Document:

EX-10.4

 Exhibit 10.4 
 EXECUTION COPY 
  

 
  

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 
 CREDIT
SUISSE AG, NEW YORK BRANCH, 
 as Administrative Agent 

 
  

SERIES 2013-T3 

INDENTURE SUPPLEMENT 
 Dated as of May 21, 2013 
 to 

THIRD AMENDED AND RESTATED INDENTURE 
 Dated as of May 21, 2013 
  

 
 HLSS SERVICER
ADVANCE RECEIVABLES TRUST 
 ADVANCE RECEIVABLES BACKED NOTES, 

SERIES 2013-T3 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 SECTION 1. CREATION OF SERIES 2013-T3
NOTES
	  	 	2	  
		
	 SECTION 2. DEFINED TERMS
	  	 	2	  
		
	 SECTION 3. FORMS OF SERIES 2013-T3
NOTES
	  	 	10	  
		
	 SECTION 4. COLLATERAL VALUE
EXCLUSIONS
	  	 	10	  
		
	 SECTION 5. GENERAL RESERVE
ACCOUNT
	  	 	12	  
		
	 SECTION 6. PAYMENTS; NOTE BALANCE
INCREASES; EARLY MATURITY
	  	 	12	  
		
	 SECTION 7. OPTIONAL REDEMPTION AND
REFINANCING
	  	 	12	  
		
	 SECTION 8. [RESERVED]
	  	 	13	  
		
	 SECTION 9. SERIES REPORTS
	  	 	13	  
		
	 SECTION 10. CONDITIONS PRECEDENT
SATISFIED
	  	 	14	  
		
	 SECTION 11. REPRESENTATIONS AND
WARRANTIES
	  	 	14	  
		
	 SECTION 12. AMENDMENTS
	  	 	15	  
		
	 SECTION 13. COUNTERPARTS
	  	 	16	  
		
	 SECTION 14. ENTIRE AGREEMENT
	  	 	16	  
		
	 SECTION 15. LIMITED RECOURSE
	  	 	16	  
		
	 SECTION 16. OWNER TRUSTEE LIMITATION OF
LIABILITY
	  	 	16	  

  
 -i-

 THIS SERIES 2013-T3 INDENTURE SUPPLEMENT (this “Indenture Supplement”),
dated as of May 21, 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 as Servicer under the Designated Servicing Agreements from and after the related MSR Transfer Date (as defined below), OCWEN LOAN SERVICING, LLC (“OLS”), as a Subservicer, and as Servicer under the
Designated Servicing Agreements prior to the related MSR Transfer Date, and CREDIT SUISSE AG, NEW YORK BRANCH (“Credit Suisse”), as administrative agent (the “Administrative Agent”). This Indenture Supplement
relates to and is executed pursuant to that certain Third Amended and Restated Indenture (as amended, supplemented, restated or otherwise modified from time to time, the “Base Indenture”) as further supplemented hereby, dated as of
May 21, 2013, among the Issuer, the Servicer, the Administrator, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, Wells Fargo Securities, LLC (“Wells Fargo”), Barclays Bank PLC
(“Barclays”) and Credit Suisse, 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 has duly authorized the issuance of a Series of Notes, the Series 2013-T3 Notes (the “Series 2013-T3 Notes”).
The parties are entering this Indenture Supplement to document the terms of the issuance of the Series 2013-T3 Notes, which provides for the issuance of Notes in multiple series from time to time. The Series 2013-T3 Notes are issued in four
(4) Classes of Term Notes (Class A-T3, Class B-T3, Class C-T3 and Class D-T3, with the Initial Note Balances, Stated Maturity Dates, Revolving Period, Note Interest Rates, Expected Repayment Dates and other terms as specified in this Indenture
Supplement, to be known as the Advance Receivables Backed Notes, Series 2013-T3, secured by the Trust Estate Granted to the Indenture Trustee pursuant to the Base Indenture. The Indenture Trustee shall hold the Trust Estate as collateral security
for the benefit of the Holders of the Series 2013-T3 Notes and all other Series of Notes issued under the Indenture as described therein. 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 2013-T3 Notes. 

There are hereby created, effective as of the Issuance Date, the Series 2013-T3 Notes, to be issued pursuant to the Base Indenture and
this Indenture Supplement, to be known as “HLSS Servicer Advance Receivables Trust 2013-T3 Advance Receivables Backed Notes, Series 2013-T3 Notes.” The Series 2013-T3 Notes shall not be subordinated to any other Series of Notes. The Series
2013-T3 Notes are issued in four (4) Classes of Term Notes. The proceeds from the sale of the Offered Notes shall be used to reduce the outstanding amount drawn on the Series 2012-VF1 Variable Funding Notes, the Series 2012-VF2 Variable Funding
Notes and the Series 2012-VF3 Variable Funding Notes by amounts mutually acceptable by Barclays, Wells Fargo and Credit Suisse. 

Section 2. Defined Terms. 
 With respect to the Series 2013-T3 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 2013-T3 Notes have not
been paid in full: (i) with respect to the provisions of this Indenture Supplement, Credit Suisse 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, Credit Suisse, Barclays and Wells Fargo 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”: means, for any date of determination with respect to each
Receivable related to any Class of Series 2013-T3 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 any MSR Transfer Date) or the related
Subservicer’s (on and after any MSR Transfer Date) sub-prime servicer rating by S&P 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%; provided, further, 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. 

  
 2 

																	
	 Advance Type / Class of Notes
	 	Class A-T3
Term 
Notes	 	 	Class
B-T3
Term Notes	 	 	Class
C-T3
Term Notes	 	 	Class
D-T3
Term Notes	 
	 P&I Advances (other than Servicing Fee Advances) in Non-Judicial States
	 	 	90.25	% 	 	 	92.25	% 	 	 	93.25	% 	 	 	94.25	% 
	 P&I Advances (other than Servicing Fee Advances) in Judicial States
	 	 	87.50	% 	 	 	91.25	% 	 	 	93.00	% 	 	 	94.50	% 
	 Servicing Fee Advances in Non-Judicial States
	 	 	82.00	% 	 	 	87.75	% 	 	 	90.50	% 	 	 	93.25	% 
	 Servicing Fee Advances in Judicial States
	 	 	44.25	% 	 	 	65.00	% 	 	 	75.00	% 	 	 	84.50	% 
	 Escrow Advances in Non-Judicial States
	 	 	90.25	% 	 	 	92.25	% 	 	 	93.25	% 	 	 	94.00	% 
	 Escrow Advances in Judicial States
	 	 	69.50	% 	 	 	79.75	% 	 	 	84.75	% 	 	 	89.50	% 
	 Corporate Advances in Non-Judicial States
	 	 	85.00	% 	 	 	89.25	% 	 	 	91.25	% 	 	 	93.25	% 
	 Corporate Advances in Judicial States
	 	 	66.50	% 	 	 	78.00	% 	 	 	83.75	% 	 	 	89.25	% 

 “Advance Rate Reduction Factor” means, for any Class of Series 2013-T3 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 2013-T3 Notes by
S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below: 
 (i) Class A-T3
Term Notes: AAA(sf); 
 (ii) Class B-T3 Term Notes: AA(sf); 

(iii) Class C-T3 Term Notes: A(sf); and 

(iv) Class D-T3 Term Notes: BBB(sf). 
 “Base Indenture” has the meaning assigned to such term in the Preamble. 
 “Class A-T3 Term Notes” means, the Term Notes, Class A-T3, issued hereunder by the Issuer having an Initial Note Balance of $406,276,000, or any Term Notes issued in replacement
thereof pursuant to Section 7 of this Indenture Supplement. 
 “Class B-T3 Term Notes” means, the Term
Notes, Class B-T3, issued hereunder by the Issuer having an Initial Note Balance of $35,358,000, or any Term Notes issued in replacement thereof pursuant to Section 7 of this Indenture Supplement. 

“Class C-T3 Term Notes” means, the Term Notes, Class C-T3, issued hereunder by the Issuer having an Initial Note Balance
of $17,220,000, or any Term Notes issued in replacement thereof pursuant to Section 7 of this Indenture Supplement. 

  
 3 

 “Class D-T3 Term Notes” means, the Term Notes, Class D-T3, issued hereunder
by the Issuer having an Initial Note Balance of $16,146,000, or any Term Notes issued in replacement thereof pursuant to Section 7 of this Indenture Supplement. 
 “Corporate Trust Office” means with respect to the Series 2013-T3 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 –OC13S5. 
 “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: 

(i) for the Class A-T3 Term Notes, May 15, 2017; 

(ii) for the Class B-T3 Term Notes, May 15, 2017; 

(iii) for the Class C-T3 Term Notes, May 15, 2017; and 

(iv) for the Class D-T3 Term Notes, May 15, 2017. 

“Expense Rate” means, as of any date of determination, with respect to the Series 2013-T3 Notes, the percentage
equivalent of a fraction, (i) the numerator of which equals the sum of (1) the product of the Series Allocation Percentage for such Series 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 Series Allocation Percentage for such Series multiplied by any expenses payable or reimbursable by the Issuer on the next succeeding Payment Date, up to the applicable Expense Limit, if
any, prior to payments to the Holders of the Series 2013-T3 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 2013-T3
Notes at the close of business on such date. For the avoidance of doubt, with respect to the Series related to the Offered Notes, there will be no “Series Fees.” 
 “Facility Eligible Receivable” with respect to the Series 2013-T3 Notes means a Receivable which meets the criteria for a Facility Eligible Receivable set forth in the Base Indenture
except that clause (xi) thereof shall be amended to read as follows in its entirety: 
 “(xi) if a
Servicing Fee Advance Receivable, the provisions of the related Servicing Fee Advance 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 redemption in full under the applicable Servicing Fee Advance Designated Servicing Agreement;” 

  
 4 

 “Facility Eligible Servicing Agreement” with respect to the Series 2013-T3
Notes means any Designated Servicing Agreement which meets the criteria for a Facility Eligible Servicing Agreement set forth in the Base Indenture except that clause (ii)(B) thereof shall be amended to read as follows in its entirety: 

“(B) under such agreement, if the Servicer determines that an Advance other than a Servicing Fee 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 related MBS 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”);” 
 and clause (viii) thereof
shall be amended to read as follows in its entirety: 
 “(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 Servicing Fee Advance
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, regardless of the terms in such Servicing Fee Advance Designated Servicing Agreement);” 

“General Reserve Required Amount” means with respect to any Payment Date or Interim Payment Date, as the case may be, for
the Series 2013-T3 Notes, an amount equal to on any Payment Date or Interim Payment Date six (6) month’s interest calculated at the Senior Rate on the Note Balance of each Class of Series 2013-T3 Notes as of such Payment Date or Interim
Payment Date, as the case may be. 
 “Initial Note Balance” means, for any Note or for any Class of Notes, the
Note Balance of such Note upon issuance, as follows: 
 (i) Class A-T3 Term Notes: $406,276,000;

 (ii) Class B-T3 Term Notes: $35,358,000; 

(iii) Class C-T3 Term Notes: $17,220,000; and 

(iv) Class D-T3 Term Notes: $16,146,000. 

  
 5 

 “Interest Accrual Period” means, for the Series 2013-T3 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 related Issuance Date) and ending on the day immediately preceding the current Payment Date. The
Interest Payment Amount for the Series 2013-T3 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 26 days divided by 360. 

“Issuance Date” means May 21, 2013. 
 “Loan-Level Servicing Fee Advance Receivable” means a Servicing Fee Advance Receivable relating to a Servicing Fee Advance Designated Servicing Agreement identified on the Servicing Fee
Advance Designated Servicing Agreement Schedule the provisions of which do not contain a General Collections Backstop.

“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. 

  
 6 

 “MSRs” means mortgage servicing rights and 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 Mortgage Loan with respect
to which no payment is Delinquent (including any Mortgage Loan subject to a forbearance plan which is not Delinquent in accordance with such forbearance plan), 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. 
 “No-Payment at Termination Servicing Fee Advance
Receivable” means a Servicing Fee Advance Receivable relating to a Servicing Fee Advance Designated Servicing Agreement identified on the Servicing Fee Advance Designated Servicing Agreement Schedule the provisions of which do
not require that all 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. 

“Note Interest Rate” means, with respect to the Series 2013-T3 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; provided, that, on any date of determination, the Interest Rate will never be a rate greater than the applicable Senior Rate plus 3.00% per annum. 

“Note Rating Agency” means, for the Series 2013-T3 Notes, S&P. 

  
 7 

 “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 
 (ii) 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 (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 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 

(iv) 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 2013-T3 Notes, 10%. 
 “Restricted Servicing Fee Advance Receivable” means any Loan-Level
Servicing Fee Advance Receivable or No-Payment at Termination Servicing Fee Advance Receivable. 
 “Senior
Rate” means, for: (i) the Class A-T3 Term Notes will be a rate per annum equal to 1.7932%; (ii) the Class B-T3 Term Notes will be a rate per annum equal to 2.1404%; (iii) the Class C-T3 Term Notes will be a rate per
annum equal to 2.3880%; and (iv) the Class D-T3 Term Notes will be a rate per annum equal to 3.1295%. 
 “Series
2013-T3 Note Balance” means the aggregate Note Balance of the Series 2013-T3 Notes. 
 “Series 2013-T2/T3
Placement Agency Agreement” means that certain Placement Agency Agreement, dated May 17, 2013, by and among the Issuer, the Receivables Seller, Wells Fargo, as Placement Agent, Barclays Capital Inc., as Placement Agent, and Credit
Suisse Securities (USA) LLC, as Placement Agent. 

  
 8 

 “Stated Maturity Date” for the Series 2013-T3 Notes means May 15,
2046. 
 “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 2013-T3 Notes, Class A-T3 Term Notes: 7.75%, Class B-T3 Term Notes: 11.00%, Class C-T3 Term Notes: 14.50% and Class D-T3 Term Notes:
20.00%. 
 “Target Amortization Amounts” means, for each Class of the Series 2013-T3 Notes, 1/6 of the Note
Balance of such Class at the close of business on the last day of its Revolving Period, such amounts payable beginning on the first Payment Date after the beginning of the Target Amortization Period. 

“Target Amortization Event” for any Class of the Series 2013-T3 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 2013-T3 Notes: 

(i) on any Payment Date, the arithmetic average of the Net Proceeds Coverage Percentage determined for such Payment Date
and the two (2) preceding Payment Dates is less than five (5) 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 Agents; or 

(iii) the Monthly Reimbursement Rate is less than 5.00%. 

“Target Amortization Period” means, for any Class of Series 2013-T3 Notes, as applicable, the period that begins upon
both the occurrence of an applicable Target Amortization Event and ends upon the earlier of (i) a Facility Early Amortization Event and (ii) the date on which the Notes of such Class are paid in full. 

“Transaction Documents” means, in addition to the documents set forth in the definition thereof in the Base Indenture,
this Indenture Supplement, the Series 2013-T2/T3 Placement Agency Agreement, the Series 2013-T3 Notes and the related Fee Letter (as defined in the Series 2013-T2/T3 Placement Agency Agreement), each as amended, supplemented, restated or otherwise
modified from time to time. 

  
 9 

 “Trigger Advance Rate” means, for any Class within the Series 2013-T3
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 2013-T3 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 2013-T3 Notes. 
 The form of the Rule 144A
Global Note and of the Regulation S Global Notes that may be used to evidence the Series 2013-T3 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 2013-T3 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 2013-T3 Notes, the Collateral Value shall be zero for any Receivable that: 

(i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable,
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 the Receivable Balance of such Receivable,
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 Receivable Balance of such Receivable,
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%; 

  
 10 

 (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; 
 (vii) reserved; 
 (viii) until the Administrative Agent shall have
provided its written consent (in its sole and absolute discretion), and notwithstanding satisfaction of clause (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. For the avoidance of doubt, for so long as the Administrative Agent determines that the Servicing Fee Advance Receivables related to any
Servicing Fee Advance Designated Servicing Agreement cannot be afforded a positive Collateral Value, such Designated Servicing Agreement shall not be considered a Designated Servicing Agreement in respect of the Series 2013-T3 Notes; 

(ix) is a Loan-Level Servicing Fee Advance Receivable attributable to a Mortgaged Property, to the extent that the
Receivable Balance of such Receivable, when added to the aggregate Receivable Balance outstanding for all other Loan-Level Servicing Fee Advance Receivables with respect to such Mortgaged Property, causes the total
Receivable Balance for all Loan-Level Servicing Fee Advance Receivables to exceed 10% of the Net Property Value of such Mortgaged Property; and 
 (x) is a Restricted Servicing Fee Advance Receivable attributable to a Servicing Fee Advance Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added
to the aggregate Receivable Balance outstanding for all other Restricted Servicing Fee Advance Receivables with respect to all Designated Servicing Agreements, causes the total Receivable Balance for all Restricted Servicing Fee
Advance Receivables to exceed 3.25% of the total Receivable Balance of all Receivables included in the Trust Estate; and 
 (xi) (xi) is a Servicing Fee Advance Receivable which has not been reimbursed in full under the related Designated Servicing Agreement as of the remittance date following the liquidation of the related
Mortgage Loan and final reporting with respect thereto. 

  
 11 

 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 2013-T3 Term Notes for the benefit of the Series 2013-T3 Noteholders. 
 Section 6. Payments; Note Balance Increases; Early Maturity. 
 The
Paying Agent shall allocate payments of interest, principal, fees and expenses to the Series 2013-T3 Notes on each Payment Date in accordance with Section 4.5 of the Base Indenture. 

The Paying Agent shall make payments of the Senior Interest Amount and Cumulative Interest Shortfall Amounts allocable to the Series
2013-T3 Notes to the holders of the Series 2013-T3 Notes as follows: first, to the Class A-T3 Term Notes, the Senior Interest Amount and Cumulative Interest Shortfall Amount for such Class, thereafter, to the Class B-T3 Term Notes, the
Senior Interest Amount and Cumulative Interest Shortfall Amount for such Class, thereafter, to the Class C-T3 Term Notes, the Senior Interest Amount and Cumulative Interest Shortfall Amount for such Class, and thereafter, to Class D-T3 Term Notes,
the Senior Interest Amount and Cumulative Interest Shortfall Amount for such Class. 
 The Paying Agent shall make payments of
principal on the Series 2013-T3 Notes on each Payment Date in accordance with Sections 4.4 and 4.5, respectively, of the Base Indenture during any Target Amortization Period or in any Full Amortization Period. The Target Amortization Amount
allocated to the Series 2013-T3 Notes during the Target Amortization Period shall be applied by the Paying Agent pro rata among the Classes of Series 2013-T3 Notes based on their respective Target Amortization Amounts. Any payments of
principal allocated to the Series 2013-T3 Notes during a Full Amortization Period shall be paid to the holders of the Series 2013-T3 Notes in the following order of priority, first, to the Class A-T3 Term Notes, pro rata, until their
Note Balance has been reduced to zero, second, to the Class B-T3 Term Notes, pro rata, until their Note Balance has been reduced to zero, third, to the Class C-T3 Term Notes, pro rata, until their Note Balance has been reduced to zero,
and fourth, to the Class D-T3 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 2013-T3 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 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 Series 2013-T3 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 Notes. 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. 

  
 12 

 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 2013-T3 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) a list of each Target Amortization Event for the Series 2013-T3 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 Monthly Advance Collection Period preceding the
upcoming Interim Payment Date and (B) whether any Target Amortization Amount that has become due and payable has been paid; 
 (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, and indicating the related provision affecting such Receivable; 

  
 13 

 (x) a calculation of the Net Proceeds Coverage Percentage in respect of each
of the three (3) preceding Monthly Advance Collection Periods (or each that has occurred since the date of this Indenture Supplement, if less than three (3)), and the arithmetic average of the three; 

(xi) the Monthly Reimbursement Rate for the upcoming Payment Date or Interim Payment Date; 

(xii) the PSA Stressed Non-Recoverable Advance Amount for the upcoming Payment Date or Interim Payment Date; and

 (xiii) the Trigger Advance Rate for each Class of Series 2013-T3 Notes. 

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 Agents or any Noteholder may from time to time reasonably request in order to assist the Administrative Agents or such Noteholder in
complying with the requirements of Article 122a(4) and (5) of the CRD as may be applicable to the Administrative Agents or such Noteholder; provided, that this Section 9(a) shall be applicable to any and all other Series of Notes issued
under the Base Indenture. 
 (b) Series Payment Date Report. In conjunction with each Payment Date Report, the Indenture
Trustee shall also report the Stressed Time Percentage. 
 (c) 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 2013-T3 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. 

  
 14 

 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 Agents, 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 May 20, 2013, 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 2013-T3 Notes in accordance with Section 7 of this Indenture Supplement; or (v) to amend any other provision of this Indenture Supplement. 

(b) In addition to the provisions described in “Description of the Indenture—Amendments to the Indenture” in the
Memorandum, any amendment and/or supplemental indenture to the Indenture Supplement related to the Offered Notes, executed in accordance with the issuance of any new Series of Notes shall not be considered an amendment or supplemental indenture for
the purposes of such Indenture Supplement. Accordingly, any such amendment and/or supplemental indenture to the Indenture Supplement related to the Offered Notes may amend, modify or supplement such Indenture Supplement without the consent of the
Offered Noteholders; provided, that no such amendment or supplemental indenture shall be effective unless the Issuer obtains an Issuer Tax Opinion and furnishes such Issuer Tax Opinion to the Indenture Trustee; provided, further, that no such
amendment or supplemental indenture may, without the consent of each Noteholder holding any Class of Offered Notes affected thereby: (a) change the Determination Date, Expected Repayment Date, General Reserve Required Amount, Interim Payment
Date, Payment Date, Record Date, Redemption Date, Redemption Payment Date, Scheduled Amortization Date, Stated Maturity Date, Target Amortization Event, Target Amortization Amount or Target Amortization Period related to the Offered Notes, or reduce
the Note Balance or the interest rate thereof, or change the coin or currency in which the principal of such Class of Offered Notes or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or
after Stated Maturity Date; (b) amend or modify Sections 4.4, 4.5, 4.6 or 6.10 or Article XII of the Base Indenture or Sections 5, 6, 7 or 12 of such Indenture Supplement; (c)change the percentage interest, the consent of whose Noteholders is
required in order to perform any action pursuant to the terms and provisions of any Transaction Document; (d) change any obligation of the Issuer to maintain an office or agency in the places and for the purposes set forth in the Transaction
Documents; (e) except as otherwise expressly provided in the Transaction Documents, deprive any Noteholder of the benefit of a valid first priority perfected security interest in the Collateral; or (f) except as otherwise expressly
provided in the Transaction Documents, release from the Lien set forth in the Transaction Documents all or any portion of the Collateral. 

  
 15 

 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 2013-T3 Notes, any other Transaction Documents or
otherwise, the obligations of the Issuer under the Series 2013-T3 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 2013-T3 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 2013-T3 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 2013-T3 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 2013-T3 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 2013-T3 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,

  
 16 

 
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. 

  
 17 

 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 Wells Fargo Securities, LLC (as Administrative Agent), have caused this Indenture Supplement relating to the Series 2013-T3 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	 		 	DEUTSCHE BANK NATIONAL TRUST COMPANY, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary and not in its individual
capacity
	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee	 		 	
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 	Name:	 	 
	Title:	 	 	 		 	Title:	 	 
					
		 		 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 
			
	HLSS HOLDINGS, LLC,	 		 	OCWEN LOAN SERVICING, LLC,
	as Administrator and as Servicer (on or after the MSR Transfer Date)	 		 	as a Subservicer and as Servicer (prior to the MSR Transfer Date)
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 	Name:	 	 
	Title:	 	 	 		 	Title:	 	 

 Signature Page to Indenture Supplement – HLSS Series 2013-T3 Notes 

			
	CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Signature Page to Indenture Supplement – HLSS Series 2013-T3 NotesEX-4.2

 Exhibit 4.2 

 
  
 EXCHANGE AGREEMENT 
 dated as of 

            , 2013 

among 

SILVERCREST ASSET MANAGEMENT GROUP INC., 
 SILVERCREST L.P. 
 and 

THE CLASS B PARTNERS SET FORTH 
 ON THE SIGNATURE PAGES HERETO 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
			
	 ARTICLE I
	 	 DEFINITIONS
	  	 	1	  
			
	 1.1
	 	 Certain Definitions
	  	 	1	  
			
	 ARTICLE II
	 	 EXCHANGE
	  	 	3	  
			
	 2.1
	 	 Exchange Dates
	  	 	3	  
			
	 2.2
	 	 Permissible Exchanges by Class B Partners
	  	 	4	  
			
	 2.3
	 	 Exchange Request
	  	 	5	  
			
	 2.4
	 	 Suspensions
	  	 	5	  
			
	 2.5
	 	 Closing Date
	  	 	6	  
			
	 2.6
	 	 Closing Conditions
	  	 	6	  
			
	 2.7
	 	 Closing Deliveries
	  	 	7	  
			
	 2.8
	 	 Expenses
	  	 	7	  
			
	 ARTICLE III
	 	 MISCELLANEOUS
	  	 	7	  
			
	 3.1
	 	 Termination of Partner Group Membership; Cancellation of Class B Units; Issuance of Class A Units
	  	 	7	  
			
	 3.2
	 	 Tax Treatment
	  	 	8	  
			
	 3.3
	 	 Notices
	  	 	8	  
			
	 3.4
	 	 Term of the Agreement
	  	 	8	  
			
	 3.5
	 	 Amendments; Waivers
	  	 	9	  
			
	 3.6
	 	 Adjustment Upon Changes in Capitalization
	  	 	9	  
			
	 3.7
	 	 Severability
	  	 	9	  
			
	 3.8
	 	 Representatives, Successors and Assigns
	  	 	9	  
			
	 3.9
	 	 Governing Law
	  	 	9	  
			
	 3.10
	 	 Submission to Jurisdiction; Waiver of Immunity
	  	 	10	  
			
	 3.11
	 	 Waiver of Jury Trial
	  	 	10	  
			
	 3.12
	 	 Further Assurances
	  	 	10	  
			
	 3.13
	 	 Counterparts
	  	 	10	  
			
	 3.14
	 	 Entire Agreement
	  	 	11	  
			
	 3.15
	 	 Construction
	  	 	11	  
			
	 3.16
	 	 Interpretation
	  	 	11	  
			
	 3.17
	 	 Assignment
	  	 	11	  

 Annex A — Instrument of Transfer 

 This EXCHANGE AGREEMENT (this “Agreement”) is dated as of
[            ], 2013, by and among Silvercrest Asset Management Group Inc., a Delaware corporation (the “Company”), Silvercrest L.P., a Delaware limited partnership (the
“Partnership”), and the Class B Partners signatory hereto or to the Additional Party Signature Page in the form attached hereto as Annex A. 
 WITNESSETH 
 WHEREAS, the Class B Partners beneficially own all of
the outstanding Class B Units of the Partnership and all of the outstanding Class B Shares of the Company; 
 WHEREAS, the
Company is the general partner of the Partnership and owns all of the Class A Units of the Partnership; 
 WHEREAS, the
Company and the Class B Partners are parties to the Second Amended and Restated Limited Partnership Agreement of the Partnership, dated as of November 13, 2012, as amended from time to time (the “Silvercrest LPA”); and

 WHEREAS, the parties hereto desire to agree to the exchange of Class B Units for Class A Shares by the Class B Partners
at such time and upon the terms and subject to the conditions set forth in this Agreement; 
 NOW, THEREFORE, in consideration
of the premises and of the mutual agreements, covenants and provisions herein contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS 
 1.1 Certain Definitions. As used in this
Agreement, the following terms shall have the following meanings: 
 “Act” shall have the meaning set forth in
the Silvercrest LPA. 
 “Affiliate” means, (i) as to any Person who is an individual, the Immediate Family
of such Person and trusts, limited partnerships or other entities for the exclusive benefit of such Person or such Immediate Family and any entity (other than the Company or its Affiliates) that, directly or indirectly, through one or more
intermediaries is controlled by or is under common control with such Person, the Immediate Family of such Person, or trusts, limited partnerships or other entities for the exclusive benefit of such Person or such Immediate Family, and (ii) as
to any Person which is not an individual, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such Person. For the avoidance of doubt, the Company’s
Affiliates shall include its Control Affiliates. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise. 

 “Agreement” has the meaning set forth in the preamble. 

“Board” shall mean the board of directors of the Company. 

“Cause” shall have the meaning set forth in the Silvercrest LPA. 

“Class A Shares” shall mean shares of Class A common stock, par value $.01 per share, of the Company. 

“Class A Units” shall have the meaning set forth in the Silvercrest LPA. 

“Class B Partner” shall mean an employee of the Company or any of its Affiliates who holds Class B Units. 

“Class B Shares” shall mean shares of Class B common stock, par value $.01 per share, of the Company. 

“Class B Units” shall have the meaning set forth in the Silvercrest LPA. 

“Closing” has the meaning set forth in Section 2.5. 

“Closing Date” has the meaning set forth in Section 2.5. 

“Company” has the meaning set forth in the preamble. 

“Control Affiliate” means any Person for which the Partnership serves as general partner, investment manager or in a
similar capacity. 
 “Disability” shall have the meaning set forth in the Silvercrest LPA. 

“Exchange” shall mean the exchange by a Class B Partner of one or more Class B Units for an equal number of Class A
Shares pursuant to the provisions of this Agreement. 
 “Exchange Date” has the meaning set forth in
Section 2.1(a). 
 “Exchange Request” has the meaning set forth in Section 2.3. 

“Executive Committee” shall mean the Executive Committee of the Partnership established pursuant to the Silvercrest LPA.

 “Immediate Family” has the meaning assigned to it in the Silvercrest LPA. 

“IPO Date” shall mean the date of the closing of the initial public offering of the Class A Shares. 

“Lien” shall mean a mortgage, pledge, hypothecation, right of others, claim, security interest, encumbrance, easement,
right of way, restriction on the use of real property, title defect, title retention agreement, voting trust agreement, option, right of first refusal, lien, charge, license to third-parties, lease to third parties, restriction on transfer or
assignment, or other restriction or limitation of any nature or irregularity in title. 

  
 2 

 “Member Tax Obligation” has the meaning set forth in Section 2.2(c).

 “Open Window Period” shall mean the open window period for trading of Class A Shares by employees of
the Partnership and its Subsidiaries that occurs once each fiscal quarter of the Company pursuant to the Insider Trading Policy established by the Board, as may be amended from time to time in its sole discretion. 

“Partner Group” has the meaning set forth in Section 2.2(a). 

“Partnership” has the meaning set forth in the preamble. 

“Permitted Charitable Institution” means an organization formed for the purpose of producing goods and services whose
status does not permit them to be a source of income, profit or other financial gain for the units that establish, control or finance them and exempted from certain taxation pursuant to Section 501(c)(3) of the U.S. Internal Revenue Code.

 “Person” means and includes an individual and any legal entity including a corporation, partnership,
association, limited liability company, joint stock company, trust or estate. 
 “Registration Rights
Agreement” shall mean the Resale and Registration Rights Agreement, dated as of the date hereof, by and among the Company and the Class B Partners named on the signature pages thereto. 

“Retirement” shall have the meaning set forth in the Silvercrest LPA. 

“Silvercrest LPA” has the meaning set forth in the recitals. 

“Specified Permitted Transferee” shall have the meaning set forth in the Silvercrest LPA. 

“Subsidiary” means, when used with reference to an entity, any corporation or other entity, a majority of the
outstanding voting securities of which are owned directly or indirectly by such entity, and when used without reference to an entity, shall mean a Subsidiary with reference to the Partnership. 

“Unit(s)” shall mean the Class A Units and the Class B Units (whether or not vested). 

ARTICLE II 
 EXCHANGE 
 2.1 Exchange Dates. Each Class B Partner shall be
permitted to Exchange its Class B Units at any time during the first ten (10) days of an Open Window Period unless the Executive Committee elects to extend the period during which Exchanges may be made, in its sole discretion (each day within
such ten (10) day period, as extended, is referred to herein as an “Exchange Date”). The Company shall ensure that an Open Window Period occurs once each fiscal quarter of the Company; provided that the Company may close
any Open Window Period and restrict trading in any such period as required by the Company’s Insider Trading Policy and applicable securities laws. For the avoidance of doubt, the Company may establish as many Exchange Dates as it shall
determine in its sole discretion. 

  
 3 

 2.2 Permissible Exchanges by Class B Partners. 

(a) General Rule. Subject to Sections 2.2(b) through (e) and 2.6, during any twelve (12) month period commencing on or
following the six-month anniversary of the IPO Date and until the date of termination of employment of a Class B Partner, each Class B Partner (along with his or her Specified Permitted Transferees) (collectively, the “Partner
Group”) shall be permitted collectively to Exchange, or to transfer or gift Class B Units held by the Partner Group to a Permitted Charitable Institution, a number of vested Class B Units in an amount not to exceed twenty percent
(20%) of the aggregate number of vested and unvested Class B Units held by such Partner Group as of the first day of such 12-month period in which the applicable Exchange (or transfer or gift) occurs; provided that, at all times
following the IPO Date until termination of employment, (i) each Class B Partner who was a Class B Partner on the IPO Date must retain at least twenty-five percent (25%) of the number of Class B Units held by such Class B Partner on the
IPO Date (as adjusted for any stock splits, reverse stock splits, share combinations, dividends and reclassifications occurring after the IPO Date) and (ii) each Class B Partner who became a Class B Partner at any time after the IPO Date must
retain at least twenty-five percent (25%) of the number of Class B Units held by such Class B Partner on the date of admission of such Class B Partner to the Partnership (as adjusted for any stock splits, reverse stock splits, share
combinations, dividends and reclassifications occurring after the date of his or her admission to the Partnership). Notwithstanding the foregoing, Class B Partners whose employment is terminated due to Retirement may Exchange any number of Class B
Units for Class A Shares at any time. 
 (b) Post-IPO Date Class B Partners. Notwithstanding
Section 2.2(a), but subject to Sections 2.2(c) through (e) and 2.6, any Person who becomes an employee of the Company or any of its Affiliates after the IPO Date may not exchange any Class B Units during his or her first year of
employment. 
 (c) Exceptions. Notwithstanding Section 2.2(a) and (b), (i) following the six-month anniversary
of the IPO Date, the Board may permit any Class B Partner or his or her Specified Permitted Transferees to exchange vested Class B Units in an amount exceeding that described in Section 2.2(a), which permission may be withheld, delayed, or
granted on such terms and conditions as the Board may determine in its sole discretion, and (ii) in the event that the aggregate amount of income taxes payable by a member of a Partner Group and attributable to any of (A) the grant or
vesting of Class B Units, (B) the exercise of options to acquire Class B Units and/or (C) the Exchange of Class B Units for Class A Shares upon termination of employment (whether or not such partner is or was an employee of the
Company or any of its Affiliates at the time that such income tax first became due and payable) (the “Member Tax Obligation”) exceeds the net proceeds such partner would receive upon the sale of all of the Class A Shares issued
to such Class B Partner in exchange for vested Class B Units pursuant to Section 2.2(a) as of the first day of the relevant twelve month period during which the Member Tax Obligation first becomes due and payable, such partner shall instead, in
the case of a condition described in subsection (ii)(A) and (ii)(B) above, be entitled to Exchange a number of vested Class B Units and resell an equal number of Class A Shares issued in exchange for such Class B Units, and in the case of a
condition described in subsection (ii)(C) above, sell sufficient Class A Shares issued in exchange for exchanged Class B Units, such that, in each case, the net proceeds from the sale of such Class A Shares would enable such member to
satisfy the Member Tax Obligations. 

  
 4 

 
For the avoidance of doubt, the Member Tax Obligation shall be mutually agreed to by the relevant Class B Partner and the Executive Committee and calculated by taking into account the marginal
federal, state and applicable local income tax rate applicable to the relevant member of the Partner Group, the deductibility of state and local income taxes for federal income tax purposes, the availability of offsetting losses or tax credits, and
such other relevant factors as are mutually agreed to by such partner and the Executive Committee, acting in good faith. 
 (d)
Restrictions on Class A Shares. Each Class B Partner hereby acknowledges and agrees that (i) the Company shall not have any obligation to deliver Class A Shares that have been registered under the Securities Act, and
(ii) the Company reserves the right on any Exchange Date to provide registered Class A Shares, unregistered Class A Shares or any combination thereof, as it may determine in its sole discretion. The Company reserves the right to cause
certificates evidencing such Class A Shares to be imprinted with legends as to restrictions on transfer that it may deem necessary or appropriate, including legends as to applicable U.S. federal or state securities laws or other legal or
contractual restrictions and may require any Class B Partner to which Class A Shares are to be issued to agree in writing (A) that such Class A Shares will not be transferred except in compliance with such restrictions and (B) to
such other matters as the Company may deem reasonably necessary or appropriate in light of applicable law and existing agreements. 
 (e) Vested Class B Units. For the avoidance of doubt, a Class B Partner may not Exchange any vested Class B Units for six (6) months following the IPO Date. 

(f) Unvested Class B Units. For the avoidance of doubt, a Class B Partner may not Exchange any unvested Class B Units at any time.

 2.3 Exchange Request. A Class B Partner may submit a request to effect an Exchange by delivering to the
Company, not less than fourteen (14) calendar days prior to an Exchange Date (or such lesser number of days as the Company may permit in its sole discretion), a written notice (the “Exchange Request”). An Exchange Request shall
set forth the number of Class B Units such Class B Partner’s Partner Group elects to Exchange for Class A Shares and the proposed Exchange Date. The Class B Partner shall represent to the Company that such Class B Partner’s Partner
Group owns the Class B Units to be delivered at such Closing pursuant to Section 2.7, free and clear of all Liens, except as set forth therein, and, if there are any Liens identified in the Exchange Request, such Class B Partner shall covenant
that such Class B Partner’s Partner Group will deliver at the applicable Closing evidence reasonably satisfactory to the Company that all such Liens have been released. An Exchange Request is not revocable or modifiable, except with the written
consent of the Company. 
 2.4 Suspensions. Notwithstanding anything to the contrary contained in this Agreement,
the Company shall be entitled, at all times, in its sole discretion and without a limitation, to block any Exchange by a Partner Group or shorten the Open Window Period if it becomes aware of any nonpublic information that has not been disclosed to
the public. 

  
 5 

 2.5 Closing Date. 

(a) If an Exchange Request has been timely delivered pursuant to Section 2.3, then, on the Exchange Date set forth in the Exchange
Request (as may be extended pursuant to this Section 2.5, the “Closing Date”), the parties shall effect the closing (the “Closing”) of the transactions contemplated by this Article II at the offices of the
Company at 1330 Avenue of the Americas, 38th Floor, New York, New York 10019, or at such other time, at such other place, and in such other manner, as the applicable parties to such Exchange shall agree in writing; provided, however,
that, except as may be determined otherwise by the Company in its sole discretion, if an applicable Exchange Date falls on a day during which directors, officers or other employees of the Company or any of its Affiliates are prohibited by the
trading policies of the Company from disposing of equity securities of the Company, then with respect to all requested Exchanges, the Closing Date shall instead be deemed to be the first business day after such Exchange Date that such officers and
directors are allowed to dispose of equity securities of the Company pursuant to the trading policies of the Company. 
 2.6
Closing Conditions. 
 (a) The obligations of any of the parties to consummate an Exchange pursuant to this
Article II shall be subject to the conditions that there shall be no injunction, restraining order or decree of any nature of any governmental or regulatory authority that is then in effect that restrains or prohibits the Exchange of Class B Units
or the transfer of Class B Shares for redemption. 
 (b) The obligations of the Company to consummate an Exchange pursuant to
this Article II shall be subject to the following conditions: 
 (1) The Class B Partner shall have taken all actions
reasonably requested by the Company to permit the automatic redemption, immediately following the Closing, of a number of Class B Shares equal to the number of Class B Units being Exchanged by such Class B Partner’s Partner Group at such
Closing (including delivery to the Company of certificates evidencing such number of Class B Shares and confirmation that any Liens on such Class B Shares shall have been released); and 

(2) If such Class B Partner is not a party to the Registration Rights Agreement, such Class B Partner shall have executed and delivered
a counterpart signature page of the Registration Rights Agreement and all other documents reasonably requested by the Company in connection therewith. 
 (c) The obligations of each Person in the Class B Partner’s Partner Group exchanging Class B Units at such Closing shall be subject to the following conditions: 

(1) The Company shall have taken all actions reasonably required to permit the automatic redemption, immediately following the Closing,
of a number of Class B Shares held by such Class B Partner’s Partner Group equal to the number of Class B Units being Exchanged by such Class B Partner’s Partner Group at such Closing; and 

  
 6 

 (2) If such Class B Partner is not a party to the Registration Rights Agreement, the
Company shall have executed and delivered a copy of the Registration Rights Agreement. 
 2.7 Closing Deliveries.
At each Closing, the Company and each Class B Partner that has submitted an Exchange Request in respect of such Closing shall deliver the following: 
 (a) each such Person in such Class B Partner’s Partner Group Exchanging Class B Unit shall deliver an instrument of transfer, substantially in the form of Annex A hereto or otherwise in form
reasonably satisfactory to the Company, sufficient (i) to transfer to the Company the number of vested Class B Units set forth in the Exchange Request of such Class B Partner’s Partner Group and (ii) to affirm that such Class B
Partner agrees to comply with the covenants contained in Section 3.1 of the Registration Rights Agreement and Section 8.5 of the Silvercrest LPA as may be applicable to such Class B Partner at that time; 

(b) if applicable, each such Person in such Class B Partner’s Partner Group shall deliver evidence reasonably satisfactory to the
Company, that all Liens on such Class B Partner’s Partner Group’s Class B Units delivered pursuant to this Section 2.7 have been released; 
 (c) the Company shall deliver to the Partnership a certificate issued in the name of each such Class B Partner representing a number of Class A Shares equal to the number of Class B Units such Class
B Partner elected to Exchange; and 
 (d) the Partnership shall deliver to each such Class B Partner a certificate representing
a number of Class A Shares equal to the number of such Class B Units such Class B Partner elected to Exchange. 
 2.8
Expenses. Each party hereto shall bear such party’s own expenses in connection with the consummation of any of the transactions contemplated hereby, whether or not any such transaction is ultimately consummated. 

ARTICLE III 
 MISCELLANEOUS 
 3.1 Termination of Partner Group Membership;
Cancellation of Class B Units; Issuance of Class A Units. Upon consummation of each Closing contemplated by Article II, each Class B Unit transferred to the Company at such Closing shall be cancelled, the Partnership shall issue one
Class A Unit to the Company in respect of each such Class B Unit that was transferred and surrendered and the Executive Committee shall modify the books and records of the Partnership to reflect such cancellation and issuance. In the event
that, as a result of an Exchange, a Class B Partner shall cease to hold any vested or unvested Class B Units, such Class B Partner shall cease to be a Class B Partner for any purpose under the Silvercrest LPA, this Agreement and the Act. 

  
 7 

 3.2 Tax Treatment. As required by the Code and the Regulations: (i) the
parties shall report an Exchange consummated hereunder as a taxable sale of Class B Units by a Class B Partner to the Company (in conjunction with an associated cancellation of Class B Shares) and (ii) no party shall take a contrary position on
any income tax return, amendment thereof or communication with a taxing authority. 
 3.3 Notices. All notices,
requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this
Section 3.3) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set forth below or such other address or facsimile number as may hereafter be designated in writing by such party to the other
parties: 
 (a) if to the Company, to: 
 Silvercrest Asset Management Group Inc. 
 1330 Avenue of the Americas 

38th Floor 
 New York, NY 10019 
 (T) (212) 649-0600 

(F) (212) 649-0606 
 Attention: General Counsel 
 with a copy to: 

Bingham McCutchen LLP 
 399 Park Avenue 
 New York, New York 10022 

(T) (212) 705-7000 
 (F) (212) 752-5378 
 Attention: Floyd I. Wittlin, Esq. 

(b) if to any of the Class B Partners, to: 
 the address and facsimile number set forth in the records of the Company. 
 (c)
All such notices, requests, demands, waivers and other communications shall be deemed to have been given and received (i) if by personal delivery or telecopy, on the day of such delivery, (ii) if by first-class, registered or certified
mail, on the fifth Business Day after the mailing thereof or (iii) if by reputable overnight delivery service, on the day delivered. 
 3.4 Term of the Agreement. 
 (a) This Agreement shall become
effective on the date hereof and shall terminate on the earlier of (i) the first date on which there are no Class B Units remaining, (ii) the date on which the Executive Committee and all Class B Partners agree to terminate this Agreement,
or (iii) the dissolution of the Partnership. Unless this Agreement is theretofore terminated pursuant to this Section 3.4(a), all Class B Partners shall be bound by its terms. 

  
 8 

 (b) A Class B Partner shall cease to be a party to this Agreement upon the Transfer of all
the Class B Units held by such Class B Partner to another Person in accordance with the terms of this Agreement. 
 3.5
Amendments; Waivers. 
 (a) This Agreement may be amended or modified, and any provision in this Agreement may be
waived, with the consent of the Company, the Partnership and the Class B Partners that hold, in aggregate, sixty percent (60%) of the outstanding Class B Units, and who are then bound by the terms of this Agreement (other than an amendment
that, in the good faith judgment of the Executive Committee, is intended to cure any ambiguity or correct or supplement any provisions of this Agreement that may be incomplete or inconsistent with any other provision contained herein, which
amendment may be made by the Company); provided, that, without the consent of any Person, a Person who becomes a Class B Partner after the date hereof shall execute and deliver an Additional Party Signature Page to this Agreement in the form
attached hereto as Annex A to become a party to this Agreement. 
 (b) The failure of any party at any time or times to require
performance of any provision of this Agreement shall in no manner affect the rights at a later time to enforce the same. No waiver by any party of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or
more instances, shall be deemed to be or construed as a further or continuing waiver of any such breach or the breach of any other term of this Agreement. 
 3.6 Adjustment Upon Changes in Capitalization. In the event of any change in the outstanding Class B Units of the Partnership or Class A Shares of the Company by reason of stock
dividends, split-ups, recapitalizations, combinations, exchanges of shares and the like, the terms “Class B Units” and “Class A Shares” shall refer to and include the securities received or resulting therefrom and the terms and
provisions of this Agreement shall be appropriately adjusted so that each Class B Partner will thereafter continue to have and be subject to, to the greatest extent practicable, the same rights and obligations he, she or it had been subject to prior
to such change. 
 3.7 Severability. If the final determination of a court of competent jurisdiction declares,
after the expiration of the time within which judicial review (if permitted) of such determination may be perfected, that any term or provision hereof is invalid or unenforceable, (a) the remaining terms and provisions hereof shall be
unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or
provision. 
 3.8 Representatives, Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the respective parties hereto and their respective legatees, legal representatives, successors and assigns. 
 3.9
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). 

  
 9 

 The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to
prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the United States District Court for the Southern District of New York and the courts of the state of New York sitting in the County of New York (and
any court to which an appeal therefrom may be taken), this being in addition to any other remedy to which they are entitled at law or in equity. Any requirements for the securing or posting of any bond with respect to such remedy are hereby waived
by each of the parties hereto. Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy at
law would be adequate. 
 3.10 Submission to Jurisdiction; Waiver of Immunity. Each Class B Partner, for itself
and its successors and assigns, hereby irrevocably waives (a) any objection, and agrees not to assert, as a defense in any legal or equitable action, suit or proceeding against such Class B Partner arising out of or relating to this Agreement
or any transaction contemplated hereby or the subject matter of any of the foregoing, that (i) it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable before such arbitral body or in said
courts, (ii) the venue thereof may not be appropriate and (iii) the internal laws of the State of Delaware do not govern the validity, interpretation or effect of this Agreement, (b) any immunity from jurisdiction to which it might
otherwise be entitled in any such arbitration, action, suit or proceeding which may be instituted for specific performance before any state or federal court in the State of Delaware or the State of New York and (c) any immunity from the
maintaining of an action against it to enforce any judgment for money obtained in any such arbitration, action, suit or proceeding and, to the extent permitted by applicable law, any immunity from execution. 

3.11 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 3.12 Further Assurances. Each party shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by the
other party hereto to give effect to and carry out the transactions contemplated herein. 
 3.13 Counterparts.
This Agreement may be executed in any number of counterparts, including electronic counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument, it being understood that
both parties need not sign the same counterpart. 

  
 10 

 3.14 Entire Agreement. This Agreement, including Annex A hereto, contains the
entire understanding of the parties with respect to the subject matter hereof, and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

3.15 Construction. This Agreement shall be decided by a court of law and shall not be construed in favor of the drafters of
this Agreement. 
 3.16 Interpretation. The headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “included”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.” 
 3.17 Assignment. Neither this Agreement nor any of the rights or obligations
hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties. 

  
 11 

 IN WITNESS WHEREOF, the parties have caused this Exchange Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	SILVERCREST ASSET MANAGEMENT GROUP INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	SILVERCREST L.P.
		
	By:	 	  

		 	Name:
		 	Title:

  
 12 

 
			
	CLASS B PARTNERS:
	
	 
	Jeffrey C. Allen
	
	 
	Edward F. Appel
	
	 
	Matthew Arpano
	
	 
	Patrick A. Bittner
	
	James J. Bleakley, Jr. Revocable Trust dated
	May 15, 2002
		
	By:	 	  

	Name: James J. Bleakley, Jr.
	Title:   Trustee
	
	 
	Jeremiah M. Bogert
	
	The Margot C. Bogert and
	Jeremiah M. Bogert Family Trust
		
	By:	 	  

	Name: Jeremiah M. Bogert
	Title:   Trustee
	
	 
	Ben Brewster

  
 Signature
Page To Exchange Agreement 

 
			
	Brewster 1966 Trust
		
	By:	 	  

	Name:
	Title:
	
	 
	Russell Brown
	
	 
	David J. Campbell
	
	 
	Kim Campione
	
	 
	G. Moffett Cochran
	
	The Moffett Cochran GRAT 2010
		
	By:	 	  

	Name: G. Moffett Cochran
	Title:   Trustee
	
	The Peyton Cochran Trust
		
	By:	 	  

	Name: G. Moffett Cochran
	Title:   Trustee
	
	The Lee Cochran Trust
		
	By:	 	  

	Name: G. Moffett Cochran
	Title:   Trustee
	
	 
	Anthony Fiore
	
	 
	Scott A. Gerard

  
 Signature
Page To Exchange Agreement 

 
			
	
	 
	J. Allen Gray
	
	Hamar Capital Limited
	
	 
	G. David Hamar, Jr.
	
	George David Hamar Trust DDD 2/3/2006 for
	Katherine Anne Phelps Hamar
		
	By:	 	  

	Name: G. David Hamar, Jr.
	Title:   Trustee
	
	 
	G. David Hamar, Jr.
	
	 
	Burnett Hansen
	
	The Linda M. Hartley Revocable Lifetime Trust
		
	By:	 	  

	Name: Linda M. Hartley
	Title:   Trustee
	
	 
	Robert F. Hill
	
	 
	Richard R. Hough
	
	Investor Records Holdings, LLC
		
	By:	 	  

	Name: Benjamin Brewster
	Title:

  
 Signature
Page To Exchange Agreement 

 
			
	
	 
	Martin Jaffe
	
	 
	Cathy A. Jameson
	
	 
	Bart A. Johnston
	
	 
	Todd Kanter
	
	Kanter Marathon Holding LLC
		
	By:	 	  

	Name: Todd Kanter
	Title:   Member
	
	Lanark Holdings LLC
		
	By:	 	  

	Name: Benjamin Brewster
	Title:   Member
	
	 
	Allen J. Laufer
	
	 
	David B. MacNeil
	
	 
	Paul McCrann
	
	 
	Sally Megear
	
	 
	Albert S. Messina

  
 Signature
Page To Exchange Agreement 

 
			
	
	 
	Jeremiah Milbank
	
	 
	Stanley H. Reese
	
	 
	Ian W. Smith
	
	 
	Douglas M. Stevenson
	
	 
	John B. Stevenson
	
	 
	David Taylor
	
	 
	Peter Tobeason
	
	 
	Roger W. Vogel
	
	 
	Carter Whisnand
	
	 
	Robert Teeter
	
	 
	David Murdock

  
 Signature
Page To Exchange Agreement 

 ANNEX A 
 INSTRUMENT OF TRANSFER 
 This INSTRUMENT OF TRANSFER (this
“Instrument”) is made as of the Applicable Date by the undersigned (the “Transferor”). Capitalized terms used but not otherwise defined herein shall have the meanings set forth on the signature page to this
Instrument and, if not defined therein, in the Second Amended and Restated Limited Partnership Agreement (as amended or modified, the “Silvercrest LPA”) of Silvercrest L.P., a Delaware limited partnership (the
“Partnership”) between Silvercrest Asset Management Group Inc., a Delaware corporation (the “Company”), the Partnership and the Transferors. 
 W I T N E S S E T H 
 WHEREAS, Transferor is the owner of the Applicable Number of vested Class B Units (the “Transferred Units”) and a party to the Silvercrest LPA; 

WHEREAS, Transferor has submitted to the Company an Exchange Request, dated as of the Exchange Request Date, electing to exchange (the
“Exchange”) the Transferred Units for an equal number of Class A Shares of the Company (the “Exchange Shares”); and 
 WHEREAS, in connection with the Exchange, Transferor desires to transfer to the Company all of Transferor’s right, title and interest in, to and under the Transferred Units. 

NOW, THEREFORE, in consideration of the promises and mutual covenants set forth herein and in the Silvercrest LPA and for other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, Transferor hereby agrees as follows: 
 1.
Transfer. Transferor hereby transfers, assigns and delivers to the Company, free and clear of all Liens, all of Transferor’s right, title and interest in, to and under the Transferred Units. 

2. Representations and Warranties. Transferor hereby represents and warrants to the Company as follows: 

(a) Transferred Units. Immediately prior to giving effect to the transfer contemplated by this Instrument, Transferor owns,
beneficially and of record, the Transferred Units free and clear of any Liens. 
 (b) Authority of Transferor. If
Transferor is not a natural person, Transferor is duly formed or organized, validly existing and in good standing under the laws of the jurisdiction in which Transferor was formed or organized. Transferor has full right, authority, power and legal
capacity to enter into this Instrument and each agreement, document and instrument to be executed and delivered by Transferor pursuant to, or as contemplated by, this Instrument and to carry out the transactions contemplated hereby and thereby. This
Instrument and each agreement, document and instrument executed and delivered by Transferor pursuant to, or as contemplated by, this Instrument constitutes, or when executed and delivered will constitute, the legal, valid and binding obligations of
Transferor enforceable in accordance with their respective terms. 

  
 A1 

 
The execution, delivery and performance by Transferor of this Instrument and each such other agreement, document and instrument: 

 

	 	(i)	does not and will not violate any laws applicable to Transferor, or require Transferor to obtain any approval, consent or waiver of, or make any filing with, any person
or entity (governmental or otherwise) that has not been obtained or made; 

  

	 	(ii)	does not and will not result in a breach of, constitute a default under, accelerate any obligation under, or give rise to a right of termination of, any agreement,
contract, instrument, lien, security interest, lease, permit, authorization, order, writ, judgment, injunction, decree, determination or arbitration award to which Transferor is a party or by which the property of Transferor is bound or affected, or
result in the creation or imposition of any Lien on any of the assets of Transferor; and 

  

	 	(iii)	in the event that Transferor is not a natural person, does not and will not violate any provision of any organization document of Transferor. 

(c) Accredited Investor. Transferor has either (1) completed and delivered to the Company a questionnaire in the form of
Schedule 1 attached hereto in respect of Transferor’s qualification as an “accredited investor,” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act, and the representations and warranties
made by Transferor to the Company in such questionnaire are true, complete and accurate or (2) provided to the Company such representations, warranties and undertakings as the Company shall reasonably require to ensure that the Exchange does
not violate the Securities Act and/or other applicable securities laws. 
 (d) Investment Purpose. The Exchange Shares to
be acquired by Transferor upon the consummation of the Exchange are being acquired by Transferor for investment for Transferor’s own account, not as a nominee or agent, and not with a view towards the public sale or distribution thereof, except
pursuant to a sale or sales that are registered under the Securities Act or exempt from such registration. Transferor (other than a natural person) either (1) was not formed for the purpose of investing in the Company or (2) has provided
to the Partnership and the Company such representations, warranties and undertakings as the Partnership and the Company shall reasonably require to ensure that the Exchange does not violate the Securities Act and/or other applicable securities laws.
Transferor acknowledges that holders of the Exchange Shares must bear the economic risk of an investment in the Exchange Shares so acquired for an indefinite period of time because, among other reasons, such Exchange Shares have not been registered
under the Securities Act and, therefore, such Exchange Shares cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Transferor also acknowledges that transfers of the Exchange
Shares so acquired are further restricted by applicable United States federal and state and foreign securities laws. 

  
 A2 

 (e) Access to Information. Transferor understands the risks of, and other
considerations relating to, the acquisition and ownership of the Exchange Shares. Transferor has been provided an opportunity to ask questions of, and has received answers satisfactory to Transferor from, the Company and its representatives
regarding the Exchange Shares, and has obtained any and all additional information from the Company and its representatives that Transferor deems necessary regarding the Exchange Shares. 

(f) Evaluation of and Ability to Bear Risks. Transferor has such knowledge and experience in financial affairs that Transferor is
capable of evaluating the merits and risks of, and other considerations relating to, the ownership of the Exchange Shares, and has not relied in connection with the acquisition of the Exchange Shares upon any representations, warranties or
agreements other than those set forth in this Instrument. Transferor’s financial situation is such that Transferor can afford to bear the economic risk of holding the Exchange Shares for an indefinite period of time, and Transferor can afford
to suffer the complete loss of its investment in the Exchange Shares. 
 (g) Registration Rights Agreement. Transferor
has executed and delivered to the Company a countersigned signature page to the Registration Rights Agreement and understands that the Exchange Shares will be subject to the provisions of the Registration Rights Agreement, which provides certain
restrictions on the transferability of such Exchange Shares. 
 3. Transferor Acknowledgement. Transferor hereby
acknowledges that he or she is receiving a significant economic benefit by Exchanging the otherwise illiquid Transferred Units into the Exchange Shares and therefore reaffirms his or her obligation to comply with the restrictive covenants contained
in the Silvercrest LPA and the Resale and Registration Rights Agreement each dated as of the date hereof as may be applicable to such Transferor on and following the date hereof. 

4. Further Assurance. Transferor hereby agrees to execute and deliver such further agreements and instruments and take such other
actions as may be necessary to make effective the transfer contemplated by this Instrument. 
 5. Successors and Assigns.
This Instrument shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. 
 6. Governing Law. This Instrument shall be governed by and construed and enforced in accordance with the law of the State of Delaware, without regard to principles of conflict of laws. 

7. Descriptive Headings. The descriptive headings in this Instrument are for convenience of reference only and shall not be deemed
to alter or affect the meaning or interpretation of any provision of this Instrument. 
 8. Counterparts. This Instrument
may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. 

  
 A3 

 9. Entire Agreement. This Instrument and any other schedules, certificates, lists
and documents referred to herein, and any documents executed by any of the parties simultaneously herewith or pursuant thereto, constitutes the entire agreement of the parties hereto, except as expressly provided herein, and supersedes all prior
agreements and understandings, discussions, negotiations and communications, written and oral, among the parties with respect to the subject matter hereof. 
 [Remainder of page intentionally left blank] 

  
 A4 

 IN WITNESS WHEREOF, intending to be legally bound hereby, Transferor has executed
this Instrument as of the Applicable Date. 
  

	
	TRANSFEROR:
	
	  

	Name:

  

	
	Acknowledged and accepted
	as of the Applicable Date by:
	
	SILVERCREST ASSET MANAGEMENT GROUP INC.
	
	  

	Name:
	Title:

 Certain Defined Terms 

 

							
		 	Applicable Date:	 	  
	 	
				
		 	Transferor:	 	  
	 	
				
		 	Applicable Number:	 	  
	 	
				
		 	Exchange Request Date:    	 	  
	 	

 [Signature Page to Instrument of Transfer] 

  
 A5 

 Schedule 1 
 Transferor represents and warrants to the Company that Transferor is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act and has answered
“Yes” to the applicable statements below pursuant to which Transferor so qualify. 
  

			
	  
 Yes
	  	If Transferor is a natural person, Transferor’s own net worth, taken together with the net worth of Transferor’s spouse, exceeds $1,000,000. “Net worth” for this
purpose means total assets (excluding the value of the primary residence of such Transferor and any indebtedness secured by the residence, but including indebtedness secured by the residence in excess of its estimated fair market value and any
indebtedness incurred 60 days before the date the securities are offered (unless such indebtedness is used to purchase the residence)) in excess of total liabilities.
		
	  
 Yes
	  	If Transferor is a natural person, Transferor had an individual gross income in excess of $200,000 (or joint income with Transferor’s spouse in excess of $300,000) in each of
the two previous years and reasonably expects a gross individual income in excess of $200,000 (or joint income with Transferor’s spouse in excess of $300,000) this year.
		
	  
 Yes
	  	If Transferor is an entity, Transferor has total assets in excess of $5,000,000, AND was not formed for the specific purpose of acquiring the securities offered, AND is any of the
following:
		
		  	 •   a corporation,

		
		  	 •   a partnership,

		
		  	 •   a limited liability company,

		
		  	 •   a Massachusetts or similar business trust, or

		
		  	 •   an organization described in Section 501(c)(3) of the Internal Revenue Code

		
	  
 Yes
	  	If Transferor is an entity, all of Transferor’s equity owners are “accredited investors” within the meaning of Regulation D (taking into account the need to look
through certain entities under applicable law).

  
 A6

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