Document:

Series 2014-T2 Indenture Supplement, dated as of March 18, 2014

 Exhibit 4.11 

EXECUTION COPY 
  

 
  

NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST 

as Issuer 
 and 

WELLS FARGO BANK, N.A., 
 as
Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary 
 and 

NATIONSTAR MORTGAGE LLC, 
 as a
Subservicer (on and after the respective MSR Transfer Dates) and as Servicer (prior to the 
 respective MSR Transfer Dates) 

and 
 ADVANCE PURCHASER LLC, 

as Administrator and as Servicer (on and after the respective MSR Transfer Dates) 

and 
 CREDIT SUISSE AG, NEW YORK
BRANCH 
 as Administrative Agent 
  

 
 SERIES 2014-T2

 INDENTURE SUPPLEMENT 
 Dated
as of March 18, 2014 
 to 

INDENTURE 
 Dated as of
March 18, 2014 
 ADVANCE RECEIVABLES BACKED NOTES, 

SERIES 2014-T2 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	SECTION 1.	 	CREATION OF SERIES 2014-T2 NOTES	  	 	1	  
			
	SECTION 2.	 	DEFINED TERMS	  	 	2	  
			
	SECTION 3.	 	FORMS OF SERIES 2014-T2 NOTES; TRANSFER RESTRICTIONS	  	 	16	  
			
	SECTION 4.	 	COLLATERAL VALUE EXCLUSIONS	  	 	18	  
			
	SECTION 5.	 	SERIES 2014-T2 RESERVE ACCOUNT	  	 	21	  
			
	SECTION 6.	 	PAYMENTS; NOTE BALANCE INCREASES; EARLY MATURITY	  	 	22	  
			
	SECTION 7.	 	OPTIONAL REDEMPTIONS AND REFINANCING	  	 	23	  
			
	SECTION 8.	 	[RESERVED]	  	 	24	  
			
	SECTION 9.	 	SERIES REPORTS	  	 	24	  
			
	SECTION 10.	 	CONDITIONS PRECEDENT SATISFIED	  	 	26	  
			
	SECTION 11.	 	REPRESENTATIONS AND WARRANTIES	  	 	26	  
			
	SECTION 12.	 	AMENDMENTS	  	 	26	  
			
	SECTION 13.	 	COUNTERPARTS	  	 	27	  
			
	SECTION 14.	 	ENTIRE AGREEMENT	  	 	27	  
			
	SECTION 15.	 	LIMITED RECOURSE	  	 	27	  
			
	SECTION 16.	 	OWNER TRUSTEE LIMITATION OF LIABILITY	  	 	27	  

 THIS SERIES 2014-T2 INDENTURE SUPPLEMENT (this “Indenture Supplement”), dated as
of March 18, 2014, is made by and among NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), WELLS FARGO BANK, N.A., a national banking association, as
trustee (the “Indenture Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities
Intermediary”), ADVANCE PURCHASER LLC, a limited liability company organized under the laws of the State of Delaware (“Advance Purchaser”), as Administrator on behalf of the Issuer, as owner of certain rights associated
with the servicing rights under the Designated Servicing Agreements, and, from and after the respective MSR Transfer Dates for each Designated Servicing Agreement, as servicer under such Designated Servicing Agreement, NATIONSTAR MORTGAGE LLC, a
limited liability company organized in the State of Delaware (“Nationstar”), as a Subservicer on and after the respective MSR Transfer Dates and as servicer for each Designated Servicing Agreement prior to the respective MSR
Transfer Dates, and CREDIT SUISSE AG, NEW YORK BRANCH (“Credit Suisse”), as Administrative Agent (as defined below). This Indenture Supplement relates to and is executed pursuant to that certain Indenture (as amended, supplemented,
restated or otherwise modified from time to time, the “Base Indenture”) supplemented hereby, dated as of March 18, 2014, among the Issuer, Nationstar, Advance Purchaser, the Indenture Trustee, the Calculation Agent, the Paying
Agent, the Securities Intermediary, Credit Suisse, as an Administrative Agent, Barclays Bank PLC (“Barclays”), as an Administrative Agent, Natixis, New York Branch (“Natixis”), as an Administrative Agent and
Morgan Stanley Bank, N.A. (“Morgan Stanley”), as an Administrative Agent and the “Administrative Agents” from time to time parties thereto, all the provisions of which are incorporated herein as modified hereby and shall
be a part of this Indenture Supplement as if set forth herein in full (the Base Indenture as so supplemented by this Indenture Supplement being referred to as the “Indenture”). 

Capitalized terms used and not otherwise defined herein shall have the respective meanings given them in the Base Indenture. 

PRELIMINARY STATEMENT 

The Issuer has duly authorized the issuance of a Series of Notes, the “New Residential Advance Receivables Trust 2014-T2 Advance
Receivables Backed Notes, Series 2014-T2 Notes” (the “Series 2014-T2 Notes”). The parties are entering this Indenture Supplement to document the terms of the issuance of the Series 2014-T2 Notes pursuant to the Base Indenture,
which provides for the issuance of Notes in multiple series from time to time. 
 Section 1. Creation of Series 2014-T2 Notes.

 There are hereby created, effective as of the Issuance Date, the Series 2014-T2 Notes, to be issued pursuant to the Base Indenture and
this Indenture Supplement, to be known as “New Residential Advance Receivables Trust 2014-T2 Advance Receivables Backed Notes, Series 2014-T2 Notes.” The Series 2014-T2 Notes shall not be subordinated to any other Series of Notes. The
Series 2014-T2 Notes are issued in seven (7) Classes of Term Notes (Class A-T2, Class B-T2, Class C-T2, Class D-T2, Class E-T2, Class F-T2, and Class G-T2), with the Initial Note Balances, Stated Maturity Dates, Revolving Periods, Note Interest
Rates, Expected 

 
Repayment Dates and other terms as specified in this Indenture Supplement. The Series 2014-T2 Notes shall be secured by the Trust Estate Granted to the Indenture Trustee pursuant to the Base
Indenture. The Indenture Trustee shall hold the Trust Estate as collateral security for the benefit of the Noteholders of the Series 2014-T2 Notes and all other Series of Notes issued under the Base Indenture as described therein. In the event that
any term or provision contained herein with respect to the Series 2014-T2 Notes shall conflict with or be inconsistent with any term or provision contained in the Base Indenture, the terms and provisions of this Indenture Supplement shall govern to
the extent of such conflict. 
 Section 2. Defined Terms. 

With respect to the Series 2014-T2 Notes and in addition to or in replacement for the definitions set forth in Section 1.1 of the Base
Indenture, the following definitions shall be assigned to the defined terms set forth below: 
 “Administrative Agent”
means, for so long as the Series 2014-T2 Notes have not been paid in full: (i) with respect to the provisions of this Indenture Supplement, Credit Suisse or an Affiliate or successor thereto; and (ii) with respect to the provisions of the
Base Indenture, and notwithstanding the terms and provisions of any other Indenture Supplement, together, Credit Suisse, Barclays, Natixis, Morgan Stanley and such other parties as set forth in any other Indenture Supplement, or a respective
Affiliate or any respective successor thereto. For the avoidance of doubt, reference to “it” or “its” with respect to the Administrative Agent in the Base Indenture shall mean “them” and “their,” and reference
to the singular therein in relation to the Administrative Agent shall be construed as if plural. 
 “Advance Purchaser” has
the meaning assigned to such term in the Preamble. 
 “Advance Rates” means, with respect to the Series 2014-T2 Notes, on
any date of determination with respect to each Receivable included in the Trust Estate, the percentage amount based on the Advance Type of such Receivable, as set forth in the table below, subject to amendment by mutual agreement of the
Administrative Agent and the Administrator, and with consultation with each Note Rating Agency; provided, that the Advance Rate for any Receivable related to any Class of Notes shall be zero if such Receivable is not a Facility Eligible
Receivable: 

  
 2 

					
	 Series 2014-T2 Advance Rates (1)(2)

			
	 Class A-T2
	  	 	 	 
	 Advance Type / Type of Advance
	  	Non-Loan-Level	 	Loan-Level
	 Non-Judicial P&I Advances
	  	89.50%	 	89.50%
	 Judicial P&I Advances
	  	86.50%	 	86.50%
	 Non-Judicial Escrow Advances
	  	89.25%	 	89.00%
	 Judicial Escrow Advances
	  	81.00%	 	85.00%
	 Non-Judicial Corporate Advances
	  	86.25%	 	83.25%
	 Judicial Corporate Advances
	  	77.00%	 	73.50%
	 Non-Judicial Deferred Servicing Fees
	  	89.50%	 	89.50%
	 Judicial Deferred Servicing Fees
	  	86.50%	 	86.50%
			
	 Class B-T2
	  	 	 	 
	 Advance Type / Type of Advance
	  	Non-Loan-Level	 	Loan-Level
	 Non-Judicial P&I Advances
	  	91.50%	 	91.50%
	 Judicial P&I Advances
	  	89.50%	 	89.50%
	 Non-Judicial Escrow Advances
	  	91.50%	 	91.25%
	 Judicial Escrow Advances
	  	86.50%	 	88.50%
	 Non-Judicial Corporate Advances
	  	89.50%	 	87.50%
	 Judicial Corporate Advances
	  	83.75%	 	81.75%
	 Non-Judicial Deferred Servicing Fees
	  	91.50%	 	91.50%
	 Judicial Deferred Servicing Fees
	  	89.50%	 	89.50%
			
	 Class C-T2
	  	 	 	 
	 Advance Type / Type of Advance
	  	Non-Loan-Level	 	Loan-Level
	 Non-Judicial P&I Advances
	  	92.50%	 	92.50%
	 Judicial P&I Advances
	  	90.75%	 	90.75%
	 Non-Judicial Escrow Advances
	  	92.50%	 	92.25%
	 Judicial Escrow Advances
	  	89.00%	 	90.25%
	 Non-Judicial Corporate Advances
	  	91.00%	 	89.50%
	 Judicial Corporate Advances
	  	87.00%	 	85.50%
	 Non-Judicial Deferred Servicing Fees
	  	92.50%	 	92.50%
	 Judicial Deferred Servicing Fees
	  	90.75%	 	90.75%

  
 3 

					
	 Series 2014-T2 Advance Rates (1)(2)

			
	 Class D-T2
	  	 	 	 
	 Advance Type / Type of Advance
	  	Non-Loan-Level	 	Loan-Level
	 Non-Judicial P&I Advances
	  	93.50%	 	93.50%
	 Judicial P&I Advances
	  	92.00%	 	92.00%
	 Non-Judicial Escrow Advances
	  	93.50%	 	93.25%
	 Judicial Escrow Advances
	  	91.50%	 	91.75%
	 Non-Judicial Corporate Advances
	  	92.50%	 	91.50%
	 Judicial Corporate Advances
	  	90.25%	 	89.25%
	 Non-Judicial Deferred Servicing Fees
	  	93.50%	 	93.50%
	 Judicial Deferred Servicing Fees
	  	92.00%	 	92.00%
			
	 Class E-T2
	  	 	 	 
	 Advance Type / Type of Advance
	  	Non-Loan-Level	 	Loan-Level
	 Non-Judicial P&I Advances
	  	94.00%	 	94.00%
	 Judicial P&I Advances
	  	92.50%	 	92.50%
	 Non-Judicial Escrow Advances
	  	93.75%	 	93.50%
	 Judicial Escrow Advances
	  	92.25%	 	92.50%
	 Non-Judicial Corporate Advances
	  	93.00%	 	92.25%
	 Judicial Corporate Advances
	  	91.50%	 	90.75%
	 Non-Judicial Deferred Servicing Fees
	  	94.00%	 	94.00%
	 Judicial Deferred Servicing Fees
	  	92.50%	 	92.50%
			
	 Class F-T2
	  	 	 	 
	 Advance Type / Type of Advance
	  	Non-Loan-Level	 	Loan-Level
	 Non-Judicial P&I Advances
	  	94.25%	 	94.25%
	 Judicial P&I Advances
	  	93.00%	 	93.00%
	 Non-Judicial Escrow Advances
	  	94.00%	 	93.75%
	 Judicial Escrow Advances
	  	92.75%	 	93.00%
	 Non-Judicial Corporate Advances
	  	93.50%	 	93.00%
	 Judicial Corporate Advances
	  	92.25%	 	91.75%
	 Non-Judicial Deferred Servicing Fees
	  	94.25%	 	94.25%
	 Judicial Deferred Servicing Fees
	  	93.00%	 	93.00%

  
 4 

					
	 Series 2014-T2 Advance Rates (1)(2)

			
	 Class G-T2
	  	 	 	 
	 Advance Type / Type of Advance
	  	Non-Loan-Level	 	Loan-Level
	 Non-Judicial P&I Advances
	  	95.50%	 	95.50%
	 Judicial P&I Advances
	  	95.50%	 	95.50%
	 Non-Judicial Escrow Advances
	  	95.50%	 	95.50%
	 Judicial Escrow Advances
	  	95.50%	 	95.50%
	 Non-Judicial Corporate Advances
	  	95.50%	 	95.50%
	 Judicial Corporate Advances
	  	95.50%	 	95.50%
	 Non-Judicial Deferred Servicing Fees
	  	95.50%	 	95.50%
	 Judicial Deferred Servicing Fees
	  	95.50%	 	95.50%

  

	(1)	The Advance Rates set forth above shall be applicable both to Advance Types attributable to Receivables that are not Second-Lien Receivables and Advance Types attributable to Second-Lien Receivables (in all cases
subject to the following footnote (2)). 

	(2)	The Advance Rate for Non-Judicial P&I Advances (Loan-Level), Judicial P&I Advances (Loan-Level), Judicial Deferred Servicing Fees (Non-Loan-Level), Non-Judicial Deferred Servicing Fees (Non-Loan-Level), Judicial
Deferred Servicing Fees (Loan-Level) and Non-Judicial Deferred Servicing Fees (Loan-Level) is 0.00% until the Note Rating Agency determines that Advance Rates greater than 0.00% with respect thereto will not have a Ratings Effect, whereupon the
Advance Rates for such Non-Judicial P&I Advances (Loan-Level), Judicial P&I Advances (Loan-Level), Judicial Deferred Servicing Fees (Non-Loan-Level), Non-Judicial Deferred Servicing Fees (Non-Loan-Level), Judicial Deferred Servicing Fees
(Loan-Level) and Non-Judicial Deferred Servicing Fees (Loan-Level) shall be the lower of the applicable Advance Rates set forth above or the applicable Advance Rates provided by the Note Rating Agency at the time it makes its determination described
above regarding no Ratings Effect. 

 “Advance Ratio” means, as of any date of determination with respect to
any Designated Servicing Agreement, the ratio (expressed as a percentage), calculated as of the last day of the calendar month immediately preceding the calendar month in which such date occurs, of (i) the Stressed Nonrecoverable Advance Amount
of all Mortgage Loans (other than any Mortgage Loans that generate Receivables that are Second-Lien Receivables or any Mortgage Loans that are attributable to Small Threshold Servicing Agreements) serviced pursuant to the related Designated
Servicing Agreement on such date over (ii) the aggregate monthly scheduled principal and interest payments for the calendar month immediately preceding the calendar month in which such date occurs with respect to all Mortgage Loans that are not
Delinquent serviced pursuant to the related Designated Servicing Agreement. 
 “Advance to UPB Ratio” means, as of any date
of determination with respect to any Designated Servicing Agreement, the ratio (expressed as a percentage), of (i) the aggregate dollar amount of Advances as of such date that have not been reimbursed to the Servicer arising under the related
Designated Servicing Agreement over (ii) the aggregate unpaid principal balance of all Mortgage Loans that are not Delinquent serviced pursuant to the related Designated Servicing Agreement as of such date. 

  
 5 

 “Applicable Rating” means the rating assigned to each Class of the Series
2014-T2 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below: 
  

	 	(i)	Class A-T2: AAA(sf); 

  

	 	(ii)	Class B-T2: AA(sf); 

  

	 	(iii)	Class C-T2: A(sf); 

  

	 	(iv)	Class D-T2: BBB (sf); 

  

	 	(v)	Class E-T2: BB(sf); 

  

	 	(vi)	Class F-T2: B(sf); and 

  

	 	(vii)	Class G-T2: Unrated. 

 “Backstopped Advance Receivable” is a Receivable that
is the right to reimbursement for any Advance that, pursuant to the terms of the related Servicing Agreement, is reimbursable pursuant to a General Collections Backstop, either immediately or if not recoverable out of collections or proceeds of the
related Mortgage Loan. 
 “Base Indenture” has the meaning assigned to such term in the Preamble. 

“Class A-T2 Term Notes” or “Class A-T2 Notes” means, the Term Notes, Class A-T2, issued hereunder by
the Issuer, having an Initial Note Balance of $459,500,000, or any Term Notes issued in replacement thereof pursuant to Section 6(e) of this Indenture Supplement. 

“Class B-T2 Term Notes” or “Class B-T2 Notes” means, the Term Notes, Class B-T2, issued hereunder by the
Issuer, having an Initial Note Balance of $18,400,000, or any Term Notes issued in replacement thereof pursuant to Section 6(e) of this Indenture Supplement. 

“Class C-T2 Term Notes” or “Class C-T2 Notes” means, the Term Notes, Class C-T2, issued hereunder by the
Issuer, having an Initial Note Balance of $8,400,000, or any Term Notes issued in replacement thereof pursuant to Section 6(e) of this Indenture Supplement. 

“Class D-T2 Term Notes” or “Class D-T2 Notes” means, the Term Notes, Class D-T2, issued hereunder by the
Issuer, having an Initial Note Balance of $8,400,000, or any Term Notes issued in replacement thereof pursuant to Section 6(e) of this Indenture Supplement. 

“Class E-T2 Term Notes” or “Class E-T2 Notes” means, the Term Notes, Class E-T2, issued hereunder by the
Issuer, having an Initial Note Balance of $3,100,000, or any Term Notes issued in replacement thereof pursuant to Section 6(e) of this Indenture Supplement. 

“Class F-T2 Term Notes” or “Class F-T2 Notes” means, the Term Notes, Class F-T2 issued hereunder by the
Issuer, having an Initial Note Balance of $2,200,000, or any Term Notes issued in replacement thereof pursuant to Section 6(e) of this Indenture Supplement. 

  
 6 

 “Class G-T2 Term Notes” or “Class G-T2 Notes” means, the Term
Notes, Class G-T2 issued hereunder by the Issuer, having an Initial Note Balance of $11,600,000, or any Term Notes issued in replacement thereof pursuant to Section 6(e) of this Indenture Supplement. 

“Corporate Trust Office” means the principal corporate trust offices of the Indenture Trustee at which at any particular time
its corporate trust business with respect to the Issuer shall be administered, which offices at the Closing Date are located at (i) for Note transfer purposes, Wells Fargo Center, Sixth and Marquette Avenue, Minneapolis, Minnesota 55479-0113,
Attention: Client Manager, New Residential Advance Receivables Trust, Series 2014-T2, and (ii) for all other purposes, 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Client Manager, New Residential Advance Receivables Trust,
Series 2014-T2. 
 “Cumulative Interest Shortfall Amount Rate” means, with respect to each Class of Series 2014-T2 Notes,
3.00% per annum. 
 “Default Supplemental Fee” means, for each Class of Series 2014-T2 Notes and each Payment Date
following an Event of Default and on the date of final payment of such Class (if an Event of Default is continuing on such final payment date), a fee equal to the product of the Default Supplemental Fee Rate multiplied by the Note Balance at
the close of business on the prior Payment Date multiplied by a fraction, the numerator of which equals 30 (or, if the Event of Default has occurred subsequent to the prior Payment Date, the number of days elapsed from and including the day of the
occurrence of the Event of Default) and the denominator of which equals 360. 
 “Default Supplemental Fee Rate” means, with
respect to each Class of Series 2014-T2 Notes, 3.00% per annum. 
 “Delinquent” means for any Mortgage Loan, any
Monthly Payment due thereon is not made by the close of business on the day such Monthly Payment is required to be paid and remains unpaid for more than 30 days. 

“ERD Supplemental Fee” means, for each Class of the Series 2014-T2 Notes and each Payment Date from and after the Expected
Repayment Date, if the Notes of such Class have not been refinanced on or before the Expected Repayment Date only for such periods as the Notes of such Class are Outstanding and for so long as the Notes of such Class have a Note Balance greater than
$0, a fee equal to the product of (i) the ERD Supplemental Fee Rate multiplied by (ii) a fraction, the numerator of which equals 30 (or, if the Expected Repayment Date has occurred subsequent to the prior Payment Date, the number of
days elapsed from and including such Expected Repayment Date) and the denominator of which equals 360 multiplied by (iii) the Note Balance of such Class of Series 2014-T2 Notes as of the close of business on the preceding Payment Date.

 “ERD Supplemental Fee Rate” means, with respect to each Class of Series 2014-T2 Notes, 1.00% per annum. 

“Expected Repayment Date” means, for each Class of the Series 2014-T2 Notes, March 15, 2017. 

  
 7 

 “Expense Rate” means, as of any date of determination, with respect to the
Series 2014-T2 Notes, the percentage equivalent of a fraction, (i) the numerator of which equals the sum of (1) the product of the Series Allocation Percentage for such Series multiplied by the aggregate amount of Fees due and
payable by the Issuer on the next succeeding Payment Date plus (2) the product of the Series Allocation Percentage for such Series multiplied by any expenses payable or reimbursable by the Issuer on the next succeeding Payment
Date, up to the applicable Expense Limit, if any, prior to any payments to the Noteholders of the Series 2014-T2 Notes, pursuant to the terms and provisions of this Indenture Supplement, the Base Indenture or any other Transaction Document that have
been invoiced to the Indenture Trustee and the Administrator, plus (3) the aggregate amount of related Series Fees payable by the Issuer with respect to the Series 2014-T2 Notes on the next succeeding Payment Date and (ii) the
denominator of which equals the sum of the outstanding Note Balances of all Series 2014-T2 Notes at the close of business on such date. 

“Initial Note Balance” means, for any Class of Notes, the Note Balance of such Class upon issuance, as set forth below: 

 

	 	(i)	Class A-T2: $459,500,000, 

  

	 	(ii)	Class B-T2: $18,400,000, 

  

	 	(iii)	Class C-T2: $8,400,000, 

  

	 	(iv)	Class D-T2: $8,400,000, 

  

	 	(v)	Class E-T2: $3,100,000, 

  

	 	(vi)	Class F-T2: $2,200,000, and 

  

	 	(vii)	Class G-T2: $11,600,000. 

 “Initial Payment Date” means April 15, 2014.

 “Interest Accrual Period” means, for the Series 2014-T2 Notes and any Payment Date, the period beginning on the
immediately preceding Payment Date (or, in the case of the first Payment Date, the Issuance Date) and ending on the day immediately preceding the current Payment Date. The Interest Payment Amount for the Series 2014-T2 Notes on any Payment Date
shall be determined based on the Interest Day Count Convention. 
 “Interest Day Count Convention” means 30 days divided by
360 other than with respect to the Initial Payment Date, which is 27 days divided by 360. 
 “Interim Payment Date” means,
subject to the notice provisions of the Base Indenture, up to six dates each calendar month and any other date otherwise agreed to by the Issuer, the Indenture Trustee and the Administrative Agent. For the avoidance of doubt, no Interim Payment
Dates shall occur during the continuance of a Facility Early Amortization Event. 
 “Issuance Date” means March 18,
2014. 

  
 8 

 “Limited Funding Date” means, subject to the notice provisions of the Base
Indenture, any Business Day that is not a Payment Date or Interim Payment Date, at a time when no Facility Early Amortization Event shall have occurred and shall be continuing; provided, that no more than five (5) Limited Funding Dates may be
designated by the Administrator on behalf of the Issuer in any calendar month without the consent of the Administrator, the Administrative Agent and the Indenture Trustee. 

“Low Threshold Servicing Agreement” means a Designated Servicing Agreement that is not a Small Threshold Servicing Agreement
and (i) for which the underlying Mortgage Loans have an unpaid principal balance greater than or equal to $1,000,000 but less than $10,000,000, as of the end of the most recently concluded calendar month, or (ii) that relates to at least
15 but fewer than 50 Mortgage Loans, as of the end of the most recently concluded calendar month. 
 “Market Value” means,
with respect to the Mortgaged Property securing a Mortgage Loan or any REO Property, the market value of such property (determined by the Servicer in its reasonable good faith discretion, which shall be by reference to the most recent value received
by the related Subservicer (or by Nationstar as Servicer prior to the related MSR Transfer Date) with respect to such Mortgaged Property or REO Property in accordance with its servicing policies, if available) or the appraised value of the Mortgaged
Property obtained in connection with the origination of the related Mortgage Loan, if no updated valuation has been required under the Servicer’s or Subservicer’s, as the case may be, servicing policies; provided, that the Market
Value for any Mortgaged Property or REO Property shall be equal to $0 for any Mortgage Loan that is 60 or more days delinquent and the related valuation (as established by the lesser of either an appraisal, broker’s price opinion, the
Servicer’s automated valuation model or any other internal valuation methodology (including but not limited to HPI indexing) utilized by the Servicer, which is consistent with the Servicer’s servicing policies with respect to such
Mortgaged Property or REO Property) is more than six (6) months old. 
 Any valuation for purposes of this definition shall be
established by the lesser of either an appraisal, broker’s price opinion, the Subservicer’s (or Nationstar as Servicer prior to the MSR Transfer Date) automated valuation model or any other internal valuation methodology (including but not
limited to HPI indexing utilized by the Subservicer or Nationstar as Servicer prior to the MSR Transfer Date), which is consistent with the Servicer’s or Subservicer’s, as the case may be, servicing policies with respect to such Mortgaged
Property or REO Property. 
 “Market Value Ratio” means, as of any date of determination with respect to a Designated
Servicing Agreement, the ratio (expressed as a percentage) of (i) the Funded Advance Receivable Balance for such Designated Servicing Agreement on such date over (ii) the aggregate Market Value of the Mortgaged Properties and REO
Properties for the Mortgage Loans serviced under such Designated Servicing Agreement on such date. 
 “Middle Threshold Servicing
Agreement” means a Designated Servicing Agreement that is not a Small Threshold Servicing Agreement or a Low Threshold Servicing Agreement and (i) for which the underlying Mortgage Loans have an unpaid principal balance greater than or
equal to $10,000,000 but less than $25,000,000, as of the end of the most recently concluded calendar month, or (ii) that relates to at least 50 but fewer than 125 Mortgage Loans, as of the end of the most recently concluded calendar month.

  
 9 

 “Monthly Payment” means, with respect to any Mortgage Loan, the monthly
scheduled principal and interest payments required to be paid by the mortgagor on any due date with respect to such Mortgage Loan. 

“Monthly Reimbursement Rate” means, as of any date of determination, the arithmetic average of the fractions (expressed as
percentages), determined for each of the three (3) most recently concluded calendar months (or, with respect to any date of determination in the first three (3) calendar months following the Closing Date, any complete calendar month(s)
occurring after the Closing Date and prior to such date of determination), obtained by dividing (i) the aggregate Advance Reimbursement Amounts collected by the Servicer and deposited into the Trust Accounts during such calendar month by
(ii) the Funded Advance Receivable Balance of all Designated Servicing Agreements as of the close of business on the last day of such calendar month. 

“Mortgage Loan-Level Market Value Ratio” means, as of any date of determination with respect to a Mortgage Loan or REO
Property that is secured by a first lien on the related Mortgaged Property or REO Property, the ratio (expressed as a percentage) of (x) (i) with respect to Section 4(vii)(a), the aggregate Receivable Balances of all Loan-Level
Receivables and Specified Receivables outstanding with respect to such Mortgage Loan or REO Property on such date, or (ii) with respect to Section 4(vii)(b), the aggregate Receivable Balances of all Receivables outstanding with respect to
such Mortgage Loan or REO Property on such date over (y) the Market Value of such Mortgaged Property or REO Property on such date. 

“Net Proceeds Coverage Percentage” means, for any Payment Date, the percentage equivalent of a fraction, (i) the
numerator of which equals the amount of Collections on Receivables deposited into the Collection and Funding Account during the related Monthly Advance Collection Period, and (ii) the denominator of which equals the aggregate average
outstanding Note Balances of all Outstanding Notes during such Monthly Advance Collection Period. 
 “Note Interest Rate”
means, for any Class of Notes, the per annum rate set forth below: 
  

	 	(i)	Class A-T2, 2.3771%; 

  

	 	(ii)	Class B-T2, 2.6246%; 

  

	 	(iii)	Class C-T2, 2.8223%; 

  

	 	(iv)	Class D-T2, 3.3159%; 

  

	 	(v)	Class E-T2, 5.0358%; 

  

	 	(vi)	Class F-T2, 6.2568%; and 

  

	 	(vii)	Class G-T2, 7.3853%. 

 “Note Rating Agency” means, for the Series 2014-T2
Notes, S&P. 

  
 10 

 “OTP Provision” means, in respect of any Designated Servicing Agreement, any
provision permitting an optional early termination of the transactions contemplated thereunder or “clean-up call” thereunder. 

“Redeemable Notes” has the meaning assigned such term in Section 7 of this Indenture Supplement. 

“Redemption Percentage” means, for the Series 2014-T2 Notes, 10%. 

“Retained Notes” means any of the Class E-T2 Term Notes, the Class F-T2 Term Notes and the Class G-T2 Term Notes, that, on
and since the Issuance Date, are entirely beneficially owned by the sole beneficial owner of the Trust Certificate for U.S. Federal income tax purposes. 

“Series 2014-T2 Note Balance” means the aggregate Note Balance of the Series 2014-T2 Notes. 

“Series 2014-T2 Note Purchase Agreement” means that certain Note Purchase Agreement, dated on or about March 13, 2014,
by and among the Issuer, the Administrator, Barclays Capital Inc., as Initial Purchaser, Credit Suisse Securities (USA) LLC, as Initial Purchaser, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Initial Purchaser, Morgan
Stanley & Co. LLC, as Initial Purchaser, Natixis Securities Americas LLC, as Initial Purchaser, RBS Securities Inc., as Initial Purchaser and Wells Fargo Securities, LLC, as Initial Purchaser. 

“Series Reserve Required Amount” means, with respect to any Funding Date, an amount equal to four months’ interest
calculated at the applicable Note Interest Rate on the Note Balance of each Class of Series 2014-T2 Notes (in each case, calculated using a 30/360 basis) as of such Funding Date. 

“Small Threshold Servicing Agreement” means a Designated Servicing Agreement (i) for which the underlying Mortgage Loans
have an unpaid principal balance of less than $1,000,000, as of the end of the most recently concluded month, or (ii) that relates to fewer than 15 Mortgage Loans, as of the end of the most recently concluded calendar month. 

“Specified Call Premium Amount” means, as of any date of determination in respect of any Class of Redeemable Notes, the
greater of (i) $0 and (ii): 
 (a) the quotient of : 

(1) the product of: 

(x) the Note Interest Rate for such Class 

multiplied by 

(y) the outstanding Note Balance of such Class 

divided by 

  
 11 

 (2) 360 

multiplied by 
 (b) the
positive excess, if any, of 365 over the number of days from and including the date such Class was issued through and including the date on which such Class is redeemed. 

“Specified Receivable” means, at any time, any Receivables in respect of which: 

(i) the provisions of the related Designated Servicing Agreement do not expressly require such Receivable to be repaid or
reimbursed in full in connection with the exercise of any OTP Provision; 
 (ii) the Servicer is not the sole holder of the
right to initiate the optional termination or clean-up call contemplated by the related OTP Provision and the Servicer has not received a written agreement in a form acceptable to the Administrative Agent from each other holder (including any
assignee of the Servicer) of the right to initiate the optional termination or clean-up call contemplated by the related OTP Provision that such holder or holders will not initiate such optional termination or clean-up call unless all Advances and
Deferred Servicing Fees under the related Designated Servicing Agreement are reimbursed or repaid, as applicable, in the connection with such optional termination or clean-up call; 

(iii) consent of the Servicer is not required for any party to initiate optional termination or clean-up call contemplated by
the related OTP Provision; and 
 (iv) the clean-up call or optional termination contemplated by such OTP Provision under the
related Designated Servicing Agreement may be exercised at such time. 
 Receivables meeting the criteria described in clause
(i) above but in respect of which either (a) the Servicer is the sole holder of the right to initiate the optional termination or clean-up call contemplated by the related OTP Provision, (b) consent of the Servicer is required for any
other party to initiate the optional termination or clean-up call contemplated by the related OTP Provision or (c) each other holder of the right to initiate optional termination or clean-up call contemplated by the related OTP Provision has
agreed in writing in a form acceptable to the Administrative Agent not to initiate such optional termination or clean-up call unless all Advances and Deferred Servicing Fees under the related Designated Servicing Agreement are reimbursed or repaid,
as applicable, are set forth on Schedule 3 to the Base Indenture (as such Schedule 3 may be updated from time to time in accordance with the Base Indenture). 

Receivables meeting the criteria described in clauses (i), (ii) and (iii) above are set forth on Schedule 4 to the
Base Indenture (as such Schedule 4 may be updated from time to time in accordance with the Base Indenture). 
 “Stated Maturity
Date” means, for each Class of Series 2014-T2 Notes, March 15, 2047. 

  
 12 

 “Stressed Nonrecoverable Advance Amount” means, as of any date of determination,
the sum of: 
 (i) for any Mortgage Loan that is current as of such date, the greater of (A) zero and (B) the
excess of (1) the Total Backstopped Receivables related to such Mortgage Loan on such date over (2) the greater of (a) zero and (b) (i) the product of 50% and the Market Value for the related Mortgaged Property minus
(ii) the amount of any Loan-Level Receivables outstanding with respect to such Mortgaged Property; and 
 (ii) for any
Mortgage Loan that is delinquent as of such date, but not related to property in foreclosure or REO Property, the greater of (A) zero and (B) the excess of (1) the Total Backstopped Receivables related to such Mortgage Loan on such
date over (2) the greater of (a) zero and (b) (i) the product of 50% and the Market Value for the related Mortgaged Property minus (ii) the amount of any Loan-Level Receivables outstanding with respect to such Mortgaged
Property; and 
 (iii) for any Mortgage Loan that relates to a property in foreclosure, the greater of (A) zero and
(B) the excess of (1) the Total Backstopped Receivables related to such Mortgage Loan on such date over (2) the greater of (a) zero and (b) (i) the product of 50% and the Market Value for the related Mortgaged Property
minus (ii) the amount of any Loan-Level Receivables outstanding with respect to such Mortgaged Property; and 
 (iv) for
any REO Property, the greater of (A) zero and (B) the excess of (1) the Total Backstopped Receivables related to such Mortgage Loan on such date over (2) the greater of (a) zero and (b) (i) the product of 50% and
the Market Value for such REO Property minus (ii) the amount of any Loan-Level Receivables outstanding with respect to such REO Property. 

For the avoidance of doubt, this definition of “Stressed Nonrecoverable Advance Amount” shall not be applicable to any Mortgage Loan
or REO Property attributable to Small Threshold Servicing Agreements or any Mortgage Loans that generate Receivables that are Second-Lien Receivables and shall not apply to the determination of eligibility for any Loan-Level Receivables. 

“Stressed Time” means, as of any date of determination for any Class of Series 2014-T2 Notes, the percentage equivalent of a
fraction, (i) the numerator of which is one (1), and (ii) the denominator of which equals the related Stressed Time Percentage for such Class multiplied by the Monthly Reimbursement Rate on such date. 

“Stressed Time Percentage” means, for each Class, as set forth below: 

 

	 	(i)	Class A-T2, 30.50%; 

  

	 	(ii)	Class B-T2, 40.00%; 

  

	 	(iii)	Class C-T2, 47.00%; 

  

	 	(iv)	Class D-T2, 56.75%; 

  
 13 

	 	(v)	Class E-T2, 61.25%; 

  

	 	(vi)	Class F-T2, 65.25%; and 

  

	 	(vii)	Class G-T2, 96.75%. 

 “Target Amortization Amount” means, (i) for each
Class of the Series 2014-T2 Notes (other than the Class G-T2 Term Notes), one-twelfth (1/12) of the Note Balance of such Class at the close of business on the last day of its Revolving Period and (ii) for the Class G-T2 Term Notes,
(a) on any Payment Date while any other Series 2014-T2 Note is outstanding (before giving effect to any payments of principal to such Note on such Payment Date), $0 and (b) on any other Payment Date, one-twelfth (1/12) of the Note
Balance of such Class at the close of business on the last day of its Revolving Period. 
 “Target Amortization Event” for
any Class of the Series 2014-T2 Notes other than any Retained Notes, means the earlier of (A) the related Expected Repayment Date for such Class or (B) the occurrence of any of the following conditions or events, which is not waived by the
Series Required Noteholders of the Series 2014-T2 Notes: 
 (i) on any Payment Date, the arithmetic average of the Net
Proceeds Coverage Percentage determined for such Payment Date and the two preceding Payment Dates (or no preceding Payment Dates in the case of the determination on the first Payment Date, or the one preceding Payment Date, in the case of the
determination on the second Payment Date) is less than five (5) times the percentage equivalent of a fraction (A) the numerator of which equals the sum of the accrued Interest Payment Amounts for each Class of Outstanding Notes on such
date and (B) the denominator of which equals the aggregate average Note Balances of each Class of all Outstanding Notes during the related Monthly Advance Collection Period; 

(ii) the occurrence of one or more Servicer Termination Events with respect to Designated Servicing Agreements representing 15%
or more (by Mortgage Loan balance as of the date of termination) of all the Designated Servicing Agreements, but not including any Servicer Termination Events that are solely due to the breach of one or more Collateral Performance Tests or a
Servicer Ratings Downgrade; 
 (iii) the Monthly Reimbursement Rate is less than 3.00% as of any date of determination; 

(iv) any failure by the Administrator or any Sub-Administrator acting on the Administrator’s behalf to deliver any
Determination Date Report pursuant to Section 3.2 of the Base Indenture which continues unremedied for a period of thirty (30) days after a Responsible Officer of the Administrator or any Sub-Administrator acting on the
Administrator’s behalf shall have obtained actual knowledge of such failure, or shall have received written or electronic notice from the Indenture Trustee or any Noteholder of such failure; 

(v) the Issuer, the Receivables Seller, the Servicer, the Subservicer, the Depositor or the Administrator shall breach or
default in the due observance or 

  
 14 

 
performance of any of its covenants or agreements in this Indenture Supplement, the Base Indenture, or any other Transaction Document (subject to any cure period provided therein and such default
has a material adverse effect on any Noteholders of any Series 2014-T2 Notes and which material adverse effect is continuing), other than an obligation of the Receivables Seller to make an Indemnity Payment following a breach of a representation or
warranty with respect to such Receivable pursuant to Sections 4(b) or 5(b) of the Receivables Sale Agreement or any payment default described in Section 8.1 of the Base Indenture, and any such default shall continue for a period of thirty
(30) days after the earlier to occur of (a) actual discovery by a Responsible Officer of the Issuer, the Receivables Seller, the Servicer, the Subservicer, the Depositor or the Administrator, as applicable, or (b) the date on which
written or electronic notice of such failure, requiring the same to be remedied, shall have been given from the Indenture Trustee or any Noteholder to a Responsible Officer of the Issuer, the Receivables Seller, the Servicer, the Subservicer, the
Depositor or the Administrator; provided, that a breach of Sections 7(a) or 8(a) of the Receivables Sale Agreement, or Section 7(b) of the Receivables Pooling Agreement (prohibiting the Receivables Seller, the Servicer, the
Subservicer or the Depositor, as applicable, from causing or permitting Insolvency Proceedings with respect to the Depositor or the Issuer, as applicable) shall constitute an automatic Target Amortization Event; or 

(vi) if any representation or warranty of the Issuer, the Receivables Seller, the Servicer, the Subservicer, the Depositor or
the Administrator made in this Indenture Supplement, the Base Indenture, or any other Transaction Document (other than under Sections 4(b) or 5(b) of the Receivables Sale Agreement) shall prove to have been breached in any material respect as
of the time when the same shall have been made or deemed made which has a material adverse effect on the right of the Noteholders of the Series 2014-T2 Notes and which material adverse effect is continuing, and continues uncured and unremedied for a
period of thirty (30) days after the earlier to occur of (a) actual discovery by a Responsible Officer of the Issuer, the Receivables Seller, the Servicer, the Subservicer, the Depositor or the Administrator, as applicable, or (b) the
date on which written notice of such failure, requiring the same to be remedied, shall have been given to a Responsible Officer of the Issuer, the Receivables Seller, the Servicer, the Subservicer, the Depositor or the Administrator, as applicable.

 “Tax Issuance” means any sale, exchange or other disposition for which the U.S. federal income characterization of a
Note can be established initially or must be re-examined (whether or not such re-examination requires a change in the characterization of such Note). 

“Total Backstopped Receivables” means, with respect to any Mortgage Loan or REO Property on any date of determination, the
sum of (i) the aggregate Receivable Balances of all outstanding Backstopped Advance Receivables that are Facility Eligible Receivables funded by the Servicer out of its own funds or other funds (including Backstopped Advance Receivables related
to Advances funded using Amounts Held for Future Distribution under the related Designated Servicing Agreement) with respect to any Mortgage Loan or REO Property, plus (ii) all outstanding Deferred Servicing Fee Receivables with respect to such
Mortgage Loan or REO Property on such date but not including any Loan-Level Deferred Servicing Fee Receivables. 

  
 15 

 “Transaction Documents” means, in addition to the documents set forth in the
definition thereof in the Base Indenture, this Indenture Supplement and the Series 2014-T2 Note Purchase Agreement, each as amended, supplemented, restated or otherwise modified from time to time. 

“Trigger Advance Rate” means, for any Class of the Series 2014-T2 Notes, as of any date, the rate equal to the greater of
(x) zero and (y) (1) 100% minus (2) the product of (a) one-twelfth (1/12) of the weighted average interest rates for all Classes of the Series 2014-T2 Notes as of such date, plus the related Expense Rate as of
such date, multiplied by (b) the related Stressed Time for such Class as of such date. 
 “U.S. Tax Person”
means a “United States person” within the meaning of Code Section 7701(a)(30). 
 There are no “Other Advance Rate
Reduction Events” or “Other Advance Rate Reduction Event Cure Periods” in respect of the Series 2014-T2 Notes. 

Section 3. Forms of Series 2014-T2 Notes; Transfer Restrictions. 

Notwithstanding anything to the contrary herein, no transfer of a beneficial interest in a Retained Note that results in a Tax Issuance of the
Retained Note shall be effective, and any such attempted transfer shall be void ab initio, unless, prior to and as a condition of such transfer: 

(i) the transferor delivers to the Indenture Trustee an Opinion of Counsel to the effect that for United States federal income tax purposes,
(A) such transfer, will not result in the Issuer or the Trust Estate being subject to tax on its net income as an association (or publicly traded partnership) taxable as a corporation or a taxable mortgage pool taxable as a corporation,
(B) after such transfer, (I) any Notes outstanding prior to such transfer (other than Specified Notes) will be debt, (II) any Class 1 Specified Notes outstanding prior to such transfer should be debt, and (C) if requested by an
Administrative Agent, the transfer will not cause any Notes outstanding prior to such transfer to be sold or exchanged within the meaning of Section 1001 of the Code. If the transferor so requests, such Opinion of Counsel may address the post
Tax Issuance classification of any Retained Notes (as debt or otherwise); 
 (ii) unless the Opinion of Counsel delivered by the transferor
to the Indenture Trustee concludes that for United States federal income tax purposes a Retained Note will be debt, such Retained Note shall be designated as a Specified Note. In the case of a Retained Note so designated as a Specified Note, unless
both (A) the Opinion of Counsel delivered by the transferor to the Indenture Trustee concludes that for United States federal income tax purposes the Retained Note should be debt and (B) the yield on the Retained Note (at the time of Tax
Issuance) is no greater than the sum of (I) 6.00% plus (II) the current short-term Applicable Federal Rate, such Retained Note shall be designated as a Class 2 Specified Note; and 

(iii) if a Retained Note is so designated as a class of Specified Note, each transferee of a beneficial interest in such Note shall be required
to make and shall be deemed, by acceptance of such beneficial interest, to have made the representations in Section 6.5(m) or (n) of the Base Indenture, as applicable, substantially in the form of Exhibit E or Exhibit F of the Base
Indenture, as applicable. 

  
 16 

 The minimum denominations for each class of Retained Notes will be set at the time of the first
Tax Issuance of such Class in accordance with Section 6.2(b) of the Base Indenture. 
 After a Tax Issuance of a Retained Note it will
no longer be considered to be a Retained Note for purposes of this Indenture Supplement. 
 The form of the Rule 144A Global Note and of the
Regulation S Global Note that may be used to evidence the Class A-T2 Term Notes, the Class B-T2 Term Notes, the Class C-T2 Term Notes, the Class D-T2 Term Notes and the Class E-T2 Term Notes in the circumstances described in Section 5.4(c)
of the Base Indenture are attached to the Base Indenture as Exhibits A-1 and A-3, respectively. For the avoidance of doubt, and subject to the terms and provisions of Section 5.4 of the Base Indenture, the Class A-T2 Term
Notes, the Class B-T2 Term Notes, the Class C-T2 Term Notes, the Class D-T2 Term Notes and the Class E-T2 Term Notes are to be issued as Book-Entry Notes. The form of the Rule 144A Definitive Note that may be used to evidence the Class F-T2 Term
Notes or the Class G-T2 Term Notes in the circumstances described in Section 5.4(c) of the Base Indenture is attached to the Base Indenture as Exhibit A 2. The Class F-T2 Term Notes and the Class G-T2 Term Notes are to be
issued as Definitive Notes and are required to remain in physical form and are not exchangeable for Book-Entry Notes, notwithstanding anything to the contrary in the Base Indenture. 

Any Noteholder of the Series 2014-T2 Notes may only resell, pledge or transfer its beneficial interest in the Series 2014-T2 Notes to a person
(i) that is, in the case of the Class F-T2 Term Notes and the Class G-T2 Term Notes, a U.S. Tax Person and that the transferor reasonably believes is, and who has certified (or, in the case of Book-Entry Notes, is deemed to have certified) that
it is also either (A) a Qualified Institutional Buyer that purchases for its own account or for the account of a Qualified Institutional Buyer and to whom notice is given that the resale, pledge or transfer is made in reliance on Rule 144A or
(B) an “accredited investor” as defined in paragraphs (1), (2), (3) or (7) of Rule 501 under the Securities Act, (ii) in the case of all other Series 2014-T2 Notes, that the transferor reasonably believes is, and who
has certified (or, in the case of Book-Entry Notes, is deemed to have certified) that it is a Qualified Institutional Buyer that purchases for its own account or for the account of a Qualified Institutional Buyer and to whom notice is given that the
resale, pledge or transfer is made in reliance on Rule 144A or (iii) except in the case of the Class F-T2 Term Notes and the Class G-T2 Term Notes (which may not be transferred to Persons that are not U.S. Tax Persons), that is not a U.S.
person (as defined in Regulation S) outside the United States in an “offshore transaction” in reliance on the safe harbor provided by Regulation S that is also, in the case of the Class E-T2 Term Notes, a Qualified Institutional Buyer.

 The Series 2014-T2 Notes other than the Class E-T2 Term Notes will be issued in minimum denominations of $100,000 and integral multiples
of $1,000 in excess thereof. The Class E-T2 Term Notes will be issued in minimum denominations of $1,000,000 and integral multiples of $1,000 in excess thereof. In addition, the Class E-T2 Term Notes, the Class F-T2 Term Notes and the Class G-T2
Term Notes may not be transferred unless the proposed transferee of a beneficial interest makes certain representations in which such beneficial owner agrees to avoid certain actions that could result in an alternate characterization of the Issuer
as provided in Section 6.5(m) and (n) of the Base Indenture, as applicable. Each transferee of a beneficial interest in the Class E-T2 Term Notes, the Class F-T2 Term Notes and the Class G-T2

  
 17 

 
Term Notes shall be deemed, by acceptance of such beneficial interest, to have made the representations provided in Section 6.5(m) or (n) of the Base Indenture, as applicable. The Class
E-T2 Term Note is a Class 1 Specified Note for purposes of the Base Indenture, and each transferee of a beneficial interest in a Class E-T2 Term Note must provide the Indenture Trustee and Note Registrar with representations substantially in the
form of Exhibit E of the Base Indenture or such attempted transfer shall be void ab initio. Each Class F-T2 Term Note and each Class G-T2 Term Note is a Class 2 Specified Note for purposes of the Base Indenture, and each transferee of a
beneficial interest in a Class F-T2 Term Note or a Class G-T2 Term Note must provide the Indenture Trustee and Note Registrar with representations substantially in the form of Exhibit F of the Base Indenture or such attempted transfer shall
be void ab initio. 
 Proposed transferees of Class A-T2 Term Notes, the Class B-T2 Term Notes, the Class C-T2 Term Notes and the Class
D-T2 Term Notes will be required make (or in the case of Book Entry Notes, will be deemed to make) certain certifications for purposes of ERISA as provided in Section 4.02 of the Base Indenture. Each proposed transferee of a Class E-T2 Term
Note, a Class F-T2 Term Note or a Class G-T2 Term Note (as Specified Notes under the Base Indenture) will be required to certify that it is not and is not acting on behalf of, or using assets of, an Employee Benefit Plan as provided in
Section 4.02 of the Base Indenture. 
 Section 4. Collateral Value Exclusions. 

For purposes of calculating “Collateral Value” in respect of the Series 2014-T2 Notes, the Collateral Value shall be zero for
any Receivable that: 
 (i) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance
of such Receivable, when added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Advance Ratio to be equal to or greater than 100.0%; provided, that this
clause (i) shall not apply to any Receivable that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, (b) a Loan-Level Receivable, or (c) a Second-Lien Receivable; 

(ii) is attributable to any Designated Servicing Agreement to the extent that the Receivable Balance of such Receivable, when
added to the aggregate Receivable Balances already outstanding with respect to such Designated Servicing Agreement, would cause the related Market Value Ratio to exceed 25.0%; 

(iii) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement to the extent that the
Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements, would cause the total Receivable Balances attributable to
all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements to exceed 2.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; 

  
 18 

 (iv) is a Facility Eligible Receivable that is attributable to a Small Threshold
Servicing Agreement or a Low Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small
Threshold Servicing Agreements and Low Threshold Servicing Agreements, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing Agreements and Low Threshold
Servicing Agreements to exceed 7.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; 

(v) is a Facility Eligible Receivable that is attributable to a Small Threshold Servicing Agreement, a Low Threshold Servicing
Agreement, or a Middle Threshold Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small Threshold
Servicing Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to Small Threshold Servicing
Agreements, Low Threshold Servicing Agreements and Middle Threshold Servicing Agreements to exceed 15.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; 

(vi) is attributable to a Designated Servicing Agreement, to the extent that the Receivable Balance of such Receivable, when
added to the aggregate Receivable Balances outstanding with respect to that same Designated Servicing Agreement, would cause the total Receivable Balances attributable to such Designated Servicing Agreement to exceed 15.0% of the aggregate of the
Receivable Balances of the Aggregate Receivables; 
 (vii) (a) if it is a Loan-Level Receivable or a Specified
Receivable, its Receivable Balance, when added to the aggregate Receivable Balances of all Receivables with respect to the related Mortgage Loan or REO Property, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%; or
(b) if it is a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, its Receivable Balance, when added to the aggregate Receivable Balances
of all Receivables related to the Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, would cause the related Mortgage Loan-Level Market Value Ratio to exceed 50.0%;

 (viii) is a Second-Lien Receivable unless the following criteria are satisfied: 

(1) the related Servicing Agreement must have a General Collections Backstop; 

(2) the related Servicing Agreement may not be a Small Threshold Servicing Agreement; 

(3) the Advance to UPB Ratio in respect of the related Servicing Agreement must be less than 25%; and 

  
 19 

 (4) the Receivable Balance of such Second-Lien Receivable when added to the
aggregate Receivable Balances of all Second-Lien Receivables that are Facility Eligible Receivables and that satisfy the criteria in clauses (1), (2) and (3) above would not cause the aggregate Receivable Balances of such Receivables to
exceed 0.25% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; 
 (ix) has
a zero Advance Rate; 
 (x) is a Loan-Level Receivable, to the extent that the related Receivable Balance of such Loan-Level
Receivable, when added to the aggregate Receivable Balances of Loan-Level Receivables already outstanding with respect to all Mortgage Loans or REO Properties, causes the aggregate Receivable Balances of Loan-Level Receivables outstanding with
respect to all Mortgage Loans or REO Properties to exceed 20.0% of the aggregate Receivable Balance of all Facility Eligible Receivables included in the Trust Estate; 

(xi) is a Facility Eligible Receivable that is (a) attributable to a Small Threshold Servicing Agreement, (b) a
Loan-Level Receivable or (c) a Second-Lien Receivable, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding with respect to Small
Threshold Servicing Agreements and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding with respect to
Small Threshold Servicing Agreements and all Loan-Level Receivables and Second-Lien Receivables that are Facility Eligible Receivables to exceed 22.5% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust
Estate; 
 (xii) is attributable to a Designated Servicing Agreement that does not include an express provision for the
assignment by the Servicer of its rights to be reimbursed for Advances and, if such Receivable is a Deferred Servicing Fee Receivable, the related Designated Servicing Agreement prohibits the sale and/or contribution to the Issuer of, specifically,
the rights to payment for the Deferred Servicing Fees with respect to the related Mortgage Pool (as determined in the sole and absolute discretion of the Administrative Agent); 

(xiii) relates to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full
within forty-five (45) days following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes
“permanent” following any trial period or satisfaction of conditions precedent or subsequent); 
 (xiv) is a
Facility Eligible Receivable that is a Specified Receivable, to the extent that the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Facility Eligible Receivables outstanding that are Specified
Receivables, would cause the total Receivable Balances attributable to all Facility Eligible Receivables outstanding that are Specified Receivables to exceed 5.0% of the total Receivable Balances of all Facility Eligible Receivables included in the
Trust Estate; 

  
 20 

 (xv) is a Facility Eligible Receivable that is a Specified Receivable for which
(I) (a) the Servicer has received a notice that the holder of the right to initiate the optional termination or clean-up call contemplated by the related OTP Provision is exercising such right, (b) more than ten (10) Business
Days have occurred since the Servicer’s receipt of such notice or a Funding Date has occurred since the Servicer’s receipt of such notice and (c) such notice does not expressly provide that all Advances and Deferred Servicing Fees
under the related Designated Servicing Agreement will be reimbursed or repaid in full upon the exercise of such optional termination or clean-up call or (II) the related optional termination or clean-up call has been exercised and such Specified
Receivable has not been repaid or reimbursed; or 
 (xvi) is attributable to a Designated Servicing Agreement that does not
provide that all Advances as to a Mortgage Loan are reimbursed on a “first-in, first out” or “FIFO” basis, such that the Advances of a particular type that were disbursed first in time will be reimbursed prior to Advances of the
same type with respect to that Mortgage Loan that were disbursed later in time; and if it is a Whole Loan Servicing Agreement, does not provide that all Advances with respect to any Mortgage Loan must be reimbursed in full at the time the servicing
of such Mortgage Loan is transferred out of such Whole Loan Servicing Agreement. 
 For purposes of each of the foregoing, (i) if any
Facility Eligible Receivable has a Collateral Value equal to zero pursuant to any Collateral Value exclusion test, the portion of the Receivable Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this
Section 4, in each case as determined by the Administrator in a manner that maximizes the Collateral Value and (ii) if any Facility Eligible Receivable has an Advance Rate of zero, such Facility Eligible Receivable shall be
disregarded for all other purposes of this Section 4. 
 Section 5. Series 2014-T2 Reserve Account. 

In accordance with the terms and provisions of this Section 5 and Section 4.6 of the Base Indenture, the Indenture Trustee
shall establish and maintain a Series Reserve Account, which shall be an Eligible Account, with respect to the Series 2014-T2 Notes for the benefit of the Series 2014-T2 Noteholders (such account, the “Series 2014-T2 Reserve
Account”). 
 For the avoidance of doubt, if the portion of Available Funds (including the amounts on deposit in the Interest
Accumulation Account or the Note Payment Account) allocable to the Series 2014-T2 Notes or the Series Available Funds in respect of the Series 2014-T2 Notes, as applicable, on any Payment Date is not sufficient to pay the full Interest Amount and
any Cumulative Interest Shortfall Amount attributable to the Interest Amount for the Series 2014-T2 Notes (other than, at any time during the Full Amortization Period when any of the Class A-T2 Term Notes, the Class B-T2 Term Notes, the Class
C-T2 Term Notes, the Class D-T2 Term Notes, the Class E-T2 Term Notes or the Class F-T2 Term Notes is Outstanding, any Interest Amount and any Cumulative Interest Shortfall Amount attributable to the Class G-T2 Term Notes), amounts then on deposit
in the Series 2014-T2 Reserve Account shall be withdrawn and applied to pay the shortfall. 

  
 21 

 Section 6. Payments; Note Balance Increases; Early Maturity. 

(a) Except as otherwise expressly set forth herein, the Paying Agent shall make payments on the Series 2014-T2 Notes on each Payment Date in
accordance with Section 4.5 of the Base Indenture. 
 (b) Any payments of Interest Amounts, Cumulative Interest Shortfall Amounts and
Fees and, subject to clause (d) of this Section 6, Default Supplemental Fees, Cumulative Default Supplemental Fee Shortfall Amounts, ERD Supplemental Fees or Cumulative ERD Supplemental Fee Shortfall Amounts allocated to the Series 2014-T2
Notes shall be paid first to the Class A-T2 Term Notes, thereafter to the Class B-T2 Term Notes, thereafter to the Class C-T2 Term Notes, thereafter to the Class D-T2 Term Notes, thereafter to the Class E-T2 Term Notes, thereafter to the Class
F-T2 Term Notes and thereafter to the Class G-T2 Term Notes. Notwithstanding the terms of Section 4.5(a)(2)(iii)(C) of the Base Indenture, the Paying Agent shall make payments of Interest Amounts and Cumulative Interest Shortfall Amounts on the
Class G-T2 Term Notes following the occurrence of a Facility Early Amortization Event only after the Note Balances and all payments of Interest Amounts and all Cumulative Interest Shortfall Amounts of all Series 2014-T2 Notes senior to the Class
G-T2 Term Notes have been reduced to zero. The Paying Agent shall make payments of principal on the Series 2014-T2 Notes (other than any Retained Notes) on each Payment Date in accordance with Section 4.5 of the Base Indenture during any Target
Amortization Period. 
 (c) Any payments of principal allocated to the Series 2014-T2 Notes (other than any Retained Notes) during a
Full Amortization Period shall be applied in the following order of priority, first, to the Class A-T2 Term Notes, pro rata until their Note Balance has been reduced to zero, second, to the Class B-T2 Term Notes, pro rata, until
their Note Balance has been reduced to zero, third, to the Class C-T2 Term Notes, pro rata, until their Note Balance has been reduced to zero, fourth, to the Class D-T2 Term Notes, pro rata, until their Note Balance has been reduced to
zero, fifth, to the Class E-T2 Term Notes (other than any Retained Notes), pro rata, until their Note Balance has been reduced to zero, sixth, to the Class F-T2 Term Notes (other than any Retained Notes), pro rata, until their Note
Balance has been reduced to zero and seventh, to the Class G-T2 Term Notes (other than any Retained Notes) (after payment of any Interest Amounts and Cumulative Interest Shortfall Amounts related to the Class G-T2 Term Notes), pro rata, until
their Note Balance has been reduced to zero. 
 (d) After the occurrence of a Facility Early Amortization Event, any payments of
Default Supplemental Fees, Cumulative Default Supplemental Fee Shortfall Amounts, ERD Supplemental Fees and Cumulative ERD Supplemental Fee Shortfall Amounts in respect of the Series 2014-T2 Notes shall be paid only after the Note Balances, Interest
Amounts and Cumulative Interest Shortfall Amounts of all Series 2014-T2 Notes have been reduced to zero and such payments shall be allocated first, to the Class A-T2 Term Notes, pro rata, until such amounts have been reduced to zero,
second, to the Class B-T2 Term Notes, pro rata, until such amounts have been reduced to zero, third, to the Class C-T2 Term Notes, pro rata, until such amounts have been reduced to zero, fourth, to the Class D-T2 Term Notes, pro
rata, until such 

  
 22 

 
amounts have been reduced to zero; fifth, to the Class E-T2 Term Notes (other than any Retained Notes), pro rata, until such amounts have been reduced to zero; sixth, to the Class
F-T2 Term Notes (other than any Retained Notes), pro rata, until such amounts have been reduced to zero and seventh, to the Class G-T2 Term Notes (other than any Retained Notes), pro rata, until such amounts are reduced to zero. 

(e) For the avoidance of doubt, the failure to pay Interest Payment Amounts on the Class G-T2 Term Notes will not result in an Event of Default
under Section 8.1(a)(i) of the Indenture until such time as the Note Balances and all payments of interest and all Cumulative Interest Shortfall Amounts of all Series 2014-T2 Notes senior to the Class G-T2 Term Notes have been reduced to zero.

 Section 7. Optional Redemptions and Refinancing. 

The Series 2014-T2 Notes (other than any Retained Notes) are subject to optional redemption by the Issuer (such Notes, the “Redeemable
Notes”), in whole or in part (so long as, in the case of any partial redemption, each Class of Redeemable Notes is redeemed on a pro-rata basis based on their related Note Balances and each redemption is allocated ratably among the Noteholders
of each Class of Redeemable Notes), on any Payment Date. If the Issuer redeems the Redeemable Notes prior to the Payment Date occurring in March 2015, the Issuer shall pay to the Noteholders of each Class of Redeemable Notes in addition to its
related Redemption Amount an amount equal to the Specified Call Premium Amount. In addition, the Issuer may exercise optional redemption of the Redeemable Notes, in whole or in part (so long as, in the case of any partial redemption, each Class of
Redeemable Notes is redeemed on a pro-rata basis based on their related Note Balances and each redemption is allocated ratably among the Noteholders of each Class of Redeemable Notes), on any Payment Date on which the aggregate Note Balance of the
Series 2014-T2 Notes is less than the Redemption Percentage of the aggregate Initial Note Balance thereof. No Specified Call Premium Amount is payable in connection with any optional redemption of the Redeemable Notes on any Payment Date on which
the aggregate Note Balance of the Series 2014-T2 Notes is less than the Redemption Percentage of the aggregate Initial Note Balance thereof. The Redeemable Notes are subject to optional redemption by the Issuer pursuant to Section 13.1 of the
Base Indenture, in whole or in part (so long as, in the case of any partial redemption, each Redeemable Notes is redeemed on a pro-rata basis based on their related Note Balances and each redemption is allocated ratably among the Noteholders of each
Class of Redeemable Notes) with respect to such group of Classes, using the proceeds of the issuance and sale of one or more new Classes of Series 2014-T2 Notes issued pursuant to a supplement to this Indenture Supplement, on any Business Day after
the date on which the related Revolving Period ends or on any Business Day within 10 days prior to the end of such Revolving Period upon 10 days’ prior notice to the Noteholders. In anticipation of a redemption of the Redeemable Notes at the
end of their Revolving Period, the Issuer may issue a new Series or one or more Classes of Notes within the 90 day period prior to the end of such Revolving Period and reserve the cash proceeds of the issuance for the sole purpose of paying the
principal balance and all accrued and unpaid interest on the Redeemable Notes to be redeemed, on the last day of their Revolving Period. Any supplement to this Indenture Supplement executed to effect an optional redemption may be entered into
without consent of the Noteholders of any of the Notes pursuant to Section 12(a)(iv) of the Base Indenture. Any Notes issued in replacement for the Redeemable Notes will have the same rights and privileges as the Class of Redeemable Note that
was refinanced with the related proceeds thereof; provided, such replacement Notes may have different Expected Repayment Dates and Stated Maturity Dates. 

  
 23 

 Section 8. [RESERVED] 

Section 9. Series Reports. 

(a) Series Calculation Agent Report. The Calculation Agent shall deliver a report of the following items together with each Calculation
Agent Report pursuant to Section 3.1 of the Base Indenture to the extent received from the Servicer, with respect to the Series 2014-T2 Notes: 

(i) the unpaid principal balance of the Mortgage Loans subject to any Small Threshold Servicing Agreement, Low Threshold
Servicing Agreement and Middle Threshold Servicing Agreement; 
 (ii) the Advance Ratio for each Designated Servicing
Agreement, and whether the Advance Ratio for such Designated Servicing Agreement exceeds 100.0%; 
 (iii) the Market Value
Ratio for each Designated Servicing Agreement, and whether the Market Value Ratio for such Designated Servicing Agreement exceeds 25.0%; 

(iv) for each Small Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate
of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate; 

(v) for each Middle Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate
of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate; 

(vi) for each Low Threshold Servicing Agreement, as of the end of the most recently concluded calendar month, the aggregate of
the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement as a percentage of the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate; 

(vii) a list of each Target Amortization Event for the Series 2014-T2 Notes and presenting a yes or no answer beside each
indicating whether each such Target Amortization Event has occurred as of the end of the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date; 

  
 24 

 (viii) the Mortgage Loan-Level Market Value Ratio for each Mortgage Loan related
to a Loan-Level Receivable, a Specified Receivable or a Receivable related to a Mortgage Loan or REO Property that is attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement, and if any such Mortgage Loan-Level
Market Value Ratio exceeds 50%; 
 (ix) for each Second Lien Receivable and each Loan-Level Receivable, as of the end of the
most recently concluded calendar month, the aggregate of the Funded Advance Receivable Balances that are Second Lien Receivables and the aggregate of the Funded Advance Receivable Balances that are Loan-Level Receivables, respectively as a
percentage of the aggregate of the Funded Advance Receivable Balances with all Receivables included in the Trust Estate; 

(x) whether any Receivable, or any portion of the Receivables, attributable to a Designated Servicing Agreement, has a
Collateral Value of zero by virtue of the definition of “Collateral Value” or Section 4 of this Indenture Supplement; 

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

(xii) the Monthly Reimbursement Rate as of the most recent date of determination (or, if less than three calendar months have
occurred since the Closing Date, the Monthly Reimbursement Rate as calculated based on one or two months’ data, as applicable); 

(xiii) whether any Target Amortization Amount that has become due and payable has been paid; 

(xiv) the Stressed Nonrecoverable Advance Amount for the upcoming Payment Date or Interim Payment Date; and 

(xv) the Trigger Advance Rate for each Class (or, if less than three calendar months have occurred since the Closing Date, the
Trigger Advance Rate based upon the Monthly Reimbursement Rate as calculated based on one or two months’ data, as applicable). 
 (b)
Series Payment Date Report. In conjunction with each Payment Date Report, the Indenture Trustee shall also report the Stressed Time Percentage. 

(c) Limitation on Indenture Trustee Duties. The Indenture Trustee shall have no independent duty to verify the occurrence of any of the
events described in clauses (ii), (iii) or (iv) of the definition of “Target Amortization Event”. 

  
 25 

 Section 10. Conditions Precedent Satisfied. 

The Issuer hereby represents and warrants to the Noteholders of the Series 2014-T2 Notes and the Indenture Trustee that, as of the related
Issuance Date, each of the conditions precedent set forth in the Base Indenture, including but not limited to those conditions precedent set forth in Section 6.10(b) and Article XII thereof, as applicable, to the issuance of the Series
2014-T2 Notes have been satisfied. 
 Section 11. Representations and Warranties. 

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

Section 12. Amendments. 

(a) Notwithstanding any provisions to the contrary in Article XII of the Base Indenture but subject to the provisions set forth in
Sections 12.1 and 12.3 of the Base Indenture, without the consent of the Noteholders of any of the Series 2014-T2 Notes but with the consent of the Issuer (evidenced by its execution of such amendment), the Indenture Trustee, the Administrator,
the Servicer (solely in the case of any amendment that adversely affects the rights or obligations of the Servicer or adds new obligations or increases existing obligations of the Servicer), and the Administrative Agent, and with prior notice to the
applicable Note Rating Agency, at any time and from time to time, upon delivery of an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that
such amendment will not have a material Adverse Effect, may amend any Transaction Document for any of the following purposes: (i) to correct any mistake or typographical error or cure any ambiguity, or to cure, correct or supplement any
defective or inconsistent provision herein or any other Transaction Document; (ii) to correct, modify or supplement any provision herein that may be defective or may be inconsistent with any provision in the final Private Placement Memorandum
dated March 14, 2014 or any final Private Placement Memorandum related to the Tax Issuance of any Retained Notes, as it may be amended or supplemented from time to time; (iii) to take any action determined by the Administrator to be
reasonably necessary to maintain the rating currently assigned by the applicable Note Rating Agency and/or to avoid such Class of Notes being placed on negative watch by such Note Rating Agency; or (iv) to amend any other provision of this
Indenture Supplement. 
 (b) Notwithstanding any provisions to the contrary in Section 6.10 or Article XII of the Base Indenture,
no supplement, amendment or indenture supplement entered into with respect to the issuance of a new Series of Notes or pursuant to the terms and provisions of Section 12.2 of the Base Indenture may, without the consent of the Series Required
Noteholders in respect of the Series 2014-T2 Notes, supplement, amend or revise any term or provision of this Indenture Supplement; provided, that with respect to the amendments described in Section 12.2(a)-12.2(i) of the Base Indenture,
the consent of the Noteholders of the Series 2014-T2 Notes required for such amendments shall be as provided therein. 

  
 26 

 Section 13. Counterparts. 

This Indenture Supplement may be executed in any number of counterparts, by manual or facsimile signature, each of which so executed shall be
deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 Section 14. Entire
Agreement. 
 This Indenture Supplement, together with the Base Indenture incorporated herein by reference, constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter. 

Section 15. Limited Recourse. 

Notwithstanding any other terms of this Indenture Supplement, the Series 2014-T2 Notes, any other Transaction Documents or otherwise, the
obligations of the Issuer under the Series 2014-T2 Notes, this Indenture Supplement and each other Transaction Document to which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following
realization of the Trust Estate and application of the proceeds thereof in accordance with the terms of this Indenture Supplement, none of the Noteholders of Series 2014-T2 Notes, the Indenture Trustee or any of the other parties to the Transaction
Documents shall be entitled to take any further steps to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of
any amount owing in respect of the Series 2014-T2 Notes or this Indenture Supplement or for any action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their
successors or assigns for any amounts payable under the Series 2014-T2 Notes or this Indenture Supplement. It is understood that the foregoing provisions of this Section 15 shall not (a) prevent recourse to the Trust Estate for the
sums due or to become due under any security, instrument or agreement which is part of the Trust Estate or (b) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the
Series 2014-T2 Notes or secured by this Indenture Supplement. It is further understood that the foregoing provisions of this Section 15 shall not limit the right of any Person to name the Issuer as a party defendant in any proceeding or
in the exercise of any other remedy under the Series 2014-T2 Notes or this Indenture Supplement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any
such Person or entity. 
 Section 16. Owner Trustee Limitation of Liability. 

It is expressly understood and agreed by the parties hereto that (a) this Indenture Supplement is executed and delivered by Wilmington
Trust, National Association, not individually or personally, but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust, National Association, but is made and intended for the purpose of binding only
the Issuer, (c)

  
 27 

 
nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust, National Association, be
personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture Supplement or the
other Transaction Documents. 

  
 28 

 IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly
executed by their respective signatories thereunto all as of the day and year first above written. 
  

					
	NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST, as Issuer
		
	By:	 	Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	/s/ Erwin M. Soriano
			
		 	 Name:
	 	Erwin M. Soriano
			
		 	 Title:
	 	Vice President

 [Signature Page to New Residential Advance Receivables Trust 

Series 2014-T2 Indenture Supplement] 

 
					
	WELLS FARGO BANK, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary
		
	 By:
	 	 /s/ Graham M. Oglesby

			
		 	 Name:
	 	Graham M. Oglesby
			
		 	 Title:
	 	Vice President

 [Signature Page to New Residential Advance Receivables Trust 

Series 2014-T2 Indenture Supplement] 

 
					
	NATIONSTAR MORTGAGE LLC
		
	 By:
	 	/s/ Amar Patel
			
		 	 Name:
	 	Amar Patel
			
		 	 Title:
	 	EVP

 [Signature Page to New Residential Advance Receivables Trust 

Series 2014-T2 Indenture Supplement] 

 
					
	ADVANCE PURCHASER LLC
		
	 By:
	 	/s/ Susan Givens
			
		 	 Name:
	 	Susan Givens
			
		 	 Title:
	 	CFO

 [Signature Page to New Residential Advance Receivables Trust 

Series 2014-T2 Indenture Supplement] 

 
					
	 CREDIT SUISSE AG, NEW YORK

BRANCH, as Administrative Agent

		
	 By:
	 	/s/ Jason Ruchelsman
			
		 	 Name:
	 	Jason Ruchelsman
			
		 	 Title:
	 	Vice President
		
	By:	 	 /s/ Jason Muncy

			
		 	 Name:
	 	Jason Muncy
			
		 	 Title:
	 	Vice President

 [Signature Page to New Residential Advance Receivables Trust 

Series 2014-T2 Indenture Supplement]Receivables Pooling Agreement, dated as of March 18, 2014

 Exhibit 10.40 

EXECUTION COPY 
 RECEIVABLES
POOLING AGREEMENT 
 between 

NEW RESIDENTIAL ADVANCE DEPOSITOR LLC 

(Depositor) 
 and 

NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST 

(Issuer) 
 Dated as of
March 18, 2014 
 NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST 

ADVANCE RECEIVABLES BACKED NOTES, ISSUABLE IN SERIES 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Section 1.	 	 Definitions; Incorporation by Reference
	  	 	3	  
	Section 2.	 	 Transfer of Receivables
	  	 	6	  
	Section 3.	 	 Depositor’s Acknowledgment and Consent to Assignment
	  	 	7	  
	Section 4.	 	 Representations, Warranties and Certain Covenants of Depositor
	  	 	8	  
	Section 5.	 	 Remedies Upon Breach
	  	 	13	  
	Section 6.	 	 Termination
	  	 	14	  
	Section 7.	 	 General Covenants of Depositor
	  	 	14	  
	Section 8.	 	 Grant Clause
	  	 	16	  
	Section 9.	 	 Grant by Issuer
	  	 	17	  
	Section 10.	 	 Protection of Indenture Trustee’s Security Interest in Trust Estate
	  	 	17	  
	Section 11.	 	 Limited Recourse
	  	 	17	  
	Section 12.	 	 Miscellaneous
	  	 	18	  
			
	Schedule 1  	 	 Form of Assignment of Receivables
	  			

  
 i 

 RECEIVABLES POOLING AGREEMENT 

This RECEIVABLES POOLING AGREEMENT (as it may be amended, supplemented, restated or otherwise modified from time to time, this
“Agreement”) is made as of March 18, 2014 (the “Closing Date”), by and between NEW RESIDENTIAL ADVANCE DEPOSITOR LLC, a limited liability company organized under the laws of the State of Delaware
(the “Depositor”), and NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST , a statutory trust organized under the laws of Delaware (the “Issuer”). 

RECITALS 
 A. The
Depositor is a special purpose Delaware limited liability company. 
 B. Nationstar Mortgage LLC
(“Nationstar”) acts as the servicer under one or more servicing agreements (each, as it may be amended, supplemented, restated, or otherwise modified from time to time, a “Servicing Agreement” and
collectively, the “Servicing Agreements”). Certain Servicing Agreements (each, as may be amended, supplemented, restated or otherwise modified from time to time, a “Designated Servicing Agreement” and,
collectively, the “Designated Servicing Agreements”) will be designated for inclusion under this Agreement, the Receivables Sale Agreement, dated as of even date herewith, among Nationstar, Advance Purchaser LLC
(“Advance Purchaser”), a Delaware limited liability company, and the Depositor (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Sale Agreement”), and the
Indenture (as defined below). 
 C. Nationstar has sold and will sell interests in the servicing rights under the Designated
Servicing Agreements to Advance Purchaser pursuant to the Master Servicing Rights Purchase Agreement, dated as of December 17, 2013, as supplemented by the Sale Supplements dated as of December 17, 2013, January 24,
2014, February 28, 2014 and any additional related Sale Supplement executed from time to time, by and between Nationstar and Advance Purchaser (each as amended, restated, supplemented or otherwise modified from time to time, collectively,
the “Purchase Agreement”). Prior to the MSR Transfer Date with respect to any Designated Servicing Agreement, Nationstar shall continue to (i) be the “Servicer” under such Designated Servicing Agreement,
(ii) have the obligation to make the required Advances under such Designated Servicing Agreement and (iii) have the right to collect the related Receivables in reimbursement of such Advances. Prior to the related MSR Transfer Date, upon
its disbursement of an Advance pursuant to a Designated Servicing Agreement, Nationstar, as servicer, becomes the beneficiary of a contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing
Agreement. Immediately, upon their creation, Nationstar shall sell the related Receivables to Advance Purchaser for cash purchase prices equal to 100% of their respective Receivable Balances pursuant to the Receivables Sale Agreement and Advance
Purchaser shall sell and/or contribute the Receivables it purchases from Nationstar to the Depositor pursuant to the Receivables Sale Agreement. 

D. When all required consents and ratings agency letters required for a formal change of the named servicer under a Designated Servicing
Agreement from Nationstar to Advance Purchaser shall have been obtained, pursuant to the Purchase Agreement Nationstar shall transfer to Advance Purchaser all of the servicing rights and obligations under such

 
Designated Servicing Agreement (such date, the related “MSR Transfer Date”). On and after the MSR Transfer Date for any Designated Servicing Agreement, Advance
Purchaser shall (i) be the “Servicer” under such Designated Servicing Agreement, (ii) have the obligation to make the required Advances under such Designated Servicing Agreement, and (iii) have the right to collect
the related Receivables in reimbursement of such Advances. Upon its disbursement of an Advance pursuant to a Designated Servicing Agreement, Advance Purchaser, as servicer (on and after the related MSR Transfer Date), becomes the beneficiary of a
contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing Agreement. Nationstar will initially be engaged by Advance Purchaser as subservicer for all of the Designated Servicing Agreements
as to which the related MSR Transfer Date has occurred under a subservicing agreement. Other subservicers may be appointed for some or all of the Designated Servicing Agreements or for other servicing rights acquired by Advance Purchaser from time
to time in compliance with Section 4(a)(xix) hereof. 
 E. New Residential Advance Receivables Trust (the
“Issuer”), Advance Purchaser, as servicer (on and after the respective MSR Transfer Date) and as Administrator (in such capacity, the “Administrator”), Nationstar, as servicer (prior to the respective
MSR Transfer Dates) and as subservicer, Wells Fargo Bank, N.A., as Indenture Trustee (the “Indenture Trustee”), as Calculation Agent, as Paying Agent and as Securities Intermediary, Credit Suisse AG (New York Branch)
(“Credit Suisse”), Natixis, New York Branch (“Natixis”), Morgan Stanley Bank, N.A. (“Morgan Stanley”) and Barclays Bank plc (“Barclays” and together with
Credit Suisse, Natixis, and Morgan Stanley, the “Administrative Agents”) propose to enter into an Indenture (as it may be amended, supplemented, restated, or otherwise modified from time to time and including any indenture
supplement, the “Indenture”), dated as of even date herewith. 
 F. Notes (collectively, the
“Notes”) will be issued from time to time pursuant to the Indenture. The Notes issued by the Issuer pursuant to the Indenture will be collateralized by the Aggregate Receivables and related property and certain monies in
respect thereof now owned and to be hereafter acquired by the Issuer. 
 G. Nationstar, pursuant to the Receivables Sale Agreement,
desires to sell, assign, transfer and convey to Advance Purchaser all of its contractual rights (A) to reimbursement pursuant to the terms of a Designated Servicing Agreement for an Advance that it creates as a result of making Advances (prior
to the related MSR Transfer Date) (any right to reimbursement in respect of any such Advance a “Nationstar Advance Receivable”) from the date hereof through the Receivables Sale Termination Date under the Designated Servicing
Agreements. 
 H. Advance Purchaser desires to sell and/or contribute, assign, transfer and convey to the Depositor all of its
contractual rights (A) to reimbursement pursuant to the terms of a Designated Servicing Agreement for an Advance that it either acquires from Nationstar (before the related MSR Transfer Date) or creates as a result of making Advances (on and
after the related MSR Transfer Date) (any right to reimbursement in respect of any such Advance, an “Advance Receivable”) and (B) to payment pursuant to the terms of a Designated Servicing Agreement listed on the
Designated Servicing Agreement Schedule for a Deferred Servicing Fee which has been accrued by Nationstar (before the related MSR Transfer Date) and sold by Nationstar to Advance Purchaser pursuant to the Purchase Agreement free and clear of all
claims or accrued by Advance Purchaser (on and after the related MSR Transfer Date) but, in either  

  
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case, not paid, and including in either case all rights of Nationstar or Advance Purchaser, as the case may be, to enforce payment of such obligation under the related Designated Servicing
Agreement (any right to payment in respect of such Deferred Servicing Fee, a “Deferred Servicing Fee Receivable”) from the date hereof through the Receivables Sale Termination Date under the Designated Servicing Agreements,
pursuant to the terms of the Receivables Sale Agreement. The Depositor is entering into this Agreement to sell and/or contribute, assign, transfer and convey to the Issuer immediately upon the Depositor’s acquisition thereof, all Receivables
acquired by the Depositor from Advance Purchaser pursuant to the Receivables Sale Agreement.  
 I. In consideration of each transfer
by the Depositor to the Issuer of the Transferred Assets on the terms and subject to the conditions set forth in this Agreement, the Issuer has agreed to pay to the Depositor a purchase price equal to the fair market value thereof on the related
Sale Date. To the extent the portion of the purchase price actually paid in cash by the Issuer for the Transferred Assets is less than 100% of the fair market value thereof, the balance of the purchase price shall be paid on each Sale Date by an
increase in the value of the Owner Trust Certificate of the Issuer, 100% of which is held by the Depositor, in an amount equal to the amount by which the Purchase Price of such Receivable exceeds the portion of the cash purchase price actually paid
therefor. 
 AGREEMENT 

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

Section 1. Definitions; Incorporation by Reference. 

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

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

Administrative Agent: As defined in the Recitals. 

Administrator: As defined in the Recitals. 
 Advance
Purchaser: As defined in the Recitals. 
 Advance Purchaser Additional Receivables: Each Receivable (other than any Existing Receivables) in
existence on any Business Day on and after the Closing Date and prior to the Receivables Sale Termination Date (including the Nationstar Additional Receivables) that arises under any Servicing Agreement that is listed as a “Designated Servicing
Agreement” on the Designated Servicing Agreement Schedule. 

  
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 Advance Purchaser Transferred Assets: All monies due or to become due and all amounts received or
receivable with respect thereto and all proceeds (including “proceeds” as defined in the UCC) (including the Nationstar Transferred Assets), together with all rights of Advance Purchaser to enforce such Advance Purchaser Additional
Receivables (including the Nationstar Transferred Assets). 
 Advance Receivables: As defined in the Recitals. 

Aggregate Receivables: All Nationstar Initial Receivables and all Additional Receivables sold and/or contributed by the Depositor to the Issuer
hereunder. 
 Agreement: As defined in the Preamble. 

Assignment of Receivables: Each agreement documenting an assignment by the Depositor to the Issuer substantially in the form set forth on
Schedule 1. 
 Closing Agreement: Any agreement, dated as of the Closing Date or any other Funding Date, by and among the Issuer,
Nationstar, Advance Purchaser and the Administrative Agent and such other parties as may be necessary to fund the purchase and transfer of Receivables to the Issuer. 

Closing Date: As defined in the Recitals. 

Credit Suisse: As defined in the Recitals. 

Deferred Servicing Fee Receivables: As defined in the Recitals. 

Depositor: As defined in the Preamble. 

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

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

Existing Receivables: As defined in the Receivables Sale Agreement. 

Indenture: As defined in the Recitals. 
 Indenture
Trustee: As defined in the Recitals. 
 Issuer: As defined in the Preamble. 

MSR Transfer Date: As defined in the Recitals. 

Nationstar: As defined in the Recitals. 
 Nationstar
Additional Receivables: As defined in the Receivables Sale Agreement. 
 Nationstar Advance Receivable: As defined in the Recitals. 

  
 4 

 Nationstar Initial Advance Receivables: As defined in the Receivables Sale Agreement. 

Nationstar Initial Receivables: As defined in the Receivables Sale Agreement. 

Nationstar Transferred Assets: As defined in the Receivables Sale Agreement. 

Noteholder: As defined in the Indenture. 
 Notes:
As defined in the Recitals. 
 Purchase: Each purchase by the Issuer from the Depositor of Transferred Assets. 

Purchase Agreement: As defined in the Recitals. 

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

Receivable: Each Advance Receivable and each Deferred Servicing Fee Receivable. 

Receivables Sale Agreement: As defined in the Recitals. 

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

Series Required Noteholders: As defined in the Indenture. 

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

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

Subservicer: Nationstar or other subservicers that may be engaged by Advance Purchaser as subservicer for all of the Designated Servicing Agreements or
for other servicing rights acquired by Advance Purchaser from time to time. 
 Subsidiary: With respect to any Person (i) any corporation more
than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its
Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or
controlled. 

  
 5 

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

UCC: The Uniform Commercial Code in effect in all applicable jurisdictions. 

(b) The Designated Servicing Agreement Schedule, as may be amended, supplemented, restated, or otherwise modified from time to time in
accordance with the Transaction Documents, is incorporated by this reference into this Agreement. 
 Section 2. Transfer of
Receivables. 
 (a) Transferred Assets. Commencing on the Closing Date, and until the close of business on the Receivables
Sale Termination Date, subject to the provisions of this Agreement, the Depositor hereby sells and/or contributes, assigns, transfers and conveys to the Issuer, and the Issuer acquires from the Depositor without recourse except as provided herein,
all of the Depositor’s right, title and interest, whether now owned or hereafter acquired, in, to and under (1) the Nationstar Initial Receivables, (2) each Receivable (other than any Existing Receivables) in existence on any Business
Day on and after the Closing Date and prior to the Receivables Sale Termination Date (including the Advance Purchaser Additional Receivables) that arises under any Servicing Agreement that is listed as a “Designated Servicing Agreement” on
the Designated Servicing Agreement Schedule (the “Additional Receivables”), and (3) all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including
“proceeds” as defined in the UCC) (including the Advance Purchaser Transferred Assets), together with all rights of Depositor to enforce such Additional Receivables (including the Advance Purchaser Transferred Assets) (collectively, the
“Transferred Assets”). Receivables for Deferred Servicing Fees that are ineligible for financing under the Indenture will not be sold or transferred hereunder and shall not otherwise constitute “Receivables” for
purposes hereof or any other Transaction Document. Until the Receivables Sale Termination Date, the Depositor shall, automatically and without any further action on its part, sell and/or contribute, assign, transfer and convey to the Issuer, on each
Business Day, each Additional Receivable not previously transferred to the Issuer and the Issuer shall purchase each such Additional Receivable together with all of the other Transferred Assets related to such Receivable. 

(b) Purchase Price. In consideration of the sale and/or contribution, assignment, transfer and conveyance to the Issuer of the Aggregate
Receivables and related Transferred Assets, on the terms and subject to the conditions set forth in this Agreement, the Issuer shall, on each Sale Date, pay and deliver to the Depositor, in immediately available funds on such Sale Date, or otherwise
promptly following such Sale Date if so agreed by the Depositor and the Issuer, a purchase price (the “Purchase Price”) equal to (i) in the case of one Receivable sold, assigned, transferred and conveyed on such Sale
Date, the fair market value of such Receivable on such Sale Date or (ii) in the case more than one Receivable is sold, assigned, transferred and conveyed on such Sale Date, the aggregate of the fair market values of such Receivables on such
Sale Date, payable in cash to the extent of funds available to the Issuer, plus an increase in the value of the Owner Trust Certificate of the Issuer, to the extent the Purchase Price exceeds the cash paid. 

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

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

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

The Depositor hereby acknowledges that the Issuer has Granted to the Indenture Trustee, on behalf of the Noteholders, the rights (but not the
obligations) of the Issuer under this Agreement, including, without limitation, the right to enforce the obligations of the Depositor hereunder, and the obligations of Advance Purchaser and Nationstar under the Receivables Sale Agreement. The
Depositor hereby consents to such Grant by the Issuer to the Indenture Trustee pursuant to the Indenture. The Depositor acknowledges that the Indenture Trustee (on behalf of itself, the Noteholders, any Supplemental Credit Enhancement Provider and
any Liquidity Provider) shall be a third party beneficiary in respect of the representations, warranties, covenants, rights, indemnities and other benefits arising hereunder that are so Granted by the Issuer. Moreover, the Depositor hereby
authorizes and appoints as its attorney-in-fact the Issuer and the Indenture Trustee, as the Issuer’s assignee, on behalf of the Issuer, to execute and deliver such documents or certificates as may be necessary in order to enforce its rights
under this Agreement and its rights to collect the Aggregate Receivables. 

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

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

(a) General Representations, Warranties and Covenants. 

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

(ii) Due Qualification. The Depositor is and will continue to be duly qualified to do business as a limited liability
company in good standing, and has obtained and will keep in full force and effect all necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such
qualifications, licenses, permits or approvals and as to which the failure to obtain or to keep in full force and effect such licenses, permits or approvals would have a material and adverse impact upon the value or collectability of the Receivables
and such failure cannot be subsequently cured for the purposes of enforcing contracts. 
 (iii) Power and Authority.
The Depositor has and will continue to have all requisite limited liability company power and authority to own the Receivables, and the Depositor has and will continue to have all requisite limited liability company power and authority to execute
and deliver this Agreement, the initial Designated Servicing Agreement Schedule and each subsequent Designated Servicing Agreement Schedule, each other Transaction Document to which it is a party and any and all other instruments and documents
necessary to consummate the transactions contemplated hereby or thereby (collectively, the “Depositor’s Related Documents”), and to perform each of its obligations under this Agreement and under the Depositor’s
Related Documents, and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement by the Depositor, and the execution and delivery of each of the Depositor’s Related Documents by the Depositor,
the performance by the Depositor of its obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby and thereby have each been duly authorized by the Depositor and no further limited liability company action or
other actions are required to be taken by the Depositor in connection therewith. 

  
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 (iv) Valid Transfer. Upon the execution and delivery of this Agreement,
each Assignment of Receivables and the Designated Servicing Agreement Schedule by each of the parties hereto, this Agreement shall evidence a valid sale and/or contribution, transfer, assignment and conveyance of the Additional Receivables as of the
applicable Sale Date to the Issuer, which is enforceable against creditors of and purchasers from the Depositor, except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 

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

(C) The Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Aggregate
Receivables and the related Transferred Assets, other than under this Agreement, except pursuant to any agreement that has been terminated prior to the date hereof. The Depositor has not authorized the filing of and is not aware of any financing
statement filed against the Depositor covering the Aggregate Receivables and the related Transferred Assets other than those filed in connection with this Agreement and the other Transaction Documents, and those that have been terminated prior to
the date hereof. The Depositor is not aware of any judgment or tax lien filings against the Depositor. 

  
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 (viii) No Violation. Neither the execution, delivery and performance of
this Agreement, the other Transaction Documents or the Depositor’s Related Documents by the Depositor nor the consummation by the Depositor of the transactions contemplated hereby or thereby nor the fulfillment of or compliance with the terms
and conditions of this Agreement, the Depositor’s Related Documents or the other Transaction Documents to which the Depositor is a party (A) will violate the organizational documents of the Depositor, (B) will constitute a default (or
an event which, with notice or lapse of time or both, would constitute a default), or result in a breach or acceleration of, any material indenture, agreement or other material instrument to which the Depositor or any of its Affiliates is a party or
by which it or any of them is bound, or which may be applicable to the Depositor, (C) constitutes a default (whether with notice or lapse of time or both), or results in the creation or imposition of any Adverse Claim upon any of the property
or assets of the Depositor under the terms of any of the foregoing, or (D) violates any statute, ordinance or law or any rule, regulation, order, writ, injunction or decree of any court or of any public, governmental or regulatory body, agency
or authority applicable to the Depositor or its properties. 
 (ix) No Proceedings. There is no action, suit or
proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or to the Depositor’s knowledge, threatened, against the Depositor (A) in which a third party not affiliated with the Indenture Trustee or
a Noteholder asserts the invalidity of any of the Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the Transaction Documents, (C) seeking any
determination or ruling that should reasonably be expected to affect materially and adversely the performance by the Depositor or its Affiliates of their obligations under, or the validity or enforceability of, any of the Transaction Documents or
(D) relating to the Depositor or its Affiliates and which should reasonably be expected to affect adversely the federal income tax attributes of the Notes. 

(x) Ownership of Issuer. 100% of the Owner Trust Certificate of the Issuer is owned by the Depositor. No Person other
than the Depositor has any rights to acquire all or any portion of the Owner Trust Certificate in the Issuer. 
 (xi)
Solvency. The Depositor, both prior to and after giving effect to each sale and/or contribution of Receivables with respect to the Designated Servicing Agreements on each Sale Date, (1) is not, and will not be, “insolvent” (as
such term is defined in § 101(32)(A) of the Bankruptcy Code), (2) is, and will be, able to pay its debts as they become due, and (3) does not have unreasonably small capital for the business in which it is engaged or for any business
or transaction in which it is about to engage. 
 (xii) Information to Note Rating Agencies. All information provided
by the Depositor to any Note Rating Agency in connection with the Notes, taken together, is true and correct in all material respects. 

(xiii) No Fraudulent Conveyance. The Depositor is selling and/or contributing the Aggregate Receivables to the Issuer in
furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its creditors. 

  
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 (xiv) Ability to Perform Obligations. The Depositor does not believe, nor
does it have any reasonable cause to believe, that it cannot perform each and every covenant contained in this Agreement in all material respects. 

(xv) Information. The documents, certificates or reports furnished by the Depositor in writing pursuant to this
Agreement, any other Transaction Document or in connection with the transactions contemplated hereby or thereby, taken together, do not contain or will not contain when furnished any untrue statement of a material fact. There are no facts relating
to and known by the Depositor which when taken as a whole may impair the ability of the Depositor to perform its obligations under this Agreement or any other Depositor’s Transaction Document, which have not been disclosed herein or in the
certificates and other documents furnished by or on behalf of the Depositor pursuant hereto or thereto specifically for use in connection with the transactions contemplated hereby or thereby. 

(xvi) Fair Consideration. The aggregate consideration received by the Depositor pursuant to this Agreement is fair
consideration having reasonably equivalent value to the value of the Aggregate Receivables and the performance of the Depositor’s obligations hereunder. 

(xvii) Name. The legal name of the Depositor is as set forth in this Agreement and the Depositor does not have any trade
names, fictitious names, assumed names or “doing business” names. 
 (xviii) Subsidiaries. The Depositor has
one Subsidiary, the Issuer. 
 (xix) Appointment of Subservicers. Advance Purchaser shall not appoint any Subservicer
other than Nationstar or an Eligible Subservicer in accordance with the Indenture and except that an Eligible Subservicer may appoint subservicers in accordance with the applicable Designated Servicing Agreement and in compliance with the Indenture
unless and until each rating agency that rated the related mortgage-backed securities as stated in the documentation for the related securitization trust, shall have delivered written confirmation that the appointment of such Subservicer will not
result in a reduction of the then-current ratings of such securities, if rating agency confirmation is required for the appointment of a subservicer by Advance Purchaser under the related Servicing Agreement. 

(xx) Special Purpose Entity. The Depositor is operated as an entity separate from Advance Purchaser. In addition, the
Depositor: 
 (A) maintains and will continue to maintain its assets separate and distinct from those of Advance Purchaser
and any Affiliates of Advance Purchaser in a manner which facilitates their identification and segregation from those of Advance Purchaser; 

(B) conducts and will continue to conduct all intercompany transactions with Advance Purchaser or any Affiliate of Advance
Purchaser on an arm’s-length basis; 

  
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 (C) has not guaranteed and will not guarantee any obligation of Advance Purchaser
or any of Advance Purchaser’s Affiliates, nor has it had or will it have any of its obligations guaranteed by any such entities and has not held and will not hold itself out as responsible for debts of any such entity or for the decisions or
actions with respect to the business affairs of any such entity; 
 (D) has not permitted and will not permit the commingling
or pooling of its funds or other assets with the assets of Advance Purchaser or any Affiliate of Advance Purchaser (other than in respect of items of payment and funds which may be commingled until deposit into the Trust Accounts); 

(E) has and will continue to have separate deposit and other bank accounts to which neither Advance Purchaser nor any of its
Affiliates has any access and does not at any time pool any of its funds with those of Advance Purchaser or any of its Affiliates; 

(F) maintains and will continue to maintain financial records which are separate from those of Advance Purchaser or any of its
Affiliates; 
 (G) compensates and will continue to compensate all employees, consultants and agents, if any, or reimburses
Advance Purchaser from its own funds, for services provided to it by such employees, consultants and agents, and, to the extent any employee, consultant or agent of it is also an employee, consultant or agent of Advance Purchaser allocate the
compensation of such employee, consultant or agent between it and Advance Purchaser as agreed to between them on an arm’s length basis; 

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

(J) does not and will not permit Advance Purchaser or any Affiliate of Advance Purchaser, to be involved in its daily
management; provided, however, that officers of Advance Purchaser or any such Affiliate shall not be prohibited from serving as officers of it; 

  
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 (K) does not and will not act as agent for Advance Purchaser or any Affiliate of
Advance Purchaser and agrees that it will not authorize Advance Purchaser or any Affiliate of Advance Purchaser to act as its agent; 

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

(b) Survival. It its understood and agreed that the representations and warranties of the Depositor set forth in
Section 4(a) shall continue throughout the term of this Agreement. 
 (c) It is understood and agreed that the
(1) representations and warranties made by Advance Purchaser pursuant to Section 5(b) of the Receivables Sale Agreement, and the representations and warranties made by the Depositor pursuant to this Agreement, on which the Issuer is
relying in accepting the Receivables and executing this Agreement and on which the Noteholders are relying in purchasing the Notes, and (2) the rights and remedies of the Depositor and its assignees under the Receivables Sale Agreement against
Advance Purchaser, and the rights and remedies of the Issuer and its assignees under this Agreement against the Depositor, inure to the benefit of the Issuer and the Indenture Trustee for the benefit of the Noteholders, as the assignees of the
Depositor’s rights under the Receivables Sale Agreement and the Issuer’s rights hereunder. Such representations and warranties, and the rights and remedies for the breach thereof, shall survive the sale and/or contribution, assignment,
transfer and conveyance of any Receivables from the Depositor to the Issuer and its assignees and the pledge thereof by the Issuer to the Indenture Trustee for the benefit of the Noteholders and shall be fully exercisable by the Indenture Trustee
for the benefit of the Noteholders. 
 Section 5. Remedies Upon Breach. 

The Depositor shall inform the Indenture Trustee, the Administrator and the Administrative Agent promptly, in writing, upon the discovery of
any breach of the Depositor’s representations, warranties or covenants hereunder, or Advance Purchaser’s representations, warranties or covenants under the Receivables Sale Agreement. Unless such breach shall have been cured or waived
within thirty (30) days after the earlier to occur of the discovery of such breach by the Depositor or receipt of written notice of such breach by the Depositor, such that, in the case of a representation and warranty, such representation and
warranty shall be true and correct in all material respects as if made on such day, and the Depositor shall have delivered to the Indenture Trustee an officer’s certificate describing the nature of such breach and the manner in which the
relevant representation and warranty became true and correct or the breach was otherwise cured, the Depositor shall either repurchase the affected Receivables or indemnify the 

  
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Issuer and its assignees (including the Issuer, the Indenture Trustee and each of their respective assignees) against and hold the Issuer and its assignees (including the Issuer, the Indenture
Trustee and each of their respective assignees) harmless from any cost, liability and expense, including, without limitation, reasonable attorneys’ fees and expenses, whether incurred in enforcement proceedings between the parties or otherwise,
incurred as a result of, or arising from, such breach (each such repurchase or indemnification amount to be paid hereunder, an “Indemnity Payment”), the amount of which shall equal the Receivables Balance of any affected
Receivable. This Section 5 sets forth the exclusive remedy for a breach of representation, warranty or covenant pertaining to a Receivable. Notwithstanding the foregoing, the breach of any representation, warranty or covenant shall not
be waived by the Issuer under any circumstances without the consent of the Majority Holders of the Outstanding Notes of each Series and the Administrative Agent. 

Section 6. Termination. 

This Agreement (a) may not be terminated prior to the termination of the Indenture and (b) may be terminated at any time thereafter
by either party hereto upon written notice to the other party. 
 Section 7. General Covenants of Depositor. 

The Depositor covenants and agrees that from the date of this Agreement until the termination of the Indenture: 

(a) Reserved. 
 (b)
Bankruptcy. The Depositor agrees that it shall comply with Section 12(l). The Depositor has not engaged in and does not expect to engage in a business for which its remaining property represents an unreasonably small
capitalization. The Depositor will not transfer any of the Aggregate Receivables with an intent to hinder, delay or defraud any Person. 

(c) Legal Existence. The Depositor shall do or cause to be done all things necessary on its part to preserve and keep in full force and
effect its existence in the jurisdiction of its formation, and to maintain each of its licenses, approvals, registrations and qualifications in all jurisdictions in which its ownership or lease of property or the conduct of its business requires
such licenses, approvals, registrations or qualifications, except for failures to maintain any such licenses, approvals, registrations or qualifications which cannot be subsequently cured for the purpose of enforcing contracts and which,
individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the financial conditions, operations or the ability of the Depositor or the Issuer to perform its obligations hereunder or under any of the other
Transaction Documents. 
 (d) Compliance With Laws. The Depositor shall comply in all material respects with all laws, rules,
regulations and orders of any governmental authority applicable to its operation, the noncompliance with which would reasonably be expected to have a material adverse effect on the financial condition, operations or the ability of Advance Purchaser,
the Depositor or the Issuer to perform their obligations hereunder or under any of the other Transaction Documents. 

  
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 (e) Taxes. The Depositor shall pay and discharge all taxes, assessments and governmental
charges or levies imposed upon the Depositor or upon its income and profits, or upon any of its property or any part thereof, before the same shall become in default; provided that the Depositor shall not be required to pay and discharge any
such tax, assessment, charge or levy so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings, or so long as the failure to pay any such tax, assessment, charge or levy would not have a material adverse
effect on the ability of the Depositor to perform its obligations hereunder. The Depositor shall have set aside on its books adequate reserves with respect to any such tax, assessment, charge or levy so contested. 

(f) Compliance with Representations and Warranties. The Depositor covenants that it shall conduct its business such that it will
continually comply with all of its representations and warranties made in Section 4(a). 
 (g) Keeping of Records and Books of
Account. The Depositor shall maintain accurate, complete and correct documents, books, records and other information which is reasonably necessary for the collection of all Aggregate Receivables (including, without limitation, records adequate
to permit the prompt identification of each new Receivable and all collections of, and adjustments to, each existing Receivable). 
 (h)
Ownership. The Depositor will take all necessary action to establish and maintain, irrevocably in the Issuer, legal and equitable title to the Aggregate Receivables and the related Transferred Assets, free and clear of any Adverse Claim
(including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) in all appropriate jurisdictions to perfect the Issuer’s interest in such Aggregate
Receivables and related Transferred Assets and such other action to perfect, protect or more fully evidence the interest of the Issuer or the Indenture Trustee (as the Depositor’s assignee) may reasonably request). 

(i) Reliance on Separateness. The Depositor acknowledges that the Indenture Trustee and the Noteholders are entering into the
transactions contemplated by the Transaction Documents in reliance upon the Depositor’s and Issuer’s identity as a legal entity that is separate from Advance Purchaser. Therefore, from and after the date of execution and delivery of this
Agreement, the Depositor will take all reasonable steps to maintain each of the Depositor’s and Issuer’s identity as a separate legal entity and to make it manifest to third parties that each of the Depositor and the Issuer is an entity
with assets and liabilities distinct from those of Advance Purchaser. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, the Depositor (i) will not hold itself out to third parties as
liable for the debts of the Issuer nor purport to own the Aggregate Receivables and other related Transferred Assets, (ii) will take all other actions necessary on its part to ensure that the facts and assumptions regarding it set forth in the
opinion issued by Sidley Austin LLP, dated as of the Closing Date, relating to substantive consolidation issues remain true and correct in all material respects at all times. 

(j) Name Change, Offices and Records. In the event the Depositor makes any change to its name (within the meaning of
Section 9-507(c) of any applicable enactment of the UCC), type or jurisdiction of organization or location of its books and records the Depositor shall 

  
 15 

 
notify the Issuer and the Indenture Trustee thereof and (except with respect to a change of location of books and records) shall deliver to the Indenture Trustee not later than thirty
(30) days after the effectiveness of such change (i) such financing statements (Forms UCC1 and UCC3) which the Indenture Trustee (acting at the direction of the Administrative Agent) may reasonably request to reflect such name change, or
change in type or jurisdiction of organization, (ii) if the Indenture Trustee shall so request, an opinion of outside counsel to the Depositor, in form and substance reasonably satisfactory to the Indenture Trustee, as to the perfection and
priority of the Issuer’s security interest in the Aggregate Receivables in such event, (iii) such other documents and instruments that the Indenture Trustee on behalf of the Noteholders (acting at the direction of the Administrative Agent)
may reasonably request in connection therewith and shall take all other steps to ensure that the Issuer continues to have a first priority, perfected security interest in the Aggregate Receivables and the related Transferred Assets. 

(k) Location of Jurisdiction of Organization and Records. In the case of a change in the jurisdiction of organization of the Depositor,
or in the case of a change in the “location” of the Depositor for purposes of Section 9-307 of the UCC, the Depositor must take all actions necessary or reasonably requested by the Issuer, the Administrative Agent or the Indenture
Trustee to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested by the Issuer, the Administrative Agent or the Indenture Trustee to further
perfect or evidence the rights, claims or security interests of any of the Issuer or any assignee or beneficiary of the Issuer’s rights under this Agreement, including the Indenture Trustee on behalf of the Noteholders under any of the
Transaction Documents. 
 Section 8. Grant Clause. 

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

  
 16 

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

Section 9. Grant by Issuer. 

The Issuer shall have the right, upon notice to but without the consent of the Depositor, to Grant, in whole or in part, its interest under
this Agreement with respect to the Receivables to the Indenture Trustee and the Indenture Trustee then shall succeed to all rights of the Issuer under this Agreement. All references to the Issuer in this Agreement shall be deemed to include its
assignee or designee, specifically including the Indenture Trustee. 
 Section 10. Protection of Indenture Trustee’s
Security Interest in Trust Estate. 
 (a) The Depositor shall maintain accounts and records as to each Receivable accurately and in
sufficient detail to permit the reader thereof to know at any time following reasonable prior notice delivered to the Depositor, the status of such Receivable, including payments and recoveries made and payments owing. The Schedule of Receivables
has been delivered to the Indenture Trustee and shall remain in its possession or control. 
 (b) The Depositor will maintain its computer
records so that, from and after the Grant of the security interest under the Indenture, the Depositor’s master computer records (including any back-up archives) that refer to any Receivables indicate that the Receivables are owned by the Issuer
and pledged to the Indenture Trustee on behalf of the Noteholders. Indication of the Indenture Trustee’s interest in a Receivable shall be deleted from or modified on the Depositor’s records when, and only when, the Receivable has been
paid in full or released from the lien of the Indenture pursuant to the Indenture. 
 Section 11. Limited Recourse. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under this Agreement or any certificate or
other writing delivered in connection herewith or therewith, against (a) any owner of a beneficial interest in the Issuer or (b) any holder of a beneficial interest in the Issuer in its individual capacity, except as any such Person may
have expressly agreed. Notwithstanding any other terms of this Agreement, the Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under the Notes, the Indenture, this Agreement and each other Transaction Document to
which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance with the terms of the Indenture, none of
the Noteholders, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be
extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes, the Indenture or this Agreement or for any action or inaction of the Issuer against any officer, director, employee,
shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Notes or this Agreement. It is understood that the foregoing provisions of this Section 11 shall not
(i) prevent recourse to the 

  
 17 

 
Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate or (ii) save as specifically provided therein, constitute a
waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by the Indenture. It is further understood that the foregoing provisions of this Section 11 shall not, subject to Section 12(l)
hereof, limit the right of any Person, to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Notes or this Agreement, so long as no judgment in the nature of a deficiency judgment or seeking
personal liability shall be asked for or (if obtained) enforced against any such Person or entity. 
 Section 12.
Miscellaneous. 
 (a) Amendment. This Agreement may not be amended except by an instrument in writing signed by the
Depositor and the Issuer upon delivery of an Issuer Tax Opinion and with the consent of the Administrative Agent. In addition, so long as the Notes are outstanding, this Agreement may not be amended unless either (x) Noteholders of more than
the Series Required Noteholders of each Series shall have consented thereto or (y) (i) the amendment is for a purpose for which the Indenture could be amended without any Noteholder consent and (ii) the Depositor shall have delivered
to the Indenture Trustee an officer’s certificate to the effect that the Depositor reasonably believes that any such amendment will not have a material Adverse Effect on the Noteholders of the Notes. Any such amendment requested by the
Depositor shall be at its own expense. Amendments shall require notice to Note Rating Agencies as described in Section 14(a) of the Receivables Sale Agreement. 

(b) Binding Nature; Assignment. The covenants, agreements, rights and obligations contained in this Agreement shall be binding upon the
successors and assigns of the Depositor and shall inure to the benefit of the successors and assigns of the Issuer, and all persons claiming by, through or under the Issuer. 

(c) Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 (d)
[Reserved.] 
 (e) Severability of Provisions. Any provision of this Agreement which is prohibited, unenforceable or not authorized in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the
validity, enforceability or legality of such provision in any other jurisdiction. 
 (f) Governing Law. THIS AGREEMENT AND ANY
CLAIM CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES HERETO, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE

  
 18 

 
PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (g) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN AN LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

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

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

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

(l) No Petition. The Depositor, by entering into this Agreement, agrees that it will not at any time prior to the date which is one year
and one day, or, if longer, the applicable preference period then in effect, after the payment in full of all of the Notes, institute against the Issuer, or join in any institution against the Issuer of, Insolvency Proceedings or other similar
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes or this Agreement, or cause the Issuer to commence any reorganization, bankruptcy
proceedings, or Insolvency Proceedings under any applicable state or federal law, including without limitation any readjustment of debt, or marshaling of assets or liabilities or similar proceedings. This Section 12(l) shall survive
termination of this Agreement. 

  
 19 

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

  
 20 

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

			
	NEW RESIDENTIAL ADVANCE DEPOSITOR LLC, as Depositor
		
	By:	 	/s/ Susan Givens
	Name:	 	Susan Givens
	Title:	 	CFO

 [New Residential Advance Receivables Trust — Receivables Pooling Agreement] 

 
			
	 NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST, as Issuer

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

		
	By:	 	/s/ Erwin M. Soriano

 
			
	Name:	 	Erwin M. Soriano

 
			
	Title:	 	Vice President

 [New Residential Advance Receivables Trust — Receivables Pooling Agreement] 

 Schedule 1 

ASSIGNMENT OF RECEIVABLES 

Dated as of [    ], 2014 

This Assignment of Receivables (this “Assignment”) is a schedule to and is hereby incorporated by this
reference into a certain Receivables Pooling Agreement (the “Agreement”), dated as of March 18, 2014, by and between New Residential Advance Depositor LLC, a Delaware limited liability company (the
“Depositor”), and New Residential Advance Receivables Trust, a statutory trust formed under the laws of the State of Delaware (the “Issuer”). All capitalized terms used herein shall have the meanings
set forth in, or referred to in, the Agreement. 
 By its signature to this Assignment, the Depositor hereby sells and/or
contributes, assigns, transfers and conveys to the Issuer and its assignees, without recourse, but subject to the terms of the Agreement, all of the Depositor’s right, title and interest in, to and under its rights to reimbursement for
Receivables arising under each Designated Servicing Agreement listed on Attachment A attached hereto, which Receivables exist on the date of this Assignment and any Additional Receivables arising under each Designated Servicing Agreement
listed on Attachment A, on or before the related Receivables Sale Termination Date, the other Transferred Assets related to such Receivables, pursuant to the terms of the Agreement, and the Issuer hereby accepts such sale and/or contribution,
assignment, transfer and conveyance and agrees to transfer to the Depositor the related consideration therefor, as set forth in the Agreement. 

[Signature Page Follows] 

 
			
	NEW RESIDENTIAL ADVANCE DEPOSITOR LLC, as Depositor
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

  

			
	 NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST, as Issuer

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

		
	Name:	 	 

 
			
	Title:	 	 

 [New Residential Advance Receivables Trust - Signature Page to Schedule 1 to Receivables Pooling
Agreement - Assignment of Receivables] 

 Attachment A to Schedule 1 

DESIGNATED SERVICING AGREEMENTS RELATED TO AGGREGATE RECEIVABLES 

  
 Attachment A to Schedule
1-1

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