Document:

exv4w1

Exhibit 4.1

 

 

INDENTURE

Dated as of March 26, 2010

Among

NATIONSTAR MORTGAGE LLC,

as the Company

NATIONSTAR CAPITAL CORPORATION,

as the Co-Issuer

THE GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

10.875% SENIOR NOTES DUE 2015

 

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	 
	310 (a)(1)
	 	7.10
	(a)(2)
	 	7.10
	(a)(3)
	 	N.A.
	(a)(4)
	 	N.A.
	(a)(5)
	 	7.10
	(b)
	 	7.10
	(c)
	 	N.A.
	311 (a)
	 	7.11
	(b)
	 	7.11
	(c)
	 	N.A.
	312 (a)
	 	2.05
	(b)
	 	12.03
	(c)
	 	12.03
	313 (a)
	 	7.06
	(b)(1)
	 	N.A
	(b)(2)
	 	7.06;7.07
	(c)
	 	7.06;12.02
	(d)
	 	7.06
	314 (a)
	 	4.03, 4.04; 12.02;
12.05
	(b)
	 	N.A.
	(c)(1)
	 	12.04
	(c)(2)
	 	12.04
	(c)(3)
	 	N.A.
	(d)
	 	N.A.
	(e)
	 	12.05
	(f)
	 	N.A.
	315 (a)
	 	7.01
	(b)
	 	7.05; 12.02.
	(c)
	 	7.01
	(d)
	 	7.04
	(e)
	 	6.12
	316 (a)(last sentence)
	 	2.09
	(a)(1)(A)
	 	6.05
	(a)(1)(B)
	 	6.04
	(a)(2)
	 	N.A.
	(b)
	 	6.06
	(c)
	 	9.04
	317 (a)(1)
	 	6.07
	(a)(2)
	 	6.11
	(b)
	 	2.04
	318 (a)
	 	12.01
	(b)
	 	N.A.
	(c)
	 	12.01

 

			
	N.A. means not applicable.
	 
	*	 	This Cross-Reference Table is not part of this Indenture.

 

 

TABLE OF CONTENTS

Page

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

	 	 	 	 	 	 	 	 	 

	Section 1.01	 	Definitions
	 	 	1	 
	Section 1.02	 	Other Definitions
	 	 	38	 
	Section 1.03	 	Incorporation by Reference of Trust Indenture Act
	 	 	39	 
	Section 1.04	 	Rules of Construction
	 	 	39	 
	Section 1.05	 	Acts of Holders
	 	 	40	 

ARTICLE II

THE NOTES

	 	 	 	 	 	 	 	 	 

	Section 2.01	 	Form and Dating; Terms
	 	 	41	 
	Section 2.02	 	Execution and Authentication
	 	 	43	 
	Section 2.03	 	Registrar and Paying Agent
	 	 	44	 
	Section 2.04	 	Paying Agent to Hold Money in Trust
	 	 	44	 
	Section 2.05	 	Holder Lists
	 	 	44	 
	Section 2.06	 	Transfer and Exchange
	 	 	45	 
	Section 2.07	 	Replacement Notes
	 	 	58	 
	Section 2.08	 	Outstanding Notes
	 	 	59	 
	Section 2.09	 	Treasury Notes
	 	 	59	 
	Section 2.10	 	Temporary Notes
	 	 	59	 
	Section 2.11	 	Cancellation
	 	 	60	 
	Section 2.12	 	CUSIP and ISIN Numbers
	 	 	60	 

ARTICLE III

REDEMPTION

	 	 	 	 	 	 	 	 	 

	Section 3.01	 	Notices to Trustee
	 	 	60	 
	Section 3.02	 	Selection of Notes to Be Redeemed or Purchased
	 	 	60	 
	Section 3.03	 	Notice of Redemption
	 	 	61	 
	Section 3.04	 	Effect of Notice of Redemption
	 	 	62	 
	Section 3.05	 	Deposit of Redemption or Purchase Price
	 	 	62	 
	Section 3.06	 	Notes Redeemed or Purchased in Part
	 	 	62	 
	Section 3.07	 	Optional Redemption
	 	 	63	 
	Section 3.08	 	Mandatory Redemption
	 	 	64	 
	Section 3.09	 	Offers to Repurchase by Application of Excess Proceeds
	 	 	64	 

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Page

ARTICLE IV

COVENANTS

	 	 	 	 	 	 	 	 	 

	Section 4.01	 	Payment of Notes
	 	 	66	 
	Section 4.02	 	Maintenance of Office or Agency
	 	 	66	 
	Section 4.03	 	Reports and Other Information
	 	 	67	 
	Section 4.04	 	Compliance Certificate
	 	 	69	 
	Section 4.05	 	Taxes
	 	 	69	 
	Section 4.06	 	Stay, Extension and Usury Laws
	 	 	69	 
	Section 4.07	 	Limitation on Restricted Payments
	 	 	70	 
	Section 4.08	 	Limitation on Dividend and Other Payment Restrictions
Affecting Restricted Subsidiaries
	 	 	74	 
	Section 4.09	 	Limitation on Incurrence of Indebtedness and Issuance of
Disqualified Stock and Preferred Stock
	 	 	76	 
	Section 4.10	 	Asset Sales
	 	 	77	 
	Section 4.11	 	Limitation on Transactions with Affiliates
	 	 	79	 
	Section 4.12	 	Limitation on Liens
	 	 	81	 
	Section 4.13	 	Conduct of Business
	 	 	82	 
	Section 4.14	 	Offer to Repurchase Upon Change of Control
	 	 	82	 
	Section 4.15	 	Limitation on Guarantees by Restricted Subsidiaries
	 	 	83	 
	Section 4.16	 	Limitation on Sale and Leaseback Transactions
	 	 	84	 
	Section 4.17	 	Designation of Unrestricted and Restricted Subsidiaries
	 	 	84	 
	Section 4.18	 	Restrictions on Activities of the Co-Issuer
	 	 	85	 
	Section 4.19	 	Covenant Suspension
	 	 	85	 

ARTICLE V

SUCCESSORS

	 	 	 	 	 	 	 	 	 

	Section 5.01	 	Merger, Consolidation or Sale of All or Substantially All Assets
	 	 	85	 
	Section 5.02	 	Surviving Entity Substituted
	 	 	87	 

ARTICLE VI

DEFAULTS AND REMEDIES

	 	 	 	 	 	 	 	 	 

	Section 6.01	 	Events of Default
	 	 	87	 
	Section 6.02	 	Acceleration
	 	 	89	 
	Section 6.03	 	Other Remedies
	 	 	90	 
	Section 6.04	 	Waiver of Past Defaults
	 	 	90	 
	Section 6.05	 	Control by Majority
	 	 	91	 
	Section 6.06	 	Rights of Holders of Notes to Receive Payment
	 	 	91	 
	Section 6.07	 	Collection Suit by Trustee
	 	 	91	 
	Section 6.08	 	Restoration of Rights and Remedies
	 	 	91	 
	Section 6.09	 	Rights and Remedies Cumulative
	 	 	91	 

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Page

	 	 	 	 	 	 	 	 	 

	Section 6.10	 	Delay or Omission Not Waiver
	 	 	92	 
	Section 6.11	 	Trustee May File Proofs of Claim
	 	 	92	 
	Section 6.12	 	Undertaking for Costs
	 	 	92	 
	Section 6.13	 	Trustee May Enforce Claims without Possession of Notes
	 	 	92	 
	Section 6.14	 	Limitation on Suits.
	 	 	93	 
	Section 6.15	 	Priorities
	 	 	93	 

ARTICLE VII

TRUSTEE

	 	 	 	 	 	 	 	 	 

	Section 7.01	 	Duties of Trustee
	 	 	94	 
	Section 7.02	 	Rights of Trustee
	 	 	95	 
	Section 7.03	 	Individual Rights of Trustee
	 	 	96	 
	Section 7.04	 	Trustee’s Disclaimer
	 	 	96	 
	Section 7.05	 	Notice of Defaults
	 	 	96	 
	Section 7.06	 	Reports by Trustee to Holders of the Notes
	 	 	97	 
	Section 7.07	 	Compensation and Indemnity
	 	 	97	 
	Section 7.08	 	Replacement of Trustee
	 	 	98	 
	Section 7.09	 	Successor Trustee by Merger, etc
	 	 	99	 
	Section 7.10	 	Eligibility; Disqualification
	 	 	99	 
	Section 7.11	 	Preferential Collection of Claims Against Issuer
	 	 	99	 

ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	 	 	 	 	 	 	 	 	 

	Section 8.01	 	Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	99	 
	Section 8.02	 	Legal Defeasance and Discharge
	 	 	99	 
	Section 8.03	 	Covenant Defeasance
	 	 	100	 
	Section 8.04	 	Conditions to Legal or Covenant Defeasance
	 	 	101	 
	Section 8.05	 	Deposited Money and Government Securities to Be Held in Trust;
Other Miscellaneous Provisions
	 	 	102	 
	Section 8.06	 	Repayment to Issuer
	 	 	103	 
	Section 8.07	 	Reinstatement
	 	 	103	 

ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER

	 	 	 	 	 	 	 	 	 

	Section 9.01	 	Without Consent of Holders of Notes
	 	 	103	 
	Section 9.02	 	With Consent of Holders of Notes
	 	 	105	 
	Section 9.03	 	Compliance with Trust Indenture Act
	 	 	106	 
	Section 9.04	 	Revocation and Effect of Consents
	 	 	106	 
	Section 9.05	 	Notation on or Exchange of Notes
	 	 	107	 
	Section 9.06	 	Trustee to Sign Amendments, etc
	 	 	107	 

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Page

ARTICLE X

GUARANTEES

	 	 	 	 	 	 	 	 	 

	Section 10.01	 	Note Guarantee
	 	 	107	 
	Section 10.02	 	Limitation on Guarantor Liability
	 	 	109	 
	Section 10.03	 	Execution and Delivery
	 	 	109	 
	Section 10.04	 	Subrogation
	 	 	110	 
	Section 10.05	 	Benefits Acknowledged
	 	 	110	 
	Section 10.06	 	Merge, Consolidation or Sale of All or Substantially All Assets
	 	 	110	 
	Section 10.07	 	Release of Note Guarantees
	 	 	110	 

ARTICLE XI

SATISFACTION AND DISCHARGE

	 	 	 	 	 	 	 	 	 

	Section 11.01	 	Satisfaction and Discharge
	 	 	111	 
	Section 11.02	 	Application of Trust Money
	 	 	112	 

ARTICLE XII

MISCELLANEOUS

	 	 	 	 	 	 	 	 	 

	Section 12.01	 	Trust Indenture Act Controls
	 	 	112	 
	Section 12.02	 	Notices
	 	 	112	 
	Section 12.03	 	Communication by Holders of Notes with Other Holders of Notes
	 	 	113	 
	Section 12.04	 	Certificate and Opinion as to Conditions Precedent
	 	 	114	 
	Section 12.05	 	Statements Required in Certificate or Opinion
	 	 	114	 
	Section 12.06	 	Rules by Trustee and Agents
	 	 	114	 
	Section 12.07	 	No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	115	 
	Section 12.08	 	Governing Law; Consent to Jurisdiction and Service
	 	 	115	 
	Section 12.09	 	Waiver of Jury Trial
	 	 	115	 
	Section 12.10	 	Force Majeure
	 	 	115	 
	Section 12.11	 	No Adverse Interpretation of Other Agreements
	 	 	116	 
	Section 12.12	 	Successors
	 	 	116	 
	Section 12.13	 	Severability
	 	 	116	 
	Section 12.14	 	Counterpart Originals
	 	 	116	 
	Section 12.15	 	Table of Contents, Headings, etc
	 	 	116	 
	Section 12.16	 	Qualification of Indenture
	 	 	116	 
	Section 12.17	 	U.S.A. Patriot Act
	 	 	117	 

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EXHIBITS

	 	 	 

	Exhibit A

	 	Form of Note
	Exhibit B

	 	Form of Certificate of Transfer
	Exhibit C

	 	Form of Certificate of Exchange
	Exhibit D

	 	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors
	Exhibit E

	 	Form of Free Transferability Certificate

-i-

 

          INDENTURE, dated as of March 26, 2010, among Nationstar Mortgage LLC, a Delaware limited
liability company (the “Company”), Nationstar Capital Corporation, a Delaware corporation
(the “Co-Issuer” and, together with the Company, the “Issuers”), the Guarantors (as
defined herein) listed on the signature pages hereto and Wells Fargo Bank, National Association, a
national banking association, as Trustee.

WITNESSETH

          WHEREAS, each of the Issuers has duly authorized the creation of an issue of $250,000,000
aggregate principal amount of 10.875% Senior Notes due 2015 (the “Initial Notes”);

          WHEREAS, each of the Issuers and the Guarantors has duly authorized the execution and delivery
of this Indenture.

          NOW, THEREFORE, the Issuers, the Guarantors and the Trustee agree as follows for the benefit
of each other and for the equal and ratable benefit of the Holders of the Notes.

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01 Definitions 

          “144A Global Note” means a Global Note substantially in the form of
Exhibit A hereto, bearing the Global Note Legend, the Private Placement Legend and, if
applicable, the OID Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that will be issued in a denomination equal to the outstanding principal
amount of the Notes sold in reliance on Rule 144A.

          “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries
existing at the time such Person becomes a Subsidiary of the Company or at the time it merges or
consolidates with the Company or any of its Subsidiaries or assumed in connection with the
acquisition of assets from such Person and in each case whether or not incurred by such Person in
connection with, or in anticipation or contemplation of, such Person becoming a Subsidiary of the
Company or such acquisition, merger or consolidation.

          “Additional Interest” has the meaning set forth in the applicable Registration Rights
Agreement.

          “Additional Notes” means additional Notes (other than the Initial Notes and other than
Exchange Notes for such Initial Notes) issued from time to time under this Indenture in accordance
with Sections 2.01 and 4.09 hereof.

          “Affiliate” means, with respect to any specified Person, any other Person who directly
or indirectly through one or more intermediaries controls, or is controlled by, or is under common
control with, such specified Person. The term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative of the foregoing.

          “Agent” means any Registrar or Paying Agent.

 

 

          “Applicable Premium” means, with respect to any Note on any applicable redemption
date, the greater of (i) 1.0% of the then outstanding principal amount of such Note and (ii) the
excess of:

          (1) the present value at such redemption date of the sum of (i) the redemption price of such
Note at April 1, 2013 (such redemption price being set forth in Section 3.07(c) hereof plus (ii)
all required interest payments due on such Note through April 1, 2013 (excluding accrued but unpaid
interest), such present value to be computed using a discount rate equal to the Treasury Rate as of
such redemption date plus 50 basis points; over

          (2) the then outstanding principal amount of such Note.

          “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear
and/or Clearstream that apply to such transfer or exchange.

          “Asset Acquisition” means: (1) an Investment by the Company or any Restricted
Subsidiary of the Company in any other Person pursuant to which such Person shall become a
Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be
merged with or into the Company or any Restricted Subsidiary of the Company; or (2) the acquisition
by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than
a Restricted Subsidiary of the Company) other than in the ordinary course of business.

          “Asset Sale” means:

          (1) the sale, lease (other than operating leases entered in the ordinary course of business),
conveyance or other disposition of any assets or rights; provided that the sale, lease
(other than operating leases entered in the ordinary course of business), conveyance or other
disposition of all or substantially all of the assets of the Company and its Subsidiaries taken as
a whole, other than any Required Asset Sale or a Legacy Loan Portfolio Sale, will be governed by
the provisions of Section 4.14 and/or Section 5.01 hereof and not by the provisions of Section 4.10
hereof; and

          (2) the issuance or sale of Equity Interests in any of the Company’s Restricted Subsidiaries.

          Notwithstanding the foregoing, none of the following items will be deemed to be an Asset Sale:

          (1) any single transaction or series of related transactions that involves assets having a
Fair Market Value of less than $5.0 million;

          (2) a transfer of assets between or among the Company and any Restricted Subsidiary of the
Company;

          (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company
or to another Restricted Subsidiary of the Company;

-2-

 

          (4) the sale of advances, loans, customer receivables, mortgage related securities or other
assets in the ordinary course of business, the sale of accounts receivable or other assets that by
their terms convert into cash in the ordinary course of business and any sale of MSRs in connection
with the origination of the associated mortgage loan in the ordinary course of business;

          (5) the sale or other disposition of cash or Cash Equivalents or Investment Grade Securities;

          (6) disposition of Investments or other assets and disposition or compromise of receivables,
in each case, in connection with the workout, compromise, settlement or collection thereof or
exercise of remedies with respect thereto, in the ordinary course of business or in bankruptcy,
foreclosure or similar proceedings, including foreclosure, repossession and disposition of REO
Assets and other collateral for loans serviced and/or originated by the Company or any of its
Subsidiaries;

          (7) the modification of any loans owned or serviced by the Company or any of its Restricted
Subsidiaries in the ordinary course of business;

          (8) a Restricted Payment that does not violate Section 4.07 or a Permitted Investment;

          (9) disposals or replacements of damaged, worn out or obsolete equipment or other assets no
longer used or useful in the business of the Company and its Restricted Subsidiaries, in each case
the ordinary course of business;

          (10) assets sold pursuant to the terms of Permitted Funding Indebtedness;

          (11) a sale (in one or more transactions) of Securitization Assets or Residual Interests in
the ordinary course of business;

          (12) sales, transfers or contributions of Securitization Assets to Securitization Entities,
Warehouse Facility Trusts and MSR Facility Trusts in connection with Securitizations in the
ordinary course of business;

          (13) a sale or other disposition of Equity Interests of an Unrestricted Subsidiary;

          (14) the creation of a Lien (but not the sale or other disposition of the property subject to
such Lien) permitted by Section 4.12; and

          (15) transactions pursuant to repurchase agreements entered into in the ordinary course of
business.

          “Attributable Debt” in respect of a sale and leaseback transaction means, as of the
time of determination, the present value (discounted at the interest rate per annum implicit in the
lease involved in such sale and leaseback transaction, as determined in good faith by the Company)
of the obligation of the lessee thereunder for rental payments (excluding, however, any amounts
required to be paid by such lessee, whether or not designated as rent or additional rent, on
account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges
or any amounts required to be paid by such

-3-

 

lessee thereunder contingent upon the amount of sales or similar contingent amounts) during
the remaining term of such lease (including any period for which such lease has been extended or
may, at the option of the lessor, be extended); provided, however, that if such
sale and leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness
represented thereby will be determined in accordance with the definition of Capital Lease
Obligation. In the case of any lease which is terminable by the lessee upon the payment of a
penalty, such rental payments shall also include the amount of such penalty, but no rental payments
shall be considered as required to be paid under such lease subsequent to the first date upon which
it may be so terminated.

          “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors.

          “Board of Directors” means, as to any Person, the Board of Directors, or similar
governing body, of such Person or any duly authorized committee thereof.

          “Board Resolution” means, with respect to any Person, a copy of a resolution certified
by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of
Directors of such Person and to be in full force and effect on the date of such certification, and
delivered to the Trustee.

          “Business Day” means each day that is not a Saturday, a Sunday or a day on which
commercial banking institutions are not required to be open in the State of New York or the place
of payment.

          “Capital Stock” means:

          (1) with respect to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not voting) of corporate
stock, including each class of Common Stock and Preferred Stock of such Person; or

          (2) with respect to any Person that is not a corporation, any and all partnership, membership
or other equity interests (whether general or limited) of such Person.

          “Capitalized Lease Obligation” means, as to any Person, the obligations of such Person
under a lease that are required to be classified and accounted for as capital lease obligations
under GAAP and, for purposes of this definition, the amount of such obligations at any date shall
be the capitalized amount of such obligations at such date, determined in accordance with GAAP.

          “Cash Equivalents” means:

          (1) Dollars;

          (2) in the case of any Foreign Subsidiary of the Company that is a Restricted Subsidiary of
the Company, such local currencies held by such Foreign Subsidiary of the Company from time to time
in the ordinary course of business;

-4-

 

          (3) securities or any evidence of indebtedness issued or directly and fully guaranteed or
insured by the United States government or any agency or instrumentality of the United States
government (provided that the full faith and credit of the United States is pledged in support of
those securities or such evidence of indebtedness);

          (4) marketable direct obligations issued by any state of the United States of America or any
political subdivision of any such state or any public instrumentality thereof maturing within one
year from the date of acquisition thereof and, at the time of acquisition, having one of the three
highest ratings obtainable from either S&P or Moody’s;

          (5) certificates of deposit with maturities of twelve months or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding twelve months and overnight bank
deposits with any domestic commercial bank having capital and surplus in excess of $500.0 million
and a Thomson Bank Watch Rating of “B” or better;

          (6) repurchase obligations with a term of not more than 30 days for underlying securities of
the types described in clauses (3) and (5) above entered into with any financial institution
meeting the qualifications specified in clause (5) above;

          (7) commercial paper having one of the two highest ratings obtainable from Moody’s Investors
Service, Inc. or Standard & Poor’s Rating Services and in each case maturing within twelve months
after the date of acquisition; and

          (8) money market funds at least 90.0% of the assets of which constitute Cash Equivalents of
the kinds described in clauses (1) through (7) of this definition.

          In the case of Investments by any Foreign Subsidiary of the Company that is a Restricted
Subsidiary of the Company, Cash Equivalents shall also include (a) investments of the type and
maturity described in clauses (1) through (8) above of foreign obligors, which Investments or
obligors (or the parents of such obligors) have ratings described in such clauses or equivalent
ratings from comparable foreign rating agencies and (b) local currencies and other short-term
investments utilized by foreign Subsidiaries that are Restricted Subsidiaries in accordance with
normal investment practices for cash management in investments analogous to the foregoing
investments in clauses (1) through (8) and in this paragraph.

          “Change of Control” means the occurrence of any of the following:

          (1) the sale, lease or transfer, in one or a series of related transactions, of all or
substantially all of the assets of the Company and its Subsidiaries, taken as a whole, other than
any Required Asset Sales or Legacy Loan Portfolio Sale, to any Person other than a Permitted
Holder; or

          (2) the Company becomes aware of (by way of a report or any other filing pursuant to Section
13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person
or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any
successor provision), including any group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than one or
more Permitted Holders, in a single transaction or in a related series of transactions, by way of
merger,

-5-

 

consolidation or other business combination or purchase of beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50.0% or more of the
total voting power of the Voting Stock of the Company or any of its direct or indirect parent
companies; provided that for purposes of calculating the “beneficial ownership” of any
group, any Voting Stock of which any Permitted Holder is the “beneficial owner” shall not be
included in determining the amount of Voting Stock “beneficially owned” by such group.

          “Clearstream” means Clearstream Banking, Société Anonyme.

          “Common Stock” of any Person means any and all shares, interests or other
participations in, and other equivalents (however designated and whether voting or non-voting) of
such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date,
and includes, without limitation, all series and classes of such common stock.

          “Consolidated EBITDA” means, with respect to any Person, for any period, the sum
(without duplication) of:

          (1) Consolidated Net Income; and

          (2) to the extent Consolidated Net Income has been reduced thereby:

     (a) Consolidated Taxes;

     (b) Consolidated Interest Expense (excluding Consolidated Interest Expense on
Indebtedness incurred under clauses (2), (5), (6), (10), (11), (12), (15) and (27)
of the definition of Permitted Indebtedness);

     (c) depreciation, amortization (including amortization of intangibles but
excluding amortization of prepaid cash expenses that were paid in a prior period)
and other non-cash expenses (including charges related to the writeoff of goodwill
or intangibles as a result of impairment, but excluding any such non-cash expense to
the extent that it represents an accrual of or reserve for cash expenses in any
future period or amortization of a prepaid cash expense that was paid in a prior
period), all as determined on a consolidated basis for such Person and its
Restricted Subsidiaries in accordance with GAAP;

     (d) (1) customary fees and expenses of the Company and its Restricted
Subsidiaries payable in connection with (i) the issuance of the Notes and (ii) the
initial public offering of the Company’s Common Stock or the Common Stock of any of
its direct or indirect parent companies after the Issue Date, (2) costs associated
with exit and disposal activities incurred in connection with a restructuring as
defined in ASC 420-10 (provided that such charges relating to the Company’s
restructuring program initiated in 2007 (as described in the Offering Memorandum)
may not exceed $2.5 million in the aggregate in any Four Quarter Period) and (3) any
amortization or write-off of debt issuance costs for Indebtedness incurred prior to
the Issue Date;

-6-

 

     (e) any amortization or write-off of debt issuance costs payable in connection
with Corporate Indebtedness incurred concurrent with and after the Issue Date;

     (f) recovery of other-than-temporary loss on available-for-sale securities
recognized through members’ (or shareholders’) equity;

     (g) all other unusual or non-recurring items of loss or expense as approved by
the Board of Directors of the Company acting reasonably and in good faith; and

     (h) the amount of any expense related to minority interests; and,

          (3) decreased by (without duplication):

     (a) non-cash gains pursuant to clause (2) above increasing Consolidated Net
Income of such Person for such period, excluding any gains that represent the
reversal of any accrual of, or cash reserve for, anticipated cash charges in any
prior period (other than such cash charges that have been added back to Consolidated
Net Income in calculating Consolidated EBITDA in accordance with this definition);

     (b) all other unusual or non-recurring gains or revenue as approved by the
Board of Directors of the Company acting reasonably and in good faith;

     (c) all interest income to the extent a matching interest expense has been
added back to clause (2) above; and

     (d) fair market value of MSRs capitalized by the Company and its Restricted
Subdiaries;

all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in
accordance with GAAP.

          “Consolidated Interest Expense” means, with respect to any Person for any period, the
sum of, without duplication:

          (1) the aggregate of the interest expense on Indebtedness of such Person and its Restricted
Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, including
without limitation: (a) any amortization of debt discount; (b) the net costs under Permitted
Hedging Transactions; (c) all capitalized interest; and (d) the interest portion of any deferred
payment obligation;

          (2) to the extent not already included in clause (1), the interest component of Capitalized
Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its
Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with
GAAP;

          (3) the imputed interest with respect to Attributable Debt created after the Issue Date; and

-7-

 

          (4) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on
any series of Disqualified Capital of such Person or preferred stock of any of its Restricted
Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the
Company (other than Disqualified Capital Stock) or to the Company or a Restricted Subsidiary of the
Company, times (b) a fraction, the numerator of which is one and the denominator of which is one
minus the then current combined federal, state and local statutory tax rate of such Person,
expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP.

          “Consolidated Leverage Ratio” means, with respect to any Person, as of any date, the
ratio of (i) Corporate Indebtedness to (ii) the Consolidated EBITDA of such Person for the most
recently ended four full fiscal quarters (the “Four Quarter Period”) for which internal
financial statements are available ending prior to the date of the transaction giving rise to the
need to calculate the Consolidated Leverage Ratio (the “Transaction Date”).

          In addition to and without limitation of the foregoing, for purposes of this definition,
“Corporate Indebtedness” and “Consolidated EBITDA” shall be calculated after giving
effect on a pro forma basis for the period of such calculation to:

          (1) the incurrence or repayment of any Indebtedness of such Person or any of its Restricted
Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such
calculation and any incurrence or repayment of other Indebtedness (and the application of the
proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of
business for working capital purposes pursuant to working capital facilities, occurring during the
Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or
prior to the Transaction Date, as if such incurrence or repayment, as the case may be (and the
application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and

          (2) any asset sales or other dispositions or any asset originations, asset purchases,
Investments and Asset Acquisitions (including, without limitation, any Asset Acquisition giving
rise to the need to make such calculation as a result of such Person or one of its Subsidiaries
(including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition)
incurring, assuming or otherwise being liable for Indebtedness that is Acquired Indebtedness and
also including any Consolidated EBITDA (including any pro forma expense and cost reductions)
attributable to the assets which are originated or purchased, the Investments that are made and the
assets that are the subject of the Asset Acquisition or asset sale or other disposition during the
Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last
day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset sale or
other disposition or asset origination, asset purchase, Investment or Asset Acquisition (including
the incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the first
day of the Four Quarter Period. If such Person or any of its Restricted Subsidiaries directly or
indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to
the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of
such Person had directly incurred or otherwise assumed such guaranteed Indebtedness.

          The pro forma calculations shall be made by a responsible accounting officer of the Company in
good faith based on the information reasonably available to it at the time of such calculation. The
foregoing calculations, pursuant to the transactions listed above in clauses (1) and (2), shall be
required

-8-

 

to comply with the requirements for pro forma financial statements in accordance with
Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC
related thereto.

          “Consolidated Net Income” means, with respect to any Person, for any period, the
aggregate net income (or loss) of such Person and its Restricted Subsidiaries before the payment of
dividends on Preferred Stock for such period on a consolidated basis, determined in accordance with
GAAP; provided that there shall be excluded therefrom:

          (1) after-tax gains and losses from asset sales or abandonments or reserves relating thereto;

          (2) after-tax items classified as extraordinary gains or losses and direct impairment charges
or the reversal of such charges on the Person’s assets;

          (3) the net income (but not loss) of any Restricted Subsidiary of the referent Person to the
extent that the declaration of dividends or similar distributions by that Subsidiary of that income
is restricted by a contract, operation of law or otherwise, except for such restrictions permitted
by clauses (7) and (8) of Section 4.08(b), whether such permitted restrictions exist on the Issue
Date or are created thereafter, except to the extent (in the case of net income) of cash dividends
or distributions paid to the referent Person, or to a Wholly Owned Restricted Subsidiary of the
referent Person (other than a Restricted Subsidiary also subject to such restrictions), by such
other Person;

          (4) the net income or loss of any other Person, other than a Restricted Subsidiary of the
referent Person, except:

     (a) to the extent (in the case of net income) of cash dividends or
distributions paid to the referent Person, or to a Wholly Owned Restricted
Subsidiary of the referent Person (other than a Restricted Subsidiary described in
clause (3) above), by such other Person; or

     (b) that the referent Person’s share of any net income or loss of such other
Person under the equity method of accounting for Affiliates shall not be excluded;

          (5) any restoration to income of any contingency reserve of an extraordinary, nonrecurring or
unusual nature, except to the extent that provision for such reserve was made out of Consolidated
Net Income accrued at any time following the Issue Date;

          (6) income or loss attributable to discontinued operations (including, without limitation,
operations disposed of during such period whether or not such operations were classified as
discontinued);

          (7) in the case of a successor to the referent Person by consolidation or merger or as a
transferee of the referent Person’s assets, any earnings of the successor corporation prior to such
consolidation, merger or transfer of assets;

-9-

 

          (8) any valuation allowance for mortgage loans held-for-investment and/or any change in fair
value of mortgage loans held for sale and corresponding debt in relation to securitized loans in
accordance with GAAP that require no additional capital or equity contributions to the Company;

          (9) any change in fair value of MSRs or the amortization of MSRs pursuant to such Person’s
accounting policy; and

          (10) an amount equal to all distributions during such period pursuant to clause (6)(c) of
Section 4.07(b) hereof.

          “Consolidated Tangible Net Worth” means, with respect to any Person, the excess of
such Person’s total assets over its total liabilities determined on a consolidated basis in
accordance with GAAP, excluding (1) goodwill, (2) other intangibles and (3) cumulative impact from
Issue Date of any valuation allowance for mortgage loans held-for-investment and/or any change in
fair value of mortgage loans held for sale and corresponding debt in relation to securitized loans
in accordance with GAAP that require no additional capital or equity contributions to the Company,
in each case as of the end of the last completed fiscal quarter ending on or prior to the date of
the transaction giving rise to the need to calculate Consolidated Tangible Net Worth.

          “Consolidated Taxes” means, with respect to any Person for any period, (1) all income
taxes and foreign withholding taxes and taxes based on capital and commercial activity (or similar
taxes) of such Person and its Restricted Subsidiaries paid or accrued in accordance with GAAP for
such period and (2) all distributions pursuant to clause (6)(c) of Section 4.07(b) hereof.

          “Corporate Indebtedness” means, with respect to any Person, the aggregate consolidated
amount of Indebtedness of such Person and its Restricted Subsidiaries then outstanding that would
be shown on a consolidated balance sheet of such Person and its Restricted Subsidiaries (excluding,
for the purpose of this definition, Indebtedness incurred under clauses (2), (5), (6), (10), (11),
(12), (15) and (27) of the definition of Permitted Indebtedness).

          “Corporate Indebtedness to Tangible Net Worth Ratio” means, with respect to any
Person, as of any date, the ratio of (i) the aggregate amount of Corporate Indebtedness outstanding
as of such date to (ii) the Consolidated Tangible Net Worth, with such pro forma adjustments for
transactions consummated on or prior to or simultaneously with the date of the calculation as are
appropriate and consistent with the pro forma adjustment provisions set forth in the definition of
Consolidated Leverage Ratio.

          “Corporate Trust Office of the Trustee” shall be at the address of the Trustee
specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to
the Holders and the Issuers.

          “Credit Enhancement Agreements” means, collectively, any documents, instruments,
guarantees or agreements entered into by the Company, any of its Restricted Subsidiaries, or any
Securitization Entity for the purpose of providing credit support (that is reasonably customary as
determined by Company senior management) with respect to any Permitted Funding Indebtedness or
Permitted Securitization Indebtedness.

-10-

 

          “Currency Agreement” means, with respect to any specified Person, any foreign exchange
contract, currency swap agreement, futures contracts, options on futures contracts or other similar
agreement or arrangement designed to protect such Person or any its Restricted Subsidiary against
fluctuations in currency values.

          “Custodian” means the Trustee, as custodian with respect to the Notes in global form,
or any successor entity thereto.

          “Default” means an event or condition the occurrence of which is, or with the lapse of
time or the giving of notice or both would be, an Event of Default.

          “Definitive Note” means a certificated Note registered in the name of the Holder
thereof and issued in accordance with Section 2.06(c) hereof, substantially in the form of
Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not
have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

          “Depositary” means, with respect to the Notes issuable or issued in whole or in part
in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the
Notes, and any and all successors thereto appointed as Depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

          “Designated Noncash Consideration” means the Fair Market Value of any noncash
consideration received by the Company or one of its Restricted Subsidiaries in connection with an
Asset Sale that is designated as Designated Noncash Consideration pursuant to an officers’
certificate executed by the principal financial officer of the Company or such Restricted
Subsidiary at the time of such Asset Sale less the amount of Cash Equivalents received in
connection with a subsequent sale of or collection on such Designated Noncash Consideration.

          “Disqualified Capital Stock” means that portion of any Capital Stock that, by its
terms (or by the terms of any security into which it is convertible or for which it is exchangeable
at the option of the holder thereof), or upon the happening of any event (other than an event which
would constitute a Change of Control), matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in
each case, upon the occurrence of a Change of Control) on or prior to the final maturity date of
the Notes.

          “Dollar” or “$” means the lawful money of the United States of America.

          “Domestic Subsidiary” means, with respect to any Person, any Restricted Subsidiary of
such Person other than a Foreign Subsidiary.

          “Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable
for, Capital Stock).

          “Equity Offering” means a sale either (1) of Equity Interests of the Company (other
than Disqualified Capital Stock and other than to a Subsidiary of the Company) by the Company or
(2) of Equity Interests of a direct or indirect parent entity of the Company (other than to the
Company or a

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Subsidiary of the Company) to the extent that the net proceeds therefrom are contributed to
the common equity capital of the Company.

          “Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute or statutes thereto.

          “Excluded Contributions” means net cash proceeds or marketable securities received by
the Company from contributions to its common equity capital designated as Excluded Contributions
pursuant to an officers’ certificate on the date such capital contributions are made.

          “Exchange Notes” means the Notes (including any related Guarantees) issued in the
applicable Exchange Offer pursuant to Section 2.06(f) hereof.

          “Exchange Offer” has the meaning set forth in the applicable Registration Rights
Agreement.

          “Exchange Offer Registration Statement” has the meaning set forth in the applicable
Registration Rights Agreement.

          “Excluded Restricted Subsidiary” means any newly acquired or created Subsidiary of the
Company that is designated as a Restricted Subsidiary but prohibited, in the reasonable judgment of
the Company, from guaranteeing the Notes by any applicable law, regulation or contractual
restriction existing at the time such Subsidiary becomes a Restricted Subsidiary and which, in the
case of any such contractual restriction, in the good faith opinion of the management of the
Company, cannot be removed through commercially reasonable efforts. As of the Issue Date, there are
no Excluded Restricted Subsidiaries.

          “Existing Facilities” means, collectively, the Existing Servicing Advance Facilities,
the Existing Warehouse Facilities and the Existing MSR Facilities.

          “Existing MSR Facilities” means the MSR Notes together with the related documents
thereto (including, without limitation, any security documents), in each case as such agreements
may be amended (including any amendment and restatement thereof), supplemented or otherwise
modified from time to time, including any agreement extending the maturity of, increasing the
interest rate or fees applicable thereto, refinancing, replacing or otherwise restructuring
(including adding Subsidiaries of the Company as additional borrowers or guarantors thereunder) all
or any portion of the Indebtedness under such agreement or any successor or replacement agreement
and whether by the same or any other agent, lender or group of lenders.

          “Existing Servicing Advance Facilities” means: (1) the $375.0 million Agreement with
respect to MBS Loan Buyout Financing Option and the Further Amended and Restated Servicer Advance
Early Reimbursement Mechanics Addendum, dated as of January 13, 2010, by and among the Company and
the lender identified therein, (2) the $350.0 million Third Amended and Restated Note Purchase
Agreement, dated as of December 29, 2009, by and among the Company and the noteholders identified
therein and (3) the MSR Notes, in each case, together with the related documents thereto
(including, without limitation, any security documents), in each case as such agreements may be
amended (including any amendment and

-12-

 

restatement thereof), supplemented or otherwise modified from time to time, including any
agreement extending the maturity of, increasing the interest rate or fees applicable thereto,
refinancing, replacing or otherwise restructuring (including adding Subsidiaries of the Company as
additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such
agreement or any successor or replacement agreement and whether by the same or any other agent,
lender or group of lenders.

          “Existing Warehouse Facilities” mean: (1) the $300.0 million Master Repurchase
Agreement, dated as of January 27, 2010, by and among the Company and the lender identified
therein, (2) the $50.0 million Master Repurchase Agreement, dated as of October 7, 2009, by and
among the Company and the lender identified therein, (3) the $50.0 million Master Repurchase
Agreement, dated as February 24, 2010, by and among the Company and the lender identified therein
and (4) the $50.0 million As Soon As Pooled Plus Agreements, by and among the Company and the
lender identified therein; in each case, together with the related documents thereto (including,
without limitation, any security documents), in each case as such agreements may be amended
(including any amendment and restatement thereof), supplemented or otherwise modified from time to
time, including any agreement extending the maturity of, increasing the interest rate or fees
applicable thereto, refinancing, replacing or otherwise restructuring (including adding
Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of
the Indebtedness under such agreement or any successor or replacement agreement and whether by the
same or any other agent, lender or group of lenders.

          “Fair Market Value” means, with respect to any asset or property, the price which
could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller
and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the
transaction. Fair market value shall be determined by the senior management of the Company or any
Restricted Subsidiary of the Company, as applicable, when the fair market value of any asset other
than cash is estimated in good faith to be below $5.0 million, and by the Board of Directors of the
Company acting reasonably and in good faith and, if the fair market value exceeds $10.0 million,
shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the
Trustee.

          “Foreign Subsidiary” means, with respect to any Person, any Restricted Subsidiary of
such Person that is not organized or existing under the laws of the United States, any state
thereof or the District of Columbia.

          “Foreign Subsidiary Total Assets” means the total assets of the Foreign Subsidiaries
of the Company, as determined in accordance with GAAP in good faith by the Company without
intercompany eliminations.

          “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Financial Accounting Standards Board Accounting Standards Codification or in
such other statements by such other entity as may be approved by a significant segment of the
accounting profession of the United States, which are in effect as of December 31, 2009.

          “Global Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which
is required to be placed on all Global Notes issued under this Indenture.

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          “Global Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto,
issued in accordance with Section 2.01, 2.06(b), 2.06(d) or 2.06(f) hereof.

          “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner including,
without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or
services, to take or pay or to maintain financial statement conditions or otherwise).

          “Guarantor” means each of:

          (1) Nationstar Equity Corporation, Centex Land Vista Ridge Lewisville III General Partner,
LLC, Centex Land Vista Ridge Lewisville III, L.P., Nationstar Industrial Loan Company, Nationstar
Industrial Loan Corporation, Harwood Insurance Services, LLC, Harwood Service Company of Georgia,
LLC, Harwood Service Company of New Jersey, LLC, Harwood Service Company LLC, Homeselect Settlement
Solutions, LLC, Nationstar 2009 Equity Corporation; and

          (2) any other Subsidiary of the Company that executes a Note Guarantee in accordance with the
provisions of this Indenture, and their respective successors and assigns, in each case, until the
Note Guarantee of such Person has been released in accordance with the provisions of this
Indenture; provided that any Excluded Restricted Subsidiary, any Securitization Entities,
any Warehouse Facility Trusts and any MSR Facility Trusts shall not be deemed to be Guarantors.

          “Holder” means the Person in whose name the Note is registered on the Registrar’s
book.

          “Indebtedness” means with respect to any Person, without duplication:

          (1) all Obligations of such Person for borrowed money;

          (2) all Obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments;

          (3) all Capitalized Lease Obligations of such Person;

          (4) all Obligations of such Person issued or assumed as the deferred purchase price of
property, all conditional sale obligations and all Obligations under any title retention agreement
(but excluding trade accounts payable and other accrued liabilities arising in the ordinary course
of business that are not overdue by 90 days or more or are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted);

          (5) all Obligations for the reimbursement of any obligor on any letter of credit, banker’s
acceptance or similar credit transaction;

          (6) guarantees and other contingent obligations in respect of Indebtedness referred to in
clauses (1) through (5) above and clauses (8) or (9) below;

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          (7) Obligations of any other Person of the type referred to in clauses (1) through (6) above
and clause (9) below which are secured by any lien on any property or asset of such Person, the
amount of such Obligation being deemed to be the lesser of the Fair Market Value of such property
or asset and the amount of the Obligation so secured;

          (8) all Obligations under currency agreements and interest swap agreements of such Person;

          (9) all Attributable Debt of such Person; and

          (10) all Disqualified Capital Stock issued by such Person with the amount of Indebtedness
represented by such Disqualified Capital Stock being equal to the greater of its voluntary or
involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued
dividends, if any.

          For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock
which does not have a fixed repurchase price shall be calculated in accordance with the terms of
such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on
which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price
is based upon, or measured by, the Fair Market Value of such Disqualified Capital Stock, such Fair
Market Value shall be determined reasonably and in good faith by the Board of Directors of the
issuer of such Disqualified Capital Stock.

          The amount of any Indebtedness outstanding as of any date shall be:

          (1) the accreted value thereof, in the case of any Indebtedness issued at a discount to par;

          (2) with respect to any Obligations under currency agreements and interest swap agreements,
the net amount payable if such agreements terminated at that time due to default by such Person;

          (3) in respect of Indebtedness of another Person secured by a Lien on the assets of the
specified Person, the lesser of:

     (a) the Fair Market Value of such assets at the date of determination; and

     (b) the amount of the Indebtedness of the other Person; or

          (4) except as provided above, the principal amount or liquidation preference thereof, in the
case of any other Indebtedness.

          “Indenture” means this Indenture, as amended or supplemented from time to time.

          “Indirect Participant” means a Person who holds a beneficial interest in a Global Note
through a Participant.

-15-

 

          “Initial Notes” as defined in the recitals hereto.

          “Initial Purchasers” means Barclays Capital Inc., Banc of America Securities LLC,
Deutsche Bank Securities Inc. and RBS Securities Inc.

          “Initial Registration Rights Agreement” means the Registration Rights Agreement with
respect to the Notes, dated as of the Issue Date, among the Issuers, the Guarantors and the Initial
Purchasers.

          “Interest Payment Date” means April 1 and October 1 of each year to stated maturity.

          “Investment” means, with respect to any Person, any direct or indirect loan or other
extension of credit (including, without limitation, a guarantee), advance or capital contribution
to (by means of any transfer of cash or other property to others or any payment for property or
services for the account or use of others), or any purchase or acquisition by such Person of any
Capital Stock, bonds, notes, debentures or other securities or evidences or Indebtedness issued by,
any Person that are required by GAAP to be classified on the balance sheet (excluding the
footnotes) of such Person in the same manner as the other investments included in this definition
to the extent such transactions involve the transfer of cash or other property. “Investment” shall
exclude (x) accounts receivable, extensions of trade credit or advances by the Company and its
Restricted Subsidiaries on commercially reasonable terms in accordance with the Company’s or its
Restricted Subsidiaries’ normal trade practices, as the case may be, (y) deposits made in the
ordinary course of business and customary deposits into reserve accounts related to Securitizations
and (z) commission, travel and similar advances to officers, directors, managers and employees, in
each case, made in the ordinary course of business.

          “Investment Grade” means a rating of the Notes by both S&P and Moody’s, each such
rating being one of such agency’s four highest generic rating categories that signifies investment
grade (i.e. BBB- (or the equivalent) or higher by S&P and Baa3 (or the equivalent) or higher by
Moody’s); provided that, in each case, such ratings are publicly available;
provided, further, that in the event Moody’s or S&P is no longer in existence for
purposes of determining whether the Notes are rated “Investment Grade,” such organization may be
replaced by a nationally recognized statistical rating organization (as defined in Rule 436 under
the Securities Act) designated by the Company, notice of which shall be given to the Trustee.

          “Investment Grade Securities” means marketable securities of a Person (other than the
Company or its Restricted Subsidiaries, an Affiliate of joint venture of the Company or any
Restricted Subsidiary), acquired by the Company or any of its Restricted Subsidiaries in the
ordinary course of business that are rated, at the time of acquisition, BBB- (or the equivalent) or
higher by S&P and Baa3 (or the equivalent) or higher by Moody’s.

          “Issue Date” means March 26, 2010.

          “Issuer Order” means a written request or order signed on behalf of the Issuers by an
Officer of each of the Issuers and delivered to the Trustee.

          “Legacy Loan Portfolio Sale” means the sale, lease, conveyance or other disposition,
in one or more transactions of all or a portion of the residential mortgage loans subject to the
Note Purchase

-16-

 

Agreement, dated as of October 30, 2009 by and among the Company and the representatives of
the initial purchasers party thereto.

          “Letter of Transmittal” means the letter of transmittal to be prepared by the Issuers
and sent to all Holders of the Notes for use by such Holders in connection with an Exchange Offer.

          “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or
encumbrance of any kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof and any agreement to give any security interest); provided that
in no event shall an operating lease be deemed to constitute a Lien.

          “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation,
and its successors.

          “MSR” means mortgage servicing rights entitling the holder to service mortgage loans.

          “MSR Assets” means MSRs other than (i) MSRs on loans originated by the Company or its
Restricted Subsidiaries for so long as such MSRs are financed in the normal course of the
origination of such loans and (ii) MSRs subject to existing Liens on the Issue Date securing
Existing MSR Facilities.

          “MSR Facility” means any financing arrangement of any kind, including, but not limited
to, financing arrangements in the form of repurchase facilities, loan agreements, note issuance
facilities and commercial paper facilities (excluding in all cases, Securitizations), with a
financial institution or other lender or purchaser exclusively to finance or refinance the
purchase, origination, pooling or funding by the Company or a Restricted Subsidiary of the Company
of MSRs originated, purchased, or owned by the Company or any Restricted Subsidiary of the Company
in the ordinary course of business.

          “MSR Facility Trust” means any Person (whether or not a Restricted Subsidiary of the
Company) established for the purpose of issuing notes or other securities in connection with an MSR
Facility, which (i) notes and securities are backed by specified MSRs purchased by such Person from
the Company or any other Restricted Subsidiary, or (ii) notes and securities are backed by
specified mortgage loans purchased by such Person from the Company or any other Restricted
Subsidiary.

          “MSR Indebtedness” means Indebtedness in connection with a MSR Facility; the amount of
any particular MSR Indebtedness as of any date of determination shall be calculated in accordance
with GAAP.

          “MSR Loans” means loans outstanding under the MSR Notes that are, in accordance with
the terms thereof, secured by the pledge of an MSR.

          “MSR Notes” means the $22.2 million Senior Secured Credit Agreement, dated as of
October 1, 2009, by and among the Company and the lender identified therein.

          “MSR Subsidiary” means any Restricted Subsidiary of the Company that owns MSR Assets
that have a Fair Market Value in excess of $5.0 million.

-17-

 

          “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash
received upon the sale or other disposition of any non-cash consideration received in any Asset
Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal,
accounting and investment banking fees, and sales commissions, and any relocation expenses incurred
as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case,
after taking into account any available tax credits or deductions and any tax sharing arrangements,
distributions to minority interest holders in Restricted Subsidiaries as a result of such Asset
Sale and amounts required to be applied to the repayment of Indebtedness secured by a Lien on the
asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect
of the sale price of such asset or assets established in accordance with GAAP.

          “Non-Recourse Indebtedness” means, with respect to any specified Person, Indebtedness
that is:

          (1) specifically advanced to finance the acquisition of investment assets and secured only by
the assets to which such Indebtedness relates without recourse to such Person or any of its
Restricted Subsidiaries (other than subject to such customary carve-out matters for which such
Person or its Restricted Subsidiaries acts as a guarantor in connection with such Indebtedness,
such as fraud, misappropriation, breach of representation and warranty and misapplication, unless,
until and for so long as a claim for payment or performance has been made thereunder (which has not
been satisfied) at which time the obligations with respect to any such customary carve-out shall
not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such
Person for GAAP purposes);

          (2) advanced to (i) such Person or its Restricted Subsidiaries that holds investment assets or
(ii) any of such Person’s Subsidiaries or group of such Person’s Subsidiaries formed for the sole
purpose of acquiring or holding investment assets, in each case, against which a loan is obtained
that is made without recourse to, and with no cross-collateralization against, such Person’s or any
of such Person’s Restricted Subsidiaries’ other assets (other than: (A) cross-collateralization
against assets which serve as collateral for other Non-Recourse Indebtedness; and (B) subject to
such customary carve-out matters for which such Person or its Restricted Subsidiaries acts as a
guarantor in connection with such Indebtedness, such as fraud, misappropriation, breach of
representation and warranty and misapplication, unless, until and for so long as a claim for
payment or performance has been made thereunder (which has not been satisfied) at which time the
obligations with respect to any such customary carve-out shall not be considered Non-Recourse
Indebtedness, to the extent that such claim is a liability of such Person for GAAP purposes) and
upon complete or partial liquidation of which the loan must be correspondingly completely or
partially repaid, as the case may be; or

          (3) specifically advanced to finance the acquisition of real property and secured by only the
real property to which such Indebtedness relates without recourse to such Person or any of its
Restricted Subsidiaries (other than subject to such customary carve-out matters for which such
Person or any of its Restricted Subsidiaries acts as a guarantor in connection with such
Indebtedness, such as fraud, misappropriation, breach of representation and warranty and
misapplication, unless, until and for so long as a claim for payment or performance has been made
thereunder (which has not been satisfied) at which time the obligations with respect to any such
customary carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such
claim is a liability of such Person for GAAP purposes);

-18-

 

provided that, notwithstanding the foregoing, to the extent that any Non-Recourse
Indebtedness is made with recourse to other assets of a Person or its Restricted Subsidiaries, only
that portion of such Non-Recourse Indebtedness that is recourse to such other assets or Restricted
Subsidiaries shall be deemed not to be Non-Recourse Indebtedness.

          “Non-U.S. Person” means a Person who is not a U.S. Person.

          “Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations
under this Indenture and the Notes, executed pursuant to the provisions of this Indenture.

          “Notes” means the Initial Notes and more particularly means any Note authenticated and
delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall also
include any Additional Notes that may be issued under a supplemental indenture. For purposes of
this Indenture, all references to Notes to be issued or authenticated upon transfer, replacement or
exchange shall be deemed to refer to Notes of the applicable series.

          “Obligations” means all obligations for principal, premium, interest, penalties, fees,
indemnification, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

          “OID Legend” means the legend set for in Section 2.06(g)(iv) hereof to be placed on
each Note issued hereunder that has more than a de minimis amount of original issue discount for
U.S. federal income tax purposes.

          “Offering Memorandum” means the offering memorandum dated March 23, 2010, relating to
the sale of the Initial Notes.

          “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief
Financial Officer, the President, any Executive Vice President, Senior Vice President or Vice
President, of each Issuer, or, in the event that an Issuer has no such officers, a person duly
authorized under applicable law by the managers, members or a similar body to act on behalf of such
Issuer. A reference to an “Officer” of a Guarantor has a correlative meaning.

          “Officers’ Certificate” means a certificate signed by on behalf of a Person by two
Officers of such Person.

          “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to
the Trustee. The counsel may be an employee of or counsel to the Issuers.

          “Pari Passu Debt” means Indebtedness of the Company or a Restricted Subsidiary that is
senior or pari passu in right of payment with the Notes. For the purposes of this definition, no
Indebtedness will be considered to be senior or junior by virtue of being secured on a first or
junior priority basis.

          “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a
Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with
respect to DTC, shall include Euroclear and Clearstream).

-19-

 

          “Participating Broker-Dealer” has the meaning set forth in the applicable Registration
Rights Agreement.

          “Permitted Business” means businesses associated with the purchase and origination of
mortgage loans or interests related thereto, and the purchase, management, collection and sale of
mortgage servicing rights or complementary assets and businesses that are reasonably related,
ancillary or complementary thereto or reasonable developments or extensions thereof.

          “Permitted Funding Indebtedness” means (i) any Permitted Servicing Advance Facility
Indebtedness, (ii) any Permitted Warehouse Indebtedness, (iii) any Permitted Residual Indebtedness,
(iv) any Permitted MSR Indebtedness, (v) any facility that combines any Indebtedness under clauses
(i), (ii), (iii) or (iv) and (vi) any Refinancing of the Indebtedness under clauses (i), (ii),
(iii), (iv) or (v) and advanced to the Company or any of its Restricted Subsidiaries based upon,
and secured by, Servicing Advances, mortgage related securities, loans, MSRs, consumer receivables,
REO Assets or Residual Interests existing on the Issue Date or created or acquired thereafter,
provided, however that the excess (determined as of the most recent date for which internal
financial statements are available), if any, of (x) the amount of any Indebtedness incurred in
accordance with this clause (vi) for which the holder thereof has contractual recourse to the
Company or its Restricted Subsidiaries to satisfy claims with respect thereto over (y) the
aggregate (without duplication of amounts) Realizable Value of the assets that secure such
Indebtedness shall not be Permitted Funding Indebtedness (but shall not be deemed to be a new
incurrence of Indebtedness subject to the provisions under Section 4.09 hereof, except with respect
to, and solely to the extent of, any such excess that exists upon the initial incurrence of such
Indebtedness incurred under this clause (vi) which excess shall be entitled to be incurred pursuant
to any other provision under Section 4.09 hereof. The amount of any Permitted Funding Indebtedness
shall be determined in accordance with the definition of “Indebtedness.”

          “Permitted Hedging Transactions” means entering into instruments and contracts and
making margin calls thereon by the Company or any of its Restricted Subsidiaries in reasonable
relation to a Permitted Business that are entered into for bona fide hedging purposes and not for
speculative purposes (as determined in good faith by the Board of Directors or senior management of
the Company or such Restricted Subsidiary) and shall include, without limitation, interest rate
swaps, caps, floors, collars, forward hedge and TBA contracts or mortgage sale contracts and
similar instruments, “interest only” mortgage derivative assets or other mortgage derivative
products, future contracts and options on futures contracts on the Eurodollar, Federal Funds,
Treasury bills and Treasury rates and similar financial instruments.

          “Permitted Holders” means Sponsor and its Affiliates and members of management of the
Company and its Subsidiaries.

          “Permitted Indebtedness” means, without duplication, each of the following:

          (1) Indebtedness under the Notes issued in this offering and Exchange Notes issued in exchange
for such Notes pursuant to the Initial Registration Rights Agreement and Exchange Notes issued in
exchange for any Additional Notes issued under this Indenture and the Note Guarantees;

          (2) Indebtedness incurred pursuant to the Existing Facilities in an aggregate principal amount
at any time outstanding not to exceed the maximum amount available under each Existing

-20-

 

Facility as in effect on the Issue Date reduced by any required permanent repayments (which
are accompanied by a corresponding permanent commitment reduction) thereunder;

          (3) Indebtedness of the Company or any Guarantor under the Working Capital Facility in an
aggregate principal amount at any one time outstanding (with letters of credit being deemed to have
a principal amount equal to the maximum potential liability of the Company and its Restricted
Subsidiaries thereunder) in an amount not to exceed $35.0 million;

          (4) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue
Date (other than Indebtedness described in clauses (1) and (2) above);

          (5) Permitted Hedging Transactions;

          (6) Indebtedness under Currency Agreements; provided that in the case of Currency
Agreements which relate to Indebtedness, such Currency Agreements do not increase the Indebtedness
of the Company and its Subsidiaries outstanding other than as a result of fluctuations in foreign
currency exchange rates or by reason of fees, indemnities and compensation payable thereunder;

          (7) Indebtedness owed to and held by the Company or a Restricted Subsidiary, provided,
however, that (a) any subsequent issuance or transfer of any Capital Stock which results in any
such Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Company or any transfer of
such Indebtedness (other than to the Company or a Restricted Subsidiary of the Company) shall be
deemed, in each case, to constitute the incurrence of such Indebtedness by the obligor thereon and
(b) if the Company is the obligor on such Indebtedness, such Indebtedness is expressly subordinated
to the prior payment in full in cash of all obligations with respect to the Notes;

          (8) Indebtedness of the Company or any Guarantor to a Restricted Subsidiary of the Company for
so long as such Indebtedness is held by a Wholly Owned Restricted Subsidiary of the Company, in
each case subject to no Lien; provided that: (a) any Indebtedness of the Company or any
Guarantor to any Restricted Subsidiary of the Company that is not a Guarantor is unsecured and
subordinated in right of payment, pursuant to a written agreement, to the Company’s obligations
under this Indenture and the Notes; and (b) if as of any date any Person other than a Restricted
Subsidiary of the Company owns or holds, directly or indirectly, any such Indebtedness or any
Person holds a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of
Indebtedness not constituting Permitted Indebtedness by the Company;

          (9) [reserved];

          (10) Indebtedness of the Company or any of its Subsidiaries represented by letters of credit
for the account of the Company or such Subsidiary, as the case may be, in order to provide security
for workers’ compensation claims, payment obligations in connection with self-insurance or similar
requirements in the ordinary course of business;

          (11) Permitted Funding Indebtedness;

          (12) Permitted Securitization Indebtedness and Indebtedness under Credit Enhancement
Agreements;

-21-

 

          (13) Refinancing Indebtedness;

          (14) (A) any guarantee by the Company or a Guarantor of Indebtedness or other obligations of
any Restricted Subsidiary of the Company (other than Non-Recourse Indebtedness) so long as the
incurrence of such Indebtedness incurred by such Restricted Subsidiary of the Company is permitted
under the terms of this Indenture, or (B) any guarantee by a Restricted Subsidiary of Indebtedness
of the Company (other than Non-Recourse Indebtedness); provided that such guarantee is
incurred in accordance with Section 4.15 hereof;

          (15) Non-Recourse Indebtedness;

          (16) Indebtedness incurred by the Company or any of the Guarantors in connection with the
acquisition of a Permitted Business; provided that on the date of the incurrence of such
Indebtedness, after giving effect to the incurrence thereof and the use of proceeds therefrom,
either

     (a) the Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to Section 4.09(b) hereof, or

     (b) the Consolidated Leverage Ratio and the Corporate Indebtedness to Tangible
Net Worth Ratio of the Company would not be more than the Consolidated Leverage
Ratio and the Corporate Indebtedness to Tangible Net Worth Ratio of the Company, as
applicable, immediately prior to the incurrence of such Indebtedness;

          (17) Indebtedness (including Capitalized Lease Obligations) incurred to finance the
development, construction, purchase, lease, repairs, maintenance or improvement of assets
(including MSRs and related Servicing Advances) by the Company or any Restricted Subsidiary,
provided that the Liens securing such Indebtedness may not extend to any other property owned by
the Company or any of its Restricted Subsidiaries at the time the Lien is incurred and the
Indebtedness secured by the Lien may not be incurred more than 180 days after the latter of the
acquisition or completion of the construction of the property subject to the Lien, provided,
further that the amount of such Indebtedness does not exceed the Fair Market Value of the assets
purchased or constructed with the proceeds of such Indebtedness;

          (18) Indebtedness arising from agreements of the Company or any of its Restricted Subsidiaries
providing for indemnification, adjustment of purchase price, earnouts or similar obligations, in
each case, incurred or assumed in connection with the disposition of any business, assets or a
Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any
portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;
provided that such Indebtedness is not reflected on the balance sheet of the Company or any
Restricted Subsidiary of the Company (contingent obligations referred to in a footnote to financial
statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on
such balance sheet for purposes of this clause (18));

          (19) Indebtedness consisting of Indebtedness from the repurchase, retirement or other
acquisition or retirement for value by the Company of Common Stock (or options, warrants or other
rights to acquire Common Stock) of the Company (or payments to any direct or indirect parent
company of the Company to permit distributions to repurchase common equity (or options, warrants or
other rights to acquire common equity) thereof) from any future, current or former officer,
director, manager or

-22-

 

employee (or any spouses, successors, executors, administrators, heirs or legatees of any of
the foregoing) of the Company, any direct or indirect parent company of the Company, or any of its
Subsidiaries or their authorized representatives to the extent described in clause (4) of Section
4.07(b) hereof;

          (20) Indebtedness in respect of overdraft protections and otherwise in connection with
customary deposit accounts maintained by the Company or any Restricted Subsidiary with banks and
other financial institutions as part of its ordinary cash management program;

          (21) the incurrence of Indebtedness by a Foreign Subsidiary in an amount not to exceed at any
one time outstanding, together with any other Indebtedness incurred under this clause (21), 5.0% of
Foreign Subsidiary Total Assets;

          (22) shares of Preferred Stock of a Restricted Subsidiary of the Company issued to the Company
or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such share of Preferred Stock (except
to the Company or another Restricted Subsidiary) shall be deemed in each case to be an issuance of
such shares or Preferred Stock not permitted by this clause (22);

          (23) Indebtedness of the Company and its Restricted Subsidiary consisting of the financing of
insurance premiums in the ordinary course of business;

          (24) Obligations in respect of performance, bid, surety bonds and completion guarantees
provided by the Company and its Restricted Subsidiaries in the ordinary course of business;

          (25) [reserved];

          (26) to the extent otherwise constituting Indebtedness, obligations arising from agreements
providing for indemnification, adjustment of purchase price or similar obligations, in each case,
incurred or assumed in connection with the disposition of Residual Interests or other loans and
other mortgage-related receivables purchased or originated by the Company or any of its Restricted
Subsidiaries arising in the ordinary course of business;

          (27) Guarantees by the Company and its Restricted Subsidiaries of Indebtedness that is
otherwise Permitted Indebtedness;

          (28) Indebtedness or Disqualified Capital Stock of the Company and Indebtedness, Disqualified
Capital Stock or Preferred Stock of any of the Company’s Restricted Subsidiaries in an aggregate
principal amount or liquidation preference up to 100.0% of the net cash proceeds received by the
Company since immediately after the Issue Date from the issue or sale of Equity Interests of the
Company or cash contributed to the capital of the Company (in each case, other than proceeds of
Disqualified Capital Stock or sales of Equity Interests to the Company or any of its Subsidiaries)
to the extent that such net cash proceeds or cash have not been applied to Section 4.07 hereof;
provided, however, that the aggregate amount of Indebtedness, Disqualified Stock
and Preferred Stock incurred by Restricted Subsidiaries (other than Guarantors) pursuant to this
clause (28) may not exceed $15.0 million in the aggregate at any one time outstanding;

-23-

 

          (29) Indebtedness arising out of or to fund purchases of all remaining outstanding
asset-backed securities of any Securitization Entity for the purpose of relieving the Company or a
Subsidiary of the Company of the administrative expense of servicing such Securitization Entity;

          (30) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary incurred
to finance or assumed in connection with an acquisition in a principal amount not to exceed $10.0
million in the aggregate at any one time outstanding together with all other Indebtedness,
Disqualified Stock and/or Preferred Stock issued under this clause (30);

          (31) Guarantees by the Company and the Restricted Subsidiaries of the Company to owners of
servicing rights in the ordinary course of business; and

          (32) additional Indebtedness of the Company and its Subsidiaries in an aggregate principal
amount not to exceed $12.5 million at any one time outstanding.

          For purposes of determining compliance with Section 4.09 hereof, in the event that an item of
Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness
described in clauses (1) through (32) above or is entitled to be incurred pursuant to the second
paragraph of such covenant, the Company shall, in its sole discretion, classify (or later
reclassify) such item of Indebtedness in any manner that complies with this covenant. Accrual of
interest, accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, and the payment of
dividends on Disqualified Capital Stock in the form of additional shares of the same class of
Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness or an issuance of
Disqualified Capital Stock for purposes of Section 4.09 hereof.

          “Permitted Investments” means:

          (1) any Investment in the Company or in a Restricted Subsidiary;

          (2) any Investment in cash or Cash Equivalents;

          (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if
as a result of such Investment (i) such Person becomes a Restricted Subsidiary of the Company that
is engaged in a Permitted Business or (ii) such Person is merged, consolidated or amalgamated with
or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the
Company or a Restricted Subsidiary of the Company;

          (4) Investments by the Company or any Restricted Subsidiary in Securitization Entities,
Warehouse Facility Trusts, MSR Facility Trusts, Investments in mortgage related securities or
charge-off receivables in the ordinary course of business;

          (5) Investments arising out of purchases of all remaining outstanding asset-backed securities
of any Securitization Entity for the purpose of relieving the Company or a Subsidiary of the
Company of the administrative expense of servicing such Securitization Entity;

          (6) Investments in MSRs;

-24-

 

          (7) Investments in Residual Interests in connection with any Securitization, Warehouse
Facility or MSR Facility;

          (8) Investments by the Company or any Restricted Subsidiary in the form of loans extended to
non-Affiliate borrowers in connection with any loan origination business of the Company or such
Restricted Subsidiary in the ordinary course of business;

          (9) any Restricted Investment made as a result of the receipt of securities or other assets of
non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section
4.10 hereof, or any other disposition of assets not constituting an Asset Sale;

          (10) Investments made solely in exchange for the issuance of Equity Interests (other than
Disqualified Capital Stock) of the Company, or any of its direct or indirect parent entities, or
any Unrestricted Subsidiary;

          (11) any Investments received in compromise or resolution of (A) obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Company or any
of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation,
arbitration or other disputes with Persons who are not Affiliates;

          (12) Investments in connection with Permitted Hedging Transactions;

          (13) repurchases of the Notes;

          (14) Investments in and making of Servicing Advances, residential or commercial mortgage loans
and Securitization Assets (whether or not made in conjunction with the acquisition of MSRs);

          (15) guarantees of Indebtedness permitted under the covenant described in Section 4.09 hereof;

          (16) any transaction to the extent it constitutes an investment that is permitted and made in
accordance with the provisions of Section 4.11(c) (except transactions described in clauses (6) and
(9) of Section 4.11(c));

          (17) Investments consisting of purchases and acquisitions of inventory, supplies, material or
equipment or the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons;

          (18) endorsements for collection or deposit in the ordinary course of business;

          (19) any Investment existing on the Issue Date or made pursuant to binding commitments in
effect on the Issue Date or an Investment consisting of any extension, modification or renewal of
any Investment existing on the Issue Date; provided that the amount of any such Investment
may only be increased pursuant to this clause (19) to the extent required by the terms of such
Investment as in existence on the Issue Date;

-25-

 

          (20) any Investment by the Company or any Restricted Subsidiary of the Company in any Person
where such Investment was acquired by the Company or any Restricted Subsidiary of the
Company (a) in exchange for any other Investment or accounts receivable held by the Company or
any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or accounts receivable or
(b) as a result of a foreclosure by the Company or any Restricted Subsidiary of the Company with
respect to any secured Investment or other transfer of title with respect to any secured Investment
in default;

          (21) any Investment by the Company or any Restricted Subsidiary of the Company in a joint
venture not to exceed the greater of (x) $5.0 million and (y) 1.0% of Total Assets; and

          (22) other Investments having an aggregate Fair Market Value, taken together with all other
Investments made pursuant to this clause (22) that are at that time outstanding (without giving
effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not
consist of cash and/or marketable securities), not to exceed the greater of (x) $30.0 million and
(y) 1.0% of Total Assets at the time of such Investment (with the Fair Market Value of each
Investment being measured at the time made and without giving effect to subsequent changes in
value).

          “Permitted Liens” means the following types of Liens:

          (1) Liens for taxes, assessments or governmental charges or claims either: (a) not delinquent
for a period of more than 30 days; or (b) contested in good faith by appropriate proceedings and as
to which the Company or its Subsidiaries shall have set aside on its books such reserves as may be
required pursuant to GAAP;

          (2) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers,
materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business
for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate
provision, if any, as shall be required by GAAP shall have been made in respect thereof;

          (3) Liens incurred or deposits made in the ordinary course of business in connection with
workers’ compensation laws, unemployment insurance laws or similar legislation and other types of
social security or obtaining of insurance, including any Lien securing letters of credit issued in
the ordinary course of business consistent with past practice in connection therewith, or to secure
the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases,
government contracts, performance and return-of-money bonds and other similar obligations
(exclusive of obligations for the payment of borrowed money);

          (4) Liens existing on the Issue Date;

          (5) Liens on assets, property or shares of stock of a Person at the time such Person becomes a
Restricted Subsidiary; provided, however, that such Liens are not created or
incurred in connection with, or in contemplation of, such other Person becoming such a Restricted
Subsidiary; provided, further, however, that such Liens may not extend to
any other property owned by the Company or any Restricted Subsidiary;

-26-

 

          (6) Liens on assets or property at the time the Company or a Restricted Subsidiary acquired
the assets or property or within 360 days of such acquisition, including any acquisition by means
of a merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary;
provided that the Liens may not extend to any other property owned by the Company or
any Restricted Subsidiary (other than assets and property affixed or appurtenant thereto);
provided, further that the aggregate amount of obligations secured thereby does not
exceed $15.0 million at any time outstanding and no such Lien may secure obligations in an amount
that exceeds the Fair Market Value of the assets or property acquired as of the date of
acquisition;

          (7) Liens securing Indebtedness or other obligations of a Restricted Subsidiary of the Company
owing to the Company or another Restricted Subsidiary of the Company;

          (8) leases, subleases, licenses or sublicenses granted to others which do not materially
interfere with the ordinary conduct of the business of the Company or any of its Restricted
Subsidiaries;

          (9) Liens arising from Uniform Commercial Code financing statement filings regarding operating
leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of
business;

          (10) Liens securing Indebtedness permitted to be incurred under the Working Capital Facility,
including any letter of credit facility relating thereto, that was permitted to be Incurred
pursuant to clause (3) of the definition of Permitted Indebtedness;

          (11) Liens in favor of the Issuers or any Guarantor;

          (12) Liens on the Equity Interests of any Unrestricted Subsidiary securing Non-Recourse
Indebtedness of such Unrestricted Subsidiary;

          (13) grants of software and other technology licenses in the ordinary course of business;

          (14) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part,
of any Indebtedness secured by any Lien referred to in clauses (4), (5), (6) (28) and (34) of this
definition; provided, however, that (x) such new Lien shall be limited to all or
part of the same property that secured the original Lien (plus improvements on such property), and
(y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than
the sum of (A) the outstanding principal amount or, if greater, committed amount of the
Indebtedness described under clauses (4), (5), (6) (28) and (34) of this definition at the time the
original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any
fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal
or replacement;

          (15) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale or purchase of goods entered into in the ordinary course of business;

-27-

 

          (16) Liens incurred to secure cash management services or to implement cash pooling
arrangements in the ordinary course of business and Liens arising by virtue of any statutory or
common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies
as to deposit accounts or other funds maintained with a depository or financial institution;

          (17) any encumbrance or restriction (including put and call arrangements) with respect to
Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar
agreement;

          (18) any amounts held by a trustee in the funds and accounts under an indenture securing any
revenue bonds issued for the benefit of the Issuers or any Restricted Subsidiary;

          (19) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately
bonded and any appropriate legal proceedings which may have been duly initiated for the review of
such judgment shall not have been finally terminated or the period within which such proceedings
may be initiated shall not have expired;

          (20) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of
other for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other
similar purposes or zoning or other restrictions as to the use of real property or Liens incidental
to the conduct of the Permitted Business of the Company and its Subsidiaries and other similar
charges or encumbrances in respect of real property not interfering, in the aggregate, in any
material respect with the ordinary conduct of the business of the Company or any of its
Subsidiaries;

          (21) any interest or title of a lessor under any Capitalized Lease Obligation;
provided that such Liens do not extend to any property or assets which is not leased
property subject to such Capitalized Lease Obligation;

          (22) Liens upon specific items of inventory or other goods and proceeds of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

          (23) Liens securing reimbursement obligations with respect to commercial letters of credit
which encumber documents and other property relating to such letters of credit and products and
proceeds thereof;

          (24) Liens encumbering deposits made to secure obligations arising from statutory, regulatory,
contractual, or warranty requirements of the Company or any of its Subsidiaries, including rights
of offset and set-off;

          (25) Liens securing Permitted Hedging Transactions and the costs thereof;

          (26) Liens securing Indebtedness under Currency Agreements;

          (27) Liens with respect to obligations at any one time outstanding that do not exceed the
greater of (x) $25.0 million and (y) 1.0% of Total Assets;

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          (28) Liens securing Indebtedness incurred to finance the construction or purchase of assets
(excluding MSR Assets) by the Company or any of its Restricted Subsidiaries (including any
acquisition of Capital Stock or by means of a merger, amalgamation or consolidation with or into
the Company or any Restricted Subsidiary), provided that any such Lien may not extend to any other
property owned by the Company or any of its Restricted Subsidiaries at the time the Lien is
incurred and
the Indebtedness secured by the Lien may not be incurred more than 180 days after the
acquisition or completion of the construction of the property subject to the Lien, provided further
that the amount of Indebtedness secured by such Liens does not exceed the purchase price of the
assets purchased or constructed with the proceeds of such Indebtedness;

          (29) Liens on Securitization Assets and the proceeds thereof incurred in connection with
Permitted Securitization Indebtedness or permitted guarantees thereof;

          (30) Liens on spread accounts and credit enhancement assets, Liens on the stock of Restricted
Subsidiaries of the Company substantially all of which are spread accounts and credit enhancement
assets and Liens on interests in Securitization Entities, in each case incurred in connection with
Credit Enhancement Agreements;

          (31) Liens to secure Indebtedness of any Foreign Subsidiary of the Company or Excluded
Restricted Subsidiary securing Indebtedness of such Foreign Subsidiary of the Company or any
Excluded Restricted Subsidiary that is permitted by the terms of this Indenture to be incurred;

          (32) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial
Code, or any comparable or successor provision, on items in the course of collection and (ii) in
favor of banking institutions arising as a matter of law encumbering deposits (including the right
of set-off) and which are within the general parameters customary in the banking industry;

          (33) Liens solely on any cash earnest money deposits made by the Issuers or any of their
Restricted Subsidiaries in connection with any letter of intent or purchase agreement; and

          (34) Liens securing Indebtedness incurred to finance the purchase of MSR Assets (“Acquired
MSR Assets”) by the Company or any of its Restricted Subsidiaries (including any acquisition of
Capital Stock or by means of a merger, amalgamation or consolidation with or into the Company or
any Restricted Subsidiary), provided that (x) any such Lien may not extend to any other property
owned by the Company or any of its Restricted Subsidiaries at the time the Lien is incurred and the
Indebtedness secured by the Lien may not be incurred more than 180 days after the acquisition of
the property subject to the Lien and (y) the aggregate amount of Indebtedness secured by the
Acquired MSR Assets in such purchase does not exceed the greater of $50.0 million and 35.0% of the
purchase price of such Acquired MSR Assets less the amount necessary to pay any fees and expenses
related to such acquisition (the purchase price of the Acquired MSR Assets shall be determined by
the terms of the contract governing such purchase or, if not specified in such contract, management
in good faith).

          “Permitted MSR Indebtedness” means MSR Indebtedness; provided, that the excess
(determined as of the most recent date for which internal financial statements are available), if
any, of (x) the amount of any such MSR Indebtedness for which the holder thereof has contractual
recourse to the Company or its Restricted Subsidiaries to satisfy claims with respect to such MSR
Indebtedness (excluding recourse for matters such as fraud, misappropriation, breaches of
representations and

-29-

 

warranties and misapplication) over (y) the aggregate (without duplication of
amounts) Realizable Value of the assets that secure such MSR Indebtedness shall not be Permitted
MSR Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to the
provisions in Section 4.09 hereof, except with respect to, and solely to the extent of, any such
excess that exists upon the initial incurrence of such Indebtedness which excess shall be entitled
to be incurred pursuant to any other provisions under Section 4.09
hereof). The amount of any particular Permitted MSR Indebtedness as of any date of
determination shall be calculated in accordance with GAAP.

          “Permitted Residual Indebtedness” means any Indebtedness of the Company or any of its
Restricted Subsidiaries under a Residual Funding Facility; provided that the excess
(determined as of the most recent date for which internal financial statements are available), if
any of (x) the amount of any such Permitted Residual Indebtedness for which the holder thereof has
contractual recourse to the Company or its Restricted Subsidiaries to satisfy claims with respect
to such Permitted Residual Indebtedness (not including customary contractual recourse for breaches
of representations and warranties) over (y) the aggregate (without duplication of amounts)
Realizable Value of the assets that secure such Permitted Residual Indebtedness shall be deemed not
to be Permitted Residual Indebtedness (but shall not be deemed to be a new incurrence of
Indebtedness subject to the provisions under Section 4.09 hereof except with respect to, and solely
to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness
which excess shall be entitled to be incurred pursuant to any other provisions under Section 4.09
hereof) of the Company or such Restricted Subsidiary, as the case may be, at such time.

          “Permitted Securitization Indebtedness” means Securitization Indebtedness;
provided that (i) in connection with any Securitization, any Warehouse Indebtedness or MSR
Indebtedness used to finance the purchase, origination or pooling of any Receivables subject to
such Securitization is repaid in connection with such Securitization to the extent of the net
proceeds received by the Company and its Restricted Subsidiaries from the applicable Securitization
Entity, and (ii) the excess (determined as of the most recent date for which internal financial
statements are available), if any, of (x) the amount of any such Securitization Indebtedness for
which the holder thereof has contractual recourse to the Company or its Restricted Subsidiaries to
satisfy claims with respect to such Securitization Indebtedness (excluding recourse for matters
such as fraud, misappropriation, breaches of representations and warranties and misapplication)
over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure
such Securitization Indebtedness shall not be Permitted Securitization Indebtedness (but shall not
be deemed to be a new incurrence of Indebtedness subject to the provisions under Section 4.09
hereof except with respect to, and solely to the extent of, any such excess that exists upon the
initial incurrence of such Indebtedness which excess shall be entitled to be incurred pursuant to
any other provisions under Section 4.09 hereof.

          “Permitted Servicing Advance Facility Indebtedness” means any Indebtedness of the
Company or any of its Restricted Subsidiaries incurred under a Servicing Advance Facility;
provided, however that the excess (determined as of the most recent date for which
internal financial statements are available), if any of (x) the amount of any such Permitted
Servicing Advance Facility Indebtedness for which the holder thereof has contractual recourse
(other than subject to such customary carve-out matters for which such Person or its Restricted
Subsidiaries acts as a guarantor in connection with such Indebtedness, such as fraud,
misappropriation, breaches of representations or warranties and misapplication, unless, until and
for so long as a claim for payment or performance has been made thereunder (which has not been
satisfied) at which time the obligations with respect to any such

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customary carve-out shall not be
considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person
for GAAP purposes) to the Company or its Restricted Subsidiaries to satisfy claims with respect to
such Permitted Servicing Advance Facility Indebtedness over (y) the aggregate (without duplication
of amounts) Realizable Value of the assets that secure such Permitted Servicing Advance Facility
Indebtedness shall not be Permitted Servicing Advance Facility Indebtedness (but shall
not be deemed to be a new incurrence of Indebtedness subject to the provisions under Section
4.09 hereof except with respect to, and solely to the extent of, any such excess that exists upon
the initial incurrence of such Indebtedness under a Servicing Advance Facility which excess shall
be entitled to be incurred pursuant to any other provisions under Section 4.09 hereof of the
Company or such Restricted Subsidiary, as the case may be, at such time.

          “Permitted Warehouse Indebtedness” means Warehouse Indebtedness; provided,
that the excess (determined as of the most recent date for which internal financial statements are
available), if any, of (x) the amount of any such Warehouse Indebtedness for which the holder
thereof has contractual recourse to the Company or its Restricted Subsidiaries to satisfy claims
with respect to such Warehouse Indebtedness (excluding recourse for matters such as fraud,
misappropriation, breaches of representations and warranties and misapplication) over (y) the
aggregate (without duplication of amounts) Realizable Value of the assets that secure such
Warehouse Indebtedness shall not be Permitted Warehouse Indebtedness (but shall not be deemed to be
a new incurrence of Indebtedness subject to the provisions under Section 4.09 hereof except with
respect to, and solely to the extent of, any such excess that exists upon the initial incurrence of
such Indebtedness which excess shall be entitled to be incurred pursuant to any other provisions
under Section 4.09 hereof). The amount of any particular Permitted Warehouse Indebtedness as of any
date of determination shall be calculated in accordance with GAAP.

          “Person” means an individual, partnership, corporation, unincorporated organization,
trust or joint venture, or a governmental agency or political subdivision thereof.

          “Private Placement Legend” means the legend set forth in Section 2.06(g)(i) hereof to
be placed on all Notes issued under this Indenture, except where otherwise permitted by the
provisions of this Indenture.

          “Preferred Stock” of any Person means any Capital Stock of such Person that has
preferential rights to any other Capital Stock of such Person with respect to dividends or
redemptions or upon liquidation.

          “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

          “Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital
Stock.

          “Rating Agencies” means Moody’s and S&P.

          “Realizable Value” of an asset means (i) with respect to any REO Asset, the value
realizable upon the disposition of such asset as determined by the Company in its reasonable
discretion and consistent with customary industry practice and (ii) with respect to any other
asset, the lesser of (x) if applicable, the face value of such asset and (y) the market value of
such asset as determined by the Company in accordance with the agreement governing the applicable
Permitted Servicing Advance Facility Indebtedness, Permitted Warehouse Indebtedness, Permitted MSR
Indebtedness or Permitted

-31-

 

Residual Indebtedness, as the case may be, (or, if such agreement does
not contain any related provision, as determined by senior management of the Company in good
faith); provided, however, that the realizable value of any asset described in
clause (i) or (ii) above which an unaffiliated third party has a binding contractual commitment to
purchase from the Company or any of its Restricted Subsidiaries shall
be the minimum price payable to the Company or such Restricted Subsidiary for such asset
pursuant to such contractual commitment.

          “Receivables” means loans and other mortgage-related receivables (including Servicing
Receivables and MSRs but excluding Residual Interests and net interest margin securities) purchased
or originated by the Company or any Restricted Subsidiary of the Company or, with respect to
Servicing Receivables and MSRs, otherwise arising in the ordinary course of business;
provided, however, that for purposes of determining the amount of a Receivable at
any time, such amount shall be determined in accordance with GAAP, consistently applied, as of the
most recent practicable date.

          “Record Date” for the interest or Additional Interest, if any, payable on any
applicable Interest Payment Date means March 15 or September 15 (whether or not a Business Day)
next preceding such Interest Payment Date.

          “Refinance” means, in respect of any security or Indebtedness, to refinance, extend,
renew, refund, repay, prepay, redeem, defease or retire, or to issue a security or Indebtedness in
exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and
“Refinancing” shall have correlative meanings.

          “Refinancing Indebtedness” means any Refinancing by the Company or any Subsidiary of
the Company of Indebtedness incurred in accordance with clauses (1), (4), (13), (16), (17), (28) or
(29) of the definition of Permitted Indebtedness, and in each case that does not:

          (1) result in an increase in the aggregate principal amount of Indebtedness of such Person as
of the date of such proposed Refinancing (plus the amount of any premium required to be paid under
the terms of the instrument governing such Indebtedness and plus the amount of reasonable expenses
incurred by the Company in connection with such Refinancing and amounts of Indebtedness otherwise
permitted to be incurred under this Indenture); or

          (2) create Indebtedness with a Weighted Average Life to Maturity that is less than the
Weighted Average Life to Maturity of the Indebtedness being Refinanced; or a final maturity earlier
than the final maturity of the Indebtedness being Refinanced; provided that (i) such
Indebtedness is incurred either (a) by the Company or any Guarantor or (b) by the Restricted
Subsidiary that is the obligor on the Indebtedness being Refinanced and (ii) if such Indebtedness
being Refinanced is subordinate or junior to the Notes, then such Refinancing Indebtedness shall be
subordinate to the Notes at least to the same extent and in the same manner as the Indebtedness
being Refinanced.

          “Registration Rights Agreement” means (a) the Initial Registration Rights Agreement,
or (b) any future registration rights agreement entered into by the Issuers relating to Additional
Notes, in the case of each of clauses (a) and (b), as such agreement may be amended, modified or
supplemented from time to time.

          “Regulation S” means Regulation S promulgated under the Securities Act.

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          “Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S
Permanent Global Note, as applicable.

          “Regulation S Permanent Global Note” means a permanent Global Note in the form of
Exhibit A hereto, bearing the Global Note Legend and, if applicable, the OID Legend and
deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued
in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global
Note upon expiration of the Restricted Period.

          “Regulation S Temporary Global Note” means a temporary Global Note in the form of
Exhibit A hereto, bearing the Global Note Legend, the Private Placement Legend, the
Regulation S Temporary Global Note Legend and, if applicable, the OID Legend and deposited with or
on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903.

          “Regulation S Temporary Global Note Legend” means the legend set forth in Section
2.06(g)(iii) hereof.

          “REO Asset” of a Person means a real estate asset owned by such Person and acquired as
a result of the foreclosure or other enforcement of a lien on such asset securing a Servicing
Advance or loans and other mortgage-related receivables purchased or originated by the Company or
any Restricted Subsidiary of the Company in the ordinary course of business.

          “Residual Funding Facility” means any funding arrangement with a financial institution
or institutions or other lenders or purchasers under which advances are made to the Company or any
Restricted Subsidiary secured by Residual Interests.

          “Residual Interests” means any residual, subordinated, reserve accounts and retained
ownership interest held by the Company or a Restricted Subsidiary in Securitization Entities,
Warehouse Facility Trusts and/or MSR Facility Trusts, regardless of whether required to appear on
the face of the consolidated financial statements in accordance with GAAP.

          “Responsible Officer” means, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president, any assistant vice
president, any trust officer, any assistant trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust 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.

          “Restricted Definitive Note” means a Definitive Note bearing, or that is required to
bear, the Private Placement Legend and, if applicable, the OID Legend.

          “Restricted Global Note” means a Global Note bearing, or that is required to bear, the
Private Placement Legend and, if applicable, the OID Legend.

          “Restricted Investment” means an Investment other than a Permitted Investment.

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          “Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S applicable to such Note.

          “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that
is not an Unrestricted Subsidiary.

          “Required Asset Sale” means any Asset Sale that is a result of a repurchase right or
obligation or a mandatory sale right or obligation related to (i) MSRs, (ii) pools or portfolios of
MSRs, or (iii) the Capital Stock of any Person that holds MSRs or pools or portfolios of MSRs,
which rights or obligations are either in existence on the Issue Date (or substantially similar in
nature to such rights or obligations in existence on the Issue Date) or pursuant to the guidelines
or regulations of a government-sponsored enterprise.

          “Rule 144” means Rule 144 promulgated under the Securities Act.

          “Rule 144A” means Rule 144A promulgated under the Securities Act.

          “Rule 903” means Rule 903 promulgated under the Securities Act.

          “Rule 904” means Rule 904 promulgated under the Securities Act.

          “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and its successors.

          “SEC” means the Securities and Exchange Commission.

          “Secured Debt” means any Indebtedness secured by a Lien upon the property of the
Company or any of its Restricted Subsidiaries (regardless of the Realizable Value of such
property).

          “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute or statutes thereto.

          “Securitization” means a public or private transfer, sale or financing of Servicing
Advances and/or mortgage loans, installment contracts, other loans and any other asset capable of
being securitized (collectively, the “Securitization Assets”) by which the Company or any of its
Restricted Subsidiaries directly or indirectly securitizes a pool of specified Securitization
Assets including, without limitation, any such transaction involving the sale of specified
Servicing Advances or mortgage loans to a Securitization Entity.

          “Securitization Assets” has the meaning set forth in the definition of
“Securitization.”

          “Securitization Entity” means (i) any Person (whether or not a Restricted Subsidiary
of the Company) established for the purpose of issuing asset-backed or mortgaged-backed or mortgage
pass-through securities of any kind (including collateralized mortgage obligations and net interest
margin securities), (ii) any special purpose Subsidiary established for the purpose of selling,
depositing or contributing Securitization Assets into a Person described in clause (i) or holding
securities in any related Securitization Entity, regardless of whether such person is an issuer of
securities; provided that such

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Person is not an obligor with respect to any Indebtedness of
the Company or any Guarantor and (iii) any special purpose Subsidiary of the Company formed
exclusively for the purpose of satisfying the requirements of Credit Enhancement Agreements and
regardless of whether such Subsidiary is an issuer
of securities; provided that such
Person is not an obligor with respect to any
Indebtedness of the Company or any Guarantor other than under Credit Enhancement Agreements. As of
the Issue Date, Nationstar Home Equity Loan Trust 2009-A, Nationstar Home Equity Loan 2009-A REO
LLC, Nationstar Mortgage Advance Receivables Trust 2009-ADVI, Nationstar Funding LLC, Nationstar
Residual, LLC and Nationstar Advance Funding LLC shall be deemed to satisfy the requirements of the
foregoing definition.

          “Securitization Indebtedness” means (i) Indebtedness of the Company or any of its
Restricted Subsidiaries incurred pursuant to on-balance sheet Securitizations treated as financings
and (ii) any Indebtedness consisting of advances made to the Company or any of its Restricted
Subsidiaries based upon securities issued by a Securitization Entity pursuant to a Securitization
and acquired or retained by the Company or any of its Restricted Subsidiaries.

          “Servicing Advances” means advances made by the Company or any of its Restricted
Subsidiaries in its capacity as servicer of any mortgage-related receivables to fund principal,
interest, escrow, foreclosure, insurance, tax or other payments or advances when the borrower on
the underlying receivable is delinquent in making payments on such receivable; to enforce remedies,
manage and liquidate REO Assets; or that the Company or any of its Restricted Subsidiaries
otherwise advances in its capacity as servicer.

          “Servicing Advance Facility” means any funding arrangement with lenders collateralized
in whole or in part by Servicing Advances under which advances are made to the Company or any of
its Restricted Subsidiaries based on such collateral.

          “Servicing Receivables” means rights to collections under mortgage-related
receivables, or other rights to reimbursement of Servicing Advances that the Company or a
Restricted Subsidiary of the Company has made in the ordinary course of business and on customary
industry terms.

          “Shelf Registration Statement” means the Shelf Registration Statement as defined in
the applicable Registration Rights Agreement.

          “Significant Subsidiary” with respect to any Person, means any Subsidiary of such
Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1-02 of
Regulation S-X under the Exchange Act, as such regulation is in effect on the Issue Date.

          “Sponsor” means Fortress Investment Group LLC.

          “Subsidiary,” with respect to any Person, means:

          (1) any corporation of which the outstanding Capital Stock having at least a majority of the
votes entitled to be cast in the election of directors under ordinary circumstances shall at the
time be owned, directly or indirectly, by such Person; or

          (2) any other Person of which at least a majority of the voting interest under ordinary
circumstances is at the time, directly or indirectly, owned by such Person.

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          “Taxable Income” means, for any period, the taxable income or loss of the Company for
such period for federal income tax purposes.

          “Tax Amount” means, for any period, the combined federal, state and local income
taxes, including estimated taxes, that would be payable with respect to the Company’s taxable
income for such period (or in respect of the actual or deemed transfer of an interest in the
Company to a corporation in connection with the public issuance of shares in a transaction intended
to qualify (based upon an opinion of a nationally recognized accounting or law firm that the
transaction should so qualify) under Section 351 of the Internal Revenue Code of 1986, as amended
from time to time, in which the only consideration is common stock of the corporation and the
assumption of liabilities of the Company) by an equity owner of the Company who is an individual
resident in New York City who is subject to the maximum rates of tax; provided that in
determining the Tax Amount, the effect thereon of any net operating loss carryforwards or other
carryforwards or tax attributes, such as alternative minimum tax carryforwards, that would apply to
such an individual shall be taken into account assuming the only income and gain of such individual
in current and prior tax periods is income and gain attributable to the Company; provided,
further, that (i) if there is an adjustment in the amount of the Taxable Income for any
period, an appropriate positive or negative adjustment shall be made in the Tax Amount, and if the
Tax Amount is negative, then the Tax Amount for succeeding periods shall be reduced (without
duplication of reductions due to the first proviso hereof) to take into account such negative
amount until such negative amount is reduced to zero and (ii) any Tax Amount other than amounts
relating to estimated taxes shall be computed by a nationally recognized accounting firm.

          “Total Assets” means the total assets of the Company and its Restricted Subsidiaries,
determined on a consolidated basis in accordance with GAAP, as shown on the most recent balance
sheet of the Company.

          “Treasury Rate” means, as determined by the Issuers, as of the applicable redemption
date, the yield to maturity as of such redemption date of constant maturity United States Treasury
securities (as compiled and published in the most recent Federal Reserve Statistical Release H. 15
(519) that has become publicly available at least two business days prior to such redemption date
(or, if such statistical release is no longer published, any publicly available source of similar
market data)) most nearly equal to the period from such redemption date to April 1, 2013;
provided, however, that if no published maturity exactly corresponds with such
date, then the Treasury Rate shall be interpolated or extrapolated on a straight-line basis from
the arithmetic mean of the yields for the next shortest and next longest published maturities;
provided further, however, that if the period from such redemption date to
April 1, 2013, is less than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year will be used.

          “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C §§
77aaa-777bbbb).

          “Trustee” means Wells Fargo Bank, National Association, as trustee, until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

          “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and
are not required to bear the Private Placement Legend.

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          “Unrestricted Global Note” means a permanent Global Note, substantially in the form of
Exhibit A attached hereto, that bears the Global Note Legend and, if applicable, the OID
Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is
deposited with or on behalf of and registered in the name of the Depositary, representing Notes
that do not bear the Private Placement Legend.

          “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by
the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the
Board of Directors, but only to the extent that such Subsidiary:

          (1) has no Indebtedness other than Non-Recourse Indebtedness and other Indebtedness that is
not recourse to the Company or any Restricted Subsidiary or any of their assets;

          (2) except as permitted by Section 4.11 hereof, is not party to any agreement, contract,
arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless
the terms of any such agreement, contract, arrangement or understanding are no less favorable to
the Company or such Restricted Subsidiary than those that might be obtained at the time from
Persons who are not Affiliates of the Company;

          (3) is a Person with respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests
or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve
any specified levels of operating results; and

          (4) has not guaranteed or otherwise directly or indirectly provided credit support for any
Indebtedness of the Company or any of its Restricted Subsidiaries.

          “U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act.

          “Voting Stock” of any Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of Directors of such Person.

          “Warehouse Facility” means any financing arrangement of any kind, including, but not
limited to, financing arrangements in the form of repurchase facilities, loan agreements, note
issuance facilities and commercial paper facilities (excluding in all cases, Securitizations), with
a financial institution or other lender or purchaser exclusively to (i) finance or refinance the
purchase, origination or funding by the Company or a Restricted Subsidiary of the Company of,
provide funding to the Company or a Restricted Subsidiary of the Company through the transfer of,
loans, mortgage related securities and other mortgage-related receivables purchased or originated
by the Company or any Restricted Subsidiary of the Company in the ordinary course of business, (ii)
finance the funding of or refinance Servicing Advances; or (iii) finance or refinance the carrying
of REO Assets related to loans and other mortgage-related receivables purchased or originated by
the Company or any Restricted Subsidiary of the Company; provided that such purchase,
origination, pooling, funding, refinancing and carrying is in the ordinary course of business.

          “Warehouse Facility Trust” means any Person (whether or not a Restricted Subsidiary of
the Company) established for the purpose of issuing notes or other securities in connection with a

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Warehouse Facility, which (i) notes and securities are backed by specified Servicing Advances
purchased by such Person from the Company or any other Restricted Subsidiary, or (ii) notes and
securities are
backed by specified mortgage loans purchased by such Person from the Company or any other
Restricted Subsidiary.

          “Warehouse Indebtedness” means Indebtedness in connection with a Warehouse Facility;
the amount of any particular Warehouse Indebtedness as of any date of determination shall be
calculated in accordance with GAAP.

          “Weighted Average Life to Maturity” means, when applied to any Indebtedness,
Disqualified Capital Stock or Preferred Stock, as the case may be, at any date, the number of years
obtained by dividing: (1) the then outstanding aggregate principal amount of such Indebtedness or
redemption or similar payment with respect to such Disqualified Capital Stock or Preferred Stock
into; (2) the sum of the total of the products obtained by multiplying (i) the amount of each then
remaining installment, sinking fund, serial maturity or other required payment of principal,
including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to
the nearest one-twelfth) which will elapse between such date and the making of such payment.

          “Wholly Owned Restricted Subsidiary” of any Person means any Restricted Subsidiary of
such Person of which all the outstanding voting securities (other than in the case of a Foreign
Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by
other Persons pursuant to applicable law) are owned by such Person or any Wholly Owned Restricted
Subsidiary of such Person.

          “Working Capital Facility” means (i), any indentures or credit facilities or
commercial paper facilities with banks or other institutional lenders or investors that provide
loans, notes, other credit facilities or commitments permitted under clause (3) of the definition
of Permitted Indebtedness and (ii) any indentures or credit facilities or commercial paper
facilities with banks or other institutional lenders or investors that extend, replace, refund,
refinance, renew or defease any part of the loans, notes, other credit facilities or commitments
thereunder, including any such replacement, refunding or refinancing facility or indenture that
alters the maturity thereof, as such agreements may be amended (including any amendment and
restatement thereof), supplemented or otherwise modified from time to time.

Section 1.02 Other Definitions.

	 	 	 	 	 
	Term	 	Defined in Section
	 
	 	 	 	 
	“Acceleration Notes”
	 	 	6.02	 
	“Affiliate Transaction”
	 	 	4.11	 
	“Authentication Order”
	 	 	2.02	 
	“Change of Control Offer”
	 	 	4.14	 
	“Change of Control Payment Date”
	 	 	4.14	 
	“Covenant Defeasance”
	 	 	8.03	 
	“DTC”
	 	 	2.03	 
	“Event of Default”
	 	 	6.01	 
	“Excess Proceeds”
	 	 	4.10	 

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	Term	 	Defined in Section
	 
	 	 	 	 
	“Guarantee”
	 	 	4.15	 
	“incur”
	 	 	4.09	 
	“Legal Defeasance”
	 	 	8.02	 
	“Note Register”
	 	 	2.03	 
	“notice of acceleration”
	 	 	6.02	 
	“Offer Amount”
	 	 	3.09	 
	“Offer Period”
	 	 	3.09	 
	“Paying Agent”
	 	 	2.03	 
	“Purchase Date”
	 	 	3.09	 
	“Registrar”
	 	 	2.03	 
	“Restricted Payment”
	 	 	4.07	 
	“Surviving Entity”
	 	 	5.01	 
	“Suspended Covenants”
	 	 	4.19	 

Section 1.03 Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture.

          The following Trust Indenture Act terms used in this Indenture have the following meanings:

          “indenture securities” means the Notes;

          “indenture security holder” means a Holder of a Note;

          “indenture to be qualified” means this Indenture;

          “indenture trustee” or “institutional trustee” means the Trustee; and

          “obligor” on the Notes and the Note Guarantees means the Issuers and the Guarantors,
respectively, and any successor obligor upon the Notes and the Note Guarantees, respectively.

          All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by
Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture
Act have the meanings so assigned to them.

Section 1.04 Rules of Construction.

          Unless the context otherwise requires:

     (a) a term has the meaning assigned to it;

     (b) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;

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     (c) “or” is not exclusive;

     (d) words in the singular include the plural, and in the plural include the singular;

     (e) “including” means including without limitation;

     (f) “will” shall be interpreted to express a command;

     (g) provisions apply to successive events and transactions;

     (h) references to sections of, or rules under, the Securities Act shall be deemed to
include substitute, replacement or successor sections or rules adopted by the SEC from time
to time;

     (i) unless the context otherwise requires, any reference to an “Article,” “Section” or
“clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and

     (j) the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not any particular Article, Section, clause or other
subdivision.

Section 1.05 Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to the Trustee and,
where it is hereby expressly required, to the Issuers. Proof of execution of any such instrument
or of a writing appointing any such agent, or the holding by any Person of a Note, shall be
sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of
the Trustee and the Issuers, if made in the manner provided in this Section 1.05.

          (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 of 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 or on behalf of any legal entity other than an individual, such certificate or affidavit
shall also constitute proof of the authority of the Person executing the same. 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 that the Trustee deems sufficient.

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

          (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note
issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof,
in respect

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of any action taken, suffered or omitted by the Trustee or the Issuers in reliance thereon,
whether or not notation of such action is made upon such Note.

          (e) The Issuers may, in the circumstances permitted by the Trust Indenture Act, set a record
date for purposes of determining the identity of Holders entitled to give any request, demand,
authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to
any action by vote or consent authorized or permitted to be given or taken by Holders. Unless
otherwise specified, if not set by the Issuers prior to the first solicitation of a Holder made by
any Person in respect of any such action, or in the case of any such vote, prior to such vote, any
such record date shall be the later of 30 days prior to the first solicitation of such consent or
the date of the most recent list of Holders furnished to the Trustee prior to such solicitation.

          (f) Without limiting the foregoing, a Holder entitled 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.

          (g) Without limiting the generality of the foregoing, a Holder, including DTC that is the
Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing,
any request, demand, authorization, direction, notice, consent, waiver or other action provided in
this Indenture to be made, given or taken by Holders, and DTC that is the Holder of a Global Note
may provide its proxy or proxies to the beneficial owners of interests in any such Global Note
through such depositary’s standing instructions and customary practices.

          (h) The Issuers may fix a record date for the purpose of determining the Persons who are
beneficial owners of interests in any Global Note held by DTC entitled under the procedures of such
depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request,
demand, authorization, direction, notice, consent, waiver or other 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 request, demand, authorization, direction, notice, consent, waiver or
other action, whether or not such Holders remain Holders after such record date. No such request,
demand, authorization, direction, notice, consent, waiver or other action shall be valid or
effective if made, given or taken more than 90 days after such record date.

ARTICLE II

THE NOTES

Section 2.01 Form and Dating; Terms.

          (a) General. The Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of
its authentication.

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The Notes shall be in minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof.

          (b) Global Notes. Notes issued in global form shall be substantially in the form of
Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form
shall be substantially in the form of Exhibit A attached hereto (but without the Global
Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note”
attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be
specified therein and each shall represent the aggregate principal amount of outstanding Notes from
time to time endorsed thereon and the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and
redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in
the aggregate principal amount of outstanding Notes represented thereby shall be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by
the Holder thereof as required by Section 2.06 hereof.

          (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall
be issued initially in the form of the Regulation S Temporary Global Note, which shall be deposited
on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the
Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the
accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the
Issuers and authenticated by the Trustee as hereinafter provided. The Restricted Period shall be
terminated upon the receipt by the Trustee of:

     (i) a written certificate or other evidence in a form reasonably acceptable to the
Issuers of non-United States beneficial ownership of 100% of the aggregate principal amount
of the Regulation S Temporary Global Note (except to the extent of any beneficial owners
thereof who acquired an interest therein during the Restricted Period pursuant to another
exemption from registration under the Securities Act and who shall take delivery of a
beneficial ownership interest in a 144A Global Note bearing a Private Placement Legend, all
as contemplated by Section 2.06(b) hereof); and

     (ii) an Officers’ Certificate from either of the Issuers.

          Following the termination of the Restricted Period, beneficial interests in the Regulation S
Temporary Global Note shall be exchanged for beneficial interests in the Regulation S Permanent
Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the
Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary Global
Note, following which temporary beneficial interests in the Regulation S Temporary Global Note
shall automatically become beneficial interests in the Regulation S Permanent Global Note. The
aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent
Global Note may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of
interest as hereinafter provided.

          (d) Terms. The aggregate principal amount of Notes that may be authenticated and
delivered under this Indenture is unlimited.

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          The terms and provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Indenture and the Issuers, the Guarantors and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the express provisions of
this Indenture, the provisions of this Indenture shall govern and be controlling.

          The Notes shall be subject to repurchase by the Issuers pursuant to an Asset Sale Offer as
provided in Section 4.10 hereof or a Change of Control Offer as provided in Section 4.14 hereof.
The Notes shall not be redeemable, other than as provided in Article III hereof.

          Additional Notes ranking pari passu with the Initial Notes may be created and issued from time
to time by the Issuers without notice to or consent of the Holders and shall be consolidated with
and form a single class with the Initial Notes and shall have the same terms as to status, waivers,
amendments, offers to repurchase, redemption or otherwise as the Initial Notes; provided
that the Issuers’ ability to issue Additional Notes shall be subject to the Issuers’ compliance
with Section 4.09 hereof. Any Additional Notes shall be issued with the benefit of an indenture
supplemental to this Indenture.

          (e) Euroclear and Clearstream Applicable Procedures. The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall
be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and
the Regulation S Permanent Global Notes that are held by Participants through Euroclear or
Clearstream and such provisions shall supersede the provisions in Section 2.06 hereof, as
applicable, to the extent that they conflict with such provisions, with respect to such transfers.

Section 2.02 Execution and Authentication.

          At least one Officer of each of the Issuers shall execute the Notes on behalf of the
applicable Issuer by manual or facsimile signature.

          If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note shall nevertheless be valid.

          A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose until authenticated substantially in the form of Exhibit A attached hereto, as
the case may be, by the manual signature of the Trustee. The signature shall be conclusive
evidence that the Note has been duly authenticated and delivered under this Indenture.

          On the Issue Date, the Trustee shall, upon receipt of an Issuer Order authenticate (an
“Authentication Order”), and deliver the Initial Notes. In addition, at any time, from
time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver
any Additional Notes and Exchange Notes for an aggregate principal amount specified in such
Authentication Order for such Additional Notes or Exchange Notes issued hereunder. Such
Authentication Order shall specify the amount of the Notes to be authenticated and, in case of any
issuance of Additional Notes pursuant to Section 2.01 hereof, shall certify that such issuance is
in compliance with Section 4.09 hereof.

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          The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate
Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of
the Issuers.

Section 2.03 Registrar and Paying Agent.

          The Issuers shall (i) maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where
Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register
of the Notes (“Note Register”) and of their transfer and exchange. The registered Holder
of a Note shall be treated as the owner of the Note for all purposes. The Issuers may appoint one
or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuers may
change any Paying Agent or Registrar without prior notice to any Holder. The Issuers shall notify
the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the
Issuers fail to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall
act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

          The Issuers initially appoint The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes representing the Notes.

          The Issuers initially appoint the Trustee to act as the Paying Agent and Registrar for the
Notes and to act as Custodian with respect to the Global Notes.

Section 2.04 Paying Agent to Hold Money in Trust.

          The Issuers shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by
the Paying Agent for the payment of principal, premium, if any, or Additional Interest, if any, and
interest on the Notes, and will notify the Trustee of any default by the Issuers in making any such
payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money
held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Issuers or a Subsidiary) shall have no further liability for the money. If the Company or a
Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Issuers, the Trustee shall serve as Paying Agent for the Notes.

Section 2.05 Holder Lists.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders and shall otherwise comply with
Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Issuers shall furnish
to the Trustee at
least two Business Days before each Interest Payment Date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the

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names and addresses of the Holders of Notes and the Issuers shall otherwise comply with Trust
Indenture Act Section 312(a).

Section 2.06 Transfer and Exchange.

          (a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this
Section 2.06, a Global Note may be transferred, in whole and not in part, only to another nominee
of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A
beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the
Depositary (x) notifies the Issuers that it is unwilling or unable to continue as Depositary for
such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and,
in either case, a successor Depositary is not appointed by the Issuers within 90 days, (ii) subject
to the procedures of the Depositary, the Issuers, at their option, notify the Trustee in writing
that they elect to cause the issuance of the Definitive Notes, or (iii) there shall have occurred
and be continuing a Default with respect to the Notes. Upon the occurrence of any of the preceding
events in (i), (ii) or (iii) above, Definitive Notes delivered in exchange for any Global Note or
beneficial interests therein will be registered in the names, and issued in any approved
denominations, requested by or on behalf of the Depositary (in accordance with its customary
procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu
of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10
hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except
for Definitive Notes issued subsequent to any of the preceding events in (i), (ii) or (iii) above
and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other
than as provided in this Section 2.06(a); provided, however, that beneficial
interests in a Global Note may be transferred and exchanged as provided in Sections 2.06(b), (c) or
(f) hereof.

          (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes shall be effected through the Depositary,
in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

     (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend;
provided, however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Temporary Global Note may not be made
to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 2.06(b)(i).

     (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject
to Section

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2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar
either (A) (1) a written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary to credit
or cause to be credited a beneficial interest in another Global Note in an amount equal to
the beneficial interest to be transferred or exchanged and (2) instructions given in
accordance with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase or (B) (1) a written order from a Participant or
an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1)
above; provided that in no event shall Definitive Notes be issued upon the transfer
or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A)
the expiration of the Restricted Period and (B) the receipt by the Registrar of any
certificates required pursuant to Rule 903. Upon consummation of an Exchange Offer by the
Issuers in accordance with Section 2.06(f) hereof, the requirements of this Section
2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the Holder of such
beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in
this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee
shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h)
hereof.

     (iii) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a Person who takes
delivery thereof in the form of a beneficial interest in another Restricted Global Note if
the transfer complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar
receives the following:

     (A) if the transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (1) thereof; or

     (B) if the transferee will take delivery in the form of a beneficial interest
in the Regulation S Global Note, then the transferor must deliver a certificate in
the form of Exhibit B hereto, including the certifications in item (2)
thereof.

     (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer
complies with the requirements of Section 2.06(b)(ii) hereof and:

     (A) such exchange or transfer is effected pursuant to an Exchange Offer in
accordance with the applicable Registration Rights Agreement and the holder of the
beneficial interest to be transferred, in the case of an exchange, or the
transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) a

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Participating Broker-Dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the
Issuers;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the applicable Registration Rights Agreement;

     (C) such transfer is effected by a Participating Broker-Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the applicable Registration
Rights Agreement; or

     (D) the Registrar receives the following:

     (1) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Note, a certificate from such Holder substantially
in the form of Exhibit C hereto, including the certifications in
item (1)(a) thereof; or

     (2) if the holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note, a certificate from such holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

          If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.

          Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global
Note.

          (c) Transfer or Exchange of Beneficial Interests for Definitive Notes.

          (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes.
If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the
occurrence of any of the

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events in paragraph (i), (ii) or (iii) of Section 2.06(a) hereof and receipt by the Registrar of
the following documentation:

     (A) if the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note, a certificate from such
holder substantially in the form of Exhibit C hereto, including the certifications
in item (2)(a) thereof;

     (B) if such beneficial interest is being transferred to a QIB in accordance with Rule
144A, a certificate substantially in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

     (C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (2) thereof;

     (D) if such beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item
(3)(a) thereof;

     (E) if such beneficial interest is being transferred to the Issuers or any of their
Restricted Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

     (F) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Issuers shall execute and the Trustee shall
authenticate and mail to the Person designated in the instructions a Definitive Note in the
applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names
such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in
a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement
Legend and shall be subject to all restrictions on transfer contained herein and therein.

          (ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes.
Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S
Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who
takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to
Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a transfer pursuant to an
exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.

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          (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive
Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to
a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the
occurrence of any of the events in subsection (i) or (ii) of Section 2.06(a) hereof and if:

     (A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance
with the applicable Registration Rights Agreement and the holder of such beneficial
interest, in the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (1) a Participating
Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a
Person who is an affiliate (as defined in Rule 144) of the Issuers;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the applicable Registration Rights Agreement;

     (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the applicable Registration Rights
Agreement; or

     (D) the Registrar receives the following:

     (1) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a
certificate from such holder substantially in the form of Exhibit C hereto,
including the certifications in item (1)(b) thereof; or

     (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such
holder substantially in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities
Act.

          (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to
a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of
any of the events in subsection (i), (ii) or (iii) of Section 2.06(a) hereof and satisfaction of
the conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section
2.06(h) hereof, and the Issuers shall execute and the Trustee shall authenticate and mail to the
Person designated in the instructions a Definitive Note in the applicable principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this

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Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination
or denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from or through the Depositary and the Participant or Indirect Participant. The
Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so
registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(iv) shall not bear the Private Placement Legend.

          (d) Transfer and Exchange of Definitive Notes for Beneficial Interests.

          (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes.
If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial
interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for
a beneficial interest in a Restricted Global Note, a certificate from such Holder
substantially in the form of Exhibit C hereto, including the certifications in item
(2)(b) thereof;

     (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with
Rule 144A, a certificate substantially in the form of Exhibit B hereto, including
the certifications in item (1) thereof;

     (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (2) thereof;

     (D) if such Restricted Definitive Note is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a
certificate substantially in the form of Exhibit B hereto, including the
certifications in item (3)(a) thereof;

     (E) if such Restricted Definitive Note is being transferred to the Issuers or any of
their Restricted Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

     (F) if such Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the
aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global
Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of clause
(C) above, the applicable Regulation S Global Note.

          (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an

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Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

     (A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance
with the applicable Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter
of Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person participating
in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in
Rule 144) of the Issuers;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the applicable Registration Rights Agreement;

     (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the applicable Registration Rights
Agreement; or

     (D) the Registrar receives the following:

     (1) if the Holder of such Definitive Notes proposes to exchange such Notes for
a beneficial interest in the Unrestricted Global Note, a certificate from such
Holder substantially in the form of Exhibit C hereto, including the
certifications in item (1)(c) thereof; or

     (2) if the Holder of such Definitive Notes proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of a beneficial interest in the
Unrestricted Global Note, a certificate from such Holder substantially in the form
of Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities
Act.

          Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii),
the Trustee shall cancel the Restricted Definitive Notes and increase or cause to be increased the
aggregate principal amount of the Unrestricted Global Note.

          (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial
interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable
Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount
of one of the Unrestricted Global Notes.

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          If any such exchange or transfer from a Definitive Note to a beneficial interest is effected
pursuant to subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note
has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so
transferred.

          (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section
2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such
registration of transfer or exchange, the requesting Holder shall present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in
form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized
in writing. In addition, the requesting Holder shall provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this
Section 2.06(e):

     (i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who take
delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the
following:

     (A) if the transfer will be made pursuant to a QIB in accordance with Rule
144A, then the transferor must deliver a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (1) thereof;

     (B) if the transfer will be made pursuant to Rule 903 or Rule 904 then the
transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof; or

     (C) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications
required by item (3) thereof, if applicable.

     (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted
Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the applicable Registration Rights Agreement and the Holder, in the
case of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) a Participating Broker-Dealer,
(2) a Person participating in the distribution of the Exchange Notes or (3) a Person
who is an affiliate (as defined in Rule 144) of the Issuer;

     (B) any such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the applicable Registration Rights Agreement;

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     (C) any such transfer is effected by a Participating Broker-Dealer pursuant to
the Exchange Offer Registration Statement in accordance with the applicable
Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (1) if the Holder of such Restricted Definitive Notes proposes to
exchange such Notes for an Unrestricted Definitive Note, a certificate from
such Holder substantially in the form of Exhibit C hereto, including
the certifications in item (1)(d) thereof; or

     (2) if the Holder of such Restricted Definitive Notes proposes to
transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder
substantially in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities
Act.

     (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder
of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to
register such a transfer, the Registrar shall register the Unrestricted Definitive Notes
pursuant to the instructions from the Holder thereof.

          (f) Exchange Offer. Upon the occurrence of an Exchange Offer in accordance with a
Registration Rights Agreement, the Issuers shall issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes tendered in such Exchange Offer for acceptance by Persons
that certify in the applicable Letters of Transmittal that (x) they are not Participating
Broker-Dealers, (y) they are not participating in a distribution of the applicable Exchange Notes
and (z) they are not affiliates (as defined in Rule 144) of the Issuers, and accepted for exchange
in such Exchange Offer and (ii) Unrestricted Definitive Notes in an aggregate principal amount
equal to the principal amount of the Restricted Definitive Notes tendered in such Exchange Offer
for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are
not Participating Broker-Dealers, (y) they are not participating in a distribution of the
applicable Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Issuers,
and accepted for exchange in such Exchange Offer. Concurrently with the issuance of such Notes,
the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to
be reduced accordingly, and the Issuers shall execute and the Trustee shall authenticate and mail
to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive
Notes in the applicable principal amount. Any Notes that remain outstanding after the consummation
of such Exchange Offer, and Exchange Notes issued in connection with such Exchange Offer, shall be
treated as a single class of securities under this Indenture.

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          (g) Legends. The following legends shall appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable
provisions of this Indenture:

     (i) Private Placement Legend.

     (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive
Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the
legend in substantially the following form:

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT, PURCHASING FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (5) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND IN THE CASE OF THIS CLAUSE (5), BASED UPON AN OPINION OF
COUNSEL IF THE ISSUERS OR ANY GUARANTOR SO REQUESTS) AND (B) IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES, AND
ANY SELLER AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR
AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.

THIS LEGEND SHALL BE DEEMED REMOVED WITHOUT FURTHER ACTION OF THE ISSUERS,
THE TRUSTEE OR ANY HOLDER AT SUCH TIME AS THE ISSUERS INSTRUCT THE TRUSTEE
IN WRITING TO REMOVE SUCH LEGEND IN ACCORDANCE WITH THE INDENTURE.”

     (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant
to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of
this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall
not bear the Private Placement Legend.

          (ii) Global Note Legend. Each Global Note shall bear a legend in substantially the
following form (with appropriate changes in the last sentence if DTC is not the Depositary):

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“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV)
THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUERS. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUERS
OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.”

          (iii) Regulation S Temporary Global Note Legend. The Regulation S Temporary
Global Note shall bear a legend in substantially the following form:

“BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A
U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S.
PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

          (iv) OID Legend. Each Note issued hereunder that has more than a de minimis
amount of original issue discount for U.S. federal income tax purposes shall bear a legend
in substantially the following form:

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“THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION
1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A HOLDER MAY
OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND
YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION
TO NATIONSTAR MORTGAGE LLC, 350 HIGHLAND DRIVE, LEWISVILLE, TEXAS 75067,
ATTENTION: GENERAL COUNSEL.”

          (v) Applicable Procedures for Delegending. (A) After one year has elapsed
following (1) the Issue Date or (2) if the Issuers have issued any Additional Notes with
the same terms and the same CUSIP number as the Notes within one year following the Issue
Date, the date of original issuance of such Additional Notes, if the Notes are freely
tradeable pursuant to Rule 144 under the Securities Act by Holders who are not Affiliates
of the Issuers where no conditions of Rule 144 are then applicable (other than the holding
period requirement in paragraph (d)(l)(ii) of Rule 144 so long as such holding period
requirement is satisfied), the Issuers shall:

     (A) instruct the Trustee in writing to remove the Private Placement Legend from the
Notes by delivering to the Trustee a certificate in the form of Exhibit E hereto,
and upon such instruction the Private Placement Legend shall be deemed removed from any
Global Notes representing such Notes without further action on the part of Holders;

     (B) notify Holders of the Notes that the Private Placement Legend has been removed or
deemed removed; and

     (C) instruct DTC to change the CUSIP number for the Notes to the unrestricted CUSIP
number for the Notes.

          In no event will the failure of the Issuers to provide any notice set forth in this paragraph
or of the Trustee to remove the Private Placement Legend constitute a failure by the Issuers to
comply with any of its covenants or agreements set forth in Section 6.1 hereof or otherwise. Any
Restricted Note (or security issued in exchange or substitution therefor) as to which such
restrictions on transfer shall have expired in accordance with their terms may, upon surrender of
such Restricted Note for exchange to the Registrar in accordance with the provisions of Article Two
of the Indenture, be exchanged for a new Note or Notes, of like tenor and aggregate principal
amount, which shall not bear the Private Placement Legend.

          (B) Notwithstanding any provision herein to the contrary, in the event that Rule 144 as
promulgated under the Securities Act (or any successor rule) is amended to change the one-year
holding period thereunder (or the corresponding period under any successor rule), (A) each
reference in this Section 2.6(g)(v) to “one year” and in the Private Placement Legend described in
Section 2.6 hereof to “ONE YEAR” shall be deemed for all purposes hereof to be references to such
changed period, and (ii) all corresponding references in the Notes (including the definition of
Resale Restriction Termination Date) and the Private Placement Legends thereon shall be deemed for
all purposes hereof to be references to such changed period, provided, that such changes shall not
become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the
then applicable federal securities laws. This

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Section 2.6(g)(v) shall apply to successive amendments to Rule 144 (or any successor rule) changing
the holding period thereunder.

          (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular
Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global
Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction;
and if the beneficial interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note, such other Global
Note shall be increased accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

          (i) General Provisions Relating to Transfers and Exchanges.

          (i) To permit registrations of transfers and exchanges, the Issuers shall execute and the
Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication
Order in accordance with Section 2.02 hereof or at the Registrar’s request.

          (ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or
to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05
hereof).

          (iii) Neither the Registrar nor the Issuers shall be required to register the transfer of or
exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any
Note being redeemed in part.

          (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global
Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

          (v) The Issuers shall not be required (A) to issue, to register the transfer of or to exchange
any Notes during a period beginning at the opening of business 15 days before the day of mailing of
a notice of redemption of Notes under Section 3.02 hereof and ending at the close of business on
the day of such mailing, (B) to register the transfer of or to exchange any Note so selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or
(C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date.

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          (vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any
Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the
absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if
any) and interest (including Additional Interest, if any) on such Notes and for all other purposes,
and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary.

          (vii) Upon surrender for registration of transfer of any Note at the office or agency of the
Issuers designated pursuant to Section 4.02 hereof, the Issuers shall execute, and the Trustee
shall authenticate and mail, in the name of the designated transferee or transferees, one or more
replacement Notes of any authorized denomination or denominations of a like aggregate principal
amount.

          (viii) At the option of the Holder, Notes may be exchanged for other Notes of any authorized
denomination or denominations of a like aggregate principal amount upon surrender of the Notes to
be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so
surrendered for exchange, the Issuers shall execute, and the Trustee shall authenticate and mail,
the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled
to in accordance with the provisions of Section 2.02 hereof.

          (ix) All certifications, certificates and Opinions of Counsel required to be submitted to the
Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be
submitted by facsimile.

          (x) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Note (including any transfers between or among
Depositary participants or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and
to do so if and when expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof.

          (xi) The Trustee shall have no responsibility for any actions taken or not taken by the
Depositary.

Section 2.07 Replacement Notes.

          If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuers and the
Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of
any Note, the Issuers shall issue and the Trustee, upon receipt of an Authentication Order, shall
authenticate a replacement Note if the Trustee’s requirements are met. An indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect
the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Issuers and the Trustee may charge the Holder for their expenses
in replacing a Note.

          Every replacement Note is a contractual obligation of the Issuers and shall be entitled to all
of the benefits of this Indenture equally and proportionately with all other Notes duly issued
hereunder.

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Section 2.08 Outstanding Notes.

          The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does
not cease to be outstanding because the Issuers or an Affiliate of the Issuers holds the Note.

          If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.

          If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to
be outstanding and interest on it ceases to accrue.

          If the Paying Agent (other than the Issuers, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date,
then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease
to accrue interest.

Section 2.09 Treasury Notes.

          In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Issuers, or by any Affiliate of the Issuers,
shall be considered as though not outstanding, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that
a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so
owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or
consent with respect to the Notes and that the pledgee is not an Issuer a Guarantor or any
Affiliate of the Issuers or a Guarantor.

Section 2.10 Temporary Notes.

          Until certificates representing Notes are ready for delivery, the Issuers may prepare and the
Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary
Notes shall be substantially in the form of certificated Notes but may have variations that the
Issuers consider appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate
definitive Notes in exchange for temporary Notes.

          Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to
all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this
Indenture.

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Section 2.11 Cancellation.

          The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or
the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes (subject
to the record retention requirement of the Exchange Act) in accordance with its customary
procedures. The Issuers may not issue new Notes to replace Notes that they have paid or that have
been delivered to the Trustee for cancellation.

Section 2.12 CUSIP and ISIN Numbers

          The Issuers in issuing the Notes may use CUSIP numbers and/or ISIN numbers (if then generally
in use) and, if so, the Trustee shall use CUSIP numbers and/or ISIN numbers in notices of
redemption as a convenience to Holders; provided, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as
contained in any notice of redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Issuers will as promptly as practicable notify the
Trustee in writing of any change in the CUSIP number and ISIN numbers.

ARTICLE III

REDEMPTION

Section 3.01 Notices to Trustee.

          If the Issuers elect to redeem Notes pursuant to Section 3.07 hereof, they shall furnish to
the Trustee, at least 10 calendar days before notice of redemption is required to be mailed or
caused to be mailed to Holders pursuant to Section 3.03 hereof (unless a shorter notice shall be
agreed to by the Trustee), an Officers’ Certificate from either Issuer setting forth (i) the
paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of the Notes to be
redeemed and (iv) the redemption price.

Section 3.02 Selection of Notes to Be Redeemed or Purchased.

          If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any
time, the Trustee shall select the Notes to be redeemed or purchased (a) if the Notes are listed on
any national securities exchange, in compliance with the requirements of the principal national
securities exchange on which the Notes are listed or (b) on a pro rata basis, by lot or by such
other method as the
Trustee shall deem fair and appropriate. In the event of partial redemption or purchase by
lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the
outstanding Notes not previously called for redemption or purchase. If a partial redemption is
made with the proceeds of an Equity Offering, the Trustee shall select the Notes only on a pro rata
basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures).

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          The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal
amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in
amounts of $2,000 or whole multiples of $1,000 in excess of $2,000; no Notes of $2,000 or less can
be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased,
the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of
$1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also
apply to portions of Notes called for redemption or purchase.

Section 3.03 Notice of Redemption.

          Subject to Section 3.09 hereof, the Issuers shall mail or cause to be mailed by first-class
mail notices of redemption at least 30 days but not more than 60 days before the redemption date to
each Holder of Notes to be redeemed at such Holder’s registered address. Except as set forth in
Section 3.07(b) hereof, notices of redemption may not be conditional.

          The notice shall identify the Notes to be redeemed (including CUSIP number(s)) and shall
state:

     (a) the redemption date;

     (b) the redemption price;

     (c) if any Note is to be redeemed in part only, the portion of the principal amount of
that Note that is to be redeemed and that, after the redemption date upon surrender of such
Note, a new Note or Notes in principal amount equal to the unredeemed portion of the
original Note representing the same indebtedness to the extent not redeemed will be issued
in the name of the Holder of the Notes upon cancellation of the original Note;

     (d) the name and address of the Paying Agent;

     (e) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

     (f) that, unless the Issuers default in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the redemption date;

     (g) the paragraph or subparagraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed;

     (h) that no representation is made as to the correctness or accuracy of the CUSIP
number and ISIN number, if any, listed in such notice or printed on the Notes; and

     (i) if in connection with a redemption pursuant to Section 3.07(b) hereof, any
condition to such redemption.

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          At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ name
and at their expense; provided that the Issuers shall have delivered to the Trustee, at
least 10 calendar days before notice of redemption is required to be mailed or caused to be mailed
to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the
Trustee), an Officers’ Certificate of either of the Issuers requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph.

Section 3.04 Effect of Notice of Redemption.

          Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for
redemption become irrevocably due and payable on the redemption date at the redemption price
(except as provided for in Section 3.07(b) hereof). The notice, if mailed in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the Holder receives
such notice. In any case, failure to give such notice by mail or any defect in the notice to the
Holder of any Note designated for redemption in whole or in part shall not affect the validity of
the proceedings for the redemption of any other Note. Subject to Section 3.05 hereof, on and after
the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption,
as long as the Issuers have deposited with the Paying Agent funds in satisfaction of the applicable
redemption price.

Section 3.05 Deposit of Redemption or Purchase Price.

          Prior to 10:00 a.m. (New York City time) on the redemption or purchase date, the Issuers shall
deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or
purchase price of and accrued and unpaid interest (including Additional Interest, if any) on all
Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly
return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in
excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on,
all Notes to be redeemed or purchased.

          If the Issuers comply with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest shall cease to accrue on the Notes or the portions of Notes
called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date
but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the
redemption or purchase date shall be paid to the Person in whose name such Note was registered at
the close of business on such Record Date. If any Note called for redemption or purchase shall not
be so paid upon surrender for redemption or purchase because of the failure of the Issuers to
comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the
redemption or purchase date until such principal is paid, and to the extent lawful on any interest
accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the
rate provided in the Notes and in Section 4.01 hereof.

Section 3.06 Notes Redeemed or Purchased in Part.

          Upon surrender of a Note that is redeemed or purchased in part, the Issuers shall issue and
the Trustee shall authenticate for the Holder at the expense of the Issuers a new Note equal in
principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the
same indebtedness to the extent not redeemed or purchased; provided that each new Note will
be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. It is
understood that,

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notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an
Opinion of Counsel or an Officers’ Certificate of either Issuer is required for the Trustee to
authenticate such new Note.

Section 3.07 Optional Redemption.

          (a) At any time prior to April 1, 2013, the Issuers may on any one or more occasions redeem
all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium,
plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the
applicable date of redemption (subject to the rights of Holders of Notes on the relevant regular
Record Date to receive interest due on the relevant Interest Payment Date that is on or prior to
the applicable date of redemption).

          (b) At any time, or from time to time, on or prior to April 1, 2013, the Issuers may, at their
option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35.0% of the
principal amount of all Notes issued at a redemption price equal to 110.875% of the principal
amount of the Notes redeemed plus accrued and unpaid interest and Additional Interest, if any, to
the date of redemption (subject to the rights of Holders of Notes on the relevant regular Record
Date to receive interest due on the relevant Interest Payment Date that is on or prior to the
applicable date of redemption); provided that:

     (i) at least 65.0% of the principal amount of all Notes issued under this Indenture
remains outstanding immediately after any such redemption; and

     (ii) the Issuers make such redemption not more than 90 days after the consummation of
any such Equity Offering.

Notice of any redemption upon any Equity Offering may be given prior to the completion thereof, and
any such redemption or notice may, at the Issuers’ discretion, be subject to one or more conditions
precedent.

          (c) On or after April 1, 2013, the Issuers may on any one or more occasions redeem all or a
part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices
(expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest
and Additional Interest, if any, on the Notes redeemed, to the applicable date of redemption, if
redeemed during the twelve month period beginning on April 1 of the years indicated below, subject
to the rights of Holders of Notes on the relevant regular Record Date to receive interest due on
the relevant Interest Payment Date that is on or prior to the applicable date of redemption:

	 	 	 	 	 
	Year	 	Percentage
	 
	 	 	 	 
	2013
	 	 	105.438	%
	2014 and thereafter
	 	 	100.000	%

          (d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof.

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          (e) In addition to the Issuers’ rights to redeem Notes pursuant to Sections 3.07(a), (b) and
(c) hereof, the Issuers may at any time and from time to time purchase Notes in open-market
transactions, tender offers or otherwise.

Section 3.08 Mandatory Redemption.

          The Issuers shall not be required to make mandatory redemption or sinking fund payments with
respect to the Notes.

Section 3.09 Offers to Repurchase by Application of Excess Proceeds.

          (a) In the event that, pursuant to Section 4.10 hereof, the Issuers shall be required to
commence an Asset Sale Offer, it shall follow the procedures specified below.

          (b) The Asset Sale Offer shall remain open for a period of 20 Business Days following its
commencement and no longer, except to the extent that a longer period is required by applicable law
(the “Offer Period”). Promptly after the termination of the Offer Period (the
“Purchase Date”), the Issuers shall apply all Excess Proceeds (the “Offer Amount”)
to the purchase of Notes and Pari Passu Debt, as provided in Section 4.10 hereof. Payment for any
Notes so purchased shall be made in the same manner as interest payments are made.

          (c) If the Purchase Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest and Additional Interest, if any, up to but excluding
the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of
business on such Record Date, and no additional interest shall be payable to Holders who tender
Notes pursuant to the Asset Sale Offer.

          (d) Upon the commencement of an Asset Sale Offer, the Issuers shall send, by first-class mail,
a notice to each of the Holders, with a copy to the Trustee. The notice shall contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset
Sale Offer. The Asset Sale Offer shall be made to all Holders and holders of Pari Passu Debt. The
notice, which shall govern the terms of the Asset Sale Offer, shall state:

     (i) that an Asset Sale Offer is being made pursuant to this Section 3.09 and Section
4.10 hereof and the length of time the Asset Sale Offer shall remain open;

     (ii) the Offer Amount, the purchase price and the Purchase Date;

     (iii) that any Note not tendered or accepted for payment shall continue to accrue
interest;

     (iv) that, unless the Issuers default in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase
Date;

     (v) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may
elect to have Notes purchased in a minimum denomination of $2,000 or an integral multiple of
$1,000 in excess of $2,000;

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     (vi) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer
shall be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase,” which is attached hereto as Exhibit A, on the reverse of the Note
completed, to the Paying Agent at the address specified in the notice (or transfer by
book-entry transfer to the Depositary, as applicable) prior to the close of business on the
third Business Day prior to the Purchase Date;

     (vii) that Holders shall be entitled to withdraw their tendered Notes and their
election, if any, to require the Issuers to purchase such Notes; provided that the
Paying Agent receives, not later than the close of business on the last day of the Offer
Period, a facsimile transmission or letter setting forth the name of the Holder of the
Notes, the principal amount of the Notes tendered for purchase and a statement that such
Holder is withdrawing its tendered Notes and its election to have such Note purchased;

     (viii) that, if the aggregate principal amount of Notes and Pari Passu Debt surrendered
by the holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and the
Issuers shall select such Pari Passu Debt to be purchased on a pro rata basis based on the
accreted value or principal amount of the Notes or such other Pari Passu Debt tendered (with
such adjustments as may be deemed appropriate by the Trustee so that only Notes in minimum
denominations of $2,000, or integral multiples of $1,000 in excess of $2,000, shall be
purchased);

     (ix) that Holders whose certificated Notes were purchased only in part shall be issued
new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer) representing the same indebtedness to the extent not
repurchased; and

     (x) any other instructions, as determined by the Issuers, consistent with this 3.09 and
Section 4.10 hereof, that a Holder must follow.

          (e) On or before the Purchase Date, the Issuers shall, to the extent lawful, (1) accept for
payment, on a pro rata basis as described in clause (d)(viii) of this Section 3.09, the Offer
Amount of Notes and, if required, Pari Passu Debt or portions thereof validly tendered pursuant to
the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes and Pari Passu
Debt tendered and (2) deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officers’ Certificate of either Issuer stating the aggregate principal amount of
Notes or portions thereof so tendered.

          (f) The Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly mail
or deliver to each tendering Holder an amount equal to the purchase price of the Notes properly
tendered by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly
issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and
mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being
understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel
or Officers’ Certificate of either Issuer is required for the Trustee to authenticate and mail or
deliver such new Note) in a principal amount equal to any unpurchased portion of the Note
surrendered representing the same indebtedness to the extent not repurchased; provided,
that each such new Note shall be in a minimum principal amount of $2,000 or an integral multiple of
$1,000, in excess of $2,000. Any Note not so

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accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers
shall publicly announce the results of the Asset Sale Offer on or as soon as practicable after the
Purchase Date.

          (g) Prior to noon New York City time on the Purchase Date, the Issuers shall deposit with the
Trustee or with the Paying Agent, money sufficient to pay the purchase price of and accrued and
unpaid interest and Additional Interest, if any, on all Notes to be purchased on that Purchase
Date. The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with
the Trustee or the Paying Agent, as applicable, by the Issuers in excess of the amount necessary to
pay the purchase price of, and accrued and unpaid interest on, all Notes to be redeemed.

          (h) Other than as specifically provided in this Section 3.09 or Section 4.10 hereof, any
purchase pursuant to this Section 3.09 shall be made pursuant to the applicable provisions of
Sections 3.01 through 3.06 hereof.

ARTICLE IV

COVENANTS

Section 4.01 Payment of Notes.

          The Issuers shall pay or cause to be paid the principal of, premium, if any, Additional
Interest, if any, and interest on the Notes on the dates and in the manner provided in the Notes.
Principal, premium, if any, Additional Interest, if any, and interest shall be considered paid on
the date due if the Paying Agent, if other than the Issuers or a Subsidiary of the Issuers, holds
as of noon New York City time on the due date money deposited by the Issuers in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and
interest then due.

          The Issuers shall pay all Additional Interest, if any, in the same manner on the dates and in
the amounts set forth in the applicable Registration Rights Agreement.

          The Issuers shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the
Notes to the extent lawful; they shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest
(without regard to any applicable grace period) at the same rate to the extent lawful.

Section 4.02 Maintenance of Office or Agency.

          The Issuers shall maintain in the Borough of Manhattan in the City of New York an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) required under Section 2.03 hereof where Notes may be surrendered for registration of
transfer or for exchange and where notices and demands to or upon the Issuers in respect of the
Notes and this Indenture may be served. The Issuers shall give prompt written notice to the
Trustee of the location, and
any change in the location, of such office or agency. If at any time the Issuers shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

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          The Issuers may also from time to time designate one or more other offices or agencies
where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided that no such designation or rescission shall in
any manner relieve the Issuers of their obligation to maintain an office or agency in the Borough
of Manhattan in the City of New York for such purposes. The Issuers shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of
any such other office or agency.

          The Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or
agency of the Issuers in accordance with Section 2.03 hereof.

Section 4.03 Reports and Other Information.

          (a) Following consummation of the Exchange Offer contemplated by the Initial Registration
Rights Agreement, whether or not required by the rules and regulations of the SEC, so long as any
Notes are outstanding, the Company will furnish to the Holders of Notes or cause the Trustee to
furnish to the Holders of Notes within the time periods specified in the SEC’s rules and
regulations:

     (i) all quarterly and annual reports that would be required to be filed with the SEC on
Forms 10-Q and 10-K if the Company were required to file such reports; and

     (ii) all current reports that would be required to be filed with the SEC on Form 8-K if
the Company were required to file such reports.

The availability of the foregoing materials on the SEC’s EDGAR service (or its successor) shall be
deemed to satisfy the Company’s delivery obligation.

          (b) All such reports will be prepared in all material respects in accordance with all of the
rules and regulations applicable to such reports. Each annual report on Form 10-K will include a
report on the Company’s consolidated financial statements by the Company’s certified independent
accountants, and each Form 10-Q and 10-K will include a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” that describes the financial condition and results
of operations of the Company and its consolidated Subsidiaries. In addition, following the
consummation of the exchange offer contemplated by the Registration Rights Agreement, the Company
will file a copy of each of the reports referred to in clauses (i) and (ii) of Section 4.03(a) with
the SEC for public availability within the time periods specified in the rules and regulations
applicable to such reports (unless the SEC will not accept such filing).

          (c) Notwithstanding Sections 4.03(a) and (b), such requirements shall be deemed satisfied
prior to the consummation of the Exchange Offer contemplated by the Initial Registration Rights
Agreement by (1) the filing with the SEC of the Exchange Offer Registration Statement and any
amendments thereto, with such financial information that satisfies Regulation S-X under the
Securities Act, subject to exceptions consistent with the presentation of financial information in
this offering memorandum, to the extent filed within the time specified above, or (2) by posting on
its website or providing to the Trustee within 15 days of the time periods after the Company would
have been required to file annual and interim reports with the SEC (which for the first quarterly
report required to be posted or provided after the Issue Date shall be 60 days after the end of the
applicable fiscal quarter), the financial information (including a “Management’s Discussion and
Analysis of Financial Condition and

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Results of Operations” section) that would be required to be
included in such reports, subject to exceptions consistent with the presentation of financial
information in the Offering Memorandum.

          (d) Prior to the consummation of the Exchange Offer contemplated by the Initial Registration
Rights Agreement, the Company shall disclose in the financial information posted on its website or
provided to the Trustee (1) the amount of the Company’s Consolidated Net Income for the applicable
quarter or year, and (2) the amount of the Company’s Consolidated EBITDA for the most-recently
ended four full fiscal quarters. After the consummation of the Exchange Offer contemplated by the
Initial Registration Rights Agreement, the Company may disclose such amounts of Consolidated Net
Income and Consolidated EBITDA (a) by posting on its website, (b) by delivering to the Trustee, or
(c) by furnishing on Form 8-K.

          (e) In the event that any direct or indirect parent of the Company becomes a Guarantor of the
Notes, the Company may satisfy its obligations under this Section 4.03 with respect to financial
information relating to the Company by furnishing financial information relating to such parent;
provided that such reporting is accompanied by consolidating information that explains in
reasonable detail the differences between the information relating to such parent and any of its
Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the information
related to the Company, the Note Guarantors and the other Subsidiaries of the Company on a
standalone basis on the other hand.

          (f) If, at any time after consummation of the Exchange Offer contemplated by the Initial
Registration Rights Agreement, the Company is no longer subject to the periodic reporting
requirements of the Exchange Act for any reason, the Company will nevertheless continue filing the
reports specified in paragraphs (a), (b), (c) and (d) of this Section 4.03 with the SEC within the
time periods specified above unless the SEC will not accept such a filing. The Company will not
take any action for the purpose of causing the SEC not to accept any such filings. If,
notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the
Company will post the reports referred to in paragraphs (a), (b), (c) and (d) of this Section 4.03
on a website within the time periods that would apply if the Company were required to file those
reports with the SEC.

          (g) If, at any time, the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then any “Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” or other comparable section, shall provide an analysis and discussion of the material
differences with respect to the financial condition and results of operations of the Company and
its Restricted Subsidiaries as compared to the Company and its Subsidiaries (including such
Unrestricted Subsidiaries).

          (h) In addition, the Company agrees that, for so long as any Notes remain outstanding, it will
furnish to the Holders and to securities analysts and prospective investors, upon their request,
the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

          (i) Notwithstanding anything to the contrary in this Indenture, the Company will not be deemed
to have failed to comply with any of its obligations described under clause (3) of Section 6.01(a)
until 30 days after the date on which any report hereunder is due.

          (j) Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of

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any
information contained therein or determinable from information contained therein, including the
Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates).

Section 4.04 Compliance Certificate.

          (a) The Issuers and each Guarantor (to the extent that such Guarantor is so required under the
Trust Indenture Act) shall deliver to the Trustee, within 90 days after the end of each fiscal year
ending after the Issue Date, a certificate from an Officer of each Issuer and each such Guarantor,
stating that a review of the activities of (i) the Issuers and their Restricted Subsidiaries, in
the case of a certificate from the Issuers, or, (ii) such Guarantor and their Restricted
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officer with a view to determining whether the Issuers and their Restricted Subsidiaries or such
Guarantors and their Restricted Subsidiaries have kept, observed, performed and fulfilled their
obligations under this Indenture, and further stating, as to such Officer signing such certificate,
that to the best of his or her knowledge the Issuers and their Restricted Subsidiaries or such
Guarantors and their Restricted Subsidiaries have kept, observed, performed and fulfilled each and
every condition and covenant contained in this Indenture and are not in default in the performance
or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a
Default shall have occurred, describing all such Defaults of which he or she may have knowledge and
what action the Issuers and their Restricted Subsidiaries or such Guarantors and their Restricted
Subsidiaries are taking or proposes to take with respect thereto)

          (b) When any Default has occurred and is continuing under this Indenture, or if the Trustee or
the holder of any other evidence of Indebtedness of the Issuers or any Subsidiary of the Issuers
gives any notice or takes any other action with respect to a claimed Default, the Issuers shall,
within five Business Days after becoming aware of such Default, deliver written notice to the
Trustee specifying such event and what action the Issuers propose to take with respect thereto.

Section 4.05 Taxes.

          The Issuers shall pay, and shall cause each of their Restricted Subsidiaries to pay, prior to
delinquency, all material taxes, assessments, and governmental levies except such as are contested
in good faith and by appropriate negotiations or proceedings or where the failure to effect such
payment is not adverse in any material respect to the Holders of the Notes.

Section 4.06 Stay, Extension and Usury Laws.

          Each of the Issuers and each of the Guarantors covenants (to the extent that they may lawfully
do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any
time hereafter in force, that may affect the covenants or the performance of this Indenture; and
each of the Issuers and each of the Guarantors (to the extent that they may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that they shall not, by
resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law has
been enacted.

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Section 4.07 Limitation on Restricted Payments.

          (a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries
to, directly or indirectly:

     (1) declare or pay any dividend or make any distribution (other than dividends or
distributions payable in Qualified Capital Stock of the Company) on or in respect of shares
of the Company’s Capital Stock to holders of such Capital Stock;

     (2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the
Company or any warrants, rights or options to purchase or acquire shares of any class of
such Capital Stock (other than in exchange for Qualified Capital Stock of the Company);

     (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or
otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled
repayment or scheduled sinking fund payment, any Indebtedness (other than Indebtedness owed
by the Company or any Restricted Subsidiary of the Company to another Restricted Subsidiary
of the Company or the Company) of the Company or any Restricted Subsidiary that is
subordinate or junior in right of payment to the Notes; or

     (4) make any Restricted Investment

if at the time of such action (each such payments and other actions set forth in clauses (1)
through (4) of this Section 4.07(a) being collectively referred to as, a “Restricted
Payment”) or immediately after giving effect thereto,

     (i) a Default or an Event of Default shall have occurred and be continuing; or

     (ii) immediately after giving effect thereto on a pro forma basis, the Company is not
able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(b), or

     (iii) the aggregate amount of Restricted Payments (including such proposed Restricted
Payment) made subsequent to the Issue Date (the amount expended for such purposes, if other
than in cash, being the Fair Market Value of such property) shall exceed the sum of:

     (a) 50.0% of the Consolidated Net Income of the Company for the period
(taken as one accounting period) from the beginning of the fiscal quarter in
which the Issue Date occurs to the end of the Company’s most recently ended
fiscal quarter for which internal financial statements are available at the
time of such Restricted Payment (or, if such Consolidated Net Income for
such period is a deficit, less 100.0% of such deficit); plus

     (b) 100.0% of the aggregate net cash proceeds and the Fair Market Value
of marketable securities or other property received by the Company from any
Person since the Issue Date including:

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     (i) any contribution to its common equity capital or from the
issue or sale of Equity Interests of the Company (other than
Disqualified Capital Stock and Excluded Contributions);

     (ii) the issuance or sale of convertible or exchangeable
Disqualified Capital Stock or convertible or exchangeable debt
securities of the Company that have been converted into or exchanged
for such Equity Interests (other than Equity Interests (or
Disqualified Capital Stock or debt securities) sold to a Subsidiary
of the Company); plus

     (c) to the extent that any Restricted Investment that was made after
the Issue Date is sold for cash or otherwise liquidated or repaid for cash,
the lesser of (i) the cash return of capital with respect to such Restricted
Investment (less the cost of disposition, if any) and (ii) the initial
amount of such Restricted Investment; plus

     (d) to the extent that any Unrestricted Subsidiary of the Company is
designated as a Restricted Subsidiary of the Company after the Issue Date,
the Fair Market Value of the Company’s Investment in such Subsidiary as of
the date on which such Subsidiary was originally designated as an
Unrestricted Subsidiary after the Issue Date.

          (b) Section 4.07(a) hereof shall not prohibit:

     (1) the payment of any dividend or the consummation of any irrevocable redemption
within 60 days after the date of declaration of such dividend or notice of such redemption
if the dividend or payment of the redemption price, as the case may be, would have been
permitted on the date of declaration or notice under this Indenture;

     (2) the making of any Restricted Payment, either (i) solely in exchange for shares of
Qualified Capital Stock of the Company, (ii) through the application of net proceeds of a
substantially concurrent sale for cash (other than to a Subsidiary of the Company) of shares
of Qualified Capital Stock of the Company or (iii) through the application of a
substantially concurrent cash capital contribution received by the Company from its
shareholders (which capital contribution (to the extent so used) shall be excluded from the
calculation of amounts under clause (iii)(b) of Section 4.07(a) hereof);

     (3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement
for value of Indebtedness of the Company or any Restricted Subsidiary (including the
acquisition of any shares of Disqualified Capital Stock of the Company) that is unsecured or
contractually subordinated to the Notes or to any Note Guarantee by exchange for, or out of
the net cash proceeds from a substantially concurrent incurrence of Refinancing
Indebtedness; provided, however, that such purchase, repurchase, redemption,
defeasance or other acquisition or retirement for value shall be excluded in the calculation
of the amount of Restricted Payments;

     (4) so long as no Default or Event of Default shall have occurred and be continuing,
the repurchase, retirement or other acquisition or retirement for value by the Company of

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Common Stock (or options, warrants or other rights to acquire Common Stock) of the
Company (or payments to any direct or indirect parent company of the Company to permit
distributions to repurchase common equity (or options, warrants or other rights to acquire
common equity) thereof) of such direct or indirect parent company) from any future, current
or former officer, director, manager or employee (or any spouses, successors, executors,
administrators, heirs or legatees of any of the foregoing) of the Company, any direct or
indirect parent company of the Company, or any of its Subsidiaries or their authorized
representatives, in an aggregate amount not to exceed $2.5 million in any calendar year plus
(i) the aggregate net cash proceeds received by the Company after the Issue Date from the
issuance of such Equity Interests to, or the exercise of options to purchase such Equity
Interests by, any current or former director, officer or employee of the Company or any
Restricted Subsidiary of the Company (provided that the amount of such net cash
proceeds received by the Company and utilized pursuant to this clause (4)(i) for any such
repurchase, redemption, acquisition or retirement will be excluded from clause (iii)(b) of
Section 4.07(a) hereof) and (ii) the proceeds of “key-man” life insurance policies that are
used to make such redemptions or repurchases; provided that amounts available
pursuant to this clause (4) to be utilized for Restricted Payments during any twelve-month
period may be carried forward and utilized in the next succeeding twelve-month period and
provided, further, that the cancellation of Indebtedness owing to the
Company from any future, current or former officer, director, manager or employee (or any
spouses, successors, executors, administrators, heirs or legatees of any of the foregoing)
of the Company or any of its Restricted Subsidiaries in connection with any repurchase of
Capital Stock of such entities (or warrants or options or rights to acquire such Capital
Stock) will not be deemed to constitute a Restricted Payment under this Indenture;

     (5) (a) the repurchase of Equity Interests deemed to occur upon the exercise of stock
options or warrants to the extent such Equity Interests represent a portion of the exercise
price of those stock options or warrants and (b) repurchases of Equity Interests or options
to purchase Equity Interests deemed to occur in connection with the exercise of stock
options to the extent necessary to pay applicable withholding taxes;

     (6) the declaration and payment of dividends by the Company to, or the making of loans
to, its direct parent company in amounts required for the Company’s direct or indirect
parent companies to pay, without duplication as to amounts of:

     (a) franchise taxes and other fees, taxes and expenses required to maintain the
corporate existence of the Company and its direct and indirect parent entities
(including a corporation organized to hold interests in the Company in connection
with the public issuance of shares) plus $250,000 per year;

     (b) federal, state, and local income taxes on a consolidated or combined tax
group of which the direct or indirect parent is the common parent, to the extent
such income taxes are attributable to the income of the Company and its Restricted
Subsidiaries and not directly payable by the Company or its Restricted Subsidiaries
and, to the extent of the amount actually received from any of the Company’s
Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent
attributable to the income of such Unrestricted Subsidiaries of the Company;
provided that (i) in determining such taxes, the effect thereon of any net
operating loss carryforwards or

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other carryforwards or tax attributes, such as alternative minimum tax
carryforwards, shall be taken into account, (ii) if there is an adjustment in the
amount of Taxable Income for any periods, an appropriate positive or negative
adjustment shall be made to the amount of distributions or loans permitted pursuant
to this clause 6(b), and if the adjustment is negative, then the permitted
distribution on loan for succeeding periods shall be reduced (without duplication of
reductions due to clause 6(b)(i) hereof) to take into account such negative amount
until such negative amount is reduced to zero, (iii) any distribution or loan in
respect of such taxes other than amounts relating to estimated payments shall be
computed by a nationally recognized accounting firm and (iv) in no event will such
dividends and loans exceed the amounts that the Company and its Restricted
Subsidiaries and/or Unrestricted Subsidiaries (as applicable) would have paid as a
stand-alone group;

     (c) so long as the Company is treated for income tax purposes as a disregarded
entity or a partnership, distributions to equity holders or partners of the Company
in an amount not to exceed the Tax Amount for such period; provided that a
distribution of the Tax Amount shall be made no earlier than 10 days prior to the
due date of the tax payable by equityholders or partners of the Company to which
such Tax Amount relates;

     (d) customary salary, bonus and other benefits payable to officers and
employees of any direct or indirect parent of the Company to the extent such
salaries, bonuses and other benefits are attributable to the ownership or operations
of the Company and its Restricted Subsidiaries; and

     (e) general corporate overhead expenses of any direct or indirect parent
company of the Company to the extent such expenses are attributable to the ownership
or operation of the Company and its Restricted Subsidiaries;

     (7) so long as no Default or Event of Default shall have occurred and be continuing,
the declaration and payment of regularly scheduled or accrued dividends to holders of any
class or series of Disqualified Capital Stock of the Company or any Restricted Subsidiary of
the Company issued on or after the Issue Date in accordance with Section 4.09(b) hereof;

     (8) the payment of any dividend (or, in the case of any partnership or limited
liability company, any similar distribution) by a Restricted Subsidiary of the Company to
the holders of its Equity Interests on a pro rata basis;

     (9) any repricing or issuance of employee stock options or the adoption of bonus
arrangements, in each case in connection with the issuance of the Notes, and payments
pursuant to such arrangements;

     (10) Restricted Payments that are made with Excluded Contributions;

     (11) Restricted Payments made with Net Cash Proceeds from Asset Sales remaining after
application thereof as required by Section 4.10 hereof (including after the making by the

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Issuers of any Asset Sale Offer required to be made by the Issuers pursuant to such
covenant and the purchase of all Notes tendered therein);

     (12) upon occurrence of a Change of Control and within 60 days after the completion of
the Change of Control Offer pursuant to Section 4.14 hereof (including the purchase of all
Notes tendered), any purchase or redemption of Obligations of the Company that are
subordinate or junior in right of payment to the Notes required pursuant to the terms
thereof as a result of such Change of Control at a purchase or redemption price not to
exceed 101.0% of the outstanding principal amount thereof, plus accrued and unpaid interest
thereon, if any; provided, however, that (A) at the time of such purchase or
redemption, no Default or Event of Default shall have occurred and be continuing (or would
result therefrom) and (B) such purchase or redemption is not made, directly or indirectly,
from the proceeds of (or made in anticipation of) any issuance of Indebtedness by the
Company or any Restricted Subsidiary of the Company; and

     (13) Restricted Payments in an amount not to exceed $17.5 million.

In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date in
accordance with clause (iii) of Section 4.07(a) hereof, amounts expended pursuant to clauses (1),
(4), (7) and (13) of this Section 4.07(b) shall be included in such calculation.

Section 4.08 Limitation on Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries.

          (a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries
to, directly or indirectly, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary of the
Company to:

     (1) pay dividends or make any other distributions on or in respect of its Capital Stock
to the Company or any of its Restricted Subsidiaries;

     (2) make loans or advances or to pay any Indebtedness or other obligation owed to the
Company or any Restricted Subsidiary of the Company; or

     (3) transfer any of its property or assets to the Company or any other Restricted
Subsidiary of the Company,

          (b) Section 4.08(a) hereof shall not apply to encumbrances or restrictions existing under or
by reason of:

     (1) applicable law, rule, regulation or order;

     (2) this Indenture and the Notes;

     (3) customary non-assignment provisions of any contract or any lease of any Restricted
Subsidiary of the Company;

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     (4) any instrument governing Acquired Indebtedness, which encumbrance or restriction is
not applicable to any Person, or the properties or assets of any Person, other than the
Person or the properties or assets of the Person so acquired;

     (5) the Existing Facilities as each exists on the Issue Date and any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings thereof; provided that any restrictions imposed pursuant to any such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing are ordinary and customary with respect to facilities similar to the Existing
Facilities (under the relevant circumstances) and will not materially affect the Company’s
ability to make anticipated principal and interest payments on the Notes (as determined in
good faith by the Board of Directors of the Company);

     (6) agreements existing on the Issue Date to the extent and in the manner such
agreements are in effect on the Issue Date;

     (7) restrictions on the transfer of assets (other than cash) held in a Restricted
Subsidiary of the Company imposed under any agreement governing Indebtedness incurred in
accordance with this Indenture;

     (8) provisions in agreements evidencing Permitted Funding Indebtedness that impose
restrictions on the collateral securing such Indebtedness;

     (9) restrictions on the transfer of assets subject to any Lien permitted under this
Indenture imposed by the holder of such Lien;

     (10) restrictions imposed by any agreement to sell assets or Capital Stock permitted
under this Indenture to any Person pending the closing of such sale;

     (11) any agreement or instrument governing Capital Stock of any Person that is
acquired;

     (12) the requirements of any Securitization, Warehouse Facility or MSR Facility that
are exclusively applicable to any Securitization Entity, Warehouse Facility Trust, MSR
Facility Trust or special purpose Subsidiary of the Company formed in connection therewith;

     (13) customary provisions in joint venture and other similar agreements relating solely
to such joint venture;

     (14) customary provisions in leases, licenses and other agreements entered into in the
ordinary course of business;

     (15) restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business;

     (16) other Indebtedness, Disqualified Capital Stock or Preferred Stock of Foreign
Subsidiaries of the Company permitted to be incurred subsequent to the Issue Date pursuant
to

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Section 4.09 hereof that impose restrictions solely on the Foreign Subsidiaries party
thereto; provided that the restrictions will not materially affect the ability of
the Issuers to pay the principal, interest and premium, if any, and Additional Interest, if
any, on the Notes, as determined in good faith by the Company; and

     (17) any encumbrances or restrictions imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of
the contracts, instruments or obligations referred to in clauses (2) through (4) and (6)
through (14) of this Section 4.08(b); provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings
are, in the good faith judgment of the Company’s Board of Directors whose judgment shall be
conclusively binding, not materially more restrictive with respect to such dividend and
other payment restrictions, taken as a whole, than those contained in the dividend or other
payment restrictions prior to such amendment, modification, restatement, renewal, increase,
supplement, refunding, replacement or refinancing.

Section 4.09 Limitation on Incurrence of Indebtedness and Issuance of
Disqualified Stock and Preferred Stock.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, assume, guarantee, become liable, contingently or otherwise,
with respect to, or otherwise become responsible for payment of (collectively, “incur”) any
Indebtedness (including, without limitation, Acquired Indebtedness) and the Company will not permit
any of its Restricted Subsidiaries to issue any shares of Preferred Stock, in each case other than
Permitted Indebtedness.

          (b) Notwithstanding Section 4.09(a) hereof, if no Default or Event of Default shall have
occurred and be continuing at the time of or as a consequence of the incurrence of any such
Indebtedness, the Company or any of its Restricted Subsidiaries may incur Indebtedness (including,
without limitation, Acquired Indebtedness), and the Company’s Restricted Subsidiaries may issue
Preferred Stock, in each case if on the date of the incurrence of such Indebtedness or Preferred
Stock, after giving effect to the incurrence thereof and the use of proceeds thereof:

     (1) the Corporate Indebtedness to Tangible Net Worth Ratio of the Company is less than
1.1 to 1.0; and

     (2) the Consolidated Leverage Ratio of the Company is less than 4.5 to 1.0.

          (c) In connection with any incurrence of Indebtedness pursuant to Section 4.09(b) hereof
incurred prior to the consummation of the Exchange Offer contemplated by the Initial Registration
Rights Agreement, the Issuers shall provide an Officers’ Certificate to the Trustee on or prior to
the incurrence of such Indebtedness showing in reasonable detail the calculation of the Corporate
Indebtedness to Tangible Net Worth Ratio and the Consolidated Leverage Ratio of the Company and the
Company shall use its commercially reasonable efforts to deliver to the Trustee, together with
such certificate, a covenant compliance certificate from the Company’s independent auditors
attesting to the accuracy of such calculations.

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Section 4.10 Asset Sales.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale, other than a Required Asset Sale or any Legacy Loan Portfolio Sale
unless:

     (1) the Company (or the Restricted Subsidiary, as the case may be) receives
consideration at the time of the Asset Sale at least equal to the Fair Market Value of the
assets or Equity Interests issued or sold or otherwise disposed of; and

     (2) at least 75.0% of the consideration received in the Asset Sale by the Company or
such Restricted Subsidiary is in the form of cash or Cash Equivalents. For purposes of this
provision, each of the following will be deemed to be cash:

     (A) any liabilities, as shown on the Company’s or such Restricted Subsidiary’s
most recent consolidated balance sheet, of the Company or any Restricted Subsidiary
(other than contingent liabilities and liabilities that are by their terms
subordinated to the Notes or any Note Guarantee) that are assumed by the transferee
of any such assets (or a third party on behalf of such transferee) pursuant to a
customary novation or other agreement that releases the Company or such Restricted
Subsidiary from further liability;

     (B) any securities, notes or other obligations or assets received by the
Company or any such Restricted Subsidiary from such transferee that are converted by
the Company or such Restricted Subsidiary into cash within 180 days of the receipt
thereof, to the extent of the cash received in that conversion; and

     (C) any Designated Noncash Consideration received by the Company or any of its
Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value,
taken together with all other Designated Noncash Consideration received pursuant to
this clause (C) that is at that time outstanding, not to exceed the greater of (x)
$25.0 million and (y) 2.5% of Total Assets, at the time of the receipt of such
Designated Noncash Consideration (with the Fair Market Value of each item of
Designated Noncash Consideration being measured at the time received and without
giving effect to subsequent changes in value).

          (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, including a
Required Asset Sale or a Legacy Loan Portfolio Sale, the Issuers (or the applicable Restricted
Subsidiary, as the case may be) may apply such Net Proceeds at its option, in any combination of
the following:

     (1) to prepay or repay Secured Debt or Indebtedness of any Restricted Subsidiary of the
Company that is not a Guarantor, and, if the Indebtedness repaid is revolving credit
Indebtedness, to correspondingly reduce commitments with respect thereto; provided,
however, that, except in the case of Net Proceeds from a Legacy Loan Portfolio Sale,
Net Proceeds may not be applied to the prepayment or repayment of Non-Recourse Indebtedness,

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Indebtedness under Existing Facilities or Permitted Funding Indebtedness, other than
Non-Recourse Indebtedness, Indebtedness under Existing Facilities or Permitted Funding
Indebtedness secured by a Lien on the asset or assets that were subject to such Asset Sale;

     (2) to prepay or repay Pari Passu Debt permitted to be incurred pursuant to this
Indenture to the extent required by the terms thereof, and, in the case of Pari Passu Debt
under revolving credit facilities or other similar Indebtedness, to correspondingly reduce
commitments with respect thereto;

     (3) to make one or more offers to the holders of the Notes (and, at the option of the
Company, the holders of Pari Passu Debt) to purchase Notes (and such other Pari Passu Debt)
pursuant to and subject to the conditions applicable to Asset Sale Offers described below;

     (4) to acquire all or substantially all of the assets of, or any Capital Stock of,
another Permitted Business, if, after giving effect to any such acquisition of Capital
Stock, the Permitted Business is or becomes a Restricted Subsidiary of the Company; or

     (5) to acquire other assets (including, without limitation, MSRs and Securitization
Assets) that are used or useful in a Permitted Business.

          (c) Pending the final application of any Net Proceeds, the Company may temporarily reduce
revolving credit borrowings and/or borrowings under Permitted Funding Indebtedness or otherwise
invest the Net Proceeds in any manner that is not prohibited by this Indenture.

          (d) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section
4.10(b) will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds
exceeds $25.0 million, within 30 days thereof, the Issuers shall make an Asset Sale Offer to all
holders of Notes and all holders of Pari Passu Debt containing provisions similar to those set
forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of
assets to purchase the maximum principal amount of Notes and such Pari Passu Debt that may be
purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to
100.0% of the principal amount (or, in the case of any other Pari Passu Debt offered at a
significant original issue discount, 100.0% of the accreted value thereof, if permitted by the
relevant indenture or other agreement governing such Pari Passu Debt) plus accrued and unpaid
interest and Additional Interest, if any, to the date of purchase, and will be payable in cash. If
any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those
Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate
principal amount of Notes and Pari Passu Debt tendered into such Asset Sale Offer exceeds the
amount of Excess Proceeds, the trustee will select the Notes and such Pari Passu Debt to be
purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.

          (e) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with
the Asset Sale provisions of this Indenture, the Issuers shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under the
Asset Sale provisions of this Indenture by virtue of such compliance.

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Section 4.11 Limitation on Transactions with Affiliates.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, enter into or permit to exist any transaction or series of related
transactions (including, without limitation, the purchase, sale, lease or exchange of any property
or the rendering of any service) with, or for the benefit of, any of its Affiliates (each an
“Affiliate Transaction”), involving aggregate payment of consideration in excess of $5.0
million other than:

     (1) Affiliate Transactions permitted pursuant to Section 4.11(c); and

     (2) Affiliate Transactions on terms that are no less favorable than those that might
reasonably have been obtained in a comparable transaction at such time on an arm’s-length
basis from a Person that is not an Affiliate of the Company or such Subsidiary.

          (b) In addition, all Affiliate Transactions (and each series of related Affiliate Transactions
which are similar or part of a common plan) involving aggregate payments or other property with a
Fair Market Value in excess of $7.5 million shall be approved by the Board of Directors of the
Company or such Subsidiary, as the case may be, such approval to be evidenced by a Board Resolution
stating that such Board of Directors has determined that such transaction complies with the
provisions of Section 4.11(a).

          (c) The restrictions set forth in Sections 4.11(a) and 4.11(b) hereof shall not apply to:

     (1) any employment or consulting agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by the Company or any of
its Restricted Subsidiaries in the ordinary course of business or approved in good faith by
the Board of Directors of the Company and payments pursuant thereto and the issuance of
Equity Interests of the Company (other than Disqualified Capital Stock) to directors and
employees pursuant to stock option or stock ownership plans;

     (2) transactions between or among the Company and any of its Restricted Subsidiaries or
between or among such Restricted Subsidiaries;

     (3) transactions between the Company or one of its Restricted Subsidiaries and any
Person in which the Company or one of its Restricted Subsidiaries has made an Investment in
the ordinary course of business and such Person is an Affiliate solely because of such
Investment;

     (4) transactions between the Company or one of its Restricted Subsidiaries and any
Person in which the Company or one of its Restricted Subsidiaries holds an interest as a
joint venture partner and such Person is an Affiliate solely because of such interest;

     (5) any agreement as in effect as of the Issue Date or any amendment thereto or any
transactions or payments contemplated thereby (including pursuant to any amendment thereto)
in any replacement agreement thereto so long as any such amendment or replacement agreement
is not more disadvantageous to the Holders in any material respect than the original
agreement as in effect on the Issue Date (as determined by the Board of Directors of the
Company in good faith);

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     (6) Restricted Payments permitted by this Indenture;

     (7) sales of Qualified Capital Stock and capital contributions to the Company from one
or more holders of its Capital Stock;

     (8) the existence of, or the performance by the Company or any of its Restricted
Subsidiaries of its obligations under the terms of, any stockholders’ agreement (including
any registration rights agreement or purchase agreement related thereto) to which it is a
party as of the Issue Date and any similar agreements which it may enter into thereafter;
provided, however, that the existence of, or the performance by the Company
or any of its Restricted Subsidiaries of obligations under any future amendment to any such
existing agreement or under any similar agreement entered into after the Issue Date shall
only be permitted by this clause (8) to the extent that the terms of any such amendment or
new agreement, taken as a whole, are not disadvantageous to the Holders of the Notes in any
material respect (as determined by the Board of Directors of the Company in good faith);

     (9) transactions in which the Company or any Restricted Subsidiary of the Company, as
the case may be, receives an opinion from a nationally recognized investment banking,
appraisal or accounting firm that such Affiliate Transaction is either fair, from a
financial standpoint, to the Company or such Restricted Subsidiary or is on terms not
materially less favorable than those that might reasonably have been obtained in a
comparable transaction at such time on an arm’s length basis from a Person that is not an
Affiliate of the Company;

     (10) (i) the provision of mortgage servicing and similar services to Affiliates in the
ordinary course of business and otherwise not prohibited by this Indenture that are fair to
the Company and its Restricted Subsidiaries (as determined by the Company in good faith) or
are on terms at least as favorable as might reasonably have been obtained at such time from
an unaffiliated party (as determined by the Company in good faith) and (ii) transactions
with customers, clients, suppliers, contractors, joint venture partners or purchasers or
sellers of goods or services that are Affiliates, in each case in the ordinary course of
business and otherwise in compliance with the terms of this Indenture that are fair to the
Company and its Restricted Subsidiaries, in the reasonable determination of the Board of
Directors of the Company or the senior management thereof, or are on terms at least as
favorable as might reasonably have been obtained at such time from an unaffiliated party;

     (11) payments or loans (or cancellation of loans) to employees of the Company, any of
its direct or indirect parent entities or any Restricted Subsidiary of the Company (as
determined by the Board of Directors of the Company in good faith);

     (12) Guarantees by the Sponsor or any direct and indirect parent of the Company for
Obligations of the Company and its Restricted Subsidiaries; and

     (13) investments by the Sponsor in securities of the Company or any Restricted
Subsidiary of the Company so long as the investment is being offered generally to other
investors on the same or more favorable terms or the securities are acquired in market
transactions.

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Section 4.12 Limitation on Liens.

          (a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries
to, directly or indirectly, create, incur, assume or permit or suffer to exist any Liens of any
kind on the assets of the Company or its Restricted Subsidiaries securing Indebtedness of the
Company or its Restricted Subsidiaries unless:

     (1) in the case of Liens securing Indebtedness of the Company that is expressly
subordinate or junior in right of payment to the Notes, the Notes are secured by a Lien on
such property, assets or proceeds that is senior in priority to such Liens; and

     (2) in all other cases, the Notes are equally and ratably secured except for:

     (A) Liens existing as of the Issue Date to the extent and in the manner such
Liens are in effect on the Issue Date;

     (B) Liens securing the Notes and the Note Guarantees;

     (C) Liens securing Non-Recourse Indebtedness;

     (D) Liens securing Permitted Funding Indebtedness so long as any such Lien
shall encumber only (i) the assets acquired or originated with the proceeds of such
Indebtedness, assets that consist of Servicing Advances, MSRs, loans, mortgage
related securities and other mortgage related receivables, REO Assets, Residual
Assets and other similar assets subject to and pledged to secure such Indebtedness
and (ii) any intangible contract rights and proceeds of, and other, related
documents, records and assets directly related to the assets set forth in the
preceding clause (i) of this clause (D);

     (E) Liens securing Refinancing Indebtedness that is incurred to Refinance any
Indebtedness that has been secured by a Lien permitted under this Indenture and that
has been incurred in accordance with the provisions of this Indenture;
provided, however, that such Liens: (i) are no less favorable to the
Holders than the Liens in respect of the Indebtedness being Refinanced; and (ii) do
not extend to or cover any property or assets
of the Company or its Restricted Subsidiaries not securing the Indebtedness so
Refinanced (or property of the same type and value); and

     (F) Permitted Liens.

          (b) Notwithstanding Section 4.12(a) hereof, the Company shall not, and shall not cause or
permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or
permit or suffer to exist any Liens on any MSR Assets or on the Capital Stock of any MSR
Subsidiaries owned by the Company or its Restricted Subsidiaries securing Indebtedness of the
Company or its Restricted Subsidiaries (other than (x) Liens on MSR Assets owned on the Issue Date
securing Indebtedness at any one time outstanding not to exceed $25.0 million or (y) Liens pursuant
to clauses (1), (5), (6) (provided such Liens are in existence at the time such assets or property
is acquired and were not incurred in contemplation thereof), (14), (19) and (34) of the definition
of Permitted Liens) unless all payments due

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under this Indenture and the Notes are secured on an
equal and ratable basis with the obligations so secured until such time as such obligations are no
longer secured by a Lien.

Section 4.13 Conduct of Business.

          The Company shall not, and shall not permit any of its Restricted Subsidiaries to, engage in
any business other than Permitted Businesses, except to such extent as would not be material to the
Company and its Restricted Subsidiaries taken as a whole..

Section 4.14 Offer to Repurchase Upon Change of Control.

          (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require
that the Issuers purchase all or a portion of such Holder’s Notes pursuant to the offer described
below (the “Change of Control Offer”), at a purchase price equal to 101.0% of the principal
amount of the Notes redeemed plus accrued and unpaid interest and Additional Interest, if any, to
the date of purchase (subject to the rights of Holders of Notes on the relevant regular Record Date
to receive interest due on the relevant Interest Payment Date that is on or prior to the applicable
date of redemption).

          (b) Within 30 days following the date upon which a Change of Control occurs, the Issuers shall
send, by first class mail, a notice to each Holder, with a copy to the Trustee or otherwise in
accordance with the procedures of DTC, which notice shall govern the terms of the Change of Control
Offer. Such notice shall state the following information:

     (1) that a Change of Control Offer is being made pursuant to this Section 4.14 and that
all Notes properly tendered pursuant to such Change of Control Offer will be accepted for
payment by the Issuers;

     (2) the purchase price (the “Change of Control Payment”);

     (3) the purchase date, which must be no earlier than 30 days nor later than 60 days
from the date such notice is mailed, other than as may be required by law (the “Change
of Control Payment Date”);

     (4) that any Note not tendered or accepted for payment will remain outstanding and
continue to accrue interest;

     (5) that unless the Issuers default in the payment of the Change of Control Payment;
all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue
interest after the Change of Control Payment Date;

     (6) that Holders electing to have a Note purchased pursuant to a Change of Control
Offer shall be required to surrender the Note, with the form entitled “Option of Holder to
Elect Purchase,” which is attached hereto as Exhibit A, on the reverse of the Note
completed, to the Paying Agent at the address specified in the notice (or transfer by
book-entry transfer to the Depositary, as applicable) prior to the close of business on the
third Business Day prior to the Change of Control Payment Date;

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     (7) that Holders shall be entitled to withdraw their tendered Notes and their election
to require the Issuers to purchase such Notes; provided that the Paying Agent
receives, not later than the close of business on the last day of the offer period, a
facsimile transmission or letter setting forth the name of the Holder of the Notes, the
principal amount of the Notes tendered for purchase, and a statement that such Holder is
withdrawing its tendered Notes and its election to have such Notes purchased;

     (8) that if the Issuers are redeeming less than all of the Notes, the Holders of the
remaining Notes will be issued new Notes and such new Notes will be equal in principal
amount to the unpurchased portion of the Notes surrendered, and that the unpurchased portion
of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess of $2,000;
and

     (9) any other instructions, as determined by the Issuers, consistent with this Section
4.14, that a Holder must follow.

          (c) The Issuers shall not be required to make a Change of Control Offer upon a Change of
Control if (1) a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Issuers and purchases all Notes properly tendered and not withdrawn under
the Change of Control Offer, or (2) notice of redemption has been given pursuant to Sections
3.07(a) and 3.07(c) hereof, unless and until there is a default in payment of the applicable
redemption price.

          (d) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent such laws and regulations are
applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the
extent that the provisions of any securities laws or regulations conflict with this Section 4.14,
the Issuers shall comply with the applicable securities laws and regulations and will not be deemed
to have breached its obligations under this Section 4.14 by virtue thereof.

Section 4.15 Limitation on Guarantees by Restricted Subsidiaries.

          (a) The Company shall not permit any Domestic Restricted Subsidiary, other than (i) an
Excluded Restricted Subsidiary or (ii) an MSR Facility Trust, a Securitization Entity or a
Warehouse Facility Trust, directly or indirectly, by way of the pledge of any intercompany note or
otherwise, to assume, guarantee or in any other manner become liable with respect to any
Indebtedness of the Company of the type described in clauses (1) and (2) of the definition of
“Indebtedness” (other than Permitted Funding Indebtedness to the extent such Domestic Restricted
Subsidiary is a guarantor thereunder), unless, in any such case:

     (1) such Restricted Subsidiary within 30 days executes and delivers a
supplemental indenture to this Indenture, the form of which is attached as
Exhibit D hereto, providing a guarantee (“Guarantee”) of payment of
the Notes by such Subsidiary; and

     (2) if such assumption, guarantee or other liability of such Restricted
Subsidiary is provided in respect of Indebtedness that is expressly subordinated to
the Notes, the guarantee or other instrument provided by such Restricted Subsidiary
in

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respect of such subordinated Indebtedness shall be subordinated to the Guarantee
pursuant to subordination provisions no less favorable to the Holders of the Notes
than those contained in this Indenture.

          (b) Notwithstanding Section 4.15(a), any such Guarantee by a Restricted Subsidiary of the
Company of the Notes shall provide by its terms that it shall be automatically and unconditionally
released and discharged (pursuant to Section 10.07 hereof), without any further action required on
the part of the Trustee or any Holder, upon:

     (1) the unconditional release of such Restricted Subsidiary from its liability in
respect of the Indebtedness in connection with which such Guarantee was executed and
delivered pursuant to Section 4.15(a); or

     (2) any sale or other disposition (by merger or otherwise) to any Person that is not a
Restricted Subsidiary of the Company of all of the Company’s Capital Stock in, or all or
substantially all of the assets of, such Restricted Subsidiary; provided that: (a)
such sale or disposition of such Capital Stock or assets is otherwise in compliance with the
terms of this Indenture; and (b) such assumption, guarantee or other liability of such
Restricted Subsidiary has been released by the holders of the other Indebtedness so
guaranteed.

Section 4.16 Limitation on Sale and Leaseback Transactions

          The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into
any sale and leaseback transaction; provided that the Company and any Restricted Subsidiary
of the Company may enter into a sale and leaseback transaction if:

     (1) the Company or that Restricted Subsidiary, as applicable, could have (a) incurred
Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback
transaction pursuant to Section 4.09 hereof and (b) incurred a Lien to secure such
Indebtedness pursuant to Section 4.12 hereof;

     (2) the consideration of that sale and leaseback transaction is at least equal to the
Fair Market Value of the property that is the subject of that sale and leaseback
transaction; and

     (3) the transfer of assets in that sale and leaseback transaction is permitted by, and
the Company applies the proceeds of such transaction in compliance with Section 4.10 hereof.

Section 4.17 Designation of Unrestricted and Restricted Subsidiaries

          (a) The Board of Directors of the Company may designate any Restricted Subsidiary of the
Company to be an Unrestricted Subsidiary if that designation would not cause a Default or Event of
Default. If a Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the
aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted
Subsidiaries in the Subsidiary designated as Unrestricted will be deemed to be an Investment made
as of the time of the designation and will reduce the amount available for Restricted Payments
under Section 4.07 hereof or under one or more clauses of the definition of Permitted Investments,
as determined by the

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Company. That designation will only be permitted if the Investment would be
permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary.

          (b) Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be
evidenced to the trustee by filing with the trustee a certified copy of a resolution of the Board
of Directors of the Company giving effect to such designation and an officers’ certificate
certifying that such designation complied with the preceding conditions and was permitted by
Section 4.07 hereof. The Board of Directors of the Company may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such
designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the
Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will
only be permitted if (1) such Indebtedness is permitted under Section 4.09, calculated on a pro
forma basis as if such designation had occurred at the beginning of the four-quarter reference
period; and (2) no Default or Event of Default would occur and be continuing following such
designation.

Section 4.18 Restrictions on Activities of the Co-Issuer

          The Co-Issuer may not hold any assets, become liable for any obligations or engage in any
business activities; provided that the Co-Issuer may be a co-obligor of (i) the Notes and
(ii) any other Indebtedness incurred by the Company pursuant to Section 4.09 hereof and in each
case may engage in any activities directly related or necessary in connection therewith.

Section 4.19 Covenant Suspension

          During any period of time that the Notes are rated Investment Grade and no Default or Event of
Default has occurred and is then continuing, the Company and its Restricted Subsidiaries will not
be subject to Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.15 and 5.01(a)(2) hereof
(collectively, the
“Suspended Covenants”). In the event that the Company and its Restricted Subsidiaries
are not subject to the Suspended Covenants for any period of time as a result of the preceding
sentence and, subsequently, one or both of the Rating Agencies, as applicable, withdraws its
ratings or downgrades the ratings assigned to the Notes such that the Notes are not rated
Investment Grade, then the Company and its Restricted Subsidiaries will thereafter again be subject
to the Suspended Covenants, it being understood that no actions taken by (or omissions of) the
Company or any of its Restricted Subsidiaries during the suspension period shall constitute a
Default or an Event of Default under the Suspended Covenants. Furthermore, after the time of
reinstatement of the Suspended Covenants upon such withdrawal or downgrade, calculations with
respect to Restricted Payments will be made in accordance with the terms of Section 4.07 as though
such covenant had been in effect during the entire period of time from the Issue Date.

ARTICLE V

SUCCESSORS

Section 5.01 Merger, Consolidation or Sale of All or Substantially All Assets.

          (a) (i) Neither Issuer, in a single transaction or series of related transactions, may
consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise
dispose

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of all or substantially all such Issuer’s assets, to any Person and (ii) the Company will
not, in a single transaction or series of related transactions, consolidate or merge with or into
any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit
any Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all
or substantially all of the Company’s assets (determined on a consolidated basis for the Company
and the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety
to any Person unless:

     (1) either:

     (A) the Company, or such Issuer, as the case may be, shall be the surviving or
continuing entity; or

     (B) the Person (if other than the Company or such Issuer, as the case may be)
formed by such consolidation or into which the Company or such Issuer, as the case
may be, is merged or the Person which acquires by sale, assignment, transfer, lease,
conveyance or other disposition the properties and assets of the Company or such
Issuer, as the case may be, and of the Company’s Subsidiaries substantially as an
entirety (the “Surviving Entity”):

     (i) shall be a Person organized and validly existing under the laws of
the United States or any State thereof or the District of Columbia;
provided that in the case where the Surviving Entity is not a
corporation, a co-obligor of the Notes is a corporation; and

     (ii) shall expressly assume, by supplemental indenture (in form and
substance reasonably satisfactory to the Trustee), executed and delivered to
the Trustee, the due and punctual payment of the principal of, and premium,
if any, and interest on all of the Notes and the performance of every
covenant of the Notes, this Indenture and the Registration Rights Agreement
on the part of the Company or such Issuer, as the case may be, to be
performed or observed;

     (2) immediately after giving effect to such transaction and the assumption contemplated
by clause (1)(B)(ii) of this Section 5.01(a) (including giving effect to any Indebtedness
and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in
respect of such transaction), the Company, such Issuer, or such Surviving Entity, as the
case may be, shall either (x) be able to incur at least $1.00 of additional Indebtedness
pursuant to Section 4.09(b) hereof or (y) have a pro forma Consolidated Leverage Ratio and a
pro forma Corporate Indebtedness to Tangible Net Worth Ratio that would not be more than the
actual Consolidated Leverage Ratio and Corporate Indebtedness to Tangible Net Worth Ratio of
the Company, as applicable, immediately prior to such transaction;

     (3) immediately before and immediately after giving effect to such transaction and the
assumption contemplated by clause (1)(B)(ii) of this Section 5.01(a) (including, without
limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or
anticipated to be incurred and any Lien granted in connection with or in respect of the
transaction), no Default or Event of Default shall have occurred or be continuing; and

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     (4) the Company, such Issuer or the Surviving Entity shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition
and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with the applicable provisions of this Indenture and that all
conditions precedent in this Indenture relating to such transaction have been satisfied.

          (b) For purposes of Section 5.01(a), the transfer (by lease, assignment, sale or otherwise, in
a single transaction or series of transactions) of all or substantially all of the properties or
assets of one or more Restricted Subsidiaries of the Company the Capital Stock of which constitutes
all or substantially all of the properties and assets of the Company, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the Company.

          (c) Notwithstanding the foregoing, Section 5.01(a) shall not apply to:

     (1) a merger of the Company or such Issuer, as the case may be, with an Affiliate
solely for the purpose of reorganizing the Company in another jurisdiction or converting the
Company into a corporation;

     (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease
or other disposition of assets between or among the Company and its Restricted Subsidiaries;
or

     (3) any Required Asset Sale or Legacy Loan Portfolio Sale that complies with Section
4.10 hereof.

Section 5.02 Surviving Entity Substituted.

          Upon any consolidation, combination or merger or any transfer of all or substantially all of
the assets of the Company or such Issuer, as the case may be, in accordance with Section 5.01
hereof, in which the Company or such Issuer, as the case may be, is not the continuing entity, the
successor Person formed by such consolidation or into which the Company or such Issuer, as the case
may be, is merged or to which such conveyance, lease or transfer is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company or such Issuer, as the case
may be, under this Indenture and the Notes with the same effect as if such Surviving Entity had
been named as such.

ARTICLE VI

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

          (a) An “Event of Default” wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be 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):

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     (1) the failure to pay interest, or Additional Interest, if any, on any Notes when the
same becomes due and payable and the default continues for a period of 30 days;

     (2) the failure to pay the principal on any Notes, when such principal becomes due and
payable, at maturity, upon redemption or otherwise (including the failure to make a payment
to purchase Notes tendered pursuant to a Change of Control Offer);

     (3) a default in the observance or performance of any other covenant or agreement
contained in this Indenture and such default continues for a period of 60 days after the
Company receives written notice specifying the default (and demanding that such default be
remedied) from the Trustee or the Holders of at least 25.0% of the then outstanding
principal amount of all Notes issued under this Indenture;

     (4) the failure to pay at final maturity (giving effect to any applicable grace periods
and any extensions thereof) the principal amount of any Indebtedness (other than
Non-Recourse Indebtedness) of the Company or any Restricted Subsidiary of the Company, or
the acceleration of the final stated maturity of any such Indebtedness (which acceleration
is not rescinded, annulled or otherwise cured within 20 days of receipt by the Company or
such Restricted Subsidiary of notice of any such acceleration) if the aggregate principal
amount of such Indebtedness, together with the principal amount of any other such
Indebtedness in default for failure to pay principal at final maturity or which has been
accelerated, aggregates $25.0 million or more at any time;

     (5) one or more judgments in an aggregate amount in excess of $25.0 million shall have
been rendered against the Company or any of its Restricted Subsidiaries and such judgments
remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or
judgments become final and non-appealable (other than any judgments as to which, and only to
the extent, a reputable insurance company has acknowledged coverage of such judgments in
writing);

     (6) the Issuers or any of their Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:

     (i) commences proceedings to be adjudicated bankrupt or insolvent;

     (ii) consents to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy law;

     (iii) consents to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator or other similar official of it or for all or substantially all of its
property;

     (iv) makes a general assignment for the benefit of its creditors; or

     (v) generally is not paying its debts as they become due;

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     (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

     (i) is for relief against the Issuers or any of their Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, in a proceeding in which the
Issuers or any such Restricted Subsidiaries, that is a Significant Subsidiary or any
group of Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary, is to be adjudicated bankrupt or insolvent;

     (ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Issuers or any of their Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, or for all or substantially all of the
property of the Issuers or any of their Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary; or

     (iii) orders the liquidation of the Issuers or any of their Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary;

and the order or decree remains unstayed and in effect for 60 consecutive days; or

     (8) the Note Guarantee of any Significant Subsidiary of the Company shall for any
reason cease to be in full force and effect or be declared null and void or any responsible
officer of any Guarantor that is a Significant Subsidiary of the Company, as the case may
be, denies that it has any further liability under its Note Guarantee or gives notice to
such effect, other than by reason of the termination of this Indenture or the release of any
such Note Guarantee in accordance with this Indenture.

Section 6.02 Acceleration.

          (a) If an Event of Default (other than an Event of Default specified in clause (6) or (7) of
Section 6.01(a) hereof with respect to the Company) shall occur and be continuing, the Trustee or
the Holders of at least 25.0% in principal amount of the then outstanding Notes issued under this
Indenture may declare the principal of, premium, if any, Additional Interest, if any, and interest
on all the Notes issued under this Indenture to be due and payable by notice in writing to the
Company and the Trustee specifying the respective Event of Default and that it is a “notice of
acceleration,” or the “Acceleration Notice,” and the same shall become immediately due
and payable.

          (b) If an Event of Default specified in clause (6) or (7) of Section 6.01(a) hereof with
respect to the Company occurs and is continuing, then all unpaid principal of, and premium, if any,
and accrued and unpaid interest on all of the then outstanding Notes issued under this Indenture
shall ipso facto become and be immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder.

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          (c) At any time after a declaration of acceleration with respect to the Notes as
described in Section 6.02(a) or 6.02(b) hereof, the Holders of a majority in principal amount of
all Notes issued under this Indenture may rescind and cancel such declaration and its consequences:

          (1) if the rescission would not conflict with any judgment or decree;

          (2) if all existing Events of Default have been cured or waived except nonpayment of principal
or interest that has become due solely because of the acceleration;

          (3) to the extent the payment of such interest is lawful, interest on overdue installments of
interest and overdue principal, which has become due otherwise than by such declaration of
acceleration, has been paid;

          (4) if the Company has paid the Trustee (including its agents and counsel) its reasonable
compensation and reimbursed the Trustee for its expenses, disbursements and advances; and

          (5) in the event of the cure or waiver of an Event of Default of the type described in clause
(6) or (7) of Section 6.01(a) hereof, the Trustee shall have received an Officers’ Certificate and
an Opinion of Counsel that such Event of Default has been cured or waived.

No such rescission shall affect any subsequent Default or impair any right consequent thereto.

Section 6.03 Other Remedies.

          If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note
in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

Section 6.04 Waiver of Past Defaults.

          Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to
the Trustee may, on behalf of the Holders of all of the Notes waive any existing Default or Event
of Default and its consequences hereunder, except a continuing Default in the payment of the
principal of, premium, if any, Additional Interest, if any, or interest on, any Note held by a
non-consenting Holder (including in connection with an Asset Sale Offer or a Change of Control
Offer); provided, subject to Section 6.02 hereof, that the Holders of a majority in
aggregate principal amount of the then outstanding Notes may rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration. Upon any
such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured for every purpose of this Indenture; but no such waiver shall affect any
subsequent or other Default or impair any right consequent thereto.

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Section 6.05 Control by Majority.

          Subject to all provisions of this Indenture and applicable law, the Holders of a majority in
principal amount of the then outstanding Notes may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of
any other Holder of a Note or that would involve the Trustee in personal liability.

Section 6.06 Rights of Holders of Notes to Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, if any, and Additional Interest, if any, and interest on the
Note, on or after the respective due dates expressed in the Note (including in connection with an
Asset Sale Offer or a Change of Control Offer), or to bring 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 Collection Suit by Trustee.

          If an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Issuers for the whole amount of principal of, premium, if any, and Additional Interest,
if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel.

Section 6.08 Restoration of Rights and Remedies.

          If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceedings, the Issuers, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding has been
instituted.

Section 6.09 Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, 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, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

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Section 6.10 Delay or Omission Not Waiver.

          No delay or omission of the Trustee or of any Holder of any Note 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. Every right and remedy given by
this Article 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 6.11 Trustee May File Proofs of Claim.

          The Trustee is authorized to file such proofs of claim and 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 the Holders of the Notes allowed in any judicial proceedings relative to the Issuers
(or any other obligor upon the Notes including the Guarantors), their creditors or their property
and shall be entitled and empowered to participate as members in any official committee of
creditors appointed in such matter and to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian 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 to 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 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. 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 Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

Section 6.12 Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 6.12 does not apply to a
suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of
more than 10.0% in principal amount of the then outstanding Notes.

Section 6.13 Trustee May Enforce Claims without Possession of Notes

          All rights of action and claims under this Indenture or any of the Notes may be prosecuted and
enforced by the Trustee without the possession of any of the Notes or the production

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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 or judgment, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, shall be for the ratable benefit of each and every Holder of a Note in respect
of which such judgment has been recovered.

Section 6.14 Limitation on Suits.

          Subject to Section 6.06 hereof, no Holder may pursue any remedy with respect to this Indenture
or the Notes unless:

          (a) such Holder has previously given the Trustee notice that an Event of Default is
continuing;

          (b) (i) in the case of clause (2) of Section 6.01 hereof, Holders of at least 25.0% of the
then outstanding principal amount of all Notes issued under this Indenture have requested the
Trustee to pursue the remedy;

          (c) Holders have offered the Trustee security or indemnity satisfactory to it against any
loss, liability or expense;

          (d) the Trustee has not complied with such request within 60 days after the receipt thereof
and the offer of security or indemnity; and

          (e) Holders of a majority in principal amount of the total outstanding Notes have not given
the Trustee a direction inconsistent with such request within such 60-day period.

          A Holder of Notes may not use this Indenture to prejudice the rights of another Holder of
Notes or to obtain a preference or priority over another Holder.

Section 6.15 Priorities

          If the Trustee or any agent collects any money or property pursuant to this Article VI, it
shall pay out the money in the following order:

          (a) to the Trustee, such agent, their agents and attorneys for amounts due under Section 7.07
hereof, including payment of all compensation, expenses and liabilities incurred, and all advances
made, by the Trustee or such Agent and the costs and expenses of collection;

          (b) to Holders of the Notes for amounts due and unpaid on the Notes for principal, premium,
Additional Interest, if any, and interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for principal, premium, Additional Interest,
if any, and interest, respectively; and

          (c) to the Issuers or to such party as a court of competent jurisdiction shall direct
including a Guarantor, if applicable.

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          The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.15.

ARTICLE VII

TRUSTEE

Section 7.01 Duties of Trustee.

          (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs.

          (b) Except during the continuance of an Event of Default:

     (i) the duties of the Trustee shall be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

     (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, 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 examine
the certificates and opinions to determine whether or not they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

          (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

     (i) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

     (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved in a court of competent jurisdiction that the
Trustee was negligent in ascertaining the pertinent facts; and

     (iii) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 6.05
hereof.

          (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01.

          (e) The Trustee shall be under no obligation to exercise any of its rights or powers under
this Indenture at the request or direction of any of the Holders of the Notes unless the Holders
have offered to the Trustee reasonable indemnity or security against any loss, liability or
expense.

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          (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.

Section 7.02 Rights of Trustee.

          (a) The Trustee may conclusively rely upon, and shall be fully protected in acting or
refraining from acting upon any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated in the
document, but the Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Issuers, personally or by agent or attorney at the sole cost of the Issuers and shall incur no
liability or additional liability of any kind by reason of such inquiry or investigation.

          (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
of either of the Issuers or an Opinion of Counsel or both. The Trustee shall not be liable for any
action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection from liability in
respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

          (c) The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent or attorney appointed with due care.

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this
Indenture.

          (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuers shall be sufficient if signed by an Officer of the Issuers.

          (f) None of the provisions of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable
grounds for believing that repayment of such funds or indemnity satisfactory to it against such
risk or liability is not assured to it.

          (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Notes and this Indenture

          (h) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

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          (i) 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.

          (j) In the event the Issuers are required to pay Additional Interest, the Issuers shall
provide written notice to the Trustee of the Issuers’ obligation to pay Additional Interest no
later than 15 days prior to the next Interest Payment Date, which notice shall set forth the amount
of the Additional Interest to be paid by the Issuers. The Trustee shall not at any time be under
any duty or responsibility to any Holders to determine whether the Additional Interest is payable
and the amount thereof.

          (k) The Trustee may request that the Issuers and any Guarantor deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers (with specimen
signatures) authorized at such times to take specific actions pursuant to this Indenture, which
Officers’ Certificate may be signed by any person specified as so authorized in any such
certificate previously delivered and not superseded.

          (l) The permissive rights of the Trustee to take certain actions under this Indenture shall
not be construed as a duty unless so specified herein.

          (m) The Trustee shall not be required to give any bond or surety in respect of the performance
of its powers and duties hereunder.

Section 7.03 Individual Rights of Trustee.

          Subject to the Trust Indenture Act, the Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of
the Issuers with the same rights it would have if it were not Trustee. However, in the event that
the Trustee acquires any conflicting interest as described in the Trust Indenture Act, it must
eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent
may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11
hereof.

Section 7.04 Trustee’s Disclaimer.

          The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the
proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any
provision of this Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with
the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

Section 7.05 Notice of Defaults.

          If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee
shall mail to Holders of Notes a notice of the Default within 90 days after it occurs. Except in
the case of a Default relating to the payment of principal, premium, if any, or interest on any
Note, the Trustee may

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withhold from the Holders notice of any continuing Default if and so long as
a committee of its Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders of the Notes. The Trustee shall not be deemed to know of any Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is such a Default is received by the Trustee at the Corporate Trust Office of
the Trustee.

Section 7.06 Reports by Trustee to Holders of the Notes.

          Within 60 days after each May 15, beginning with the May 15 following the date of this
Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of
the Notes a brief report dated as of such reporting date that complies with Trust Indenture Act
Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within
the twelve months preceding the reporting date, no report need be transmitted). The Trustee also
shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail
all reports as required by Trust Indenture Act Section 313(c).

          A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to
the Issuers and filed with the SEC and each stock exchange on which the Notes are listed in
accordance with Trust Indenture Act Section 313(d). The Issuers shall promptly notify the Trustee
in writing when the Notes are listed on any stock exchange and of any delisting thereof.

Section 7.07 Compensation and Indemnity.

          The Issuers shall pay to the Trustee from time to time such compensation for its acceptance of
this Indenture and services hereunder as the parties shall agree in writing from time to time. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Issuers shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its
services. Such expenses shall include the reasonable compensation, disbursements and expenses of
the Trustee’s agents and counsel.

          The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee for, and
hold the Trustee harmless against, any and all loss, damage, claims, liability or expense
(including attorneys’ fees and expenses) incurred by it in connection with the acceptance or
administration of this trust and the performance of its duties hereunder (including the costs and
expenses of enforcing this Indenture against any Issuer or any Guarantor (including this Section
7.07) or defending itself against any claim whether asserted by any Holder, any Issuer or any
Guarantor, or liability in connection with the acceptance, exercise or performance of any of its
powers or duties hereunder). The Trustee shall notify the Issuers promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not relieve the
Issuers of their obligations hereunder. The Issuers shall defend the claim and the Trustee may
have separate counsel and the Issuers shall pay the fees and expenses of such counsel. The Issuers
need not reimburse any expense or indemnify against any loss, liability or expense incurred by the
Trustee through the Trustee’s own willful misconduct or negligence.

          Notwithstanding the provisions of Section 4.12 hereof, to secure the payment obligations of
the Issuers and the Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the
Notes on all money or property held or collected by the Trustee from the Issuers or any Guarantor,
except that held

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in trust to pay principal and interest on particular Notes. Such Lien shall
survive the satisfaction and discharge of this Indenture.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(a)(6) or (7) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

          The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to the
extent applicable.

          The obligations of the Issuers under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee.

Section 7.08 Replacement of Trustee.

          A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section
7.08. The Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Issuers. The Holders of a majority in principal amount of the then
outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing not
less than 30 days prior to the effective date of such removal. The Issuers may remove the Trustee
if:

     (a) the Trustee fails to comply with Section 7.10 hereof or Section 310 of the Trust
Indenture Act;

     (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

     (c) a custodian or public officer takes charge of the Trustee or its property; or

     (d) the Trustee becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Issuers shall promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuers.

          If a successor Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee (at the Issuers’ expense), the Issuers or the Holders of at
least 10% in principal amount of the then outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

          If the Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

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          A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee; provided all sums owing to the Trustee hereunder have been paid and
subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 hereof shall
continue for the benefit of the retiring Trustee.

Section 7.09 Successor Trustee by Merger, etc.

          If the Trustee consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation without any further
act shall be the successor Trustee.

Section 7.10 Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition.

          This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture
Act Sections 310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b).

Section 7.11 Preferential Collection of Claims Against Issuer.

          The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor
relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been
removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein.

ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

          The Issuers may, at their option and at any time, elect to have either Section 8.02 or Section
8.03 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in
this Article VIII.

Section 8.02 Legal Defeasance and Discharge.

          Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Issuers and the Guarantors shall, subject to the satisfaction of the conditions set forth
in

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Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to
all outstanding Notes and Note Guarantees on the date the conditions set forth below are satisfied
(“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers shall be
deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes,
which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof
and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied
all its other obligations under such Notes and this Indenture including that of the Guarantors (and
the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the
following provisions which shall survive until otherwise terminated or discharged hereunder:

     (a) the rights of Holders to receive payments in respect of the principal of, premium,
if any, and interest (including Additional Interest, if any) on the Notes when such payments
are due solely out of the trust created pursuant to this Indenture referred to in Section
8.04 hereof;

     (b) the Issuers’ obligations with respect to the Notes concerning issuing temporary
Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance
of an office or agency for payments under Article II;

     (c) the rights, powers, trusts, duties and immunities of the Trustee and the Issuers’
obligations in connection therewith; and

     (d) this Section 8.02.

          Subject to compliance with this Article VIII, the Issuers may exercise their option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.

Section 8.03 Covenant Defeasance.

          Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Issuers and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, be released from their obligations under the covenants contained in
Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.16 hereof and
Sections 5.01(a)(2) and (4) hereof with respect to the outstanding Notes on and after the date the
conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”), and the
Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with
such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes shall not be deemed outstanding for accounting purposes). For
this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers
may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes and any Guarantees shall be unaffected thereby. In
addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, Sections 6.01(3), 6.01(4), 6.01(5), 6.01(6) (solely with respect to the Issuers and their
Restricted Subsidiaries that are Significant

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Subsidiaries), 6.01(7) (solely with respect to the
Issuers and their Restricted Subsidiaries that are Significant Subsidiaries) and 6.01(8) hereof shall not constitute Events of Default.

Section 8.04 Conditions to Legal or Covenant Defeasance.

          The following shall be the conditions to the application of either Section 8.02 or Section
8.03 hereof to the outstanding Notes:

          In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes:

     (1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders cash in Dollars, non-callable U.S. government obligations, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal of, premium, if any, and
interest (including Additional Interest, if any) on the Notes on the stated date for payment
thereof or on the applicable redemption date, as the case may be, and any other amounts
owing under this Indenture (in the case of an optional redemption date prior to electing to
exercise either Legal Defeasance or Covenant Defeasance, the Issuers have delivered to the
Trustee an irrevocable notice to redeem all of the outstanding Notes on such redemption
date);

     (2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an
Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming
that, subject to customary assumptions and exclusions:

     (a) the Issuers have received from, or there has been published by, the
Internal Revenue Service a ruling; or

     (b) since the date of this Indenture, there has been a change in the applicable
federal income tax law,

in either case to the effect that, and based thereon such opinion of counsel shall
confirm that, subject to customary assumptions and exclusions, the Holders will not
recognize income, gain or loss for U.S. federal income tax purposes as a result of
such Legal Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if
such Legal Defeasance had not occurred;

     (3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee
an opinion of counsel in the United States reasonably acceptable to the Trustee confirming
that, subject to customary assumptions and exclusions, the Holders will not recognize
income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to 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;

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     (4) no Default or Event of Default shall have occurred and be continuing on the date of
such deposit (other than Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit (and the incurrence of Liens associated with any such
borrowings));

     (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under this Indenture or any other material agreement
or instrument to which the Company or any of its Restricted Subsidiaries is a party or by
which the Company or any of its Restricted Subsidiaries is bound;

     (6) the Issuers shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Issuers with the intent of preferring the Holders over
any other creditors of the Issuers or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Issuers or others; and

     (7) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for or relating to
the Legal Defeasance or the Covenant Defeasance have been complied with.

          Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) of this Section
8.04 with respect to a Legal Defeasance need not be delivered if all Notes not theretofore
delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due
and payable on the maturity date within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers.

Section 8.05 Deposited Money and Government Securities to Be Held in
Trust; Other Miscellaneous Provisions.

          Subject to Section 8.06 hereof, all money and Government Securities (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding
Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of the
Notes and this Indenture, to the payment, either directly or through any Paying Agent (including an
Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such
Notes of all sums due and to become due thereon in respect of principal, premium, if any, and
Additional Interest, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law.

          The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or Government Securities deposited pursuant to Section 8.04 hereof
or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

          Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or
pay to the Issuers from time to time upon the written request of the Issuers any money or
Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof),
are in excess of the amount thereof

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that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

Section 8.06 Repayment to Issuer.

          Subject to any abandoned property law, any money deposited with the Trustee or any Paying
Agent, or then held by the Issuers, in trust for the payment of the principal of, premium, if any,
and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years
after such principal, and premium, if any, and Additional Interest, if any, or interest has become
due and payable shall be paid to the Issuers on their written request or (if then held by the
Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter look only
to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon
cease.

Section 8.07 Reinstatement.

          If the Trustee or Paying Agent is unable to apply any United States dollars or Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuers’ obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03
hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 8.02 or 8.03 hereof, as the case may be; provided that, if the
Issuers make any payment of principal of, premium, if any, and Additional Interest, if any, or
interest on any Note following the reinstatement of its obligations, the Issuers shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held
by the Trustee or Paying Agent.

ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

          Notwithstanding Section 9.02 hereof, the Issuers, any Guarantor (with respect to a Note
Guarantee or this Indenture) and the Trustee may amend or supplement this Indenture and any Note
Guarantee or Notes without the consent of any Holder:

     (1) cure any mistakes, ambiguities, defects or inconsistencies;

     (2) provide for uncertificated Notes in addition to or in place of certificated Notes
or to alter the provisions of this Indenture relating to the form of the Notes (including
the related definitions) in a manner that does not materially adversely affect any Holder;

     (3) provide for the assumption of the Issuers’ or a Guarantor’s obligations to the
Holders of the Notes;

     (4) comply with Section 5.01 hereof;

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     (5) make any change that would provide any additional rights or benefits to the Holders
of the Notes or that does not materially adversely affect the legal rights under this
Indenture of any Holder of the Notes or to add covenants for the benefit of the Holders or
to surrender any right or power conferred upon the Issuers or any Guarantor;

     (6) comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act;

     (7) provide for the issuance of Notes issued after the Issue Date in accordance with
the limitations set forth in this Indenture;

     (8) allow any Guarantor to execute a supplemental indenture and/or a Guarantee with
respect to the Notes or to effect the release of any Guarantor from any of its obligations
under its Note Guarantee or this Indenture (to the extent permitted by this Indenture);

     (9) secure the Notes;

     (10) provide for the issuance of Exchange Notes;

     (11) evidence and provide for the acceptance and appointment under this Indenture of a
successor Trustee hereunder pursuant to the requirements hereof;

     (12) conform the text of this Indenture, the Guarantees or the Notes to any provision
of the “Description of Notes” section of the Offering Memorandum to the extent that such
provision in such “Description of Notes” section was intended to be a verbatim recitation of
a provision of this Indenture, the Guarantees or the Notes; or

     (13) to make any amendment to the provisions of this Indenture (i) relating to the
transfer and legending of Notes as permitted by this Indenture, including, without
limitation, to facilitate the issuance and administration of the Notes or (ii) relating to
the exchange of Notes, including to provide for procedures to facilitate the exchange on a
continuing basis, of Restricted Definitive Notes or beneficial interests in Restricted
Global Notes for Unrestricted Definitive Notes or beneficial interests in Unrestricted
Global Notes, as applicable; provided that (a) compliance with this Indenture as so
amended would not result in Notes being transferred or exchanged in violation of the
Securities Act or any applicable securities law and (b) such amendment does not materially
adversely affect the rights of Holders to transfer or exchange Notes.

          Upon the request of the Issuers accompanied by a resolution of their Boards of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers
and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the
terms of this Indenture and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise. Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officers’
Certificate of either of the Issuers shall be required in connection with the addition of a
Guarantor under this Indenture upon

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execution and delivery by such Guarantor and the Trustee of a
supplemental indenture to this Indenture, the form of which is attached as Exhibit D
hereto.

Section 9.02 With Consent of Holders of Notes.

          Except as provided below in this Section 9.02, the Issuers, the Guarantors and the Trustee may
amend or supplement this Indenture, the Notes and the Note Guarantees with the consent of the
Holders of at least a majority in principal amount of the Notes (including Additional Notes, if
any) then outstanding voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to
Sections 6.04 and 6.06 hereof, any existing Default or Event of Default (other than a Default or
Event of Default in the payment of the principal of, premium, if any, and Additional Interest, if
any, or interest on the Notes, except a payment default resulting from an acceleration that has
been rescinded) or compliance with any provision of this Indenture, the Notes, Note Guarantees or
the Notes may be waived with the consent of the Holders of a majority in principal amount of the
then outstanding Notes (including Additional Notes, if any) voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes). Sections 2.08 and 2.09 hereof shall determine which Notes are considered to be
“outstanding” for the purposes of this Section 9.02.

          Upon the request of the Issuers accompanied by a resolution of their Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon the filing with
the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the
Trustee shall join with the Issuers and the Guarantors, if applicable, in the execution of such
amended or supplemental indenture unless such amended or supplemental indenture directly affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such amended or
supplemental indenture.

          It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such
consent approves the substance thereof.

          After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Issuers shall mail to the Holders of Notes affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Issuers to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver.

          Without the consent of each affected Holder of Notes, an amendment or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting Holder):

     (1) reduce the principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

     (2) reduce the rate of or change or have the effect of changing the time for payment of
interest, including defaulted interest, on any Notes;

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     (3) reduce the principal of or change or have the effect of changing the fixed final
maturity of any Notes, or change the date on which any Notes may be subject to redemption or
reduce the redemption price therefore (other than provisions relating to Sections 3.09, 4.10
and 4.14 hereof);

     (4) make any Notes payable in money other than that stated in the Notes;

     (5) make any change in provisions of this Indenture protecting the right of each Holder
to receive payment of principal of and interest on such Note on or after the due date
thereof or to bring suit to enforce such payment, or permitting Holders of a majority in
principal amount of Notes issued under this Indenture to waive Defaults or Events of
Default;

     (6) waive a Default or Event of Default in the payment of principal of, or interest or
premium, if any, or Additional Interest, if any, on the Notes (except a rescission of
acceleration of the Notes by the holders of at least a majority in aggregate principal
amount of the Notes and a waiver of the payment default that resulted from such
acceleration);

     (7) after the Issuers’ obligation to purchase Notes arises thereunder, amend, change or
modify in any material respect the obligation of the Issuers to make and consummate a Change
of Control Offer in the event of a Change of Control or modify any of the provisions or
definitions with respect thereto; or

     (8) modify or change any provision of this Indenture or the related definitions
affecting the ranking of the Notes in a manner which adversely affects the Holders.

Section 9.03 Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended
or supplemental indenture that complies with the Trust Indenture Act as then in effect.

Section 9.04 Revocation and Effect of Consents.

          Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation
before the date
the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder.

          The Issuers may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement, or waiver. If a record
date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at
such record date (or their duly designated proxies), and only such Persons, shall be entitled to
consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether
or not such Persons continue to be Holders after such record date. No such consent shall be valid
or effective for more than 90 days after such record date unless the consent of the requisite
number of Holders has been obtained.

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Section 9.05 Notation on or Exchange of Notes.

          The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

          Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver.

Section 9.06 Trustee to Sign Amendments, etc.

          The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article
IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. The Issuers may not sign an amendment, supplement or waiver until their
respective Boards approves it. In executing any amendment, supplement or waiver, the Trustee shall
receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in addition
to the documents required by Section 12.04 hereof, an Officers’ Certificate of either of the
Issuers and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture and that such amendment, supplement or
waiver is the legal, valid and binding obligation of the Issuers and any Guarantors party thereto,
enforceable against them in accordance with its terms, subject to customary exceptions, and
complies with the provisions hereof (including Section 9.03 hereof). Notwithstanding the
foregoing, neither an Opinion of Counsel nor an Officers’ Certificate of either of the Issuers
shall be required for the Trustee to execute any amendment or supplement adding a new Guarantor
under this Indenture.

ARTICLE X

GUARANTEES

Section 10.01 Note Guarantee.

          Subject to this Article X, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its respective successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or
thereunder, that: (a) the principal of, interest, premium, if any, and Additional Interest, if any,
on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if
any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or
thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and
thereof and (b) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed
for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.

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          The Guarantors hereby agree that their obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest,
notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged
except by full payment or complete performance of the obligations contained in the Notes and this
Indenture.

          Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under
this Section 10.01.

          If any Holder or the Trustee is required by any court or otherwise to return to the Issuers,
the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation
to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this
Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

          Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may
be accelerated as provided in Article VI hereof for the purposes of this Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of
such obligations as provided in Article VI hereof, such obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note
Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor
so long as the exercise of such right does not impair the rights of the Holders under the Note
Guarantees.

          Each Note Guarantee shall remain in full force and effect and continue to be effective should
any petition be filed by or against the Issuers for liquidation, reorganization, should the Issuers
become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee
be appointed for all or any significant part of the Issuers’ assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in
amount, or must otherwise be restored or returned by any obligee on the Notes or Note Guarantees,
whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment
or performance had not been made. In the event that any payment or any part thereof, is rescinded,
reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be
reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or
returned.

          In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

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          The Guarantee issued by any Guarantor shall be a general unsecured senior obligation of such
Guarantor and shall rank equally in right of payment with all existing and future unsubordinated
indebtedness of such Guarantor, if any.

          Each payment to be made by a Guarantor in respect of its Note Guarantee shall be made without
set-off, counterclaim, reduction or diminution of any kind or nature.

Section 10.02 Limitation on Guarantor Liability.

          Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law or fraudulent conveyance laws to the extent
applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited
to the maximum amount as will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect
to any collections from, rights to receive contribution from or payments made by or on behalf of
any other Guarantor in respect of the obligations of such other Guarantor under this Article X,
result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
conveyance or fraudulent transfer under applicable law. Each Guarantor that makes a payment under
its Note Guarantee shall be entitled upon payment in full of all guaranteed obligations under this
Indenture to a contribution from each other
Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based
on the respective net assets of all the Guarantors at the time of such payment determined in
accordance with GAAP.

Section 10.03 Execution and Delivery.

          To evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees
that this Indenture (or any supplemental indenture attached hereto as Exhibit D) shall be
executed on behalf of such Guarantor by an Officer of such Guarantor.

          Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 hereof shall
remain in full force and effect notwithstanding the absence of the endorsement of any notation of
such Note Guarantee on the Notes.

          If an Officer whose signature is on this Indenture (or any supplemental indenture attached
hereto as Exhibit D) no longer holds that office at the time the Trustee authenticates the
Note, such Note Guarantee shall be valid nevertheless.

          The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the
Guarantors.

          If required by Section 4.15 hereof, the Issuers shall cause any newly created or acquired
Restricted Subsidiary that is not a Securitization Entity, a Warehouse Facility Trust, an MSR
Facility Trust or an Excluded Restricted Subsidiary to comply with the provisions of Section 4.15
hereof and this Article X, to the extent applicable.

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Section 10.04 Subrogation.

          Each Guarantor shall be subrogated to all rights of Holders of Notes against the Issuers in
respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof;
provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be
entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuers under this Indenture or the Notes
shall have been paid in full.

Section 10.05 Benefits Acknowledged.

          Each Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it
pursuant to its Note Guarantee are knowingly made in contemplation of such benefits.

Section 10.06 Merge, Consolidation or Sale of All or Substantially All
Assets.

          A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guarantor is the surviving Person)
another Person, other than the Issuers or another Guarantor, unless:

     (1) except in the case of a merger entered into solely for the purpose of
reincorporating a Guarantor in another jurisdiction, immediately after giving effect to that
transaction, no Default or Event of Default shall have occurred and be continuing; and

     (2) either:

     (a) the Person acquiring the property in any such sale or disposition or the
Person formed by or surviving any such consolidation or merger (if not the
Guarantor) assumes all the obligations of that Guarantor under this Indenture, its
Note Guarantee and the Registration Rights Agreement pursuant to a supplemental
indenture satisfactory to the Trustee; or

     (b) the Net Proceeds of such sale or other disposition are either (i) applied
in accordance with the applicable provisions of this Indenture or (ii) not required
to be applied in accordance with any provision of this Indenture.

Section 10.07 Release of Note Guarantees.

          A Note Guarantee by a Guarantor shall be automatically and unconditionally released and
discharged, and no further action by such Guarantor, the Issuers or the Trustee is required for the
release of such Guarantor’s Note Guarantee, in the following circumstances:

     (1) in connection with any sale, transfer or other disposition of all or substantially
all of the assets of that Guarantor (including by way of merger or consolidation) to a
Person that is not (either before or after giving effect to such transaction) the Company or
a Restricted Subsidiary of the Company, if the sale or other disposition does not violate
Section 4.10 hereof;

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     (2) in connection with any sale, transfer or other disposition of all of the Capital
Stock of that Guarantor (including by way of merger or consolidation) to a Person that is
not (either before or after giving effect to such transaction) the Company or a Restricted
Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10
hereof;

     (3) if the Company designates any Restricted Subsidiary of the Company that is a
Guarantor to be an Unrestricted Subsidiary of the Company in accordance with Section 4.17
hereof; or

     (4) upon the exercise of Legal Defeasance by the Issuers or pursuant to Article XI
hereof; and

in connection with such release, either of the Issuers shall deliver to the Trustee an Officers’
Certificate of such Guarantor confirming the effective date of such release and stating that all
conditions precedent provided for in this Indenture relating to such transaction have been complied
with.

ARTICLE XI

SATISFACTION AND DISCHARGE

Section 11.01 Satisfaction and Discharge.

          This Indenture shall be discharged and shall cease to be of further effect (except as to
surviving rights or registration of transfer or exchange of the Notes, as expressly provided for in
this Indenture) as to all Notes when:

     (1) either:

     (a) all the Notes theretofore authenticated and delivered (except lost, stolen or
destroyed Notes that have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Issuers and
thereafter repaid to the Issuers or discharged from such trust) have been delivered to the
Trustee for cancellation; or

     (b) all Notes not theretofore delivered to the Trustee for cancellation have become due
and payable, will become due and payable within one year or are to be called for redemption
within one year under irrevocable arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name and at the expense of the Issuers, and the
Issuers have irrevocably deposited or caused to be deposited with the Trustee funds in an
amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore
delivered to the Trustee for cancellation, for principal of, premium, if any, and interest
on (including Additional Interest, if any) the Notes to the date of deposit together with
irrevocable instructions from the Issuers directing the Trustee to apply such funds to the
payment thereof at maturity or redemption, as the case may be;

     (2) the Issuers have paid all other sums payable under this Indenture by the Issuers;
and

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     (3) the Issuers have delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel stating that all conditions precedent under this Indenture relating to the
satisfaction and discharge of this Indenture have been complied with.

          Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been
deposited with the Trustee pursuant to clause (1)(b) of this Section 11.01, the provisions of
Section 11.02 and Section 8.06 hereof shall survive.

Section 11.02 Application of Trust Money.

          Subject to the provisions of Section 8.06 hereof, all funds deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including an Issuer or a Guarantor acting as their own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal of, premium, if any, and Additional
Interest, if any, or interest for whose payment such money has been deposited with the Trustee; but
such money need not be segregated from other funds except to the extent required by law.

          If the Trustee or Paying Agent is unable to apply any funds in accordance with Section 11.01
hereof by reason of any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the
Issuers’ and any Guarantor’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided
that if the Issuers have made any payment of principal of, premium, if any, Additional Interest, if
any, or interest on any Notes because of the reinstatement of its obligations, the Issuers shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the funds held
by the Trustee or Paying Agent.

ARTICLE XII

MISCELLANEOUS

Section 12.01 Trust Indenture Act Controls.

          If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
Trust Indenture Act Section 318(c), the imposed duties shall control.

Section 12.02 Notices.

          Any notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly
given if in writing and delivered in person or mailed by first-class mail (registered or certified,
return receipt requested), PDF transmission, fax or overnight air courier guaranteeing next day
delivery, to the others’ address:

          If to the Issuers and/or any Guarantor:

-112-

 

c/o Nationstar Mortgage LLC

350 Highland Drive

Lewisville, Texas 75067

Fax No.: (469) 549-2085

Attention: General Counsel

If to the Trustee:

Wells Fargo Bank, National Association

45 Broadway, 14th Floor

New York, New York 10006

Fax No.: (212) 515-1589

Attention: Corporate Trust Services

          The Issuers, any Guarantor or the Trustee, by notice to the others, may designate additional
or different addresses for subsequent notices or communications.

          All notices and communications (other than those sent to Holders) shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five calendar days after being
deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged,
if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery; provided that any notice or communication delivered
to the Trustee shall be deemed effective upon actual receipt thereof.

          Any notice or communication to a Holder shall be mailed by first-class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to
its address shown on the register kept by the Registrar. Any notice or communication shall also be
so mailed to any Person described in Trust Indenture Act Section 313(c), to the extent required by
the Trust Indenture Act. Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders.

          If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it; provided that any
notices or communications to the Trustee shall be deemed effective only upon actual receipt
thereof.

          If the Issuers mail a notice or communication to Holders, they shall mail a copy to the
Trustee and each Agent at the same time.

Section 12.03 Communication by Holders of Notes with Other Holders of Notes.

          Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with
respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar
and anyone else shall have the protection of Trust Indenture Act Section 312(c).

-113-

 

Section 12.04 Certificate and Opinion as to Conditions Precedent.

          Upon any request or application by the Issuers or any of the Guarantors to the Trustee to take
any action under this Indenture, the Issuers or such Guarantor, as the case may be, shall furnish
to the Trustee:

     (a) An Officers’ Certificate of either of the Issuers in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in Section 12.05
hereof) stating that, in the opinion of the signers, all conditions precedent and covenants,
if any, provided for in this Indenture relating to the proposed action have been satisfied;
and

     (b) An Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been satisfied;

provided, however, that such Opinion of Counsel shall not be required in connection
with the authentication and delivery by the Trustee of the Initial Notes.

Section 12.05 Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof or Trust
Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section
314(e) and 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 him to express an informed opinion as
to whether or not such covenant or condition has been complied with (and, in the case of an
Opinion of Counsel, may be limited to reliance on an Officers’ Certificate as to matters of
fact); and

     (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

Section 12.06 Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

-114-

 

Section 12.07 No Personal Liability of Directors, Officers, Employees and
Stockholders.

          No director, officer, employee, incorporator or stockholder of the Issuers or any Guarantors
shall have any liability for any obligation of the Issuers or any Guarantors, respectively, under
the Notes, the Note Guarantees and this Indenture or for any claim based on, in respect of, or by
reason of such obligations or their creation; provided that the foregoing shall not limit
any Guarantor’s obligations under its Note Guarantee. Each Holder by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes.

Section 12.08 Governing Law; Consent to Jurisdiction and Service.

          THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

          To the fullest extent permitted by applicable law, the Issuers hereby irrevocably submit to
the jurisdiction of any federal or State court located in the Borough of Manhattan in The City of
New York, New York in any suit, action or proceeding based on or arising out of or relating to this
Indenture or any Notes and irrevocably agrees that all claims in respect of such suit or proceeding
may be determined in any such court. The Issuers irrevocably waive, to the fullest extent
permitted by law, any objection which they may have to the laying of the venue of any such suit,
action or proceeding brought in an inconvenient forum. The Issuers agree that final judgment in
any such suit, action or proceeding brought in such a court shall be conclusive and binding upon
the Issuers, and may be enforced in any courts to the jurisdiction of which the Issuers are subject
by a suit upon such judgment, provided, that service of process is effected upon the Issuers in the
manner specified herein or as otherwise permitted by law. To the extent the Issuers have or
hereafter may acquire any immunity from jurisdiction of any court or from any legal process
(whether through service of notice, attachment prior to judgment, attachment in aid of execution,
executor or otherwise) with respect to itself or its property, the Issuers hereby irrevocably waive
such immunity in respect of its obligations under this Indenture to the extent permitted by law.

Section 12.09 Waiver of Jury Trial.

          EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 12.10 Force Majeure.

          In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused by, directly or
indirectly, forces beyond its reasonable control, including without limitation strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software or hardware) services.

-115-

 

Section 12.11 No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Issuers or their Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

Section 12.12 Successors.

          All agreements of the Issuers in this Indenture and the Notes shall bind their successors.
All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each
Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section
10.06 hereof.

Section 12.13 Severability.

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

Section 12.14 Counterpart Originals.

          This Indenture may be executed in two or more counterparts, which when so executed shall
constitute one and the same agreement. 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 12.15 Table of Contents, Headings, etc.

          The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

Section 12.16 Qualification of Indenture.

          The Issuers and the Guarantors shall qualify this Indenture under the Trust Indenture Act in
accordance with the terms and conditions of the applicable Registration Rights Agreement and shall
pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Issuers, the
Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs
and expenses of qualification of this Indenture and the Notes and printing this Indenture and the
Notes. The Trustee shall be entitled to receive from the Issuers and the Guarantors any such
Officers’ Certificates, Opinions of Counsel or other documentation as it may reasonably request in
connection with any such qualification of this Indenture under the Trust Indenture Act.

-116-

 

Section 12.17
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.

[signature pages follow]

-117-

 

	 	 	 	 	 
	 	Nationstar Mortgage LLC

 	 
	 	By:  	/s/ Jesse K. Bray
 	 
	 	 	Name:  	Jesse K. Bray 	 
	 	 	Title:  	CFO 	 
	 
	 	Nationstar Capital Corporation

 	 
	 	By:  	/s/ Jesse K. Bray
 	 
	 	 	Name:  	Jesse K. Bray 	 
	 	 	Title:  	CFO 	 
	 
	 	GUARANTORS:

Centex Land Vista Ridge Lewisville III 

          General Partner, LLC 

Harwood Service Company LLC

Harwood Insurance Services, LLC

Harwood Service Company of Georgia, LLC

Harwood Service Company of New Jersey, LLC

Homeselect Settlement Solutions, LLC

Nationstar 2009 Equity Corporation 

Nationstar Equity Corporation

Nationstar Industrial Loan Company

Nationstar Industrial Loan Corporation

 	 
	 	By:  	/s/ Jesse K. Bray
 	 
	 	 	Name:  	       Jesse K. Bray 	 
	 	 	Title:  	CFO 	 
	 
	 	Centex Land Vista Ridge Lewisville III, L.P.

By: Centex Land Vista Ridge Lewisville III 

        General Partner, LLC,

        its General Partner

 	 
	 	By:  	/s/ Jesse K. Bray
 	 
	 	 	Name:  	   Jesse K. Bray 	 
	 	 	Title:  	CFO 	 
	 

 

	 	 	 	 	 
	 	Wells Fargo Bank, National Association,

as Trustee

 	 
	 	By:  	/s/ Martin Reed
 	 
	 	 	Name:  	Martin Reed 	 
	 	 	Title:  	Vice President 	 
	 

 

EXHIBIT A

[Face of Note]

          [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

          [Insert the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture]

          [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the
provisions of the Indenture]

          [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture]

A-1

 

CUSIP [                    ]

ISIN [                    ]1

[[RULE 144A][REGULATION S] GLOBAL NOTE

10.875% Senior Notes due 2015

			
	 	 	 
	No. ___
	 	[$______________]

NATIONSTAR MORTGAGE LLC

NATIONSTAR CAPITAL CORPORATION

promise to pay to ______________ or registered assigns, the principal sum of ______________________
United States Dollars on April 1, 2015.

Interest Payment Dates: April 1 and October 1

Record Dates: March 15 and September 15

 

			
	1	 	Rule 144A Note CUSIP: 63860U AA8

Rule 144A Note ISIN: US63860UAA88

Regulation S Note CUSIP: U6375Y AA4

Regulation S Note ISIN: USU6375YAA48

Exchange Note CUSIP: 63860U AB6

Exchange Note ISIN: US63860UAB61

A-2

 

          IN WITNESS HEREOF, the Issuers have caused this instrument to be duly executed as of the 26th
day of March, 2010.

	 	 	 	 	 
	 	Nationstar Mortgage LLC

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Nationstar Capital Corporation

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-3

 

	 	 	 	 	 

This is one of the Notes referred to in the within-mentioned Indenture:

	 	 	 	 	 
	 	Wells Fargo Bank, National Association,

as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

A-4

 

[Back of Note]

10.875% Senior Notes due 2015

          Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. INTEREST. Nationstar Mortgage LLC (the “Company”) and Nationstar Capital
Corporation (the “Co-Issuer” and, together with the Company, the “Issuers”),
promise to pay interest on the principal amount of this Note at 10.875% per annum from March 26,
20102 until maturity and shall pay the Additional Interest, if any, payable pursuant to
the Registration Rights Agreement. The Issuers will pay interest and Additional Interest, if any,
semi-annually in arrears on April 1 and October 1 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).
Interest on the Notes will accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from the date of issuance; provided that the first Interest
Payment Date shall be October 1, 20102. The Issuers will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any, (without regard to any applicable grace
periods) from time to time on demand at the interest rate on the Notes. Interest will be computed
on the basis of a 360-day year comprised of twelve 30-day months.

          2. METHOD OF PAYMENT. The Issuers will pay interest on the Notes and Additional Interest, if
any, to the Persons who are registered Holders of Notes at the close of business on the March 15 or
September 15 (whether or not a Business Day), as the case may be, next preceding the Interest
Payment Date, even if such Notes are canceled after such record date and on or before such Interest
Payment Date, except as provided in the Indenture with respect to defaulted interest. Payment of
interest and Additional Interest, if any, may be made by check mailed to the Holders at their
addresses set forth in the register of Holders, provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and interest, premium, if
any, and Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which
shall have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment
shall be 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.

          3. PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee
under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying
Agent or Registrar without notice to the Holders. The Issuers or any of their Subsidiaries may act
in any such capacity.

 

			
	2	 	With respect to the Initial Notes.

A-5

 

          4. INDENTURE. The Issuers issued the Notes under an Indenture, dated as of March 26, 2010
(the “Indenture”), among the Issuers, the Guarantors named therein and the Trustee. This
Note is one of a duly authorized issue of notes of the Issuers designated as their 10.875% Senior
Notes due 2015. The Issuers shall be entitled to issue Additional Notes pursuant to Sections 2.01
and 4.09 of the Indenture. The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the
“Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred
to the Indenture and such Act for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling.

          5. OPTIONAL REDEMPTION.

          (a) At any time prior to April 1, 2013, the Issuers may on any one or more occasions redeem
all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium,
plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the
applicable date of redemption (subject to the rights of Holders of Notes on the relevant regular
Record Date to receive interest due on the relevant Interest Payment Date that is on or prior to
the applicable date of redemption).

          (b) At any time, or from time to time, on or prior to April 1, 2013, the Issuers may, at their
option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35.0% of the
principal amount of all Notes issued at a redemption price equal to 110.875% of the principal
amount of the notes redeemed plus accrued and unpaid interest and Additional Interest, if any, to
the date of redemption (subject to the rights of Holders of Notes on the relevant regular Record
Date to receive interest due on the relevant Interest Payment Date that is on or prior to the
applicable date of redemption); provided that:

     (i) at least 65.0% of the principal amount of all Notes issued under the Indenture
remains outstanding immediately after any such redemption; and

     (ii) the Issuers makes such redemption not more than 90 days after the consummation of
any such Equity Offering.

Notice of any redemption upon any Equity Offering may be given prior to the completion thereof, and
any such redemption or notice may, at the Issuers’ discretion, be subject to one or more conditions
precedent.

          (c) On or after April 1, 2013, the Issuers may on any one or more occasions redeem all or a
part of the notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices
(expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest
and Additional Interest, if any, on the notes redeemed, to the applicable date of redemption, if
redeemed during the twelve month period beginning on April 1 of the years indicated below, subject
to the rights of Holders of Notes on the relevant regular Record Date to receive interest due on
the relevant Interest Payment Date that is on or prior to the applicable date of redemption:

A-6

 

	 	 	 	 	 
	Year	 	Percentage	 
	2013
	 	 	105.438	%
	2014 and thereafter
	 	 	100.000	%

          (d) Any redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of
Sections 3.01 through 3.07 of the Indenture.

          (e) In addition to the Issuers’ rights to redeem notes pursuant to clause (a), (b) or (c) of
this paragraph 5, the Issuers may at any time and from time to time purchase Notes in open-market
transactions, tender offers or otherwise.

          6. MANDATORY REDEMPTION. The Issuers shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes.

          7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of redemption will
be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date
to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of
$2,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption
date interest ceases to accrue on Notes or portions thereof called for redemption.

          8. OFFERS TO REPURCHASE.

          (a) Upon the occurrence of a Change of Control, the Issuers shall make an offer (a “Change
of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price equal to 101% of
the aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest
thereon, if any, to the date of purchase (the “Change of Control Payment”). The Change of
Control Offer shall be made in accordance with Section 4.14 of the Indenture.

          (b) If the Issuers or any of its Restricted Subsidiaries consummates an Asset Sale, within 30
days after each date that Excess Proceeds exceed $25.0 million, the Issuers shall commence, an
offer, to all Holders of Notes and all holders of Pari Passu Debt containing provisions similar to
those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of
sales of assets to purchase the maximum principal amount of Notes and such Pari Passu Debt that may
be purchased out of the Excess Proceeds (an “Asset Sale Offer”). The offer price in any
Asset Sale Offer shall be equal to 100.0% of the principal amount (or, in the case of any other
Pari Passu Debt offered at a significant original issue discount, 100.0% of the accreted value
thereof, if permitted by the relevant indenture or other agreement governing such Pari Passu Debt)
plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase, and will
be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture.
If the aggregate principal amount of Notes and Pari Passu Debt tendered into such Asset Sale Offer
exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such Pari Passu Debt
to be purchased on a pro rata basis. Upon completion of each Asset Sale

A-7

 

Offer, the amount of Excess
Proceeds shall be reset at zero. Holders of Notes that are the subject of an
offer to purchase will receive an Asset Sale Offer from the Issuers prior to any related
purchase date and may elect to have such Notes purchased by completing the form entitled “Option of
Holder to Elect Purchase” attached to this Note. The Asset Sale Offer shall be made in accordance
with Sections 3.09 and 4.10 of the Indenture.

          9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. The transfer of
Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note
or portion of a Note selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Issuers need not exchange or register the transfer of any Notes for a
period of 15 days before a selection of Notes to be redeemed.

          10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for
all purposes.

          11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees and the Notes may be
amended or supplemented as provided in the Indenture.

          12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section
6.01 of the Indenture. If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25.0% in principal amount of the then outstanding Notes may declare the
principal of, premium, if any, Additional Interest, if any, and interest on all of the Notes to be
due and payable by notice in writing to the Company and the Trustee specifying the respective Event
of Default and that it is a “notice of acceleration,” and the same shall become immediately due and
payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain
events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately
without any declaration or other act on the part of the Trustee or any Holder. Holders may not
enforce the Indenture, the Notes or the Note Guarantees except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Holders of a majority in
aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default under the Indenture
except a Default in payment of the principal of, premium, if any, Additional Interest, if any, or
interest on, any Note held by a non-consenting Holder (including in connection with an Asset Sale
Offer or a Change of Control Offer). The Issuers and each Guarantor (to the extent that such
Guarantor is so required under the Trust Indenture Act) are required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Issuers are required within
five Business Days after becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default and the status thereof.

A-8

 

          13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

          14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.
In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted
Global Notes and Restricted Definitive Notes shall have all the rights set forth in the applicable
Registration Rights Agreement, including the right to receive Additional Interest (as defined
therein).

          15. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THE NOTES AND THE GUARANTEES WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

          16. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuers have caused CUSIP numbers and ISIN numbers to be
printed on the Notes and the Trustee may use CUSIP numbers and ISIN numbers in notices of
redemption as a convenience to Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption and reliance may
be placed only on the other identification numbers placed thereon.

          17. GUARANTEE. The Issuers’ obligations under the Notes are fully and unconditionally
guaranteed, jointly and severally, by the Guarantors.

          The Issuers will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the applicable Registration Rights Agreement. Requests may be made to the Issuers
at the following address:

350 Highland Drive

Lewisville, Texas 75067

Fax No.: (469) 549-2085

Attention: General Counsel

A-9

 

ASSIGNMENT FORM

          To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:

 

(Insert assignee’ legal name)

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

 

to transfer this Note on the books of the Issuers. The agent may substitute another to act for him.

Date: _____________________

	 	 	 	 	 
	 	 	 
	 	 Your Signature:  	 	 
	 	 	(Sign exactly as your name appears on 	 
	 	 	the face of this Note) 	 
	 

Signature Guarantee*: ________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

A-10

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.10 or
Section 4.14 of the Indenture, check the appropriate box below:

o Section 4.10            o Section 4.14

          If you want to elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:

$_______________

Date: _____________________

	 	 	 	 	 
	 	 	 
	 	Your Signature:  	 	 
	 	 	(Sign exactly as your name appears on the face of this Note) 	 
	 
	 	Tax Identification
No.:   

	 

Signature Guarantee*: ________________________

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

A-11

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

          The initial outstanding principal amount of this Global Note is $_________. The following
exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive
Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global
Note, have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Amount of increase	 	Principal Amount of	 	Signature of
	 	 	Amount of decrease	 	in Principal	 	this Global Note	 	authorized signatory
	 	 	in Principal Amount	 	Amount of this	 	following such	 	of Trustee or
	Date of Exchange	 	of this Global Note	 	Global Note	 	decrease or increase	 	Note Custodian
	 
	 	 	 	 	 	 	 	 

 

			
	*	 	This schedule should be included only if the Note is issued in global form.

A-12

 

[FORM OF NOTATION ON NOTE RELATING TO GUARANTEE]

THE OBLIGATIONS OF THE GUARANTORS TO THE HOLDERS OF THE NOTES PURSUANT TO THIS GUARANTEE AND THE
INDENTURE DATED AS OF MARCH 26, 2010, AMONG NATIONSTAR MORTGAGE LLC, NATIONSTAR CAPITAL
CORPORATION, THE GUARANTORS NAMED THEREIN AND THE TRUSTEE NAMED THEREIN (THE “INDENTURE”)
ARE EXPRESSLY SET FORTH IN ARTICLE X OF THE INDENTURE, AND REFERENCE IS HEREBY MADE TO SUCH
INDENTURE FOR THE PRECISE TERMS OF THIS GUARANTEE. THE TERMS OF THE INDENTURE, INCLUDING WITHOUT
LIMITATION ARTICLE X, ARE INCORPORATED HEREIN BY REFERENCE.

A-13

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Nationstar Mortgage LLC

Nationstar Capital Corporation

350 Highland Drive

Lewisville, Texas 75067

Fax No.: (469) 549-2085

Attention: General Counsel

Wells Fargo Bank — DAPS Reorg.

MAC N9303-121

608 2nd Avenue South

Minneapolis, MN 55479

Telephone No.: (877) 872-4605

Fax No.: (866) 969-1290

Email: DAPSReorg@wellsfargo.com

          Re: 10.875% Senior Notes due 2015

          Reference is hereby made to the Indenture, dated as of March 26, 2010 (the
“Indenture”), among Nationstar Mortgage LLC, Nationstar Capital Corporation, the Guarantors
named therein and the Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

          _______________ (the “Transferor”) owns and proposes to transfer the Note[s] or
interest in such Note[s] specified in Annex A hereto, in the principal amount of $___________ in
such Note[s] or interests (the “Transfer”), to _______________ (the “Transferee”),
as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

[CHECK ALL THAT APPLY]

          1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL
NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or Definitive Note for its own account,
or for one or more accounts with respect to which such Person exercises sole investment discretion,
and such Person and each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance
with any applicable blue sky securities laws of any state of the United States.

          2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S
GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO

B-1

 

REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a person in the United States and (x) at the time the buy
order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the
United States or (y) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on its behalf knows
that the transaction was prearranged with a buyer in the United States, (ii) no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act (iii) the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the Restricted Period, the transfer is not being made to a
U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon
consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Indenture and the Securities Act.

          3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE
DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION
S. The Transfer is being effected in compliance with the transfer restrictions applicable to
beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and
in accordance with the Securities Act and any applicable blue sky securities laws of any state of
the United States, and accordingly the Transferor hereby further certifies that (check one):

     (a) [ ] such Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act;

or

     (b) [ ] such Transfer is being effected to the Issuers or a Subsidiary thereof;

or

     (c) [ ] such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus delivery
requirements of the Securities Act.

          4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED
GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

          (a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon

B-2

 

consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

          (b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

          (c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

B-3

 

          This certificate and the statements contained herein are made for your benefit and the benefit
of the Issuers.

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: _______________________

B-4

 

ANNEX A TO CERTIFICATE OF TRANSFER

	 	1.	 	The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

	 	(a)	 	[ ] a beneficial interest in the:

	 	(i)	 	[ ] 144A Global Note (CUSIP 63860U AA8), or
	 
	 	(ii)	 	[ ] Regulation S Global Note (CUSIP U6375YAA4), or

	 	(b)	 	[ ] a Restricted Definitive Note.
	 
	 	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	 	(a)	 	[ ] a beneficial interest in the:

	 	(i)	 	[ ] 144A Global Note (CUSIP 63860U AA8), or
	 
	 	(ii)	 	[ ] Regulation S Global Note (CUSIP U6375YAA4), or
	 
	 	(iii)	 	[ ] Unrestricted Global Note (CUSIP [INSERT CUSIP]); or

	 	(b)	 	[ ] a Restricted Definitive Note; or
	 
	 	(c)	 	[ ] an Unrestricted Definitive Note,

          in accordance with the terms of the Indenture.

B-5

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Nationstar Mortgage LLC

Nationstar Capital Corporation

350 Highland Drive

Lewisville, Texas 75067

Fax No.: (469) 549-2085

Attention: General Counsel

Wells Fargo Bank — DAPS Reorg.

MAC N9303-121

608 2nd Avenue South

Minneapolis, MN 55479

Telephone No.: (877) 872-4605

Fax No.: (866) 969-1290

Email: DAPSReorg@wellsfargo.com

          Re: 10.875% Senior Notes due 2015

          Reference is hereby made to the Indenture, dated as of March 26, 2010 (the
“Indenture”), among Nationstar Mortgage LLC, Nationstar Capital Corporation, the Guarantors
named therein and the Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

          ___________ (the “Owner”) owns and proposes to exchange the Note[s] or interest in
such Note[s] specified herein, in the principal amount of $__________ in such Note[s] or interests
(the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

          1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE
FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

     a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a
beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest in an
Unrestricted

C-1

 

Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

     b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv)
the Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

     c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of
a Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

     d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive
Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Unrestricted Definitive Note is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

          2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES
FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES

     a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global

C-2

 

Note for a Restricted Definitive Note with an equal principal amount, the Owner
hereby certifies that the Restricted Definitive Note is being acquired for the
Owner’s own account without transfer. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the Restricted Definitive Note issued
will continue to be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Definitive Note and in the
Indenture and the Securities Act.

     b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the
Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [
] 144A Global Note [ ] Regulation S Global Note, with an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted Global Notes
and pursuant to and in accordance with the Securities Act, and in compliance with
any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Exchange in accordance with the terms of the Indenture,
the beneficial interest issued will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the relevant Restricted Global
Note and in the Indenture and the Securities Act.

          This certificate and the statements contained herein are made for your benefit and the benefit
of the Issuers and are dated _____________________.

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Dated: _______________________

C-3

 

EXHIBIT D

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

          Supplemental Indenture (this “Supplemental Indenture”), dated as of __________, among
__________________ (the “Guaranteeing Subsidiary”), a subsidiary of Nationstar Mortgage
LLC, a Delaware limited liability company (the “Company”), Nationstar Capital Corporation
(the “Co-Issuer” and, together with the Company, the “Issuers”) and Wells Fargo Bank,
National Association, as trustee (the “Trustee”).

WITNESSETH

          WHEREAS, the Issuers and each of the Guarantors (as defined in the Indenture referred to
below) have heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of March 26, 2010, providing for the issuance of 10.875% Senior
Notes due 2015 (the “Notes”);

          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the
Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the
“Note Guarantee”); and

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders of the Notes as follows:

          (1) Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

          (2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows:

     (a) Along with all other Guarantors named in the Indenture (including pursuant to any
supplemental indentures), to jointly and severally unconditionally guarantee to each Holder
of a Note authenticated and delivered by the Trustee and to the Trustee and its respective
successors and assigns, irrespective of the validity and enforceability of the Indenture,
the Notes or the obligations of the Issuers hereunder or thereunder, that:

     (i) the principal of, interest, premium, if any, and Additional Interest, if
any, on the Notes shall be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of and
interest on the Notes, if any, if lawful, and all other obligations of the Issuers
to the

D-1

 

Holders or the Trustee hereunder or thereunder shall be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and

     (ii) in case of any extension of time of payment or renewal of any Notes or any
of such other obligations, that same shall be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise.

Failing payment when due of any amount so guaranteed or any performance so
guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall
be jointly and severally obligated to pay the same immediately. This is a guarantee
of payment and not a guarantee of collection.

     (b) The obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Issuers or any
Guarantors, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor.

     (c) The Guaranteeing Subsidiary hereby waives: diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Issuers, any right to require a proceeding first against the Issuers, protest, notice and
all demands whatsoever.

     (d) This Note Guarantee shall not be discharged except by full payment or complete
performance of the obligations contained in the Notes, the Indenture and this Supplemental
Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the
Indenture, including Article X of the Indenture (which is deemed incorporated in this
Supplemental Indenture and applicable to this Guarantee). The Guaranteeing Subsidiary
acknowledges that by executing this Supplemental Indenture, it will become a Guarantor under
the Indenture and subject to all the terms and conditions applicable to Guarantors contained
therein.

     (e) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuers, the Guarantors (including the Guaranteeing Subsidiary), or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuers or the
Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and effect.

     (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby.

     (g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the
Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article VI of the Indenture for the purposes of this Note
Guarantee,

D-2

 

notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such obligations as provided in Article VI of the Indenture, such
obligations (whether or not due and payable) shall forthwith become due and payable by the
Guaranteeing Subsidiary for the purpose of this Note Guarantee.

     (h) The Guaranteeing Subsidiary shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under this Note Guarantee.

     (i) Pursuant to Section 10.02 of the Indenture, the obligations of the Guaranteeing
Subsidiary shall be limited to the maximum amount as will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Guaranteeing
Subsidiary that are relevant under any applicable Bankruptcy Law or fraudulent conveyance
laws and after giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the obligations of such
other Guarantor under Article X of the Indenture, result in the obligations of such
Guaranteeing Subsidiary under this Note Guarantee not constituting a fraudulent conveyance
or fraudulent transfer under applicable law.

     (j) This Note Guarantee shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Issuers for liquidation,
reorganization, should the Issuers become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any significant part of
the Issuers’ assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment and performance of
the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise
be restored or returned by any obligee on the Notes and Note Guarantee, whether as a
“voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or
performance had not been made. In the event that any payment or any part thereof, is
rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by
law, be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

     (k) In case any provision of this Note Guarantee shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby.

     (l) This Note Guarantee shall be a general unsecured senior obligation of such
Guaranteeing Subsidiary, ranking pari passu with any other future unsubordinated
Indebtedness of the Guaranteeing Subsidiary, if any.

     (m) Each payment to be made by the Guaranteeing Subsidiary in respect of this Note
Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind
or nature.

D-3

 

          (3) Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note
Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of
any notation of such Note Guarantee on the Notes.

          (4) Merger, Consolidation or Sale of All or Substantially All Assets.

          (a) The Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all
of its assets to, or consolidate with or merge with or into (whether or not such Guaranteeing
Subsidiary is the surviving Person), another Person, other than the Issuers or another Guarantor,
unless:

     (i) except in the case of a merger entered into solely for the purpose of
reincorporating a Guaranteeing Subsidiary in another jurisdiction, immediately after giving
effect to that transaction, no Default or Event of Default shall have occurred and be
continuing; and

     (ii) either:

     (A) the Person acquiring the property in ay such sale or disposition or the Person
formed by or surviving any such consolidation or merger (if not the Guaranteeing Subsidiary)
assumes all the obligations of that Guaranteeing Subsidiary under the Indenture, its Note
Guarantee and the applicable Registration Rights Agreement pursuant to this supplemental
indenture; or

          (B) the Net Proceeds of such sale or other disposition are either (i) applied in accordance
with Section 4.10(d) of the Indenture or (ii) not required to be applied in accordance with any
provision of the Indenture.

          (5) Releases.

          The Note Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally
released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuers or the
Trustee is required for the release of the Guaranteeing Subsidiary’s Note Guarantee, in the
following circumstances:

     (a) in connection with any sale, transfer or other disposition of all or substantially
all of the assets of that Guaranteeing Subsidiary (including by way of merger or
consolidation) to a Person that is not (either before or after giving effect to such
transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other
disposition does not violate Section 4.10 of the Indenture;

     (b) in connection with any sale, transfer or other disposition of all of the Capital
Stock of the Guaranteeing Subsidiary (including by way of merger or consolidation) to a
Person that is not (either before or after giving effect to such transaction) the Company or
a Restricted Subsidiary of the Company, if the sale or other disposition does not violate
Section 4.10 of the Indenture;

D-4

 

     (c) if the Company designates any Restricted Subsidiary of the Company that is a
Guarantor to be an Unrestricted Subsidiary of the Company in accordance with Section 4.17 of
the Indenture; or

          (d) upon the exercise of Legal Defeasance by the Issuers or pursuant to Article XI of the
Indenture; and

in connection with such release, either of the Issuers shall deliver to the Trustee an Officers’
Certificate of such Guarantor confirming the effective date of such release and stating that all
conditions precedent provided for in this Indenture relating to such transaction have been complied
with.

          (6) No Recourse Against Others. No director, officer, employee, incorporator or
stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the
Issuers or the Guarantors (including the Guaranteeing Subsidiary), respectively, under the Notes,
the Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation; provided that the
foregoing shall not limit any Guarantor’s obligations under its Note Guarantees. Each Holder by
accepting Notes waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

          (7) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          (8) Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

          (9) Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

          (10) The Trustee. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary.

          (11) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of
Holders of Notes against the Issuers in respect of any amounts paid by the Guaranteeing Subsidiary
pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided
that, if an Event of Default has occurred and is continuing, the Guaranteeing Subsidiary shall not
be entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuers under the Indenture or the Notes
shall have been paid in full.

          (12) Benefits Acknowledged. The Guaranteeing Subsidiary’s Note Guarantee is subject
to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by
the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Note Guarantee are knowingly made in contemplation of such benefits.

D-5

 

          (13) Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental
Indenture shall bind its Successors, except as otherwise in this Supplemental Indenture. All
agreements of the Trustee in this Supplemental Indenture shall bind its successors.

[signature page follows]

D-6

 

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

	 	 	 	 	 
	 	[Guaranteeing Subsidiary]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Wells Fargo Bank, National Association, 

as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

D-7

 

	 	 	 	 	 

EXHIBIT E

FORM OF FREE TRANSFERABILITY CERTIFICATE

[Date]

Nationstar Mortgage LLC

Nationstar Capital Corporation

350 Highland Drive

Lewisville, Texas 75067

Fax No.: (469) 549-2085

Attention: General Counsel

Wells Fargo Bank — DAPS Reorg.

MAC N9303-121

608 2nd Avenue South

Minneapolis, MN 55479

Telephone No.: (877) 872-4605

Fax No.: (866) 969-1290

Email: DAPSReorg@wellsfargo.com

          Re: 10.875% Senior Notes due 2015

Reference is hereby made to the Indenture, dated as of March 26, 2010 (the “Indenture”),
among Nationstar Mortgage LLC, Nationstar Capital Corporation, the Guarantors named therein and the
Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in
the Indenture.

Whereas the 10.875% Senior Notes due 2015 (the “Notes”) have become freely tradable without
restrictions by non-affiliates of the Issuers pursuant to Rule 144(b)(1) under the Securities Act,
in accordance with Section 2.6(g)(v) of the Indenture, pursuant to which the Notes were issued, the
Issuers hereby instruct you that:

     (i) the Private Placement Legend described in Section 2.6(g)(v) of the Indenture and set forth
on the Notes shall be deemed removed from the Notes, in accordance with the terms and conditions of
the Notes and as provided in the Indenture, without further action on the part of Holders; and

     (ii) the restricted CUSIP number and restricted ISIN number for the Notes shall be deemed
removed from the Notes and replaced with the unrestricted CUSIP number (             ) and unrestricted ISIN
number (             ), respectively, set forth therein, in accordance with the terms and conditions of the
Notes and as provided in the Indenture, without further action on the part of Holders.

[signature pages follow]

E-1

 

	 	 	 	 	 
	 	Nationstar Mortgage LLC

Nationstar Capital Corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

E-2exv4w2

Exhibit 4.2

EXECUTION COPY

SUPPLEMENTAL INDENTURE

          Supplemental Indenture (this “Supplemental Indenture”), dated as of August 31, 2010,
among NSM RECOVERY SERVICES INC. (the “Guaranteeing Subsidiary”), a subsidiary of
Nationstar Mortgage LLC, a Delaware limited liability company (the “Company”), Nationstar
Capital Corporation (the “Co-Issuer” and, together with the Company, the “Issuers”)
and Wells Fargo Bank, National Association, as trustee (the “Trustee”).

W I T N E S S E T H

          WHEREAS, the Issuers and each of the Guarantors (as defined in the Indenture referred to
below) have heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of March 26, 2010, providing for the issuance of 10.875% Senior
Notes due 2015 (the “Notes”);

          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the
Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the
“Note Guarantee”); and

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders of the Notes as follows:

          (1) Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

          (2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows:

     (a) Along with all other Guarantors named in the Indenture (including pursuant to any
supplemental indentures), to jointly and severally unconditionally guarantee to each Holder
of a Note authenticated and delivered by the Trustee and to the Trustee and its respective
successors and assigns, irrespective of the validity and enforceability of the Indenture,
the Notes or the obligations of the Issuers hereunder or thereunder, that:

     (i) the principal of, interest, premium, if any, and Additional Interest, if
any, on the Notes shall be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of and
interest on the Notes, if any, if lawful, and all other obligations of the Issuers
to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full
or performed, all in accordance with the terms hereof and thereof; and

1

 

     (ii) in case of any extension of time of payment or renewal of any Notes or any
of such other obligations, that same shall be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise.

Failing payment when due of any amount so guaranteed or any performance so
guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall
be jointly and severally obligated to pay the same immediately. This is a guarantee
of payment and not a guarantee of collection.

     (b) The obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Issuers or any
Guarantors, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor.

     (c) The Guaranteeing Subsidiary hereby waives: diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Issuers, any right to require a proceeding first against the Issuers, protest, notice and
all demands whatsoever.

     (d) This Note Guarantee shall not be discharged except by full payment or complete
performance of the obligations contained in the Notes, the Indenture and this Supplemental
Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the
Indenture, including Article X of the Indenture (which is deemed incorporated in this
Supplemental Indenture and applicable to this Guarantee). The Guaranteeing Subsidiary
acknowledges that by executing this Supplemental Indenture, it will become a Guarantor under
the Indenture and subject to all the terms and conditions applicable to Guarantors contained
therein.

     (e) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuers, the Guarantors (including the Guaranteeing Subsidiary), or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuers or the
Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and effect.

     (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby.

     (g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the
Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article VI of the Indenture for the purposes of this Note
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article VI of the Indenture,
such obligations (whether or not due

2

 

and payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for
the purpose of this Note Guarantee.

     (h) The Guaranteeing Subsidiary shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under this Note Guarantee.

     (i) Pursuant to Section 10.02 of the Indenture, the obligations of the Guaranteeing
Subsidiary shall be limited to the maximum amount as will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Guaranteeing
Subsidiary that are relevant under any applicable Bankruptcy Law or fraudulent conveyance
laws and after giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the obligations of such
other Guarantor under Article X of the Indenture, result in the obligations of such
Guaranteeing Subsidiary under this Note Guarantee not constituting a fraudulent conveyance
or fraudulent transfer under applicable law.

     (j) This Note Guarantee shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Issuers for liquidation,
reorganization, should the Issuers become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any significant part of
the Issuers’ assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment and performance of
the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise
be restored or returned by any obligee on the Notes and Note Guarantee, whether as a
“voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or
performance had not been made. In the event that any payment or any part thereof, is
rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by
law, be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

     (k) In case any provision of this Note Guarantee shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby.

     (l) This Note Guarantee shall be a general unsecured senior obligation of such
Guaranteeing Subsidiary, ranking pari passu with any other future unsubordinated
Indebtedness of the Guaranteeing Subsidiary, if any.

     (m) Each payment to be made by the Guaranteeing Subsidiary in respect of this Note
Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind
or nature.

          (3) Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note
Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of
any notation of such Note Guarantee on the Notes.

          (4) Merger, Consolidation or Sale of All or Substantially All Assets.

3

 

          (a) The Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all
of its assets to, or consolidate with or merge with or into (whether or not such Guaranteeing
Subsidiary is the surviving Person), another Person, other than the Issuers or another Guarantor,
unless:

     (i) except in the case of a merger entered into solely for the purpose of
reincorporating a Guaranteeing Subsidiary in another jurisdiction, immediately after giving
effect to that transaction, no Default or Event of Default shall have occurred and be
continuing; and

     (ii) either:

     (A) the Person acquiring the property in ay such sale or disposition or the Person
formed by or surviving any such consolidation or merger (if not the Guaranteeing Subsidiary)
assumes all the obligations of that Guaranteeing Subsidiary under the Indenture, its Note
Guarantee and the applicable Registration Rights Agreement pursuant to this supplemental
indenture; or

          (B) the Net Proceeds of such sale or other disposition are either (i) applied in accordance
with Section 4.10(d) of the Indenture or (ii) not required to be applied in accordance with any
provision of the Indenture.

          (5) Releases.

          The Note Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally
released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuers or the
Trustee is required for the release of the Guaranteeing Subsidiary’s Note Guarantee, in the
following circumstances:

     (a) in connection with any sale, transfer or other disposition of all or substantially
all of the assets of that Guaranteeing Subsidiary (including by way of merger or
consolidation) to a Person that is not (either before or after giving effect to such
transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other
disposition does not violate Section 4.10 of the Indenture;

     (b) in connection with any sale, transfer or other disposition of all of the Capital
Stock of the Guaranteeing Subsidiary (including by way of merger or consolidation) to a
Person that is not (either before or after giving effect to such transaction) the Company or
a Restricted Subsidiary of the Company, if the sale or other disposition does not violate
Section 4.10 of the Indenture;

     (c) if the Company designates any Restricted Subsidiary of the Company that is a
Guarantor to be an Unrestricted Subsidiary of the Company in accordance with Section 4.17 of
the Indenture; or

          (d) upon the exercise of Legal Defeasance by the Issuers or pursuant to Article XI of the
Indenture; and

4

 

in connection with such release, either of the Issuers shall deliver to the Trustee an Officers’
Certificate of such Guarantor confirming the effective date of such release and stating that all
conditions precedent provided for in this Indenture relating to such transaction have been complied
with.

          (6) No Recourse Against Others. No director, officer, employee, incorporator or
stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the
Issuers or the Guarantors (including the Guaranteeing Subsidiary), respectively, under the Notes,
the Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation; provided that the
foregoing shall not limit any Guarantor’s obligations under its Note Guarantees. Each Holder by
accepting Notes waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

          (7) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          (8) Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

          (9) Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

          (10) The Trustee. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary.

          (11) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of
Holders of Notes against the Issuers in respect of any amounts paid by the Guaranteeing Subsidiary
pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided
that, if an Event of Default has occurred and is continuing, the Guaranteeing Subsidiary shall not
be entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuers under the Indenture or the Notes
shall have been paid in full.

          (12) Benefits Acknowledged. The Guaranteeing Subsidiary’s Note Guarantee is subject
to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by
the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Note Guarantee are knowingly made in contemplation of such benefits.

          (13) Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental
Indenture shall bind its Successors, except as otherwise in this Supplemental Indenture. All
agreements of the Trustee in this Supplemental Indenture shall bind its successors.

[signature page follows]

5

 

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

	 	 	 	 	 
	 	NSM Recovery Services Inc.

 	 
	 	By:  	/s/ Jay Bray
 	 
	 	 	Name:  	Jay Bray 	 
	 	 	Title:  	CFO/EVP 	 
	 
	 	Wells Fargo Bank, National Association,
 as Trustee

 	 
	 	By:  	/s/ Martin Reed
 	 
	 	 	Name:  	Martin Reed 	 
	 	 	Title:  	Vice President 	 

6

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