Document:

NRZ-2015.6-30-Exhibit 4.9

Exhibit 4.9

HLSS SERVICER ADVANCE RECEIVABLES TRUST 
as Issuer
and
DEUTSCHE BANK NATIONAL TRUST COMPANY 
as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary
and
HLSS HOLDINGS, LLC, 
as Administrator and as Servicer (on and after the MSR Transfer Date)
and
OCWEN LOAN SERVICING, LLC, 
as a Subservicer and as Servicer (prior to the MSR Transfer Date)
and
BARCLAYS BANK PLC, 
as Administrative Agent

__________

SERIES 2012-T2
AMENDED AND RESTATED INDENTURE SUPPLEMENT
Dated as of August 8, 2013
to
FOURTH AMENDED AND RESTATED INDENTURE
Dated as of August 8, 2013
__________
HLSS SERVICER ADVANCE RECEIVABLES TRUST
ADVANCE RECEIVABLES BACKED NOTES, 
SERIES 2012-T2

TABLE OF CONTENTS
PAGE
Section 1.Creation of Series 2012-T2 Notes.    2
Section 2.Defined Terms.    2
Section 3.Forms of Series 2012-T2 Notes.    14
Section 4.Collateral Value Exclusions.    14
Section 5.General Reserve Account.    15
Section 6.Payments; Note Balance Increases; Early Maturity.    15
Section 7.Optional Redemption and Refinancing.    16
Section 8.[RESERVED].    16
Section 9.Series Reports.    16
Section 10.Conditions Precedent Satisfied.    18
Section 11.Representations and Warranties.    18
Section 12.Amendments.    18
Section 13.Counterparts.    19
Section 14.Entire Agreement.    19
Section 15.Limited Recourse.    19
Section 16.Owner Trustee Limitation of Liability.    20

2

THIS SERIES 2012-T2  AMENDED AND RESTATED INDENTURE SUPPLEMENT (this “Indenture Supplement”), dated as of August 8, 2013 is made by and among HLSS SERVICER ADVANCE RECEIVABLES TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association, as trustee (the “Indenture Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities Intermediary”), HLSS HOLDINGS, LLC, a Delaware limited liability company (“HLSS”), as Administrator on behalf of the Issuer, as owner of the economics associated with the servicing under the Designated Servicing Agreements, and, from and after the MSR Transfer Date (as defined below), as Servicer under the Designated Servicing Agreements, OCWEN LOAN SERVICING, LLC (“OLS”), as a Subservicer, and as Servicer prior to the MSR Transfer Date, and BARCLAYS BANK PLC (”Barclays”), a public limited company formed under the laws of England and Wales, as Administrative Agent (as defined below).  This Indenture Supplement relates to and is executed pursuant to that certain Base Indenture (as defined below) all the provisions of which are incorporated herein as modified hereby and shall be a part of this Indenture Supplement as if set forth herein in full (the Base Indenture as so supplemented by this Indenture Supplement being referred to as the “Indenture”).
Capitalized terms used and not otherwise defined herein shall have the respective meanings given them in the Base Indenture.
PRELIMINARY STATEMENT
The Issuer authorized the issuance of a Series of Notes, the Series 2012-T2 Notes (the “Series 2012-T2 Notes”).  The parties entered into the Series 2012-T2 Indenture Supplement, dated as of October 17, 2012 (the “Existing Indenture Supplement”) to document the terms of the issuance of the Series 2012-T2 Notes, which provides for the issuance of Notes in multiple series from time to time.  The Series 2012-T2 Notes were issued in eight (8) Classes of Term Notes (Class A-1-T2, Class A-2-T2, Class B-1-T2, Class B-2-T2, Class C-1-T2, Class C-2-T2, Class D-1-T2 and Class D-2-T2), with the Initial Note Balances, Stated Maturity Dates, Revolving Period, Note Interest Rates, Expected Repayment Dates and other terms as specified in the Existing Indenture Supplement, known as the Advance Receivables Backed Notes, Series 2012-T2, and secured by the Trust Estate Granted to the Indenture Trustee pursuant to the Base Indenture.  The Indenture Trustee holds the Trust Estate as collateral security for the benefit of the Holders of the Series 2012-T2 Notes and all other Series of Notes issued under the Indenture as described therein. 
The parties are amending and restating the Existing Indenture Supplement so that, among other things, it relates to the Fourth Amended and Restated Indenture (as amended, supplemented, restated or otherwise modified from time to time, the “Base Indenture”), dated as of August 8, 2013, among the Issuer, the Servicer, the Administrator, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, Barclays Bank PLC (“Barclays”), Credit Suisse AG, New York Bank (“Credit Suisse”) and Wells Fargo Securities, LLC (“Wells Fargo”), which is being entered into concurrently with this Indenture Supplement.
This Indenture Supplement shall become effective upon the latest to occur of the following (the “Effective Date”):

(i)     the execution and delivery of this Indenture Supplement by all parties hereto;
(ii)    an Issuer Tax Opinion; 
(iii)    the delivery of an Opinion of Counsel stating that the execution of this Indenture Supplement is authorized or permitted by the Existing Indenture Supplement and that all conditions precedent thereto have been satisfied; 
(iv)     an Officer’s Certificate to the effect that the Issuer reasonably believes this Indenture Supplement will not have a Material Adverse Effect on any Outstanding Notes and is not reasonably expected to have an Adverse Effect at any time in the future; and 
(v)     each Note Rating Agency currently rating the Outstanding Notes confirms in writing to the Indenture Trustee that this Indenture Supplement will not cause a Ratings Effect on any Outstanding Notes.
 In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Base Indenture, the terms and provisions of this Indenture Supplement shall govern to the extent of such conflict.
		
	Section 1.
	Creation of Series 2012-T2 Notes.

There are hereby created, effective as of the Issue Date, the Series 2012-T2 Notes, to be issued pursuant to the Base Indenture and this Indenture Supplement, to be known as “HLSS Servicer Advance Receivables Trust 2012-T2 Advance Receivables Backed Notes, Series 2012-T2 Notes.”  The Series 2012-T2 Notes shall not be subordinated to any other Series of Notes.  The Series 2012-T2 Notes are issued in eight Classes of Term Notes.  The proceeds from the sale of the Series 2012-T2 Notes shall be used to redeem in full those certain HLSS Servicer Advance Receivables Trust 2012-T1 Advance Receivables Backed Notes, Series 2012-T1 Notes  issued pursuant to that certain Indenture Supplement, dated as of September 13, 2012, among the Issuer, the Servicer, the Administrator and the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary and the Administrative Agent and to reduce the outstanding amounts drawn on the Series 2012-VF1 Notes, issued pursuant to that certain Indenture Supplement, dated as of September 13, 2012, among the Issuer, the Servicer, the Administrator and the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary and the Administrative Agent.
		
	Section 2.
	Defined Terms.

With respect to the Series 2012-T2 Notes and in addition to or in replacement for the definitions set forth in Section 1.1 of the Base Indenture, the following definitions shall be assigned to the defined terms set forth below:
“Administrative Agent” means, for so long as the Series 2012-T2 Notes have not been paid in full: (i) with respect to the provisions of this Indenture Supplement, Barclays Bank PLC, or an Affiliate or successor thereto; and (ii) with respect to the provisions of the Base Indenture, and notwithstanding the terms and provisions of any other Indenture Supplement, together, Barclays Bank PLC, Wells Fargo Securities, LLC and such other parties as set forth in any other Indenture Supplement, or a respective Affiliate or any respective successor thereto. For the avoidance of doubt, reference to “it” or “its” with respect to the Administrative Agent in the Base Indenture shall mean “them” and “their,” and reference to the singular therein in relation to the Administrative Agent shall be construed as if plural.
“Advance Rates”:  On any date of determination with respect to each Receivable related to any Class of Series 2012-T2 Notes, the percentage amount based on the Advance Type of such Receivable, as set forth below; provided, that in the event the Servicer’s (prior to the MSR Transfer Date) or the related Subservicer’s (on and after the MSR Transfer Date) sub-prime servicer rating is reduced below “Average,” the Advance Rates applicable to the Receivables related to such Class of Notes shall be equal to the Advance Rates prior to such ratings reduction minus 5.00%; and provided, that the Advance Rates applicable to the Receivables related to any Class of Notes shall each be reduced by the Advance Rate Reduction Factor for such Class of Notes when the related Weighted Average Foreclosure Timeline exceeds fifteen (15) months; and provided, further, that the Advance Rate for any Receivable related to any Class of Notes shall be zero if such Receivable is not a Facility Eligible Receivable.
	
					
	Advance Type / Class of Notes
	Class A-T2 Term Notes
	Class B-T2 Term Notes
	Class C-T2 Term Notes
	Class D-T-2 Term Notes

	P&I Advances (other than Servicing Fee Advances) in Non-Judicial States
	90.50%
	92.00%
	93.50%
	94.25%

	P&I  Advances (other than Servicing Fee Advances) in Judicial States
	80.25%
	86.75%
	89.50%
	92.25%

	Servicing Fee Advances in Non-Judicial States
	80.25%
	86.00%
	88.75%
	91.50%

	Servicing Fee Advances in Judicial States
	45.25%
	64.75%
	74.50%
	84.00%

	Escrow Advances in Non-Judicial States
	89.50%
	91.00%
	92.50%
	93.25%

	Escrow Advances in Judicial States
	69.50%
	79.50%
	84.00%
	88.50%

	Corporate Advances in Non-Judicial States
	85.75%
	88.75%
	91.00%
	93.00%

	Corporate Advances in Judicial States
	74.25%
	81.50%
	85.75%
	89.50%

“Advance Rate Reduction Factor” means, for any Class of Series 2012-T2 Notes, the product of (i) the quotient of the Note Interest Rate for such Class divided by 12, and (ii) the number of months by which the Weighted Average Foreclosure Timeline exceeds fifteen (15) months.
“Advance Ratio” means, as of any date of determination with respect to any Designated Servicing Agreement, the ratio (expressed as a percentage), calculated as of the last day of the calendar month immediately preceding the calendar month in which such date occurs, of (i) the related PSA Stressed Non-Recoverable Advance Amount on such date over (ii) the aggregate monthly scheduled principal and interest payments for the calendar month immediately preceding the calendar month in which such date occurs with respect to all non-delinquent Mortgage Loans serviced under such Designated Servicing Agreement.
“Applicable Rating” means the rating assigned to each Class of the Series 2012-T2 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:
Class A-1-T2 Term Notes:  AAA(sf);
Class A-2-T2 Term Notes:  AAA(sf);
Class B-1-T2 Term Notes:  AA(sf);
Class B-2-T2 Term Notes:  AA(sf);
Class C-1-T2 Term Notes:  A(sf);
Class C-2-T2 Term Notes:  A(sf);
Class D-1-T2 Term Notes:  BBB(sf); and
Class D-2-T2 Term Notes:  BBB(sf).
“Base Indenture” has the meaning assigned to such term in the Preamble.
“Class A-1-T2 Term Notes” means, the Term Notes, Class A-1-T2, issued hereunder by the Issuer having an Initial Note Balance of $215,067,000, or any Term Notes issued in replacement thereof pursuant to Section 7 of this Indenture Supplement.
“Class A-2-T2 Term Notes” means, the Term Notes, Class A-2-T2, issued hereunder by the Issuer having an Initial Note Balance of $387,121,000.
“Class A-T2 Term Notes” means, either or both of the Class A-1-T2 Term Notes or Class A-2-T2 Term Notes, as applicable.
“Class B-1-T2 Term Notes” means, the Term Notes, Class B-1-T2, issued hereunder by the Issuer having an Initial Note Balance of $17,807,000, or any Term Notes issued in replacement thereof pursuant to Section 7 of this Indenture Supplement.
“Class B-2-T2 Term Notes” means, the Term Notes, Class B-2-T2, issued hereunder by the Issuer having an Initial Note Balance of $32,053,000.
“Class B-T2 Term Notes” means, either or both of the Class B-1-T2 Term Notes or Class B-2-T2 Term Notes, as applicable.
“Class C-1-T2 Term Notes” means, the Term Notes, Class C-1-T2, issued hereunder by the Issuer having an Initial Note Balance of $8,903,000, or any Term Notes issued in replacement thereof pursuant to Section 7 of this Indenture Supplement.
“Class C-2-T2 Term Notes” means, the Term Notes, Class C-2-T2, issued hereunder by the Issuer having an Initial Note Balance of $16,026,000.
“Class C-T2 Term Notes” means, either or both of the Class C-1-T2 Term Notes or Class C-2-T2 Terms Notes, as applicable.
“Class D-1-T2 Term Notes” means, the Term Notes, Class D-1-T2, issued hereunder by the Issuer having an Initial Note Balance of $8,223,000, or any Term Notes issued in replacement thereof pursuant to Section 7 of this Indenture Supplement.
“Class D-2-T2 Term Notes” means, the Term Notes, Class D-2-T2, issued hereunder by the Issuer having an Initial Note Balance of $14,800,000.
“Class D-T2 Term Notes” means, either or both of the Class D-1-T2 Term Notes or Class D-2-T2 Term Notes, as applicable.
“Corporate Trust Office” means with respect to the Series 2012-T2 Notes, the office of the Indenture Trustee at which at any particular time its corporate trust business will be administered, which office at the date hereof is located at 1761 East St. Andrew Place, Santa Ana, California 92705, Attention: Trust Administration – OC12S7.
“CRD” means the Capital Requirements Directive, as amended by Article 122a (effective as of January 1, 2011) and as the same may be further amended, restated or otherwise modified.
“Expected Repayment Date” means: 
for the Class A-1-T2 Term Notes, October 15, 2013; 
for the Class A-2-T2 Term Notes, October 15, 2015; 
for the Class B-1-T2 Term Notes, October 15, 2013;
for the Class B-2-T2 Term Notes, October 15, 2015;
for the Class C-1-T2 Term Notes, October 15, 2013;
for the Class C-2-T2 Term Notes, October 15, 2015;
for the Class D-1-T2 Term Notes, October 15, 2013; and
for the Class D-2-T2 Term Notes, October 15, 2015.
“Expense Rate” means, as of any date, with respect to the Series 2012-T2 Notes, the percentage equivalent of a fraction, (i) the numerator of which equals (A) the sum of (1) the product of the related Series Allocation Percentage for the Interim Payment Date or the Payment Date immediately preceding such date multiplied by the aggregate amount of Fees due and payable by the Issuer on the next succeeding Payment Date plus (2) the product of the related Series Allocation Percentage for the Interim Payment Date or the Payment Date immediately preceding such date, up to the applicable Expense Limit, if any, prior to any payments to the Holders of the Series 2012-T2 Notes, pursuant to the terms and provisions of this Indenture Supplement, the Base Indenture or any other Transaction Document, that have been invoiced to the Indenture Trustee and the Administrator, plus (3) the aggregate amount of related Series Fees payable by the Issuer on the next succeeding Payment Date and (ii) the denominator of which equals the sum of the outstanding Note Balances of all Series 2012-T2 Notes at the close of business on such date; provided, that, with respect to the first calculation of “Expense Rate” following the Issuance Date, such calculation shall include a “Series Allocation Percentage” as determined by the Administrator and the Administrative Agent.
“Facility Eligible Receivable”:  means, with respect to the Series 2012-T2 Notes, a Receivable, as of any date of determination:
(i)    which constitutes a “general intangible,” “account” or “payment intangible” within the meaning of Section 9‐102(a)(42), Section 9‐102(a)(2) and Section 9‐102(a)(61), respectively (or the corresponding provision in effect in a particular jurisdiction) of the UCC as in effect in all applicable jurisdictions;
(ii)    which is denominated and payable in United States dollars;
(iii)    which arises under and pursuant to the terms of a Designated Servicing Agreement and, at the time the related Advance was made, (A) was determined by the Servicer or Subservicer, as applicable, in good faith to (1) be ultimately recoverable from the proceeds of the related Mortgage Loan, related liquidation proceeds or otherwise from the proceeds of or collections on the related Mortgage Loan and (2) comply with all requirements for reimbursement thereunder, and (B) was authorized pursuant to the terms of the related Designated Servicing Agreement;
(iv)    which arises under a Facility Eligible Servicing Agreement;
(v)    which is not subject to any Adverse Claim and in which all right, title and interest in and to such Receivable (including good and marketable title) have been validly sold and/or contributed by the Receivables Seller to the Depositor, and validly sold and/or contributed by the Depositor to the Issuer and, prior to the MSR Transfer Date, sold by the Servicer to the Receivables Seller;
(vi)    with respect to which no representation or warranty made by the Receivables Seller or the Servicer in the Receivables Sale Agreement has been breached, which breach has continued uncured past the time at which the Servicer or the Receivables Seller was required to pay the Indemnity Payment with respect thereto pursuant to the Receivables Sale Agreement;
(vii)    with respect to which, as of the date such Receivable was acquired by the Issuer, none of the Receivables Seller, the Servicer, the Subservicer or the Depositor had (A) taken any action that would impair the right, title and interest of the Indenture Trustee therein, or (B) failed to take any action that was necessary to avoid impairing the Indenture Trustee’s right, title or interest therein;
(viii)    the Advance (other than a Servicing Fee Advance) related to which either (A) has been fully funded by the Servicer using its own funds and/or Amounts Held for Future Distribution (to the extent permitted under the related Designated Servicing Agreement) and/or Collections (as appropriate) in excess of the related Required Expense Reserve, and/or amounts drawn on Variable Funding Notes or out of funds in the Collection and Funding Account or Available Funds as provided herein, or (B) in the case of P&I Advances, will be funded on the related Funding Date and all amounts necessary to fund the related Advance are on deposit in an account under the exclusive control and direction of the Indenture Trustee pending remittance to the appropriate MBS trustees;
(ix)    it relates to a Mortgage Loan that is secured by a first lien on the underlying mortgaged property;
(x)    which does not relate to a Mortgage Loan the terms of which have been modified after the creation of such Receivable (for purposes of this clause, a Mortgage Loan has been modified only after the modification continues effective following any trial period);
(xi)    in connection with any Servicing Fee Advance Receivable, the provisions of the related Designated Servicing Agreement identified on the Servicing Fee Advance Designated Servicing Agreement Schedule require that any unpaid and accrued servicing fees owed to the Servicer be repaid on or prior to the date of any involuntary transfer of servicing or any servicer termination or any redemption in full under the applicable Designated Servicing Agreement; and
(xii)    any Servicing Fee Advance Receivable relates to a Designated Servicing Agreement identified on the Servicing Fee Advance Designated Servicing Agreement Schedule.
“Facility Eligible Servicing Agreement”:  means, with respect to the Series 2012-T2 Notes, any Designated Servicing Agreement which, as of any date of determination,  meets the following criteria:
(i)    OLS (prior to the MSR Transfer Date) and HLSS (from and after the MSR Transfer Date) is the servicer under such Servicing Agreement and a Responsible Officer of the Servicer has not resigned and has received neither (A) any notice, or otherwise obtained actual knowledge, of the occurrence of any Unmatured Default or Servicer Termination Event by or with respect to the Servicer under such Servicing Agreement except (i) to the extent that, in the case of an Unmatured Default, such Unmatured Default has been cured prior to its becoming a Servicer Termination Event, and (ii) any Unmatured Default or Servicer Termination Event caused solely by the failure of a Collateral Performance Test or a Servicer Ratings Downgrade for which the Servicer shall not have received a written notice of pending termination, nor (B) notice of a claim for monetary loss against the Servicer by a party to such Servicing Agreement or by a related securityholder, whose claim is for an aggregate amount greater than 5% of the aggregate Receivable Balance of the Receivables created pursuant to such Servicing Agreement;
(ii)    pursuant to the terms of such Servicing Agreement:
(A)    under such agreement, the Servicer is permitted to reimburse itself for the related Advance out of late collections of the amounts advanced, including from insurance proceeds and liquidation proceeds from the Mortgage Loan with respect to which such Advance was made, prior to any holders of any notes, certificates or other securities backed by the related mortgage loan pool, which securities, in the case of Designated Servicing Agreements, must have included a “AAA” or equivalent rated class at the time of execution of the Designated Servicing Agreement, and prior to payment of any party subrogated to the rights of the holders of such securities (such as a reimbursement right of a credit enhancer) or any hedge or derivative termination fees, or to any related MBS Trust or any related trustee, custodian, hedge counterparty or credit enhancer;
(B)    under such agreement, if the Servicer determines that an Advance will not be recoverable out of late collections of the amounts advanced or out of insurance proceeds or liquidation proceeds from the Mortgage Loan with respect to which the Advance was made, the Servicer has the right to reimburse itself for such Advance out of any funds (other than prepayment charges) in the Dedicated Collection Account or out of general collections received by the Servicer with respect to any Mortgage Loans serviced under the same Designated Servicing Agreement, prior to any payment to any holders of any notes, certificates or other securities backed by the related mortgage loan pool, which securities included a “AAA” or equivalent rated class at the time of execution of the Designated Servicing Agreement, and prior to payment of any party subrogated to the rights of the holders of such securities (such as a reimbursement right of a credit enhancer) or any hedge or derivative termination fees, or to the related MBS Trust or any related trustee, custodian or credit enhancer (a “General Collections Backstop”);
(iii)    the Designated Servicing Agreement provides that all Advances (not including Servicing Fee Advances) as to a Mortgage Loan are reimbursed on a “first-in, first out” or “FIFO” basis, such that the Advances of a particular type that were disbursed first in time will be reimbursed prior to Advances of the same type with respect to that Mortgage Loan that were disbursed later in time; 
(iv)    all Receivables arising under such Servicing Agreement are free and clear of any Adverse Claim in favor of any Person and the related MBS Trustee or other owner and any related monoline insurer or other credit enhancement provider shall have been delivered a notice in the form of Exhibit C attached hereto signed by the Servicer;
(v)    the Designated Servicing Agreement is in full force and effect;
(vi)    an Eligible Subservicing Agreement is in full force and effect for all mortgage loans serviced by the Servicer under such Designated Servicing Agreement, and the related Subservicer (or OLS as Servicer prior to the MSR Transfer Date) is an Eligible Subservicer and is in compliance with such Subservicing Agreement and, from and after the MSR Transfer Date, OLS or another servicer acceptable to the Administrative Agent, shall be serving as “hot back-up servicer” for HLSS under an agreement approved by the Administrative Agent;
(vii)    as of the end of the most recently concluded calendar month, the unpaid principal balance of the Mortgage Loans serviced under such Designated Servicing Agreement is at least $1,000,000.00 and at least fifteen (15) Mortgage Loans are being serviced under such Designated Servicing Agreement;
(viii)    the Designated Servicing Agreement includes an express provision for the assignment by the Servicer of its rights to be reimbursed for Advances (except in the case of Servicing Fee Advances); and, with respect to any Servicing Fee Advance Receivable, the related Designated Servicing Agreement does not prohibit the sale and/or contribution to the Issuer of, specifically, the rights to reimbursement for the Servicing Fee Advances under the related MBS Trust (as determined in the sole and absolute discretion of the Administrative Agent); 
(ix)    the Servicing Agreement arises under and is governed by the laws of the United States or a state within the United States; 
(x)    the Servicer has not voluntarily elected to change the reimbursement mechanics of Advances under such Servicing Agreement from a pool-level reimbursement mechanic to a loan-level reimbursement mechanic or from a loan-level reimbursement mechanic to a pool-level reimbursement mechanic without consent of each Administrative  Agent; and
(xi)    if the Servicing Agreement is a subservicing agreement, the subservicing agreement and the related servicing or master servicing agreement provide that:  (1) Servicer, as subservicer, under such agreement, is required to make all Advances on Mortgage Loans subserviced by a Servicer; (2) Servicer, as subservicer under such agreement, is entitled to reimbursement from all permitted sources under the Servicing Agreement; (3) the related primary or master servicer agrees to remit to the Servicer, as subservicer, within two (2) Business Days of receipt thereof, any collections and reimbursements of P&I Advances, Corporate Advances and Escrow Advances it receives, without set-off; and (4) the related primary or master servicer agrees to reasonably cooperate with the Servicer, as subservicer, to obtain reimbursement of P&I Advances, Corporate Advances and Escrow Advances including, if either of such primary or master servicer or the Servicer, as subservicer, is terminated, by seeking immediate reimbursement therefor from the successor servicer or, failing that, on a first-in-first-out basis.  
“General Reserve Required Amount” means with respect to any Payment Date or Interim Payment Date, as the case may be, for the Series 2012-T2 Notes, an amount equal to on any Payment Date or Interim Payment Date six month’s interest calculated at the Senior Rate on the Note Balance of each Class of Series 2012-T2 Notes as of such Payment Date or Interim Payment Date, as the case may be.
“Group 1 Notes” means, collectively, the Class A-1-T2 Notes, Class B-1-T2 Notes, Class C-1-T2 Notes and Class D-1-T2 Notes.  
“Group 2 Notes” means, collectively, the Class A-2-T2 Notes, Class B-2-T2 Notes, Class C-2-T2 Notes and Class D-2-T2 Notes.
“Initial Note Balance” means, for any Note or for any Class of Notes, the Note Balance of such Note upon issuance, as follows:
Class A-1-T2 Term Notes:  $215,067,000;
Class A-2-T2 Term Notes:  $387,121,000;
Class B-1-T2 Term Notes:  $17,807,000;
Class B-2-T2 Term Notes:  $32,053,000;
Class C-1-T2 Term Notes:  $8,903,000; 
Class C-2-T2 Term Notes:  $16,026,000; 
Class D-1-T2 Term Notes:  $8,223,000; and
Class D-2-T2 Term Notes:  $14,800,000.
“Interest Accrual Period” means, for the Series 2012-T2 Notes and any Payment Date, the period beginning on the immediately preceding Payment Date (or, in the case of the first Payment Date with respect to any Class, the Issue Date) and ending on the day immediately preceding the current Payment Date.  The Interest Payment Amount for the Series 2012-T2 Notes on any Payment Date shall be determined based on an assumed 30-day Interest Accrual Period.
“Interest Day Count Convention” means 30 days divided by 360 other than with respect to the Initial Payment Date which is 28 days divided by 360.
 “Issue Date” means October 17, 2012.
“Low Threshold Servicing Agreement” means a Designated Servicing Agreement (i) for which the underlying Mortgage Loans have an unpaid principal balance less than $10,000,000, or (ii) contain fewer than 50 Mortgage Loans, as of the end of the most recently concluded calendar month, to the extent that such Receivable Balances, when added to the aggregate Receivable Balances of all Receivables outstanding with respect to Low Threshold Servicing Agreements, cause the total Receivable Balances attributable to Low Threshold Servicing Agreements to exceed 2.00% of the total Receivable Balances of all Receivables included in the Facility.
“Market Value Ratio” means, as of any date of determination with respect to a Designated Servicing Agreement, the ratio (expressed as a percentage) of (i) the lesser of (A) the Funded Advance Receivable Balance for such Designated Servicing Agreement on such date and (B) the aggregate of all Facility Eligible Receivables under such Designated Servicing Agreement on such date over (ii) the aggregate Net Property Value of the Mortgaged Properties and REO Properties for Mortgage Loans that are serviced under such Designated Servicing Agreement on such date.
“Middle Threshold Servicing Agreement” means a Designated Servicing Agreement (i) for which the underlying Mortgage Loans have an unpaid principal balance greater than or equal to $10,000,000 but less than $25,000,000, or (ii) contain at least 50 but less than 125 Mortgage Loans, as of the end of the most recently concluded calendar month, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Receivables outstanding with respect to Middle Threshold Servicing Agreements, cause the total Receivable Balances attributable to Middle Threshold Servicing Agreements to exceed 8.00% of the aggregate of the Receivable Balances of all Receivables included in the Facility.
“Monthly Reimbursement Rate” means, as of any date of determination, the arithmetic average of the fractions (expressed as percentages), determined for each of the three (3) most recently concluded calendar months, obtained by dividing (i) the aggregate Advance Reimbursement Amounts collected by the Servicer and deposited into the Trust Accounts during such month by (ii) the aggregate Receivable Balances funded by the Servicer using its own funds or facility funds as of the close of business on the last day of the Monthly Advance Collection Period.
“MSRs” means mortgage servicing rights and/or rights to mortgage servicing rights, as applicable.
“Net Proceeds Coverage Percentage” means, for any Payment Date, the percentage equivalent of a fraction, (i) the numerator of which equals the amount of Collections on Receivables deposited into the Collection and Funding Account during the related Monthly Advance Collection Period, and (ii) the denominator of which equals the aggregate average outstanding Note Balances of all Outstanding Notes during such Monthly Advance Collection Period.
“Net Property Value” means, with respect to any Mortgaged Property, (A) with respect to a Current Mortgage Loan, the market value of such Mortgaged Property as established by OLS’s independent property valuation methodology (as established by the lesser of any appraisal, broker's price opinion or OLS’s automated valuation model with respect to such Mortgaged Property) or (B) with respect to a Delinquent Mortgage Loan, the product of (a) the market value of such Mortgaged Property as established by OLS’s independent property valuation methodology (as established by the lesser of any appraisal, broker's price opinion or OLS’s automated valuation model with respect to such Mortgaged Property), multiplied by (b) OLS’s established market and property discount value rate, minus (c) OLS’s brokerage fee and closing costs with respect to such Mortgaged Property, plus (d) any projected mortgage insurance claim proceeds.
“Note Interest Rate” means, with respect to the Series 2012-T2 Notes, the applicable Senior Rate, provided that: (i) on any day on which a Facility Early Amortization Event or an Event of Default shall have occurred and shall be continuing at the opening of business on such day, the “Note Interest Rate” for any Class of Notes shall equal the applicable Senior Rate, plus 3.00% per annum or (ii) in the event that any Class of Notes is not refinanced on the Expected Repayment Date, the “Note Interest Rate” of such Class of Notes shall equal the Senior Rate, plus 1.00% per annum.
“Note Rating Agency” means, for the Series 2012-T2 Notes, S&P.
“PSA Stressed Non-Recoverable Advance Amount” means as of any date of determination, the sum of:
(i)for all Mortgage Loans that are current as of such date, the greater of (A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and
(i)    for all Mortgage Loans that are delinquent as of such date, but not related to property in foreclosure or REO Property, the greater of (A) zero and (B) the excess of (i) Total Advances related to such Mortgage Loans on such date over (ii) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and
(ii)    for all Mortgage Loans that are related to properties in foreclosure, the greater of (A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related Mortgaged Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero; and
(iii)    for all Mortgage Loans that are related to REO Property, the greater of (A) zero and (B) the excess of (1) Total Advances related to such Mortgage Loans on such date over (2) (x) in the case of Mortgage Loans secured by a first lien, the product of 50% and the sum of all of the Net Property Values for the related REO Property or (y) in the case of Mortgage Loans secured by a second or more junior lien, zero.
“Redemption Percentage” means, for the Series 2012-T2 Notes, 10%.
“Senior Rate” means, for (i) the Class A-1-T2 Term Notes will be a rate per annum equal to 1.34%; (ii) the Class A-2-T2 Term Notes will be a rate per annum equal to 1.99%; (iii) the Class B-1-T2 Term Notes will be a rate per annum equal to 1.74%; (iv) the Class B-2-T2 Term Notes will be a rate per annum equal to 2.48%; (v) the Class C-1-T2 Term Notes will be a rate per annum equal to 3.22%; (vi) the Class C-2-T2 Term Notes will be a rate per annum equal to 3.96%; (vii) the Class D-1-T2 Term Notes will be a rate per annum equal to 3.96%; and (viii) the Class D-2-T2 Term Notes will be a rate per annum equal to 4.94%.
“Senior Secured Term Loan Facility Agreement” means the Senior Secured Term Loan Facility Agreement, dated as of September 1, 2011, among OFC, as borrower, certain subsidiaries of OFC, as subsidiary guarantors, the lenders party thereto from time to time and the Administrative Agent, as administrative agent and as collateral agent, as amended, supplemented, restated, or otherwise modified from time to time.
“Series 2012-T2 Note Balance” means the aggregate Note Balance of the Series 2012-T2 Notes.
“Series 2012-T2 Placement Agency Agreement” means that certain Placement Agency Agreement, dated October 10, 2012, by and among the Issuer, the Receivables Seller Barclays, as Placement Agent and Wells Fargo Securities, LLC as Placement Agent.
“Stated Maturity Date” means October 15, 2043  for the Group 1 Notes and October 15, 2045 for the Group 2 Notes.  
“Stressed Time” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is one (1), and the denominator of which equals the related Stressed Time Percentage times the Monthly Reimbursement Rate on such date.
“Stressed Time Percentage” means, for the Series 2012-T2 Notes, Class A-T2 Term Notes:  9.00%, Class B-T2 Term Notes:  12.00%, Class C-T2 Term Notes:  16.00% and Class D-T2 Term Notes:  22.00%.
“Target Amortization Amounts” means, for each Class of the Series 2012-T2 Notes, 1/6 of the Note Balance at the close of business on the last day of its Revolving Period.
“Target Amortization Event” for any Class of the Series 2012-T2 Notes, means the earlier of (A) the related Expected Repayment Date for such Class or (B) the occurrence of any of the following conditions or events, which is not waived by 100% of the Holders of the Series 2012-T2 Notes:
(i)    on any Payment Date, the arithmetic average of the Net Proceeds Coverage Percentage determined for such Payment Date and the two preceding Payment Dates is less than five times the percentage equivalent of a fraction (A) the numerator of which equals the sum of the accrued Interest Payment Amounts for each Class of all Outstanding Notes on such date and (B) the denominator of which equals the aggregate average Note Balances of each Class of Outstanding Notes during the related Monthly Advance Collection Period;
(ii)    the occurrence of one or more Servicer Termination Events under Designated Servicing Agreements representing 15% or more (by Mortgage Loan balance as of the date of termination) of all the Designated Servicing Agreements then included in the Facility, but not including any Servicer Termination Events that are solely due to the breach of one or more Collateral Performance Tests or a Servicer Ratings Downgrade or the transfer of subservicing of any such Designated Servicing Agreement without the prior written consent of the Administrative Agent;
(iii)    the Monthly Reimbursement Rate is less than 8.00%; or
(iv)    the rating assigned to any Class of Notes is reduced below the Applicable Rating assigned to such Class of Notes.
“Transaction Documents” means, in addition to the documents set forth in the definition thereof in the Base Indenture, this Indenture Supplement and the Series 2012-T2 Placement Agency Agreement, each as amended, supplemented, restated or otherwise modified from time to time.
“Trigger Advance Rate” means, for any Class within the Series 2012-T2 Notes, as of any date, the rate equal to (1) 100% minus (2) the product of (a) one-twelfth of the weighted average interest rates for all Classes of Series 2012-T2 Notes, as of such date plus the related Expense Rate as of such date, multiplied by (b) the related Stressed Time for such Class as of such date.
“UPB Ratio” means, as of any date of determination with respect to a Designated Servicing Agreement, the ratio (expressed as a percentage) of (i) the lesser of (A) the Funded Advance Receivable Balance for such Designated Servicing Agreement on such day, and (B) the aggregate of the Receivable Balances of Facility Eligible Receivables under such Designated Servicing Agreement on such date over (ii) the aggregate of the unpaid principal balances of the Mortgage Loans serviced under such Designated Servicing Agreement on such date.
“Weighted Average Foreclosure Timeline” means, as of any Determination Date, calculated as of the end of the preceding calendar month, the six-month rolling average of the number of months (calculated consistently with then current Fannie Mae state foreclosure timeline guidance) elapsed from the initiation of foreclosure through the foreclosure sale of each Mortgage Loan serviced under the Designated Servicing Agreements (with each Mortgage Loan weighted equally).
		
	Section 3.
	Forms of Series 2012-T2 Notes.

The form of the Rule 144A Global Note and of the Regulation S Global Notes that may be used to evidence the Series 2012-T2 Term Notes in the circumstances described in Section 5.4(c) of the Base Indenture are attached to the Base Indenture as Exhibits A-1 and A-3, respectively.  For the avoidance of doubt, and subject to the terms and provisions of Section 5.4 of the Base Indenture, the Series 2012-T2 Term Notes are to be issued Book-Entry Notes.
		
	Section 4.
	Collateral Value Exclusions.

For purposes of calculating “Collateral Value” in respect of the Series 2012-T2 Notes, the Collateral Value shall be zero for any Receivable that:
(i)    is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100%;
(ii)    is attributable to any Designated Servicing Agreement to the extent that such Receivable Balance, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related UPB Ratio to exceed 20%;
(iii)    is attributable to any Designated Servicing Agreement to the extent that the related Receivable Balance, when added to the aggregate Receivable Balance already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 20%;
(iv)    is attributable to a Designated Servicing Agreement that is a Low Threshold Servicing Agreement; 
(v)    is attributable to a Designated Servicing Agreement that is a Middle Threshold Servicing Agreement; 
(vi)    is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15% of the aggregate of the Receivable Balances of all Receivables included in the Trust Estate; and 
(vii)    until Wells Fargo Securities, LLC, as Administrative Agent under the Base Indenture, shall have provided its written consent (in its sole and absolute discretion), and notwithstanding satisfaction of clauses (xi) and (xii) of the definition of “Facility Eligible Receivable” and clause (viii) of the definition of “Facility Eligible Servicing Agreement” in the Base Indenture, is a Servicing Fee Advance Receivable.
		
	Section 5.
	General Reserve Account.

In accordance with the terms and provisions of this Section 5 and Section 4.6 of the Base Indenture, the Indenture Trustee shall establish and maintain a General Reserve Account with respect to the Series 2012-T2 Term Notes for the benefit of the Series 2012-T2 Noteholders.   
		
	Section 6.
	Payments; Note Balance Increases; Early Maturity.

The Paying Agent shall make payments of interest on the Series 2012-T2 Notes on each Payment Date in accordance with Section 4.5 of the Base Indenture and any payments of interest, Cumulative Interest Shortfall Amounts, or Fees allocated to the Series 2012-T2 Notes shall be paid first to the Class A-T2 Term Notes, pro rata, thereafter to the Class B-T2 Term Notes, pro rata, thereafter to the Class C-T2 Term Notes, pro rata, and thereafter to the Class D-T2 Term Notes, pro rata.  The Paying Agent shall make payments of principal on the Series 2012-T2 Notes on each Payment Date in accordance with Section 4.5 of the Base Indenture during any Target Amortization Period or in any Full Amortization Period.  
The Series 2012-T2 Notes are subject to optional redemption in accordance with the terms of Section 13.1 of the Base Indenture and each of the Class A-1-T2 Term Notes, Class B-1-T2 Term Notes, Class C-1-T2 Term Notes and Class D-1-T2 Term Notes are subject to redemption and refinancing pursuant to Section 7 of this Indenture Supplement.
Any payments of principal allocated to the Series 2012-T2 Notes during a Full Amortization Period shall be applied in the following order of priority, first, to the Class A-T2 Term Notes, pro rata, until their Note Balance has been reduced to zero, second, to the Class B-T2 Term Notes, pro rata. until their Note Balance has been reduced to zero, third, to the Class C-T2 Term Notes, pro rata, until their Note Balance has been reduced to zero, and fourth, to the Class D-T2 Term Notes, pro rata, until their Note Balance has been reduced to zero.
Notwithstanding anything to the contrary in Section 8.1(a)(i) of the Base Indenture, an Event of Default under Section 8. 1(a)(i) shall exist on the Series 2012-T2 Notes only if there is a   default (which default continues for a period of two (2) Business Days following written or electronic notice from the Indenture Trustee or the Administrative Agent), in the payment of any principal, Senior Interest Amount or any Fees due and owing on any Payment Date (including without limitation the full aggregate amount of any Target Amortization Amounts due on such Payment Date).
		
	Section 7.
	Optional Redemption and Refinancing.

The Class A-1-T2 Term Notes, the Class B-1-T2 Term Notes, the Class C-1-T2 Term Notes and the Class D-1-T2 Term Notes are subject to optional redemption by the Issuer pursuant to Section 13.1 of the Base Indenture, in whole but not in part with respect to such group of Classes, using the proceeds of the issuance and sale of one or more new Classes of Series 2012-T2 Notes issued pursuant to a supplement to this Indenture Supplement, on any Business Day after the date on which the related Revolving Period ends or on any Business Day within 10 days prior to the end of such Revolving Period upon 10 days’ prior notice to the Indenture Trustee.  In anticipation of a redemption of any Class or group of Classes of Notes at the end of its Revolving Period, the Issuer may issue a new Series or one or more Classes of Notes within the 90 day period prior to the end of such Revolving Period and reserve the cash proceeds of the issuance for the sole purpose of paying the principal balance and all accrued and unpaid interest on the Class or Classes to be redeemed, on the last day of their Revolving Period. Any supplement to this Indenture Supplement executed to effect an optional redemption may be entered into without consent of the Holders of any of the Notes pursuant to Section 12(a)(iv) of the Base Indenture.  Any Notes issued in replacement for the Class A-1-T2 Term Notes, the Class B-1-T2 Term Notes, the Class C-1-T2 Term Notes and the Class D-1-T2 Term Notes will have the same rights and privileges as the Class of Series 2012-T2 Note that was refinanced with the related proceeds thereof. 
Section 8.[RESERVED].
Section 9.Series Reports.
a.Series Calculation Agent Report.  The Calculation Agent shall deliver a report of the following items together with each Calculation Agent Report pursuant to Section 3.1 of the Base Indenture to the extent received from the Servicer, with respect to the Series 2012-T2 Notes:
(i)    the unpaid principal balance of the Mortgage Loans subject to any Low Threshold Servicing Agreement and Middle Threshold Servicing Agreement;
(ii)    the Advance Ratio for each Designated Servicing Agreement, and whether the Advance Ratio for such Designated Servicing Agreement exceeds 100%;
(iii)    the Market Value Ratio for each Designated Servicing Agreement, and whether the Market Value Ratio for such Designated Servicing Agreement exceeds 20%;
(iv)    the UPB Ratio for each Designated Servicing Agreement, and whether the UPB Ratio for such Designated Servicing Agreement exceeds 20%;
(v)    for each Middle Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate;
(vi)    for each Low Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate;
(vii)    the Weighted Average Foreclosure Timeline as of the Determination Date for the most recently ended calendar month;
(viii)    a list of each Target Amortization Event for the Series 2012-T2 Notes and presenting a yes or no answer beside each indicating whether each such Target Amortization Event has occurred as of the end of the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date.
(ix)    whether any Receivable, or any portion of the Receivables, attributable to a Designated Servicing Agreement, has zero Collateral Value by virtue of the definition of “Collateral Value” or Section 4 of this Indenture Supplement;
(x)    a calculation of the Net Proceeds Coverage Percentage in respect of each of the three preceding Monthly Advance Collection Periods (or each that has occurred since the date of this Indenture Supplement, if less than three), and the arithmetic average of the three;
(xi)    the Monthly Reimbursement Rate for the upcoming Payment Date or Interim Payment Date;
(xii)    whether any Target Amortization Amount that has become due and payable has been paid; 
(xiii)    the PSA Stressed Non-Recoverable Advance Amount for the upcoming Payment Date or Interim Payment Date; and
(xiv)    the Trigger Advance Rate for each Class.  
In addition to the information provided in the above Calculation Agent Report, to the extent the following information is specifically provided to the Calculation Agent by HLSS or OLS, the Calculation Agent shall promptly, from time to time, provide such other financial or non-financial information, documents, records or reports with respect to the Receivables or the condition or operations, financial or otherwise, of HLSS or OLS, including any information available to HLSS or OLS, as the Administrative Agent or any Noteholder may from time to time reasonably request in order to assist the Administrative Agent or such Noteholder in complying with the requirements of Article 122a(4) and (5) of the CRD as may be applicable to the Administrative Agent or such Noteholder; provided, that this Section 9(a)(xv) shall be applicable to any and all other Series of Notes issued under the Base Indenture.
a.    Series Payment Date Report.  In conjunction with each Payment Date Report, the Indenture Trustee shall also report the Stressed Time Percentage.
b.    Limitation on Indenture Trustee Duties.  The Indenture Trustee shall have no independent duty to verify:  (i) the occurrence of any of the events described in clause (ii) of the definition of “Target Amortization Event,” or (ii) compliance with clause (vi) of the definition of “Facility Eligible Servicing Agreement.”
		
	Section 10.
	Conditions Precedent Satisfied.

The Issuer hereby represents and warrants to the Holders of the Series 2012-T2 Notes and the Indenture Trustee that, as of the related Issuance Date, each of the conditions precedent set forth in the Base Indenture, including but not limited to those conditions precedent set forth in Section 6.10(b) and Article XII thereof and Section 12 hereof, as applicable, have been satisfied.
		
	Section 11.
	Representations and Warranties.

The Issuer, the Administrator, the Servicer and the Indenture Trustee hereby restate as of the related Issuance Date, or as of such other date as is specifically referenced in the body of such representation and warranty, all of the representations and warranties set forth in Sections 9.1, 10.1 and 11.14, respectively, of the Base Indenture.
		
	Section 12.
	Amendments.

a.Notwithstanding any provisions to the contrary in Article XII of the Base Indenture, and in addition to and otherwise subject to the provisions set forth in Sections 12.1 and 12.3 of the Base Indenture, without the consent of the Holders of any Notes or any other Person but with the consent of the Issuer (evidenced by its execution of such amendment), the Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required only to the extent that such amendment would materially affect the Subservicer) and the Administrative Agent, and with prior notice to the applicable Note Rating Agency, at any time and from time to time, upon delivery of an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect, may amend this Indenture Supplement for any of the following purposes:  (i) to correct any mistake or typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision herein or any other Transaction Document; (ii) to correct, modify or supplement any provision herein that may be defective or may be inconsistent with any provision in the final Private Placement Memorandum dated October 16, 2012, as it may be amended or supplemented from time to time; (iii) to take any action necessary to maintain the rating currently assigned by the applicable Note Rating Agency and/or to avoid such Class of Notes being placed on negative watch by such Note Rating Agency; (iv) to issue additional Classes of Series 2012-T2 Notes in accordance with Section 7 of this Indenture Supplement; or (v) to amend any other provision of this Indenture Supplement.
a.    Notwithstanding any provisions to the contrary in Section 6.10 or Article XII of the Base Indenture, no supplement, amendment or indenture supplement entered into with respect to the issuance of a new Series of Notes or pursuant to the terms and provisions of Section 12.2 of the Base Indenture may, without the consent 100% of the Series 2012-T2 Notes, supplement, amend or revise any term or provision of this Indenture Supplement.
		
	Section 13.
	Counterparts.

This Indenture Supplement may be executed in any number of counterparts, by manual or facsimile signature, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.
		
	Section 14.
	Entire Agreement.

This Indenture Supplement, together with the Base Indenture incorporated herein by reference, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter.
		
	Section 15.
	Limited Recourse.

Notwithstanding any other terms of this Indenture Supplement, the Series 2012-T2 Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under the Series 2012-T2 Notes, this Indenture Supplement and each other Transaction Document to which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance with the terms of this Indenture Supplement, none of the Holders of Series 2012-T2 Notes, 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 Series 2012-T2 Notes or this Indenture Supplement 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 Series 2012-T2 Notes or this Indenture Supplement.  It is understood that the foregoing provisions of this Section 15 shall not (a) 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 (b) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Series 2012-T2 Notes or secured by this Indenture Supplement.  It is further understood that the foregoing provisions of this Section 15 shall not limit the right of any Person to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Series 2012-T2 Notes or this Indenture Supplement, 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.
		
	Section 16.
	Owner Trustee Limitation of Liability.

It is expressly understood and agreed by the parties hereto that (a) this Indenture Supplement is executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture Supplement or the other Transaction Documents.

IN WITNESS WHEREOF, HLSS Servicer Advance Receivables Trust, as Issuer, HLSS Holdings, LLC (as Administrator on behalf of the Issuer and as Servicer (on and after the MSR Transfer Date)), Ocwen Loan Servicing, LLC (as Servicer (prior to the MSR Transfer Date)), Deutsche Bank National Trust Company, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Barclays Bank PLC, as Administrative Agent, have caused this Indenture Supplement relating to the Series 2012-T2 Notes, to be duly executed by their respective officers thereunto duly authorized and their respective signatures duly attested all as of the day and year first above written.
	
		
	HLSS SERVICER ADVANCE RECEIVABLES TRUST, as Issuer
By:  Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
	DEUTSCHE BANK NATIONAL TRUST COMPANY, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary and not in its individual capacity

	By:   
Name:   
Title:   
	By:   
Name:   
Title:   
By:   
Name:   
Title:   

	HLSS HOLDINGS, LLC, 
as Administrator and as Servicer (on or after the MSR Transfer Date)
	OCWEN LOAN SERVICING, LLC, 
as a Subservicer and as Servicer (prior to the MSR Transfer Date)

	By:   
Name:   
Title:   
	By:   
Name:   
Title:   

	BARCLAYS BANK PLC, 
as Administrative Agent
	 

	By:   
Name:   
Title:   
	 

2NRZ-2015.6-30-Exhibit 4.10

Exhibit 4.10

HLSS SERVICER ADVANCE RECEIVABLES TRUST,
as Issuer,
DEUTSCHE BANK NATIONAL TRUST COMPANY,
as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary,
HLSS HOLDINGS, LLC,
as Administrator and as Servicer (on and after the MSR Transfer Date),
OCWEN LOAN SERVICING, LLC,
as a Subservicer and as Servicer (prior to the MSR Transfer Date),
and 
BARCLAYS BANK PLC, 
as Administrative Agent 
__________
AMENDMENT NO. 2
dated as of April 23, 2014
to the
SERIES 2012-T2 AMENDED AND RESTATED INDENTURE SUPPLEMENT
dated as of August 8, 2013
to the 
SIXTH AMENDED AND RESTATED INDENTURE,
dated as of January 17, 2014
__________
HLSS SERVICER ADVANCE RECEIVABLES TRUST  
ADVANCE RECEIVABLES BACKED NOTES, SERIES 2012-T2

AMENDMENT NO. 2 TO SERIES 2012-T2 
AMENDED AND RESTATED INDENTURE SUPPLEMENT
This Amendment No. 2 to Series 2012-T2 Amended and Restated Indenture Supplement, dated as of April 23, 2014 (this “Amendment”), is entered into by and among HLSS Servicer Advance Receivables Trust, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), Deutsche Bank National Trust Company, a national banking association, in its capacity as Indenture Trustee (in such capacity, the “Indenture Trustee”), Calculation Agent, Paying Agent and Securities Intermediary, HLSS Holdings, LLC, a Delaware limited liability company (“HLSS”), as Administrator (in such capacity, the “Administrator”) on behalf of the Issuer, as owner of the economics associated with the servicing under the Designated Servicing Agreements (as defined in the Indenture), and, from and after the MSR Transfer Date (as defined in the Indenture), as Servicer (in such capacity, the “Servicer”) under the Designated Servicing Agreements, Ocwen Loan Servicing, LLC (“OLS”), as a Subservicer, and as Servicer prior to the MSR Transfer Date (in such capacity, the “Servicer”), and Barclays Bank plc, as Administrative Agent.  Capitalized terms used herein but not otherwise defined shall have the meanings given to such terms in the Indenture or the Indenture Supplement (each as defined below), as applicable;   
WHEREAS, the parties hereto entered into that certain the Series 2012-T2 Amended and Restated Indenture Supplement, dated as of August 8, 2013 (as may be further, amended, restated, supplemented or otherwise modified from time to time, the “Indenture Supplement”) to that certain Sixth Amended and Restated Indenture, dated as of January 17, 2014 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”);
WHEREAS, Section 12(a) of the Indenture Supplement provides that, without the consent of the Holders of any Notes or any other Person but with the consent of the Issuer (evidenced by its execution of such amendment), the Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required only to the extent that such amendment would materially affect the Subservicer) and the Administrative Agent, and with prior notice to the applicable Note Rating Agency, at any time and from time to time, upon delivery of an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect (a “No MAE Certification”), may amend the Indenture Supplement in order to take any action necessary to maintain the rating currently assigned by the applicable Note Rating Agency and/or to avoid any Class of Notes being placed on negative watch by such Note Rating Agency;
WHEREAS, Section 12.3 of the Indenture provides that the Issuer shall also deliver to the Indenture Trustee an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by the Indenture and that all conditions precedent thereto have been satisfied (the “Authorization Opinion”);
WHEREAS, on April 3, 2014, S&P issued a letter placing the HLSS Servicer Advance Receivables Trust, Advance Receivables Backed Notes, Series 2012-T2 on negative watch;
WHEREAS, the parties hereto desire to amend the Indenture Supplement as described below so as to maintain the ratings currently assigned for the HLSS Servicer Advance Receivables Trust, Advance Receivables Backed Notes, Series 2012-T2 by S&P and remove such Series of Notes from negative watch;
WHEREAS, this Amendment is not effective until the satisfaction of the terms and provisions of Section 12(a) of the Indenture Supplement and Section 12.3 of the Indenture;
NOW, THEREFORE, in consideration of the premises and covenants contained herein 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.    Amendment.  
(b)    Section 2 of the Indenture Supplement is hereby amended by adding the following definitions:
““Cumulative Default Fee Amount” means, for any Payment Date and any Class of Series 2012-T2 Notes and notwithstanding anything to the contrary set forth in the definition of “Cumulative Default Fee Amount” set forth in the Base Indenture, any portion of the Default Fee for that Class for a previous Payment Date that has not been paid, plus accrued and unpaid interest thereon at the applicable Note Interest Rate plus 3.00% from the Payment Date on which the shortfall first occurred through the current Payment Date.”

““Cumulative ERD Fee Amount” means, for any Payment Date and any Class of Series 2012-T2 Notes and notwithstanding anything to the contrary set forth in the definition of “Cumulative ERD Fee Amount” set forth in the Base Indenture, any portion of the ERD Fee for that Class for a previous Payment Date that has not been paid, plus accrued and unpaid interest thereon at the applicable Note Interest Rate plus the ERD Fee Rate for that Class from the Payment Date on which the shortfall first occurred through the current Payment Date.”

““Default Fee” means, with respect to each Class of Series 2012-T2 Notes and notwithstanding anything to the contrary set forth in the definition of “Default Fee” set forth in the Base Indenture, for any Payment Date following the occurrence of an Event of Default including the Final Payment Date for such class of Notes, a fee equal to the product of (i) 3.00%, (ii) the related Note Balance as of the close of business on the preceding Payment Date and (iii) a fraction, the numerator of which is the number of days elapsed from and including the preceding Payment Date (or, if later, the occurrence of such Event of Default) to but excluding such current Payment Date and the denominator of which equals 360.”

““ERD Fee” means, with respect to each Class of Series 2012-T2 Notes and notwithstanding anything to the contrary set forth in the definition of “ERD Fee” set forth in the Base Indenture, in the event any such Class is not refinanced on the related Expected Repayment Date and for each Payment Date on or after such Expected Repayment Date, the product of (i) the ERD Fee Rate for that Class, (ii) the related Note Balance as of the close of business on the preceding Payment Date and (iii) a fraction, the numerator of which is the number of days elapsed from and including the preceding Payment Date (or, if later, the occurrence of such Event of Default) to but excluding such current Payment Date and the denominator of which equals 360.”

““ERD Fee Rate” means, with respect to each Class of Series 2012-T2 Notes, 1.00% per annum.”

(c)    Section 2 of the Indenture Supplement is hereby amended by deleting the definition of “General Reserve Required Amount” in its entirety and replacing it with the following:
““General Reserve Required Amount” means with respect to any Payment Date or Interim Payment Date, as the case may be, for the Series 2012-T2 Notes, an amount equal to on any Payment Date or Interim Payment Date four (4) month’s interest calculated at the Note Interest Rate on the Note Balance of each Class of Series 2012-T2 Notes as of such Payment Date or Interim Payment Date, as the case may be.”
(d)    Section 2 of the Indenture Supplement is hereby amended by deleting the definition of “Note Interest Rate” in its entirety and replacing it with the following:
““Note Interest Rate” means, or each Class of Series 2012-T2 Notes as follows: (i) for the Class A-2-T2 Term Notes, a rate per annum equal to 1.99%; (ii) for the Class B-2-T2 Term Notes, rate per annum equal to 2.48%; (iii) for the Class C-2-T2 Term Notes, a rate per annum equal to 3.96%; and (iv) for the Class D-2-T2 Term Notes, a rate per annum equal to 4.94%.”

(e)    Section 2 of the Indenture Supplement is hereby amended by deleting the definition of “Senior Rate” in its entirety.
(f)    Section 6 of the Indenture Supplement is hereby amended by deleting the first paragraph thereof in its entirety and replacing it with the following:
“The Paying Agent shall make payments of the Interest Payment Amounts, ERD Fees, Cumulative ERD Fee Amounts, Default Fees, and Cumulative Default Fee Amounts payable to the holders of the Series 2012-T2 Notes on a Payment Date in accordance with Section 4.5(a) of the Base Indenture as follows: first, to the Class A-T2 Term Notes, the amount of such Interest Payment Amount, ERD Fee, Cumulative ERD Fee Amount, Default Fees or Cumulative Default Fee Amount, as applicable, due for such Class on the related Payment Date, thereafter, to the Class B-T2 Term Notes, the amount of such Interest Payment Amount, ERD Fee, Cumulative ERD Fee Amount, Default Fees or Cumulative Default Fee Amount, as applicable, due for such Class on the related Payment Date, thereafter, to the Class C-T2 Term Notes, the amount of such Interest Payment Amount, ERD Fee, Cumulative ERD Fee Amount, Default Fees or Cumulative Default Fee Amount, as applicable, due for such Class on the related Payment Date, and thereafter, to Class D-T2 Term Notes, the amount of such Interest Payment Amount, ERD Fee, Cumulative ERD Fee Amount, Default Fees or Cumulative Default Fee Amount, as applicable, due for such Class on the related Payment Date.”

(g)    Section 6 of the Indenture Supplement is hereby amended by deleting the fourth paragraph in its entirety and replacing it with the following:
“Notwithstanding anything to the contrary in the Base Indenture, and for the avoidance of doubt, references to Senior Margin, Senior Rate, Senior Interest Amounts, Senior Cumulative Interest Shortfall Amounts, Subordinated Interest Amounts or Subordinated Cumulative Interest Shortfall Amounts shall no longer apply to the Series 2012-T2 Notes.  In addition, payments made on the Series 2012-T2 Notes pursuant to Section 4.5(a)(1)(viii) shall be made in accordance with sub-clause (B) thereof, and payments made on the Series 2012-T2 Notes pursuant to Section 4.5(a)(2)(iii)(C) shall be made in accordance with sub-clause (2) thereof.  In addition, notwithstanding anything to the contrary in Section 8.1(a) of the Base Indenture, an Event of Default under Section 8.1(a) shall exist on the Series 2012-T2 Notes only if there is a default (which default continues for a period of two (2) Business Days following written or electronic notice from the Indenture Trustee or the Administrative Agents), in the payment (i) of any principal, interest or any Fees (other than any Default Fees, Cumulative Default Fee Amounts, ERD Fees or Cumulative ERD Fee Amounts) due and owing on any Payment Date (including without limitation the full aggregate amount of any Target Amortization Amounts due on such Payment Date) or (ii) in full of all accrued and unpaid interest and the Outstanding Note Balance of the Series 2012-T2 Notes on or before the related Stated Maturity Date (which, for the avoidance of doubt, shall not include any Default Fees, Cumulative Default Fee Amounts, ERD Fees or Cumulative ERD Fee Amounts).”

(h)    Section 7 of the Indenture Supplement is hereby amended by adding the following paragraph to the end of the Section:
“If the Issuer, at the direction of the Administrator, elects to redeem the Series 2012-T2 Notes pursuant to this Section 7, it shall notify the Indenture Trustee, Administrative Agent, the Holders of the Series 2012-T2 Notes and each related Note Rating Agency of such redemption at least ten (10) days prior to the Trigger Event Redemption Payment Date. All notices of redemption pursuant to this Section 7 (a “Trigger Event Redemption Notice”) shall state (i) the Series of Notes to be redeemed, (ii) the date on which the redemption of such Notes to be redeemed will occur, which will be the Trigger Event Redemption Payment Date, and (iii) the redemption price for such Series of Notes (the “Trigger Event Redemption Amount”), which shall be an amount equal to the sum of (i) the Note Balance of all Outstanding Notes of such Series of Notes as of the applicable Trigger Event Redemption Payment Date and (ii) all accrued and unpaid interest, ERD Fees, Cumulative ERD Fee Amounts, Default Fees and Cumulative Default Fee Amounts due on such Notes prior to such Trigger Event Redemption Payment Date (in each case after giving effect to all payments made pursuant to Section 4.5 of the Base Indenture and Section 6 hereof).”

Section 2.    Conditions to Effectiveness of this Amendment.
(b)    This Amendment shall become effective upon the latest to occur of the following (the “Effective Date”):
(i)    the execution and delivery of this Amendment by all parties hereto;
(ii)    prior notice to the Note Rating Agency; 
(iii)    the delivery of the No MAE Certification; 
(iv)    the delivery of the Issuer Tax Opinion; and
(v)    the delivery of the Authorization Opinion.
(b)    Effect of Amendment.  Except as expressly amended and modified by this Amendment, all provisions of the Indenture Supplement and the Indenture shall remain in full force and effect and all such provisions shall apply equally to the terms and conditions set forth herein.  This Amendment shall be effective as of the Effective Date upon the satisfaction of the conditions precedent set forth in Section 2(a) hereof and shall not be effective for any period prior to the Effective Date. After this Amendment becomes effective, all references in the Indenture Supplement or the Indenture to “this Indenture Supplement,” “this Indenture,” “hereof,” “herein” or words of similar effect referring to such Indenture Supplement and Indenture shall be deemed to be references to the Indenture Supplement or the Indenture, as applicable, as amended by this Amendment.  This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Indenture Supplement or the Indenture other than as set forth herein.
Section 3.    Representations and Warranties.  OLS hereby represents and warrants that the execution and effectiveness of this Amendment shall not materially affect it, in its capacity as the Subservicer under any of the Designated Servicing Agreements or any of the Transaction Documents.
Section 4.    Expenses. The Receivables Seller hereby agrees that in addition to any costs otherwise required to be paid pursuant to the Transaction Documents, the Receivables Seller shall be responsible for the payments of the reasonable and documented legal fees and out-of-pocket expenses of legal counsel to the Administrative Agent, the Noteholders, the Owner Trustee and the Indenture Trustee incurred in connection with the consummation of this Amendment and all other documents executed or delivered in connection therewith.
Section 5.    Representations; Ratifications Covenants:  
(b)    In order to induce the Administrative Agent to execute and deliver this Amendment, the Issuer, HLSS, OLS and Servicer hereby represent and warrant to the Noteholders and the Administrative Agent that as of the date hereof, the Issuer, HLSS, OLS and Servicer are in full compliance with all of the terms and conditions of the Indenture and the other Transaction Documents and no Default or Event of Default has occurred and is continuing under the Indenture or any other Transaction Documents.
(b)    The parties hereto ratify all terms of the existing Indenture other than those amended hereby, and ratify those provisions as amended hereby.
Section 6.    Entire Agreement. The Indenture and the Indenture Supplement, as amended by this Amendment, constitute the entire agreement among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter. 
Section 7.    Successors and Assigns.  This Amendment shall be binding upon the parties hereto and their respective successors and assigns.
Section 8.    Section Headings.  The various headings and sub-headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Indenture or any provision hereof or thereof.
Section 9.    GOVERNING LAW.  THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES HERETO, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
Section 10.    Recitals.  The statements contained in the recitals to this Amendment shall be taken as the statements of the Issuer, and the Indenture Trustee (in each capacity) assumes no responsibility for their correctness.  The Indenture Trustee makes no representation as to the validity or sufficiency of this Amendment (except as may be made with respect to the validity of its own obligations hereunder).  In entering into this Amendment, the Indenture Trustee shall be entitled to the benefit of every provision of the Indenture and the Indenture Supplement relating to the conduct of or affecting the liability of or affording protection to the Indenture Trustee.
Section 11.    Owner Trustee Limitation of Liability.  It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Amendment.
Section 12.    Counterparts.  This Amendment may be executed in one or more counterparts and by the different parties hereto on separate counterparts, including without limitation counterparts transmitted by facsimile, each of which, when so executed, shall be deemed to be an original and such counterparts, together, shall constitute one and the same agreement.
[signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
HLSS SERVICER ADVANCE RECEIVABLES TRUST, as Issuer
By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By: 
	 
Name: 
Title:

DEUTSCHE BANK NATIONAL TRUST COMPANY, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary and not in its individual capacity
		
	By: 
	 
Name: 
Title:

		
	By: 
	 
Name: 
Title:

HLSS HOLDINGS, LLC, as Administrator and as Servicer (on and after the MSR Transfer Date)
		
	By: 
	 
Name: 
Title:

OCWEN LOAN SERVICING, LLC, as a Subservicer and as Servicer (prior to the MSR Transfer Date)
		
	By: 
	 
Name: 
Title:

BARCLAYS BANK PLC, 
as Administrative Agent
		
	By: 
	 
Name: 
Title:

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