Document:

EX-10.1

 Exhibit 10.1 

Execution copy 
 AMENDED AND
RESTATED RECEIVABLES SALE AGREEMENT 
 DITECH FINANCIAL LLC 

(Receivables Seller and Servicer) 

and 
 GREEN TREE ADVANCE
RECEIVABLES III LLC 
 (Depositor) 

and 
 WALTER INVESTMENT MANAGEMENT
CORP. 
 (Limited Guarantor) 

Dated as of October 21, 2015 

GREEN TREE AGENCY ADVANCE FUNDING TRUST I 

ADVANCE RECEIVABLES BACKED NOTES, ISSUABLE IN SERIES 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Definitions; Incorporation by Reference.
	  	 	2	  
	 Section 2.
	 	 Transfer of Receivables.
	  	 	4	  
	 Section 3.
	 	 Ditech’s Acknowledgment and Consent to Assignment.
	  	 	6	  
	 Section 4.
	 	 Representations, Warranties and Certain Covenants of Ditech, as Servicer and as Receivables Seller.
	  	 	7	  
	 Section 5.
	 	 Termination.
	  	 	13	  
	 Section 6.
	 	 General Covenants of Ditech, as Receivables Seller and Servicer and the Limited Guarantor, if applicable.
	  	 	13	  
	 Section 7.
	 	 Grant Clause.
	  	 	16	  
	 Section 8.
	 	 Conveyance by Depositor; Grant by Issuer.
	  	 	17	  
	 Section 9.
	 	 Protection of Indenture Trustee’s Security Interest in Trust Estate.
	  	 	17	  
	 Section 10.
	 	 Indemnification.
	  	 	17	  
	 Section 11.
	 	 Miscellaneous.
	  	 	19	  
			
	 Schedule 1
	 	 Form of Assignment of Receivables
	  			
	 Exhibit A
	 	 Form of Subordinated Note
	  			

  
 i 

 AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT 

This AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT (as it may be amended, supplemented, restated, or otherwise modified from time to time,
this “Agreement”) is made as of October 21, 2015, by and between Ditech Financial LLC, a limited liability company organized under the laws of the State of Delaware, as receivables seller and servicer
(“Ditech”), Green Tree Advance Receivables III LLC, a limited liability company organized under the laws of the State of Delaware, as depositor (the “Depositor”), and Walter Investment Management
Corp., a corporation under the laws of the State of Maryland as limited guarantor (“Limited Guarantor”). 
 RECITALS

 A. The parties hereto are parties to the Receivable Sale Agreement (as amended, supplemented or otherwise modified prior to the date
hereof, the “Original Receivables Sale Agreement”). The parties are entering into this Agreement to amend and restate the Original Receivables Sale Agreement in its entirety. 

B. The Depositor is a special purpose Delaware limited liability company wholly owned by Ditech. Ditech acts as the servicer under one or more
certain Freddie Mac Servicing Agreements incorporating the Freddie Mac Guide and one or more certain Fannie Mae Servicing Agreements incorporating the Fannie Mae Guide (each, as it may be amended, supplemented, restated, or otherwise modified from
time to time, a “Servicing Agreement” and, collectively, the “Servicing Agreements”), and has the obligation to make Advances thereunder, has the right to collect the related Receivables in
reimbursement of such Advances made by Ditech and the right to collect Receivables related to Advances previously made by Ditech (or any predecessor servicer). One or more Servicing Agreements (each, as may be amended, supplemented, restated or
otherwise modified from time to time, a “Designated Servicing Agreement” and, collectively, the “Designated Servicing Agreements”) and the related Facility Eligible Pools where Ditech acts as servicer
(each, a “Designated Pool” and collectively, the “Designated Pools”) will be designated as described herein for inclusion under this Agreement, the Receivables Pooling Agreement (defined below) and the
Indenture (defined below). 
 B. Green Tree Agency Advance Funding Trust I (the “Issuer”), Ditech, as servicer and
as Administrator (in such capacity, the “Administrator”), Wells Fargo Bank, N.A., as Indenture Trustee (the “Indenture Trustee”), as Calculation Agent, as Paying Agent and as Securities Intermediary,
and Barclays Bank PLC, as administrative agent (the “Administrative Agent”), have entered into a Second Amended and Restated Indenture (as it may be amended, supplemented, restated, or otherwise modified from time to time and
including any indenture supplement, the “Indenture”), dated as of even date herewith, pursuant to which the Issuer shall be permitted to issue different Series of notes (the “Notes”) from time to time,
on the terms and conditions set forth in the Indenture. 
 C. Upon its disbursement of an Advance with respect to a Designated Pool pursuant
to a Designated Servicing Agreement, Ditech, as servicer, becomes the beneficiary of a contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing Agreement. Ditech, as receivables seller, has
sold, assigned, transferred and conveyed pursuant to the Original Receivable Sale Agreement and Ditech desires to continue to sell, assign, transfer and convey to the Depositor all its contractual rights to be reimbursed for each Advance disbursed
by Ditech (or any predecessor servicer to the extent that Ditech acquires the Advance), as servicer, from the date hereof through the Receivables Sale Termination Date, in respect of Designated Pools under the Designated Servicing Agreements (in any
case, which Advance has not been previously reimbursed) (any right to reimbursement in respect of any such Advance, a “Receivable” and, collectively, the “Receivables”), pursuant to the terms of this
Agreement. The Depositor has, and will continue to, sell and/or contribute, 

 
assign, transfer and convey to the Issuer all Receivables acquired by the Depositor from Ditech, as receivables seller, immediately upon the Depositor’s acquisition of such Receivables
pursuant to this Agreement pursuant to an Amended and Restated Receivables Pooling Agreement, dated as of even date herewith (as may be amended, supplemented, restated or otherwise modified from time to time, the “Receivables Pooling
Agreement”) and the “Original Receivables Pooling Agreement” referenced therein. 
 D. The Notes issued by the Issuer
pursuant to the Indenture will be collateralized by the Aggregate Receivables and related property and certain monies in respect thereof now owned and to be hereafter acquired by the Issuer. 

E. In consideration of each transfer by Ditech, as receivables seller, to the Depositor of the Transferred Assets on the terms and subject to
the conditions set forth in this Agreement, the Depositor has agreed to pay to Ditech a purchase price equal to the fair market value thereof on the related Sale Date. To the extent the portion of the purchase price actually paid in cash by the
Depositor for the Transferred Assets is less than 100% of the fair market value thereof, the balance of the purchase price shall be paid by the Depositor to Ditech by keeping the proceeds of a borrowing under a Subordinated Note issued by the
Depositor to Ditech in an amount equal to the amount by which the Purchase Price of such Receivable exceeds the portion of the cash purchase price actually paid therefor. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the above premises and of the mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows: 
 Section 1. Definitions; Incorporation by Reference. 

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

 Additional Receivables: As defined in Section 2(a). 

Administrative Agent: As defined in the Recitals. 

Administrator: As defined in the Recitals. 
 Aggregate
Receivables: Collectively, all Initial Receivables and all Additional Receivables. 
 Agreement: As defined in the Preamble. 

Assignment of Receivables: Each agreement documenting an assignment by Ditech to the Depositor substantially in the form set forth on Schedule
1. 
 Closing Date: January 16, 2014. 

Depositor: As defined in the Preamble. 
 Designated
Pools: As defined in the Recitals. 

  
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 Designated Servicing Agreement and Designated Servicing Agreements: As defined in the Recitals.

 Designation Date: A date on which any Pool becomes a Designated Pool after the Closing Date. 

Ditech: As defined in the Preamble. 
 Excepted
Receivable: Any Receivable arising under any Designated Servicing Agreement (i) that arises after the commencement of the Full Amortization Period and (ii) in respect of which the Issuer, the Depositor, the Indenture Trustee and the
Administrative Agent shall have received a written notice from Ditech, no later than one (1) Business Day after the origination thereof, (A) identifying such Receivable in reasonable detail and (B) certifying that Ditech has concluded
in its reasonable discretion (with reasonable supporting detail therefor) that Ditech will not receive reasonably equivalent value for the transfer of any such identified Receivable because the value of the equity of the Depositor was negative prior
to the contribution of such Receivable after taking into account all of the following, among other relevant factors, (1) borrowings under the Subordinated Note, and (2) any indemnification payments owing by Ditech to the Depositor under
this Agreement (giving effect to the full value of such indemnification payment obligations as an asset of the Depositor). 
 Full Amortization
Period: As defined in the Indenture. 
 Indemnification Amounts: As defined in Section 10(c). 

Indemnified Party: As defined in Section 10(c). 

Indemnity Payment: As defined in Section 4(d). 

Indenture: As defined in the Recitals. 
 Indenture
Trustee: As defined in the Recitals. 
 Initial Receivables: As defined in Section 2(a). 

Issuer: As defined in the Recitals. 
 Limited
Guarantor: As defined in the Recitals. 
 Original Receivables Pooling Agreement: As defined in the Recitals. 

Original Receivables Sale Agreement: As defined in the Recitals. 

Purchase: Each transfer by the Depositor from Ditech, as receivables seller, of Transferred Assets. 

Purchase Price: As defined in Section 2(b). 

Receivable and Receivables: As defined in the Recitals. 

Receivables Pooling Agreement: As defined in the Recitals. 

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

  
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 Related Documents: As defined in Section 4(a)(iii). 

Removed Servicing Agreement: As defined in Section 2(c). 

Sale Date: (i) With respect to the Initial Receivables, the Closing Date and (ii) with respect to any Additional Receivables, each date after
the Closing Date and prior to the Receivables Sale Termination Date on which such Additional Receivable is sold, assigned, transferred and conveyed by Ditech, as receivables seller, to the Depositor pursuant to the terms of this Agreement. 

Series: As defined in the Indenture. 
 Servicing
Agreement and Servicing Agreements: As defined in the Recitals. 
 Stop Date: As defined in Section 2(c). 

Subordinated Note: The promissory note in substantially the form of Exhibit A hereto as more fully described in Section 2(b), as the same may
be amended, restated, supplemented or otherwise modified from time to time. 
 Transferred Assets: As defined in Section 2(a). 

UCC: As defined in Section 2(a). 

(b) The Designated Servicing Agreement Schedule, as may be amended, supplemented, restated, or otherwise modified from time to time in
accordance with the Transaction Documents, is incorporated by this reference into this Agreement. 
 Section 2. Transfer of
Receivables. 
 (a) Transferred Assets. Commencing on the Closing Date until the date hereof, pursuant to the Original
Receivables Sale Agreement, Ditech, as receivables seller, sold, contributed, assigned and conveyed to the Depositor, and the Depositor purchased and acquired from Ditech without recourse except as provided in the Original Receivables Sale
Agreement, all of Ditech’s right, title and interest, whether now owned or hereafter acquired, in, to and under (1) each Receivable in existence on the Closing Date with respect to any Pool that is subject to any Servicing Agreement that
is listed as a “Designated Servicing Agreement” (the “Initial Receivables”), (2) each Receivable (i) in existence on any Business Day after the Closing Date and prior to the Receivables Sale Termination
Date that arises with respect to any Pool that is subject to any Servicing Agreement that is listed as a “Designated Servicing Agreement” and the related Pool is listed as a “Designated Pool” on the Designated Servicing Agreement
Schedule that arose under the Servicing Agreements listed on the Designated Servicing Agreement Schedule as of the Closing Date or (ii) in existence on, or on any date after, the related Designation Date of a Pool that becomes a Designated Pool
after the Closing Date (the “Additional Receivables”), and (3) in the case of both Initial Receivables and Additional Receivables, all monies due or to become due and all amounts received or receivable with respect
thereto and all proceeds (including “proceeds” as defined in the Uniform Commercial Code in effect in all applicable jurisdictions (the “UCC”)), together with all rights of Ditech to enforce such Initial Receivables
and Additional Receivables (collectively, the “Original Transferred Assets”). Commencing on the date hereof, and until the close of business on the Receivables Sale Termination Date, Ditech, as receivables seller, hereby
sells, contributes, assigns, transfers and conveys to the Depositor, and the Depositor purchases and acquires from Ditech without recourse except as provided in herein, all of the Ditech’s right, title and interest, whether now owned or
hereafter acquired, in, to and under (1) each Additional Receivable (other than any Excepted Receivable) 

  
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in and (2) all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the UCC, together with
all rights of Ditech to enforce such Additional Receivables (collectively, together with the Original Transferred Assets, the “Transferred Assets”). Until the Receivables Sale Termination Date, Ditech shall, automatically and
without any further action on its part, sell and/or contribute, assign, transfer and convey to the Depositor, on each Business Day, each Additional Receivable (other than any Excepted Receivable) not previously transferred to the Depositor and the
Depositor shall purchase each such Additional Receivable together with all of the other Transferred Assets related to such Receivable. 

(b) Purchase Price. In consideration of the sale, assignment, transfer and conveyance to the Depositor of the Aggregate Receivables and
related Transferred Assets, on the terms and subject to the conditions set forth in this Agreement, the Depositor shall, on each Sale Date, pay and deliver to Ditech, in immediately available funds on the related Sale Date, or otherwise promptly
following such Sale Date if so agreed by Ditech, as receivables seller, and the Depositor, a purchase price (the “Purchase Price”) equal to (i) in the case of one Receivable sold, assigned, transferred and conveyed on
such Sale Date, the fair market value of such Receivable on such Sale Date or (ii) in the case more than one Receivable is sold, assigned, transferred and conveyed on such Sale Date, the aggregate of the fair market values of such Receivables
on such Sale Date, payable in cash to the extent of funds available to the Depositor. To the extent that the Purchase Price of the Additional Receivables is greater than the cash portion of the Purchase Price, then the Depositor shall
(i) first, pay such portion of the Purchase Price in the form of a borrowing under the Subordinated Note in the form attached hereto as Exhibit A; provided however, that the Depositor may not make any borrowing under the Subordinated Note
unless at the time of (and immediately after) each borrowing thereunder, both before and after the sale transaction (1) the Depositor’s total assets exceed its total liabilities, (2) the Depositor’s cash on hand is sufficient to
satisfy all of its current obligations (other than its obligations under the Subordinated Note and the obligation to pay the Purchase Price), (3) the Depositor is adequately capitalized at a commercially reasonable level and (4) the
Depositor has determined that its financial capacity to meet its financial commitment under the Subordinated Note is adequate and (ii) second, to the extent the Depositor cannot make a borrowing under the Subordinated Note, accept a
contribution to its capital from Ditech in an amount equal to the remaining unpaid portion of the Purchase Price. Ditech is hereby authorized by the Depositor to endorse on the schedule attached to the Subordinated Note an appropriate notation
evidencing the date and amount of each advance thereunder, as well as the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of the Depositor thereunder. Ditech shall
record in its books and records all increases in and payments in reduction of the outstanding principal amount of the Subordinated Note. The Depositor shall not have any obligation to pay to Ditech a cash Purchase Price in connection with any
Delinquency Advance arising in connection with a Credited Advance Funding unless Ditech pays to the Depositor or its assigns the Advance Reimbursement Amounts for the Delinquency Advances deemed to have been reimbursed in connection with such
Credited Advance Funding. Ditech shall contribute any such Delinquency Advances for which there is no Cash Purchase Price paid to the Depositor. 

(c) Removal of Designated Servicing Agreements or Designated Pools and Receivables. On any date on or after the satisfaction of all
conditions specified in Section 2.1(c) of the Indenture, Ditech, as receivables seller, may remove a Designated Servicing Agreement or a Designated Pool from the Designated Servicing Agreement Schedule for purposes of this Agreement (each such
Servicing Agreement or Designated Pool so removed, a “Removed Servicing Agreement” and a “Removed Pool”, respectively). Upon the removal of a Designated Servicing Agreement from the Designated
Servicing Agreement Schedule, (i) except if Ditech conducts a Permitted Refinancing, all Receivables related to Advances under such Removed Servicing Agreement previously transferred to the Depositor and Granted to the Indenture Trustee for
inclusion in the Trust Estate, shall remain subject to the lien of the Indenture, in which case the Receivables Seller may not assign to another Person any Receivables arising under that 

  
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Removed Servicing Agreement until all Receivables that arose under that Removed Servicing Agreement or that Pool that are included in the Trust Estate shall have been paid in full or sold in a
Permitted Refinancing, and (ii) all Receivables related to such Removed Servicing Agreement or Removed Pool arising on or after the date that the related Servicing Agreement was removed from the Designated Servicing Agreement Schedule (the
“Stop Date”) shall not be sold to the Depositor and shall not constitute Additional Receivables. 
 (d) Marking
of Books and Records. Ditech shall, at its own expense, indicate in its books and records (including its computer records) that the Receivables in respect of a Designated Pool arising under each Designated Servicing Agreement and the related
Transferred Assets have been sold, assigned, transferred and conveyed to the Depositor in accordance with this Agreement and are owned by the Issuer and pledged to the Indenture Trustee on behalf of the Noteholders. Ditech shall not alter the
indication referenced in this paragraph with respect to any Receivable during the term of this Agreement (except in accordance with Section 9(b)). If a third party, including a potential purchaser of a Receivable, should inquire as to
the status of the Receivables, Ditech shall promptly indicate to such third party that the Receivables have been sold, assigned, transferred and conveyed and Ditech (except in accordance with Section 9(b)) shall not claim any right,
title or interest (including, but not limited to ownership interest) therein. 
 Section 3. Ditech’s Acknowledgment and
Consent to Assignment. 
 (a) Acknowledgment and Consent to Assignment. Ditech hereby acknowledges that the Depositor has
sold and/or contributed, assigned, transferred and conveyed to the Issuer, and that the Issuer has Granted to the Indenture Trustee, on behalf of the Noteholders, the rights (but not the obligations) of the Depositor under this Agreement and the
Original Receivables Sale Agreement, including, without limitation, the right to enforce the obligations of Ditech hereunder and thereunder. Ditech hereby consents to such Grant by the Issuer to the Indenture Trustee pursuant to the Indenture and
acknowledges that each of the Issuer and the Indenture Trustee (on behalf of itself and the Secured Parties) shall be a third party beneficiary in respect of the representations, warranties, covenants, rights, indemnities and other benefits arising
hereunder that are so Granted by the Issuer. Moreover, Ditech hereby authorizes and appoints as its attorney-in-fact the Depositor, the Issuer and the Indenture Trustee, as the Issuer’s assignee, on behalf of the Depositor, to execute and
deliver such documents or certificates as may be necessary in order to enforce its rights under this Agreement and/or the Original Receivables Sale Agreement and its rights to collect the Aggregate Receivables. 

(b) Access to Records. In connection with the conveyances hereunder, Ditech hereby grants to the Depositor (and its assigns) an
irrevocable license to access all records relating to the Aggregate Receivables, without the need for any further documentation in connection with any conveyance hereunder; provided, however, that the Depositor (and its assigns) may
not exercise any right under such license until an Event of Default has occurred and is continuing; and provided further that such license is for the limited purpose of administering and accounting for the Aggregate Receivables. In connection with
such license, and subject to the foregoing provisos, Ditech hereby grants to the Depositor (and its assigns) an irrevocable, non-exclusive license (subject to the restrictions contained in any license with respect thereto) to use, without royalty or
payment of any kind, all software used by Ditech, as receivables seller or as servicer as the case may be, to account for the Aggregate Receivables, to the extent necessary to administer the Aggregate Receivables and such software is owned by
Ditech. With respect to software owned by others and used by Ditech under license agreements, Ditech shall cooperate with the Depositor (and its assigns) to identify such software and the applicable licensors thereof and provide such other
information available to it and reasonably necessary in order for the Depositor to obtain its own licenses with respect to such software. The licenses granted by Ditech pursuant to this Section 3 with respect to software owned by it
shall be irrevocable and shall terminate on the Receivables Sale Termination Date. 

  
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 Section 4. Representations, Warranties and Certain Covenants of Ditech, as Servicer
and as Receivables Seller. 
 Ditech, as receivables seller and as servicer, hereby makes the following representations, warranties
and covenants for the benefit of the Depositor, the Issuer, and the Indenture Trustee for the benefit of the Noteholders, on which the Depositor is relying in purchasing the Aggregate Receivables and executing this Agreement, on which the Issuer is
relying in purchasing the Aggregate Receivables pursuant to the Receivables Pooling Agreement, and on which the Noteholders are relying in purchasing the Notes. The representations are made as of the date of this Agreement and as of each Sale Date.
Such representations and warranties shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables and any other related Transferred Assets to the Depositor and the Issuer. 

(a) General Representations and Warranties. 

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

(ii) Due Qualification. Ditech is and will continue to be duly qualified to do business as a limited liability company
in good standing, and has obtained and will keep in full force and effect all necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such
qualifications, licenses, permits or approvals and as to which the failure to obtain or to keep in full force and effect such licenses, permits or approvals would have an Adverse Effect. 

(iii) Power and Authority. Ditech has and will continue to have all requisite limited liability company power and
authority to own the Receivables, and Ditech has and will continue to have all requisite limited liability company power and authority to execute and deliver this Agreement and each other Transaction Document to which it is a party and any and all
other instruments and documents necessary to consummate the transactions contemplated hereby or thereby (collectively, the “Related Documents”), and to perform each of its obligations under this Agreement and under the
Related Documents, and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement by Ditech, and the execution and delivery of each of the Related Documents by Ditech, the performance by Ditech of
its obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby and thereby have each been duly authorized by Ditech and no further limited liability company action or other actions are required to be taken by
Ditech in connection therewith. 
 (iv) Valid Transfer. The Original Receivables Sale Agreement evidenced and valid
sale, transfer, assignment and conveyance of the Original Transferred Assets as of applicable Sale Date to the Depositor, which is enforceable against creditors of and purchasers from Ditech except as such enforceability may be limited by
bankruptcy, insolvency or similar laws and by equitable principles. From and after the date hereof, this Agreement shall evidence a valid sale, transfer, assignment and conveyance of the applicable Additional Receivables as of applicable Sale Date
to the Depositor, which is enforceable against creditors of and purchasers from Ditech except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 

  
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 (v) Binding Obligation. This Agreement and each of the other Transaction
Documents to which Ditech is a party has been, or when delivered will have been, duly executed and delivered and constitutes the legal, valid and binding obligation of Ditech, enforceable against Ditech, in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 
 (vi)
Perfection. 
 (A) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC)
in the Aggregate Receivables and the related Transferred Assets with respect thereto in favor of the Depositor, which security interest is prior to all other Adverse Claims (other than Permitted Liens of the type described in clause (ii) of the
definition thereof), and is enforceable as such against creditors of and purchasers from Ditech; 
 (B) Ditech has caused the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under the UCC in order to perfect the security interest in the Aggregate Receivables and the related Transferred Assets granted to the
Depositor hereunder; and 
 (C) Ditech has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Aggregate Receivables and the related Transferred Assets, other than under this Agreement, except pursuant to any agreement that has been terminated or lien arrangement that has otherwise been released on or prior to the sale of the
related Receivables hereunder, and any rights in the Receivables that were pledged, assigned, sold, granted or otherwise conveyed pursuant to such agreement or arrangement have been released on or prior to the sale of the related Receivables
hereunder, and such Receivables that were subject to such agreement or arrangement are being sold by the Receivables Seller to the Depositor free and clear of any Adverse Claim (other than any Permitted Lien). Ditech has not authorized the filing of
and is not aware of any financing statement filed against it, the Depositor or the Issuer covering the Aggregate Receivables and the related Transferred Assets other than those filed in connection with this Agreement and the other Transaction
Documents and those that have been terminated on or prior to the date hereof or for which the lien with respect to the Receivables has been released. Ditech is not aware of any judgment or tax lien filings against it. 

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

  
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 (viii) No Proceedings. There is no action, suit or proceeding before or by
any court or governmental agency or body, domestic or foreign, now pending, or to Ditech’s knowledge, threatened, against Ditech (A) in which a third party not affiliated with the Indenture Trustee or a Noteholder asserts the invalidity of
any of the Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the Transaction Documents, (C) seeking any determination or ruling that should
reasonably be expected to affect materially and adversely the performance by Ditech or its Affiliates of their obligations under, or the validity or enforceability of, any of the Transaction Documents or (D) relating to Ditech or its Affiliates
and which should reasonably be expected to affect adversely the federal income tax attributes of the Notes. 
 (ix)
Ownership of Depositor. Ditech owns 100% of the membership interest in the Depositor. No Person other than Ditech has any rights to acquire membership interests in the Depositor. 

(x) Ownership of Issuer. 100% of the Owner Trust Certificate of the Issuer is owned by the Depositor. No Person other
than the Depositor has any rights to acquire all or any portion of the Owner Trust Certificate in the Issuer. 
 (xi) No
Violation of Exchange Act or Regulations T, U or X. None of the transactions contemplated in the Transaction Documents (including the use of the proceeds from the sale of the Notes) will result in a violation of Section 7 of the Exchange
Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. 

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

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

(xiv) All Taxes, Fees and Charges Relating to Transaction and Transaction Documents Paid. Any taxes, fees and other
governmental charges due and payable by Ditech, the Depositor or the Issuer in connection with the execution and delivery of this Agreement and the transactions contemplated hereby have been or will be paid by Ditech or the Depositor at or prior to
the date of this Agreement. 
 (xv) Solvency. Ditech, both prior to and after giving effect to each sale of
Receivables with respect to the Designated Servicing Agreements on each Sale Date, (1) is not, 

  
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and will not be, “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy Code), (2) is, and will be, able to pay its debts as they become due, and (3) does
not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. 

(xvi) No Fraudulent Conveyance. Ditech is selling the Aggregate Receivables to the Depositor in furtherance of its
ordinary business purposes, with no intent to hinder, delay or defraud any of its creditors. 
 (xvii) Information. No
document, certificate or report furnished by Ditech in writing pursuant to this Agreement, any other Transaction Document or in connection with the transactions contemplated hereby or thereby, taken together, contains or will contain when furnished
any untrue statement of a material fact. 
 (xviii) Fair Consideration. The aggregate consideration received by
Ditech, as receivables seller, pursuant to this Agreement is fair consideration having reasonably equivalent value to the value of the Aggregate Receivables and the performance of the obligations of Ditech, as receivables seller, hereunder. 

(xix) Bulk Transfer. No sale, contribution, transfer, assignment or conveyance of Receivables by Ditech, as receivables
seller, to the Depositor contemplated by this Agreement or by the Depositor to the Issuer pursuant to the Receivables Pooling Agreement will be subject to the bulk transfer or any similar statutory provisions in effect in any applicable
jurisdiction. 
 (xx) Name. The legal name of Ditech is as set forth in this Agreement and Ditech does not have any
trade names, fictitious names, assumed names or “doing business” names except those identified in accordance with the terms hereof 

(xxi) Repayment of Receivables. Ditech has no reason to believe that at the time of the transfer of any Receivables to
the Depositor pursuant hereto, such Receivables will not be paid in full. 
 (xxii) No Change in Condition of Ditech.
Since December 31, 2014, there has been no change in the business, operations, financial condition, properties or assets of Ditech which would have a material adverse effect on its ability to perform its obligations under this Agreement or any
other Transaction Document or materially adversely affect the transactions contemplated under this Agreement or any other Transaction Document. 

(xxiii) Fannie and Freddie Approved. Ditech is an approved seller and servicer of residential mortgage loans for Fannie
Mae and Freddie Mac. Ditech is in good standing to sell and service mortgage loans, respectively, for Fannie Mae and Freddie Mac and no event has occurred which would make Ditech unable to comply with eligibility requirements or which would require
notification to either Fannie Mae or Freddie Mac. 
 (xxiv) Compliance With Laws. Ditech has complied or shall comply
with all applicable laws, rules, regulations, orders, writs, judgments, injunctions or decrees to which it may be subject, except where the failure to so comply should not be reasonably expected to have an Adverse Effect or a material adverse effect
on the financial condition or operations of Ditech, or the ability of Ditech, the Depositor or the Issuer to perform their respective obligations hereunder or under any of the other Transaction Documents. 

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

(xxvi) Freddie Mac Consent and Fannie Mae Acknowledgment. (a) The Freddie Mac Consent covers all of the Mortgage
Loans related to the Designated Servicing Agreements and Designated Pools identified on the Designated Servicing Agreement Schedule that are Freddie Mac Mortgage Loans and (b) the Fannie Mae Acknowledgment covers all of the Mortgage Loans
related to the Designated Servicing Agreements and Designated Pools identified on the Designated Servicing Agreement Schedule that are Fannie Mae Mortgage Loans. Freddie Mac Mortgage Loans shall include any Mortgage Loan, regardless of when it is
originated, so long as such Mortgage Loan is serviced under Seller/Servicer Number 158586, 172485 or 178631, with such Mortgage Loan belonging to the Seller/Servicer Number under which the Designated Servicing Agreement or Designated Pool to which
it relates is serviced (unless and to the extent the Designated Servicing Agreements related to such Seller/Servicer Numbers are removed from the transactions contemplated hereby in accordance with the Transaction Documents). Fannie Mae Mortgage
Loans shall include any Mortgage Loan, regardless of when it is originated, so long as such Mortgage Loan is serviced under Seller/Servicer Number 261840154, 261840235, 261840103, 261840065, 261840006, 261840057 or 261840022, with such Mortgage Loan
belonging to the Seller/Servicer Number under which the Designated Servicing Agreement or Designated Pool to which it relates is serviced (unless and to the extent the Designated Servicing Agreements related to such Seller/Servicer Numbers are
removed from the transactions contemplated hereby in accordance with the Transaction Documents). 
 (b) Representations and Warranties of
Ditech Concerning the Receivables. The following representations and warranties are made in respect of each Receivable as of the Sale Date therefor: 

(i) Facility Eligible Receivables. Each Receivable is a Facility Eligible Receivable as of the Sale Date therefor. 

(ii) Assignment Permitted under Servicing Agreements. Each Receivable arising under a Designated Servicing Agreement is
fully transferable hereunder in accordance with the Freddie Mac Consent or the Fannie Mae Acknowledgement, as applicable, and such transfer will not violate the terms of, or require the consent of any Person other than Freddie Mac or Fannie Mae
under the related Designated Servicing Agreement or any other document or agreement to which Ditech is a party or to which its assets or properties are subject. 

(iii) Schedule of Receivables. The information set forth in the Designated Servicing Agreement Schedule attached to the
Indenture shall be true and correct as of the date of this Agreement and each Funding Date. 
 (iv) No Fraud. As of
any Sale Date, with respect to the Receivables transferred on such date, no Receivable has been identified by Ditech or reported to Ditech by Freddie Mac or Fannie Mae as having resulted from fraud perpetrated by any Person. 

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

  
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 (vi) No Defenses. As of the related Sale Date, each Receivable represents
valid entitlement to be paid, has not been repaid in whole or in part or been compromised, adjusted, extended, satisfied, subordinated, rescinded, waived, amended or modified, and is not subject to compromise, adjustment, extension, satisfaction,
subordination, rescission, set-off, counterclaim, defense, waiver, amendment or modification by any Person (other than as contested in good faith and with a reasonable basis through appropriate proceedings in the case of Receivables contested by the
related Mortgagor but not in the case of Receivables contested by Freddie Mac or Fannie Mae, as applicable). 
 (vii) No
Action to Impair Collectability. Ditech has not taken (or omitted to take) and will not take (or omit to take), and has no notice that any other Person has taken (or omitted to take) or will take (or omit to take) any action that could impair
the collectability of any Receivable. 
 (viii) No Pending Proceedings. There are no proceedings pending, or, to the
best of Ditech’s knowledge, threatened, wherein any governmental agency has (A) alleged that any Receivable is illegal or unenforceable, (B) asserted the invalidity of any Receivable or (C) sought any determination or ruling that
might adversely affect the payment or enforceability of any Receivable. 
 (ix) Compliance with Laws. Each Advance was
made in compliance with all applicable laws, including those relating to consumer protection, is valid and enforceable and, at the time it is sold to the Depositor, is not subject to any set-off, counterclaim or other defense to payment by the
Obligor, Freddie Mac, Fannie Mae or any other party, except for such non-compliance (a) contested in good faith and with a reasonable basis through appropriate proceedings in the case of Receivables contested by the related Mortgagor but not in
the case of Receivables contested by Freddie Mac or Fannie Mae, as applicable, or (b) which does not adversely affect the ultimate collectability of the related Receivable therefor. 

(x) No Consent Required. Each Receivable is assignable by Ditech, and by the Depositor and its successors and assigns,
without the consent of any other Person (except any such consent that shall have been obtained), and upon acquiring the Receivables the Issuer will have the right to pledge the Receivables without the consent of any other Person (except any such
consent that shall have been obtained) and without any other restrictions on such pledge. 
 (xi) Good Title.
Immediately prior to each Purchase of Receivables hereunder, Ditech is the legal and beneficial owner of each such Receivable and the related Transferred Assets with respect thereto, free and clear of any Adverse Claims other than Permitted Liens;
and immediately upon the transfer and assignment thereof, the Depositor and its assignees will have good and marketable title to, with the right to sell and encumber, each Receivable, whether now existing or hereafter arising, together with the
related Transferred Assets with respect thereto, free and clear of any Adverse Claims other than Permitted Liens. 
 (c) Survival. It
is understood and agreed that the representations and warranties set forth in Section 4(a) and Section 4(b) shall continue throughout the term of this Agreement but that the representations and warranties in
Section 4(b) with respect to any Receivable are made only on the Sale Date for such Receivable. 
 It is understood and agreed
that the representations and warranties made by Ditech, as receivables seller and as servicer, pursuant to this Agreement, on which the Depositor and the Issuer are relying in accepting the Receivables, on which the Depositor is relying in executing
this Agreement, on which the 

  
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Issuer is relying in executing the Receivables Pooling Agreement and on which the Noteholders are relying in purchasing the Notes, and the rights and remedies of the Depositor and its assignees
under this Agreement against Ditech pursuant to this Agreement, inure to the benefit of the Depositor, the Issuer, the Indenture Trustee for the benefit of the Noteholders, as the assignees of Ditech’s rights hereunder. Such representations and
warranties and the rights and remedies for the breach thereof shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables from Ditech to the Depositor and its assignees, and the pledge thereof by the Issuer to
the Indenture Trustee for the benefit of the Noteholders and shall be fully exercisable by the Indenture Trustee for the benefit of the Noteholders. 

(d) Remedies Upon Breach. Ditech shall inform the Indenture Trustee and the Administrative Agent promptly, in writing, upon the
discovery of any breach of its representations, warranties or covenants hereunder. In the case of breach of any representation or warranty set forth in Section 4(b) by Ditech with respect to any Receivable on the Sale Date therefor, unless such
breach shall have been cured or waived within thirty (30) days after the earlier to occur of the discovery of breach or Ditech’s receipt of written notice of such breach by Ditech from the Administrative Agent, the Depositor, the Issuer or
the Indenture Trustee, such that, in the case of a representation and warranty, such representation and warranty shall be true and correct in all material respects as if made on such day, and Ditech shall have delivered to the Indenture Trustee an
officer’s certificate describing the nature of such breach and the manner in which the relevant representation and warranty became true and correct or the breach was otherwise cured, Ditech shall either repurchase the affected Receivables or
indemnify its assignees (including the Depositor, the Issuer, the Indenture Trustee and each of their respective assignees), against and hold its assignees (including the Depositor, the Issuer, the Indenture Trustee and each of their respective
assignees) harmless from any cost, liability and expense, including, without limitation, reasonable attorneys’ fees and expenses, whether incurred in enforcement proceedings between the parties or otherwise, incurred as a result of, or arising
from, such breach, the amount of which shall equal the Receivable Balance of any affected Receivable and each such purchase or indemnification amount to be paid hereunder, an “Indemnity Payment”. This Section 4(d)
sets forth the exclusive remedy for a breach of representation, warranty or covenant by Ditech set forth in Section 4(b) pertaining to a Receivable. Notwithstanding the foregoing, the breach of any representation, warranty or covenant shall not
be waived by the Issuer under any circumstances without the consent of the Administrative Agent, which in any case will not consent to waive such representation, warranty or covenant without the consent of the Majority Noteholders of all Outstanding
Notes. 
 Section 5. Termination. 

This Agreement (a) may not be terminated prior to the termination of the Indenture and (b) may be terminated at any time thereafter
by either party hereto upon written notice to the other party. 
 Section 6. General Covenants of Ditech, as Receivables Seller
and Servicer and the Limited Guarantor, if applicable. 
 Ditech, and the Limited Guarantor, if applicable, covenants and agrees
that, from the date of this Agreement until the termination of the Indenture: 
 (a) Bankruptcy. Ditech agrees that it shall comply
with Section 11(j). Ditech has not engaged in and does not expect to engage in a business for which its remaining property represents an unreasonably small capitalization. Ditech will not transfer any of the Aggregate Receivables with an
intent to hinder, delay or defraud any Person. 
 (b) Legal Existence. Ditech shall do or cause to be done all things necessary on
its part to preserve and keep in full force and effect its existence in the jurisdiction of its formation, and to maintain 

  
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each of its licenses, approvals, registrations and qualifications in all jurisdictions in which its ownership or lease of property or the conduct of its business requires such licenses,
approvals, registrations or qualifications, except for failures which, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the financial conditions, operations or the ability of Ditech, the
Depositor or the Issuer to perform its obligations hereunder or under any of the other Transaction Documents. 
 (c) Compliance With
Laws. Ditech shall comply in all material respects with all laws, rules, regulations and orders of any governmental authority applicable to its operation, the noncompliance with which would reasonably be expected to have a material adverse
effect on the financial condition, operations or the ability of Ditech, the Depositor or the Issuer to perform their obligations hereunder or under any of the other Transaction Documents. 

(d) Taxes. Ditech shall pay and discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income
and profits, or upon any of its property or any part thereof, before the same shall become in default; provided that Ditech shall not be required to pay and discharge any such tax, assessment, charge or levy so long as the validity or amount
thereof shall be contested in good faith by appropriate proceedings, or so long as the failure to pay any such tax, assessment, charge or levy would not have a material adverse effect on the ability of Ditech to perform its obligations hereunder.
Ditech shall have set aside on its books adequate reserves with respect to any such tax, assessment, charge or levy so contested. 
 (e)
Amendments to Designated Servicing Agreements. Ditech hereby covenants and agrees not to expressly consent to any amendment to the Designated Servicing Agreements without the prior written consent of the Administrative Agent and, except for
such amendments that would have no material adverse effect upon the collectability or timing of payment of any of the Aggregate Receivables or the performance of Ditech’s, the Depositor’s or the Issuer’s obligations under the
Transaction Documents or otherwise result in an Adverse Effect, without the prior written consent of the Majority Noteholders of all Outstanding Notes. Ditech will, within five (5) Business Days following the effectiveness of such amendments
(other than amendments arising solely because of modifications to the Freddie Mac Guide or the Fannie Mae Guide), deliver to the Indenture Trustee copies of all such amendments. 

(f) Maintenance of Security Interest. Ditech shall from time to time, at its own expense, execute and file such additional financing
statements (including continuation statements) as may be necessary to ensure that at any time the interest of the Depositor, the Issuer, the Indenture Trustee, for the benefit of the Secured Parties, is fully perfected. 

(g) Keeping of Records and Books of Account. Ditech shall maintain accurate, complete and correct documents, books, records and other
information which is reasonably necessary for the collection of all Aggregate Receivables (including, without limitation, records adequate to permit the prompt identification of each new Receivable and all collections of, and adjustments to, each
existing Receivable). 
 (h) Fidelity Bond and Errors and Omissions Insurance. Ditech, as servicer, shall obtain and maintain at its
own expense and keep in full force and effect so long as any Notes are outstanding, a blanket fidelity bond and an errors and omissions insurance policy with one or more insurers covering its officers and employees and other persons acting on its
behalf in connection with its activities under the Transaction Documents meeting the criteria required by the Designated Servicing Agreements. Coverage of Ditech, as servicer, and of the Depositor under a policy or bond obtained by an Affiliate of
Ditech and providing the coverage required by this subsection (j) shall satisfy the requirements of this subsection (j). 

  
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Ditech will promptly report in writing to the Indenture Trustee any material changes that may occur in its or the Depositor’s fidelity bonds, if any, and/or its or the Depositor’s
errors and omissions insurance policies, as the case may be, and will furnish to the Indenture Trustee copies of all binders and polices or certificates evidencing that such bonds, if any, and insurance policies are in full force and effect. 

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

(j) Taking of Necessary Actions. Ditech shall perform all actions necessary to sell and/or contribute, assign, transfer and convey the
Aggregate Receivables to the Depositor and its assigns, including the Issuer, including, without limitation, any necessary notifications to Freddie Mac, Fannie Mae or other parties. 

(k) Ownership. Ditech will take all necessary action to establish and maintain, irrevocably in the Depositor, legal and equitable title
to the Aggregate Receivables and the related Transferred Assets, free and clear of any Adverse Claim (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any
comparable law) in all appropriate jurisdictions to perfect the Depositor’s interest in such Aggregate Receivables and related Transferred Assets and such other action to perfect, protect or more fully evidence the interest of the Depositor or
the Indenture Trustee (as the Depositor’s assignee) may reasonably request) other than Permitted Liens. 
 (l) Depositor’s
Reliance. Each of the Limited Guarantor and Ditech acknowledges that the Indenture Trustee and the Noteholders are entering into the transactions contemplated by the Transaction Documents in reliance upon the Depositor’s and Issuer’s
identity as a legal entity that is separate from it. Therefore, from and after the date of execution and delivery of this Agreement, each of the Limited Guarantor and Ditech will take, and will cause each of their respective subsidiaries to take,
all reasonable steps to maintain each of the Depositor’s and Issuer’s identity as a separate legal entity and to make it manifest to third parties that each of the Depositor and the Issuer is an entity with assets and liabilities distinct
from those of the Limited Guarantor and Ditech. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, each of the Limited Guarantor and Ditech (i) will not hold itself out, nor permit its
respective subsidiaries (other than the Depositor and the Issuer) to hold themselves out, to third parties as liable for the debts of either the Depositor or the Issuer nor purport to own the Aggregate Receivables and other related Transferred
Assets and (ii) will take and will cause its respective subsidiaries to take all other actions necessary to ensure that the facts and assumptions regarding it set forth in the opinion issued by Sidley Austin LLP, dated the date hereof, relating
to substantive consolidation issues remain true and correct in all material respects at all times. 

  
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 (m) Name Change, Offices and Records. In the event Ditech makes any change to its name
(within the meaning of Section 9-507(c) of any applicable enactment of the UCC), type or jurisdiction of organization or location of its books and records, it shall notify the Depositor and the Indenture Trustee thereof and (except with respect
to a change of location of books and records) shall deliver to the Indenture Trustee not later than thirty (30) days after the effectiveness of such change (i) such financing statements (Forms UCC1 and UCC3) which the Indenture Trustee
(acting at the direction of the Administrative Agent) may reasonably request to reflect such name change, or change in type or jurisdiction of organization, (ii) if the Indenture Trustee shall so request, an opinion of outside counsel to
Ditech, in form and substance reasonably satisfactory to the Indenture Trustee, as to the grant or assignment from the Receivables Seller to the Depositor of a security interest in the Aggregate Receivables, if the transfers thereof by Ditech to the
Depositor are determined not to be true sales, and as to the perfection and priority of the Depositor’s security interest in the Aggregate Receivables in such event, and (iii) such other documents and instruments that the Indenture Trustee
(acting at the direction of the Administrative Agent) may reasonably request in connection therewith and shall take all other steps to ensure that the Depositor continues to have a first priority, perfected security interest in the Aggregate
Receivables and the related Transferred Assets. 
 (n) Location of Jurisdiction of Organization and Records. In the case of a change
in the jurisdiction of organization of Ditech or in the case of a change in the “location” of Ditech for purposes of Section 9-307 of the UCC, Ditech must take all actions necessary or reasonably requested by the Depositor, the
Issuer, the Administrative Agent or the Indenture Trustee to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested by the Depositor, the Issuer,
the Administrative Agent or the Indenture Trustee to further perfect or evidence the rights, claims or security interests of any of Ditech, the Depositor, the Issuer or any assignee or beneficiary of the Issuer’s rights under this Agreement,
including the Indenture Trustee on behalf of the Noteholders under any of the Transaction Documents. 
 (o) Servicing Policies.
Ditech shall provide notice to the Administrative Agent fifteen (15) days prior to the effectiveness of any material changes to Ditech’s policies or procedures relating to property valuation or stop advance modeling. 

Section 7. Grant Clause. 

It is the intention of the parties hereto that each transfer and assignment contemplated by this Agreement and the Original Receivables Sale
Agreement shall constitute an absolute sale or contribution, as applicable, of the related Receivables from Ditech to the Depositor and that the Aggregate Receivables shall not be part of Ditech’s estate or otherwise be considered property of
Ditech in the event of the bankruptcy, receivership, insolvency, liquidation, conservatorship or similar proceeding relating to Ditech or any of its property. However, if such conveyance is deemed to be in respect of a loan, it is intended that the
rights and obligations of the parties shall be established pursuant to the terms of this Agreement. Accordingly, Ditech hereby grants to the Depositor a first priority security interest in all of its right, title and interest in, to and under,
whether now owned or hereafter acquired, the Aggregate Receivables and the other Transferred Assets to secure payment of such loan. This Agreement shall constitute a security agreement under applicable law. Ditech will, to the extent consistent with
this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Aggregate Receivables and the other Transferred Assets to secure payment or performance of an
obligation, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. Ditech has made all such initial filings. 

  
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 Ditech hereby authorizes the Depositor and its assignees, successors and designees to file one or
more UCC financing statements, financing statement amendments and continuation statements to perfect the security interest described herein. 

Section 8. Conveyance by Depositor; Grant by Issuer. 

Each of the Depositor and the Issuer shall have the right, upon notice to but without the consent of Ditech, to Grant, in whole or in part,
its interest under this Agreement with respect to the Receivables to the Issuer and to the Indenture Trustee, respectively, and the Indenture Trustee then shall succeed to all rights of the Depositor under this Agreement and the Original Receivables
Sale Agreement. All references to the Depositor in this Agreement shall be deemed to include its assignee or designee, specifically including the Issuer and the Indenture Trustee. 

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

(a) Ditech shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit the reader thereof to know
at any time following reasonable prior notice delivered to it, the status of such Receivable, including payments and recoveries made and payments owing. The Schedule of Receivables has been delivered to the Indenture Trustee and shall remain in its
possession or control. 
 (b) Ditech will maintain its computer records so that, from and after the Grant of the security interest under the
Indenture, Ditech’s master computer records (including any back-up archives) that refer to any Receivables indicate that the Receivables are owned by the Issuer and pledged to the Indenture Trustee on behalf of the Noteholders. Indication of
the Indenture Trustee’s interest in a Receivable shall be deleted from or modified on Ditech’s records when, and only when, the Receivable has been paid in full or released from the lien of the Indenture pursuant to the Indenture. 

Section 10. Indemnification. 

(a) Without limiting any other rights that an Indemnified Party may have hereunder or under applicable law, Ditech and the Limited Guarantor,
agree to, jointly and severally, indemnify each Indemnified Party from and against any and all Indemnification Amounts, which may be imposed on, incurred by or asserted against an Indemnified Party in any way arising out of or relating to any breach
of Ditech’s obligations under this Agreement or the ownership of the Aggregate Receivables or in respect of any Receivable, including but not limited to any obligation to pay Indemnity Payments pursuant to Section 4(d) hereof, excluding,
however, Indemnification Amounts to the extent resulting from the negligence or willful misconduct on the part of such Indemnified Party or the failure of a Mortgage Pool to generate sufficient cash payments to reimburse any Advance or, to the
extent any Advance is reimbursable by Freddie Mac or Fannie Mae, the failure of Freddie Mac or Fannie Mae to reimburse any such payment solely for reasons unrelated to a matter that is subject to a representation by Ditech. 

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

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

  
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 (ii) the failure by Ditech to comply with any term, provision or covenant
contained in this Agreement, or any agreement executed by it in connection with this Agreement or any other Transaction Document or with any applicable law, rule or regulation with respect to any Receivable, or the nonconformity of any Receivable
with any such applicable law, rule or regulation or the Freddie Mac Guide or Fannie Mae Guide, as applicable; 
 (iii) any
violation of law, negligence, willful malfeasance or bad faith of Ditech as servicer under the Designated Servicing Agreements and Designated Pools; or 

(iv) the failure of this Agreement to vest and maintain vested in the Depositor, or to transfer, to the Depositor, legal and
equitable title to and ownership of the Aggregate Receivables which are, or are purported to be, Receivables, together with all collections in respect thereof, free and clear of any adverse claim (except as permitted hereunder) whether existing at
the time of the transfer of such Receivable or at any time thereafter. 
 (c) Any Indemnification Amounts subject to the indemnification
provisions of this Section 10 shall be paid to the Indemnified Party within five (5) Business Days following demand therefor. “Indemnified Party” means any of the Depositor, the Issuer and the Indenture
Trustee. “Indemnification Amounts” means any and all claims, losses, liabilities, obligations, damages, penalties, actions, judgments, suits, and related reasonable costs and reasonable expenses of any nature whatsoever,
including reasonable attorneys’ fees and disbursements, incurred by an Indemnified Party with respect to this Agreement as a result of a breach by Ditech, as described in Section 10(a), including without limitation, the enforcement
hereof. 
 (d) (i) Promptly after an Indemnified Party shall have been served with the summons or other first legal process or shall have
received written notice of the threat of a claim in respect of which an indemnity may be claimed against Ditech and/or the Limited Guarantor, as applicable, under this Section 10, the Indemnified Party shall notify Ditech and the Limited
Guarantor in writing of the service of such summons, other legal process or written notice, giving information therein as to the nature and basis of the claim, but failure so to notify Ditech and the Limited Guarantor shall not relieve Ditech and/or
the Limited Guarantor from any liability which it may have hereunder or otherwise except to the extent that Ditech is prejudiced by such failure so to notify Ditech and the Limited Guarantor. 

(ii) Each of Ditech and the Limited Guarantor will be entitled, at its own expense, to participate in the defense of any such
claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party, and, after notice from Ditech and the Limited Guarantor to such Indemnified Party that Ditech and/or
the Limited Guarantor, as applicable, wishes to assume the defense of any such action, Ditech and/or the Limited Guarantor, as applicable, will not be liable to such Indemnified Party under this Section 10 for any legal or other expenses
subsequently incurred by such Indemnified Party in connection with the defense of any such action unless, (A) the defendants in any such action include both the Indemnified Party and Ditech and/or the Limited Guarantor, as applicable, and the
Indemnified Party (upon the advice of counsel) shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to Ditech and/or the Limited Guarantor, as applicable, or one or
more Indemnified Parties, and which in the reasonable judgment of such counsel are sufficient to create a conflict of interest for the same counsel to represent both Ditech and/or the Limited Guarantor, as applicable, and such Indemnified Party,
(B) Ditech and/or the Limited Guarantor, as applicable, shall not have employed counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of commencement of the action, or
(C) Ditech and/or the Limited Guarantor, as applicable, shall have authorized the employment of counsel for the 

  
 -18- 

 
Indemnified Party at Ditech’s and the Limited Guarantor’s expense; then, in any such event, such Indemnified Party shall have the right to employ its own counsel in such action, and the
reasonable fees and expenses of such counsel shall be borne by Ditech and the Limited Guarantor; provided, however, that neither Ditech or the Limited Guarantor shall in connection with any such action or separate but substantially
similar or related actions arising out of the same general allegations or circumstances, be liable for any fees and expenses of more than one firm of attorneys at any time for all Indemnified Parties. Each Indemnified Party, as a condition of the
indemnity agreement contained herein, shall use its commercially reasonable efforts to cooperate with Ditech and the Limited Guarantor in the defense of any such action or claim. 

(iii) Neither Ditech and/or the Limited Guarantor, as applicable, shall, without the prior written consent of any Indemnified
Party, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding or threatened proceeding. 

Section 11. Miscellaneous. 

(a) Amendment. Except as permitted expressly by the Indenture or as otherwise set forth herein, as applicable, this Agreement may not
be amended except by an instrument in writing, signed by Ditech, the Depositor and the Limited Guarantor, with the written consent of the Administrative Agent and supported by the delivery of an Issuer Tax Opinion. In addition, so long as the Notes
are outstanding, this Agreement may not be amended without, collectively (x) (i) the consent of the Majority Noteholders of all Outstanding Notes that are not Variable Funding Notes and (ii) the consent of the Series Required
Noteholders for each Series of Variable Funding Notes, or (y) (i) the amendment is for a purpose for which the Indenture could be amended without any Noteholder consent pursuant to Section 12.1 thereof and (ii) Ditech shall have
delivered to the Indenture Trustee an officer’s certificate to the effect that Ditech reasonably believes that such amendment could not have a material Adverse Effect on any Outstanding Notes and is not reasonably expected to have a material
Adverse Effect at any time in the future. Any such amendment requested by Ditech shall be at its own expense. Ditech, as servicer, shall promptly notify each Note Rating Agency of any amendment of this Agreement or of the Receivables Pooling
Agreement, and shall furnish a copy of any such amendment to each such Note Rating Agency. 
 (b) Binding Nature; Assignment. The
covenants, agreements, rights and obligations contained in this Agreement shall be binding upon the successors and assigns of Ditech and shall inure to the benefit of the successors and assigns of the Depositor, and all persons claiming by, through
or under the Depositor. 
 (c) Entire Agreement. This Agreement contains the entire agreement and understanding among the parties
hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter
hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

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

  
 -19- 

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

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

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

(h) Headings Not to Affect Interpretation. The headings contained in this Agreement are for convenience of reference only, and they
shall not be used in the interpretation hereof. 
 (i) Benefits of Agreement. Nothing in this Agreement, express or implied, shall
give to any Person, other than the parties to this Agreement and their successors hereunder, any benefit of any legal or equitable right, power, remedy or claim under this Agreement. 

(j) No Petition. Each of Ditech and Limited Guarantor, by entering into this Agreement, agrees that it will not at any time prior to
the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full of all of the Notes, institute against the Depositor or the Issuer, or join in any institution against the Depositor or
the Issuer of, Insolvency Proceedings or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes or this Agreement, or cause the
Depositor or the Issuer to commence any reorganization, bankruptcy proceedings, or Insolvency Proceedings under any applicable state or federal law, including without limitation any readjustment of debt, or marshaling of assets or liabilities or
similar proceedings. This Section 11(j) shall survive termination of this Agreement. 
 (k) WAIVER OF JURY TRIAL. EACH OF
THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN AN LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(l) Amendment and Restatement of Original Receivables Sale Agreement. This Agreement amends and restates the Original Receivables Sale
Agreement in its entirely but shall not be deemed to constitute a novation thereof. 

  
 -20- 

 [Signature Page Follows] 

  
 -21- 

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

			
	DITECH FINANCIAL LLC, as Receivables Seller and as Servicer
		
	By:	 	 /s/ Cheryl A. Collins

	Name:	 	Cheryl A. Collins
	Title:	 	Senior Vice President and Treasurer
	
	GREEN TREE ADVANCE RECEIVABLES III LLC, as Depositor
		
	By:	 	 /s/ Cheryl A. Collins

		
	Name:	 	Cheryl A. Collins
		
	Title:	 	Senior Vice President and Treasurer
	
	WALTER INVESTMENT MANAGEMENT CORP., as Limited Guarantor
		
	By:	 	 /s/ Cheryl A. Collins

		
	Name:	 	Cheryl A. Collins
		
	Title:	 	Senior Vice President and Treasurer

 [Green Tree Agency Advance Funding Trust I – Signature Page to Amended and Restated Receivables
Sale Agreement] 

 Consented to as of the date first written above: 

 

			
	BARCLAYS BANK PLC, as Administrative Agent and as the sole Noteholder
		
	By:	 	 /s/ Trevor D. Moffitt

		
	Name:	 	Trevor D. Moffitt
		
	Title:	 	Director

 Schedule 1 

ASSIGNMENT OF RECEIVABLES 
 Dated as of
            , 20     
 This Assignment of Receivables (this
“Assignment”) is a schedule to and is hereby incorporated by this reference into an Amended and Restated Receivables Sale Agreement (the “Agreement”), dated as of October 21, 2015, by and between
Ditech Financial LLC, a Delaware limited liability company, as receivables seller and servicer (“Ditech”), Green Tree Advance Receivables III LLC, a Delaware limited liability company (the
“Depositor”), and Walter Investment Management Corp., a corporation under the laws of the State of Maryland as limited guarantor (“Limited Guarantor”). All capitalized terms used herein shall have the
meanings set forth in, or referred to in, the Agreement. 
 By its signature to this Assignment, Ditech hereby sells, assigns, transfers and
conveys to the Depositor and its assignees, without recourse, but subject to the terms of the Agreement, all of its right, title and interest in, to and under its rights to reimbursement for Receivables arising under each Designated Servicing
Agreement listed on Attachment A attached hereto, existing on the date of this Assignment and any Receivables arising under each Designated Servicing Agreement listed on Attachment A, on or before the related Receivables Sale
Termination Date, the other Transferred Assets related to such Receivables described in Section 2(a) of the Agreement, pursuant to the terms of the Agreement, and the Depositor hereby accepts such sale, assignment, transfer and
conveyance and agrees to transfer to Ditech, as receivables seller, the consideration set forth in the Agreement. 
 [Signature page
follows] 

 
			
	DITECH FINANCIAL LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	GREEN TREE ADVANCE RECEIVABLES III LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Green Tree Agency Advance Funding Trust I - Signature Page to Schedule 1 to Receivables Sale
Agreement - Assignment of Receivables] 

 Attachment A to Schedule 1 

DESIGNATED SERVICING AGREEMENTS AND DESIGNATED POOLS RELATED TO THE AGGREGATE RECEIVABLES 

  
 Attachment A to Schedule
1-1 

 EXHIBIT A 

FORM OF SUBORDINATED NOTE 

THIS SUBORDINATED NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF BY THE OWNER HEREOF UNLESS SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE ACT AND SUCH STATE LAWS, AND WILL NOT BE A “PROHIBITED
TRANSACTION” UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE CODE. BY ACCEPTANCE OF THIS SUBORDINATED NOTE, THE HOLDER AGREES TO BE BOUND BY ALL THE TERMS OF THE
RECEIVABLES SALE AGREEMENT. 
 [DATE] 

FOR VALUE RECEIVED, the undersigned, Green Tree Advance Receivables III LLC, a Delaware limited liability company (the
“Depositor”), promises to pay to the order of Ditech Financial LLC, a Delaware limited liability company (the “Seller”), on the fixed date on which the outstanding principal and all accrued interest for all
Outstanding Series and Classes of Notes is due and payable (the “Maturity Date”) the aggregate unpaid principal amount of all amounts loaned hereunder pursuant to Section 2(b) of that certain Amended and Restated Receivables
Sale Agreement, dated as of October 21, 2015 (together with all amendments and other modifications, if any, from time to time thereafter made thereto, the “Receivables Sale Agreement”), among the Seller, Green Tree Agency
Advance Funding Trust I (the “Issuer”) and Walter Investment Management Corp., a corporation under the laws of the State of Maryland as limited guarantor (“Limited Guarantor”), together with any and all accrued and unpaid
interest on all amounts loaned hereunder. 
 Interest will accrue on the average daily balance of the unpaid principal amount of all amounts loaned
hereunder for each day from the date such loan amounts are made until they become due and or are paid in full, at a rate per annum equal to the sum of (i) the LIBOR Rate (as defined below) and (ii) a spread designated as such in writing by
the Seller to the Depositor from time to time (the “Spread”). Interest will be computed on the basis of a 360-day year and paid for the actual number of days elapsed (including the first but excluding the last day). Should any
principal of, or accrued interest on, any amounts loaned hereunder not be paid when due, such amount will bear interest from its due date until paid in full, at a rate per annum equal to the sum of (i) the LIBOR Rate, (ii) the Spread and
(iii) the Spread. Interest shall be payable on the unpaid principal balance of this note (this “Subordinated Note”) commencing on February 18, 2014 (or such later date agreed to by the Seller) and continuing on each
Payment Date. With respect to any such Payment Date that is not a Business Day, the interest payment otherwise due on such Payment Date shall be due on the next subsequent day that is a Business Day. 

For the purposes of this Subordinated Note, “LIBOR Rate” shall mean the offered rate for one-month U.S. dollar deposits as
such rate appears on Reuters Screen LIBOR01 Page (as defined in the International Swaps and Derivatives Association, Inc. 2000 Definitions) or such other page as may replace Reuters Screen LIBOR01 Page as of 11:00 a.m. (London time) on such date;
provided that if such rate does not appear on Telerate Page 3750, the rate for such date will be determined on the basis of the rates at which one-month U.S. dollar deposits are offered by leading banks engaged in transactions in Eurodollar deposits
in the international Eurocurrency market (i) with an established place of business in London, (ii) whose quotations appear on the Bloomberg Screen US0001M Index Page on the date in 

 
question and (iii) which have been designated as such by the Calculation Agent (as defined below) (after consultation with the Administrative Agent) (as defined below) and are able and
willing to provide such quotations to the Calculation Agent for such date (the “Reference Banks”) at approximately 11:00 a.m. (London time) on such date to prime banks in the London interbank market. In such event, the Seller will
request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that date will be the arithmetic mean of the quotations (rounded upwards if necessary
to the nearest whole multiple of 1/16%). If fewer than two quotations are provided as requested, the rate for that date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Seller, at approximately 11:00
a.m. (New York City time) on such date for one-month U.S. dollar loans to leading European banks. 
 Unless plainly wrong, the computer
records of the holder hereof shall on any day conclusively evidence the unpaid balance of this Subordinated Note and its advances and payments history posted up to that day. All loans and advances and all payments and permitted prepayments made
hereon may be (but are not required to be) set forth by or on behalf of such holder on the schedule which is attached hereto or otherwise recorded in such holder’s computer or manual records; provided, that any failure to make notation
of any principal advance or accrual of interest shall not cancel, limit or otherwise affect Depositor’s obligations or any of such holder’s rights with respect to that advance or accrual. Unless otherwise defined, capitalized terms used
herein have the meanings provided in or specified in accordance with the Receivables Sale Agreement. 
 The obligation of the Depositor to
pay the principal of, and interest on, all loans and advances on this Subordinated Note shall be absolute and unconditional, shall be binding and, to the fullest extent permitted by law, enforceable in all circumstances whatsoever and shall not be
subject to setoff, recoupment or counterclaim; provided, however, that the Depositor shall only be obligated to pay principal and interest on this Subordinated Note from cash actually received by the Depositor from distributions on the
Receivables after payment of all amounts due the Noteholder under the Indenture, dated as of January 10, 2014, among the Issuer, Wells Fargo Bank, N.A., as indenture trustee, calculation agent, paying agent and securities intermediary, Ditech
Financial LLC, as Servicer and Administrator, and Barclays Bank PLC, as Administrative Agent. 
 Depositor may prepay at any time, without
penalty or fee, the principal or interest outstanding hereunder or any portion of such principal or interest. Payments of both principal and interest are to be made in lawful money of the United States of America in same day or immediately available
funds. 
 The Seller hereby agrees, prior to the date that is 367 days after the Maturity Date, not to acquiesce, petition, or invoke the
process of any court or government authority (or to encourage or cooperate with others) for the purpose of commencing or sustaining a case against the Seller under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of or for the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. The foregoing shall not limit the
rights of the Depositor to file any claim in, or to otherwise take any action with respect to, any insolvency proceeding instituted against the Seller by any other unaffiliated entity. 

Notwithstanding anything contained herein to the contrary, to the extent that the Seller is deemed to have any interest in any assets of the
Depositor, the Seller agrees that its interest in those assets is subordinate to claims or rights of all other creditors of the Depositor. The Seller agrees that this Subordinated Note constitutes a subordinated note for purposes of
Section 510(a) of the United States Bankruptcy Code, as amended from time to time (11 U.S.C. §§ 101 et seq.). 

 As set forth in Section 2(b) of the Receivables Sale Agreement, the Depositor hereby
represents and warrants as of each loan and advance made hereon that at the time of (and immediately after) each loan and advance made hereunder, (i) the Depositor’s total assets exceed its total liabilities both before and after the sale
transaction, (ii) the Depositor’s cash on hand is sufficient to satisfy all of its current obligations (other than its obligations under this Subordinated Note and the obligation to pay the Cash Purchase Price), (iii) the Depositor is
adequately capitalized at a commercially reasonable level and (iv) the Depositor has determined that its financial capacity to meet its financial commitment under the Subordinate Loan and this Subordinated Note is adequate. Each loan or advance
made hereunder by the Seller to the Depositor is subject to the accuracy of the representations and warranties herein made on the part of the Depositor. 

This Subordinated Note is the Subordinated Note referred to in, and evidences indebtedness incurred under, the Receivables Sale Agreement, and
the holder hereof is entitled to the benefits of the Receivables Sale Agreement. Upon and subject to the terms and conditions of the Receivables Sale Agreement, Depositor may borrow, repay and reborrow against this note under the circumstances, in
the manner and for the purposes specified in the Receivables Sale Agreement and this Subordinated Note, but for no other purposes. All parties hereto, whether as makers, endorsers or otherwise, severally waive presentment for payment, demand,
protest and notice of dishonor. 
 THIS SUBORDINATED NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION
WITH THIS NOTE, THE RELATIONSHIP OF THE PARTIES HERETO, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

[Signature Page Follows] 

 
			
	GREEN TREE ADVANCE RECEIVABLES III LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page to Subordinated NoteEX-10.2

 Exhibit 10.2 

Execution copy 
 AMENDED AND
RESTATED RECEIVABLES POOLING AGREEMENT 
 GREEN TREE ADVANCE RECEIVABLES III LLC 

(Depositor) 
 and 

GREEN TREE AGENCY ADVANCE FUNDING TRUST I 

(Issuer) 
 Dated as of
October 21, 2015 
 GREEN TREE AGENCY ADVANCE FUNDING TRUST I 

ADVANCE RECEIVABLES BACKED NOTES, ISSUABLE IN SERIES 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	Section 1.	 	 Definitions; Incorporation by Reference.
	  	 	2	  
	Section 2.	 	 Transfer of Receivables.
	  	 	5	  
	Section 3.	 	 Depositor’s Acknowledgment and Consent to Assignment.
	  	 	6	  
	Section 4.	 	 Representations, Warranties and Certain Covenants of Depositor.
	  	 	7	  
	Section 5.	 	 Remedies Upon Breach.
	  	 	12	  
	Section 6.	 	 Termination.
	  	 	13	  
	Section 7.	 	 General Covenants of Depositor.
	  	 	13	  
	Section 8.	 	 Grant Clause.
	  	 	15	  
	Section 9.	 	 Grant by Issuer.
	  	 	15	  
	Section 10.	 	 Protection of Indenture Trustee’s Security Interest in Trust Estate.
	  	 	16	  
	Section 11.	 	 Limited Recourse.
	  	 	16	  
	Section 12.	 	 Miscellaneous.
	  	 	17	  
			
	Schedule 1	 	Form of Assignment of Receivables	  			

  
 i 

 AMENDED AND RESTATED RECEIVABLES POOLING AGREEMENT 

This AMENDED AND RESTATED RECEIVABLES POOLING AGREEMENT (as it may be amended, supplemented, restated, or otherwise modified from time
to time, this “Agreement”) is made as of October 21, 2015, by and between GREEN TREE ADVANCE RECEIVABLES III LLC, a limited liability company organized under the laws of the State of Delaware (the
“Depositor”), and GREEN TREE AGENCY ADVANCE FUNDING TRUST I, a statutory trust organized under the laws of Delaware (the “Issuer”). 

RECITALS 
 A. The
parties hereto are parties to the Receivables Pooling Agreement (as amended, supplemented or otherwise modified prior to the date hereof, the “Original Receivables Pooling Agreement”). The parties are entering into this
Agreement to amend and restate the Original Receivables Pooling Agreement in its entirety. 
 B. The Depositor is a special
purpose Delaware limited liability company wholly owned by Ditech Financial LLC (“Ditech”). The Issuer is a statutory trust organized under the laws of Delaware. 

C. Ditech acts as the servicer under one or more certain Freddie Mac Servicing Agreements incorporating the Freddie Mac Guide and one
or more certain Fannie Mae Servicing Agreements incorporating the Fannie Mae Guide (each, as it may be amended, supplemented, restated, or otherwise modified from time to time, a “Servicing Agreement” and collectively, the
“Servicing Agreements”), has the obligation to make Advances thereunder, has the right to collect the related Receivables in reimbursement of such Advances made by Ditech and the right to collect Receivables related to
Advances previously made by Ditech (or any predecessor servicer). One or more Servicing Agreements relating to a Facility Eligible Pool will be identified on the Designated Servicing Agreement Schedule (each, a “Designated Servicing
Agreement” and, collectively, the “Designated Servicing Agreements”) and the related Facility Eligible Pools in which Ditech acts as servicer (each, a “Designated Pool” and collectively,
the “Designated Pools”) for inclusion under this Agreement pursuant to an Amended and Restated Receivables Sale Agreement, dated as of even date herewith, among Ditech, the Depositor, and Walter Investment Management Corp.
(as may be amended, restated, supplemented or otherwise modified from time to time, the “Receivables Sale Agreement”), the “Original Receivables Sale Agreement” referenced therein and the Indenture (as defined
below). 
 D. The Issuer and Ditech, as servicer and as Administrator (in such capacity, the
“Administrator”), Wells Fargo Bank, N.A., as Indenture Trustee (the “Indenture Trustee”), as Calculation Agent, as Paying Agent and as Securities Intermediary, and Barclays Bank PLC, as administrative
agent (the “Administrative Agent”), entered into a Second Amended and Restated Indenture (as may be amended, supplemented, restated or otherwise modified from time to time and including any indenture supplement, the
“Indenture”), dated as of even date herewith, pursuant to which the Issuer shall be permitted to issue different Series of notes (the “Notes”) from time to time, on the terms and conditions set forth
in the Indenture.  

 E. Upon its disbursement of an Advance with respect to a Designated Pool pursuant to a
Designated Servicing Agreement, Ditech, as servicer, becomes beneficiary of a contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing Agreement. Pursuant to the Original Receivables Sale
Agreement, Ditech, as receivables seller, has sold, assigned, transferred, conveyed and contributed and, pursuant to the Receivables Sale Agreement, Ditech desires to continue to sell, assign, transfer, convey and contribute to the Depositor all its
contractual rights to be reimbursed for each Advance disbursed by Ditech (or any predecessor servicer to the extent that Ditech acquires the Advances), as servicer, from the date hereof through the Receivables Sale Termination Date in respect of
Designated Pools, under the Designated Servicing Agreements and each Advance previously made by any predecessor servicer before the Closing Date (in any case, which Advance has not been previously reimbursed) (any right to reimbursement in respect
of any such Advance, a “Receivable” and, collectively, the “Receivables”). The Depositor has and, pursuant to the terms and conditions of this Agreement, will continue to, sell and/or contribute,
assign, transfer and convey to the Issuer all Receivables acquired by the Depositor from Ditech, as receivables seller, immediately upon the Depositor’s acquisition of such Receivables pursuant to the Receivables Sale Agreement. 

F. The Notes issued by the Issuer pursuant to the Indenture will be collateralized by the Aggregate Receivables and related property and
certain monies in respect thereof now owned and to be hereafter acquired by the Issuer. 
 G. In consideration of each transfer by the
Depositor to the Issuer of the Transferred Assets on the terms and subject to the conditions set forth in this Agreement, the Issuer has agreed to pay to the Depositor a purchase price equal to the fair market value thereof on the related Sale Date.
To the extent the portion of the purchase price actually paid in cash by the Issuer for the Transferred Assets is less than 100% of the fair market value thereof, the balance of the purchase price shall be paid on each Sale Date by an increase in
the value of the Owner Trust Certificate of the Issuer, 100% of which is held by the Depositor, in an amount equal to the amount by which the Purchase Price of such Receivable exceeds the portion of the cash purchase price actually paid therefor.

 AGREEMENT 
 NOW,
THEREFORE, in consideration of the above premises and of the mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows: 
  

	 	Section 1.	Definitions; Incorporation by Reference. 

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

  
 2 

 Additional Receivables: As defined in Section 2(a). 

Administrative Agent: As defined in the Recitals. 

Administrator: As defined in the Recitals. 
 Aggregate
Receivables: Collectively, all Initial Receivables and all Additional Receivables. 
 Agreement: As defined in the Preamble. 

Assignment of Receivables: Each agreement documenting an assignment by Depositor to the Issuer substantially in the form set forth on Schedule
1. 
 Closing Date: January 16, 2014. 

Depositor: As defined in the Preamble. 

Depositor’s Related Documents: As defined in Section 4(a)(iii). 

Designated Pool: As defined in the Recitals. 

Designated Servicing Agreement and Designated Servicing Agreements: As defined in the Recitals. 

Designation Date: A date on which any Pool becomes a Designated Pool after the Closing Date. 

Ditech: As defined in the Recitals. 
 Excepted
Receivable: Any Receivable arising under any Designated Servicing Agreement (i) that arises after the commencement of the Full Amortization Period and (ii) in respect of which the Issuer, the Depositor, the Indenture Trustee and the
Administrative Agent shall have received a written notice from Ditech, no later than one (1) Business Day after the origination thereof, (A) identifying such Receivable in reasonable detail and (B) certifying that Ditech has concluded
in its reasonable discretion (with reasonable supporting detail therefor) that Ditech will not receive reasonably equivalent value for the transfer of any such identified Receivable because the value of the equity of the Depositor was negative prior
to the contribution of such Receivable after taking into account all of the following, among other relevant factors, (1) borrowings under the subordinated note contemplated by the Receivables Sale Agreement, and (2) any indemnification
payments owing by Ditech to the Depositor under the Receivables Sale Agreement (giving effect to the full value of such indemnification payment obligations as an asset of the Depositor). 

Full Amortization Period: As defined in the Indenture. 

Indenture: As defined in the Recitals. 
 Indenture
Trustee: As defined in the Recitals. 
 Initial Receivables: As defined in Section 2(a). 

  
 3 

 Issuer: As defined in the Preamble. 

Notes: As defined in the Indenture. 
 Original
Receivables Pooling Agreement: As defined in the Recitals. 
 Original Receivables Sale Agreement: As defined in the Recitals. 

Purchase: Each transfer by the Issuer from the Depositor of Transferred Assets. 

Purchase Price: As defined in Section 2(b). 

Receivable and Receivables: As defined in the Recitals. 

Receivables Sale Agreement: As defined in the Recitals. 

Receivables Sale Termination Date: The date, after the conclusion of the Revolving Period, on which all amounts due on all Classes of Notes issued by
the Issuer pursuant to the Indenture, and all other amounts payable to any party pursuant to the Indenture, shall have been paid in full. 
 Removed
Servicing Agreement: As defined in Section 2(c). 
 Sale Date: (i) With respect to the Initial Receivables, the Closing Date and
(ii) with respect to any Additional Receivables, each date after the Closing Date and prior to the Receivables Sale Termination Date on which such Additional Receivable is sold and/or contributed, assigned, transferred and conveyed by the
Depositor to the Issuer pursuant to the terms of this Agreement. 
 Series: As defined in the Indenture. 

Servicing Agreement and Servicing Agreements: As defined in the Recitals. 

Stop Date: As defined in Section 2(c). 

Subsidiary: With respect to any Person (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall
at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint
venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

Transferred Assets: As defined in Section 2(a). 

UCC: As defined in Section 2(a). 

(b) The Designated Servicing Agreement Schedule, as may be amended, supplemented, restated, or otherwise modified from time to time in
accordance with the Transaction Documents, is incorporated by this reference into this Agreement. 

  
 4 

	 	Section 2.	Transfer of Receivables. 

 (a) Transferred Assets. Commencing on the
Closing Date until the date hereof, pursuant to the Original Receivables Pooling Agreement, the Depositor sold, contributed, assigned and conveyed to the Issuer, and the Issuer purchased and acquired from the Depositor without recourse except as
provided in the Original Receivables Pooling Agreement, all of the Depositor’s right, title and interest, whether now owned or hereafter acquired, in, to and under (1) each Receivable in existence on the Closing Date with respect to any
Pool that is subject to any Servicing Agreement that is listed as a “Designated Servicing Agreement” (the “Initial Receivables”), (2) each Receivable (i) in existence on any Business Day after the Closing
Date and prior to the Receivables Sale Termination Date that arises with respect to any Pool that is subject to any Servicing Agreement that is listed as a “Designated Servicing Agreement” and the related Pool is listed as a
“Designated Pool” on the Designated Servicing Agreement Schedule that arose under the Servicing Agreements listed on the Designated Servicing Agreement Schedule as of the Closing Date or (ii) in existence on, or on any date after, the
related Designation Date of a Pool that becomes a Designated Pool after the Closing Date (the “Additional Receivables”), (3) in the case of both Initial Receivables and Additional Receivables, all monies due or to become
due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the Uniform Commercial Code in effect in all applicable jurisdictions (the “UCC”)), together with
all rights of the Depositor to enforce such Initial Receivables and Additional Receivables (collectively, the “Original Transferred Assets”) and (4) the Original Receivables Sale Agreement in respect of such Initial
Receivables and Additional Receivables. Commencing on the date hereof, and until the close of business on the Receivables Sale Termination Date, the Depositor hereby sells, contributes, assigns, transfers and conveys to the Issuer, and the Issuer
purchases and acquires from the Depositor without recourse except as provided herein, all of the Depositor’s right, title and interest, whether now owned or hereafter acquired, in, to and under (x) each Additional Receivable (other than
any Excepted Receivable) in and (y) all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the UCC), together with all rights of the Depositor
to enforce such Additional Receivables (collectively, together with the Original Transferred Assets, the “Transferred Assets”). Until the Receivables Sale Termination Date, the Depositor shall, automatically and without any
further action on its part, sell and/or contribute, assign, transfer and convey to the Issuer, on each Business Day, each Additional Receivable (other than any Excepted Receivable) not previously transferred to the Issuer and the Issuer shall
purchase each such Additional Receivable together with all of the other Transferred Assets related to such Receivable. 
 (b)
Purchase Price. In consideration of the sale and/or contribution, assignment, transfer and conveyance to the Issuer of the Aggregate Receivables and related Transferred Assets, on the terms and subject to the conditions set forth in this
Agreement, the Issuer shall, on each Sale Date, pay and deliver to the Depositor, in immediately available funds on the related Sale Date, or otherwise promptly following such Sale Date if so agreed by the Depositor and the Issuer, a purchase price
(the “Purchase Price”) equal to (i) in the case of one Receivable sold, assigned, transferred and conveyed on such Sale Date, the fair market value of such Receivable on such Sale Date or (ii) in the case more than
one Receivable is sold, assigned, transferred and conveyed on such Sale Date, the aggregate of the fair market values of such Receivables on such Sale Date, payable in cash to the extent of funds available to the Issuer, plus an increase in
the 

  
 5 

 
value of the Owner Trust Certificate of the Issuer, to the extent the Purchase Price exceeds the cash paid. The Issuer shall not have any obligation to pay to the Depositor a cash Purchase Price
in connection with any Delinquency Advance arising in connection with a Credited Advance Funding unless the Depositor (or Ditech, as Servicer) pays to the Issuer or its assigns the Advance Reimbursement Amounts for the Delinquency Advances deemed to
have been reimbursed in connection with such Credited Advance Funding. The Depositor shall contribute any such Delinquency Advances for which there is no Cash Purchase Price paid to the Issuer. 

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

(d) Marking of Books and Records. The Depositor shall, at its own expense, indicate in its books and records (including its computer
records) that the Receivables in respect of a Designated Pool arising under each Designated Servicing Agreement and the related Transferred Assets have been sold and/or contributed, assigned, transferred and conveyed to the Issuer in accordance with
this Agreement. The Depositor shall not alter the indication referenced in this paragraph with respect to any Receivable during the term of this Agreement, (except in accordance with Section 10(b)). If a third party, including a
potential purchaser of a Receivable, should inquire as to the status of the Receivables, the Depositor shall promptly indicate to such third party that the Receivables have been sold and/or contributed, assigned, transferred and conveyed and the
Depositor (except in accordance with Section 10(b)) shall not claim any right, title or interest (including, but not limited to ownership interest) therein. 
  

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

 (a) Acknowledgment
and Consent to Assignment. The Depositor hereby acknowledges that the Issuer has Granted to the Indenture Trustee, on behalf of the Noteholders, the rights (but not the obligations) of the Issuer under this Agreement and the Original Receivables
Pooling Agreement, including, without limitation, the right to enforce the obligations of the Depositor hereunder and thereunder, and the obligations of Ditech under the Receivables Sale Agreement and the Original Receivables Sale Agreement. The
Depositor hereby consents to such Grant by the Issuer to the Indenture Trustee pursuant to the Indenture. 

  
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The Depositor acknowledges that the Indenture Trustee (on behalf of itself and the Secured Parties) shall be a third party beneficiary in respect of the representations, warranties, covenants,
rights, indemnities and other benefits arising hereunder that are so Granted by the Issuer. Moreover, the Depositor hereby authorizes and appoints as its attorney-in-fact the Issuer and the Indenture Trustee, as the Issuer’s assignee, on behalf
of the Issuer, to execute and deliver such documents or certificates as may be necessary in order to enforce its rights under this Agreement and/or the Original Receivables Sale Agreement and its rights to collect the Aggregate Receivables. 

 

	 	Section 4.	Representations, Warranties and Certain Covenants of Depositor. 

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

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

(ii) Due Qualification. The Depositor is and will continue to be duly qualified to do business as a limited liability
company in good standing, and has obtained and will keep in full force and effect all necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such
qualifications, licenses, permits or approvals and as to which the failure to obtain or to keep in full force and effect such licenses, permits or approvals would have an Adverse Effect. 

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

  
 7 

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

(iv) Valid Transfer. The Original Receivables Pooling Agreement evidenced a valid sale transfer, assignment and
conveyance of the Original Transferred Assets as of the applicable Sale Date to the Issuer, which is enforceable against creditors of and purchasers from the Depositor except as such enforceability may be limited by bankruptcy, insolvency or similar
laws by equitable principles. From and after the date hereof, this Agreement shall evidence a valid sale and/or contribution, transfer, assignment and conveyance of the applicable Additional Receivables as of the applicable Sale Date to the Issuer,
which is enforceable against creditors of and purchasers from the Depositor, except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 

(v) Binding Obligation. This Agreement and each of the other Transaction Documents to which the Depositor is a party has
been, or when delivered will have been, duly executed and delivered and constitutes the legal, valid and binding obligation of the Depositor, enforceable against the Depositor, in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency or similar laws and by equitable principles. 
 (vi) Good Title. Immediately prior
to each Purchase of Receivables hereunder, the Depositor is the legal and beneficial owner of each such Receivable and the related Transferred Assets with respect thereto, free and clear of any Adverse Claims other than Permitted Liens; and
immediately upon the transfer and assignment thereof, the Issuer and its assignees will have good and marketable title to, with the right to sell and encumber, each Receivable, whether now existing or hereafter arising, together with the related
Transferred Assets with respect thereto, free and clear of any Adverse Claims other than Permitted Liens. 
 (vii)
Perfection. 
 (A) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC)
in the Aggregate Receivables and the related Transferred Assets with respect thereto in favor of the Issuer, which security interest is prior to all other Adverse Claims (other than Permitted Liens of the type described in clause (ii) of
the definition thereof), and is enforceable as such against creditors of and purchasers from the Depositor; 
 (B) The
Depositor has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under the UCC in order to perfect the security interest in the Aggregate Receivables and the related Transferred
Assets granted to the Issuer hereunder; and 

  
 8 

 (C) The Depositor has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Aggregate Receivables and the related Transferred Assets, other than under this Agreement, except pursuant to any agreement that has been terminated or lien arrangement that has otherwise been released on or
prior to the sale of the related Receivables hereunder, and any rights in the Receivables that were pledged, assigned, sold, granted or otherwise conveyed pursuant to such agreement or arrangement have been released on or prior to the sale of the
related Receivables hereunder, and such Receivables that were subject to such agreement or arrangement are being sold by the Depositor to the Issuer free and clear of any Adverse Claim (other than any Permitted Lien). The Depositor has not
authorized the filing of and is not aware of any financing statement filed against the Depositor covering the Aggregate Receivables and the related Transferred Assets other than those filed in connection with this Agreement and the other Transaction
Documents, and those that have been terminated prior to the date hereof. The Depositor is not aware of any judgment or tax lien filings against the Depositor. 

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

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

  
 9 

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

(xi) Solvency. The Depositor, both prior to and after giving effect to each sale and/or contribution of Receivables with
respect to the Designated Servicing Agreements on each Sale Date, (1) is not, and will not be, “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy Code), (2) is, and will be, able to pay its debts as they
become due, and (3) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. 

(xii) No Fraudulent Conveyance. The Depositor is selling and/or contributing the Aggregate Receivables to the Issuer in
furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its creditors. 
 (xiii)
Information. No document, certificate or report furnished by the Depositor in writing pursuant to this Agreement, any other Transaction Document or in connection with the transactions contemplated hereby or thereby, taken together, contains
or will contain when furnished any untrue statement of a material fact. 
 (xiv) Fair Consideration. The aggregate
consideration received by the Depositor pursuant to this Agreement is fair consideration having reasonably equivalent value to the value of the Aggregate Receivables and the performance of the Depositor’s obligations hereunder. 

(xv) Name. The legal name of the Depositor is as set forth in this Agreement and the Depositor does not have any trade
names, fictitious names, assumed names or “doing business” names except those identified in accordance with the terms hereof. 

(xvi) No Subsidiaries. The Depositor has no Subsidiaries other than the Issuer. 

(xvii) Special Purpose Entity. The Depositor is operated as an entity separate from Ditech. In addition, the Depositor:

 (A) maintains and will continue to maintain its assets separate and distinct from those of Ditech and any Affiliates of
Ditech in a manner which facilitates their identification and segregation from those of Ditech; 
 (B) conducts and will
continue to conduct all intercompany transactions with Ditech or any Affiliate of Ditech on an arm’s-length basis; 

(C) has not guaranteed and will not guarantee any obligation of Ditech or any of Ditech’s Affiliates, nor has it had or
will it have any of its obligations guaranteed by any such entities and has not held and will not hold itself out as responsible for debts of any such entity or for the decisions or actions with respect to the business affairs of any such entity;

  
 10 

 (D) has not permitted and will not permit the commingling or pooling of its funds
or other assets with the assets of Ditech or any Affiliate of Ditech (other than in respect of items of payment and funds which may be commingled until deposit into the Trust Accounts); 

(E) has and will continue to have separate deposit and other bank accounts to which neither Ditech nor any of its Affiliates
has any access and does not at any time pool any of its funds with those of Ditech or any of its Affiliates; 
 (F) maintains
and will continue to maintain financial records which are separate from those of Ditech or any of its Affiliates; 
 (G)
compensates and will continue to compensate all employees, consultants and agents, if any, or reimburses Ditech from its own funds, for services provided to it by such employees, consultants and agents, and, to the extent any employee, consultant or
agent of it is also an employee, consultant or agent of Ditech allocate the compensation of such employee, consultant or agent between it and Ditech as agreed to between them on an arm’s length basis; 

(H) conducts and will continue to conduct all of its business (whether in writing or orally) solely in its own name and on its
own stationery and pays and will continue to pay its own expenses, makes and will make all communications to third parties (including all invoices (if any), letters, checks and other instruments) solely in its own name (and not as a division of any
other Person), and requires and will require that its employees, if any, when conducting its business identify themselves as such (including, without limitation, by means of providing appropriate employees with business or identification cards
identifying such employees as its employees); 
 (I) adheres and will continue to adhere and comply with its organizational
documents and maintains and will maintain company records and books of account separate and distinct from Ditech’s corporate records and the records of any Affiliate of Ditech; 

(J) does not and will not permit Ditech or any Affiliate of Ditech, to be involved in its daily management; provided,
however, that officers of Ditech or any such Affiliate shall not be prohibited from serving as officers of it; 
 (K)
does not and will not act as agent for Ditech or any Affiliate of Ditech and agrees that it will not authorize Ditech or any Affiliate of Ditech to act as its agent; 

(L) pays and will continue to pay its own incidental administrative costs and expenses from its own funds, allocates and will
continue to allocate all other shared overhead expenses (including, without limitation, telephone and other utility charges, the services of shared employees, consultants and agents, and reasonable legal and auditing expenses), and other items of
cost and expense shared between it and Ditech, as agreed to between them on an arm’s length basis; and 
 (M) takes and
shall continue to take such actions as are necessary on its part to ensure that all procedures required by its organizational documents are duly and validly taken. 

  
 11 

 (b) Survival. It is understood and agreed that the representations and warranties of the
Depositor set forth in Section 4(a) shall continue throughout the term of this Agreement. 
 (c) It is understood and agreed
that the (1) representations and warranties made by Ditech pursuant to Section 4(b) of the Receivables Sale Agreement, and the representations and warranties made by the Depositor pursuant to this Agreement, on which the Issuer is relying
in accepting the Receivables and executing this Agreement and on which the Noteholders are relying in purchasing the Notes, and (2) the rights and remedies of the Depositor and its assignees under the Receivables Sale Agreement against Ditech,
and the rights and remedies of the Issuer and its assignees under this Agreement against the Depositor, inure to the benefit of the Issuer and the Indenture Trustee for the benefit of the Noteholders, as the assignees of the Depositor’s rights
under the Receivables Sale Agreement and the Issuer’s rights hereunder. Such representations and warranties, and the rights and remedies for the breach thereof, shall survive the sale and/or contribution, assignment, transfer and conveyance of
any Receivables from the Depositor to the Issuer and its assignees and the pledge thereof by the Issuer to the Indenture Trustee for the benefit of the Noteholders and shall be fully exercisable by the Indenture Trustee for the benefit of the
Noteholders. 
  

	 	Section 5.	Remedies Upon Breach 

 The Depositor shall inform the Indenture Trustee, the
Administrator and the Administrative Agent promptly, in writing, upon the discovery of any breach of the Depositor’s representations, warranties or covenants hereunder, or Ditech’s representations, warranties or covenants under the
Receivables Sale Agreement. In the case of breach of any representation or warranty set forth in Section 4(a) by the Depositor with respect to any Receivable on the Sale Date therefor, unless such breach shall have been cured or waived within
thirty (30) days after the earlier to occur of the discovery of breach or the Depositor’s receipt of written notice of such breach by the Depositor from the Administrative Agent, Ditech, the Issuer or the Indenture Trustee, such that, in
the case of a representation and warranty, such representation and warranty shall be true and correct in all material respects as if made on such day, and the Depositor shall have delivered to the Indenture Trustee an officer’s certificate
describing the nature of such breach and the manner in which the relevant representation and warranty became true and correct or the breach was otherwise cured, the Depositor shall either repurchase the affected Receivables or indemnify the Issuer
and its assignees (including the Issuer, the Indenture Trustee and each of their respective assignees) against and hold the Issuer and its assignees (including the Issuer, the Indenture Trustee and each of their respective assignees) harmless from
any cost, liability and expense, including, without limitation, reasonable attorneys’ fees and expenses, whether incurred in enforcement proceedings between the parties or otherwise, incurred as a result of, or arising from, such breach (each
such repurchase or indemnification amount to be paid hereunder, an “Indemnity Payment”), the amount of which shall equal the Receivable Balance of any affected 

  
 12 

 
Receivable. This Section 5 sets forth the exclusive remedy for a breach of representation, warranty or covenant pertaining to a Receivable. Notwithstanding the foregoing, the breach
of any representation, warranty or covenant by the Depositor set forth in Section 4(a) shall not be waived by the Issuer under any circumstances without the consent of the Administrative Agent, which in any case will not consent to waive such
representation, warranty or covenant without the consent of the Majority Noteholders of all Outstanding Notes. 
  

	 	Section 6.	Termination. 

 This Agreement (a) may not be terminated prior to the
termination of the Indenture and (b) may be terminated at any time thereafter by either party upon written notice to the other party. 
  

	 	Section 7.	General Covenants of Depositor. 

 The Depositor covenants and agrees that from the
date of this Agreement until the termination of the Indenture: 
 (a) Bankruptcy. The Depositor agrees that it shall comply with
Section 12(l). The Depositor has not engaged in and does not expect to engage in a business for which its remaining property represents an unreasonably small capitalization. The Depositor will not transfer any of the Aggregate
Receivables with an intent to hinder, delay or defraud any Person. 
 (b) Legal Existence. The Depositor shall do or cause to be done
all things necessary on its part to preserve and keep in full force and effect its existence in the jurisdiction of its formation, and to maintain each of its licenses, approvals, registrations and qualifications in all jurisdictions in which its
ownership or lease of property or the conduct of its business requires such licenses, approvals, registrations or qualifications, except for failures which, individually or in the aggregate, would not reasonably be expected to have a material
adverse effect on the financial conditions, operations or the ability of the Depositor or the Issuer to perform its obligations hereunder or under any of the other Transaction Documents. 

(c) Compliance With Laws. The Depositor shall comply with all laws, rules, regulations and orders of any governmental authority
applicable to its operation, the noncompliance with which would reasonably be expected to have a material adverse effect on the financial condition, operations or the ability of Ditech, as receivables seller and servicer, the Depositor or the Issuer
to perform their obligations hereunder or under any of the other Transaction Documents. 
 (d) Taxes. The Depositor shall pay and
discharge all taxes, assessments and governmental charges or levies imposed upon the Depositor or upon its income and profits, or upon any of its property or any part thereof, before the same shall become in default; provided that the
Depositor shall not be required to pay and discharge any such tax, assessment, charge or levy so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings, or so long as the failure to pay any such tax,
assessment, charge or levy would not have a material adverse effect on the ability of the Depositor to perform its obligations hereunder. The Depositor shall have set aside on its books adequate reserves with respect to any such tax, assessment,
charge or levy so contested. 

  
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 (e) Keeping of Records and Books of Account. The Depositor shall maintain accurate,
complete and correct documents, books, records and other information which is reasonably necessary for the collection of all Aggregate Receivables (including, without limitation, records adequate to permit the prompt identification of each new
Receivable and all collections of, and adjustments to, each existing Receivable). 
 (f) Ownership. The Depositor will take all
necessary action to establish and maintain, irrevocably in the Issuer, legal and equitable title to the Aggregate Receivables and the related Transferred Assets, free and clear of any Adverse Claim (including, without limitation, the filing of all
financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) in all appropriate jurisdictions to perfect the Issuer’s interest in such Aggregate Receivables and related Transferred Assets and
such other action to perfect, protect or more fully evidence the interest of the Issuer or the Indenture Trustee (as the Depositor’s assignee) may reasonably request). 

(g) Reliance on Separateness. The Depositor acknowledges that the Indenture Trustee and the Noteholders are entering into the
transactions contemplated by the Transaction Documents in reliance upon the Depositor’s and Issuer’s identity as a legal entity that is separate from Ditech. Therefore, from and after the date of execution and delivery of this Agreement,
the Depositor will take all reasonable steps to maintain each of the Depositor’s and Issuer’s identity as a separate legal entity and to make it manifest to third parties that each of the Depositor and the Issuer is an entity with assets
and liabilities distinct from those of Ditech. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, the Depositor (i) will not hold itself out to third parties as liable for the debts of the
Issuer nor purport to own the Aggregate Receivables and other related Transferred Assets, (ii) will take all other actions necessary on its part to ensure that the facts and assumptions regarding it set forth in the opinion issued by Sidley
Austin LLP, dated as of the Closing Date, relating to substantive consolidation issues remain true and correct at all times. 
 (h) Name
Change, Offices and Records. In the event the Depositor makes any change to its name (within the meaning of Section 9-507(c) of any applicable enactment of the UCC), type or jurisdiction of organization or location of its books and records
the Depositor shall notify the Issuer and the Indenture Trustee thereof and (except with respect to a change of location of books and records) shall deliver to the Indenture Trustee not later than thirty (30) days after the effectiveness of
such change (i) such financing statements (Forms UCC1 and UCC3) which the Indenture Trustee (acting at the direction of the Administrative Agent) may reasonably request to reflect such name change, or change in type or jurisdiction of
organization, (ii) if the Indenture Trustee shall so request, an opinion of outside counsel to the Depositor, in form and substance reasonably satisfactory to the Indenture Trustee, as to the perfection and priority of the Issuer’s
security interest in the Aggregate Receivables in such event, (iii) such other documents and instruments that the Indenture Trustee on behalf of the Noteholders (acting at the direction of the Administrative Agent) may reasonably request in
connection therewith and shall take all other steps to ensure that the Issuer continues to have a first priority, perfected security interest in the Aggregate Receivables and the related Transferred Assets. 

(i) Location of Jurisdiction of Organization and Records. In the case of a change in the jurisdiction of organization of the Depositor,
or in the case of a change in the “location” of 

  
 14 

 
the Depositor for purposes of Section 9-307 of the UCC, the Depositor must take all actions necessary or reasonably requested by the Issuer, the Administrative Agent or the Indenture Trustee
to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested by the Issuer, the Administrative Agent or the Indenture Trustee to further perfect or
evidence the rights, claims or security interests of any of the Issuer or any assignee or beneficiary of the Issuer’s rights under this Agreement, including the Indenture Trustee on behalf of the Noteholders under any of the Transaction
Documents. 
  

	 	Section 8.	Grant Clause. 

 It is the intention of the parties hereto that each transfer and
assignment contemplated by this Agreement and the Original Receivables Pooling Agreement shall constitute an absolute sale or contribution, as applicable, of the related Receivables from the Depositor to the Issuer and that the Aggregate Receivables
shall not be part of Depositor’s estate or otherwise be considered property of the Depositor in the event of the bankruptcy, receivership, insolvency, liquidation, conservatorship or similar proceeding relating to the Depositor or any of its
Property. However, if such conveyance is deemed to be in respect of a loan, it is intended that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement. Accordingly, the Depositor hereby grants to the
Issuer a first priority security interest in all of the Depositor’s right, title and interest in, to and under, whether now owned or hereafter acquired, the Aggregate Receivables and the other Transferred Assets to secure payment of a debt
equal to the purchase price for such Aggregate Receivables and other Transferred Assets. This Agreement shall constitute a security agreement under applicable law. The Depositor will, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Aggregate Receivables and the other Transferred Assets to secure payment or performance of an obligation, such security
interest would be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. The Depositor has made all such initial filings. 

The Depositor hereby authorizes the Issuer and its assignees, successors and designees to file one or more UCC financing statements, financing
statement amendments and continuation statements to perfect the security interest described herein. 
  

	 	Section 9.	Grant by Issuer. 

 The Issuer shall have the right, upon notice to but without the
consent of the Depositor, to Grant, in whole or in part, its interest under this Agreement with respect to the Receivables to the Indenture Trustee and the Indenture Trustee then shall succeed to all rights of the Issuer under this Agreement and the
Original Receivables Pooling Agreement. All references to the Issuer in this Agreement shall be deemed to include its assignee or designee, specifically including the Issuer and the Indenture Trustee. 

  
 15 

	 	Section 10.	Protection of Indenture Trustee’s Security Interest in Trust Estate. 

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

(b) The Depositor will maintain its computer records so that, from and after the Grant of the security interest under the Indenture, the
Depositor’s master computer records (including any back-up archives) that refer to any Receivables indicate that the Receivables are owned by the Issuer and pledged to the Indenture Trustee on behalf of the Noteholders. Indication of the
Indenture Trustee’s interest in a Receivable shall be deleted from or modified on the Depositor’s records when, and only when, the Receivable has been paid in full or released from the lien of the Indenture pursuant to the Indenture. 

 

	 	Section 11.	Limited Recourse. 

 No recourse may be taken, directly or indirectly, with respect
to the obligations of the Issuer under this Agreement or any certificate or other writing delivered in connection herewith or therewith, against (a) any owner of a beneficial interest in the Issuer or (b) any holder of a beneficial
interest in the Issuer in its individual capacity, except as any such Person may have expressly agreed. Notwithstanding any other terms of this Agreement, the Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under
the Notes, the Indenture, this Agreement and each other Transaction Document to which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application
of the proceeds thereof in accordance with the terms of the Indenture, none of the Noteholders, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums due but
still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes, the Indenture or this Agreement or for
any action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Notes or this Agreement. It is understood
that the foregoing provisions of this Section 11 shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate or (ii) save as
specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture. It is further understood that the foregoing provisions of this Section 11
shall not, subject to Section 12(l) hereof, limit the right of any Person, to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Notes or this Agreement, so long as no judgment in the nature
of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. 

  
 16 

	 	Section 12.	Miscellaneous. 

 (a) Amendment. Except as permitted expressly by the
Indenture or as otherwise set forth herein, as applicable, this Agreement may not be amended except by an instrument in writing, signed by the Depositor and the Issuer, with the written consent of the Administrative Agent and supported by the
delivery of an Issuer Tax Opinion. In addition, so long as the Notes are outstanding, this Agreement may not be amended without, collectively (x) (i) the consent of the Majority Noteholders of all Outstanding Notes that are not Variable
Funding Notes and (ii) the consent of the Series Required Noteholders for each Series of Variable Funding Notes, or (y) (i) the amendment is for a purpose for which the Indenture could be amended without any Noteholder consent
pursuant to Section 12.1 thereof and (ii) the Depositor shall have delivered to the Indenture Trustee an officer’s certificate to the effect that the Depositor reasonably believes that such amendment could not have a material Adverse
Effect on any Outstanding Notes and is not reasonably expected to have a material Adverse Effect at any time in the future. Any such amendment requested by the Depositor shall be at its own expense. Amendments shall require notice to Note Rating
Agencies as described in Section 11(a) of the Receivables Sale Agreement. 
 (b) Binding Nature; Assignment. The covenants,
agreements, rights and obligations contained in this Agreement shall be binding upon the successors and assigns of the Depositor and shall inure to the benefit of the successors and assigns of the Issuer, and all persons claiming by, through or
under the Issuer. 
 (c) Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto
with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.
The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

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

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

  
 17 

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

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

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

(j) Headings Not to Affect Interpretation. The headings contained in this Agreement are for convenience of reference only, and they
shall not be used in the interpretation hereof. 
 (k) Benefits of Agreement. Nothing in this Agreement, express or implied, shall
give to any Person, other than the parties to this Agreement and their successors hereunder, any benefit of any legal or equitable right, power, remedy or claim under this Agreement. 

(l) No Petition. The Depositor, by entering into this Agreement, agrees that it will not at any time prior to the date which is one
year and one day, or, if longer, the applicable preference period then in effect, after the payment in full of all of the Notes, institute against the Issuer, or join in any institution against the Issuer of, Insolvency Proceedings or other similar
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes or this Agreement, or cause the Issuer to commence any reorganization, bankruptcy
proceedings, or Insolvency Proceedings under any applicable state or federal law, including without limitation any readjustment of debt, or marshaling of assets or liabilities or similar proceedings. This Section 12(l) shall survive
termination of this Agreement. 
 (m) Owner Trustee Limitation of Liability. It is expressly understood and agreed by the parties
hereto that (a) this Agreement is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust, National
Association but is made and intended for the purpose of binding 

  
 18 

 
only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust,
National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this
Agreement or the other Transaction Documents. 
 (n) Amendment and Restatement of Original Receivables Pooling Agreement. This
Agreement amends and restates the Original Receivables Pooling Agreement in its entirety but shall not be deemed to constitute a novation thereof. 

[Signature Pages Follow] 

  
 19 

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

			
	GREEN TREE ADVANCE RECEIVABLES III LLC, as Depositor
		
	By:	 	 /s/ Cheryl A. Collins

	Name:	 	Cheryl A. Collins
	Title:	 	Senior Vice President and Treasurer

 [Signatures continue] 

  
 [Green Tree Agency
Advance Funding Trust I - Signature Page to 
 Amended and Restated Receivables Pooling Agreement] 

 
			
	 GREEN TREE AGENCY ADVANCE FUNDING TRUST I, as Issuer

 
 By: Wilmington Trust, National Association not in its individual capacity but solely as
Owner Trustee

		
	By:	 	 /s/ Dorri Costello

	Name:	 	 Dorri Costello

	Title:	 	 Vice President

 [Signatures continue] 

  
 [Green Tree Agency
Advance Funding Trust I - Signature Page to 
 Amended and Restated Receivables Pooling Agreement] 

 Consented to as of the date first written above: 

 

			
	BARCLAYS BANK PLC, as Administrative Agent and as the sole Noteholder
		
	By:	 	 /s/ Trevor D. Moffitt

	Name:	 	 Trevor D. Moffitt

	Title:	 	 Director

  
 [Green Tree Agency
Advance Funding Trust I - Signature Page to 
 Amended and Restated Receivables Pooling Agreement] 

 Schedule 1 

ASSIGNMENT OF RECEIVABLES 

Dated as of                  , 20     

This Assignment of Receivables (this “Assignment”) is a schedule to and is hereby incorporated by this
reference into an Amended and Restated Receivables Pooling Agreement (the “Agreement”), dated as of October 21, 2015, by and between Green Tree Advance Receivables III LLC, a Delaware limited liability company (the
“Depositor”), and Green Tree Agency Advance Funding Trust I, a statutory trust formed under the laws of the State of Delaware (the “Issuer”). All capitalized terms used herein shall have the meanings
set forth in, or referred to in, the Agreement. 
 By its signature to this Assignment, the Depositor hereby sells and/or
contributes, assigns, transfers and conveys to the Issuer and its assignees, without recourse, but subject to the terms of the Agreement, all of the Depositor’s right, title and interest in, to and under its rights to reimbursement for
Receivables arising under each Designated Servicing Agreement listed on Attachment A attached hereto, existing on the date of this Assignment and Receivables arising under each Designated Servicing Agreement listed on Attachment
A, on or before the related Receivables Sale Termination Date, the other Transferred Assets related to such Receivables described in Section 2(a) of the Agreement, pursuant to the terms of the Agreement, and the Issuer hereby accepts
such sale and/or contribution, assignment, transfer and conveyance and agrees to transfer to the Depositor the consideration set forth in the Agreement. 

[Signature page follows] 

 
			
	GREEN TREE ADVANCE RECEIVABLES III LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

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

	Title:	 	  

  
 [Green Tree Agency
Advance Funding Trust I - Signature Page to Schedule 1 to 
 Amended and Restated Receivables Pooling Agreement - Assignment of
Receivables] 

 Attachment A to Schedule 1 

DESIGNATED SERVICING AGREEMENTS AND DESIGNATED POOLS RELATED TO AGGREGATE RECEIVABLES 

  
 Attachment A to Schedule
1-1

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