisions of such trust
(or, to the extent provided in applicable Treasury regulations, certain trusts in existence on August 20, 1996 which are eligible
to elect to be treated as United States Persons).

 

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Unmatured Default: (i) With respect
to any Designated Servicing Agreement, the occurrence of any event or condition which, with notice and/or the passage of any applicable
cure period, will result in a Servicer Termination Event or Subservicer Termination Event.

 

Variable Funding Note or VFN: Any
Note of a Series or Class designated as “Variable Funding Notes” in the related Indenture Supplement.

 

Verification Agent: As defined in
Section 3.3(d).

 

Verification Agent Fee: The amount
payable to the Verification Agent following completion of its annual report under Section 3.3(d) in an amount equal
to $4,000.

 

VFN Draw: For any Interim Payment
Date or Payment Date, the amount to be borrowed on such date in relation to any VFNs pursuant to Section 4.3(b).

 

VFN Draw Date: Any Interim Payment
Date or Payment Date on which a VFN Draw is to be made pursuant to Section 4.3(b).

 

VFN Holder: The Holder of a VFN.

 

VFN Note Balance Adjustment Request:
As defined in Section 4.3(b)(i).

 

VFN Principal Balance: On any date,
for any VFN or for any Series or Class of VFNs, as the context requires, the Note Balance thereof as of the opening of business
on the first day of the then-current Interest Accrual Period for such Series or Class less (i) all amounts previously paid during
such Interest Accrual Period on such Note with respect to principal plus (ii) the amount of any increase in the Note Balance
of such Note during such Interest Accrual Period prior to such date, which amount shall not exceed the Maximum VFN Principal Balance.

 

Voting Interests: The aggregate
voting power evidenced by the Notes, and each Outstanding Note’s Voting Interest within its Series equals the percentage
equivalent of the fraction obtained by dividing that Note’s Note Balance by the aggregate Note Balance of all Outstanding
Notes within such Series; provided, however, that where the Voting Interests are relevant in determining whether
the vote of the requisite percentage of Noteholders necessary to effect any consent, waiver, request or demand shall have been
obtained, the Voting Interests shall be deemed to be reduced by the amount equal to the Voting Interests (without giving effect
to this provision) represented by the interests evidenced by any Note registered in the name of, or in the name of a Person or
entity holding for the benefit of, the Issuer, the Depositor, the Receivables Seller or any Person that is an Affiliate of any
of the Issuer, the Depositor or the Receivables Seller. The Indenture Trustee shall have no liability for counting a Voting Interest
of any Person that is not permitted to be so counted hereunder pursuant to the definition of “Outstanding” unless a
Responsible Officer of the Indenture Trustee has actual knowledge that such Person is the Issuer or the Receivables Seller or an
Affiliate of either or both of the Issuer and the Receivables Seller.

 

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For the avoidance of doubt, all actions,
consents and votes under the terms and provisions of this Indenture (other than under any Indenture Supplement related to a specific
Series) that require a certain percentage of Voting Interests of all Notes shall be deemed by each of the parties hereto and the
Noteholders to require such designated percentage of Voting Interests of each Outstanding Series and, in the event any one Series
fails to provide the required percentage of Voting Interests with respect to any such action, consent or vote, then such action,
consent or vote shall be deemed to by the parties hereto and the Noteholders to be not approved.

 

Weighted Average Advance Rate: With
respect to any Class of Notes on any date of determination, a percentage equal to the weighted average of the Advance Rates applicable
to the Receivables in the case of such Class (weighted based on the Receivable Balances of all Facility Eligible Receivables attributable
to each separate Advance Type on such date). With respect to a Series of Notes, the “Weighted Average Advance Rate”
shall equal the Weighted Average Advance Rate with respect to the Class within such Series with the highest Advance Rates.

 

Weighted Average CV Adjusted Advance
Rate: With respect to any Class or Series on any date of determination, the lesser of (i) the product of (A) the Weighted Average
Advance Rate, for such Class or Series on that date, and (B) a fraction, (1) the numerator of which equals the aggregate Receivable
Balances of all Facility Eligible Receivables that have a positive Collateral Value with respect to such Class or Series on such
date and (2) the denominator of which equals the aggregate Receivable Balances of all Receivables attributable to all Designated
Servicing Agreements and (ii) the related Trigger Advance Rate (or, when determined for a Series, the highest Trigger Advance Rate
for any Class within such Series).

 

Section
1.2.          Interpretation.

 

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

 

(a)               
reference to and the definition of any document (including this Indenture) shall be deemed a reference to such document
as it may be amended or modified from time to time;

 

(b)              
the masculine, feminine or neuter gender shall include all genders;

 

(c)               
in the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” each means “to but excluding”;

 

(d)              
periods of days referred to in this Indenture shall be counted in calendar days unless Business Days are expressly prescribed
and references in this Indenture to months and years shall be to calendar months and calendar years unless otherwise specified;

 

(e)               
references to any Transaction Document (including this Indenture) and any other agreement shall be deemed a reference to
such Transaction Document or agreement as it may be amended or modified from time to time; and

 

(f)               
references to any statute, law, rule or regulation shall be deemed a reference to such statute, law, rule or regulation
as it may be amended or modified from time to time.

 

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Section
1.3.          Compliance Certificates and Opinions.

 

Upon any application
or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer will furnish
to the Indenture Trustee (1) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and (2) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture will include:

 

(a)               
a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions
herein relating thereto;

 

(b)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)               
a statement that such individual has made such examination or investigation as is necessary to express an informed opinion
as to whether or not such covenant or condition has been complied with; and

 

(d)              
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section
1.4.          Form of Documents Delivered to Indenture Trustee.

 

In any case where several
matters are required to be certified by, or covered by an opinion of, one or more specified Persons, one such Person may certify
or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or
opinion of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless the Issuer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
are erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, the Issuer stating that the information with respect to such
factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations are erroneous.

 

Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

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Section
1.5.          Acts of Noteholders.

 

(a)               
Any request, demand, authorization, direction, notice, consent, waiver or other action (each, an “Action”)
provided by this Indenture to be given or taken by Noteholders of any Class may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing. Except as herein
otherwise expressly provided, such Action will become effective when such instrument or instruments are delivered to the Indenture
Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments and any such record (and the
Action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders
signing such instrument or instruments and so voting at any meeting. Proof of execution of any such instrument or of a writing
appointing any such agent, or the holding by any Person of a Note, will be sufficient for any purpose of this Indenture and (subject
to Section 11.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this
Section 1.5.

 

(b)              
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate
or affidavit will also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument
or writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture Trustee
deems sufficient.

 

(c)               
The ownership of Notes will be proved by the Note Register.

 

(d)              
Any Action by the Noteholder will bind all subsequent Holders of such Noteholder’s Note, in respect of anything done
or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon whether or not notation of such Action is made
upon such Note.

 

(e)               
Without limiting the foregoing, a Holder entitled hereunder to take any Action hereunder with regard to any particular Note
may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or Action taken
by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same
effect as if given or taken by separate Holders of each such different part.

 

(f)               
Without limiting the generality of the foregoing, unless otherwise specified pursuant to one or more Indenture Supplements,
a Holder, including a Depository that is the Holder of a Global Note representing Book-Entry Notes, may make, give or take, by
a proxy or proxies duly appointed in writing, any Action provided in this Indenture to be made, given or taken by Holders, and
a Depository that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in or security
entitlements to any such Global Note through such Depository’s standing instructions and customary practices.

 

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(g)              
The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in or
security entitlements to any Global Note held by a Depository entitled under the procedures of such Depository to make, give or
take, by a proxy or proxies duly appointed in writing, any Action provided in this Indenture to be made, given or taken by Holders.
If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons,
shall be entitled to make, give or take such Action, whether or not such Holders remain Holders after such record date. No such
Action shall be valid or effective if made, given or taken more than 90 days after such record date.

 

Section
1.6.          Notices, etc., to Indenture Trustee, Issuer, Administrator
and the Administrative Agent.

 

Any Action of Noteholders
or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Indenture
Trustee by any Noteholder or by the Issuer will be sufficient for every purpose hereunder if in writing and mailed, first-class
postage prepaid or sent via electronic mail or facsimile transmission to the Indenture Trustee at its Corporate Trust Office, or
the Issuer or the Administrator by the Indenture Trustee or by any Noteholder will be sufficient for every purpose hereunder (except
with respect to notices to the Indenture Trustee of an Event of Default as provided in Section 8.1) if in writing and
mailed, first-class postage prepaid or sent via electronic mail, addressed to it at (i) the Corporate Trust Office in the case
of the Indenture Trustee, (ii) c/o New Residential Investment Corp., 1345 Avenue of the Americas, New York, NY, 10105, in the case
of the Administrator and HLSS, (iii) 1661 Worthington Road, Suite 100, West Palm Beach, FL, 33409, Attention: Corporate Secretary,
in the case of OLS, (iv) c/o Wilmington Trust Company, as Owner Trustee, Rodney Square North, 1100 North Market Street, Wilmington,
DE, 19890, in the case of the Issuer and (v) 745 Seventh Avenue, New York, NY, 10019, in the case of the Administrative Agent and
(vi) cdo.surveillance@fitchratings.com, in case of Fitch, or, in any case at any other address previously furnished in writing
by any such party to the other parties hereto.

 

Section
1.7.          Notices to Noteholders; Waiver.

 

(a)               
Where this Indenture, any Indenture Supplement or any Note provides for notice to registered Noteholders of any event, such
notice will be sufficiently given (unless expressly provided otherwise herein, in such Indenture Supplement or in such Note) if
in writing and mailed, first-class postage prepaid, sent by facsimile, sent by electronic transmission or personally delivered
to each Holder of a Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice
to Noteholders is given by mail, facsimile, electronic transmission or delivery, none of the failure to mail, send by facsimile,
send by electronic transmission or deliver such notice, or any defect in any notice so mailed, to any particular Noteholders will
affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by facsimile, sent
by electronic transmission or delivered in the manner herein provided shall conclusively have been presumed to have been duly given.

 

    	47

    	 

    

Where this Indenture,
any Indenture Supplement or any Note provides for notice in any manner, such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice
by Noteholders will be filed with the Indenture Trustee, but such filing will not be a condition precedent to the validity of any
action taken in reliance upon such waiver.

 

(b)              
In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it will
be impractical to mail notice of any event to any Holder of a Note when such notice is required to be given pursuant to any provision
of this Indenture, then any method of notification as will be satisfactory to the Indenture Trustee and the Issuer will be deemed
to be a sufficient giving of such notice.

 

(c)               
With respect to any Series or Class of Notes, the applicable Indenture Supplement may specify different or additional means
of giving notice to the Holders of the Notes of such Series or Class.

 

(d)              
Where this Indenture provides for notice to each Note Rating Agency, failure to give such notice will not affect any other
rights or obligations created hereunder and will not under any circumstance constitute an Adverse Effect.

 

Section
1.8.          Administrative Agent.

 

(a)               
Discretion of Administrative Agent. Any provision providing for the exercise discretion of the Administrative Agent
means that such discretion may be executed in the sole and absolute discretion of the Administrative Agent. In addition, for the
avoidance of doubt, as further provided in the definition of “Administrative Agent” herein and notwithstanding any
other provision in this Indenture to the contrary, any approvals, consents, votes or other rights exercisable by the Administrative
Agent under this Indenture (other than any Indenture Supplement related to a specific Series) shall require the approval, consent,
vote or other exercise of rights of each Person specified by name under the definition of “Administrative Agent” or
in its stead its Affiliate or successor as noticed to the Indenture Trustee.

 

(b)              
Nature of Duties. The Administrative Agent shall have no duties or responsibilities except those expressly set forth
in this Indenture, a related Indenture Supplement or in the other Transaction Documents. The Administrative Agent shall not have
by reason of this Indenture or any Transaction Document a fiduciary relationship in respect of any Noteholder. Nothing in this
Indenture or any of the Transaction Documents, express or implied, is intended to or shall be construed to impose upon the Administrative
Agent any obligations in respect of this Indenture or any of the other Transaction Documents except as expressly set forth herein
or therein. Each Noteholder shall make its own independent investigation of the financial condition and affairs of the Issuer in
connection with the purchase of any Note and shall make its own appraisal of the creditworthiness of the Issuer and the value of
the Collateral, and the Administrative Agent shall have no duty or responsibility, either initially or on a continuing basis, to
provide any Noteholder with any credit or other information with respect thereto, whether coming into its possession before the
Closing Date, as applicable, or at any time or times thereafter.

 

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(c)               
Rights, Exculpation, Etc. The Administrative Agent and its directors, officers, agents or employees shall not be
liable for any action taken or omitted to be taken by it under or in connection with this Indenture or the other Transaction Documents.
Without limiting the generality of the foregoing, the Administrative Agent (i) may consult with legal counsel (including, without
limitation, counsel to the Administrative Agent or counsel to the Issuer), independent public accountants, and other experts selected
by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of
such counsel or experts; (ii) makes no warranty or representation to any Noteholder and shall not be responsible to any Noteholder
for any statements, certificates, warranties or representations made in or in connection with this Indenture or the other Transaction
Documents; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants
or conditions of this Indenture or the other Transaction Documents on the part of any Person, the existence or possible existence
of any default or Event of Default, or to inspect the Collateral or other property (including, without limitation, the books and
records) of any Person; (iv) shall not be responsible to any Noteholder for the due execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Indenture or the other Transaction Documents or any other instrument or document furnished
pursuant hereto or thereto; and (v) shall not be deemed to have made any representation or warranty regarding the existence, value
or collectability of the Collateral, the existence, priority or perfection of the Indenture Trustee's Lien thereon, or any certificate
prepared by the Issuer in connection therewith, nor shall the Administrative Agent be responsible or liable to the Noteholders
for any failure to monitor or maintain any portion of the Collateral. Without limiting the foregoing and notwithstanding any understanding
to the contrary, no Noteholder shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative
Agent acting or refraining from acting under this Indenture, the Notes or any of the other Transaction Documents in its own interests
as a Noteholder or otherwise.

 

(d)              
Reliance. The Administrative Agent shall be entitled to rely upon any written notices, statements, certificates,
orders or other documents or any telephone message believed by it in good faith to be genuine and correct and to have been signed,
sent or made by the proper Person, and with respect to all matters pertaining to this Indenture or any of the other Transaction
Documents and its duties hereunder or thereunder, upon advice of counsel selected by it.

 

Section
1.9.          Effect of Headings and Table of Contents.

 

The Article and Section
headings herein and the Table of Contents are for convenience only and will not affect the construction hereof.

 

Section
1.10.      Successors and Assigns.

 

All covenants and agreements
in this Indenture by the Issuer will bind its successors and assigns, whether so expressed or not. All covenants and agreements
of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee.

 

Section
1.11.      Severability of Provisions.

 

In case any provision
in this Indenture or in the Notes will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

 

    	49

    	 

    

Section
1.12.      Benefits of Indenture.

 

Nothing in this Indenture
or in any Notes, express or implied, will give to any Person, other than the parties hereto and their successors hereunder, any
Authenticating Agent or Paying Agent, the Note Registrar, the Calculation Agent, any Derivative Counterparties (to the extent specified
in the applicable Derivative Agreement), any Supplemental Credit Enhancement Providers and any Liquidity Providers (each to the
extent specified in the applicable Supplemental Credit Enhancement Agreement and Liquidity Facility, as applicable) and the Holders
of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under this
Indenture.

 

Section
1.13.      Governing Law.

 

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

 

Section
1.14.      Counterparts.

 

This Indenture may
be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts
will together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Indenture
by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Indenture.

 

Article
II

THE TRUST ESTATE

 

Section
2.1.          Contents of Trust Estate.

 

(a)               
Grant of Trust Estate. The Issuer has Granted the Trust Estate to the Indenture Trustee, and the Indenture Trustee
has accepted this Grant, pursuant to the Granting Clause.

 

(b)              
Notification of MBS Trustees. The Servicer hereby represents and warrants that it has notified the related MBS Trustees
with respect to the Designated Servicing Agreements as of the Closing Date of the assignment, transfer of ownership and pledge
of Receivables related to such Servicing Agreements, including the related Advance Reimbursement Amounts, and that each related
Receivable is subject to the Indenture Trustee’s Security Interest, pursuant to a notice, substantially in the form of Exhibit
C attached hereto. The notices indicating the Security Interest of the Indenture Trustee in the Receivables relating to a particular
Designated Servicing Agreement shall be deleted, rescinded or modified when, and only when, all related Receivables have been paid
in full or have been released from such Security Interest pursuant to this Indenture. In addition, each Determination Date Administrator
Report shall include a list of the Receivables, and any such list or related trial balance or Schedule of Receivables, and any
other list of the Receivables provided by the Servicer, the Receivables Seller or the Issuer to any third party shall include language
indicating that the Receivables identified therein are subject to the Indenture Trustee’s Security Interest.

 

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(c)           
Addition and Removal of Designated Servicing Agreements.

 

(i)                
Addition of Designated Servicing Agreements.

 

(A)            
The Receivables Seller or the Servicer may at any time designate any Facility Eligible Servicing Agreement as a Designated
Servicing Agreement under the Receivables Sale Agreement, whereupon such agreement shall become a “Designated Servicing Agreement”
for purposes of this Indenture if (1) the related Servicing Agreement is a Facility Eligible Servicing Agreement with respect to
at least one Series of Notes, as certified by the Administrator, (2) the Administrative Agent (in its sole discretion) has approved
such Servicing Agreement for addition and (3) written notice of such addition has been provided to Note Rating Agencies for Outstanding
Notes. Prior to the addition of any Designated Servicing Agreement as provided in this Section 2.1(c), the Administrator
must certify to the Indenture Trustee in writing that it has filed all financing statements or amendments to financing statements
to ensure that the Indenture Trustee’s Security Interest in any Receivables related to any additional Designated Servicing
Agreements is perfected and of first priority.

 

(B)             
If any Servicing Agreements are added as Designated Servicing Agreements, the Administrator shall update the Designated
Servicing Agreement Schedule and furnish it to the Indenture Trustee, and the most recently furnished schedule shall be maintained
by the Indenture Trustee as the definitive Designated Servicing Agreement Schedule.

 

(ii)              
Removal of Designated Servicing Agreements.

 

(A)            
With the prior written consent of the Administrative Agent, the Receivables Seller or the Servicer may remove any Servicing
Agreement as a Designated Servicing Agreement under Section 2(d) of the Receivables Sale Agreement, whereupon such agreement shall
no longer constitute a “Designated Servicing Agreement” for purposes of this Indenture (except that, unless the Issuer
conducts a Permitted Refinancing, Receivables related to Advances made by the Servicer pursuant to that agreement prior to its
removal shall continue to be part of the Trust Estate, in which case the Receivables Seller may not assign to another Person any
Receivables arising under that Servicing Agreement until all Receivables that arose under that Servicing Agreement that are included
in the Trust Estate shall have been paid in full or sold in a Permitted Refinancing). Prior to removing any Designated Servicing
Agreement as provided in this Section 2.1(c), the Issuer must (1) receive prior written approval from the Administrative
Agent, which may be given or withheld in its sole discretion and (2) send prior written notice to each Note Rating Agency for Outstanding
Notes.

 

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(B)             
The Issuer shall promptly notify the Indenture Trustee, and the Indenture Trustee shall notify the Note Rating Agencies
for Outstanding Notes and Noteholders, of any such removal. If any Servicing Agreements are removed as Designated Servicing Agreements,
the Administrator shall update the Designated Servicing Agreement Schedule and furnish it to the Indenture Trustee, and the most
recently furnished schedule shall be maintained by the Indenture Trustee as the definitive Designated Servicing Agreement Schedule.

 

(C)             
If one or more Designated Servicing Agreements are removed as described in this Section 2.1(c) during any Facility
Year, the Administrative Agent shall have the right to require the Servicer to obtain written affirmation from S&P of its continued
rating of the Notes, at the Servicer’s expense, once in respect of each Facility Year in which such a removal shall have
occurred and the Servicer shall obtain S&P’s written affirmation of ratings if so requested in writing by the Administrative
Agent, at the Servicer’s sole cost and expense.

 

(d)              
Protection of Transfers to, and Back-up Security Interests of Depositor and Issuer. The Administrator shall take
all actions as may be necessary to ensure that the Trust Estate is Granted to the Indenture Trustee pursuant to this Indenture.
The Administrator, at its own expense, shall make all initial filings on or about the Closing Date hereunder and shall forward
a copy of such filing or filings to the Indenture Trustee. In addition, and without limiting the generality of the foregoing, the
Administrator, at its own expense, shall prepare and forward for filing, or shall cause to be forwarded for filing, all filings
necessary to maintain the effectiveness of any original filings necessary under the relevant UCC to perfect and maintain the first
priority status of the Indenture Trustee’s security interest in the Trust Estate, including without limitation (i) continuation
statements, and (ii) such other statements as may be occasioned by (A) any change of name of any of the Receivables Seller, the
Servicer, the Depositor or the Issuer, (B) any change of location of the jurisdiction of any of the Receivables Seller, the Servicer,
the Depositor or the Issuer, (C) any transfer of any interest of the Receivables Seller, the Depositor or the Issuer in any item
in the Trust Estate or (D) any change under the applicable UCC or other applicable laws. The Administrator shall enforce the Depositor’s
obligations pursuant to the Receivables Pooling Agreement, and the Receivables Seller’s and the Servicer’s obligations
pursuant to the Receivables Sale Agreement, on behalf of the Issuer and the Indenture Trustee.

 

(e)               
Release of Receivables Following Receivables Sale Termination Date. The Indenture Trustee shall release to the Issuer
all Receivables in the Trust Estate upon the occurrence of the Receivables Sale Termination Date, and shall execute all instruments
of assignment, release or conveyance, prepared by the Issuer or the Receivables Seller, and delivered to the Indenture Trustee,
as reasonably requested by the Issuer or the Receivables Seller.

 

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Section
2.2.          Receivable Files.

 

(a)          
Indenture Trustee. The Indenture Trustee agrees to hold, in trust on behalf of the Noteholders, upon the execution
and delivery of this Indenture, the following documents relating to each Receivable:

 

(i)                
a copy of each Determination Date Administrator Report in electronic form listing each Receivable Granted to the Trust Estate,
the applicable Advance Type for such Receivable and the corresponding Receivable Balance for such Receivable and demonstrating
the profitability of each Subservicing Agreement for the immediately preceding calendar quarter which shall be equal to the greater
of (a) 0.03% of the aggregate unpaid principal balance of the assets subject to such Subservicing Agreement as of the beginning
of such quarter and (b) 25% of the Subservicer’s costs of performing thereunder during such quarter, as reported in writing
to the Administrative Agent no later than the tenth day after the end of such quarter and any other information required in any
related Indenture Supplement;

 

(ii)              
a copy of each Funding Certification delivered by the Administrator, which shall be maintained in electronic format;

 

(iii)            
the current Designated Servicing Agreement Schedule;

 

(iv)            
the current Schedule of Receivables;

 

(v)              
and any other documentation provided for in any Indenture Supplement;

 

provided that the Indenture Trustee
shall have no responsibility to ensure the validity or sufficiency of the Receivables.

 

(b)         
Administrator as Custodian. To reduce administrative costs, the Administrator will act as custodian for the benefit
of the Noteholders of the following documents relating to each Receivable:

 

(i)                
a copy of the related Designated Servicing Agreement and each amendment and modification thereto;

 

(ii)              
any documents other than those identified in Section 2.2(a) received from or made available by the related MBS
Trustee, Servicer, securities administrator or other similar party in respect of such Receivable; and

 

(iii)            
any and all other documents that the Issuer, the Servicer or the Receivables Seller, as the case may be, shall keep on file,
in accordance with its customary procedures, relating to such Receivable or the related MBS Trust or Servicing Agreement.

 

In the event the Administrator
is terminated or resigns as the Servicer under any Designated Servicing Agreement, it will immediately upon such termination or
resignation, as applicable, deliver all documents held by it hereunder to the successor Administrator.

 

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(c)        
Delivery of Updated Designated Servicing Agreement Schedules and Servicing Fee Advance Designated Servicing Agreement
Schedules. The Administrator shall deliver to the Indenture Trustee an updated Schedule 1 or Schedule 2, as applicable,
prior to the addition or deletion of any Servicing Agreement as a Designated Servicing Agreement or a Servicing Fee Advance Designated
Servicing Agreement and the Indenture Trustee shall hold the most recently delivered version as the definitive Schedule 1
or Schedule 2, as applicable.

 

The Administrator represents
and warrants, as of the date hereof and as of the date any new Servicing Agreement is added as a Designated Servicing Agreement,
that Schedule 1, as it may be updated by the Administrator from time to time and delivered to the Indenture Trustee, is
a true, complete and accurate list of all Designated Servicing Agreements. The Administrator represents and warrants, as of the
date hereof and as of the date any new Servicing Agreement is added as a Servicing Fee Advance Designated Servicing Agreement,
that Schedule 2, as it may be updated by the Administrator from time to time and delivered to the Indenture Trustee, is a true,
complete and accurate list of all Servicing Fee Advance Designated Servicing Agreements.

 

In addition, the Administrator
shall furnish to the Indenture Trustee an updated Schedule of Receivables on each Funding Date in electronic form, and the Indenture
Trustee shall maintain the most recent Schedule of Receivables it receives, and send a copy to any Noteholder upon request.

 

(d)         Marking of Records. The Administrator shall ensure that, from and after the time of the sale and/or contribution
of the Initial Receivables and all Additional Receivables to the Depositor under the Receivables Sale Agreement and to the Issuer
under the Receivables Pooling Agreement, and the Grant thereof to the Indenture Trustee pursuant to the Indenture, any records
(including any computer records and back up archives) maintained by or on behalf of the Receivables Seller or the Servicer that
refer to any Receivable indicate clearly the interest of the Issuer and the Security Interest of the Indenture Trustee in such
Receivable and that such Receivable is owned by the Issuer and subject to the Indenture Trustee’s Security Interest. Indication
of the Issuer’s ownership of a Receivable and the Security Interest of the Indenture Trustee shall be deleted from or modified
on such records when, and only when, such Receivable has been paid in full, repurchased, or assigned by the Issuer and released
by the Indenture Trustee from its Security Interest.

 

Section
2.3.          Indemnity Payments for Receivables Upon Breach.

 

(a)         Upon discovery by the Issuer or the Administrator, or upon the actual knowledge of a Responsible Officer of the Indenture
Trustee, of a breach of any of the representations and warranties of the Servicer as to any Receivable set forth in Section 4(b)
of the Receivables Sale Agreement, the party discovering such breach shall give prompt written notice to the other parties hereto.
Upon notice of such a breach, the Administrator shall enforce the Issuer’s rights to require the Receivables Seller to deposit
the Indemnity Payment with respect to the affected Receivable(s) into the Collection and Funding Account. This obligation shall
pertain to all representations and warranties of the Servicer as to the Receivables set forth in Section 4(b) of the Receivables
Sale Agreement, whether or not the Servicer has knowledge of the breach at the time of the breach or at the time the representations
and warranties were made.

 

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(b)        
Unless repurchased by the Receivables Seller pursuant to the Receivables Sale Agreement, the Receivables shall remain in
the Trust Estate, regardless of any receipt of an Indemnity Payment in the Collection and Funding Account. The sole remedies of
the Indenture Trustee and the Noteholders with respect to a breach of any of the representations and warranties of the Servicer
as to any Receivable set forth in Section 4(b) of the Receivables Sale Agreement shall be to enforce the obligation of the Issuer
hereunder and the remedies of the Issuer (as assignee of the Depositor) against the Receivables Seller under the Receivables Sale
Agreement or the Servicer under the Receivables Sale Agreement. The Indenture Trustee shall have no duty to conduct any affirmative
investigation as to the occurrence of any condition requiring the payment of any Indemnity Payment for any Receivable pursuant
to this Section, except as otherwise provided in Section 11.2.

 

(c)         
To the extent not prohibited by Applicable Law, the Administrator and the Indenture Trustee are hereby authorized to commence
at the written direction of the Administrative Agent or the Majority Holders of all Outstanding Notes, in its own name or in the
name of the Issuer, legal proceedings to enforce any Receivable against the related MBS Trustee or to commence or participate in
a legal proceeding (including without limitation a bankruptcy proceeding) relating to or involving a Receivable, the Receivables
Seller or the Servicer; provided, however, that nothing contained herein shall obligate the Indenture Trustee to
take or initiate such action or legal proceeding, unless indemnity reasonably satisfactory to it shall have been provided. The
Administrator shall deposit or cause to be deposited into the Collection and Funding Account, on behalf of the Indenture Trustee
and the Noteholders, all amounts realized in connection with any such action.

 

Section
2.4.          Duties of Custodian with Respect to the Receivables Files.

 

(a)         
Safekeeping. The Indenture Trustee or the Administrator, in its capacity as custodian (each, a “Custodian”)
pursuant to Section 2.2, shall hold the portion of the Receivable Files that it is required to maintain under Section 2.2
in its possession from time to time for the use and benefit of all present and future Noteholders, and maintain such accurate and
complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Calculation Agent and the
Indenture Trustee to comply with this Indenture. Each Custodian shall act with reasonable care, using that degree of skill and
attention that it would exercise if it owned the Receivables itself. Each Custodian shall promptly report to the Issuer any failure
on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly
take appropriate action to remedy any such failure. The Indenture Trustee shall have no responsibility or liability for any actions
or omissions of the Administrator in its capacity as Custodian or otherwise.

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(b)        
Maintenance of and Access to Records. Each Custodian shall maintain each portion of the Receivable File that it is
required to maintain under this Indenture at its offices at the Corporate Trust Office (in the case of the Indenture Trustee) or
c/o New Residential Investment Corp., 1345 Avenue of the Americas, New York, NY, 10105 (in the case of the Administrator) as the
case may be, or at such other office as shall be specified to the Indenture Trustee and the Issuer by thirty (30) days’ prior
written notice. The Administrator shall take all actions necessary, or reasonably requested by the Administrative Agent or the
Majority Holders of all Outstanding Notes or the Indenture Trustee, to amend any existing financing statements and continuation
statements, and file additional financing statements to further perfect or evidence the rights, claims or security interests of
the Indenture Trustee under any of the Transaction Documents (including the rights, claims or security interests of the Depositor
and the Issuer under the Receivables Sale Agreement and the Receivables Pooling Agreement, respectively, which have been assigned
to the Indenture Trustee). The Indenture Trustee and the Administrator, in their capacities as Custodian(s), shall make available
to the Issuer, the Calculation Agent, any group of Interested Noteholders and the Indenture Trustee (in the case of the Administrator)
or their duly authorized representatives, attorneys or auditors the portion of the Receivable Files that it is required to maintain
under this Indenture and the accounts, books and records maintained by the Indenture Trustee or the Administrator with respect
thereto as promptly as reasonably practicable following not less than two (2) Business Days prior written notice for examination
during normal business hours and in a manner that does not unreasonably interfere with such Person’s ordinary conduct of
business.

 

Section
2.5.          Application of Trust Money.

 

All money deposited
with the Indenture Trustee or the Paying Agent pursuant to Section 4.2 shall be held in trust and applied by the Indenture
Trustee or the Paying Agent, as the case may be, in accordance with the provisions of the Notes and this Indenture, to the payment
to the Persons entitled thereto, of the principal, interest, fees, costs and expenses (or payments in respect of the New Receivables
Funding Amount, Excess Receivables Funding Amounts or other amount) for whose payment such money has been deposited with the Indenture
Trustee or the Paying Agent.

 

Article
III

ADMINISTRATION OF RECEIVABLES; REPORTING TO INVESTORS

 

Section
3.1.          Duties of the Calculation Agent.

 

(a)         
General. The Calculation Agent shall initially be Deutsche Bank National Trust Company. The Calculation Agent is
appointed for the purpose of making calculations and verifications as provided in this Section 3.1(a). The Calculation
Agent, as agent for the Noteholders, shall provide all services necessary to fulfill the role of Calculation Agent, applying a
standard of care and diligence reasonably expected from a nationally reputable company performing the services contemplated of
the Calculation Agent.

 

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By 2:00 p.m. Eastern
Time on the Business Day prior to each Payment Date, Interim Payment Date or Limited Funding Date, based upon information provided
to the Indenture Trustee and the Calculation Agent by the Servicer pursuant to the Designated Servicing Agreements and the Transaction
Documents, as well as each applicable Determination Date Administrator Report and all available reports issued by the MBS Trustee
for the applicable MBS Trust, the Calculation Agent shall prepare, or cause to be prepared, and deliver by first class mail or
electronic means (including on the website pursuant to Section 3.5(a)) to Noteholders and each Note Rating Agency,
a report setting forth the information set forth below plus a Series-specific Calculation Agent Report reporting the items for
each Series that are specified in the related Indenture Supplement (collectively for each Series, the “Calculation
Agent Report” to the extent such information is received from the Servicer):

 

(i)               The aggregate unpaid principal balance of the Mortgage Loans subject to each separate Designated Servicing Agreement as
reported in MBS Trustee reports for the previous calendar month;

 

(ii)              
(A) The aggregate Month-to-Date Available Funds collected, (B) the aggregate Advance Reimbursement Amounts, (C) the aggregate
amount of Indemnity Payments and (D) the aggregate amount of refinancing proceeds collected during the Monthly Advance Collection
Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date for all
Designated Servicing Agreements;

 

(iii)            
The aggregate of the Funded Advance Receivable Balances of the Additional Receivables funded during the Monthly Advance
Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date
for all Designated Servicing Agreements;

 

(iv)            
The aggregate of the Funded Advance Receivable Balances for each of the P&I Advances, Judicial P&I Advances, Non-Judicial
P&I Advances, Escrow Advances, Judicial Escrow Advances, Non-Judicial Escrow Advances, Corporate Advances, Judicial Corporate
Advances, Non-Judicial Corporate Advances, Servicing Fee Advances, Judicial Servicing Fee Advances and Non-Judicial Servicing Fee
Advances attributable to each Designated Servicing Agreement, as of the close of business on the day before the related Determination
Date, plus the Funded Advance Receivable Balances for each of the P&I Advances, Judicial P&I Advances and Non-Judicial
P&I Advances to be funded on the upcoming Funding Date;

 

(v)              
For each Designated Servicing Agreement, the percentage equivalent of the quotient of (A) the aggregate of the Funded Advance
Receivable Balances of all Receivables attributable to such Designated Servicing Agreement divided by (B) the aggregate
of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate;

 

(vi)            
For each Designated Servicing Agreement, the percentage equivalent of the quotient of (A) the aggregate of the Funded Advance
Receivable Balances of all Receivables attributable to second or other junior lien Mortgage Loans subject to such Designated Servicing
Agreement divided by (B) the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust
Estate;

 

(vii)         
An indication (yes or no) as to whether the Collateral Test is satisfied for each Class and Series, and for the facility
as a whole, as of the close of business on the last day of the Monthly Advance Collection Period preceding the upcoming Payment
Date or the Advance Collection Period preceding the upcoming Interim Payment Date;

 

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(viii)      
A list of each Facility Early Amortization Event and presenting a yes or no answer beside each indicating whether each possible
Facility Early Amortization Event has occurred as of the end of the Monthly Advance Collection Period preceding the upcoming Payment
Date or the Advance Collection Period preceding the upcoming Interim Payment Date;

 

(ix)          
If required by any VFN Holder, the aggregate New Receivables Funding Amount to be paid on the upcoming Funding Date, and
the amount to be drawn on each Class of VFNs Outstanding in respect of such New Receivables Funding Amount and the portion of such
New Receivables Funding Amount that is to be paid using Available Funds pursuant to Section 4.5(a)(1)(vii), and the
amount to be drawn on each Class of VFN Outstanding in respect of Excess Receivables Funding Amounts;

 

(x)            
If any Note is Outstanding, the amount, if any, to be paid on each such Class in reduction of the aggregate Principal Balance
on the upcoming Payment Date or Interim Payment Date;

 

(xi)          
The amount of Fees to be paid on the upcoming Payment Date;

 

(xii)          
A list of each Receivable Granted to the Trust Estate, the applicable Advance Type for such Receivable and the corresponding
Receivable Balance for such Receivable;

 

(xiii)        
The Required Expense Reserve and General Reserve Required Amount for each Series of Notes for the upcoming Payment Date
or Interim Payment Date;

 

(xiv)        
The Fee Accumulation Amount, the Interest Accumulation Amount and the Target Amortization Principal Accumulation Amount
for the upcoming Interim Payment Date;

 

(xv)          
The Weighted Average Advance Rate and Weighted Average CV Adjusted Advance Rate for each Series and Class of the Notes and
the Trigger Advance Rate for each Series and Class of the Notes, if any;

 

(xvi)        
The Class Invested Amount and the Series Invested Amount for each Series and Class for the upcoming Payment Date or Interim
Payment Date;

 

(xvii)      
The Interest Payment Amount and the Target Amortization Amount for each Class of Outstanding Notes for the upcoming Payment
Date, and the Cumulative Interest Shortfall Amount for each Class of Notes for the Interest Accrual Period related to the upcoming
Payment Date; and

 

(xviii)    
The aggregate Collateral Value of all Facility Eligible Receivables for each Outstanding Series and the sum for all Outstanding
Series as of the close of business on the day before the related Determination Date, pro forma Collateral Value of Facility Eligible
Receivables for each Outstanding Series and the sum for all Outstanding Series that will be created upon the funding of P&I
Advances to be funded on the related Funding Date.

 

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(b)              
Termination of Calculation Agent. The Issuer (with the consent of the Majority Holders of all Outstanding Notes)
or the Holders of at least 66 2⁄3% of the Outstanding Notes of each Series (in each case, measured by Voting Interests)
may at any time terminate the Calculation Agent without cause upon sixty (60) days’ prior notice. If at any time the Calculation
Agent shall fail to resign after written request therefor as set forth in this Section 3.1(b), or if at any time the
Calculation Agent shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Calculation
Agent or of its property shall be appointed, or if any public officer shall take charge or Control of the Calculation Agent or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Majority Holders of all Outstanding
Notes may remove the Calculation Agent and if the same entity serves as both Calculation Agent and Indenture Trustee, such Majority
Holders shall also remove the Indenture Trustee as provided in Section 11.9(c). If the Calculation Agent resigns or
is removed under the authority of the immediately preceding sentence, then a successor Calculation Agent shall be appointed pursuant
to Section 11.9. The Issuer shall give each Note Rating Agency and the Noteholders notice of any such resignation or
removal of the Calculation Agent and appointment and acceptance of a successor Calculation Agent. Notwithstanding the foregoing,
no resignation, removal or termination of the Calculation Agent shall be effective until the resignation, removal or termination
of the predecessor Calculation Agent and until the acceptance of appointment by the successor Calculation Agent as provided herein.
Any successor Indenture Trustee appointed shall also be the successor Calculation Agent hereunder, if the predecessor Indenture
Trustee served as Calculation Agent and no separate Calculation Agent is appointed. Notwithstanding anything to the contrary herein,
the Indenture Trustee may not resign as Calculation Agent unless it also resigns as Indenture Trustee pursuant to Section 11.9(b).

 

(c)              
Successor Calculation Agents. Any successor Calculation Agent appointed hereunder shall execute, acknowledge and
deliver to the Issuer and to its predecessor Calculation Agent an instrument accepting such appointment under this Indenture, and
thereupon the resignation or removal of the predecessor Calculation Agent shall become effective and such successor Calculation
Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor under this Indenture, with like effect as if originally named as Calculation Agent. The predecessor Calculation
Agent shall deliver to the successor Calculation Agent all documents and statements held by it under this Indenture. The Issuer
and the predecessor Calculation Agent shall execute and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor Calculation Agent all such rights, powers, duties and
obligations. Upon acceptance of appointment by a successor Calculation Agent as provided in this Section, the Issuer shall mail
notice of the succession of such successor Calculation Agent under this Indenture to all Noteholders at their addresses as shown
in the Note Register and shall give notice by mail to each applicable Note Rating Agency. If the Issuer fails to mail such notice
within ten (10) days after acceptance of appointment by the successor Calculation Agent, the successor Calculation Agent shall
cause such notice to be mailed at the expense of the Administrator.

 

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Section
3.2.          Reports by Administrator and Indenture Trustee.

 

(a)               
Determination Dates; Determination Date Administrator Reports. The Indenture Trustee shall report to the Administrator,
by no later than 2:00 p.m. Eastern Time on the second Business Day before each Payment Date or Interim Payment Date, the amount
of Available Funds that will be available to be applied toward New Receivables Funding Amounts or to pay principal on any applicable
Notes on the upcoming Payment Date or Interim Payment Date. If the Administrator supplies no information to the Indenture Trustee
in its Determination Date Administrator Report concerning New Receivables Funding Amounts or payments on any Variable Funding Note
in respect of an Interim Payment Date, then the Indenture Trustee shall apply no Available Funds to pay New Receivables Funding
Amounts or to make payment on any Note on such Interim Payment Date.

 

By no later than 12:00
p.m. (noon) Eastern Time on the Business Day prior to each Payment Date or Interim Payment Date, the Administrator shall prepare
and deliver to the Issuer, the Indenture Trustee, the Calculation Agent, the Administrative Agent and the Paying Agent a report
(the “Determination Date Administrator Report”) (in electronic form) setting forth each data item required
to be reported by the Calculation Agent to Noteholders and each Note Rating Agency in its Calculation Agent Report pursuant to
Section 3.1.

 

By no later than 3:00
p.m. Eastern Time on the Business Day before each Payment Date or Interim Payment Date, the Administrator shall deliver to the
Indenture Trustee and each VFN Holder a certification, signed by a Responsible Officer of the Servicer, that all Amounts Held for
Future Distribution that were required to be restored to the Dedicated Collection Accounts during the preceding Monthly Advance
Collection Period were restored when required pursuant to Section 4.2(c).

 

The Indenture Trustee
may rely on the most recent Determination Date Administrator Report provided to the Indenture Trustee by the Administrator.

 

(b)              
Payment Date Report. By no later than 3:00 p.m. Eastern Time on the Business Day before each Payment Date, the Indenture
Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative
Agent, each VFN Holder and each Note Rating Agency a report (the “Payment Date Report”) reporting the
following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date:

 

(i)              
the amount on deposit in the Collection and Funding Account as of the opening of business on the first day of such Monthly
Advance Collection Period;

 

(ii)         
    the aggregate amount of all Collections deposited into the Collection and Funding Account during
such Monthly Advance Collection Period;

 

(iii)            
the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance
Collection Period;

 

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(iv)            
the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each
Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all
New Receivables Funding Amounts paid in respect of Additional Receivables during such Monthly Advance Collection Period separately
identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds
of fundings of an increase in VFN Principal Balance(s) for each Class of VFNs, (C) all Excess Receivables Funding Amounts that
were paid on the Payment Date and each Interim Payment Date during the Monthly Advance Collection Period, and (D) all Excess Cash
Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred
during such Monthly Advance Collection Period;

 

(v)             
the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date
that occurred during such Monthly Advance Collection Period;

 

(vi)            
the amount on deposit in each of the Interest Accumulation Account, the Target Amortization Principal Accumulation Account,
the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business
on the last Interim Payment Date before such Payment Date;

 

(vii)          
the aggregate amount of Collections received during the Monthly Advance Collection Period;

 

(viii)     
    the amount of Available Funds for such Payment Date (the sum of the items reported in clause (vi), plus
the items reported in clause (vii));

 

(ix)            
the amount on deposit in the General Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee
is to withdraw from each such General Reserve Account and deposit into the Note Payment Account on such Payment Date for application
to the related Series of Notes;

 

(x)             
the amount of each payment required to be made by the Indenture Trustee or the Paying Agent pursuant to Section 4.5
on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the
aggregate, of

 

(A)            
any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate;

 

(B)             
the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the aggregate;

 

(C)             
the General Reserve Required Amount for each Series of Notes then Outstanding;

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(D)            
the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target
Amortization Period; and

 

(E)             
the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after
giving effect to any principal payments to be made on such Payment Date);

 

(xi)           
the amount of Fees to be paid on such Payment Date;

 

(xii)          
 (A) the Collateral Value of all Facility Eligible Receivables, as of the close of business on the last day of such Monthly
Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes and the sum
of the Collateral Values for all Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account,
the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account, any other
Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on the last
day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating
whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the close of business on such Payment
Date after all payments and distributions described in Section 4.5(a); and

 

(xiii)        
the Interest Payment Amount, the Cumulative Interest Shortfall Amount, the Cumulative Default Fee Amount and the Cumulative
ERD Fee Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date.

 

The Payment
Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying
Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the
Indenture Trustee to make available to Noteholders pursuant to Section 3.5.

 

(c)         
Interim Payment Date Reports. By no later than 3:00 p.m. Eastern Time on the Business Day before each Interim Payment
Date on which there is a VFN Outstanding and on which the Full Amortization Periods have not yet begun, the Indenture Trustee shall
prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent and each
VFN Holder a report (an “Interim Payment Date Report”) reporting the following for such Interim Payment
Date and the Advance Collection Period preceding such Interim Payment Date:

 

(i)                
(A) the amount on deposit in the Collection and Funding Account as of the close of business on the last day before the beginning
of such Advance Collection Period and (B) the amounts on deposit in the Interest Accumulation Account, the Target Amortization
Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth in any Indenture Supplement,
as of the close of business on the immediately preceding Payment Date or Interim Payment Date;

 

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(ii)           the amount of all Collections deposited into the Collection and Funding Account during such Advance Collection Period;

 

(iii)         
the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Advance Collection
Period;

 

(iv)         
the aggregate amount of deposits into the Collection and Funding Account from the Note Payment Account in respect of the
Payment Date, if any, that occurred during such Advance Collection Period;

 

(v)           
the total of all (A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each
Class of Variable Funding Notes) made on the Payment Date or Interim Payment Date that occurred during such Advance Collection
Period, (B) all New Receivables Funding Amounts that were paid in respect of Additional Receivables during such Advance Collection
Period, separately identifying the portion thereof paid from funds on deposit in the Collection and Funding Account and the portion
thereof paid using proceeds of an increase in VFN Principal Balance(s) for each Class of VFNs, (C) all Excess Receivables Funding
Amounts that were paid on the Payment Date and each Interim Payment Date during the Monthly Advance Collection Period, and (D)
all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date or Interim Payment Date
that occurred during such Advance Collection Period;

 

(vi)          
the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the immediately
preceding Payment Date, if any, that occurred during such Advance Collection Period;

 

(vii)         
the amount of Available Funds for such Interim Payment Date (calculated as the sum of the items reported in clauses (i)(A)
and (vi));

 

(viii)        
the amount on deposit in the General Reserve Account for each Series and the General Reserve Required Amount for such General
Reserve Account, and the amount to be deposited into each General Reserve Account on such Interim Payment Date;

 

(ix)           
the amounts required to be deposited on such Interim Payment Date into the Interest Accumulation Account, Target Amortization
Principal Accumulation Account, Fee Accumulation Account and any other Trust Account referenced in any related Indenture Supplement,
respectively;

 

(x)             the amount of Available Funds to be applied toward the New Receivables Funding Amount of
Additional Receivables on the upcoming Interim Payment Date pursuant to Section 4.4(e);

 

(xi)            
the amount to be applied to reduce the aggregate VFN Principal Balance of each Class of VFNs on such Interim Payment Date
(as reported to the Indenture Trustee by the Administrator);

 

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(xii)          
the amount of any Excess Cash Amount paid to the Depositor as holder of the Owner Trust Certificate on such Interim Payment
Date;

 

(xiii)        
the Collateral Value of all Facility Eligible Receivables as of the end of such Advance Collection Period and as of the
close of business on such Interim Payment Date for each Outstanding Series of Notes, and the sum of the Collateral Values for all
Outstanding Series of Notes, and the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account,
the Target Amortization Principal Accumulation Account, the Fee Accumulation Account, the Note Payment Account and any other Trust
Account referenced in a related Indenture Supplement as of the end of business on the last day of such Advance Collection Period
and as of the close of business on such Interim Payment Date;

 

(xiv)        
a calculation demonstrating whether the Collateral Test was satisfied as of the end of business on the last day of such
Advance Collection Period and whether it will be satisfied at such time after effecting the payments described in Section 4.4;

 

(xv)          
any other amounts specified in an Indenture Supplement

 

(d)     
     No Duty to Verify or Recalculate. Notwithstanding anything contained herein to the
contrary, none of the Calculation Agent (except as described in Section 3.4, the Indenture Trustee or the Paying
Agent shall have any obligation to verify or recalculate any information provided to them by the Administrator, and may rely
on such information in making the allocations and payments to be made pursuant to Article IV.

 

Section
3.3.          Annual Statement as to Compliance; Notice of Default;
Agreed Upon Procedures Reports.

 

(a)         
Annual Officer’s Certificates.

 

(i)                
The Servicer and the Receivables Seller shall each deliver to each Note Rating Agency and the Indenture Trustee, on or before
March 31 of each calendar year, an Officer’s Certificate of the Servicer and the Receivables Seller, executed by the chief
financial officer, with respect to OLS, and by the chief financial officer of the Parent, with respect to HLSS, stating that (A)
a review of the activities of the Servicer (and any Subservicer) or the Receivables Seller, as the case may be, during the preceding
12-month period ended December 31 and of its performance under this Indenture and the Receivables Sale Agreement has been made
under the supervision of the officer executing the Officer’s Certificate, and (B) the Servicer, the Receivables Seller and
each Subservicer have fulfilled all their respective obligations under this Indenture and the Receivables Sale Agreement in all
material respects throughout such period or, if there has been a default in the fulfillment of any such obligation, specifying
each such default and the nature and status thereof.

 

(ii)              
The Administrator shall deliver to each Note Rating Agency and the Indenture Trustee, on or before March 31 of each calendar
year, an Officer’s Certificate executed by the chief financial officer of the Administrator, stating that (A) a review of
the activities of the Issuer, the Depositor and the Administrator during the preceding 12-month period ended December 31 (or, in
the case of the first such statement, from January 1, 2011 through December 31, 2011) and of its performance under this Indenture,
the Receivables Sale Agreement and the Receivables Pooling Agreement has been made under the supervision of the officer executing
the Officer’s Certificate, and (B) the Administrator has fulfilled all its obligations under this Indenture in all material
respects throughout such period or, if there has been a default in the fulfillment of any such obligation, specifying each such
default and the nature and status thereof.

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(b)        
Notice of Default. The Calculation Agent shall deliver to the Noteholders, the Indenture Trustee, the Issuer and
each Note Rating Agency promptly after a Responsible Officer has obtained actual knowledge thereof, but in no event later than
three (3) Business Days thereafter, written notice specifying the nature and status of any Target Amortization Event, Event of
Default, Facility Early Amortization Event or other event or occurrence which could have an Adverse Effect.

 

(c) 
        Annual Regulation AB/USAP Report. The Servicer or each Subservicer
shall, on or before the last Business Day of the fifth month following the end of each of the Servicer’s fiscal years
(December 31), beginning in 2012, deliver to the Indenture Trustee who shall forward to each Noteholder a copy of the results
of any Regulation AB required attestation report or Uniform Single Attestation Program for Mortgage Bankers or similar review
conducted on the Servicer or such Subservicer, as applicable, by its accountants and such other reports as the Servicer may
prepare relating to its servicing functions as the Servicer or such Subservicer, as applicable, and corresponding reports for
each Subservicer.

 

(d)         
Agreed Upon Procedures Report. Within 100 days of the end of each calendar quarter of the Servicer and each Subservicer,
beginning with the quarter ending in December, 2011, the Servicer and the Subservicer, respectively, shall cause a firm of nationally
recognized independent public accountants (who may also render other services to the Servicer, the Receivables Seller or the Depositor)
(the “Verification Agent”) to furnish, at the Servicer’s or the Subservicer’s expense, a
report with respect to the prior calendar quarter to the Indenture Trustee and each Note Rating Agency, (i) to the effect that
the Verification Agent has applied certain procedures, agreed upon with the Depositor, the Receivables Seller, the Servicer, the
Subservicer and substantially as set forth in Exhibit D hereto, including re-performance of certain accounting procedures
performed by the Servicer and the Subservicer pursuant to Designated Servicing Agreements and examination of certain documents
and records related to the disbursement and reimbursement of Advances under the related Designated Servicing Agreements and this
Indenture and that, on the basis of such agreed-upon procedures, the Verification Agent is of the opinion that the servicing (including
the allocation of Collections) has been conducted in compliance with the terms and conditions set forth in Article IV,
except for such exceptions as it believes to be immaterial and such other exceptions as shall be set forth in such statement, and
(ii) detailing the following items for such calendar quarter:

 

(A)            
For a sample of Designated Servicing Agreements for at least three dates during the applicable quarter, a reconciliation
of the expected total principal and interest payments in respect of the Mortgage Loans to the amounts on deposit in the related
Dedicated Collection Accounts;

 

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(B)             
Daily receipt clearing reconciliation (three (3) days at a minimum) with respect to a sample of Dedicated Collection Accounts;

 

(C)             
A reconciliation of the monthly disbursement clearing account with respect to at least two (2) Funding Dates per calendar
quarter;

 

(D)            
“Flow of funds” testing for both P&I Advances (including Servicing Fee Advances), Escrow Advances and Corporate
Advances relating to the tracking of funds from clearing account receipt through to deposit into the Collection and Funding Account
(three (3) days minimum);

 

(E)             
A reconciliation of the servicing system Escrow Advance balance (including all suspense and advance balances) to the balances
on deposit in the escrow accounts maintained by the Servicer for a sample of the Designated Servicing Agreements; and

 

(F)              
Analysis of recoverable Advances and Receivables and aging of these items.

 

For purposes of this
section, items performed by the Subservicer on behalf of the Servicer will be deemed to have been verified as to the Servicer if
such verification procedures have been performed with respect to the Subservicer.

 

In addition, each report
shall set forth the agreed upon procedures performed and the results of such procedures. A copy of such report will be sent by
the Indenture Trustee to each Noteholder upon receipt of a written request of the Noteholder. In the event the Verification Agent
requires the Indenture Trustee to agree to the procedures performed by the Verification Agent, the Issuer shall direct the Indenture
Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of agreement
in conclusive reliance upon the direction of the Issuer, and the Indenture Trustee makes no independent inquiry or investigation
as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. Furthermore,
in the event that the Verification Agent’s expense in producing a report as required hereunder exceeds the amount reimbursable
to it pursuant to Section 4.5, such excess shall be payable by the Servicer, at the Servicer’s own expense, upon
receipt by the Servicer of written notification of, and request for, such amount from the Verification Agent.

 

(e)               
Annual Accountants’ Verification of Determination Date Administrator Reports. Within 100 days after the end
of each fiscal year of the Administrator beginning with the fiscal year ending in 2011, the Administrator shall cause the Verification
Agent to furnish a report to the Depositor, the Indenture Trustee and each Note Rating Agency, to the effect that they have compared
the amounts and percentages set forth in four (4) of the Determination Date Administrator Reports forwarded by the Administrator
pursuant to Section 3.2(a) during the period covered by such report with the computer reports (which may include personal
computer generated reports that summarize data from the computer reports generated by the Administrator which are used to prepare
the Determination Date Administrator Reports) which were the source of such amounts and percentages and that on the basis of such
comparison, such amounts and percentages are in agreement except as shall be set forth in such report. A copy of such report will
be sent by the Indenture Trustee to each Noteholder upon such Noteholder’s written request.

 

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(f)               
Annual Lien Opinion. Within 100 days after the end of each fiscal year of the Administrator, beginning with the fiscal
year ending in 2012, the Administrator shall deliver to the Indenture Trustee and the Administrative Agent an Opinion of Counsel
from outside counsel to the effect that the Indenture Trustee has a perfected security interest in the Aggregate Receivables attributable
to the Servicing Agreements identified in an exhibit to such opinion as Designated Servicing Agreements, and that, based on a review
of UCC search reports (copies of which shall be attached thereto), there are no UCC-1 filings indicating an Adverse Claim with
respect to such Receivables that has not been released.

 

(g)              
Other Information. In addition, the Administrator shall forward to the Administrative Agent, upon its reasonable
request, such other information, documents, records or reports respecting (i) HLSS, OLS or any of their respective Affiliates party
to the Transaction Documents, (ii) the condition or operations, financial or otherwise, of HLSS, OLS or any of their respective
Affiliates party to the Transaction Documents, (iii) the Designated Servicing Agreements, the related Mortgage Loans and the Receivables
or (iv) the transactions contemplated by the Transaction Documents, including access to the Servicer’s and each Subservicer’s
management and records. The Administrative Agent shall and shall cause its respective representatives to hold in confidence all
such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment
are unavailing) or the Administrative Agent may reasonably determine that such disclosure is consistent with its obligations hereunder;
provided, however, that the Administrative Agent may disclose on a confidential basis any such information to its
agents, attorneys and auditors in connection with the performance of its responsibilities hereunder.

 

Section
3.4.          Access to Certain Documentation and Information.

 

(a)               
Access to Receivables Information. The Custodians shall provide the Noteholders with access to the documentation
relating to the Receivables as provided in Section 2.4(b). In each case, access to documentation relating to the Receivables
shall be afforded without charge but only upon reasonable request and during normal business hours at the offices of the Custodians
and in a manner that does not unreasonably interfere with a Custodian’s conduct of its regular business. Nothing in this
Section 3.4 shall impair the obligation of the Custodians to observe any Applicable Law prohibiting disclosure of information
regarding the Trust Estate and the failure of the Custodians to provide access as provided in this Section 3.4 as a
result of such obligation shall not constitute a breach of this Section.

 

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Notwithstanding anything
to the contrary contained in this Section 3.4, Section 2.4, or in any other Section hereof, the Servicer,
on reasonable prior notice, shall permit the Verification Agent and the Indenture Trustee or any agent or independent certified
public accountants selected by the Indenture Trustee, during the Servicer’s normal business hours, and in a manner that does
not unreasonably interfere with the Servicer’s conduct of its regular business, to examine all the books of account, records,
reports and other papers of the Servicer relating to the Mortgage Loans, Designated Servicing Agreements and the Receivables, to
make copies and extracts therefrom, and to discuss the Servicer’s affairs, finances and accounts relating to the Mortgage
Loans, Designated Servicing Agreements and the Receivables with the Servicer’s officers, employees and independent public
accountants (and by this provision the Servicer hereby authorizes the Servicer’s accountants to discuss with such representatives
such affairs, finances and accounts), all at such times and as often as reasonably may be requested; provided that the Servicer
shall be given reasonable prior notice of any meeting with its accountants and shall have the right to have its representatives
present at any such meeting. The Servicer shall at all times have equivalent access rights to the Subservicer. Unless a related
Target Amortization Event, an Event of Default or a Facility Early Amortization Event that has not been waived by the Majority
Holders of all Outstanding Notes shall have occurred, or the Notes of any Class have been downgraded below “investment grade”
by each related Note Rating Agency or any related Note Rating Agency shall have withdrawn its rating of any Class of Notes, any
out-of-pocket costs and expenses incident to the exercise by the Indenture Trustee or any Noteholder of any right under this Section 3.4
shall be borne by the requesting Noteholder(s). The parties hereto acknowledge that the Indenture Trustee shall not exercise any
right pursuant to this Section 3.4 prior to any event set forth in the preceding sentence unless directed to do so
by a group of Interested Noteholders, and the Indenture Trustee has been provided with indemnity satisfactory to it by such Interested
Noteholders. The Indenture Trustee shall have no liability for action in accordance with the preceding sentence.

 

In the event that such
rights are exercised (i) following a related Target Amortization Event, (ii) following the occurrence of a Facility Early Amortization
Event that has not been waived by the Majority Holders of each Class of all Outstanding Notes, (iii) following the occurrence of
an Event of Default that has not been waived by the Majority Holders of each Class of all Outstanding Notes, or (iv) after a related
Note Rating Agency has withdrawn its rating of any Class of Notes, while the Notes of any Class have a rating below “investment
grade” by such Note Rating Agency, all out-of-pocket costs and expenses incurred by the Indenture Trustee shall be borne
by the Receivables Seller. Prior to any such payment, the Receivables Seller shall be provided with commercially reasonable documentation
of such costs and expenses. Notwithstanding anything contained in this Section 3.4 to the contrary, in no event shall
the books of account, records, reports and other papers of the Servicer, the Receivables Seller, the Depositor or the Issuer relating
to the Mortgage Loans, Designated Servicing Agreements and the Receivables be examined by independent certified public accountants
at the direction of the Indenture Trustee or any Interested Noteholder pursuant to the exercise of any right under this Section 3.4
more than two times during any 12 month period, unless (A) a Target Amortization Event, (B) a Facility Early Amortization Event
that has not been waived by the Majority Holders of each Class of all Outstanding Notes has occurred during such twelve-month period,
(C) an Event of Default has occurred that has not been waived by the Majority Holders of each Class of all Outstanding Notes during
such twelve-month period, or (D) the Notes of any Class have been downgraded below “investment grade” by a related
Note Rating Agency (without regard to any supplemental credit enhancement) or such Note Rating Agency shall have withdrawn its
rating of any Class of Notes, in which case more than two examinations may be conducted during a twelve-month period, but such
extra audits shall be at the sole expense of the Noteholder(s) requesting such audit(s).

 

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(b)              
Access to Issuer. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Verification
Agent, the Indenture Trustee, the Administrative Agent or any Noteholder, to examine all of its books of account, records, reports,
and other papers, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants,
and to discuss its affairs, finances and accounts its officers, employees, and independent certified public accountants, all at
such reasonable times and as often as may be reasonably requested. The Indenture Trustee and the Noteholders shall and shall cause
their respective representatives to hold in confidence all such information except to the extent disclosure may be required by
law (and all reasonable applications for confidential treatment are unavailing) or the Indenture Trustee may reasonably determine
that such disclosure is consistent with its obligations hereunder; provided, however, that the Indenture Trustee
may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance
of its responsibilities hereunder. Without limiting the generality of the foregoing, the Indenture Trustee shall not disclose information
to any of its Affiliates or any of their respective directors, officers, employees and agents, that may provide any servicer advance
financing to HLSS, the Depositor, the Issuer or any of their Affiliates, except in such Affiliate’s capacity as a Noteholder.

 

Section
3.5.          Indenture Trustee to Make Reports Available.

 

(a)               
Monthly Reports on Indenture Trustee’s Website. The Indenture Trustee will make each Determination Date Administrator
Report, Payment Date Report and Interim Payment Date Report (and, at its option, any additional files containing the same information
in an alternative format) available each month to any interested parties via the Indenture Trustee’s internet website and
such other information as the Indenture Trustee may have in its possession, but only with the use of a password provided by the
Indenture Trustee. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee
may require registration and the acceptance of a disclaimer. The Indenture Trustee’s internet website shall initially be
located at https://tss.sfs.db.com/investpublic/. Assistance in using the Indenture Trustee’s website can be obtained by calling
the Indenture Trustee’s investor relations desk at 1 800 735 7777. Parties that are unable to use the above distribution
option are entitled to have a paper copy mailed to them via first class mail by calling the investor relations desk and requesting
a copy. The Indenture Trustee shall have the right to change the way the Determination Date Administrator Reports, Payment Date
Reports and Interim Payment Date Reports are distributed in order to make such distribution more convenient and/or more accessible
to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any
such changes.

 

(b)              
Annual Reports. Within sixty (60) days after the end of each calendar year, the Indenture Trustee shall furnish to
each Person (upon the written request of such Person), who at any time during the calendar year was a Noteholder a statement containing
(i) information regarding payments of principal, interest and other amounts on such Person’s Notes, aggregated for such calendar
year or the applicable portion thereof during which such person was a Noteholder and (ii) such other customary information as may
be deemed necessary or desirable for Noteholders to prepare their tax returns. Such obligation shall be deemed to have been satisfied
to the extent that substantially comparable information is provided pursuant to any requirements of the Code as are from time to
time in force. The Indenture Trustee shall prepare and provide to the Internal Revenue Service and to each Noteholder any information
reports required to be provided under federal income tax law, including without limitation IRS Form 1099.

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Article
IV

THE TRUST ACCOUNTS; PAYMENTS

 

Section
4.1.          Trust Accounts.

 

The Indenture Trustee
shall establish and maintain, or cause to be established and maintained, the Trust Accounts, each of which shall be an Eligible
Account, for the benefit of the Noteholders. All amounts held in the Trust Accounts shall, to the extent permitted by this Indenture
and applicable laws, rules and regulations, be invested in Permitted Investments by the depository institution or trust company
then maintaining such Account only upon written direction of the Administrator to the Indenture Trustee; provided, however,
that in the event the Administrator fails to provide such written direction to the Indenture Trustee, and until the Administrator
provides such written direction, the Indenture Trustee shall not invest funds on deposit in any Trust Account. Funds deposited
into a Trust Account on a Business Day after 1:30 p.m. Eastern Time will not be invested until the following Business Day. Investments
held in Permitted Investments in the Trust Accounts shall not be sold or disposed of prior to their maturity. Earnings on investment
of funds in any Trust Account shall be remitted by the Indenture Trustee upon the Administrator’s request to the account
or other location of the Administrator’s designation on the first Business Day of the month following the month in which
such earnings on investment of funds is received; provided, that the Indenture Trustee shall be entitled to the benefit
of any income or gain in the Trust Accounts for the Business Day immediately preceding each Interim Payment Date or Payment Date,
as applicable. Any losses and investment expenses relating to any investment of funds in any Trust Account shall be for the account
of the Administrator, which shall deposit or cause to be deposited the amount of such loss (to the extent not offset by income
from other investments of funds in the related Trust Account) in the related Trust Account promptly upon the realization of such
loss. The taxpayer identification number associated with each of the Trust Accounts shall be that of the Issuer, and the Issuer
shall report for federal, state and local income tax purposes their respective portions of the income, if any, earned on funds
in the relevant Trust Accounts. The Administrator hereby acknowledges that all amounts on deposit in each Trust Account (excluding
investment earnings on deposit in the Trust Accounts) are held in trust by the Indenture Trustee for the benefit of the Noteholders,
subject to any express rights of the Issuer set forth herein, and shall remain at all times during the term of this Indenture under
the sole dominion and control of the Indenture Trustee.

 

So long as the Indenture
Trustee complies with the provisions of this Section 4.1, the Indenture Trustee shall not be liable for the selection
of investments or for investment losses incurred thereon by reason of investment performance, liquidation prior to stated maturity
or otherwise. The Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any
investment prior to its stated maturity or the failure to be provided with timely written investment direction.

 

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In order to comply
with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those
relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture
Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business
relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture Trustee upon its request
from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture
Trustee to comply with Applicable Law.

 

The Indenture Trustee
or its Affiliates are permitted to receive additional compensation that could be deemed to be for the Indenture Trustee’s
economic self-interest for (a) servicing as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian
with respect to certain of the Permitted Investments, (b) using Affiliates to effect transactions in certain Permitted Investments
and (c) effecting transactions in certain Permitted Investments. Such compensation is not payable or reimbursable under this Indenture.

 

Section
4.2.          Collections and Disbursements of Advances by Servicer.

 

(a)               
Daily Deposits of Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account,
and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account,
within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders,
shall remit or cause the Subservicer to remit, to either the Collection and Funding Account or to an Eligible Account in the name
of the Indenture Trustee, in which no other funds are deposited (the “Initial Collection Account”) all
Advance Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business
Days after the Servicer’s or the Subservicer’s deposit thereof into its clearing account, and shall, no later than
two (2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture
Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated Servicing Agreement
requires the related Servicer to remit such amounts to a Dedicated Collection Account, the Servicer or the Subservicer shall deposit
such collections to such Dedicated Collection Account no later than two (2) Business Days after collection thereof by the Servicer
or the Subservicer, and shall cause such amounts to be remitted directly from such Dedicated Collection Account(s) to the Initial
Collection Account or to the Collection and Funding Account no later than two (2) Business Days after such amounts are deposited
into the clearing account. If the Servicer remits Collections through one or more intermediate steps in the course of transfer
from its clearing account to the related Dedicated Collection Account, or from the related Dedicated Collection Account to the
Collection and Funding Account, the Servicer shall identify each such account in writing to each Administrative Agent. The Indenture
Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer or
the Subservicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection
and Funding Account later than 2:00 p.m. Eastern Time on a Business Day, such funds shall be deemed to have been received on the
following Business Day. Notwithstanding the foregoing, after the Servicer or the Subservicer shall have remitted to the Collection
and Funding Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in
an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other
than Amounts Held for Future Distribution, the Servicer or the Subservicer may leave additional Advance Reimbursement Amounts collected
with respect to such Designated Servicing Agreement in the related Dedicated Collection Account and use such funds to reimburse
Amounts Held for Future Distribution as required pursuant to Section 4.2(c).

 

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(b)              
Payment Dates. On each Payment Date, the Indenture Trustee shall transfer from the Collection and Funding Account
to the Note Payment Account all Available Funds then on deposit in the Collection and Funding Account. Except in the case of Redemption
Amounts, which may be remitted by the Issuer directly to the Note Payment Account, none of the Servicer, the Subservicer, the Administrator,
the Issuer, the Calculation Agent or the Indenture Trustee shall remit to the Note Payment Account, and each shall take all reasonable
actions to prevent other Persons from remitting to the Note Payment Account, amounts which do not constitute payments, collections
or recoveries received, made or realized in respect of the Receivables or the initial cash deposited by the Noteholders with the
Indenture Trustee on the date hereof, and the Indenture Trustee will return to the Issuer or the Servicer any such amounts upon
receiving written evidence reasonably satisfactory to the Indenture Trustee that such amounts are not a part of the Trust Estate.

 

(c)               
Restoration of Amounts Held for Future Distribution. The Servicer generally has the right to remit amounts held for
distribution to the MBS Trustee in a future month (“Amounts Held for Future Distribution”) on deposit
in each Dedicated Collection Account, to the related MBS Trustee as part of the Servicer’s monthly P&I Advances required
under the related Designated Servicing Agreement. The Servicer shall deposit the full amount of any Amount Held for Future Distribution
with respect to each Designated Servicing Agreement that were so used by the Servicer, in any month, back into the related Dedicated
Collection Account, to the extent not restored already out of Advance Reimbursement Amounts, by no later than the date on which
the Servicer would have been required to remit such amount to the related MBS Trustee as a current monthly Mortgage Loan collection,
or earlier if so required under the related Servicing Agreement. If the Servicer fails to restore any such Amount Held for Future
Distribution at the time when it is required to do so pursuant to this Section 4.2(c), and does not correct such failure
within one (1) Business Day, then the Servicer covenants hereunder that it shall no longer use any Amounts Held for Future Distribution
in making any of its P&I Advances at any time on or after such failure.

 

(d)              
Obligation to Make P&I Advances. The Receivables Seller and the Servicer hereby irrevocably appoint the Holder(s)
of any applicable Outstanding VFN with the authority (but no obligation) to make any P&I Advance on the Servicer’s behalf
to the extent the Servicer fails to make such P&I Advance when required to do so pursuant to the related Designated Servicing
Agreement.

 

Section
4.3.          Funding of Additional Receivables.

 

(a)               
Funding Certifications. By no later than 1:00 p.m. Eastern Time on the Business Day prior to each Funding Date, the
Administrator shall prepare and deliver to the Issuer, the Indenture Trustee, the Calculation Agent and each applicable VFN Holder
a certification (each, a “Funding Certification”) containing a list of each Funding Condition and presenting
a yes or no answer beside each indicating whether such Funding Condition has been satisfied and shall state in writing the New
Receivables Funding Amount to be funded on that Funding Date.

 

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(b)          
VFN Draws, Discretionary Paydowns and Permanent Reductions.

 

(i)          
By no later than 1:00 p.m. Eastern Time on the Business Day prior to any Interim Payment Date or Payment Date during the
Revolving Period on which any applicable Variable Funding Note Class is Outstanding, the Issuer may deliver, or cause to be delivered,
to each Holder of such Variable Funding Notes and to the Indenture Trustee a report (a “VFN Note Balance Adjustment
Request”) for such upcoming Funding Date, requesting such Holders to fund a VFN Principal Balance increase on any
Class or Classes of VFNs in the amount(s) specified in such request, which request shall instruct the Indenture Trustee to recognize
an increase in the related VFN Principal Balance, but which increase shall not be in excess of the lesser of (a) the related Borrowing
Capacity and (b) the amount that would cause the Collateral Test to be violated. The VFN Note Balance Adjustment Request shall
also state the amount, if any, of any principal payment to be made on each Outstanding Class of VFNs on the upcoming Interim Payment
Date or Payment Date.

 

(ii)              
From time to time, but not exceeding once per calendar month, during the Revolving Period, the Issuer may notify the Administrative
Agent of a permanent reduction in the Maximum VFN Principal Balance by indicating such reduction on the VFN Note Balance Adjustment
Request. Following such permanent reduction, the applicable VFN Holders shall only be required to fund increases in the VFN Principal
Balance up to such reduced Maximum VFN Principal Balance. Furthermore, following a reduction in the Maximum VFN Principal Balance
pursuant to this clause (ii), the Issuer shall not at any time be permitted to request an increase in the Maximum VFN
Principal Balance.

 

(iii)            
If the related Funding Certification indicates that all Funding Conditions have been met, the applicable VFN Holders shall
fund the VFN Principal Balance increase by remitting pro rata (based on such Holder’s percentage of the VFN Principal
Balance) the amount stated in the request to the Indenture Trustee by 12:00 p.m. (noon) Eastern Time on the related Funding Date,
whereupon the Indenture Trustee shall adjust its records to reflect the increase of the VFN Principal Balance (which increase shall
be the aggregate of the amounts received by the Indenture Trustee from the applicable VFN Holders) by 2:00 p.m. Eastern Time on
such Funding Date, so long as, after such increase and after giving effect to Receivables to be purchased, the Collateral Test
will continue to be satisfied, determined based on the VFN Note Balance Adjustment Request and Determination Date Administrator
Report. The Indenture Trustee shall be entitled to rely conclusively on any VFN Note Balance Adjustment Request and the related
Determination Date Administrator Report and Funding Certification. The Indenture Trustee shall furnish electronically to the Issuer
or its designee and each applicable VFN Holder, notice on such Funding Date as reasonably requested by the Issuer of any increase
in the VFN Principal Balance. The Indenture Trustee shall apply and remit any such payment by the VFN Holders toward the payment
of the related New Receivables Funding Amount and (if applicable) Excess Receivables Funding Amounts as described in Section 4.3(c).
If on any Funding Date there is more than one Series with Outstanding Variable Funding Notes, VFN draws on such Funding Date shall
be made on a pro rata basis among all applicable Outstanding Series of VFNs in their Revolving Periods based on their respective
available Borrowing Capacities, unless otherwise provided in the related Indenture Supplement and Note Purchase Agreement. If any
VFN Holder does not fund its share of a requested VFN draw, one or more other VFN Holders may fund all or a portion of such draw,
but no other VFN Holder shall have any obligation to do so. Draws on VFNs of different Classes within the same Series need not
be drawn pro rata relative to each other.

 

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(c)         
Payment of New Receivables Funding Amounts.

 

(i)          
Subject to its receipt of a duly executed Funding Certification from the Administrator pursuant to Section 4.3(a)
stating that all Funding Conditions have been satisfied, and after all distribution have been made pursuant to Section 4.4
or Section 4.5, as applicable, the Indenture Trustee shall remit to the Issuer (or the Issuer’s designee), by the
close of business Eastern Time on each Funding Date occurring at a time when no Facility Early Amortization Event shall have occurred
and shall be continuing, the amount of (x) the aggregate New Receivables Funding Amount for Additional Receivables to be funded
on such Funding Date and (y) any other amounts to be drawn on the VFNs on such date in respect of Excess Receivables Funding Amounts
without causing the related VFN Principal Balance to exceed either (I) the related Maximum VFN Principal Balance or (II) the amount
that would cause the Collateral Test not be satisfied, using the following sources of funding in the following order:

 

(A)            
any funds allocated and on deposit in the Collection and Funding Account pursuant to Section 4.4(e) and Section
4.5(a)(1)(vi), as applicable, on such Funding Date; and

 

(B)             
any amounts paid by VFN Holders in respect of such New Receivables Funding Amount as described in Section 4.3(b).

 

(ii)              
Subject to its receipt of a duly executed Funding Certification from the Administrator pursuant to Section 4.3(a)
indicating that all Funding Conditions have been satisfied (after giving effect to Receivables to be purchased), the Indenture
Trustee shall remit to the Issuer (or the Issuer’s designee) by the close of business on each Interim Payment Date or Payment
Date occurring at any time when not all Outstanding Notes are in Full Amortization Periods, the amount of the aggregate New Receivables
Funding Amount for Additional Receivables to be funded on such Interim Payment Date or Payment Date, using (i) Available Funds
allocated for such purpose pursuant to Section 4.5(a)(1)(vi), and (ii) any amounts paid by VFN Holders in respect of
such New Receivables Funding Amount as described in Section 4.3(b).

 

(iii)            
Except with respect to P&I Advance Receivables eligible for funding on a Funding Date prior to disbursement of the related
P&I Advances pursuant to Section 4.3(e), the Servicer shall not, and the Administrator shall not and shall not
permit the Issuer or the Depositor to, request funding for any Receivables except to the extent that the related Advances shall
have been disbursed to the related MBS Trustees prior to the receipt of the related New Receivables Funding Amount. Unless and
until (i) a Facility Early Amortization Event or an Event of Default shall have occurred which has not been waived or (ii) a VFN
Holder or the Majority Holders of all the Notes instruct the Indenture Trustee by a written notice that no portion of the New Receivables
Funding Amount may be paid by the Indenture Trustee without first receiving a written certification that all of the related P&I
Advances have been previously disbursed by the Receivables Seller (a “Cease Pre-Funding Notice”), which
may be delivered at any time as deemed necessary by such Holder(s) in the exercise of its or their sole and absolute discretion,
the Indenture Trustee may pay the New Receivables Funding Amount for P&I Advances on any Funding Date. If a Cease Pre-Funding
Notice has been delivered, then no Receivables may be funded until all the related Advances (including any P&I Advances disbursed
on such Funding Date) have been disbursed and the Receivables Seller shall have delivered a written certification to such effect
to the Indenture Trustee with respect to all related Advances.

 

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(d)         

P&I Advance Disbursement Account. Pursuant to Section 4.1, the Indenture Trustee shall establish
and maintain an Eligible Account in the name of the Issuer as the P&I Advance Disbursement Account. The P&I Advance Disbursement
Account shall at all times qualify as an Eligible Account. If, at any time, the P&I Advance Disbursement Account has ceased
to qualify as an Eligible Account, the Indenture Trustee shall within sixty (60) days of the actual knowledge of a Responsible
Officer of the Indenture Trustee or through receipt of such notice to the Indenture Trustee that the P&I Advance Disbursement
Account has ceased to qualify as an Eligible Account, establish a new P&I Advance Disbursement Account qualifying as an Eligible
Account and transfer any cash and any investments on deposit into such newly established P&I Advance Disbursement Account.
The taxpayer identification number associated with the P&I Advance Disbursement Account shall be that of the Issuer and the
Depositor will report for Federal, state and local income tax purposes, the income, if any, on funds on deposit in the P&I
Advance Disbursement Account. Subject to Section 4.1, funds on deposit from time to time in the P&I Advance Disbursement
Account shall remain uninvested. The Indenture Trustee shall have and is hereby directed by the Issuer to exercise the sole and
exclusive right to disburse funds from the P&I Advance Disbursement Account and each of the Servicer, Subservicer, Administrator
and Issuer hereby acknowledges and agrees that it shall have no right to provide payment or withdrawal instructions with respect
to the P&I Advance Disbursement Account or to otherwise direct the disposition of funds from time to time on deposit in the
P&I Advance Disbursement Account.

 

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(e)         
Pre-Funding of P&I Advances. On any Funding Date during the Revolving Period, the Issuer (or the Administrator
on its behalf) may request that all or a portion of the New Receivables Funding Amount be applied in satisfaction of the Servicer’s
obligation to make P&I Advances under one or more Designated Servicing Agreements. Prior to (i) the occurrence of an Event
of Default or Facility Early Amortization Event or (ii) the receipt by the Indenture Trustee of a Cease Pre-Funding Notice, the
Indenture Trustee shall apply the portion of the New Receivables Funding Amount requested by the Issuer (or the Administrator on
its behalf) to Noteholders’ Amounts (as defined below) in accordance with this Section 4.3(e). Not later than
12:00 p.m. (noon) Eastern Time on the Business Day preceding each Funding Date, the Issuer (or the Administrator on its behalf)
shall deliver a disbursement report (the “Disbursement Report”) to the Indenture Trustee and the Administrative
Agent setting forth in reasonable detail (A) the aggregate amount of P&I Advances required to be advanced by the Servicer under
each Designated Servicing Agreement on such Funding Date for which the Servicer desires pre-funding in accordance with this Section 4.3(e)
(each such amount, a “P&I Advance Amount”), (B) the payment or wiring instructions for the custodial
account or accounts relating to each Designated Servicing Agreement with respect to which the Servicer is obligated to disburse
P&I Advance Amount on such Funding Date, (C) the Series New Receivables Funding Amount for each Series, and the full New Receivables
Funding Amount, that would apply to each P&I Advance Amount if such P&I Advance Amount were a P&I Receivable (such
Collateral Value, the “Noteholders’ Amount”), and (D) a calculation for each P&I Advance Amount
of the excess of such P&I Advance Amount over the Noteholders’ Amount (such excess, the “Issuer Amount”).
Not later than 11:00 a.m. Eastern Time on each Funding Date, (x) the Issuer (or the Administrator on its behalf) shall deposit
to the P&I Advance Disbursement Account in cash or immediately available funds, an amount equal to the sum of the Issuer Amounts
with respect to each Designated Servicing Agreement and (y) the Indenture Trustee shall transfer to the P&I Advance Disbursement
Account, out of the proceeds of the New Receivables Funding Amount, an amount equal to the sum of the Noteholders’ Amounts
with respect to each Designated Servicing Agreement. Not later than 12:00 p.m. (noon) Eastern Time on each Funding Date, the Indenture
Trustee will, solely from funds on deposit in the P&I Advance Disbursement Account, remit the P&I Advance Amount with respect
to each Designated Servicing Agreement to the applicable custodial accounts listed in the related Disbursement Report. Notwithstanding
anything to the contrary contained herein, the Indenture Trustee shall not transfer any funds from the Collection and Funding Account
to the P&I Advance Disbursement Account or disburse any P&I Advance Amount on any Funding Date unless it shall have confirmed
receipt of the sum of the Issuer Amounts described on the related Disbursement Report.

 

(f)         
Limited Funding Dates. On any Limited Funding Date, subject to its receipt of a duly executed Funding Certification
from the Administrator pursuant to Section 4.3(a) stating that all Funding Conditions have been satisfied, the Indenture
Trustee shall, by the close of business Eastern Time on each Limited Funding Date occurring during the Revolving Period, (i) remit
to the Issuer (or the Issuer’s designee) the amount of the aggregate New Receivables Funding Amount for Additional Receivables
to be funded on such Limited Funding Date, using only funds on deposit in the Collection and Funding Account minus the Required
Expense Reserve, and (ii) thereafter, release any Excess Cash Amount to the Depositor as holder of the Owner Trust Certificate,
it being understood that no such Excess Cash Amounts may be paid to the Depositor under this clause (f) if, after the
payment of such cash amounts, the Collateral Test would no longer be satisfied. Notwithstanding anything to the contrary herein,
no draws on Variable Funding Notes may be made on a Limited Funding Date, and no payments on any Notes shall be made on a Limited
Funding Date, as Limited Funding Dates shall not be treated as Interim Payment Dates but instead shall be for the sole purpose
of funding new Receivables and releasing Excess Cash Amounts to the extent permissible under the terms of this Indenture.

 

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Section
4.4.          Interim Payment Dates.

 

On each Interim Payment
Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and
Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date
Report for such Interim Payment Date:

 

(a)        
to the Fee Accumulation Account, the Fee Accumulation Amount for such Interim Payment Date;

 

(b)        
to the Interest Accumulation Account, the Interest Accumulation Amount for such Interim Payment Date;

 

(c)        
to the General Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect
to such deposit, the amount standing to the credit of such General Reserve Account shall be equal to the related General Reserve
Required Amount;

 

(d)         
if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been
waived, to the Target Amortization Principal Accumulation Account, the Target Amortization Amount for the next Payment Date in
respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture
Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts;

 

(e)         
to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible
Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to
be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded
on such Interim Payment Date; provided that no New Receivable Funding Amounts will be released to fund new Receivables under
this clause (e) unless the Funding Conditions have been met;

 

(f)         
unless a Full Amortization Period is in effect, from Available Funds, to pay down the VFN Principal Balance of each Outstanding
Class of VFNs pro rata, based on their respective Note Balances, the amount necessary to satisfy the Collateral Test; and

 

(g)              
to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances,
such amount as may be designated by the Administrator; and

 

(h)              
any amounts remaining on deposit in the Collection and Funding Account, other than amounts to be retained therein pursuant
to clause (e) above, to the Depositor as holder of the Owner Trust Certificate, it being understood that no such Excess Cash Amounts
may be paid to the Depositor under this clause (g) if, after the payment of such cash amounts, the Collateral Test
would no longer be satisfied.

 

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Section
4.5.          Payment Dates.

 

(a)         
On each Payment Date, the Indenture Trustee shall transfer the related Available Funds on deposit in the Collection and
Funding Account, the Interest Accumulation Account and the Target Amortization Principal Accumulation Account for such Payment
Date to the Note Payment Account. On each Payment Date, the Paying Agent shall apply such Available Funds in the following order
of priority and in the amounts set forth in the Payment Date Report for such Payment Date (provided that amounts on deposit
in the Target Amortization Principal Accumulation Account may only be used to pay the Target Amortization Amounts of the Classes
for which the related Indenture Supplement provides that there will be intra-month reservation of Target Amortization Principal
Accumulation Amounts (pro rata based on their respective Target Amortization Principal Accumulation Amounts)):

 

(1)         
If a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been
waived:

 

(i)          
to the Indenture Trustee (in all its capacities), the Indenture Trustee Fee, and to the Owner Trustee (to the extent not
otherwise paid pursuant to the Trust Agreement or the Administration Agreement), the Owner Trustee Fee payable on such Payment
Date, plus, (subject, in the case of expenses and indemnification amounts, to the applicable Expense Limit) all reasonable
out-of-pocket expenses and indemnification amounts owed to the Indenture Trustee (in all capacities) and the Owner Trustee on such
Payment Date, from funds in the Fee Accumulation Account, with respect to expenses and indemnification amounts to the extent such
expenses and indemnification amounts have been invoiced or noticed to the Administrator and to the extent of amounts on deposit
in the Fee Accumulation Account which were deposited into the Fee Accumulation Account on an Interim Payment Date specifically
for such items, and thereafter from other Available Funds, if necessary;

 

(ii)         
to each Person (other than the Indenture Trustee or the Owner Trustee) entitled to receive Fees or Series Fees or Undrawn
Fees on such date, the Fees or Series Fees or Undrawn Fees payable to any such Person with respect to the related Monthly Advance
Collection Period or Interest Accrual Period, as applicable, plus (subject, in the case of expenses and indemnification
amounts, to the applicable Expense Limit or Increased Costs Limit, as appropriate, and allocated pro rata based on the amounts
due to each such Person and subject in the case of Series Fees to the applicable Series Fee Limit) all reasonable out-of-pocket
expenses and indemnification amounts owed for Administrative Expenses of the Issuer and for Increased Costs or any other amounts
(including Undrawn Fees) due to any Noteholder and any Series Fees due as specified in an Indenture Supplement, subject to the
related Series Fee Limit, pursuant to the Transaction Documents with respect to expenses, indemnification amounts, Increased Costs,
Undrawn Fees, Series Fees and other amounts to the extent such expenses, indemnification amounts, Increased Costs, Undrawn Fees,
Series Fees and other amounts have been invoiced or noticed to the Administrator and the Indenture Trustee and to the extent such
amounts were deposited into the Fee Accumulation Account on a preceding Interim Payment Date, and thereafter from other Available
Funds, if necessary;

 

(iii)            
to the Holders of each Series of Notes, pro rata based on their respective interest entitlement amounts, the related
Interest Payment Amount and Cumulative Interest Shortfall Amounts for each Class of Notes; provided that if the amount of
Available Funds on deposit in the Collection and Funding Account on such day is insufficient to pay any amounts in respect of any
Class pursuant to this clause (iii), the Indenture Trustee shall withdraw from the General Reserve Account for such
Class an amount equal to the lesser of the amount then on deposit in such General Reserve Account and the amount of such shortfall
for disbursement to the Noteholders of such Class in reduction of such shortfall, with all such amounts paid to a Series under
this clause (iii) allocated among the Classes of such Series as provided in the related Indenture Supplement;

 

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(iv)            
to the General Reserve Account for each Series, any amount required to be deposited therein so that, after giving effect
to such deposit, the amount on deposit in such General Reserve Account on such day equals the related General Reserve Required
Amount;

 

(v)         
to the Holders of each Class of Notes for which the Target Amortization Period has commenced, the Target Amortization Amount
for such Class on such Payment Date, first payable from any amounts on deposit in the Target Amortization Principal Accumulation
Account in respect of such Class, allocated pro rata among any such Classes based on their respective Target Amortization
Amounts, and thereafter payable from other Available Funds or proceeds of draws on VFNs or other companion Notes described in the
related Indenture Supplement, pro rata based on their respective Target Amortization Amounts;

 

(vi)            
to the Collection and Funding Account, for disbursement to the Issuer (or the Issuer’s designee), the aggregate New
Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Payment Date (without duplicating any portion
of such New Receivables Funding Amount to be paid using the proceeds of an increase in any VFN Principal Balance) and the aggregate
Excess Receivables Funding Amount to be funded on such Payment Date;

 

(vii)          
to the extent necessary to satisfy the Collateral Test on such Payment Date, (1) to pay down the respective VFN Principal
Balances of each Outstanding Class of VFNs, pro rata based on their respective Note Balances, until the earlier of satisfaction
of the Collateral Test or reduction of all VFN Principal Balances to zero, and thereafter (2) to reserve cash in the Collection
and Funding Account to the extent necessary to satisfy the Collateral Test;

 

(viii)        
to the Holders of each Series of Notes, pro rata based on the respective amounts owed to each such Series under this
clause (viii), the amount necessary to reduce the sum of the ERD Fee, the Cumulative ERD Fee Amount, the Default Fee and the Cumulative
Default Fee Amount for each such Series and such Payment Date to zero, in each case with amounts paid on a Series pursuant to this
clause being allocated among the Classes within such Series as specified in the related Indenture Supplement;

 

(ix)            
pro rata, based on their respective invoiced or reimbursable amounts and without regard to the applicable Expense
Limit or Series Fee, (A) to the Indenture Trustee (in all its capacities) and the Owner Trustee for any amounts payable to the
Indenture Trustee and the Owner Trustee pursuant to this Indenture to the extent not paid under clause (i) above, (B)
to the Verification Agent for any amounts payable to the Verification Agent pursuant to this Indenture to the extent not paid under
clause (ii) above, (C) to the Securities Intermediary for any indemnification amounts owed to the Securities Intermediary
as described in Section 4.9; (D) all Administrative Expenses of the Issuer not paid under clause (ii) above;
(E) to the Holders of any Notes to cover Increased Costs, pro rata among multiple Series based on their respective Increased Costs
amounts (and among multiple Classes, allocated within any Series as described in the related Indenture Supplement); (F) any Series
Fees due pursuant to Indenture Supplement in excess of the applicable Series Fee Limit; or (G) any other amounts payable pursuant
to this Indenture or any other Transaction Document and not paid under clause (ii) above;

 

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(x)         
if and to the extent so directed by the Administrator on behalf of the Issuer, to the Holders of each Class of VFNs, an
amount to be applied to pay down the respective VFN Principal Balances equal to the lesser of (A) the amount specified by the Administrator
and (B) the amount necessary to reduce the VFN Principal Balances to zero, paid pro rata among each VFN Classes based on their
respective Note Balances; and

 

(xi)            
to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note
Balances, such amount as may be designated by the Administrator; and

 

(xii)          
any amounts remaining on deposit in the Note Payment Account to the Depositor as holder of the Owner Trust Certificate to
the extent that the Collateral Test would not, following any such payment, be breached; provided, that amounts due and owing
to the Owner Trustee and not previously paid hereunder or under any other Transaction Document shall be paid prior to such payment.

 

(2)         
If a Facility Early Amortization Event has occurred and is continuing unwaived, the Available Funds shall be allocated in
the following order of priority:

 

(i)          
to the Indenture Trustee (in all its capacities), the Indenture Trustee Fee, and to the Owner Trustee (to the extent not
otherwise paid pursuant to the Trust Agreement or the Administration Agreement), the Owner Trustee Fee payable on such Payment
Date, plus (subject, in the case of expenses and indemnification amounts, to the applicable Expense Limit) all reasonable
out-of-pocket expenses and indemnification amounts owed to the Indenture Trustee (in all capacities) and the Owner Trustee on such
Payment Date, from funds in the Fee Accumulation Account, with respect to expenses and indemnification amounts to the extent such
expenses and indemnification amounts have been invoiced or noticed to the Administrator and to the extent of amounts on deposit
in the Fee Accumulation Account which were deposited into the Fee Accumulation Account on an Interim Payment Date specifically
for such items and thereafter from other Available Funds, if necessary;

 

(ii)         
to each Person (other than the Indenture Trustee or the Owner Trustee) entitled to receive Fees on such date, the Fees payable
to any such Person with respect to the related Monthly Advance Collection Period or Interest Accrual Period, as applicable, plus
(subject, in the case of expenses and indemnification amounts, to the applicable Expense Limit and allocated pro rata based
on the amounts due to each such Person) all reasonable out-of-pocket expenses and indemnification amounts owed for Administrative
Expenses of the Issuer with respect to expenses, indemnification amounts and other amounts to the extent such expenses, indemnification
amounts and other amounts have been invoiced or noticed to the Administrator and the Indenture Trustee and to the extent such amounts
were deposited into the Fee Accumulation Account on a preceding Interim Payment Date, but not including any Series Fees or Undrawn
Fees and thereafter from other Available Funds, if necessary;

 

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(iii)         thereafter, all remaining Available Funds shall be allocated among all Outstanding Series based on their respective Series
Invested Amounts as of the date the Full Amortization Period commenced, and the amount so paid to each Series (each the related
“Series Available Funds”) shall be allocated in the following order of priority:

 

for Series
Fees payable pursuant to the related Indenture Supplement;

 

any Undrawn
Fees payable to any VFNs included in the related Series;

 

to the Holders
of the related Series of Notes, the Interest Payment Amount for the current Payment Date, plus all Cumulative Interest Shortfall
Amounts, for each related Class; provided that if the amount of Available Funds on deposit in the Collection and Funding
Account on such day is insufficient to pay any amounts in respect of any related Class pursuant to this clause (iii)0.
the Indenture Trustee shall withdraw from the General Reserve Account for such Class an amount equal to the lesser of the amount
then on deposit in such General Reserve Account and the amount of such shortfall for disbursement to the Noteholders of such Class
in reduction of such shortfall, with all such amounts paid to a Series under this clause (iii)0 allocated among the
Classes of such Series as provided in the related Indenture Supplement;

 

to the Holders
of the related Series of Notes, remaining Series Available Funds up to the aggregate unpaid Note Balances to reduce Note Balances
in the order specified in the related Indenture Supplement, until all such Note Balances have been reduced to zero;

 

to the Holders
of the related Series of Notes, pro rata based on the respective amounts owed to each such Series under this clause (E),
the amount necessary to reduce the sum of the ERD Fee, Cumulative ERD Fee Amount, Default Fee and Cumulative Default Fee Amount
for each related Class of such Series and such Payment Date to zero; in each case, with amounts paid on a Series pursuant to this
clause being allocated among the Classes within such Series as specified in the related Indenture Supplement; and

 

to be allocated
to other Series to run steps (A) through (E) above for such other Series, to the extent the Series Available Funds for such other
Series were insufficient to make such payments, allocated among such other Series pro rata based on the amounts of their respective
shortfalls.

 

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(iv)         out of all remaining Available Funds, pro rata, based on their respective invoiced or reimbursable amounts and without
regard to the applicable Expense Limit, (A) to the Indenture Trustee (in all its capacities) and the Owner Trustee for any amounts
payable to the Indenture Trustee and the Owner Trustee pursuant to this Indenture to the extent not paid under clause (i)
above, (B) to the Verification Agent for any amounts payable to the Verification Agent pursuant to this Indenture to the extent
not paid under clause (ii) above, (C) to the Securities Intermediary for any indemnification amounts owed to the Securities
Intermediary as described in Section 4.9; (D) all Administrative Expenses of the Issuer not paid under clause (ii)
above; and (E) to the Holders of any Notes to cover Increased Costs, pro rata among multiple Classes based on their respective
Increased Costs amounts or any other amounts payable pursuant to this Indenture or any other Transaction Document and not paid
under clause (ii) above;

 

(v)         
to pay any other amounts required to be paid before Excess Cash Amounts pursuant to one or more Indenture Supplements; and

 

(vi)         any amounts remaining on deposit in the Note Payment Account to the Depositor as holder of the Owner Trust Certificate to
the extent that the Collateral Test would not, following any such payment, be breached; provided, that amounts due and owing
to the Owner Trustee and not previously paid hereunder or under any other Transaction Document shall be paid prior to such payment.

 

(b)         
In addition to the payments specified in Section 4.5(a), in the event the Collateral Test is not satisfied after
all such payments have been made, or if a Facility Early Amortization Event shall have occurred (unless such Facility Early Amortization
Event shall have been waived), the Indenture Trustee shall withdraw from each General Reserve Account any amount on deposit therein
in excess of the related General Reserve Required Amount, and shall apply such excess funds to reduce the Note Balance of the Notes
of the related Series in accordance with the terms of the related Indenture Supplement.

 

(c)         
Any proceeds received by the Issuer under a Derivative Agreement, Supplemental Credit Enhancement Agreement or Liquidity
Agreement for a Series or a Class of Notes within a Series shall be applied as set forth in the related Indenture Supplement.

 

(d)         
On each Payment Date, the Indenture Trustee shall instruct the Paying Agent to pay to each Noteholder of record on the related
Record Date the amount to be paid to such Noteholder in respect of the related Note on such Payment Date by wire transfer if appropriate
instructions are provided to the Indenture Trustee in writing no later than five (5) Business Days prior to the related Record
Date, or, if a wire transfer cannot be effected, by check delivered to each Noteholder of record on the related Record Date at
the address listed on the records of the Note Registrar.

 

(e)         
On each Payment Date, the Indenture Trustee shall make available, in the same manner as described in Section 3.5,
a report stating the amount of all amounts paid to the Indenture Trustee or the Securities Intermediary pursuant to this Section 4.5
on such Payment Date.

 

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(f)         
Notwithstanding anything to the contrary in this Indenture, the Indenture Supplement providing for the issuance of any Series
of Notes within which there are one or more Classes of Notes may specify the allocation of payments among such Classes payable
pursuant to Sections 4.4 and 4.5 hereof, providing for the subordination of such payments on the subordinated
Series or Class, and any such provision in such an Indenture Supplement shall have the same effect as if set forth in this Indenture,
all to the extent an Issuer Tax Opinion is delivered as to such Series at its issuance.

 

Section
4.6.          General Reserve Account.

 

(a)         
Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain a General Reserve Account or Accounts
for each Series, each of which shall be an Eligible Account, for the benefit of the Noteholders of such Series. If any such account
loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account
within fourteen (14) days. On or prior to the Issuance Date for each Series, the Issuer shall cause an amount equal to the related
General Reserve Required Amount(s) to be deposited into the related General Reserve Account(s). Thereafter, on each Payment Date
and Interim Payment Date, the Indenture Trustee shall withdraw Available Funds from the Note Payment Account and deposit them into
each such General Reserve Account pursuant to, and to the extent required by, Section 4.5(a) and the related Indenture
Supplement.

 

(b)         
Consistent with the limited purposes for which each General Reserve Account is to be established, on each Payment Date,
an amount equal to the aggregate of amounts described in clauses (i), (ii) and (iii) of Section 4.5(a)(1)
or clauses (i), (ii) and (iii)(A) through (C) of Section 4.5(a)(2) allocable to the related Series, as appropriate,
and which is not payable out of Available Funds due to an insufficiency of Available Funds, shall be withdrawn from such General
Reserve Account by the Indenture Trustee and remitted to the Note Payment Account for payment in respect of the related Class’
allocable share of such items as described in Section 4.5(a) or the related Indenture Supplement. On any Payment Date
on which amounts are withdrawn from the General Reserve Account pursuant to Section 4.5(a), no funds shall be withdrawn
from the Collection and Funding Account (or from the Note Payment Account for deposit into the Collection and Funding Account)
to pay New Receivables Funding Amounts or amounts to the Issuer pursuant to Section 4.3 if, after giving effect to
the withdrawals described in the preceding sentences, the amount then standing to the credit of such General Reserve Account is
less than the related General Reserve Required Amount. All Collections received in the Collection and Funding Account shall be
deposited into the related General Reserve Accounts until the amount on deposit in each General Reserve Account equals the related
General Reserve Required Amount, as described in Section 4.5 and the related Indenture Supplement. For purposes of
the foregoing the portion of any such fees and expenses payable under clause (i) or (ii) shall equal the related Series Allocation
Percentage of the amounts payable under such clause.

 

(c)         
If on any Payment Date the amount on deposit in a General Reserve Account is equal to or greater than the aggregate Note
Balance for the related Series (after payment on such Payment Date of the amounts described in Section 4.5) the Indenture
Trustee will withdraw from such General Reserve Account the aggregate Note Balance of the Notes of such Series and remit it to
the Holders of such Notes in reduction of the aggregate Note Balance for all Classes of Notes Outstanding in such Series. On the
Stated Maturity Date for the latest maturing Class in a Series, the balance on deposit in the General Reserve Account shall be
applied as a principal payment on the Notes of that Series to the extent necessary to reduce the aggregate Note Balance for that
Series to zero. On the Payment Date on which payment of all sums payable hereunder with respect to the Notes of a Series have been
made, any amounts remaining on deposit in the related General Reserve Account for such Series shall be withdrawn from such General
Reserve Account and be deposited in the Note Payment Account to be included by the Indenture Trustee in Available Funds for such
Payment Date.

 

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(d)         
Amounts held in a General Reserve Account shall be invested in Permitted Investments at the direction of the Administrator
as provided in Section 4.1.

 

(e)         
On any Payment Date, after payment of all amounts pursuant to Section 4.5(a), if the Collateral Test is not
satisfied or if a Facility Early Amortization Event shall have occurred (unless such Facility Early Amortization Event shall have
been waived), the Indenture Trustee shall withdraw from each General Reserve Account the amount by which the amount standing to
the credit of such General Reserve Account exceeds the related General Reserve Required Amount, and shall apply such excess to
reduce the Note Balances of the Notes of the related Series, pursuant to Section 4.5(b). Such principal payments shall
be made pro rata based on Note Balances to multiple Classes within a Series, except that in a Full Amortization Period such principal
payment shall be made in accordance with the terms and provisions of the related Indenture Supplement. On any Payment Date following
the payment in full of all Series of Notes, the Indenture Trustee shall withdraw any remaining amounts from each General Reserve
Account and distribute it to the Depositor as holder of the Owner Trust Certificate. Amounts paid to the Depositor or its designee
pursuant to the preceding sentence shall be released from the Security Interest.

 

(f)         
If on any Funding Date, the amount on deposit in one or more General Reserve Accounts is less than the related General Reserve
Required Amounts, then the Administrator may direct the Indenture Trustee to transfer from the Collection and Funding Account to
such General Reserve Accounts an amount equal to the amount by which the respective General Reserve Required Amounts exceed the
respective amounts then on deposit in the related General Reserve Accounts.

 

Section
4.7.          Collection and Funding Account, Interest Accumulation
Account, Fee Accumulation Account and Target Amortization Principal Accumulation Account.

 

(a)         
Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Collection and Funding Account,
which shall be an Eligible Account, for the benefit of the Noteholders. If any such account loses its status as an Eligible Account,
the funds in such account shall be moved to an account that qualifies as an Eligible Account within fourteen (14) days. The Indenture
Trustee shall deposit and withdraw Available Funds from the Collection and Funding Account pursuant to, and to the extent required
by, Section 4.5.

 

(b)         
Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Fee Accumulation Account, the
Interest Accumulation Account, the Target Amortization Principal Accumulation Account, which shall be an Eligible Account, for
the benefit of the Noteholders. If any such account loses its status as an Eligible Account, the funds in such account shall be
moved to an account that qualifies as an Eligible Account within thirty (30) days. The Indenture Trustee shall withdraw Available
Funds from the Collection and Funding Account and deposit them into each such Trust Account pursuant to, and to the extent required
by, Section 4.5.

 

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(c)         
Consistent with the limited purposes for which each of the Fee Accumulation Account, the Interest Accumulation Account and
the Target Amortization Principal Accumulation Account are to be established, on each Payment Date, an amount equal to the aggregate
of amounts described in Section 4.5(a) shall be withdrawn from each such Trust Account by the Indenture Trustee and
remitted for payments as described therein.

 

(d)         
The Indenture Trustee shall withdraw, on each Payment Date and Interim Payment Date and use as Available Funds, the amount
by which (i) the amount then on deposit in the Fee Accumulation Account exceeds the Fee Accumulation Amount, (ii) the amount then
on deposit in the Interest Accumulation Account exceeds the Interest Accumulation Amount, and (iii) the amount by which the amount
then on deposit in the Target Amortization Principal Accumulation Account exceeds the Target Amortization Amount of all Target
Amortization Classes, in each case, after giving effect to all payments required to be made from such Trust Accounts and the Note
Payment Account on such date.

 

(e)         
If on any Funding Date, (i) the Fee Accumulation Amount exceeds the amount then on deposit in the Fee Accumulation Account;
(ii) the Interest Accumulation Amount exceeds the amount then on deposit in the Interest Accumulation Account; or (iii) the Target
Amortization Amount for all Target Amortization Classes exceeds the amount then on deposit in the Target Amortization Principal
Accumulation Account, then the Administrator may direct the Indenture Trustee to transfer amounts on deposit in the Collection
and Funding Account to the respective Accumulation Account, an amount equal to the amount by which such Accumulation Amount exceeds
the amount then on deposit in such Accumulation Account.

 

Section
4.8.          Note Payment Account.

 

(a)         
Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Note Payment Account, which
shall be an Eligible Account, for the benefit of the Noteholders. If the Note Payment Account loses its status as an Eligible Account,
the funds in such account shall be moved to an account that qualifies as an Eligible Account within fourteen (14) days. The Note
Payment Account shall be funded to the extent that (i) the Issuer shall remit to the Indenture Trustee the Redemption Amount for
a Class of Notes pursuant to Section 13.1, (ii) the Indenture Trustee shall remit thereto any Available Funds from
the Collection and Funding Account pursuant to Section 4.2(b), (iii) the Indenture Trustee shall remit thereto any
Available Funds from the Interest Accumulation Account, the Target Amortization Principal Accumulation Account and the Fee Accumulation
Account pursuant to Section 4.5 and (iv) the Indenture Trustee shall transfer amounts from the General Reserve Account
pursuant to, and to the extent required by, Section 4.6.

 

(b)         
On each Payment Date, an amount equal to the aggregate of amounts described in Section 4.5(a) shall be withdrawn
from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons or accounts described
therein for payment as described in that Section, and upon payments of all sums payable hereunder as described in Section 4.5(a),
as applicable, any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest and
paid to the Issuer.

 

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(c)         
Amounts held in the Note Payment Account shall be invested in Permitted Investments at the direction of the Administrator
as provided in Section 4.1.

 

Section
4.9.          Securities Accounts.

 

(a)         
Securities Intermediary. The Issuer and the Indenture Trustee hereby appoint Deutsche Bank National Trust Company,
as Securities Intermediary with respect to the Trust Accounts. The Security Entitlements and all Financial Assets credited to the
Trust Accounts, including without limitation all amounts, securities, investments, Financial Assets, investment property and other
property from time to time deposited in or credited to such account and all proceeds thereof, held from time to time in the Trust
Accounts will continue to be held by the Securities Intermediary for the Indenture Trustee for the benefit of the Noteholders.
Upon the termination of this Indenture, the Indenture Trustee shall inform the Securities Intermediary of such termination. By
acceptance of their Notes or interests therein, the Noteholders and all beneficial owners of Notes shall be deemed to have appointed
Deutsche Bank National Trust Company, as Securities Intermediary. Deutsche Bank National Trust Company hereby accepts such appointment
as Securities Intermediary.

 

(i)          
With respect to any portion of the Trust Estate that is credited to the Trust Accounts, the Securities Intermediary agrees
that:

 

(A)            
with respect to any portion of the Trust Estate that is held in deposit accounts, each such deposit account shall be subject
to the security interest granted pursuant to this Indenture, and the Securities Intermediary shall comply with instructions originated
by the Indenture Trustee directing dispositions of funds in the deposit accounts without further consent of the Issuer and otherwise
shall be subject to the exclusive custody and control of the Securities Intermediary, and the Securities Intermediary shall have
sole signature authority with respect thereto;

 

(B)             
the sole assets permitted in the Trust Accounts shall be those that the Securities Intermediary agrees to treat as Financial
Assets;

 

(C)             
any portion of the Trust Estate that is, or is treated as, a Financial Asset shall be physically delivered (accompanied
by any required endorsements) to, or credited to an account in the name of, the Securities Intermediary or other eligible institution
maintaining any Trust Account in accordance with the Securities Intermediary’s customary procedures such that the Securities
Intermediary or such other institution establishes a Security Entitlement in favor of the Indenture Trustee with respect thereto
over which the Securities Intermediary or such other institution has “control” (as defined in the UCC); and

 

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(D)            
it will use reasonable efforts to promptly notify the Indenture Trustee and the Issuer if any other Person claims that it
has a property interest in a Financial Asset in any Trust Account and that it is a violation of that Person’s rights for
anyone else to hold, transfer or deal with such Financial Asset.

 

(ii)         
The Securities Intermediary hereby confirms that (A) each Trust Account is an account to which Financial Assets are or may
be credited, and the Securities Intermediary shall, subject to the terms of this Indenture treat the Indenture Trustee as entitled
to exercise the rights that comprise any Financial Asset credited to any Trust Account, (B) any portion of the Trust Estate in
respect of any Trust Account will be promptly credited by the Securities Intermediary to such account, and (C) all securities or
other property underlying any Financial Assets credited to any Trust Account shall be registered in the name of the Securities
Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name
of the Securities Intermediary, and in no case will any Financial Asset credited to any Trust Account be registered in the name
of the Issuer or the Administrator, payable to the order of the Issuer or the Administrator or specially endorsed to any of such
Persons.

 

(iii)            
If at any time the Securities Intermediary shall receive an Entitlement Order from the Indenture Trustee directing transfer
or redemption of any Financial Asset relating to any Trust Account, the Securities Intermediary shall comply with such Entitlement
Order without further consent by the Issuer or the Administrator or any other Person. If at any time the Indenture Trustee notifies
the Securities Intermediary in writing that this Indenture has been discharged in accordance herewith, then thereafter if the Securities
Intermediary shall receive any order from the Issuer directing transfer or redemption of any Financial Asset relating to any Trust
Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Indenture Trustee
or any other Person.

 

(iv)            
In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a
security interest in any Account or any Financial Asset or Security Entitlement credited thereto, the Securities Intermediary hereby
agrees that such security interest shall be subordinate to the security interest of the Indenture Trustee. The Financial Assets
and Security Entitlements credited to the Accounts will not be subject to deduction, set-off, banker’s lien, or any other
right in favor of any Person other than the Indenture Trustee in the case of the Trust Accounts.

 

(v)         
There are no other agreements entered into between the Securities Intermediary in such capacity, and the Securities Intermediary
agrees that it will not enter into any agreement with, the Issuer, the Administrator, or any other Person (other than the Indenture
Trustee) with respect to any Trust Account. In the event of any conflict between this Indenture (or any provision of this Indenture)
and any other agreement now existing or hereafter entered into, the terms of this Indenture shall prevail.

 

(vi)            
The rights and powers granted herein to the Indenture Trustee have been granted in order to perfect its interest in the
Trust Accounts and the Security Entitlements to the Financial Assets credited thereto, and are powers coupled with an interest
and will not be affected by the bankruptcy of the Issuer, the Administrator or the Receivables Seller nor by the lapse of time.
The obligations of the Securities Intermediary hereunder shall continue in effect until the interest of the Indenture Trustee in
the Trust Accounts and in such Security Entitlements, has been terminated pursuant to the terms of this Indenture and the Indenture
Trustee has notified the Securities Intermediary of such termination in writing.

 

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(b)         
Definitions; Choice of Law. Capitalized terms used in this Section 4.8 and not defined herein shall have
the meanings assigned to such terms in the New York UCC. For purposes of Section 8-110(e) of the New York UCC, the “securities
intermediary’s jurisdiction” shall be the State of New York.

 

(c)         
Limitation on Liability; Indemnification. None of the Securities Intermediary or any director, officer, employee
or agent of the Securities Intermediary shall be under any liability to the Indenture Trustee or the Noteholders for any action
taken, or not taken, in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that
this provision shall not protect the Securities Intermediary against any liability to the Indenture Trustee or the Noteholders
which would otherwise be imposed by reason of the Securities Intermediary’s willful misconduct, bad faith or negligence in
the performance of its obligations or duties hereunder. The Securities Intermediary and any director, officer, employee or agent
of the Securities Intermediary may rely in good faith on any document of any kind which, on its face, is properly executed and
submitted by any Person respecting any matters arising hereunder. The Securities Intermediary shall be under no duty to inquire
into or investigate the validity, accuracy or content of such document. The Trust Estate shall indemnify the Securities Intermediary
for and hold it harmless against any loss, liability or expense arising out of or in connection with this Indenture and carrying
out its duties hereunder, including the costs and expenses of defending itself against any claim of liability, except in those
cases where the Securities Intermediary has been guilty of bad faith, negligence or willful misconduct. The foregoing indemnification
shall survive any termination of this Indenture and any earlier resignation or removal of the Securities Intermediary.

 

Section
4.10.      Notice of Adverse Claims.

 

Except for the claims
and interests of the Noteholders in the Trust Accounts, the Securities Intermediary has no actual knowledge of any claim to, or
interest in, any Trust Account or in any financial asset credited thereto. If any Person asserts any lien, encumbrance or adverse
claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Trust Account
or in any financial asset carried therein of which a Responsible Officer of the Securities Intermediary has actual knowledge, the
Securities Intermediary will promptly notify the Noteholders, the Indenture Trustee and the Issuer thereof.

 

Section
4.11.      No Gross Up.

 

No Person, including
the Issuer, shall be obligated to pay any additional amounts to the Noteholders or Note Owners as a result of any withholding or
deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. In addition, the Indenture
Trustee will withhold on payments of Fees to Non-U.S. Noteholders unless such Noteholder provides a correct, complete and executed
U.S. Internal Revenue Service Form W-8ECI or is eligible for benefits under an income tax treaty with the United States that eliminates
U.S. federal income taxation on U.S. source Fees and such Non-U.S. Noteholder provides a correct, complete and executed U.S. Internal
Revenue Service Form W-8BEN or W-8BEN-E. The Indenture Trustee may rely on such U.S. Internal Revenue Service Form W-8ECI, W-8BEN
or W-8BEN-E to evidence the Noteholders’ eligibility.

 

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Section
4.12.      Facility Early Amortization Events; Target Amortization Events

 

Upon the occurrence
of a Facility Early Amortization Event, the Revolving Period or Target Amortization Period for all Classes and Series of the Notes
shall automatically terminate and the Full Amortization Period for all Outstanding Notes shall commence without further action
on the part of any Person, unless, together, the Holders of 66 2/3% of the Outstanding Notes of each Series and the Administrative
Agent, notify the Indenture Trustee that they have waived the occurrence of such Facility Early Amortization Event and consent
to the continuation of the Revolving Period or Target Amortization Periods (in the case of any Notes still in their Revolving Periods
or Target Amortization Periods). Upon the occurrence of a Target Amortization Event with respect to a Class or Series, the Notes
of such Class or Series shall enter their Target Amortization Periods and as a result shall be paid principal in Target Amortization
Amounts under Section 4.5(a)(1)(v) on subsequent Payment Dates, unless the requisite parties pursuant to the Indenture
Supplement related to that Series notify the Indenture Trustee that they have waived the occurrence of such Target Amortization
Event and consent to the continuation of the Revolving Periods (in the case of any Notes still in their Revolving Periods). The
Administrator shall notify the Indenture Trustee and each Administrative Agent immediately upon the occurrence of any Facility
Amortization Event or Target Amortization Event. The Administrative Agent shall use commercially reasonable efforts to notify the
Indenture Trustee promptly upon becoming aware of the occurrence of any Facility Amortization Event or Target Amortization Event.

 

Article
V

NOTE FORMS

 

Section
5.1.          Forms Generally.

 

The Notes will have
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or the
applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon, as may be required to comply with applicable laws or regulations or with the rules of any securities exchange,
or as may, consistently herewith, be determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note.

 

The Definitive Notes
and the Global Notes representing the Book-Entry Notes will be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as determined
by the Issuer, as evidenced by the Issuer’s execution of such Notes.

 

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Section
5.2.          Forms of Notes.

 

(a)       
Forms Generally. Subject to Section 5.2(b), each Note will be in one of the forms approved from time
to time by or pursuant to an Indenture Supplement. Without limiting the generality of the foregoing, the Indenture Supplement for
any Series of Notes shall specify whether the Notes of such Series, or of any Class within such Series, shall be issuable as Definitive
Notes or as Book-Entry Notes.

 

(b)       
Issuer Certificate. Before the delivery of a Note to the Indenture Trustee for authentication in any form approved
by or pursuant to an Issuer Certificate, the Issuer will deliver to the Indenture Trustee the Issuer Certificate by or pursuant
to which such form of Note has been approved, which Issuer Certificate will have attached thereto a true and correct copy of the
form of Note which has been approved thereby. Any form of Note approved by or pursuant to an Issuer Certificate must be acceptable
as to form to the Indenture Trustee, such acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in
that form or a certificate signed by an Indenture Trustee Authorized Officer and delivered to the Issuer.

 

		(c)          (i)	Rule 144A Notes. Notes offered and sold in reliance on the exemption from registration under
Rule 144A (each, a “Rule 144A Note”) shall be issued initially in the form of (A) one or more permanent Global Notes
in fully registered form (each, a “Rule 144A Global Note”), substantially in the form attached hereto
as Exhibit A-1 or (B) one or more permanent Definitive Notes in fully registered form (each, a “Rule 144A Definitive
Note”), substantially in the form attached hereto as Exhibit A-2. The aggregate principal amounts of the Rule
144A Global Notes or Rule 144A Definitive Notes may from time to time be increased or decreased by adjustments made on the records
of the Indenture Trustee, or the Depository or its nominee, as the case may be, as hereinafter provided.

 

(ii)           
Regulation S Notes. Notes sold in offshore transactions in reliance on Regulation S (each, a “Regulation
S Note”) shall be issued in the form of (A) one or more permanent Global Notes in fully registered form (each, a
“Regulation S Global Note”), substantially in the form attached hereto as Exhibit A-3 or (B) one
or more permanent Definitive Notes in fully registered form (each, a “Regulation S Definitive Note”),
substantially in the form attached hereto as Exhibit A-4. The aggregate principal amounts of the Regulation S Global Notes
or the Regulation S Definitive Notes may from time to time be increased or decreased by adjustments made on the records of the
Indenture Trustee or the Depository or its nominee, as the case may be, as hereinafter provided.

 

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Section
5.3.          Form of Indenture Trustee’s Certificate of Authentication.

 

The form of Indenture
Trustee’s Certificate of Authentication for any Note issued pursuant to this Indenture will be substantially as follows:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK NATIONAL TRUST COMPANY,
	 	as Indenture Trustee,
	 	 
	 	By:	 
	 	Authorized Signatory
	 	 
	 	Dated:	 

 

Section
5.4.          Book-Entry Notes.

 

(a)         
Issuance of Book-Entry Notes. If the Issuer establishes pursuant to Sections 5.2 and 6.1 that
the Notes of a particular Series or Class are to be issued as Book-Entry Notes, then the Issuer will execute and the Indenture
Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture
Trustee or its agent under Section 6.3, authenticate and deliver, one or more definitive Global Notes, which, unless
otherwise provided in the applicable Indenture Supplement (1) will represent, and will be denominated in an amount equal to the
aggregate, Initial Note Balance of the Outstanding Notes of such Series or Class to be represented by such Global Note or Notes,
or such portion thereof as the Issuer will specify in an Issuer Certificate, (2) will be registered in the name of the Depository
for such Global Note or Notes or its nominee, (3) will be delivered by the Indenture Trustee or its agent to the Depository or
pursuant to the Depository’s instruction (and which may be held by the Indenture Trustee as custodian for the Depository,
if so specified in the related Indenture Supplement or Depository Agreement), (4) if applicable, will bear a legend substantially
to the following effect: “Unless this Note is presented by an authorized representative of The Depository Trust Company,
a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or
payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative
of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered
owner hereof, Cede & Co., has an interest herein” and (5) may bear such other legend as the Issuer, upon advice of counsel,
deems to be applicable.

 

(b)         
Transfers of Global Notes only to Depository Nominees. Notwithstanding any other provisions of this Section 5.4
or of Section 6.5, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable
Indenture Supplement expressly permit such Global Note to be exchanged in whole or in part for individual Notes, a Global Note
may be transferred, in whole but not in part and in the manner provided in Section 6.5, only to a nominee of the Depository
for such Global Note, or to the Depository, or a successor Depository for such Global Note selected or approved by the Issuer,
or to a nominee of such successor Depository.

 

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(c)         
Limited Right to Receive Definitive Notes. Except under the limited circumstances described below, Note Owners of
beneficial interests in Global Notes will not be entitled to receive Definitive Notes. With respect to Notes issued within the
United States, unless otherwise specified in the applicable Indenture Supplement, or with respect to Notes issued outside the United
States, if specified in the applicable Indenture Supplement:

 

(i)          
If at any time the Depository for a Global Note notifies the Issuer that it is unwilling or unable to continue to act as
Depository for such Global Note or if at any time the Depository for the Notes for such Series or Class ceases to be a Clearing
Corporation, the Issuer will appoint a successor Depository with respect to such Global Note. If a successor Depository for such
Global Note is not appointed by the Issuer within ninety (90) days after the Issuer receives such notice or becomes aware of such
ineligibility, the Issuer will execute, and the Indenture Trustee or its agent, upon receipt of an Issuer Certificate requesting
the authentication and delivery of individual Notes of such Series or Class in exchange for such Global Note, will authenticate
and deliver, individual Notes of such Series or Class of like tenor and terms in an aggregate Initial Note Balance equal to the
Initial Note Balance of the Global Note in exchange for such Global Note.

 

(ii)             
The Issuer may at any time and in its sole discretion determine that the Notes of any Series or Class or portion
thereof issued or issuable in the form of one or more Global Notes will no longer be represented by such Global Note or
Notes. In such event the Issuer will execute, and the Indenture Trustee, upon receipt of a written request by the Issuer for
the authentication and delivery of individual Notes of such Series or Class in exchange in whole or in part for such Global
Note, will authenticate and deliver individual Notes of such Series or Class of like tenor and terms in definitive form in an
aggregate Initial Note Balance equal to the Initial Note Balance of such Global Note or Notes representing such Series or
Class or portion thereof in exchange for such Global Note or Notes.

 

(iii)            
If specified by the Issuer pursuant to Sections 5.2 and 6.1 with respect to Notes issued or issuable
in the form of a Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part
for individual Notes of such Series or Class of like tenor and terms in definitive form on such terms as are acceptable to the
Issuer and such Depository. Thereupon the Issuer will execute, and the Indenture Trustee or its agent will authenticate and deliver,
without service charge, (A) to each Person specified by such Depository a new Note or Notes of the same Series or Class of like
tenor and terms and of any authorized denomination as requested by such Person in an aggregate Initial Note Balance equal to the
Initial Note Balance of the portion of the Global Note or Notes specified by the Depository and in exchange for such Person’s
beneficial interest in the Global Note; and (B) to such Depository a new Global Note of like tenor and terms and in an authorized
denomination equal to the difference, if any, between the Initial Note Balance of the surrendered Global Note and the aggregate
Initial Note Balance of Notes delivered to the Holders thereof.

 

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(iv)        
If any Event of Default has occurred with respect to such Global Notes, and Owners of Notes evidencing more than 50% of
the Global Notes of that Series or Class (by Voting Interests) advise the Indenture Trustee and the Depository that a Global Note
is no longer in the best interest of the Note Owners, the Owners of Global Notes of that Series or Class may exchange their beneficial
interests in such Notes for Definitive Notes.

 

(v)         
In any exchange provided for in any of the preceding four paragraphs, the Issuer will execute and the Indenture Trustee
or its agent will authenticate and deliver Definitive Notes in definitive registered form in authorized denominations. Upon the
exchange of the entire Initial Note Balance of a Global Note for Definitive Notes, such Global Note will be canceled by the Indenture
Trustee or its agent. Except as provided in the preceding paragraphs, Notes issued in exchange for a Global Note pursuant to this
Section will be registered in such names and in such authorized denominations as the Depository for such Global Note, pursuant
to instructions from its direct or indirect participants or otherwise, will instruct the Indenture Trustee or the Note Registrar.
The Indenture Trustee or the Note Registrar will deliver such Notes to the Persons in whose names such Notes are so registered.

 

Section
5.5.          Beneficial Ownership of Global Notes.

 

Until Definitive Notes
have been issued to the applicable Noteholders to replace any Global Notes with respect to a Series or Class pursuant to Section 5.4
or as otherwise specified in any applicable Indenture Supplement:

 

(a)         
the Issuer and the Indenture Trustee may deal with the applicable clearing agency or Depository and the Depository Participants
for all purposes (including the making of distributions) as the authorized representatives of the respective Note Owners; and

 

(b)         
the rights of the respective Note Owners will be exercised only through the applicable Depository and the Depository Participants
and will be limited to those established by law and agreements between such Note Owners and the Depository and/or the Depository
Participants. Pursuant to the operating rules of the applicable Depository, unless and until Definitive Notes are issued pursuant
to Section 5.4, the Depository will make book-entry transfers among the Depository Participants and receive and transmit
distributions of principal and interest on the related Notes to such Depository Participants.

 

For purposes of any
provision of this Indenture requiring or permitting actions with the consent of, or at the direction of, Noteholders evidencing
a specified percentage of the Note Balance of Outstanding Notes, such direction or consent may be given by Note Owners (acting
through the Depository and the Depository Participants) owning interests in or security entitlements to Notes evidencing the requisite
percentage of principal amount of Notes.

 

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Section
5.6.          Notices to Depository.

 

Whenever any notice
or other communication is required to be given to Noteholders with respect to which Book-Entry Notes have been issued, unless and
until Definitive Notes will have been issued to the related Note Owners, the Indenture Trustee will give all such notices and communications
to the applicable Depository, and shall have no obligation to report directly to such Note Owners.

 

Article
VI

THE NOTES

 

Section
6.1.          General Provisions; Notes Issuable in Series; Terms of
a Series or Class Specified in an Indenture Supplement.

 

(a)         
Amount Unlimited. The aggregate Initial Note Balance of Notes which may be authenticated and delivered and Outstanding
under this Indenture is not limited.

 

(b)         
Series and Classes. The Notes may be issued in one or more Series or Classes up to an aggregate Note Balance for
such Series or Class as from time to time may be authorized by the Issuer. All Notes of each Series or Class under this Indenture
will in all respects be equally and ratably entitled to the benefits hereof with respect to such Series or Class without preference,
priority or distinction on account of (1) the actual time of the authentication and delivery, or (2) Stated Maturity Date of the
Notes of such Series or Class, except as specified in the applicable Indenture Supplement for such Series or Class of Notes.

 

Each Note issued must
be part of a Series of Notes for purposes of allocations pursuant to the related Indenture Supplement. A Series of Notes is created
pursuant to an Indenture Supplement. A Class of Notes is created pursuant to an Indenture Supplement for the applicable Series.

 

Each Series and Class
of Notes will be secured by the Trust Estate.

 

Each Series of Notes
may, but need not be, subdivided into multiple Classes. Notes belonging to a Class in any Series may be entitled to specified payment
priorities over other Classes of Notes in that Series.

 

(c)         
Provisions Required in Indenture Supplement. Before the initial issuance of Notes of each Series, there shall also
be established in or pursuant to an Indenture Supplement provision for:

 

(i)          
the Series designation;

 

(ii)         
the Initial Note Balance of such Series of Notes and of each Class, if any, within such Series, and the Maximum VFN Principal
Balance for such Series (if it is a Series of Variable Funding Notes);

 

(iii)         
whether such Notes are subdivided into Classes;

 

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(iv)         
whether such Notes are Term Notes or Variable Funding Notes;

 

(v)         
the Note Interest Rate at which such Series of Notes or each related Class of Notes will bear interest, if any, or the formula
or index on which such rate will be determined, including all relevant definitions, and the date from which interest will accrue;

 

(vi)         
the Expected Repayment Date and the Stated Maturity Date for such Series of Notes or each related Class of Notes;

 

(vii)        
any Target Amortization Events with respect to such Series of Notes or any related Class;

 

(viii)        
if applicable, the Target Amortization Amount for each related Class of such Series of Notes;

 

(ix)          
if applicable, the appointment by the Indenture Trustee of an Authenticating Agent in one or more places other than the
location of the office of the Indenture Trustee with power to act on behalf of the Indenture Trustee and subject to its direction
in the authentication and delivery of such Notes in connection with such transactions as will be specified in the provisions of
this Indenture or in or pursuant to the applicable Indenture Supplement creating such Series;

 

(x)         
  if such Series of Notes or any related Class will be issued in whole or in part in the form of a Global Note or Global Notes,
the terms and conditions, if any, in addition to those set forth in Section 5.4, upon which such Global Note or Global
Notes may be exchanged in whole or in part for other Definitive Notes; and the Depository for such Global Note or Global Notes
(if other than the Depository specified in Section 1.1);

 

(xi)           the subordination, if any, of such Series of Notes or any related Class(es) to any other Notes of any other Series or of
any other Class within the same Series;

 

(xii)          
if such Series of Notes or any related Class is to have the benefit of any Derivative Agreement, the terms and provisions
of such agreement;

 

(xiii)        
if such Series of Notes or any related Class is to have the benefit of any Supplemental Credit Enhancement Agreement or
Liquidity Facility, the terms and provisions of the applicable agreement;

 

(xiv)        
the Record Date for any Payment Date of such Series of Notes or any related Class, if different from the last day of the
month before the related Payment Date;

 

(xv)          
if applicable, under what conditions any additional amounts will be payable to Noteholders of the Notes of such Series;
and

 

(xvi)        
any other terms of such Notes as stated in the related Indenture Supplement;

 

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all upon such terms as may be determined
in or pursuant to an Indenture Supplement with respect to such Series or Class of Notes.

 

(d)         
Forms of Series or Classes of Notes. The form of the Notes of each Series or Class will be established pursuant to
the provisions of this Indenture and the related Indenture Supplement creating such Series or Class. The Notes of each Series or
Class will be distinguished from the Notes of each other Series or Class in such manner, reasonably satisfactory to the Indenture
Trustee, as the Issuer may determine.

 

Section
6.2.          Denominations.

 

(a)         
The Notes of
each Series or Class will be issuable in such denominations and currency as will be provided in the provisions of this Indenture
or in or pursuant to the applicable Indenture Supplement. In the absence of any such provisions with respect to the Notes of any
Series or Class, the Notes of that Series or Class will be issued in denominations of $100,000 and integral multiples of $1,000
in excess thereof.

 

(b)         
The minimum
denomination established for each class of Restricted Notes issued on any particular date, shall be determined in a manner so that
the total number of Restricted Notes that could be outstanding immediately after such issuance (including all classes of Restricted
Notes issued on such date) shall not reduce the Remaining Restricted Note Capacity below zero.  On any particular issue date,
the Remaining Restricted Note Capacity shall be equal to (a) 75 less (b) the sum of, for each class of Restricted Note outstanding
immediately after such issuance (including all classes of Restricted Notes issued on such date), the quotient, rounded downwards
to the nearest whole number, of the principal amount of such class of Restricted Note on its date of issuance divided by the minimum
denomination established for such class of Restricted Note on its date of issuance (or as later revised).

 

Section
6.3.          Execution, Authentication and Delivery and Dating.

 

(a)         
The Notes will be executed on behalf of the Issuer by an Issuer Authorized Officer, by manual or facsimile signature.

 

(b)         
Notes bearing the manual or facsimile signatures of individuals who were at any time an Issuer Authorized Officer will bind
the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and
delivery of such Notes or did not hold such offices at the date of issuance of such Notes.

 

(c)         
At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed
by the Issuer to the Indenture Trustee for authentication; and the Indenture Trustee will, upon request by an Officer’s Certificate,
authenticate and deliver such Notes as provided in this Indenture and not otherwise.

 

(d)         
Before any such authentication and delivery, the Indenture Trustee will be entitled to receive, in addition to any Officer’s
Certificate and Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to Section 1.3, the Issuer
Certificate and any other opinion or certificate relating to the issuance of the Series or Class of Notes required to be furnished
pursuant to Section 5.2 or Section 6.10.

 

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(e)         
The Indenture Trustee will not be required to authenticate such Notes if the issue thereof will adversely affect the Indenture
Trustee’s own rights, duties or immunities under the Notes and this Indenture.

 

(f)         
Unless otherwise provided in the form of Note for any Series or Class, all Notes will be dated the date of their authentication.

 

(g)         
No Note will be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears
on such Note a Certificate of Authentication substantially in the form provided for herein executed by the Indenture Trustee by
manual signature of an authorized signatory, and such certificate upon any Note will be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder.

 

Section
6.4.          Temporary Notes.

 

(a)         
Pending the preparation of definitive Notes of any Series or Class, the Issuer may execute, and, upon receipt of the documents
required by Section 6.3, together with an Officer’s Certificate, the Indenture Trustee will authenticate and
deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the Issuer may determine, as evidenced by the Issuer’s execution of such Notes.

 

(b)         
If temporary Notes of any Series or Class are issued, the Issuer will cause permanent Notes of such Series or Class to be
prepared without unreasonable delay. After the preparation of permanent Notes, the temporary Notes of such Series or Class will
be exchangeable for permanent Notes of such Series or Class upon surrender of the temporary Notes of such Series or Class at the
office or agency of the Issuer in a Place of Payment, without charge to the Holder; and upon surrender for cancellation of any
one or more temporary Notes the Issuer will execute and the Indenture Trustee will authenticate and deliver in exchange therefore
a like Initial Note Balance of permanent Notes of such Series or Class of authorized denominations and of like tenor and terms.
Until so exchanged the temporary Notes of such Series or Class will in all respects be entitled to the same benefits under this
Indenture as permanent Notes of such Series or Class.

 

Section
6.5.          Registration, Transfer and Exchange.

 

(a)         
Note Register. The Indenture Trustee, acting as Note Registrar (in such capacity, the “Note Registrar”),
shall keep or cause to be kept a register (herein sometimes referred to as the “Note Register”) in which,
subject to such reasonable regulations as it may prescribe, the Issuer will provide for the registration of Notes, or of Notes
of a particular Series or Class, and for transfers of Notes. Any such register will be in written form or in any other form capable
of being converted into written form within a reasonable time. At all reasonable times the information contained in such register
or registers will be available for inspection by the Indenture Trustee at the Corporate Trust Office. The Issuer, the Indenture
Trustee, the Note Registrar, the Paying Agent and any agents of any of them, may treat a Person in whose name a Note is registered
as the owner of such Note for the purpose of receiving payments in respect of such Note and for all other purposes, and none of
the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any agent of any of them, shall be affected by notice
to the contrary. None of the Issuer, the Indenture Trustee, any agent of the Indenture Trustee, any Paying Agent or the Note Registrar
will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership.

 

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(b)         
Exchange of Notes. Subject to Section 5.4, upon surrender for transfer of any Note of any Series or Class
at the Place of Payment, the Issuer will execute, and, upon receipt of such surrendered Note, the Indenture Trustee will authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Notes of such Series or Class of any authorized
denominations, of a like aggregate Initial Note Balance and Stated Maturity Date and of like terms. Subject to Section 5.4,
Notes of any Series or Class may be exchanged for other Notes of such Series or Class of any authorized denominations, of a like
aggregate Initial Note Balance and Stated Maturity Date and of like terms, upon surrender of the Notes to be exchanged at the Place
of Payment. Whenever any Notes are so surrendered for exchange, the Issuer will execute, and the Indenture Trustee will authenticate
and deliver the Notes which the Noteholders making the exchange are entitled to receive.

 

(c)         
Issuer Obligations. All Notes issued upon any transfer or exchange of Notes will be the valid and legally binding
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered
upon such transfer or exchange.

 

(d)         
Endorsement of Notes to be Transferred or Exchanged. Every Note presented or surrendered for transfer or exchange
will (if so required by the Issuer, the Note Registrar or the Indenture Trustee) be duly indorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed, by the Holder thereof or his attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements
of the Securities Transfer Agent’s Medallion Program (“STAMP”).

 

(e)         
No Service Charge. Unless otherwise provided in the Note to be transferred or exchanged, no service charge will be
assessed against any Noteholder for any transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes before the
transfer or exchange will be complete, other than exchanges pursuant to Section 5.4 not involving any transfer.

 

(f)         
Deemed Representations by Transferees of Rule 144A Notes. Each transferee (including the Initial Holder or Owner)
of a Rule 144A Note or of a beneficial interest therein shall be deemed by accepting such Note or beneficial interest, to have
made all the certifications, representations and warranties set forth in the Transferee Certificate attached to Exhibit B-1
attached hereto.

 

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(g)         
Deemed Representations by Transferees of Regulation S Notes. Each transferee (including the initial Holder or Owner)
of a Regulation S Note or of a beneficial therein shall be deemed by accepting such Note or beneficial interest, to have made all
the certifications, representations and warranties set forth in the Transferee Certificate attached to Exhibit B-2 attached
hereto.

 

(h)         
Conditions to Transfer. No sale, pledge or other transfer (a “Transfer”) of any Notes shall
be made unless that Transfer is made pursuant to an effective registration statement under the Securities Act and effective registration
or qualification under applicable state securities laws or is made in a transaction that does not require such registration or
qualification. If a Transfer is made without registration under the Securities Act (other than in connection with the initial issuance
thereof by the Issuer), then the Administrator, on behalf of the Issuer, shall refuse to register such Transfer unless the Note
Registrar receives either:

 

(i)          
the Regulation S Note Transfer Certificate or Rule 144A Note Transfer Certificate and such other information as may be required
pursuant to this Section 6.5; or

 

(ii)         
if the Transfer is to be made to an Issuer Affiliate in a transaction that is exempt from registration under the Securities
Act, an Opinion of Counsel reasonably satisfactory to the Issuer and the Note Registrar to the effect that such Transfer may be
made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Estate or of
the Issuer, the Indenture Trustee or the Note Registrar in their respective capacities as such).

 

None of the Administrator,
the Issuer, the Indenture Trustee or the Note Registrar is obligated to register or qualify the Notes under the Securities Act
or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note
without registration or qualification. Any Holder of a Note desiring to effect such a Transfer shall, and upon acquisition of such
a Note shall be deemed to have agreed to, indemnify the Indenture Trustee, the Note Registrar, the Administrator, the Servicer
and the Issuer against any liability that may result if the Transfer is not so exempt or is not made in accordance with the Securities
Act and applicable state securities laws.

 

In connection with
any Transfer of Notes in reliance on Rule 144A, the Administrator shall furnish upon request of a Noteholder to such Holder and
any prospective purchaser designated by such Noteholder the information required to be delivered under paragraph (d)(4) of Rule
144A.

 

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In the event that a
Note is transferred to a Person that does not meet the requirements of this Section 6.5, such transfer will be of no
force and effect, will be void ab initio, and will not operate to transfer any right to such Person, notwithstanding any instructions
to the contrary to the Issuer, the Indenture Trustee or any intermediary; and the Indenture Trustee shall not make any payment
on such Note for as long as such Person is the Holder of such Note and the Indenture Trustee shall have the right to compel such
Person to transfer such Note to a Person who does meet the requirements of this Section 6.5.

 

(i)          
Transfers of Ownership Interests in Global Notes. Transfers of beneficial interests in a Global Note representing
Book-Entry Notes may be made only in accordance with the rules and regulations of the Depository (and, in the case of a Regulation
S Global Note, prior to the end of the Distribution Compliance Period, only to beneficial owners who are not U.S. Persons in accordance
with the rules and regulations of Euroclear or Clearstream) and the transfer restrictions contained in the legend on such Global
Note and exchanges or transfers of interests in a Global Note may be made only in accordance with the following:

 

(i)          
General Rules Regarding Transfers of Global Notes. Subject to clauses (ii) through (vi) of this
Section 6.5(i), Transfers of a Global Note representing Book-Entry Notes shall be limited to Transfers of such Global
Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee.

 

(ii)         
Rule 144A Global Note to Regulation S Global Note. If an owner of a beneficial interest in a Rule 144A Global Note
related to a Series and/or Class deposited with or on behalf of the Depository wishes at any time to exchange its interest in such
Rule 144A Global Note for an interest in a Regulation S Global Note for that Series and/or Class, or to transfer its interest in
such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of an interest in a Regulation S Global
Note for that Series and/or Class, such Note Owner (or transferee), provided such Note Owner (or transferee) is not a U.S. Person,
may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest in such Rule 144A Global
Note for a beneficial interest in the Regulation S Global Note for that Series and/or Class. Upon the receipt by the Indenture
Trustee, as Note Registrar, of (A) instructions from the Depository directing the Indenture Trustee, as Note Registrar, to cause
to be credited a beneficial interest in a Regulation S Global Note in an amount equal to the beneficial interest in such Rule 144A
Global Note to be exchanged but not less than the minimum denomination applicable to the owner’s Notes held through a Regulation
S Global Note, (B) a written order given in accordance with the Depository’s procedures containing information regarding
the participant account of the Depository and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear
or Clearstream account to be credited with such increase and (C) a certificate (each, a “Regulation S Note Transfer
Certificate”) in the form of Exhibit B-2 hereto given by the Note Owner or its transferee stating that the
exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Notes,
including the requirements that the Note Owner or its transferee is not a U.S. Person and the transfer is made pursuant to and
in accordance with Regulation S, then the Indenture Trustee, as Note Registrar, shall reduce the principal amount of the Rule 144A
Global Note for the related Series and/or Class and increase the principal amount of the Regulation S Global Note for the related
Series and/or Class by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be exchanged,
and shall instruct Euroclear or Clearstream, as applicable, concurrently with such reduction, to credit or cause to be credited
to the account of the Person specified in such instructions a beneficial interest in the Regulation S Global Note for the related
Series and/or Class equal to the reduction in the principal amount of the Rule 144A Global Note for the related Series and/or Class.

 

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(iii)            
Regulation S Global Note to Rule 144A Global Note. If an owner of a beneficial interest in a Regulation S Global
Note related to a Series and/or Class deposited with or on behalf of the Depository wishes at any time to transfer its interest
in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in a Rule 144A Global
Note for such Series and/or Class, such owner’s transferee may, subject to the rules and procedures of the Depository, exchange
or cause the exchange of such interest for an equivalent beneficial interest in a Rule 144A Global Note for such Series and/or
Class. Upon the receipt by the Indenture Trustee, as Note Registrar, of (A) instructions from the Depository directing the Indenture
Trustee, as Note Registrar, to cause to be credited a beneficial interest in a Rule 144A Global Note in an amount equal to the
beneficial interest in such Regulation S Global Note to be exchanged but not less than the minimum denomination applicable to such
owner’s Notes held through a Rule 144A Global Note, to be exchanged, such instructions to contain information regarding the
participant account with the Depository to be credited with such increase, and (B) a certificate (each, a “Rule 144A
Note Transfer Certificate”) in the form of Exhibit B-1 hereto given by the transferee of such beneficial interest,
then the Indenture Trustee will reduce the principal amount of the Regulation S Global Note and increase the principal amount of
the Rule 144A Global Note for the related Series and/or Class by the aggregate principal amount of the beneficial interest in the
Regulation S Global Note for the related Series and/or Class to be transferred and the Indenture Trustee, as Note Registrar, shall
instruct the Depository, concurrently with such reduction, to credit or cause to be credited to the account of the Person specified
in such instructions a beneficial interest in the Rule 144A Global Note for the related Series and/or Class equal to the reduction
in the principal amount of the Regulation S Global Note for the related Series and/or Class.

 

(iv)            
Transfers of Interests in Rule 144A Global Note. An owner of a beneficial interest in a Rule 144A Global Note may
transfer such interest in the form of a beneficial interest in such Rule 144A Global Note in accordance with the procedures of
the Depository without the provision of written certification.

 

(v)      
      Transfers of Interests in Regulation S Global Note. An owner of a beneficial interest in a
Regulation S Global Note may transfer such interest in the form of a beneficial interest in such Regulation S Global Note in
accordance with the applicable procedures of Euroclear and Clearstream without the provision of written certification.

 

(vi)            
Regulation S Global Note to Regulation S Definitive Note. Subject to Section 5.4(c) hereof, an owner
of a beneficial interest in a Regulation S Global Note for the related Series and/or Class deposited with or on behalf of a Depository
may at any time transfer such interest for a Regulation S Definitive Note upon provision to the Indenture Trustee, the Issuer and
the Note Registrar of a Regulation S Note Transfer Certificate.

 

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(vii)          
Rule 144A Global Note to Rule 144A Definitive Note. Subject to Section 5.4(c) hereof, an owner of a beneficial
interest in a Rule 144A Global Note deposited with or on behalf of a Depository may at any time transfer such interest for a Rule
144A Definitive Note, upon provision to the Indenture Trustee, the Issuer and the Note Registrar of a Rule 144A Note Transfer Certificate.

 

(j)          
Transfers of Definitive Notes. In the event of any Transfer of a Regulation S Definitive Note, a Regulation S Note
Transfer Certificate shall be provided prior to the Note Registrar’s registration of such Transfer. In the event of any Transfer
of a Rule 144A Definitive Note, a Rule 144A Note Transfer Certificate shall be provided prior to the Note Registrar’s registration
of such Transfer.

 

(k)         
ERISA Restrictions. The Note Registrar shall not register the Transfer of any Definitive Note unless the prospective
transferee has delivered to the Indenture Trustee a certification to the effect that either (i) it is not, and is not acquiring
the Notes (or beneficial interest therein) for, or with assets of, an “employee benefit plan” as defined in Section
3(3) of ERISA, a plan described in section 4975(e)(1) of the Code, an entity which is deemed to hold the assets of any such employee
benefit plan or plan pursuant to 29 C.F.R. Section 2510.3-101 as modified by Section 3(42) of ERISA, which employee benefit plan,
plan or entity is subject to Title I of ERISA or section 4975 of the Code, or a governmental, non-U.S. or church plan which
is subject to any U.S. federal, state, local or other law that is similar to Title I of ERISA or section 4975 of the Code (collectively,
an “Employee Benefit Plan”), or (ii) (A) as of the date of transfer or purchase, such Notes are rated
investment grade, it believes that such Note is properly treated as indebtedness without substantial equity features for purposes
of the Plan Asset Regulations (set forth in 29 C.F.R. section 2510.3-101, as modified by section 3(42) of ERISA) and agrees to
so treat such Note and (B) the Transferee’s acquisition and holding of the Notes will satisfy the requirements of Prohibited
Transaction Class Exemption (“PTCE”) 84-14 (relating to transactions effected by a qualified professional
asset manager), PTCE 90-1 (relating to investments by insurance company pooled separate accounts), PTCE 91-38 (relating to investments
in bank collective investment funds), PTCE 95-60 (relating to transactions involving insurance company general accounts), PTCE
96-23 (relating to transactions directed by an in-house professional asset manager) or the statutory prohibited transaction exemption
for service providers set forth in Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar class or statutory
exemption and will not result in a non-exempt prohibited transaction under Section 406 of ERISA or section 4975 of the Code (or,
in the case of a governmental, non-U.S. or church plan subject to such similar U.S. federal, state, local or other law, will not
violate any such similar law). In the case of any Book-Entry Note, each transferee of such Note by virtue of its acquisition of
such Note will be deemed to represent either (i) or (ii) above.

 

(l)          
Deemed Representations for Transfers of Restricted Notes. Each prospective owner of a beneficial interest in a Restricted
Note shall, upon accepting a beneficial interest in the Restricted Note, be deemed to make all of the certifications, representations
and warranties set forth in the Transferee Certification attached to this Indenture as Exhibit E.

 

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(m)         
Transfer Restrictions for Restricted Notes. Notwithstanding anything to the contrary herein, no transfer of a beneficial
interest in a Restricted Note shall be effective, and any attempted transfer shall be void ab initio, unless, prior to and as a
condition of such transfer, the prospective transferee of the beneficial interest (including the initial transferee of the beneficial
interest) and any subsequent transferee of the beneficial interest in a Restricted Note, represent and warrant, in writing, substantially
in the form of the Transferee Certification set forth in Exhibit E to the Indenture Trustee and the Note Registrar and any
of their respective successors or assigns that:

 

(i)             
Either (a) it is not and will not become for U.S. federal income tax purposes a partnership, Subchapter S corporation
or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity,
then (I) none of the direct or indirect beneficial owners of any of the interests in such flow-through entity has or ever
will have more than 50% of the value of its interest in such flow-through entity attributable to the beneficial interest of such
flow-through entity in the Notes, other interest (direct or indirect) in the Issuer, or any interest created under the Indenture
and (II) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial
interest in any Restricted Note to permit any entity to satisfy the 100-partner limitation of Section 1.7704-1(h)(1)(ii) of
the Treasury Regulations necessary for such entity not to be classified as a publicly traded partnership for U.S. federal income
tax purposes.

 

(ii)           
It is not acquiring any beneficial interest in the Restricted Note through an “established securities market”
or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of
the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

 

(iii)         
It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest in the Restricted Note
without the written consent of the Issuer, and it will not cause any beneficial interest in the Restricted Note to be traded or
otherwise marketed on or through an “established securities market” or a “secondary market (or the substantial
equivalent thereof),” each within the meaning of Section 7704(b) of the Internal Revenue Code of 1986, as amended, and
the Treasury Regulations promulgated thereunder, including, without limitation, an interdealer quotation system that regularly
disseminates firm buy or sell quotations.

 

(iv)         
Its beneficial interest in the Restricted Notes is not and will not be in an amount that is less than the minimum denomination
for the Restricted Notes set forth in the Indenture, and it does not and will not hold any beneficial interest in the Restricted
Note on behalf of any Person whose beneficial interest in the Restricted Note is in an amount that is less than the minimum denomination
for the Restricted Notes set forth in the Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of any
beneficial interest in the Restricted Note or enter into any financial instrument or contract the value of which is determined
by reference in whole or in part to any Restricted Note, in each case, if the effect of doing so would be that the beneficial interest
of any Person in a Restricted Note would be in an amount that is less than the minimum denomination for the Restricted Notes set
forth in this Indenture.

 

(v)           
It will not transfer any beneficial interest in the Restricted Note (directly, through a participation thereof, or otherwise)
unless, prior to the transfer, the transferee of such beneficial interest shall have executed and delivered to the Indenture Trustee
and the Note Registrar, and any of their respective successors or assigns, a Transferee Certification substantially in the form
of Exhibit E of this Indenture.

 

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(vi)         
It will not use the Restricted Note as collateral for the issuance of any securities that could cause the Issuer to become
subject to taxation as a taxable mortgage pool (“TMP”) taxable as a corporation, publicly traded partnership taxable
as a corporation or an association taxable as a corporation, each for U.S. federal income tax purposes, provided that it may engage
in any repurchase transaction (repo) the subject matter of which is a Restricted Note, provided the terms of such repurchase transaction
are generally consistent with prevailing market practice and that such repurchase transaction would not cause the Issuer to be
otherwise classified as a corporation, publicly traded partnership or TMP for U.S. federal income tax purposes.

 

(vii)             
It will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuer
to become taxable as a corporation for U.S. federal income tax purposes.

 

(viii)           
Unless otherwise provided in the related Indenture Supplement, it is a “United States person,” as defined in
Section 7701(a)(30) of the Code and will not transfer to, or cause such Restricted Note to be transferred to, any person other
than a “United States person,” as defined in Section 7701(a)(30) of the Code.

 

(ix)         
It acknowledges that the Depositor, the Indenture Trustee, the Note Registrar, the Issuer, parent companies of the Depositor
and others will rely on the truth and accuracy of the foregoing representations and warranties, and agrees that if it becomes aware
that any of the foregoing made by it or deemed to have been made by it are no longer accurate, it shall promptly notify the Issuer.

 

(n)         
No Liability of Indenture Trustee for Transfers. To the extent permitted under applicable law, the Indenture Trustee
shall be under no liability to any Person for any registration of transfer of any Note that is in fact not permitted by this Section 6.5
or for making any payments due to the Noteholder thereof or taking any other action with respect to such Noteholder under the provisions
of this Indenture so long as the transfer was registered by the Indenture Trustee in accordance with the requirements of this Indenture.

 

Section
6.6.          Mutilated, Destroyed, Lost and Stolen Notes.

 

(a)         
If (1) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar, or the Issuer, the Note Registrar
or the Indenture Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and (2) there is
delivered to the Issuer, the Note Registrar or the Indenture Trustee such security or indemnity as may be required by them to save
each of them harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note
has been acquired by a protected purchaser, the Issuer will execute and upon its request the Indenture Trustee will authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of like tenor, Series
or Class, Stated Maturity Date and Initial Note Balance, bearing a number not contemporaneously Outstanding.

 

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(b)         
In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer
in its discretion may, instead of issuing a new Note, pay such Note on a Payment Date in accordance with Section 4.5.

 

(c)         
Upon the issuance of any new Note under this Section, the Issuer may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Indenture Trustee) connected therewith.

 

(d)         
Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen Note will constitute an original
additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note will be at any time enforceable
by anyone, and will be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes
of the same Series or Class duly issued hereunder.

 

(e)         
The provisions of this Section are exclusive and will preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 

Section
6.7.          Payment of Interest; Interest Rights Preserved; Withholding
Taxes.

 

(a)         
Unless otherwise provided with respect to such Note pursuant to Section 6.1, interest payable on any Note will
be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the
most recent Record Date.

 

(b)         
Subject to Section 6.7(a), each Note delivered under this Indenture upon transfer of or in exchange for or in
lieu of any other Note will carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which
were carried by such other Note.

 

(c)         
The right of any Noteholder to receive interest on or principal of any Note shall be subject to any applicable withholding
or deduction imposed pursuant to the Code or other applicable tax law, including foreign withholding and deduction. Any amounts
properly so withheld or deducted shall be treated as actually paid to the appropriate Noteholder. In addition, in order to receive
payments on its Notes free of U.S. federal withholding and backup withholding tax, each Holder shall timely furnish the Indenture
Trustee on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments)
and (2) any documentation that is required under Section 1471 or 1472 of the Code to enable the Issuer, the Indenture Trustee and
any other agent of the Issuer to determine their duties and liabilities with respect to any taxes they may be required to withhold
in respect of such Note or the Holder of such Note or beneficial interest therein, in each case, prior to the first Payment Date
after such Holder’s acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf
of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or documentation in
accordance with its terms or its subsequent amendments. In the event that either (i) the documentation delivered pursuant to clause
(2) of the immediately preceding sentence fails to establish a complete exemption from withholding of amounts under Sections 1471
and 1472 of the Code or (ii) no such documentation is delivered, the Issuer shall not be obligated to pay any additional amounts
to any Noteholder in respect of any such withholding imposed under Section 1471 or 1472 of the Code. Each Holder will provide the
applicable replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Holder or if
required by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed
under penalty of perjury.

 

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Section
6.8.          Persons Deemed Owners.

 

The Issuer, the Indenture
Trustee, the Note Registrar and any agent of the Issuer, the Indenture Trustee or the Note Registrar may treat the Person in whose
name the Note is registered in the Note Registrar as the owner of such Note for the purpose of receiving payment of principal of
and (subject to Section 6.7) interest on such Note and for all other purposes whatsoever, whether or not such Note
is overdue, and neither the Issuer, the Indenture Trustee, the Note Registrar, nor any agent of the Issuer, the Indenture Trustee,
or the Note Registrar will be affected by notice to the contrary.

 

Section
6.9.          Cancellation.

 

All Notes surrendered
for payment, redemption, transfer, conversion or exchange will, if surrendered to any Person other than the Indenture Trustee,
be delivered to the Indenture Trustee and, if not already canceled, will be promptly canceled by it. The Issuer may at any time
deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may
have acquired in any manner whatsoever, and all Notes so delivered will be promptly canceled by the Indenture Trustee. No Note
will be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted
by this Indenture. The Indenture Trustee will dispose of all canceled Notes in accordance with its customary procedures.

 

Section
6.10.      New Issuances of Notes.

 

(a)         
Issuance of New Notes. Unless otherwise specified in the related Indenture Supplement, the Issuer may, from time
to time, direct the Indenture Trustee, on behalf of the Issuer, to issue new Notes of any Series or Class, so long as the conditions
precedent set forth in Section 6.10(b) are satisfied if, at the time of issuance, other Notes have already been issued
and remain Outstanding. On or before the Issuance Date of new Notes of any Series or Class of Notes, the Issuer shall execute and
deliver any amendments or supplements which shall incorporate the principal terms with respect to such additional Series or Class
of Notes and make additional amendments concurrent with the issuance of such additional Series or Class of Notes. The Indenture
Trustee shall execute such amendments or supplements without the consent of any Noteholders, the Issuer shall execute the Notes
of such Series or Class and the Notes of such Series or Class shall be delivered to the Indenture Trustee for authentication and
delivery.

 

(b)         
Conditions to Issuance of New Notes. The issuance of the Notes of any Series or Class pursuant to this Section 6.10
shall be subject to the satisfaction of the following conditions:

 

(i)          
no later than ten (10) Business Days before the date that the new issuance is to occur, the Issuer delivers to the Indenture
Trustee, each VFN Holder and each Note Rating Agency that has rated any Outstanding Note that will remain Outstanding after the
new issuance, notice of such new issuance;

 

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(ii)         
on or prior to the date that the new issuance is to occur, the Issuer delivers to the Indenture Trustee and each Note Rating
Agency that has rated any Outstanding Note that will remain Outstanding after the new issuance, an Issuer Certificate to the effect
that the Issuer reasonably believes that the new issuance will not cause an Adverse Effect on any Outstanding Notes, and an Issuer
Tax Opinion with respect to such proposed issuance, and an Opinion of Counsel:

 

(A)            
to the effect that all instruments furnished to the Indenture Trustee conform to the requirements of this Indenture and
constitute sufficient authority hereunder for the Indenture Trustee to authenticate and deliver such Notes;

 

(B)             
to the effect that the form and terms of such Notes have been established in conformity with the provisions of this Indenture;
and

 

(C)             
covering such other matters as the Indenture Trustee may reasonably request;

 

(iii)         
on or prior to the date that the new issuance is to occur, the Issuer will have delivered to the Indenture Trustee and each
Note Rating Agency that is at that time rating Outstanding Notes that will remain Outstanding after the new issuance, an Opinion
of Counsel that the Issuer has the requisite power and authority to issue such Notes and such Notes have been duly authorized and
delivered by the Issuer and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and binding
obligations of the Issuer enforceable in accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time
to time in effect and to general equitable principles, whether applied in an action at law or in equity) and are entitled to the
benefits of this Indenture, equally and ratably with all other Outstanding Notes, if any, of such Series or Class subject to the
terms of this Indenture and each Indenture Supplement;

 

(iv)         
if any additional conditions to the new issuance are specified in writing to the Issuer by a Note Rating Agency that is
at that time rating any Outstanding Note that will remain Outstanding after the new issuance, the Issuer satisfies such conditions;

 

(v)         
the Issuer obtains written confirmation from each Note Rating Agency that is at that time rating any Outstanding Note that
will remain Outstanding after the new issuance at the request of the Issuer that the new issuance will not have a Ratings Effect
on any such Outstanding Notes rated by such Note Rating Agency at the request of the Issuer;

 

(vi)        
 a Facility Early Amortization Event shall not have occurred and be continuing;

 

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(vii)         on or prior to the date that the new issuance is to occur, the Issuer will have delivered to the Indenture Trustee an Indenture
Supplement and, if applicable, the Issuer Certificate;

 

(viii)        any Class of VFN must have the same Stated Maturity Date, Expected Repayment Date and the same method of calculation of
its Target Amortization Amount as any and all other Outstanding Classes of VFNs;

 

(ix)           for any new Series with respect to which there is a new Administrative Agent not currently set forth under the terms of
the definition of “Administrative Agent,” the Administrative Agent shall have consented to the issuance of such Series;
and

 

(x)         
   any other conditions specified in the applicable Indenture Supplement; provided, however, that any one of
the aforementioned conditions may be eliminated (other than clause (iv) and the requirement for an Issuer Tax Opinion)
or modified as a condition precedent to any new issuance of a Series or Class of Notes if the Issuer has obtained approval from
each Note Rating Agency that is at that time rating any Outstanding Notes that will remain Outstanding after the new issuance.

 

(c)         
No Notice or Consent Required to or from Existing Holders and Owners. Except as provided in Section 6.10(a)
above, the Issuer and the Indenture Trustee will not be required to provide prior notice to or to obtain the consent of any Noteholder
or Note Owner of Notes of any Outstanding Series or Class to issue any additional Notes of any Series or Class.

 

(d)         
Other Provisions. There are no restrictions on the timing or amount of any additional issuance of Notes of an Outstanding
Series or Class within a Series, of Notes, so long as the conditions described in Section 6.10(a) are met or waived.
If the additional Notes are in a Series or Class of Notes that has the benefit of a Derivative Agreement, the Issuer will enter
into a Derivative Agreement for the benefit of the additional Notes. In addition, if the additional Notes are a Series or Class
of Notes that has the benefit of any Supplemental Credit Enhancement Agreement or any Liquidity Facility, the Issuer will enter
into a Supplemental Credit Enhancement Agreement or Liquidity Facility, as applicable, for the benefit of the additional Notes.

 

(e)         
Sale Proceeds. The proceeds of sale of any new Series of Notes shall be wired to the Collection and Funding Account,
and the Indenture Trustee shall disburse such sale proceeds at the direction of the Administrator on behalf of the Issuer, except
to the extent such funds are needed to satisfy the Collateral Test. The Administrator on behalf of the Issuer may direct the Issuer
to apply such proceeds to reduce pro rata based on Invested Amounts, the VFN Principal Balance of any Classes of Variable
Funding Notes, or to redeem any Series of Notes in accordance with Section 13.1. In the absence of any such direction,
the proceeds of such sale shall be distributed to the Depositor or at the Depositor’s direction on the Issuance Date for
the newly issued Notes. The Administrator shall deliver to the Indenture Trustee a report demonstrating that the release of sale
proceeds pursuant to the Issuer’s direction will not cause a failure of the Collateral Test, as a precondition to the Indenture
Trustee releasing such proceeds.

 

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Article
VII

SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUER OR DEPOSITOR OR ORIGINATOR

 

Section
7.1.          Satisfaction and Discharge of Indenture.

 

This Indenture will
cease to be of further effect with respect to any Series or Class of Notes (except as to any surviving rights of transfer or exchange
of Notes of that Series or Class expressly provided for herein or in the form of Note for that Series or Class), and the Indenture
Trustee, on demand of and at the expense of the Issuer, will execute proper instruments acknowledging satisfaction and discharge
of this Indenture, when:

 

(a)         
all Notes of that Series or Class theretofore authenticated and delivered (other than (i) Notes of that Series or Class
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 6.6, and (ii)
Notes of that Series or Class for whose payment money has theretofore been deposited in trust or segregated and held in trust by
the Issuer and thereafter repaid to the Issuer or discharged from that trust) have been delivered to the Indenture Trustee canceled
or for cancellation;

 

(b)         
with respect to discharge of this Indenture for each Series or Class, the Issuer has paid or caused to be paid all sums
payable hereunder (including payments to the Indenture Trustee pursuant to Section 11.7 and amounts payable to the
Securities Intermediary pursuant to Section 4.9) with respect to such Notes or in respect of Fees and any and all other
amounts due and payable pursuant to this Indenture; and

 

(c)         
the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to
the Notes of that Series or Class have been complied with.

 

Notwithstanding the
satisfaction and discharge of this Indenture with respect to any Series or Class of Notes, the obligations of the Administrator
to the Indenture Trustee with respect to that Series or Class of Notes under Section 11.7 and of the Issuer to the
Securities Intermediary under Section 4.9, and the obligations and rights of the Indenture Trustee under Section 7.2
and Section 11.3, respectively, will survive such satisfaction and discharge.

 

Section
7.2.          Application of Trust Money.

 

All money and obligations
deposited with the Indenture Trustee pursuant to Section 7.1 and all money received by the Indenture Trustee in respect
of such obligations will be held in trust and applied by it or the Paying Agent, in accordance with the provisions of the Series
or Class of Notes in respect of which it was deposited and this Indenture and the related Indenture Supplement, to the payment
to the Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited
with or received by the Indenture Trustee or the Paying Agent.

 

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Section
7.3.          Cancellation of Notes Held by the Issuer, the Depositor
or the Receivables Seller.

 

If the Issuer, the
Receivables Seller, the Depositor or any of their respective Affiliates holds any Notes, that Holder may, subject to any provision
of a related Indenture Supplement limiting the repayment of such Notes, by notice from that Holder to the Indenture Trustee, cause
the Notes to be repaid and canceled, whereupon the Notes will no longer be Outstanding.

 

Article
VIII 

 

EVENTS OF DEFAULT AND REMEDIES

 

Section
8.1.          Events of Default.

 

“Event
of Default” means, any one of the following events (whatever the reason for such Event of Default and whether it
is voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body):

 

(a)         
a default (which default continues for a period of two (2) Business Days following written or electronic notice from the
Indenture Trustee or the Administrative Agent), in the payment (i) of any principal, interest or any Fees (other than any Default
Fees, Cumulative Default Fee Amounts, ERD Fees or Cumulative ERD Fee Amounts) due and owing on any Payment Date (in each case,
including without limitation the full aggregate amount of any Target Amortization Amounts due on such Payment Date), or (ii) in
full of all accrued and unpaid interest and the Outstanding Note Balance of the Notes of any Series or Class on or before the applicable
Stated Maturity Date (which, for the avoidance of doubt, shall not include any Default Fees, Cumulative Default Fee Amounts, ERD
Fees or Cumulative ERD Fee Amounts);

 

(b)         
the Servicer or a Subservicer shall fail to comply with the deposit and remittance requirements set forth in any Designated
Servicing Agreement (subject to any cure period provided therein) or Section 4.2(a) (and such failure under Section 4.2(a)
continues unremedied for a period of two (2) Business Days after a Responsible Officer of the Servicer or a Subservicer obtains
actual knowledge of such failure, or receives written (which may be electronic) notice from the Indenture Trustee or any Noteholder
of such failure);

 

(c)         
any failure by the Administrator to deliver any Determination Date Administrator Report pursuant to Section 3.2
which continues unremedied for a period of two (2) Business Days after a Responsible Officer of the Administrator shall have obtained
actual knowledge of such failure, or shall have received written or electronic notice from the Indenture Trustee or any Noteholder
of such failure;

 

(d)         
the Issuer, the Receivables Seller, the Servicer (itself or acting through a Subservicer), the Depositor or the Administrator
shall materially breach or default in the due observance or performance of any of its covenants or agreements in this Indenture
or any other Transaction Document (subject to any cure period provided therein), other than an obligation of the Receivables Seller
to make an Indemnity Payment following a breach of a representation or warranty with respect to such Receivable pursuant to Section
4(b) or Section 5(b) of the Receivables Sale Agreement, and any such default shall continue for a period of five (5) days after
the earlier to occur of (i) actual discovery by a Responsible Officer of the Issuer, the Receivables Seller, the Servicer, the
Depositor or the Administrator, as applicable, or (ii) the date on which written or electronic notice of such failure, requiring
the same to be remedied, shall have been given from the Indenture Trustee or any Noteholder to a Responsible Officer of the Issuer,
the Receivables Seller, the Servicer, the Depositor or the Administrator; provided, that a breach of Section 7(a) of the
Receivables Sale Agreement, or Section 7(b) of the Receivables Pooling Agreement (prohibiting the Receivables Seller, the Servicer
or the Depositor, as applicable, from causing or permitting Insolvency Proceedings with respect to the Depositor or the Issuer,
as applicable) shall be an automatic Event of Default;

 

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(e)         
if any representation or warranty of the Issuer, the Receivables Seller, the Servicer, the Depositor or the Administrator
made in this Indenture or any other Transaction Document (other than under Section 4(b) or Section 5(b) of the Receivables Sale
Agreement) shall prove to have been breached in any material respect as of the time when the same shall have been made or deemed
made, and, if capable of remedy by payment of an Indemnity Payment or otherwise, continues uncured and unremedied for a period
of five (5) days after the earlier to occur of (i) actual discovery by a Responsible Officer of the Issuer, the Receivables Seller,
the Servicer, the Depositor or the Administrator, as applicable, or (ii) the date on which written (which may be electronic) notice
of such failure, requiring the same to be remedied, shall have been given to a Responsible Officer of the Issuer, the Receivables
Seller, the Servicer, the Depositor or the Administrator, as applicable, and would have a material adverse effect on the rights
or interests of the Noteholders;

 

(f)         
(i) any failure of the Receivables Seller to pay the related Indemnity Payment following breach of a representation or warranty
as set forth in the Receivables Sale Agreement, continues unremedied for a period of ten (10) days after the earlier to occur of
(x) actual discovery by a Responsible Officer of the Receivables Seller, the Administrator, the Servicer, a Subservicer, the Depositor
or the Issuer, respectively or (y) the date on which written (which may be electronic) notice of such failure, requiring the same
to be remedied, shall have been given to the Receivables Seller, the Administrator, the Servicer, the Subservicer or the Depositor,
respectively;

 

(g)         
failure of the Collateral Test at the end of any Advance Collection Period or at the close of business on the Determination
Date for any Payment Date, Interim Payment Date or Funding Date (in each case assuming that all payments and fundings described
in the reports delivered in respect of the related Determination Date are paid and funded), any date on which Additional Notes
are issued, any date on which the VFN Principal Balance of any VFN is increased, any date on which a Designated Servicing Agreement
is added to or removed from the Trust Estate, or any date on which a Receivable becomes ineligible by virtue of an Unmatured Default
or notice of a claim for monetary loss against the Servicer by a party to a Designated Servicing Agreement or by a related securityholder,
whose claim is for an aggregate amount greater than 5% of the aggregate Receivable Balance of the Receivables created pursuant
to such Designated Servicing Agreement; provided, however, that if such failure results solely from Receivables no
longer being Facility Eligible Receivables because of an Unmatured Default or monetary claim, such failure shall become an Event
of Default only if it continues unremedied for a period of thirty (30) days following the Servicer’s Responsible Officer’s
receipt of such notice of or obtaining such actual knowledge;

 

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(h)         
an involuntary case or other proceeding under the U.S. federal bankruptcy laws, as now or hereafter in effect shall be commenced
against the Issuer or any substantial part of its property, or a petition shall be filed against the Issuer under the U.S. federal
bankruptcy laws, as now or hereafter in effect, or any other present or future U.S. federal, state or non-U.S. bankruptcy, insolvency
or similar law, seeking the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official for the Issuer or for any substantial part of its property, or the winding up or liquidation of the affairs of the Issuer
and (i) such case or proceeding shall continue undismissed or unstayed and in effect for a period of sixty (60) days or (ii) an
order for relief in respect of the Issuer shall be entered in such case or proceeding under such laws or a decree or order granting
such other requested relief shall be granted;

 

(i)          
the commencement by the Issuer of a voluntary case under the U.S. federal bankruptcy laws, as now or hereafter in effect,
or any other present or future U.S. federal, state or foreign bankruptcy, insolvency or similar law, or the consent by the Issuer
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Issuer or of any substantial part of its property or the making by the Issuer, of an assignment for the benefit
of creditors, or the failure by the Issuer generally to pay its debts as such debts become due or the taking of any action by the
Issuer in furtherance of any of the foregoing;

 

(j)          
the occurrence of an Insolvency Event as to the Administrator, the Receivables Seller, the Servicer, a Subservicer or the
Depositor;

 

(k)         
the Issuer or the Trust Estate shall have become subject to registration as an “investment company” within the
meaning of the Investment Company Act as determined by a court of competent jurisdiction in a final and non-appealable order;

 

(l)          
the Depositor sells, transfers, pledges or otherwise disposes of the Owner Trust Certificate, whether voluntarily or by
operation of law, foreclosure or other enforcement by a Person of its remedies against the Receivables Seller, the Servicer or
the Depositor, except with the consent of the Administrative Agent;

 

(m)            
(i) an event of default under any full-recourse, term loan facility under which HLSS is borrower; (ii) the Administrator
shall fail to make any payment (whether of principal or interest or otherwise) in respect of any other indebtedness with an amount
in excess of $15,000,000, when and as the same shall become due and payable (including the passage of any applicable grace period)
or (iii) any event or condition occurs and, while continuing, results in any indebtedness of the Administrator with an amount in
excess of $15,000,000 becoming due prior to its scheduled maturity or that enables or permits (including the passage of any applicable
grace period) the holder or holders of any such indebtedness or any trustee or agent on its or their behalf to cause any such indebtedness
to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;

 

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(n)         
(i) any material provision of any Transaction Document shall at any time for any reason (other than pursuant to the express
terms thereof) cease to be valid and binding on or enforceable against the Issuer, the Depositor, the Administrator, the Receivables
Seller or any of their respective Affiliates intended to be a party thereto, (ii) the validity or enforceability of any Transaction
Document shall be contested by the Issuer, the Depositor, the Administrator, the Receivables Seller or any of their respective
Affiliates, (iii) a proceeding shall be commenced by the Issuer, the Depositor, the Administrator, the Receivables Seller or any
of their respective Affiliates or any governmental body having jurisdiction over the Issuer, the Depositor, the Administrator,
the Receivables Seller or any of their respective Affiliates, seeking to establish the invalidity or unenforceability of any Transaction
Document, or (iv) the Issuer, the Depositor, the Administrator, the Receivables Seller or any of their respective Affiliates shall
deny in writing that it has any liability or obligation purported to be created under any Transaction Document;

 

(o)         
the Administrator or any Affiliate thereof has taken any action, or failed to take any action, the omission of which could
reasonably be expected to impair the interests of the Issuer in the Receivables or the security interest or rights of the Indenture
Trustee in the Trust Estate, or to cause or permit the transactions contemplated by the Receivables Sale Agreement to be characterized
as a financing rather than a true sale for purposes of bankruptcy or similar laws;

 

(p)         
(i) a final judgment or judgments for the payment of money in excess of $50,000 in the aggregate shall be rendered against
the Depositor or the Issuer by one or more courts, administrative tribunals or other bodies having jurisdiction over them, or (ii)
a final judgment or judgments for the payment of money in excess of $15,000,000 in the aggregate shall be rendered against HLSS
by one or more courts, administrative tribunals or other bodies having jurisdiction over them and the same shall not be discharged
(or provision shall not be made for such discharge) or bonded, or a stay of execution thereof shall not be procured, within sixty
(60) days from the date of entry thereof and HLSS shall not, within said period of sixty (60) days, or such longer period during
which execution of the same shall have been stayed or bonded, appeal therefrom and cause the execution thereof to be stayed during
such appeal;

 

(q)         
any person shall be appointed as Independent Manager of the Depositor without prior notice having been given to and without
the written acknowledgement by the Administrative Agent that such person conforms, to the satisfaction of the Administrative Agent
in its reasonable discretion, to the criteria set forth herein in the definition of “Independent Manager”;

 

(r)          
certain other events as may be set forth in the related Indenture Supplement;

 

(s)         
the occurrence of a Facility Early Amortization Event; or

 

(t)          
the Maximum VFN Principal Balance of any Class of Variable Funding Notes shall be reduced to $0 on any day and such Class
shall have a positive outstanding principal balance on such day or any day thereafter.

 

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Upon the occurrence
of any such event none of the Administrator, the Servicer, each Subservicer nor the Depositor shall be relieved from using its
best efforts to perform its obligations in a timely manner in accordance with the terms of this Indenture, and each of the Administrator,
the Servicer and the Depositor shall provide the Indenture Trustee, each Note Rating Agency for each Note then Outstanding and
the Noteholders prompt notice of such failure or delay by it, together with a description of its effort to perform its obligations.
Each of the Administrator, the Servicer, each Subservicer and the Depositor shall notify the Indenture Trustee in writing of any
Event of Default or an event which with notice, the passage of time or both would become an Event of Default that it discovers,
within one Business Day of such discovery. For purposes of this Section 8.1, the Indenture Trustee shall not be deemed
to have knowledge of an Event of Default unless a Responsible Officer of the Indenture Trustee assigned to and working in the Corporate
Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default is received
by the Indenture Trustee and such notice references the Notes, the Trust Estate or this Indenture.

 

Any determination pursuant
to this Section 8.1 as to whether any event would have a material adverse effect on the rights or interests of the
Noteholders shall be made without regard to any Derivative Agreement, Supplemental Credit Enhancement Agreement or Liquidity Facility.

 

Section
8.2.          Acceleration of Maturity; Rescission and Annulment.

 

(a)         
If an Event of Default of the kind specified in clause (g), (h), (i) or (j) of Section 8.1
occurs, the unpaid principal amount of all of the Notes shall automatically become immediately due and payable without notice,
presentment or demand of any kind. If any other Event of Default occurs and is continuing, then and in each and every such case,
the Indenture Trustee, at the written direction of either the Administrative Agent or the Majority Holders of each Series, by notice
in writing to the Issuer (and to the Indenture Trustee if given by the Holders), may declare the Note Balance of all the Outstanding
Notes and all interest and principal accrued and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration
each Note will become and will be immediately due and payable, anything in this Indenture, the related Indenture Supplement(s)
or in the Notes to the contrary notwithstanding. Such payments are subject to the allocation, deposits and payment sections of
this Indenture and of the related Indenture Supplement(s).

 

(b)         
If a Payment Default occurs with respect to any Series or Class and is continuing, then and in each and every such case,
unless the principal of all the Notes shall have already become due and payable, the Indenture Trustee, at the written direction
of either the Administrative Agent or the Majority Holders of all Outstanding Notes, by notice in writing to the Issuer (and to
the Indenture Trustee if given by Holders), may declare the Note Balance of all the Notes then Outstanding and all interest and
principal accrued and unpaid (if any) thereon and all other amounts due and payable under any Transaction Document to be due and
payable immediately, and upon any such declaration the same will become and will be immediately due and payable, and the Revolving
Period shall immediately terminate notwithstanding anything in this Indenture, the related Indenture Supplement(s) or the Notes
to the contrary.

 

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(c)         
At any time after such a declaration of acceleration has been made or an automatic acceleration has occurred with respect
to the Notes of any Series or Class and before a judgment or decree for payment of the money due has been obtained by the Indenture
Trustee as hereafter provided in this Article VIII, the Majority Holders of all Outstanding Notes, by written notice
to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

 

(i)          
the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all overdue installments of interest
on such Notes, (B) the principal of such Notes which has become due otherwise than by such declaration of acceleration, and interest
thereon at the rate or rates prescribed therefor by the terms of such Notes, to the extent that payment of such interest is lawful,
(C) interest upon overdue installments of interest at the rate or rates prescribed therefore by the terms of such Notes to the
extent that payment of such interest is lawful, and (D) all sums paid by the Indenture Trustee hereunder and the reasonable compensation,
expenses and disbursements of the Indenture Trustee, its agents and counsel and all other amounts due to the Indenture Trustee
under Section 4.5; and

 

(ii)         
all Events of Default, other than the nonpayment of the principal of such Notes which has become due solely by such acceleration,
have been cured or waived as provided in Section 8.15.

 

No such rescission
will affect any subsequent default or impair any right consequent thereon.

 

Section
8.3.          Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

 

The Issuer covenants
that if:

 

(a)         
the Issuer defaults in the payment of interest on any Series or Class of Notes when such interest becomes due and payable
and such default continues for a period of thirty-five (35) days following the date on which such interest became due and payable,
or

 

(b)         
the Issuer defaults in the payment of the principal of any Series or Class of Notes on the Stated Maturity Date thereof;
then

 

the Issuer will, upon demand of the Indenture
Trustee, pay (subject to the allocation provided in this Article VIII and any related Indenture Supplement) to the
Indenture Trustee, for the benefit of the Holders of any such Notes, the whole amount then due and payable on any such Notes for
principal and interest, with interest, together with any Cumulative Interest Shortfall Amounts, unless otherwise specified in the
applicable Indenture Supplement, and in addition thereto, will pay such further amount as will be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee,
its agents and counsel and all other amounts due under Section 4.5.

 

If the Issuer fails
to pay such amounts forthwith upon such demand, the Indenture Trustee may, in its own name and as trustee of an express trust,
institute a judicial proceeding for the collection of the sums so due and unpaid, and may directly prosecute such proceeding to
judgment or final decree, and the Indenture Trustee may enforce the same against the Issuer or any other obligor upon the Notes
and collect the money adjudged or decreed to be payable in the manner provided by law and this Indenture.

 

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Section
8.4.          Indenture Trustee May File Proofs of Claim.

 

In case of the pendency
of any Insolvency Event or other similar relative to the Issuer or any other obligor upon the Notes or the property of the Issuer
or of such other obligor, the Indenture Trustee (irrespective of whether the principal of the Notes will then be due and payable
as therein expressed or by declaration or otherwise) will be entitled and empowered by intervention in such proceeding or otherwise,

 

(a)         
to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel
and all other amounts due the Indenture Trustee under Section 4.5) and of the Noteholders allowed in such judicial
proceeding, and

 

(b)         
to collect and receive any funds or other property payable or deliverable on any such claims and to distribute the same;
and any receiver, assignee, trustee, liquidator or other similar official in any such proceeding is hereby authorized by each Noteholder
to make such payment to the Indenture Trustee, and in the event that the Indenture Trustee will consent to the making of such payments
directly to the Noteholders, to pay to the Indenture Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee under Section 4.5.

 

Nothing herein contained
will be deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder any
plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize
the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding.

 

Section
8.5.          Indenture Trustee May Enforce Claims Without Possession
of Notes.

 

All rights of action
and claims under this Indenture or the Notes of any Series or Class may be prosecuted and enforced by the Indenture Trustee, without
the possession of any of the Notes of such Series or Class or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Indenture Trustee, will be brought in its own name as trustee of an express trust, and any recovery
of judgment will, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its respective agents and counsel, be for the ratable benefit of the Holders of the Notes of the Series or Class in
respect of which such judgment has been recovered.

 

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Section
8.6.          Application of Money Collected.

 

Any money or other
property collected by the Indenture Trustee pursuant to this Article VIII will be applied in the following order, at
the Final Payment Date fixed by the Indenture Trustee and, in case of the payment of such money on account of principal or interest,
upon presentation of the Notes of the related Series or Class and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

 

(a)         
first, to the payment of (i) all costs of collection and enforcement due to the Indenture Trustee under Section 4.5
or Section 11.7 and the Securities Intermediary under Section 4.9, (ii) all indemnity amounts, costs and
expenses due to the Indenture Trustee (in all of its capacities including the Securities Intermediary) under this Indenture and
(iii) the Indenture Trustee Fee due to the Indenture Trustee (in all its capacities) under Section 4.5 or Section 11.7;

 

(b)         
second, to the payment of the Owner Trustee Fee, if any, due to the Owner Trustee under Section 4.5 to
the extent not otherwise paid hereunder or under any other Transaction Document, and all indemnity amounts, costs and expenses
due to the Owner Trustee under this Indenture (to the extent not otherwise paid hereunder or under any other Transaction Document
and subject, with respect to indemnity amounts, costs and expenses, to the applicable Expense Limit);

 

(c)         
third, to the payment of the amounts then due and unpaid upon the Notes of that Series or Class for principal and
interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority
of any kind (but subject to the allocation provided in Section 4.5(a)(2) according to the amounts due and payable on
such Notes for principal and interest, respectively, and the terms and provisions of each related Indenture Supplement; and

 

(d)         
fourth, pro rata to the payment of all other amounts due to the Indenture Trustee (in all its capacities)
and the Owner Trustee not otherwise paid hereunder or under any other Transaction Document.

 

Section
8.7.          Sale of Collateral Requires Consent of Majority of All
Noteholders.

 

The Indenture Trustee
shall not sell Collateral or cause the Issuer to sell Collateral following any Event of Default, except with the written consent,
or at the direction of, the Majority Holders of the Outstanding Notes of each Series; provided, that the consent of 100%
of the Holders of the Outstanding Notes of each Series shall be required for any sale that does not generate sufficient proceeds
to pay the Note Balance of all such Notes plus all accrued and unpaid interest and other amounts owed in respect of such
Notes. If such direction has been given by the Holders of the requisite percentage of all Outstanding Notes, the Indenture Trustee
shall cause the Issuer to sell Collateral pursuant to Section 8.16, and shall provide notice of this to each Note Rating
Agency of then-Outstanding Notes.

 

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Section
8.8.          Noteholders Have the Right to Direct the Time, Method
and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee.

 

Subject to Section 8.7
and Section 8.14, the Majority Holders of all Outstanding Notes have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the
Indenture Trustee. This right may be exercised only if the direction provided by the Noteholders does not conflict with Applicable
Law or this Indenture and does not have a substantial likelihood of involving the Indenture Trustee in personal liability and the
Indenture Trustee has received indemnity satisfactory to it from such Noteholders.

 

Section
8.9.          Limitation on Suits.

 

No Noteholder will
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee or similar official, or for any other remedy hereunder, unless:

 

(a)         
such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default with respect to
Notes of such Holder’s Notes’ Series or Class;

 

(b)         
the Holders of more than 25% of the Outstanding Notes of each Series by Voting Interests have made written request to the
Indenture Trustee to institute proceedings in respect of such Event of Default in the name of the Indenture Trustee hereunder;

 

(c)         
such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request; and

 

(d)         
the Indenture Trustee, for sixty (60) days after the Indenture Trustee has received such notice, request and offer of indemnity,
has failed to institute any such proceeding; it being understood and intended that no one or more Holders of Notes of such Series
or Class will have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Holders of Notes, or to obtain or to seek to obtain priority or preference over any
other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate
benefit of all the Holders of all Notes.

 

Section
8.10.      Unconditional Right of Noteholders to Receive Principal and Interest; Limited
Recourse.

 

Notwithstanding any
other provisions in this Indenture, the Noteholder will have the right, which is absolute and unconditional, to receive payment
of the principal of and interest on such Note on the Stated Maturity Date expressed in the related Indenture Supplement and to
institute suit for the enforcement of any such payment, and such right will not be impaired without the consent of such Holder;
provided, however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to
pay principal of or interest on the Notes or any other amount payable to any Noteholder will be without recourse to the Receivables
Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee, or any Affiliate (other than the Issuer), officer,
employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on the Notes or any other
amount payable to any Noteholder will be limited to amounts available from the Trust Estate and subject to the priority of payment
set forth in this Indenture. Notwithstanding any other terms of this Indenture, the Notes, any other Transaction Documents or otherwise,
the obligations of the Issuer under the Notes, this Indenture and each other Transaction Document to which it is a party are limited
recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application
of the proceeds thereof in accordance with the terms of this Indenture, none of the Noteholders, the Indenture Trustee or any of
the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums due but still unpaid
hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No recourse shall
be had for the payment of any amount owing in respect of the Notes or this Indenture or for any action or inaction of the Issuer
against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns
for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this Section 8.10
shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement
which is part of the Trust Estate or (ii) save as specifically provided therein, constitute a waiver, release or discharge of any
indebtedness or obligation evidenced by the Notes or secured by this Indenture. It is further understood that the foregoing provisions
of this Section 8.10 shall not limit the right of any Person, to name the Issuer as a party defendant in any proceeding
or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency
judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity.

 

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Section
8.11.      Restoration of Rights and Remedies.

 

If the Indenture Trustee
or any Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, then and in every such case the Issuer, the Indenture Trustee and the Noteholders will,
subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no such proceeding had
been instituted.

 

Section
8.12.      Rights and Remedies Cumulative.

 

No right or remedy
herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right
or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

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Section
8.13.      Delay or Omission Not Waiver.

 

No delay or omission
of the Indenture Trustee or of any Noteholder to exercise any right or remedy accruing upon any Event of Default will impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given
by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may
be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

 

Section
8.14.      Control by Noteholders.

 

Either the Administrative
Agent or the Majority Holders of all Outstanding Notes will have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee
with respect to such Notes; provided that:

 

(a)         
the Indenture Trustee will have the right to decline to follow any such direction if the Indenture Trustee, being advised
by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Indenture
Trustee in good faith determines that the proceedings so directed would involve it in personal liability or be unjustly prejudicial
to the Holders not taking part in such direction, unless the Indenture Trustee has received indemnity satisfactory to it from the
Holders; and

 

(b)         
the Indenture Trustee may take any other action permitted hereunder deemed proper by the Indenture Trustee which is not
inconsistent with such direction.

 

Section
8.15.      Waiver of Past Defaults.

 

Together, Holders of
more than 662⁄3% of the Outstanding Notes of each Series by Voting Interests and the Administrative Agent may on behalf of
the Holders of all such Notes waive any past default hereunder and its consequences, except a default not theretofore cured:

 

(a)         
in the payment of the principal of or interest on any Note, or

 

(b)         
in respect of a covenant or provision hereof which under Article XIII cannot be modified or amended without
the consent of the Holder of each Outstanding Note.

 

Upon any such waiver,
such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, for every purpose
of this Indenture; but no such waiver will extend to any subsequent or other default or impair any right consequent thereon.

 

Section
8.16.      Sale of Trust Estate.

 

(a)         
The power to effect any Sale of any portion of the Trust Estate shall not be exhausted by any one or more Sales as to any
portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall have been sold
or all amounts payable on the Notes and under this Indenture with respect thereto shall have been paid. The Indenture Trustee may
from time to time postpone any public Sale by public announcement made at the time and place of such Sale.

 

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(b)         
Unless the Majority Holders of all Outstanding Notes, have otherwise provided its written consent to the Indenture Trustee,
at any public Sale of all or any portion of the Trust Estate at which a minimum bid equal to or greater than all amounts due to
the Indenture Trustee hereunder and the entire amount which would be payable to the Noteholders in full payment thereof in accordance
with Section 8.6, on the Payment Date next succeeding the date of such sale, has not been received, the Indenture Trustee
shall prevent such sale by bidding an amount at least $1.00 more than the highest other bid in order to preserve the Trust Estate.

 

(c)         
In connection with a Sale of all or any portion of the Trust Estate:

 

(i)          
any of the Noteholders may bid for and purchase the property offered for Sale, and upon compliance with the terms of sale
may hold, retain and possess and dispose of such property, without further accountability;

 

(ii)         
the Indenture Trustee may bid for and acquire the property offered for Sale in connection with any Sale thereof;

 

(iii)        
the Indenture Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any
portion of the Trust Estate in connection with a Sale thereof;

 

(iv)      
  the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to
transfer and convey its interest in any portion of the Trust Estate in connection with a Sale thereof, and to take all action
necessary to effect such Sale; and

 

(v)         
no purchaser or transferee at such a Sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into
the satisfaction of any conditions precedent or see to the application of any moneys.

 

(d)         
Notwithstanding anything to the contrary in this Indenture, if an Event of Default has occurred and is continuing and the
Notes have become due and payable or have been declared due and payable and such declaration and its consequences have not been
rescinded and annulled, any proceeds received by the Indenture Trustee with respect to a foreclosure, sale or other realization
resulting from a transfer of the assets of the Trust Estate shall be allocated on a pro rata basis among the Noteholders
in proportion to their respective Invested Amounts in satisfaction of the amounts due and owing the Noteholders, and the remainder
shall be distributed to the Depositor as holder of the Owner Trust Certificate. The amount, if any, so allocated to the Depositor
shall be paid by the Indenture Trustee to or to the order of the Depositor free and clear of the Adverse Claim of this Indenture
and the Noteholders shall have no claim or rights to the amount so allocated.

 

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Section
8.17.      Undertaking for Costs.

 

All parties to this
Indenture agree, and each Noteholder by its acceptance thereof will be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee
for any action taken or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to
pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section will not apply to any suit instituted by the Indenture Trustee,
to any suit instituted by any Noteholder or group of Noteholders holding in the aggregate more than 25% of the Outstanding Notes
of each Series (by Voting Interests) to which the suit relates, or to any suit instituted by any Noteholders for the enforcement
of the payment of the principal of or interest on any Note on or after the applicable Stated Maturity Date expressed in such Note.

 

Section
8.18.      Waiver of Stay or Extension Laws.

 

The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power
herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had
been enacted.

 

Section
8.19.      Notice of Waivers.

 

Promptly after any
waiver of a Facility Early Amortization Event pursuant to Section 4.12, or any rescission or annulment of a declaration
of acceleration pursuant to Section 8.2(c), or any waiver of past default pursuant to Section 8.15, the
Issuer will notify all related Note Rating Agencies in writing.

 

Article
IX

THE ISSUER

 

Section
9.1.          Representations, Warranties and Certain Covenants of Issuer.

 

The Issuer hereby makes
the following representations, warranties and covenants for the benefit of the Indenture Trustee, the Noteholders, any Derivative
Counterparty, any Supplemental Credit Enhancement Provider and any Liquidity Provider. The representations shall be made as of
the execution and delivery of this Indenture and of each Indenture Supplement, and as of each Funding Date and as of each date
of Grant and shall survive the Grant of a Security Interest in the Receivables to the Indenture Trustee. Notwithstanding the foregoing,
the breach of any representation, warranty or covenant in this Section 9.1 shall not be waived without the consent
of the Majority Holders of all Outstanding Notes.

 

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(a)         
Organization and Good Standing. The Issuer is duly organized and validly existing as a statutory trust and is in
good standing 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, power,
authority and legal right to acquire, own, hold and grant a Security Interest in the Receivables. The Issuer has appointed the
Administrator as the Issuer’s agent where notices and demands to or upon the Issuer in respect of the Notes of this Indenture
may be served.

 

(b)         
Power and Authority. The Issuer has and will continue to have the power and authority to execute and deliver this
Indenture and the other Transaction Documents to which it is or will be a party, and to carry out their respective terms; the Issuer
has full power and authority to Grant a Security Interest in the Trust Estate and has duly authorized such Grant to the Indenture
Trustee by all necessary action; and the execution, delivery and performance by the Issuer of this Indenture and each of the other
Transaction Documents to which it is a party has been duly authorized by all necessary action of the Issuer.

 

(c)         
Valid Transfers; Binding Obligations. This Indenture creates a valid Grant of a first priority Security Interest
in the Receivables under the UCC, and such other portion of the Collateral as to which a Security Interest may be granted under
the UCC, which security interest is effective for so long as the Notes remain Outstanding, enforceable against creditors of and
purchasers from the Issuer, subject to Applicable Law. Each of the Transaction Documents to which the Issuer is a party constitutes
a legal, valid and binding obligation of the Issuer enforceable in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally or by general equity
principles.

 

(d)         
No Violation. The execution and delivery by the Issuer of this Indenture and each other Transaction Document to which
it is a party and the consummation of the transactions contemplated by this Indenture and the other Transaction Documents and the
fulfillment of the terms of this Indenture and the other Transaction Documents do not conflict with, result in any breach of any
of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under the Organizational
Documents of the Issuer or any indenture, agreement or other material instrument to which the Issuer is a party or by which it
is bound, or result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument (other than this Indenture), or violate any law, order, judgment, decree, writ, injunction,
award, determination, rule or regulation applicable to the Issuer of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Issuer or its properties, which breach, default, conflict,
Adverse Claim or violation could reasonably be expected to have an Adverse Effect.

 

(e)         
No Proceedings. There is no action, suit or proceeding before or by any court or governmental agency or body, domestic
or foreign, now pending, or to the Issuer’s knowledge, threatened, against or affecting the Issuer: (i) asserting the invalidity
of this Indenture, the Notes or any of the other Transaction Documents to which the Issuer is a party, (ii) seeking to prevent
the issuance of the Notes or the consummation of any of the transactions contemplated by this Indenture, or any of the other Transaction
Documents, (iii) seeking any determination or ruling which could reasonably be expected to have an Adverse Effect or could reasonably
be expected to materially and adversely affect the condition (financial or otherwise), business or operations of the Issuer, or
(iv) relating to the Issuer and which could reasonably be expected to adversely affect the United States federal income tax attributes
of the Notes.

 

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(f)         
No Subsidiaries. The Issuer has no subsidiaries.

 

(g)         
All Tax Returns True, Correct and Timely Filed. All tax returns required to be filed by the Issuer in any jurisdiction
have in fact been filed and all taxes, assessments, fees and other governmental charges upon the Issuer or upon any of its properties,
and all income of franchises, shown to be due and payable on such returns have been paid except for any such taxes, assessments,
fees and charges the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which the Issuer had established adequate reserves in accordance with GAAP. All such tax returns were true
and correct in all material respects and the Issuer knows of no proposed additional tax assessment against it that could reasonably
be expected to have a material adverse effect upon the ability of the Issuer to perform its obligations hereunder nor of any basis
therefor. The provisions for taxes on the books of the Issuer are in accordance with GAAP. The Administrator shall file any and
all such returns required to be filed in the United States.

 

(h)         
No Restriction on Issuer Affecting its Business. The Issuer is not a party to any contract or agreement, or subject
to any charter or other restriction, which materially and adversely affects its business, and the Issuer has not agreed or consented
to cause any of its assets or properties to become subject to any Adverse Claim other than the Security Interest.

 

(i)          
Title to Receivables. As represented by the Depositor in the Receivables Pooling Agreement, immediately prior to
the Grant thereof to the Indenture Trustee as contemplated by this Indenture, the Issuer had good and marketable title to each
Receivable, free and clear of all Adverse Claims and rights of others.

 

(j)          
Perfection of Security Interest. All filings and recordings that are necessary to perfect the interest of the Issuer
in the Receivables and such other portion of the Trust Estate as to which a sale or security interest may be perfected by filing
under the UCC, have been accomplished and are in full force and effect. All filings and recordings against the Issuer required
to perfect the Security Interest of the Indenture Trustee in such Receivables and such other portion of the Trust Estate as to
which a Security Interest may be perfected by filing under the UCC, have been accomplished and are in full force and effect. The
Issuer will 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 Issuer in all of the Receivables and such other
portion of the Trust Estate as to which a sale or Security Interest may be perfected by filing under the UCC, and the Security
Interest of the Indenture Trustee in all of the Receivables and such other portion of the Trust Estate as to which a Security Interest
may be perfected by filing under the UCC, are fully protected. Other than the Security Interest granted to the Indenture Trustee
pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a Security Interest in, or otherwise conveyed any
of the Receivables or the other Collateral. The Issuer has not authorized the filing of and is not aware of any financing statement
filed against the Issuer that includes a description of collateral covering the Receivables other than (1) any financing statement
related to the Security Interest granted to the Indenture Trustee hereunder or (2) that has been terminated. The Administrator
shall take all steps necessary to ensure compliance with this Section 9.1(j).

 

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(k)         
Notes Authorized, Executed, Authenticated, Validly Issued and Outstanding. The Notes have been duly and validly authorized
and, when duly and validly executed and authenticated by the Indenture Trustee in accordance with the terms of this Indenture and
delivered to and paid for by each purchaser as provided herein, will be validly issued and outstanding and entitled to the benefits
hereof.

 

(l)          
Location of Chief Executive Office and Records. The principal place of business and chief executive office of the
Issuer, and the office where Issuer maintains all of its corporate records, is located at the offices of the Administrator at c/o
New Residential Investment Corp., 1345 Avenue of the Americas, New York, NY, 10105; provided that, at any time after the
Closing Date, upon thirty (30) days’ prior written notice to the Indenture Trustee and the Noteholders, the Issuer may relocate
its jurisdiction of formation, and/or its principal place of business and chief executive office, and/or the office where it maintains
all of its records, to another location or jurisdiction, as the case may be, within the United States to the extent that the Issuer
shall have taken all actions necessary or reasonably requested by the Indenture Trustee or the Majority Holders of all Outstanding
Notes to amend its existing financing statements and continuation statements, and file additional financing statements and to take
any other steps reasonably requested by the Indenture Trustee or the Majority Holders of all Outstanding Notes to further perfect
or evidence the rights, claims or security interests of the Indenture Trustee and the Noteholders under any of the Transaction
Documents.

 

(m)            
Solvency. The Issuer (i) is not be “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy
Code); (ii) is able to pay its debts as they become due; and (iii) 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. The Issuer is not Granting the Trust Estate
to the Indenture Trustee with the intent to defraud, delay or hinder any of its creditors.

 

(n)         
Separate Identity. The Issuer is operated as an entity separate from the Receivables Seller, the Depositor and the
Servicer. The Issuer has complied with all covenants set forth in its Organizational Documents.

 

(o)         
Name. The legal name of the Issuer is as set forth in this Indenture and the Issuer does not use and has not used
any other trade names, fictitious names, assumed names or “doing business as” names.

 

(p)         
Governmental Authorization. Other than the filing of the financing statements (or financing statement amendments)
required hereunder or under any other Transaction Document, no authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body is required for (i) the due execution and delivery by Issuer of this
Indenture and each other Transaction Document to which it is a party and (ii) the performance of its obligations hereunder and
thereunder.

 

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(q)         
Accuracy of Information. All information heretofore furnished by the Issuer or any of its Affiliates to the Indenture
Trustee or the Noteholders for purposes of or in connection with this Indenture, any of the other Transaction Documents or any
transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Issuer or any of its Affiliates
to the Indenture Trustee or the Noteholders will be, true and accurate in every material respect on the date such information is
stated or certified and does not and will not contain any material misstatement of fact or omit to state a material fact or any
fact necessary to make the statements contained therein not misleading.

 

(r)          
Use of Proceeds. No proceeds of any issuance of Notes or funding under a VFN hereunder will be used for a purpose
that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve
System from time to time.

 

(s)         
Investment Company. The Issuer is not an “investment company” within the meaning of the Investment Company
Act, or any successor statute.

 

(t)          
Compliance with Law. The Issuer has complied in all respects with all Applicable Laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which it may be subject.

 

(u)         
Investments. The Issuer does not own or hold, directly or indirectly (i) any capital stock or equity security of,
or any equity interest in, any Person or (ii) any debt security or other evidence of indebtedness of any Person.

 

(v)         
Transaction Documents. The Receivables Pooling Agreement is the only agreement pursuant to which the Issuer directly
or indirectly purchases and receives contributions of Receivables from the Depositor and the Receivables Pooling Agreement represent
the only agreement between the Depositor and the Issuer relating to the transfer of the Receivables.

 

(w)            
Limited Business. Since its formation the Issuer has conducted no business other than entering into and performing
its obligations under the Transaction Documents to which it is a party, and such other activities as are incidental to the foregoing.
The Transaction Documents to which it is a party, and any agreements entered into in connection with the transactions that are
permitted thereby, are the only agreements to which the Issuer is a party.

 

Section
9.2.          Liability of Issuer; Indemnities.

 

(a)         
Obligations. The Issuer shall be liable in accordance with this Indenture only to the extent of the obligations in
this Indenture specifically undertaken by the Issuer in such capacity under this Indenture and shall have no other obligations
or liabilities hereunder. The Issuer shall indemnify, defend and hold harmless the Indenture Trustee, the Securities Intermediary,
the Note Registrar, the Calculation Agent, the Paying Agent, the Noteholders and the Trust Estate from and against any taxes that
may at any time be asserted against the Indenture Trustee, the Securities Intermediary, the Note Registrar, the Calculation Agent,
the Paying Agent or the Trust Estate with respect to the transactions contemplated in this Indenture or any of the other Transaction
Documents, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property,
privilege or license taxes (but not including any taxes asserted with respect to, and as of the date of, the transfer of the Receivables
to the Trust Estate, the issuance and original sale of the Notes of any Class, or asserted with respect to ownership of the Receivables,
or federal, state or local income or franchise taxes or any other tax, or other income taxes arising out of payments on the Notes
of any Class, or any interest or penalties with respect thereto or arising from a failure to comply therewith) and costs and expenses
in defending against the same.

 

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(b)         
Notification and Defense. Promptly after any party seeking indemnification hereunder (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 a claim for indemnity may be made against the Issuer under this Section 9.2,
the Indemnified Party shall notify the Issuer 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 the Issuer shall not relieve the Issuer
from any liability which it may have hereunder or otherwise, except to the extent that the Issuer is prejudiced by such failure
so to notify the Issuer. The Issuer 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 the Issuer to such Indemnified Party that the Issuer wishes to assume the defense of any such action, the
Issuer will not be liable to such Indemnified Party under this Section 9.2 for any legal or other expenses subsequently
incurred by such Indemnified Party in connection with the defense of any such action unless (i) the defendants in any such action
include both the Indemnified Party and the Issuer, 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 the Issuer,
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 the Issuer and such Indemnified Party, (ii) the Issuer 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 (iii) the Issuer has authorized the employment of counsel for the Indemnified Party at the expense
of the Issuer; 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 the Issuer; provided, however, that the Issuer
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 the Issuer in the defense of any such action or claim. The Issuer 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.

 

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(c)         
Expenses. Indemnification under this Section shall include, without limitation, reasonable fees and expenses of counsel
and expenses of litigation. If the Issuer has made any indemnity payments pursuant to this Section and the recipient thereafter
collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Issuer, without interest.

 

Section
9.3.          Merger or Consolidation, or Assumption of the Obligations,
of the Issuer.

 

Any Person (a) into
which the Issuer may be merged or consolidated, (b) which may result from any merger, conversion or consolidation to which the
Issuer shall be a party, or (c) which may succeed to all or substantially all of the business or assets of the Issuer, which Person
in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Issuer under this Indenture,
shall be the successor to the Issuer under this Indenture without the execution or filing of any document or any further act on
the part of any of the parties to this Indenture, except that if the Issuer in any of the foregoing cases is not the surviving
entity, then the surviving entity shall execute an agreement of assumption to perform every obligation of the Issuer hereunder,
and the surviving entity shall have taken all actions necessary or reasonably requested by the Issuer, the Majority Holders of
all Outstanding Notes or the Indenture Trustee to amend its existing financing statements and continuation statements, and file
additional financing statements and to take any other steps reasonably requested by the Issuer, the Majority Holders of all Outstanding
Notes or the Indenture Trustee to further perfect or evidence the rights, claims or security interests of the Issuer, the Noteholders
or the Indenture Trustee under any of the Transaction Documents. The Issuer (i) shall provide notice of any merger, consolidation
or succession pursuant to this Section to each Note Rating Agency that has rated any then-Outstanding Notes, the Indenture Trustee
and the Noteholders, (ii) for so long as the Notes are outstanding, shall receive from each Note Rating Agency rating Outstanding
Notes a letter to the effect that such merger, consolidation or succession will not result in a qualification, downgrading or withdrawal
of the then current ratings assigned by such Note Rating Agency to any Outstanding Notes, (iii) shall obtain an Opinion of Counsel
addressed to the Indenture Trustee and reasonably satisfactory to the Indenture Trustee, that such merger, consolidation or succession
complies with the terms hereof and one or more Opinions of Counsel updating or restating all opinions delivered on the date of
this Indenture with respect to corporate matters, enforceability of Transaction Documents against the Issuer, and the grant by
the Issuer of a valid security interest in the Aggregate Receivables to the Indenture Trustee and the perfection of such security
interest and related matters, (iv) shall receive from the Majority Holders of all Outstanding Notes their prior written consent
to such merger, consolidation or succession, absent which consent, the Issuer shall not become a party to such merger, consolidation
or succession and (v) shall obtain an Issuer Tax Opinion.

 

Section
9.4.          Issuer May Not Own Notes.

 

The Issuer may not
become the owner or pledgee of one or more of the Notes. Any Person Controlling, Controlled by or under common Control with the
Issuer may, in its individual or any other capacity, become the owner or pledgee of one or more Notes with the same rights as it
would have if it were not an Affiliate of the Issuer, except as otherwise specifically provided in the definition of the term “Noteholder.”
The Notes so owned by or pledged to such Controlling, Controlled or commonly Controlled Person shall have an equal and proportionate
benefit under the provisions of this Indenture, without preference, priority or distinction as among any of the Notes, except as
set forth herein with respect to, among other things, rights to vote, consent or give directions to the Indenture Trustee as a
Noteholder.

 

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Section
9.5.          Covenants of Issuer.

 

(a)         
Organizational Documents. The Issuer hereby covenants that its Organizational Documents provide that they may not
be amended or modified without (i) notice to the Indenture Trustee and each Note Rating Agency that is at that time rating any
Outstanding Notes, and (ii) the prior written consent of the Administrative Agent, unless and until this Indenture shall have been
satisfied, discharged and terminated. The Issuer will at all times comply with the terms of its Organizational Documents.

 

(b)         
Preservation of Existence. The Issuer hereby covenants to do or cause to be done all things necessary on its part
to preserve and keep in full force and effect its rights and franchises as a statutory trust under the laws of the State of Delaware,
and to maintain each of its licenses, approvals, permits, registrations or qualifications in all jurisdictions in which its ownership
or lease of property or the conduct of its business requires such licenses, approvals, registrations or qualifications, except
for failures to maintain any such licenses, approvals, registrations or qualifications which, individually or in the aggregate,
would not have an Adverse Effect.

 

(c)         
Compliance with Laws. The Issuer hereby covenants to comply in all material respects with all applicable laws, rules
and regulations and orders of any governmental authority, the noncompliance with which would have an Adverse Effect or a material
adverse effect on the business, financial condition or results of operations of the Issuer.

 

(d)         
Payment of Taxes. The Issuer hereby covenants to pay and discharge promptly or cause to be paid and discharged promptly
all taxes, assessments and governmental charges or levies imposed upon the Issuer or upon its income and profits, or upon any of
its property or any part thereof, before the same shall become in default, provided that the Issuer 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 and the Issuer shall have set aside on its books adequate reserves with respect to any such tax,
assessment, charge or levy so contested.

 

(e)         
Investments. The Issuer hereby covenants that it will not, without the prior written consent of the Majority Holders
of all Outstanding Notes, acquire or hold any indebtedness for borrowed money of another person, or any capital stock, debentures,
partnership interests or other ownership interests or other securities of any Person, other than Permitted Investments as provided
hereunder and the Receivables acquired under the Receivables Sale Agreement and the Receivables Pooling Agreement.

 

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(f)         
Keeping Records and Books of Account. The Issuer hereby covenants and agrees to maintain and implement administrative
and operating procedures (including, without limitation, an ability to recreate records evidencing the Receivables in the event
of the destruction or loss of the originals thereof) and keep and maintain, all documents, books, records and other information
reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit
the daily identification of all collections with respect to, and adjustments of amounts payable under, each Receivable). The Administrator
shall ensure compliance with this Section 9.5(f).

 

(g)         
Employee Benefit Plans. The Issuer hereby covenants and agrees to comply in all material respects with the provisions
of ERISA, the Code, and all other applicable laws, and the regulations and interpretations thereunder to the extent applicable,
with respect to each Employee Benefit Plan.

 

(h)         
No Release. The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken
by others that would release any Person from any of such Person’s covenants or obligations under any Transaction Document,
Designated Servicing Agreement or other document, instrument or agreement included in the Trust Estate, or which would result in
the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such
Transaction Document, Designated Servicing Agreement or other document, instrument or agreement.

 

(i)          
Separate Identity. The Issuer acknowledges that the Noteholders are entering into the transactions contemplated by
this Indenture in reliance upon the Issuer’s identity as a legal entity that is separate from the Receivables Seller, the
Depositor or the Servicer (each, a “Facility Entity”). Therefore, from and after the date of execution
and delivery of this Indenture, the Issuer shall take all reasonable steps to maintain the Issuer’s identity as a separate
legal entity and to make it manifest to third parties that the Issuer is an entity with assets and liabilities distinct from those
of each Facility Entity and not a division of a Facility Entity.

 

(j)          
Compliance with and Enforcement of Transaction Documents. The Issuer hereby covenants and agrees to comply in all
respects with the terms of, employ the procedures outlined in and enforce the obligations of the parties to all of the Transaction
Documents to which the Issuer is a party, and take all such action to such end as may be from time to time reasonably requested
by the Indenture Trustee, and/or the Majority Holders of all Outstanding Notes, maintain all such Transaction Documents in full
force and effect and make to the parties thereto such reasonable demands and requests for information and reports or for action
as the Issuer is entitled to make thereunder and as may be from time to time reasonably requested by the Indenture Trustee.

 

(k)         
No Sales, Liens, Etc. Against Receivables and Trust Property. The Issuer hereby covenants and agrees, except for
releases specifically permitted hereunder, not to sell, assign (by operation of law or otherwise) or otherwise dispose of, or create
or suffer to exist, any Adverse Claim (other than the Security Interest created hereby) upon or with respect to, any Receivables
or Trust Property, or any interest in either thereof, or upon or with respect to any Trust Account, or assign any right to receive
income in respect thereof. The Issuer shall promptly, but in no event later than one (1) Business Day after a Responsible Officer
has obtained actual knowledge thereof, notify the Indenture Trustee of the existence of any Adverse Claim on any Receivables or
Trust Estate, and the Issuer shall defend the right, title and interest of each of the Issuer and the Indenture Trustee in, to
and under the Receivables and Trust Estate, against all claims of third parties.

 

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(l)          
No Change in Business. The Issuer covenants that it shall not make any change in the character of its business.

 

(m)            
No Change in Name, Etc. Except as otherwise provided herein, the Issuer covenants that it shall not make any change
to its company name, or use any trade names, fictitious names, assumed names or “doing business as” names.

 

(n)         
No Institution of Insolvency Proceedings. The Issuer covenants that it shall not institute Insolvency Proceedings
with respect to the Issuer or any Affiliate thereof or consent to the institution of Insolvency Proceedings against the Issuer
or any Affiliate thereof or take any action in furtherance of any such action, or seek dissolution or liquidation in whole or in
part of the Issuer or any Affiliate thereof.

 

(o)         
Money for Note Payments To Be Held in Trust. The Issuer shall cause each Paying Agent other than the Indenture Trustee
to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee,
subject to the provisions of this Section, that such Paying Agent shall:

 

(i)          
hold all sums held by it in respect of payments on Notes in trust for the benefit of the Noteholders entitled thereto until
such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 

(ii)         
give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the making of any
payment; and

 

(iii)         at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay
to the Indenture Trustee all sums so held in trust by such Paying Agent.

 

The Issuer may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any Paying Agent to pay,
to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same
trusts as those upon which such sums were held by such Paying Agent; and, upon such payment by any Paying Agent to the Indenture
Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

(p)         
Protection of Trust Estate. The Issuer shall from time to time execute and deliver all such supplements and amendments
hereto (a copy of which shall be provided to the Noteholders) and all such financing statements, continuation statements, instruments
of further assurance and other instruments, and shall take such other action as is necessary or advisable to:

 

(i)          
Grant more effectively all or any portion of the Trust Estate;

 

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(ii)         
maintain or preserve the Security Interest or carry out more effectively the purposes hereof;

 

(iii)         perfect, publish notice of, or protect the validity of any Grant made or to be made by this Indenture;

 

(iv)         enforce any of the Receivables or, where appropriate, any Security Interest in the Trust Estate and the proceeds thereof,
or

 

(v)         
preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders therein against
the claims of all persons and parties.

 

(q)         
Investment Company Act. The Issuer shall conduct its operations in a manner which shall not subject it to registration
as an “investment company” under the Investment Company Act.

 

(r)          
Payment of Review and Renewal Fees. The Issuer shall pay or cause to be paid to each Note Rating Agency that has
rated Outstanding Notes, the annual rating review and renewal fee in respect of the Notes, if any.

 

(s)         
Unanimous Consent. Notwithstanding any other provision of this Section and any provision of law, the Issuer shall
not do any of the following without the affirmative vote of its Independent Manager as such term is defined in the Issuer’s
Organizational Documents: (A) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or
insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings against it, (C) file a petition seeking, or consent
to, reorganization or relief under any applicable federal, state or foreign law relating to bankruptcy or similar matters, (D)
consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer
or a substantial part of its property, (E) make any assignment for the benefit of creditors, (F) admit in writing its inability
to pay its debts generally as they become due, or (G) take any action in furtherance of the actions set forth in clauses (A)
through (F) above; or

 

(1)         
merge or consolidate with or into any other person or entity or sell or lease its property or all or substantially all of
its assets to any person or entity; or

 

(2)         
modify any provision of its Organizational Documents.

 

(t)          
No Subsidiaries. The Issuer shall not form or hold interests in any subsidiaries.

 

(u)         
No Indebtedness. The Issuer shall not incur any indebtedness other than the Notes, and shall not guarantee any other
Person’s indebtedness or incur any capital expenditures.

 

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Article
X

THE ADMINISTRATOR AND SERVICER

 

Section
10.1.      Representations and Warranties of Administrator and Servicer.

 

Each of the Administrator
and the Servicer hereby makes the following representations and warranties for the benefit of the Indenture Trustee, as of the
date of this Indenture, and as of the date of each Grant of Receivables to the Indenture Trustee pursuant to this Indenture. OLS
hereby makes the same representations and warranties to the Indenture Trustee and for the benefit of the Holders as given by OLS
in Section 3.1 of the OLS Subservicing Agreement and in Section 4(a) of the Receivables Sale Agreement.

 

(a)         
Organization and Good Standing. Each of the Administrator and the Servicer is a corporation duly organized, validly
existing and in good standing under the laws of the State of Florida and the State of Delaware, respectively. The Servicer is duly
qualified to do business and is in good standing (or is exempt from such requirements) and has obtained all necessary licenses
and approvals in each jurisdiction in which the failure so to qualify, or to obtain such licenses or approvals, would have an Adverse
Effect.

 

(b)         
Power and Authority; Binding Obligation. Each of the Administrator and the Servicer has the power and authority to
make, execute, deliver and perform its obligations under this Indenture and any related Indenture Supplement and each other Transaction
Document to which it is a party and all of the transactions contemplated hereunder and thereunder, and has taken all necessary
corporate action to authorize the execution, delivery and performance of this Indenture and each Indenture Supplement and each
other Transaction Document to which it is a party; this Indenture and each Indenture Supplement and each other Transaction Document
to which it is a party constitutes a legal, valid and binding obligation of the Administrator and the Servicer, enforceable against
each of the Administrator and the Servicer in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of
creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered
in a proceeding at law or in equity) or by public policy with respect to indemnification under applicable securities laws.

 

(c)         
No Violation. The execution and delivery of this Indenture and each Indenture Supplement and each other Transaction
Document to which it is a party by each of the Administrator and the Servicer and each of their performance and compliance with
the terms of this Indenture and each Indenture Supplement each other Transaction Document to which it is will not violate (i) the
Administrator’s or the Servicer’s Charter, Bylaws or other organizational documents or (ii) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
contract, agreement or other instrument to which the Administrator or the Servicer is a party or which may be applicable to the
Administrator or the Servicer or any of their respective assets or (iii) violate any statute, ordinance or law or any rule, regulation,
order, writ, injunction or decree of any court or of any public, governmental or regulatory body, agency or authority applicable
to the Administrator or the Servicer or their respective properties.

 

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(d)         
No Proceedings. No proceedings, investigations or litigation before any court, tribunal or governmental body is currently
pending, nor to the knowledge of the Administrator or the Servicer is threatened against the Administrator or the Servicer, nor
is there any such proceeding, investigation or litigation currently pending, nor, to the knowledge of the Administrator or the
Servicer, is any such proceeding, investigation or litigation threatened against the Administrator or the Servicer with respect
to this Indenture, any Indenture Supplement or any other Transaction Document or the transactions contemplated hereby or thereby
that could reasonably be expected to have an Adverse Effect.

 

(e)         
No Consents Required. No consent, approval, authorization or order of any court or governmental agency or body is
required for the execution, delivery and performance by the Administrator or the Servicer of or compliance by the Administrator
or the Servicer with this Indenture or any Indenture Supplement or the consummation of the transactions contemplated by this Indenture
or any Indenture Supplement except for consents, approvals, authorizations and orders which have been obtained.

 

(f)         
Information. No written statement, report or other document furnished or to be furnished pursuant to this Indenture
or any other Transaction Document to which it is a party by the Administrator or the Servicer contains or will contain any statement
that is or will be inaccurate or misleading in any material respect.

 

(g)         
Default. The Administrator is not in default with respect to any material contract under which a default should reasonably
be expected to have a material adverse effect on the ability of the Administrator or the Servicer to perform its duties under this
Indenture or any Indenture Supplement, or with respect to any order of any court, administrative agency, arbitrator or governmental
body which would 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 contract or order of any court, administrative
agency, arbitrator or governmental body.

 

Section
10.2.      Covenants of Administrator and Servicer.

 

(a)         
Amendments to Designated Servicing Agreements. The Administrator and the Servicer each hereby covenants and agrees
not to amend 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 its, the Depositor’s or the Issuer’s
obligations under the Transaction Documents or otherwise adversely affect the interest of the Noteholders, any Derivative Counterparty,
any Supplement Credit Enhancement Provider or any Liquidity Provider, without the prior written consent of the Majority Holders
of all Outstanding Notes and of each Supplemental Credit Enhancement Provider and each Liquidity Provider. The Administrator shall,
within five (5) Business Days following the effectiveness of such amendments, deliver to the Indenture Trustee copies of all such
amendments.

 

(b)         
Maintenance of Security Interest. The Administrator 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 Security
Interest of the Indenture Trustee (on behalf of itself, the Noteholders, any Derivative Counterparty, any Supplemental Credit Enhancement
Provider and any Liquidity Provider) in all of the Aggregate Receivables and the other Collateral is fully protected in accordance
with the UCC and that the Security Interest of the Indenture Trustee in the Receivables and the rest of the Trust Estate remains
perfected and of first priority.

 

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(c)         
Regulatory Reporting Compliance. The Administrator shall, on or before the last Business Day of the fifth month following
the end of each of the Servicer’s fiscal years (December 31), beginning with the fiscal year ending in 2011, deliver to the
Indenture Trustee and the Interested Noteholders, as applicable, a copy of the results of any Uniform Single Attestation Program
for Mortgage Bankers, an Officer’s Certificate that satisfies the requirements of Item 1122(a) of Regulation AB, an independent
public accountant’s report that satisfies the requirements of Item 1123 of Regulation AB or similar review conducted on the
Servicer by its accountants and such other reports as the Servicer may prepare relating to its servicing functions as the Servicer.

 

(d)         
Compliance with Designated Servicing Agreements. The Servicer shall not fail to comply with its obligations as the
servicer under each of the Designated Servicing Agreements, which failure would have a material adverse effect on the interests
of the Noteholders under the Indenture. The Servicer shall immediately notify the Indenture Trustee of any Event of Default or
its receipt of a notice of termination under any Designated Servicing Agreement. The Indenture Trustee shall forward any such notification
to each Holder.

 

(e)         
Compliance with Obligations. Each of the Administrator and the Servicer shall comply with all their other obligations
and duties set forth in this Indenture and any other Transaction Document. The Administrator shall not permit the Issuer to engage
in activities that could violate its covenants in this Indenture. Notwithstanding any Subservicing Agreement, any of the provisions
of this Indenture relating to agreements or arrangements between HLSS/OLS as Servicer and a Subservicer or reference to actions
taken through a Subservicer or otherwise, such Servicer shall remain obligated and primarily liable to the Indenture Trustee and
the Noteholders for the servicing and administering of the Mortgage Loans in accordance with the provisions of this Indenture without
diminution of such obligation or liability by virtue of such Subservicing Agreements or arrangements or by virtue of indemnification
from a Subservicer and to the same extent and under the same terms and conditions as if such Servicer alone were servicing and
administering the Mortgage Loans. Such Servicer shall be entitled to enter into any agreement with a Subservicer for indemnification
of such Servicer by such Subservicer and nothing contained in this Indenture shall be deemed to limit or modify such indemnification.

 

(f)         
Reimbursement of Advances upon Transfer of Servicing. In connection with any sale or other voluntary transfer of
servicing under any Designated Servicing Agreement (not including any transfer resulting from the succession of another Person
to the business of the Servicer), the Servicer shall cause the Subservicer to collect reimbursement of all outstanding Advances
under such Designated Servicing Agreement prior to transferring the servicing under such Designated Servicing Agreement. In connection
with any other transfer of servicing under any Designated Servicing Agreement, the Servicer shall cause the Subservicer to use
its commercially reasonable efforts to collect reimbursement of any outstanding collections, including indemnity or other payments
in respect of such Advances, and any such collections shall be treated as Collections under this Indenture. Each of the Servicer’s
and the Receivables Seller’s right to reimbursement for Advances under each Designated Servicing Agreement shall not be subject
to any off-set, recoupment or other similar right.

 

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(g)         
Notice of Unmatured Defaults, Servicer Termination Events and Subservicer Termination Events. The Servicer shall
provide written notice to the Indenture Trustee and each VFN Holder of any Unmatured Default, Servicer Termination Event or Subservicer
Termination Event, immediately following the receipt by a Responsible Officer of the Servicer of notice, or the obtaining by a
Responsible Officer of the Servicer of actual knowledge, of such Unmatured Default, Servicer Termination Event or Subservicer Termination
Event.

 

(h)         
Reimbursement of Non-Recoverable Advances. The Servicer shall cause the Subservicer to withdraw Advance Reimbursement
Amounts from the appropriate Dedicated Collection Account to reimburse any Advance which the Subservicer shall have determined
will not be recoverable from proceeds of the related Mortgage Loan, promptly after making such determination of non-recoverability.

 

(i)          
Administrator Instructions and Functions Performed by Issuer. The Administrator shall perform the administrative
or ministerial functions specifically required of the Issuer pursuant to this Indenture and any other Transaction Document.

 

(j)          
Maintenance of Core Business Activities. None of the Administrator, the Servicer or any of their Subsidiaries shall
make any material change in its Core Business Activities as carried on at the date hereof.

 

Section
10.3.      Liability of Administrator and Servicer; Indemnities.

 

(a)         
Obligations. Each of the Administrator and the Servicer, severally and not jointly, shall indemnify, defend and hold
harmless the Indenture Trustee, the Securities Intermediary, the Note Registrar, the Calculation Agent, the Paying Agent, the Securities
Intermediary, the Trust Estate, the Owner Trustee and the Noteholders (each an “Indemnified Party”) from
and against any and all costs, expenses, losses, claims, damages and liabilities (“Indemnified Losses”)
to the extent that such cost, expense, loss, claim, damage or liability arose out of, and was imposed upon, the Indenture Trustee,
the Securities Intermediary, the Note Registrar, the Owner Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary,
the Trust Estate or any Noteholder (i) in the case of indemnification by the Administrator, by reason of a violation of law, negligence,
willful misfeasance or bad faith of the Administrator (or of the Receivables Seller, the Depositor or of the Issuer as a result
of a direction, act or omission by the Administrator), in the performance of their respective obligations under this Indenture
and the other Transaction Documents or (ii) in the case of indemnification by the Servicer, by reason of a violation of law, negligence,
willful misfeasance or bad faith of the Servicer or the Subservicer, in the performance of their respective obligations under this
Indenture and the other Transaction Documents or as servicer or subservicer under the Designated Servicing Agreements, or by reason
of the breach by the Servicer or Subservicer of any of its representations, warranties or covenants hereunder or under the Designated
Servicing Agreements; provided that any indemnification amounts payable by the Administrator, the Servicer or the Subservicer,
as the case may be, to the Owner Trustee hereunder shall not be duplicative of any indemnification amount paid by the Administrator
to the Owner Trustee in accordance with the Trust Agreement or under the Administration Agreement. OFC shall be responsible for
all Indemnified Losses arising from the Closing Date through March 5, 2012 that are the obligation of the Administrator. HLSS shall
be responsible for all Indemnified Losses arising on and after March 5, 2012 that are the obligation of the Administrator. OLS,
in its capacity as Servicer, shall be responsible for all Indemnified Losses arising with respect to any Servicing Agreement from
the Closing Date through the related MSR Transfer Date. HLSS, in its capacity as Servicer, shall be responsible for all Indemnified
Losses arising with respect to any Servicing Agreement on and after the related MSR Transfer Date.

 

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(b)         
Notification and Defense. Promptly after any 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 a claim for indemnity may be made
against the Administrator or the Servicer (such party, as the case may be, being referred to herein as the “Indemnifying
Party”) under this Section 10.3, the Indemnified Party shall notify the Indemnifying Party 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 the Indemnifying Party shall not relieve the Indemnifying Party from any liability which it
may have hereunder or otherwise, except to the extent that the Indemnifying Party is prejudiced by such failure so to notify the
Indemnifying Party. The Indemnifying Party 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 the Indemnifying Party to such Indemnified Party that the Indemnifying Party wishes to assume the
defense of any such action, the Indemnifying Party will not be liable to such Indemnified Party under this Section 10.3
for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense of any such action
unless (i) the defendants in any such action include both the Indemnified Party and the Indemnifying Party, 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 the Indemnifying Party, 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 the Indemnifying
Party and such Indemnified Party, (ii) the Indemnifying Party 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 (iii) the Indemnifying
Party has authorized the employment of counsel for the Indemnified Party at the expense of the Indemnifying Party; 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 the Indemnifying Party; provided, however, that the Indemnifying Party 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 the Indemnifying Party in the defense of any such action or claim. The Indemnifying Party 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.

 

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(c)         
Expenses. Indemnification under this Section shall include, without limitation, reasonable fees and expenses of counsel
and expenses of litigation. If the Indemnifying Party has made any indemnity payments pursuant to this Section and the recipient
thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Indemnifying
Party, without interest.

 

(d)         
Survival. The provisions of this Section shall survive the resignation or removal of the Indenture Trustee, the Calculation
Agent and the Paying Agent and the termination of this Indenture.

 

Section
10.4.      Merger or Consolidation, or Assumption of the Obligations, of the Administrator
or the Servicer.

 

Any Person (a) into
which the Administrator or the Servicer may be merged or consolidated, (b) which may result from any merger, conversion or consolidation
to which the Administrator or the Servicer shall be a party, or (c) which may succeed to all or substantially all of the business
or assets of the Administrator or the Servicer, as the case may be, which Person in any of the foregoing cases executes an agreement
of assumption to perform every obligation of the Administrator or the Servicer, as applicable, under this Indenture, shall be the
successor to the Administrator or the Servicer, as applicable, under this Indenture without the execution or filing of any paper
or any further act on the part of any of the parties to this Indenture; provided, however, that (i) such merger,
consolidation or conversion shall not cause a Target Amortization Event for any Series or a Facility Early Amortization Event or
an event which with notice, the passage of time or both would become a Target Amortization Event for any Series or a Facility Early
Amortization Event, (ii) prior to any such merger, consolidation or conversion, the Administrator or the Servicer, as the case
may be, shall have provided to the Indenture Trustee and the Noteholders a letter from each Note Rating Agency that rated Outstanding
Notes indicating that such merger, consolidation or conversion will not result in the qualification, reduction or withdrawal of
the then current ratings of the Outstanding Notes, and (iii) prior to any such merger, consolidation or conversion the Administrator
shall have delivered to the Indenture Trustee an Opinion of Counsel to the effect that such merger, consolidation or conversion
complies with the terms of this Indenture and one or more Opinions of Counsel updating or restating all opinions delivered on the
date of this Indenture with respect to corporate matters and the enforceability of Transaction Documents against the Administrator
or the Servicer, as the case may be, true sale as to the transfers of the Aggregate Receivables from the Servicer as Receivables
Seller to the Depositor and non-consolidation of the Servicer with the Depositor and security interest and tax and any additional
opinions required under any related Indenture Supplement; provided, further, that the conditions specified in clauses (ii)
and (iii) shall not apply to any transaction in which an Affiliate of the Receivables Seller assumes the obligations of
the Receivables Seller and otherwise satisfies the eligibility criteria applicable to the Servicer under the Designated Servicing
Agreements. The Administrator or the Servicer, as the case may be, shall provide notice of any merger, consolidation or succession
pursuant to this Section to the Indenture Trustee, the Noteholders and each Note Rating Agency. Notwithstanding anything to the
contrary herein, any transaction that constitutes or results in the occurrence of a Change of Control shall be a Facility Early
Amortization Event.

 

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Except as described
in the preceding paragraph or with respect to the transactions contemplated on the MSR Transfer Date, none of the Administrator,
the Servicer or the Subservicer may assign or delegate any of its rights or obligations under this Indenture or any other Transaction
Document.

 

On any MSR Transfer
Date, HLSS shall deliver to the Indenture Trustee an MSR Transfer Notice signed by OLS and HLSS.

 

Article
XI

THE INDENTURE TRUSTEE

 

Section
11.1.      Certain Duties and Responsibilities.

 

(a)         
The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture
with respect to the Notes, and no implied covenants or obligations will be read into this Indenture against the Indenture Trustee.

 

(b)         
In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes, conclusively rely upon certificates
or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture, as to the truth of the statements
and the correctness of the opinions expressed therein; but in the case of any such certificates or opinions which by any provision
hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee will be under a duty to examine
the same to determine whether or not they conform on their face to the requirements of this Indenture but need not confirm or investigate
the accuracy of any mathematical calculations or other facts stated therein.

 

(c)         
If an Event of Default has occurred and is continuing, the Indenture Trustee will exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs.

 

(d)         
No provision of this Indenture will be construed to relieve the Indenture Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that:

 

(i)          
this subsection (d) will not be construed to limit the effect of subsection (a) of this Section 11.1;

 

(ii)         
the Indenture Trustee will not be liable for any error of judgment made in good faith by an Indenture Trustee Authorized
Officer, unless it will be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts;

 

(iii)        
the Indenture Trustee will not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Majority Holders or the Administrative Agent relating to the time, method and place of conducting
any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture
Trustee, under this Indenture with respect to the Notes of any Class, to the extent consistent with Sections 8.7 and
8.8;

 

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(iv)        
no provision of this Indenture will require the Indenture Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it
has reasonable grounds for believing that repayment of such funds or indemnity satisfactory to the Indenture Trustee against such
risk or liability is not reasonably assured to it; and

 

(v)         
whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Indenture Trustee will be subject to the provisions of this Section.

 

Section
11.2.      Notice of Defaults.

 

Within ninety (90)
days after the occurrence of any Event of Default hereunder,

 

(a)         
the Indenture Trustee will transmit by mail to all registered Noteholders, as their names and addresses appear in the Note
Register, notice of such default hereunder known to the Indenture Trustee, and

 

(b)         
the Indenture Trustee will give prompt written notification thereof to each Note Rating Agency, unless such default shall
have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal
of or interest on any Note of any Series or Class, the Indenture Trustee will be protected in withholding such notice if and so
long as an Indenture Trustee Responsible Officer in good faith determines that the withholding of such notice is in the interests
of the Noteholders of such Series or Class. For the purpose of this Section, the term “default” means any event which
is, or after notice or lapse of time or both would become, an Event of Default.

 

Section
11.3.      Certain Rights of Indenture Trustee.

 

Except as otherwise
provided in Section 11.1:

 

(a)         
the Indenture Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper
or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the
proper party or parties;

 

(b)         
whenever in the administration of this Indenture the Indenture Trustee deems it desirable that a matter be proved or established
before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate;

 

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(c)         
the Indenture Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon;

 

(d)         
the Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to
the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction;

 

(e)         
the Indenture Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document,
but the Indenture Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may
see fit, and, if the Indenture Trustee determines to make such further inquiry or investigation, it shall be entitled to examine
the books, records and premises of the Issuer, personally or by agent or attorney;

 

(f)         
the Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys and the Indenture Trustee will not be responsible for any misconduct or negligence on the
part of any agent or attorney appointed with due care by it hereunder;

 

(g)         
the Indenture Trustee will not be responsible for filing any financing statements or continuation statements in connection
with the Notes, but will cooperate with the Issuer in connection with the filing of such financing statements or continuation statements;

 

(h)         
the Indenture Trustee shall not be deemed to have notice of any default, Event of Default or Facility Early Amortization
Event unless an Indenture Trustee Responsible Officer has actual knowledge thereof or unless written notice of any event which
is in fact such a default, Event of Default or Facility Early Amortization Event is received by the Indenture Trustee at the Corporate
Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture; and

 

(i)          
the rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable (without duplication) by, the Indenture Trustee in each
of its capacities hereunder (including, without limitation, Calculation Agent, Paying Agent, Custodian, Securities Intermediary
and Note Registrar), and each agent, custodian and other person employed to act hereunder.

 

Section
11.4.      Not Responsible for Recitals or Issuance of Notes.

 

The recitals contained
herein and in the Notes, except the certificates of authentication, will be taken as the statements of the Issuer, and the Indenture
Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Notes. The Indenture Trustee will not be accountable for the use or application by the Issuer of Notes
or the proceeds thereof.

 

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Section
11.5.      Reserved.

 

Section
11.6.      Money Held in Trust.

 

The Indenture Trustee
will be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer.

 

Section
11.7.      Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity.

 

Except as otherwise
provided in this Indenture:

 

(a)         
The Indenture Trustee (including in all of its capacities) will be paid the Indenture Trustee Fee on each Payment Date pursuant
to Section 4.5, as compensation for its services as Indenture Trustee hereunder.

 

(b)         
The Indenture Trustee (including in all of its capacities) shall be indemnified and held harmless by the Trust Estate as
set forth in Section 4.5 and Section 8.6, and shall be secondarily indemnified and held harmless by the
Administrator for, from and against, as the case may be, any loss, liability or expense incurred without negligence or willful
misconduct on its part, arising out of, or in connection with, the acceptance and administration of the Trust Estate, including,
without limitation, the costs and expenses (including reasonable legal fees and expenses) of defending itself against any claim
in connection with the exercise or performance of any of its powers or duties under this Indenture, provided that:

 

(i)          
with respect to any such claim, the Indenture Trustee shall have given the Administrator written notice thereof promptly
after a Responsible Officer of the Indenture Trustee shall have actual knowledge thereof; provided, however that
failure to give such written notice shall not affect the Trust Estate’s or the Administrator’s obligation to indemnify
the Indenture Trustee, unless such failure materially prejudices the Trust Estate’s or the Administrator’s rights;

 

(ii)         
the Administrator may, at its option, assume the defense of any such claim using counsel reasonably satisfactory to the
Indenture Trustee; and

 

(iii)        
notwithstanding anything in this Indenture to the contrary, the Administrator shall not be liable for settlement of any
claim by the Indenture Trustee, as the case may be, entered into without the prior consent of the Administrator, which consent
shall not be unreasonably withheld.

 

No termination of this
Indenture, or the resignation or removal of the Indenture Trustee, shall affect the obligations created by this Section 11.7(b)
of the Administrator to indemnify the Indenture Trustee under the conditions and to the extent set forth herein.

 

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Notwithstanding the
foregoing, the indemnification provided in this Section 11.7(b) shall not pertain to any loss, liability or expense
of the Indenture Trustee, including the costs and expenses of defending itself against any claim, incurred in connection with any
actions taken by the Indenture Trustee at the direction of the Noteholders pursuant to the terms of this Indenture.

 

The Indenture Trustee
agrees fully to perform its duties under this Indenture notwithstanding its failure to receive any payments, reimbursements or
indemnifications owed to the Indenture Trustee pursuant to this Section 11.7(b) subject to its rights to resign in
accordance with the terms of this Indenture.

 

The Securities Intermediary
shall be indemnified by the Trust Estate pursuant to Section 4.5 and Section 8.6, and secondarily by the
Administrator, in respect of the matters described in Section 4.9 to the same extent as the Indenture Trustee.

 

Neither of the Indenture
Trustee nor the Securities Intermediary will have any recourse to any asset of the Issuer or the Trust Estate other than funds
available pursuant to Section 4.5 and Section 8.6 or to any Person other than the Issuer (or the Administrator
pursuant to this Section 11.7). Except as specified in Section 4.5 and Section 8.6, any such
payment to the Indenture Trustee shall be subordinate to payments to be made to Noteholders.

 

Section
11.8.      Corporate Indenture Trustee Required; Eligibility.

 

There will at all times
be an Indenture Trustee hereunder with respect to all Classes of Notes, which will be either a bank or a corporation organized
and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by a federal
or state authority of the United States, and the long-term unsecured debt obligations of which are rated at least “BBB”
or equivalent rating from each Note Rating Agency then rating Outstanding Notes if such institution is rated by such Note Rating
Agency, as applicable, or if such Note Rating Agency downgrades the Indenture Trustee below such minimum rating, the Indenture
Trustee may obtain, at its own expense, a confirmation from such Note Rating Agency that downgraded the Indenture Trustee below
such rating category that there is no Ratings Effect by reason of such downgrade to a lower rating. If such bank or corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such bank or corporation will be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published. The Issuer may not, nor may
any Person directly or indirectly Controlling, Controlled by, or under common Control with the Issuer, serve as Indenture Trustee.
If at any time the Indenture Trustee ceases to be eligible in accordance with the provisions of this Section, it shall resign immediately
upon failure to obtain such confirmation within a reasonable time after such ineligibility in the manner and with the effect hereinafter
specified in this Article.

 

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Section
11.9.      Resignation and Removal; Appointment of Successor.

 

(a)         
No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to this
Article will become effective until the acceptance of appointment by the successor Indenture Trustee under Section 11.10.

 

(b)         
The Indenture Trustee (in all capacities) may resign with respect to all, but not less than all, of the Outstanding Notes
at any time by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Indenture Trustee, Calculation
Agent, Paying Agent or Securities Intermediary shall not have been delivered to the Indenture Trustee within thirty (30) days after
the giving of such notice of resignation, the resigning Indenture Trustee, Calculation Agent, Paying Agent or Securities Intermediary
may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee, Calculation Agent, Paying
Agent or Securities Intermediary. Written notice of resignation by the Indenture Trustee under this Indenture shall also constitute
notice of resignation as Calculation Agent and Paying Agent hereunder, to the extent the Indenture Trustee serves in such a capacity
at the time of such resignation.

 

(c)         
The Indenture Trustee or Calculation Agent may be removed with respect to all Outstanding Notes at any time by Action of
the Majority Holders of all Outstanding Notes, delivered to the Indenture Trustee and to the Issuer. Removal of the Indenture Trustee
shall also constitute removal of the Calculation Agent and Paying Agent hereunder, to the extent the Indenture Trustee serves in
such a capacity at the time of such resignation. If an instrument of acceptance by a successor Indenture Trustee or Calculation
Agent shall not have been delivered to the Indenture Trustee within thirty (30) days after the giving of such notice of removal,
the Indenture Trustee or Calculation Agent being removed may petition any court of competent jurisdiction for the appointment of
a successor Indenture Trustee or Calculation Agent.

 

(d)         
If at any time:

 

(i)          
the Indenture Trustee ceases to be eligible under Section 11.8 and fails to resign after written request therefore
by the Issuer or by any Noteholder; or

 

(ii)         
the Indenture Trustee becomes incapable of acting with respect to any Series or Class of Notes; or

 

(iii)        
the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the Indenture Trustee or of its property is appointed
or any public officer takes charge or Control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation,

 

then, in any such case, (A) the Issuer
may remove the Indenture Trustee, or (B) subject to Section 8.9, any Noteholder who has been a bona fide Holder of
a Note for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

 

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(e)         
If the Indenture Trustee or Calculation Agent resigns, is removed or becomes incapable of acting with respect to any Notes,
or if a vacancy shall occur in the office of the Indenture Trustee or Calculation Agent for any cause, the Issuer, subject to the
Administrative Agent’s consent, will promptly appoint a successor Indenture Trustee or Calculation Agent. If, within one
(1) year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee or Calculation
Agent is appointed by Act of the Majority Holders of all Outstanding Notes, delivered to the Issuer and the retiring Indenture
Trustee or Calculation Agent, the successor Indenture Trustee or Calculation Agent so appointed will, forthwith upon its acceptance
of such appointment, become the successor Indenture Trustee or Calculation Agent and supersede the successor Indenture Trustee
or Calculation Agent appointed by the Issuer. If no successor Indenture Trustee or Calculation Agent shall have been so appointed
by the Issuer or the Noteholders and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona
fide Holder of a Note for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Indenture Trustee or Calculation Agent.

 

(f)         
The Issuer will give written notice of each resignation and each removal of the Indenture Trustee and each appointment of
a successor Indenture Trustee to each Noteholder as provided in Section 1.7 and to each Note Rating Agency that is
then rating Outstanding Notes. To facilitate delivery of such notice, upon request by the Issuer, the Note Registrar shall provide
to the Issuer a list of the relevant registered Noteholders. Each notice will include the name of the successor Indenture Trustee
and the address of its principal Corporate Trust Office.

 

Section
11.10.  Acceptance of Appointment by Successor.

 

Every successor Indenture
Trustee appointed hereunder will execute, acknowledge and deliver to the Issuer and to the predecessor Indenture Trustee an instrument
accepting such appointment, with a copy to each Note Rating Agency then rating any Outstanding Notes, and thereupon the resignation
or removal of the predecessor Indenture Trustee will become effective, and such successor Indenture Trustee, without any further
act, deed or conveyance, will become vested with all the rights, powers, trusts and duties of the predecessor Indenture Trustee,
Calculation Agent and Paying Agent; but, on request of the Issuer or the successor Indenture Trustee, such predecessor Indenture
Trustee will, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor
Indenture Trustee all the rights, powers and trusts of the predecessor Indenture Trustee, Calculation Agent and Paying Agent, and
will duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such predecessor Indenture
Trustee hereunder, subject nevertheless to its rights to payment pursuant to Section 11.7. Upon request of any such
successor Indenture Trustee, the Issuer will execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Indenture Trustee all such rights, powers and trusts.

 

No successor Indenture
Trustee will accept its appointment unless at the time of such acceptance such successor Indenture Trustee will be qualified and
eligible under this Article.

 

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Section
11.11.  Merger, Conversion, Consolidation or Succession to Business.

 

Any Person into which
the Indenture Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Indenture Trustee shall be a party, or any Person succeeding to all or substantially all
of the corporate trust business of the Indenture Trustee, will be the successor of the Indenture Trustee hereunder, provided
that such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or
any further act on the part of any of the parties hereto. The Indenture Trustee will give prompt written notice of such merger,
conversion, consolidation or succession to the Issuer and each Note Rating Agency that is then rating Outstanding Notes. If any
Notes shall have been authenticated, but not delivered, by the Indenture Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated
with the same effect as if such successor Indenture Trustee had itself authenticated such Notes.

 

Section
11.12.  Appointment of Authenticating Agent.

 

At any time when any
of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint an Authenticating Agent with
respect to one or more Series or Classes of Notes which will be authorized to act on behalf of the Indenture Trustee to authenticate
Notes of such Series or Classes issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 6.6,
and Notes so authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes
as if authenticated by the Indenture Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Notes by the Indenture Trustee or an Indenture Trustee Authorized Signatory or to the Indenture Trustee’s Certificate
of Authentication, such reference will be deemed to include authentication and delivery on behalf of the Indenture Trustee by an
Authenticating Agent and a Certificate of Authentication executed on behalf of the Indenture Trustee by an Authenticating Agent.
Each Authenticating Agent will be acceptable to the Issuer and will at all times be a Person organized and doing business under
the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as an
Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Issuer itself,
subject to supervision or examination by a federal or state authority of the United States. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such Authenticating Agent will be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent will
cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent will resign immediately in the
manner and with the effect specified in this Section.

 

Any Person into which
an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which such Authenticating Agent will be a party, or any Person succeeding to the corporate agency
or corporate trust business of an Authenticating Agent, will continue to be an Authenticating Agent, provided that such
Person will be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part
of the Indenture Trustee or the Authenticating Agent.

 

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An Authenticating Agent
may resign at any time by giving written notice thereof to the Indenture Trustee and to the Issuer. The Indenture Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer. Upon receiving such a notice of resignation or upon such a termination, or if at any time such Authenticating Agent ceases
to be eligible in accordance with the provisions of this Section, the Indenture Trustee, with the approval of the Issuer, may appoint
a successor Authenticating Agent which will be acceptable to the Issuer and will give notice to each Noteholder as provided in
Section 1.7. Any successor Authenticating Agent upon acceptance of its appointment hereunder will become vested with
all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent will be appointed unless eligible under the provisions of this Section.

 

The Indenture Trustee
agrees to pay to each Authenticating Agent (other than an Authenticating Agent appointed at the request of the Issuer, the Holders
or the Administrator from time to time or appointed due to a change in law or other circumstance beyond the Indenture Trustee’s
control) reasonable compensation for its services under this Section, out of the Indenture Trustee’s own funds. The Indenture
Trustee shall be the initial Authenticating Agent.

 

If an appointment with
respect to one or more Classes is made pursuant to this Section, the Notes of such Series or Classes may have endorsed thereon
an alternate Certificate of Authentication in the following form:

 

AUTHENTICATING AGENT’S CERTIFICATE
OF AUTHENTICATION

 

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

 

	Dated: ______________, 20__	DEUTSCHE BANK NATIONAL TRUST 

COMPANY, not in its individual capacity but 

solely as Indenture Trustee,
	 	 
	 	By:	 
	 	 	as Authenticating Agent

 

Section
11.13.  Tax Returns.

 

The Indenture Trustee
shall prepare or shall cause to be prepared all tax information required by law to be distributed to Noteholders when required
by law to be so distributed. The Indenture Trustee, upon written request, will furnish the Issuer with all such information known
to the Indenture Trustee as may be reasonably requested and required in connection with the preparation of all tax returns of the
Issuer, and shall, upon request, execute such returns. In no event shall the Indenture Trustee be personally liable for any liabilities,
costs or expenses of the Issuer or any Noteholder arising under any tax law, including without limitation, federal, state or local
income or excise taxes or any other tax imposed on or measured by income (or any interest or penalty with respect thereto arising
from a failure to comply therewith).

 

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Section
11.14.  Representations and Covenants of the Indenture Trustee.

 

The Indenture Trustee
represents, warrants and covenants that:

 

(a)         
the Indenture Trustee is a national banking association duly organized and validly existing under the laws of the United
States of America;

 

(b)         
the Indenture Trustee has full power and authority to deliver and perform this Indenture and has taken all necessary action
to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and

 

(c)         
each of this Indenture and other Transaction Documents to which it is a party has been duly executed and delivered by the
Indenture Trustee and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms.

 

Section
11.15.  Indenture Trustee’s Application for Instructions from the Issuer.

 

Any application by
the Indenture Trustee for written instructions from the Issuer may, at the option of the Indenture Trustee, set forth in writing
any action proposed to be taken or omitted by the Indenture Trustee under and in accordance with this Indenture and the date on
and/or after which such action shall be taken or such omission shall be effective, provided that such application shall
make specific reference to this Section 11.15. The Indenture Trustee shall not be liable for any action taken by, or
omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in
such application (which date shall not be less than five (5) Business Days after the date the Issuer actually receives such application,
unless the Issuer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective
date in the case of an omission), the Indenture Trustee shall have received written instructions in response to such application
specifying the action be taken or omitted.

 

Article
XII

AMENDMENTS AND INDENTURE SUPPLEMENTS

 

Section
12.1.      Supplemental Indentures and Amendments Without Consent of Noteholders.

 

(a)         
Subject to the terms and provisions of each Indenture Supplement with respect to any amendment of such Indenture Supplement,
without the consent of the Holders of any Notes or any other Person but with the consent of the Issuer (evidenced by its execution
of such amendment), the Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required only
to the extent that such amendment would materially affect the Subservicer) and the Administrative Agent, and with prior notice
to each Note Rating Agency that is then rating any Outstanding Notes, at any time and from time to time, upon delivery of an Issuer
Tax Opinion, unless such Issuer Tax Opinion is waived by the Administrator, the Servicer, the Subservicer and the Administrative
Agent, and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer
reasonably believes that such amendment will not have an Adverse Effect, may amend this Indenture for any of the following purposes:

 

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(i)          
to evidence the succession of another Person to the Issuer, and the assumption by any such successor of the covenants of
the Issuer herein and in the Notes; or

 

(ii)         
to add to the covenants of the Issuer, or to surrender any right or power herein conferred upon the Issuer, for the benefit
of the Holders of the Notes of any or all Series or Classes (and if such covenants or the surrender of such right or power are
to be for the benefit of less than all Series or Classes of Notes, stating that such covenants are expressly being included or
such surrenders are expressly being made solely for the benefit of one or more specified Series or Classes); or

 

(iii)            
to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or

 

(iv)            
to establish any form of Note as provided in Article V, and to provide for the issuance of any Series or Class
of Notes as provided in Article VI and to set forth the terms thereof, and/or to add to the rights of the Holders of
the Notes of any Series or Class; or

 

(v)         
to evidence and provide for the acceptance of appointment by another corporation as a successor Indenture Trustee hereunder;
or

 

(vi)            
to provide for additional or alternative forms of credit enhancement for any Series or Class of Notes; or

 

(vii)          
to comply with any regulatory, accounting or tax laws; or

 

(viii)        
to qualify for “off-balance sheet” treatment under GAAP, or to permit the Depositor to repurchase a specified
percentage (not to exceed 2.50%) of the Receivables from the Issuer in order to achieve “on-balance sheet” treatment
under GAAP (if such amendment is supported by a true sale opinion from external counsel to the Receivables Seller satisfactory
to each Note Rating Agency rating Outstanding Notes and to each Holder of a Variable Funding Note); or

 

(ix)            
to prevent the Issuer from being subject to tax on its net income as an association (or publicly traded partnership) taxable
as a corporation or a taxable mortgage pool taxable as a corporation, each for United States federal income tax purposes.

 

(b)         
In the event a material change occurs in Applicable Law, or in applicable foreclosure procedures used by prudent mortgage
servicers generally, that requires or justifies, in the Administrator’s reasonable judgment, that a state currently categorized
as a “Judicial State” be categorized as a “Non-Judicial State,” or vice versa, the Administrator
will certify to the Indenture Trustee to such effect, supported by an opinion of counsel (or other form of assurance acceptable
to the Indenture Trustee) in the case of a change in Applicable Law, and the categorization of the affected state or states will
change from “Judicial State” to “Non-Judicial State,” or vice versa, for purposes of calculating Advance
Rates applicable to Receivables.

 

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(c)         
Additionally, subject to the terms and conditions of Section 12.2 (and each Indenture Supplement with respect
to amendments of such Indenture Supplement), and in addition to clauses (i) through (ix) above, this Indenture may also
be amended by the Issuer, the Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required
only to the extent that such amendment would materially affect the Subservicer) and the Administrative Agent (in its sole and absolute
discretion) without the consent of any of the Noteholders or any other Person, upon delivery of an Issuer Tax Opinion, unless such
Issuer Tax Opinion is waived by the Administrator, the Servicer, the Subservicer and the Administrative Agent, for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in
any manner the rights of the Holders of the Notes under this Indenture; provided, however, that (i) the Issuer shall
deliver to the Indenture Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment
will not have an Adverse Effect on any Outstanding Notes and is not reasonably expected to have an Adverse Effect at any time in
the future and (ii) each Note Rating Agency currently rating the Outstanding Notes confirms in writing to the Indenture Trustee
that such amendment will not cause a Ratings Effect on any Outstanding Notes.

 

The Servicer shall
not enter into any amendment of the Receivables Sale Agreement, and the Issuer shall not enter into any amendment of the Receivables
Pooling Agreement, without the consent of Holders of more than 50% (by Class Invested Amount) of each Class of each Series, except
for amendments meeting the same criteria, and supported by the same Issuer Tax Opinion, unless such Issuer Tax Opinion is waived
by the Administrator, the Servicer, the Subservicer and the Administrative Agent, and Officer’s Certificate, as amendments
to the Indenture entered into under this Section 12.1.

 

Section
12.2.      Supplemental Indentures and Amendments with Consent of Noteholders.

 

In addition to any
amendment permitted pursuant to Section 12.1, and subject to the terms and provisions of each Indenture Supplement
with respect to any amendment of such Indenture Supplement, with prior notice to each Note Rating Agency and the consent of Holders
of more than 50% (by Class Invested Amount) of each Series or Class of Notes affected by such amendment of this Indenture, including
any Indenture Supplement, by Act of said Holders delivered to the Issuer and the Indenture Trustee, the Issuer, the Administrator,
the Servicer, the Subservicer (whose consent shall be required only to the extent that such amendment would materially affect the
Subservicer), the Administrative Agent and the Indenture Trustee upon delivery of an Issuer Tax Opinion (unless such Issuer Tax
Opinion is waived by 100% of the affected Noteholders giving such consent pursuant to this Section 12.2, the Administrator, the
Servicer, the Subservicer and the Administrative Agent), may enter into an amendment of this Indenture for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture of modifying in any manner
the rights of the Holders of the Notes of each such Series or Class under this Indenture or any Indenture Supplement; provided,
however, that no such amendment will, without the consent of the Holder of each Outstanding Note affected thereby:

 

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(a)         
change the scheduled payment date of any payment of interest on any Note, or change a Payment Date or Stated Maturity Date
of any Note;

 

(b)         
reduce the Note Balance of, or the Note Interest Rate on any Note, or change the method of computing the Note Balance or
Note Interest Rate in a manner that is adverse to the Noteholder;

 

(c)         
impair the right to institute suit for the enforcement of any payment on any Note;

 

(d)         
reduce the percentage in the Class Invested Amount or Invested Amount of the Outstanding Notes (or of the Outstanding Notes
of any Series or Class), the consent of whose Holders is required for any such Amendment, or the consent of whose Holders is required
for any waiver of compliance with the provisions of this Indenture or any Indenture Supplement or of defaults hereunder or thereunder
and their consequences, provided for in this Indenture or any Indenture Supplement;

 

(e)         
modify any of the provisions of this Section or Section 8.15, except to increase any percentage of Holders required
to consent to any such amendment or to provide that other provisions of this Indenture or any Indenture Supplement cannot be modified
or waived without the consent of the Holder of each Outstanding Note affected thereby;

 

(f)         
permit the creation of any lien or other encumbrance on the Collateral that is prior to the lien in favor of the Indenture
Trustee for the benefit of the Holders of the Notes;

 

(g)         
change the method of computing the amount of principal of, or interest on, any Note on any date; or

 

(h)         
modify the terms or provisions of any related Indenture Supplement (except as otherwise provided therein).

 

An amendment of this
Indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely
for the benefit of one or more particular Series or Class of Notes, or which modifies the rights of the Holders of Notes of such
Series or Class with respect to such covenant or other provision, will be deemed not to affect the rights under this Indenture
of the Holders of Notes of any other Series or Class.

 

It will not be necessary
for any Act of Noteholders under this Section to approve the particular form of any proposed amendment, but it will be sufficient
if such Act will approve the substance thereof.

 

With respect to any
amendment of the terms and provisions of an Indenture Supplement, such amendment shall be subject to the applicable terms and provisions
of such Indenture Supplement.

 

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Section
12.3.      Execution of Amendments.

 

(a)In executing
or accepting the additional trusts created by any amendment or Indenture Supplement of this Indenture permitted by this Article
XII or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee will be entitled to receive,
and (subject to Section 11.1) will be fully protected in relying upon, an Opinion of Counsel stating that the execution
of such amendment or Indenture Supplement is authorized and permitted by this Indenture and that all conditions precedent thereto
have been satisfied.

 

(b)In addition,
in executing or accepting the additional trusts created by any amendment or Indenture Supplement of this Indenture permitted by
this Article XII or the modifications thereby of the trusts created by this Indenture, upon a waiver of the related Issuer
Tax Opinion as set forth herein by the Administrator, the Servicer, the Subservicer, the Administrative Agent and the applicable
Noteholders, in accordance with Section 12.1 or Section 12.2, as applicable, the Indenture Trustee shall receive written instructions
from the Administrator, the Administrative Agent and such applicable Noteholders, which shall instruct the Indenture Trustee to
waive the provisions of this Article XII relating to the issuance of such Issuer Tax Opinion.

 

(c)The Indenture
Trustee may, but will not be obligated to, enter into any such amendment or Indenture Supplement which affects the Indenture Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Section
12.4.      Effect of Amendments.

 

Upon the execution
of any amendment of this Indenture or any Indenture Supplement, or any Supplemental indentures under this Article XII, this
Indenture and the related Indenture Supplement will be modified in accordance therewith with respect to each Series and Class of
Notes affected thereby, or all Notes, as the case may be, and such amendment will form a part of this Indenture and the related
Indenture Supplement for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder
will be bound thereby to the extent provided therein.

 

Section
12.5.      Reference in Notes to Indenture Supplements.

 

Notes authenticated
and delivered after the execution of any amendment of this Indenture or any Indenture Supplement or any supplemental indenture
pursuant to this Article may, and will if required by the Indenture Trustee, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such amendment or supplemental indenture. If the Issuer so determines, new Notes so modified
as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such amendment or supplemental indenture may be prepared
and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

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Article
XIII

EARLY REDEMPTION OF NOTES

 

Section
13.1.      Optional Redemption.

 

(a)         
Unless otherwise provided in the applicable Indenture Supplement for a Series of Notes, the Issuer has the right, but not
the obligation, to redeem a Series of Notes in whole but not in part on any Payment Date (a “Redemption Payment Date”)
on or after the Payment Date on which the aggregate Note Balance (after giving effect to all payments, if any, on that day) of
such Series is reduced to less than the percentage of the Initial Note Balance specified in the related Indenture Supplement (the
“Redemption Percentage”).

 

If the Issuer, at the
direction of the Administrator, elects to redeem a Series of Notes pursuant to this Section 13.1(a), it will cause
the Issuer to notify the Holders of such redemption at least ten (10) days prior to the Redemption Payment Date. Unless otherwise
specified in the Indenture Supplement applicable to the Notes to be so redeemed, the redemption price of a Series so redeemed will
equal the Redemption Amount, the payment of which will be subject to the allocations, deposits and payments sections of the related
Indenture Supplement, if any.

 

If the Issuer is unable
to pay the Redemption Amount in full on the Redemption Payment Date, payments on such Series of Notes will thereafter continue
to be made in accordance with this Indenture and the related Indenture Supplement, and the Holders of such Series of Notes and
the related Administrative Agent shall continue to hold all rights, powers and options as set forth under this Indenture, until
the Outstanding Note Balance of such Series, plus all accrued and unpaid interest, is paid in full or the Stated Maturity
Date occurs, whichever is earlier, subject to Article VII, Article VIII and the allocations, deposits and
payments sections of this Indenture and the related Indenture Supplement.

 

(b)         
Unless otherwise specified in the related Indenture Supplement, if the VFN Principal Balance of any Class of VFN Notes has
been reduced to zero, then, upon five (5) Business Days’ prior written notice to the Holder thereof, the Issuer may declare
such Class no longer Outstanding, in which case the Holder thereof shall submit such Class of Note to the Indenture Trustee for
cancellation.

 

(c)         
The Notes of any Series of Notes shall be subject to optional redemption under this Article XIII, in whole but
not in part, by the Issuer, on any Business Day after the date on which the related Revolving Period ends, and on any Business
Day within ten (10) days prior to the end of such Revolving Period or at other times specified in the related Indenture Supplement
upon ten (10) days’ prior notice to the Indenture Trustee, through (i) a Permitted Refinancing, (ii) the use of proceeds
from the issuance and sale of a new Series or Class of Notes issued hereunder, or (iii) the use of proceeds received following
a VFN Note Balance Adjustment Request. Following issuance of the Redemption Notice by the Issuer pursuant to Section 13.2
below, the Issuer shall be required to purchase the entire aggregate Note Balance of such Series of Term Notes for the applicable
Redemption Amount on the date set for such redemption (the “Redemption Date”).

 

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(d)         
Issuer may redeem any Series of Notes through (i) a Permitted Refinancing, (ii) the use of proceeds from the issuance and
sale of a new Series or Class of Notes issued hereunder, or (iii) the use of proceeds received following a VFN Note Balance Adjustment
Request, on any other Business Day specified in the related Indenture Supplement.

 

Section
13.2.      Notice.

 

(a)         
Promptly after the occurrence of any optional redemption pursuant to Section 13.1, the Issuer will notify the
Indenture Trustee and each related Note Rating Agency in writing of the identity and Note Balance of the affected Series or Class
of Notes to be redeemed.

 

(b)         
Notice of redemption (each a “Redemption Notice”) will promptly be given as provided in Section 1.7.
All notices of redemption will state (i) the Series or Class of Notes to be redeemed pursuant to this Article XIII,
(ii) the date on which the redemption of the Series or Class of Notes to be redeemed pursuant to this Article will begin, which
will be the Redemption Payment Date, and (iii) the redemption price for such Series or Class of Notes. Following delivery of a
Redemption Notice by the Issuer, the Issuer shall be required to purchase the entire aggregate Note Balance of such Series or Class
of Notes for the related Redemption Amount on the Redemption Date.

 

Article
XIV

MISCELLANEOUS

 

Section
14.1.      No Petition.

 

Each of the Indenture
Trustee, the Administrative Agent, the Servicer and the Administrator, by entering into this Indenture, each Derivative Counterparty,
each Supplemental Credit Enhancement Provider or Liquidity Provider, as applicable, by accepting its rights as a third party beneficiary
hereunder, each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial interest in a Note agrees
that it will not at any time prior to the date which is one year and one day, or, if longer, the applicable preference period then
in effect, after the payment in full of all the Notes, institute against the Depositor or the Issuer, or join in any institution
against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this
Indenture, any Derivative Counterparty, any Supplemental Credit Enhancement Agreement and any Liquidity Facility; provided,
however, that nothing contained herein shall prohibit or otherwise prevent the Indenture Trustee from filing proofs of claim
in any such proceeding.

 

Section
14.2.      No Recourse.

 

No recourse may be
taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee
in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director, employee or “control person” within the meaning of the Securities Act and the Exchange Act
of the Indenture Trustee or Owner Trustee in its individual capacity, any holder of a beneficial ownership interest in the Issuer
or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such entity.

 

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Section
14.3.      Tax Treatment.

 

Notwithstanding anything
to the contrary set forth herein, the Issuer has entered into this Indenture with the intention that for United States federal,
state and local income and franchise tax purposes the Notes will qualify as indebtedness secured by the Receivables. The Issuer,
by entering into this Indenture, each Noteholder, by its acceptance of a Note and each purchaser of a beneficial interest therein,
by accepting such beneficial interest, agree to treat such Notes as debt for United States federal, state and local income and
franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. The Indenture Trustee
shall treat the Trust Estate as a security device only. The provisions of this Indenture shall be construed in furtherance of the
foregoing intended tax treatment.

 

Section
14.4.      Alternate Payment Provisions.

 

Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuer, with the written consent of the Indenture Trustee,
may enter into any agreement with any Holder of a Note providing for a method of payment or notice that is different from the methods
provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee will cause payments or notices, as applicable, to be made in accordance with such agreements.

 

Section
14.5.      Termination of Obligations.

 

The respective obligations
and responsibilities of the Indenture Trustee created hereby (other than the obligation of the Indenture Trustee to make payments
to Noteholders as hereinafter set forth) shall terminate upon satisfaction and discharge of this Indenture as set forth in Article VII,
except with respect to the payment obligations described in Section 14.6(b). Upon this event, the Indenture Trustee
shall release, assign and convey to the Issuer or any of its designees, without recourse, representation or warranty, all of its
right, title and interest in the Collateral, whether then existing or thereafter created, all monies due or to become due and all
amounts received or receivable with respect thereto (including all moneys then held in any Trust Account) and all proceeds thereof,
except for amounts held by the Indenture Trustee pursuant to Section 14.6(b). The Indenture Trustee shall execute and
deliver such instruments of transfer and assignment as shall be provided to it, in each case without recourse, as shall be reasonably
requested by the Issuer to vest in the Issuer or any of its designees all right, title and interest which the Indenture Trustee
had in the Collateral.

 

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Section
14.6.      Final Distribution.

 

(a)         
The Issuer shall give the Indenture Trustee at least thirty (30) days prior written notice of the Payment Date on which
the Noteholders of any Series or Class may surrender their Notes for payment of the final distribution on and cancellation of such
Notes. Not later than the fifth day of the month in which the final distribution in respect of such Series or Class is payable
to Noteholders, the Indenture Trustee shall provide notice to Noteholders of such Series or Class specifying (i) the date upon
which final payment of such Series or Class will be made upon presentation and surrender of Notes of such Series or Class at the
office or offices therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable
to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or
offices therein specified. The Indenture Trustee shall give such notice to the Note Registrar and the Paying Agent at the time
such notice is given to Noteholders.

 

(b)         
Notwithstanding a final distribution to the Noteholders of any Series or Class (or the termination of the Issuer), except
as otherwise provided in this paragraph, all funds then on deposit in any Account allocated to such Noteholders shall continue
to be held in trust for the benefit of such Noteholders, and the Paying Agent or the Indenture Trustee shall pay such funds to
such Noteholders upon surrender of their Notes, if such Notes are Definitive Notes. In the event that all such Noteholders shall
not surrender their Notes for cancellation within six (6) months after the date specified in the notice from the Indenture Trustee
described in clause (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender
their Notes for cancellation and receive the final distribution with respect thereto. If within one year after the second notice
all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint
an agent to take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes, and the cost
thereof (including costs related to giving the second notice) shall be paid out of the funds in the Collection and Funding Account.
The Indenture Trustee and the Paying Agent shall pay to the Issuer any monies held by them for the payment of principal or interest
that remains unclaimed for two (2) years. After payment to the Issuer, Noteholders entitled to the money must look to the Issuer
for payment as general creditors unless an applicable abandoned property law designates another Person.

 

Section
14.7.      Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity
Provider as Third-Party Beneficiaries.

 

Each Derivative Counterparty,
Supplemental Credit Enhancement Provider and Liquidity Provider (for purposes of Section 11.7) is a third-party beneficiary
of this Indenture to the extent specified herein or in the applicable Derivative Agreement, Supplemental Credit Enhancement Agreement
or Liquidity Facility.

 

Section
14.8.      Owner Trustee Limitation of Liability.

 

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

 

    	156

    	 

    

Section
14.9.      Consent and Acknowledgement of the Amendments.

 

Each of the Issuer,
the Administrator, the Servicer, the Subservicer, each Administrative Agent, and the Purchaser, each Committed Purchaser and Conduit
Purchaser (in their respective capacities as Holder of the Notes specified by its signature) has consented to this Indenture and
confirms that, (i) it is authorized to deliver this Indenture, such power has not been granted or assigned to any other person
and the Indenture Trustee may rely upon such certification, and (ii) it acknowledges and agrees that the amendments effected by
this Indenture shall become effective on the Seventh A&R Effective Date.

 

Pursuant to Article
XII hereof, the Administrator, the Servicer, the Subservicer, the Administrative Agent and the 100% of the Noteholders hereby waive
and instruct the Indenture Trustee to waive the provisions of Article XII hereof relating to the issuance of an Issuer Tax Opinion
with respect to this Seventh Amended and Restated Indenture.

 

[Signature Pages Follow]

 

    	157

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.

 

	 	HLSS SERVICER ADVANCE RECEIVABLES TRUST, as Issuer
	 	 
	 	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
	 	 
	 	By: 	/s/ Beverly D. Capers
	 	 	 
	 	Name: 	Beverly D. Capers
	 	 	 
	 	Title: 	Assistant Vice President

 

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

 

	 	DEUTSCHE BANK NATIONAL TRUST COMPANY, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary and not in its individual capacity
	 	 
	 	By: 	/s/ Hang Luu
	 	 	 
	 	Name: 	Hang Luu
	 	 	 
	 	Title: 	Assistant Vice President
	 	 	 
	 	By: 	/s/ Ronaldo Reyes
	 	 	 
	 	Name: 	Ronaldo Reyes
	 	 	 
	 	Title: 	Vice President

 

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

	 	HLSS HOLDINGS, LLC, as Administrator and as 

Servicer (on and after the MSR Transfer Date)
	 	 	 
	 	By:	/s/ Cameron MacDougall
	 	 	 
	 	Name:	Cameron MacDougall
	 	 	 
	 	Title:	Secretary

 

[Signatures continue]

 

    	Seventh Amended and Restated Indenture

    	 

    

 

	 	OCWEN LOAN SERVICING, LLC, as Servicer (prior to the MSR Transfer Date)
	 	 	 
	 	By:	/s/ Michael R. Bourque, Jr.
	 	 	 
	 	Name:	Michael R. Bourque, Jr.
	 	 	 
	 	Title:	Chief Financial Officer

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

 

	 	NEW RESIDENTIAL INVESTMENT CORP
	 	 	 
	 	By:	/s/ Cameron MacDougall
	 	 	 
	 	Name:	Cameron MacDougall
	 	 	 
	 	Title:	Secretary

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

 

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

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

	 	WELLS FARGO SECURITIES, LLC, as Administrative Agent
	 	 	 
	 	By:	/s/ Andrew W. Riebe
	 	 	 
	 	Name:	Andrew W. Riebe
	 	 	 
	 	Title:	Director

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

 

	 	CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative Agent
	 	 	 
	 	By:	/s/ Patrick J. Hart
	 	 	 
	 	Name:	Patrick J. Hart
	 	 	 
	 	Title:	Vice President
	 	 	 

                                  

                                  

	 	By:	/s/ Jason Muncy
	 	 	 
	 	Name:	Jason Muncy
	 	 	 
	 	Title:	Vice President

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

 

Acknowledged
and agreed to as of the date first above written by:

 

BARCLAYS BANK PLC, as Purchaser
and sole Holder of the HLSS Servicer Advance Receivables Trust, Advance Receivables Backed Notes, Series 2012-VF1 Class A-VF1 Variable
Funding Notes, the Class B-VF1 Variable Funding Notes, the Class C-VF1 Variable Funding Notes and the Class D-VF1 Variable Funding
Notes

 

	By:	/s/ Trevor Moffitt
	 	 
	Name:	Trevor Moffitt
	 	 
	Title:	Director

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

Acknowledged
and agreed to as of the date first above written by:

 

WELLS FARGO BANK, N. A., as Committed
Purchaser and sole Holder of the HLSS Servicer Advance Receivables Trust, Advance Receivables Backed Notes, Series 2012-VF2 Class
A-VF2 Variable Funding Notes, the Class B-VF2 Variable Funding Notes, the Class C-VF2 Variable Funding Notes and the Class D-VF2
Variable Funding Notes

 

	By:	/s/ Andrew W. Riebe
	 	 
	Name:	Andrew W. Riebe
	 	 
	Title:	Director

 

[Signatures continue]

    	Seventh Amended and Restated Indenture

    	 

    

 

Acknowledged and agreed to as of the date
first above written by:

 

CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as Committed Purchaser and as Holder of the HLSS Servicer Advance Receivables Trust, Advance Receivables Backed
Notes, Series 2012-VF3 Class A-VF3 Variable Funding Notes, the Class B-VF3 Variable Funding Notes, the Class C-VF3 Variable
Funding Notes and the Class D-VF3 Variable Funding Notes

 

	By:	/s/ Patrick J. Hart
	 	 
	Name:	Patrick J. Hart
	 	   

	Title:	Vice President
	 	 
	By:	/s/ Jason Muncy
	 	 
	Name:	Jason Muncy
	 	 
	Title:	Vice President

 

    	Seventh Amended and Restated Indenture

    	 

    

ALPINE SECURITIZATION CORP., as
Conduit Purchaser and as Holder of the HLSS Servicer Advance Receivables Trust, Advance Receivables Backed Notes, Series 2012-VF3
Class A-VF3 Variable Funding Notes, the Class B-VF3 Variable Funding Notes, the Class C-VF3 Variable Funding Notes and the Class
D-VF3 Variable Funding Notes

 

By: CREDIT SUISSE AG, NEW YORK BRANCH,
as its attorney-in-fact

 

	By:	/s/ Patrick J. Hart
	 	 
	Name:	Patrick J. Hart
	 	 
	Title:	Vice President
	 	 

                                                       

                                                       

	By:	/s/ Jason Muncy
	 	 
	Name:	Jason Muncy
	 	 
	Title:	Vice President

 

 

[Signatures End]

    	Seventh Amended and Restated Indenture

    	 

    

Appendix A

 

MSR
Transfer Notice

 

[Date]

 

Deutsche
Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, California 92705

Attention: Trust Administration-[Specify issue ID from Indenture
Supplement]

 

	 	Re:	HLSS SERVICER ADVANCE RECEIVABLES TRUST

 

NOTICE OF TRANSFER OF MORTGAGE SERVICING
RIGHTS

 

On __________, 20__
(the “MSR Transfer Date”), Ocwen Loan Servicing, LLC (“OLS”) sold to HLSS Holdings,
LLC (“HLSS”) all of the servicing rights and obligations of OLS under the Designated Servicing Agreements
set forth on Schedule A attached hereto (the “MSR Transfer”).

 

All required consents
and rating agency letters required under such Designated Servicing Agreements for the MSR Transfer were obtained on or before the
MSR Transfer Date. 

 

HLSS HOLDINGS, LLC

 

 

By:                                                     

Name:

Title:

 

OCWEN LOAN SERVICING, LLC

 

By:                                                     

Name:

Title:

    	 

    	 

    

Schedule A to MSR Transfer Notice

 

DESIGNATED SERVICING AGREEMENTS

    	 

    	 

    

Schedule 1

 

Designated
Servicing Agreements

 

	 	Investor No.	Investor Name
	1	 	 
	2	 	 
	3	 	 
	4	 	 
	5	 	 

    	 

    	 

    

Schedule 2

 

SERVICING
FEE ADVANCE Designated Servicing Agreements

 

	

	 	Investor No.	Investor Name
	1	 	 
	2	 	 
	3	 	 
	4	 	 
	5	 	 

    	 

    	 

    

Exhibit A-1

 

Form
of RULE 144A global Note

 

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

 

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

 

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

 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE 1933 ACT, (B) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, TO
A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN
COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 

 

EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN FOR, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A PLAN
DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA,
OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR (II) (A) AS OF THE DATE OF TRANSFER OR PURCHASE, THIS NOTE IS RATED INVESTMENT
GRADE AND IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE
PLAN ASSET REGULATIONS (SET FORTH IN 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) AND AGREES TO SO TREAT
THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL SATISFY THE REQUIREMENTS
OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14 (RELATING TO TRANSACTIONS AFFECTED BY A QUALIFIED PROFESSIONAL
ASSET MANAGER), PTCE 90-1 (RELATING TO INVESTMENTS BY INSURANCE COMPANY POOLED SEPARATE ACCOUNTS), PTCE 91-38 (RELATING TO INVESTMENTS
IN BANK COLLECTIVE INVESTMENT FUNDS), PTCE 95-60 (RELATING TO TRANSACTIONS INVOLVING INSURANCE COMPANY GENERAL ACCOUNTS), PTCE
96-23 (RELATING TO TRANSACTIONS DIRECTED BY AN IN-HOUSE PROFESSIONAL ASSET MANAGER) OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION
FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(B)(17) OF ERISA OR A SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR
CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW).

 

    	 

    	 

    

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

 

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

 

    	 

    	 

    

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

 

[FOR SPECIFIED NOTES ONLY] [NO TRANSFER
OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS
PROVIDED IN SECTIONS [6.5(M)] OF THE INDENTURE , AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED
NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.]

 

    	 

    	 

    

HLSS SERVICER ADVANCE RECEIVABLES TRUST 

 

ADVANCE RECEIVABLES BACKED NOTES, SERIES
[    ]

 

CLASS [___] NOTE

 

HLSS Servicer Advance
Receivables Trust, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to pay to
[______________], or registered assigns (the “Noteholder”), [interest and principal as provided in the Indenture]
[the principal sum of [__________] $[________], or such part thereof as may be advanced and outstanding hereunder and to pay interest
on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the
Indenture].

 

Principal of this Note
is payable on each applicable Payment Date as set forth in Section 4.5 of the Base Indenture and Section [ ] of the Indenture Supplement.
The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On
each applicable Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid
as set forth in Section 4.5 of the Base Indenture and Section [ ] of the Indenture Supplement.

 

Capitalized terms used but not defined herein have the meanings set forth in the Seventh Amended and Restated Indenture, (as
may be amended from time to time, the “Base Indenture”), dated as of October 23, 2015, among the Issuer, Deutsche
Bank National Trust Company, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture
Trustee”), HLSS Holdings, LLC, as Administrator (in such capacity, the “Administrator”) and as Servicer
(on and after the MSR Transfer Date) (in such capacity, the “Servicer”), Ocwen Loan Servicing, LLC (“OLS”),
as a Subservicer (in such capacity, the “Subservicer”) and as Servicer (prior to the MSR Transfer Date) (in
such capacity, the “Servicer”), New Residential Investment Corp., Barclays Bank PLC (“Barclays”),
as Administrative Agent, Wells Fargo Securities, LLC (“Wells Fargo”), as Administrative Agent, and Credit Suisse
AG, New York Branch (“Credit Suisse” and collectively with Barclays and Wells Fargo, the “Administrative
Agent”), as Administrative Agent, and an Indenture Supplement (the “[Insert Series Name” Indenture Supplement”
and together with the Base Indenture, the “Indenture”), by and among [insert parties to Indenture Supplement].

 

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

 

[By its acceptance of
this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, one each Funding Date to advance
amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of
the Indenture and that certain Note Purchase Agreement (the “Note Purchase Agreement”), by and among the Issuer,
[ ], administrative agent and [ ], as Purchaser.]

 

    	 

    	 

    

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

 

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

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

 

The statements in the
legend set forth above are an integral part of the terms of this Note and by acceptance hereof each Holder of this Note agrees
to be subject to and bound by the terms and provisions set forth in such legend.

 

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

 

The statements in the
legend relating to DTC set forth above are an integral part of the terms of this Note and by acceptance thereof each holder of
this Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

 

Unless the certificate
of authentication hereon shall have been executed by Indenture Trustee Authorized Officer and, if an Authenticating Agent has been
appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature,
this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose.

 

THIS NOTE and
any claim, controversy or dispute arising under or related to or in connection with this NOte, the relationship of the parties
hereunder, and/or the interpretation and enforcement of the rights and duties of the parties HEREUNDER WILL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF
OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	 

    	 

    

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

 

		Date:	____________, 20[__]

 

	 	HLSS SERVICER ADVANCE RECEIVABLES TRUST 
	 	 
	 	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
	 	 
	 	By:	
	 	 	Issuer Authorized Officer 

    	 

    	 

    

INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 	 
	 	By:	 
	 	Title:	Authorized Signatory of Indenture Trustee

 

 

AUTHENTICATING AGENT’S

CERTIFICATE OF AUTHENTICATION

 

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

 

	 	 	 
	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 	 
	 	By:	 
	 	as Authenticating Agent

    	 

    	 

    
[Reverse
Of Note]

 

This Note is one of the
duly authorized Class [__] Notes of the Issuer, designated as its Advance Receivables Backed Notes, Series [__], Class [__] (herein
called the “Class [__] Notes”), all issued under the Indenture. Reference is hereby made to the Indenture for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
To the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions
of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all
terms of the Indenture.

 

The payments on the Class
[__] Notes are [senior to the Class [__] Notes, the Class [__] Notes and the Class [__] Notes][, and subordinate to the Class [__]
Notes, the Class [__] Notes and the Class [__] Notes], as and to the extent provided in the Indenture.

 

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

 

The entire unpaid principal
amount and all accrued and unpaid interest of this Note shall be due and payable on the [earlier of (i) any Redemption Payment
Date as set forth in Section 13.1 of the Indenture and] (ii) the Stated Maturity Date. Notwithstanding the foregoing, the entire
unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which
an Event of Default of the kind specified in clause (h), (i), (j) or (k) of Section 8.1 of the Base Indenture occurs, and,
if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the
requisite percentage of Noteholders of each Series, by notice in writing to the Issuer (and to the Indenture Trustee if given by
the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal
payments on the Notes shall be made to the Holders of the Notes entitled thereto in accordance with the terms of the Indenture.

 

The Trust Estate secures
this Class [__] Note and all other Class [__] Notes equally and ratably without prejudice, priority or distinction between any
Class [__] Note and any other Class [__] Note. The Notes are limited recourse obligations of the Issuer and are limited in right
of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for
payments on the Notes, and none of the owners, agents, officers, directors, employees, or successors or assigns of the Issuer shall
be personally liable for any amounts payable, or performance due, under the Notes or the Indenture.

 

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

 

    	 

    	 

    

[Any reduction in the
Note Balance of this Note (or any one or more predecessor Notes) effected by any payments made on any applicable Payment Date shall
be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon.]

 

[Any reduction in the
Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class [ ] Note (or any one or more predecessor
Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding
upon all future Holders of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [ ] Note (or any one or more predecessor
Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders
of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether
or not noted hereon.]

 

As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such
Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon
one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any such registration of transfer or exchange.

 

Each Noteholder, by acceptance
of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities,
(ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or “control person” within the meaning of the 1933 Act and the Exchange Act of the Indenture Trustee or Owner
Trustee in its individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner
Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

    	 

    	 

    

Each Noteholder, by accepting
a Note and each Note Owner by accepting a Note or a beneficial interest in a Note agrees that it will not at any time prior to
the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full
of all the Notes, institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer
of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any Supplemental Credit
Enhancement Agreement and any Liquidity Facility.

 

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

 

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

 

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

 

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

 

Notwithstanding any other
provisions herein or in the Indenture, a Holder of this Note will have the right, which is absolute and unconditional, to receive
payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of
any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that
notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note
or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator,
the Servicer, the Subservicer, the Indenture Trustee, or any Affiliate (other than the Issuer), officer, employee or director of
any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder
will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture.

 

    	 

    	 

    

Notwithstanding any other
terms of the Indenture or this Note, the obligations of the Issuer hereunder are limited recourse obligations of the Issuer, payable
solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance
with the terms of the Indenture, the Holder hereof shall not be entitled to take any further steps to recover any sums due but
still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No
Holder of this Note shall have recourse for the payment of any amount owing in respect of this Note or the Indenture or for any
action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer
or any of their successors or assigns for any amounts payable under this Note or the Indenture. The foregoing provisions of this
Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or
agreement which is part of the Trust Estate, (ii) save as specifically provided therein, constitute a waiver, release or discharge
of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) limit the right of any Person, to
name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under this Note or the Indenture,
so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained)
enforced against any such Person or entity.

 

    	 

    	 

    

ASSIGNMENT

 

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

 

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

 

(name
and address of assignee)

 

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

 

Dated: _________________ 

 

 

Signature Guaranteed:

 

_________________*/

 

 

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

 

    	 

    	 

    

Schedule to Series [    ], Class [__] Note

dated as of [    ], 2015

of HLSS Servicer Advance Receivables Trust

 

	
        [Payment Date]

         

        [Payment Date of Additional Note Balance/Decrease
        Note Balance

         
	Aggregate Amount of [principal payment] [Funding of VFN Principal Balance Increase] on Class [__] Notes	[Percentage Interest in] Aggregate Note Balance of the Class [__] Notes following [advance/] payment	[Percentage of  Interest in] Aggregate Note Balance of this Class [__] Note following [advance/] payment	Note Balance of Note following [advance/] payment
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    	 

    	 

    

Exhibit A-2

 

Form
of 144a definitive note

 

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

 

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

 

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

 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE 1933 ACT, (B) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, TO
A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN
COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 

 

EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN FOR, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A PLAN
DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA,
OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR (II)(A) AS OF THE DATE OF TRANSFER OR PURCHASE, THIS NOTE IS RATED INVESTMENT
GRADE AND IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE
PLAN ASSET REGULATIONS (SET FORTH IN 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) AND AGREES TO SO TREAT
THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL SATISFY THE REQUIREMENTS
OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14 (RELATING TO TRANSACTIONS AFFECTED BY A QUALIFIED PROFESSIONAL
ASSET MANAGER), PTCE 90-1 (RELATING TO INVESTMENTS BY INSURANCE COMPANY POOLED SEPARATE ACCOUNTS), PTCE 91-38 (RELATING TO INVESTMENTS
IN BANK COLLECTIVE INVESTMENT FUNDS), PTCE 95-60 (RELATING TO TRANSACTIONS INVOLVING INSURANCE COMPANY GENERAL ACCOUNTS), PTCE
96-23 (RELATING TO TRANSACTIONS DIRECTED BY AN IN-HOUSE PROFESSIONAL ASSET MANAGER) OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION
FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(B)(17) OF ERISA OR A SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR
CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW).

 

    	 

    	 

    

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

 

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

 

[FOR SPECIFIED NOTES ONLY] [NO TRANSFER
OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS
PROVIDED IN SECTIONS [6.5(M)] OF THE INDENTURE , AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED
NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.]

 

    	 

    	 

    

HLSS SERVICER ADVANCE RECEIVABLES TRUST 

 

ADVANCE RECEIVABLES BACKED NOTES, SERIES
[    ]

 

CLASS [___] NOTE

 

HLSS Servicer Advance
Receivables Trust, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to pay to
[______________], or registered assigns (the “Noteholder”), [interest and principal as provided in the Indenture]
[the principal sum of [__________] $[________], or such part thereof as may be advanced and outstanding hereunder and to pay interest
on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the
Indenture].

 

Principal of this Note
is payable on each applicable Payment Date as set forth in Section 4.5 of the Base Indenture and Section [ ] of the Indenture Supplement.
The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On
each applicable Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid
as set forth in Section 4.5 of the Base Indenture and Section [   ] of the Indenture Supplement.

 

Capitalized terms used but not defined herein have the meanings set forth in the Seventh Amended and Restated Indenture, (as
may be amended from time to time, the “Base Indenture”), dated as of October 23, 2015, among the Issuer, Deutsche
Bank National Trust Company, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture
Trustee”), HLSS Holdings, LLC, as Administrator (in such capacity, the “Administrator”) and as Servicer
(on and after the MSR Transfer Date) (in such capacity, the “Servicer”), Ocwen Loan Servicing, LLC (“OLS”),
as a Subservicer (in such capacity, the “Subservicer”) and as Servicer (prior to the MSR Transfer Date) (in
such capacity, the “Servicer”), New Residential Investment Corp., Barclays Bank PLC (“Barclays”),
as Administrative Agent, Wells Fargo Securities, LLC (“Wells Fargo”), as Administrative Agent, and Credit Suisse
AG, New York Branch (“Credit Suisse” and collectively with Barclays and Wells Fargo, the “Administrative
Agent”), as Administrative Agent, and an Indenture Supplement (the “[Insert Series Name” Indenture Supplement”
and together with the Base Indenture, the “Indenture”), by and among [insert parties to Indenture Supplement].

 

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

 

[By its acceptance of
this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, one each Funding Date to advance
amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of
the Indenture and that certain Note Purchase Agreement (the “Note Purchase Agreement”), by and among the Issuer,
[   ], administrative agent and [   ], as Purchaser.]

 

    	 

    	 

    

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

 

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

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

 

The statements in the
legend set forth above are an integral part of the terms of this Note and by acceptance hereof each Holder of this Note agrees
to be subject to and bound by the terms and provisions set forth in such legend.

 

Unless the certificate
of authentication hereon shall have been executed by Indenture Trustee Authorized Officer and, if an Authenticating Agent has been
appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature,
this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose.

 

THIS NOTE and
any claim, controversy or dispute arising under or related to or in connection with this NOte, the relationship of the parties
hereunder, and/or the interpretation and enforcement of the rights and duties of the parties HEREUNDER WILL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF
OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	 

    	 

    

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

 

		Date:	____________, 20[__]

 

		HLSS SERVICER ADVANCE RECEIVABLES TRUST 

 
 By: Wilmington Trust Company, not in its 

individual capacity but solely as Owner Trustee

	 	 	 
	 	 	 
	 	By:	 
	 	 	Issuer Authorized Officer

 

    	 

    	 

    

INDENTURE TRUSTEE’S 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 	 
	 	By:	 
	 	Title:	Authorized Signatory of Indenture Trustee

 

 

AUTHENTICATING AGENT’S

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 	 
	 	By:	 
	 	as Authenticating Agent

    	 

    	 

    

[Reverse
Of Note]

 

This Note is one of the
duly authorized Class [__] Notes of the Issuer, designated as its Advance Receivables Backed Notes, Series [    ], Class [__] (herein
called the “Class [__] Notes”), all issued under the Indenture. Reference is hereby made to the Indenture for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
To the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions
of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all
terms of the Indenture.

 

The payments on the Class
[__] Notes are [senior to the Class [__] Notes, the Class [__] Notes and the Class [__] Notes][, and subordinate to the Class [__]
Notes, the Class [__] Notes and the Class [__] Notes], as and to the extent provided in the Indenture.

 

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

 

The entire unpaid principal
amount and all accrued and unpaid interest of this Note shall be due and payable on the [earlier of (i) any Redemption Payment
Date as set forth in Section 13.1 of the Indenture and] (ii) the Stated Maturity Date. Notwithstanding the foregoing, the entire
unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which
an Event of Default of the kind specified in clause (h), (i), (j) or (k) of Section 8.1 of the Base Indenture occurs, and,
if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the
requisite percentage of Noteholders of each Series, by notice in writing to the Issuer (and to the Indenture Trustee if given by
the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal
payments on the Notes shall be made to the Holders of the Notes entitled thereto in accordance with the terms of the Indenture.

 

The Trust Estate secures
this Class [__] Note and all other Class [__] Notes equally and ratably without prejudice, priority or distinction between any
Class [__] Note and any other Class [__] Note. The Notes are limited recourse obligations of the Issuer and are limited in right
of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for
payments on the Notes, and none of the owners, agents, officers, directors, employees, or successors or assigns of the Issuer shall
be personally liable for any amounts payable, or performance due, under the Notes or the Indenture.

 

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

 

    	 

    	 

    

[Any reduction in the
Note Balance of this Note (or any one or more predecessor Notes) effected by any payments made on any applicable Payment Date shall
be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon.]

 

[Any reduction in the
Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class [ ] Note (or any one or more predecessor
Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding
upon all future Holders of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [ ] Note (or any one or more predecessor
Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders
of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether
or not noted hereon.]

 

As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such
Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon
one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any such registration of transfer or exchange.

 

Each Noteholder, by acceptance
of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities,
(ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or “control person” within the meaning of the 1933 Act and the Exchange Act of the Indenture Trustee or Owner
Trustee in its individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner
Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder, by accepting
a Note and each Note Owner by accepting a Note or a beneficial interest in a Note agrees that it will not at any time prior to
the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full
of all the Notes, institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer
of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any Supplemental Credit
Enhancement Agreement and any Liquidity Facility.

 

    	 

    	 

    

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

 

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

 

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

 

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

 

Notwithstanding any other
provisions herein or in the Indenture, a Holder of this Note will have the right, which is absolute and unconditional, to receive
payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of
any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that
notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note
or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator,
the Servicer, the Subservicer, the Indenture Trustee, or any Affiliate (other than the Issuer), officer, employee or director of
any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder
will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture.

 

    	 

    	 

    

Notwithstanding any other
terms of the Indenture or this Note, the obligations of the Issuer hereunder are limited recourse obligations of the Issuer, payable
solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance
with the terms of the Indenture, the Holder hereof shall not be entitled to take any further steps to recover any sums due but
still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No
Holder of this Note shall have recourse for the payment of any amount owing in respect of this Note or the Indenture or for any
action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer
or any of their successors or assigns for any amounts payable under this Note or the Indenture. The foregoing provisions of this
Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or
agreement which is part of the Trust Estate, (ii) save as specifically provided therein, constitute a waiver, release or discharge
of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) limit the right of any Person, to
name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under this Note or the Indenture,
so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained)
enforced against any such Person or entity.

 

    	 

    	 

    

ASSIGNMENT

 

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

 

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

 

(name and address
of assignee)

 

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

 

Dated: _________________ 

 

Signature Guaranteed:

 

_________________*/

 

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

 

    	 

    	 

    

Schedule to Series [    ], Class [__] Note

dated as of [    ], 2015

 of HLSS Servicer Advance Receivables
Trust

 

	
        [Payment Date]

         

        [Payment Date of Additional Note Balance/Decrease
        Note Balance

         
	Aggregate Amount of [principal payment] [Funding of VFN Principal Balance Increase] on Class [__] Notes	[Percentage Interest in] Aggregate Note Balance of the Class [__] Notes following [advance/] payment	[Percentage of  Interest in] Aggregate Note Balance of this Class [__] Note following [advance/] payment	Note Balance of Note following [advance/] payment
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    	 

    	 

    

Exhibit A-3

 

FORM OF REGULATION S GLOBAL NOTE

 

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

 

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

 

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

 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE 1933 ACT, (B) PURSUANT TO REGULATION S OF THE 1933 ACT IN AN OFF-SHORE TRANSACTION AS DEFINED IN REGULATION
S OF THE 1933 ACT TO A PERSON THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S OF THE 1933 ACT OR (C) PURSUANT TO ANOTHER EXEMPTION
FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES
LAWS. 

 

EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN FOR, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A PLAN
DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA,
OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR (II) (A) AS OF THE DATE OF TRANSFER OR PURCHASE, THIS NOTE IS RATED INVESTMENT
GRADE AND IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE
PLAN ASSET REGULATIONS (SET FORTH IN 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) AND AGREES TO SO TREAT
THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL SATISFY THE REQUIREMENTS
OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14 (RELATING TO TRANSACTIONS AFFECTED BY A QUALIFIED PROFESSIONAL
ASSET MANAGER), PTCE 90-1 (RELATING TO INVESTMENTS BY INSURANCE COMPANY POOLED SEPARATE ACCOUNTS), PTCE 91-38 (RELATING TO INVESTMENTS
IN BANK COLLECTIVE INVESTMENT FUNDS), PTCE 95-60 (RELATING TO TRANSACTIONS INVOLVING INSURANCE COMPANY GENERAL ACCOUNTS), PTCE
96-23 (RELATING TO TRANSACTIONS DIRECTED BY AN IN-HOUSE PROFESSIONAL ASSET MANAGER) OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION
FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(B)(17) OF ERISA OR A SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR
CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW).

 

    	 

    	 

    

THE TRANSFER OF THIS NOTE IS SUBJECT
TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE BASE INDENTURE AND SECTION [ ] OF THE RELATED INDENTURE
SUPPLEMENT UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE OF THIS
NOTE SHALL PROVIDE THE NOTE REGISTRAR AND THE ISSUER THE CERTIFICATION REQUIRED BY SECTION 6.5(i) OF THE BASE INDENTURE AND THIS
NOTE OR ANY BENEFICIAL INTEREST THEREIN MAY BE TRANSFERRED IN AN OFF-SHORE TRANSACTION AS DEFINED IN THE 1933 ACT TO A PERSON WHO
TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A NOTE OR (IN CERTAIN LIMITED CIRCUMSTANCES) A DEFINITIVE NOTE ONLY (IN
THE CASE OF AN INTEREST IN A RULE 144A GLOBAL NOTE) IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN SECTION 6.5 OF THE BASE INDENTURE
AND (IN THE CASE OF A DEFINITIVE NOTE) UPON RECEIPT BY THE NOTE REGISTRAR AND ISSUER OF SUCH CERTIFICATION. PRIOR TO PURCHASING
THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM
THE RESTRICTIONS ON RESALE OR TRANSFER.

 

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

 

    	 

    	 

    

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

 

[FOR SPECIFIED NOTES ONLY] [NO TRANSFER
OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS
PROVIDED IN SECTIONS [6.5(M)] OF THE INDENTURE , AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED
NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.]

 

    	 

    	 

    

HLSS SERVICER ADVANCE RECEIVABLES TRUST 

 

ADVANCE RECEIVABLES BACKED NOTES, SERIES
[    ]

 

CLASS [___] NOTE

 

HLSS Servicer Advance
Receivables Trust, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to pay to
[______________], or registered assigns (the “Noteholder”), [interest and principal as provided in the Indenture]
[the principal sum of [__________] $[________], or such part thereof as may be advanced and outstanding hereunder and to pay interest
on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the
Indenture].

 

Principal of this Note
is payable on each applicable Payment as set forth in Section 4.5 of the Base Indenture and Section [ ] of the Indenture Supplement.
The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On
each applicable Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid
as set forth in Section 4.5 of the Base Indenture and Section [ ] of the Indenture Supplement.

 

Capitalized terms used but not defined herein have the meanings set forth in the Seventh Amended and Restated Indenture, (as
may be amended from time to time, the “Base Indenture”), dated as of October 23, 2015, among the Issuer, Deutsche
Bank National Trust Company, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture
Trustee”), HLSS Holdings, LLC, as Administrator (in such capacity, the “Administrator”) and as Servicer
(on and after the MSR Transfer Date) (in such capacity, the “Servicer”), Ocwen Loan Servicing, LLC (“OLS”),
as a Subservicer (in such capacity, the “Subservicer”) and as Servicer (prior to the MSR Transfer Date) (in
such capacity, the “Servicer”), New Residential Investment Corp., Barclays Bank PLC (“Barclays”),
as Administrative Agent, Wells Fargo Securities, LLC (“Wells Fargo”), as Administrative Agent, and Credit Suisse
AG, New York Branch (“Credit Suisse” and collectively with Barclays and Wells Fargo, the “Administrative
Agent”), as Administrative Agent, and an Indenture Supplement (the “[Insert Series Name” Indenture Supplement”
and together with the Base Indenture, the “Indenture”), by and among [insert parties to Indenture Supplement].

 

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

 

[By its acceptance of
this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, one each Funding Date to advance
amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of
the Indenture and that certain Note Purchase Agreement (the “Note Purchase Agreement”), by and among the Issuer,
[ ], administrative agent and [ ], as Purchaser.]

 

    	 

    	 

    

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

 

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

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

 

The statements in the
legend set forth above are an integral part of the terms of this Note and by acceptance hereof each Holder of this Note agrees
to be subject to and bound by the terms and provisions set forth in such legend.

 

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

 

The statements in the
legend relating to DTC set forth above are an integral part of the terms of this Note and by acceptance thereof each holder of
this Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

 

Unless the certificate
of authentication hereon shall have been executed by Indenture Trustee Authorized Officer and, if an Authenticating Agent has been
appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature,
this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose.

 

THIS NOTE and
any claim, controversy or dispute arising under or related to or in connection with this NOte, the relationship of the parties
hereunder, and/or the interpretation and enforcement of the rights and duties of the parties HEREUNDER WILL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF
OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	 

    	 

    

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

 

		Date:	____________, 20[__]

 

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

 individual capacity but solely as Owner Trustee
	 	 
	 	 
	 	By:	 
	 	 	Issuer Authorized Officer

 

    	 

    	 

    

INDENTURE TRUSTEE’S 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 
	 	 	 
	 	By:	 
	 	Title:	Authorized Signatory of Indenture Trustee

 

 

AUTHENTICATING AGENT’S

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 	 
	 	By:	 
	 	as Authenticating Agent

 

    	 

    	 

    

[Reverse
Of Note]

 

This Note is one of the
duly authorized Class [__] Notes of the Issuer, designated as its Advance Receivables Backed Notes, Series [    ], Class [__] (herein
called the “Class [__] Notes”), all issued under the Indenture. Reference is hereby made to the Indenture for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
To the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions
of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all
terms of the Indenture.

 

The payments on the Class
[__] Notes are [senior to the Class [__] Notes, the Class [__] Notes and the Class [__] Notes][, and subordinate to the Class [__]
Notes, the Class [__] Notes and the Class [__] Notes], as and to the extent provided in the Indenture.

 

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

 

The entire unpaid principal
amount and all accrued and unpaid interest of this Note shall be due and payable on the [earlier of (i) any Redemption Payment
Date as set forth in Section 13.1 of the Indenture and] (ii) the Stated Maturity Date. Notwithstanding the foregoing, the entire
unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which
an Event of Default of the kind specified in clause (h), (i), (j) or (k) of Section 8.1 of the Indenture occurs, and, if any
other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite
percentage of Noteholders of each Series, by notice in writing to the Issuer (and to the Indenture Trustee if given by the Holders),
may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments
on the Notes shall be made to the Holders of the Notes entitled thereto in accordance with the terms of the Indenture.

 

The Trust Estate secures
this Class [__] Note and all other Class [__] Notes equally and ratably without prejudice, priority or distinction between any
Class [__] Note and any other Class [__] Note. The Notes are limited recourse obligations of the Issuer and are limited in right
of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for
payments on the Notes, and none of the owners, agents, officers, directors, employees, or successors or assigns of the Issuer shall
be personally liable for any amounts payable, or performance due, under the Notes or the Indenture.

 

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

 

[Any reduction in the
Note Balance of this Note (or any one or more predecessor Notes) effected by any payments made on any applicable Payment Date shall
be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon.]

 

    	 

    	 

    

[Any reduction in the
Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class [ ] Note (or any one or more predecessor
Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding
upon all future Holders of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [ ] Note (or any one or more predecessor
Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders
of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether
or not noted hereon.]

 

As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such
Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon
one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any such registration of transfer or exchange.

 

Each Noteholder, by acceptance
of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities,
(ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or “control person” within the meaning of the 1933 Act and the Exchange Act of the Indenture Trustee or Owner
Trustee in its individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner
Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder, by accepting
a Note and each Note Owner by accepting a Note or a beneficial interest in a Note agrees that it will not at any time prior to
the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full
of all the Notes, institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer
of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any Supplemental Credit
Enhancement Agreement and any Liquidity Facility.

 

    	 

    	 

    

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

 

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

 

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

 

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

 

Notwithstanding any other
provisions herein or in the Indenture, a Holder of this Note will have the right, which is absolute and unconditional, to receive
payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of
any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that
notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note
or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator,
the Servicer, the Subservicer, the Indenture Trustee, or any Affiliate (other than the Issuer), officer, employee or director of
any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder
will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture.

 

    	 

    	 

    

Notwithstanding any other
terms of the Indenture or this Note, the obligations of the Issuer hereunder are limited recourse obligations of the Issuer, payable
solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance
with the terms of the Indenture, the Holder hereof shall not be entitled to take any further steps to recover any sums due but
still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No
Holder of this Note shall have recourse for the payment of any amount owing in respect of this Note or the Indenture or for any
action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer
or any of their successors or assigns for any amounts payable under this Note or the Indenture. The foregoing provisions of this
Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or
agreement which is part of the Trust Estate, (ii) save as specifically provided therein, constitute a waiver, release or discharge
of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) limit the right of any Person, to
name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under this Note or the Indenture,
so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained)
enforced against any such Person or entity.

 

    	 

    	 

    

ASSIGNMENT

 

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

 

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

 

(name and address of assignee)

 

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

 

Dated: _________________ 

 

Signature Guaranteed:

 

_________________*/

 

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

 

    	 

    	 

    

Schedule to Series [    ], Class [__] Note

dated as of [    ], 2015

 of HLSS Servicer Advance Receivables
Trust

 

	
        [Payment Date]

         

        [Payment Date of Additional Note Balance/Decrease
        Note Balance

         
	Aggregate Amount of [principal payment] [Funding of VFN Principal Balance Increase] on Class [__] Notes	[Percentage Interest in] Aggregate Note Balance of the Class [__] Notes following [advance/] payment	[Percentage of  Interest in] Aggregate Note Balance of this Class [__] Note following [advance/] payment	Note Balance of Note following [advance/] payment
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    	 

    	 

    

Exhibit A-4

 

FORM OF REGULATION S DEFINITIVE NOTE

 

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

 

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

 

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

 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE 1933 ACT, (B) PURSUANT TO REGULATION S OF THE 1933 ACT IN AN OFF-SHORE TRANSACTION AS DEFINED IN THE 1933 ACT
TO A PERSON THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S OF THE 1933 ACT OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION
UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 

 

EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN FOR, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO TITLE I OF ERISA, A PLAN
DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE
ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA,
OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR (II) (A) AS OF THE DATE OF TRANSFER OR PURCHASE, THIS NOTE IS RATED INVESTMENT
GRADE AND IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE
PLAN ASSET REGULATIONS (SET FORTH IN 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) AND AGREES TO SO TREAT
THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL SATISFY THE REQUIREMENTS
OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14 (RELATING TO TRANSACTIONS AFFECTED BY A QUALIFIED PROFESSIONAL
ASSET MANAGER), PTCE 90-1 (RELATING TO INVESTMENTS BY INSURANCE COMPANY POOLED SEPARATE ACCOUNTS), PTCE 91-38 (RELATING TO INVESTMENTS
IN BANK COLLECTIVE INVESTMENT FUNDS), PTCE 95-60 (RELATING TO TRANSACTIONS INVOLVING INSURANCE COMPANY GENERAL ACCOUNTS), PTCE
96-23 (RELATING TO TRANSACTIONS DIRECTED BY AN IN-HOUSE PROFESSIONAL ASSET MANAGER) OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION
FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(B)(17) OF ERISA OR A SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR
CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW).

 

    	 

    	 

    

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

 

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

 

[FOR SPECIFIED NOTES ONLY] [NO TRANSFER
OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS
PROVIDED IN SECTIONS [6.5(M)] OF THE INDENTURE , AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED
NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.]

 

    	 

    	 

    

HLSS SERVICER ADVANCE RECEIVABLES TRUST 

 

ADVANCE RECEIVABLES BACKED NOTES, SERIES
[ ]

 

CLASS [___] NOTE

 

HLSS Servicer Advance
Receivables Trust, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to pay to
[______________], or registered assigns (the “Noteholder”), [interest and principal as provided in the Indenture]
[the principal sum of [__________] $[________], or such part thereof as may be advanced and outstanding hereunder and to pay interest
on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the
Indenture].

 

Principal of this Note
is payable on each applicable Payment Date as set forth in Section 4.5 of the Base Indenture and Section [ ] of the Indenture Supplement.
The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On
each applicable Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid
as set forth in Section 4.5 of the Base Indenture and Section [ ] of the Indenture Supplement.

 

Capitalized terms used but not defined herein have the meanings set forth in the Seventh Amended and Restated Indenture, (as
may be amended from time to time, the “Base Indenture”), dated as of October 23, 2015, among the Issuer, Deutsche
Bank National Trust Company, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture
Trustee”), HLSS Holdings, LLC, as Administrator (in such capacity, the “Administrator”) and as Servicer
(on and after the MSR Transfer Date) (in such capacity, the “Servicer”), Ocwen Loan Servicing, LLC (“OLS”),
as a Subservicer (in such capacity, the “Subservicer”) and as Servicer (prior to the MSR Transfer Date) (in
such capacity, the “Servicer”), New Residential Investment Corp., Barclays Bank PLC (“Barclays”),
as Administrative Agent, Wells Fargo Securities, LLC (“Wells Fargo”), as Administrative Agent, and Credit Suisse
AG, New York Branch (“Credit Suisse” and collectively with Barclays and Wells Fargo, the “Administrative
Agent”), as Administrative Agent, and an Indenture Supplement (the “[Insert Series Name” Indenture Supplement”
and together with the Base Indenture, the “Indenture”), by and among [insert parties to Indenture Supplement].

 

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

 

[By its acceptance of
this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, one each Funding Date to advance
amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of
the Indenture and that certain Note Purchase Agreement (the “Note Purchase Agreement”), by and among the Issuer,
[ ], administrative agent and [ ], as Purchaser.]

 

    	 

    	 

    

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

 

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

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

 

The statements in the
legend set forth above are an integral part of the terms of this Note and by acceptance hereof each Holder of this Note agrees
to be subject to and bound by the terms and provisions set forth in such legend.

 

Unless the certificate
of authentication hereon shall have been executed by Indenture Trustee Authorized Officer and, if an Authenticating Agent has been
appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature,
this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose.

 

THIS NOTE and
any claim, controversy or dispute arising under or related to or in connection with this NOte, the relationship of the parties
hereunder, and/or the interpretation and enforcement of the rights and duties of the parties HEREUNDER WILL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF
OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	 

    	 

    

 

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

 

		Date:	____________, 20[__]

 

	 	HLSS SERVICER ADVANCE RECEIVABLES TRUST 
	 	 
	 	 
	 	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
	 	 
	 	 
	 	By:	 
	 	 	Issuer Authorized Officer 

    	 

    	 

    

 

INDENTURE TRUSTEE’S 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 
	 	 	 
	 	By:	 
	 	Title:	Authorized Signatory of Indenture Trustee

 

 

AUTHENTICATING AGENT’S

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	 	 	 
	Date: ____________, 20[__]	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Indenture Trustee 
	 	 	 
	 	 	 
	 	By:	 
	 	 	as Authenticating Agent

			

    	 

    	 

    

[Reverse
Of Note]

 

This Note is one of the
duly authorized Class [__] Notes of the Issuer, designated as its Advance Receivables Backed Notes, Series [    ], Class [__] (herein
called the “Class [__] Notes”), all issued under the Indenture. Reference is hereby made to the Indenture for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
To the extent that any provision of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions
of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all
terms of the Indenture.

 

The payments on the Class
[__] Notes are [senior to the Class [__] Notes, the Class [__] Notes and the Class [__] Notes][, and subordinate to the Class [__]
Notes, the Class [__] Notes and the Class [__] Notes], as and to the extent provided in the Indenture.

 

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

 

The entire unpaid principal
amount and all accrued and unpaid interest of this Note shall be due and payable on the [earlier of (i) any Redemption Payment
Date as set forth in Section 13.1 of the Indenture and] (ii) the Stated Maturity Date. Notwithstanding the foregoing, the entire
unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which
an Event of Default of the kind specified in clause (h), (i), (j) or (k) of Section 8.1 of the Base Indenture occurs, and,
if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the
requisite percentage of Noteholders of each Series, by notice in writing to the Issuer (and to the Indenture Trustee if given by
the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal
payments on the Notes shall be made to the Holders of the Notes entitled thereto in accordance with the terms of the Indenture.

 

The Trust Estate secures
this Class [__] Note and all other Class [__] Notes equally and ratably without prejudice, priority or distinction between any
Class [__] Note and any other Class [__] Note. The Notes are limited recourse obligations of the Issuer and are limited in right
of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for
payments on the Notes, and none of the owners, agents, officers, directors, employees, or successors or assigns of the Issuer shall
be personally liable for any amounts payable, or performance due, under the Notes or the Indenture.

 

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

 

    	 

    	 

    

[Any reduction in the
Note Balance of this Note (or any one or more predecessor Notes) effected by any payments made on any applicable Payment Date shall
be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon.]

 

[Any reduction in the
Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class [ ] Note (or any one or more predecessor
Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding
upon all future Holders of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. Any VFN Principal Balance increase of this Class [ ] Note (or any one or more predecessor
Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure to the benefit of all future Holders
of this Class [ ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether
or not noted hereon.]

 

As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by, the Holder hereof or such
Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”), and thereupon
one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange
of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any such registration of transfer or exchange.

 

Each Noteholder, by acceptance
of a Note or a beneficial ownership interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities,
(ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or “control person” within the meaning of the 1933 Act and the Exchange Act of the Indenture Trustee or Owner
Trustee in its individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner
Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder, by accepting
a Note and each Note Owner by accepting a Note or a beneficial interest in a Note agrees that it will not at any time prior to
the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full
of all the Notes, institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer
of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any Supplemental Credit
Enhancement Agreement and any Liquidity Facility.

 

    	 

    	 

    

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

 

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

 

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

 

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

 

Notwithstanding any other
provisions herein or in the Indenture, a Holder of this Note will have the right, which is absolute and unconditional, to receive
payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of
any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that
notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note
or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator,
the Servicer, the Subservicer, the Indenture Trustee, or any Affiliate (other than the Issuer), officer, employee or director of
any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder
will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture.

 

    	 

    	 

    

Notwithstanding any other
terms of the Indenture or this Note, the obligations of the Issuer hereunder are limited recourse obligations of the Issuer, payable
solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance
with the terms of the Indenture, the Holder hereof shall not be entitled to take any further steps to recover any sums due but
still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No
Holder of this Note shall have recourse for the payment of any amount owing in respect of this Note or the Indenture or for any
action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer
or any of their successors or assigns for any amounts payable under this Note or the Indenture. The foregoing provisions of this
Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or
agreement which is part of the Trust Estate, (ii) save as specifically provided therein, constitute a waiver, release or discharge
of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) limit the right of any Person, to
name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under this Note or the Indenture,
so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained)
enforced against any such Person or entity.

 

    	 

    	 

    

ASSIGNMENT

 

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

 

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

                                                                                                               

                       (name and address of assignee)

 

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

 

Dated: _________________ 

 

Signature Guaranteed:

 

_________________*/

 

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

 

    	 

    	 

    

Schedule to Series [     ], Class [__] Note

dated as of [     ], 2015

of HLSS Servicer Advance Receivables Trust

 

	
        [Payment Date]

         

        [Payment Date of Additional Note Balance/Decrease
        Note Balance

         
	Aggregate Amount of [principal payment] [Funding of VFN Principal Balance Increase] on Class [__] Notes	[Percentage Interest in] Aggregate Note Balance of the Class [__] Notes following [advance/] payment	[Percentage of  Interest in] Aggregate Note Balance of this Class [__] Note following [advance/] payment	Note Balance of Note following [advance/] payment
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    	 

    	 

    

Exhibit B-1

 

FORM
OF RULE 144A TRANSFER CERTIFICATE AND TRANSFEREE CERTIFICATION

 

HLSS Servicer Advance Receivables, as Issuer

c/o Wilmington Trust Company, as Owner Trustee

Rodney Square North

1100 North Market Street, Wilmington, Delaware 19890

 

HLSS Holdings, LLC, as Administrator

1661 Worthington Road

West Palm Beach, Florida 33409

 

HLSS Servicer Advance Facility Transferor, LLC, as Transferor

1661 Worthington Road

West Palm Beach, Florida 33409

 

Deutsche Bank National Trust Company, as Indenture Trustee

1761 East St. Andrew Place

Santa Ana, California 92705

Attention: Trust Administration-[Specify issue ID from Indenture
Supplement]

 

		Re:	$[                          
                                         ] HLSS Servicer Advance Receivables Backed Notes, Series 20__-__,

                                         Class ____

 

Reference is hereby
made to the Seventh Amended and Restated Indenture, effective as of October 23, 2015, (the “Indenture”), among HLSS
Servicer Advance Receivables Trust, as Issuer, HLSS Holdings, LLC, as Administrator and, on and after the MSR Transfer Date, Servicer,
Ocwen Loan Servicing, LLC, as Subservicer and, prior to the MSR Transfer Date, as Servicer, Deutsche Bank National Trust Company,
as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, New Residential Investment Corp., Barclays
Bank PLC, as Administrative Agent, Wells Fargo Securities, LLC, as Administrative Agent, and Credit Suisse AG, New York Branch,
as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

[NOTE: COMPLETE [A]
FOR A TRANSFER OF AN INTEREST IN A REGULATION S GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A
RULE 144A GLOBAL NOTE DURING THE DISTRIBUTION COMPLIANCE PERIOD. COMPLETE [B] FOR A TRANSFER OF AN INTEREST IN A REGULATION S GLOBAL
NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE. COMPLETE [C] FOR A TRANSFER
OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE
144A GLOBAL NOTE. COMPLETE [D] FOR A TRANSFER OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY
IN THE FORM OF A RULE 144A DEFINITIVE NOTE. COMPLETE [E] FOR A TRANSFER OF AN INTEREST IN A RULE 144A GLOBAL NOTE TO A TRANSFEREE
THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE. COMPLETE [F] FOR A TRANSFER OF AN INTEREST IN RULE
144A DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE. COMPLETE [G] FOR
A TRANSFER OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF A RULE 144A DEFINITIVE
NOTE.]

 

    	 

    	 

    

[A]This letter
relates to _____________ principal amount of Notes that are held in the form of a beneficial interest in a Regulation S Global
Note (ISIN No. _________) (CUSIP No. ___________) in the name of _____________ (the “Transferor”) through [Euroclear]
[Clearstream], which in turn holds through the Depository. The Transferor has requested a transfer of such beneficial interest
in the Notes for a beneficial interest in a Rule 144A Global Note (CUSIP No. ____________) in the name of _______________ (the
“Transferee”), to be held through the Depository. Delivered herewith is a Transferee Certification completed by the
Transferee.

 

[B]This letter
relates to _____________ principal amount of Notes that are held in the form of a beneficial interest in a Regulation S Global
Note (ISIN No. _________) (CUSIP No. ___________) in the name of _____________ (the “Transferor”) through [Euroclear]
[Clearstream], which in turn holds through the Depository. The Transferor has requested a transfer of such beneficial interest
in the Notes for a Rule 144A Definitive Note (CUSIP No. ____________) in the name of _______________ (the “Transferee”),
pursuant to Section 6.03 of the Indenture. Delivered herewith is a Transferee Certification completed by the Transferee.

 

[C]This letter
relates to a Regulation S Definitive Note (ISIN No. _________) (CUSIP No. ______________) in the principal amount of _________________
in the name of ____________ (the “Transferor”). The Transferor has requested a transfer of such Note for a beneficial
interest in a Rule 144A Global Note (CUSIP No. ____________) in the name of ____________________ (the “Transferee”),
to be held through the Depository. Delivered herewith is a Transferee Certification completed by the Transferee.

 

[D]This letter
relates to a Regulation S Definitive Note (ISIN No. _________) (CUSIP No. _____________) in the principal amount of __________________
in the name of _______________ (the “Transferor”). The Transferor has requested a transfer of such Note for a Rule
144A Definitive Note (CUSIP No. ______________) in the name of _____________ (the “Transferee”) pursuant to Section
6.05 of the Indenture. Delivered herewith is a Transferee Certification completed by the Transferee.

 

[E]This letter
relates to _____________ principal amount of Notes that are held in the form of a beneficial interest in a Rule 144A Global Note
(CUSIP No. ___________) in the name of __________________(the “Transferor”) through the Depository. The Transferor
has requested a transfer of such beneficial interest in the Notes for a Rule 144A Definitive Note (CUSIP No. ___________) in the
name of _________________ (the “Transferee”) pursuant to Section 6.05 of the Indenture. Delivered herewith in a Transferee
Certification completed by the Transferee.

 

    	 

    	 

    

[F]This letter
relates to a Rule 144A Definitive Note (CUSIP No. __________) in the principal amount of _____________ in the name of _______________
(the “Transferor”). The Transferor has requested a transfer of such Note for a beneficial interest in a Rule 144A Global
Note (CUSIP No. ____________) in the name of ____________________ (the “Transferee”), to be held through the Depository.
Delivered herewith is a Transferee Certification completed by the Transferee.

 

[G]This letter
relates to a Rule 144A Definitive Note (CUSIP No._________) in the principal amount of ____________ in the name of _______________
(the “Transferor”). The Transferor has requested a transfer of such Notes for another Rule 144A Definitive Note (CUSIP
No. _____________) in the name of __________________ (the “Transferee”) pursuant to Section 6.03 of the Indenture.
Delivered herewith is a Transferee Certification completed by the Transferee.

 

In connection with
such request, and in respect of such Notes, the Transferor does hereby certify that such Notes are being transferred in accordance
with (i) the transfer restrictions set forth in the Indenture and the Notes and (ii) Rule 144A under the Securities Act to a Transferee
that the Transferor reasonably believes is purchasing the Notes for its own account and the Transferor reasonably believes that
the Transferee is a “qualified institutional buyer” within the meaning of Rule 144A, and such Transferee is aware that
the sale to it is being made in reliance upon Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and
in accordance with any applicable securities laws of any state of the United States or any other jurisdiction.

 

If the Transferor is
the Holder of a Regulation S Note (or an interest therein) and intends to transfer such Note (or such interest) to the Transferee
taking delivery of such Note (or such interest) in the form of a Restricted Note (or interest therein), the Transferor hereby certifies
that the transfer is being made after the end of the Distribution Compliance Period.

 

    	 

    	 

    

The certificate and
the statements contained herein are made for your benefit.

 

	 	[INSERT NAME OF TRANSFEROR]	 
	 	 	 
	 	By: ________________________	 
	 	       Name:	 
	 	       Title:	 
	 	Dated:	 

 

    	 

    	 

    

TRANSFEREE CERTIFICATION

 

HLSS Servicer Advance Receivables Trust, as Issuer

c/o Wilmington Trust Company, as Owner Trustee

Rodney Square North

1100 North Market Street, Wilmington, Delaware 19890

 

HLSS Holdings, LLC, as Administrator

1661 Worthington Road

West Palm Beach, Florida 33409

 

HLSS Servicer Advance Facility Transferor, LLC, as Transferor

1661 Worthington Road

West Palm Beach, Florida 33409

 

Deutsche Bank National Trust Company, as Indenture Trustee

1761 East St. Andrew Place

Santa Ana, California 92705

Attention: Trust Administration-[Specify issue ID from Indenture
Supplement]

 

Reference is hereby
made to the Seventh Amended and Restated Indenture, effective as of October 23, 2015, (the “Indenture”), among HLSS
Servicer Advance Receivables Trust, as Issuer, HLSS Holdings, LLC, as Administrator, Ocwen Loan Servicing, LLC, as Servicer, and
Deutsche Bank National Trust Company, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary,
New Residential Investment Corp., Barclays Bank PLC, as Administrative Agent, and Wells Fargo Securities, LLC, as Administrative
Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

The undersigned (the
“Transferee”) intends to purchase $________ Note Balance of Class __Notes (the “Notes”) from the Transferor
named in the Transfer Certificate to which this Transferee Certification is attached. In connection with the registration of the
transfer of such Notes, the Transferee hereby executes and delivers to each of you this “Transferee Certification”
in which the Transferee certifies to each of you the information set forth herein.

 

The Transferee is a
“qualified institutional buyer” as that term is defined in Rule 144A (“Rule 144A”) promulgated under the
Securities Act of 1933, as amended (the “1933 Act”) and has completed the form of certification to that effect attached
hereto as Annex A1 (if the Transferee is not a registered investment company) or Annex A2 (if the Transferee is a registered investment
company). The Transferee is aware that the sale to it is being made in reliance on Rule 144A.

 

The Transferee understands
that the Notes have not been registered under the 1933 Act or registered or qualified under any state securities laws and that
no transfer may be made unless the Notes are registered under the 1933 Act and under applicable state law or unless the transfer
complies with Section 6.05 of the Indenture. The Transferee further understands that neither the Transferor, the Administrator,
the Servicer, the Indenture Trustee nor the Note Registrar is under any obligation to register the Notes or make an exemption from
such registration available.

 

The Transferee is acquiring
the Notes for its own account or for the account of a “qualified institutional buyer” (as defined in Rule 144A, a “QIB”),
and understands that such Notes may be resold, pledged or transferred only (a) to a person reasonably believed to be such a QIB
that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being
made in reliance on Rule 144A or (b) to a transferee that is a non-U.S. Person acquiring such interest in an “offshore transaction”
(as defined in Regulation S) in compliance with the provisions of Regulation S, if the transfer is otherwise made in accordance
with any applicable securities laws of any state of the United States or any other relevant jurisdiction. In addition, such transfer
may be subject to additional restrictions and is subject to compliance with certain procedures, as set forth in Section 6.05 of
the Indenture referred to below. By its execution of this agreement, the Transferee agrees that it will not resell, pledge or transfer
any of the Notes to anyone otherwise than in strict compliance with Rule 144A, or pursuant to another exemption from registration
under the 1933 Act and all applicable state securities laws, and in strict compliance with the transfer restrictions set forth
in Section 6.05 of the Indenture. The Transferee will not attempt to transfer any or all of the Notes pursuant to Rule 144A unless
the Transferee offers and sells such Certificates only to QIBs or to offerees or purchasers that the Transferee and any person
acting on behalf of the Transferee reasonably believe (as described in paragraph (d)(l) of Rule 144A) is a QIB.

    	 

    	 

    

The Transferee has
been furnished with all information that it requested regarding (a) the Notes and distributions thereon and (b) the Indenture.

 

The Transferee has
knowledge in financial and business matters and is capable of evaluating the merits and risks of an investment in the Notes; the
Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision;
and the Transferee (or any account or which it is pursuing) is able to bear the economic risk of an investment in the Notes and
can afford a complete loss of such investment.

 

The Transferee is an
“accredited investor” as defined in paragraph (1), (2), (3) or (7) of Rule 501(a) under the 1933 Act.

 

Either (i) the Transferee
is not, and is not acquiring the Notes for, an “employee benefit plan” as defined in section 3(3) of ERISA, a
plan described in section 4975(e)(1) of the Code, an entity which is deemed to hold the assets of any such plan pursuant to
29 C.F.R. section 2510.3-101 as modified by section 3(42) of ERISA, which employee benefit plan, plan or entity is subject
to Title I of ERISA or section 4975 of the Code, or a governmental or church plan which is subject to any U.S. federal, state
or local law that is similar to Title I of ERISA or section 4975 of the Code, or (ii) (A) as of the date of the transfer
or purchase, the note is rated investment grade, it believes that such Note is properly treated as indebtedness without substantial
equity features for purposes of the Plan Asset Regulations (set forth in 29 C.F.R. section 2510.3-101, as modified by section 3(42)
of ERISA) and agrees to so treat such Note and (B) the Transferee’s acquisition and holding of the Notes will satisfy the
requirements of Prohibited Transaction Class Exemption (“PTCE”) 84-14 (relating to transactions affected by a qualified
professional asset manager), PTCE 90-1 (relating to investments by insurance company pooled separate accounts), PTCE 91-38 (relating
to investments in bank collective investment funds), PTCE 95-60 (relating to transactions involving insurance company general accounts),
PTCE 96-23 (relating to transactions directed by an in-house professional asset manager) or the statutory prohibited transaction
exemption for service providers set forth in section 408(b)(17) of ERISA or a similar class or statutory exemption and will not
result in a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code (or, in the case
of a governmental or church plan, will not violate any such similar U.S. federal, state or local law).

 

    	 

    	 

    

If the Transferee is
acquiring the Notes as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion
with respect to each such account and it has full power to make the foregoing acknowledgments, representations, warranties and
agreements on behalf of each such account.

 

All capitalized terms
used but not otherwise defined herein have the respective meanings assigned thereto in the Indenture, pursuant to which the Notes
were issued.

 

IN WITNESS WHEREOF,
the undersigned has caused this Transferee Certification to be executed by its duly authorized representative as of the day and
year first above written.

 

	 	[TRANSFEREE]	 
	 	 	 	 
	 	By:	 	 
	 		Name:	 	 
	 	 	 	 
	 		Title:	 	 

 

    	 

    	 

    

Annex A1 to Exhibit A-1

 

TRANSFEREES OTHER THAN REGISTERED INVESTMENT
COMPANIES

 

As indicated below,
the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Transferee.

 

The Transferee is a
“qualified institutional buyer” as that term is defined in Rule 144A (“Rule 144A”) promulgated under the
Securities Act of 1933, as amended (the “1933 Act”), because (a) the Transferee owned and/or invested on a discretionary
basis at least $____________ in securities [Note to reviewer - the amount in the previous blank must be at least $100,000,000 unless
the Transferee is a dealer, in which case the amount filled in the previous blank must be at least $10,000,000.] (except for the
excluded securities referred to in paragraph 3 below) as of _______________ [specify a date on or since the end of the Transferee’s
most recently ended fiscal year] (such amount being calculated in accordance with Rule 144A) and (b) the Transferee meets the criteria
listed in the category marked below.

 

		_____	Corporation, etc. The Transferee is an organization described in Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended, a corporation (other than a bank as defined in Section 3(a)(2) of the 1933 Act or a savings and
loan association or other similar institution referenced in Section 3(a)(5)(A) of the Act), a partnership, or a Massachusetts or
similar business trust.

 

		_____	Bank. The Transferee (a) is a national bank or banking institution as defined in Section 3(a)(2)
of the 1933 Act and is organized under the laws of a state, territory or the District of Columbia. The business of the Transferee
is substantially confined to banking and is supervised by the appropriate state or territorial banking commission or similar official
or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its
latest annual financial statements as of a date not more than 16 months preceding the date of this certification in the case of
a U.S. bank, and not more than 18 months preceding the date of this certification in the case of a foreign bank or equivalent institution,
a copy of which financial statements is attached hereto.

 

		_____	Savings and Loan. The Transferee is a savings and loan association, building and loan association,
cooperative bank, homestead association or similar institution referenced in Section 3(a)(5)(A) of the 1933 Act. The Transferee
is supervised and examined by a state or federal authority having supervisory authority over any such institutions or is a foreign
savings and loan association or equivalent institution and has an audited net worth of at least $25,000,000 as demonstrated in
its latest annual financial statements as of a date not more than 16 months preceding the date of this certification in the case
of a U.S. savings and loan association or similar institution, and not more than 18 months preceding the date of this certification
in the case of a foreign savings and loan association or equivalent institution, a copy of which financial statements is attached
hereto.

 

		_____	Broker-dealer. The Transferee is a dealer registered pursuant to Section 15 of the Certificates
Exchange Act of 1934, as amended (the “1934 Act”).

 

		_____	Insurance Company. The Transferee is an insurance company as defined in Section 2(13) of the 1933
Act, whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance
companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state, territory
or the District of Columbia.

 

    	 

    	 

    

		_____	State or Local Plan. The Transferee is a plan established and maintained by a state, its political
subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees.

 

		_____	ERISA Plan. The Transferee is an employee benefit plan within the meaning of Title I of the Employee
Retirement Income Certificate Act of 1974, as amended.

 

		_____	Investment Adviser. The Transferee is an investment adviser registered under the Investment Advisers
Act of 1940, as amended.

 

		_____	Other. The Transferee qualifies as a “qualified institutional buyer” as defined in
Rule 144A on the basis of facts other than those listed in any of the entries above. If this response is marked, the Transferee
must certify on additional pages, to be attached to this certification, to facts that satisfy the Servicer that the Transferee
is a “qualified institutional buyer” as defined in Rule 144A.

 

The term “securities”
as used herein does not include (a) securities of issuers that are affiliated with the Transferee, (b) securities constituting
the whole or part of an unsold allotment to or subscription by the Transferee, if the Transferee is a dealer, (c) bank deposit
notes and certificates of deposit, (d) loan participations, (e) repurchase agreements, (f) securities owned but subject to a repurchase
agreement and (g) currency, interest rate and commodity swaps.

 

For purposes of determining
the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the Transferee used the cost
of such securities to the Transferee and did not include any of the securities referred to in the preceding paragraph. Further,
in determining such aggregate amount, the Transferee may have included securities owned by subsidiaries of the Transferee, but
only if such subsidiaries are consolidated with the Transferee in its financial statements prepared in accordance with generally
accepted accounting principles and if the investments of such subsidiaries are managed under the Transferee’s direction.
However, such securities were not included if the Transferee is a majority-owned, consolidated subsidiary of another enterprise
and the Transferee is not itself a reporting company under the 1934 Act.

 

The Transferee acknowledges
that it is familiar with Rule 144A and understands that the Transferor and other parties related to the Notes are relying and will
continue to rely on the statements made herein because one or more sales to the Transferee may be made in reliance on Rule 144A.

 

	Will the Transferee be purchasing	_____	_____	 
	the Notes only for the Transferee’s	YES	NO	 
	own account?	 	 	 

 

 

If the answer to the
foregoing question is “NO”, the Transferee agrees that, in connection with any purchase of securities sold to the Transferee
for the account of a third party (including any separate account) in reliance on Rule 144A, the Transferee will only purchase for
the account of a third party that at the time is a “qualified institutional buyer” within the meaning of Rule 144A.
In addition, the Transferee agrees that the Transferee will not purchase securities for a third party unless the Transferee has
obtained a current representation letter from such third party or taken other appropriate steps contemplated by Rule 144A to conclude
that such third party independently meets the definition of “qualified institutional buyer” set forth in Rule 144A.

 

    	 

    	 

    

7.The Transferee
will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until
such notice is given, the Transferee’s purchase of the Notes will constitute a reaffirmation of this certification as of
the date of such purchase. In addition, if the Transferee is a bank or savings and loan as provided above, the Transferee agrees
that it will furnish to such parties updated annual financial statements promptly after they become available.

 

IN WITNESS WHEREOF,
the undersigned has caused this certificate to be executed by its duly authorized representative this ____ day of ___________,
______.

 

	 	 
	 	Print Name of Transferee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

    	 

    	 

    

Annex A2 to Exhibit A-1

 

REGISTERED INVESTMENT COMPANIES

 

1.                 
As indicated below, the undersigned is the President, Chief Financial Officer or Senior Vice President of the entity purchasing
the Notes (the “Transferee”) or, if the Transferee is part of a Family of Investment Companies (as defined in paragraph
3 below), is an officer of the related investment adviser (the “Adviser”).

 

2.                 
The Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A (“Rule 144A”)
promulgated under the Securities Act of 1933, as amended (the “1933 Act”), because (a) the Transferee is an investment
company (a “Registered Investment Company”) registered under the Investment Company Act of 1940, as amended (the “1940
Act”) and (b) as marked below, the Transferee alone, or the Transferee’s Family of Investment Companies, owned at least
$___________ [Note to reviewer - the amount in the previous blank must be at least $100,000,000] in securities (other than the
excluded securities referred to in paragraph 4 below) as of ________________ [specify a date on or since the end of the Transferee’s
most recently ended fiscal year]. For purposes of determining the amount of securities owned by the Transferee or the Transferee’s
Family of Investment Companies, the cost of such securities to the Transferee or the Transferee’s Family of Investment Companies
was used.

 

		_____	The Transferee owned $____________ in securities (other than the excluded securities referred to
in paragraph 4 below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance
with Rule 144A).

 

		_____	The Transferee is part of a Family of Investment Companies which owned in the aggregate $____________
in securities (other than the excluded securities referred to in paragraph 4 below) as of the end of the Transferee’s most
recent fiscal year (such amount being calculated in accordance with Rule 144A).

 

The term “Family
of Investment Companies” as used herein means two or more Registered Investment Companies except for a unit investment trust
whose assets consist solely of shares of one or more Registered Investment Companies (provided that each series of a “series
company,” as defined in Rule 18f-2 under the 1940 Act, shall be deemed to be a separate investment company) that have the
same investment adviser (or, in the case of a unit investment trust, the same depositor) or investment advisers (or depositors)
that are affiliated (by virtue of being majority-owned subsidiaries of the same parent or because one investment adviser is a majority-owned
subsidiary of the other).

 

The term “securities”
as used herein does not include (a) securities of issuers that are affiliated with the Transferee or are part of the Transferee’s
Family of Investment Companies, (b) bank deposit notes and certificates of deposit, (c) loan participations, (d) repurchase agreements,
(e) securities owned but subject to a repurchase agreement and (f) currency, interest rate and commodity swaps.

 

The Transferee is familiar
with Rule 144A and understands that the parties to which this certification is being made are relying and will continue to rely
on the statements made herein because one or more sales to the Transferee will be in reliance on Rule 144A. In addition, the Transferee
will only purchase for the Transferee’s own account.

 

    	 

    	 

    

The undersigned will
notify the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice,
the Transferee’s purchase of the Purchased Certificates will constitute a reaffirmation of this certification by the undersigned
as of the date of such purchase.

 

IN WITNESS WHEREOF,
the undersigned has caused this certificate to be executed by its duly authorized representative this ____ of ____________, ______.

 

	 	 
	 	[Print Name of Transferee or
	 	           Adviser]
	 	 
	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	 
	 	IF AN ADVISER:
	 	 
	 	[Print Name of Transferee]
	 	 
	Article I Date:	 	 

 

    	 

    	 

    

Exhibit
B-2

 

FORM
OF REGULATION S NOTE TRANSFER CERTIFICATE

 

[Transferee to Receive Regulation S Note]

 

HLSS Servicer Advance Receivables Trust, as Issuer

c/o Wilmington Trust Company, as Owner Trustee

Rodney Square North

1100 North Market Street, Wilmington, Delaware 19890

 

HLSS Holdings, LLC, as Administrator

1661 Worthington Road

West Palm Beach, Florida 33409

 

HLSS Servicer Advance Facility Transferor, LLC, as Transferor

1661 Worthington Road

West Palm Beach, Florida 33409

 

Deutsche Bank National Trust Company, as Indenture Trustee

1761 East St. Andrew Place

Santa Ana, California 92705

Attention: Trust Administration-[Specify issue ID from Indenture
Supplement]

 

	Re:	$[                     ]
                                         HLSS Servicer Advance Receivables Backed Notes, Series 20__-__, 

                                         Class ____

 

Reference is hereby
made to the Seventh Amended and Restated Indenture, effective as of October 23, 2015, (the “Indenture”), among HLSS
Servicer Advance Receivables Trust, as Issuer, HLSS Holdings, LLC, as Administrator and, on and after the MSR Transfer Date, Servicer,
Ocwen Loan Servicing, LLC, as Subservicer and, prior to the MSR Transfer Date, as Servicer, Deutsche Bank National Trust Company,
as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, New Residential Investment Corp., Barclays
Bank PLC, as Administrative Agent, Wells Fargo Securities, LLC, as Administrative Agent, and Credit Suisse AG, New York Branch,
as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

    	 

    	 

    

[NOTE: COMPLETE [A]
FOR A TRANSFER OF AN INTEREST IN A RULE 144A GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION
S GLOBAL NOTE DURING THE DISTRIBUTION COMPLIANCE PERIOD. COMPLETE [B] FOR A TRANSFER OF AN INTEREST IN A RULE 144A GLOBAL NOTE
TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE. COMPLETE [C] FOR A TRANSFER OF
AN INTEREST IN A RULE 144A DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL
NOTE. COMPLETE [D] FOR A TRANSFER OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM
OF A REGULATION S DEFINITIVE NOTE. COMPLETE [E] FOR A TRANSFER OF AN INTEREST IN A REGULATION S GLOBAL NOTE TO A TRANSFEREE THAT
TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE. COMPLETE [F] FOR A TRANSFER OF AN INTEREST IN REGULATION
S DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE. COMPLETE [G] FOR
A TRANSFER OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF A REGULATION S DEFINITIVE
NOTE.]

 

[A]This letter
relates to ________ principal amount of Notes that are held in the form of a beneficial interest in a Rule 144A Global Note (CUSIP
No. ________) in the name of ________ (the “Transferor”) through the Depository. The Transferor has requested a transfer
of such beneficial interest in the Notes for a beneficial interest in a Regulation S Global Note (ISIN No. ________) (CUSIP No.
________ ) in the name of ________ (the “Transferee”) through [Euroclear] [Clearstream], which in turn holds through
the Depository. Delivered herewith is a Transferee Certification completed by the Transferee.

 

[B]This letter
relates to ________ principal amount of Notes that are held in the form of a beneficial interest in a Rule 144A Global Note (CUSIP
No. ________ ) in the name of ________ (the “Transferor”) through the Depository. The Transferor has requested a transfer
of such beneficial interest in the Notes for a Regulation S Definitive Note (ISIN No. ________) (CUSIP No. _______) in the name
of ________ (the “Transferee”) pursuant to Section 6.05 of the Indenture. Delivered herewith is a Transferee Certification
completed by the Transferee.

 

[C]This letter
relates to a Rule 144A Definitive Note (CUSIP No. ________) in the principal amount of ________ in the name of ________(the “Transferor”).
The Transferor has requested a transfer of such beneficial interest in the Notes for a beneficial interest in a Regulation
S Global Note (ISIN No. ________) (CUSIP No. ________) in the name of ________ (the “Transferee”) through [Euroclear]
[Clearstream], which in turn holds through the Depository. Delivered herewith is a Transferee Certification completed by the Transferee.

 

[D]This letter
relates to a Rule 144A Definitive Note (CUSIP No._______________) in the principal amount of _______________ in the name of _______________
(the “Transferor”). The Transferor has requested a transfer of such Note for a Regulation S Definitive Note (ISIN No.
________) (CUSIP No._______________) in the name of _______________ (the “Transferee”) pursuant to Section 6.05 of
the Indenture. Delivered herewith is a Transferee Certification completed by the Transferee.

 

[E]This letter
relates to _______________ principal amount of Notes that are held in the form of a beneficial interest in a Regulation S Global
Note (ISIN No. ________) (CUSIP No._______________) in the name of _______________ (the “Transferor”) through
the Depository. The Transferor has requested a transfer of such beneficial interest in the Notes for a Regulation S Definitive
Note (ISIN No. ________) (CUSIP No. _______________) in the name of _______________ (the “Transferee”) pursuant
to Section 6.05 of the Indenture. Delivered herewith is a Transferee Certification completed by the Transferee.

 

    	 

    	 

    

[F]This letter
relates to a Regulation S Definitive Note (ISIN No. ________) (CUSIP No. _______________) in the principal amount of _______________
in the name of _______________ (the “Transferor”). The Transferor has requested a transfer of such Note for a beneficial
interest in a Regulation S Global Note (ISIN No. ________) (CUSIP No. _____________) in the name of _______________ (the “Transferee”)
through [Euroclear] [Clearstream], which in turn holds through the Depository. Delivered herewith is a Transferee Certification
completed by the Transferee.

 

[G]This letter
relates to a Regulation S Definitive Note (ISIN No. ________) (CUSIP No. ________) in the principal amount of ________ in the name
of _______________ (the “Transferor”). The Transferor has requested of such beneficial interest in the Notes for Regulation
S Definitive Note (ISIN No. ________) (CUSIP No. ________) in the name of ________ (the “Transferee”) pursuant to Section
6.05 of the Indenture. Delivered herewith is a Transferee Certification completed by the Transferee.

 

In connection with
such request, and in respect of such Notes, the Transferor does hereby certify that such Notes are being transferred in accordance
with (i) the transfer restrictions set forth in the Indenture and the Notes, and that:

 

the offer of the Notes
was not made to a person in the United States;

 

at the time the buy order
was originated, the Transferee was outside the United States or the Transfer and any person acting on its behalf reasonably believed
that the Transferee was outside the United States

 

no directed selling efforts
have been made in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable;

 

the transaction is not
part of a plan or scheme to evade the registration requirements of the United States Securities Act of 1933, as amended (the “Securities
Act”); and

 

the Transferee is not
a U.S. Person.

 

If the Transferor is
the Holder of a Regulation S Note (or an interest therein) and intends to transfer such Note (or such interest) to the Transferee
taking delivery of such Note (or such interest) in the form of a Restricted Note (or interest therein), the Transferor hereby certifies
that the transfer is being made after the end of the Distribution Compliance Period.

 

    	 

    	 

    

The certificate and the
statements contained herein are made for your benefit.

 

[INSERT NAME OF TRANSFEROR]

 

By: ________________________

       Name:

       Title:

 

Dated:

    	 

    	 

    

 

TRANSFEREE CERTIFICATION

 

HLSS Servicer Advance Receivables Trust, as Issuer

c/o Wilmington Trust Company, as Owner Trustee

Rodney Square North

1100 North Market Street, Wilmington, Delaware 19890

 

HLSS Holdings, LLC, as Administrator

1661 Worthington Road

West Palm Beach, Florida 33409

 

HLSS Servicer Advance Facility Transferor, LLC, as Transferor

1661 Worthington Road

West Palm Beach, Florida 33409

 

Deutsche Bank National Trust Company, as Indenture Trustee

1761 East St. Andrew Place

Santa Ana, California 92705

Attention: Trust Administration-[Specify issue ID from Indenture
Supplement]

 

Reference is hereby
made to the Seventh Amended and Restated Indenture, effective as of October 23, 2015, (the “Indenture”), among HLSS
Servicer Advance Receivables Trust, as Issuer, HLSS Holdings, LLC, as Administrator and, on and after the MSR Transfer Date, Servicer,
Ocwen Loan Servicing, LLC, as Subservicer and, prior to the MSR Transfer Date, as Servicer, Deutsche Bank National Trust Company,
as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, Barclays Bank PLC, as Administrative
Agent, Wells Fargo Securities, LLC, as Administrative Agent, a New Residential Investment Corp., nd Credit Suisse AG, New York
Branch, as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

The undersigned (the
“Transferee”) intends to purchase $________ Note Balance of Class __Notes (the “Notes”) from the Transferor
named in the Transfer Certificate to which this Transferee Certification is attached. In connection with the registration of the
transfer of such Notes, the Transferee hereby executes and delivers to each of you this “Transferee Certification”
in which the Transferee certifies to each of you the information set forth herein.

 

3.                 
The Transferee (i) is acquiring such Notes in an offshore transaction in accordance with Rule 904 of Regulation S,
(ii) is acquiring such Notes for its own account, (iii) is not acquiring, and has not entered into any discussions regarding
its acquisition of, such Notes while it is in the United States of America or any of its territories or possessions, (iv) understands
that such Notes are being sold without registration under the Securities Act by reason of an exemption that depends, in part, on
the accuracy of these representations, (v) understands that such Notes may not, absent an applicable exemption, be transferred
without registration and/or qualification under the Securities Act and applicable state securities laws and the laws of any other
applicable jurisdiction and (vi) understands that prior to the end of the Distribution Compliance Period, interests in a Regulation
S Note may only be held through Euroclear or Clearstream.

 

    	 

    	 

    

The Transferee understands
that the Notes have not been registered under the Securities Act and, therefore, cannot be offered or sold in the United States
or to U.S. Persons (as defined in Rule 902(k) promulgated under the Securities Act) unless they are registered under the Securities
Act or unless an exemption from registration is available. Accordingly, the certificates representing the Notes will bear a legend
stating that the Notes have not been registered under the Securities Act and setting forth certain of the restrictions on transfer
of the Notes. The Indenture Trustee understands that the Issuer has no obligation to register the Notes under the Securities Act
or to comply with the requirements for any exemption from the registration requirements of the Securities Act.

 

The Transferee understands
that the Notes (or any interest therein) may be resold, pledged or transferred only (a) to a person whom the Transferee reasonably
believes after due inquiry is, and who has certified that it is, a “qualified institutional buyer” (a “QIB”)
that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being
made in reliance on Rule 144A or (b) to a transferee that is a non-U.S. Person acquiring such interest in an “offshore transaction”
(as defined in Regulation S) in compliance with the provisions of Regulation S, if the transfer is otherwise made in accordance
with any applicable securities laws of any state of the United States or any other relevant jurisdiction. In addition, such transfer
may be subject to additional restrictions and is subject to compliance with certain procedures, as set forth in Section 6.03 of
the Indenture referred to below.

 

The Transferee has
been furnished with all information that it requested regarding (a) the Notes and distributions thereon and (b) the Indenture.

 

The Transferee has
knowledge in financial and business matters and is capable of evaluating the merits and risks of an investment in the Notes; the
Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision;
and the Transferee (or any account or which it is pursuing) is able to bear the economic risk of an investment in the Notes and
can afford a complete loss of such investment.

 

    	 

    	 

    

Either (i) the Transferee
is not, and is not acquiring the Notes on behalf of or with assets of, an “employee benefit plan” as defined in section 3(3)
of ERISA, a plan described in section 4975(e)(1) of the Code, an entity which is deemed to hold the assets of any such employee
benefit plan or plan pursuant to 29 C.F.R. Section 2510.3-101 as modified by section 3(42) of ERISA, which employee benefit
plan, plan or entity is subject to Title I of ERISA or section 4975 of the Code, or a governmental or church plan which is
subject to any U.S. federal, state or local law that is similar to Title I of ERISA or section 4975 of the Code, or (ii) (A)
as of the date of the transfer, the Notes are rated investment grade or better and (B) the Transferee’s acquisition
and holding of the Notes will satisfy the requirements of Prohibited Transaction Class Exemption (“PTCE”) 84-14 (relating
to transactions affected by a qualified professional asset manager), PTCE 90-1 (relating to investments by insurance company pooled
separate accounts), PTCE 91-38 (relating to investments in bank collective investment funds), PTCE 95-60 (relating to transactions
involving insurance company general accounts), PTCE 96-23 (relating to transactions directed by an in-house professional asset
manager) or the statutory prohibited transaction exemption for service providers set forth in Section 408(b)(17) of ERISA or a
similar class or statutory exemption and will not result in a non-exempt prohibited transaction under section 406 of ERISA
or section 4975 of the Code (or, in the case of a governmental or church plan, will not violate any such similar U.S. federal,
state or local law).

 

All capitalized terms
used but not otherwise defined herein have the respective meanings assigned thereto in the Indenture, pursuant to which the Notes
were issued.

 

    	 

    	 

    

IN WITNESS WHEREOF,
the undersigned has caused this Transferee Certification to be executed by its duly authorized representative as of the day and
year first above written.

 

	 	[TRANSFEREE]
	 	 	 
	 	By:	 
	 		Name:	 
	 	 	 	 
	 		Title:	 

 

    	 

    	 

    

Exhibit C

 

FORM OF OMNIBUS NOTICE TO MBS TRUSTEE/NOTICE
OF ASSIGNMENT OF RECEIVABLES

 

HLSS HOLDINGS, LLC

 1661 Worthington Road, Suite 100

West Palm Beach, Florida 33409

 

[DATE]

 

		To:	The Parties Listed on Schedule A Attached Hereto

 

NOTICE OF TERMINATION AND FURTHER ASSIGNMENT
OF ADVANCE REIMBURSEMENT RIGHTS AND ENTRY INTO NEW SERVICER ADVANCE FACILITY

 

Reference is made to
the pooling and servicing agreements, servicing agreement and indentures identified on Schedule B attached hereto (collectively,
the “Servicing Agreements”), in each of which HLSS HOLDINGS, LLC (“HLSS”) or OCWEN LOAN SERVICING,
LLC (“OLS”) acts in the capacity of servicer, master servicer or subservicer (the “Servicer”),
and one or more of you act as trustee, indenture trustee, trust administrator, master servicer, bond insurer, securities administrator,
certificate administrator, depositor, purchaser or issuer. This letter provides notice to you in connection with the transactions
identified on Schedule B attached hereto (such transactions, the “Transactions”) to which you are a party, in
accordance with the terms and provisions of the applicable section of each Servicing Agreement (such provisions, the “Applicable
Provisions”), of the Servicer’s intent to (i) terminate the existing assignment of the Receivables (as hereinafter
defined) in connection with a servicer advance facility secured by servicing advances between Ocwen Servicer Advance Receivables
Funding Company II Ltd. (the “OSARC Issuer”) and Deutsche Bank National Trust Company (in such capacity, the
“OSARC Indenture Trustee”) (the “OSARC Servicer Advance Facility”), and (ii) enter into a
servicer advance facility (the “HLSS Servicer Advance Facility”), as specified below, with respect to its rights
to reimbursement for advances (collectively, the “Advances”), including but not limited to advances for monthly
principal and/or interest, taxes and insurance, and foreclosure and liquidation and related expenses (or such term of substantially
similar import, howsoever denominated) in respect of, and as such terms are defined in, each Servicing Agreement (collectively,
the “Receivables”).

 

Entry into the HLSS Servicer Advance
Facility

 

The Servicer hereby
notifies you, in respect of each Transaction to which you are a party, that, effective as of the Transfer Date, the OSARC Issuer
will sell certain Receivables (the “Released Receivables”) to HLSS Servicer Advance Receivables Trust (the “HLSS
Issuer”). Following the HLSS Issuer’s purchase of the Released Receivables from the OSARC Issuer, OLS will thereafter
sell all Receivables created under the Removed Servicing Agreements (“Future Receivables”) to HLSS, and HLSS
will purchase the Future Receivables from OLS, for a cash purchase price equal to 100% of their respective Receivable Balances
(as defined in the OSARC Indenture) pursuant to the terms of that certain Third Amended and Restated Receivables Sale Agreement,
dated as of March 13, 2013 (the “HLSS RSA”), by and among OLS, as initial receivables seller (prior to the MSR
Transfer Date (as defined in the HLSS RSA)), as servicer (prior to the MSR Transfer Date) and as subservicer, [Homeward Residential,
Inc.,] HLSS, as receivables seller and as servicer (on and after the MSR Transfer Date), and HLSS Servicer Advance Facility Transferor,
LLC, as depositor (the “HLSS Depositor”) and that certain Master Servicing Rights Purchase Agreement, dated
as of October 1, 2012 (as may be amended, restated supplemented or modified from time to time), and related Sale Supplements, dated
as of February 10, 2012, May 1, 2012, August 1, 2012, September 13, 2012, September 28, 2012, December 26, 2012, March 13, 2013,
May 21, 2013, July 1, 2013 and October 25, 2013, by and among OLS, HLSS and HLSS MSR-EBO Acquisition LLC. HLSS will contemporaneously
sell and/or contribute the Future Receivables it purchases from OLS to the HLSS Depositor pursuant to the terms of the HLSS RSA.
The HLSS Depositor will contemporaneously sell and/or contribute, assign, transfer and convey to the HLSS Issuer the Future Receivables
it acquires from HLSS pursuant to that certain Third Amended and Restated Receivables Pooling Agreement, dated as of September
13, 2012, by and between the HLSS Depositor and the HLSS Issuer. The HLSS Issuer will contemporaneously pledge the Future Receivables
to Deutsche Bank National Trust Company, as indenture trustee under the HLSS Indenture (defined below) (in such capacity, the “HLSS
Indenture Trustee”).

 

    	 

    	 

    

Pursuant to the terms
of (i) a Seventh Amended and Restated Indenture, dated as of October 23, 2015 (the “HLSS Indenture”), among
the Issuer, as issuer, HLSS, as administrator and as servicer (on and after the MSR Transfer Date), OLS, as a subservicer and as
servicer (prior to the MSR Transfer Date), New Residential Investment Corp., Barclays Bank PLC, as administrative agent, Wells
Fargo Securities, LLC, as administrative agent, Credit Suisse AG, New York Branch, as administrative agent, and the HLSS Indenture
Trustee, as indenture trustee, calculation agent, paying agent and securities intermediary, (ii) a Series [___________] Indenture
Supplement, dated as of [___________] (the “Series [___________] Indenture Supplement”), among the Issuer,
as issuer, HLSS, as administrator and as servicer (on and after the MSR Transfer Date), OLS, as a subservicer and as servicer (prior
to the MSR Transfer Date), Barclays Bank PLC, as administrative agent, Wells Fargo Securities, LLC, as administrative agent, Credit
Suisse AG, New York Branch, as administrative agent, and the HLSS Indenture Trustee, as indenture trustee, calculation agent, paying
agent and securities intermediary, (iii) a Series [___________] Indenture Supplement, dated as of [___________] (the “Series
[___________] Indenture Supplement”), among the Issuer, as issuer, HLSS, as administrator and as servicer (on
and after the MSR Transfer Date), OLS, as a subservicer and as servicer (prior to the MSR Transfer Date), Barclays Bank PLC, as
administrative agent, [___________] and the HLSS Indenture Trustee, as indenture trustee, calculation agent, paying agent and securities
intermediary, and (iv) and a Series 20[__]-[___________] Indenture Supplement, dated as of [_______], 20[__] (the “Series
[___________] Indenture Supplement”), among the Issuer, as issuer, HLSS, as administrator and as servicer (on
and after the MSR Transfer Date), OLS, as a subservicer and as servicer (prior to the MSR Transfer Date), [Barclays Bank PLC, as
administrative agent, Wells Fargo Securities, LLC, as administrative agent, Credit Suisse AG, New York Branch, as administrative
agent], and the HLSS Indenture Trustee, as indenture trustee, calculation agent, paying agent and securities intermediary, the
HLSS Issuer will issue the Series [___________] Notes, the [___________] Notes and the Series [___________] Notes (each as defined
in the related Indenture Supplement, and together, the “Notes”). [___________], as the sole purchaser of the
Series [___________] Notes and the Series[___________][___________]-VF1 Notes, and [___________], as the initial purchaser of the
Series [___________] Notes[___________]will fund the purchase price for such respective Series to the HLSS Issuer upon the HLSS
Issuer’s receipt of the Released Receivables and grant of the security interest therein to the HLSS Indenture Trustee pursuant
to the HLSS Indenture. The Indenture Trustee, on behalf of the holders of such Notes, will be the “Advance Financing Person”
(or such term of substantially similar import, howsoever denominated) pursuant to the Applicable Provisions with respect to each
Servicing Agreement. The assignment of the Released Receivables and Future Receivables and the right of the Advance Financing Person
to receive payment with respect thereto will remain effective until the earlier of (i) payment in full of all outstanding obligations
under the Advance Facility, including all amounts owed under the Notes and (ii) the provision by the Advance Financing Person
of a notice to you that the assignment referred to herein has been terminated.

 

    	 

    	 

    

In addition, please
note that any future notice of an intention to enter into an advance facility or to assign the Advances under the Servicing Agreements
and any other transactions with respect to which the Servicer’s rights to reimbursement for Advances will not be effective
with respect to the Transactions and any other transactions with respect to which the Servicer’s rights to reimbursement
for Advances are financed under the Advance Facility until the earlier of (i) payment in full of all outstanding obligations under
the Advance Facility, including all amounts owed under the Notes, and (ii) provision by the Advance Financing Person
of a notice to you, in respect of each Transaction to which you are a party, that the assignment referred to herein has been terminated.

 

Capitalized terms used
and not otherwise defined herein shall have the respective meanings set forth in the applicable Servicing Agreement.

 

Thank you for your
cooperation.

 

[Signature Pages Follow]

 

    	 

    	 

    

Very truly yours,

 

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

 

By: __________________________________

Name:

Title:

 

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

 

By: __________________________________

Name:

Title:

 

[Signature Page to
Omnibus Notice]

    	 

    	 

    

 

ACKNOWLEDGED AND RECEIVED:

 

[NOTICE RECIPIENT]

 

By: ___________________________

Name: _________________________

Title: __________________________

 

[Signature Page to Omnibus Notice]

    	 

    	 

    

 

Schedule A

 

List of Trustees,
Indenture Trustees, Master Servicers and Bond Insurers

 

    	 

    	 

    

Schedule B

 

List of Servicing Agreements

 

    	 

    	 

    

Exhibit D

 

Agreed Upon Procedures

 

    	 

    	 

    

Exhibit
E

 

FORM
OF ADDITIONAL TRANSFEREE CERTIFICATION FOR TRANSFER OF RESTRICTED NOTES

 

Transferee
Certification

 

HLSS Servicer Advance Receivables Trust, as Issuer

c/o Wilmington Trust Company, as Owner Trustee

Rodney Square North

1100 North Market Street, Wilmington, Delaware 19890

 

HLSS Holdings, LLC, as Administrator

1661 Worthington Road

West Palm Beach, Florida 33409

 

HLSS Servicer Advance Facility Transferor, LLC, as

Depositor

1661 Worthington Road

West Palm Beach, Florida 33409

 

Deutsche Bank National Trust Company, as Indenture

Trustee

1761 East St. Andrew Place

Santa Ana, California 92705

Attention: Trust Administration-[Specify issue ID from Indenture
Supplement]

 

Reference is hereby made to the Seventh
Amended and Restated Indenture, effective as of [January [__], 2015] (the “Indenture”), among HLSS Servicer
Advance Receivables Trust, as Issuer, HLSS Holdings, LLC, as Administrator and, on and after the MSR Transfer Date, Servicer, Ocwen
Loan Servicing, LLC, as Subservicer and, prior to the MSR Transfer Date, as Servicer, and Deutsche Bank National Trust Company,
as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, Barclays Bank PLC, as Administrative Agent,
Wells Fargo Securities, LLC, as Administrative Agent and Credit Suisse AG, New York Branch, as Administrative Agent. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture.

 

The undersigned (the
“Transferee”) intends to purchase a beneficial interest in a Restricted Note representing $_____ principal balance
of a Class __ Note from ____ [the Transferor named in the Transfer Certificate to which this Transferee Certification is attached].
In connection with the transfer of such beneficial interest in a Restricted Note (the “Transfer”), the Transferee does
hereby certify that:

 

(i)
   Either (a) it is not and will not become for U.S. federal income tax purposes a partnership, Subchapter S corporation or grantor
trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity, then (I) none of
the direct or indirect beneficial owners of any of the interests in such flow-through entity has or ever will have more than 50%
of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in
the Notes, other interest (direct or indirect) in the Issuer, or any interest created under the Indenture and (II) it is not and
will not be a principal purpose of the arrangement involving the flow through entity’s beneficial interest in any Restricted
Note to permit any entity to satisfy the 100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary
for such entity not to be classified as a publicly traded partnership for U.S. federal income tax purposes.

 

    	 

    	 

    

(ii)
  It is not acquiring any beneficial interest in the Restricted Note through an “established securities market”
or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of the
Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

(iii)
  It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest in the Restricted Note without
the written consent of the Issuer, and it will not cause any beneficial interest in the Restricted Note to be traded or otherwise
marketed on or through an “established securities market” or a “secondary market (or the substantial equivalent
thereof),” each within the meaning of Section 7704(b) of the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder, including, without limitation, an interdealer quotation system that regularly disseminates
firm buy or sell quotations.

(iv)
   Its beneficial interest in the Restricted Notes is not and will not be in an amount that is less than the minimum denomination
for the Restricted Notes set forth in the Indenture, and it does not and will not hold any beneficial interest in the Restricted
Note on behalf of any Person whose beneficial interest in the Restricted Note is in an amount that is less than the minimum denomination
for the Restricted Notes set forth in the Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of
any beneficial interest in the Restricted Note or enter into any financial instrument or contract the value of which is determined
by reference in whole or in part to any Restricted Note, in each case, if the effect of doing so would be that the beneficial
interest of any Person in a Restricted Note would be in an amount that is less than the minimum denomination for the Restricted
Notes set forth in the Indenture.

(v)    
It will not transfer any beneficial interest in the Restricted Note (directly, through a participation thereof, or otherwise)
unless, prior to the transfer, the transferee of such beneficial interest shall have executed and delivered to the Indenture Trustee
and the Note Registrar, and any of their respective successors or assigns, a Transferee Certification substantially in the form
of Exhibit [ ] of the Indenture.

(vi)
    It will not use the Restricted Note as collateral for the issuance of any securities that could cause the Issuer to become
subject to taxation as a taxable mortgage pool (“TMP”) taxable as a corporation, publicly traded partnership taxable
as a corporation or an association taxable as a corporation, each for U.S. federal income tax purposes, provided that it may engage
in any repurchase transaction (repo) the subject matter of which is a Restricted Note, provided the terms of such repurchase transaction
are generally consistent with prevailing market practice and that such repurchase transaction would not cause the Issuer to be
otherwise classified as a corporation, publicly traded partnership or TMP for U.S. federal income tax purposes.

    	 

    	 

    

(vii)
   It will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuer
to become taxable as a corporation for U.S. federal income tax purposes.

(viii)
  It is a “United States person,” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended,
and will not transfer to, or cause such Restricted Note to be transferred to, any person other than a “United States person,”
as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended.

(ix)     
This Transferee Certification has been duly executed and delivered and constitutes the legal, valid and binding obligation
of the Transferee, enforceable against the Transferee in accordance with its terms, except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the enforcement of creditors’
rights generally and general principles of equity, and indemnification sought in respect of securities laws violations may be
limited by public policy.

(x)
       It acknowledges that the [parties to which this certification is made] will rely on the truth and accuracy of the foregoing
representations and warranties, and agrees that if it becomes aware that any of the foregoing made by it or deemed to have been
made by it are no longer accurate, it shall promptly notify the Issuer.

THE UNDERSIGNED HEREBY
ACKNOWLEDGES THAT ANY SALE, TRANSFER, ASSIGNMENT OR OTHER DISPOSITION OF A RESTRICTED NOTE TO OR BY THE UNDERSIGNED IN VIOLATION
OF ANY OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO
OR BY THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE OR ANY OTHER PERSON.

 

	 	[TRANSFEREE]
	 	 
	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:

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