Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

PURCHASE AGREEMENT 

PHI, INC. 
 $500,000,000
5.25% Senior Notes due 2019 

 PHI, INC. 

$500,000,000 5.25% Senior Notes due 2019 

PURCHASE AGREEMENT 

March 6, 2014 
 New York, New
York 
 UBS Securities LLC 
 299 Park Avenue 

New York, New York 10171 
 Ladies and Gentlemen: 

PHI, Inc., a Louisiana corporation (the “Company”), and each of the Guarantors (as defined herein), agree with you as
follows: 
 1. Issuance of Notes. The Company proposes to issue and sell to UBS Securities LLC (the “Initial
Purchaser”) $500,000,000 aggregate principal amount of 5.25% Senior Notes due 2019 (the “Original Notes”). The Company’s obligations under the Original Notes and the Indenture (as defined below) will be, jointly and
severally, unconditionally guaranteed (the “Guarantees”) on a senior unsecured basis by the Guarantors listed on Schedule I hereto (collectively, the “Guarantors” and, together with the Company, the
“Issuers”). The Original Notes and the Guarantees related thereto are referred to collectively herein as the “Securities.” The Securities will be issued pursuant to an indenture (the “Indenture”),
to be dated the Closing Date (as defined herein), by and among the Issuers, and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”). Capitalized terms used but not otherwise defined herein
shall have the meanings given to such terms in the Indenture or the Offering Memorandum (as defined herein). 
 The Securities will be
offered and sold to the Initial Purchaser pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended (the “Act”). The Issuers have prepared a preliminary offering memorandum, dated
March 5, 2014 (the “Preliminary Offering Memorandum”) and a pricing supplement thereto dated the date hereof in the form of Exhibit C hereto (the “Pricing Supplement”). The Preliminary Offering Memorandum and
the Pricing Supplement are herein referred to as the “Pricing Disclosure Package.” Promptly after the execution of this Purchase Agreement (this “Agreement”), the Issuers will prepare a final offering memorandum
dated the date hereof (the “Offering Memorandum”). Unless stated to the contrary, any references herein to the terms “Pricing Disclosure Package” and “Offering Memorandum” shall be deemed to refer
to and include any information filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and incorporated by reference therein, and any references herein to the terms “amend”, “amendment”
or “supplement” with respect to the Offering Memorandum shall be deemed to 

 
refer to and include any information filed under the Exchange Act subsequent to the date hereof that is incorporated by reference therein. All references in this Agreement to financial statements
and schedules and other information which is “contained,” “included” or “stated” (or other references of like import) in the Pricing Disclosure Package (including the Preliminary Offering Memorandum) or Offering
Memorandum shall be deemed to mean and include all such financial statements and schedules and other information which are incorporated by reference in the Pricing Disclosure Package or Offering Memorandum, as the case may be. 

The Initial Purchaser has advised the Issuers that the Initial Purchaser intends, as soon as it deems practicable after this Agreement has
been executed and delivered, to resell (the “Exempt Resales”) the Securities in private sales exempt from registration under the Act on the terms set forth in the Pricing Disclosure Package solely to (i) persons whom the
Initial Purchaser reasonably believes to be “qualified institutional buyers” (“QIBS”) as defined in Rule 144A under the Act (“Rule 144A”), and (ii) other eligible purchasers pursuant to offers and
sales that occur outside the United States within the meaning of Regulation S under the Act (“Regulation S”); the persons specified in clauses (i) and (ii) are sometimes collectively referred to herein as the
“Eligible Purchasers.” 
 Upon issuance of the Securities and until such time as the same is no longer required under the
applicable requirements of the Act, the Securities shall bear the legends relating thereto set forth under “Transfer Restrictions.” 

Holders (including subsequent transferees) of the Securities will have the benefit of the registration rights set forth in the registration
rights agreement (the “Registration Rights Agreement”) to be dated the Closing Date, substantially in the form attached hereto as Exhibit A. Pursuant to the Registration Rights Agreement, the Issuers will agree to, under the
provisions set forth therein, (i) file with the Securities and Exchange Commission (the “Commission”) under the circumstances set forth in the Registration Rights Agreement, (a) a registration statement under the Act (the
“Exchange Offer Registration Statement”) relating to a new issue of debt securities (collectively with the Private Exchange Notes (as defined in the Registration Rights Agreement) the “Exchange Notes” and, together
with the Original Notes, the “Notes,”), guaranteed by the guarantors under the Indenture, to be offered in exchange for the Original Notes and the Guarantees thereof (the “Exchange Offer”) and issued under the
Indenture or an indenture substantially identical to the Indenture and/or (b) under certain circumstances set forth in the Registration Rights Agreement, a shelf registration statement pursuant to Rule 415 under the Act (the “Shelf
Registration Statement” and, together with the Exchange Offer Registration Statement, the “Registration Statements”) relating to the resale by certain holders of the Original Notes and the Guarantees thereof, (ii) use
their reasonable best efforts to cause such Exchange Offer Registration Statement and, if applicable, the Shelf Registration Statement to be declared effective and (iii) use their reasonable best efforts to consummate the Exchange Offer, all
within the time periods specified in the Registration Rights Agreement. This Agreement, the Notes, the Guarantees, the Indenture and the Registration Rights Agreement are hereinafter sometimes referred to collectively as the “Note
Documents.” 

  
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 The Securities are being offered and sold by the Issuers in connection with a tender offer (the
“Tender Offer”) by the Company for all of its existing $300,000,000 8.625% Senior Notes due 2018 (the “Existing Notes”). 

The issuance and sale of the Securities is referred to as the “Transaction.” 

2. Agreements to Sell and Purchase. On the basis of the representations, warranties and covenants of the Initial Purchaser contained in
this Agreement, the Issuers agree to issue and sell to the Initial Purchaser, and on the basis of the representations, warranties and covenants of the Issuers contained in this Agreement, and subject to the terms and conditions contained in this
Agreement, the Initial Purchaser agrees to purchase from the Issuers, the Securities. The purchase price for the Securities shall be 99% of the principal amount of the Securities. 

3. Delivery and Payment. Delivery of, and payment of the purchase price for, the Securities shall be made at 9:00 a.m., Central Time,
on March 17, 2014 (such date and time, the “Closing Date”) at the offices of Latham & Watkins LLP, 885 Third Avenue, New York, New York 10022. The Closing Date and the location of delivery of and the form of payment
for the Securities may be varied by mutual agreement between the Initial Purchaser and the Company. 
 The Securities shall be delivered by
the Issuers to the Initial Purchaser (or as the Initial Purchaser direct) through the facilities of The Depository Trust Company (“DTC”), against payment by the Initial Purchaser of the purchase price therefor by means of wire
transfer of immediately available funds to such account or accounts specified by the Company in accordance with its obligations under Sections 4(g) and 8(m) hereof on or prior to the Closing Date, or by such means as the parties hereto shall agree
prior to the Closing Date. The Securities shall be evidenced by one or more certificates in global form registered in such names as the Initial Purchaser may request upon at least one business day’s notice prior to the Closing Date and having
an aggregate principal amount corresponding to the aggregate principal amount of the Securities. 
 4. Agreements of the Issuers. The
Issuers, jointly and severally, covenant and agree with the Initial Purchaser as follows: 
 (a) To furnish the Initial Purchaser and those
persons identified by the Initial Purchaser, without charge, with as many copies of the Preliminary Offering Memorandum, the Pricing Supplement, any Issuer Written Communication (as defined below) and the Offering Memorandum, and any amendments or
supplements thereto, as the Initial Purchaser may reasonably request. The Issuers consent to the use of the Preliminary Offering Memorandum, the Pricing Supplement, any Issuer Written Communication and the Offering Memorandum, and any amendments and
supplements thereto, by the Initial Purchaser in connection with Exempt Resales. 
 (b) (i) As promptly as practicable following the
execution and delivery of this Agreement and in any event not later than the second business day following the date hereof, to prepare and deliver to the Initial Purchaser the Offering Memorandum, which shall consist of the Preliminary Offering
Memorandum as modified only by the information contained in the Pricing 

  
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Supplement or as otherwise agreed by the Initial Purchaser; (ii) not to amend or supplement the Preliminary Offering Memorandum or the Pricing Supplement; and (iii) not to amend or
supplement the Offering Memorandum prior to the Closing Date unless the Initial Purchaser shall previously have been advised of such proposed amendment or supplement at least two business days prior to the proposed use, and shall not have objected
to such amendment or supplement. 
 (c) Subject to Section 4(q), if, prior to the Closing Date, any event shall occur or condition
shall exist that, in the reasonable judgment of the Issuers or in the reasonable judgment of the Initial Purchaser, makes any statement of a material fact in the Pricing Disclosure Package, as then amended or supplemented, untrue or that requires
amending or supplementing the Pricing Disclosure Package in order to make the statements in the Pricing Disclosure Package, as then amended or supplemented, in the light of the circumstances under which they are made, not misleading, or if it is
necessary to amend or supplement the Pricing Disclosure Package to comply with applicable laws, the Issuers shall promptly notify the Initial Purchaser (or the Initial Purchaser shall promptly notify the Issuer of such fact, as the case may be) of
such event and (subject to Section 4(b)) prepare an appropriate amendment or supplement to the Pricing Disclosure Package so that (i) the statements in the Pricing Disclosure Package, as amended or supplemented, will not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and (ii) the Pricing Disclosure Package will comply,
in all material respects, with all applicable law. Subject to Section 4(q), if, prior to the later of (x) the Closing Date and (y) the time that the Initial Purchaser has completed its distribution of the Securities, any event shall
occur or condition shall exist that, in the reasonable judgment of the Issuers or in the reasonable judgment of the Initial Purchaser, makes any statement of a material fact in the Offering Memorandum, as then amended or supplemented, untrue or that
requires amending or supplementing the Offering Memorandum in order to make the statements in the Offering Memorandum, as then amended or supplemented, in the light of the circumstances under which they are made, not misleading, or if it is
necessary to amend or supplement the Offering Memorandum to comply with all applicable laws, the Issuers shall promptly notify the Initial Purchaser of such event, or the Initial Purchaser shall promptly notify the Issuers, as the case may be, and
(subject to Section 4(b)) prepare an appropriate amendment or supplement to the Offering Memorandum so that (i) the statements in the Offering Memorandum, as amended or supplemented, will not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances at the time that the Offering Memorandum is delivered to prospective Eligible Purchasers, not misleading and (ii) the
Offering Memorandum will comply with applicable law. 
 (d) To cooperate with the Initial Purchaser and counsel to the Initial Purchaser in
connection with the qualification or registration (or obtaining exemptions from qualification or registration) of the Securities under the securities laws of such jurisdictions as the Initial Purchaser may request and to continue such qualification
or registration in effect so long as required for the Exempt Resales. Notwithstanding the foregoing, no Issuer shall be required to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to file a general consent to
service of process in any such jurisdiction or subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 

  
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 (e) To advise the Initial Purchaser promptly and, if requested by the Initial Purchaser, to
confirm such advice in writing, of the issuance by any securities commission of any stop order suspending the qualification or exemption from qualification of any of the Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for such purpose by any securities commission or other regulatory authority. The Issuers shall use their reasonable best efforts to prevent the issuance of any stop order or order suspending the qualification or exemption of any of the
Securities under any securities laws, and if at any time any securities commission or other regulatory authority shall issue an order suspending the qualification or exemption of any of the Securities under any securities laws, the Issuers shall use
their reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time. 
 (f) Whether or not the
transactions contemplated by this Agreement are consummated or this Agreement becomes effective or is terminated other than by reason of a default by the Initial Purchaser, to pay all costs, expenses, fees and disbursements (including fees and
disbursements of counsel and accountants for the Issuers) incurred and all stamp, documentary or similar taxes incident to and in connection with: (i) the preparation, printing and distribution of the Preliminary Offering Memorandum, the
Pricing Supplement, any Issuer Written Communication (as defined below) and the Offering Memorandum (including, without limitation, financial statements) and all amendments and supplements thereto; (ii) all expenses (including travel expenses)
of the Issuers in connection with any meetings with prospective investors in the Securities; (iii) the preparation, notarization (if necessary) and delivery of the Note Documents and all other agreements, memoranda, correspondence and documents
prepared and delivered in connection with this Agreement and with the Exempt Resales; (iv) the issuance, transfer and delivery of the Securities by the Issuers to the Initial Purchaser; (v) the qualification or registration of the
Securities for offer and sale under the securities laws of the several states of the United States or provinces of Canada (including, without limitation, the cost of printing and mailing preliminary and final “Blue Sky” or legal investment
memoranda and fees and disbursements of counsel (including local counsel) to the Initial Purchaser relating thereto); (vi) the preparation, printing and distribution of one or more versions of the Pricing Disclosure Package and the Offering
Memorandum for distribution in Canada, often in the form of a Canadian “wrapper” (including the preparation of any related Canadian blue sky memorandum and the related fees and expenses of any Canadian counsel to the Initial Purchaser);
(vii) the inclusion of the Securities in the book-entry system of the DTC; (viii) the rating of the Securities and the Exchange Notes by rating agencies; (ix) the fees and expenses of the Trustee and its counsel; (x) the cost of
any aircraft chartered in connection with the roadshow and (xi) the performance by the Issuers of their other obligations under the Note Documents; provided, however, except as set forth above in subparagraph (v) the Initial
Purchaser shall be responsible for all legal fees and expenses of its legal counsel; and provided further, however, that except as otherwise expressly set forth in this Agreement, the Initial Purchaser shall pay its own costs and expenses,
including costs and expenses relating to the roadshow. In addition, if the transactions contemplated by this Agreement are not consummated for any reason other than the termination of this Agreement pursuant to Section 11 hereof or the default
by the Initial Purchaser in its 

  
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obligations hereunder, the Issuers shall, in addition to paying the amounts described above, reimburse the Initial Purchaser for one-half of its reasonably
incurred out-of-pocket expenses, including the reasonably incurred fees and disbursements of its counsel. 
 (g) To use the proceeds from
the sale of the Securities in a manner substantially consistent in all material respects with the description in the Pricing Disclosure Package under the caption “Use of proceeds.” 

(h) To do and perform all things required to be done and performed under this Agreement by them prior to or after the Closing Date and to
satisfy all conditions precedent on their part to the delivery of the Securities. 
 (i) Not to permit any Issuer, and not to permit any of
their subsidiaries to, sell, offer for sale or solicit offers to buy any security (as defined in the Act) that would be integrated with the sale of the Securities in a manner that would require the registration under the Act of the sale of the
Securities to the Initial Purchaser or any Eligible Purchasers. 
 (j) Not to permit any Issuer or any of its subsidiaries to, and to use
their reasonable best efforts to cause their affiliates (as defined in Rule 144 under the Act) not to, resell any of the Securities that have been acquired by any of them, other than in accordance with the letter agreement provided for in
Section 8(o) hereof. 
 (k) Not to permit any Issuer to engage, not to allow any of their subsidiaries to engage, and to use their
reasonable best efforts to cause their other affiliates and any person acting on their behalf (other than, in any case, the Initial Purchaser and any of its affiliates, as to whom the Issuers make no covenant) not to engage, in any form of general
solicitation or general advertising (within the meaning of Regulation D under the Act) in connection with any offer or sale of the Securities in the United States. 

(l) Not to engage, not to allow any of their subsidiaries to engage, and to use their reasonable best efforts to cause their other affiliates
and any person acting on their behalf (other than, in any case, the Initial Purchaser and any of its affiliates, as to whom the Issuers make no covenant) not to engage, in any directed selling effort with respect to the Securities, and to comply
with the offering restrictions requirement of Regulation S. Terms used in this paragraph have the meanings given to them by Regulation S. 

(m) From and after the Closing Date, for so long as any of the Securities remain outstanding and are “restricted securities” within
the meaning of Rule 144(a)(3) under the Act and during any period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act, to make available upon request the information required by Rule 144A(d)(4) under the Act to
(i) any holder or beneficial owner of Securities in connection with any sale of such Securities and (ii) any prospective purchaser of such Securities from any such holder or beneficial owner designated by the holder or beneficial owner.
The Issuers will pay the expenses of printing and distributing such documents. In addition, to the extent the Company is subject to Section 13 or 15(d) of the Exchange Act, prior to the Closing Date, the Company shall timely file all reports
under the Exchange Act. 

  
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 (n) To comply with all of their agreements set forth in the Registration Rights Agreement. 

(o) To comply with all of their obligations set forth in the representations letter of the Issuers to DTC relating to the approval of the
Securities by DTC for “book-entry” transfer and to use their reasonable best efforts to obtain approval of the Securities by DTC for “book-entry” transfer. 

(p) Prior to the Closing Date, to furnish without charge to the Initial Purchaser, (i) as soon as they have been prepared, a copy of any
regularly prepared internal financial statements of the Company and its subsidiaries for any period subsequent to the period covered by the financial statements appearing in the Pricing Disclosure Package, (ii) all other reports and other
communications (financial or otherwise) that any of the Issuers mail or otherwise make available to their security holders and (iii) such other information as the Initial Purchaser shall reasonably request. 

(q) Not to, and not to permit any of its affiliates or anyone acting on its or its affiliates’ behalf (other than the Initial Purchaser
and its affiliates), to distribute prior to the Closing Date any offering material in connection with the offer and sale of the Securities other than the Preliminary Offering Memorandum, the Pricing Supplement, an Issuer Written Communication and
the Offering Memorandum. Before making, preparing, using, authorizing, approving or referring to any Issuer Written Communication (as defined below), the Company will furnish to the Initial Purchaser and counsel for the Initial Purchaser a copy of
such Issuer Written Communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Initial Purchaser reasonably objects. 

(r) During the period of one year after the Closing Date, neither the Company nor any Guarantor will be or become an open-end investment
Company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act of 1940, as amended (together with the rules and regulations of the Commission promulgated
thereunder, the “Investment Company Act”) 
 (s) In connection with the offering, until the Initial Purchaser shall have
notified the Company of the completion of the resale of the Securities, not to, and not to permit any of their affiliates (as such term is defined in Rule 501(b) of Regulation D under the Act) to, either alone or with one or more other persons, bid
for or purchase for any account in which they or any of their affiliates have a beneficial interest in any of the Securities; and none of the Issuers nor any of their affiliates will make bids or purchases for the purpose of creating actual, or
apparent, active trading in, or of raising the price of, the Securities. 
 (t) During the period from the date hereof, through and
including the date that is 90 days after the date hereof, without the prior written consent of the Initial Purchaser, offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Company or any Subsidiary and
having a term of more than one year. 

  
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 The Company and the Initial Purchaser agree that prior to any registration of the Securities
pursuant to the Registration Rights Agreement, or at such earlier time as may be so required, the Indenture shall be qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and that it will cause to
be entered into any necessary supplemental indentures in connection therewith. 
 5. Representations and Warranties. 

(a) The Issuers, jointly and severally, represent and warrant to the Initial Purchaser that: 

(i) Neither the Pricing Disclosure Package, as of the date hereof, nor the Offering Memorandum, as of its date or (as amended
or supplemented in accordance with Section 4(b), if applicable) as of the Closing Date, contains, or will contain, any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided, however, that the Issuers make no representation or warranty with respect to information relating to the Initial Purchaser contained in or omitted from the
Pricing Disclosure Package, the Offering Memorandum or any amendment or supplement thereto in reliance upon and in conformity with information furnished to the Company in writing by or on behalf of the Initial Purchaser expressly for inclusion in
the Pricing Disclosure Package, the Offering Memorandum or any amendment or supplement thereto, as the case may be. No order preventing the use of the Preliminary Offering Memorandum, the Pricing Supplement or the Offering Memorandum, or any
amendment or supplement thereto, or any order asserting that any of the transactions contemplated by this Agreement are subject to the registration requirements of the Act, has been issued or, to the knowledge of the Issuers, has been threatened.

 (ii) The Company (including its agents and representatives, other than the Initial Purchaser in its capacity as such) has
not prepared, made, used, authorized, approved, referred to or distributed and will not prepare, make, use, authorize, approve, refer to or distribute any written communication that constitutes an offer to sell or solicitation of an offer to buy the
Securities (each such communication by the Company or its agents and representatives, including in items (iii) and (iv) below, an “Issuer Written Communication”) other than (i) the Pricing Disclosure Package,
(ii) the Offering Memorandum, (iii) the documents listed in Annex A hereto, including the Pricing Supplement substantially in the form of Exhibit C hereto and (iv) any electronic road show or other written communications, in each case
used in accordance with Section 4(b) and Section 4(q). Each such Issuer Written Communication, when taken together with the Pricing Disclosure Package, did not, and at the Closing Date will not, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The documents incorporated by reference in the Offering Memorandum heretofore
filed with the Commission were filed in a timely manner and, when they were filed (or, if any amendment with respect to any such document was filed, 

  
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when such amendment was filed), conformed in all material respects to the requirements of the Exchange Act and the rules and regulations thereunder (the “Exchange Act
Regulations”), and any further incorporated documents so filed will, when they are filed, conform in all material respects with the requirements of the Exchange Act and the Exchange Act Regulations; no such document when it was filed (or,
if an amendment with respect to any such document was filed, when such amendment was filed) contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein not misleading; and no such further incorporated document, when it is filed, will contain an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading. 
 (iii) There are no securities of the Issuers that are listed on a national securities exchange
registered under Section 6 of the Exchange Act or that are quoted in a United States automated interdealer quotation system of the same class as the Securities within the meaning of Rule 144A. 

(iv) After giving effect to the Transaction, the capitalization of the Company as of the Closing Date will be as set forth in
the as adjusted column under the heading “Capitalization” in the Pricing Disclosure Package, assuming the Tender Offer is fully subscribed (subject to the issuance of shares of Common Stock upon exercise or vesting of outstanding stock
options or restricted stock units disclosed in the Pricing Disclosure Package or the Offering Memorandum and the grant of options or restricted stock units under the existing stock incentive plans described in the Pricing Disclosure Package or the
Offering Memorandum). Attached hereto as Schedule II is a true and complete list of each subsidiary of the Company, its jurisdiction of organization and percentage equity ownership by the Company (collectively, the “Subsidiaries”).
The entities listed on Schedule II hereto are the only Subsidiaries, direct or indirect, of the Company. All of the issued and outstanding shares of capital stock or other equity interests of each of the Subsidiaries have been duly and validly
authorized and issued, are fully paid and nonassessable, have been issued in compliance with federal and state securities laws and were not issued in violation of any preemptive, right of first refusal or similar rights and, except as set forth in
the Pricing Disclosure Package, are owned, directly or indirectly, by the Company free and clear of all Liens (as defined in the Indenture) other than Permitted Liens (as defined in the Indenture). Except as set forth in the Pricing Disclosure
Package, there are no outstanding options, warrants or other rights to acquire or purchase, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interests of the Company or any of the Subsidiaries. No
holder of any securities of the Company or any of the Subsidiaries is entitled to have such securities (other than the Securities) registered under any registration statement contemplated by the Registration Rights Agreement. 

(v) Each of the Company and each Subsidiary: (A) is a corporation, limited liability company, partnership or other entity
duly organized and validly existing under the laws of the jurisdiction of its incorporation or organization, as the case may be; (B) has all requisite corporate, partnership or limited liability company

  
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or other power and authority, as the case may be, and has all governmental licenses, authorizations, consents and approvals, necessary to own its property and carry on its business as now being
conducted and described in the Offering Memorandum, except if the failure to obtain any such license, authorization, consent and approval could not reasonably be expected to have a Material Adverse Effect; and (C) is qualified to do business
and is in good standing in all jurisdictions in which the nature of the business conducted by it or its ownership or leasing of property makes such qualification necessary, except where the failure to be so qualified and in good standing
individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. A “Material Adverse Effect” means (x) any material adverse effect on the business, properties, financial condition, results of
operations or prospects of the Company and the Subsidiaries, taken as a whole or (y) an adverse effect on the ability to consummate the Transactions on a timely basis. 

(vi) Each of the Issuers has all requisite corporate or other power and authority, as the case may be, to execute, deliver and
perform all of its obligations under the Note Documents to which it is a party and to consummate the transactions contemplated by the Note Documents to be consummated on its part and, without limitation, the Company has all requisite corporate power
and authority to issue, sell and deliver the Notes and each Guarantor has all requisite corporate or other power and authority to make and perform all its obligations under its Guarantee. Each of the Issuers has duly authorized the execution,
delivery and performance of each of the Note Documents to which it is a party. Each of the Note Documents conforms, or when executed and delivered will conform, in all material respects to the descriptions thereof in the Offering Memorandum. 

(vii) This Agreement has been duly and validly authorized, executed and delivered by each Issuer. 

(viii) The Indenture has been duly and validly authorized by each Issuer and, when duly executed and delivered by each Issuer
(assuming the due authorization, execution and delivery thereof by the Trustee), will be a legal, valid and binding obligation of each of the Issuers, enforceable against each of them in accordance with its terms, except as the enforcement thereof
may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer or conveyance, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity) and the discretion of the court before which any proceeding therefor may be brought and constitutional limitations on laws that govern the enforceability of choice of law provisions in
agreements (the “Bankruptcy and Equity Exceptions”). The Indenture, when executed and delivered, will conform in all material respects to the description thereof in the Offering Memorandum. 

(ix) The Original Notes have been duly and validly authorized for issuance and sale to the Initial Purchaser by the Company
and, when issued, authenticated and delivered by the Company against payment therefor by the Initial 

  
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Purchaser in accordance with the terms of this Agreement and the Indenture (assuming the due authorization, execution and delivery thereof by the Trustee), the Original Notes will be in the form
contemplated by the Indenture and will be legal, valid and binding obligations of the Company, entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms, except as the enforcement thereof may be
limited by the Bankruptcy and Equity Exceptions. The Original Notes, when issued, authenticated and delivered, will conform in all material respects to the description thereof in the Offering Memorandum. 

(x) The Exchange Notes have been, or upon the Closing Date will be, duly and validly authorized for issuance by the Company
and, when issued, authenticated and delivered by the Company in accordance with the terms of the Registration Rights Agreement, the Exchange Offer and the Indenture (assuming the due authorization, execution and delivery thereof by the Trustee), the
Exchange Notes will be in the form contemplated by the Indenture and will be legal, valid and binding obligations of the Company, entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms, except as
the enforcement thereof may be limited by the Bankruptcy and Equity Exceptions. The Exchange Notes, when issued, authenticated and delivered, will conform in all material respects to the description thereof in the Preliminary Offering Memorandum and
the Offering Memorandum. 
 (xi) The Guarantees have been duly and validly authorized by each of the Guarantors and, when the
Original Notes are issued, authenticated by the Trustee and delivered by the Company against payment by the Initial Purchaser in accordance with the terms of this Agreement and the Indenture (assuming the due authorization, execution and delivery
thereof by the Trustee), will be in the form contemplated by the Indenture and will be legal, valid and binding obligations of the Guarantors, enforceable against each of them in accordance with their terms, except as the enforcement thereof may be
limited by the Bankruptcy and Equity Exceptions. The Guarantees, when executed and delivered, will conform in all material respects to the description thereof in the Offering Memorandum. 

(xii) The guarantees in respect of the Exchange Notes have been duly and validly authorized by the Guarantors and, when the
Exchange Notes are issued, authenticated and delivered in accordance with the terms of the Registration Rights Agreement, the Exchange Offer and the Indenture (assuming the due authorization, execution and delivery thereof by the Trustee), will be
in the form contemplated by the Indenture and will be legal, valid and binding obligations of the Guarantors, entitled to the benefits of the Indenture, enforceable against each of them in accordance with their terms, except as the enforcement
thereof may be limited by the Bankruptcy and Equity Exceptions. 
 (xiii) The Registration Rights Agreement has been duly and
validly authorized by each of the Issuers and, when duly executed and delivered by each of the Issuers (assuming the due authorization, execution and delivery thereof by the Initial Purchaser), will constitute a legal, valid and binding obligation
of each of the Issuers, 

  
 11 

 
enforceable against them in accordance with its terms, except (A) as the enforcement thereof may be subject to the Bankruptcy and Equity Exceptions, and (B) that any rights to indemnity
or contribution thereunder may be limited by federal and state securities laws and public policy considerations. The Registration Rights Agreement will conform in all material respects to the description thereof in the Offering Memorandum. 

(xiv) All taxes, fees and other governmental charges that are due and payable on or prior to the Closing Date in connection
with the execution, delivery and performance of the Note Documents and the execution, delivery and sale of the Securities shall have been paid by or on behalf of the Company at or prior to the Closing Date. 

(xv) None of the Company or any of the Subsidiaries is (A) in violation of its charter, bylaws or other constitutive
documents, (B) in default (or, with notice or lapse of time or both, would be in default) in the performance or observance of any obligation, agreement, covenant or condition contained in any bond, debenture, note, indenture, mortgage, deed of
trust, loan or credit agreement, contract, lease, license, franchise agreement, authorization, permit, certificate or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of their assets or
properties is subject (collectively, “Agreements and Instruments”), or (C) in violation of any law, statute, rule, regulation, judgment, order or decree of any domestic or foreign court with jurisdiction over any of them or any
of their assets or properties or other governmental or regulatory authority, agency or other body, which, in the case of clauses (B) and (C) herein, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. There exists no condition that, with notice, the passage of time or otherwise, would constitute a default by the Company or any of its Subsidiaries under any such document or instrument or result in the imposition of any penalty or the
acceleration of any indebtedness, other than penalties, defaults or conditions that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(xvi) The execution, delivery and performance by each of the Issuers of the Note Documents to which it is a party, including
the consummation of the offer and sale of the Securities and the Exchange Notes, does not and will not violate, conflict with or constitute a breach of any of the terms or provisions of or a default under (or an event that with notice or the lapse
of time, or both, would constitute a default), or require consent under, or result in the creation or imposition of a Lien, on any property or assets of the Company or any Subsidiaries pursuant to, (i) the charter, bylaws or other constitutive
documents of any of the Company or any of its Subsidiaries, (ii) any judgment, order or decree of any domestic or foreign court or governmental agency or authority having jurisdiction over the Company or any of its Subsidiaries or their
respective assets or properties except such judgments, orders or decrees that would have a Material Adverse Effect, (iii) any of the Agreements and Instruments or (iv) any law, statute, rule or regulation applicable to the Company or any
of its Subsidiaries or their respective assets or properties, except in the case of clauses (iii) and (iv), such violations, conflicts, breaches or defaults as could not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect. Assuming the accuracy of the 

  
 12 

 
representations and warranties of the Initial Purchaser in Section 5(b) of this Agreement, no consent, approval, authorization or order of, or filing, registration, qualification, license or
permit of or with, any court or governmental agency, body or administrative agency, domestic or foreign, is required to be obtained or made by the Company or any of its Subsidiaries for the execution, delivery and performance by the Company and each
of its Subsidiaries of the Note Documents to which they are party including the consummation of any of the transactions contemplated thereby, except (x) such as have been or will be obtained or made on or prior to the Closing Date,
(y) registration of the Exchange Offer or resale of the Notes under the Act pursuant to the Registration Rights Agreement and (z) qualification of the Indenture under the Trust Indenture Act in connection with the issuance of the Exchange
Notes. No consents or waivers from any other person or entity are required for the execution, delivery and performance of this Agreement or any of the other Note Documents or the consummation of any of the transactions contemplated hereby or
thereby, other than such consents and waivers as have been obtained or will be obtained prior to the Closing Date and will be in full force and effect, except such consents or waivers that the failure to obtain could not be reasonably expected to
have a Material Adverse Effect. 
 (xvii) Except as set forth in the Pricing Disclosure Package, there is (A) no action,
suit or proceeding before or by any court, arbitrator or governmental agency, body or official, domestic or foreign, now pending or, to the knowledge of the Issuers, threatened or contemplated, to which the Company or any of the Subsidiaries is or
may be a party or to which the business, assets or property of such person is or may be subject, (B) no law, statute, rule, regulation or order that has been enacted, adopted or issued or, to the knowledge of the Issuers, that has been proposed
by any governmental body or agency, domestic or foreign, (C) no injunction, restraining order or order of any nature by a federal or state court or foreign court of competent jurisdiction to which the Company or any of the Subsidiaries is or
may be subject that in the case of clause (A), (B) or (C), could, individually or in the aggregate, reasonably be expected, (1) to have a Material Adverse Effect or (2) to interfere with or adversely affect the issuance of the
Securities in any jurisdiction or adversely affect the consummation of the transactions contemplated by any of the Note Documents. Every request of any securities authority or agency of any jurisdiction for additional information with respect to the
Securities that has been received by the Company or any of the Subsidiaries or their counsel prior to the date hereof has been, or will prior to the Closing Date be, complied with in all material respects. 

(xviii) Except as otherwise disclosed in the Offering Memorandum or as could not reasonably be expected to have a Material
Adverse Effect, (i) there is (A) no labor disturbance by the employees of any of the Company or any of the Subsidiaries or, to the best knowledge of the Company and its Subsidiaries, imminent, (B) no unfair labor practice complaint
pending or, to the best knowledge of the Company and its Subsidiaries, threatened against the Company or any Subsidiary before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective
bargaining agreements pending, or to the best knowledge of the Company and its Subsidiaries, threatened, against the Company or any Subsidiary, (C) no strike, labor 

  
 13 

 
dispute, slowdown or stoppage pending or, to the best knowledge of the Company and its Subsidiaries, threatened against the Company or any Subsidiary and (D) to the best knowledge of the
Company and its Subsidiaries, no union organizing activities taking place and (ii) since January 1, 2013, there have been no written claims or allegations that the Company or its subsidiaries have violated any federal, state or local law
relating to discrimination in hiring, promotion or pay of employees or of any applicable wage or hour laws. 
 (xix) Except
as set forth in the Pricing Disclosure Package, the Company and each of the Subsidiaries (A) is in compliance with, or not subject to costs or liabilities under, all laws, regulations, rules of common law, orders and decrees, as in effect as of
the date hereof, and any present judgments and injunctions issued or promulgated thereunder relating to pollution or protection of public and employee health and safety, the environment or hazardous or toxic substances or wastes, pollutants or
contaminants applicable to it or its business or operations or ownership or use of its property (“Environmental Laws”), other than noncompliance or such costs or liabilities that, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect, and (B) possesses all permits, licenses or other approvals required under applicable Environmental Laws, except where the failure to possess any such permit, license or other approval
could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. All currently pending and, to the knowledge of the Issuers, threatened proceedings, notices of violation, demands, notices of potential
responsibility or liability, suits and existing environmental conditions by any governmental authority which the Company or any of its Subsidiaries could reasonably expect to result in a Material Adverse Effect are accurately described in all
material respects in the Pricing Disclosure Package. The Company and each of the Subsidiaries maintains a system of internal environmental management controls sufficient to provide reasonable assurance of compliance in all material respects of their
business facilities, real property and operations with requirements of applicable Environmental Laws. 
 (xx) The Company and
each of the Subsidiaries have (A) all licenses, certificates, permits, authorizations, approvals, franchises and other rights from, and has made all declarations and filings with, all applicable authorities, all self-regulatory authorities and
all courts and other tribunals (each, an “Authorization”) necessary to own, lease and operate their properties and engage in the business conducted by them in the manner described in the Pricing Disclosure Package, except where the
failure to hold such Authorizations could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, and neither the Company nor any Subsidiary has received notice or any proceedings relating to the revocation
or modification of, or non-compliance with, any such Authorization which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could reasonably be expected to have a Material Adverse Effect, and (B) no
reason to believe that any governmental body or agency, domestic or foreign, is considering limiting, suspending or revoking any such Authorization, except where any such limitations, suspensions or revocations could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. All such Authorizations are valid and in full force and effect 

  
 14 

 
and the Company and each of the Subsidiaries are in compliance in all material respects with the terms and conditions of all such Authorizations and with the rules and regulations of the
regulatory authorities having jurisdiction with respect to such Authorizations, except for any invalidity, failure to be in full force and effect or noncompliance with any Authorization that could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (xxi) Each of the Company and the Subsidiaries has good and valid title in fee
simple to all items of real property and valid title to all personal property owned by each of them, in each case free and clear of any Lien, except (i) such as do not materially and adversely affect the value of such property and do not
interfere with the use made or proposed to be made of such property by the Company or such Subsidiaries to an extent that such interference would reasonably be expected to have a Material Adverse Effect, and (ii) Liens described in the Pricing
Disclosure Package. Any real property and buildings held under lease by the Company or any of the Subsidiaries are held under valid, subsisting and enforceable leases, with such exceptions as are not material and do not materially interfere with the
use made or proposed to be made of such property and buildings by the Company or the Subsidiaries. 
 (xxii) Each of the
Company and the Subsidiaries owns, possesses or has the right to employ all patents, patent rights, licenses, inventions, copyrights, approvals, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures), trademarks, service marks, trade names or other similar rights (collectively, the “Intellectual Property”) necessary to conduct the businesses operated by it as described in the Pricing
Disclosure Package, except where the failure to own, possess or have the right to employ such Intellectual Property, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. None of the Company or any of
the Subsidiaries has received any notice of infringement of or conflict with (or knows of any such infringement or a conflict with) asserted rights of others with respect to any of the foregoing that, if such assertion of infringement or conflict
were sustained, could reasonably be expected to have a Material Adverse Effect. The use of the Intellectual Property in connection with the business and operations of the Company and the Subsidiaries does not infringe on the rights of any person,
except for such infringement as could not reasonably be expected to have a Material Adverse Effect. 
 (xxiii) All tax
returns required to be filed by the Company and each of the Subsidiaries have been filed in all jurisdictions where such returns are required to be filed; and all taxes, including withholding taxes, value added and franchise taxes, penalties and
interest, assessments, fees and other charges due or claimed to be due from such entities or that are due and payable have been paid, other than those being contested in good faith by appropriate written objections or proceedings and for which
reserves have been provided in accordance with GAAP or those currently payable without penalty or interest, except where the failure to make such required filings or payments could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. To the knowledge of the Issuers, there are no material proposed additional tax assessments against the Company or any of the Subsidiaries or their assets or property. 

  
 15 

 (xxiv) Neither the Company nor any of the Subsidiaries has any liability for any
prohibited transaction or accumulated funding deficiency (within the meaning of Section 412 of the Internal Revenue Code of 1986, as amended (the “Code”)) or any complete or partial withdrawal liability with respect to any
pension, profit sharing or other plan which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to which the Company or any of the Subsidiaries makes or ever has made a contribution and in which
any employee of the Company or any of the Subsidiaries is or has ever been a participant. With respect to such plans, the Company and each of the Subsidiaries are in compliance in all material respects with all applicable provisions of ERISA. 

(xxv) Neither the Company nor any of the Subsidiaries is, or after giving effect to the Transactions will be, an
“investment company” or a company “controlled” by an “investment company” incorporated in the United States within the meaning of the Investment Company Act, and will conduct its business in a manner so that it will not
become subject to the Investment Company Act. 
 (xxvi) The statements in the Preliminary Offering Memorandum and the Final
Offering Memorandum under the headings “Certain U.S. Federal Income Tax Consequences”, “Description of Notes”, “Legal Matters”, “Exchange Offer; Registration Rights” and “Government Regulation” and
under the subheading “Business—Legal Proceedings” fairly summarize the matters therein described in all material respects. 

(xxvii) None of the Company nor any of its Subsidiaries nor, to the knowledge of the Company and each of the Guarantors, any
affiliate (including any joint venture) of, or any director, officer, agent, employee or other person associated with or acting on behalf of the Company or any of its Subsidiaries has (i) used any corporate funds directly or indirectly for any
unlawful contribution, gift, entertainment or other unlawful expense; (ii) made any offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of
anything of value directly or indirectly to or for the benefit of any public official, political party or party candidate, or any third party to benefit any of the foregoing, or to any other person, if doing so would violate the Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), the UK Bribery Act of 2010 or the law of any other relevant jurisdiction. The Company, its Subsidiaries and, to the best knowledge of the
Company and each of its Subsidiaries, its affiliates have conducted their businesses in a manner reasonably designed to ensure compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are
reasonably expected to continue to ensure, continued compliance therewith. 
 (xxviii) The operations of the Company and its
Subsidiaries are and have been conducted at all times in a manner reasonably designed to ensure compliance 

  
 16 

 
with applicable financial recordkeeping and reporting requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
PATRIOT ACT) Act of 2001 (Public Law 107-56) and the Bank Secrecy Act (31 U.S.C. 1051 et seq.), the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. 

(xxix) None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee
or Affiliate of the Company or any of its Subsidiaries (i) is currently subject to any economic sanctions or trade embargoes administered or imposed by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S.
Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant authority (collectively, “Sanctions”) or (ii) resides, is organized or chartered, or has a place of
business in a country or territory that is currently the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such
proceeds to or for the benefit of any person or entity, for the purpose of financing or supporting, directly or indirectly, the activities of any person or entity that is currently the subject of Sanctions. 

(xxx) The Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that: (A) transactions are executed in accordance with management’s general or specific authorizations; (B) transactions are recorded as necessary to permit preparation of their financial statements in conformity
with GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability for their assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (xxxi) The
Company has established and maintains and evaluates disclosure controls and procedures (as such term is defined in Rules 13a-15 and 15d-14 under the Exchange Act) and “internal controls over financial reporting” (as such term is defined in
Rules 13a-15 and 15d-15 under the Exchange Act) that are in compliance with the Sarbanes-Oxley Act of 2002, as amended (together with the rules and regulations promulgated in connection therewith, the “Sarbanes-Oxley Act”); such
disclosure controls and procedures and internal control over financial reporting are designed to ensure that material information relating to the Company and the Subsidiaries is made known to the chief executive officer and chief financial officer
of the Company by others within the Company or any Subsidiary, and such disclosure controls and procedures and internal control over financial reporting are effective to perform the functions for which

  
 17 

 
they were established; the Company’s independent auditors and the audit committee of the board of directors of the Company have been advised of: (A) any significant deficiencies, if
any, in the design or operation of internal control over financial reporting which could adversely affect the Company’s ability to record, process, summarize, and report financial data, and (B) any fraud, if any, whether or not material,
that involves management or other employees who have a role in the Company’s internal control over financial reporting; any material weaknesses in internal control over financial reporting have been identified to the Company’s independent
auditors and audit committee of the board of directors of the Company; and since the date of the most recent evaluation of such disclosure controls and procedures and internal control over financial reporting, there have been no significant changes
in internal control over financial reporting or in other factors that could significantly affect internal control over financial reporting, including any corrective actions with regard to significant deficiencies and material weaknesses disclosed in
the Pricing Disclosure Package and the Offering Memorandum. The Company has provided or made available to the Initial Purchaser or its counsel true and complete copies of all extant minutes or draft minutes of meetings, or resolutions adopted by
written consent, of the board of directors of the Company and each Subsidiary and each committee of each such board in the past three years, and all agendas for each such meeting for which minutes or draft minutes do not exist. 

(xxxii) The Company and each of the Subsidiaries maintain insurance covering their properties, assets, operations, personnel
and businesses, and such insurance is of such type and in such amounts in accordance with customary industry practice to reasonably protect the Company and of the Subsidiaries and their businesses. None of the Company or any of the Subsidiaries has
received notice from any insurer or agent of such insurer that any material capital improvements or other material expenditures will have to be made in order to continue any insurance maintained by any of them other than capital improvements and
other expenditures that have been budgeted by the Company or the Subsidiaries, as the case may be. 
 (xxxiii) Neither the
Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D under the Act) has (A) taken, directly or indirectly, any action designed to, or that might reasonably be expected to, cause or result in stabilization or manipulation
of the price of any security of the Issuers to facilitate the sale or resale of the Securities, (B) sold, bid for, purchased or paid any person any compensation for soliciting purchases of the Securities in a manner that would require
registration of the Securities under the Act or paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of any Issuer in a manner that would require registration of the Securities under the Act,
(C) sold, offered for sale, contracted to sell, pledged, solicited offers to buy or otherwise disposed of or negotiated in respect of, any security (as defined in the Act) that is currently or will be integrated with the sale of the Securities
in a manner that would require the registration of the Securities under the Act, or (D) engaged in any directed selling effort with respect to the Securities, and each of them has complied with the offering restrictions requirements of
Regulation S. Terms used in this paragraph have the meaning given to them by Regulation S. 

  
 18 

 (xxxiv) No form of general solicitation or general advertising (within the
meaning of the Act and prohibited by the Act in connection with offers or sales including Exempt Resales) was used by the Issuers or any of their representatives (other than the Initial Purchaser, as to whom the Issuers make no representation) in
connection with the offer and sale of any of the Securities or in connection with Exempt Resales, including, but not limited to, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over
television or radio or displayed on any computer terminal, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. None of the Company or any of its affiliates has entered into, and none of the
Company or any of its affiliates will enter into, any contractual arrangement with respect to the distribution of the Securities except for this Agreement. 

(xxxv) Since December 31, 2013, except as set forth or contemplated in the Pricing Disclosure Package, (A) neither
the Company nor any of the Subsidiaries has (1) incurred any liabilities or obligations, indirect, direct or contingent, that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or (2) entered
into any transaction not in the ordinary course of business that would reasonably be expected to have a Material Adverse Effect, (B) there has not been any event or development in respect of the business or condition (financial or other) of the
Company and the Subsidiaries that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect and (C) there has been no dividend or distribution of any kind declared, paid or made by the Company on any
class of its capital stock and (D) there has not been any material change in the long-term debt of the Company or any of the Subsidiaries. 

(xxxvi) Neither the Company nor any of the Subsidiaries (or any agent thereof acting on their behalf) has taken, and none of
them will take, any action that would reasonably be expected to cause this Agreement or the issuance or sale of the Notes to violate Regulations T, U or X of the Board of Governors of the Federal Reserve System, as in effect, or as the same may
hereafter be in effect, on the Closing Date. 
 (xxxvii) Deloitte & Touche LLP, whose reports are included in the
Pricing Disclosure Package, is an independent registered public accounting firm within the meaning of the Act, the Exchange Act and the rules of the Public Company Accounting Oversight Board. The historical consolidated financial statements and the
notes thereto included in the Pricing Disclosure Package present fairly in all material respects the consolidated financial position, results of operations, cash flows and changes in stockholders’ equity of the Company and its consolidated
subsidiaries at the respective dates and for the respective periods indicated. Such consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”)
applied on a consistent basis throughout the periods presented (except as disclosed in the Pricing Disclosure Package) and in compliance with Regulation S-X (“Regulation S-X”), except that the interim financial statements do not
include full footnote disclosure. The other financial information and data included in the Pricing Disclosure Package are accurately presented in all material respects and prepared 

  
 19 

 
on a basis consistent with the financial statements and the books and records of the Company and the Subsidiaries. The year-end information set forth under
the caption “Summary consolidated financial and other data” included in the Pricing Disclosure Package has been prepared on a consistent basis with that of the audited financial statements of the Company. The interim information set forth
under the caption “Summary consolidated financial and other data” included in the Pricing Disclosure Package has been prepared on a consistent basis with that of the interim unaudited financial statements of the Company. 

(xxxviii) As of the date hereof (and immediately prior to and immediately following the issuance of the Securities on the
Closing Date) each Issuer is and will be Solvent. No Issuer is contemplating either the filing of a petition by it under any bankruptcy or insolvency laws or the liquidating of all or a substantial portion of its property, and no Issuer has
knowledge of any person contemplating the filing of any such petition against any Issuer. As used herein, “Solvent” shall mean, for any person on a particular date, that on such date (A) the fair value of the property of such
person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such person, (B) the present fair salable value of the assets of such person is not less than the amount that will be required to
pay the probable liabilities of such person on its debts as they become absolute and matured, (C) such person does not intend to, and does not believe that it will, incur debts and liabilities beyond such person’s ability to pay as such
debts and liabilities mature, (D) such person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such person’s property would constitute an unreasonably small capital and
(E) such person is able to pay its debts or other liabilities as they become due and payable. 
 (xxxix) Except as
described in the section entitled “Plan of distribution” in the Pricing Disclosure Package, there are no contracts, agreements or understandings between the Company or any of the Subsidiaries and any other person other than the Initial
Purchaser that would give rise to a valid claim against the Company, any Subsidiary or the Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with the issuance, purchase and sale of the Securities. 

(xl) The Company, the Subsidiaries and, to the Company’s knowledge, their respective directors and officers (in their
capacities as such) are each in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act, including Section 402 related to loans and Sections 302 and 906 related to certifications. 

(xli) The statistical and market-related data and forward-looking statements (within the meaning of Section 27A of the Act
and Section 21E of the Exchange Act) included in the Pricing Disclosure Package are based on or derived from sources that the Issuers believe to be reliable and accurate in all material respects. 

(xlii) As of the date hereof, Helex, L.L.C., Sky Leasing, L.L.C., Vertilease, L.L.C., Leasing Source, L.L.C. and MDHL, L.L.C.
do not, individually or collectively, account for greater than 1.0% of the assets or revenue of the Company and its subsidiaries on a consolidated basis. 

  
 20 

 Each certificate signed by any officer of the Issuers and delivered to the Initial Purchaser or
counsel for the Initial Purchaser pursuant to, or in connection with, this Agreement shall be deemed to be a representation and warranty by the Issuers to the Initial Purchaser as to the matters covered by such certificate. 

The Issuers acknowledge that the Initial Purchaser and, for purposes of the opinions to be delivered to the Initial Purchaser pursuant to
Section 8 of this Agreement, counsel to the Issuers and counsel to the Initial Purchaser will rely upon the accuracy and truth of the foregoing representations and the Issuers hereby consent to such reliance. 

(b) The Initial Purchaser represents that it is a QIB and acknowledges that it is purchasing the Securities pursuant to a private sale
exemption from registration under the Act, and that the Securities have not been registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption
from the registration requirements of the Act. The Initial Purchaser represents, warrants and covenants to the Issuers that: 

(i) (A) Neither it, nor any person acting on its behalf, has solicited or will solicit offers for, or has offered or will offer
or sell, the Securities by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Act and
(B) it has solicited and will solicit offers for the Securities only from, and will offer and sell the Securities only to, (1) persons whom the Initial Purchaser reasonably believes to be QIBs or (2) persons other than U.S. persons
outside the United States in reliance on the exemption from the registration requirements of the Act provided by Regulation S. 

(ii) With respect to offers and sales outside the United States, (A) the Initial Purchaser will comply with all applicable
laws and regulations in each jurisdiction in which they acquire, offer, sell or deliver Securities or have in their possession or distribute either any Offering Memorandum or any such other material, in all cases at their own expense; and
(B) the Initial Purchaser has offered the Securities and will offer and sell the Securities (1) as part of its distribution at any time and (2) otherwise until 40 days after the later of the commencement of the offering of the
Securities and the Closing Date, only in accordance with Rule 903 of Regulation S or another exemption from the registration requirements of the Act. Accordingly, neither the Initial Purchaser nor any persons acting on its behalf have engaged or
will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities, and any such persons have complied and will comply with the offering restrictions requirements of Regulation S. Terms used in this
Section 5(b)(ii) have the meanings given to them by Regulation S. 

  
 21 

 The Initial Purchaser agrees that, at or prior to confirmation of a sale of Securities pursuant
to Regulation S, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it or through it during the restricted period a confirmation or notice to substantially
the following effect: 
 “The Securities covered hereby have not been registered under the United States Securities Act of 1933, as
amended (the “Securities Act”), and may not be offered or sold within the United States or to or for the account or benefit of, U.S. persons (i) as part of their distribution at any time and (ii) otherwise until forty days
after the later of the date upon which the offering of the Securities commenced and the date of closing, except in either case in accordance with Regulation S or Rule 144A under the Securities Act. Terms used above have the meaning given to them by
Regulation S.” 
 The Initial Purchaser understands that the Issuers and, for purposes of the opinions to be delivered to them pursuant
to Section 8 hereof, counsel to the Issuers and counsel to the Initial Purchaser will rely upon the accuracy and truth of the foregoing representations, and the Initial Purchaser hereby consents to such reliance. 

6. Indemnification. 
 (a)
The Issuers, jointly and severally, agree to indemnify and hold harmless the (i) Initial Purchaser, (ii) each affiliate of the Initial Purchaser, (iii) each person, if any, who controls the Initial Purchaser within the meaning of
Section 15 of the Act or Section 20(a) of the Exchange Act and (iv) the agents, employees, officers and directors of the foregoing from and against any and all losses, liabilities, claims, damages and expenses whatsoever (including,
but not limited, to reasonable attorneys’ fees and any and all reasonable expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable
amounts paid in settlement of any claim or litigation) (collectively, “Losses”) to which they or any of them may become subject under the Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Pricing Disclosure Package, any Issuer Written Communication (including, but not limited to, any electronic roadshow), the Offering
Memorandum, or in any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that none of the Issuers will be liable in any such case to the extent, but only to the extent, that any such Loss arises out of or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission relating to the Initial Purchaser made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Initial Purchaser expressly for use therein. 

  
 22 

 (b) The Initial Purchaser agrees to indemnify and hold harmless the Issuers, and each person, if
any, who controls any of the Issuers within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors of any of the Issuers and the agents, employees, officers and directors of
any such controlling person from and against any and all Losses to which they or any of them may become subject under the Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in the Pricing Disclosure Package or the Offering Memorandum, or in any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged omission relating to the Initial Purchaser made therein in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the
Initial Purchaser expressly for use therein. 
 (c) Promptly after receipt by an indemnified party under subsection 6(a) or 6(b) above of
notice of the commencement of any action, suit or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each
party against whom indemnification is to be sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this
Section 6 except to the extent that it has been prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the
indemnifying party will be entitled to participate in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense
of such action with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and
expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action,
(ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any
impleaded parties) include such indemnified party and the indemnifying parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded that there may be defenses
available to it or them that are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the
indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel
(together with appropriate local counsel) at any time for all indemnified parties in connection with any one action or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations or
circumstances. An indemnifying party shall not be liable for any settlement of any claim or 

  
 23 

 
action effected without its written consent, which consent may not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by paragraph (a) or (b) of this Section 6, then the indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 45 days’ prior notice of its intention to settle and the amount
thereof. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does not
include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) This
indemnity agreement will be in addition to any liability that the Issuers may otherwise have, including, but not limited to, liability under this Agreement. 

7. Contribution. In order to provide for contribution in circumstances in which the indemnification provided for in Section 6 of
this Agreement is for any reason held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under Section 6 of this Agreement, each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers, on the one hand, and the Initial Purchaser, on the other hand, from the
offering of the Securities pursuant to this Agreement or (ii) if such allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to above
but also the relative fault of the Issuers, on the one hand, and the Initial Purchaser, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The
relative benefits received by the Issuers, on the one hand, and the Initial Purchaser, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the offering of Securities (net of discounts and commissions
but before deducting expenses) received by the Issuers are to (y) the total discounts and commissions received by the Initial Purchaser. The relative fault of the Issuers, on the one hand, and the Initial Purchaser, on the other hand, shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by any Issuers, on one hand, or the
Initial Purchaser, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission. 

The Issuers and the Initial Purchaser agree that it would not be just and equitable if contribution pursuant to this Section 7 were
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to 

  
 24 

 
above. Notwithstanding the provisions of this Section 7, (i) in no case shall the Initial Purchaser be required to contribute any amount in excess of the amount by which the total
discount and commissions applicable to the Securities purchased hereof pursuant to this Agreement exceeds the amount of any damages that the Initial Purchaser has otherwise been required to pay by reason of any untrue or alleged untrue statement or
omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 7, (i) each affiliate of the Initial Purchaser, (ii) each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Act or Section 20(a) of the
Exchange Act and (iii) the agents, employees, officers and directors of the Initial Purchaser and each of the foregoing shall have the same rights to contribution as an Initial Purchaser, and (i) each director of an Issuer and
(ii) each person, if any, who controls an Issuer within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act shall have the same rights to contribution of such Issuer. Any party entitled to contribution will,
promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom
contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise; provided,
however, that no additional notice shall be required with respect to any action for which notice has been given under Section 6 for purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be
liable for contribution with respect to any action or claim settled without its written consent, provided, however, that such written consent was not unreasonably withheld. The amount paid or payable by a party as a result of Losses shall be
deemed to include, subject to the limitations set forth in Section 6 hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

8. Conditions of Initial Purchaser’s Obligations. The obligations of the Initial Purchaser to purchase and pay for the Securities,
as provided for in this Agreement, shall be subject to satisfaction of the following conditions prior to or concurrently with such purchase: 

(a) All of the representations and warranties of the Issuers contained in this Agreement shall be true and correct, or true and correct in all
material respects where such representations and warranties are not qualified by materiality or Material Adverse Effect, on the date of this Agreement and, in each case after giving effect to the transactions contemplated hereby, on the Closing Date
as though then made, except that if a representation and warranty is made as of a specific date, and such date is expressly referred to therein, such representation and warranty shall be true and correct (or true and correct in all material
respects, as applicable) as of such date. The Issuers shall have timely performed or complied with all of the agreements and covenants contained in this Agreement and required to be performed or complied with by them at or prior to the Closing Date.

 (b) The Offering Memorandum shall have been printed and copies distributed to the Initial Purchaser in accordance with Section 4(b)
hereof. No stop order suspending the qualification or exemption from qualification of the Securities in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or shall be pending or threatened. 

  
 25 

 (c) Since the execution of this Agreement, there shall not have been any decrease in the rating
of any debt security or preferred stock of the Company or any Subsidiary by any “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange Act), or any notice given of any intended or
potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change. 

(d) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency that would, as of the Closing Date, prevent the issuance of the Securities or consummation of the Exchange Offer; except as disclosed in the Pricing Disclosure Package, no action, suit or proceeding shall have been commenced and be pending
against or affecting or, to the best knowledge of the Issuers, threatened against any Issuer before any court or arbitrator or any governmental body, agency or official that, if adversely determined, could reasonably be expected to have a Material
Adverse Effect; and no stop order preventing the use of the Preliminary Offering Memorandum, the Pricing Supplement or the Offering Memorandum, or any amendment or supplement thereto, or any order asserting that any of the transactions contemplated
by this Agreement are subject to the registration requirements of the Act shall have been issued. 
 (e) Since December 31, 2013,
except as set forth or contemplated in the Pricing Disclosure Package, (a) neither the Company nor any Subsidiary has (1) incurred any liabilities or obligations, direct or contingent, that would reasonably be expected to have a Material
Adverse Effect, or (2) entered into any material transaction not in the ordinary course of business, (b) there has not been any event or development in respect of the business or condition (financial or other) of the Company and the
Subsidiaries that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect and (c) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its
capital stock. 
 (f) The Initial Purchaser shall have received certificates, dated the Closing Date, signed by an authorized officer of
each Issuer confirming, as of the Closing Date, to their knowledge, the matters set forth in paragraphs (a), (b), (c), (d) and (e) of this Section 8. 

(g) The Initial Purchaser shall have received on the Closing Date opinions dated the Closing Date, addressed to the Initial Purchaser, of
Jones Walker LLP, counsel to the Company, including customary qualifications and limitations, substantially in the form of Exhibit B hereto. 

(h) The Initial Purchaser shall have received on the Closing Date an opinion (satisfactory in form and substance to the Initial Purchaser)
dated the Closing Date from Latham & Watkins LLP, counsel to the Initial Purchaser. 

  
 26 

 (i) The Initial Purchaser shall have received a “comfort letter” from
Deloitte & Touche LLP, independent public accountants for the Company, dated the date of this Agreement, addressed to the Initial Purchaser and in form and substance satisfactory to the Initial Purchaser and counsel to the Initial
Purchaser, covering the financial and accounting information in the Pricing Disclosure Package and other customary matters. In addition, the Initial Purchaser shall have received a “bring down comfort letter” from Deloitte &
Touche LLP, independent public accountants for the Company, dated as of the Closing Date, addressed to the Initial Purchaser and in the form of the “comfort letter” delivered on the date hereof, except that (i) it shall cover the
financial and accounting information in the Offering Memorandum and any amendment or supplement thereto and (ii) procedures shall be brought down to a date no more than 3 days prior to the Closing Date, and otherwise in form and substance
satisfactory to the Initial Purchaser and counsel to the Initial Purchaser. 
 (j) Each of the Issuers and the Trustee shall have executed
and delivered the Indenture in form and substance satisfactory to the Initial Purchaser and the Initial Purchaser shall have received copies, conformed as executed, thereof. 

(k) Each of the Issuers shall have executed and delivered into the Registration Rights Agreement in form and substance satisfactory to the
Initial Purchaser and the Initial Purchaser shall have received counterparts, conformed as executed, thereof. 
 (l) All government
authorizations required in connection with the issue and sale of the Securities as contemplated under this Agreement and the performance of the Issuers’ obligations hereunder and under the Indenture and the Securities shall be in full force and
effect. 
 (m) The Initial Purchaser shall have been furnished with wiring instructions for the application of the proceeds of the
Securities in accordance with this Agreement and such other information as it may reasonably request. 
 (n) Latham & Watkins LLP,
counsel to the Initial Purchaser, shall have been furnished with such documents as they may reasonably request to enable them to review or pass upon the matters referred to in this Section 8 and in order to evidence the accuracy, completeness
or satisfaction in all material respects of any of the representations, warranties or conditions contained in this Agreement. 
 (o) The
Company shall have (i) committed itself to repurchasing all of the Existing Notes, either pursuant to the acceptance of Existing Notes tendered by the early tender date specified in the Tender Offer, the issuance of an irrevocable notice of
redemption for Existing Notes, or both, and (ii) taken all other actions necessary to remove or defease substantially all of the covenants in the indenture governing the Existing Notes. 

The documents required to be delivered by this Section 8 will be delivered at the office specified in Section 3 hereof on the
Closing Date. 
 9. Initial Purchaser’s Information. The Issuers and the Initial Purchaser severally acknowledge that the
statements with respect to the delivery of the Securities to the Initial 

  
 27 

 
Purchasers set forth in (i) the third sentence of the first paragraph under the heading “No Listing” on the cover page and (ii) the fourth, sixth and seventh paragraphs under
the caption “Plan of distribution” in the Preliminary Offering Memorandum and the Offering Memorandum constitute the only information furnished in writing by the Initial Purchaser expressly for use in the Pricing Disclosure Package or the
Offering Memorandum. 
 10. Survival of Representations and Agreements. All representations and warranties, covenants and agreements
contained in this Agreement, including, without limitation, the agreements contained in Sections 4(f), 6, 7, 9, 10 and 11 hereof shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Initial
Purchaser or any controlling person thereof or by or on behalf of the Issuers or any controlling person thereof, and shall survive delivery of and payment for the Securities to and by the Initial Purchaser. The agreements contained in Sections 4(f),
6, 7, 9, 10 and 11 shall survive the termination of this Agreement, including pursuant to Section 11. 
 11. Effective Date of
Agreement; Termination. 
 (a) This Agreement shall become effective upon execution and delivery of a counterpart hereof by each of the
parties hereto. 
 (b) The Initial Purchaser shall have the right to terminate this Agreement at any time prior to the Closing Date by
notice to the Company from the Initial Purchaser, without liability (other than with respect to Sections 6 and 7) on the Initial Purchaser’s part to the Issuers if, on or prior to such date, (x) there has been any material adverse change
or any development involving a prospective material adverse change in the business, properties, management, financial condition or results of operation of the Company and the Subsidiaries taken as a whole, which would, in the Initial
Purchaser’s reasonable judgment, make it impracticable or inadvisable to proceed with the offering or delivery of the Notes on the terms and in the manner contemplated in the Pricing Disclosure Package, or (y) since the time of execution
of this Agreement, there shall have occurred: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange or the NASDAQ Global Market; (ii) a suspension or material limitation in trading in the
Company’s securities on the NASDAQ Global Market; (iii) a general moratorium on commercial banking activities declared by either federal or New York State authorities or a material disruption in commercial banking or securities settlement
or clearance services in the United States; (iv) an outbreak or escalation of hostilities or acts of terrorism involving the United States or a declaration by the United States of a national emergency or war; (v) any other calamity or
crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in the Initial Purchaser’s reasonable judgment makes it
impracticable or inadvisable to proceed with the offering or delivery of the Securities on the terms and in the manner contemplated in the Pricing Disclosure Package; or (vi) any Issuer shall have sustained a loss by strike, fire, flood,
earthquake, accident or other calamity that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect, or (z) there shall have occurred any downgrading, or any notice or announcement shall have been
given or made of (i) any intended or potential downgrading or (ii) any watch, review or possible change that does not indicate an affirmation or improvement, in the rating accorded any securities of or guaranteed by the Company or any
Subsidiary by any “nationally recognized statistical rating organization,” as that term is defined in Section 3(a)(62) of the Exchange Act. 

  
 28 

 (c) Any notice of termination pursuant to this Section 11 shall be given at the address
specified in Section 12 below by telephone, telex, telephonic facsimile or telegraph, confirmed in writing by letter. 
 (d) If the
sale of the Notes provided for in this Agreement is not consummated because of any refusal, inability or failure on the part of the Issuers to satisfy any condition to the obligations of the Initial Purchaser set forth in this Agreement to be
satisfied on its part or because of any refusal, inability or failure on the part of the Issuers to perform any agreement in this Agreement or comply with any provision of this Agreement, the Issuers will reimburse the Initial Purchaser for one-half
of its reasonable out-of-pocket expenses, including, without limitation, the fees and expenses of the Initial Purchaser’s counsel incurred in connection with this Agreement. 

12. Notice. All communications with respect to or under this Agreement, except as may be otherwise specifically provided in this
Agreement, shall be in writing and, if sent to the Initial Purchaser, shall be mailed, delivered, or faxed and confirmed in writing to c/o UBS Securities LLC, 299 Park Avenue, New York, New York 10171, Attention: High Yield Syndicate Department,
with a copy for information purposes only to (i) UBS Securities LLC, 299 Park Avenue, New York, New York 10171, Attention: Legal and Compliance Department and (ii) Latham & Watkins LLP, 885 Third Avenue, New York, New York 10022
(fax number: (212) 751-4864), Attention: Peter M. Labonski; and, if sent to the Issuers, shall be mailed, delivered or telegraphed or faxed and confirmed in writing to PHI, Inc., Post Office Box 90808, Municipal Airport, Lafayette, Louisiana 70509-0808 (telephone: (337) 272-4452), Attention: Chief Financial Officer, with a copy for information purposes only to Jones Walker LLP, 201 St. Charles Ave., Suite 5100, New Orleans, LA 70170-5100 (fax
number: (504) 589-8386), Attention: Kenneth J. Najder. 
 All such notices and communications shall be deemed to have been duly given:
when delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged by fax machine, if faxed; and one business day after being timely delivered to a next-day
air courier. 
 13. Parties. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Initial Purchaser,
the Issuers and the controlling persons and agents referred to in Sections 6 and 7, and their respective successors and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect
of or by virtue of this Agreement or any provision herein contained. The term “successors and assigns” shall not include a purchaser, in its capacity as such, of Notes from the Initial Purchaser. 

14. Governing Law; Construction. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of
or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The Section headings in this Agreement have been inserted as a
matter of convenience of reference and are not a part of this Agreement. 

  
 29 

 15. Submission to Jurisdiction. Except as set forth below, no Claim may be commenced,
prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over
the adjudication of such matters, and the Issuers consent to the jurisdiction of such courts and personal service with respect thereto. The Issuers hereby consent to personal jurisdiction, service and venue in any court in which any Claim arising
out of or in any way relating to this Agreement is brought by any third party against the Initial Purchaser or any indemnified party. Each of the Initial Purchaser and the Issuers (on its behalf and, to the extent permitted by applicable law, on
behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Issuers agree that a
final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Issuers and may be enforced in any other courts to the jurisdiction of which the Issuers are or may be subject, by suit
upon such judgment. 
 16. Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of
this Agreement shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be
deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 
 17.
Captions. The captions included in this Agreement are included solely for convenience of reference and are not to be considered a part of this Agreement. 

18. Counterparts. This Agreement may be executed in various counterparts that together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page to this Agreement by fax or other electronic transmission (e.g., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof. 

19. No Fiduciary Relationship. The Issuers hereby acknowledge that the Initial Purchaser is acting solely as initial purchaser in
connection with the purchase and sale of the Securities. The Issuers further acknowledge and agree that the Initial Purchaser is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm’s length
basis and in no event do the parties intend that the Initial Purchaser act or be responsible as a fiduciary to the Issuers, their management, stockholders, creditors or any other person in connection with any activity that the Initial Purchaser may
undertake or has undertaken in furtherance of the purchase and sale of the Securities, either before or after the date hereof. The Initial Purchaser hereby expressly disclaims any fiduciary or similar obligations to the Issuers, either in connection
with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Issuers hereby confirm their understanding and agreement to that effect. The Issuers and the Initial Purchaser agree that they are each
responsible for making their 

  
 30 

 
own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Initial Purchaser to the Issuers regarding such transactions, including but not
limited to any opinions or views with respect to the price or market for the Securities, do not constitute advice or recommendations to the Issuers. The Issuers hereby waive and release, to the fullest extent permitted by law, any claims that such
Issuers may have against the Initial Purchaser with respect to any breach or alleged breach of any fiduciary or similar duty to the Issuers in connection with the transactions contemplated by this Agreement or any matters leading up to such
transactions. 

  
 31 

 If the foregoing agreement correctly sets forth the understanding among the Issuers and the
Initial Purchaser, please so indicate in the space provided below for the purpose, whereupon this letter and your acceptance shall constitute a binding agreement among the Issuers and the Initial Purchaser. 

 

					
	PHI, INC.
		
	By:	 	 /s/ Trudy McConnaughhay

		 	Name:	 	Trudy McConnaughhay
		 	Title:	 	Chief Financial Officer and Secretary
	
	INTERNATIONAL HELICOPTER TRANSPORT, INC.
	PHI TECH SERVICES, INC.
	PHI AIR MEDICAL, L.L.C.
	HELICOPTER MANAGEMENT, L.L.C.
	HELICOPTER LEASING, L.L.C.
	HELEX, L.L.C.
	SKY LEASING, L.L.C.
	VERTILEASE, LLC
	LEASING SOURCE, LLC
	MDHL, L.L.C.
		
	By:	 	 /s/ Trudy McConnaughhay

		 	Name:	 	Trudy McConnaughhay
		 	Title:	 	Vice President

 [Signature Page to Purchase Agreement] 

					
	CONFIRMED AND ACCEPTED
	as of the date first above written:
	
	UBS SECURITIES LLC
		
	By:	 	 /s/ James Boland

		 	Name:	 	James Boland
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Francisco Pinto-Leite

		 	Name:	 	Francisco Pinto-Leite
		 	Title:	 	Managing Director

 [Signature Page to Purchase Agreement] 

 ANNEX A 

The following is a list of each document provided as an amendment or supplement to the Preliminary Offering Memorandum. 

 

	 	1.	Pricing Supplement containing the terms of the securities, substantially in the form of Exhibit C. 

[Annex A] 

 SCHEDULE I 

GUARANTORS 
 International
Helicopter Transport, Inc. 
 PHI Tech Services, Inc. 
 PHI Air
Medical, L.L.C. 
 Helicopter Management, L.L.C. 
 Helicopter
Leasing, L.L.C. 
 HELEX, L.L.C. 
 Sky Leasing, L.L.C. 

Vertilease, LLC 
 Leasing Source, LLC 

MDHL, L.L.C. 
 [Schedule I] 

 SCHEDULE II 
  

							
	 Company
	  	Place of Organization	  	% of Voting
Stock Owned	 
			
	 International Helicopter Transport, Inc.
	  	Louisiana	  	 	100	% 
	 PHI Tech Services, Inc.
	  	Louisiana	  	 	100	% 
	 PHI Air Medical, L.L.C.
	  	Louisiana	  	 	100	% 
	 Helicopter Management, L.L.C.
	  	Louisiana	  	 	100	% 
	 Helicopter Leasing, L.L.C.
	  	Louisiana	  	 	100	% 
	 HELEX, L.L.C.
	  	Florida	  	 	100	% 
	 Sky Leasing L.L.C.
	  	Montana	  	 	100	% 
	 Vertilease, LLC
	  	Montana	  	 	100	% 
	 Leasing Source, LLC
	  	Montana	  	 	100	% 
	 MDHL, L.L.C.
	  	Montana	  	 	100	% 
	 Petroleum Helicopters Angola, LDA
	  	Angola	  	 	49	% 
	 Petroleum Helicopters Australia Pty. Limited
	  	Australia	  	 	100	% 
	 Energy Risk Ltd
	  	Bermuda	  	 	100	% 
	 PHI Century Limited
	  	Ghana	  	 	49	% 

 [Schedule II] 

 Exhibit A 

FORM OF REGISTRATION RIGHTS AGREEMENT 

[See attached] 

[Exhibit A] 

 Exhibit B 

FORM OF OPINION OF 

JONES WALKER LLP 
 The
opinion of Jones Walker LLP, counsel for the Issuers (capitalized terms not otherwise defined herein shall have the meanings provided in the Purchase Agreement, to which this is an Exhibit, or in the opinion), to be delivered pursuant to
Section 8(g) of the Purchase Agreement shall, subject to customary or agreed upon qualifications and limitations, be to the effect that: 

(i) Each Issuer organized under the laws of Louisiana (each a “Covered Issuer”) or Florida (a) is a
corporation, limited liability company, partnership or other entity duly organized and validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite corporate, limited liability or other
power and authority necessary to own, lease and operate its properties and carry on its business as now being conducted and as described in the Offering Memorandum, and (c) is duly qualified to do business and is in good standing in all
jurisdictions in which the nature of the business conducted by it or its ownership or leasing of property makes such qualification necessary, except where the failure to be so qualified and be in good standing, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect. Each Issuer that is not a Covered Issuer is (a) a corporation, limited liability company, partnership or other entity validly existing and in good standing under the laws of
its jurisdiction of its organization and (b) is qualified to do business and is in good standing in each jurisdiction set forth on a schedule attached to the opinion.1 

(ii) Each Covered Issuer has all requisite corporate, limited liability or other power and authority to execute, deliver and
perform all of its obligations under the Note Documents to which it is a party and to consummate the Transactions and, without limitation, the Company and each Covered Guarantor has all requisition corporate power and authority to issue, sell and
deliver and perform its obligations under the Securities. 
 (iii) The Purchase Agreement has been duly and validly
authorized, executed and delivered by each Covered Issuer party thereto. 
 (iv) The Indenture has been duly and validly
authorized, executed and delivered by each Covered Issuer and, assuming the due and valid authorization, execution and delivery thereof by the Issuers that are not Covered Issuers, the Indenture is a legally binding and valid obligation of each
Issuer, enforceable against each Issuer in accordance with its terms, except as the enforcement thereof may be limited by the Enforceability Exceptions. 

 

	1 	It is understood that the opinions as to good standing and qualification to do business for the non-Covered Issuers are made in reliance on certificates from the applicable secretary of state. 

[Exhibit B] 

 (v) The Original Notes have been duly and validly authorized and executed by the
Company, and when the Original Notes are issued and authenticated by the Trustee and delivered by the Company against payment therefor by the Initial Purchaser in accordance with the terms of the Purchase Agreement and the Indenture, the Original
Notes will be legally binding and valid obligations of the Company, entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms, except as the enforcement thereof may be limited by the Enforceability
Exceptions. 
 (vi) The Exchange Notes have been duly and validly authorized by the Company, and when the Exchange Notes are
issued and authenticated by the Trustee and executed and delivered by the Company in accordance with the terms of the Registration Rights Agreement, the Exchange Offer and the Indenture, the Exchange Notes will be legally binding and valid
obligations of the Company, entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms, except that enforceability of the Exchange Notes may be limited by the Enforceability Exceptions. 

(vii) The Guarantees have been duly and validly authorized by each of the Guarantors that are Covered Issuers for issuance
pursuant to the Purchase Agreement and the Indenture and, assuming the due and valid authorization, execution and delivery thereof by the Guarantors that are not Covered Issuers, when the Original Notes are authenticated by the Trustee and delivered
by the Company against payment by the Initial Purchaser in accordance with the terms of this Agreement and the Indenture, the Guarantees will be legally binding and valid obligations of the Guarantors, enforceable against each of them in accordance
with their terms, except that enforceability thereof may be limited by the Enforceability Exceptions. The guarantees of the Exchange Notes have been duly and validly authorized by each of the Guarantors that are Covered Issuers and, assuming the due
and valid authorization, execution and delivery thereof by the Guarantors that are not Covered Issuers, when the Exchange Notes are authenticated by the Trustee and delivered in accordance with the terms of the Registration Rights Agreement, the
Exchange Offer and the Indenture, such guarantees will be legally binding and valid obligations of the Guarantors, enforceable against each of them in accordance with their terms, except that enforceability thereof may be limited by the
Enforceability Exceptions. 
 (viii) The Registration Rights Agreement has been duly and validly authorized, executed and
delivered by each Covered Issuer and, assuming the due and valid authorization, execution and delivery thereof by the Issuers that are not Covered Issuers, it constitutes a valid and legally binding obligation of the Issuers enforceable against them
accordance with its terms, except that (a) the enforcement thereof may be limited by the Enforceability Exceptions and (b) any rights to indemnity or contribution thereunder may be limited by federal and state securities laws and public
policy considerations. 
 (ix) The execution, delivery and performance by each Issuer of the Note Documents to which it is a
party and the consummation of the Transactions do not (i) 

  
 [Exhibit B – Page 2]

 
conflict with or constitute a breach of or a default under (or an event that with notice or the lapse of time, or both, would constitute a default), or require consent (except with respect to the
Second Amended and Restated Loan Agreement dated as of September 18, 2013, as amended, among the Company, PHI Air Medical, L.L.C., PHI Tech Services, Inc., International Helicopter Transport, Inc. and Whitney National Bank, as amended and as to
which all necessary consents have been obtained) under, or result in a Repayment Event (as defined below), other than a Repayment Event that will be satisfied at the Closing Date as contemplated by and described in the Pricing Disclosure Package and
the Offering Memorandum, or the creation or imposition of a lien, charge or encumbrance on any property or assets of the Company or any Subsidiary (other than as created pursuant to the Indenture) (A) pursuant to the charter, bylaws or other
constitutive documents of any of the Company or any Guarantor or (B) under any of the documents listed as exhibits to the last annual report on Form 10-K filed by the Company prior to the Closing Date and any filing by the Company under the
Exchange Act thereafter and prior to the Closing Date (each such document being a “Reviewed Agreement”), other than consents that have already been obtained or made, or (ii) violate in any material respect any Included Laws or
any judgment, order or decree (known to such counsel after due inquiry of the Company to be applicable to the Company or any Subsidiary) of any governmental agency or body or court and that is listed on a schedule to such opinion. Assuming the
accuracy of the representations and warranties of the Initial Purchaser in the Purchase Agreement and the compliance by the Initial Purchaser with its covenants and agreements contained in the Purchase Agreement, no consent, approval, authorization
or order of, or filing with, any governmental agency or body or any court is required under any of the Included Laws to be obtained or made by the Issuers for the due execution and delivery of the Note Documents and the performance of their
respective obligations thereunder in connection with the issuance or sale of the Notes by the Company, except such as may be required under state securities laws and the various rules and regulations thereunder and except for filings with and orders
of the Commission relating to the Exchange Offer Registration Statement and, if applicable, the Shelf Registration Statement. As used herein, a “Repayment Event” means any event or condition which gives the holder of any note,
debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any Subsidiary. Such counsel may
state that it has made no special investigation or review of any published constitutions, treaties, laws, rules or regulations or judicial or administrative decisions (“Laws”) other than a review of: (i) the Laws
of the State of New York, (ii) the Laws of the State of Louisiana, and (iii) the federal Laws of the United States of America. For purposes of this opinion, the term “Included Laws” means the Laws described
in the preceding sentence that are, in such counsel’s experience, normally applicable to transactions of the type contemplated in the Note Documents. The term “Included Laws” excludes: (a) Laws of any counties, cities,
towns, municipalities and special political subdivisions and any agencies thereof; (b) Laws relating to (1) pollution or protection of the environment, (2) zoning, land use, building or construction codes or guidelines,
(3) labor, employee rights and benefits, or occupational safety and health, (4) antitrust, (5) antifraud, (6) tax or (7) intellectual 

  
 [Exhibit B – Page 3]

 
property; (c) state securities or blue sky Laws; (d) any Law that may be applicable to any party by virtue of the particular nature of the business conducted by it or any goods or
services produced by it or property owned or leased by it; (e) Federal Reserve Board margin regulation issues; (f) the Laws that apply to the Initial Purchaser because of its legal or regulatory status, including the rules and the
regulations of the Financial Industry Regulatory Authority; and (g) the rules and regulations of the Federal Aviation Administration, the National Transportation Safety Board or any other aviation regulating entity. Such counsel need not
express any opinion as to the laws of any jurisdiction other than the Included Laws. 
 (x) To such counsel’s knowledge,
except as described in the Pricing Disclosure Package, there are no pending or threatened actions, suits or proceedings against or affecting the Company or any Subsidiary or any of their respective properties that, if determined adversely to the
Company or any Subsidiary, could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or could materially and adversely affect the ability of the Company and the Subsidiaries to perform their obligations under
the Note Documents or that are otherwise material in the context of the issuance and sale of the Securities. 
 (xi) Neither
the Company nor any Guarantor is, or after giving effect to the Transaction will be, required to be registered as an “investment company” or a company “controlled” by an “investment company” incorporated in the United
States within the meaning of the Investment Company Act of 1940, as amended. 
 (xii) No registration under the Act of the
Securities or qualification of the Indenture under the Trust Indenture Act is required for the sale of the Securities to the Initial Purchaser as contemplated by the Purchase Agreement or for the Exempt Resales, assuming in each case that
(1) the purchasers who buy the Notes in the Exempt Resales are Eligible Purchasers and (2) the accuracy of and compliance with the Initial Purchaser’s representations, warranties and covenants contained in the Purchase Agreement. 

(xiii) Each of the Note Documents conforms in all material respects to the description thereof contained in the Pricing
Disclosure Package and the Offering Memorandum. 
 (xiv) The statements under the captions “Description of the
Notes,” “Description of other indebtedness” and “Material U.S. federal income tax consequences” in the Pricing Disclosure Package and the Offering Memorandum, insofar as such statements purport to constitute a summary of
legal matters, documents or proceedings referred to therein, fairly present in all material respects such legal matters, documents and proceedings. 

(xv) The documents incorporated by reference in the Pricing Disclosure Package and the Offering Memorandum (other than the
financial statements and the notes thereto and the other financial, statistical or accounting data derived therefrom, as to 

  
 [Exhibit B – Page 4]

 
which no opinion need be rendered), when they were filed with the Commission complied as to form in all material respects with the requirements of the Exchange Act and Exchange Act Regulations.

 Such opinion shall also including the following negative assurance: 

Because the primary purpose of our professional engagement was not to establish or confirm factual matters or financial, accounting or
industry information, and because many determinations involved in the preparation of the Pricing Disclosure Package and the Offering Memorandum (including documents incorporated by reference) are of a wholly or partially non-legal character, we are
not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the statements contained or incorporated by reference in the Pricing Disclosure Package and the Offering Memorandum (other than those referred to in
paragraphs (xiii) and (xiv) above), and we make no representation that we have independently verified the accuracy, completeness or fairness of such statements. 

However, in the course of our acting as counsel to the Company in connection with its preparation of the Pricing Disclosure Package and the
Offering Memorandum, we have reviewed each such document and have participated in conferences and telephone conversations with representatives of the Company, representatives of the Company’s other outside counsel, representatives of the
independent public accountants for the Company, representatives of the Initial Purchaser and representatives of the Initial Purchaser’s counsel, during which conferences and conversations the contents of such documents and related matters were
discussed. 
 Based on our participation in such conferences and conversations, our review of the documents described above, our
understanding of the U.S. federal securities laws and the experience we have gained in our practice thereunder, we advise you that no information has come to our attention that causes us to believe that the Pricing Disclosure Package, as of [ — ] [a.m./p.m.] New York City time on March 6, 2014 (which you have informed us is a time prior to the time of the first sale of the Notes by the Initial Purchaser), or the Offering Memorandum, as
of its date or as of the Closing Date, contains or contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they are
made, not misleading (it being understood that we do not express any views as to the financial statements and related notes and schedules thereto and other financial, statistical or accounting data derived therefrom included in the Pricing
Disclosure Package and the Offering Memorandum). 

  
 [Exhibit B – Page 5]

 Exhibit C 

Pricing Supplement to Preliminary Offering Memorandum      Strictly Confidential      March 6, 2014 

 
 $500,000,000 

 
 

 
 PHI, INC. 
 5.25%
Senior Notes due 2019 
  
 This Pricing
Supplement relates to the Preliminary Offering Memorandum dated March 5, 2014 (the “Preliminary Offering Memorandum”) of PHI, Inc. (the “Issuer”) relating to the senior notes described below. This Pricing Supplement is
qualified in its entirety by reference to the Preliminary Offering Memorandum. The information in this Pricing Supplement supplements the information in the Preliminary Offering Memorandum, and it supersedes such information to the extent that it is
inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms not defined herein have the meanings assigned to them in the Preliminary Offering Memorandum. 

The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under any state securities laws. The
Notes will be offered by the initial purchaser only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States in compliance with Regulation S promulgated under the Securities
Act. For a description of certain restrictions on transfers of the Notes, please read “Important notice to readers,” “Plan of distribution” and “Transfer restrictions” in the Preliminary Offering Memorandum. 

[Exhibit C] 

 PRICING SUPPLEMENT 

Dated March 6, 2014 
 5.25%
Senior Notes due 2019 
  

					
	 Issuer
	  	PHI, Inc.
		
	 Aggregate Principal Amount
	  	$500,000,000
		
	 Maturity Date
	  	March 15, 2019
		
	 Issue Price
	  	100% (plus accrued interest, if any)
		
	 Coupon
	  	5.25%
		
	 Yield Per Annum
	  	5.25%
		
	 Benchmark
	  	UST 1.5% due February 28, 2019
		
	 Spread to Benchmark
	  	368.3
		
	 Interest Payment Dates
	  	March 15 and September 15
		
	 First Interest Payment Date
	  	September 15, 2014
		
	 Guarantees
	  	The Notes will be jointly and severally, fully and unconditionally, guaranteed on a senior basis by all of the Issuer’s existing and future U.S. restricted subsidiaries.
		
	 Ratings*
	  	[Intentionally Omitted]
		
	 Optional Redemption
	  	On or after March 15, 2016, at the redemption prices set forth below (expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date, if
redeemed during the twelve month period beginning on March 15 of the years indicated below:
			
	 	  	   Date	  	Price
		  	  2016	  	102.625%
		  	  2017	  	101.312%
		  	  2018, and thereafter	  	100.000%
		
	 Make-Whole Redemption
	  	Prior to March 15, 2016 at a make-whole premium based on the treasury rate plus 50 basis points.

  
 [Exhibit C – Page 2]

			
		
	 Optional Redemption with Equity Proceeds
	  	At any time prior to March 15, 2016, the Issuer may redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds of one or more Qualified Equity Offerings at a redemption price equal to 105.25% of
the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date); provided that (1) at least 65% of the aggregate principal amount of Notes issued under the Indenture remains outstanding immediately after the occurrence of such redemption and (2) the redemption occurs within 90 days of the date of
the closing of any such Qualified Equity Offering.
		
	 Trade Date
	  	March 6, 2014
		
	 Settlement
	  	We expect that delivery of the Notes will be made against payment therefor on or about the Settlement Date, which will be the seventh business day following the date of pricing of the Notes (this settlement cycle being referred to
as “T+7”). Under Rule 15c6-1 of the U.S. Securities and Exchange Commission under the Exchange Act, trades in the secondary market generally are required to settle in three business days, unless the parties to that trade expressly
agree otherwise. Accordingly, purchasers who wish to trade Notes on the date of pricing or the next three succeeding business days will be required, by virtue of the fact that the Notes initially will settle in T+7, to specify an alternate
settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisor.
		
	 Settlement Date
	  	March 17, 2014 (T+7)
		
	 CUSIP
	  	 Rule 144A: 69336T AF3
 Regulation S: U71812
AC2

		
	 ISIN
	  	 Rule 144A: US69336TAF30
 Regulation S:
USU71812AC24

		
	 Initial Purchaser
	  	UBS Securities LLC
		
	 Distribution
	  	Rule 144A and Regulation S (with contingent registration rights as set forth in the Preliminary Offering Memorandum)

  
 [Exhibit C – Page 3]

	*	These ratings have been provided by Moody’s and S&P. A securities rating is not a recommendation to buy, sell or hold securities, may be subject to revision or withdrawal at any time and each rating should be
evaluated independently of any other rating. 

 This material is strictly confidential and has been prepared by the Issuer solely for use
in connection with the proposed offering of the Notes described in the Preliminary Offering Memorandum. This material is personal to each offeree and does not constitute an offer to any other person or the public generally to subscribe for or
otherwise acquire the securities. Please refer to the Preliminary Offering Memorandum for a complete description of the Notes and the related offering. 

THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR UNDER ANY STATE SECURITIES LAWS. THE NOTES WILL BE OFFERED BY THE INITIAL PURCHASER ONLY TO
QUALIFIED INSTITUTIONAL BUYERS PURSUANT TO RULE 144A UNDER THE SECURITIES ACT AND TO NON-U.S. PERSONS OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S PROMULGATED UNDER THE SECURITIES ACT, AND THIS COMMUNICATION IS ONLY BEING DISTRIBUTED TO
SUCH PERSONS. 
 This communication is not an offer to sell the securities and it is not a solicitation of an offer to buy the securities in any
jurisdiction to any person to whom it is unlawful to make such offer or soliciation in such jurisdiction. 
 Any disclaimer or other notice that may
appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system. 

  
 [Exhibit C – Page 4]EX-10.1

 Exhibit 10.1 
  

 
  

MORTGAGE LOAN PURCHASE 

AND 
 SERVICING
AGREEMENT 
 Between 

OCWEN LOAN SERVICING, LLC 

(as Seller and as Servicer) 

and 
 HLSS MORTGAGE
MASTER TRUST 
 (Purchaser) 

Dated as of March 3, 2014 

FHA Residential Mortgage Loans 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS
	  	 	1	 
		
	 ARTICLE 2. SALE AND CONVEYANCE OF MORTGAGE LOANS; POSSESSION OF FILES; PAYMENT OF PURCHASE PRICE; DELIVERY OF MORTGAGE
DOCUMENTS
	  	 	10	 
			
	 Section 2.1.
	  	 Sale and Conveyance of Mortgage Loans; Possession of Files
	  	 	10	 
	 Section 2.2.
	  	 Delivery of Mortgage Documents and Credit Files
	  	 	11	 
	 Section 2.3.
	  	 Transfer of Mortgage Loans
	  	 	13	 
	 Section 2.4.
	  	 Optional Purchase of Mortgage Loans by OMS
	  	 	13	 
		
	 ARTICLE 3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SELLER CONCERNING MORTGAGE LOANS; REPURCHASE OF MORTGAGE LOANS;
REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	14	 
			
	 Section 3.1.
	  	 Individual Mortgage Loans
	  	 	14	 
	 Section 3.2.
	  	 Seller and Servicer Representations
	  	 	16	 
	 Section 3.3.
	  	 Remedies for Breach of Representations and Warranties
	  	 	18	 
	 Section 3.4.
	  	 Purchaser Representations
	  	 	19	 
		
	 ARTICLE 4. COVENANTS
	  	 	21	 
			
	 Section 4.1.
	  	 Continued Cooperation
	  	 	21	 
	 Section 4.2.
	  	 Delivery of Documents
	  	 	21	 
	 Section 4.3.
	  	 Regulatory Compliance
	  	 	21	 
		
	 ARTICLE 5. CLOSING CONDITIONS
	  	 	22	 
			
	 Section 5.1.
	  	 Closing Date Documents
	  	 	22	 
	 Section 5.2.
	  	 Correctness of Representations and Warranties
	  	 	22	 
	 Section 5.3.
	  	 Reserved
	  	 	22	 
	 Section 5.4.
	  	 Compliance With Conditions
	  	 	22	 
		
	 ARTICLE 6. ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
	  	 	22	 
			
	 Section 6.1.
	  	 Servicer to Act as Servicer
	  	 	22	 
	 Section 6.2.
	  	 Establishment of Custodial Account; Deposits in Custodial Account
	  	 	23	 
	 Section 6.3.
	  	 Withdrawals From the Custodial Account
	  	 	24	 
		
	 ARTICLE 7. PAYMENTS TO PURCHASER
	  	 	25	 
			
	 Section 7.1.
	  	 Distributions on Each Remittance Date
	  	 	25	 
	 Section 7.2.
	  	 Statements to Purchaser
	  	 	26	 

  
 – i – 

							
		
	 ARTICLE 8. GENERAL SERVICING PROCEDURE
	  	 	27	 
			
	 Section 8.1.
	  	 Servicing Compensation
	  	 	27	 
	 Section 8.2.
	  	 Right to Examine Servicer Records
	  	 	27	 
	 Section 8.3.
	  	 Seller and Servicer Shall Provide Access/Information as Reasonably Required
	  	 	27	 
	 Section 8.4.
	  	 Fair Credit Reporting Act
	  	 	27	 
		
	 ARTICLE 9. INDEMNIFICATION
	  	 	28	 
			
	 Section 9.1.
	  	 Indemnification; Third Party Claims
	  	 	28	 
	 Section 9.2.
	  	 Merger or Consolidation of Servicer
	  	 	29	 
	 Section 9.3.
	  	 Limitation on Liability of Servicer
	  	 	29	 
	 Section 9.4.
	  	 Limitation on Right to Assign and Resign
	  	 	29	 
		
	 ARTICLE 10. DEFAULT
	  	 	30	 
			
	 Section 10.1.
	  	 Events of Default
	  	 	30	 
	 Section 10.2.
	  	 Waiver of Defaults
	  	 	31	 
		
	 ARTICLE 11. TERMINATION
	  	 	31	 
			
	 Section 11.1.
	  	 Termination
	  	 	31	 
		
	 ARTICLE 12. MISCELLANEOUS PROVISIONS
	  	 	32	 
			
	 Section 12.1.
	  	 Successor to Servicer
	  	 	32	 
	 Section 12.2.
	  	 Amendment
	  	 	32	 
	 Section 12.3.
	  	 Governing Law
	  	 	33	 
	 Section 12.4.
	  	 General Interpretive Principles
	  	 	33	 
	 Section 12.5.
	  	 Reproduction of Documents
	  	 	33	 
	 Section 12.6.
	  	 Notices
	  	 	34	 
	 Section 12.7.
	  	 Severability of Provisions
	  	 	35	 
	 Section 12.8.
	  	 Counterparts; Successors and Assigns
	  	 	35	 
	 Section 12.9.
	  	 Effect of Headings
	  	 	36	 
	 Section 12.10.
	  	 Other Agreements Superseded; Entire Agreement; Third Party Beneficiary
	  	 	36	 
	 Section 12.11.
	  	 Survival
	  	 	36	 
	 Section 12.12.
	  	 Intention of the Parties
	  	 	36	 
	 Section 12.13.
	  	 Costs
	  	 	36	 
	 Section 12.14.
	  	 Limitation on Liability of Trustee
	  	 	36	 
	 Section 12.15.
	  	 Waiver of Jury Trial
	  	 	37	 
	 Section 12.16.
	  	 Exhibits and Schedules
	  	 	37	 
	 Section 12.17.
	  	 No Special Damages
	  	 	37	 

  
 – ii – 

 EXHIBITS & SCHEDULES 

 

			
	 Exhibit A
	    	 CONTENTS OF CREDIT FILE

		
	 Exhibit B
	    	 [RESERVED]

		
	 Exhibit C
	    	 WHOLE LOAN TRANSFER INFORMATION

		
	 Exhibit D
	    	 [RESERVED]

		
	 Exhibit E
	    	 [RESERVED]

		
	 Exhibit F
	    	 FORM OF COMMITMENT LETTER

  
 – iii – 

 MORTGAGE LOAN PURCHASE AND SERVICING AGREEMENT 

THIS MORTGAGE LOAN PURCHASE AND SERVICING AGREEMENT dated as of March 3, 2014 is by and between HLSS MORTGAGE MASTER TRUST, a
Delaware statutory trust, as purchaser (“Purchaser”) and OCWEN LOAN SERVICING, LLC, a Delaware limited liability company, as seller (in such capacity, the “Seller”) and as servicer (solely with respect to such
capacity, “Servicer”). 
 PRELIMINARY STATEMENT 

WHEREAS, the Seller desires to sell to Purchaser, and Purchaser desires to purchase from the Seller (in each case from time to time and
subject to the terms and conditions of this Agreement) without recourse, certain residential mortgage loans (each referred to individually as a “Mortgage Loan” or collectively as the “Mortgage Loans”) which
(a) have the benefit of an FHA Policy and (b) unless otherwise set forth in the related Commitment Letter, as of the related Cut-Off Date will be ninety (90) or more days past due with respect to the related mortgagor’s payment
of principal and interest under the terms of the related Mortgage Note or Mortgage (as such terms are hereinafter defined). 

WHEREAS, on each Closing Date the Mortgage Loans shall be sold to Purchaser on a servicing-retained basis (it being understood that the
Servicer’s rights and obligations hereunder shall be subject to the terms and conditions of the applicable Master Repurchase Agreement); and 

WHEREAS, Purchaser, Seller and Servicer wish to prescribe the terms and manner of the purchase, conveyance, management, servicing and
control of the Mortgage Loans; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein
and other good and valuable consideration, Purchaser, Seller and Servicer agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 Whenever
used herein, the following words and phrases, unless the context otherwise requires, shall have the following meanings: 
 Acceptable
Servicing Procedures: The procedures, including collection and loan administration procedures set forth in the FHA Guidelines (provided that, if the FHA Guidelines are silent on a particular procedure, the Servicer shall utilize the procedures,
including collection and loan administration procedures, for servicing mortgage loans using the same standard of care that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account,
which shall be in material compliance with applicable federal, state and local laws). 
 Advances: Interest Advances and Servicing
Advances. 

 Agreement: This Mortgage Loan Purchase and Servicing Agreement, including all exhibits,
attachments and schedules hereto, and all amendments hereof and supplements hereto. 
 ALTA: The American Land Title Association or
any successor thereto. 
 Ancillary Income: The following amounts derived from the Mortgage Loans that the Servicer may collect in
connection with servicing the Mortgage Loans: (a) interest or other benefits earned in connection with funds on deposit in the Custodial Accounts and Escrow Account less the interest on escrowed funds required by Applicable Law to be paid to
the Mortgagor, (b) any incentive and loss mitigation fees, (c) late charges, (d) customer prepayment fees and line termination fees, (e) non-sufficient funds fees, ACH fees, assumption fees, (h) amounts associated with
marketing special products to the Mortgagors, and all other incidental fees and charges with respect to a Mortgage Loan to the extent consistent with Accepted Servicing Practices and (i) any excess interest included in any Claim Proceeds with
respect to a Mortgage Loan as a result of the debenture rate used by FHA to reimburse accrued and unpaid interest exceeding the applicable Mortgage Interest Rate. 

Approved Servicer: Any Person which is (1) qualified to service residential mortgage loans on behalf of Fannie Mae or Freddie Mac,
(2) willing to service the applicable Mortgage Loans and (3) executes and delivers to the Purchaser an agreement, in form and substance reasonably satisfactory to the Purchaser, which (x) contains an assumption by such Person of the
due and punctual performance and observance of each covenant and condition to be performed or observed by the Seller under this Agreement and (y) and requires such Person to make representations and warranties that are substantively the same as
the representations and warranties contained in Section 3.2(b). 
 Applicable Law: All provisions of statutes, rules and
regulations, interpretations and orders of governmental bodies or regulatory agencies applicable to a Person, and all orders and decrees of all courts and arbitrators in proceedings or actions in which the Person in question is a party. 

Assignment of Mortgage: An assignment of mortgage, notice of transfer or equivalent instrument, in recordable form, sufficient under
the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect of record the transfer of the Mortgage Loan to the assignee named therein. 

Business Day: A day other than (i) a Saturday or Sunday, or (ii) a day on which banking or savings and loan institutions in
the Cayman Islands or the States of California, Florida, Georgia, Iowa, New York or Texas or the Commonwealth of Pennsylvania are authorized or obligated by law or executive order to be closed. 

Certificate Paying Agent: The Certificate Paying Agent appointed pursuant to Section 3.09 of the Declaration of Trust. Initially
Wells Fargo Bank, N.A. has been appointed as the Certificate Paying Agent. 
 Claim: With respect to each Mortgage Loan, any right to
payment from the related FHA Policy. 

  
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 Claim Proceeds: With respect to each Claim, any payment made by or on behalf of the FHA
with respect to such Claim. 
 Closing Date: As defined in the applicable Commitment Letter. 

Collateral Exceptions Report: As defined in Section 2.2 herein. 

Collection Period: The period that begins on the first day of each calendar month and ends on the last day of such month. 

Commitment Letter: With respect to each pool of Mortgage Loans purchased and sold on a Closing Date, the letter agreement between the
Purchaser and the Seller, in the form of Exhibit F (including any exhibits, schedules and attachments thereto). 

Condemnation Proceeds: All awards, compensation and settlements in respect of a taking (whether permanent or temporary) of all or part
of a Mortgaged Property by exercise of the power of condemnation or the right of eminent domain, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Documents. 

Credit File: With respect to any Mortgage Loan, a file pertaining to such Mortgage Loan that contains, to the extent available to the
Seller, the documents described on Exhibit A attached hereto, together with the credit documentation relating to the origination of such Mortgage Loan and copies of the Mortgage Documents, which may be maintained on microfilm, optical
storage or any other comparable medium. 
 Custodian: As defined in the applicable Commitment Letter. 

Custodial Account: The separate account or accounts created and maintained pursuant to Section 6.2. 

Cut-Off Date: As defined in the applicable Commitment Letter. 

Cut-Off Date Principal Balance: As to each Mortgage Loan, the unpaid principal balance of such Mortgage Loan as of the close of
business on the applicable Cut-Off Date, after deduction and application of all payments of principal received by the applicable Cut-Off Date, as specified on the Mortgage Loan Schedule. 

Due Date: With respect to any Mortgage Loan, the day of the month on which Monthly Payments on such Mortgage Loan are due, exclusive of
any days of grace, which day shall be the first day of the month unless otherwise specified on the Mortgage Loan Schedule. 
 Eligible
Account: An account that is any of the following: (i) maintained with a federal or state chartered depository institution the accounts of which are insured by the FDIC (to the limits established by the FDIC) and the short term debt ratings
and the long term deposit ratings of which are rated in one of the two highest rating categories by one of the Rating Agencies, or (ii) a trust account or accounts maintained with a federal or state chartered depository institution or trust
company with trust powers acting in its fiduciary capacity subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation Section 9.10(b), or (iii) an account or accounts of a depository
institution acceptable to the Purchaser. 

  
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 Eligible Investments: Any one or more of the following obligations or securities: 

(i) direct obligations of, and obligations fully guaranteed by the United States of America or any agency or instrumentality of the United
States of America the obligations of which are backed by the full faith and credit of the United States of America; 
 (ii) (a) demand or
time deposits, federal funds or bankers’ acceptances issued by any depository institution or trust company incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by federal
and/or state banking authorities; provided that the commercial paper and/or the short-term deposit rating and/or the long-term unsecured debt obligations or deposits of such depository institution or trust company at the time of such investment or
contractual commitment providing for such investment are rated in one of the two highest rating categories by at least one Rating Agency and (b) any other demand or time deposit or certificate of deposit that is fully insured by the FDIC; 

(iii) repurchase obligations with a term not to exceed thirty (30) days and with respect to (a) any security described in clause
(i) above and entered into with a depository institution or trust company (acting as principal) described in clause (ii)(a) above; 

(iv) securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States of America or
any state thereof that are rated in one of the two highest rating categories by at least one Rating Agency at the time of such investment or contractual commitment providing for such investment; provided, however, that securities issued by any
particular corporation will not be Eligible Investments to the extent that investments therein will cause the then outstanding principal amount of securities issued by such corporation and held as Eligible Investments to exceed 10% of the aggregate
Unpaid Principal Balances of all of the Mortgage Loans and Eligible Investments; 
 (v) commercial paper (including both non-interest-bearing
discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) which are rated in one of the two highest rating categories by at least one Rating Agency at
the time of such investment; 
 (vi) any other demand, money market or time deposit, obligation, security or investment as may be acceptable
to at least one Rating Agency as evidenced in writing by at least one Rating Agency; and 
 (vii) any money market funds the collateral of
which consists of obligations fully guaranteed by the United States of America or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of America (which
may include repurchase obligations secured by collateral described in clause (i)) and which money market funds are rated in one of the two highest rating categories by at least one Rating Agency. 

  
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 provided, however, that no instrument or security shall be an Eligible Investment
if such instrument or security evidences a right to receive only interest payments with respect to the obligations underlying such instrument or if such security provides for payment of both principal and interest with a yield to maturity in excess
of 120% of the yield to maturity at par or if such instrument or security is purchased at a price greater than par;  
 and
provided, further, notwithstanding anything to the contrary contained herein, with respect to Mortgage Loans subject to a Securitization Transaction, in the event that the applicable reconstitution agreement or pooling agreement has a
more limiting definition of “Eligible Investments” due to a change in Applicable Law, in criteria of any applicable Rating Agencies or otherwise, then the definition contained in such reconstitution agreement or pooling agreement shall
apply to such Mortgage Loans. 
 Escrow Account: An account maintained by Servicer or Seller’s designated servicer for
the deposit of Escrow Payments received in respect of one or more Mortgage Loans. 
 Escrow Payments: The aggregate amount of the
escrows for real estate taxes, insurance, private mortgage insurance, and other payments required to be escrowed by the Mortgagor with the mortgagee pursuant to any Mortgage Loan. 

Event of Default: Any one of the conditions or circumstances enumerated in Section 10.1. 

Fannie Mae: The entity formerly known as the Federal National Mortgage Association or any successor thereto. 

FDIC: The Federal Deposit Insurance Corporation or any successor organization. 

FHA: The Federal Housing Administration, an administrative unit within the United States Department of Housing and Urban Development.

 FHA Guidelines: Any statute, law or regulation currently in effect relating to mortgage loans issued pursuant to Title 42 of the
United States Code (the Fair Housing Act) as well as any requirements under the FHA connect program. 
 FHA Policy: A certificate of
insurance issued by the FHA for the benefit of the mortgagee. 
 Freddie Mac: The entity formerly known as the Federal Home Loan
Mortgage Corporation or any successor thereto. 
 Ginnie Mae: The Government National Mortgage Association. 

HUD: The United States Department of Housing and Urban Development. 

  
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 Initial Remittance Date: As defined in the applicable Commitment Letter.

 Insurance Proceeds: With respect to each Mortgage Loan, proceeds of insurance policies insuring the Mortgage Loan or the related
Mortgaged Property. 
 Interest Advance: With respect to any Mortgage Loan, a monetary advance made to cover accrued and unpaid
interest owed with respect to such Mortgage Loan. 
 Liquidation Proceeds: All amounts received in connection with the liquidation of
a defaulted Mortgage Loan (including any Claim Proceeds), whether through the sale or assignment of the Mortgage Loan, trustee’s sale, foreclosure sale or otherwise. 

Lost Note Affidavit: With respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed
and has not been replaced, an affidavit from the Seller certifying that the original Mortgage Note has been lost, misplaced or destroyed. 

Master Repurchase Agreement: As defined in the applicable Commitment Letter. 

MERS: Mortgage Electronic Registration Systems, Inc., a Delaware corporation, and any successor thereto. 

MERS Loan: Any Mortgage Loan registered on the MERS® System and for which MERS is listed as the record mortgagee or beneficiary on
the related Mortgage or assignment thereof. 
 MERS® System: The system of electronically recording transfers of mortgages
maintained by MERS. 
 MIN: The mortgage identification number issued to each MERS Loan. 

MOM Loan: A Mortgage Loan that was registered on the MERS® System at the time of origination thereof and for which MERS appears as
the record mortgagee or beneficiary on the related Mortgage. 
 Monthly Payment: Each required monthly payment of principal and
interest (or, in the case of an interest-only Mortgage Loan, interest) on a Mortgage Loan that is payable by a Mortgagor from time to time under the related Mortgage Note. 

Mortgage: The mortgage, deed of trust, or other instrument creating a lien on real property, in each case, including any riders,
addenda, assumption agreements, or modification relating thereto. 
 Mortgage Documents: With respect to any Mortgage Loan, the
mortgage loan documents pertaining to such Mortgage Loan that are specified in Section 2.2. 
 Mortgage File: With respect to
any Mortgage Loan, a file pertaining to such Mortgage Loan that contains each of the Mortgage Documents except as specified in any applicable Collateral Exceptions Report. 

  
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 Mortgage Interest Rate: With respect to each Mortgage Loan, the annual rate at which
interest accrues on such Mortgage Loan. 
 Mortgage Loan: An individual mortgage loan that is sold pursuant and subject to this
Agreement, each such Mortgage Loan being identified on the Mortgage Loan Schedule. 
 Mortgage Loan Remittance Rate: As to each
Mortgage Loan, the annual rate of interest payable to Purchaser, which shall be equal to the related Mortgage Interest Rate minus the related Servicing Fee Rate. 

Mortgage Loan Schedule: With respect to a pool of Mortgage Loans to be sold pursuant to this Agreement and set forth on Schedule
I to the related Commitment Letter, such schedule shall set forth the following information, as of the Cut-Off Date unless otherwise stated, with respect to each Mortgage Loan to the extent such information is readily available to Seller:
(a) the Mortgage Loan identifying number; (b) the Mortgage Interest Rate; (c) the amount of the Monthly Payment; (d) the Cut-Off Date Principal Balance of the Mortgage Loan; (e) the last Due Date on which a Monthly Payment
was actually applied to the Unpaid Principal Balance; (f) the original principal amount of the Mortgage Loan; (g) a code indicating if the Mortgage Loan is a MERS Loan and if so, the MIN; (h) the street address, city, state and zip
code of the Mortgaged Property; (i) unreimbursed amount of Advances, if applicable; (j) a code indicating if the Mortgage Loan is in foreclosure, bankruptcy or litigation; (k) the lien position; (l) the FHA case number;
(m) whether such Mortgage Loan has been modified and (n) a code indicating whether the Mortgage Documents for such Mortgage Loan have been released from the possession of the applicable Custodian. 

Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 

Mortgaged Property: The property securing a Mortgage Note pursuant to the related Mortgage. 

Mortgagor: The obligor(s) on a Mortgage Note. 

OMS: Ocwen Mortgage Servicing, Inc., a corporation organized under the laws of the Virgin Islands. 

Optional Purchase Event: The optional purchase by OMS of a Mortgage Loan pursuant to Section 2.4. 

Optional Purchase Price: With respect to an Optional Purchase Event for a Mortgage Loan, a price equal to the greater of (a) such
Mortgage Loan’s outstanding principal balance as of the date of the exercise of such option plus accrued and unpaid interest to the first day of the month following the month of such purchase plus any unreimbursed Advances that
are outstanding with respect to such Mortgage Loan and (b) the product of (i) the applicable Purchase Price Percentage for such Mortgage Loan and (ii) such Mortgage Loan’s outstanding principal balance as of the date of the
exercise of such option plus accrued and unpaid interest to the first day of the month following the month of such purchase plus any unreimbursed Advances that are outstanding with respect to such Mortgage Loan. 

  
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 Optional Purchase Price Excess: With respect to any Mortgage Loan that is the subject of
an Optional Purchase Event, the excess, if any, of (a) the purchase price paid for such Mortgage Loan in connection with its re-pooling under a Ginnie Mae program (or by any third party purchaser), over (b) the Optional Purchase Price for
such Mortgage Loan. 
 Permitted Liens: With respect to each Mortgage Loan, (i) the lien of current real property taxes and
assessments not yet due and payable and (ii) covenants, conditions, and restrictions, rights-of-way, easements, mineral right reservations and other matters of public record as of the date of recording of such Mortgage, such exceptions
generally being (a) acceptable to mortgage lending institutions making mortgage loans of the quality of the Mortgage Loan in the area where the Mortgage Property is located, (b) specifically referred to in the mortgagee’s policy of
title insurance or (c) other matters that do not materially interfere with the benefits of the security intended to be provided by the Mortgage. 

Person: Any individual, limited liability company, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 Purchase Price: For each Mortgage Loan
purchased hereunder, an amount equal to the product of the Purchase Price Percentage and the Cut-Off Date Principal Balance of such Mortgage Loan. 

Purchase Price Adjustment: As defined in Section 3.3(a) hereof. 

Purchase Price Percentage: For each Mortgage Loan, the percentage set forth in the Commitment Letter that is used to calculate the
Purchase Price of such Mortgage Loan. 
 Purchaser: As defined in the preamble. 

Rating Agency: Any nationally recognized statistical rating agency that issues ratings with respect to residential mortgage-backed
securities. 
 Record Date: The close of business of the last Business Day of the month preceding the month of the related Remittance
Date. 
 Remittance Date: After the Initial Remittance Date, the Remittance Date shall be each Wednesday, or if a Wednesday is not a
Business Day, the Business Day immediately following such Wednesday, or as otherwise agreed by the Servicer and the Certificate Paying Agent. 

Repurchase Price: With respect to any Mortgage Loan, an amount equal to (a) the Purchase Price for such Mortgage Loan, plus
(b) Purchaser’s reasonable and customary out-of-pocket expenses incurred by Purchaser in transferring such Mortgage Loan back to Seller, minus (c) any amounts received by Purchaser with respect to such Mortgage Loan on or prior to the
date of repurchase, minus (d) any unreimbursed Advances payable to Servicer pursuant to this Agreement. 

  
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 Securitization Transaction: Any transaction involving either (1) a sale or other
transfer of some or all of the Mortgage Loans directly or indirectly by the Purchaser to an issuing entity in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities or (2) an issuance of
publicly offered or privately placed, rated or unrated securities, the payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans consisting, in whole or in part, of some or all of the Mortgage
Loans. 
 Seller: As defined in the preamble. 

Servicer: As defined in the preamble. 

Servicing Advances: All monetary advances (other than Interest Advances) made by Servicer or the Seller’s designated servicer in
connection with or related to a Mortgage Loan, including but not limited to (i) any amounts advanced by Servicer or Seller’s designated servicer for the purpose of effecting the payment of taxes, assessments and any insurance premiums
relating to a Mortgaged Property and (ii) all customary, reasonable and necessary “out-of-pocket” costs and expenses incurred in the performance by Servicer or Seller’s designated servicer of its servicing obligations, including
but not limited to, the cost (including reasonable attorneys’ fees and disbursements), related to (a) the preservation, restoration and protection of the Mortgaged Property, (b) any enforcement or judicial proceedings, including, but
not limited to, foreclosures and any expenses incurred in connection with any such proceedings that result from the Mortgage Loan being registered on the MERS System and (c) the management and liquidation of the Mortgaged Property if the
Mortgaged Property is acquired in satisfaction of the Mortgage (including default management and similar services, appraisal services and real estate broker services). For the avoidance of doubt, any such cost or expense shall be deemed to include
services rendered regardless of whether the related invoice has been received and paid by the Servicer or Seller’s designated servicer. 

Servicing Fee: With respect to each Mortgage Loan and each Remittance Date, the amount of the annual fee Purchaser shall pay to
Servicer, which shall, for each month, be equal to one-twelfth of the product of (a) the Servicing Fee Rate and (b) the Unpaid Principal Balance of such Mortgage Loan as of the first day of the month preceding the month in which such
Remittance Date occurs. The obligation of Purchaser to pay the Servicing Fee is limited to, and payable solely from, the interest portion (including recoveries interest with respect to such Mortgage Loan from Liquidation Proceeds and other proceeds,
to the extent permitted by Section 6.3) of amounts collected by Servicer with respect to a Mortgage Loan, or as otherwise provided under Section 6.3. 

Servicing Fee Rate: As defined in the related Commitment Letter. 

Servicing File: For each Mortgage Loan, the loan documents and information (including any servicing tapes, images and conversion
reports) received or obtained through the efforts of servicing the Mortgage Loan, which may be maintained on microfilm, optical storage or any 

  
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other comparable medium. To the extent available to the Seller, each Servicing File may contain: (a) the tax service contract, (b) documentation relating to any releases of collateral,
(c) any correspondence between the Servicer or the Seller’s designated servicer, as applicable, and the Mortgagor, (d) payment history, (e) collection letters or form notices, (f) foreclosure correspondence and legal
notification, and (g) copy of deed with respect to any REO Property. 
 Unpaid Principal Balance: With respect to each Mortgage
Loan, as of any date of determination, (i) the Cut-Off Date Principal Balance, minus (ii) the principal portion of all payments made by or on behalf of the Mortgagor after the Cut-Off Date and received by Servicer. 

Whole Loan Transfer: A one (1) time sale or transfer by the Purchaser of some or all of the Mortgage Loans under the terms of an
assignment, assumption and recognition agreement mutually agreed to by the Seller and the Purchaser. 
 ARTICLE 2. 

SALE AND CONVEYANCE OF MORTGAGE LOANS; 

POSSESSION OF FILES; PAYMENT OF PURCHASE 

PRICE; DELIVERY OF MORTGAGE DOCUMENTS 

Section 2.1. Sale and Conveyance of Mortgage Loans; Possession of Files 

(a) On each Closing Date and upon the receipt of the Purchase Price set forth in the related Commitment Letter, the Seller shall sell,
transfer, assign, set over, and convey to Purchaser, without recourse, but subject to the representations, warranties, terms and provisions of this Agreement all the right, title, and interest of the Seller in and to the Mortgage Loans identified on
the related Mortgage Loan Schedule, servicing retained; provided, however, the Seller and the Servicer hereby acknowledge and agree that the Purchaser may sell, transfer or convey any Mortgage Loan on a servicing released basis in connection with a
Master Repurchase Agreement. For the avoidance of doubt, upon the execution of a Commitment Letter by the parties, the Purchaser shall be obligated to purchase the related Mortgage Loans even if it does not receive funds under any Master Repurchase
Agreement it may enter into with respect to the Mortgage Loans. Notwithstanding the foregoing, to the extent the Servicer is terminated without cause in accordance with the terms of a Master Repurchase Agreement, the Servicer shall be entitled to
compensation for such termination (in an amount reasonably determined by the Servicer and the Purchaser). 
 (b) The documents comprising
each Credit File shall, subject to payment for the related Mortgage Loan pursuant to Section 2.1(c) below, be held in trust by Servicer for the benefit of Purchaser as the owner thereof. Servicer’s possession of such documents so held
is at the will of Purchaser, and such holding and possession is in trust for Purchaser as the owner thereof and only for the purpose of servicing the Mortgage Loans until the applicable servicing transfer date. Upon payment for the related Mortgage
Loan pursuant to Section 2.1(c) below, the legal and beneficial ownership of each Mortgage Note, each Mortgage, and each of the other documents comprising the Mortgage File and the Credit File with respect to such Mortgage

  
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Loan shall be vested in Purchaser, and the ownership of all records and documents with respect to such Mortgage Loan prepared by or which come into the possession of Seller or any agent or
designee thereof shall immediately vest in Purchaser and shall be delivered to Purchaser in the case of the Mortgage Files on the Closing Date. 

(c) In full consideration for the sale of each of the Mortgage Loans pursuant to Section 2.1(a), and upon the terms and conditions of
this Agreement, on the Closing Date Purchaser shall pay to Seller by wire transfer of immediately available funds the Purchase Price as set forth in the related Commitment Letter for the Mortgage Loans purchased on the Closing Date. For the
avoidance of doubt, the Seller shall not be entitled to reimbursement from the Purchaser for any unreimbursed Advances made with respect to a Mortgage Loan prior to the applicable Closing Date for such Mortgage Loan. 

(d) As of each Closing Date, Purchaser shall own and be entitled to receive with respect to each Mortgage Loan purchased on such Closing Date
all collections of principal and interest and all proceeds on the Mortgage Loans received on and after the Cut-Off Date (including any Liquidation Proceeds), subject to (i) the rights of Servicer under Section 6.3 to (A) reimbursement
for certain costs, expenses and Advances and (B) receive Servicing Fees or Ancillary Income, and (ii) the rights of the Seller to receive any Claim Proceeds or collections of interest that are paid or reimbursed to cover unreimbursed
Advances made with respect to the Mortgage Loans prior to the Cut-Off Date or interest on the Mortgage Loans that accrued prior to the Cut-Off Date. All such amounts that are collected after the Cut-Off Date shall be held and remitted by Servicer on
each related Remittance Date. 
 (e) Notwithstanding anything to the contrary in this Agreement, the Purchaser will be required to purchase
all of the Mortgage Loans identified on a Mortgage Loan Schedule, except any Mortgage Loan that was liquidated or otherwise paid-in-full prior to the applicable Closing Date. 

Section 2.2. Delivery of Mortgage Documents and Credit Files 

(a) Except as otherwise described in the applicable Mortgage Loan Schedule (and subject to the proviso below with respect to clauses
(iii) and (iv)), not later than ten (10) Business Days prior to the related Closing Date, the Seller shall have delivered to Purchaser or Purchaser’s designee, to the extent in the Seller’s possession, the following documents for
each Mortgage Loan (the “Mortgage Documents”); provided, however, that the applicable period for the Seller’s obligation to deliver the Mortgage Documents described in clauses (iii) and (iv) below shall
commence on the applicable Closing Date and end on the day that occurs sixty (60) days after such Closing Date: 
 (i) Either: 

(A) the original Mortgage Note, endorsed (on the Mortgage Note or an allonge attached thereto) “Pay to the order of
             without recourse,” and signed by original or facsimile signature in the name of the last holder of record by an authorized officer; or 

(B) a copy of the Mortgage Note (endorsed as provided above) together with a Lost Note Affidavit. 

  
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 (ii) the original recorded Mortgage or copy with recording information (and, in the case of a
MOM Loan, with evidence of the MIN); provided that if such mortgage is not available or if such public recording office retains or otherwise has not returned the original recorded mortgage, the Seller may deliver or cause to be delivered to
Purchaser a photocopy of such Mortgage certified by such Seller to be a copy of the original mortgage sent for recording; 
 (iii) unless
such Mortgage Loan is a MERS Loan, the original Assignment of Mortgage, from the applicable seller signed by an authorized officer, to Purchaser’s designee, which assignment shall be in form and substance acceptable for recording; 

(iv) unless such Mortgage Loan is a MOM Loan, all intervening Assignments of Mortgage with evidence of recordation provided that if such
Assignment of Mortgage is not available or if such public recording office retains or otherwise has not returned the original Assignment of Mortgage, the Seller may deliver or cause to be delivered to Purchaser a photocopy of such Assignment of
Mortgage certified by such Seller to be a copy of the original Assignment of Mortgage sent for recording; 
 (v) originals or copies of all
assumption, extension or modification agreements, if any; and 
 (vi) original or copy of the title policy or, in the event such title
policy is unavailable, an imaged copy of the related policy binder or commitment for title. 
 (b) Set forth on Schedule II to each
Commitment Letter is the collateral exceptions report (the “Collateral Exceptions Report”) generated by Purchaser or on behalf of the Purchaser, with respect to each Mortgage Loan sold by Seller pursuant to such Commitment Letter,
identifying which of the Mortgage Documents are not in its possession, to the extent applicable, or have document deficiencies. The Seller shall not have any obligation to deliver any documents included in a Collateral Exceptions Report or cure any
document deficiencies identified in a Collateral Exceptions Report. 
 (c) In connection with the transfer of any MERS Loan pursuant to
Section 2.1 hereof, Servicer shall request that the MERS® System indicate that such MERS Loan has been assigned to Purchaser. Purchaser may, at its cost and in its discretion, direct the Servicer to deliver for recording to the appropriate
public recording office of the jurisdiction in which the Mortgaged Property is located, and cause to be duly recorded, any of the original Assignments of Mortgage referred to in Section 2.2(a)(iii). Purchaser shall pay all recording fees
relating to the recordation of the Assignments of Mortgage from Seller to Purchaser and any intervening assignments. 

  
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 Section 2.3. Transfer of Mortgage Loans 

The Purchaser shall have the right, in connection with a Whole Loan Transfer, without the consent of Seller or Servicer, to assign its
interest under this Agreement with respect to all or some of the Mortgage Loans, and designate any person to exercise any rights of Purchaser hereunder, and the assignee or designee shall accede to the rights and obligations hereunder of Purchaser
with respect to such Mortgage Loans. All references to Purchaser shall be deemed to include its assignee or designee. 
 Servicer shall keep
at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, Servicer shall note transfers of the Mortgage Loans. For the purposes of this Agreement, Servicer shall be under no obligation to deal
with any person with respect to this Agreement or the Mortgage Loans unless the books and records show such person as Purchaser of the Mortgage Loans. For the avoidance of doubt, to the extent that the applicable Commitment Letter provides notice to
the Servicer that a pool of Mortgage Loans is subject to a Master Repurchase Agreement, the Servicer shall (i) marks its books and records to reflect such pool of Mortgage Loans is subject to such Master Repurchase Agreement and
(ii) comply with the instructions set forth in such Commitment Letter to make remittances with respect to such pool of Mortgage Loans in accordance with such Master Repurchase Agreement. Purchaser may sell and transfer, in whole or in part, the
Mortgage Loans; provided that (other than a transfer pursuant to a Master Repurchase Agreement) no such sale and transfer shall be binding upon Servicer unless (x) such transferee shall agree, in writing in the form of an assignment, assumption
and recognition agreement mutually agreed to by the Seller and the Purchaser, to be bound by the terms of this Agreement and an executed copy of such assignment, assumption and recognition agreement shall have been delivered to Servicer or
(y) such transfer is accordance with a whole loan repurchase facility to which the Servicer has provided its consent. Upon receipt of notice of such a transfer, Servicer shall mark its books and records to reflect the ownership of the Mortgage
Loans by such assignee, and the previous Purchaser shall be released from its obligations hereunder to the extent such obligations relate to Mortgage Loans sold by Purchaser. This Agreement shall be binding upon and inure to the benefit of
Purchaser, Seller and Servicer and their respective permitted successors, assignees and designees. 
 Section 2.4. Optional Purchase
of Mortgage Loans by OMS 
 (a) OMS has the right, but not the obligation, on any Business Day, to purchase any Mortgage Loan that
becomes eligible for pooling under a program sponsored by Ginnie Mae so long as OMS is willing to pay price equal to or greater than the Optional Purchase Price; provided, however, that OMS shall only exercise such option if it has
obtained, a commitment to re-pool such Mortgage Loan under an applicable Ginnie Mae program or another third party purchase commitment at a price no less than the price proposed to be paid by OMS to the Purchaser. In the event that an Optional
Purchase Price Excess exists with respect to such Mortgage Loan, such Optional Purchase Price Excess shall be remitted to the Purchaser (provided, however, that the Servicer shall be entitled to additional compensation for facilitating a sale of
such Mortgage Loan for a price that exceeds the Optional Purchase Price (in an amount to be reasonably determined by the Servicer and the Purchaser)). 

  
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 (b) Upon receipt by the Purchaser of the purchase price in connection with an Optional Purchase
Event, the Servicer shall (i) deliver the related Servicing File to the new owner of such Mortgage Loan and (ii) notify the Custodian, and cause the Custodian to deliver the related Mortgage File to the such new owner, together with all
relevant endorsements and assignments prepared by the Servicer that the Purchaser shall execute. The Servicer shall amend or cause to be amended the related Mortgage Loan Schedule to reflect the removal of any such Mortgage Loan and the Servicer
shall promptly deliver such amended Mortgage Loan Schedule to the Purchaser. 
 ARTICLE 3. 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF 

THE SELLER CONCERNING MORTGAGE LOANS; 

REPURCHASE OF MORTGAGE LOANS; REPRESENTATIONS AND 

WARRANTIES OF PURCHASER 

Section 3.1. Individual Mortgage Loans 

The Seller hereby represents, warrants and covenants to the Purchaser that, as to each Mortgage Loan sold by the Seller on a Closing Date, as
of such Closing Date (or as of such other date indicated in the applicable representation, warranty or covenant): 
 (a) The information
with respect to such Mortgage Loan set forth on the Mortgage Loan Schedule is true and correct in all material respects, as of the dates specified therein or, if no such date is indicated therein, as of the Cut-Off Date. 

(b) Upon the transfer of the Mortgage Loans to the Purchaser, the Purchaser will have good and valid title to the Mortgage Loans, free and
clear of any liens, claims, encumbrances, participation interests, equities, pledges, charges, or security interests of any nature, and the Seller had full right and authority to sell and assign such Mortgage Loan pursuant to this Agreement. 

(c) With respect to each Mortgage Loan, the Mortgage is a valid, subsisting and enforceable first-lien, as indicated on the Mortgage Loan
Schedule, on the Mortgaged Property. The lien of the Mortgage is subject only to Permitted Liens. 
 (d) Other than as indicated in the
Mortgage Loan Schedule, the terms of the Mortgage and the Mortgage Note have not been waived, altered, or modified in any material respect, except by a written instrument that has been recorded, if necessary, and that is a part of the Mortgage File;
provided, however, that under certain circumstances where the modification, waiver or alteration of the terms of such Mortgage or Mortgage Note has been effected pursuant to a written instrument that is favorable to the Mortgagor, such
written instrument may or may not have been executed by the related Mortgagor. 

  
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 (e) No Mortgagor has been released, in whole or in part, except as indicated in the Mortgage Loan
Schedule. 
 (f) With respect to each Mortgage Loan, the applicable FHA Policy is in full force and effect, and there exists no defense or
impairment to full recovery thereunder to the maximum extent provided thereby, without indemnity to HUD or FHA. Each FHA Policy is the valid, binding and enforceable obligation of FHA, to the full extent provided thereby, without surcharge, set-off
or defense, and all actions that are necessary to ensure that each FHA Policy remains so valid, binding and enforceable have been taken. As of the Cut-Off Date, the guaranty amount with respect to each Mortgage Loan will be an amount that is payable
in accordance with the FHA Guidelines and such amount will be at least equal to the unpaid principal balance of the related Mortgage Loan. All provisions of such FHA Policy have been and are being complied with and all premiums due thereunder have
been paid. The Mortgage Loan obligates the Mortgagor thereunder to maintain the FHA Policy and to pay all premiums and charges in connection therewith. 

(g) All improvements upon the Mortgaged Property are insured against loss by fire and such other hazards as are customary in the area where
the Mortgaged Property is located, pursuant to insurance policies maintained by the Mortgagor or a blanket insurance policy maintained by Seller or Servicer. All such insurance premiums that previously became due and owing prior to or on the Cut-Off
Date in respect thereof have been paid. If the Mortgaged Property is in an area that, at the time of origination of the related Mortgage Loan, was identified on a flood hazard boundary map or flood insurance rate map issued by the Federal Emergency
Management Agency as having special flood hazards and such flood insurance is available, a flood insurance policy was obtained meeting the requirements of the guidelines of the Federal Insurance Administration with an insurance carrier acceptable to
Seller. 
 (h) The Mortgage Note and the Mortgage are genuine, and each is the legal, valid and binding obligation enforceable in accordance
with its terms in all material respects, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors’ rights generally and except that the
equitable remedy of specific performance and other equitable remedies are subject to the discretion of the courts. 
 (i) The Mortgage will
be duly assigned and the Mortgage Note will be duly endorsed, in each case, in accordance with this Agreement. 
 (j) [Reserved]. 

(k) Each Mortgage is covered by either an ALTA mortgage title insurance policy acceptable to Seller, or such other generally used and
acceptable form of policy and applicable endorsements acceptable to Fannie, Freddie or prudent mortgage lending institutions making loans in the area where the Mortgaged Property is located. 

(l) The Mortgage Loan is not subject to any right of rescission, setoff, counterclaim or defense, and no such claim has been asserted with
respect to any Mortgage 

  
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Loan, except as such rights, counterclaims, defenses and claims may be asserted in connection with the litigation, foreclosure and bankruptcy proceedings disclosed under the applicable column on
the Mortgage Loan Schedule. 
 (m) The Mortgage contains customary and enforceable provisions that render the rights and remedies of the
holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security, including (i) in the case of a Mortgage designated as a deed of trust, by trustee’s sale and (ii) otherwise by judicial
foreclosure. The Mortgage or Mortgage Note contains a provision that is, to the extent not prohibited by federal or state law, enforceable and that provides for the acceleration of the payment of the Unpaid Principal Balance of the Mortgage Loan in
the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder. 
 (n) If the
Mortgage constitutes a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in such Mortgage, and no fees or expenses are or shall become payable to the
trustee under the deed of trust except in connection with a trustee’s sale after default by the Mortgagor. 
 (o) Each Mortgage Loan
has been serviced by Servicer (or Seller’s sub-servicer) in all material respects in accordance with Acceptable Servicing Procedures. 

(p) To Seller’s knowledge, the Mortgaged Property is in material compliance with applicable environmental laws pertaining to
environmental hazards and Seller has not received any notice of any violation of such law. 
 (q) There is no litigation or bankruptcy
proceeding pending or, to Seller’s knowledge, threatened with respect to a Mortgage Loan that will adversely affect Purchaser’s right, title or interest thereon or the priority of the Mortgage other than litigation and bankruptcy
proceedings and their related claims as disclosed under the applicable column on the Mortgage Loan Schedule. 
 For the avoidance of doubt, to the extent
the Purchaser makes representations or warranties with respect to the Mortgage Loans under a Master Repurchase Agreement, the Seller shall not be responsible for such representations or warranties; provided, however, that this sentence
shall not be deemed to limit the Seller’s liability for the representations it makes under this Agreement. 
 Section 3.2.
Seller and Servicer Representations 
 (a) The Seller hereby represents and warrants to Purchaser that on each Closing Date: 

(i) Seller is a Delaware limited liability company, duly organized, validly existing and in good standing under the laws of the State of
Delaware. 
 (ii) Seller has the power and authority to hold each Mortgage Loan, to sell each Mortgage Loan, to enter into, execute and
deliver this Agreement and all documents 

  
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and instruments executed and delivered pursuant hereto and to perform its obligations in accordance therewith. The execution, delivery and performance of this Agreement by Seller and the
consummation of the transactions contemplated hereby have been duly and validly authorized. This Agreement and all other documents and instruments contemplated hereby, in each case assuming due authorization, execution and delivery by Purchaser, if
applicable, evidence the valid, binding and enforceable obligations of Seller, subject as to enforcement, (i) to bankruptcy, insolvency, receivership, conservatorship, reorganization, arrangement, moratorium, and other laws of general
applicability relating to or affecting creditor’s rights and (ii) to general principles of equity, whether such enforcement is sought in a proceeding in equity or at law. All requisite limited liability company action has been taken by
Seller to make this Agreement and all documents and instruments executed and delivered pursuant hereto, valid and binding upon Seller in accordance with its terms. 

(iii) No consent, approval, authorization, or order of any court or governmental agency or body relating to the transactions contemplated by
this Agreement and the transfer of title to the Mortgage Loans to Purchaser, is required as to Seller or, if required, such consent, approval, authorization, or order has been or shall, prior to the Closing Date, be obtained, except for any
recordation of Assignments of the Mortgages to or for the benefit of Purchaser pursuant to this Agreement. 
 (iv) The consummation of the
transactions contemplated by this Agreement, including without limitation the transfer and assignment of the Mortgage Loans to or for the benefit of Purchaser pursuant to this Agreement and the fulfillment of or compliance with the terms and
conditions of this Agreement, are in the ordinary course of business of Seller and shall not (i) result in the breach of any term or provision of the certificate of formation or limited liability company agreement of Seller, (ii) result in
the breach of any term or provision of, or conflict with or constitute a default under, or result in the acceleration of any obligation under, any material agreement, indenture, loan or credit agreement or other instrument to which Seller or its
property is subject, or (iii) result in the violation of any law, rule, regulation, order, judgment, or decree to which Seller or its property is subject. 

(v) There is no action, suit, proceeding or investigation pending or, to the best of Seller’s knowledge, threatened against Seller that
is likely (in Seller’s judgment) to materially and adversely affect the sale of the Mortgage Loans, or that would be likely to materially impair the ability of Seller to perform its obligations under the terms of this Agreement. 

(b) The Servicer hereby represents and warrants to Purchaser that on each Closing Date: 

(i) Servicer is a Delaware limited liability company, duly organized, validly existing and in good standing under the laws of the State of
Delaware and is and will remain in compliance with the laws of each state in which any Mortgaged Property is located to the extent necessary to ensure the enforceability of each Mortgage Loan and the servicing of the Mortgage Loan in accordance with
the terms of this Agreement. 

  
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 (ii) Servicer has power and authority to execute and deliver this Agreement and to perform in
accordance herewith; the execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by each of Servicer and the consummation of the transactions contemplated hereby have
been duly and validly authorized; this Agreement evidences the valid, binding and enforceable obligation of Servicer, subject to Applicable Law; and all requisite corporate action has been taken by Servicer to make this Agreement valid and binding
upon Servicer in accordance with its terms. 
 (iii) No approval of the transactions contemplated by this Agreement from any federal or
state regulatory authority having jurisdiction over Servicer is required or, if required, such approval has been or will, prior to the Closing Date, be obtained, except for recordations of Assignment of the Mortgages to or for the benefit of the
Purchaser pursuant to this Agreement. 
 (iv) The consummation of the transactions contemplated by this Agreement are in the ordinary
course of business of Servicer and will not result in the breach of any term or provision of the certificate of formation or limited liability company agreement of Servicer or result in the breach of any term or provision of, or conflict with or
constitute a default under or result in the acceleration of any obligation under, any material agreement, indenture or loan or credit agreement or other instrument to which Servicer or its property is subject, or result in the violation of any law,
rule, regulation, order, judgment or decree to which Servicer or its property is subject. 
 (v) There is no action, suit, proceeding or
investigation pending or, to Servicer’s knowledge, threatened against Servicer which would result in any material adverse change in the business, operations, financial condition, properties or assets of Servicer, or in any material impairment
of the right or ability of Servicer to carry on its business substantially as now conducted or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations of Servicer
contemplated herein, or which would materially impair the ability of Servicer to perform under the terms of this Agreement. 
 (vi) The
Servicer is a HUD-approved mortgagee and holds all licenses, approvals, permits, and other authorizations, or exemptions therefrom, required under FHA Guidelines to service the Mortgage Loans and is approved to service 1-4 family and multifamily
mortgage loans under the FHA Title II of Lenders Profile. 
 Section 3.3. Remedies for Breach of Representations and Warranties

 (a) Upon discovery by Purchaser of (i) a breach of any of the representations and warranties set forth in Sections 3.1 or 3.2
made by the Seller (either as Seller or Servicer) that, in each case, materially and adversely affects the value of any Mortgage Loan, Purchaser shall give written notice to the Seller within ten (10) Business Days of such discovery. So long as
the Seller receives the above-referenced notice on or prior to the date that occurs one (1) year following the related Closing Date, the Seller shall cure in all material respects any such breach

  
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within 90 days of receipt of such notice of said breach and, if such breach cannot be or is not cured within such 90-day period, the Seller shall, in its sole discretion, either
(i) repurchase the affected Mortgage Loan(s) at the Repurchase Price or (ii) reimburse Purchaser an amount (the “Purchase Price Adjustment”) equal to the reduction in value (as reasonably determined by the Purchaser and Seller)
of the affected Mortgage Loans based upon the breach; provided that if the Seller and Purchaser are unable to agree upon the Purchase Price Adjustment, the Seller shall repurchase such Mortgage Loan. Any such repurchase shall be at a price equal to
the applicable Repurchase Price and shall be accomplished by prompt payment to Purchaser of the amount of the Repurchase Price. Notwithstanding anything to the contrary in this Agreement, the Seller is under no obligation to repurchase any Mortgage
Loan or pay any Purchase Price Adjustment if Purchaser or its designee has renewed, renegotiated, modified, compromised, settled or released the Mortgage Loan, Mortgaged Property, or Mortgagor in whole or in part in any material respect or impaired
such Mortgage Loan or the related FHA Policy in any material respect. 
 (b) It is understood and agreed that all representation, warranties
and covenants made by the Seller (either as Seller or Servicer) as set forth in this Agreement shall survive for a period of one year following the Closing Date and shall inure to the benefit of Purchaser. 

(c) Upon receipt of the Repurchase Price, Purchaser shall immediately take all steps necessary to effect the transfer of any repurchased
Mortgage Loan, including all documentation with respect thereto, to the Seller. If, in accordance with this Section 3.3, the Seller repurchases any MERS Loan, Purchaser shall promptly (i) cause the MERS® System to reflect such repurchase, as the case may be, or (ii) cause MERS to remove the repurchased Mortgage Loan from registration on the
MERS® System and execute and deliver an Assignment of Mortgage to reflect the transfer of such Mortgage Loan to the Seller or its designee. 

(d) It is understood and agreed that the obligations of the Seller set forth in this Section 3.3 constitute the sole remedies available
to Purchaser respecting a breach of the representations and warranties by the Seller set forth in Sections 3.1 and 3.2. In no event shall the Seller be liable for any additional damages, including without limitation, consequential, punitive, or
exemplary damages, with respect to any breach. 
 (e) Any cause of action against the Seller relating to or arising out of the breach of any
representation and warranty made by the Seller in Sections 3.1 and 3.2 shall accrue as to any Mortgage Loan only upon (i) discovery of such breach by Purchaser, (ii) failure by the Seller to cure such breach, or repurchase or pay any
Purchase Price Adjustment with respect to such Mortgage Loan as specified above, (iii) demand upon the Seller by Purchaser for all amounts payable in respect of such Mortgage Loan and (iv) certification by the Purchaser that the breach
alleged by Purchaser was not discovered by it or its representatives during the due diligence review performed by it or its representatives. 

Section 3.4. Purchaser Representations 

Purchaser hereby represents and warrants, as of each Closing Date, that: 

(a) Purchaser is a Delaware statutory trust duly organized, validly existing, and in good standing under the laws under which it is organized.

  
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 (b) Purchaser has the requisite power and authority to purchase each Mortgage Loan, to enter
into, execute and deliver this Agreement and all documents and instruments executed and delivered pursuant hereto and to perform its obligations in accordance therewith. The execution, delivery and performance of this Agreement by Purchaser and the
consummation of the transactions contemplated hereby, including without limitation, repurchase obligations, have been duly and validly authorized. This Agreement and all other documents and instruments contemplated hereby, in each case assuming due
authorization, execution and delivery by Seller, evidence the valid, binding and enforceable obligations of Purchaser, subject as to enforcement, (i) to bankruptcy, insolvency, receivership, conservatorship, reorganization, arrangement,
moratorium, and other laws of general applicability relating to or affecting creditor’s rights and (ii) to general principles of equity, whether such enforcement is sought in a proceeding in equity or at law. All requisite corporate action
has been taken by Purchaser to make this Agreement valid and binding upon Purchaser in accordance with its terms. 
 (c) No consent,
approval, authorization or order of any court or governmental agency or body relating to the transactions contemplated by this Agreement is required as to Purchaser, or, if required, such consent, approval, authorization or order has been or will,
prior to the Closing Date, be obtained. 
 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of or
compliance with the terms and conditions of this Agreement, are in the ordinary course of business of Purchaser, will not (i) result in the breach of any term or provision of the organizational documents of Purchaser, (ii) result in the
breach of any term or provision of, or conflict with or constitute a default under, or result in the acceleration of any obligation under, any material agreement, indenture, loan or credit agreement or other instrument to which Purchaser or its
property is subject, or (iii) result in the violation of any law, rule, regulation, order, judgment, or decree to which Purchaser or its property is subject. 

(e) There is no action, suit, proceeding or investigation pending or, to the best of Purchaser’s knowledge, threatened against Purchaser
that is likely (in Purchaser’s judgment) to materially and adversely affect the consummation of the transactions contemplated hereby, or that would be likely to materially impair the ability of Purchaser to perform its obligations under the
terms of this Agreement. 
 (f) The Purchaser’s trustee (which will hold legal title to the Mortgage Loans after on the Closing Date)
is a HUD-approved mortgagee. 
 (g) The Purchaser is a sophisticated investor and the Purchaser’s offer and decision to purchase the
Mortgage Loans is based upon its own independent expert evaluations of its due diligence and other materials deemed relevant by the Purchaser and its agents together with such records as are generally available to the public from local, county,
state and federal authorities, record-keeping offices and courts (including, without limitation, any bankruptcy courts in which any mortgagors, guarantor or surety, if any, may be subject to any pending

  
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bankruptcy proceedings), as Purchaser deemed necessary, proper or appropriate in order to make a complete informed decision with respect to the purchase and acquisition of the Mortgage Loans.
Purchaser acknowledges that it has had the opportunity to conduct legal, environmental, on-site and other appropriate due diligence as to each Mortgage Loan. The Purchaser has not relied in entering into this Agreement upon any oral or written
information from the Seller, or any of its employees, affiliates, agents, legal counsel or other representatives. Purchaser is aware of the level of and form of documentation with respect to each Mortgage Loan and takes each Mortgage Loan and the
Mortgage File, respectively, with the knowledge that such documentation may be incomplete. 
 (h) Purchaser acknowledges that the Mortgage
Loans (including the loan documents) may have limited or no liquidity and Purchaser has the financial wherewithal to own the Mortgage Loans and the loan documents for an indefinite period of time and to bear the economic risk of an outright purchase
of the Mortgage Loans and the loan documents and a total loss of the Purchase Price for the Mortgage Loans. 
 ARTICLE 4. 

COVENANTS 

Section 4.1. Continued Cooperation 

The Seller, Servicer and Purchaser shall cooperate fully with each other and their respective counsel and other representatives and advisors
in connection with the steps required to be taken as part of their respective obligations under this Agreement. At any time, and from time to time after the Initial Closing Date, upon the reasonable request of either party hereto, and at the expense
of the requesting party, the non-requesting party shall do, execute, acknowledge and deliver, and shall cause to be done, executed, acknowledged and delivered, all such further acts, deeds, assignments, transfers, conveyances, and assurances as may
be reasonably required in order to accomplish any provision herein. In addition, in the event the Seller or Servicer determines subsequent to the Initial Closing Date that it needs reasonable access to any documents relating to any Mortgage Loan for
accounting, tax or litigation purposes, Purchaser shall, upon reasonable notice by the Seller or Servicer, as the case may be, at said party’s reasonable expense promptly provide, or cause to be provided, copies of such documents to the extent
reasonably necessary to satisfy such purposes, subject to appropriate confidentiality requirements. 
 Section 4.2. Delivery of
Documents 
 On the dates specified herein, each party shall deliver to the appropriate persons specified herein all documents and
instruments provided for hereunder. 
 Section 4.3. Regulatory Compliance 

From and after the Closing Date, the Purchaser agrees to use its commercially reasonable efforts to cooperate with and assist the Seller and
its counsel and other advisors with respect to the Seller’s compliance with any of its regulatory obligations. 

  
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 ARTICLE 5. 

CLOSING CONDITIONS 
 The
closing for the purchase and sale of the Mortgage Loans identified on a Mortgage Loan Schedule shall take place on the related Closing Date. The obligation of the Seller to sell each Mortgage Loan and the obligation of Purchaser to purchase each
Mortgage Loan shall be subject to the conditions set forth in this Article 5. 
 Section 5.1. Closing Date Documents 

On each Closing Date, the Seller and the Purchaser shall execute and deliver a Commitment Letter and if the related Mortgage Files are in the
possession of a custodian, Purchaser shall have a received a trust receipt or similar document from such custodian acknowledging that such custodian holds such Mortgage Files for the benefit of Purchaser. Such custodian shall provide a copy of such
trust receipt or similar document to Seller. 
 Section 5.2. Correctness of Representations and Warranties 

All of the representations and warranties of the Seller and Purchaser under this Agreement shall be true and correct in all material respects
as of the related Closing Date (except as otherwise expressly provided for herein). 
 Section 5.3. Reserved 

Section 5.4. Compliance With Conditions 

All other terms and conditions of this Agreement shall have been complied with in all material respects. 

Subject to the foregoing conditions, Purchaser shall pay to the Seller on the Closing Date the Purchase Price for the Mortgage Loans by wire
transfer of immediately available funds to the account designated by the Seller. 
 ARTICLE 6. 

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS 

Section 6.1. Servicer to Act as Servicer 

Servicer shall service and administer the Mortgage Loans in accordance with this Agreement and in material compliance with Acceptable
Servicing Procedures and shall have full power and authority, acting alone or through subservicers, to do or cause to be done any and all things in connection with such servicing and administration which Servicer may deem necessary or desirable and
consistent with the terms of this Agreement. Servicer may perform its servicing 

  
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responsibilities through agents or independent contractors, but shall not thereby be released from any of its responsibilities hereunder, and Servicer shall diligently pursue all of its rights
against such agents or independent contractors. 
 Whether in connection with the foreclosure of a Mortgage Loan or otherwise, the Servicer
shall from its own funds make all necessary and proper Servicing Advances; provided, however, that the Servicer is not required to make a Servicing Advance unless the Servicer determines in the exercise of its good faith judgment that such Servicing
Advance would ultimately be recoverable from Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds of the related Mortgaged Property (with respect to each of which the Servicer shall have the priority described in Section 6.3 for
purposes of withdrawals from the Custodial Account). Except for the Servicer’s obligation to make Interest Advances pursuant to Section 7.1, the Servicer shall have no obligation to make any advances with respect to any portion of any
principal or interest payment due with respect to a Mortgage Loan. 
 The Purchaser acknowledges and agrees that the Servicer shall not be
required to perform any action that the Servicer reasonably believes would violate any Applicable Law. 
 To the extent the Purchaser
becomes a party to a Master Repurchase Agreement, Purchaser shall provide notice to the Servicer and a direction to the Servicer to make any remittances required to be paid to the Purchaser to the parties as indicated in such Master Repurchase
Agreement. The Servicer acknowledges and agrees that if it receives notice and direction from the Purchase that a Mortgage Loan is subject to the terms of a Master Repurchase Agreement, The Servicer acknowledges and agrees that the terms of such
Master Repurchase Agreement with respect to the payment of remittances owed to the Purchaser shall prevail to the extent there is a conflict between the provisions of this Agreement and the provisions of the Master Repurchase Agreement. 

Section 6.2. Establishment of Custodial Account; Deposits in Custodial Account 

Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds
and general assets and shall establish and maintain one or more custodial accounts (collectively, the “Custodial Account”), in the form of time deposit or demand, which may be interest bearing, titled “Ocwen Loan Servicing, LLC”
in trust for HLSS Mortgage Master Trust and various Mortgagors - Mortgage Loans”. The Custodial Account shall be an Eligible Account. The Custodial Account shall be maintained as a segregated account, separate and apart from other accounts or
trust funds created for Persons other than the Purchaser. 
 Servicer shall deposit in the Custodial Account, within two (2) Business
Days after receipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-Off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-Off Date): 

(a) all payments on account of principal, including principal prepayments, on the Mortgage Loans; 

  
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 (b) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan
Remittance Rate; 
 (c) all Liquidation Proceeds; 

(d) all proceeds received by Servicer under any title, hazard, private mortgage guaranty or other insurance policy other than proceeds to be
held in the Escrow Account or applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Acceptable Servicing Procedures; 

(e) all awards or settlements in respect of Condemnation Proceedings or eminent domain affecting any Mortgaged Property which are not released
to the Mortgagor in accordance with Acceptable Servicing Procedures; 
 (f) any amount required to be deposited in the Custodial Account
pursuant to Section 7.1; and 
 (g) any (i) Purchase Price Adjustments or (ii) amounts payable in connection with the
repurchase of any Mortgage Loan pursuant to Section 3.3. 
 The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and other ancillary fees need not be deposited by Servicer in the Custodial Account. 

The Servicer may invest the funds in the Custodial Account in Eligible Investments designated in the name of Servicer for the benefit of the
Purchaser, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the institution with which the Custodial Account is maintained may
mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Servicer shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser)
and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Servicer and shall be subject to withdrawal by
the Servicer. The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds immediately as realized. 

Section 6.3. Withdrawals From the Custodial Account 

Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes: 

(a) to make payments to Purchaser in the amounts and in the manner provided for in Section 7.1; 

  
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 (b) to reimburse itself for all unreimbursed Advances with respect to a Mortgage Loan, provided
that such reimbursement shall be limited to related Liquidation Proceeds, Condemnation Proceeds, amounts representing proceeds of insurance policies covering the related Mortgaged Property and such other amounts as may be collected by Servicer from
the Mortgagor or otherwise relating to such Mortgage Loan; provided, however, that the Servicer’s right to reimbursement for Advances shall not reduce, offset or otherwise limit the Servicer’s obligation to cover interest
shortfalls pursuant Section 7.1. 
 (c) to reimburse itself for expenses incurred by and reimbursable to it pursuant to
Section 9.1(b); 
 (d) to pay to itself any interest earned on funds deposited in the Custodial Account, such withdrawal to be made
monthly not later than the Remittance Date; 
 (e) to withdraw any amounts inadvertently deposited in the Custodial Account; 

(f) to clear and terminate the Custodial Account upon the termination of this Agreement; and 

(g) to withdraw Servicing Fees any Ancillary Income, in each case, to the extent deposited therein. 

Upon request, the Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to
Advances that have been reimbursed from the Custodial Account. 
 On each Remittance Date, Servicer shall withdraw all funds from the
Custodial Account except for those amounts which, pursuant to Section 7.1, Servicer is not obligated to remit on such Remittance Date. Servicer may use such withdrawn funds only for the purposes described in this Section 6.3. 

ARTICLE 7. 
 PAYMENTS TO
PURCHASER 
 Section 7.1. Distributions on Each Remittance Date 

Notwithstanding anything to the contrary set forth in this Agreement, to the extent the Commitment Letter for a pool of Mortgage Loans
provides notice to the Seller and the Servicer that such Mortgage Loans are subject to the terms of a Master Repurchase Agreement, all remittances required with respect to such Mortgage Loans shall be made in accordance with the terms of such Master
Repurchase Agreement. 

  
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 With respect to each pool of Mortgage Loans, on each Remittance Date occurring on or before the
date that occurs four (4) years after the applicable Closing Date, Servicer shall remit by wire transfer of immediately available funds to the account designated in writing by Purchaser of record on the preceding Record Date (a) all
amounts deposited in the Custodial Account as of the close of business on the Record Date, minus (b) all amounts withdrawable pursuant Section 6.3 (other than Section 6.3(a)). 

With respect to each pool of Mortgage Loans, on each Remittance Date occurring after the date that occurs four (4) years after the
applicable Closing Date, Servicer shall remit by wire transfer of immediately available funds to the account designated in writing by Purchaser of record on the preceding Record Date (a) all amounts deposited in the Custodial Account as of the
close of business on the Record Date, plus (b) Interest Advances for each Mortgage Loan in such pool (which shall be calculated by multiplying the outstanding principal balance of such Mortgage Loan by the applicable Mortgage Interest
Rate) minus (c) all amounts withdrawable pursuant Section 6.3 (other than Section 6.3(a)). 
 On each Remittance Date,
to the extent that a shortfall is created as a result of the Liquidation Proceeds for a Mortgage Loan being insufficient to cover all accrued and unpaid interest owed to the Purchaser with respect to such Mortgage Loan, the Servicer shall remit to
the Purchaser an amount equal to such shortfall. 
 With respect to any remittance received by Purchaser after the Business Day on which
such payment was due, Servicer shall pay to Purchaser interest on any such late payment at a rate equal to the overnight federal funds effective rate, but in no event greater than the maximum amount permitted by Applicable Law. Such interest shall
be paid by Servicer to Purchaser on the date such late payment is made and shall cover the period commencing with the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The
payment by Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by Servicer. 

To the extent that the amount of a remittance or distribution to Purchaser made hereunder is greater than the amount thereof properly to be
remitted pursuant to the terms of this Agreement, Servicer will give prompt written notice thereof to the Purchaser after Servicer’s discovery thereof, including the amount of such remittance or distribution that was paid in error. If, by the
Remittance Date immediately following such notice, Purchaser has not reimbursed the Custodial Account or Servicer, as applicable, for the amount of such erroneous remittance or distribution (without any liability on the part of Purchaser for
interest thereon), Servicer shall be entitled to withhold such amount from the remittance to be made on such Remittance Date. 

Section 7.2. Statements to Purchaser 

On or before the Business Day immediately preceding each Remittance Date, Servicer shall provide or cause to be provided to the Purchaser an
electronically transmitted file or an email directing Purchaser to a secured website containing the data reasonably required by the Purchaser and set forth in forms of reports to be provided within two (2) Business Days of the applicable
Closing Date. 

  
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 Servicer shall prepare and file any and all tax returns, information statements or other filings
required to be delivered to any governmental taxing authority or to Purchaser pursuant to any Applicable Law with respect to the Mortgage Loans and the transactions contemplated hereby. In addition, Servicer shall provide Purchaser with such
information concerning the Mortgage Loans as is necessary for such Purchaser to prepare its federal income and any other tax return as Purchaser may reasonably request from time to time. 

In the event of a default on a Mortgage Loan one or more of whose obligors is not a United States person for federal income tax purposes, in
connection with any foreclosure or acquisition of a deed in lieu of foreclosure (together, “foreclosure”) in respect of such Mortgage Loan, Servicer will cause compliance with the provisions of Treasury Regulation
Section 1.1445-2(d)(3) (or any successor thereto) necessary to assure that no withholding tax obligation arises with respect to the proceeds of such foreclosure except to the extent, if any, that proceeds of such foreclosure are required to be
remitted to the obligors on such Mortgage Loan. 
 ARTICLE 8. 

GENERAL SERVICING PROCEDURE 

Section 8.1. Servicing Compensation 

As compensation for its services hereunder, Servicer shall be entitled to retain from interest portion of amounts collected with respect to
the applicable Mortgage Loans, subject to Section 6.3, the Servicing Fee and any Ancillary Income. 
 Section 8.2. Right to
Examine Servicer Records 
 Once each calendar year the Purchaser shall have the right, to examine and audit any and all of the books,
records or other information of Servicer whether held by Servicer or by another on behalf of Servicer, which are relevant to the performance or observance by Servicer of the terms, covenants or conditions of this Agreement. 

Section 8.3. Seller and Servicer Shall Provide Access/Information as Reasonably Required 

To the extent required by Applicable Law, the Seller and Servicer shall provide to Purchaser to any documentation regarding the Mortgage
Loans. Such access shall be afforded only upon reasonable request, during normal business hours and at the offices of Seller or Servicer, as applicable. 

Section 8.4. Fair Credit Reporting Act 

Servicer, in its capacity as servicer for each Mortgage Loan, agrees to fully furnish, in accordance with the Fair Credit Reporting Act and
its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis.

  
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 ARTICLE 9. 

INDEMNIFICATION 

Section 9.1. Indemnification; Third Party Claims 

(a) Servicer shall indemnify and hold harmless Purchaser against any and all claims, losses, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Purchaser may sustain in any way related to the failure of Servicer to service the Mortgage Loans in compliance with the terms of this Agreement. Servicer
shall immediately notify Purchaser if a claim is made by a third party with respect to this Agreement or the Mortgage Loans, and Servicer shall assume (with the consent of Purchaser) the defense of any such claim and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against Servicer or Purchaser in respect of such claim. 

(b) Purchaser agrees to indemnify Seller and Servicer and to hold each of them harmless against any and all third-party claims, losses,
damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs and judgments that are related to or arise directly from (i) a breach of any representation and warranty or covenant of Purchaser under this
Agreement, (ii) actions or inactions taken by Servicer at the express direction or consent of Purchaser, or (iii) with respect to any Mortgage Loan for which the Purchaser acquires the right to service, the Purchaser’s or its
designated successor servicer’s failure to service such Mortgage Loan in accordance with Applicable Law on and after the related date that the right to servicer such Mortgage Loan is transferred from the Servicer. In addition, Servicer shall
provide Purchaser with a written report of all expenses and advances incurred by such party pursuant to Section 9.1(a) and Purchaser shall promptly reimburse Servicer for all amounts advanced by it pursuant to the last sentence of
Section 9.1(a) except when the claim in any way relates to the Servicer’s failure to service and administer the Mortgage Loans in compliance with the terms of this Agreement. 

(c) Notwithstanding anything to the contrary in this Agreement, in the event that Purchaser or its designee becomes record owner of any
Mortgaged Property, neither Seller nor Servicer shall be deemed to have failed to perform its obligations hereunder where it fails to act in response to any notice delivered to the record holder of the Mortgaged Property if (i) statutory notice
was not delivered to Seller or Servicer, as the case may be, (ii) Seller or Servicer, as the case may be, had no actual knowledge of the situation surrounding such notice and (iii) the inaction of Seller or Servicer, as the case may be,
was due entirely to such party’s lack of receipt of such notice. 
 (d) NOTWITHSTANDING ANYTHING TO THE CONTRARY, IN NO EVENT SHALL
PURCHASER, SELLER OR SERVICER BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES BASED ON ANY THEORY OF CONTRACT, TORT, STRICT LIABILITY, STATUTE OR UNDER ANY OTHER LEGAL OR EQUITABLE PRINCIPLE OR OTHERWISE. 

  
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 Section 9.2. Merger or Consolidation of Servicer 

Servicer will keep in full effect its existence and rights, and will obtain and preserve its qualification to do business as a foreign entity
in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement. 

Any Person into which Servicer may be merged or consolidated, or any Person resulting from any merger, conversion or consolidation to which
Servicer shall be a party, or any Person succeeding to substantially all of the business of Servicer (whether or not related to loan servicing), shall be the successor of Servicer hereunder, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 
 Section 9.3. Limitation on
Liability of Servicer 
 Servicer and any director, officer, employee or agent of Servicer may rely on any document of any kind which it
in good faith reasonably believes to be genuine and to have been adopted or signed by the proper authorities respecting any matters arising hereunder. Subject to the terms of Section 9.1, Servicer shall have no obligation to appear with respect
to, prosecute or defend any legal action which is not incidental to Servicer’s duty to service the Mortgage Loans in accordance with this Agreement. 

Section 9.4. Limitation on Right to Assign and Resign 

Except for an assignment by the Servicer to an Approved Servicer, neither the Seller nor the Servicer shall assign this Agreement without the
express written consent of the Purchaser, which consent shall not be unreasonably withheld. To the extent the Servicer assigns this Agreement to an Approved Servicer, the Servicer shall be released from its obligations under this Agreement, except
that the Servicer shall remain liable for all liabilities and obligations incurred by it as Servicer hereunder prior to the effective date of such assignment. 

The Servicer may not resign from the obligations and duties hereby imposed on it unless the Servicer (i) provides the Purchaser with at
least 90 Business Days notice or (ii) (A) reasonably determines that the Servicer’s duties hereunder are no longer permissible under Applicable Law and such incapacity cannot be cured by Servicer and (B) provides the Purchaser
with at least 60 Business Days notice. 
 Purchaser shall not assign this Agreement without the express written consent of the Seller and
the Servicer, which consent shall not be unreasonably withheld. 

  
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 ARTICLE 10.

DEFAULT 

Section 10.1. Events of Default 

In case one or more of the following Events of Default by Seller or Servicer shall occur and be continuing, that is to say: 

(a) any failure by Servicer to remit to Purchaser any payment required to be made under the terms of this Agreement which continues unremedied
for a period of five (5) Business Days after the date written notice of such failure requiring the same to be remedied shall have been given to Servicer by Purchaser; or 

(b) failure by Seller or Servicer to duly observe or perform, in any material respect, any other covenants, obligations or agreements of
Seller or Servicer, as the case may be, as set forth in this Agreement which failure continues unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall have
been given to Seller or Servicer, as the case may be, by Purchaser; or 
 (c) a decree or order of a court or agency or supervisory
authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of
its affairs, shall have been entered against Servicer and such decree or order shall have remained in force, undischarged or unstayed for a period of thirty (30) days; or 

(d) Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of debt,
marshalling of assets and liabilities or similar proceedings of or relating to Servicer or relating to all or substantially all of Servicer’s property; or 

(e) Servicer shall admit in writing its inability to pay its debts as they become due, file a petition to take advantage of any applicable
insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; 

(f) Servicer attempts to assign this Agreement except in compliance with the terms of this Agreement; or 

(g) failure by Servicer to be in compliance with the “doing business” or licensing laws of any jurisdiction where a Mortgaged
Property is located which materially and adversely affects the servicing of the Mortgage Loans or the enforceability or lien priority of the related Mortgage Loan; 

then, and in each and every such case, so long as an Event of Default shall not have been remedied, Purchaser, by notice in writing to Servicer, may, in
addition to whatever rights 

  
 – 30 – 

 
Purchaser may have at law or equity to damages, including injunctive relief and specific performance, terminate all the rights and obligations of Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof. On and after the receipt by Servicer of such written notice all authority and power of Servicer under this Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in
the successor appointed pursuant to Section 12.1. Upon written request from Purchaser, Servicer shall prepare, execute and deliver to a successor any and all documents and other instruments, place in such successor’s possession all
Mortgage Files and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of termination, including, but not limited to, the transfer and endorsement or assignment of the Mortgage Loans and
related documents to the successor. Servicer agrees to cooperate with Purchaser and such successor in effecting the termination of Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer to such successor
for administration by it of all amounts which shall at the time be credited by Servicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans. Any actions or activities to be undertaken by the Servicer
under this Section 10.1 shall be completed no later than one-hundred twenty (120) days after the date of the respective notice of Event of Default. 

Section 10.2. Waiver of Defaults 

Purchaser may waive only by written notice any default by Seller or Servicer in the performance of its obligations hereunder and its
consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereto except to the extent expressly so waived in writing. 
 ARTICLE
11.
 TERMINATION 

Section 11.1. Termination 

This Agreement shall terminate upon either: (a) the later of the distribution to Purchaser of final payment or liquidation with respect
to the last Mortgage Loan, or the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure with respect to the last Mortgage Loan and the remittance of all funds due hereunder; or (b) mutual consent of the Seller,
Servicer and Purchaser in writing. 

  
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 ARTICLE 12.

MISCELLANEOUS PROVISIONS 

Section 12.1. Successor to Servicer 

Prior to termination of Servicer’s responsibilities and duties under this Agreement, Purchaser shall succeed to and assume all of
Servicer’s responsibilities, rights, duties and obligations under this Agreement and any subservicing agreements. In connection with such appointment and assumption, Purchaser may make such arrangements for the compensation of such successor
out of payments on Mortgage Loans as it and such successor shall agree. In the event that Servicer’s duties, responsibilities and liabilities under this Agreement shall be terminated pursuant to this Agreement, Servicer shall discharge such
duties and responsibilities during the period from the date it acquires knowledge of such termination until the effective date thereof with the same degree of diligence and prudence which it is obligated to exercise under this Agreement, and shall
take no action whatsoever that might impair or prejudice the rights or financial condition of its successor. The resignation or removal of Servicer pursuant to this Agreement shall not become effective until a successor shall be appointed pursuant
to this Section and shall in no event relieve Seller or the predecessor Servicer of the representations and warranties made pursuant to Sections 3.1 and 3.2 and the remedies available to Purchaser under Section 3.3 and Section 9.1, it
being understood and agreed that the provisions of such Sections 3.1, 3.2, 3.3 and Section 9.1 shall be applicable to Servicer in its capacity as Seller or Servicer notwithstanding any such resignation or termination of Servicer, or the
termination of this Agreement. 
 Any successor appointed as provided herein shall execute, acknowledge and deliver to Servicer and to
Purchaser an instrument accepting such appointment, whereupon such successor shall become fully vested with all the rights, powers, duties, responsibilities, obligations and liabilities of Servicer, with like effect as if originally named as a party
to this Agreement. Any termination or resignation of Servicer, or termination of this Agreement pursuant to Section 9.4, 10.1 or 11.1 shall not affect any claims that Purchaser may have against Servicer based upon facts and circumstances
arising prior to any such termination or resignation. 
 Servicer shall promptly deliver to the successor the funds in the Custodial Account
and Escrow Account, less any costs relating to the transfer to any such successor, and all Mortgage Files and related documents and statements held by it hereunder and Servicer shall account for all funds and shall execute and deliver such
instruments and do such other things as may reasonably be required to more fully and definitively vest in the successor all such rights, powers, duties, responsibilities, obligations and liabilities of Servicer. 

Section 12.2. Amendment 

This Agreement may be amended from time to time by Seller, Servicer and Purchaser solely by written agreement signed by Seller, Servicer and
Purchaser. 

  
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 Section 12.3. Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such laws without giving effect to conflict of laws principles thereof. 

Section 12.4. General Interpretive Principles 

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

(a) the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular,
and the use of any gender herein shall be deemed to include the other gender; 
 (b) accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting principles; 
 (c) references herein to “Articles,”
“Sections,” “Subsections,” “Paragraphs,” and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs, and other subdivisions of this Agreement; 

(d) a reference to a subsection without further reference to a Section is a reference to such subsection as contained in the
same Section in which the reference appears, and this Rule shall also apply to Paragraphs and other subdivisions; 
 (e) the words
“herein,” “hereof,” “hereunder,” and other words of similar import refer to this Agreement as a whole and not to any particular provision; and 

(f) the term “include” or “including” shall mean without limitation by reason of enumeration. 

Section 12.5. Reproduction of Documents 

This Agreement and all schedules, exhibits and documents relating hereto may be reproduced by any photographic, photostatic, microfilm,
microcard, miniature photographic, or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in
existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile, or further reproduction of such reproduction shall likewise be admissible in evidence. 

  
 – 33 – 

 Section 12.6. Notices 

All demands, notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
upon receipt if personally delivered, sent by facsimile, mailed by registered mail, postage prepaid or delivered by a nationally recognized overnight courier, to 

(i) in the case of the Seller: 

Ocwen Loan Servicing, LLC 
 402
Strand Street 
 Frederiksted, VI 00840 

Attention: Treasurer 
 with a copy
to: 
 Ocwen Loan Servicing, LLC 

1661 Worthington Road, Centrepark West 

West Palm Beach, Florida 33409 

(ii) in the case of the OMS: 

Ocwen Mortgage Servicing, Inc. 

402 Strand Street 
 Frederiksted,
VI 00840 
 Attention: Treasurer 

(iii) in the case of Servicer: 

Ocwen Loan Servicing, LLC 
 402
Strand Street 
 Frederiksted, VI 00840 

Attention: Treasurer 
 with a copy
to: 
 Ocwen Loan Servicing, LLC 

1661 Worthington Road, Centrepark West 

West Palm Beach, Florida 33409 
 or such other
address as may hereafter be furnished to Purchaser in writing by Seller or Servicer, and 

  
 – 34 – 

 (iii) in the case of Purchaser: 

HLSS Mortgage Master Trust 

c/o Wilmington Savings Fund Society, FSB 

d/b/a Christiana Trust 

500 Delaware Avenue, 11th Floor 

Wilmington, Delaware 19801 

Attention: Corporate Trust – HLSS Mortgage Master Trust 

with a copy to 

HLSS SEZ LP 

CEC City Centre (Flagship Bldg.) 

70 Harbour Drive, 3rd Flor, Unit N-301A 

P.O. Box 10315, George Town 

Grand Cayman, Cayman Islands 

Attention: General Counsel, Re: HLSS Mortgage Master Trust 

or such other address as may hereafter be furnished to Seller and Servicer in writing by Purchaser. 

Notwithstanding the foregoing, any demand, notice, consent, waiver or communication may be given by any other means if the parties hereto
agree to such alternative means in writing. 
 Section 12.7. Severability of Provisions 

If any one or more of the covenants, agreements, provisions, or terms of this Agreement shall be held invalid for any reason whatsoever, then
such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements,
provisions, or terms of this Agreement or the rights of the parties hereunder. If the invalidity of any part, provision, representation or warranty of this Agreement shall deprive any party of the economic benefit intended to be conferred by this
Agreement, the parties shall negotiate in good faith to develop a structure the economic effect of which is as nearly as possible the same as the economic effect of this Agreement without regard to such invalidity. 

Section 12.8. Counterparts; Successors and Assigns 

This Agreement may be executed in one or more counterparts, and by the different parties hereto on separate counterparts, each of which, when
so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same agreement. This Agreement shall inure to the benefit of and be binding upon Seller, Servicer and Purchaser. 

  
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 Section 12.9. Effect of Headings 

The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 12.10. Other Agreements Superseded; Entire Agreement; Third Party Beneficiary 

This Agreement supersedes all prior agreements and understandings relating to the subject matter hereof. This Agreement delivered or entered
into pursuant hereto constitutes the entire agreement of the parties with respect to the subject matter hereof. It is understood and agreed among the parties that this Agreement and the covenants made herein are made expressly and solely for the
benefit of the parties hereto, and that no other Person (other than OMS and any purchaser under a Master Repurchase Agreement applicable to a Mortgage Loan or group of Mortgage Loans, each of which shall (so long has any obligations or the Purchaser
or any of its affiliates remain outstanding under the related Master Repurchase Agreement) be a third party beneficiary of this Agreement), shall be entitled or be deemed to be entitled to any benefits or rights hereunder or be authorized or
entitled to enforce any rights, claims or remedies hereunder or by reason hereof. 
 Section 12.11. Survival 

Except as provided in Section 3.3, the representations, warranties, indemnities, covenants and agreements of the parties provided in this
Agreement and the parties’ obligations hereunder shall survive the execution and delivery and the termination or expiration of this Agreement. 

Section 12.12. Intention of the Parties 

It is the express intention of the Seller and the Purchaser that the transactions contemplated by this Agreement be, and be construed as, a
sale of the Mortgage Loans by the Seller and not a pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or other obligation of the Seller. Consequently, the sale of each Mortgage Loan shall be reflected as a sale on the
Seller’s and the Purchaser’s business records, tax returns and financial statements. 
 Section 12.13. Costs 

Each party will pay all of its own costs, fees, and expenses incurred (including the fees of its attorneys) in connection with the
negotiations for, documenting of and closing of the transactions contemplated by this Agreement. 
 Section 12.14. Limitation on
Liability of Trustee 
 It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and
delivered by Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust, not individually or personally but solely as the trustee for the Purchaser, in the exercise of the 

  
 – 36 – 

 
powers and authority conferred and vested in it, (b) the representations, undertakings and agreements herein or in any other agreement related hereto, as applicable, made on the part of the
Purchaser are made and intended not as personal representations, undertakings and agreements by Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust but are made and intended for the purpose of binding only the Purchaser, (c) nothing
herein contained or in any other agreement related hereto shall be construed as creating any liability on Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust, individually or personally, to perform any covenant either expressed or implied
contained herein or therein, as applicable, all such liability, if any, being expressly waived by the parties who are signatories to this Agreement and any other related agreement and by any person claiming by, through or under such parties and
(d) under no circumstances shall Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust be personally liable for the payment of any indebtedness or expenses of the Purchaser or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Purchaser under this Agreement and any other agreement related hereto. 

Section 12.15. Waiver of Jury Trial 

Each party hereby knowingly, voluntarily and intentionally, waives (to the extent permitted by applicable law) any right it may have to a
trial by jury of any dispute arising under or relating to this Agreement and agrees that any such dispute shall be tried before a judge sitting without a jury. 

Section 12.16. Exhibits and Schedules 

The exhibits and schedules to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. 

Section 12.17. No Special Damages 

Except to the extent necessary to reimburse an indemnified party for judgments actually awarded to third parties, in no event shall any party
hereto be liable for any indirect damages, including consequential, incidental, exemplary or special damages, or any punitive damages. 

[Signature page follows] 

  
 – 37 – 

 TO WITNESS THIS, the Seller, Servicer and Purchaser have caused their names to be signed
to this Agreement by their duly authorized respective officers as of the day and year first above written. 
  

			
	OCWEN LOAN SERVICING, LLC,
	as Seller and Servicer
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	HLSS MORTGAGE MASTER TRUST, as Purchaser

		
	By:	 	Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust, not in its individual capacity but solely as trustee
		 
		 
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT A

CONTENTS OF CREDIT FILE 

With respect to each Mortgage Loan, the Credit File may include each of the following items if in Seller’s possession: 

 

	 	1.	Copy of survey of the Mortgaged Property. 

  

	 	2.	Copy of each instrument necessary to complete identification of any exception set forth in the exception schedule in the title policy (i.e., map or plat, restrictions, easements, sewer agreements, home association
declarations, etc.). 

  

	 	3.	Evidence of a hazard insurance policy and, if required by law, a flood insurance policy, with extended coverage of the hazard insurance policy. (Note: Evidence shall be maintained by Seller in electronic form. Seller
shall produce a paper copy of such evidence upon request by Purchaser.) 

  

	 	4.	Mortgage Loan closing statement (Form HUD-1) and any other truth-in-lending or real estate
settlement procedure forms required by law. 

  

	 	5.	Residential loan application. 

  

	 	6.	Verification of employment and income (if required pursuant to the originator’s underwriting criteria at the time of origination). 

 

	 	7.	Verification of acceptable evidence of source and amount of down payment (to the extent required under the originator’s underwriting guidelines at the time of origination). 

 

	 	8.	Credit report on the Mortgagor. 

  

	 	9.	Residential appraisal report. 

  

	 	10.	Photograph of the property. 

  

	 	11.	Executed disclosure statement. 

  

	 	12.	Insurance premium receipts, tax receipts, ledger sheets, payment records, insurance claim files and correspondence, correspondence, current and historical computerized data files, underwriting standards used for
origination, and all other papers and records developed or originated by Seller or others required to document the Mortgage Loan or to service the Mortgage Loan, as available. 

	 	13.	A copy or an imaged copy on CD-ROM of the policy of title insurance, including any endorsements thereto or marked commitment (or if such policy has not yet been issued by the insurer, the preliminary title report).

  

	 	14.	A copy or an imaged copy on CD-ROM of the executed Power of Attorney, if any. 

 EXHIBIT B 

[RESERVED] 

 EXHIBIT C 

WHOLE LOAN TRANSFER INFORMATION 

Purchaser shall provide to Seller the following information with respect to each Mortgage Loan that is to be included in a Whole Loan
Transfer: 
 Investor Code 
 Seller Loan Number 

Investor Loan Number 
 Last paid installment 

Scheduled Payment 
 Scheduled Interest Rate 

Servicing Fee 
 Unpaid Principal Balance 

 EXHIBIT D 

[RESERVED] 

 EXHIBIT E 

[RESERVED] 

 EXHIBIT F 

FORM OF COMMITMENT LETTER 

COMMITMENT LETTER 
 THIS
COMMITMENT LETTER, dated as of                     , 200     (this “Commitment Letter”), is hereby executed by
and between OCWEN LOAN SERVICING, LLC, as seller (the “Seller”) and HLSS MORTGAGE MASTER TRUST, as purchaser (the “Purchaser”) pursuant to the terms of the Mortgage Loan Purchaser and Servicing Agreement, dated as
of March 3, 2014 (the “MLPA”), all the provisions of which are incorporated herein and shall be a part of this Commitment Letter as if set forth herein in full (this Commitment Letter together with the MLPA so incorporated, the
“Agreement”). 
 PRELIMINARY STATEMENT 

Purchaser has agreed to purchase from Seller and Seller has agreed to sell to Purchaser, on a servicing retained basis and without
recourse, a 100% undivided ownership interest in a pool of Mortgage Loans (the “Purchased Mortgage Loans”) having an aggregate Cut-Off Date Principal Balance as of the Cut-off Date of
$             as described in the Mortgage Loan Schedule attached hereto as Schedule I. The Mortgage Loans are subject to the Collateral Exceptions Report attached hereto as
Schedule II.  
 In consideration of the premises and the mutual agreements hereinafter set forth, and intending to be legally
bound, Purchaser and Seller agree hereby as follows: 
  

	1.	MLPA; Designation. 

 Seller and Purchaser acknowledge that the MLPA prescribes certain
obligations of Seller and Purchaser with respect to the Purchased Mortgage Loans. Seller and Purchaser each agree to observe and perform such prescribed duties, responsibilities and obligations, and acknowledge that the MLPA is and shall be a part
of this Agreement to the same extent as if set forth herein in full. 
 Seller and Purchaser hereby acknowledge and agree that the Purchase
Price for the Purchased Mortgage Loans and the compensation payable to Servicer have been structure to take into account the Servicer’s obligations pursuant to Section 7.1 of the MLPA. 

	2.	Defined Terms. 

 In addition to the definitions set forth in Article I of the MLPA, the
following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article. 
 Aggregate
Purchase Price: $            . 
 Closing Date:
                    , 200    . 

Custodian:                     .

 Cut-off Date:
                    , 20    . 

Initial Remittance Date:
                    . 
 Master
Repurchase Agreement:                     . 

MRA Purchaser:
                    . 
 Purchase
Price Percentage:                     . 

Servicing Fee Rate:
                    . 
  

	3.	Conveyance of Mortgage Loans; Possession of Mortgage Files. 

 Seller, simultaneously with
the execution and delivery of this Commitment Letter, does hereby absolutely sell, transfer and assign, without recourse, except as set forth in the MLPA, to Purchaser the ownership interest comprising all of the right, title and interest of the
Seller in and to the Purchased Mortgage Loans on a servicing retained basis and all principal, interest and other proceeds of any kind received with respect to the Purchased Mortgage Loans, including but not limited to proceeds derived from the
conversion, voluntary or involuntary, of any of such assets into cash or other liquidated property. The ownership of the Purchased Mortgage Loans is vested in Purchaser and the ownership of all records and documents with respect to the Purchased
Mortgage Loans prepared by or which come into the possession of either Seller shall immediately vest in Purchaser and shall be retained and maintained, in trust, by the Servicer. The sale of the Mortgage Loans shall be reflected as a sale on the
Seller’s business records, tax returns and financial statements. 
  

	4.	Master Repurchase Agreement Applicable to Mortgage Loans. 

 Purchaser hereby notifies
that Seller and Servicer that Purchaser is a party to the Master Repurchase Agreement. Pursuant to the terms of the Master Repurchase Agreement, the Purchased Mortgage Loans will from time to time be transferred to the MRA Purchaser. Purchaser shall
provide Seller and Servicer with a copy of the Master Repurchase Agreement, and shall notify Servicer of any Purchased Mortgage Loan that is repurchased by the Purchaser in accordance with the terms of the Master Repurchase Agreement. 

Purchaser hereby instructs the Servicer to mark its books to reflect that the Purchased Mortgage Loans are subject to the Master Repurchase
Agreement and to remit all amounts collected or advanced with respect to the Purchased Mortgage Loans to the MRA Purchaser and 

 
the Purchaser as is specified under the Master Repurchase Agreement. Such remittances shall be made in accordance with the Master Repurchase Agreement until the Servicer receives notice in
writing from the Purchaser and the MRA Purchaser that one or more Purchased Mortgage Loans is no longer subject to the Master Repurchase Agreement. Upon receipt of such notice, the Servicer shall mark its books and records to indicate that such
Purchased Mortgage Loans are no longer such to the Master Repurchase Agreement. 
 For the avoidance of doubt, to the extent the Purchaser
makes representations or warranties with respect to the Mortgage Loans under a MRA, the Seller shall not be responsible for such representations or warranties; provided, however, that this sentence shall not be deemed to limit the Seller’s
liability for the representations it makes under the MLPA. 
  

	5.	Counterparts. 

 This Commitment Letter may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. 
  

	6.	Governing Law; Waiver of Jury Trial; Limitation on Damages. 

 This Commitment Letter
shall be governed by and construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. THE PARTIES HEREBY KNOWINGLY AND
VOLUNTARILY WAIVE ANY RIGHT WHICH EITHER OR BOTH OF THEM MAY HAVE TO RECEIVE A TRIAL BY JURY WITH RESPECT TO ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING OUT OF OR WHICH RELATE TO THIS AGREEMENT OR THE SUBJECT MATTER HEREOF. UNDER NO CIRCUMSTANCES,
HOWEVER, SHALL EITHER PARTY BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES WHETHER IN CONTRACT, TORT, STATUTE OR UNDER ANY OTHER LEGAL OR EQUITABLE PRINCIPLE. 

 

	7.	Amendment. 

 This Commitment Letter may be amended from time to time by the Seller and
Purchaser by written agreement signed by the Seller and Purchaser. 
  

	8.	Limitation of Liability of Trustee. 

 It is expressly understood and agreed by the
parties hereto that (a) this Commitment Letter is executed and delivered by Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust, not individually or personally but solely as the trustee for the Purchaser, in the exercise of the powers
and authority conferred and vested in it, (b) the representations, undertakings and agreements herein or in any other agreement related hereto, as applicable, made on the part of the Purchaser are made and intended not as personal
representations, undertakings and agreements by Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust but are made and intended for the purpose of binding only the Purchaser, (c) nothing herein contained or in any other agreement related
hereto shall be construed as creating any liability on Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust, individually or personally, to perform any 

 
covenant either expressed or implied contained herein or therein, as applicable, all such liability, if any, being expressly waived by the parties who are signatories to this Commitment Letter
and any other related agreement and by any person claiming by, through or under such parties and (d) under no circumstances shall Wilmington Savings Fund Society, FSB, d/b/a Christiana Trust be personally liable for the payment of any
indebtedness or expenses of the Purchaser or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Purchaser under this Commitment Letter and any other agreement related hereto. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the Seller and Purchaser have caused their names to be signed hereto by their
respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 OCWEN LOAN SERVICING, LLC, as Seller

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	 HLSS MORTGAGE MASTER TRUST, as Purchaser

		
	By	 	 Wilmington Savings Fund Society, FSB
 d/b/a
Christiana Trust, not in its individual
 capacity but solely as Trustee

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 SCHEDULE I 

MORTGAGE LOAN SCHEDULE 

[SEE ATTACHMENT] 

 SCHEDULE II 

COLLATERAL EXCEPTIONS REPORT 

[SEE ATTACHMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]