Document:

Form of Subscription Agent Agreement

 

 
 Exhibit 4.11 
 (Subscription Agent-FINAL) 
 SUBSCRIPTION AGENT AGREEMENT 

This Subscription Agent Agreement (the “Agreement”) is made as of __________________, 201_ by and among Pilgrim’s Pride
Corporation (the “ Company”), Computershare Inc., a Delaware corporation and its fully owned subsidiary Computershare Trust Company, N.A., a national banking association (collectively, the “Agent” or individually
“Computershare” and the “Trust Company”, respectively). All terms not defined herein shall have the meaning given in the prospectus (the “Prospectus”) included in the (Registration Statement on Form S-3, File No.
__________ filed by the Company with the Securities and Exchange Commission on ____________, 201__, as amended by any amendment filed with respect thereto (the “Registration Statement”). 

WHEREAS, the Company proposes to make subscription offer by issuing certificates or other evidences of subscription rights, in the form
designated by the Company (the “Subscription Certificates”) to shareholders of record (the “Shareholders”) of its Common Stock, par value $_____ per share (“Common Stock”), as of a record date specified by the Company
(the “Record Date”), pursuant to which each Shareholder will have certain rights (the “Rights”) to subscribe for shares of Common Stock, as described in and upon such terms as are set forth in the Prospectus, a final copy of
which has been or, upon availability will promptly be, delivered to the Agent; and 
 WHEREAS, the Company wishes the Agent to
perform certain acts on behalf of the Company, and the Agent is willing to so act, in connection with the distribution of the Subscription Certificates and the issuance and exercise of the Rights to subscribe therein set forth, all upon the terms
and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual agreements set forth
herein, the parties agree as follows: 
  

	1.	Appointment. 

 The
Company hereby appoints the Agent to act as subscription agent in connection with the distribution of Subscription Certificates and the issuance and exercise of the Rights in accordance with the terms set forth in this Agreement and the Agent hereby
accepts such appointment. 
  

	2.	Form and Execution of Subscription Certificates. 

 A. Each Subscription Certificate shall be irrevocable and non-transferable. The Agent shall, in its capacity as Transfer Agent of the Company, maintain a register of Subscription Certificates and the
holders of record thereof (each of whom shall be deemed a “Shareholder” hereunder for purposes of determining the rights of holders of Subscription Certificates). Each Subscription Certificate shall, subject to the provisions thereof,
entitle the Shareholder in whose name it is recorded to the following only if non-transferable: 
 (1) With respect to Record
Date Shareholders only, the right to acquire during the Subscription Period, as defined in the Prospectus, at the Subscription Price, as defined in the 

 
Prospectus, a number of shares of Common Stock equal to one share of Common Stock for every one Right (the “Primary Subscription Right”); and 

(2) With respect to Record Date Shareholders only, the right to subscribe for additional shares of Common Stock, subject to the
availability of such shares and to the allotment of such shares as may be available among Record Date Shareholders who exercise Over-Subscription Rights on the basis specified in the Prospectus; provided, however, that such Record Date Shareholder
has exercised all Primary Subscription Rights issued to him or her (the “Over-Subscription Privilege”). 
 B. Create a
special account for the issuance of shares of Common Stock to shareholders who have exercised the rights set forth herein. Prior to the issuance of Common Stock as set forth herein, the Company shall provide an opinion of counsel to set up reserve
of shares. The opinion shall state that all shares are: 
 (1) Registered, or subject to a valid exemption from registration,
under the Securities Act of 1933, as amended, and that they are “covered securities” under Section 18 of the Securities Act; and 
 (2) Validly issued, fully paid and non-assessable. 
  

	3.	Rights and Issuance of Subscription Certificates. 

 A. Each Subscription Certificate shall evidence the Rights of the Shareholder therein named to purchase Common Stock upon the terms and conditions therein and herein set forth. 

B. Upon the written advice of the Company, signed by any of its duly authorized officers, as to the Record Date, the Agent shall, from a
list of the Company Shareholders as of the Record Date to be prepared by the Agent in its capacity as Transfer Agent of the Company, prepare and record Subscription Certificates in the names of the Shareholders, setting forth the number of Rights to
subscribe for the Company’s Common Stock calculated on the basis of one Right for ____ shares of Common Stock recorded on the books in the name of each such Shareholder as of the Record Date. The number of Rights that are issued to Record Date
Shareholders will be rounded up, by the Agent, to the nearest number of Full Rights as Fractional Rights will not be issued. Each Subscription Certificate shall be dated as of the Record Date and shall be executed manually or by facsimile signature
of a duly authorized officer of the Subscription Agent. Upon the written advice, signed as aforesaid, as to the effective date of the Registration Statement, the Agent shall promptly countersign and deliver the Subscription Certificates, together
with a copy of the Prospectus, instruction letter and any other document as the Company deems necessary or appropriate, to all Shareholders with record addresses in the United States (including its territories and possessions and the District of
Columbia). Delivery shall be by first class mail (without registration or insurance), except for those Shareholders having a registered address outside the United States (who will only receive copies of the Prospectus, instruction letter and other
documents as the Company deems necessary or appropriate, if any), delivery shall be by air mail (without registration or insurance) and by first class mail (without registration or insurance) to those Shareholders having APO or FPO addresses. No
Subscription Certificate shall be valid for any purpose unless so executed. 
 C. The Agent will mail a copy of the Prospectus,
instruction letter, a special notice and other documents as the Company deems necessary or appropriate, if any, but not Subscription Certificates to Record Date Shareholders whose record addresses are outside the United States (including its
territories and possessions and the District of Columbia ) (“Foreign Record Date 

 
Shareholders”). The Rights to which such Subscription Certificates relate will be held by the Agent for such Foreign Record Date Shareholders’ accounts until instructions are received
to exercise, sell or transfer the Rights. 
  

	4.	Exercise. 

 A.
Record Date Shareholders may acquire shares of Common Stock on Primary Subscription and pursuant to the Over-Subscription Privilege by delivery to the Agent as specified in the Prospectus of (i) the Subscription Certificate with respect
thereto, duly executed by such Shareholder in accordance with and as provided by the terms and conditions of the Subscription Certificate, together with (ii) the estimated purchase price, as disclosed in the Prospectus, for each share of Common
Stock subscribed for by exercise of such Rights, in U.S. dollars by money order or check drawn on a bank in the United States, in each case payable to the order of the Company or Computershare. 

B. Rights may be exercised at any time after the date of issuance of the Subscription Certificates with respect thereto but no later than
5:00 P.M. New York time on such date as the Company shall designate to the Agent in writing (the “Expiration Date”). For the purpose of determining the time of the exercise of any Rights, delivery of any material to the Agent shall be
deemed to occur when such materials are received at the Shareholder Services Division of the Agent specified in the Prospectus. 

C. Notwithstanding the provisions of Section 4 (a) and 4 (b) regarding delivery of an executed Subscription Certificate to
the Agent prior to 5:00 P.M. New York time on the Expiration Date, if prior to such time the Agent receives a Notice of Guaranteed Delivery by facsimile (telecopy) or otherwise from a bank, a trust company or a New York Stock Exchange member
guaranteeing delivery of (i) payment of the full Subscription Price for the shares of Common Stock subscribed for on Primary Subscription and any additional shares of Common Stock subscribed for pursuant to the Over-Subscription Privilege, and
(ii) a properly completed and executed Subscription Certificate, then such exercise of Primary Subscription Rights and Over-Subscription Rights shall be regarded as timely, subject, however, to receipt of the duly executed Subscription
Certificate and full payment for the Common Stock by the Agent within three Business Days (as defined below) after the Expiration Date (the “Protect Period”) and full payment for their Common Stock within ten Business Days after the
Confirmation Date (as defined in Section 4(d)). For the purposes of the Prospectus and this Agreement, “Business Day” shall mean any day on which trading is conducted on the New York Stock Exchange. 

D. As soon as practicable after the Expiration Date Computershare shall send to each exercising shareholder (or, if shares of Common
Stock on the Record Date are held by Cede & Co. or any other depository or nominee, to Cede & Co. or such other depository or nominee) a confirmation showing the number of shares of Common Stock acquired pursuant to the Primary
Subscription, and, if applicable, the Over-Subscription Privilege, the per share and total purchase price for such shares, and any additional amount payable to the Company by such shareholder or any excess to be refunded by the Company to such
shareholder in the form of a check and stub, along with a letter explaining the allocation of shares of Common Stock pursuant to the Over-Subscription Privilege. 
 E. Any additional payment required from a shareholder must be received by Computershare within ten Business Days after the Confirmation Date and any excess payment to be refunded by the Company to a
shareholder will be mailed by Computershare within ten Business Days after the Confirmation Date. If a shareholder does not make timely payment of any additional amounts due in accordance with Section 4(D), Computershare will consult with

 
the Company in accordance with Section 5 as to the appropriate action to be taken. Computershare will not issue or deliver certificates or Statements of Holding for shares subscribed for
until payment in full therefore has been received, including collection of checks and payment pursuant to notices of guaranteed delivery. 
  

	5.	Validity of Subscriptions. 

 Irregular subscriptions not otherwise covered by specific instructions herein shall be submitted to an appropriate officer of the Company and handled in accordance with his or her instructions. Such
instructions will be documented by the Agent indicating the instructing officer and the date thereof. 
  

	6.	Over-Subscription. 

If, after allocation of shares of Common Stock to Record Date Shareholders, there remain unexercised Rights, then the Agent shall allot
the shares issuable upon exercise of such unexercised Rights (the “Remaining Shares”) to shareholders who have exercised all the Rights initially issued to them and who wish to acquire more than the number of shares for which the Rights
issued to them are exercisable. Shares subscribed for pursuant to the Over-Subscription Privilege will be allocated in the amounts of such over-subscriptions. If the number of shares for which the Over-Subscription Privilege has been exercised is
greater than the Remaining Shares, the Agent shall allocate the Remaining Shares to Record Date Shareholders exercising Over-Subscription Privilege based on the number of shares of Common Stock owned by them on the Record Date. Any remaining shares
to be issued shall be allocated to holders of Rights acquired in the secondary market based on the number of Rights exercised by such holders of Rights. The percentage of Remaining Shares each over-subscribing Record Date Shareholder or other Rights
holder may acquire will be rounded up or down to result in delivery of whole shares of Common Stock. The Agent shall advise the Company immediately upon the completion of the allocation set forth above as to the total number of shares subscribed and
distributable. 
  

	7.	Delivery of Shares. 

The Agent will deliver (i) certificates or Statement of Holding reflecting new shares of Company Common Stock in the Direct
Registration System, representing those shares of Common Stock purchased pursuant to exercise of Primary Subscription Rights as soon as practicable after the corresponding Rights have been validly exercised and full payment for such shares has been
received and cleared and (ii) certificates or Statements of Holding representing those shares purchased pursuant to the exercise of the Over-Subscription Privilege as soon as practicable after the Expiration Date and after all allocations have
been effected. 
  

	8.	Holding Proceeds of Rights Offering. 

 A. All proceeds received by Computershare from Shareholders in respect of the exercise of Rights shall be held by Computershare, on behalf of the Company, in a segregated account (the
“Account”). No interest shall accrue to the Company or shareholders on funds held in the Account pending disbursement in the manner described in Section 4(E) above. 

B. Computershare shall deliver all proceeds received in respect of the exercise of Rights to the Company as promptly as practicable, but
in no event later than ten business days after the Confirmation Date. 
 C. The Company acknowledges that the bank accounts
maintained by Computershare in connection with the services provided under this Agreement will be in its name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and for its benefit
of funds held in those accounts from time to time. 

	9.	Reports. 

 Daily,
during the period commencing on __________, until termination of the Subscription Period, the Agent will report by telephone or telecopier, confirmed by letter, to an Officer of the Company, data regarding Rights exercised, the total number of
shares of Common Stock subscribed for, and payments received therefor, bringing forward the figures from the previous day’s report in each case so as to show the cumulative totals and any such other information as may be mutually determined by
the Company and the Agent. 
  

	10.	Loss or Mutilation. 

If any Subscription Certificate is lost, stolen, mutilated or destroyed, the Agent may, on such terms which will indemnify and protect the
Company and the Agent as the Agent may in its discretion impose (which shall, in the case of a mutilated Subscription Certificate include the surrender and cancellation thereof), issue a new Subscription Certificate of like denomination in
substitution for the Subscription Certificate so lost, stolen, mutilated or destroyed. 
  

	11.	Compensation for Services. 

 The Company agrees to pay to the Agent compensation for its services hereunder in accordance with its Fee Schedule to act as Agent attached hereto as Exhibit A. The Company further agrees that it will
reimburse the Agent for its reasonable out-of-pocket expenses incurred in the performance of its duties as such. 
  

	12.	Instructions, Indemnification and Limitation of Liability. 

 12.1 Company Indemnity. 
 The Company covenants and agrees to indemnify and
to hold the Agent harmless against any costs, expenses (including reasonable fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising from or out of, directly or indirectly,
any claims or liability resulting from its actions as Agent (including as Agent the provision of any services set forth in the Fee and Service Schedule attached hereto) pursuant to the terms set forth in this Agreement; provided, that such covenant
and agreement does not extend to, and the Agent shall not be indemnified with respect to, such costs, expenses, losses and damages incurred or suffered by the Agent as a result of, or arising out of, its negligence, bad faith, or willful misconduct.

 In addition to the foregoing, the Agent: 
 A. Shall have no duties or obligations other than those specifically set forth herein or as may subsequently be requested of the Agent by the Company with respect to the Subscription Offer and agreed upon
by the Agent; 
 B. May rely on and shall be indemnified and held harmless by the Company in acting upon any certificate,
instrument, opinion, notice, letter, facsimile transmission, telegram or other document, or any security delivered to it, and reasonably believed by it to be genuine and to have been signed by the proper party or parties; 

12.2 Instructions. From time to time, Agent may apply to any officer of the Company for instruction and Company shall provide Agent with such
instructions concerning the 

 
Services. In addition, Agent may consult with Designated Legal Counsel for the Company with respect to any matter arising in connection with the services to be performed by the Agent under this
Agreement, and Agent and its agents and subcontractors shall not be liable and shall be indemnified by the Company for any action taken or omitted by it in reliance upon any Company instructions or upon the advice or opinion of such counsel. The
Agent shall not be held to have notice of any change of authority of any person written notice is given by the Company to Agent. The Designated Legal Counsel for company is W. Crews Lott of Dallas office of Baker & McKenzie. Any
conversation between Designated Legal Counsel and Agent shall not create a legal representation between the parties, and Agent waives any potential privileges, such as the attorney-client privilege if such conversation(s) is/are found in any event
to create a legal representation. Agent additionally waives any conflict of interest defense or objection it may have from Designated Legal Counsel representing Company. The signing of this Agreement shall not be considered a waiver of any conflict
of interest defenses or objections that Company may have in regards to the advice anticipated under this subsection. 
 12.3 Agent
Indemnification/Limitation of Liability. Agent shall be responsible for and shall indemnify and hold the Company harmless from and against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of
or attributable to: (a) Agent’s failure to comply with the terms of this Agreement, (b) Agent’s negligence or willful misconduct, or (c) Agent’s breach of any representation or warranty hereunder, for which Agent is not
entitled to indemnification under this Agreement; provided, however, that Agent’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all Services provided
or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the two times the amounts paid hereunder by the Company to Agent as fees and charges, but not including reimbursable
expenses. 
 12.4 Notice. In order that the indemnification provisions contained in this Section shall apply, upon the assertion of a
claim for which one party may be required to indemnify the other, the party seeking indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such
claim. The indemnifying party shall have the option to participate with the indemnified party in the defense of such claim or to defend against said claim in its own name or the name of the indemnified party. The indemnified party shall in no case
confess any claim or make any compromise in any case in which the indemnifying party may be required to indemnify it except with the indemnifying party’s prior written consent. 

 

	13.	Changes in Subscription Certificate. 

 The Agent may, without the consent or concurrence of the Shareholders in whose names Subscription Certificates are registered, by supplemental agreement or otherwise, concur with the Company in making any
changes or corrections in a Subscription Certificate that it shall have been advised by counsel (who may be counsel for the Company) is appropriate to cure any ambiguity or to correct any defective or inconsistent provision or clerical omission or
mistake or manifest error therein or herein contained, and which shall not be inconsistent with the provision of the Subscription Certificate except insofar as any such change may confer additional rights upon the Shareholders. 

	14.	Assignment/Delegation. 

 A. Except as provided in Section 14(B) below, neither this Agreement nor any rights or obligations hereunder may be assigned or delegated by either party without the written consent of the other
party. 
 B. The Agent may, without further consent on the part of the Company, subcontract with other subcontractors for
systems, processing, telephone and mailing services, and post-exchange activities, as may be required from time to time; provided, however, that the Agent shall be as fully responsible to the Company for the acts and omissions of any subcontractor
as it is for its own acts and omissions, including, but not limited to, breach of any confidentiality provisions. 

15.    Works-Made-For-Hire. The parties intend for this to be a contract for services and each considers the products
and result of the services exclusive to the work performed for Company, including, but not limited to, all reports documents and other work product, to be rendered by Agent solely for the benefit of Company hereunder to carry out the scope of the
appointment as outlined in Section 1 (the “Work”) to be a work made for hire. Agent acknowledges and agrees that the Work (and all rights therein, including, without limitation, copyright) belongs to and shall be the sole and
exclusive property of Company. If for any reason the Work would not be considered a work made for hire under applicable law, Agent does hereby sell, assign, and transfer to Company, its successors and assigns, the entire right, title and interest in
and to the copyright in the Work and any registrations and copyright applications relating thereto and any renewals and extensions thereof, and in and to all works based upon, derived from, or incorporating the Work, . . . throughout the world.

 16.    Third Party Beneficiaries. Except as explicitly stated elsewhere in this Agreement, nothing under
this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other than the Agent and the Company and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit
of the Agent and the Company. Neither party shall make any commitments with third parties that are binding on the other party without the other party’s prior written consent. 

 

	17.	Governing Law. 

The validity, interpretation and performance of this Agreement shall be governed by the law of the State of Delaware. 

 

	18.	Partnership. 

 This
Agreement does not constitute an agreement for a partnership or joint venture between the Agent and the Company. 
  

	19.	Force Majeure. 

 In
the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes, terrorist acts, equipment or transmission failure or damage reasonably beyond its control, or other cause reasonably
beyond its control, such party shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes. Performance under this Agreement shall resume when the affected party or parties are
able to perform substantially that party’s duties. 
  

	20.	Consequential Damages. 

 Neither party to this Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages under any provisions of this Agreement or for any consequential, indirect,
penal, special or incidental damages arising out of any act or failure to 

 
act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 
  

	21.	Severability. 

 If
any provision of this Agreement shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired. 

 

	22.	Counterparts. 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall be
considered one and the same agreement. 
  

	23.	Captions. 

 The
captions and descriptive headings herein are for the convenience of the parties only. They do not in any way modify, amplify, alter or give full notice of the provisions hereof. 

 

	24.	Confidentiality. 

 24.1
Definition. Each party acknowledges and understands that any and all technical, trade secret, or business information, including, without limitation, financial information, business or marketing strategies or plans, product development,
Company information, Shareholder information (including any non-public information of such Shareholder), proprietary information, or proprietary software (including methods or concepts used therein, sources code, object code, or related technical
information) which has been or is disclosed to the other or has been or is otherwise obtained by the other, its affiliates, agents or representatives before or during the term of this Agreement (the “Confidential Information”) is
confidential and proprietary, constitutes trade secrets of the owner (or its affiliates), and is of great value and importance to the success of the owner’s (or its affiliates’) business. The parties shall treat the terms and conditions
(but not the existence) of this Agreement as the Confidential Information of the other party. Confidential Information shall not include any information that is: (a) already known to the other party or its affiliates at the time of the
disclosure; (b) publicly known at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently disclosed to the other party or its affiliates on a non-confidential basis by a
third party not having a confidential relationship with the owner and which rightfully acquired such information; or (d) independently developed by one party without access to the Confidential Information of the other. 

24.2. Use and Disclosure. All Confidential Information relating to a party will be held in confidence by the other party to the same extent and
with at least the same degree of care as such party protects its own confidential or proprietary information of like kind and import, but in no event using less than a reasonable degree of care. Neither party will disclose, duplicate, publish,
release, transfer or otherwise make available Confidential Information of the other party in any form to, or for the use or benefit of, any person or entity without the other party’s consent. Each party will, however, be permitted to disclose
relevant aspects of the other party’s Confidential Information to its officers, affiliates, agents, subcontractors and employees to the extent that such disclosure is reasonably necessary for the performance of its duties and obligations under
this Agreement and such disclosure is not prohibited by the Gramm-Leach-Bliley Act of 1999 (15 U.S.C. 6801 et seq.), as it may be amended from time to time (the “GLB Act”), the regulations promulgated thereunder or other applicable law.
Each party will establish 

 
commercially reasonable controls to ensure that the confidentiality of the Confidential Information and to ensure that the Confidential Information is not disclosed contrary to the provisions of
this Agreement, the GLB Act or any other applicable privacy law. Without limiting the foregoing, each party will implement such physical and other security measures as are necessary to (a) ensure the security and confidentiality of the
Confidential Information; (b) protect against any threats or hazards to the security and integrity of the Confidential Information; and (c) protect against any unauthorized access to or use of the Confidential Information. To the extent
that any duties and responsibilities under this Agreement are delegated to an agent or other subcontractor, the party ensures that such agent and subcontractor are contractually bound to confidentiality terms consistent with the terms of this
Section 23. 
 24.3. Required or Permitted Disclosure. In the event that any requests or demands are made for the
disclosure of Confidential Information, other than requests to Agent for records of Shareholders pursuant to standard subpoenas from state or federal government authorities (e.g., in divorce and criminal actions), the party will notify the other
party to secure instructions from an authorized officer of such party as to request and to enable the other party the opportunity to obtain a protective order or other confidential treatment. Each party expressly reserves the right, however, to
disclose the Confidential Information to any person whenever it is advised by counsel that it may be held liable for the failure to disclose such Confidential Information or if required by law or court order.  

24.4 Unauthorized Disclosure. As may be required by law and without limiting either party’s rights in respect of a breach of this
Section, each party will: 
  

	 	(a)	promptly notify the other party in writing of any unauthorized possession, use or disclosure of the other party’s Confidential Information by any person or entity
that may become known to such party; 

  

	 	(b)	promptly furnish to the other party full details of the unauthorized possession, use or disclosure; and 

 

	 	(c)	promptly use commercially reasonable efforts to prevent a recurrence of any such unauthorized possession, use or disclosure of Confidential Information.

 24.5 Costs. Subject to the limitations set forth in Sections 12.3 and 20 above, each Receiving Party shall indemnify and
hold harmless the Disclosing Party for any damages, costs, fees, liability, and expenses (including reasonable attorney’s fees) caused by Receiving Party’s unauthorized use, distribution, disclosure or dissemination of the Confidential
Information. 
  

	25.	Term and Termination. 

 This Agreement shall remain in effect until the earlier of (a) thirty (30) days after the Expiration Date; (b) it is terminated by either party upon a material breach of this Agreement
which remains uncured for 30 days after written notice of such breach has been provided; or (c) 30 days’ written notice has been provided by either party to the other. Upon termination of the Agreement, the Agent shall retain all canceled
Certificates and related documentation as required by applicable law. The confidentiality provisions of Section 23 shall last for two (2) years beyond termination or expiration of this Agreement. 

	26.	Notices. 

 Until
further notice in writing by either party hereto to the other party, all written reports, notices and other communications between the Agent and the Company required or permitted hereunder shall be delivered or mailed by first class mail, postage
prepaid, telecopier or overnight courier guaranteeing next day delivery, addressed as follows: 
 If to the Company, to:

 Pilgrim’s Pride Corporation 
 1770 Promontory Circle 
 Greeley, CO 80634 

Attn: Legal Department 
 If to the Agent, to: 
 Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 250 Royall Street 
 Canton, MA 02021 

Attn: Reorganization Department 
  

	27.	Survival. 

 The
provisions of Paragraphs 12, 15, 17-19, 22, and 24-31 shall survive any termination, for any reason, of this Agreement. 
  

	28.	Merger of Agreement. 

 This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written. 

 

	29.	Priorities. 

 In
the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence. 

 

	30.	Successors.  

 All
the covenants and provisions of this Agreement by or for the benefit of the Company or the Transfer Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

 

	31.	No Strict Construction.  

 The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by all parties hereto, and not presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

 

	32.	Descriptive Headings. 

 Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

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

									
	COMPUTERSHARE TRUST COMPANY, NA.	 		 	PILGRIM’S PRIDE CORPORATION
					
	By:	 	 	 		 	By:	 	 
					
	Date:	 	 	 		 	Date:	 	 
					
	Title:	 	 	 		 	Title	 	 
			
	COMPUTERSHARE INC.	 		 	
					
	By:	 	 	 		 		 	
					
	Date:	 	 	 		 		 	
					
	Title:Amended and Restated Forward AAA Securities Agreement

 Exhibit 10.1 
 TH TRS CORP. 
 Residential Mortgage-Backed Securities 

AMENDED AND RESTATED 
 FORWARD AAA SECURITIES AGREEMENT 
 December 28, 2011 

Barclays Bank PLC 
 745 7th Avenue, 4th Floor

 New York, New York 10019 
 Ladies
and Gentlemen: 
 TH TRS Corp. (the “Seller”) agrees, pursuant to this Amended and Restated Forward AAA
Securities Agreement (this “Agreement”), which amends and restates the Forward AAA Securities Agreement, dated as of May 17, 2011 (the “Original Agreement”), to sell or cause to be sold to
Barclays Bank PLC (the “Initial Purchaser”) senior mortgage-backed securities (the “Senior Securities”), under the terms and conditions herein contained, issued pursuant to a proposed securitization
transaction involving certain residential mortgage loans expected to be acquired in connection with the Master Repurchase Agreement, dated as of May 17, 2011, and the Master Repurchase Agreement Pricing Side Letter, dated as of May 17,
2011 (together, the “Master Repurchase Agreement”), both by and between the Seller and the Initial Purchaser. Capitalized terms shall have the meanings ascribed in Exhibit A. Other capitalized terms used, and not
otherwise defined, herein shall have the meanings ascribed thereto in the Master Repurchase Agreement. Finally, certain terms used herein shall have the meanings ascribed thereto in the Forward Pricing Side Letter, dated as of the date hereof,
between the Seller and the Initial Purchaser (the “Forward Pricing Side Letter”). 
 In connection with
this Agreement and the Master Repurchase Agreement, the Initial Purchaser will assist the Seller in sourcing certain jumbo prime residential mortgage loans and developing relationships with mortgage loan originators. In order to finance the
acquisition of the mortgage loans from originators, the Seller expects to sell mortgage loans to the Initial Purchaser pursuant to a full recourse reverse repurchase facility provided through the Master Repurchase Agreement, although the Seller is
not required to use the Master Repurchase Agreement to fund any or all mortgage loans subject to this Agreement. Each mortgage loan funded under the Master Repurchase Agreement may be eligible to back the Senior Securities, which would be issued by
a securitization trust (the “Issuer”). Once mortgage loans are acquired by the Seller, either using the funds provided by the repurchase facility and conveyed to the Initial Purchaser under the repurchase facility, or
otherwise acquired by the Seller, in an aggregate amount of approximately $200,000,000 in unpaid principal balance, the Seller expects to securitize such mortgage loans (subject to the limitations herein) in a transaction (the
“Securitization”) in which the Issuer will be expected to issue one or more classes of Senior Securities that would be entitled to payments on a senior, priority basis, and one or more classes

 
of subordinate securities that would be entitled to payments on a subordinated basis, with realized losses being allocated sequentially, first to the subordinate securities and then to the Senior
Securities if the Seller elects such a Securitization of Forward Eligible Assets. An affiliate of the Initial Purchaser will act as an underwriter or placement agent of the Securitization. The Seller would act as sponsor of the Securitization and is
expected to be subject to and comply with any risk retention requirements required of a “securitizer” under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”)
and the regulations promulgated thereunder, and will comply with any other applicable laws, rules and regulations, including, without limitation, revised Regulation AB and the Dodd-Frank Act. 

In the event of a securitization pursuant to which Senior Securities are issued, the Initial Purchaser, upon the basis of the
representations and warranties of the Seller set forth in this Agreement and set forth in or based upon those set forth in the Master Repurchase Agreement, and subject to the terms and conditions set forth herein, shall purchase the Senior
Securities on the related closing date in reliance on an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”). In the alternative, if the parties agree, the
Senior Securities will be registered under the Securities Act. In that event, the provisions of this Agreement that are designed to exempt the related securities or transaction from registration under the Securities Act will be replaced by standard
underwriting agreement provisions designed for public securities offerings. 
 The Initial Purchaser and the Seller understand
and agree that the Senior Securities may only be resold or otherwise transferred if such Senior Securities are hereafter registered under the Securities Act or if an exemption from registration under the Securities Act is available for such sale,
including the exemption afforded by Rule 144A (“Rule 144A”) and Regulation S (“Regulation S”) of the rules and regulations promulgated under the Securities Act by the Securities and Exchange
Commission (the “Commission”). 
 Section 1. Purchase of the Senior Securities; Eligibility. Upon notification
from the Seller that it has committed to purchase Forward Eligible Assets from an Originator, the Initial Purchaser may issue confirmations to purchase Senior Securities collateralized by Forward Eligible Assets in the form of Exhibit B (each
such confirmation, a “Confirmation”) regardless whether such Forward Eligible Assets are subject to the Master Repurchase Agreement. A Confirmation will serve as a commitment by the Initial Purchaser to purchase Eligible AAA
Securities collateralized by the related Forward Eligible Assets, subject to all the terms and conditions set forth in this Agreement and in the related Confirmation. In reliance on the representations and warranties contained herein and subject to
the terms and conditions set forth herein, and as long as the Senior Securities are Eligible AAA Securities, the Initial Purchaser shall purchase Eligible AAA Securities at the AAA Securities Purchase Price. It is expected that the securitization
depositor shall transfer to the Seller and the Seller shall retain any AAA IO Securities as well as any subordinate bonds created to structure the Senior Securities as set forth herein. 
 Section 1A. Alternatives to Delivery of Eligible AAA Securities. 

  
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 (a) To the extent that the Seller fails to deliver Eligible AAA Securities on or before
May 17, 2012, or such later date agreed to in writing by the Seller and Initial Purchaser, either because 

(i) the Seller with Initial Purchaser’s cooperation has not, as of such date, despite its commercially reasonable
efforts, closed a Securitization whereby the Senior Securities (a) were issued in an original principal balance equal to 88% or more of the outstanding principal balance of the Included Mortgage Loans as of the Securitization closing date, and
(b) were assigned a credit rating in the highest category (e.g., “AAA”) by at least one Rating Agency, or 
 (ii) the Seller has determined in good faith that the closing of a Securitization is not commercially practical, despite commercially reasonable efforts prior to such date (together, clauses (i) and
(ii), the “Failure Reasons”), 
 then the Seller may, at its option, offer to sell to the Initial Purchaser all or a portion of the
Forward Assets, and the Initial Purchaser hereby agrees to buy, if offered, such Forward Assets at a price equal to the product of the applicable Purchase Price Percentage times the related outstanding principal balance thereof, plus any accrued but
unpaid interest thereon. Alternatively, if Eligible AAA Securities are not delivered on or before May 17, 2012 because of a Failure Reason, the Seller will have the option to proceed with the Securitization based upon actual Rating Agency
sizing. 
 (b) At any time, whether due to a Failure Reason or not, the Seller may, at its option, (x) remove one or more
Forward Assets from this Agreement by paying the Hedge Partial Termination Price calculated at such time and (y) sell all or a portion of such Forward Assets to one or more third parties. If the Seller makes such election, Seller hereby agrees
as follows: 
 (i) Upon request of the Seller, the Initial Purchaser or its affiliate will broker a sale of all
or a portion of the Forward Assets. Depending upon the aggregate proceeds of the related Forward Assets sold, the Initial Purchaser, in its discretion, may decide to perform a Pairoff, whereby amounts received by the Initial Purchaser and due to the
Seller in connection with such sale, may be offset against amounts due to the Initial Purchaser under the Master Repurchase Agreement. The calculations and determinations shall be made in good faith, in a commercially reasonable manner. 

(ii) In connection with any sale of the Forward Assets to a third party, regardless whether Initial Purchaser brokers the
sale or not, Initial Purchaser will earn the Whole Loan Sale Fee of any of the Forward Assets offered. Seller shall pay such Whole Loan Sale Fee out of separate funds, and such payment shall not effect any calculations hereunder. 

(iii) The parties shall calculate (x) the weighted average Loan Sale Realized Spread multiplied by the Unpaid
Principal Balance (“UPB”) of the loans sold, and (y) the weighted average Loan Sale Initial Purchaser Spread multiplied by UPB, and shall determine which clause is the lesser (the “Lesser Amount”) and what
clause (x) minus 

  
 3 

 
clause (y) equals (the “Difference”). The Seller and the Initial Purchaser shall be entitled to the Lesser Amount and the Difference in the proportions described in the
Forward Pricing Side Letter. 
 (iv) Upon completion of the loan sale of all or a portion of the Forward Assets,
the agreement to purchase the related Eligible AAA Securities will be terminated automatically. 
 Section 2. Securitization; Fees. The
Initial Purchaser and the Seller agree that: 
 (a) At the point when a pool of Forward Assets reaches approximately $200,000,000
or such other amount mutually agreed to by the parties, in unpaid principal balance, the Seller, as sponsor, will apply commercially reasonable efforts to securitize the Forward Assets in a Securitization; 

(b) In any Securitization, the Seller, as Securitization sponsor, shall retain risk required of a “securitizer” under
Section 941 of the Dodd-Frank Act and the regulations promulgated thereunder (“Risk Retention”). Seller shall comply with, and to the extent that the Securitization depositor is an affiliate of Initial Purchaser, shall
cooperate with Initial Purchaser with respect to the Securitization depositor’s compliance with, any other applicable laws, rules and regulations, including, without limitation, revised Regulation AB and the Dodd-Frank Act; 

(c) The purchase price for the Senior Securities purchased by the Initial Purchaser shall be the amount determined under
Section 1 and shall be made by wire transfer of immediately available funds to the Seller on the closing date of the Securitization (the “Closing Date”); 

(d) By 5:00 p.m., New York City time, on the Business Day prior to the Closing Date, the Seller shall make available, for inspection by
the Initial Purchaser, the global notes that are to represent the Senior Securities, which shall be in certificated, global form, and registered in the name of Cede & Co.; and 

(e) Immediately following disbursal of funds to a borrower under a mortgage loan and receipt by the Seller of a
Confirmation for the purchase of Senior Securities related to one or more Forward Eligible Assets, the Forward AAA Securities Commitment Fee will accrue with respect to such Forward Eligible Assets. One twelfth (1/12th) of the Forward AAA Securities Commitment Fee shall be paid
monthly by the Seller to the Initial Purchaser, until the earliest of Securitization of such Forward Eligible Asset, the termination of this Agreement, loss of status (for any reason) as a Forward Eligible Asset or the failure of the Seller to
deliver Eligible AAA Securities pursuant to Section 1A. 
 (f) On the Closing Date, a preliminary weighed average
Implied Loan Subordinate Price will be calculated. To the extent such weighted average Implied Loan Subordinate Price is greater than the Subordinate Securities Floor Price, then, the Initial Purchaser shall apply, for each Forward Eligible Asset,
the Sharing Fee to the Implied Loan Subordinate Price until it equals the Subordinate Securities Floor Price. For clarification purposes, the parties intend that the Sharing Fee be used, to the extent available, to reduce the price the Seller pays
for the Subordinate Securities to a floor price equal to the Subordinate Securities Floor Price. 

  
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 (g) If a Securitization occurs, the Initial Purchaser will reoffer and resell the Senior
Securities to one or more third party investors in accordance with the terms and conditions hereof. The Initial Purchaser shall have the right, in its sole discretion, to reject in whole or in part any order by one or more third party investors to
purchase the Senior Securities or to allot to any investor less than the amount of Senior Securities offered to be purchased by such investor. 
 In connection with any Securitization, the Initial Purchaser and the Seller will assist in the preparation of a private placement memorandum (together with all appendices and attachments thereto,
“Private Placement Memorandum.” 
 The Initial Purchaser shall approve the Offering Documents (as
defined in Section 4(h)), in its sole and absolute discretion, promptly as such documents are prepared and are in form and substance satisfactory to it. The Initial Purchaser shall not distribute any Offering Document unless such
Offering Document shall have been specifically approved by the Seller; provided, that the Seller hereby approves of the distribution of the Private Placement Memorandum by the Initial Purchaser to persons in compliance with the terms of this
Agreement. The Initial Purchaser shall not distribute or disseminate any offering materials to prospective investors other than the Offering Documents. At the request of any investor, the Initial Purchaser shall deliver to such investor a copy of
any Offering Documents requested by such investor. The Initial Purchaser shall keep and retain such records as may be necessary to identify any potential investor to whom the Initial Purchaser circulated any Offering Document. 

Section 3. Representations, Warranties and Covenants of Seller. The Seller will represent and warrant to, and covenant and agree with, the Initial
Purchaser as of the Closing Date (except as otherwise noted) as follows: 
 (a) The Private Placement Memorandum (excluding the
Initial Purchaser Information (as defined below)) will not, on the date of its issuance (the “PPM Date”) and at any time thereafter up to and including the Closing Date, contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(b) Neither the Seller nor any affiliate (as defined in Rule 501(b) of Regulation D promulgated under the Securities Act) thereof has,
directly or through any agent (other than the Initial Purchaser), sold, offered for sale, solicited offers to buy, or otherwise negotiated or taken any other action in respect of, nor will any of the foregoing, directly or through an agent (other
than the Initial Purchaser), sell, offer for sale, solicit offers to buy, or otherwise negotiate or take any other action in respect of, any security (as defined in the Securities Act) which is or will be integrated (as such term is defined in Rule
502(a) of Regulation D promulgated under the Securities Act) with the sale of the Senior Securities; 
 (c) This Agreement has
been duly authorized, executed and delivered by the Seller and constitutes a legal, valid and binding instrument enforceable against the Seller in accordance with its terms; 

  
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 (d) As of the PPM Date, the Offering Documents (as defined in Section 4(h) of
this Agreement) (excluding the Initial Purchaser Information (as defined below)), if any, provided to potential investors by the Seller or persons authorized by the Seller will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (e) The Seller is not an “investment company” that is registered or required to be registered under, or is not otherwise subject to the restrictions of, the Investment Company Act of 1940, as
amended; 
 (f) Prior to the Closing Date, the Seller shall cooperate with the Initial Purchaser in connection with the drafting
of the Securitization Documents (as defined below). The Securitization Documents shall require that copies of all reports, certificates or notices delivered by or to the Seller pursuant to any pooling and servicing agreement, private placement
memorandum and such other documents created to effect the Securitization (collectively, the “Securitization Documents”), and such other documents as the Initial Purchaser shall reasonably request from time to time while the
Senior Securities are outstanding are promptly sent to Initial Purchaser; 
 (g) The Seller is a corporation incorporated and in
good standing under the laws of the State of Delaware; 
 (h) The Seller has full power and authority to conduct its business as
will be described in the Private Placement Memorandum, and to execute, deliver and perform its obligations under this Agreement, the Master Repurchase Agreement and each of the Securitization Documents to which it is a party, and is duly qualified
to transact business and is in good standing in each jurisdiction in which the conduct of its business requires such qualification; 
 (i) The execution, delivery and performance by the Seller of the Securitization Documents to which it is a party and the consummation by the Seller of the transactions contemplated thereby (i) will
not violate the certificate of incorporation or any order, injunction, ruling or decree by which the Seller is bound, (ii) will not constitute a breach of or a default under any agreement, indenture, mortgage, lease, note, contract, instrument
or arrangement to which the Seller is a party or by which the Seller or any of its property is bound, and (iii) will not contravene or constitute a violation of any law, statute, ordinance, rule or regulation to which the Seller or any of its
property is subject; 
 (j) All representations and warranties of the Seller contained in each of the Securitization Documents
will be true and correct as of the PPM Date and the Closing Date (provided that any representation made solely as of a prior date shall remain as of such date) and are hereby incorporated by reference as if each such representation and warranty were
specifically made herein; 
 (k) Any taxes, fees and other governmental charges imposed on Seller and due on or prior to the
Closing Date (including, without limitation, sales taxes) in connection with the execution, delivery and issuance of this Agreement, the Master Repurchase Agreement, the Securitization Documents and the Senior Securities have been, or will have
been, paid at or prior to the Closing Date; 

  
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 (l) As of the Closing Date, the Securitization Documents to which the Seller is a party have
been duly authorized, executed and delivered by the Seller and constitute valid and legally binding obligations of the Seller, enforceable in accordance with their respective terms; 

(m) None of the Seller or any agent acting on its behalf (other than the Initial Purchaser), has offered the Senior Securities by any
form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or has taken or will take any other action which would subject the offer, issuance, sale or delivery of the Senior Securities to the
provisions of Section 5 of the Securities Act or to the registration provisions of any state securities laws of any applicable jurisdiction; 
 (n) As of the Closing Date and date of issuance of the Senior Securities, the Senior Securities will not be (i) of the same class as securities listed on a national securities exchange in the United
States that is registered under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (ii) quoted in any “automated inter-dealer quotation system” (as such term is used in the
Exchange Act) in the United States, or (iii) convertible or exchangeable at an effective conversion premium (calculated as specified in paragraph (a)(6) of Rule 144A) of less than ten percent for securities so listed or quoted; 

(o) Assuming the accuracy of the representations and warranties, and no breach of the agreements and covenants, of the Initial Purchaser
contained herein, the offer and sale of the Senior Securities to the Initial Purchaser and the initial reoffer and resale of the Senior Securities by the Initial Purchaser in the manner contemplated by this Agreement, the Private Placement
Memorandum will be exempt from the registration requirements of the Securities Act by reason of (i) Section 4(2) of the Securities Act and Rule 144A thereunder or (ii) Regulation S under the Securities Act; 

(p) All consents, approvals and authorizations of any governmental body, subdivision, agency, board or authority, if any, required on the
part of the Seller in connection with the execution and delivery by it of this Agreement or any Securitization Document to which it is a party or the carrying out by it of the transactions contemplated hereby or thereby, have been obtained and are
in full force and effect; 
 (q) The Seller possesses all material licenses, certificates, authorizations or permits issued by
the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the business now operated by it and as described in the Private Placement Memorandum and the Seller has not received any notice of proceedings relating to
the revocation or modification of any such license, certificate, authority or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would materially and adversely affect the business, operations,
financial condition or earnings of the Seller; 
 (r) As of any Purchase Date for a Purchased Asset under (and as defined in)
the Master Repurchase Agreement, and as of the date of any Confirmation with respect to any Forward Asset, such mortgage loan will meet the Forward Eligibility Criteria. As of the Closing Date for any Securitization, each of the Included Mortgage
Loans will meet the Forward Eligibility Criteria; and 

  
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 (s) The Seller is “Solvent,” meaning that (a) the fair market value of such
company’s assets exceeds the fair market value of such company’s liabilities, and (b) such company is able to pay its debts as they come due. The entry into and performance by the Seller of its obligations under this Agreement, the
Master Repurchase Agreement and the Securitization Documents, including, without limitation, the sale and/or contribution of the Forward Assets from the Seller to the Securitization will not cause the Seller to be rendered any condition other than
Solvent, as defined above. 
 Section 4. Representations, Warranties Covenants of the Seller in Connection with the Offer and Sale of the
Senior Securities. In further consideration of each of the agreements herein contained, the Seller will, as of the Closing Date, represent, warrant and covenant with the Initial Purchaser as follows: 

(a) Promptly to furnish the Initial Purchaser with copies of the Private Placement Memorandum and the Securitization Documents in such
quantities as it may from time to time reasonably request; 
 (b) Promptly to take such action as the Initial Purchaser may
reasonably request from time to time to obtain an exemption from registration requirements or to qualify the Senior Securities for offering and sale under the state securities laws of such jurisdictions as the Initial Purchaser may request;
provided, however, in no event shall the Seller be required to qualify the Senior Securities for offering and sale under the laws of any jurisdiction where in connection therewith the Seller shall be required to qualify as a foreign
corporation to do business or to file a general consent to the service of process in such jurisdiction; to advise the Initial Purchaser, promptly after the Seller receives notice thereof, of the suspension of the qualification of the Senior
Securities for offering or sale in any jurisdiction or of the initiation or threatening of any proceeding for any such purpose; and in the event of the issuance of any order suspending any such qualification, promptly to use its best efforts to
obtain the withdrawal of such order; 
 (c) It has not solicited, nor will it at any time solicit, any offer to buy or offer to
sell the Senior Securities by means of any form of general solicitation or general advertising, including, but not limited to, the following: 
 (i) any advertisement, circular, article, notice or letter or other communication published in any newspaper, magazine or similar medium or broadcast over television, radio or the internet; and

 (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general
advertising; 
 (d) If, during the period from the distribution of the Private Placement Memorandum through the Closing Date,
any event known to the Seller shall occur as a result of which it is necessary, in the judgment of the Seller, the Initial Purchaser or their respective counsel, to amend or supplement the Private Placement Memorandum in order to correct any untrue
statement of material fact or to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary, in the judgment of the Seller, the Initial
Purchaser or their respective counsel, to 

  
 8 

 
amend or supplement the Private Placement Memorandum to comply with any law, forthwith to prepare and furnish, at the expense of the Seller, to the Initial Purchaser and to each prospective
investor or an investor to whom a copy of the Private Placement Memorandum had previously been delivered and not returned, either amendments or supplements (in form and substance reasonably satisfactory to the Initial Purchaser and its counsel) so
that the Private Placement Memorandum as so amended or supplemented will not contain an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, or so that the Private Placement Memorandum will comply with such law; provided that the Seller will not at any time amend or supplement the Private Placement Memorandum (i) prior to having furnished
the Initial Purchaser with a copy of the proposed form of the amendment or supplement and giving the Initial Purchaser and its counsel a reasonable opportunity to review the same or (ii) in a manner in which the Initial Purchaser shall
reasonably object (including through an amendment which the Initial Purchaser has not approved); 
 (e) Whether or not the
transactions contemplated by this Agreement, the Master Repurchase Agreement and the Securitization Documents are consummated, or this Agreement is terminated for any reason, the Seller shall pay all legal fees and expenses of its own counsel;

 (f) To cause the Securitization trustee to deliver authenticated instruments evidencing the Senior Securities; 

(g) That it has not published or disseminated, nor will it at any time publish or disseminate, any material in connection with the
offering or sale of the Senior Securities, unless the Initial Purchaser shall have consented to the publication or use thereof, or except as required by applicable law in the opinion of counsel to the Seller; 

(h) To extend to the Initial Purchaser and all prospective investors the opportunity, prior to the Closing Date, to ask questions of, and
receive answers from, the Seller concerning the Seller and the Senior Securities and the terms and conditions of the offering of the Senior Securities and to obtain any information that the Initial Purchaser may consider necessary in connection with
its undertakings hereunder, or which such prospective investors may consider necessary in making an informed investment decision, to the extent the Seller possesses such information or can acquire it without unreasonable effort or expense and can
make such information available without divulging information that is not otherwise material and is deemed by the Seller to be proprietary or confidential with respect to the business and operations of the Seller (any such additional information
furnished in writing (including, without limitation, the Private Placement Memorandum) together with the Securitization Documents, any material referred to in the preceding paragraph (g) consented to by the Initial Purchaser and any
other information distributed by the Initial Purchaser before or after the Closing Date consented to by the Seller are collectively referred to herein as the “Offering Documents”); 

(i) That it has not solicited, nor will it at any time solicit, any offer to buy from or offer to sell to any person any Senior
Securities, except through the Initial Purchaser; 

  
 9 

 (j) Each Senior Security shall contain a legend stating in substance that such Senior
Security has not been registered under the Securities Act and that any resale, pledge or other transfer of such Senior Security may be made only (i) pursuant to an effective registration statement under the Securities Act or (ii) in
reliance on another exemption from the registration requirements of the Securities Act, in each case only in accordance with any applicable securities laws of any state of the United States; and the Seller will not cause or permit the legend to be
removed from the face of any Senior Security except upon receipt of any opinion of counsel stating that such restrictions are no longer required under the Securities Act and that such Senior Security may be offered and sold without restrictions
under the Securities Act (the purpose of this requirement is to ensure that the Senior Securities are resold or otherwise transferred only in a manner that does not call into question the non-public offering character of the offer and sale of the
Senior Securities; and any resale or other transfer of any Senior Security shall be made in strict compliance with the terms of the Securitization Documents); 
 (k) It has not taken, or permitted or caused any of its affiliates to take, nor will it at any time take, or permit or cause any of its Affiliates to take, any action whatsoever which would have the
effect of requiring the registration, under the Securities Act, of the offering or sale of the Senior Securities contemplated by this Agreement including an offer to investors within six months after the Closing Date securities of a same or similar
class (in the reasonable opinion of the Seller, or if asserted as a claim in a court of law of competent jurisdiction or as determined by the Commission) as the Senior Securities, the Seller or any such Affiliate (directly or through any trust)
shall not commence any such offering unless Initial Purchaser has received an opinion from counsel to the Seller that such offering would not be integrated with the offering of the Senior Securities under the federal securities laws in a manner
which would render unavailable the exemption from the registration provisions of the Securities Act relied upon in making this offering of the Senior Securities; 
 (l) So long as any of the Senior Securities are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Initial Purchaser will cause the Seller to provide to
each holder of such restricted securities and to each prospective purchaser (as designated by such holder) of such restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule
144A(d)(4) under the Securities Act. This covenant is intended to be for the benefit of the holders, and the prospective Purchaser designated by such holders, from time to time of such restricted securities; 

(m) On or prior to the Closing Date, to take all actions reasonably necessary to satisfy, or cause others to satisfy, the conditions to
the Initial Purchaser’s obligations set forth in Section 6 of this Agreement; 
 (n) From the Closing Date to
the retirement of the Senior Securities, the Seller will not consent to any amendment to the Securitization Documents affecting the obligation of the Issuer to deliver to the Initial Purchaser the annual statements of compliance and the annual
independent certified public accountant’s reports furnished to the Securitization trustee pursuant to the Securitization Documents, as soon as such statements and reports are furnished to the Securitization trustee; 

(o) So long as any of the Senior Securities are outstanding, the Seller will cause the Securitization Documents to provide for the Issuer
to furnish to the Initial Purchaser as soon as practicable, copies of all documents required to be distributed to the holders of the Senior Securities; 

  
 10 

 (p) From and after the Closing Date, the Seller shall cause the computer records of the
Seller to be marked to show the Issuer’s absolute ownership of the Included Mortgage Loans (subject only to the lien of the Securitization trustee under the Securitization Documents, for the benefit of the security holders of the
Securitization), and from and after the Closing Date, the Seller shall not take, and the Securitization Documents shall not permit the depositor under the Securitization Documents to take, any action inconsistent with the Issuer’s ownership of
the Forward Assets and the Securitization trustee’s lien thereon, other than as expressly permitted by the Securitization Documents; 
 (q) To the extent, if any, that any rating provided with respect to the Senior Securities by any Rating Agency rating the Senior Securities is conditional upon the furnishing of documents or the taking of
any other actions by the Seller, the Seller shall furnish such documents and take any such other actions; 
 (r) It shall
furnish, or cause to be furnished, to the Initial Purchaser such additional documents and information regarding it and the transaction contemplated hereby as the Initial Purchaser may from time to time reasonably request; 

(s) It is not engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock and will not use any
proceeds from the sale of the Senior Securities for such purpose. “Margin Stock” has the meaning specified in Regulation U of the Board of Governors of the Federal Reserve System and any successor regulations thereto, as in effect
from time to time; 
 (t) If the Depositor is affiliated with the Seller, the Seller shall cause the Depositor to make
representations to the Initial Purchaser substantially in the form of those in Section 3 hereof as applicable; and 

(u) The Seller shall not sell Securities held to satisfy Risk Retention requirements without the approval of the Initial Purchaser and
shall otherwise retain Securities necessary to satisfy Risk Retention requirements. If a Securitization is effected by a transfer of Included Mortgage Loans first from the Seller to BCAP LLC or another entity owned by the Initial Purchaser, as
depositor, before transfer to the issuing trust, the Seller, and not the depositor, will have the sole responsibility to continue to maintain Risk Retention and the Seller will satisfy any disclosure and applicable reporting requirements, including
Regulation AB in connection therewith. 
 Section 5. Representations, Warranties, Covenants and Agreements of the Initial Purchaser. The
Initial Purchaser hereby represents and warrants and covenants and agrees with the Seller, as follows: 
 (a) The Initial
Purchaser has not and will not solicit any offer to buy or offer to sell any Senior Securities by means of any form of general solicitation or general advertising and will transfer beneficial ownership interests in the Senior Securities, which are
Book-Entry Senior Securities, in accordance with the applicable terms of the Securitization Documents; 

  
 11 

 (b) The Initial Purchaser is an “accredited investor” as defined in
Rule 501(a)(1) under the Securities Act; 
 (c) With respect to Senior Securities that are permitted to be sold to
“qualified institutional buyers” as defined under Rule 144A (“QIBs”) pursuant to Rule 144A, the Initial Purchaser has not and will not solicit any offer to buy from or offer to sell to any person any Senior
Securities unless it shall reasonably believe that at such time such person, and each other person for whom such person is acting, are QIBs; and 
 (d) The Initial Purchaser agrees that, prior to or simultaneously with the settlement of sale by the Initial Purchaser to any purchaser of any of the Senior Securities, the Initial Purchaser shall furnish
to that purchaser a copy of the final Private Placement Memorandum (and any amendment or supplement thereto that the Seller shall have furnished to the Initial Purchaser prior to the date of such confirmation of sale). 

(e) The Initial Purchaser agrees to pay any expenses in connection with any offering of Senior Securities not otherwise required to be
paid by the Seller under Section 4(e) of this Agreement. 
 Section 6. Conditions to the Initial Purchaser’s Obligations. The
purchase by the Initial Purchaser of any Senior Securities on the related Closing Date is subject to the accuracy of the representations and warranties herein made on the part of the Seller, to the accuracy of the statements of the officers of the
Seller made pursuant to the provisions hereof, to the performance by Seller of its obligations hereunder and to the following conditions: 
 (a) Subsequent to the execution and delivery of this Agreement, there shall not have occurred and be continuing at the time of the issuance of the Senior Securities (i) any change, or any development
or event involving a prospective change, in or affecting the condition (financial or other), business, properties or results of operations of the Seller (or any Affiliates thereof), (ii) any Force Majeure Event or (iii) Illegality.

 (b) On the Closing Date, each of the Securitization Documents and the Senior Securities, shall have been duly authorized,
executed and delivered by the parties thereto, shall be in full force and effect and no default shall exist thereunder, and the Securitization trustee and the Initial Purchaser shall have received a fully executed copy thereof or, with respect to
the Senior Securities, a conformed copy thereof. 
 (c) The Initial Purchaser shall have received from Seller’s outside
counsel opinions, including bankruptcy, corporate and enforceability, lien and tax opinions, dated the Closing Date, in form and substance satisfactory to the Initial Purchaser and its counsel; 

(d) The Initial Purchaser shall have received an opinion of counsel to the Securitization trustee dated as of the Closing Date, in form
and substance satisfactory to the Initial Purchaser and its counsel, Hunton & Williams LLP; 
 (e) At the Closing Date,
the Initial Purchaser shall have received any and all opinions of counsel to the Seller supplied to the Rating Agency relating to, among other things, the interest of the Securitization trustee in the Forward Assets and certain monies due or to
become due with respect thereto, certain bankruptcy issues and certain matters with respect to the Senior Securities. Any such opinions shall be addressed to the Initial Purchaser, the Seller and the Rating Agency and shall be dated the Closing
Date; 

  
 12 

 (f) The Initial Purchaser shall have received evidence satisfactory to it that, on or before
the Closing Date, UCC1 financing statements have been or are being filed in all appropriate jurisdictions to reflect the sale of the interest of the Seller in the Included Mortgage Loans to the depositor under the Securitization Documents, the
transfer of the Included Mortgage Loans to the Issuer, and the pledge or sale of the interest of the Issuer in the Included Mortgage Loans to the Securitization trustee; 
 (g) The Initial Purchaser shall have received a private placement number from Standard and Poor’s CUSIP Service Bureau for the Senior Securities; 

(h) Each of the Securitization Documents and all documents incident hereto or thereto shall be satisfactory in form and substance to the
Initial Purchaser, and the Initial Purchaser shall have received such information, certificates, opinions and documents as the Initial Purchaser may request, including without limitation such certificates, opinions and/or other documents necessary
to enable the Initial Purchaser to rely on certificates and opinions delivered to the Securitization trustee pursuant to the Securitization Documents; 
 (i) No order suspending the sale of the Senior Securities in any jurisdiction shall have been issued and no proceedings shall have been instituted or threatened for that purpose; and 

(j) The Initial Purchaser shall have received from Seller the Underwriting Guidelines, mutually acceptable to Seller and Initial
Purchaser. 
 The Initial Purchaser may, in its sole and absolute discretion, waive compliance with any of the conditions
contained in this Section 6 and any condition so waived shall be deemed to have been satisfied. If any of the foregoing conditions is not satisfied or waived on or before the Closing Date, the Initial Purchaser shall (except as otherwise
specifically provided herein) be released and discharged from any obligations under or pursuant to this Agreement with respect to the related Senior Securities and any offers (and acceptances thereof) of the Senior Securities. 

Section 7. Indemnification and Contribution. 
 (a) The Seller agrees to indemnify and hold harmless the Initial Purchaser, the Initial Purchaser’s partners, directors, officers, employees and agents, and each person, if any, who controls the
Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, as applicable, from and against any and all losses, claims, damages and liabilities, joint or several, or actions in respect
thereof, caused by or arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Private Placement Memorandum (not including the Initial Purchaser Information (as defined below)) or caused by or
arising out of any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
 13 

 (b) The Initial Purchaser agrees to indemnify and hold harmless the Seller and its partners,
directors, officers, employees and agents, and each person, if any, who controls the Seller within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, as applicable, from and against any and all losses,
claims, damages and liabilities, or actions in respect thereof, caused by or arising out of or based upon any untrue statement or alleged untrue statement of a material fact made in the Offering Documents (or any amendment or supplement thereto) in
connection with, in reliance upon or in conformity with written information furnished to the Seller by the Initial Purchaser expressly for use in the Offering Documents (or any amendment or supplement thereto) (collectively, the “Initial
Purchaser Information”); provided, however, that the Initial Purchaser will not be liable in any case to the extent that any such loss, claim, damage or liability arises out of an error or omission in any underlying data or
information supplied to the Initial Purchaser by the Seller. 
 (c) In case any proceeding (including, without limitation, any
governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to the preceding paragraph, such person (hereinafter called the “Indemnified Party”) shall promptly
notify the person against whom such indemnity may be sought (hereinafter called the “Indemnifying Party”) in writing; provided, however, that the failure so to notify shall not relieve the Indemnifying Party from any
liability that it may have to an Indemnified Party except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure and; provided further, that the failure to notify the
Indemnifying Party shall not relieve the Indemnifying Party from any liability that it may have to an Indemnified Party other than under Section 7(a) or 7(b) above. In case any such action is brought against any Indemnified Party
and it notifies the Indemnifying Party of the commencement thereof, the Indemnifying Party will be entitled to participate therein and, to the extent that it may wish, jointly with any other Indemnifying Party similarly notified, to assume the
defense thereof, with counsel reasonably satisfactory to such Indemnified Party (who shall not, except with the consent of the Indemnified Party, be counsel to the Indemnifying Party, which consent shall not be unreasonably withheld or delayed), and
after notice from the Indemnifying Party to such Indemnified Party of its election so to assume the defense thereof, the Indemnifying Party will not be liable to such Indemnified Party under this Section 7 for any legal or other expenses
subsequently incurred by such Indemnified Party in connection with the defense thereof other than reasonable costs of investigation. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or the representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties, and all such fees and expenses shall be reimbursed as they are incurred. The Indemnifying Party shall not be liable for
any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party from and against any loss or
liability by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is
or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding. 

  
 14 

 (d) If the indemnification provided for in this Section 7 is finally judicially
determined to be unavailable to an Indemnified Party in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Party under such paragraph, in lieu of indemnifying such Indemnified Party thereunder, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Seller on the one hand, and
the Initial Purchaser on the other, from the offering and sale of the Senior Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative fault of the Seller on the one hand, and of the Initial Purchaser on the other, in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Seller on the one hand, and the Initial Purchaser on the other, shall be deemed to be in the same respective proportions as
the net proceeds from the offering of the related Senior Securities contemplated hereby (before deducting expenses) received by Issuer bear to the total discount received by the Initial Purchaser for such Senior Securities pursuant to this Agreement
in connection therewith. The relative fault of the Seller on the one hand, and of the Initial Purchaser on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Seller on the one hand, or by the Initial Purchaser on the other, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
 (e) The Seller and the Initial Purchaser agree that it would not be just and
equitable if contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in paragraph (c) of this
Section 7. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in paragraph (c) of this Section 7 shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. No person guilty of fraudulent misrepresentation shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything to the contrary in this Agreement, the Initial Purchaser shall not be required to contribute any amount in excess of the total price at
which the Senior Securities purchased by it were resold exceeds the amount of damages which the Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 

(f) EXCEPT AS EXPRESSLY SET FORTH ABOVE, THE RIGHTS OF AN INDEMNIFIED PARTY TO BE INDEMNIFIED AND HELD HARMLESS, OR TO RECEIVE
CONTRIBUTION, UNDER THE CIRCUMSTANCES CONTEMPLATED IN THIS SECTION 7 SHALL NOT BE NEGATED BY THE REASON OF THE FACT THAT SUCH INDEMNIFIED PARTY MAY HAVE BEEN NEGLIGENT IN ANY RESPECT AND TO ANY DEGREE UNDER THE CIRCUMSTANCES OR
MAY BE SUBJECT TO STRICT LIABILITY UNDER APPLICABLE LAW. 

  
 15 

 (g) The obligations of the Seller under this Section 7 shall be in addition to
any liability which the Seller may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls the Initial Purchaser within the meaning of the Securities Act or the Exchange Act; and the obligations of
the Initial Purchaser under this Section 7 shall be in addition to any liability which the Initial Purchaser may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls the Seller within
the meaning of the Securities Act or the Exchange Act. 
 Section 8. Default of Initial Purchaser. 

If the Initial Purchaser defaults in its obligation to purchase Eligible AAA Securities hereunder that are issued in a Securitization or
defaults in its obligations under Section 1A, this Agreement will terminate without liability on the part of the Seller, except as provided in Section 7. Nothing herein will relieve the Initial Purchaser from liability for its
default. 
 Section 9. Variation Margin. 
 The Market Value of this Agreement may be determined at any time by Barclays Bank PLC, as calculation agent (the “Calculation Agent”), in its sole reasonable discretion. The amount by which the
market value of this Agreement increases or decreases from the market value of this Agreement as of the date hereof, is referred to as the “Variation Margin”. If on any date, the Calculation Agent determines that amounts would otherwise be
payable in respect of Margin Excess or Margin Deficit (each as defined in the Master Repurchase Agreement) by a party, on the one hand, and that offsetting amounts are payable by the other party in respect of an increase or decrease in Variation
Margin, respectively, on the other hand, then, on such date, each party’s obligation to make payment of any such amount may be netted. The Calculation Agent’s calculations and determinations shall be made in good faith and will be provided
to the Seller upon request. The intent of this Section 9 is to offset the effect of a Margin Deficit or Margin Excess against Variation Margin. 
 Section 10. Forward Ineligible Assets; Termination of Agreement. 
 (a) If on
any date of determination, the principal balance of Forward Ineligible Assets exceeds the Forward Ineligible Cap as of such date, then at Seller’s option the Initial Purchaser hereby agrees to purchase or cause the Hedge Provider to purchase,
and the Initial Purchaser or Hedge Provider shall purchase, at a price equal to the outstanding principal balance and any accrued but unpaid interest thereon, the excess Forward Ineligible Assets for its own or the Hedge Provider’s own account,
following which, such assets will no longer be subject to this Agreement. Any Forward Ineligible Assets purchased hereunder shall be purchased in chronological order (based on when it became a Forward Ineligible Asset), with the Forward Assets which
became Forward Ineligible Assets first, being purchased first, and so forth. 
 (b) This Agreement shall terminate with respect
to any mortgage loan on the earlier of (i) the day on which an Event of Default (as defined in the Master Repurchase Agreement) occurs, (ii) the day on which such mortgage loan is no longer a Forward Eligible Asset, subject

  
 16 

 
to the obligation of the Initial Purchaser or Hedge Provider to purchase certain Forward Ineligible Assets pursuant to Section 10(a) of this Agreement, and (iii) 364 days from the
Funding Date with respect to such mortgage loan, unless Seller requests in writing an extension of such date on or before 270 days after such Funding Date and the Initial Purchaser approves such requested extension in writing, in its sole
discretion. A failure to accept such a request within 10 days of receipt of the request shall be deemed to be a rejection. The Funding Date is, for any Purchased Asset, the date on which such Purchased Asset is purchased by Seller. 

Section 11. Miscellaneous. 
 (a) This Agreement shall become effective as of the date set forth above and, except as otherwise provided herein, shall continue in effect for each Forward Eligible Asset as to which a Confirmation is
issued by the Initial Purchaser and any related Senior Securities until the Closing Date for any related Senior Securities, or such other date as may be mutually agreed upon by the Initial Purchaser and the Seller. 

(b) The indemnity and contribution agreements contained in Section 7, the provisions of this Section 11, all of
the representations and warranties of the parties contained herein, and the covenants and agreements of the parties set forth at Sections 3(a), 3(b), 3(f), 3(m), 3(n), 3(o), 4(a), 4(b),
4(c), 4(d), 4(e), 4(g), 4(j), 4(k), 4(l), 4(n), 4(o), and 4(r) of this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this
Agreement, (ii) any investigation made by or on behalf of the Initial Purchaser or the Seller or any person controlling the Initial Purchaser or the Seller and (iii) payment for and delivery of the Senior Securities. 

(c) Whether or not the transactions contemplated by this Agreement, the Master Repurchase Agreement and the Securitization Documents are
consummated or this Agreement is terminated for any reason, the Seller and the Initial Purchaser each agrees to pay the amounts for which it is respectively obligated in this Agreement. 

(d) All communications hereunder, except as herein otherwise specifically provided, shall be in writing and, if to the Initial Purchaser,
shall be mailed, delivered or telecopied and confirmed to the Initial Purchaser at the following addresses: 
 Barclays Bank PLC

 745 7th Avenue, 4th Floor 
 New York, New York 10019 
 Attention: Ellen Kiernan 

Barclays Bank PLC 
 745 7th
Avenue, 20th Floor 

New York, New York 10019 
 Attention: Ian Sterling 

  
 17 

 if to the Seller, shall be mailed or delivered or telecopied and confirmed to the Seller at the following
address: 
 TH TRS Corp. 
 601 Carlson Parkway, Suite 330 
 Minnetonka, MN 55305 

Attention: General Counsel 
 (e) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (f) This Agreement may be executed in counterparts, each of which shall be an original and all of which together shall together constitute but one and the same instrument. 

(g) This Agreement shall inure to the benefit of and be binding upon the Initial Purchaser, the Seller and their respective successors,
and no other person will have any right or obligation hereunder, except that the holders of the Senior Securities shall be entitled to enforce, for their benefit, the agreements contained in Section 4(l) hereof against the Seller as if
such holders were parties hereto. 
 (h) This Agreement may be amended or modified only with the prior written consent of the
parties hereto. 
 (i) In addition to any rights and remedies of Initial Purchaser hereunder and at law, Initial Purchaser and
its Affiliates shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, upon any amount becoming due and payable (whether at the stated maturity, by
acceleration or otherwise) by Seller hereunder or under any other agreement (including, without limitation, the Master Repurchase Agreement) entered into between Seller or any of its Affiliates on the one hand, and Initial Purchaser or any of its
Affiliates on the other hand, to set-off and appropriate and apply against such amount any and all Property and deposits (general or special, time or demand, provisional or final), in any currency, or any other credits, indebtedness or claims, in
any currency, or any other collateral (in the case of collateral not in the form of cash or such other marketable or negotiable form, by selling such collateral in a recognized market therefor or as otherwise permitted by law or as may be in
accordance with custom, usage or trade practice), in each case, whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Initial Purchaser or any Affiliate thereof to or for the credit or the account of
Seller of any of its Affiliates. Initial Purchaser may also set-off cash and all other sums or obligations owed by Initial Purchaser or its Affiliates to Seller or its Affiliates (whether under this Agreement or under any other agreement between the
parties (including, without limitation, the Master Repurchase Agreement) or between Seller or any of its Affiliates, on the one hand, and Initial Purchaser or any of its Affiliates, on the other) against all of Seller’s obligations to Initial
Purchaser or its Affiliates (whether under this Agreement or under any other agreement (including, without limitation, the Master Repurchase Agreement) between the parties or between Seller or any of its Affiliates, on the one hand, and Initial
Purchaser or any of its Affiliates, on the other), whether or not such obligations are then due. The exercise of any such 

  
 18 

 
right of set-off shall be without prejudice to Initial Purchaser’s or its Affiliate’s right to recover any deficiency. Initial Purchaser agrees to promptly notify Seller after any such
set-off and application made by Initial Purchaser; provided that the failure to give such notice shall not affect the validity of such set-off and application. 
 [Signature pages follow] 

  
 19 

 
			
	TH TRS CORP., as the Seller
		
	By:	 	/s/ Thomas Siering
		
	Name:	 	Thomas Siering
		
	Title:	 	Chief Executive Officer

 [Signature Page 1 of 2 to Forward AAA Securities Agreement] 

 Accepted and agreed to 
 on the date first above written: 
  

			
	 BARCLAYS BANK PLC, as the Initial Purchaser

		
	By:	 	/s/ Adam Yarnold
		
	 Name:
	 	Adam Yarnold
		
	 Title:
	 	Managing Director

 [Signature Page 2 of 2 to Forward AAA Securities Agreement] 

 EXHIBIT A 

Definitions 

AAA IO Securities means a class of senior securities bearing interest at the AAA Weighted Average IO and having no
entitlement to principal. 
 AAA Loan IO means, with respect to each Included Mortgage Loan, as of the effective
date of the Confirmation, a percentage equal to the interest rate on such Included Mortgage Loan less the sum of the related AAA Net Coupon and the related servicing fee rate. 
 AAA Loan IO Price means, with respect to each Included Mortgage Loan, the market price of the related AAA IO Securities, expressed as a multiple of the interest rate strip. For example, if a
buyer would pay 1.0% of the notional amount of a AAA IO Security with an interest rate of 0.25%, then the AAA Loan IO Price is 4. 
 AAA Loan Realized Strike Price means TBA Security Price at time of loan sale less Initial Spread Back Amount. 
 AAA Loan Strike Price means for any Forward Eligible Asset, the percentage of the related loan balance specified in the related Confirmation. This percentage will be applied to the balance
of any related Eligible AAA Securities to determine the purchase price of such Eligible AAA Securities. Initially, the AAA Loan Strike Price is expected to be 101.50% less Drop, but the actual Drop and AAA Loan Strike Price for each Forward Eligible
Asset will be set forth in each Confirmation. 
 AAA Net Coupon means, with respect to each Included Mortgage
Loan, the percentage specified in the related Confirmation. 
 AAA Securities Market Price means the price at
which a willing third party purchaser would purchase the Eligible AAA Securities on the Closing Date, as calculated by the Initial Purchaser. 
 AAA Securities Purchase Price means the price to be paid by the Initial Purchaser to the Seller on the Closing Date for the Eligible AAA Securities, equal to the AAA Weighted Average Strike
Price for securities with a coupon equal to the AAA Weighted Average Net Coupon. 
 AAA Weighted Average IO means
the weighted average of AAA Loan IOs for all of the related Included Mortgage Loans. 
 AAA Weighted Average Net
Coupon means the weighted average of all AAA Net Coupons of the Included Mortgage Loans. 
 AAA Weighted Average
Strike Price means for any Eligible AAA Security, the weighted average of AAA Loan Strike Prices for all of the related Included Mortgage Loans. 
 Actual Mortgage Loan Retained Price means the retained price the Seller accepts to sell the Mortgage Loans on a loan sale date. 

Collateral Mortgage Loan Balance means the principal balance of Mortgage Loans included in a Securitization as of the
Closing Date or the date of a loan sale, as applicable. 

  
 A-1

 Drop means, with respect to any Mortgage Loans, shall mean the change in price
between lock date and settlement date of a mortgage loan: the actual Drop for a Mortgage Loan shall be set forth in the related Confirmation. 
 Eligible AAA Securities means securities that are (i) rated AAA by one or more rating agencies, (ii) backed solely by Included Mortgage Loans that are Forward Eligible Assets, for
which the Initial Purchaser has issued a Confirmation and with respect to which all the related conditions to purchase have been satisfied, (iii) sized by the Rating Agency at no more than the Maximum Senior Sizing and no less than the Minimum
Sizing and (iv) not AAA IO Securities. 
 Force Majeure Event has the meaning set forth in the 2002 ISDA
Master Agreement. 
 Forward AAA Securities Commitment Fee means, with respect to any Forward Eligible Asset, a
per annum percentage set forth in the related Confirmation (initially expected to be 1.0%) multiplied by the Expected Cumulative Senior Sizing Percentage (as defined in the Pricing Side Letter) multiplied by the outstanding principal amount of such
Forward Eligible Asset. 
 Forward Assets means prime jumbo residential loans owned by the Seller and expected to
be included in the Securitization. 
 Forward Eligible Assets means all Forward Assets that meet the Forward
Eligibility Criteria. 
 Forward Eligibility Criteria means the following: 

(1) Origination in compliance, and currently in compliance, with the Underwriting Guidelines; 

(2) May not be delinquent greater than 29 days (using MBA method); 

(3) Must be owned by the Seller free and clear of liens and adverse claims; and 

(4) Must conform to the Eligible Mortgage Loan requirements in the Master Repurchase Agreement, but need not be subject to the Master
Repurchase Agreement. 
 Forward Ineligible Assets means all Forward Assets except Forward Eligible Assets.

 Forward Ineligible Cap means (1 – Expected Cumulative Senior Sizing Percentage) multiplied by the
principal balance of all loans that are subject to the Agreement. 
 Hedge Partial Termination Price means:

 (ii) the product of AAA Loan Strike Price and the principal balance of the Eligible AAA Securities, less 

(ii) the product of AAA Loan Realized Strike Price and the principal balance of the Eligible AAA Securities. 

Hedge Provider means an approved hedge provider named at the Initial Purchaser’s sole discretion in accordance with
the Agreement. 
 Illegality has the meaning set forth in the 2002 ISDA Master Agreement. 

Implied Loan Subordinate Price means, as of any date of determination, 

(a) (i) the product of Collateral Mortgage Loan Balance and Mortgage Loan Retained Purchase Price, LESS 

  
 A-2

 (ii) the product of AAA Loan Strike Price and the principal balance of the Eligible AAA
Securities, LESS 
 (iii) the product of (x) Net WAC as of such date of determination minus the AAA Net Coupon and
(y) the product of the AAA Loan IO Price and the principal balance of the Eligible AAA Securities, divided by 
 (b) the
principal balance of the Subordinate Securities to be issued. 
 Included Mortgage Loan means a mortgage loan
included in the Securitization, all of which must be Forward Eligible Assets on the Closing Date. 
 Initial Purchaser
Loan Bid Price means the highest bid that the Initial Purchaser presents to Seller for the Mortgage Loans at the time of a loan sale expressed as a percentage. 
 Initial Spread Back Amount means the Spread Back Amount of a Forward Eligible Asset as of the effective date of the related Confirmation. 

Loan Sale Initial Purchaser Spread means the difference (if positive) between 

(i) the product of Collateral Mortgage Loan Balance and Initial Purchaser Loan Bid Price, LESS 

(ii) the product of Collateral Mortgage Loan Balance and Realized Mortgage Loan Retained Purchase Price. 

Loan Sale Realized Spread means the difference (if positive) between 

(i) the product of Collateral Mortgage Loan Balance and Actual Mortgage Loan Retained Purchase Price, LESS 

(ii) the product of Collateral Mortgage Loan Balance and Realized Mortgage Loan Retained Purchase Price. 

Market Value means as of the date of the related Confirmation, zero and on any determination date thereafter, as calculated
by the Initial Purchaser. 
 Maximum Senior Sizing means 91.0% of the outstanding loan balance of the Included
Mortgage Loans. 
 Minimum Sizing means 88% of the outstanding loan balance of the Included Mortgage Loans.

 Mortgage Loan Purchase Price means the aggregate purchase price paid for the Mortgage Loans sold into a
Securitization. 
 Mortgage Loan Retained Purchase Price means the price of the Mortgage Loans, without servicing,
as agreed upon by the Initial Purchaser and Seller, and set forth in the Confirmation. 
 Net WAC means the
weighted average coupon of the Mortgage Loan in a Securitization less the Servicing Fee Rate. 
 Pairoff means a
transaction in securities markets where off-setting buy and sell trades are settled in cash, based on the difference in the prices between the off-setting trades. No securities trade hands; instead the settlement difference between the trades is
calculated, and a money wire is sent to the appropriate party. 

  
 A-3

 Purchase Price Percentage means, with respect to each Forward Eligible Asset,
its Expected Loan Senior Sizing Percentage, and, for each Forward Ineligible Asset the lesser of its Expected Loan Senior Sizing Percentage and 50%. 
 Rating Agency means any of S&P, Moody’s, Fitch and DBRS. 

Realized Mortgage Loan Retained Purchase Price means (a) 

(i) the product of AAA Loan Realized Strike Price and the principal balance of the Eligible AAA Securities, PLUS 

(ii) the product of Implied Loan Subordinate Price as of the effective date of the Confirmation and the principal balance of the
subordinate securities, PLUS 
 (iii) the product of (x) Net WAC minus the AAA Net Coupon and (y) the product of the
AAA Loan IO Price and the Eligible AAA Securities, divided by 
 (b) the Collateral Mortgage Loan Balance. 

Realized Spread Back Amount means the Spread Back Amount as of the Closing Date. 

Servicing Fee Rate means 0.25% unless otherwise specified in the Confirmation. 

Sharing Fee has the meaning set forth in the Forward Pricing Side Letter. 

Spread Back Amount means, with respect to each Forward Asset, the TBA Security Price as of a determination date less the
AAA Loan Strike Price, as of such determination date if the difference is positive. 
 Subordinate Securities Floor
Price means, with respect to each Forward Eligible Asset, the price, set forth in the related Confirmation, as the lowest price the Seller will accept. The Confirmation will set forth this price based on assumptions of a 6%, 8% and 10%
subordination level for the related Securitization (meaning the percentage derived from the fraction for which the principal balance of the Subordinate Securities is the numerator and the Collateral Mortgage Loan Balance included in the
Securitization as the denominator). If the actual subordination level is other than 6%, 8% or 10%, the final Subordinate Securities Floor Price will be interpolated. 
 TBA Security means any Fannie Mae or Freddie Mac forward mortgage-backed security that trades “TBA” in the market. 

TBA Security Price means, with respect to a TBA Security, the prevailing market price, determined by the Initial Purchaser,
by reference to a Bloomberg screen. 
 Underwriting Guidelines means origination guidelines to be mutually agreed
to by Seller and Initial Purchaser. 

  
 A-4

 EXHIBIT B 
 FORM OF CONFIRMATION 
  

			
	Form of Trade Confirmation	  	[Date]                

 By this Trade Confirmation (“Confirmation”), TH TRS Corp. as purchaser hereby confirms its agreement to
purchase and Barclays Bank, PLC as Seller hereby confirms its agreement to sell certain residential mortgage loans (“Mortgage Loans”) on the terms and conditions set forth below and subject to the terms and conditions set forth in the
(“Mortgage Loan Sale Agreement”) dated [ ]. 
 Additionally, TH TRS Corp. (“Seller”) hereby confirm its agreement to sell
and Barclays Capital Inc (“Initial Purchaser”) hereby confirms its agreement to purchase, the Senior Securities identified below, on the terms and conditions set forth below and subject to the terms and conditions set forth in the Amended
and Restated Forward AAA Securities Agreement, between Seller and Initial Purchaser, dated as of December    , 2011 (the “Forward AAA Securities Agreement”). 
 This Transaction is effective as of the date set forth below. Capitalized terms not defined herein shall have the meaning assigned to them in the Forward AAA Securities Agreement and Mortgage Loan Sale
Agreement and such definitions are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 

This Confirmation supplements, forms part of and is subject to, the Forward AAA Securities Agreement. This communication itself constitutes a binding
agreement setting forth the essential terms of the Transaction described herein. All provisions contained in the Forward AAA Securities Agreement shall govern this Confirmation except as expressly modified below. 

[Insert necessary data] 
 Each party represents
to the other party hereto that (i) it is not acting as a fiduciary or a financial or investment advisor for the other party; (ii) it is not relying upon any advice, counsel or representations (whether written or oral) of the other party
other than the representations expressly set forth in the Forward AAA Securities Agreement and Mortgage Loan Sale Agreement and herein; (iii) the other party hereto has not given to it any advice or counsel as to the expected or projected
success, return, performance, result, consequence or benefit (either legal, regulatory, tax, financial, accounting, or otherwise) of this Transaction; (iv) it has consulted with its own legal, regulatory, tax, business, investment financial and
accounting advisors to the extent it has deemed necessary and has made its won investment hedging, and trading decisions (including decisions regarding the suitability of this Transaction) based upon its

  
 B-1

 
own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the other party hereto; (v) it has determined that the rates, prices, or
amounts and other terms of this Transaction in the indicative quotations (if any) provided by the other party hereto reflect those in the relevant market for similar transactions, and all trading decisions have been the result of arms length
negotiations between the parties; (vi) it is entering into this Transaction with full understanding of all the terms, conditions and risks thereof (economic and otherwise), and it is capable of assuming and willing to assume (financially or
otherwise) those risks; and (vii) it is a sophisticated investor. 
 Kindly acknowledge your agreement to the terms of this Trade
Confirmation by signing and returning to Hansel Nieves at fax 646-845-6464, email hansel.nieves@barclayscapital.com by [Date]. 
  

							
	 TH TRS CORP.
	  	BARCLAYS CAPITAL
				
	 By:
	  	 	  	 By:
	  	 
				
	 Name:
	  	 	  	 Name:
	  	 
				
	 Title:
	  	 	  	 Title:
	  	 
			
	 BARCLAYS BANK, PLC
	  		  	
				
	 By:
	  	 	  		  	
				
	 Name:
	  	 	  		  	
				
	 Title:
	  	 	  		  	

  
 B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]