Document:

EX-4.2

 Exhibit 4.2 

EXECUTION COPY 
  

 
  

NRZ SERVICER ADVANCE RECEIVABLES TRUST BC, 

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 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 

BARCLAYS BANK PLC, 
 as
Administrative Agent 
 and consented to by 

BARCLAYS BANK PLC 
 and 

SHEFFIELD RECEIVABLES CORPORATION 
  

 
 SERIES 2013-VF1

 AMENDED AND RESTATED INDENTURE SUPPLEMENT 

Dated as of December 17, 2013 

to 
 AMENDED AND RESTATED
INDENTURE 
 Dated as of December 17, 2013 

ADVANCE RECEIVABLES BACKED NOTES, 

SERIES 2013-VF1 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	 PAGE
	 
	SECTION 1.	 	 CREATION OF SERIES 2013-VF1 NOTES.
	  	 	2	  
	SECTION 2.	 	 DEFINED TERMS.
	  	 	2	  
	SECTION 3.	 	 FORMS OF SERIES 2013-VF1 NOTES.
	  	 	15	  
	SECTION 4.	 	 SERIES RESERVE ACCOUNT.
	  	 	16	  
	SECTION 5.	 	 COLLATERAL VALUE EXCLUSIONS.
	  	 	16	  
	SECTION 6.	 	 PAYMENTS; NOTE BALANCE INCREASES; EARLY
MATURITY; OTHER ADVANCE RATE REDUCTION EVENTS.
	  	 	18	  
	SECTION 7.	 	 [RESERVED].
	  	 	20	  
	SECTION 8.	 	 DETERMINATION OF NOTE INTEREST RATE AND
LIBOR.
	  	 	20	  
	SECTION 9.	 	 INCREASED COSTS.
	  	 	21	  
	SECTION 10.	 	 SERIES REPORTS.
	  	 	23	  
	SECTION 11.	 	 CONDITIONS PRECEDENT SATISFIED.
	  	 	25	  
	SECTION 12.	 	 REPRESENTATIONS AND WARRANTIES.
	  	 	25	  
	SECTION 13.	 	 AMENDMENTS.
	  	 	26	  
	SECTION 14.	 	 COUNTERPARTS.
	  	 	26	  
	SECTION 15.	 	 ENTIRE AGREEMENT.
	  	 	26	  
	SECTION 16.	 	 LIMITED RECOURSE.
	  	 	26	  
	SECTION 17.	 	 OWNER TRUSTEE LIMITATION OF LIABILITY.
	  	 	27	  
	SECTION 18.	 	 CONSENT AND ACKNOWLEDGMENT OF AMENDMENTS.
	  	 	27	  

  
 - i - 

 This AMENDED AND RESTATED SERIES 2013-VF1 INDENTURE SUPPLEMENT (this “Indenture
Supplement”), dated as of December 17, 2013, is made by and among NRZ SERVICER ADVANCE RECEIVABLES TRUST BC, 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 under the laws of the State of Delaware (“Advance Purchaser”), as Administrator on behalf of the Issuer, as owner of the 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, and as servicer for each Designated Servicing Agreement prior to the respective MSR Transfer Dates, and BARCLAYS BANK PLC, a
public limited company formed under the laws of England and Wales (“Barclays”), as Administrative Agent (as defined below); and consented to by 100% of the Noteholders of the Series 2013-VF1 Variable Funding Notes. This Indenture
Supplement relates to and is executed pursuant to that certain Amended and Restated Indenture (as amended, supplemented, restated or otherwise modified from time to time, the “Base Indenture”) supplemented hereby, dated as of
December 17, 2013, among the Issuer, Nationstar, Advance Purchaser, the Administrator, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, and Barclays, as Administrative Agent; and consented to by 100%
of the Outstanding Noteholders, 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 entered into an Indenture Supplement, dated as of September 19, 2013 (as amended, restated, supplemented or otherwise modified
from time to time prior to the Effective Date, the “Original Supplement”), among the Issuer, the Indenture Trustee, Nationstar, as administrator and as servicer, and Barclays, as Administrative Agent. Under the Original Supplement,
the Issuer duly authorized the issuance of a Series of Notes, the Series 2013-VF1 Notes (the “Series 2013-VF1 Notes”). 

Pursuant to Section 12.2 of the Base Indenture and Section 13(b) of the Original Supplement, the Issuer, Indenture Trustee,
Nationstar and the Administrative Agent, with the prior consent of 100% of the Noteholders of the Series 2013-VF1 Variable Funding Notes, with prior notice to each Note Rating Agency, the consent of any applicable Derivative Counterparty and the
consent of the Series Required Noteholders of each Series materially and adversely affected by such amendment, at any time and from time to time, upon delivery of an Issuer Tax Opinion, may amend the Original Supplement to amend any provision of the
Original Supplement. Pursuant to Section 12.3 of the Base Indenture, the Issuer shall also deliver to the Indenture Trustee an Opinion of Counsel stating that the execution of such amendment is authorized and permitted by the Indenture and that
all conditions precedent thereto have been satisfied (the “Authorization Opinion”). 

 As of the date hereof, there are no Note Rating Agencies or Derivative Counterparties. 

The Noteholders by their signature hereto waive, and instruct the Indenture Trustee to waive the Authorization Opinion and the certificate
required by Section 1.3(1) of the Base Indenture and the conditions precedent opinion required by Section 1.3(2) of the Base Indenture, including the corresponding form of documents specified in Section 1.4 of the Base Indenture. 

The parties are entering this Indenture Supplement to document the terms of the issuance of the Series 2013-VF1 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 2013-VF1 Notes. 

The Series 2013-VF1 Notes are known as “NRZ Servicer Advance Receivables Trust BC Advance Receivables Backed Notes, Series 2013-VF1
Notes” and were issued pursuant to the Original Supplement. The Series 2013-VF1 Notes shall not be subordinated to any other Series of Notes. The Series 2013-VF1 Notes were issued in four (4) Classes of Variable Funding Notes (Class A-VF1,
Class B-VF1, Class C-VF1 and Class D-VF1) (the “Series 2013-VF1 Variable Funding Notes”), with the Initial Note Balances, Maximum VFN Principal Balances, Stated Maturity Dates, Revolving Period, Note Interest Rates, Expected
Repayment Dates and other terms as specified in this Indenture Supplement. The Series 2013-VF1 Notes are 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 2013-VF1 Notes and all other Series of Notes issued under the Indenture as described therein. In the event that any term or provision contained herein shall conflict with or be
inconsistent with any term or provision contained in the Base Indenture, the terms and provisions of this Indenture Supplement shall govern to the extent of such conflict. 

Section 2.    Defined Terms. 

With respect to the Series 2013-VF1 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: 
 “Acquisition of a Mortgage
Originator” shall mean an acquisition, merger or other business combination of Nationstar resulting in either Nationstar, for so long as Nationstar is the Servicer or the Subservicer, or a Subsidiary of Nationstar, for so long as Nationstar
is the Servicer or the Subservicer, (i) becoming affiliated with an originator or servicer of Mortgage Loans or (ii) acquiring a substantial portion of the assets of an originator or servicer of Mortgage Loans, in any case, that, with the
passage of time or otherwise (including the incurrence of indebtedness in connection with such acquisition, merger or other business combination), in the reasonable determination of the Administrator (as supported by financial projections and other
material information that the Administrative Agent may request in connection with such acquisition, merger or other business combination), would cause any of the following: (x) the Tangible Net Worth of Nationstar to be at any time less than or
equal to $400,000,000; or (y) the ratio of the Servicer’s Net Total Indebtedness to Tangible Net Worth at any time to exceed 9:1. 

  
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 “Administrative Agent” means, for so long as the Series 2013-VF1 Notes have not
been paid in full: (i) with respect to the provisions of this Indenture Supplement, Barclays, 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, Barclays, and such other parties as set forth in any other Indenture Supplement, or a respective Affiliate or any respective successor thereto. For the avoidance of doubt, reference to “it” or
“its” with respect to the Administrative Agent in the Base Indenture shall mean “them” and “their,” and reference to the singular therein in relation to the Administrative Agent shall be construed as if plural. 

“Advance Rates” has the meaning assigned to such term in the Pricing Side Letter. 

“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 Loan-Level Receivables, 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 non-delinquent Mortgage Loans 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. 
 “Base Indenture” has the meaning assigned to such term in the Preamble. 

“Base Rate” has the meaning assigned to such term in the Pricing Side Letter. 

“Capital Lease Obligations” means, for any Person, all obligations of such Person to pay rent or other amounts under a lease
of (or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Indenture
Supplement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 “Cash
Equivalents” means (a) securities with maturities of ninety (90) days or less from the date of acquisition issued or fully guaranteed or insured by the United States Government or any agency thereof, (b) certificates of
deposit and eurodollar time deposits with maturities of ninety (90) days or less from the date of acquisition and overnight bank deposits of any 

  
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commercial bank having capital and surplus in excess of $500,000,000 unless otherwise approved by the Administrative Agent in writing in its sole discretion, (c) repurchase obligations of
any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than seven (7) days with respect to securities issued or fully guaranteed or insured by the United States Government,
(d) commercial paper of a domestic issuer rated at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and in either case maturing within ninety (90) days
after the day of acquisition, (e) securities with maturities of ninety (90) days or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or
taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least
A by S&P or A2 by Moody’s, (f) securities with maturities of ninety (90) days or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of
clause (b) of this definition or, (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition. 

“Change of Control” occurs as to Advance Purchaser if any of the following occur (x) New Residential Investment Corp.
(or any Affiliate thereof) or funds under management of Fortress Investment Group Inc. or an Affiliate thereof shall cease to beneficially own and control, directly or indirectly through one or more other intermediate entities, more than 20%, on a
fully diluted basis, of the economic and voting interest in the equity interests of Advance Purchaser, (y) New Residential Investment Corp., Fortress Investment Group Inc. or an Affiliate thereof shall cease to be the managing member of Advance
Purchaser or (z) Fortress Investment Group Inc. or an Affiliate thereof is no longer the manager of New Residential Investment Corp. 

“Class A-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class A-VF1 Variable Funding Notes, issued
hereunder by the Issuer, having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance. 

“Class B-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class B-VF1 Variable Funding Notes, issued hereunder
by the Issuer, having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance. 
 “Class
C-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class C-VF1 Variable Funding Notes, issued hereunder by the Issuer, having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance.

 “Class D-VF1 Variable Funding Notes” means, the Variable Funding Notes, Class D-VF1 Variable Funding Notes, issued
hereunder by the Issuer, having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance. 

“Commercial Paper Notes” means the promissory notes issued or to be issued by a Conduit Holder in the United States
commercial paper market. 
 “Committed Purchaser” means Barclays Bank PLC, and any successors and assigns in such capacity.

  
 4 

 “Conduit Holder” means Sheffield Receivables Corporation or any other
asset-backed commercial paper conduit administered by the Administrative Agent. 
 “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: Corporate Trust Services, NRZ Servicer Advance Receivables Trust BC, and (ii) for all other purposes, 9062 Old Annapolis Road, Columbia,
Maryland 21045-1951, Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust BC. 
 “Cost of Funds
Rate” has the meaning assigned to such term in the Pricing Side Letter. 
 “CRD” means the Capital Requirements
Directive, as amended by Article 122a (effective as of January 1, 2011) and as the same may be further amended, restated or otherwise modified. 

“DBRS” means DBRS, Inc. 

“Default Rate” has the meaning assigned to such term in the Pricing Side Letter. 

“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 thirty (30) days. 
 “Effective Date”
means December 17, 2013. 
 “Eurodollar Disruption Event” means, with respect to any of the Series 2013-VF1 Variable
Funding Notes, any of the following: (i) a good faith determination by any Noteholder of the Series 2013-VF1 Variable Funding Notes that it would be contrary to law or to the directive of any central bank or other Governmental Authority
(whether or not having the force of law) for such Noteholder to obtain United States dollars in the London interbank market to fund or maintain any portion of the Note Balances of such Notes during any Interest Accrual Period, (ii) a good faith
determination by any Noteholder of the Series 2013-VF1 Variable Funding Notes that the interest rates offered on deposits of United States dollars to such Noteholder in the London interbank market does not accurately reflect the cost to such
Noteholder of purchasing, funding or maintaining any portion of the Note Balances of such Notes during any Interest Accrual Period, or (iii) the inability of any Noteholder of the Series 2013-VF1 Variable Funding Notes to obtain United States
dollars in the London interbank market to fund or maintain any portion of the Note Balances of such Notes for such Interest Accrual Period. 

“Expected Repayment Date” has the meaning assigned to such term in the Pricing Side Letter. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such
period to the weighted average of the federal funds rates as quoted by the Administrative Agent and confirmed in Federal Reserve Board Statistical Release H. 15 (519) or any successor or substitute publication selected by the Administrative
Agent (or, if such 

  
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day is not a Business Day, for the next preceding Business Day), or if, for any reason, such rate is not available on any day, the rate determined, in the sole opinion of the Administrative
Agent, to be the rate at which federal funds are being offered for sale in the national federal funds market at 9:00 a.m. (New York City time). 

“Final Judgment Amounts” means the aggregate dollar amount of any final judgment or judgments for the payment of money in the
aggregate that have been rendered against Nationstar by one or more courts, administrative tribunals or other bodies having jurisdiction over them that, in the sole determination of the Administrative Agent, shall have a material adverse effect on
Nationstar’s business or operations, and the same has not been discharged (or provision has not been made for such discharge) or bonded, or a stay of execution thereof has not been procured, within sixty (60) days from the date of entry
thereof and Nationstar has not, within said period of sixty (60) days, or such longer period during which execution of the same has not been stayed or bonded, appealed therefrom and caused the execution thereof to be stayed during such appeal.

 “Governmental Authority” means the United States of America, any state or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and having jurisdiction over the applicable Person. 

“Increased Costs Limit” means for each Noteholder of a Series 2013-VF1 Variable Funding Note, such Noteholder’s pro rata
percentage (based on the Note Balance of such Noteholder’s Series 2013-VF1 Variable Funding Notes) of 0.10% of the average aggregate Note Balance for all Classes of Series 2013-VF1 Variable Funding Notes Outstanding for any twelve-month period.

 “Indebtedness” means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed
money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations of such
Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade
accounts payable are payable within ninety (90) days of the date the respective goods are delivered or the respective services are rendered; (c) indebtedness of others secured by an Adverse Claim on the Property of such person, whether or
not the respective indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial
institutions for account of such person; (e) obligations of such Person under Capital Lease Obligations; (f) obligations of such Person under repurchase agreements or like arrangements; (g) indebtedness of others guaranteed by such
Person; (h) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; (i) indebtedness of general partnerships of which such Person is a general partner; and (j) any other
indebtedness of such Person by a note, bond, debenture or similar instrument. 

  
 6 

 “Index” means, for any Class of the Series 2013-VF1 Notes, One-Month LIBOR, the
Cost of Funds Rate or the Base Rate, as specified for such Class in the definition of “Note Interest Rate.” 
 “Initial
Note Balance” has the meaning assigned to such term in the Pricing Side Letter. 
 “Initial Payment Date” means
October 21, 2013. 
 “Interest Accrual Period” means, for the Series 2013-VF1 Notes and any Payment Date, the period
beginning on the immediately preceding Payment Date (or, in the case of the first Payment Date with respect to any Class, the Issuance Date) and ending on the day immediately preceding the current Payment Date. The Interest Payment Amount for the
Series 2013-VF1 Notes on any Payment Date shall be determined based on the actual number of days in the Interest Accrual Period. 

“Interest Day Count Convention” means with respect the Series 2013-VF1 Notes, the actual number of days in the related
Interest Accrual Period divided by 360. 
 “Interim Payment Date” means, with respect to the Series 2013-VF1 Notes, up to
six (6) dates each calendar month provided that the Issuer provides the Noteholders of the Series 2013-VF1 Notes and the Indenture Trustee at least two (2) Business Days’ prior notice, or if any such date is not a Business Day,
the next succeeding Business Day to the extent any such day occurs during the Revolving Period, and any other date otherwise agreed to between the Issuer and the Noteholders of the Series 2013-VF1 Notes. 

“Issuance Date” means September 19, 2013. 

“LIBOR” has the meaning assigned to such term in Section 8 of this Indenture Supplement. 

“LIBOR Determination Date” means for each Interest Accrual Period, the second London Banking Day prior to the commencement of
such Interest Accrual Period. 
 “Limited Funding Date” means 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, which date is designated by the Administrator on behalf of the Issuer to the Indenture Trustee and the Administrative Agent in writing no
later than 9:00 a.m. Eastern Time two (2) Business Days prior to such date; provided, that the Administrator shall have delivered a Funding Certification in accordance with Section 4.3(a) of the Indenture for such date, and provided,
further that no fundings may be made under a Variable Funding Note on such date and no payments on any Notes shall be made on such date; provided, further, that no more than five (5) Limited Funding Dates may be designated by the Administrator
on behalf of the Issuer in any calendar month. 
 “Liquidity” means, as to any entity, as of the last day of any calendar
month, (i) the sum of (a) such entity’s Unrestricted Cash and (b) the aggregate amount of unused committed capacity available to such entity (taking into account applicable haircuts) under mortgage loan warehouse and servicer
advance facilities for which such entity has unencumbered collateral eligible to be pledged thereunder minus (ii) solely in the case of Nationstar, any Final Judgment Amounts. 

  
 7 

 “London Banking Day” means any day on which commercial banks and foreign
exchange markets settle payment in both London and New York City. 
 “Low Threshold Servicing Agreement” has the meaning
assigned to such term in the Pricing Side Letter. 
 “Margin” has the meaning assigned to such term in the Pricing Side
Letter. 
 “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 related Servicer’s or Subservicer’s, as the case may be, servicing policies; provided, that 

(i) the Market Value for any Mortgaged Property or REO Property shall be equal to $0 for any Mortgage Loan that is related to a
Designated Servicing Agreement for which ninety (90) days have passed since the related Designation Date without a valuation of the related Mortgaged Property that is less than six (6) months old; 

(ii) at any time after the 90th day following the related Designation
Date, 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 is more than six (6) months old; and 

(iii) the Market Value for any Mortgaged Property or REO Property shall be deemed equal to the outstanding principal balance of
the related Mortgage Loan if (x) ninety days or less have passed since the Designation Date for the Designation Date for such Mortage Loan and (y) the servicer does not otherwise determined the market value of such property in accordance
with this definition. 
 Any valuation for purposes of this definition shall be established by the lesser of either an appraisal,
broker’s price opinion, the related Subservicer’s (or Nationstar as Servicer prior to the related MSR Transfer Date) automated valuation model or any other internal valuation methodology (including but not limited to HPI indexing utilized
by the related Subservicer (or Nationstar as Servicer prior to the related MSR Transfer Date), which is consistent with the related 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 lesser of (A) the Funded Advance Receivable Balance for such Designated Servicing Agreement on such date and 

  
 8 

 
(B) the aggregate of the Receivable Balances of all Facility Eligible Receivables under 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. 
 “Maximum
VFN Principal Balance” has the meaning assigned to such term in the Pricing Side Letter. 
 “Middle Threshold Servicing
Agreement” has the meaning assigned to such term in the Pricing Side Letter. 
 “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, 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 as of the close of business on the last day of such calendar month. 

“Moody’s” means Moody’s Investors Service, Inc. 

“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 5(viii)(a) hereof, the aggregate Receivable Balance of all Loan-Level
Receivables outstanding with respect to such Mortgage Loan or REO Property on such date or (ii) with respect to Section 5(viii)(b) hereof, the aggregate Receivable Balance 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. 

“Net Total Indebtedness” means, with respect to any Person, for any period, (i) the aggregate Indebtedness of such
Person and its Subsidiaries during such period minus (ii) the amount of any non-recourse debt (including any securitization debt). 

“Net Worth” means, with respect to any Person, such Person’s assets minus such Person’s liabilities, each
determined in accordance with GAAP. 
 “Note Interest Rate” has the meaning assigned to such term in the Pricing Side
Letter. 

  
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 “Note Rating Agency” means, for the Series 2013-VF1 Notes, S&P, Moody’s
or DBRS, as applicable. For the avoidance of doubt, S&P, Moody’s or DBRS shall only constitute “Note Rating Agencies” at any time that any such rating agency has issued a rating in respect of the Series 2013-VF1 Notes at the
request of the Issuer or the Administrator. 
 “Note Rating Reduction” has the meaning assigned to such term in the Pricing
Side Letter. 
 “One-Month LIBOR” has the meaning assigned to such term in Section 8 of this Indenture Supplement.

 “Pricing Side Letter” means that certain Amended and Restated Pricing Side Letter, dated the date hereof, by and among
the Issuer, Advance Purchaser, the Administrative Agent, the Indenture Trustee and acknowledged by Nationstar. 
 “Prime
Rate” means the rate announced by the Administrative Agent from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of
interest charged by the Administrative Agent in connection with extensions of credit to debtors. 
 “Program Support
Agreement” means any agreement entered into by any Program Support Provider providing for the issuance of one or more letters of credit for the account of such Conduit Holder, the issuance of one or more surety bonds for which a Conduit
Holder is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Conduit Holder to any Program Support Provider of the aggregate outstanding Note Balance (or portions thereof or participations
therein) and/or the making of loans and/or other extensions of credit to such Conduit Holder in connection with such Conduit Holder’s commercial paper program, together with any letter of credit, surety bond or other instrument issued
thereunder. 
 “Program Support Provider” means any Person now or hereafter extending credit or having a commitment to
extend credit to or for the account of, or to make purchases from, a Conduit Holder or issuing a letter of credit, surety bond or other instrument to support any obligations arising under or in connection with such Conduit Holder’s commercial
paper program. 
 “Property” means any right or interest in or to property of any kind whatsoever, whether real, personal
or mixed and whether tangible or intangible. 
 “Ratings Reduction” has the meaning assigned to such term in the Pricing
Side Letter. 
 “Redemption Percentage” means, for the Series 2013-VF1 Notes, 10%. 

“Reference Banks” has the meaning assigned to such term in Section 8(b) of this Indenture Supplement. 

“Regulatory Change” means (a) the adoption of any law, rule or regulation after the date hereof, (b) any change in
any law, rule or regulation or in the interpretation or application thereof 

  
 10 

 
by any Governmental Authority after the date hereof or (c) compliance by any Noteholder (or, for purposes of Section 9(a)(3), by any lending office of such Noteholder or by such
Noteholder’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date hereof. 

“Reserve Interest Rate” has the meaning assigned to such term in Section 8 of this Indenture Supplement. 

“S&P” means Standard & Poor’s Ratings Services, a division of the McGraw-Hill Company, Inc. 

“Second-Lien Receivable” means a Receivable that arises under a Designated Servicing Agreement for which the related Advance
or Deferred Servicing Fee relates to a Mortgage Loan or REO Property secured by a second lien. 
 “Senior Margin” has the
meaning assigned to such term in the Pricing Side Letter. 
 “Senior Rate” has the meaning assigned to such term in the
Pricing Side Letter. 
 “Series 2013-VF1 Note Balance” means the aggregate Note Balance of the Series 2013-VF1 Notes. 

“Series Reserve Required Amount” has the meaning assigned to such term in the Pricing Side Letter. 

“Small Threshold Servicing Agreement” has the meaning assigned to such term in the Pricing Side Letter. 

“Stated Maturity Date” means, for each Class of the Series 2013-VF1 Variable Funding Notes, thirty (30) years following
the end of the related Revolving Period. 
 “Stressed Nonrecoverable Advance Amount” has the meaning assigned to such term
in the Pricing Side Letter. 
 “Stressed Time Percentage” has the meaning assigned to such term in the Pricing Side Letter.

 “Tangible Net Worth” means, with respect to any Person at any date of determination, (i) the Net Worth of such
Person and its consolidated Subsidiaries, determined in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including, without limitation, goodwill, capitalized financing costs and capitalized administration
costs but excluding originated and purchased mortgage servicing rights and retained residual securities) and any and all advances to, investments in and receivables held from Affiliates minus (iii) solely in the case of Nationstar, any Final
Judgment Amounts; provided, however, that the non-cash effect (gain or loss) or any mark-to-market adjustments made directly to stockholders’ equity for fluctuation of the value of financial instruments as mandated under the
Statement of Financial Accounting Standards No. 133 (or any successor statement) shall be excluded from the calculation of Tangible Net Worth. 

  
 11 

 “Target Amortization Amounts” means, for each Class of the Series 2013-VF1
Notes, (i) if a Target Amortization Event occurs that is described in the definition thereof in clauses (B)(i), (B)(ii), (B)(xii)(b) (if notwithstanding the fact that the obligation to pay has not yet matured, the payment of such judgment would
not, in the discretion of the Administrative Agent, likely cause a Target Amortization Event described in clause (vi) of the definition thereof) or (B)(xvi) (if such Target Amortization Event is as a result of a Target Amortization Event that
is the same as the Target Amortization Event described in clause (B)(i), (B)(ii) or (B)(xii)(b) (if notwithstanding the fact that the obligation to pay has not yet matured, the payment of such judgment would not, in the discretion of the
Administrative Agent, likely cause a Target Amortization Event described in clause (vi) of the definition thereof) and if the definition of “Target Amortization Amounts” under such Series of Variable Funding Notes provides that such
Target Amortization Amount for such Target Amortization Event is one-twelfth (1/12) of the Notes Balance of such Class at the close of business on the last day of its Revolving Period), one-twelfth (1/12) of the Note Balance of such Class
at the close of business on the last day of its Revolving Period; (ii) if a Target Amortization Event described in clause (B)(xiii) or (B)(xvi) (if such Target Amortization Event is as a result of a Target Amortization Event that is the same as
the Target Amortization Event described in clause (B)(xiii) of the definition thereof and if the definition of “Target Amortization Amounts” under such Series of Variable Funding Notes provides that such Target Amortization Amount for such
Target Amortization Event is one-third (1/3) of the Note Balance of such Class at the close of business on the last day of its Revolving Period) in the definition thereof occurs, one-third (1/3) of the Note Balance of such Class at the
close of business on the last day of its Revolving Period and (iii) if any other Target Amortization Event described in the definition thereof occurs (including B(xii)(b) or B(xvi), except as covered above), 100% of the Note Balance of such
Class at the close of business on the last day of its Revolving Period; provided, however, regardless of whether another Target Amortization Event has previously occurred, if the Target Amortization Event described in clause
(A) of the definition thereof occurs, the Target Amortization Amount shall be the remaining Note Balance outstanding upon the occurrence of the Expected Repayment Date, payable on the next succeeding Business Day. 

“Target Amortization Event” for the Series 2013-VF1 Notes, means the earlier of (A) the related Expected Repayment Date
or (B) the occurrence of any of the following conditions or events, which is not waived by 100% of the Noteholders of the Series 2013-VF1 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 then included in

  
 12 

 
the Trust Estate, 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) at any time after the date on which the Servicer shall first have sufficient data (i.e. three months’ worth) on
recoveries of Advances under the Designated Servicing Agreements, the Monthly Reimbursement Rate is less than 3.00%; 
 (iv)
for so long as Nationstar is the Servicer or the Subservicer, (A) from the consummation of an Acquisition of a Mortgage Originator until and including the 270th day following the consummation thereof, the Tangible Net Worth of Nationstar is
less than or equal to $350,000,000 as of the last day of any quarter or (B) at any other time, the Tangible Net Worth of Nationstar is less than or equal to $400,000,000 as of the last day of any quarter; 

(v) for so long as Nationstar is the Servicer or the Subservicer, (A) from the consummation of an Acquisition of a
Mortgage Originator until and including the 270th day following the consummation thereof, the ratio of Nationstar’s Net Total Indebtedness to Tangible Net Worth exceeds 12:1 as of the last
day of any quarter, or (B) at any time other than the time described in clause (A), Nationstar’s Net Total Indebtedness to Tangible Net Worth at any time exceeds 9:1 as of the last day of any quarter; 

(vi) for so long as Nationstar is the Servicer or the Subservicer, as of the close of business on the last Business Day of
December 2013 and of each calendar month thereafter, Nationstar’s Liquidity is less than $80,000,000; 
 (vii)
[RESERVED]; 
 (viii) the occurrence of a Change of Control; 

(ix) any failure by the Servicer to deliver any Determination Date Servicer Report pursuant to Section 3.2 of the Base
Indenture which continues unremedied for a period of five (5) Business Days after a Responsible Officer of the Servicer 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; 
 (x) the Issuer, the Receivables Seller, the Servicer, the Subservicer, the
Depositor or the Administrator shall breach or default in the due observance or performance of any of its covenants or agreements in this Indenture Supplement, the Base Indenture, or any other Transaction Document in any material respect (subject to
any cure period provided therein), 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 Section 4(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

  
 13 

 
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 Section 6(b) 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; 

(xi) 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 Section 4(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, 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, and would have a material adverse effect on the rights or interests of the Noteholders; 

(xii) (a) a final judgment or judgments for the payment of money in excess of $50,000 in the aggregate shall be rendered
against the Depositor or the Issuer by one or more courts, administrative tribunals or other bodies having jurisdiction over them, or (b) a final judgment or judgments for the payment of money in excess of $35,000,000 in the aggregate shall be
rendered against Advance Purchaser by one or more courts, administrative tribunals or other bodies having jurisdiction over them that, in the sole determination of the Administrative Agent, shall have a material adverse effect on Advance
Purchaser’s business or operations, and the same shall not be discharged (or provision shall not be made for such discharge) or bonded, or a stay of execution thereof shall not be procured, within sixty (60) days from the date of entry
thereof and Advance Purchaser shall not, within said period of sixty (60) days, or such longer period during which execution of the same shall have been stayed or bonded, appeal therefrom and cause the execution thereof to be stayed during such
appeal; 
 (xiii) any person shall be appointed as Independent Manager of the Depositor without prior notice having been
given to and without the written acknowledgement by the Administrative Agent that such person conforms, to the satisfaction of the Administrative Agent in its reasonable discretion, to the criteria set forth herein in the definition of
“Independent Manager”; 
 (xiv) Advance Purchaser shall fail to make any payment (whether of principal or interest
or otherwise) in respect of any other indebtedness with an amount in excess of $15,000,000, when and as the same shall become due and payable (including the passage of any applicable grace period); 

  
 14 

 (xv) any event or condition occurs and, while continuing, results in any
indebtedness of Advance Purchaser with an amount in excess of $15,000,000 becoming due prior to its scheduled maturity or that enables or permits (including the passage of any applicable grace period) the holder or holders of any such indebtedness
or any trustee or agent on its or their behalf to cause any such indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; 

(xvi) any Series or Class of Variable Funding Notes other than the Series 2013-VF1 Notes enters into a Target Amortization
Period; 
 (xvii) the Tangible Net Worth of Advance Purchaser is less than the greater of (a) 3% of the aggregate
Receivables Balances of all servicer advance receivables and deferred servicing fee receivables held by Advance Purchaser or a subsidiary of Advance Purchaser as of the last day of any fiscal quarter of Advance Purchaser or (b) $75,000,000;

 (xviii) Advance Purchaser’s Net Total Indebtedness to Tangible Net Worth at any time exceeds 4:1 as of the last day
of any quarter; or 
 (xix) Advance Purchaser shall fail to have Liquidity of at least $25,000,000 as of the last day of any
calendar month. 
 “Transaction Documents” means, in addition to the documents set forth in the definition thereof in the
Base Indenture, this Indenture Supplement, the Pricing Side Letter and the VF1 Note Purchase Agreement, each as amended, supplemented, restated or otherwise modified from time to time. 

“Trigger Advance Rate” has the meaning assigned to such term in the Pricing Side Letter. 

“Undrawn Fee Rate” has the meaning assigned to such term in the Pricing Side Letter. 

“Unrestricted Cash” means, as of any date of determination, the sum of (i) the Receivables Seller’s cash,
(ii) the Receivables Seller’s Cash Equivalents that are not, in either case, subject to an Adverse Claim in favor of any Person or that are not required to be reserved by the Receivables Seller in a restricted escrow arrangement or other
similarly restricted arrangement pursuant to a contractual agreement or requirement of law. 
 “VF1 Note Purchase
Agreement” means that certain Note Purchase Agreement, dated as of September 19, 2013, by and among the Issuer, Barclays Bank PLC, as the Administrative Agent and Committed Purchaser and the Conduit Holder, that relates to the purchase
of the Series 2013-VF1 Notes, as amended, supplemented, restated or otherwise modified from time to time. 

Section 3.    Forms of Series 2013-VF1 Notes. 

The form of the Rule 144A Definitive Note and of the Regulation S Definitive Notes that may be used to evidence the Series 2013-VF1 Variable
Funding Notes in the circumstances described in Section 5.4(c) of the Base Indenture are attached to the Base Indenture as Exhibits A-2 and A-4, respectively. 

  
 15 

 In addition to any provisions set forth in Section 6.5 of the Base Indenture, with
respect to the Series 2013-VF1 Notes, the Noteholder of any Class of such Notes shall only transfer its beneficial interest therein to another potential investor in accordance with the applicable Note Purchase Agreement. The Indenture Trustee (in
all of its capacities) shall not be responsible to monitor, and shall not have any liability, for any such transfers of beneficial interests of participation interests. 

Section 4.    Series Reserve Account. 

In accordance with the terms and provisions of this Section 4 and Section 4.6 of the Base Indenture, the Indenture Trustee shall
establish and maintain a Series Reserve Account with respect to the Series 2013-VF1 Notes, which shall be an Eligible Account, for the benefit of the Series 2013-VF1 Noteholders. 

Section 5.    Collateral Value Exclusions. 

For purposes of calculating “Collateral Value” in respect of the Series 2013-VF1 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 (x) that is (a) attributable to a Designated Servicing Agreement that is a Small Threshold Servicing Agreement or (b) a Loan-Level Receivable or (y) in respect of which
ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement; 

(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%; provided, that this clause (ii) shall not apply to any
Receivable in respect of which ninety (90) days or fewer have passed since the Designation Date in respect of the related Designated Servicing Agreement; 

(iii) [RESERVED]; 

(iv) 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; 

  
 16 

 (v) 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; 

(vi) 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; 

(vii) 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; 
 (viii) if on any date that is ninety (90) days after the
Designation Date in respect of the related Designated Servicing Agreement, (a) if it is a Loan-Level 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%; 
 (ix) is a
Loan-Level Receivable, to the extent the Receivable Balance of such Receivable, when added to the aggregate Receivable Balances of all Loan-Level Receivables, would cause the total Receivable Balances attributable to Loan-Level Receivables to exceed
20.0% of the total Receivable Balances of all Facility Eligible Receivables included in the Trust Estate; 
 (x) has a zero
Advance Rate; 

  
 17 

 (xi) 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; and 

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

(xii) relates to a Mortgage Loan or REO Property which is subject to a lease or rental agreement entered into by the Servicer
in accordance with the terms and provisions of the applicable Servicing Agreement in lieu of foreclosure; 
 (xiii) if more
than ninety (90) days have passed since the Designation Date in respect of the related Designated Servicing Agreement, 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); or 
 (xiv) is a Receivable related to the
Designated Servicing Agreements related to the securitization trusts identified on Schedule 3 to the Base Indenture (as the same may be updated from time to time pursuant to Section 2.2(c) of the Base Indenture) and the
aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 3 of such securitization trust’s cut-off date
balance. 
 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 Receivables Balance thereof with a Collateral Value of zero shall be disregarded for all other purposes of this Section 5, 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 5. 

Section 6.    Payments; Note Balance Increases; Early Maturity; Other Advance Rate Reduction Events. 

The Paying Agent shall make payments of interest on the Series 2013-VF1 Notes on each Payment Date in accordance with Section 4.5 of the
Base Indenture and any payments of interest (including unrated interest amounts), Cumulative Interest Shortfall Amounts, Fees or Increased Costs allocated to the Series 2013-VF1 Notes shall be paid first to the Class A-VF1 Variable Funding
Notes, thereafter to the Class B-VF1 Variable Funding Notes, thereafter to the Class C-VF1 Variable Funding Notes and thereafter to the Class D-VF1 Variable Funding Notes. The Paying Agent shall make payments of principal on the Series 2013-VF1
Variable Funding Notes 

  
 18 

 
on each Interim Payment Date and each Payment Date in accordance with Sections 4.4 and 4.5, respectively, of the Base Indenture (at the option of the Issuer in the case of requests during
the Revolving Period for the Series 2013-VF1 Variable Funding Notes). The Note Balance of each Class of the Series 2013-VF1 Variable Funding Notes may be increased from time to time on certain Funding Dates in accordance with the terms and
provisions of Section 4.3 of the Base Indenture, but not in excess of the related Maximum VFN Principal Balance. 
 The parties hereto
agree that the failure to pay any portion of any related Undrawn Fee Amount on any Payment Date shall constitute an Event of Default under Section 8.1(a)(i) of the Base Indenture. 

Notwithstanding anything to the contrary contained herein or in the Base Indenture, the Issuer may, upon at least five Business Days’
prior written notice to the Administrative Agent, redeem in whole or in part, and/or terminate and cause retirement of any of the Series 2013-VF1 Variable Funding Notes at any time using proceeds of issuance of new Notes. 

The Series 2013-VF1 Notes are also subject to optional redemption in accordance with the terms of Section 13.1 of the Base Indenture.

 Any payments of principal allocated to the Series 2013-VF1 Notes during a Full Amortization Period shall be applied in the
following order of priority, first, to the Class A-VF1 Variable Funding Notes, until their Note Balance has been reduced to zero, second, to the Class B-VF1 Variable Funding Notes until their Note Balance has been reduced to zero,
third, to the Class C-VF1 Variable Funding Notes, until their Note Balance has been reduced to zero and fourth, to the Class D-VF1 Variable Funding Notes, until their Note Balance has been reduced to zero. 

Barclays confirms that the Series 2013-VF1 Notes issued on the Issuance Date pursuant to this Indenture Supplement shall be issued in the name
of “Barclays Bank PLC, as Administrative Agent,” and Barclays hereby directs the Indenture Trustee to issue the Series 2013-VF1 Notes in the name of “BARCLAYS BANK PLC, solely in its capacity as Administrative Agent on behalf of
BARCLAYS BANK PLC, as Committed Purchaser and SHEFFIELD RECEIVABLES CORPORATION, as Conduit Holder, or registered assigns.” For the avoidance of doubt, the parties hereto hereby agree that, in accordance with the terms and provisions of the VF1
Note Purchase Agreement, the Administrative Agent shall act as agent of each Noteholder of a Series 2013-VF1 Note and shall determine the allocation of “Additional Note Balances” (as such term is defined in the VF1 Note Purchase Agreement)
to be purchased by each such Noteholder. 
 For the avoidance of doubt, the failure pay any Target Amortization Amount when due, as
described in the definition thereof, shall constitute an Event of Default. 
 There are no “Other Advance Rate Reduction Events”
or “Other Advance Rate Reduction Event Cure Periods” in respect of the Series 2013-VF1 Notes. If any Other Advance Rate Reduction Event in respect of any other Series of Notes is the same as any reduction event specified in clause
(iv) of the definition of “Facility Early Amortization Event,” and the related Other Advance Rate Reduction Event Cure Period is shorter than the applicable grace period for 

  
 19 

 
the same event specified in clause (iv) of the definition of “Facility Early Amortization Event”, then solely for purposes of the Series 2013-VF1 Notes, the applicable grace period
specified in clause (iv) of the definition of “Facility Early Amortization Event” shall be reduced to the Other Advance Rate Reduction Event Cure Period. 

Section 7.    [RESERVED]. 

Section 8.    Determination of Note Interest Rate and LIBOR. 

(a) At least one (1) Business Day prior to each Determination Date, the Administrator (after consultation with the Administrative Agent)
shall calculate the Note Interest Rate for the related Interest Accrual Period and the Interest Payment Amount for the Series 2013-VF1 Notes for the upcoming Payment Date, and include a report of such amount in the related Payment Date Report. 

(b) On each LIBOR Determination Date, the Administrative Agent will determine the arithmetic mean of the London Interbank Offered Rate
(“LIBOR”) quotations for one-month Eurodollar deposits (“One-Month LIBOR”) for the succeeding Interest Accrual Period for the Series 2013-VF1 Notes on the basis of the Reference Banks’ offered LIBOR quotations
provided to the Calculation Agent as of 11:00 a.m. (London time) on such LIBOR Determination Date. As used herein with respect to a LIBOR Determination Date, “Reference Banks” means leading banks engaged in transactions in
Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, (ii) whose quotations appear on the Bloomberg Screen US0001M Index Page for the LIBOR Determination Date in question and
(iii) which have been designated as such by the Calculation Agent (after consultation with the Administrative Agent) and are able and willing to provide such quotations to the Calculation Agent for each LIBOR Determination Date; and
“Bloomberg Screen US0001M Index Page” means the display designated as page US0001M Index Page on the Bloomberg Financial Markets Commodities News (or such other pages as may replace such page on that service for the purpose of
displaying LIBOR quotations of major banks). If any Reference Bank should be removed from the Bloomberg Screen US0001M Index Page or in any other way fails to meet the qualifications of a Reference Bank, the Administrative Agent may, in its sole
discretion, designate an alternative Reference Bank. 
 If, for any LIBOR Determination Date, two or more of the Reference Banks provide
offered One-Month LIBOR quotations on the Bloomberg Screen US0001M Index Page, One-Month LIBOR for the next succeeding Interest Accrual Period for the Series 2013-VF1 Notes will be the arithmetic mean of such offered quotations (rounding such
arithmetic mean if necessary to the nearest five decimal places). 
 If, for any LIBOR Determination Date, only one or none of the Reference
Banks provides such offered One-Month LIBOR quotations for the next applicable Interest Accrual Period, One-Month LIBOR for the next Interest Accrual Period for the applicable Classes of Series 2013-VF1 Notes will be the higher of (x) One-Month
LIBOR as determined for the previous LIBOR Determination Date and (y) the Reserve Interest Rate. The “Reserve Interest Rate” on any date of determination will be the rate per annum that the Administrative Agent
determines to be either (A) the arithmetic mean (rounding such arithmetic mean if necessary to the nearest five decimal 

  
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places) of the one-month Eurodollar lending rate that New York City banks selected by the Administrative Agent are quoting, on the relevant LIBOR Determination Date, to the principal London
offices of at least two leading banks in the London Interbank market or (B) in the event that the Administrative Agent is unable to determine such arithmetic mean, the lowest one-month Eurodollar lending rate that the New York City banks so
selected by the Administrative Agent are quoting on such LIBOR Determination Date to leading European banks. 
 If, on any LIBOR
Determination Date, the Administrative Agent is required but is unable to determine the Reserve Interest Rate in the manner provided in the preceding paragraph, One-Month LIBOR for the next applicable Interest Accrual Period will be One-Month LIBOR
as determined for the previous LIBOR Determination Date. 
 Notwithstanding the foregoing, One-Month LIBOR for an Interest Accrual Period
shall not be based on One-Month LIBOR for the previous Interest Accrual Period on the Series 2013-VF1 Notes for two consecutive LIBOR Determination Dates. If, under the priorities described above, One-Month LIBOR for an Interest Accrual Period on
the Series 2013-VF1 Notes would be based on One-Month LIBOR for the previous LIBOR Determination Date for the second consecutive LIBOR Determination Date, the Administrative Agent shall select an alternative index (over which the Administrative
Agent has no control) used for determining one-month Eurodollar lending rates that is calculated and published (or otherwise made available) by an independent third party, and this alternative index shall constitute One-Month LIBOR for all purposes
under this Indenture Supplement in that event. 
 (c) The establishment of One-Month LIBOR by the Administrative Agent and the
Administrator’s subsequent calculation of the Note Interest Rate (after consultation with the Administrative Agent) on the Series 2013-VF1 Notes for the relevant Interest Accrual Period, in the absence of manifest error, will be final and
binding. 
 Section 9.    Increased Costs. 

(a) If any Regulatory Change or other requirement of any law, rule, regulation or order applicable to a Noteholder of a Series 2013-VF1
Variable Funding Note (a “Requirement of Law”) or any change in the interpretation or application thereof or compliance by such Noteholder with any request or directive (whether or not having the force of law) from any central bank
or other Governmental Authority made subsequent to the date hereof: 
 (1) shall subject such Noteholder to any tax of any
kind whatsoever with respect to its Series 2013-VF1 Variable Funding Note (excluding income taxes, branch profits taxes, franchise taxes or similar taxes imposed on such Noteholder as a result of any present or former connection between such
Noteholder and the United States, other than any such connection arising solely from such Noteholder having executed, delivered or performed its obligations or received a payment under, or enforced, this Indenture Supplement or any U.S. federal
withholding taxes imposed under Code sections 1471 through 1474 as of the date of this Indenture Supplement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any regulations or
official interpretations thereunder and any agreements entered into 

  
 21 

 
under section 1471(b) of the Code) or change the basis of taxation of payments to such Noteholder in respect thereof; shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, or other extensions of credit by, or any other acquisition of funds by, any office of such Noteholder which is not
otherwise included in the determination of the Note Interest Rate hereunder; or 
 (2) shall impose, modify or hold
applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, or credit extended or participated by, or any other
acquisition of funds by, any office of such Noteholder which is not otherwise included in the determination of the Note Interest Rate hereunder; or 

(3) shall have the effect of reducing the rate of return on such Noteholder’s capital or on the capital of such
Noteholder’s holding company, if any, as a consequence of this Indenture Supplement, in the case of the Series 2013-VF1 Variable Funding Notes, the VF1 Note Purchase Agreement, or the Series 2013-VF1 Variable Funding Notes to a level below that
which such Noteholder or such Noteholder’s holding company could have achieved but for such Requirements of Law (other than any Regulatory Change, Requirement of Law, interpretation or application thereof, request or directive with respect to
taxes) (taking into consideration such Noteholder’s policies and the policies of such Noteholder’s holding company with respect to capital adequacy); or 

(4) shall impose on such Noteholder or the London interbank market any other condition, cost or expense (other than with
respect to taxes) affecting this Indenture Supplement, in the case of the Series 2013-VF1 Variable Funding Notes, the VF1 Note Purchase Agreement or the Series 2013-VF1 Variable Funding Notes or any participation therein; or 

(5) shall impose on such Noteholder any other condition; 

and the result of any of the foregoing is to increase the cost to such Noteholder, by an amount which such Noteholder deems to be material, of continuing to
hold its Series 2013-VF1 Variable Funding Note, of maintaining its obligations with respect thereto, or to reduce any amount due or owing hereunder in respect thereof, or to reduce the amount of any sum received or receivable by such Noteholder
(whether of principal, interest or any other amount) or (in the case of any change in a Requirement of Law regarding capital adequacy or liquidity requirements or in the interpretation or application thereof or compliance by such Noteholder or any
Person controlling such Noteholder with any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) from any Governmental or quasi-Governmental Authority made subsequent to the date hereof)
shall have the effect of reducing the rate of return on such Noteholder’s or such controlling Person’s capital as a consequence of its obligations as a Noteholder of a Variable Funding Note to a level below that which such Noteholder or
such controlling Person could have achieved but for such adoption, change or 

  
 22 

 
compliance (taking into consideration such Noteholder’s or such controlling Person’s policies with respect to capital adequacy) by an amount deemed by such Noteholder to be material,
then, in any such case, such Noteholder shall invoice the Administrator for such additional amount or amounts as calculated by such Noteholder in good faith as will compensate such Noteholder for such increased cost or reduced amount, and such
invoiced amount shall be payable to such Noteholder on the Payment Date following the next Determination Date following such invoice, in accordance with Section 4.5(a)(1)(ii) or Section 4.5(a)(2)(ii) of the Base Indenture, as
applicable; provided, however, that any amount of Increased Costs in excess of the Increased Costs Limit shall be payable to such Noteholder in accordance with Section 4.5(a)(1)(ix) or Section 4.5(a)(2)(iv) of
the Base Indenture, as applicable. 
 (b) Each Program Support Provider shall be entitled to receive additional payments and indemnification
pursuant to this Section 9 as though it were a Committed Purchaser and such Section applied to its interest in or commitment to acquire an interest in the Series 2013-VF1 Variable Funding Notes; provided, that such Program Support
Provider shall not be entitled to additional payments pursuant to this Section 9 by reason of Requirements of Law which occurred prior to the date it became a Program Support Provider; provided, further, that such Program Support
Provider shall be entitled to receive additional amounts pursuant to this Section 9 only to the extent that its related Conduit Holder would have been entitled to receive such amounts in the absence of extensions of credit from such
Program Support Provider. The provisions of this Section 9 shall apply to the Administrative Agent and to such of its Affiliates as may from time to time administer, make referrals to or otherwise provide services or support to the
Conduit Holders (in each case as though such Administrative Agent or Affiliate were a Committed Purchaser and such Section applied to its administration of or other provisions of services or support to such Conduit Holder in connection with the
transactions contemplated by this Indenture Supplement), whether as an administrator, administrative agent, referral agent, managing agent or otherwise. 

(c) Increased Costs payable under this Section 9 shall be payable on a Payment Date only to the extent invoiced to the Indenture
Trustee prior to the related Determination Date. 
 Section 10.    Series Reports. 

(a) Series Calculation Agent Report. The Calculation Agent shall deliver a report of the following items together with each Calculation
Agent Report pursuant to Section 3.1 of the Base Indenture to the extent received from the Servicer, with respect to the Series 2013-VF1 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 in respect of which more than ninety (90) days have passed since the related Designation Date, and whether the Advance Ratio for such Designated Servicing Agreement exceeds 100.0%; 

  
 23 

 (iii) the Market Value Ratio for each Designated Servicing Agreement in respect
of which more than ninety (90) days have passed since the related Designation Date, and whether the Market Value Ratio for such Designated Servicing Agreement exceeds 25.0%; 

(iv) 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; 

(v) 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; 

(vi) 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; 

(vii) a list of each Target Amortization Event for the Series 2013-VF1 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; 

(viii) the Mortgage Loan-Level Market Value Ratio for each Mortgage Loan related to a Loan-Level 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 such Mortgage Loan-Level Market Value Ratio exceeds 50%; 

(ix) 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 5 of this Indenture Supplement; 

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

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

  
 24 

 (xii) whether any Target Amortization Amount that has become due and payable has
been paid; 
 (xiii) the Stressed Nonrecoverable Advance Amount for the upcoming Payment Date or Interim Payment Date; and

 (xiv) the Trigger Advance Rate for each Class. 

In addition to the information provided in the above Calculation Agent Report, to the extent the following information is specifically
provided to the Calculation Agent by the Servicer, the Calculation Agent shall promptly, from time to time, provide such other financial or non-financial information, documents, records or reports with respect to the Receivables or the condition or
operations, financial or otherwise, of the Servicer, including any information available to the Servicer, as the Administrator or any Noteholder of a Series 2013-VF1 Note may from time to time reasonably request in order to assist the Administrative
Agent or such Noteholder in complying with the requirements of Article 122a(4) and (5) of the CRD as may be applicable to the Administrative Agent or such Noteholder of a Series 2013-VF1 Note. 

(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:
(1) Tangible Net Worth, (2) the occurrence of any of the events described in clauses (ii), (iii), (iv), (v), (vi), (viii), (ix), (x), (xi), (xvii), (xviii) or (xix) of the definition of “Target Amortization Event,”
or (3) compliance with clause (vi) of the definition of “Facility Eligible Servicing Agreement.” 

Section 11.    Conditions Precedent Satisfied. 

The Issuer hereby represents and warrants to the Noteholders of the Series 2013-VF1 Notes and the Indenture Trustee that, as of the related
Issuance Date, each of the conditions precedent set forth in the Base Indenture, including but not limited to those conditions precedent set forth in Section 6.10(b) and Article XII thereof and Section 12 hereof, as applicable, have
been satisfied. 
 Section 12.    Representations and Warranties. 

(a) The Issuer, the Administrator 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. 

(b) Neither the Administrator nor any of its Subsidiaries shall make any material change in the nature of its business as carried on at the
date hereof. 

  
 25 

 Section 13.    Amendments. 

(a) Notwithstanding any provisions to the contrary in Article XII of the Base Indenture, and in addition to and otherwise subject to the
provisions set forth in Sections 12.1 and 12.3 of the Base Indenture, without the consent of the Noteholders of any Notes or any other Person but with the consent of the Issuer (evidenced by its execution of such amendment), the Indenture Trustee,
the Administrator, the Servicer (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 an Adverse Effect, may amend this Indenture Supplement for any of the following purposes: (i) to correct any mistake or typographical error or cure any ambiguity, or to cure, correct or
supplement any defective or inconsistent provision herein or any other Transaction Document; (ii) to take any action necessary to maintain the rating currently assigned by the applicable Note Rating Agency and/or to avoid such Class of Notes
being placed on negative watch by such Note Rating Agency; or (iii) to amend any other provision of this Indenture Supplement. For the avoidance of doubt, the consent of the Servicer is not required for (i) the waiver of any Event of
Default, Target Amortization Event or Facility Early Amortization Event or (ii) any other modification or amendment to any Event of Default, Target Amortization Event or Facility Early Amortization Event except those related to the actions and
omissions of the Servicer. 
 (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 100% of the
Noteholders of the Series 2013-VF1 Variable Funding Notes, supplement, amend or revise any term or provision of this Indenture Supplement. 

Section 14.    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 15.    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 16.    Limited Recourse. 

Notwithstanding any other terms of this Indenture Supplement, the Series 2013-VF1 Notes, any other Transaction Documents or otherwise, the
obligations of the Issuer under the Series 2013-VF1 Notes, this Indenture Supplement and each other Transaction Document to 

  
 26 

 
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 2013-VF1 Notes, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums
due but still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Series 2013-VF1 Notes or this
Indenture Supplement or for any action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Series 2013-VF1
Notes or this Indenture Supplement. It is understood that the foregoing provisions of this Section 16 shall not (a) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement
which is part of the Trust Estate or (b) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Series 2013-VF1 Notes or secured by this Indenture Supplement. It is
further understood that the foregoing provisions of this Section 16 shall not limit the right of any Person to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Series 2013-VF1 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 17.    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) 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. 

Section 18.    Consent and Acknowledgment of Amendments. 

Each of Barclays, in its capacity as committed purchaser (together with its successors and permitted assigns, the “Committed
Purchaser”), and Sheffield Receivables Corporation, in its capacity as conduit holder (together with its successors and permitted assigns, the “Conduit Holder”) has consented to this Indenture Supplement and each of the
Committed Purchaser and the Conduit Holder confirms that (i) together they are the sole Noteholders of all the Outstanding Notes related to this Series with the right to instruct the Indenture Trustee, (ii) it is authorized to

  
 27 

 
deliver this Indenture Supplement, such power has not been granted or assigned to any other person and the Indenture Trustee may rely upon such certification, and (iii) it acknowledges and
agrees that the amendments effected by this Indenture Supplement shall become effective on the Effective Date. By its signature to this Indenture Supplement, each of the parties hereto (other than the Indenture Trustee), hereby waives and directs
the Indenture Trustee to waive, the delivery of an Authorization Opinion in connection with the execution and delivery of this Indenture Supplement. 

  
 28 

 IN WITNESS WHEREOF, NRZ Servicer Advance Receivables Trust BC, as Issuer, Advance
Purchaser LLC, as Administrator and as Servicer (on and after the respective MSR Transfer Dates), Nationstar Mortgage LLC, as Administrator (prior to the Effective Date) and as Servicer (prior to the respective MSR Transfer Dates), Wells Fargo Bank,
N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, Barclays Bank PLC, as Administrative Agent and as Committed Purchaser, and Sheffield Receivables Corporation, as Conduit Holder, have caused this Indenture
Supplement relating to the Series 2013-VF1 Notes, to be duly executed by their respective officers thereunto duly authorized and their respective signatures duly attested all as of the day and year first above written. 

 

			
	NRZ SERVICER ADVANCE RECEIVABLES TRUST BC, 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:	 	    Assistant Vice President

 [Signature Page – NRZ Servicer Advance Receivables Trust BC Amended and Restated Indenture
Supplement, Series 2013-VF1] 

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

 
			
		
	Name:	 	    Mark DeFabio
		
	Title:	 	    Vice President

 [Signature Page – NRZ Servicer Advance Receivables Trust BC Amended and Restated Indenture
Supplement, Series 2013-VF1] 

 
			
	NATIONSTAR MORTGAGE LLC
		
	By:	 	   /s/ Ellen Coleman

 
			
		
	Name:	 	    Ellen Coleman
		
	Title:	 	    Executive Vice President

 [Signature Page – NRZ Servicer Advance Receivables Trust BC Amended and Restated Indenture
Supplement, Series 2013-VF1] 

 
			
	ADVANCE PURCHASER LLC
		
	By:	 	   /s/ Cameron MacDougall

 
			
		
	Name:	 	    Cameron MacDougall
		
	Title:	 	    Secretary

 [Signature Page – NRZ Servicer Advance Receivables Trust BC Amended and Restated Indenture
Supplement, Series 2013-VF1] 

 
			
	BARCLAYS BANK PLC, as Administrative Agent
		
	By:	 	   /s/ Joseph O’Doherty

 
			
		
	Name:	 	    Joseph O’Doherty
		
	Title:	 	    Managing Director

 [Signature Page – NRZ Servicer Advance Receivables Trust BC Amended and Restated Indenture
Supplement, Series 2013-VF1] 

 
			
	CONSENTED TO BY:
	
	BARCLAYS BANK PLC, as Committed Purchaser, Conduit Administrative Agent and as Administrative Agent of the Series 2013-VF1 Notes
		
	By:	 	   /s/ Joseph O’Doherty

 
			
		
	Name:	 	    Joseph O’Doherty
		
	Title:	 	    Managing Director

 [Signature Page – NRZ Servicer Advance Receivables Trust BC Amended and Restated Indenture
Supplement, Series 2013-VF1] 

 
			
	CONSENTED TO BY:
	
	SHEFFIELD RECEIVABLES CORPORATION, as Conduit Holder of the Series 2013-VF1 Notes
	
	By:    Barclays Bank PLC, as its attorney-in-fact
		
	By:	 	   /s/ Joseph O’Doherty

 
			
		
	Name:	 	    Joseph O’Doherty
		
	Title:	 	    Managing Director

 [Signature Page – NRZ Servicer Advance Receivables Trust BC Amended and Restated Indenture
Supplement, Series 2013-VF1]EX-4.3

 Exhibit 4.3 

EXECUTION COPY 
 AMENDED
AND RESTATED INDENTURE 
 NRZ SERVICER ADVANCE RECEIVABLES TRUST CS, 

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 

and consented to by 

CREDIT SUISSE AG, NEW YORK BRANCH 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 

ALPINE SECURITIZATION CORP. 

NATIXIS, NEW YORK BRANCH 

BLEACHERS FINANCE 1 LIMITED 

MORGAN STANLEY BANK, N.A. 

Dated as of December 17, 2013 

NRZ SERVICER ADVANCE RECEIVABLES TRUST CS 

ADVANCE RECEIVABLES BACKED NOTES, ISSUABLE IN SERIES 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I
	 		  			
		
	 Definitions and Other Provisions of General Application
	  	 	6	  
			
	 Section 1.1.
	 	Definitions	  	 	6	  
	 Section 1.2.
	 	Interpretation	  	 	54	  
	 Section 1.3.
	 	Compliance Certificates and Opinions	  	 	55	  
	 Section 1.4.
	 	Form of Documents Delivered to Indenture Trustee	  	 	55	  
	 Section 1.5.
	 	Acts of Noteholders	  	 	56	  
	 Section 1.6.
	 	Notices, etc., to Indenture Trustee, Issuer, Administrator and the Administrative Agent	  	 	57	  
	 Section 1.7.
	 	Notices to Noteholders; Waiver	  	 	57	  
	 Section 1.8.
	 	Administrative Agent	  	 	58	  
	 Section 1.9.
	 	Effect of Headings and Table of Contents	  	 	59	  
	 Section 1.10.
	 	Successors and Assigns	  	 	60	  
	 Section 1.11.
	 	Severability of Provisions	  	 	60	  
	 Section 1.12.
	 	Benefits of Indenture	  	 	60	  
	 Section 1.13.
	 	Governing Law	  	 	60	  
	 Section 1.14.
	 	Counterparts	  	 	60	  
	 Section 1.15.
	 	Submission to Jurisdiction; Waivers	  	 	61	  
			
	 Article II
	 		  			
		
	 The Trust Estate
	  	 	61	  
			
	 Section 2.1.
	 	Contents of Trust Estate	  	 	61	  
	 Section 2.2.
	 	Receivable Files	  	 	64	  
	 Section 2.3.
	 	Indemnity Payments for Receivables Upon Breach	  	 	66	  
	 Section 2.4.
	 	Duties of Custodian with Respect to the Receivables Files	  	 	67	  
	 Section 2.5.
	 	Application of Trust Money	  	 	67	  
			
	 Article III
	 		  			
		
	 Administration of Receivables; Reporting to Investors
	  	 	68	  
			
	 Section 3.1.
	 	Duties of the Calculation Agent	  	 	68	  
	 Section 3.2.
	 	Reports by Administrator and Indenture Trustee	  	 	71	  
	 Section 3.3.
	 	Annual Statement as to Compliance; Notice of Default; Agreed Upon Procedures Reports	  	 	76	  
	 Section 3.4.
	 	Access to Certain Documentation and Information	  	 	79	  
	 Section 3.5.
	 	Indenture Trustee to Make Reports Available	  	 	81	  

  
 i 

							
	 Article IV
	 		  			
		
	 The Trust Accounts; Payments
	  	 	82	  
			
	 Section 4.1.
	 	Trust Accounts	  	 	82	  
	 Section 4.2.
	 	Collections and Disbursements of Advances by Servicer	  	 	84	  
	 Section 4.3.
	 	Funding of Additional Receivables	  	 	86	  
	 Section 4.4.
	 	Interim Payment Dates	  	 	90	  
	 Section 4.5.
	 	Payment Dates	  	 	92	  
	 Section 4.6.
	 	Series Reserve Account	  	 	97	  
	 Section 4.7.
	 	Collection and Funding Account, Interest Accumulation Account, Fee Accumulation Account, Target Amortization Principal Accumulation Account and Sinking Fund Accounts	  	 	99	  
	 Section 4.8.
	 	Note Payment Account	  	 	100	  
	 Section 4.9.
	 	Securities Accounts	  	 	100	  
	 Section 4.10.
	 	Notice of Adverse Claims	  	 	103	  
	 Section 4.11.
	 	No Gross Up	  	 	103	  
	 Section 4.12.
	 	Facility Early Amortization Events; Target Amortization Events	  	 	103	  
			
	 Article V
	 		  			
		
	 Note Forms
	  	 	104	  
			
	 Section 5.1.
	 	Forms Generally	  	 	104	  
	 Section 5.2.
	 	Forms of Notes	  	 	104	  
	 Section 5.3.
	 	Form of Indenture Trustee’s Certificate of Authentication	  	 	105	  
	 Section 5.4.
	 	Book-Entry Notes	  	 	105	  
	 Section 5.5.
	 	Beneficial Ownership of Global Notes	  	 	108	  
	 Section 5.6.
	 	Notices to Depository	  	 	108	  
			
	 Article VI
	 		  			
		
	 The Notes
	  	 	108	  
			
	 Section 6.1.
	 	General Provisions; Notes Issuable in Series; Terms of a Series or Class Specified in an Indenture Supplement	  	 	108	  
	 Section 6.2.
	 	Denominations	  	 	110	  
	 Section 6.3.
	 	Execution, Authentication and Delivery and Dating	  	 	111	  
	 Section 6.4.
	 	Temporary Notes	  	 	112	  
	 Section 6.5.
	 	Registration, Transfer and Exchange	  	 	112	  
	 Section 6.6.
	 	Mutilated, Destroyed, Lost and Stolen Notes	  	 	120	  
	 Section 6.7.
	 	Payment of Interest; Interest Rights Preserved; Withholding Taxes	  	 	121	  
	 Section 6.8.
	 	Persons Deemed Owners	  	 	121	  
	 Section 6.9.
	 	Cancellation	  	 	122	  
	 Section 6.10.
	 	New Issuances of Notes	  	 	122	  

  
 ii 

							
	 Article VII
	  			
		
	 Satisfaction and Discharge; Cancellation of Notes Held by the Issuer or Depositor or the Receivables Seller
	  	 	125	  
			
	 Section 7.1.
	 	Satisfaction and Discharge of Indenture	  	 	125	  
	 Section 7.2.
	 	Application of Trust Money	  	 	125	  
	 Section 7.3.
	 	Cancellation of Notes Held by the Issuer, the Depositor or the Receivables Seller	  	 	126	  
		
	 Article VIII
	  			
		
	 Events of Default and Remedies
	  	 	126	  
			
	 Section 8.1.
	 	Events of Default	  	 	126	  
	 Section 8.2.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	128	  
	 Section 8.3.
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	129	  
	 Section 8.4.
	 	Indenture Trustee May File Proofs of Claim	  	 	129	  
	 Section 8.5.
	 	Indenture Trustee May Enforce Claims Without Possession of Notes	  	 	130	  
	 Section 8.6.
	 	Application of Money Collected	  	 	130	  
	 Section 8.7.
	 	Sale of Collateral Requires Consent of Majority of All Noteholders	  	 	131	  
	 Section 8.8.
	 	Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee	  	 	131	  
	 Section 8.9.
	 	Limitation on Suits	  	 	131	  
	 Section 8.10.
	 	Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse	  	 	132	  
	 Section 8.11.
	 	Restoration of Rights and Remedies	  	 	132	  
	 Section 8.12.
	 	Rights and Remedies Cumulative	  	 	133	  
	 Section 8.13.
	 	Delay or Omission Not Waiver	  	 	133	  
	 Section 8.14.
	 	Control by Noteholders	  	 	133	  
	 Section 8.15.
	 	Waiver of Past Defaults	  	 	133	  
	 Section 8.16.
	 	Sale of Trust Estate	  	 	134	  
	 Section 8.17.
	 	Undertaking for Costs	  	 	135	  
	 Section 8.18.
	 	Waiver of Stay or Extension Laws	  	 	135	  
	 Section 8.19.
	 	Notice of Waivers	  	 	135	  
		
	 Article IX
	  			
		
	 The Issuer
	  	 	136	  
			
	 Section 9.1.
	 	Representations and Warranties of Issuer	  	 	136	  
	 Section 9.2.
	 	Liability of Issuer; Indemnities	  	 	140	  
	 Section 9.3.
	 	Merger or Consolidation, or Assumption of the Obligations, of the Issuer	  	 	141	  
	 Section 9.4.
	 	Issuer May Not Own Notes	  	 	142	  
	 Section 9.5.
	 	Covenants of Issuer	  	 	142	  

  
 iii 

							
		
	 Article X
	  			
		
	 The Administrator and Servicer
	  	 	146	  
			
	 Section 10.1.
	 	Representations and Warranties of Administrator	  	 	146	  
	 Section 10.2.
	 	Representations and Warranties of Nationstar	  	 	147	  
	 Section 10.3.
	 	Covenants of Administrator and Servicer	  	 	149	  
	 Section 10.4.
	 	Liability of Administrator; Indemnities	  	 	152	  
	 Section 10.5.
	 	Liability of Servicer; Indemnities	  	 	154	  
	 Section 10.6.
	 	Merger or Consolidation, or Assumption of the Obligations, of the Administrator or the Servicer	  	 	155	  
	 Section 10.7.
	 	Appointment of a Sub-Administrator	  	 	156	  
		
	 Article XI
	  			
		
	 The Indenture Trustee
	  	 	157	  
			
	 Section 11.1.
	 	Certain Duties and Responsibilities	  	 	157	  
	 Section 11.2.
	 	Notice of Defaults	  	 	158	  
	 Section 11.3.
	 	Certain Rights of Indenture Trustee	  	 	158	  
	 Section 11.4.
	 	Not Responsible for Recitals or Issuance of Notes	  	 	160	  
	 Section 11.5.
	 	Reserved	  	 	161	  
	 Section 11.6.
	 	Money Held in Trust	  	 	161	  
	 Section 11.7.
	 	Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity	  	 	161	  
	 Section 11.8.
	 	Corporate Indenture Trustee Required; Eligibility	  	 	162	  
	 Section 11.9.
	 	Resignation and Removal; Appointment of Successor	  	 	162	  
	 Section 11.10.
	 	Acceptance of Appointment by Successor	  	 	164	  
	 Section 11.11.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	164	  
	 Section 11.12.
	 	Appointment of Authenticating Agent	  	 	165	  
	 Section 11.13.
	 	Reserved	  	 	166	  
	 Section 11.14.
	 	Representations and Covenants of the Indenture Trustee	  	 	166	  
	 Section 11.15.
	 	Indenture Trustee’s Application for Instructions from the Issuer	  	 	167	  
		
	 Article XII
	  			
		
	 Amendments and Indenture Supplements
	  	 	167	  
			
	 Section 12.1.
	 	Supplemental Indentures and Amendments Without Consent of Noteholders	  	 	167	  
	 Section 12.2.
	 	Supplemental Indentures and Amendments with Consent of Noteholders	  	 	169	  
	 Section 12.3.
	 	Execution of Amendments	  	 	171	  
	 Section 12.4.
	 	Effect of Amendments	  	 	171	  
	 Section 12.5.
	 	Reference in Notes to Indenture Supplements	  	 	171	  
	 Section 12.6.
	 	Amendments Requiring Consent of the Servicer	  	 	171	  

  
 iv 

							
		
	 Article XIII
	  			
		
	 Early Redemption of Notes
	  	 	172	  
			
	 Section 13.1.
	 	Optional Redemption	  	 	172	  
	 Section 13.2.
	 	Notice	  	 	173	  
		
	 Article XIV
	  			
		
	 Miscellaneous
	  	 	173	  
			
	 Section 14.1.
	 	No Petition	  	 	173	  
	 Section 14.2.
	 	No Recourse	  	 	174	  
	 Section 14.3.
	 	Tax Treatment	  	 	174	  
	 Section 14.4.
	 	Alternate Payment Provisions	  	 	174	  
	 Section 14.5.
	 	Termination of Obligations	  	 	174	  
	 Section 14.6.
	 	Final Distribution	  	 	175	  
	 Section 14.7.
	 	Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity Provider as Third-Party Beneficiaries	  	 	175	  
	 Section 14.8.
	 	Owner Trustee Limitation of Liability	  	 	176	  
	 Section 14.9.
	 	Communications with Rating Agencies	  	 	176	  
	 Section 14.10.
	 	Authorized Representatives	  	 	177	  
	 Section 14.11.
	 	Consent and Acknowledgement of the Amendments	  	 	177	  

  
 v 

 SCHEDULES AND EXHIBITS 
  

			
	Schedule 1	  	Designated Servicing Agreement Schedule
		
	Schedule 2	  	Designated Servicing Agreements that are subserviced by Subservicers and other Servicing Agreements that may be subserviced by Subservicers
		
	Schedule 3	  	Designated Servicing Agreements under which the Servicer or servicers are required to consent to or initiate termination and have agreed to repay all unpaid and accrued servicing fees at the time of redemption in full or reimburse
all Advances at the time of termination, as applicable
		
	Schedule 4	  	Designated Servicing Agreements for which the related Receivables become ineligible upon the principal balance of the Mortgage Loans and REO Properties in the related securitization trust being reduced below the indicated threshold
of the securitization trust’s cut-off date balance
		
	Schedule 5	  	Wire Instructions
		
	Schedule 6	  	Ineligible Designated Servicing Agreements
		
	Exhibit A-1	  	Form of Global Rule 144A Note
		
	Exhibit A-2	  	Form of Definitive Rule 144A Note
		
	Exhibit A-3	  	Form of Global Regulation S Note
		
	Exhibit A-4	  	Form of Definitive Regulation S Note
		
	Exhibit B-1	  	Form of Transferee Certificate for Transfers of Notes pursuant to Rule 144A
		
	Exhibit B-2	  	Form of Transferee Certificate for Transfer of Notes pursuant to Regulation S
		
	Exhibit C	  	Form of Notice to MBS Trustee/Notice of Assignment of Receivables
		
	Exhibit D	  	Agreed Upon Procedures
		
	Exhibit E	  	Form of Additional Transferee Certification required under Section 6.5(m) of the Indenture
		
	Exhibit F	  	Form of Additional Transferee Certification required under Section 6.5(n) of the Indenture
		
	Exhibit G-1	  	Authorized Representatives of the Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary
		
	Exhibit G-2	  	Authorized Representatives of the Servicer
		
	Exhibit G-3	  	Authorized Representatives of the Administrative Agent
		
	Exhibit G-4	  	Authorized Representatives of the Issuer
		
	Exhibit G-5	  	Authorized Representatives of the Administrator
		
	Exhibit H	  	Disclaimer of Excess Spread Purchasers
		
	Exhibit I	  	Notice of Transfer of Mortgage Servicing Rights

  
 vi 

 EXECUTION COPY 

This AMENDED AND RESTATED INDENTURE (as amended, supplemented, restated, or otherwise modified from time to time, the
“Indenture”), is made and entered into as of December 17, 2013 (the “Effective Date”) by and among NRZ SERVICER ADVANCE RECEIVABLES TRUST CS (f/k/a NATIONSTAR SERVICER ADVANCE RECEIVABLES TRUST
2013-CS), a statutory trust organized under the laws of the State of Delaware (the “Issuer”), WELLS FARGO BANK, N.A., a national banking association, in its capacity as Indenture Trustee (the “Indenture
Trustee”), and as Calculation Agent, Paying Agent and Securities Intermediary (in each case, as defined below), ADVANCE PURCHASER LLC, a limited liability company under the laws of the State of Delaware (“Advance
Purchaser”), as Administrator (as defined below) on behalf of the Issuer, as owner of the rights to the servicing rights associated with the servicing under the Designated Servicing Agreements (as defined below), and from and
after the respective MSR Transfer Dates (as defined below), as Servicer (as defined below) under the Designated Servicing Agreements, NATIONSTAR MORTGAGE LLC, a limited liability company organized in the State of Delaware
(“Nationstar”), as a Subservicer from and after the respective MSR Transfer Dates, and as Servicer prior to the respective MSR Transfer Dates, and CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative Agent (as defined
below), and consented to by 100% of the Noteholders. 
 RECITALS OF THE ISSUER 

The Issuer entered into an Indenture, dated as of July 1, 2013 (the “Original Indenture”), among the Issuer, the
Indenture Trustee, Nationstar, as administrator and as Servicer, and Credit Suisse AG, New York Branch, as Administrative Agent. Nationstar has sold (and will sell from time to time) certain rights to the servicing rights under the Designated
Servicing Agreements to Advance Purchaser. 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,
Nationstar shall transfer to Advance Purchaser certain servicing rights and obligations under such Designated Servicing Agreement (the related “MSR Transfer Date”) pursuant to the Master Servicing Rights Purchase Agreement
dated as of December 17, 2013 and any applicable related Sale Supplement entered into from time to time, in each case, by and between Nationstar and Advance Purchaser (in each case, as amended, restated, supplemented, or otherwise modified from
time to time, the “Purchase Agreement”). Nationstar sold certain servicing fees accrued and accruing under the Designated Servicing Agreements to Advance Purchaser pursuant to the Purchase Agreement. Until the MSR Transfer
Date with respect to any Designated Servicing Agreement, Nationstar shall continue to be the “Servicer” and to make all required Advances under such Designated Servicing Agreement, and shall sell the related Nationstar Additional Advance
Receivables to Advance Purchaser for cash purchase prices equal to 100% of their respective Receivable Balances, immediately upon their creation, pursuant to the Receivables Sale Agreement. Following the MSR Transfer Date for any Designated
Servicing Agreement, Advance Purchaser shall be the “Servicer” under such Designated Servicing Agreements, and Advance Purchaser shall thereafter make all required Advances under such Designated Servicing Agreements. 

On the Effective Date, Advance Purchaser shall acquire the ownership of 100% of the equity interests in the Depositor from Nationstar, and
Advance Purchaser shall assume the role of Administrator of the facility and under the Indenture from Nationstar. 

 The Issuer’s prior legal name was “Nationstar Servicer Advance Receivables Trust
2013-CS. On the date hereof, the Certificate of Trust was amended to change the name of the Issuer to “NRZ Servicer Advance Receivables Trust CS”. 

Whereas, pursuant to Section 12.2 of the Original Indenture, with prior notice to each Note Rating Agency, the consent of any applicable
Derivative Counterparty and the consent of 100% of the Noteholders, the Issuer, Nationstar, the Administrative Agent and the Indenture Trustee upon delivery of an Issuer Tax Opinion may enter into one or more amendments to the Original Indenture. As
of the date hereof, there are no Note Rating Agencies or Derivative Counterparties. 
 Whereas, pursuant to Section 12.3 of the
Original Indenture, the Issuer shall also deliver to the Indenture Trustee an Opinion of Counsel stating that the execution of such amendment is authorized and permitted by the Indenture and that all conditions precedent thereto have been satisfied
(the “Authorization Opinion”). The Noteholders by their signature hereto waive, and instruct the Indenture Trustee to waive the Authorization Opinion and the certificate required by Section 1.3(1) of the Original Indenture and
the conditions precedent opinion required by Section 1.3(2) of the Original Indenture, including the corresponding form of documents specified in Section 1.4 of the Original Indenture. The parties hereto have agreed to waive the
requirements described in this paragraph. 
 All defined terms used herein but not otherwise defined shall have the meaning assigned to such
term in the Transaction Documents. 
 The Issuer has duly authorized the execution and delivery of this Indenture to provide for the
issuance of its Variable Funding and Term Notes to be issued in one or more Series and/or Classes. 
 All things necessary to make this
Indenture a valid agreement of the Issuer, in accordance with its terms, have been done. 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee for the benefit and security of (a) the Noteholders, (b) each Derivative
Counterparty, if any, and/or each Supplemental Credit Enhancement Provider, if any, and/or each Liquidity Provider, if any, that is a party to any Derivative Agreement, Supplemental Credit Enhancement Agreement or Liquidity Facility, as applicable,
entered into in connection with the issuance of a Series of Notes, and (c) the Indenture Trustee, in its individual capacity (clauses (a), (b) and (c), each, a “Secured Party” and collectively, the “Secured
Parties”), a security interest in all its right, title and interest in and to the following, whether now owned or hereafter acquired and wheresoever located (collectively, the “Collateral”), and all monies,
“securities,” “instruments,” “accounts,” “general intangibles,” “payment intangibles,” “goods,” “letter of credit rights,” “chattel paper,” “financial assets,”
“investment property” (the terms in quotations are defined in the UCC) and other property consisting of, arising from or relating to any of the following: 

(i) all right, title and interest of the Issuer (A) existing as of the Cut-off Date in, to and under the Initial Receivables, and
(B) in, to and under any and all Additional Receivables 

  
 2 

 
created after the Cut-off Date and on and after the Effective Date, and (C) in the case of both Initial Receivables and Additional Receivables, all monies due or to become due thereon, and
all amounts received or receivable with respect thereto, and all proceeds thereof (including “proceeds” as defined in the UCC in effect in all relevant jurisdictions (including, without limitation, any proceeds of any Sales)), together
with all rights of the Issuer, as the assignee of the Receivables Seller, to enforce such Receivables (and including any Indemnity Payments made with respect to the Receivables for which a payment is made by the Issuer, the Depositor or the
Receivables Seller as described in Section 2.3); 
 (ii) all rights of the Issuer as Purchaser under the Receivables Pooling
Agreement, including, without limitation, the Issuer’s rights as assignee of the Depositor’s rights under the Receivables Sale Agreement and of the Receivables Seller’s rights under the Receivables Sale Agreement, including, without
limitation, the right to enforce the obligations of the Receivables Seller and the Servicer under the Receivables Sale Agreement with respect to the Receivables and the obligations of Nationstar under the Receivables Sale Agreement and any rights of
Advance Purchaser against Nationstar with respect to any Nationstar Additional Advance Receivables sold by Nationstar to Advance Purchaser and Advance Purchaser’s rights under the Purchase Agreement with respect to the Additional Deferred
Servicing Fees, including, without limitation, the right to enforce the obligations of Nationstar under the Purchase Agreement with respect to remitting collections of Deferred Servicing Fees; 

(iii) the Trust Accounts and the Initial Collection Account, and all amounts and property on deposit or credited to the Trust Accounts and the
Initial Collection Account (excluding investment earnings thereon) from time to time (whether or not constituting or derived from payments, collections or recoveries received, made or realized in respect of the Receivables); 

(iv) all rights of the Issuer under any Derivative Agreement or Supplemental Credit Enhancement Agreement; 

(v) all right, title and interest of the Issuer as assignee of the Depositor, the Receivables Seller and the Servicer to rights to payment on
the Receivables under each related Designated Servicing Agreement on the related Sale Dates of the Receivables, and under all related documents, instruments and agreements pursuant to which the Receivables Seller acquired, or acquired an interest
in, any of the Receivables; 
 (vi) all other monies, securities, reserves and other property now or at any time in the possession of the
Indenture Trustee or its bailee, agent or custodian and relating to any of the foregoing; and 
 (vii) all present and future claims,
demands, causes and choses in action in respect of any and all of the foregoing and all payments on or under, and all proceeds of every kind and nature whatsoever in respect of, any and all of the foregoing and all payments on or under, and all
proceeds of every kind and nature whatsoever in conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, checks, deposit accounts, rights to
payment of any and every kind, and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

  
 3 

 The Security Interest in the Trust Estate is Granted to secure the Notes issued pursuant to this
Indenture (and the obligations under this Indenture, any Indenture Supplement and any applicable Derivative Agreement, Supplemental Credit Enhancement Agreement and/or Liquidity Facility) equally and ratably without prejudice, priority or
distinction between any Note and any other Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in this Indenture or in any Indenture Supplement, and to secure (1) the payment of all amounts due
on such Notes and the obligations under any applicable Derivative Agreement, Supplemental Credit Enhancement Agreement and/or Liquidity Facility in accordance with their terms, (2) the payment of all other sums payable by the Issuer under this
Indenture or any Indenture Supplement and (3) compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement. This Indenture, as it may be supplemented, including by each Indenture Supplement, is a security agreement
within the meaning of the UCC. 
 The Indenture Trustee acknowledges the Grant of such Security Interest, and agrees to perform the duties
herein in accordance with the terms hereof. The Indenture Trustee also acknowledges that the Grant of any Security Interest in a Derivative Agreement or Derivative Collateral Account is solely for the purpose of securing the related Series of Notes
(and the related obligations under this Indenture, any related Indenture Supplement, such Derivative Agreement and any related Supplemental Credit Enhancement Agreement). Although such Derivative Agreement, the Derivative Collateral Account and the
amounts and property on deposit or credited to the Derivative Collateral Account may, in the exercise of remedies under this Indenture and any related Indenture Supplement, be disposed of as provided in this Indenture, any related Indenture
Supplement and such Derivative Agreement, the exercise of remedies under such Derivative Agreement against any such amounts and property in the Derivative Collateral Account shall be strictly in accordance with the terms set forth in such Derivative
Agreement. 
 The Issuer hereby authorizes the Administrator, on behalf of the Issuer and the Indenture Trustee, 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 Granted above. In addition, the Issuer hereby consents to the filing of a financing
statement describing the Collateral covered thereby as “all assets of the Debtor, now owned or hereafter acquired,” or such similar language as the Administrator, on behalf of the Indenture Trustee, and its assignees, successors and
designees may deem appropriate. 
 The Issuer hereby irrevocably constitutes and appoints the Indenture Trustee and any officer or agent
thereof, effective upon the occurrence and continuation of an Event of Default, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Issuer and in the name
of the Issuer, for the purpose of carrying out the terms of this Indenture and each Indenture Supplement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish
the purposes of this Indenture, each Indenture Supplement, the Receivables Sale Agreement and the Receivables Pooling Agreement, and, without limiting the generality of the foregoing, the Issuer hereby gives the Indenture Trustee the power and right

  
 4 

 
(1) to take possession of and endorse and collect any wired funds, checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable Granted by the Issuer
to the Indenture Trustee from the related Mortgage Pool, the Obligors on underlying Mortgage Loans, the Receivables Seller or the Servicer, as the case may be, (2) to file any claim or proceeding in any court of law or equity or take any other
action otherwise deemed appropriate by the Indenture Trustee for the purpose of collecting any and all such moneys due from the related Mortgage Pool, the Obligors on underlying Mortgage Loans, the Receivables Seller or the Servicer or the related
Subservicer under such Receivable whenever payable and to enforce any other right in respect of any Receivable Granted by the Issuer or related to the Trust Estate, (3) to direct the related MBS Trustee or the Servicer or Subservicer to make
payment of any and all moneys due or to become due under the Receivable Granted by the Issuer directly to the Indenture Trustee or as the Indenture Trustee shall direct, (4) to ask or demand for, collect, receive payment of and receipt for, any
and all moneys, claims and other amounts due or to become due from the related Mortgage Pool or the Servicer or Subservicer at any time in respect of or arising out of any Receivable Granted by the Issuer, (5) to sign and endorse any
assignments, notices and other documents in connection with the Receivables Granted by the Issuer or the Trust Estate, and (6) to sell, transfer, pledge and make any agreement with respect to or otherwise deal with the Receivables Granted by
the Issuer and the Trust Estate as fully and completely as though the Indenture Trustee were the absolute owner thereof for all purposes, and do, at the Indenture Trustee’s option and at the expense of the Issuer, at any time, or from time to
time, all acts and things which the Indenture Trustee deems necessary to protect, preserve or realize upon the Receivable Granted by the Issuer or the Trust Estate and the Indenture Trustee’s and the Issuer’s respective security interests
and ownership interests therein and to effect the intent of this Indenture, all as fully and effectively as the Issuer might do. Nothing contained herein shall in any way be deemed to be a grant of power or authority to the Indenture Trustee or any
officer or agent thereof to take any of the actions described in this paragraph with respect to any underlying Obligor under any Mortgage Loan, for which an Advance was made or Deferred Servicing Fee was accrued. 

The parties hereto intend that the Security Interest Granted under this Indenture shall give the Indenture Trustee on behalf of the Secured
Parties a first priority perfected security interest in, to and under the Collateral, and all other property described in this Indenture as a part of the Trust Estate and all proceeds of any of the foregoing in order to secure the obligations of the
Issuer to the Indenture Trustee, the Noteholders under the Notes, and to any Derivative Agreement, Supplement Credit Enhancement Provider and/or any Liquidity Provider under this Indenture, the related Indenture Supplement and all of the other
Transaction Documents. The Indenture Trustee on behalf of the Secured Parties shall have all the rights, powers and privileges of a secured party under the UCC. The Issuer agrees to execute and file all filings (including filings under the UCC) and
take all other actions reasonably necessary in any jurisdiction to provide third parties with notice of the Security Interest Granted pursuant to this Indenture and to perfect such Security Interest under the UCC. 

AGREEMENTS OF THE PARTIES 

To set forth or to provide for the establishment of the terms and conditions upon which the Notes are to be authenticated, issued and
delivered, and in consideration of the premises and the purchase of Notes by the Noteholders thereof, it is mutually covenanted and agreed as set forth in this Indenture, for the equal and proportionate benefit of all Noteholders of the Notes or of
a Series or Class thereof, as the case may be. 

  
 5 

 LIMITED RECOURSE 

The obligation of the Issuer to make payments of principal, interest and other amounts on the Notes and to make payments in respect of any
Derivative Agreements, Supplemental Credit Enhancement Agreements or Liquidity Facilities is limited in recourse as set forth in Section 8.10. 

Article I 
 Definitions
and Other Provisions of General Application 
  

	Section  1.1.	Definitions. 

 Act: When used with respect to any Noteholder, is defined in
Section 1.5. 
 Accumulation Account: Any of the Fee Accumulation Account, Interest Accumulation Account or Target Amortization Principal
Accumulation Account, as applicable. 
 Accumulation Amount: Any of the Fee Accumulation Amount, Interest Accumulation Amount or Target Amortization
Principal Accumulation Amount, as applicable. 
 Action: When used with respect to any Noteholder, is defined in Section 1.5. 

Additional Deferred Servicing Fee Receivables: Each Deferred Servicing Fee Receivable in existence on any Business Day on and after the Effective Date
and until the opening of business on the related MSR Transfer Date and which arises under any Servicing Agreement that is listed as a “Designated Servicing Agreement” on the Designated Servicing Agreement Schedule as of the date such
Receivable is created. 
 Additional Receivables: All Receivables created or acquired on or after the Cut-off Date which are (i) the Nationstar
Additional Advance Receivables sold by the Servicer to the Receivables Seller under the Receivables Sale Agreement and the Additional Deferred Servicing Fee Receivables that arise when servicing fees that were sold by Nationstar to Advance Purchaser
under the Purchase Agreement become Deferred Servicing Fee Receivables and/or which are (ii) sold and/or contributed by (A) Advance Purchaser to the Depositor pursuant to the Receivables Sale Agreement, as described in Section 2(a) of
the Receivables Sale Agreement and (B) the Depositor to the Issuer pursuant to the Receivables Pooling Agreement. Any Receivables (x) created at any time with respect to a Mortgage Pool or a Mortgage Loan with respect to which Nationstar
no longer acts at such time as Servicer prior to the related MSR Transfer Date, or as to which Advance Purchaser no longer acts as Servicer from and after the related MSR Transfer Date or (y) sold and/or contributed to the Depositor or the
Issuer on or after a Stop Date pursuant to Section 2(e) of the Receivables Sale Agreement or Section 2(d) the Receivables Pooling Agreement shall not constitute Additional Receivables. 

  
 6 

 Administration Agreement: The Amended and Restated Administration Agreement, dated as of the Effective
Date, by and between the Issuer and the Administrator, as amended, supplemented, restated, or otherwise modified from time to time. 
 Administrative
Agent: (a) initially, Credit Suisse AG, New York Branch or any Affiliate of the foregoing or any successor thereto in respect of the Series of Notes for which it is designated as an Administrative Agent therefor in the related Indenture
Supplement, and (b) in respect of any Series, the Person(s) specified in the related Indenture Supplement. Unless the context indicates otherwise in any Indenture Supplement for such Indenture Supplement, each reference to the
“Administrative Agent” herein or in any other Transaction Document shall be deemed to constitute a collective reference to each Person that is an Administrative Agent. If (x) any Person that is an Administrative Agent resigns as an
Administrative Agent in respect of all Series for which it was designated as the Administrative Agent or (y) all of the Notes in respect of each Series for which any Person was designated as the Administrative Agent are repaid or redeemed in
full, such Person shall cease to be an “Administrative Agent” for purposes hereof and each other Transaction Document. 
 Administrative
Expenses: Any amounts due from or accrued for the account of the Issuer with respect to any period for any administrative expenses incurred by the Issuer, including without limitation (i) to any accountants, agents, counsel and other
advisors of the Issuer (other than the Owner Trustee) for fees and expenses; (ii) to the rating agencies for fees and expenses in connection with any rating of the Notes; (iii) to any other person in respect of any governmental fee, charge
or tax; (iv) to any other Person (other than the Owner Trustee) in respect of any other fees or expenses permitted under this Indenture (including indemnities) and the documents delivered pursuant to or in connection with this Indenture and the
Notes; (v) any and all fees and expenses of the Issuer incurred in connection with its entry into and the performance of its obligations under any of the agreements contemplated by this Indenture; (vi) the orderly winding up of the Issuer
following the cessation of the transactions contemplated by this Indenture; and (vii) any and all other fees and expenses properly incurred by the Issuer in connection with the transactions contemplated by this Indenture, but not in duplication
of any amounts specifically provided for in respect of the Indenture Trustee, the Owner Trustee, the Administrator or any VFN Noteholder. 

Administrator: Advance Purchaser in its capacity as the Administrator on behalf of the Issuer and any successor to Advance Purchaser in such capacity.

 Advance: Any P&I Advance, Escrow Advance or Corporate Advance. 

Advance Collection Period: (i) For the first Interim Payment Date or Payment Date, the period beginning on the Cut-off Date and ending at the end
of the day before the Determination Date for such Interim Payment Date or Payment Date, and (ii) for each other Interim Payment Date and Payment Date, the period beginning at the opening of business on the most recent preceding Determination
Date and ending as of the close of business on the day before the Determination Date for such Interim Payment Date or Payment Date. 
 Advance
Purchaser: Has the meaning set forth in the Preamble. 

  
 7 

 Advance Rate: With respect to any Series of Notes, and for any Class within such Series, if applicable,
and with respect to any Receivables related to any particular Advance Type (and attributable to any particular Designated Servicing Agreement, if so specified in the related Indenture Supplement), the percentage specified for such Advance Type (and
attributable to such Designated Servicing Agreement, if applicable) as its “Advance Rate” in the Indenture Supplement for such Series, as reduced by any applicable Advance Rate Reduction Factor. 

Advance Rate Reduction Factor: For any Series or Class of Notes, as defined in the related Indenture Supplement, if applicable. 

Advance Receivable: Any of a Corporate Advance Receivable, Escrow Advance Receivable or P&I Advance Receivable. 

Advance Reimbursement Amount: (i) With respect to any Advance, any amount which the Servicer or the Indenture Trustee as the Servicer’s
assignee, collects on a Mortgage Loan, withdraws from a Custodial Account or receives from an MBS Trustee or any successor servicer, to reimburse an Advance made by the Servicer or any predecessor servicer (including reimbursement of P&I
Advances which were advanced using Amounts Held for Future Distribution) pursuant to a Designated Servicing Agreement; or (ii) with respect to any Deferred Servicing Fee Receivable, any amounts paid to (or retained by) the Servicer on account
of the related Deferred Servicing Fees pursuant to a Designated Servicing Agreement. 
 Advance Type: Judicial P&I Advances (loan level),
Judicial P&I Advances (non-loan level), Non-Judicial P&I Advances (loan level), Non-Judicial P&I Advances (non-loan level), Judicial Escrow Advances (loan level), Judicial Escrow Advances (non- loan level),
Non-Judicial Escrow Advances (loan level), Non-Judicial Escrow Advances (non-loan level), Judicial Corporate Advances (loan level), Judicial Corporate Advances (non-loan
level), Non-Judicial Corporate Advances (loan level), Non-Judicial Corporate Advances (non-loan level), Judicial Deferred Servicing Fees (loan level), Judicial Deferred
Servicing Fees (non-loan level), Non-Judicial Deferred Servicing Fees (loan level) and Non-Judicial Deferred Servicing Fees (non-loan level). 
 Advance
Type Allocation Percentage: In respect of any Advance Type of Receivables with a non-zero Advance Rate for such Series, a percentage equal to: (i) the Series Invested Amount for such Series divided by (ii) the aggregate of the Series
Invested Amounts for all Outstanding Series that provide a non-zero Advance Rate for Receivables of such Advance Type. 
 Advance Type Amount: For
any Advance Type of Receivables for any Series that has a non-zero Advance Rate, an amount equal to the product of (a) the Advance Type Allocation Percentage for such Series for such Advance Type of Receivables and (b) the aggregate
Receivable Balances of all Receivables of such Advance Type. 
 Adverse Claim: A lien, security interest, charge, encumbrance or other right or claim
of any Person (other than the liens created in favor of the Secured Parties or assigned to the Secured Parties by (i) this Indenture, (ii) the Receivables Pooling Agreement, (iii) the Receivables Sale Agreement, (iv) the Purchase
Agreement or (v) any other Transaction Document). 

  
 8 

 Adverse Effect: Whenever used in this Indenture with respect to any Series or Class of Notes and any
event, means that such event is reasonably likely, at the time of its occurrence, to (i) result in the occurrence of a Facility Early Amortization Event, as applicable, or a Target Amortization Event relating to such Series or Class of Notes,
(ii) adversely affect (A) the amount of funds available to be paid to the Noteholders of such Series or Class of Notes or any Derivative Counterparty pursuant to this Indenture, (B) the timing of such payments or (C) the rights
or interests of the Noteholders of such Series or Class, any related Derivative Counterparty, any related Supplemental Credit Enhancement Provider or any related Liquidity Provider, (iii) adversely affect the Security Interest of the Indenture
Trustee for the benefit of the Secured Parties in the Collateral unless otherwise permitted by this Indenture, or (iv) adversely affect the collectability of the Receivables. 

Affiliate: With respect to any specified Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect
common Control with such specified Person. 
 Aggregate Receivables: As of any date of determination, all Initial Receivables and all Additional
Receivables on such date, (a) which Initial Receivables were sold and/or contributed prior to the Effective Date by Nationstar, as Receivables Seller, to the Depositor under the Receivables Sale Agreement and sold and/or contributed by the
Depositor to the Issuer under the Receivables Pooling Agreement, and (b) (1) which Nationstar Additional Advance Receivables are sold to Advance Purchaser by Nationstar under the Receivables Sale Agreement and (2) which Additional
Deferred Servicing Fee Receivables arise when servicing fees that were sold to Advance Purchaser by Nationstar under the Purchase Agreement become Deferred Servicing Fee Receivables (or, after the related MSR Transfer Date, are earned by Advance
Purchaser, as Servicer) and which aggregate Additional Receivables are sold and/or contributed by Advance Purchaser to the Depositor under the Receivables Sale Agreement and which aggregate Additional Receivables are sold and/or contributed by the
Depositor to the Issuer under the Receivables Pooling Agreement. 
 Amounts Held for Future Distribution: As defined in Section 4.2(c).

 Applicable Law: As defined in Section 4.1. 

Applicable Rating: For each Class of Notes, the rating(s) specified as such for such Class in the related Indenture Supplement, if applicable. 

Authenticating Agent: Any Person authorized by the Indenture Trustee to authenticate Notes under Section 11.12. 

Authorized Signatory: With respect to any entity, each Person duly authorized to act as a signatory of such entity at the time such Person signs on
behalf of such entity. 
 Available Funds: (i) With respect to any Interim Payment Date, all Collections on the Receivables received during the
related Advance Collection Period and deposited into the Collection and Funding Account and any other funds of the Issuer that the Issuer (or the Administrator on behalf of the Issuer) identifies to the Indenture Trustee to be treated as
“Available Funds” for such Interim Payment Date, plus any amounts released from the Accumulation Accounts on such Interim Payment Date pursuant to Section 4.7(d); and (ii) with respect to any Payment Date, the sum
of (A) all amounts on deposit in the Fee Accumulation 

  
 9 

 
Account, the Interest Accumulation Account and any Target Amortization Principal Accumulation Account (provided that the amounts on deposit in the Target Amortization Principal
Accumulation Account may only be used to pay the Target Amortization Amounts to those Classes that are entitled to receive those amounts in accordance with the related Indenture Supplement) at the close of business on the last Interim Payment Date
during the related Monthly Advance Collection Period plus (B) all Collections received during the final Advance Collection Period during the immediately preceding Monthly Advance Collection Period and deposited into the Collection and
Funding Account (in each case, adjusted to reflect all deposits and payments on any Funding Date that may occur after the end of such Advance Collection Period, but prior to such Payment Date or Interim Payment Date, and not including any such funds
required to be returned to a VFN Noteholder pursuant to this Indenture due to any failure to utilize amounts provided by such VFN Noteholder to use amounts drawn hereunder in a manner permitted hereby), plus (C) any proceeds received by
the Issuer under any Supplemental Credit Enhancement Agreement for any Class of Notes (provided that such proceeds may only be used to pay amounts due to those Classes that are entitled to receive those amounts in accordance with the related
Indenture Supplement), plus (D) any income from Permitted Investments in Trust Accounts that have been established for the benefit of all Series of Notes, plus (E) if such Payment Date occurs during the Full Amortization Period, the
amounts on deposit in (or credited thereto) each Sinking Fund Account, plus (F) any proceeds received by the Issuer under any Derivative Agreement for any Class of Notes (provided that such proceeds may only be used to pay amounts due to those
Classes that are entitled to receive those amounts in accordance with the related Indenture Supplement and for so long as such Classes of Notes are not repaid in full or refinanced) plus (G) any other funds of the Issuer that the Issuer (or the
Administrator on behalf of the Issuer) identifies to the Indenture Trustee to be treated as “Available Funds” for such Payment Date. 

Bankruptcy Code: The Bankruptcy Reform Act of 1978, 11 U.S.C. §§ 101 et seq., as amended. 

Book-Entry Notes: A note registered in the name of the Depository or its nominee, ownership of which is reflected on the books of the Depository or on
the books of a Person maintaining an account with such Depository (directly or as an indirect participant in accordance with the rules of such Depository); provided, that after the occurrence of a condition whereupon Definitive Notes are to
be issued to Note Owners, such Book-Entry Notes shall no longer be “Book-Entry Notes.” 
 Borrowing Capacity: For any VFN on any date, the
difference between (i) the related Maximum VFN Principal Balance on such date and (ii) the related VFN Principal Balance on such date. 

Business Day: For any Class of Notes, any day other than (i) a Saturday or Sunday or (ii) any other day on which national banking
associations or state banking institutions in New York, New York, Kansas City, Missouri, Lewisville, Texas, the city and state where the Corporate Trust Office is located or the Federal Reserve Bank of New York, are authorized or obligated by law,
executive order or governmental decree to be closed. 
 Calculation Agent: The same Person who serves at any time as the Indenture Trustee, or an
Affiliate of such Person, as calculation agent pursuant to the terms of this Indenture. 

  
 10 

 Cease Pre-Funding Notice: As defined in Section 4.3(c). 

Certificate of Authentication: The certificate of the Indenture Trustee, the form of which is described in Section 5.3, or the alternative
certificate of the Authenticating Agent, the form of which is described in Section 11.11. 
 Class: With respect to any Notes, the class
designation assigned to such Note in the related Indenture Supplement. A Series issued in one class, with no class designation in the related Indenture Supplement, may be referred to herein as a “Class.” 

Class 1 Specified Notes: Any Class of Note with respect to which the Issuer does not receive an opinion of nationally recognized tax counsel on the
related Issuance Date that such Class of Notes “will” be treated as indebtedness for U.S. federal income tax purposes and that is designated as a Class 1 Specified Note in the related Indenture Supplement. 

Class 2 Specified Notes: Any Class of Note with respect to which the Issuer does not receive an opinion of nationally recognized tax counsel on the
related Issuance Date that such Class of Notes “will” be treated as indebtedness for U.S. federal income tax purposes and that is not designated as a Class 1 Specified Note in the related Indenture Supplement. 

Class Invested Amount: For any Class of Notes on any date, an amount equal to (i) the sum of (A) the outstanding Note Balance of such Class,
plus (B) the aggregate outstanding Note Balances of all Classes within the same Series that are senior to or pari passu with such Class on such date, divided by (ii) the Weighted Average CV Adjusted Advance Rate
in respect of such Class (after giving effect to amounts collected on the Receivables as of such date). 
 Clearing Corporation: As defined in Section 8-102(a)(5) of the UCC. 
 Closing Date: July 1, 2013. 

Code: The Internal Revenue Code of 1986, as amended. 

Collateral: As defined in the Granting Clause. 

Collateral Performance Test: A collateral performance benchmark or similar test or “trigger” in a Designated Servicing Agreement, the failure
of which results in the occurrence of a Servicer Termination Event pursuant to the terms of such Designated Servicing Agreement. 
 Collateral Test:
A test designed to measure, on any date of determination, whether each Series of Notes is adequately collateralized on such date and the satisfaction of which is achieved on any date of determination if, with respect to each Series the sum of: 

(1) the aggregate Advance Type Amounts for each Advance Type of Receivables for such Series that has a non-zero Advance Rate; 

(2) the product of the Series Allocation Percentage and all Collections on deposit in the Trust Accounts (other than the Series Reserve Account for such Series
and the Sinking Fund Account for such Series, if applicable) on such date (after giving effect to any required payments on such date, if any) and 

  
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 (3) if such Series has any Sinking Fund Accounts, the aggregate amounts on deposit in such Sinking Fund Accounts,

 shall be greater than or equal to the Series Invested Amount for such Series on such date (after giving effect to any required payments on such date, if
any). 
 Collateral Value: For any Receivable and for any Series on any date, the product of (i) the Receivable Balance of such Receivable and
(ii) the lesser of (A) the highest Advance Rate applicable to the Advance Type of such Receivable in respect of any Class within such Series, and (B) the highest Trigger Advance Rate (if any) for any Class within such Series;
provided, that the Collateral Value shall be zero for any Receivable that is not a Facility Eligible Receivable, unless otherwise provided in the related Indenture Supplement. 

Collection and Funding Account: The segregated non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established
and maintained pursuant to Section 4.1 and Section 4.7 and entitled “Wells Fargo Bank, N.A., as Indenture Trustee for the NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed Notes, Collection and Funding
Account.” 
 Collections: The amount of Advance Reimbursement Amounts, cash collected in reimbursement or payment of Receivables in the Trust
Estate, during each Advance Collection Period, plus the proceeds of any Permitted Refinancing or of any Indemnity Payments. 
 Control,
Controlling or Controlled: The possession of the power to direct or cause the direction of the management or policies of a Person through the right to exercise voting power or by contract, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise. 
 Corporate Advance: Collectively, (i) any advance made by the Servicer (including
any predecessor servicer) and reimbursable to the Servicer pursuant to a Designated Servicing Agreement, to inspect, protect, preserve or repair properties that secure Mortgage Loans or that have been acquired through foreclosure or deed in lieu of
foreclosure or other similar action pending disposition thereof, or for similar or related purposes, including, but not limited to, necessary legal fees and costs expended or incurred by the Servicer (including any predecessor servicer) in
connection with foreclosure, bankruptcy, eviction or litigation actions with or involving Obligors on Mortgage Loans, as well as costs to obtain clear title to such a property, to protect the priority of the lien created by a Mortgage Loan on such a
property, and to dispose of properties taken through foreclosure or by deed in lieu thereof or other similar action, (ii) any advance made by the Servicer (including any predecessor servicer) pursuant to a Designated Servicing Agreement to
foreclose or undertake similar action with respect to a Mortgage Loan, and (iii) any other out of pocket expenses incurred by the Servicer (including any predecessor servicer) pursuant to a Designated Servicing Agreement (including, for
example, costs and expenses incurred in loss mitigation efforts and in processing assumptions of Mortgage Loans). 

  
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 Corporate Advance Receivable: Any Receivable representing the right to be reimbursed for a Corporate
Advance. 
 Corporate Advance Reimbursement Amount: Any amount collected under any Designated Servicing Agreement from Mortgage Loan Obligors or
otherwise, which amount, by the terms of such Designated Servicing Agreement, is payable to the Servicer to reimburse Corporate Advances disbursed by the Servicer (or any predecessor servicer). 

Corporate Trust Office: For each Series of Notes, as specified in the related Indenture Supplement. 

Cumulative Interest Shortfall Amount: For any Payment Date and any Class of Notes, any portion of the Interest Payment Amount for that Class for a
previous Payment Date that has not been paid, plus accrued and unpaid interest at the applicable Note Interest Rate on such shortfall from the Payment Date on which the shortfall first occurred through the current Payment Date. 

Custodial Account: For each Mortgage Pool, the segregated, non-commingled account or accounts, specified in the related Designated Servicing Agreement,
into which the Servicer is required to deposit Collections with respect to the Mortgage Loans serviced under that Designated Servicing Agreement, which may be called a “Certificate Account,” a “Custodial Account,” a
“Custodial P&I Account,” a “Principal and Interest Account” or be known by another name specified in the related Designated Servicing Agreement. 

Custodian: As defined in Section 2.4(a). 

Cut-off Date: Two (2) Business Days before the initial Funding Date. 

Default Rate: For any Series or Class of Notes, the sum (expressed as a percentage) of the Note Interest Rate for such Class and a per annum percentage
specified in the related Indenture Supplement. 
 Defaulting Counterparty Termination Payments: Any Early Termination Amount payable to the
Derivative Counterparty under the related Derivative Agreement as the result of the designation of an “Early Termination Date” under such Derivative Agreement due to either (x) the occurrence of an Event of Default with respect to
which the related Derivative Counterparty is the Defaulting Party or (y) an Additional Termination Event with respect to which such Derivative Counterparty is the sole Affected Party. Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the related Derivative Agreement. 
 Deferred Servicing Fee: The right to payment for accrued but unpaid servicing
fees earned by the Servicer (or any predecessor servicer) that are accrued and unpaid on the related monthly remittance date following the related due date but not to exceed the pro rata portion of such servicing fees that have been sold by
Nationstar to Advance Purchaser pursuant to the Purchase Agreement. 
 Deferred Servicing Fee Receivable: Any Receivable representing the right to
receive payment for any Deferred Servicing Fee pursuant to the terms and provisions of a Designated Servicing Agreement. 

  
 13 

 Definitive Note: A Note issued in definitive, fully registered form evidenced by a physical Note. 

Depositor: NRZ Servicer Advance Facility Transferor CS, LLC, a Delaware limited liability company, wholly owned by Advance Purchaser. 

Depository: Initially, the Depository Trust Company, the nominee of which is Cede & Co., and any permitted successor depository. The
Depository shall at all times be a Clearing Corporation. 
 Depository Agreement: For any Series or Class of Book-Entry Notes, the agreement among
the Issuer, the Indenture Trustee and the Depository, dated as of the related Issuance Date, relating to such Notes. 
 Depository Participant: A
broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository effects book-entry transfers and pledges of securities deposited with the Depository. 

Derivative Account: As defined in the related Indenture Supplement, if applicable. 

Derivative Agreement: Any currency, interest rate or other swap, cap, collar, guaranteed investment contract or other derivative agreement entered into
by the Issuer or the Indenture Trustee (at the direction of and on behalf of the Issuer) in connection with any Class or Series of Notes and identified in the related Indenture Supplement, if applicable. 

Derivative Collateral Account: As defined in the related Indenture Supplement, if applicable. 

Derivative Counterparty: Any party to any Derivative Agreement other than the Issuer or the Indenture Trustee, if applicable. 

Designated Servicing Agreement: As of any date, any Servicing Agreement as to which the related Receivables have been sold and contributed prior to the
Effective Date by Nationstar to Depositor, and as to which the related Nationstar Additional Advance Receivables are being sold by Nationstar to Advance Purchaser pursuant to the Receivables Sale Agreement and as to which the related Receivables are
being sold and/or contributed by Advance Purchaser to the Depositor pursuant to the Receivables Sale Agreement and sold and/or contributed by the Depositor to the Issuer pursuant to the Receivables Pooling Agreement and pledged by the Issuer
hereunder as part of the Trust Estate, which Servicing Agreement is listed on the Designated Servicing Agreement Schedule in accordance with Section 2.1(c) on such date. 

Designated Servicing Agreement Schedule: As of any date, the list attached hereto as Schedule 1, as it may be amended from time to time in
accordance with Section 2.1(c). 
 Designation Date: The date that the Servicer (prior to the Effective Date) or the Administrator (after
the Effective Date) designates a Facility Eligible Servicing Agreement as a Designated Servicing Agreement. Any Designated Servicing Agreement listed on any schedule hereto as of the initial Funding Date shall be deemed to have a “Designation
Date” as of the initial Funding Date (or such other date as may be agreed to by the Administrative Agent). 

  
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 Determination Date: In respect of any Payment Date or Interim Payment Date, the third Business Day before
such Payment Date or Interim Payment Date. 
 Determination Date Report: A report delivered by the Administrator or the Sub-Administrator on behalf
of the Administrator as described in Section 3.2(a), which shall be delivered in the form of one or more electronic files. 
 Disbursement
Report: As defined in Section 4.3(e). 
 Distribution Compliance Period: In respect of any Regulation S Global Note or Regulation S
Definitive Note, the forty (40) consecutive days beginning on and including the later of (a) the day on which any Notes represented thereby are offered to persons other than distributors (as defined in Regulation S under the Securities
Act) pursuant to Regulation S and (b) the Issuance Date for such Notes. 
 Effective Date: Has the meaning set forth in the Preamble. 

Eligible Account: Any of (a) an account or accounts maintained with a depository institution with a short-term rating of at least “A-1”
by S&P, (or a long-term rating of at least “A” if the short-term rating is not available), and that is (i) a federal savings and loan association duly organized, validly existing and in good standing under the federal banking laws
of the United States, (ii) a banking or savings and loan association duly organized, validly existing and in good standing under the applicable laws of any state, (iii) a national banking association duly organized, validly existing and in
good standing under the federal banking laws of the United States, or (iv) a principal subsidiary of a bank holding company; or (b) a segregated trust account maintained in the trust department of a federal or state chartered depository
institution or trust company in the United States, having capital and surplus of not less than $50,000,000, and meeting the rating requirements described in clause (a) above, acting in its fiduciary capacity. 

Eligible Non-FIFO Receivable: Any Non-FIFO Receivable that is not a Loan-Level Receivable; provided, that six (6) months after the related
Designation Date of the related Designated Servicing Agreement such Non-FIFO Receivable shall no longer be an Eligible Non-FIFO Receivable to the extent that such Designated Servicing Agreement has not been amended previously such that the related
Receivables are no longer Non-FIFO Receivables. 
 Eligible Subservicer: (A) Select Portfolio Servicing, Inc. (“SPS”) for so
long as it is under the “control” (as defined in the Exchange Act) of the Administrative Agent or one of its affiliates or (B) otherwise, an established mortgage servicer who (i) meets the criteria to be an eligible successor
Servicer under the related Servicing Agreement(s), (ii) meets the minimum financial requirements of Fannie Mae and Freddie Mac approved servicers, (iii) with respect to a Subservicer other than in the case of Nationstar, has a servicer
rating of at least “Average” from S&P, (iv) has been approved by the Administrative Agent in writing in its sole discretion (Nationstar having been so approved so long as it continues to meet the criteria in clauses (i) and
(ii)) and (v) in the case of any Subservicer other than Nationstar or SPS, is subject to such financial tests and control tests and other ongoing tests for eligibility as are required by the Administrative Agent in its sole discretion. SPS is
controlled by the Administrative Agent or an affiliate thereof on the date hereof and is therefore an Eligible Subservicer on the date hereof. 

  
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 Eligible Subservicing Agreement: A subservicing agreement that (i) has been approved by the
Administrative Agent by signed instrument (the SPS Subservicing Agreement having been so approved), (ii) that has not been assigned or amended without the Administrative Agent’s written consent, and (iii) is terminable only for cause.
For the avoidance of doubt, any subservicing agreement documenting the division of servicing income, rights and responsibilities between Nationstar and Advance Purchaser before the related MSR Transfer Date shall be considered a Subservicing
Agreement that is required to be an Eligible Subservicing Agreement, with Advance Purchaser as Servicer and Nationstar as Subservicer and reported as such, notwithstanding the fact that during this period Nationstar is the Servicer under the
Designated Servicing Agreements; provided, that a written subservicing agreement which is an Eligible Subservicing Agreement with Nationstar as Subservicer is in place before the first MSR Transfer Date. The provisions in the Purchase Agreement that
relate to servicing shall constitute an “Eligible Subservicing Agreement” as they are written as of the date hereof. 
 Employee Benefit
Plan: As defined in Section 6.5(k). 
 Entitlement Order: As defined in
Section 8-102(a)(8) of the UCC. 
 ERISA: The Employee Retirement Income Security Act of 1974, as
amended. 
 Escrow Advance: An advance made by the Servicer (including any predecessor servicer) with respect to a Mortgage Loan pursuant to the
Servicer’s obligation to do so under the related Designated Servicing Agreement, of real estate taxes and assessments, or of hazard, flood or primary mortgage insurance premiums, required to be paid (but not otherwise paid) by the related
Obligor under the terms of the related Mortgage Loan. 
 Escrow Advance Receivable: Any Receivable representing the right to be reimbursed for an
Escrow Advance. 
 Euroclear: Euroclear Bank S.A./N.V. as operator of the Euroclear System, and any successor thereto. 

Event of Default: As defined in Section 8.1. 

Excess Cash Amount: On any Payment Date or Interim Payment Date, the amount of Available Funds remaining following the allocation and payments set
forth pursuant to Sections 4.4(a) through (h) or Sections 4.5(a)(1)(i) through (x), as applicable. 
 Excess Receivables
Funding Amount: On any Funding Date, the amount that could be drawn on a VFN without violating the Collateral Test, after all the New Receivables Funding Amounts to be drawn on such VFN have been drawn. 

Excess Servicing Fees: Current and future excess servicing compensation of Nationstar. 

Excess Spread Purchasers: Collectively, certain affiliates of New Residential Investment Corp. 

Exchange Act: The Securities Exchange Act of 1934, as amended. 

  
 16 

 Expected Repayment Date: For each Class of Notes, as specified in the related Indenture Supplement. 

Expense Limit: With respect to expenses and indemnification amounts, for the Owner Trustee and the Indenture Trustee (in all its capacities), pro rata,
$250,000 in any calendar year and $125,000 for any single Payment Date; and for other Administrative Expenses, $50,000 in any calendar year; provided that the Expense Limit shall only apply to distributions made pursuant to
Section 4.5(a)(1)(i) and (ii) and Section 4.5(a)(2)(i) and (ii); and provided, further, that any amounts in excess of the Expense Limit that have not been paid pursuant to
Section 4.5 may be applied toward and subject to the Expense Limit for the subsequent calendar year and payable in a subsequent calendar year. 

Facility Early Amortization Event: Any of the following conditions or events, which is not waived by, together, Noteholders of at least 66 2⁄3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and 100% of the VFN Noteholders: 

(i) the occurrence of any Event of Default; 

(ii) following a Payment Date on which a draw is made on a Series Reserve Account, the amount on deposit in such Series Reserve
Account is not increased back to the related Series Reserve Required Amount on or prior to the next Payment Date; 
 (iii)
(A) any United States federal income tax is imposed on the Issuer as an association (or publicly traded partnership) taxable as a corporation or a taxable mortgage pool taxable as a corporation, each for United States federal income tax purposes or
any U.S. withholding tax is imposed on payments with respect to the Receivables or (B) a tax, ERISA, or other government lien, in any case, other than Permitted Liens, is imposed on the Receivables or any property of the Issuer or the
Depositor; 
 (iv) failure of the Collateral Test at the end of any Advance Collection Period or at the close of business on
the Determination Date for any Payment Date, Interim Payment Date or Funding Date (in each case assuming that all payments and fundings described in the reports delivered in respect of the related Determination Date are paid and funded), any date on
which Additional Notes are issued, any date on which the VFN Principal Balance of any VFN is increased, any date on which a Designated Servicing Agreement is added to or removed from the Trust Estate, or any date on which a Receivable becomes
ineligible by virtue of an Unmatured Default or notice of a threatened termination as described in clause (a)(A) of the definition of “Facility Eligible Servicing Agreement”, such failure shall become a Facility Early Amortization Event
only if such failure continues unremedied for a period of two (2) days; provided, however, that if such failure results solely (i) from Receivables no longer being Facility Eligible Receivables because of an Unmatured Default or a
threatened termination, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied for a period of thirty (30) days following the Servicer’s Responsible Officer’s receipt of such notice of
or obtaining such actual knowledge; (ii) from a reduction in aggregate Collateral Value as a result of the Weighted Average Advance Rate for such Series or Class being higher than the Trigger Advance Rate for such Series

  
 17 

 
or Class, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied for a period of five (5) days; (iii) from the occurrence of a Ratings
Reduction, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied ninety (90) days following the occurrence of such Ratings Reduction (provided, however, that if such failure results from the
occurrence of a Ratings Reduction that causes Nationstar’s sub-prime servicer rating to be reduced below “Below Average” by S&P, such failure shall become a Facility Early Amortization Event only if such failure continues
unremedied thirty (30) days following the occurrence of such Ratings Reduction); and (iv) from an Other Advance Rate Reduction Event, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied
for a number of days greater than or equal to the Other Advance Rate Reduction Event Cure Period following the occurrence of such Other Advance Rate Reduction Event; 

(v) the Receivables Seller fails to sell and/or contribute all Additional Receivables related to the Designated Servicing
Agreements by the first Funding Date on or after the date that is thirty (30) days after the date upon which such Receivable was created (provided that any Deferred Servicing Fee Receivable shall not be deemed “created” until
the related servicing fee is accrued and unpaid on the related monthly remittance date following the related due date) and the Receivables Seller has actual knowledge of such failure; 

(vi) the sale and/or contribution by the Servicer of Receivables in respect of any Mortgage Pool to any Person other than the
Issuer other than pursuant to the terms and provisions of the Transaction Documents; or 
 (vii) the Receivables
Seller’s status as an approved seller or the Servicer’s or the Subservicer’s status as an approved servicer of residential mortgages is terminated by either Fannie Mae or Freddie Mac; provided, however, that if the
Receivables Seller, the Servicer or the Subservicer no longer sells or services mortgage loans, as the case may be, under the Fannie Mae or Freddie Mac loan programs, the Receivables Seller, the Servicer or the Subservicer, as applicable, is not
required to maintain its status as an approved seller or approved servicer, respectively, of residential mortgage loans by Fannie Mae or Freddie Mac, as the case may be. 

Facility Eligible Receivable: A Receivable which for the avoidance of doubt does not arise under an Ineligible Designated Servicing Agreement and
which: 
 (i) which constitutes a “general intangible” or “payment intangible” within the meaning of
Section 9-102(a)(42) or Section 9-102(a)(61) or, in the case of a Deferred Servicing Fee Receivable, an “account” within the meaning of Section 9-102(a)(2), as applicable (or the
corresponding provision in effect in a particular jurisdiction) of the UCC as in effect in all applicable jurisdictions; 

(ii) which is denominated and payable in United States dollars; 

  
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 (iii) which arises under and pursuant to the terms of a Designated Servicing
Agreement and, at the time the related Advance was made or the related Deferred Servicing Fee accrued, (A) was determined by the Servicer or Subservicer, as applicable, in good faith to (1) be ultimately recoverable from the proceeds of
the related Mortgage Loan, related liquidation proceeds or otherwise from the proceeds of or collections on the related Mortgage Loan and (2) comply with all requirements for reimbursement or payment under, the related Servicing Agreement and
as to which the Servicer has complied with all of the requirements for reimbursement under the related Servicing Agreement, and (B) was authorized pursuant to the terms of the related Designated Servicing Agreement; 

(iv) as to which all right, title and interest in and to such Receivable (including good and marketable title) have been
validly sold and/or contributed by the Receivables Seller to the Depositor, and validly sold and/or contributed by the Depositor to the Issuer and, prior to the related MSR Transfer Date, sold by the Servicer to the Receivables Seller; 

(v) with respect to which no representation or warranty made by the Receivables Seller or the Servicer in the Receivables Sale
Agreement has been breached, which breach has continued uncured past the time at which the Servicer or the Receivables Seller was required to pay the Indemnity Payment with respect thereto pursuant to the Receivables Sale Agreement; 

(vi) with respect to which, as of the date such Receivable was acquired by the Issuer, none of the Receivables Seller, the
Servicer, the Subservicer or the Depositor had (A) taken any action that would impair the right, title and interest of the Indenture Trustee therein, or (B) failed to take any action that was necessary to avoid impairing the Indenture
Trustee’s right, title or interest therein; 
 (vii) the Advance related to which either (A) has been fully funded
by the Servicer (or any predecessor servicer) using its own funds and/or Amounts Held for Future Distribution (to the extent permitted under the related Designated Servicing Agreement) and/or Collections (as appropriate) in excess of the related
Required Expense Reserve, and/or amounts drawn on Variable Funding Notes or out of funds in the Collection and Funding Account or Available Funds as provided herein, or (B) in the case of P&I Advances, will be funded on the related Funding
Date and all amounts necessary to fund the related Advance are on deposit in an account under the exclusive control and direction of the Indenture Trustee pending remittance to the appropriate MBS Trustees; 

(viii) Reserved; 

(ix) in connection with any Deferred Servicing Fee Receivable, the provisions of the related Designated Servicing Agreement
identified on Schedule 1 require that any unpaid and accrued servicing fees owed to the Servicer be repaid on or prior to the date of any redemption in full under the applicable Designated Servicing Agreement except to the extent the Servicer
or servicers are required to consent to or initiate termination and 

  
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have agreed to repay all unpaid and accrued servicing fees at the time of redemption in full (such securitization trusts related to such Designated Servicing Agreements listed on Schedule
3 (as the same may be updated from time to time pursuant to Section 2.2(c)); provided, that the Receivables related to the Designated Servicing Agreements related to the securitization trusts identified on Schedule 4
(as the same may be updated from time to time pursuant to Section 2.2(c)) shall not be Facility Eligible Receivables if the aggregate of the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such
securitization trust is less than the percentage indicated on such Schedule 4 of such securitization trust’s cut-off date balance; 

(x) any Deferred Servicing Fee Receivable relates to a Designated Servicing Agreement identified on Schedule 1; 

(xi) Reserved; 

(xii) such Receivable, if arising under a Whole Loan Servicing Agreement, provides for reimbursement or repayment to the
Servicer in respect of the related Advance or Deferred Servicing Fee in full at the time the servicing of such Mortgage Loan is transferred out of such Servicing Agreement such that it is no longer subject to such Servicing Agreement; 

(xiii) the Designated Servicing Agreement related to such Receivable, except with respect to an Eligible Non-FIFO Receivable,
provides 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; 
 (xiv) the Designated Servicing Agreement
related to such Receivable, except with respect to an Eligible Non-FIFO Receivable, includes 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 does not prohibit 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); and 
 (xv) if the Servicer (including for this purpose
Nationstar prior to the MSR Transfer Date) engages a Subservicer (not including Nationstar prior to the related MSR Transfer Date) in connection with the related Designated Servicing Agreement (whether in effect on the initial Issuance Date or
arising or entered into thereafter) to perform the collections on the Mortgage Loan related to such Receivable and administer the making and reimbursement of the related Advances and various related tasks, (a) the Servicer (x) continues to
fund the Advances under such Designated Servicing Agreement in a manner consistent herewith and the Servicer continues to account for the Advances in the same manner that the Servicer does under Designated Servicing Agreements where there are no
Subservicers and (y) continues to have the contractual rights to be reimbursed for any such Advances made thereunder pursuant to the terms of such Servicing Agreement, and 

  
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the subservicer does not have contractual rights to such Receivables but merely remits the related Advance Reimbursement Amounts to the Collection Account within two Business Days of receipt
thereof, (b) the Servicer shall have provided notice to the Note Rating Agencies of such subservicing agreement, (c) either such Subservicer is an Eligible Subservicer or no more than ninety (90) days have passed since such
Subservicer ceased to be an Eligible Subservicer and (d) the Administrative Agent shall have provided prior written consent to the subservicing arrangement (which may be withheld in its sole and absolute discretion) following which consent such
Designated Servicing Agreement and such subservicing arrangement will be specified on Schedule 2 hereto. 
 Facility Eligible Servicing
Agreement: As of any date of determination, any Designated Servicing Agreement which meets the following criteria (and for the avoidance of doubt, which is not an Ineligible Designated Servicing Agreement): 

(i) Nationstar (prior to the related MSR Transfer Date) and Advance Purchaser (from and after the related MSR Transfer Date) is
the servicer (or, subject to satisfaction of the criteria below, subservicer) under such Servicing Agreement and has not resigned as Servicer hereunder, and a Responsible Officer of the Servicer has received neither of the following from any
security holder or counterparty thereto or any person with, in any case, authority to terminate the Servicer thereunder (A) any notice, or otherwise obtained actual knowledge, of the occurrence of any Unmatured Default or Servicer Termination
Event by or with respect to the Servicer under such Servicing Agreement except (i) to the extent that, in the case of an Unmatured Default, such Unmatured Default has been cured prior to its becoming a Servicer Termination Event, and
(ii) any Unmatured Default or Servicer Termination Event caused solely by the failure of a Collateral Performance Test or a Servicer Ratings Downgrade for which the Servicer shall not have received a written notice of pending termination, nor
(B) threatened termination of the Servicer in writing related to any default existing for thirty (30) or more days by the Servicer under such Servicing Agreement; 

(ii) pursuant to the terms of such Servicing Agreement: 

(A) under such agreement, the Servicer is permitted to reimburse itself for the related Advance or, solely with respect to
Deferred Servicing Fee Receivables, pay itself for the related Deferred Servicing Fee out of late collections of the amounts advanced or fees deferred, including from insurance proceeds and liquidation proceeds from the Mortgage Loan with respect to
which such Advance was made or Deferred Servicing Fee was accrued, prior to any holders of any notes, certificates or other securities backed by the related mortgage loan pool or any other owner of or investor in the Mortgage Loan, and prior to
payment of any party subrogated to the rights of the holders of such securities (such as a reimbursement right of a credit enhancer) or any hedge or derivative termination fees, or to any related Mortgage Pool or any related trustee, custodian,
hedge counterparty or credit enhancer; provided, that reimbursement of any Advance with respect to a Second-Lien Receivable shall be subject to any first lien on the related Mortgaged Property or REO Property, as applicable, under which such Advance
arises; 

  
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 (B) under such agreement, if the Servicer determines that an Advance or Deferred
Servicing Fee will not be recoverable out of late collections of the amounts advanced or, solely with respect to Deferred Servicing Fee Receivables, fees deferred or out of insurance proceeds or liquidation proceeds from the Mortgage Loan with
respect to which the Advance was made or Deferred Servicing Fee was accrued, the Servicer has the right to reimburse or pay itself for such Advance or Deferred Servicing Fee out of any funds (other than prepayment charges) in the Custodial Account
or out of general collections received by the Servicer with respect to any Mortgage Loans serviced under the same Designated Servicing Agreement, prior to any payment to any holders of any notes, certificates or other securities backed by the
related mortgage loan pool or any other owner of or investor in the Mortgage Loan, and prior to payment of any party subrogated to the rights of the holders of such securities (such as a reimbursement right of a credit enhancer) or any hedge or
derivative termination fees, or to the related Mortgage Pool or any related trustee, custodian or credit enhancer (a “General Collections Backstop”), except that this clause (ii)(B) shall not apply to Loan-Level Receivables; 

(iii) [RESERVED]; 

(iv) all Receivables arising under such Servicing Agreement are free and clear of any Adverse Claim in favor of any Person
(other than any Permitted Lien) and the related MBS Trustee or other owner or investor and, if required by the related Designated Servicing Agreement, any related monoline insurer or other credit enhancement provider shall have been delivered a
notice substantially in the form of Exhibit C attached hereto signed by the Servicer; 
 (v) the Designated Servicing
Agreement is in full force and effect; 
 (vi) [RESERVED]; 

(vii) an Eligible Subservicing Agreement is in full force and effect for all mortgage loans serviced by the Servicer under such
Designated Servicing Agreement, and the related Subservicer is an Eligible Subservicer and is in compliance with such Subservicing Agreement and, from and after the related MSR Transfer Date, Nationstar or another servicer acceptable to the
Administrative Agent, shall be serving as “hot back-up servicer” for Advance Purchaser under an agreement approved by the Administrative Agent; provided that prior to each MSR Transfer Date for any Designated Servicing Agreement, this
requirement is satisfied if Nationstar is the Servicer under such Designated Servicing Agreement and Nationstar meets the criteria of an “Eligible Subservicer” as described herein that are required to be satisfied by Nationstar; 

(viii) the Servicing Agreement arises under and is governed by the laws of the United States or a State within the United
States; and 

  
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 (ix) the Servicer has not voluntarily elected to change the reimbursement
mechanics of Advances or payment mechanics for Deferred Servicing Fees under such Servicing Agreement from a pool-level reimbursement mechanic or payment mechanic to a loan-level reimbursement mechanic or payment mechanic or from a loan-level
reimbursement mechanic or payment mechanic to a pool-level reimbursement mechanic or payment mechanic without consent of the Administrative Agent. 
 In
addition, for a subservicing agreement (pursuant to which the Servicer is acting as a subservicer) to be a Facility Eligible Servicing Agreement, the subservicing agreement and the related servicing or master servicing agreement must provide that:
(1) the Servicer, as subservicer, under such agreement, is required to make all Advances or accrue Deferred Servicing Fees on Mortgage Loans subserviced by a Servicer; (2) the Servicer, as subservicer under such agreement, is entitled to
reimbursement or payment from all permitted sources under the related Servicing Agreement; (3) the related primary or master servicer agrees to remit to the Servicer, as subservicer, within two (2) Business Days of receipt thereof, any
collections and reimbursements of P&I Advances, Corporate Advances and Escrow Advances or payments for Deferred Servicing Fees it receives, without set-off; and (4) the related primary or master servicer agrees to reasonably cooperate with
the Servicer, as subservicer, to obtain reimbursement or payment of P&I Advances, Deferred Servicing Fees, Corporate Advances and Escrow Advances including, if either of such primary or master servicer or the Servicer, as subservicer, is
terminated, by seeking immediate reimbursement or payment therefor from the successor servicer or, failing that, on a first-in-first-out basis. 

Facility Entity: As defined in Section 9.5(i). 

Facility Year: A period beginning on the Closing Date or any anniversary of the Closing Date, and ending on the next anniversary of the Closing Date.

 Fannie Mae: The Federal National Mortgage Association (commonly known as Fannie Mae), and its successors. 

FDIC: The Federal Deposit Insurance Corporation, and its successors. 

Fee Accumulation Account: The segregated non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established and
maintained pursuant to Section 4.01 and Section 4.7 and entitled “Wells Fargo Bank, N.A., as Indenture Trustee in trust for the Noteholders of the NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed
Notes, Fee Accumulation Account.” 
 Fee Accumulation Amount: With respect to each Interim Payment Date, the aggregate amount of Fees,
plus any Series Fees, up to the Series Fee Limit, plus any Undrawn Fees, due and payable on the next Payment Date plus any expenses (including indemnities) payable on the next Payment Date pursuant to
Section 4.5(a)(1)(i) or (ii) or Section 4.5(a)(2)(i) or (ii) that have been invoiced or noticed to the Indenture Trustee and the Administrator prior to the Determination Date for such Interim Payment
Date, minus amounts already on deposit in the Fee Accumulation Account (assuming for this purpose that the aggregate VFN Principal Balance remains unchanged from the Determination Date for such Interim Payment Date through the end of the
then-current Interest Accrual Period). 
 Fee Letter: For any Series, as defined in the related Indenture Supplement, if applicable. 

  
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 Fees: Collectively, with respect to any Interest Accrual Period, the Indenture Trustee Fee, the Owner
Trustee Fee and the Verification Agent Fee. 
 Final Payment Date: For any Class of Notes, the earliest of (i) the Stated Maturity Date for such
Class, (ii) after the end of the related Revolving Period, the Payment Date on which the Note Balance of the Notes of such Class has been reduced to zero, and (iii) the Payment Date which follows the Payment Date on which all proceeds of
the sale of the Trust Estate are distributed pursuant to Section 8.6. 
 Financial Asset: As defined in
Section 8-102(a)(9) of the UCC. 
 Fitch: Fitch Ratings, Inc., or any successor thereto. 

Freddie Mac: The Federal Home Loan Mortgage Corporation (commonly known as Freddie Mac), and its successors. 

Full Amortization Period: For all Series of Notes, the period that begins upon the occurrence of a Facility Early Amortization Event and ends on the
date on which the Notes of all Series are paid in full. 
 Funded Advance Receivable Balance: On any date (i) for Facility Eligible Receivables
included in the Trust Estate, the aggregate of the Receivable Balances of such Facility Eligible Receivables minus the portion of aggregate P&I Advances that were funded using Amounts Held for Future Distribution which have not yet been restored
by the Servicer to the related Custodial Account and (ii) for any particular Designated Servicing Agreement on any date, the aggregate balance of all Facility Eligible Receivables outstanding under such Servicing Agreement minus the portion
thereof that was funded using Amounts Held for Future Distribution which have not yet been restored by the Servicer to the related Custodial Account. 

Funding Certification: A report delivered by the Administrator in respect of each Funding Date pursuant to Section 4.3(a). 

Funding Conditions: With respect to any proposed Funding Date, the following conditions: 

(i) no breach of the Collateral Test shall exist following the proposed funding; 

(ii) no breach of representation, warranty or covenant of the Receivables Seller, the Servicer, the Administrator, the
Depositor or the Issuer, or with respect to the Receivables, hereunder or under any Transaction Document, shall exist; 

(iii) no Funding Interruption Event or Facility Early Amortization Event shall have occurred and be continuing; 

(iv) (A) with respect to any Funding Date which will be a VFN Draw Date, the Administrator or the Sub-Administrator on behalf
of the Administrator shall have provided the Indenture Trustee, no later than 12:00 p.m. (noon) New York City time on the second (2nd) Business Day preceding such Funding Date (or such other
time as may 

  
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be agreed to from time to time by the Administrator, the Indenture Trustee and the Administrative Agent), a Determination Date Report reporting information with respect to the Receivables in the
Trust Estate and demonstrating the satisfaction of the Collateral Test, and no later than 1:00 p.m. New York City time on the second (2nd) Business Day preceding such Funding Date (or such
other time as may be agreed to from time to time by the Administrator, the Indenture Trustee and the Administrative Agent), a Funding Certification certifying that all Funding Conditions have been satisfied and (B) with respect to any Funding
Date which is not a VFN Draw Date, the Administrator or the Sub-Administrator on behalf of the Administrator shall have provided the Indenture Trustee, no later than 12:00 p.m. (noon) New York City time on the Business Day preceding such Funding
Date (or such other time as may be agreed to from time to time by the Administrator, the Indenture Trustee and the Administrative Agent), a Determination Date Report reporting information with respect to the Receivables in the Trust Estate and
demonstrating the satisfaction of the Collateral Test, and no later than 1:00 p.m. New York City time on the Business Day preceding such Funding Date (or such other time as may be agreed to from time to time by the Administrator, the Indenture
Trustee and the Administrative Agent), a Funding Certification certifying that all Funding Conditions have been satisfied; 

(v) the full amount of the Required Expense Reserve shall be on deposit in the Collection and Funding Account, before and after
the release of cash from such account to fund the purchase price of Receivables; 
 (vi) no Servicer Termination Event shall
have occurred with respect to the Servicing Agreement related to any Receivable to be funded and no Subservicer Termination Event shall have occurred with respect to any related Subservicing Agreement; provided, that the breach of a
Collateral Performance Test as it relates to the performance of the related mortgage loans, shall not be considered a Servicer Termination Event or a Subservicer Termination Event for purposes of this clause (vi) unless the Servicer or
Subservicer shall have received a written notice of pending termination; provided, further, that a Servicer Ratings Downgrade shall not be considered a Servicer Termination Event or a Subservicer Termination Event for purposes of this
clause (vi) unless the Servicer or Subservicer shall have received a written notice of pending termination; provided, further, that the failure to satisfy this clause (vi) shall only affect the Receivables arising under the related
Servicing Agreement and shall not result in a failure of the Funding Conditions generally; 
 (vii) on any Funding Date that
is an Interim Payment Date or Limited Funding Date, after giving effect to the transfers on such Funding Date contemplated by Section 4.3(f), the Interest Accumulation Amount is on deposit in the Interest Accumulation Account, the Fee
Accumulation Amount is on deposit in the Fee Accumulation Account, the Target Amortization Principal Accumulation Amount, if any, is on deposit in the Target Amortization Principal Accumulation Account and the Series Reserve Required Amount is on
deposit in the Series Reserve Account for each Series; 
 (viii) the payment of the New Receivables Funding Amount in
connection with the related sale of Additional Receivables on such Funding Date or the drawing on any VFNs shall not result in a material adverse United States federal income tax consequence to the Trust Estate or any Noteholders; 

  
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 (ix) the related Advances shall have been fully funded out of the Servicer’s
own funds and/or Amounts Held for Future Distribution under the related Designated Servicing Agreement (if permitted under the related Designated Servicing Agreement), and, if a P&I Advance subject to same-day pre-funding, shall be on deposit in
a disbursement account under the exclusive control and direction of the Indenture Trustee pending remittance to the related MBS Trustee; it being understood that the Indenture Supplement may specify conditions, in addition to the Funding Conditions,
that must be met before draws may be made on a VFN issued under such Indenture Supplement; 
 (x) the Verification Agent is
PricewaterhouseCoopers LLP, or if PricewaterhouseCoopers LLP (x) resigns as Verification Agent and not more than thirty (30) days have passed since such resignation, (y) resigns as Verification Agent and more than thirty
(30) days have passed since such resignation and the Servicer is using commercially reasonable efforts to hire a replacement Verification Agent or (z) is terminated by the Receivables Seller, the Depositor or the Issuer, the Administrator
has selected a successor verification agent and the Administrative Agent has approved such successor verification agent (such approval not to be unreasonably withheld or delayed) and such successor verification agent has assumed the Verification
Agent’s duties; 
 (xi) in connection with any request for funding of Deferred Servicing Fee Receivables, the Servicer
has paid to each Excess Spread Purchaser the amount of all accrued servicing fees under any Designated Servicing Agreements that have been sold to an Excess Spread Purchaser, and that, without duplication, the Servicer has paid all amounts required
to be paid to any Excess Spread Purchasers, any assignee or any other party in connection with any Excess Servicing Fees that relate to any Designated Servicing Agreements under this Indenture and that any Deferred Servicing Fee Receivables arising
under such Designated Servicing Agreements are not subject to any Adverse Claim other than Permitted Liens; and 
 (xii) in
connection with any request for funding of Deferred Servicing Fee Receivables, the Servicer has provided an updated, executed disclaimer substantially in the form of Exhibit H that has been agreed to and accepted by the related Excess Spread
Purchasers or any other party that may have an interest in the Excess Servicing Fees that relate to any Deferred Servicing Fees arising under any Designated Servicing Agreements, which disclaimer shall be dated as of date no more than 30 days prior
to the proposed Funding Date. Unless and until the Servicer delivers such a disclaimer to the Administrative Agent, no additional Deferred Servicing Fee Receivables shall be eligible for financing under this Indenture and accordingly, shall not
(i) be transferred to the Depositor or (ii) constitute “Receivables” for purposes of the Receivables Sale Agreement and related Transaction Documents. 

Funding Date: Any Payment Date, Interim Payment Date or Limited Funding Date during the Revolving Period for such Series occurring at a time when no
Facility Early Amortization Event shall have occurred and shall be continuing; provided, that the Administrator or the Sub-Administrator on behalf of the Administrator shall have delivered a Funding Certification in accordance with
Section 4.3(a) for such date. 

  
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 Funding Interruption Event: The occurrence of an event which with the giving of notice or the passage of
time, or both, would constitute a Facility Early Amortization Event. 
 GAAP: U.S. generally accepted accounting principles that are
(i) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its successors, as in effect from time to time, and (ii) applied consistently with principles applied to past financial statements of
Nationstar, Advance Purchaser and their respective subsidiaries; provided that a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than
a qualification regarding changes in generally accepted accounting principles) that such principles have been properly applied in preparing such financial statements. 

Grant: Pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and
right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party
thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of such collateral or other agreement or instrument and all other moneys payable thereunder, to
give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the
granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 Increased Costs: The amounts described in the related
Indenture Supplement, if applicable. 
 Increased Costs Limit: For any Series or Class of Notes, as defined in the related Indenture Supplement, if
applicable. 
 Indemnity Payment: With respect to any Receivable in respect of which a payment is required to be made by the Issuer, the Depositor or
the Receivables Seller under Section 2.3 of this Indenture, the Receivables Pooling Agreement or the Receivables Sale Agreement, and as of the Payment Date on which the “Indemnity Payment” must be made, the Receivable Balance
of such Receivable as of such Payment Date. 
 Indenture: As defined in the Preamble. 

Indenture Supplement: With respect to any Series of Notes, a supplement to this Indenture, executed and delivered in conjunction with the issuance of
such Notes pursuant to Section 6.1, together with any amendment to the Indenture Supplement executed pursuant to Section 12.1 or 12.2, and, in either case, including all amendments thereof and supplements thereto. 

Indenture Trustee: The Person named as the Indenture Trustee in the Preamble until a successor Indenture Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is then an Indenture Trustee hereunder. 

  
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 Indenture Trustee Authorized Officer: With respect to the Indenture Trustee, Calculation Agent, Paying
Agent, Note Registrar or Securities Intermediary, any officer of the Indenture Trustee, Calculation Agent, Paying Agent, Note Registrar or Securities Intermediary assigned to its corporate trust services, including any vice president, assistant vice
president, assistant treasurer or trust officer customarily performing functions with respect to corporate trust matters and, with respect to a particular corporate trust matter under this Indenture, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject, in each case, having direct responsibility for the administration of this Indenture. 

Indenture Trustee Fee: The fee payable to the Indenture Trustee hereunder on each Payment Date for services rendered under this Indenture, which shall
be equal to $6,666.66 per month; provided, that (A) to the extent that there is more than one (1) Payment Date in any given month, the Indenture Trustee Fee in such month shall include an additional $2,000 for each such additional Payment
Date and (B) to the extent that there are more than five (5) Funding Dates in any given month, the Indenture Trustee Fee in such month shall include an additional $1,500 for each such additional Funding Date over five (5); provided,
further, that the Indenture Trustee shall also be entitled to receive payment of separate fees and expenses pursuant to Section 11.7 in connection with tax filings made by the Indenture Trustee. Reimbursement for expenses incurred
by the Indenture Trustee in connection with tax filings made by the Indenture Trustee shall be subject to the Expense Limit. 
 Independent Manager:
(i) A natural person and (ii) a Person who (A) shall not have been at the time of such Person’s appointment, and may not have been at any time during the preceding five (5) years and shall not be as long as such Person is an
Independent Manager of the Depositor (1) a direct or indirect legal or beneficial owner in such entity or any of its Affiliates, (2) a member, officer, director, manager, partner, shareholder or employee of the Administrator or any of its
managers, members, partners, subsidiaries, shareholders or Affiliates other than the Depositor or any Affiliate thereof that is intended to be structured as a “bankruptcy remote” entity (collectively, the “Independent
Parties”), (3) a supplier to any of the Independent Parties, (4) a person controlling or under common control with any director, member, partner, shareholder or supplier of any of the Independent Parties or (5) a member
of the immediate family of any director, member, partner, shareholder, officer, manager, employee or supplier of the Independent Parties, (B) has prior experience as an independent director or manager for a corporation or limited liability
company whose charter documents required the unanimous consent of all independent directors or managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it
or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (C) has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their
respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; provided, that, notwithstanding the terms and provisions of clause (ii)(A)(1)
immediately above, the indirect or beneficial ownership of membership interests of the Administrator through a mutual fund or similar diversified investment vehicle with respect to which the owner does not have discretion or control over the
investments held by such diversified investment vehicle shall not preclude such owner from being an Independent Manager. 

  
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 Index: For any Series or Class of Notes, as defined in the related Indenture Supplement, if applicable.

 Ineligible Designated Servicing Agreement: Any Designated Servicing Agreement listed on Schedule 6 hereto. 

Initial Collection Account: An Eligible Account in the name of the Indenture Trustee, in which no other amounts other than as set forth in
Section 4.2(a) may be deposited, which amounts shall be transferred within one (1) Business Day of deposit to the Collection and Funding Account. 

Initial Note Balance: For any Note or for any Class of Notes, the Note Balance of such Note upon the related Issuance Date as specified in the related
Indenture Supplement. 
 Initial Receivables: The Receivables sold and/or contributed by Nationstar, as Receivables Seller, to the Depositor on the
Closing Date pursuant to the Receivables Sale Agreement, and further sold and/or contributed by the Depositor to the Issuer on the Closing Date pursuant to the Receivables Pooling Agreement, and Granted by the Issuer to the Indenture Trustee for
inclusion in the Trust Estate, and which consist of Receivables arising from (i) the making by the Receivables Seller of Advances with respect to the Designated Servicing Agreements listed on the Designated Servicing Agreement Schedule or
(ii) accrued Deferred Servicing Fees with respect to the Designated Servicing Agreements listed on the Designated Servicing Agreement Schedule as of the Closing Date. 

Insolvency Event: With respect to a specified Person, (i) an involuntary case or other proceeding under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect shall be commenced against any Person or any substantial part of its property, or a petition shall be filed against such Person in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, seeking the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the winding-up or liquidation
of such Person’s business and (A) such case or proceeding shall continue undismissed and unstayed and in effect for a period of sixty (60) days or (B) an order for relief in respect of such Person shall be entered in such case or
proceeding under such laws or a decree or order granting such other requested relief shall be granted; or (ii) the commencement by such Person of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts
become due or the admission by such Person of its inability to pay its debts generally as they become due. 
 Insolvency Proceeding: Any proceeding
of the sort described in the definition of Insolvency Event. 

  
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 Interest Accrual Period: For any Class of Notes and any Payment Date, the period specified in the related
Indenture Supplement. 
 Interest Accumulation Account: The segregated non-interest bearing trust account or accounts, each of which shall be an
Eligible Account, established and maintained pursuant to Section 4.1 and Section 4.7 and entitled “Wells Fargo Bank, N.A., as Indenture Trustee in trust for the Noteholders of the NRZ Servicer Advance Receivables Trust
CS Advance Receivables Backed Notes, Interest Accumulation Account.” 
 Interest Accumulation Amount: With respect to each Interim Payment Date,
the sum of the Interest Payment Amount due and payable with respect to all Classes of Notes on the next succeeding Payment Date, plus all Cumulative Interest Shortfall Amounts as of the immediately preceding Payment Date, minus amounts
then on deposit in the Interest Accumulation Account (assuming for this purpose that the aggregate VFN Principal Balance remains unchanged from the Determination Date for such Interim Payment Date through the end of its then-current Interest Accrual
Period). 
 Interest Day Count Convention: For any Series or Class of Notes, the fraction specified in the related Indenture Supplement to indicate
the number of days counted in an Interest Accrual Period divided by the number of days assumed in a year, for purposes of calculating the Interest Payment Amount for each Interest Accrual Period in respect of such Series or Class. 

Interest Payment Amount: For any Series or Class of Notes, as applicable and with respect to any Payment Date: 

(i) for any Series or Class of Term Notes, the related Cumulative Interest Shortfall Amount plus the product of: 

(A) the Note Balance as of the close of business on the preceding Payment Date; 

(B) the related Note Interest Rate for such Series or Class and for the related Interest Accrual Period; and 

(C) the Interest Day Count Convention specified in the related Indenture Supplement; and 

(ii) for any Series or Class of Variable Funding Notes, the related Cumulative Interest Shortfall Amount plus the product of:

 (A) the average daily aggregate VFN Principal Balance during the related Interest Accrual Period (calculated based on the
average of the aggregate VFN Principal Balances on each day during the related Interest Accrual Period); 
 (B) the related
Note Interest Rate for such Class during the related Interest Accrual Period; and 

  
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 (C) the Interest Day Count Convention specified in the related Indenture
Supplement. 
 Interested Noteholders: For any Class, any Noteholder or group of Noteholders holding Notes evidencing not less than 25% of the
aggregate Voting Interests of such Class. 
 Interim Payment Date: With respect to any Series of Notes, up to six (6) dates each calendar month
that are agreed to between the Issuer and the Noteholders of the Variable Funding Notes, as specified in the Indenture Supplement. For the avoidance of doubt, no Interim Payment Dates shall occur during the continuance of a Facility Early
Amortization Event. 
 Interim Payment Date Report: As defined in Section 3.2(c). 

Invested Amount: For any Series or Class of Notes, the related Series Invested Amount or Class Invested Amount, as applicable. 

Investment Company Act: The Investment Company Act of 1940, as amended. 

Issuance Date: For any Series of Notes, the date of issuance of such Series, as set forth in the related Indenture Supplement. 

Issuer: Has the meaning set forth in the Preamble. 

Issuer Affiliate: Any person involved in the organization or operation of the Issuer or an affiliate of such a person within the meaning of Rule 3a-7
promulgated under the Investment Company Act. 
 Issuer Amount: As defined in Section 4.3(e). 

Issuer Authorized Officer: Any Director or any authorized officer of the Owner Trustee or the Administrator who may also be an officer or employee of
Advance Purchaser, its managing member or an Affiliate of Advance Purchaser or its managing member. 
 Issuer Certificate: A certificate (including
an Officer’s Certificate) signed in the name of an Issuer Authorized Officer, or signed in the name of the Issuer by an Issuer Authorized Officer. Wherever this Indenture requires that an Issuer Certificate be signed also by an accountant or
other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be an employee of Advance Purchaser or an Affiliate. 

Issuer Tax Opinion: With respect to any undertaking, an Opinion of Counsel to the effect that, for United States federal income tax purposes,
(i) such undertaking 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, each
for United States federal income tax purposes, (ii) except in the case of Specified Notes, if any Notes are issued or deemed issued as a result of such undertaking, any Notes issued or deemed issued on such date that are outstanding for United
States federal income tax purposes will be debt, and, if requested by the Administrative Agent, (iii) such undertaking will not cause the Noteholders or beneficial owners of Notes previously issued to be deemed to have sold or exchanged such
Notes for federal income tax purposes under Section 1001 of the Code. 

  
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 Judicial Corporate Advance: Any Corporate Advance in respect of a Mortgage Loan secured by a Mortgaged
Property located in a Judicial State. 
 Judicial Corporate Receivable: Any Corporate Advance Receivable in respect of a Judicial Corporate Advance.

 Judicial Deferred Servicing Fee: Any Deferred Servicing Fee in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial
State. 
 Judicial Deferred Servicing Fee Receivable: Any Deferred Servicing Fee Receivable in respect of a Judicial Deferred Servicing Fee. 

Judicial Escrow Advance: Any Escrow Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State. 

Judicial Escrow Receivable: Any Escrow Advance Receivable in respect of a Judicial Escrow Advance. 

Judicial P&I Advance: Any P&I Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State. 

Judicial P&I Receivable: Any P&I Advance Receivable in respect of a Judicial P&I Advance. 

Judicial State: Each state or territory of the United States that is not a Non-Judicial State. 

Limited Funding Date: For any Series or Class of Notes, as defined in the related Indenture Supplement, if applicable. 

Liquidity Facility: Any liquidity back-stop facility which may be utilized by a Noteholder of a Class to fund some or all of its disbursements on any
such Class of the Notes. 
 Liquidity Provider: With respect to any Series or Class of VFNs, any “Support Party” or similar entity as
further described in the related Indenture Supplement and/or Note Purchase Agreement, as applicable. 
 Loan-Level Advance: An Advance that arises
under a Designated Servicing Agreement that does not provide that the related Advance is reimbursable from general collections and proceeds of the entire related mortgage pool if such Advance is determined to be a Nonrecoverable Advance. 

Loan-Level Deferred Servicing Fee: A Deferred Servicing Fee that arises under a Designated Servicing Agreement that does not provide that the related
Deferred Servicing Fee is payable from general collections and proceeds of the entire related mortgage pool if such Deferred Servicing Fee is determined to be a Nonrecoverable Deferred Servicing Fee. 

  
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 Loan-Level Receivable: A Receivable that is the right to reimbursement for a Loan-Level Advance or the
right to payment for a Loan-Level Deferred Servicing Fee. 
 Majority Noteholders: With respect to any Series or Class of Notes or all Outstanding
Notes, the Noteholders of greater than 50% of the Note Balance of the Outstanding Notes of such Series or Class or of Outstanding Notes, as the case may be, measured by Voting Interests in any case. 

Margin: For any Class of Notes bearing interest at a floating rate, the fixed per annum rate that is added to the applicable Index to
determine the Note Interest Rate for such Class for any Interest Accrual Period. The “Margin” for each Class of Notes is specified in the related Indenture Supplement. 

Maximum VFN Principal Balance: For any VFN Class, the amount specified in the related Indenture Supplement. 

MBS Trustee: A trustee or indenture trustee for a Mortgage Pool that is a securitization trust. 

Monthly Advance Collection Period: With respect to any Payment Date, the period beginning on the Determination Date for the preceding Payment Date and
ending at the close of business on the day before the Determination Date for the current Payment Date, except that, with respect to the initial Payment Date, the Monthly Advance Collection Period begins on the Cut-off Date and ends at the close of
business on the day before the related Determination Date. 
 Monthly MBS Remittance Report: For any Mortgage Pool, the monthly report(s) prepared by
the related servicer, master servicer, securities administrator or MBS Trustee and delivered to the related security holders detailing cash flows on the related Mortgage Loans and remittances to the related investors. 

Month-to-Date Available Funds: With respect to any Interim Payment Date or any Payment Date, the aggregate amount of Collections deposited into the
Collection and Funding Account during the period beginning on the day immediately succeeding the Payment Date prior to such Interim Payment Date or Payment Date and ending on such Interim Payment Date or Payment Date. 

Moody’s: Moody’s Investors Service. 

Mortgage: With respect to a Mortgage Loan, a mortgage, deed of trust or other instrument encumbering a fee simple interest in real property securing a
Mortgage Note. 
 Mortgage Loan: A loan secured by a Mortgage on real property (including REO Property resulting from the foreclosure of the real
property that had secured such loan), which loan has been transferred and assigned to an MBS Trustee and serviced by the Servicer for such MBS Trustee pursuant to a Servicing Agreement. 

Mortgage Note: The note or other evidence of the indebtedness of a mortgagor secured by a Mortgage under a Mortgage Loan and all amendments,
modifications and attachments thereto. 

  
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 Mortgage Pool: A trust or trust estate in which the Mortgage Loans being serviced by the Servicer pursuant
to a Designated Servicing Agreement are held by the related MBS Trustee or a pool of Mortgage Loans being serviced under a Whole Loan Servicing Agreement that is a Facility Eligible Servicing Agreement. 

Mortgaged Property: The interest in real property securing a Mortgage Loan as evidenced by the related Mortgage, together with improvements thereto
securing a Mortgage Loan. 
 MSR: Mortgage Servicing Rights. 

MSR Transfer Date: For any Designated Servicing Agreement, the date when all required consents and rating agency letters for a formal change of the
named servicer under such Designated Servicing Agreement from Nationstar to Advance Purchaser shall have been obtained, and Nationstar shall transfer to Advance Purchaser all of the servicing rights and obligations of Nationstar under such
Designated Servicing Agreement, as evidenced by the related MSR Transfer Notice. 
 MSR Transfer Notice: A notice delivered by Advance Purchaser to
the Indenture Trustee in the form attached hereto as Exhibit I. 
 Nationstar: Has the meaning set forth in the Preamble. 

Nationstar Additional Advance Receivables: Each Advance Receivable in existence on any Business Day on and after the Effective Date and until the
opening of business on the related MSR Transfer Date and which arises under any Servicing Agreement that is listed as a “Designated Servicing Agreement” on the Designated Servicing Agreement Schedule as of the date such Receivable is
created. 
 New Receivables Funding Amount: For any Funding Date and with respect to any amounts to be disbursed on any Funding Date, an amount equal
to the sum of the Series New Receivables Funding Amounts for all Outstanding Series for all Additional Receivables to be funded on such Funding Date, subject to limitation by the amount of Available Funds and by the amount that may be drawn on any
VFNs in respect of such Funding Date and subject to the satisfaction of all Funding Conditions; provided, however, that (1) in any event the aggregate New Receivables Funding Amount disbursed on any Funding Date shall be limited
to an amount which may be disbursed without resulting in a violation of the Collateral Test, (2) no amounts may be drawn on VFNs on a Limited Funding Date, and (3) the New Receivables Funding Amount on a Limited Funding Date is limited to
amounts then on deposit in the Collection and Funding Account minus the Required Expense Reserve. 
 Net Excess Cash Amount: On any Payment Date or
Interim Payment Date, the amount of funds available to be distributed to the Depositor pursuant to Section 4.4(j) or Section 4.5(a)(1)(xii) or Section 4.5(a)(2)(vi), as applicable. 

Non-FIFO Receivable: A Receivable attributable to a Designated Servicing Agreement that does not include an express provision (i) permitting the
Servicer to assign its rights to be reimbursed for Advances or (ii) to the effect that Advances are to be reimbursed on a “first-in first-out,” or FIFO basis. 

  
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 Non-Judicial Corporate Advance: Any Corporate Advance in respect of a Mortgage Loan secured by a Mortgaged
Property located in a Non-Judicial State. 
 Non-Judicial Corporate Receivable: A Corporate Advance Receivable in respect of a Non-Judicial Corporate Advance. 
 Non-Judicial Deferred Servicing Fee: Any Deferred Servicing Fee in respect of a
Mortgage Loan secured by a Mortgaged Property located in a Non-Judicial State. 
 Non-Judicial Deferred Servicing Fee Receivable: A Deferred
Servicing Fee Receivable in respect of a Non-Judicial Deferred Servicing Fee. 
 Non-Judicial Escrow Advance: Any Escrow Advance in respect of a
Mortgage Loan secured by a Mortgaged Property located in a Non-Judicial State. 
 Non-Judicial Escrow Receivable: An Escrow Advance Receivable in
respect of a Non-Judicial Escrow Advance. 
 Non-Judicial P&I Advance: Any P&I Advance in respect of
a Mortgage Loan secured by a Mortgaged Property located in a Non-Judicial State. 
 Non-Judicial P&I Receivable: A P&I Advance Receivable in
respect of a Non Judicial P&I Advance. 
 Non-Judicial State: Each of the following: Alabama, Alaska, Arizona, Arkansas, California, Colorado,
District of Columbia, Georgia, Hawaii, Idaho, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Oregon, Rhode Island, Tennessee, Texas, Utah, Virginia, Washington, West Virginia and
Wyoming. Additional Non-Judicial States may be designated from time to time pursuant to Section 12.1. 
 Nonrecoverable Advance: An
Advance that is determined to be “non-recoverable” from late collections or liquidation or other proceeds of the Mortgage Loan in respect of which such Advance was made. 

Nonrecoverable Deferred Servicing Fee: A Deferred Servicing Fee that is determined to be “non-recoverable” from late collection or
liquidation or other proceeds of the Mortgage Loan in respect of which such Deferred Servicing Fee was accrued. 
 Note or Notes: Any note or
notes of any Class authenticated and delivered from time to time under this Indenture including, but not limited to, any Variable Funding Note. 
 Note
Balance: On any date (i) for any Term Note, or for any Series or Class of Term Notes, as the context requires, the Initial Note Balance of such Term Note or the aggregate of the Initial Note Balances of the Term Notes of such Series or
Class, as applicable, less all amounts paid to the Noteholder of such Term Note or Noteholders of such Term Notes with respect to principal, (ii) for any Variable Funding Note, its VFN Principal Balance on such date and (iii) for any other
Note, as set forth in the related Indenture Supplement. 

  
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 Note Interest Rate: For any Note, or for any Series or Class of Notes as the context requires, the
interest rate specified, or calculated as provided in, the related Indenture Supplement; provided, that on any day on which a Facility Early Amortization Event shall have occurred and shall be continuing at the opening of business on such
day, the Note Interest Rate for any Class of Notes shall equal the applicable Default Rate. 
 Note Owner: With respect to a Book Entry Note, the
Person who is the owner of such Book Entry Note, as reflected on the books of the Depository, or on the books of a Person maintaining an account with such Depository (directly as a Depository Participant or as an indirect participant, in each case
in accordance with the rules of such Depository) and with respect to any Definitive Notes, the Noteholder of such Note. 
 Note Payment Account: The
segregated non-interest bearing trust account or accounts, each of which shall be an Eligible Account, established and maintained pursuant to Section 4.1 and Section 4.8 and entitled “Wells Fargo Bank, N.A., as Indenture
Trustee in trust for the Noteholders of the NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed Notes, Note Payment Account.” 

Note Purchase Agreement: An agreement with one or more initial purchasers or placement agents under which the Issuer will sell the Notes to such
initial purchaser, or contract with such placement agent for the initial private placement of the Notes, in each case as further defined in the related Indenture Supplement. 

Note Rating Agency: With respect to any Outstanding Class of Notes, each rating agency, if any, specified in the related Indenture Supplement.
References to Note Rating Agencies or “each” or “any” Note Rating Agency in this Indenture refer to Note Rating Agencies that were engaged to rate any Notes issued under this Indenture, which Notes are still Outstanding. 

Note Rating Reduction: As defined in the related Indenture Supplement, if applicable. 

Note Register: As defined in Section 6.5. 

Note Registrar: The Person who keeps the Note Register specified in Section 6.5. 

Noteholder: The Person in whose name a Note is registered in the Note Register, except that, solely for the purposes of giving certain consents,
waivers, requests or demands as may be specified in this Indenture, the interests evidenced by any Note registered in the name of, or in the name of a Person or entity holding for the benefit of, the Issuer, the Receivables Seller or any Person that
is an Affiliate of either or both of the Issuer and the Receivables Seller, shall not be taken into account in determining whether the requisite percentage necessary to effect any such consent, waiver, request or demand shall have been obtained. The
Indenture Trustee shall have no responsibility to count any Person as a Noteholder who is not permitted to be so counted hereunder pursuant to the definition of “Outstanding” unless a Responsible Officer of the Indenture
Trustee has actual knowledge that such Person is an Affiliate of either or both of the Issuer and Receivables Seller. 
 Noteholders’ Amount: As
defined in Section 4.3(e). 

  
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 Obligor: Any Person who owes or may be liable for payments under a Mortgage Loan. 

Officer’s Certificate: A certificate signed by an Issuer Authorized Officer and delivered to the Indenture Trustee. Wherever this Indenture
requires that an Officer’s Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be an employee of the Receivables Seller or the Servicer.

 Opinion of Counsel: A written opinion of counsel reasonably acceptable to the Indenture Trustee, which counsel may, without limitation, and except
as otherwise expressly provided in this Indenture and except for any opinions related to tax matters or material adverse effects on Noteholders, be an employee of the Issuer, the Receivables Seller or any of their Affiliates. 

Organizational Documents: The Issuer’s Trust Agreement (including the related Owner Trust Certificate). 

Original Indenture: Has the meaning set forth in the Recitals. 

Other Advance Rate Reduction Event: As defined in the related Indenture Supplement, if applicable. 

Other Advance Rate Reduction Event Cure Period: As defined in the related Indenture Supplement, if applicable. 

Outstanding: With respect to all Notes and, with respect to a Note or with respect to Notes of any Series or Class means, as of the date of
determination, all such Notes theretofore authenticated and delivered under this Indenture, except: 
 (i) any Notes
theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation, or canceled by the Issuer and delivered to the Indenture Trustee pursuant to Section 6.9; 

(ii) any Notes to be redeemed for whose full payment (including principal and interest) redemption money in the necessary
amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Noteholders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given if required
pursuant to this Indenture, or provision therefore satisfactory to the Indenture Trustee has been made; 
 (iii) any Notes
which are canceled pursuant to Section 7.3; and 
 (iv) any Notes in exchange for or in lieu of which other Notes
have been authenticated and delivered pursuant to this Indenture (except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is presented that such Note is held by a person in whose hands such Note is a legal, valid
and binding obligation of the Issuer). 

  
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 For purposes of determining the amounts of deposits, allocations, reallocations or payments to be
made, unless the context clearly requires otherwise, references to “Notes” will be deemed to be references to “Outstanding Notes.” In determining whether the Noteholders of the requisite principal amount of such Outstanding Notes
have taken any Action hereunder, Notes owned by the Issuer, the Receivables Seller, or any Affiliate of the Issuer or the Receivables Seller shall be disregarded. In determining whether the Indenture Trustee will be protected in relying upon any
such Action, only Notes which an Indenture Trustee Authorized Officer has actual knowledge are owned by the Issuer or the Receivables Seller, or any Affiliate of the Issuer or the Receivables Seller, will be so disregarded. Notes so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee proves to the satisfaction of the Indenture Trustee the pledgee’s right to act as owner with respect to such Notes and that the pledgee is not the Issuer or the
Receivables Seller or any Affiliate of the Issuer or the Receivables Seller. 
 Owner: When used with respect to a Note, any related Note Owner. 

Owner Trust Certificate: A certificate evidencing a 100% undivided beneficial interest in the Issuer. 

Owner Trustee: Wilmington Trust, National Association, a national association, not in its individual capacity but solely as owner trustee under the
Trust Agreement, and any successor Owner Trustee thereunder. 
 Owner Trustee Fee: The annual fee payable as agreed upon by the Owner Trustee and
Nationstar pursuant to the Owner Trustee Fee Letter. 
 Owner Trustee Fee Letter: The fee letter agreement between the Owner Trustee and Nationstar
dated the Closing Date, as amended, supplemented, restated, or otherwise modified, setting forth the fees to be paid to the Owner Trustee for the performance of its duties as Owner Trustee of the Issuer. 

P&I Advance: Any advance disbursed by the Servicer (including any predecessor servicer) pursuant to any Designated Servicing Agreement, of
delinquent interest and/or principal that have not been timely paid by Obligors, including any amounts deposited by the Servicer into a Custodial Account in order to reimburse such Custodial Account for Amounts Held for Future Distribution
previously on deposit therein which the Servicer (including any predecessor servicer) had used to make a previous P&I Advance in accordance with the related Designated Servicing Agreement. 

P&I Advance Amount: As defined in Section 4.3(e) 

P&I Advance Disbursement Account: The segregated non-interest bearing trust account, which shall be an Eligible Account, established and maintained
pursuant to Section 4.1 and Section 4.3(d) as a Trust Account and entitled “Wells Fargo Bank, N.A., as Indenture Trustee for the NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed Notes, P&I Advance
Disbursement Account.” 
 P&I Advance Receivable: Any Receivable representing the right to be reimbursed for a P&I Advance. 

  
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 P&I Advance Reimbursement Amount: Any amount collected under any Designated Servicing Agreement from
Obligors or otherwise, which amount, by the terms of such Designated Servicing Agreement, is payable to the Servicer to reimburse P&I Advances disbursed by the Servicer. 

Paying Agent: The same Person who serves at any time as the Indenture Trustee, or an Affiliate of such Person, as paying agent pursuant to the terms of
this Indenture. 
 Payment Date: In any month beginning in August 2013, the 20th day of such
month or, if such 20th day is not a Business Day, the next Business Day following such 20th day. 

Payment Date Report: As defined in Section 3.2(b). 

Payment Default: An Event of Default of the type described in Section 8.1(a). 

Permitted Investments: At any time, any one or more of the following obligations and securities: 

(i) (a) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United
States or (b) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, any agency or instrumentality of the United States, provided that such obligations are backed by the full faith and
credit of the United States; and provided further that the short-term debt obligations of such agency or instrumentality at the date of acquisition thereof have been rated (x) “A-1” by S&P if such obligations have a
maturity of less than sixty (60) days after the date of acquisition or (y) “A-1+” by S&P if such obligations have a maturity greater than sixty (60) days after the date of acquisition; 

(ii) repurchase agreements on obligations specified in clause (a) maturing not more than three months from the date
of acquisition thereof; provided that the short-term unsecured debt obligations of the party agreeing to repurchase such obligations are at the time rated “A-1+” by S&P; 

(iii) certificates of deposit, time deposits and bankers’ acceptances of any U.S. depository institution or trust company
incorporated under the laws of the United States or any state thereof and subject to supervision and examination by a federal and/or state banking authority of the United States; provided that the unsecured short-term debt obligations of such
depository institution or trust company at the date of acquisition thereof have been rated “A-1+” by S&P; 

(iv) commercial paper of any entity organized under the laws of the United States or any state thereof which on the date of
acquisition has been rated “A-1+” by S&P; 
 (v) interests in any U.S. money market fund which, at the date of
acquisition of the interests in such fund (including any such fund that is managed by the Indenture Trustee or an Affiliate of the Indenture Trustee or for which the Indenture Trustee or an Affiliate acts as advisor) and throughout the time as the
interest is held in such fund, has a rating of “AAAm” from S&P; or 

  
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 (vi) other obligations or securities that are acceptable to S&P as Permitted
Investments hereunder and if the investment of Account funds therein will not result in a reduction in the then current rating of the Notes, as evidenced by a letter to such effect from S&P; 

provided, that each of the foregoing investments shall mature no later than the Business Day prior to the Payment Date immediately following the date
of purchase thereof (other than in the case of the investment of monies in instruments of which the Indenture Trustee is the obligor, which may mature on the related Payment Date), and shall be required to be held to such maturity; and
provided further, that each of the Permitted Investments may be purchased by the Indenture Trustee through an Affiliate of the Indenture Trustee. 

Permitted Investments are only those which are acquired by the Indenture Trustee in its name and in its capacity as Indenture Trustee, and
with respect to which (A) the Indenture Trustee has noted its interest therein on its books and records, and (B) the Indenture Trustee has purchased such investments for value without notice of any adverse claim thereto (and, if such
investments are securities or other financial assets or interests therein, within the meaning of Section 8-102 of the UCC, without acting in collusion with a Securities Intermediary in violating such
Securities Intermediary’s obligations to entitlement holders in such assets, under Section 8-504 of the UCC, to maintain a sufficient quantity of such assets in favor of such entitlement holders),
and (C) either (i) such investments are in the possession of the Indenture Trustee or (ii) such investments, (x) if certificated securities and in bearer form, have been delivered to the Indenture Trustee, or if in registered
form, have been delivered to the Indenture Trustee and either registered by the issuer in the name of the Indenture Trustee or endorsed by effective endorsement to the Indenture Trustee or in blank; (y) if uncertificated securities, ownership
of such securities has been registered in the name of the Indenture Trustee on the books of the issuer thereof (or another person, other than a Securities Intermediary, either has become the registered owner of the uncertificated security on behalf
of the Indenture Trustee or, having previously become the registered owner, acknowledges that it holds for the Indenture Trustee); or (z) if Securities Entitlements representing interests in securities or other financial assets (or interests
therein) held by a Securities Intermediary, a Securities Intermediary indicates by book entry that a security or other financial asset has been credited to the Indenture Trustee’s Securities Account with such Securities Intermediary. No
instrument described hereunder may be purchased at a price greater than par, if such instrument may be prepaid or called at a price less than its purchase price prior to its stated maturity. 

Permitted Lien: Any liens for taxes, assessments, or similar charges incurred in the ordinary course of business and which are not yet due or as to
which the period of grace, if any, related thereto has not expired or which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP. 

Permitted Refinancing: An assignment by the Issuer, subject to satisfaction of Section 2.1(c), either (i) to a third party
unaffiliated with the Servicer or (ii) to a special purpose, bankruptcy-remote entity (“SPV”), of all the Receivables and related assets attributable to one or more Designated Servicing Agreements, as a result of which
assignment the assignee pays to the Issuer 100% of the Receivable Balances with respect to such Receivables; provided, that in the case of an assignment to an SPV pursuant to clause (ii) (a) such assignment may be effected by

  
 40 

 
means of an initial sale, transfer, distribution or other transfer of the Receivables and related assets to Advance Purchaser so long as Advance Purchaser immediately sells and/or contributes the
Receivables and related assets to the related SPV, if the SPV’s organizational documents and financing arrangements only permit acquisition of Receivables and similar assets from Advance Purchaser and its Affiliates, and (b) if requested
by the Administrative Agent, an opinion of external legal counsel, reasonably satisfactory to the Administrative Agent, to the effect that the assignee would not be substantively consolidated with Advance Purchaser or any non-special purpose entity
Affiliate of Advance Purchaser involved in the transactions contemplated herein, shall have been delivered to the Administrative Agent. 
 Person:
Any individual, corporation, estate, partnership, limited liability company, limited liability partnership, joint venture, association, joint-stock company, business trust, trust, unincorporated organization, government or any agency or political
subdivision thereof, or other entity of a similar nature. 
 Place of Payment: With respect to any Class of Notes issued hereunder, the city or
political subdivision so designated with respect to such Class of Notes by the Indenture Trustee. 
 Predecessor Notes: Of any particular Note means
every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 6.6 in lieu of a mutilated, lost,
destroyed or stolen Note will be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 PTCE: As defined in
Section 6.5(k). 
 Purchase Agreement: Has the meaning set forth in the Recitals. 

Qualified Institutional Buyer: As defined in Rule 144A under the Securities Act. 

Ratings Effect: A reduction, qualification with negative implications or withdrawal of any then current rating of any Outstanding Notes by an
applicable Note Rating Agency (other than as a result of the termination of such Note Rating Agency). 
 Ratings Reduction: As defined in the related
Indenture Supplement, if applicable. 
 Receivable: The contractual right (i) to reimbursement pursuant to the terms of a Designated Servicing
Agreement for an Advance made by the Servicer (including any predecessor servicer) pursuant to such Designated Servicing Agreement, which Advance has not previously been reimbursed, or (B) to payment pursuant to the terms of a Designated
Servicing Agreement listed on the Designated Servicing Agreement Schedule to the extent designated as being eligible for financing for a Deferred Servicing Fee owed the Servicer pursuant to such Designated Servicing Agreement which has been accrued
by the Servicer (or any predecessor Servicer) but not paid and which contractual right to reimbursement or payment has been Granted to the Indenture Trustee for inclusion in the Trust Estate by the Issuer hereunder, and including in either case all
rights of the Servicer (including any predecessor servicer) to enforce payment of such obligation under the related Servicing Agreement, consisting of the Initial Receivables and all Additional Receivables and (ii) to amounts to be paid as
consideration for any purchase of the contractual 

  
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right to reimbursement described in clause (i) or to servicing fees has been Granted to the Indenture Trustee for inclusion in the Trust Estate by the Issuer hereunder. A
“Receivable” remains a “Receivable,” and is not deemed to have been converted into cash, except to the extent that cash in respect of a reimbursement of that Receivable has been deposited into the Collection and Funding Account.
A “Receivable” is originated when the Servicer makes the related Advance (or the Advance is made on its behalf in the case of P&I Advances that may be pre-funded same day pursuant to Section 4.3 hereof) or, with respect to
Advances made by a predecessor servicer, when the Servicer reimburses the predecessor servicer for such Advance when the Servicer assumes servicing of the related Mortgage Loan or, with respect to Deferred Servicing Fees when the related servicing
fee shall be accrued and unpaid on the related monthly remittance date following the related due date. Receivables for Deferred Servicing Fees that are ineligible for financing will not be sold or transferred by the Servicer and are not a part of
the Trust Estate. 
 Receivable Balance: As of any date of determination and with respect to any Receivable, the outstanding amount of such
Receivable, which shall only be reduced to the extent that cash in respect of reimbursement of that Receivable has been deposited into the Collection and Funding Account. 

Receivable File: The documents described in Section 2.2 pertaining to a particular Receivable. 

Receivables Pooling Agreement: The Amended and Restated Receivables Pooling Agreement, dated as of the Effective Date, between the Depositor, as
seller, and the Issuer, as purchaser, as amended, supplemented, restated, or otherwise modified from time to time. 
 Receivables Sale Agreement: The
Amended and Restated Receivables Sale Agreement, dated as of the Effective Date, among Nationstar, Advance Purchaser, and the Depositor, as purchaser, as amended, supplemented, restated, or otherwise modified from time to time. 

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

Receivables Seller: Nationstar, as the entity that sold and contributed, prior to the Effective Date and as the entity that sells to Advance Purchaser,
on and after the Effective Date but before the related MSR Transfer Date, and Advance Purchaser, as the entity that shall, on and after the Effective Date, and both before and after the related MSR Transfer Date, sell and contribute to the Depositor
all Receivables that it either acquires from Nationstar (before the related MSR Transfer Date) or creates as a result of making Advances (on or after the related MSR Transfer Date) under the Designated Servicing Agreements. 

Record Date: For the interest or principal payable on any Note on any applicable Payment Date or Interim Payment Date, (i) for a Book Entry Note,
the last Business Day before such Payment Date or Interim Payment Date, as applicable, and (ii) for a Definitive Note, the last day of the calendar month preceding such Payment Date or Interim Payment Date, as applicable, unless otherwise
specified in the related Indenture Supplement. 

  
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 Redemption Amount: With respect to a redemption of any Series or Class of Notes by the Issuer pursuant to
Section 13.1, an amount, which when applied together with other Available Funds pursuant to Section 4.5, shall be sufficient to pay an amount equal to the sum of (i) the Note Balance of all Outstanding Notes of such
Series or Class as of the applicable Redemption Payment Date or Redemption Date, (ii) all accrued and unpaid interest on the Notes of such Series or Class through the day prior to such Redemption Payment Date or Redemption Date, (iii) any
and all amounts allocable to such Series or Class and then owing or owing in connection with such redemption to the Indenture Trustee, the Securities Intermediary, any Derivative Counterparty, Liquidity Provider or Supplemental Credit Enhancement
Provider, from the Issuer pursuant to the terms hereof, and (iv) any and all other amounts allocable to such Series or Class then due and payable hereunder and sufficient to authorize the satisfaction and discharge of this Indenture pursuant to
Section 2.1. 
 Redemption Date: As defined in Section 13.1. 

Redemption Notice: As defined in Section 13.2. 

Redemption Payment Date: As defined in Section 13.1. 

Redemption Percentage: For any Class, 10% or such other percentage set forth in the related Indenture Supplement. 

Regulation S: Regulation S promulgated under the Securities Act or any successor provision thereto, in each case as the same may be amended from time
to time; and all references to any rule, section or subsection of, or definition contained in, Regulation S means such rule, section, subsection, definition or term, as the case may be, or any successor thereto, in each case as the same may be
amended from time to time. 
 Regulation S Definitive Note: As defined in Section 5.2(c)(ii). 

Regulation S Global Note: As defined in Section 5.2(c)(ii). 

Regulation S Note: As defined in Section 5.2(c)(ii). 

Regulation S Note Transfer Certificate: As defined in Section 6.5(i)(ii). 

REO Property: A Mortgaged Property in which a Mortgage Pool or owner has acquired title to such Mortgaged Property through foreclosure or by deed in
lieu of foreclosure. 
 Required Expense Reserve: An amount that, following any Funding Date, shall remain on deposit in the Collection and Funding
Account, which amount shall equal (i) the amounts payable in respect of Fees and invoiced or regularly occurring expenses payable from Available Funds on the next Payment Date, plus (ii) all accrued and unpaid interest due on the
Notes on the next Payment Date following such Funding Date, plus (iii) all amounts required to be deposited into each Series Reserve Account on the next Payment Date, plus (iv) the aggregate of all Target Amortization Amounts
payable on the next Payment Date, except with respect to any Classes of Notes for which the related Indenture Supplement provides that Target Amortization Amounts shall not be reserved as part of the Required Expense Reserve minus (v) the
amounts then on deposit in the Accumulation Accounts. 

  
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 Reserve Interest Rate: As defined in the related Indenture Supplement for any Series or Class of Notes.

 Responsible Officer: 

(i) When used with respect to the Indenture Trustee, the Calculation Agent, the Note Registrar, the Securities Intermediary or
the Paying Agent, an Indenture Trustee Authorized Officer; and 
 (ii) when used with respect to the Issuer, any Issuer
Authorized Officer who is an officer of the Issuer or is an officer of the Administrator of the type referred to in clause (iii) below; and 

(iii) when used with respect to the Servicer, the Subservicer, or the Administrator, the chief executive officer, the chief
financial officer or any vice president of the Servicer or the Administrator, as the case may be. 
 Revolving Period: For any Series or Class of
Notes, the period of time which begins on the related Issuance Date and ends on the earlier to occur of (i) a Target Amortization Event for such Series or Class of Notes and (ii) a Facility Early Amortization Event. 

Rule 144A: Rule 144A promulgated under the Securities Act. 

Rule 144A Definitive Note: As defined in Section 5.2(c)(i). 

Rule 144A Global Note: As defined in Section 5.2(c)(i). 

Rule 144A Note: As defined in Section 5.2(c)(i). 

Rule 144A Note Transfer Certificate: As defined in Section 6.5(i)(iii). 

S&P: Standard and Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc. 

Sale: Any sale of any portion of the Trust Estate pursuant to Section 8.16. 

Sale Date: As defined in the Receivables Sale Agreement. 

Schedule of Receivables: On any date, a schedule, which shall be delivered by the Administrator to the Indenture Trustee, and maintained by the
Indenture Trustee, in an electronic form, listing the outstanding Receivables sold and/or contributed to the Depositor under the Receivables Sale Agreement and sold and/or contributed to the Issuer under the Receivables Pooling Agreement and Granted
to the Indenture Trustee pursuant to this Indenture, as updated from time to time to list Additional Receivables Granted to the Indenture Trustee and deducting any amounts paid against the Receivables as of such date, identifying such Receivables by
Designated Servicing Agreement, dollar amount of the related Advance or Deferred Servicing Fee, identifying the 

  
 44 

 
Advance Type for such Receivable and identifying the related Mortgage Loan number and date of the related Advance or Deferred Servicing Fee. The Indenture Trustee shall be entitled to rely
conclusively on the then current Schedule of Receivables until receipt of a superseding schedule. 
 Secured Party: As defined in the Granting
Clause. 
 Securities Account: As defined in Section 8-501(a) of the UCC. 

Securities Act: The Securities Act of 1933, as amended. 

Securities Intermediary: As defined in Section 8-102(a)(14) of the UCC, and where appropriate, shall mean
Wells Fargo Bank, N.A. or its successor, in its capacity as securities intermediary pursuant to Section 4.9. 
 Security Entitlement: As
defined in Section 8-102(a)(17) of the UCC. 
 Security Interest: The security interest in the
Collateral Granted to the Indenture Trustee pursuant to the Granting Clause. 
 Senior Cumulative Interest Shortfall Amount: Any Cumulative Interest
Shortfall Amount attributable to any Senior Interest Amount that is unpaid. 
 Senior Interest Amount: For any Interest Accrual Period and any Class
of Notes, interest accrued on such Class during such period, up to an amount equal to interest on such Class’s Note Balance at the applicable Senior Rate. 

Senior Margin: For each Class of Notes, as specified in the related Indenture Supplement. 

Senior Rate: For each Class of Notes, as specified in the related Indenture Supplement, if any. 

Series Advance Receivable Allocation Percentage: For any Series that provides a non-zero Advance Rate for Advances, on any date of determination, the
percentage obtained by dividing (i) the Series Invested Amount for such Series by (ii) the aggregate of the Series Invested Amounts for all Outstanding Series that provide a non-zero Advance Rate for Advances. 

Series Allocation Percentage: For any Series on any date of determination, the percentage obtained by dividing (i) the Series Invested Amount for
such Series by (ii) the aggregate of the Series Invested Amounts for all Outstanding Series. 
 Series Available Funds: As defined in
Section 4.5(a)(2)(iii) hereof. 
 Series Deferred Servicing Fee Receivable Allocation Percentage: For any Series that provides a non-zero
Advance Rate for Deferred Servicing Fee Receivables, on any date of determination, the percentage obtained by dividing (i) the Series Invested Amount for such Series by (ii) the aggregate of the Series Invested Amounts for all Outstanding
Series that provide a non-zero Advance Rate for Deferred Servicing Fee Receivables. 
 Series Fee Limit: For any Series, as specified in the related
Indenture Supplement, if applicable. 

  
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 Series Fees: For any Series, as specified in the related Indenture Supplement, which shall include any
amounts payable to any Derivative Counterparty, Supplemental Credit Enhancement Provider or other similar amount payable in respect of a particular Series. 

Series Invested Amount: For any Series on any date is the largest Class Invested Amount for all Outstanding Classes of Notes included in such Series.

 Series New Receivables Funding Amount: (A) For any Funding Date in respect of Receivables related to Advances, for any Series that provides a
non-zero Advance Rate for Advances and any Additional Receivable related to Advances proposed to be funded on such Funding Date, the product of (i) the applicable Weighted Average CV Adjusted Advance Rate for such Series (calculated without
regard to the existence of any Deferred Servicing Fee Receivables and taking into account the inclusion of the new Additional Receivables related to Advances) and (ii) the related Series Advance Receivable Allocation Percentage of the aggregate
Receivable Balance of all Receivables related to Advances under all Designated Servicing Agreements, including all Receivables related to Advances conveyed to the Issuer since the previous Funding Date (including P&I Advance Receivables to be so
conveyed on such Funding Date, but not including any portion thereof relating to P&I Advances to the extent such P&I Advances were funded using Amounts Held for Future Distribution) and (B) For any Funding Date in respect of Receivables
related to Deferred Servicing Fees for any Series that provides a non-zero Advance Rate for Deferred Servicing Fees and any Additional Receivable related to Deferred Servicing Fees proposed to be funded on such Funding Date, the product of
(i) the applicable Weighted Average CV Adjusted Advance Rate for such Series (calculated without regard to the existence of any Receivables related to Advances and taking into account the inclusion of the new Additional Receivables related to
Deferred Servicing Fees) and (ii) the related Series Deferred Servicing Fee Receivable Allocation Percentage of (A) the aggregate Receivable Balance of all Receivables related to Deferred Servicing Fees under all Designated Servicing
Agreements, including all Receivables related to Deferred Servicing Fees conveyed to the Issuer since the previous Funding Date. 
 Series Required
Noteholders: Noteholders of any Series constituting both (i) the Majority Noteholders of such Series and (ii) the Majority Noteholders of the most senior Class of Outstanding Notes of such Series. 

Series Reserve Account: An account established for each Series which shall be a segregated non-interest bearing trust account which is an Eligible
Account, established and maintained pursuant to Section 4.1 and Section 4.6, and in the name of the Indenture Trustee and identified by each relevant Series. 

Series Reserve Required Amount: For each Series, the amount calculated as described in the related Indenture Supplement. 

Servicer: For any Designated Servicing Agreement, (i) prior to the related MSR Transfer Date, Nationstar in its capacity as the Servicer under
such Designated Servicing Agreement in servicing the related Mortgage Loans for and on behalf of the respective MBS Trustees or other owner(s), and any successor named servicer appointed under such Designated Servicing Agreement; (ii) on and
after the related MSR Transfer Date, Advance Purchaser in its capacity as the Servicer under such Designated Servicing Agreement in servicing the related Mortgage Loans for and on behalf of the respective MBS Trustees or other owner(s), and any
successor named servicer appointed under such Designated Servicing Agreement. 

  
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 Servicer Ratings Downgrade: A downgrade by any rating agency of the servicer ratings of the Servicer or
the Subservicer that results in the occurrence of a Servicer Termination Event with respect to the Servicer or a Subservicer Termination Event with respect to the Subservicer pursuant to the terms of a Designated Servicing Agreement or Subservicing
Agreement. 
 Servicer Termination Event: With respect to any Designated Servicing Agreement, the occurrence of any events or conditions, and the
passage of any cure periods and giving to and receipt by the Servicer of any required notices, as a result of which any Person has the current right to terminate the Servicer as servicer, subservicer, or master servicer, as applicable, (and any
Subservicer that may be acting on behalf of the Servicer) under such Designated Servicing Agreement. 
 Servicing Agreement: Any pooling and
servicing agreement, sale and servicing agreement, or servicing agreement pursuant to which the Servicer is servicing Mortgage Loans for and on behalf of a Mortgage Pool or other owner, each as amended, supplemented, restated, or otherwise modified
from time to time. 
 Servicing Standards: As defined in Section 10.3(k). 

Sinking Fund Account: An account established for any Series which shall be a segregated non-interest bearing trust account which is an Eligible
Account, established and maintained pursuant to Section 4.1 and 4.7, and in the name of the Indenture Trustee and identified by each relevant Series; provided, that, if more than one Sinking Fund Account is to be established for
any Series, such accounts may be established as a single Eligible Account with sub-accounts thereof related to specified Classes within such Series as to which Classes a “Sinking Fund Account” has been created and the Sinking Fund Account
for a particular Class of such Series shall refer to the sub- account of the related Eligible Account related to such Class. 
 Sinking Fund Permitted
Investments: At any time, any one or more of the following obligations and securities: 
 (i) (a) direct obligations of,
or obligations fully guaranteed as to timely payment of principal and interest by, the United States or (b) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, any agency or instrumentality
of the United States, provided that such obligations are backed by the full faith and credit of the United States; and provided further that such obligations shall have a maturity of no more than three hundred and sixty five
(365) days after the date of acquisition and further the short-term debt obligations of such agency or instrumentality at the date of acquisition thereof have been rated (x) “A-1” by S&P if such obligations have a maturity of
less than sixty (60) days after the date of acquisition or (y) “A-1+” by S&P if such obligations have a maturity greater than sixty (60) days after the date of acquisition; 

  
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 (ii) repurchase agreements on obligations specified in clause (a) maturing
not more than twelve months from the date of acquisition thereof and in any event not later than the Business Day immediately preceding the Expected Repayment Date of the Class of Notes related to the Sinking Fund Account in which such Sinking Fund
Permitted Investment is held; provided that the short-term unsecured debt obligations of the party agreeing to repurchase such obligations are at the time rated “A-1+” by S&P; 

(iii) certificates of deposit, time deposits and bankers’ acceptances of any U.S. depository institution or trust company
incorporated under the laws of the United States or any state thereof and subject to supervision and examination by a federal and/or state banking authority of the United States; provided that such obligations shall have a maturity of not
more than three hundred and sixty five (365) days after the date of acquisition and further the unsecured short-term debt obligations of such depository institution at the date of acquisition thereof have been rated (x) “A-1” by
S&P if such obligations have a maturity of less than sixty (60) days after the date of acquisition or (y) “A-1+” by S&P if such obligations have a maturity greater than sixty (60) days after the date of acquisition;

 (iv) commercial paper of any entity organized under the laws of the United States or any state thereof which on the date
of acquisition has been rated “A-1+” by S&P; provided that such commercial paper shall have a maturity of no more than three hundred and sixty five (365) days after the date of acquisition; 

(v) interests in any U.S. money market fund which, at the date of acquisition of the interests in such fund (including any such
fund that is managed by the Indenture Trustee or an Affiliate of the Indenture Trustee or for which the Indenture Trustee or an Affiliate acts as advisor) and throughout the time as the interest is held in such fund, has a rating of “AAAm”
from S&P; or 
 (vi) other obligations or securities that are acceptable to S&P as Permitted Investments hereunder
and if the investment of Account funds therein will not result in a reduction of the then current rating of the Notes, as evidenced by a letter to such effect from S&P; 

provided, that each of the foregoing investments shall mature no later than the Business Day prior to the immediately preceding the Expected Repayment
Date of the Class of Notes related to the Sinking Fund Account in which such Sinking Fund Permitted Investment is held (other than in the case of the investment of monies in instruments of which the Indenture Trustee is the obligor, which may mature
on the related Expected Repayment Date), and shall be required to be held to such maturity; and provided further, that each of the Sinking Fund Permitted Investments may be purchased by the Indenture Trustee through an Affiliate of the
Indenture Trustee. 
 Sinking Fund Permitted Investments are only those which are acquired by the Indenture Trustee in its name and in its
capacity as Indenture Trustee, and with respect to which (A) the Indenture Trustee has noted its interest therein on its books and records, and (B) the Indenture Trustee has purchased such investments for value without notice of any
adverse claim thereto (and, if such investments are securities or other financial assets or interests therein, within the 

  
 48 

 
meaning of Section 8-102 of the UCC, without acting in collusion with a Securities Intermediary in violating such Securities Intermediary’s obligations to entitlement holders in such
assets, under Section 8-504 of the UCC, to maintain a sufficient quantity of such assets in favor of such entitlement holders), and (C) either (i) such investments are in the possession of the Indenture Trustee or (ii) such
investments, (x) if certificated securities and in bearer form, have been delivered to the Indenture Trustee, or if in registered form, have been delivered to the Indenture Trustee and either registered by the issuer in the name of the
Indenture Trustee or endorsed by effective endorsement to the Indenture Trustee or in blank; (y) if uncertificated securities, ownership of such securities has been registered in the name of the Indenture Trustee on the books of the issuer
thereof (or another person, other than a Securities Intermediary, either has become the registered owner of the uncertificated security on behalf of the Indenture Trustee or, having previously become the registered owner, acknowledges that it holds
for the Indenture Trustee); or (z) if Securities Entitlements representing interests in securities or other financial assets (or interests therein) held by a Securities Intermediary, a Securities Intermediary indicates by book entry that a
security or other financial asset has been credited to the Indenture Trustee’s Securities Account with such Securities Intermediary. No instrument described hereunder may be purchased at a price greater than par. 

Specified Notes: The Class 1 Specified Notes and the Class 2 Specified Notes. 

STAMP: As defined in Section 6.1(d). 

Stated Maturity Date: For each Class of Notes, the date specified in the Indenture Supplement for such Note as the fixed date on which the outstanding
principal and all accrued interest for such Series or Class of Notes is due and payable. 
 Stop Date: As defined in the Receivables Sale Agreement.

 Sub-Administrator: Nationstar or any other entity appointed by Administrator to perform certain of its duties hereunder or under the Transaction
Documents with the prior written approval of the Administrative Agent. 
 Subordinated Cumulative Interest Shortfall Amount: Any Cumulative Interest
Shortfall Amount attributable to any Subordinated Interest Amount that is unpaid. 
 Subordinated Interest Amount: For any Class of Notes and any
Interest Accrual Period, the positive difference, if any, between the amount of interest accrued in such Interest Accrual Period on the related Note Balance at the related Note Interest Rate on such Class and the related Senior Interest Amount. 

Subservicer: For any Designated Servicing Agreement, on and after the related MSR Transfer Date, Nationstar in its capacity as the Subservicer for such
Designated Servicing Agreement under the Nationstar Subservicing Agreement, and any other subservicer as may be appointed from time to time for such Designated Servicing Agreement pursuant to an Eligible Subservicing Agreement. For any Designated
Servicing Agreement prior to the related MSR Transfer Date, Nationstar or any successor named servicer pursuant thereto shall be referred to as the Subservicer for such Designated Servicing Agreement for all purposes under this Indenture for
purposes of convenience of reference. “Subservicer” also includes a subservicer subservicing for 

  
 49 

 
Nationstar, only if (i) such subservicer is subservicing under an Eligible Subservicing Agreement for which the related subservicing arrangement shall have been consented to by the
Administrative Agent in writing in its sole and absolute discretion and (ii) the Administrator or Servicer shall have given notice of such subservicing arrangement to each Note Rating Agency. 

Subservicer Termination Event: With respect to any Subservicing Agreement, the occurrence of any events or conditions, and the passage of any cure
periods and giving to and receipt by the Subservicer of any required notices, as a result of which the Servicer has the current right to terminate the Subservicer under such Subservicing Agreement. 

Subservicing Agreement: A subservicing agreement entered into by Advance Purchaser, as servicer, and a Subservicer for some or all of the Designated
Servicing Agreements that must be an Eligible Subservicing Agreement including, without limitation, the economic agreement as to the Designated Servicing Agreements between Advance Purchaser and Nationstar prior to the related MSR Transfer Date.

 Subsidiary: With respect to any Person, any corporation, partnership or other entity of which at least a majority of the securities or other
ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the
time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly
owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 

Supplemental Credit Enhancement Agreement: A letter of credit, cash collateral account or surety bond or other similar arrangement with any credit
enhancement provider which provides the benefit of one or more forms of credit enhancement which is referenced in the applicable Indenture Supplement for any Series or Class of Notes. 

Supplemental Credit Enhancement Provider: Any party to any Supplemental Credit Enhancement Agreement other than the Issuer or the Indenture Trustee on
behalf of the Issuer. 
 Target Amortization Amount: For any Interim Payment Date or any Payment Date, as the case may be, for each Class of Notes
then in its Target Amortization Period, the monthly amount specified in, or calculated as described in, the related Indenture Supplement; provided, that such monthly amount must be either a fixed dollar amount or a fixed percentage of the
Note Balance of such Class. 
 Target Amortization Class: Any Class of Notes that is in its Target Amortization Period at a time when no Facility
Early Amortization Event shall have occurred and be continuing unwaived. 
 Target Amortization Event: For any Series or Class of Notes, the earlier
of (i) the related Expected Repayment Date and (ii) the occurrence of any of the events designated as such in the related Indenture Supplement; provided, that if any Target Amortization Event occurs with respect to any VFN, it shall
constitute a Target Amortization Event for all Classes of VFNs. 

  
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 Target Amortization Period: For any Class of Notes, the period that begins upon the termination of the
related Revolving Period and ends upon the earlier of (i) a Facility Early Amortization Event and (ii) the date on which the Notes of such Class are paid in full, in accordance with the related Indenture Supplement. 

Target Amortization Principal Accumulation Account: The segregated non-interest bearing trust account or accounts, each of which shall be an Eligible
Account, established and maintained pursuant to Section 4.1 and Section 4.7 and entitled “Wells Fargo Bank, N.A., as Indenture Trustee in trust for the Noteholders of the Nationstar Servicer Advance Receivables Backed
Notes, Target Amortization Principal Accumulation Account.” 
 Target Amortization Principal Accumulation Amount: For any Target Amortization
Class on any date, the Target Amortization Amount for the next Payment Date. 
 Term Note: Notes of any Series or Class designated as “Term
Notes” in the related Indenture Supplement. 
 Transaction Documents: Collectively, this Indenture, each Note Purchase Agreement, the
Receivables Sale Agreement, the Receivables Pooling Agreement, the Fee Letter, the Owner Trustee Fee Letter, the Derivative Agreements, Supplemental Credit Enhancement Agreements, the Schedule of Receivables and the Designated Servicing Agreement
Schedule, all Notes, the Trust Agreement, the Administration Agreement, the Subservicing Agreement, the Purchase Agreement, each Indenture Supplement and each of the other documents, instruments and agreements entered into on the date hereof and
thereafter in connection with any of the foregoing or the transactions contemplated thereby, each as amended, supplemented, restated, or otherwise modified from time to time. 

Transfer: As defined in Section 6.5(h). It is expressly provided that the term “Transfer” in the context of the Notes includes,
without limitation, any distribution of the Notes by (i) a corporation to its shareholders, (ii) a partnership to its partners, (iii) a limited liability company to its members, (iv) a trust to its beneficiaries or (v) any
other business entity to the owners of the beneficial interests in such entity. 
 Trigger Advance Rate: For any Class or Series of Notes, as defined
in the related Indenture Supplement. If an Indenture Supplement does not define a “Trigger Advance Rate,” the related Series and Classes shall have no Trigger Advance Rate. 

Trust Account or Trust Accounts: Individually, any of the Collection and Funding Account, the Initial Collection Account, the Note Payment
Account, the Series Reserve Account, the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account or the P&I Advance Disbursement Account or any Sinking Fund Account and any other
account required under any Indenture Supplement, and collectively, all of the foregoing. 
 Trust Agreement: The Amended and Restated Trust
Agreement, dated the Closing Date, by and between the Depositor and Owner Trustee, as amended, supplemented, restated, or otherwise modified from time to time. 

  
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 Trust Estate: The trust estate established under this Indenture for the benefit of the Noteholders, which
consists of the property described in the Granting Clause, to the extent not released pursuant to Section 7.1. 
 Trust Property: The
property, or interests in property, constituting the Trust Estate from time to time. 
 UCC: The Uniform Commercial Code, as in effect in the
relevant jurisdiction. 
 Undrawn Fees: With respect to any Payment Date during the related Revolving Period, an amount equal to the aggregate of the
accrued and unpaid Undrawn Fee Amounts for each day of the Monthly Advance Collection Period immediately preceding such Payment Date, plus any unpaid Undrawn Fees from prior Payment Dates. 

Undrawn Fee Amount: For any Series of VFNs as specified in the related Indenture Supplement, for each day during the related Revolving Period, an
amount equal to the product of (i) the aggregate of the related Maximum VFN Principal Balance for each Class of VFNs less the aggregate of the VFN Principal Balance of each Class of VFNs as of the close of business on such day, and
(ii) the Undrawn Fee Rate divided by 360. 
 Undrawn Fee Rate: For any VFN Class, the rate set forth or described in the related Indenture
Supplement, if any. 
 United States and U.S.: The United States of America. 

United States Person: (i) A citizen or resident of the United States, (ii) a corporation or partnership (or entity treated as a corporation
or partnership for United States federal income tax purposes) created or organized in or under the laws of the United States, any one of the states thereof or the District of Columbia, (iii) an estate the income of which is subject to United
States federal income taxation regardless of its source or (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more such United States Persons have the
authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury regulations, certain trusts in existence on August 20, 1996 which are eligible to elect to be treated as United States Persons).

 Unmatured Default: With respect to any Designated Servicing Agreement, the occurrence of any event or condition which, with notice and/or the
passage of any applicable cure period, will result in a Servicer Termination Event or Subservicer Termination Event. 
 Variable Funding Note or
VFN: Any Note of a Series or Class designated as “Variable Funding Notes” in the related Indenture Supplement. 
 Verification
Agent: As defined in Section 3.3(d). 
 Verification Agent Fee: The amount payable to the Verification Agent following completion of
its annual report under Section 3.3(d) in an amount to be determined by the Administrative Agent after consultation with the Servicer. 

  
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 VFN Draw: For any Interim Payment Date or Payment Date, the amount to be borrowed on such date in relation
to any VFNs pursuant to Section 4.3(b). 
 VFN Draw Date: Any Interim Payment Date or Payment Date on which a VFN Draw is to be made
pursuant to Section 4.3(b). 
 VFN Noteholder: The Noteholder of a VFN. 

VFN Note Balance Adjustment Request: As defined in Section 4.3(b)(i). 

VFN Principal Balance: On any date, for any VFN or for any Series or Class of VFNs, as the context requires, the Note Balance thereof as of the opening
of business on the first day of the then-current Interest Accrual Period for such Series or Class less (i) all amounts previously paid during such Interest Accrual Period on such Note with respect to principal plus (ii) the amount
of any increase in the Note Balance of such Note during such Interest Accrual Period prior to such date, which amount shall not exceed the Maximum VFN Principal Balance. 

Voting Interests: The aggregate voting power evidenced by the Notes, and each Outstanding Note’s Voting Interest within its Series equals the
percentage equivalent of the fraction obtained by dividing that Note’s Note Balance by the aggregate Note Balance of all Outstanding Notes within such Series; provided, however, that where the Voting Interests are relevant in
determining whether the vote of the requisite percentage of Noteholders necessary to effect any consent, waiver, request or demand shall have been obtained, the Voting Interests shall be deemed to be reduced by the amount equal to the Voting
Interests (without giving effect to this provision) represented by the interests evidenced by any Note registered in the name of, or in the name of a Person or entity holding for the benefit of, the Issuer, the Depositor, the Receivables Seller or
any Person that is an Affiliate of any of the Issuer, the Depositor or the Receivables Seller. The Indenture Trustee shall have no liability for counting a Voting Interest of any Person that is not permitted to be so counted hereunder pursuant to
the definition of “Outstanding” unless a Responsible Officer of the Indenture Trustee has actual knowledge that such Person is the Issuer or the Receivables Seller or an Affiliate of either or both of the Issuer and the Receivables Seller.

 For the avoidance of doubt, all actions, consents and votes under the terms and provisions of this Indenture (other than under any Indenture Supplement
related to a specific Series) that require a certain percentage of Voting Interests of all Notes shall be deemed by each of the parties hereto and the Noteholders to require such designated percentage of Voting Interests of each Outstanding Series
and, in the event any one Series fails to provide the required percentage of Voting Interests with respect to any such action, consent or vote, then such action, consent or vote shall be deemed by the parties hereto and the Noteholders to be not
approved. 
 Weighted Average Advance Rate: With respect to any Class of Notes on any date of determination, a percentage equal to the weighted
average of the non-zero Advance Rates applicable to the Receivables in the case of such Class (weighted based on the Receivable Balances of all Facility Eligible Receivables that have a positive Collateral Value attributable to each separate Advance
Type on such date). With respect to a Series of Notes, the “Weighted Average Advance Rate” shall equal the Weighted Average Advance Rate with respect to the Class within such Series with the highest Advance Rates. 

  
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 Weighted Average CV Adjusted Advance Rate: With respect to any Class or Series on any date of
determination, the lesser of (i) the product of (A) the Weighted Average Advance Rate, for such Class or Series on that date, and (B) a fraction, (1) the numerator of which equals the aggregate Receivable Balances of all Facility
Eligible Receivables that have a positive Collateral Value with respect to such Class or Series on such date and (2) the denominator of which equals the aggregate Receivable Balances of all Receivables with non-zero Advance Rates attributable
to all Designated Servicing Agreements and (ii) the related Trigger Advance Rate (or, when determined for a Series, the highest Trigger Advance Rate for any Class within such Series). 

Whole Loan Servicing Agreement: A Servicing Agreement related to a Mortgage Pool that is not included in a closed-end securitization trust. 

 

	Section 1.2.	Interpretation. 

 For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires: 
 (a) reference to and the definition of any document (including this
Indenture) shall be deemed a reference to such document as it may be amended or modified from time to time; 
 (b) all references to an
“Article,” “Section,” “Schedule” or “Exhibit” are to an Article or Section hereof or to a Schedule or an Exhibit attached hereto; 

(c) defined terms in the singular shall include the plural and vice versa and the masculine, feminine or neuter gender shall include all
genders; 
 (d) the words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture; 
 (e) in the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”; 

(f) periods of days referred to in this Indenture shall be counted in calendar days unless Business Days are expressly prescribed and
references in this Indenture to months and years shall be to calendar months and calendar years unless otherwise specified; 
 (g) accounting
terms not otherwise defined herein and accounting terms partly defined herein to the extent not defined, shall have the respective meanings given to them under GAAP; 

(h) “including” and words of similar import will be deemed to be followed by “without limitation”; 

  
 54 

 (i) references to any Transaction Document (including this Indenture) and any other agreement
shall be deemed a reference to such Transaction Document or agreement as it may be amended or modified from time to time; and 
 (j)
references to any statute, law, rule or regulation shall be deemed a reference to such statute, law, rule or regulation as it may be amended or modified from time to time. 
  

	Section 1.3.	Compliance Certificates and Opinions. 

 Upon any application or request by the
Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer will furnish to the Indenture Trustee (1) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and (2) unless the Indenture Trustee waives the requirement of delivery, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any,
have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture will include: 
 (a) a statement to the effect that each individual signing such certificate or opinion has
read such covenant or condition and the definitions herein relating thereto; 
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement to
the effect that such individual has made such examination or investigation as is necessary to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

 

	Section 1.4.	Form of Documents Delivered to Indenture Trustee. 

 In any case where several
matters are required to be certified by, or covered by an opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are
erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer stating that the information with respect to
such factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. 

  
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 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

	Section 1.5.	Acts of Noteholders. 

 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action (each, an “Action”) provided by this Indenture to be given or taken by Noteholders of any Class may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such Noteholders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such Action will become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is
hereby expressly required, to the Issuer. Such instrument or instruments and any such record (and the Action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing
such instrument or instruments and so voting at any meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, will be sufficient for any purpose of this Indenture and
(subject to Section 11.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 1.5. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such
execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit will also constitute sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture Trustee deems sufficient. 

(c) The ownership of Notes will be proved by the Note Register. 

(d) Any Action by a Noteholder will bind all subsequent Noteholders of such Noteholder’s Note, in respect of anything done or suffered to
be done by the Indenture Trustee or the Issuer in reliance thereon whether or not notation of such Action is made upon such Note. 
 (e)
Without limiting the foregoing, a Noteholder entitled hereunder to take any Action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents
each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or Action taken by a Noteholder or its agents with regard to different parts of such principal amount pursuant to this
paragraph shall have the same effect as if given or taken by separate Noteholders of each such different part. 

  
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 (f) Without limiting the generality of the foregoing, unless otherwise specified pursuant to one
or more Indenture Supplements, a Noteholder, including a Depository that is the Noteholder of a Global Note representing Book-Entry Notes, may make, give or take, by a proxy or proxies duly appointed in writing, any Action provided in this Indenture
to be made, given or taken by a Noteholder, and a Depository that is the Noteholder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in or security entitlements to any such Global Note through such
Depository’s standing instructions and customary practices. 
 (g) The Issuer may fix a record date for the purpose of determining the
Persons who are beneficial owners of interests in or security entitlements to any Global Note held by a Depository entitled under the procedures of such Depository to make, give or take, by a proxy or proxies duly appointed in writing, any Action
provided in this Indenture to be made, given or taken by Noteholders. If such a record date is fixed, the Noteholders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such
Action, whether or not such Noteholders remain Noteholders after such record date. No such Action shall be valid or effective if made, given or taken more than ninety (90) days after such record date. 

 

	Section 1.6.	Notices, etc., to Indenture Trustee, Issuer, Administrator and the Administrative Agent. 

Any Action of Noteholders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the
Indenture Trustee by any Noteholder or by the Issuer will be sufficient for every purpose hereunder if in writing (which shall include electronic transmission) and personally delivered, express couriered, electronically transmitted or mailed by
registered or certified mail to the Indenture Trustee (or Wells Fargo Bank, N.A. in any of its capacities) at its Corporate Trust Office, or the Issuer or the Administrator by the Indenture Trustee or by any Noteholder will be sufficient for every
purpose hereunder (except with respect to notices to the Indenture Trustee of an Event of Default as provided in Section 8.1) if in writing (which shall include electronic transmission) and personally delivered, express couriered,
electronically transmitted or mailed by registered or certified mail, addressed to it at (i) the Corporate Trust Office in the case of the Indenture Trustee or Wells Fargo Bank, N.A. in any of its capacities, (ii) 350 Highland Drive,
Lewisville, TX 75067, in the case of Nationstar, (iii) c/o Wilmington Trust, National Association, as Owner Trustee, Rodney Square North, 1100 North Market Street, Wilmington, DE, 19890, in the case of the Issuer, (iv) Eleven Madison
Avenue, New York, New York 10010, in the case of the Administrative Agent, and (v) Advance Purchaser LLC, c/o New Residential Investment Corp., 1345 Avenue of the Americas, New York, NY 10105, Attention: Susan Givens, Chief Financial Officer,
in the case of Advance Purchaser, or, in any case at any other address previously furnished in writing by any such party to the other parties hereto. 
  

	Section 1.7.	Notices to Noteholders; Waiver. 

 (a) Where this Indenture, any Indenture
Supplement or any Note provides for notice to registered Noteholders of any event, such notice will be sufficiently given (unless expressly provided otherwise herein, in such Indenture Supplement or in such Note) if in writing and mailed,
first-class postage prepaid, sent by facsimile, sent by electronic transmission or 

  
 57 

 
personally delivered to each Noteholder of a Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, facsimile, electronic transmission or delivery, none of the failure to mail, send by facsimile, send by electronic
transmission or deliver such notice, or any defect in any notice so mailed, to any particular Noteholders will affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by facsimile, sent by
electronic transmission or delivered in the manner herein provided shall conclusively have been presumed to have been duly given. 
 Where
this Indenture, any Indenture Supplement or any Note provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of
such notice. Waivers of notice by Noteholders will be filed with the Indenture Trustee, but such filing will not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

(b) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it will be impractical to
mail notice of any event to any Noteholder of a Note when such notice is required to be given pursuant to any provision of this Indenture, then any method of notification as will be satisfactory to the Indenture Trustee and the Issuer will be deemed
to be a sufficient giving of such notice. 
 (c) Where this Indenture provides for notice to each Note Rating Agency, failure to give such
notice will not affect any other rights or obligations created hereunder and will not under any circumstance constitute an Adverse Effect. 
  

	Section 1.8.	Administrative Agent. 

 (a) Discretion of Administrative Agent. Any
provision providing for the exercise of discretion of the Administrative Agent means that such discretion may be executed in the sole and absolute discretion of the Administrative Agent. In addition, for the avoidance of doubt, as further provided
in the definition of “Administrative Agent” herein and notwithstanding any other provision in this Indenture to the contrary, any approvals, consents, votes or other rights exercisable by the Administrative Agent under this Indenture
(other than any Indenture Supplement related to a specific Series) shall require the approval, consent, vote or other exercise of rights of each Person specified by name under the definition of “Administrative Agent” or in its stead its
Affiliate or successor as noticed to the Indenture Trustee. 
 (b) Nature of Duties. The Administrative Agent shall have no duties or
responsibilities except those expressly set forth in this Indenture, a related Indenture Supplement or in the other Transaction Documents. The Administrative Agent shall not have by reason of this Indenture or any Transaction Document a fiduciary
relationship in respect of any Noteholder. Nothing in this Indenture or any of the Transaction Documents, express or implied, is intended to or shall be construed to impose upon the Administrative Agent any obligations in respect of this Indenture
or any of the other Transaction Documents except as expressly set forth herein or therein. Each Noteholder shall make its own independent investigation of the financial condition and affairs of the Issuer in connection with the purchase of any Note
and shall make its 

  
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own appraisal of the creditworthiness of the Issuer and the value of the Collateral, and the Administrative Agent shall have no duty or responsibility, either initially or on a continuing basis,
to provide any Noteholder with any credit or other information with respect thereto, whether coming into its possession before the Closing Date, as applicable, or at any time or times thereafter. 

(c) Rights, Exculpation, Etc. The Administrative Agent and its directors, officers, agents or employees shall not be liable for any
action taken or omitted to be taken by it under or in connection with this Indenture or the other Transaction Documents. Without limiting the generality of the foregoing, the Administrative Agent: (i) may consult with legal counsel (including,
without limitation, counsel to the Administrative Agent or counsel to the Issuer), independent public accountants, and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance
with the advice of such counsel or experts; (ii) makes no warranty or representation to any Noteholder and shall not be responsible to any Noteholder for any statements, certificates, warranties or representations made in or in connection with
this Indenture or the other Transaction Documents; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Indenture or the other Transaction Documents on
the part of any Person, the existence or possible existence of any default or Event of Default, or to inspect the Collateral or other property (including, without limitation, the books and records) of any Person; (iv) shall not be responsible
to any Noteholder for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Indenture or the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; and
(v) shall not be deemed to have made any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Indenture Trustee’s Adverse Claim thereon, or any
certificate prepared by the Issuer in connection therewith, nor shall the Administrative Agent be responsible or liable to the Noteholders for any failure to monitor or maintain any portion of the Collateral. Without limiting the foregoing and
notwithstanding any understanding to the contrary, no Noteholder shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Indenture, the Notes or
any of the other Transaction Documents in its own interests as a Noteholder or otherwise. 
 (d) Reliance. The Administrative Agent
shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and
with respect to all matters pertaining to this Indenture or any of the other Transaction Documents and its duties hereunder or thereunder, upon advice of counsel selected by it. 

 

	Section 1.9.	Effect of Headings and Table of Contents. 

 The Article and Section headings
herein and the Table of Contents are for convenience only and will not affect the construction hereof. 

  
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	Section 1.10.	Successors and Assigns. 

 All covenants and agreements in this Indenture by the
Issuer will bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee. 

 

	Section 1.11.	Severability of Provisions. 

 In case any provision in this Indenture or in the
Notes will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
  

	Section 1.12.	Benefits of Indenture. 

 Except as otherwise provided in Section 14.7
hereof, nothing in this Indenture or in any Notes, express or implied, will give to any Person, other than the parties hereto and their successors hereunder, any Authenticating Agent or Paying Agent, the Note Registrar, the Securities Intermediary,
the Calculation Agent, any Secured Party and the Noteholders of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture. 

 

	Section 1.13.	Governing Law. 

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

	Section 1.14.	Counterparts. 

 This Indenture may be executed in any number of counterparts,
each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Indenture by facsimile or other
electronic means shall be effective as delivery of a manually executed counterpart of this Indenture. 

  
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	Section 1.15.	Submission to Jurisdiction; Waivers. 

 EACH OF THE PARTIES HERETO AND THE
NOTEHOLDERS, BY THEIR ACCEPTANCE OF THE NOTES, HEREBY IRREVOCABLY AND UNCONDITIONALLY: 
 (a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS INDENTURE, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 
 (b) CONSENTS THAT ANY SUCH
ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS
BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 
 (c) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR
PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF WHICH EACH OTHER PARTY HERETO SHALL HAVE
BEEN NOTIFIED IN WRITING; 
 (d) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND 
 (e) WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Article II 
 The Trust
Estate 
  

	Section 2.1.	Contents of Trust Estate. 

 (a) Grant of Trust Estate. The Issuer has
Granted the Trust Estate to the Indenture Trustee, and the Indenture Trustee has accepted this Grant, pursuant to the Granting Clause. 
 (b)
Notification of MBS Trustees. The Servicer hereby represents and warrants that it has notified the related MBS Trustees with respect to the Designated Servicing Agreements as of the initial date of the assignment, transfer of ownership and
pledge of Receivables related to 

  
 61 

 
such Servicing Agreements, including the related Advance Reimbursement Amounts, and that each related Receivable is subject to the Indenture Trustee’s Security Interest, pursuant to a
notice, substantially in the form of Exhibit C attached hereto. The notices indicating the Security Interest of the Indenture Trustee in the Receivables relating to a particular Designated Servicing Agreement shall be deleted, rescinded or
modified when, and only when, all related Receivables have been paid in full or have been released from such Security Interest pursuant to this Indenture. In addition, each Determination Date Report shall include a list of the Receivables, and any
such list or related trial balance or Schedule of Receivables, and any other list of the Receivables provided by the Servicer, the Receivables Seller or the Issuer to any third party shall include language indicating that the Receivables identified
therein are subject to the Indenture Trustee’s Security Interest. 
 (c) Addition and Removal of Designated Servicing Agreements.

 (i) Addition of Designated Servicing Agreements. 

(A) Advance Purchaser may at any time designate any Facility Eligible Servicing Agreement as a Designated Servicing Agreement
under the Receivables Sale Agreement, whereupon such Servicing Agreement shall become a “Designated Servicing Agreement” for purposes of this Indenture with respect to the Advance Types of Receivables that are designated as eligible
pursuant to such Servicing Agreement if (1) the Administrator has certified in writing to the Indenture Trustee that such Servicing Agreement is a Facility Eligible Servicing Agreement, (2) the Administrative Agent (in its sole discretion)
has approved such Servicing Agreement for addition and approved the designation of the Advance Types of Receivables that are eligible and (3) written notice of such addition has been provided to the Note Rating Agencies for Outstanding Notes.
Prior to the addition of any Designated Servicing Agreement, as provided in this Section 2.1(c), the Administrator must certify to the Indenture Trustee in writing that it has filed all financing statements or amendments to financing
statements to ensure that the Indenture Trustee’s Security Interest in any Receivables related to any additional Designated Servicing Agreements is perfected and of first priority. 

(B) If any Servicing Agreements are added as Designated Servicing Agreements, the Administrator shall update the Designated
Servicing Agreement Schedule which shall specifically designate the Advance type of Receivables that are eligible and furnish it to the Indenture Trustee, and the most recently furnished schedule shall be maintained by the Indenture Trustee as the
definitive Designated Servicing Agreement Schedule. 
 (C) Notwithstanding anything herein to the contrary, the Issuer may
acquire existing Receivables under Servicing Agreements to be added as Designated Servicing Agreements directly from another special purpose financing subsidiary of Advance Purchaser, the Receivables from which are at the time of transfer financed
in another facility and such Receivables may constitute Facility Eligible Receivables notwithstanding that such Receivables were not transferred by the Receivables Seller to the Depositor and then by the Depositor to the Issuer. 

  
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 (ii) Removal of Designated Servicing Agreements. 

(A) Advance Purchaser may remove any Servicing Agreement as a Designated Servicing Agreement under Section 2(e) of the
Receivables Sale Agreement and/or change any Advance Types of Receivables that are designated as eligible or ineligible pursuant to such Servicing Agreement, whereupon such agreement shall no longer constitute a “Designated Servicing
Agreement” or the Advance Types of Receivables shall no longer be designated as eligible or no longer be designated as ineligible (as the case may be, with respect to changes in categorization of certain Advance Types from the date on which
they were originally designated with approval of the Administrative Agent) pursuant to such Servicing Agreement for purposes of this Indenture (except that, unless the Issuer conducts a Permitted Refinancing, Receivables related to Advances made by
or Deferred Servicing Fees accrued by the Servicer pursuant to that agreement prior to its removal shall continue to be part of the Trust Estate, in which case Advance Purchaser may not assign to another Person any Receivables arising under that
Servicing Agreement until all Receivables that arose under that Servicing Agreement that are included in the Trust Estate shall have been paid in full or sold or otherwise transferred in a Permitted Refinancing). Prior to removing any Designated
Servicing Agreement or designating such Advance Types of Receivables as no longer eligible or no longer ineligible pursuant to such Servicing Agreement as provided in this Section 2.1(c), the Issuer must (1) receive prior written
approval from the Administrative Agent, which may be given or withheld in its sole and absolute discretion and (2) send prior written notice of such removal to each Note Rating Agency. 

(B) If any Servicing Agreements are removed as Designated Servicing Agreements or any Advance Types of Receivables with respect
to a Designated Servicing Agreement are no longer designated as eligible or no longer designated as ineligible as the case may be, with respect to changes in categorization of certain Advance Types from the date on which they were originally
designated with the approval of the Administrative Agent, the Administrator shall update the Designated Servicing Agreement Schedule, which shall specifically designate the Advance type of Receivables that are eligible and furnish it to the
Indenture Trustee, and the most recently furnished schedule shall be maintained by the Indenture Trustee as the definitive Designated Servicing Agreement Schedule. 

If one or more Designated Servicing Agreements is removed as described in this Section 2.1(c) during any Facility Year, the Administrative Agent
shall have the right to require the Servicer to obtain written affirmation from each applicable Note Rating Agency of its continued rating of the Notes, as applicable, at the Servicer’s expense, once in respect of each Facility Year in which
such a removal shall have occurred and the Servicer shall obtain such Note Rating Agency’s written affirmation of ratings if so requested in writing by the Administrative Agent, at the Servicer’s sole cost and expense. 

  
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 (d) Protection of Transfers to, and Back-up Security Interests of Depositor and Issuer.
The Administrator shall take all actions as may be necessary to ensure that the Trust Estate is Granted to the Indenture Trustee pursuant to this Indenture. The Administrator, at its own expense, shall make all initial filings on or about the
Closing Date hereunder and shall forward a copy of such filing or filings to the Indenture Trustee. In addition, and without limiting the generality of the foregoing, the Administrator, at its own expense at the reasonable request of the
Administrative Agent, shall prepare and forward for filing, or shall cause to be forwarded for filing, all filings necessary to maintain the effectiveness of any original filings necessary under the relevant UCC to perfect and maintain the first
priority status of the Indenture Trustee’s security interest in the Trust Estate, including without limitation (i) continuation statements, and (ii) such other statements as may be occasioned by (A) any change of name of any of
the Receivables Seller, the Servicer, the Depositor or the Issuer, (B) any change of location of the jurisdiction of any of the Receivables Seller, the Servicer, the Depositor or the Issuer, (C) any transfer of any interest of the
Receivables Seller, the Depositor or the Issuer in any item in the Trust Estate or (D) any change under the applicable UCC or other applicable laws. The Administrator shall enforce the Depositor’s obligations pursuant to the Receivables
Pooling Agreement, and the Receivables Seller’s and the Servicer’s obligations pursuant to the Receivables Sale Agreement, on behalf of the Issuer and the Indenture Trustee. 

(e) Release of Receivables Following Receivables Sale Termination Date. The Indenture Trustee shall release to the Issuer all
Receivables in the Trust Estate upon the occurrence of the Receivables Sale Termination Date, and shall execute all instruments of assignment, release or conveyance, prepared by the Issuer or the Receivables Seller, and delivered to the Indenture
Trustee, as reasonably requested by the Issuer or the Receivables Seller. 
  

	Section 2.2.	Receivable Files. 

 (a) Indenture Trustee. The Indenture Trustee agrees to
hold, in trust on behalf of the Noteholders, upon the execution and delivery of this Indenture, the following documents relating to each Receivable: 

(i) a copy of each Determination Date Report in electronic form listing each Receivable Granted to the Trust Estate, the
applicable Advance Type for such Receivable and the corresponding Receivable Balance for such Receivable and demonstrating the profitability or loss of each Subservicing Agreement for the immediately preceding calendar quarter, and any other
information required in any related Indenture Supplement; 
 (ii) a copy of each Funding Certification delivered by the
Administrator, which shall be maintained in electronic format; 
 (iii) the current Designated Servicing Agreement Schedule;

 (iv) the current Schedule of Receivables; and 

(v) and any other documentation provided for in any Indenture Supplement 

provided that the Indenture Trustee shall have no responsibility to ensure the validity or sufficiency of the Receivables. 

  
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 (b) Administrator as Custodian. To reduce administrative costs, the Administrator will act
as custodian for the benefit of the Noteholders of the following documents relating to each Receivable: 
 (i) a copy of the
related Designated Servicing Agreement and each amendment and modification thereto; 
 (ii) any documents other than those
identified in Section 2.2(a) received from or made available by the related MBS Trustee, Servicer, securities administrator or other similar party in respect of such Receivable; and 

(iii) any and all other documents that the Issuer, the Servicer or the Receivables Seller, as the case may be, shall keep on
file, in accordance with its customary procedures, relating to such Receivable or the related Mortgage Pool or Servicing Agreement. 
 (c)
Delivery of Updated Designated Servicing Agreement Schedule. The Administrator shall deliver to the Indenture Trustee an updated Schedule 1 prior to the addition or deletion of any Servicing Agreement as a Designated Servicing
Agreement or modification to the eligibility status of any Advance Type of Receivables arising under such Servicing Agreement and the Indenture Trustee shall hold the most recently delivered version as the definitive Schedule 1. The
Administrator represents and warrants, as of the date hereof and as of the date any new Servicing Agreement is added as a Designated Servicing Agreement, that Schedule 1, as it may be updated by the Administrator from time to time and
delivered to the Indenture Trustee, is a true, complete and accurate list of all Designated Servicing Agreements. 
 In addition, the
Administrator shall furnish to the Indenture Trustee an updated Schedule of Receivables on each Funding Date in electronic form, and the Indenture Trustee shall maintain the most recent Schedule of Receivables it receives, and send a copy to any
Noteholder upon request. 
 In addition, in connection with the delivery of each updated Schedule 1 pursuant to this
Section 2.2(c), the Administrator shall furnish to the Indenture Trustee an updated Schedule 3 or Schedule 4, as necessary to reflect any updates upon the addition or removal of Designated Servicing Agreements or designation or
modification of eligibility status for any Advance Type of Receivables pursuant to Section 2.1(c). 
 (d) Marking of
Records. The Administrator or the Sub-Administrator on behalf of the Administrator shall ensure that, from and after the time of the sale and/or contribution of the Initial Receivables and all Additional Receivables to the Depositor under the
Receivables Sale Agreement and to the Issuer under the Receivables Pooling Agreement, and the Grant thereof to the Indenture Trustee pursuant to this Indenture, any records (including any computer records and
back-up archives) maintained by or on behalf of the Servicer that refer to any Receivable indicate clearly the interest of the Issuer and the Security Interest of the Indenture Trustee in such Receivable and
that such Receivable is owned by the Issuer and subject to the Indenture Trustee’s Security Interest. Indication of the Issuer’s ownership of a Receivable and the Security Interest of the Indenture Trustee shall be deleted from or modified
on such records when, and only when, such Receivable has been paid in full, repurchased, or assigned by the Issuer and released by the Indenture Trustee from its Security Interest. 

  
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	Section 2.3.	Indemnity Payments for Receivables Upon Breach. 

 (a) Upon discovery by the Issuer
or the Administrator, or upon the actual knowledge of a Responsible Officer of the Indenture Trustee, of a breach of any of the representations and warranties of the Receivables Seller as to any Receivable set forth in Section 4(b) or
Section 5(b), as applicable, of the Receivables Sale Agreement, the party discovering such breach shall give prompt written notice to the other parties hereto. Upon notice of such a breach, the Administrator shall enforce the Issuer’s
rights to require the Receivables Seller to deposit the Indemnity Payment with respect to the affected Receivable(s) into the Collection and Funding Account. This obligation shall pertain to all representations and warranties of the Receivables
Seller as to the Receivables set forth in Section 4(b) or Section 5(b), as applicable, of the Receivables Sale Agreement, whether or not the Receivables Seller has knowledge of the breach at the time of the breach or at the time the
representations and warranties were made. 
 (b) Unless repurchased by the Receivables Seller in a transaction contemplated by
Section 2.1 hereof, the Receivables shall remain in the Trust Estate, regardless of any receipt of an Indemnity Payment in the Collection and Funding Account. The sole remedies of the Indenture Trustee and the Noteholders with respect to
a breach of any of the representations and warranties of the Receivables Seller as to any Receivable set forth in Section 4(b) or Section 5(b), as applicable, of the Receivables Sale Agreement shall be to enforce the obligation of the
Issuer hereunder and the remedies of the Issuer (as assignee of the Depositor) against the Receivables Seller under the Receivables Sale Agreement. The Indenture Trustee shall have no duty to conduct any affirmative investigation as to the
occurrence of any condition requiring the payment of any Indemnity Payment for any Receivable pursuant to this Section 2.3, except as otherwise provided in Section 11.2. 

(c) To the extent not prohibited by Applicable Law, the Administrator and solely during the continuation of a Facility Early Amortization
Event, the Indenture Trustee, are authorized to commence at the written direction of the Administrative Agent or Majority Noteholders of all Outstanding Notes, in its own name or in the name of the Issuer, legal proceedings to enforce any Receivable
against the related MBS Trustee or any successor servicer or other appropriate party or to commence or participate in a legal proceeding (including without limitation a bankruptcy proceeding) relating to or involving a Receivable, the Receivables
Seller or the Servicer; provided, however, that nothing contained herein shall obligate the Indenture Trustee to take or initiate such action or legal proceeding, unless indemnity reasonably satisfactory to it shall have been provided.
The Administrator or the Sub-Administrator on behalf of the Administrator shall deposit or cause to be deposited into the Collection and Funding Account, on behalf of the Indenture Trustee and the Noteholders, all amounts realized in connection with
any such action. 

  
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	Section 2.4.	Duties of Custodian with Respect to the Receivables Files. 

 (a)
Safekeeping. The Indenture Trustee or the Administrator (or a Sub-Administrator acting on the Administrator’s behalf), in its capacity as custodian (each, a “Custodian”) pursuant to Section 2.2(c),
shall hold the portion of the Receivable Files that it is required to maintain under Section 2.2 in its possession from time to time for the use and benefit of all present and future Noteholders, and maintain such accurate and complete
accounts, records and computer systems pertaining to each Receivable File as shall enable the Calculation Agent and the Indenture Trustee to comply with this Indenture. Each Custodian shall act with reasonable care, using that degree of skill and
attention that it would exercise if it owned the Receivables itself. Each Custodian shall promptly report to the Issuer any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided
and promptly take appropriate action to remedy any such failure. The Indenture Trustee shall have no responsibility or liability for any actions or omissions of the Administrator in its capacity as Custodian or otherwise. 

(b) Maintenance of and Access to Records. Each Custodian shall maintain each portion of the Receivable File that it is required to
maintain under this Indenture at its offices at the Corporate Trust Office (in the case of the Indenture Trustee) or 350 Highland Drive, Lewisville, TX 75067 (in the case of the Servicer) as the case may be, or at such other office as shall be
specified to the Indenture Trustee and the Issuer by thirty (30) days’ prior written notice. The Administrator (or a Sub-Administrator acting on the Administrator’s behalf) shall take all actions necessary, or reasonably requested by
the Administrative Agent, the Majority Noteholders of all Outstanding Notes or the Indenture Trustee, to amend any existing financing statements and continuation statements, and file additional financing statements to further perfect or evidence the
rights, claims or security interests of the Indenture Trustee under any of the Transaction Documents (including the rights, claims or security interests of the Depositor and the Issuer under the Receivables Sale Agreement and the Receivables Pooling
Agreement, respectively, which have been assigned to the Indenture Trustee). The Indenture Trustee and the Administrator, in their capacities as Custodian(s), shall make available to the Issuer, the Calculation Agent, any group of Interested
Noteholders and the Indenture Trustee (in the case of the Administrator) or their duly authorized representatives, attorneys or auditors the portion of the Receivable Files that it is required to maintain under this Indenture and the accounts, books
and records maintained by the Indenture Trustee or the Administrator with respect thereto as promptly as reasonably practicable following not less than two (2) Business Days’ prior written notice for examination during normal business
hours and in a manner that does not unreasonably interfere with such Person’s ordinary conduct of business. 
  

	Section 2.5.	Application of Trust Money. 

 All money deposited with the Indenture Trustee or
the Paying Agent pursuant to Section 4.2 shall be held in trust and applied by the Indenture Trustee or the Paying Agent, as the case may be, in accordance with the provisions of the Notes and this Indenture, to the payment to the
Persons entitled thereto, of the principal, interest, fees, costs and expenses (or payments in respect of the New Receivables Funding Amount or other amount) for whose payment such money has been deposited with the Indenture Trustee or the Paying
Agent. 

  
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 Article III 

Administration of Receivables; Reporting to Investors 
  

	Section 3.1.	Duties of the Calculation Agent. 

 (a) General. The Calculation Agent shall
initially be Wells Fargo Bank, N.A.. The Calculation Agent is appointed for the purpose of making calculations and verifications as provided in this Section 3.1(a). The Calculation Agent, as agent for the Noteholders, shall provide all
services necessary to fulfill the role of Calculation Agent as set forth in this Indenture. 
 By 2:00 p.m. New York City time on
each Payment Date (or such other time as may be agreed to from time to time by the Servicer, the Administrator, the Indenture Trustee and the Administrative Agent), based upon information provided to the Indenture Trustee and the Calculation Agent
by the Administrator or the Sub-Administrator on behalf of the Administrator pursuant to the Designated Servicing Agreements and the Transaction Documents, as well as each applicable Determination Date Report and all available reports issued by the
MBS Trustee or Servicer for the applicable Mortgage Pool, the Calculation Agent shall prepare, or cause to be prepared, and deliver by first class mail or electronic means (including on the website pursuant to Section 3.5(a)) to
Noteholders, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency, a report setting forth the information set forth below plus a Series-specific Calculation Agent Report reporting the
items for each Series that are specified in the related Indenture Supplement (collectively for each Series, the “Calculation Agent Report” to the extent such information is received from the Administrator or the
Sub-Administrator on behalf of the Administrator): 
 (i) The aggregate unpaid principal balance of the Mortgage Loans
subject to each separate Designated Servicing Agreement as reported in MBS Trustee reports for the previous calendar month; 

(ii) (A) The aggregate Month-to-Date Available Funds collected, (B) the aggregate Advance Reimbursement Amounts,
(C) the aggregate amount of Indemnity Payments and (D) the aggregate amount of proceeds collected during the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming
Interim Payment Date for all Designated Servicing Agreements; 
 (iii) The aggregate of the Funded Advance Receivable
Balances of the Additional Receivables funded during the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date for all Designated Servicing Agreements; 

(iv) The aggregate of the Funded Advance Receivable Balances for each of the P&I Advances, Judicial P&I Advances,
Non-Judicial P&I Advances, Escrow Advances, Judicial Escrow Advances, Non-Judicial Escrow Advances, Corporate Advances, Judicial Corporate Advances, Non-Judicial Corporate Advances, Servicing Fee Advances,

  
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Judicial Deferred Servicing Fees and Non-Judicial Deferred Servicing Fees attributable to each Designated Servicing Agreement, as of the close of business on the day before the related
Determination Date, plus the Funded Advance Receivable Balances for each of the P&I Advances, Judicial P&I Advances and Non-Judicial P&I Advances to be funded on the upcoming Funding Date; 

(v) For each Designated Servicing Agreement, the percentage equivalent of the quotient of (A) the aggregate of the Funded
Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement divided by (B) the aggregate of the Funded Advance Receivable Balances of all Receivables included in the Trust Estate; 

(vi) The identification of the related Derivative Counterparty, if any, for any Series, the current debt rating for such
Derivative Counterparty, the notional amount for the Derivative Agreement and the applicable rate payable in respect of the Derivative Agreement; 

(vii) [RESERVED]; 

(viii) An indication (yes or no) as to whether the Collateral Test is satisfied for each Class and Series, and for the facility
as a whole as of the close of business on the last day of the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date; 

(ix) [RESERVED]; 

(x) A list of each Facility Early Amortization Event and presenting a yes or no answer beside each indicating whether each
possible Facility Early 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; 

(xi) If required by any VFN Noteholder, the aggregate New Receivables Funding Amount to be paid on the upcoming Funding Date,
and the amount to be drawn on each Class of VFNs Outstanding in respect of such New Receivables Funding Amount, and the portion of such New Receivables Funding Amount that is to be paid using Available Funds pursuant to
Section 4.5(a)(1)(vii) or Section 4.4(e), as applicable and the amount to be drawn on each Class of VFNs Outstanding in respect of Excess Receivables Funding Amounts; 

(xii) If any Note is Outstanding, the amount, if any, to be paid on each such Class in reduction of the aggregate Principal
Balance on the upcoming Payment Date or Interim Payment Date; 
 (xiii) The amount of Fees to be paid on the upcoming Payment
Date; 

  
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 (xiv) A list of each Receivable Granted to the Trust Estate, the applicable
Advance Type for such Receivable and the corresponding Receivable Balance for such Receivable; 
 (xv) The Required Expense
Reserve and Series Reserve Required Amount for each Series of Notes for the upcoming Payment Date or Interim Payment Date; 

(xvi) The Fee Accumulation Amount, the Interest Accumulation Amount and the Target Amortization Principal Accumulation Amount
for the upcoming Interim Payment Date; 
 (xvii) The Weighted Average Advance Rate and Weighted Average CV Adjusted Advance
Rate for each Series and Class of the Notes and the Trigger Advance Rate for each Series and Class of the Notes, if any; 

(xviii) The Class Invested Amount and, if applicable, the Series Invested Amount for each Series and Class for the upcoming
Payment Date or Interim Payment Date; 
 (xix) The Interest Payment Amount and the Target Amortization Amount for each Class
of Outstanding Notes for the upcoming Payment Date, and the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Class of Notes for the Interest Accrual Period
related to the upcoming Payment Date; and 
 (xx) The aggregate Collateral Value of all Facility Eligible Receivables for
each Outstanding Series and the sum for all Outstanding Series as of the close of business on the day before the related Determination Date, pro forma Collateral Value of Facility Eligible Receivables for each Outstanding Series and the sum for all
Outstanding Series that will be created upon the funding of P&I Advances to be funded on the related Funding Date. 
 (b) Termination
of Calculation Agent. The Issuer (with the consent of the Majority Noteholders of all Outstanding Notes) or the Noteholders of at least 66 2⁄3% of the Note
Balance of the Outstanding Notes of each Series (in each case, measured by Voting Interests) may at any time terminate the Calculation Agent without cause upon sixty (60) days’ prior notice. If at any time the Calculation Agent shall fail
to resign after written request therefor as set forth in this Section 3.1(b), or if at any time the Calculation Agent shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Calculation Agent or
of its property shall be appointed, or if any public officer shall take charge or Control of the Calculation Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Majority Noteholders of all
Outstanding Notes may remove the Calculation Agent and such Noteholders shall also remove the Indenture Trustee as provided in Section 11.9(c). If the Calculation Agent resigns or is removed under the authority of the immediately
preceding sentence, then a successor Calculation Agent shall be appointed pursuant to Section 11.9. The Issuer shall give each Note Rating Agency, each Derivative Counterparty and the Noteholders notice of any such resignation or removal
of the Calculation Agent and appointment and acceptance of a successor Calculation Agent. Notwithstanding the foregoing, no resignation, removal or termination of the 

  
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Calculation Agent shall be effective until the resignation, removal or termination of the predecessor Calculation Agent and until the acceptance of appointment by the successor Calculation Agent
as provided herein. Any successor Indenture Trustee appointed shall also be the successor Calculation Agent hereunder, if the predecessor Indenture Trustee served as Calculation Agent and no separate Calculation Agent is appointed. Notwithstanding
anything to the contrary herein, the Indenture Trustee may not resign as Calculation Agent unless it also resigns as Indenture Trustee pursuant to Section 11.9(b). 

(c) Successor Calculation Agents. Any successor Calculation Agent appointed hereunder shall execute, acknowledge and deliver to the
Issuer and to its predecessor Calculation Agent an instrument accepting such appointment under this Indenture, and thereupon the resignation or removal of the predecessor Calculation Agent shall become effective and such successor Calculation Agent,
without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Indenture, with like effect as if originally named as Calculation Agent. The predecessor
Calculation Agent shall deliver to the successor Calculation Agent all documents and statements held by it under this Indenture. The Issuer and the predecessor Calculation Agent shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the successor Calculation Agent all such rights, powers, duties and obligations. Upon acceptance of appointment by a successor Calculation Agent as provided in this
Section 3.1, the Issuer shall mail notice of the succession of such successor Calculation Agent under this Indenture to all Noteholders at their addresses as shown in the Note Register and shall give notice by mail to each Derivative
Counterparty and each applicable Note Rating Agency. If the Issuer fails to mail such notice within ten (10) days after acceptance of appointment by the successor Calculation Agent, the successor Calculation Agent shall cause such notice to be
mailed at the expense of the Administrator. 
  

	Section 3.2.	Reports by Administrator and Indenture Trustee. 

 (a) Determination Dates;
Determination Date Reports. The Indenture Trustee shall report to the Administrator, by no later than 2:00 p.m. New York City time on the second (2nd) Business Day before each Funding
Date (or such other time as may be agreed to from time to time by Administrator, the Indenture Trustee and the Administrative Agent), the amount of Available Funds that will be available to be applied toward New Receivables Funding Amounts or to pay
principal on any applicable Notes on the upcoming Payment Date or Interim Payment Date. If the Administrator or the Sub-Administrator on behalf of the Administrator supplies no information to the Indenture Trustee in its Determination Date Report
concerning New Receivables Funding Amounts or payments on any Variable Funding Note in respect of an Interim Payment Date, then the Indenture Trustee shall apply no Available Funds to pay New Receivables Funding Amounts or to make payment on any
Note on such Interim Payment Date. 
 By no later than 12:00 p.m. (noon) New York City time on the second (2nd) Business Day prior to each Funding Date that is a VFN Draw Date (or such other time as may be agreed to from time to time by the Administrator, the Indenture Trustee and the Administrative
Agent) or the first (1st) Business Day prior to each Funding Date that is not a VFN Draw Date (or such other time as may be agreed to from time to time by the Administrator, the Indenture
Trustee and the Administrative Agent), the Administrator or the Sub-Administrator on behalf of the 

  
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Administrator shall prepare and deliver to the Issuer, the Indenture Trustee, the Calculation Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable,
with respect to the related Series of Notes) and the Paying Agent a report (the “Determination Date Report”) (in electronic form) setting forth each data item required to be reported by the Calculation Agent to Noteholders,
each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency in its Calculation Agent Report pursuant to Section 3.1. 

(b) Payment Date Report. By no later than 3:00 p.m. New York City time on each Payment Date, the Indenture Trustee shall prepare and
deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency a
report (the “Payment Date Report”) reporting the following for such Payment Date and the Monthly Advance Collection Period preceding such Payment Date: 

(i) the amount on deposit in the Collection and Funding Account as of the opening of business on the first (1st) day of such Monthly Advance Collection Period; 
 (ii) the aggregate
amount of all Collections deposited into the Collection and Funding Account during such Monthly Advance Collection Period; 

(iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Monthly Advance
Collection Period; 
 (iv) the total of all (A) payments in respect of each Class of Notes (separately identifying
interest and principal paid on each Class) made on the Payment Date and each Interim Payment Date that occurred during the Monthly Advance Collection Period, (B) all New Receivables Funding Amounts paid in respect of Additional Receivables
during such Monthly Advance Collection Period separately identifying the portion thereof paid from funds in the Collection and Funding Account and the portion thereof paid using proceeds of fundings of an increase in VFN Principal Balance(s) for
each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date and each Interim Payment Date that occurred during such Monthly Advance Collection Period; 

(v) the amount transferred from the Collection and Funding Account to the Note Payment Account in respect of the Payment Date
that occurred during such Monthly Advance Collection Period; 
 (vi) the amount on deposit in each of the Interest
Accumulation Account, Target Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such
Payment Date; 
 (vii) the aggregate amount of Collections received during the Monthly Advance Collection Period; 

  
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 (viii) the amount of Available Funds for such Payment Date (the sum of the items
reported in clause (vi), plus the items reported in clause (vii)); 
 (ix) the amount on
deposit in the Series Reserve Account for each Series, and, if applicable, the amount the Indenture Trustee is to withdraw from each such Series Reserve Account and deposit into the Note Payment Account on such Payment Date for application to the
related Series of Notes; 
 (x) the amount of each payment required to be made by the Indenture Trustee or the Paying Agent
pursuant to Section 4.5 on such Payment Date, including an identification, for each Class of Notes, as applicable, and for all Outstanding Notes in the aggregate, of 

(A) any Cumulative Interest Shortfall Amount for each Class of Notes and for all Outstanding Notes of each Series in the
aggregate; 
 (B) the Senior Interest Amount for each Class of Notes for the Interest Accrual Period related to such Payment
Date; 
 (C) the Interest Payment Amount for each Class of Notes and for all Outstanding Notes of each Series in the
aggregate; 
 (D) the Series Reserve Required Amount for each Series of Notes then Outstanding; 

(E) the Target Amortization Amount to be paid on such Payment Date on each Class of Outstanding Notes that is in its Target
Amortization Period; and 
 (F) the unpaid Note Balance for each Class and Series of Notes and for all Outstanding Notes in
the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); 
 (xi) the amount
of Fees to be paid on such Payment Date; 
 (xii) (A) the Collateral Value of all Facility Eligible Receivables, as of
the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the
Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on
the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the
close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and 

  
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 (xiii) the Senior Interest Amount, the Senior Cumulative Interest Shortfall
Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for the Interest Accrual Period related to the upcoming Payment Date. 

The Payment Date Report shall also state any other information required pursuant to any related Indenture Supplement necessary for the Paying
Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee to make available to Noteholders pursuant to Section 3.5. 

(c) Interim Payment Date Reports. By no later than 3:00 p.m. New York City time on each Interim Payment Date on which there is a VFN
Outstanding and on which the Full Amortization Periods have not yet begun, the Indenture Trustee shall prepare and deliver to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each Derivative
Counterparty (as applicable, with respect to the related Series of Notes) and each VFN Noteholder a report (an “Interim Payment Date Report”) reporting the following for such Interim Payment Date and the Advance Collection
Period preceding such Interim Payment Date: 
 (i) (A) the amount on deposit in the Collection and Funding Account as of the
close of business on the last day before the beginning of such Advance Collection Period and (B) the amounts on deposit in the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account
and any other Trust Accounts set forth in any Indenture Supplement, as of the close of business on the immediately preceding Payment Date or Interim Payment Date; 

(ii) the amount of all Collections deposited into the Collection and Funding Account during such Advance Collection Period;

 (iii) the aggregate amount of Indemnity Payments deposited into the Collection and Funding Account during such Advance
Collection Period; 
 (iv) the aggregate amount of deposits into the Collection and Funding Account from the Note Payment
Account in respect of the Payment Date, if any, that occurred during such Advance Collection Period; 
 (v) the total of all
(A) payments in respect of each Class of Notes (separately identifying interest and principal paid on each Class of Variable Funding Notes) made on the Payment Date or Interim Payment Date that occurred during such Advance Collection Period,
(B) all New Receivables Funding Amounts that were paid in respect of Additional Receivables during such Advance Collection Period, separately identifying the portion thereof paid from funds on deposit in the Collection and Funding Account and
the portion thereof paid using proceeds of an increase in VFN Principal Balance(s) for each Class of VFNs, and (C) all Excess Cash Amounts paid to the Depositor as holder of the Owner Trust Certificate on the Payment Date or Interim Payment
Date that occurred during such Advance Collection Period; 
 (vi) the amount transferred from the Collection and Funding
Account to the Note Payment Account in respect of the Payment Date, if any, that occurred during such Advance Collection Period; 

  
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 (vii) the amount of Available Funds for such Interim Payment Date (calculated as
the sum of the items reported in clauses (i)(B) and (vi)); 
 (viii) the amount on deposit in the Series
Reserve Account for each Series and the Series Reserve Required Amount for such Series Reserve Account, and the amount to be deposited into each Series Reserve Account on such Interim Payment Date; 

(ix) the amounts required to be deposited on such Interim Payment Date into the Interest Accumulation Account, Target
Amortization Principal Accumulation Account, Fee Accumulation Account and any other Trust Account referenced in any related Indenture Supplement, respectively; 

(x) the amount of Available Funds to be applied toward the New Receivables Funding Amount of Additional Receivables on the
upcoming Interim Payment Date pursuant to Section 4.4(e); 
 (xi) the amount to be applied to reduce the
aggregate VFN Principal Balance of each Class of VFNs on such Interim Payment Date (as reported to the Indenture Trustee by the Administrator); 

(xii) the amount of any Excess Cash Amount paid to the Depositor as holder of the Owner Trust Certificate on such Interim
Payment Date; 
 (xiii) the Collateral Value of all Facility Eligible Receivables as of the end of such Advance Collection
Period and as of the close of business on such Interim Payment Date for each Outstanding Series of Notes and the amount on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account, the Target
Amortization Principal Accumulation Account, the Note Payment Account and any other Trust Account referenced in a related Indenture Supplement as of the end of business on the last day of such Advance Collection Period and as of the close of
business on such Interim Payment Date; 
 (xiv) a calculation demonstrating whether the Collateral Test was satisfied as of
the end of business on the last day of such Advance Collection Period and whether it will be satisfied at such time after effecting the payments described in Section 4.4; and 

(xv) any other amounts specified in an Indenture Supplement. 

(d) No Duty to Verify or Recalculate. Notwithstanding anything contained herein to the contrary, none of the Calculation Agent (except
as described in Section 3.1(a)), the Indenture Trustee or the Paying Agent shall have any obligation to verify or recalculate any information provided to them by the Administrator, and may rely on such information in making the
allocations and payments to be made pursuant to Article IV. 

  
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	Section 3.3.	Annual Statement as to Compliance; Notice of Default; Agreed Upon Procedures Reports. 

(a) Annual Officer’s Certificates. 

(i) The Servicer and the Receivables Seller shall each deliver to each Note Rating Agency and the Indenture Trustee, on or
before March 31 of each calendar year, beginning on March 31, 2014, an Officer’s Certificate of the Servicer and the Receivables Seller, executed by the chief financial officer, with respect to Nationstar, and by the chief financial
officer, with respect to Advance Purchaser, stating that (A) a review of the activities of the Servicer (and any related Subservicer) or the Receivables Seller, as the case may be, during the preceding 12-month period ended December 31 and
of its performance under this Indenture and the Receivables Sale Agreement has been made under the supervision of the officer executing the Officer’s Certificate, and (B) the Receivables Seller has fulfilled all its obligations under this
Indenture and the Receivables Sale Agreement in all material respects throughout such period or, if there has been a default in the fulfillment of any such obligation, specifying each such default and the nature and status thereof. For purposes of
the Officer’s Certificate that will be delivered on March 31, 2014, Nationstar, in its capacity as Servicer and Receivables Seller, shall deliver such Officer’s Certificate covering the reporting period from January 1, 2013
through the Effective Date and Advance Purchaser, in its capacity as Servicer, shall deliver such Officer’s Certificate covering the reporting period from the Effective Date and thereafter. 

(ii) The Administrator shall deliver to each Note Rating Agency and the Indenture Trustee, on or before March 31 of each
calendar year, beginning on March 31, 2014, an Officer’s Certificate executed by the chief financial officer of the Administrator, stating that (A) a review of the activities of the Issuer, the Depositor and the Administrator during
the preceding 12-month period ended December 31 and of its performance under this Indenture, the Receivables Sale Agreement and the Receivables Pooling Agreement has been made under the supervision of the officer executing the Officer’s
Certificate, and (B) the Administrator has fulfilled all its obligations under this Indenture in all material respects throughout such period or, if there has been a default in the fulfillment of any such obligation, specifying each such
default and the nature and status thereof. For purposes of the Officer’s Certificate that will be delivered on March 31, 2014, Nationstar, in its capacity as administrator prior to the Effective Date, shall deliver such Officer’s
Certificate covering the reporting period from January 1, 2013 through the Effective Date and Advance Purchaser, in its capacity as Administrator, shall deliver such Officer’s Certificate covering the reporting period from the Effective
Date and thereafter. 
 (b) Notice of Default. The Indenture Trustee shall deliver to the Noteholders, the Issuer, each Derivative
Counterparty (as applicable, in the case of any Target Amortization Event, with respect to the related Series of Notes) and each Note Rating Agency promptly after a Responsible Officer has obtained actual knowledge thereof, but in no event later
than five (5) Business Days thereafter or such shorter time period as may be required by any Note Rating Agency, written notice specifying the nature and status of any Target Amortization Event, Event of Default or Facility Early Amortization
Event. 

  
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 (c) Annual Regulation AB/USAP Report. The Servicer shall, on or before the last Business
Day of the fifth month following the end of each of the Servicer’s fiscal years (December 31), beginning in 2014, deliver to the Indenture Trustee who shall forward to each Noteholder a copy of the results of any Regulation AB required
attestation report or Uniform Single Attestation Program for Mortgage Bankers or similar review conducted on the Servicer by its accountants and any other reports reasonably requested by the Administrative Agent. 

(d) Agreed Upon Procedures Report. Within forty five (45) days of the end of each calendar month beginning with the calendar month
ending July 31, 2013 through and including the calendar month ending August 31, 2013, and within forty five (45) days of the end of each calendar quarter of the Servicer, beginning with the quarter ending September 30, 2013, the
Servicer shall cause PricewaterhouseCoopers LLP (who may also render other services to the Servicer, the Receivables Seller or the Depositor) (or any replacement therefor approved by the Administrative Agent, the “Verification
Agent”) to furnish, at the Servicer’s or the Subservicer’s expense, a report to the Servicer and the Administrative Agent with respect to the prior calendar quarter, (i) to the effect that the Verification Agent has
applied certain procedures, to be determined at the discretion of the Administrative Agent after consultation with the Servicer and shall be incorporated as Exhibit D hereto after the Closing Date, including re-performance of certain
accounting procedures performed by the Servicer and the Subservicer pursuant to Designated Servicing Agreements and examination of certain documents and records related to the disbursement and reimbursement of Advances and accrual and payment of
Deferred Servicing Fees under the related Designated Servicing Agreements and this Indenture and that, on the basis of such agreed-upon procedures, the Verification Agent confirms that the servicing (including the allocation of collections) has been
conducted in compliance with the terms and conditions set forth in Article IV, except for such exceptions as it believes to be immaterial and such other exceptions as shall be set forth in such statement, and (ii) detailing the following items
for such calendar quarter: 
 (A) For a sample of Designated Servicing Agreements for at least three dates during the
applicable quarter, a reconciliation of the expected total principal and interest payments in respect of the Mortgage Loans to the amounts on deposit in the related Custodial Accounts; 

(B) Daily receipt clearing reconciliation (three (3) days at a minimum) with respect to a sample of Custodial Accounts;

 (C) A reconciliation of the monthly disbursement clearing account with respect to at least two (2) dates per calendar
quarter; 
 (D) “Flow of funds” testing for all of P&I Advances, Escrow Advances, Corporate Advances and
Deferred Servicing Fees relating to the tracking of funds from clearing account receipt through to deposit into the Collection and Funding Account (three (3) days minimum); 

  
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 (E) A reconciliation of the servicing system Escrow Advance balance (including
all suspense and advance balances) to the balances on deposit in the escrow accounts maintained by the Servicer for a sample of the Designated Servicing Agreements; 

(F) Analysis of recoverable Advances and Receivables and aging of these items; 

(G) Analysis of whether the thresholds with respect to the Designated Servicing Agreements listed on Schedule 4, and as
specified in clauses (ix) of the definition of “Facility Eligible Receivable” and in any related Indenture Supplement, including any Collateral Value exclusions provided for therein, have been met; and 

(H) A comparison of the amounts and percentages set forth in four of the Determination Date Reports forwarded by the
Administrator or the Sub-Administrator on behalf of the Administrator pursuant to Section 3.2(a) during the period covered by such report with the computer reports (which may include personal computer generated reports that summarize data from
the computer reports generated by the Administrator or the Sub-Administrator which are used to prepare the Determination Date Reports) which were the source of such amounts and percentages and that on the basis of such comparison; and 

(I) Any other data reasonably requested by the Administrative Agent. 

For purposes of this section, items performed by the Subservicer on behalf of the Servicer will be deemed to have been verified as to the
Servicer if such verification procedures have been performed with respect to the Subservicer. 
 In addition, each report shall set forth
the agreed upon procedures performed and the results of such procedures. A copy of such report will be sent by the Verification Agent or the Indenture Trustee to each Noteholder upon receipt of a written request of the Noteholder. In the event the
Verification Agent requires the Indenture Trustee to agree to the procedures performed by the Verification Agent, the Issuer shall direct the Indenture Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will
deliver such letter of agreement in conclusive reliance upon the direction of the Issuer, and the Indenture Trustee makes no independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency,
validity or correctness of such procedures. Furthermore, in the event that the Verification Agent’s expense in producing a report as required hereunder exceeds the amount reimbursable to it pursuant to Section 4.5, such excess shall
be payable by the Administrator, at the Administrator’s own expense, upon receipt by the Administrator of written notification of, and request for, such amount from the Verification Agent. 

(e) RESERVED. 
 (f)
Annual Lien Opinion. Within one hundred (100) days after the end of each fiscal year of the Administrator, beginning with the fiscal year ending in 2014, the Administrator shall deliver to the Indenture Trustee an Opinion of Counsel from
outside counsel to the effect that the 

  
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Indenture Trustee has a perfected security interest in the Aggregate Receivables attributable to the Servicing Agreements identified in an exhibit to such opinion as Designated Servicing
Agreements, and that, based on a review of UCC search reports (copies of which shall be attached thereto) and review of other certifications and other materials, there are no UCC1 filings indicating an Adverse Claim with respect to such Receivables
that has not been released. 
 (g) Other Information. In addition, the Administrator shall forward to the Administrative Agent, upon
its reasonable request, such other information, documents, records or reports respecting (i) Advance Purchaser, Nationstar or any of their respective Affiliates party to the Transaction Documents, (ii) the condition or operations,
financial or otherwise, of Advance Purchaser, Nationstar or any of their respective Affiliates party to the Transaction Documents, (iii) the Designated Servicing Agreements, the related Mortgage Loans and the Receivables or (iv) the
transactions contemplated by the Transaction Documents, including access to the Servicer’s and each Subservicer’s management and records. In addition, Nationstar shall forward to the Administrative Agent, upon its reasonably request, such
other information, documents, records or reports respecting (i) Nationstar or any of its Affiliates party to the Transaction Documents, (ii) the condition or operations, financial or otherwise, of Nationstar or any of its Affiliates party
to the Transaction Documents, (iii) Designated Servicing Agreements, the related Mortgage Loans and the Receivables or (iv) the transactions contemplated by the Transaction Documents. The Administrative Agent shall and shall cause its
respective representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) or the Administrative Agent may reasonably
determine that such disclosure is consistent with its obligations hereunder; provided, however, that the Administrative Agent may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection
with the performance of its responsibilities hereunder. 
  

	Section 3.4.	Access to Certain Documentation and Information. 

 (a) Access to Receivables
Information. The Custodians shall provide the Noteholders with access to the documentation relating to the Receivables as provided in Section 2.4(b). In each case, access to documentation relating to the Receivables shall be afforded
without charge but only upon reasonable request and during normal business hours at the offices of the Custodians and in a manner that does not unreasonably interfere with a Custodian’s conduct of its regular business. Nothing in this
Section 3.4 shall impair the obligation of the Custodians to observe any Applicable Law prohibiting disclosure of information regarding the Trust Estate and the failure of the Custodians to provide access as provided in this
Section 3.4 as a result of such obligation shall not constitute a breach of this Section. 
 Notwithstanding anything to the
contrary contained in this Section 3.4, Section 2.4, or in any other Section hereof, the Servicer and the Subservicer, on reasonable prior notice, shall permit the Administrative Agent, the Verification Agent, the Indenture
Trustee or any agent or independent certified public accountants selected by the Indenture Trustee, during the Servicer’s or the Subservicer’s, as applicable, normal business hours, and in a manner that does not unreasonably interfere with
the Servicer’s or the Subservicer’s, as applicable, conduct of its regular business, to examine all the books of account, records, reports and other papers of the 

  
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Servicer or the Subservicer, as applicable, relating to the Mortgage Loans, Designated Servicing Agreements and the Receivables, to make copies and extracts therefrom, and to discuss the
Servicer’s or the Subservicer’s, as applicable, affairs, finances and accounts relating to the Mortgage Loans, Designated Servicing Agreements and the Receivables with the Servicer’s officers, employees and independent public
accountants (and by this provision the Servicer hereby authorizes the Servicer’s accountants to discuss with such representatives such affairs, finances and accounts), all at such times and as often as reasonably may be requested;
provided that the Servicer shall be given reasonable prior notice of any meeting with its accountants and shall have the right to have its representatives present at any such meeting. The Servicer shall at all times have equivalent access
rights to the Subservicer. Unless a related Target Amortization Event, an Event of Default that has not been waived by Noteholders of more than 66 2⁄3% of the
Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and the Administrative Agent or a Facility Early Amortization Event that has not been waived by Noteholders of at least
66 2⁄3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, 100% of the VFN Noteholders and the Administrative Agent
shall have occurred, or the Notes of any rated Class have been downgraded below “investment grade” by each related Note Rating Agency or any related Note Rating Agency shall have withdrawn its rating of any Class of Notes, any
out-of-pocket costs and expenses incident to the exercise by the Indenture Trustee or any Noteholder of any right under this Section 3.4 shall be borne by the requesting Noteholder(s). The parties hereto acknowledge that the Indenture
Trustee shall not exercise any right pursuant to this Section 3.4 prior to any event set forth in the preceding sentence unless directed to do so by a group of Interested Noteholders, and the Indenture Trustee has been provided with
indemnity satisfactory to it by such Interested Noteholders. The Indenture Trustee shall have no liability for action in accordance with the preceding sentence. 

In the event that such rights are exercised (i) following a related Target Amortization Event, (ii) following the occurrence of a
Facility Early Amortization Event that has not been waived by, together, Noteholders of at least 66 2⁄3% of the Note Balance of the Outstanding Notes of each
Series, measured by Voting Interests, 100% of the VFN Noteholders and the Administrative Agent, (iii) following the occurrence of an Event of Default that has not been waived by Noteholders of more than
66 2⁄3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and the Administrative Agent, or (iv) after a related
Note Rating Agency has withdrawn its rating of any Class of Notes or (iv) while the Notes of any rated Class have a rating below “investment grade” by such Note Rating Agency, all out-of-pocket costs and expenses incurred by the
Indenture Trustee shall be borne by Advance Purchaser. Prior to any such payment, Advance Purchaser shall be provided with commercially reasonable documentation of such costs and expenses. Notwithstanding anything contained in this
Section 3.4 to the contrary, in no event shall the books of account, records, reports and other papers of the Servicer, the Receivables Seller, the Depositor or the Issuer relating to the Mortgage Loans, Designated Servicing Agreements
and the Receivables be examined by independent certified public accountants at the direction of the Indenture Trustee or any Interested Noteholder pursuant to the exercise of any right under this Section 3.4 more than two times during
any 12-month period, unless (A) a Target Amortization Event, (B) a Facility Early Amortization Event that has not been waived by, together, Noteholders of at least
66 2⁄3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, 100% of the VFN Noteholders and the Administrative Agent has
occurred during such twelve-month period, (C) an Event of Default has occurred that has not been waived by Noteholders of more 

  
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than 66 2⁄3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests,
and the Administrative Agent during such twelve-month period, or (D) the Notes of any rated Class have been downgraded below “investment grade” by a related Note Rating Agency (without regard to any supplemental credit enhancement) or
such Note Rating Agency shall have withdrawn its rating of any rated Class of Notes, in which case more than two examinations may be conducted during a twelve-month period, but such extra audits shall be at the sole expense of the Noteholder(s)
requesting such audit(s). 
 (b) Access to Issuer. The Issuer agrees that, on reasonable prior notice, it will permit any
representative of the Indenture Trustee, Verification Agent or the Administrative Agent, to examine all of its books of account, records, reports, and other papers, to make copies and extracts therefrom, to cause such books to be audited by
independent certified public accountants, and to discuss its affairs, finances and accounts its officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The
Indenture Trustee, the Verification Agent and the Administrative Agent shall and shall cause their respective representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) or the Indenture Trustee, the Verification Agent or the Administrative Agent, as applicable, may reasonably determine that such disclosure is consistent with its obligations hereunder;
provided, however, that the Indenture Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance of its responsibilities hereunder. Without limiting the
generality of the foregoing, neither the Indenture Trustee, the Verification Agent or the Administrative Agent shall disclose information to any of its Affiliates or any of their respective directors, officers, employees and agents, that may provide
any servicer advance financing to Nationstar, Advance Purchaser, the Depositor, the Issuer or any of their Affiliates, except in such Affiliate’s capacity as Noteholder. 
  

	Section 3.5.	Indenture Trustee to Make Reports Available. 

 (a) Monthly Reports on Indenture
Trustee’s Website. The Indenture Trustee will make each Determination Date Report, Payment Date Report and Interim Payment Date Report (and, at its option, any additional files containing the same information in an alternative format)
available each month to any interested parties via the Indenture Trustee’s internet website and such other information as the Indenture Trustee may have in its possession, but only with the use of a password provided by the Indenture Trustee.
In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee’s internet website shall initially be located at
www.ctslink.com. Assistance in using the Indenture Trustee’s website can be obtained by calling the Indenture Trustee’s investor relations desk at 1-866-846-4576. Parties that are unable to use the above distribution option are entitled to
have a paper copy mailed to them via first class mail by calling the investor relations desk and requesting a copy. The Indenture Trustee shall have the right to change the way the Determination Date Reports, Payment Date Reports and Interim Payment
Date Reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes.

  
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 All Noteholders are advised (and have been advised pursuant to any related offering document) to
review any distribution statement, financial information and disbursements provided to them, and to bring any errors or omissions to the Indenture Trustee’s attention within ninety (90) days of receipt of such distribution statement,
financial information or disbursement. If any errors or omissions are brought to the Indenture Trustee’s attention subsequent to such time period, the Indenture Trustee shall use good faith efforts to make the correction as requested; provided,
however, such corrections shall be made in accordance with the Depository’s policies and procedures then in effect. 
 (b) Annual
Reports. Within sixty (60) days after the end of each calendar year, the Indenture Trustee shall furnish to each Person (upon the written request of such Person), who at any time during the calendar year was a Noteholder a statement
containing (i) information regarding payments of principal, interest and other amounts on such Person’s Notes, aggregated for such calendar year or the applicable portion thereof during which such person was a Noteholder and (ii) such
other customary information as may be deemed necessary or desirable for Noteholders to prepare their tax returns. Such obligation shall be deemed to have been satisfied to the extent that substantially comparable information is provided pursuant to
any requirements of the Code as are from time to time in force. The Indenture Trustee shall prepare and provide to the Internal Revenue Service and to each Noteholder any information reports required to be provided under federal income tax law,
including without limitation IRS Form 1099. 
 Article IV 

The Trust Accounts; Payments 
  

	Section 4.1.	Trust Accounts. 

 The Indenture Trustee shall establish and maintain, or cause to
be established and maintained, the Trust Accounts, each of which shall be an Eligible Account, for the benefit of the Secured Parties. All amounts held in the Trust Accounts (other than any Sinking Fund Account) shall, to the extent permitted by
this Indenture and applicable laws, rules and regulations, be invested in Permitted Investments by the depository institution or trust company then maintaining such Account only upon written direction of the Administrator to the Indenture Trustee;
provided, however, that in the event the Administrator fails to provide such written direction to the Indenture Trustee, and until the Administrator provides such written direction, the Indenture Trustee shall not invest funds on
deposit in any Trust Account (other than any Sinking Fund Account). Funds deposited into a Trust Account on a Business Day after 1:30 p.m. New York City time will not be invested until the following Business Day. Investments held in Permitted
Investments in the Trust Accounts (other than any Sinking Fund Account) shall not be sold or disposed of prior to their maturity (unless a Facility Early Amortization Event has occurred). Earnings on investment of funds in any Trust Account (other
than any Sinking Fund Account) shall be remitted by the Indenture Trustee upon the Administrator’s request to the account or other location of the Administrator’s designation on the first
(1st) Business Day of the month following the month in which such earnings on investment of funds is received; provided, that the Indenture Trustee shall be entitled to the benefit of
any income or gain in the Trust Accounts (other than any Sinking Fund Account) for the Business Day immediately preceding 

  
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each Interim Payment Date or Payment Date, as applicable. Any losses and investment expenses relating to any investment of funds in any Trust Account (other than any Sinking Fund Account) shall
be for the account of the Administrator, which shall deposit or cause to be deposited the amount of such loss (to the extent not offset by income from other investments of funds in the related Trust Account) in the related Trust Account promptly
upon the realization of such loss. The taxpayer identification number associated with each of the Trust Accounts (other than any Sinking Fund Account) shall be that of the Issuer, and the Issuer shall report for federal, state and local income tax
purposes their respective portions of the income, if any, earned on funds in the relevant Trust Account (other than any Sinking Fund Account). The Administrator hereby acknowledges that all amounts on deposit in each Trust Account (excluding
investment earnings on deposit in the Trust Accounts), other than any Sinking Fund Account, are held in trust by the Indenture Trustee for the benefit of the Secured Parties, subject to any express rights of the Issuer set forth herein, and shall
remain at all times during the term of this Indenture under the sole dominion and control of the Indenture Trustee. 
 All amounts held in
any Sinking Fund Account shall, to the extent permitted by this Indenture and applicable laws, rules and regulations, be invested in Sinking Fund Permitted Investments by the depository institution or trust company then maintaining such Sinking Fund
Account only upon written direction of the Administrator to the Indenture Trustee; provided, however, that in the event the Administrator fails to provide such written direction to the Indenture Trustee, and until the Administrator
provides such written direction, the Indenture Trustee shall not invest funds on deposit in any Sinking Fund Account. Funds deposited into a Sinking Fund Account on a Business Day after 1:30 p.m. New York City time will not be invested until the
following Business Day. Investments held in Sinking Fund Permitted Investments in any Sinking Fund Account shall not be sold or disposed of prior to their maturity (unless a Facility Early Amortization Event has occurred). Earnings on investment of
funds in any Sinking Fund Account shall be remitted by the Indenture Trustee upon the Administrator’s request to the account or other location of the Administrator’s designation on the first
(1st) Business Day of the month following the month in which such earnings on investment of funds is received; provided, that the Indenture Trustee shall be entitled to the benefit of
any income or gain in the Sinking Fund Accounts for the Business Day immediately preceding each Interim Payment Date or Payment Date, as applicable. Any losses and investment expenses relating to any investment of funds in any Sinking Fund Account
shall be for the account of the Administrator, which shall deposit or cause to be deposited the amount of such loss (to the extent not offset by income from other investments of funds in the related Sinking Fund Account) in the related Sinking Fund
Account promptly upon the realization of such loss. The taxpayer identification number associated with each of the Sinking Fund Accounts shall be that of the Issuer, and the Issuer shall report for federal, state and local income tax purposes their
respective portions of the income, if any, earned on funds in the relevant Sinking Fund Account. The Administrator hereby acknowledges that all amounts on deposit in each Sinking Fund Account (excluding investment earnings on deposit in the Sinking
Fund Accounts) are held in trust by the Indenture Trustee for the benefit of the Noteholders, subject to any express rights of the Issuer set forth herein, and shall remain at all times during the term of this Indenture under the sole dominion and
control of the Indenture Trustee. 

  
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 So long as the Indenture Trustee complies with the provisions of this Section 4.1,
the Indenture Trustee shall not be liable for the selection of investments or for investment losses incurred thereon by reason of investment performance, liquidation prior to stated maturity or otherwise. The Indenture Trustee shall have no
liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure to be provided with timely written investment direction. 

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities
which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture Trustee upon its request from time to time such identifying information and documentation as may be available for
such party in order to enable the Indenture Trustee to comply with Applicable Law. 
 All parties to this Indenture agree, and each
Noteholder of each Series by its acceptance of the related Note will be deemed to have agreed, that such Noteholder shall have no claim or interest in the amounts on deposit in any Trust Account created under this Indenture or any related Indenture
Supplement related to an unrelated Series except as expressly provided herein or therein. 
 The Indenture Trustee or its Affiliates are
permitted to receive additional compensation that could be deemed to be for the Indenture Trustee’s economic self-interest for (a) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with
respect to certain of the Permitted Investments and Sinking Fund Permitted Investments, (b) using Affiliates to effect transactions in certain Permitted Investments and Sinking Fund Permitted Investments and (c) effecting transactions in
certain Permitted Investments and Sinking Fund Permitted Investments. Such compensation is not payable or reimbursable under this Indenture. 
  

	Section 4.2.	Collections and Disbursements of Advances by Servicer. 

 (a) Daily Deposits of
Net Proceeds. The Servicer shall deposit all Advance Reimbursement Amounts to its clearing account, and shall cause any Subservicer to deposit any Advance Reimbursement Amounts it collects to the Subservicer’s clearing account, within one
(1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit or cause the Subservicer to remit, into the Collection and Funding Account all Advance Reimbursement Amounts
collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s or Subservicer’s deposit thereof into its clearing account, and shall, no later than two
(2) Business Days thereafter, remit all such Advance Reimbursement Amounts received on or after the Cut-off Date to the Indenture Trustee for deposit into the Collection and Funding Account; provided, however, that if a Designated
Servicing Agreement requires the related Servicer to remit such amounts to a Custodial Account, the Servicer or the Subservicer shall deposit such collections to such Custodial Account no later than two (2) Business Days after collection
thereof by the Servicer or the Subservicer, and shall cause such amounts to be remitted directly (unless the Servicer has provided notice to the Administrative Agent as contemplated in the immediately following sentence) from such Custodial
Account(s) to the Initial Collection 

  
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Account (which amounts shall afterwards be deposited into the Collection and Funding Account within one (1) Business Day of deposit into the Initial Collection Account) or to the Collection
and Funding Account no later than two (2) Business Days after such amounts are deposited into the clearing account. If the Servicer or Subservicer, as applicable, remits Collections through one or more intermediate steps in the course of
transfer from its clearing account to the related Custodial Account, or from the related Custodial Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to the Administrative Agent. The Indenture
Trustee shall deposit to the Collection and Funding Account all Advance Reimbursement Amounts it receives from the Servicer daily. To the extent the Indenture Trustee receives for deposit Advance Reimbursement Amounts in the Collection and Funding
Account later than 2:00 p.m. New York City Time on a Business Day, such funds shall be deemed to have been received on the following Business Day. Notwithstanding the foregoing, after the Servicer shall have remitted to the Collection and Funding
Account, Advance Reimbursement Amounts in respect of P&I Advances made under a Designated Servicing Agreement in an amount sufficient to reimburse all P&I Advances that were made under such Designated Servicing Agreement using funds other
than Amounts Held for Future Distribution, the Servicer may leave additional Advance Reimbursement Amounts collected with respect to such Designated Servicing Agreement in the related Custodial Account and use such funds to reimburse Amounts Held
for Future Distribution as required pursuant to Section 4.2(c). 
 (b) Payment Dates. On each Payment Date, the Indenture
Trustee shall transfer from the Collection and Funding Account to the Note Payment Account all Available Funds then on deposit in the Collection and Funding Account. Except in the case of Redemption Amounts, which may be remitted by the Issuer
directly to the Note Payment Account, none of the Servicer, the Subservicer, the Administrator, the Issuer, the Calculation Agent nor the Indenture Trustee shall remit to the Note Payment Account, and each shall take all reasonable actions to
prevent other Persons from remitting to the Note Payment Account, amounts which do not constitute payments, collections or recoveries received, made or realized in respect of the Receivables or the initial cash deposited by the Noteholders with the
Indenture Trustee on the date hereof, and the Indenture Trustee will return to the Issuer or the Servicer any such amounts upon receiving written evidence reasonably satisfactory to the Indenture Trustee that such amounts are not a part of the Trust
Estate. 
 (c) Restoration of Amounts Held for Future Distribution. The Servicer generally has the right to remit amounts held for
distribution to the MBS Trustee in a future month (“Amounts Held for Future Distribution”) on deposit in each Custodial Account, to the related MBS Trustee as part of the Servicer’s monthly P&I Advances required
under the related Designated Servicing Agreement. The Servicer shall deposit the full amount of any Amount Held for Future Distribution with respect to each Designated Servicing Agreement that were so used by the Servicer, in any month, back into
the related Custodial Account, to the extent not restored already out of Advance Reimbursement Amounts, by no later than the date on which the Servicer would have been required to remit such amount to the related MBS Trustee as a current monthly
Mortgage Loan collection, or earlier if so required under the related Servicing Agreement. If the Servicer fails to restore any such Amount Held for Future Distribution at the time when it is required to do so pursuant to this
Section 4.2(c), and does not correct such failure within one (1) Business Day, then the Servicer covenants hereunder that it shall no longer use any Amounts Held for Future Distribution in making any of its P&I Advances at any
time on or after such failure. 

  
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 (d) Delegated Authority to Make P&I Advances. The Receivables Seller and the Servicer
hereby irrevocably appoint the Noteholder(s) of any Outstanding VFN with the authority (but no obligation) to make any P&I Advance on the Servicer’s behalf to the extent the Servicer fails to make such P&I Advance when required to do so
pursuant to the related Designated Servicing Agreement. 
  

	Section 4.3.	Funding of Additional Receivables. 

 (a) Funding Certifications. By no
later than 1:00 p.m. New York City time on the second (2nd) Business Day prior to each Funding Date that is a VFN Draw Date (or such other time as may be agreed to from time to time by the
Servicer, the Indenture Trustee and the Administrative Agent) or on the first (1st) Business Day prior to each Funding Date that is not a VFN Draw Date (or such other time as may be agreed to
from time to time by the Servicer, the Administrator, the Indenture Trustee and the Administrative Agent), the Administrator or the Sub-Administrator on behalf of the Administrator shall prepare and deliver to the Issuer, the Indenture Trustee, the
Calculation Agent and the Administrative Agent (and, on any Interim Payment Date, each applicable VFN Noteholder) a certification (each, a “Funding Certification”) containing a list of each Funding Condition and presenting a
yes or no answer beside each indicating whether such Funding Condition has been satisfied and shall state in writing the amount to be funded on that Funding Date. 

(b) VFN Draws, Discretionary Paydowns and Permanent Reductions. 

With respect to each VFN: 

(i) By no later than 1:00 p.m. New York City time on the Business Day prior to any Interim Payment Date or Payment Date during
the Revolving Period for such VFN on which any applicable Variable Funding Note Class is Outstanding, the Issuer may deliver, or cause to be delivered, to each Noteholder of such Variable Funding Notes and to the Indenture Trustee a report (a
“VFN Note Balance Adjustment Request”) for such upcoming Funding Date, requesting such Noteholders to fund a VFN Principal Balance increase on any Class or Classes of VFNs in the amount(s) specified in such request, which
request shall instruct the Indenture Trustee to recognize an increase in the related VFN Principal Balance, but not in excess of the lesser of (x) the related Maximum VFN Principal Balance or (y) the amount that would cause the Collateral
Test to be violated. The VFN Note Balance Adjustment Request shall also state the amount, if any, of any principal payment to be made on each Outstanding Class of VFNs on the upcoming Interim Payment Date or Payment Date. 

(ii) From time to time, but not exceeding once per calendar month, during the Revolving Period for such VFN, the Issuer may
notify the Administrative Agent of a permanent reduction in the Maximum VFN Principal Balance by indicating such reduction on the VFN Note Balance Adjustment Request. Following such permanent reduction, the applicable VFN Noteholders shall only be
required to fund increases in the 

  
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VFN Principal Balance up to such reduced Maximum VFN Principal Balance. Furthermore, following a reduction in the Maximum VFN Principal Balance pursuant to this clause (ii), the
Issuer shall not at any time be permitted to request an increase in the Maximum VFN Principal Balance. 
 (iii) If the
related Funding Certification indicates that all Funding Conditions have been met, the applicable VFN Noteholders shall fund the VFN Principal Balance increase by remitting pro rata (based on such Noteholder’s percentage of the Maximum
VFN Principal Balance) the amount stated in the request to the Indenture Trustee by 12:00 p.m. (noon) New York City time on the related Funding Date, whereupon the Indenture Trustee shall adjust its records to reflect the increase of the VFN
Principal Balance (which increase shall be the aggregate of the amounts received by the Indenture Trustee from the applicable VFN Noteholders) by the later of (i) 2:00 p.m. New York City time on such Funding Date or (ii) two hours after
the receipt by the Indenture Trustee of such funds from the VFN Noteholders, so long as, after such increase and after giving effect any Receivables to be purchased, the Collateral Test will continue to be satisfied, determined based on the VFN Note
Balance Adjustment Request and Determination Date Report. The Indenture Trustee shall be entitled to rely conclusively on any VFN Note Balance Adjustment Request and the related Determination Date Report and Funding Certification. The Indenture
Trustee shall make available on its website to the Issuer or its designee and each applicable VFN Noteholder, notice on such Funding Date as reasonably requested by the Issuer of any increase in the VFN Principal Balance. The Indenture Trustee shall
apply and remit any such payment by the VFN Noteholders toward the payment of the related New Receivables Funding Amounts and (if applicable) Excess Receivables Funding Amounts as described in Section 4.3(c). If on any Funding Date there
is more than one Series with Outstanding Variable Funding Notes, VFN draws on such Funding Date shall be made on a pro rata basis among all applicable Outstanding Series of VFNs in their Revolving Periods based on their respective available
Borrowing Capacities, unless otherwise provided in the related Indenture Supplement and Note Purchase Agreement. If any VFN Noteholder does not fund its share of a requested VFN draw, one or more other VFN Noteholders may fund all or a portion of
such draw, but no other VFN Noteholder shall have any obligation to do so. Draws on VFNs of different Classes within the same Series need not be drawn pro rata relative to each other. Any draws under any VFNs shall be used only (i) to purchase
new Receivables pursuant to the Receivables Pooling Agreement and (ii) to provide funding in respect of Excess Receivables Funding Amounts, in each case, in a manner that would not be in violation of any term hereof (including, without
limitation, in a manner that would result in a material adverse United States federal income tax consequence to the Trust Estate or any Noteholders). 

(c) Payment of New Receivables Funding Amounts. 

(i) Subject to its receipt of a duly executed Funding Certification from the Administrator pursuant to
Section 4.3(a) stating that all Funding Conditions have been satisfied, the Indenture Trustee shall remit to the Issuer (or the Issuer’s designee), by the close of business New York City time on each Funding Date, the amount of
(x) the aggregate New Receivables Funding Amount for Additional Receivables to be funded on 

  
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such Funding Date and (y) any other amounts to be drawn on the VFNs on such date in respect of Excess Receivables Funding Amounts without causing the related VFN Principal Balance to exceed
either (I) the related Maximum VFN Principal Balance or (II) the amount that would cause the Collateral Test not be satisfied, using the following sources of funding in the following order: 

(A) any funds on deposit in the Collection and Funding Account minus the Required Expense Reserve, 

(B) if such Funding Date is a Payment Date, Available Funds allocated for such purpose pursuant to
Section 4.5(a)(1)(vii), 
 (C) if such Funding Date is an Interim Payment Date, Available Funds allocated for
such purpose pursuant to Section 4.4(e); and 
 (D) any amounts paid by VFN Noteholders as described in
Section 4.3(b); 
 (ii) Subject to its receipt of a duly executed Funding Certification from the Administrator
pursuant to Section 4.3(a) indicating that all Funding Conditions have been satisfied, the Indenture Trustee shall remit to the Issuer (or the Issuer’s designee) by the close of business on each Interim Payment Date or Payment Date
occurring at any time when not all Outstanding Notes are in Full Amortization Periods, (A) the amount of the aggregate New Receivables Funding Amount for Additional Receivables to be funded on such Interim Payment Date or Payment Date, using
(1) Available Funds allocated for such purpose pursuant to Section 4.4(e) or Section 4.5(a)(1)(vii), and (2) any amounts funded by VFN Noteholders in respect of such New Receivables Funding Amount as described in
Section 4.3(b) and (B) any amounts funded by VFN Noteholders in respect of Excess Receivables Funding Amounts as described in Section 4.3(b). 

(iii) Except with respect to P&I Advance Receivables eligible for funding on a Funding Date prior to disbursement of the
related P&I Advances pursuant to Section 4.3(e) and except for Deferred Servicing Fee Receivables, the Administrator shall not and shall not permit the Issuer or the Depositor to, request funding for any Receivables except to the
extent that the related Advances shall have been disbursed to the related MBS Trustees, prior to the receipt of the related New Receivables Funding Amount. Unless and until (i) a Facility Early Amortization Event shall have occurred which has
not been waived or (ii) a VFN Noteholder or the Majority Noteholders of all the Notes instruct the Indenture Trustee by a written notice that no portion of the New Receivables Funding Amount may be paid by the Indenture Trustee without first
receiving a written certification that all of the related P&I Advances have been previously disbursed by the Receivables Seller (a “Cease Pre-Funding Notice”), which may be delivered at any time as deemed necessary by
such Noteholder(s) in the exercise of its or their sole and absolute discretion, the Indenture Trustee may pay the New Receivables Funding Amount for P&I Advances on any Funding Date. If a Cease Pre-Funding Notice has been delivered, then no
P&I Advance Receivables may be funded until all the related P&I Advances have been disbursed and the Receivables Seller shall have delivered a written certification to such effect to the Indenture Trustee with respect to all related
Advances. 

  
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 (d) P&I Advance Disbursement Account. Pursuant to Section 4.1, the
Indenture Trustee shall establish and maintain an Eligible Account in the name of the Issuer as the P&I Advance Disbursement Account. The taxpayer identification number associated with the P&I Advance Disbursement Account shall be that of
the Issuer and the Receivables Seller will report for Federal, state and local income tax purposes, the income, if any, on funds on deposit in the P&I Advance Disbursement Account. Subject to Section 4.1, funds on deposit from time
to time in the P&I Advance Disbursement Account shall remain uninvested. The Indenture Trustee shall have and is hereby directed by the Issuer to exercise the sole and exclusive right to disburse funds from the P&I Advance Disbursement
Account and each of the Servicer, Administrator and Issuer hereby acknowledges and agrees that it shall have no right to provide payment or withdrawal instructions with respect to the P&I Advance Disbursement Account or to otherwise direct the
disposition of funds from time to time on deposit in the P&I Advance Disbursement Account. 
 (e) Pre-Funding of P&I Advances.
On any Funding Date during the Revolving Period for any Series or Class of Notes, the Issuer (or the Servicer on its behalf) may request that all or a portion of the New Receivables Funding Amount be applied in satisfaction of the Servicer’s
obligation to make P&I Advances under one or more Designated Servicing Agreements. Prior to (i) the occurrence of a Facility Early Amortization Event or (ii) the receipt by the Indenture Trustee of a Cease Pre-Funding Notice, the
Indenture Trustee shall apply the portion of the New Receivables Funding Amount requested by the Issuer (or the Servicer on its behalf) to “Noteholders’ Amounts” (as defined below) in accordance with this Section 4.3(e).
Not later than 12:00 p.m. (noon) New York City time on the Business Day preceding each Funding Date (or such other time as may be agreed to from time to time by the Administrator, the Indenture Trustee and the Administrative Agent), the Issuer (or
the Administrator (or the Sub-Administrator on the Administrator’s behalf) on its behalf) shall deliver a disbursement report (the “Disbursement Report”) to the Indenture Trustee and the Administrative Agent setting
forth in reasonable detail (A) the aggregate amount of P&I Advances required to be advanced by the Servicer under each Designated Servicing Agreement on such Funding Date for which the Advance Purchaser desires pre-funding in accordance
with this Section 4.3(e) (each such amount, a “P&I Advance Amount”), (B) the payment or wiring instructions for the Custodial Account or accounts relating to each Designated Servicing Agreement with
respect to which the Servicer is obligated to disburse a P&I Advance Amount on such Funding Date, (C) the Series New Receivables Funding Amount for each Series and the full New Receivables Funding Amount, that would apply to each P&I
Advance Amount if such P&I Advance Amount were a P&I Advance Receivable (such Collateral Value, the “Noteholders’ Amount”), and (D) a calculation for each P&I Advance Amount of the excess of such P&I
Advance Amount over the Noteholders’ Amount (such excess, the “Issuer Amount”). Not later than 12:00 p.m. (noon) New York City time on each Funding Date, (x) the Issuer (or the Administrator (or the
Sub-Administrator on the Administrator’s behalf) on its behalf) shall deposit to the P&I Advance Disbursement Account in cash or immediately available funds, an amount equal to the sum of the Issuer Amounts with respect to each Designated
Servicing Agreement and (y) the Indenture Trustee shall transfer to the P&I Advance Disbursement Account, out of the proceeds of the New Receivables Funding Amount, an amount equal to the sum of the Noteholders’ Amounts with

  
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respect to each Designated Servicing Agreement. Not later than 2:00 p.m. New York City time on each Funding Date, the Indenture Trustee will, solely from funds on deposit in the P&I Advance
Disbursement Account, remit the P&I Advance Amount with respect to each Designated Servicing Agreement to the applicable custodial accounts listed in the related Disbursement Report. Notwithstanding anything to the contrary contained herein, the
Indenture Trustee shall not transfer any funds from the Collection and Funding Account to the P&I Advance Disbursement Account or disburse any P&I Advance Amount on any Funding Date unless it shall have confirmed receipt of the sum of the
Issuer Amounts described on the related Disbursement Report. 
 (f) Limited Funding Dates. On any Limited Funding Date, subject
to its receipt of a duly executed Funding Certification from the Administrator or the Sub-Administrator on behalf of the Administrator pursuant to Section 4.3(a) stating that all Funding Conditions have been satisfied, the Indenture
Trustee shall, by the close of business New York City time on each Limited Funding Date occurring during the Revolving Period for any Series or Class of Notes, (i) remit to the Issuer (or the Issuer’s designee) the amount of the aggregate
New Receivables Funding Amount for Additional Receivables to be funded on such Limited Funding Date, using only funds on deposit in the Collection and Funding Account minus the Required Expense Reserve, and (ii) thereafter, release any
Excess Cash Amount to the Depositor as holder of the Owner Trust Certificate it being understood that no such Excess Cash Amounts may be paid to the Depositor under this clause (f) if, after the payment of such cash amounts, the
Collateral Test would no longer be satisfied. Notwithstanding anything to the contrary herein, no draws on Variable Funding Notes may be made on a Limited Funding Date, and no payments on any Notes shall be made on a Limited Funding Date, as Limited
Funding Dates shall not be treated as Interim Payment Dates but instead shall be for the sole purpose of funding new Receivables, funding the Accumulation Accounts and the Series Reserve Account for each Series as described in the following sentence
and releasing Excess Cash Amounts to the extent permissible under the terms of this Indenture. On each Limited Funding Date, prior to amounts being released for the purchase of new Receivables in accordance with the first sentence of this
Section 4.3(f), the Indenture Trustee shall release from the Collection and Funding Account to each of the Fee Accumulation Account, Interest Accumulation Account, Target Amortization Principal Accumulation Account and the Series Reserve
Account for each Series, the amounts required to be deposited therein for such Limited Funding Date in order for the Funding Conditions to be satisfied on such date. 
  

	Section 4.4.	Interim Payment Dates. 

 On each Interim Payment Date, the Indenture Trustee
shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such
Interim Payment Date: 
 (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in
such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); 

  
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 (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the
amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; 
 (c) to the Series Reserve Account
for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; 

(d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the
Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is
in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; 

(e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to
be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such
Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have
been met; 
 (f) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been
waived, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through
(e) above; 
 (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting
Counterparty Termination Payments); 
 (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their
respective Note Balances, such amount as may be designated by the Administrator; 
 (i) as directed by the Administrator on behalf of Issuer,
to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and 
 (j) any Net Excess Cash
Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (j) if, after the payment of such cash
amounts, the Collateral Test would no longer be satisfied. 

  
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	Section 4.5.	Payment Dates. 

 (a) On each Payment Date, the Indenture Trustee shall transfer
the related Available Funds on deposit in the Collection and Funding Account, the Interest Accumulation Account, the Fee Accumulation Account and the Target Amortization Principal Accumulation Account for such Payment Date to the Note Payment
Account. On each Payment Date, the Paying Agent shall apply such Available Funds (and other amounts as specifically noted in clause (1)(v) below) in the following order of priority and in the amounts set forth in the Payment Date Report
for such Payment Date (provided that amounts on deposit in the Target Amortization Principal Accumulation Account may only be used to pay the Target Amortization Amounts of the Classes for which the related Indenture Supplement provides that
there will be intra-month reservation of Target Amortization Principal Accumulation Amounts (pro rata based on their respective Target Amortization Principal Accumulation Amounts)): 

(1) If a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived: 

(i) to the Indenture Trustee (in all its capacities), the Indenture Trustee Fee, and to the Owner Trustee (to the extent not
otherwise paid pursuant to the Trust Agreement or the Administration Agreement), the Owner Trustee Fee payable on such Payment Date, plus, (subject, in the case of expenses and indemnification amounts, to the applicable Expense Limit) all
reasonable out-of-pocket expenses and indemnification amounts owed to the Indenture Trustee (in all capacities) and Wells Fargo Bank, N.A. (in all capacities) and the Owner Trustee on such Payment Date, from funds in the Fee Accumulation Account,
with respect to expenses and indemnification amounts to the extent such expenses and indemnification amounts have been invoiced or noticed to the Administrator, first, out of amounts on deposit in the Fee Accumulation Account which were deposited
into the Fee Accumulation Account on an Interim Payment Date specifically for such items and then, any remaining unpaid amounts out of other Available Funds; 

(ii) to each Person (other than the Indenture Trustee or the Owner Trustee) entitled to receive Fees or Series Fees or Undrawn
Fees on such date, the Fees or Series Fees (other than Defaulting Counterparty Termination Payments) or Undrawn Fees payable to any such Person with respect to the related Monthly Advance Collection Period or Interest Accrual Period, as applicable,
plus (subject, in the case of expenses and indemnification amounts, to the applicable Expense Limit or Increased Costs Limit, as appropriate, and allocated pro rata based on the amounts due to each such Person and subject in the case of Series Fees
to the applicable Series Fee Limit) all reasonable out-of-pocket expenses and indemnification amounts owed for Administrative Expenses of the Issuer and for Increased Costs or any other amounts (including Undrawn Fees) due to any Noteholder and any
Series Fees due as specified in an Indenture Supplement (other than Defaulting Counterparty Termination Payments), subject to the related Series Fee Limit, pursuant to the Transaction Documents with respect to expenses, indemnification amounts,
Increased Costs, Undrawn Fees, Series Fees and other amounts to the extent such expenses, indemnification amounts, Increased Costs, Undrawn Fees, Series Fees and other amounts have been invoiced or noticed to the Administrator and the Indenture
Trustee and to the extent such amounts were deposited into the Fee Accumulation Account on a preceding Interim Payment Date, and thereafter from other Available Funds, if necessary; 

  
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 (iii) to the Noteholders of each Series of Notes, pro rata based on their
respective interest entitlement amounts, the related Cumulative Interest Shortfall Amounts attributable to unpaid Senior Interest Amounts from prior Payment Dates, and the Senior Interest Amount for the current Payment Date, for each such Class;
provided that if the amount of Available Funds on deposit in the Collection and Funding Account on such day is insufficient to pay any amounts in respect of any Class pursuant to this clause (iii), the Indenture Trustee shall withdraw from
the Series Reserve Account for such Class an amount equal to the lesser of the amount then on deposit in such Series Reserve Account and the amount of such shortfall for disbursement to the Noteholders of such Class in reduction of such shortfall,
with all such amounts paid to a Series under this clause (iii) allocated among the Classes of such Series as provided in the related Indenture Supplement; 

(iv) to the Series Reserve Account for each Series, any amount required to be deposited therein so that, after giving effect to
such deposit, the amount on deposit in such Series Reserve Account on such day equals the related Series Reserve Required Amount; 

(v) to the Noteholders of each Class of Notes for which the Target Amortization Period has commenced, the Target Amortization
Amount for such Class on such Payment Date, first payable from any amounts on deposit in the Target Amortization Principal Accumulation Account in respect of such Class, allocated pro rata among any such Classes based on their respective Target
Amortization Amounts, and thereafter payable from other Available Funds or proceeds of draws on VFNs or other companion Notes described in the related Indenture Supplement, pro rata based on their respective Target Amortization Amounts; 

(vi) to the extent necessary to satisfy the Collateral Test, (1) to pay down the respective VFN Principal Balances of each
Outstanding Class of VFNs, until the earlier of satisfaction of the Collateral Test or reduction of all VFN Principal Balances to zero, and thereafter (2) to reserve cash in the Collection and Funding Account to the extent necessary to satisfy
the Collateral Test; 
 (vii) to the Collection and Funding Account, for disbursement to the Issuer (or the Issuer’s
designee), the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of an increase in
any VFN Principal Balance) and the aggregate Excess Receivables Funding Amount to be funded on such Payment Date; 
 (viii)
to the Noteholders of each Series of Notes and pro rata based on their respective Note Balances, the amount necessary to reduce the accrued and unpaid Subordinated Interest Amounts and Subordinated Cumulative Interest Shortfall Amounts for each such
Series to zero, with amounts paid on a Series pursuant to this clause being allocated among the Classes within such Series as specified in the related Indenture Supplement; 

  
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 (ix) pro rata, based on their respective invoiced or reimbursable amounts and
without regard to the applicable Expense Limit or Series Fee Limit, (A) to the Indenture Trustee (in all its capacities) and the Owner Trustee for any amounts payable to the Indenture Trustee and the Owner Trustee pursuant to this Indenture or
the Trust Agreement to the extent not paid under clause (i) above, (B) to the Verification Agent for any amounts payable to the Verification Agent pursuant to this Indenture to the extent not paid under clause (ii) above, (C) to
the Securities Intermediary for any indemnification amounts owed to the Securities Intermediary as described in Section 4.9; (D) all Administrative Expenses of the Issuer not paid under clause (ii) above; (E) to the
Noteholders of any Notes to cover Increased Costs, pro rata among multiple Series based on their respective Increased Costs amounts (and among multiple Classes, allocated within any Series as described in the related Indenture Supplement);
(F) any Series Fees (including any Defaulting Counterparty Termination Payments) due pursuant to Indenture Supplement in excess of the applicable Series Fee Limit; or (G) any other amounts payable pursuant to this Indenture or any other
Transaction Document and not paid under clause (ii) above; 
 (x) if and to the extent so directed by the Administrator
on behalf of the Issuer, to the Noteholders of each Class of VFNs, an amount to be applied to pay down the respective VFN Principal Balances equal to the lesser of (A) the amount specified by the Administrator and (B) the amount necessary
to reduce the VFN Principal Balances to zero, paid pro rata among each VFN Classes based on their respective Note Balances; 

(xi) as directed by the Administrator on behalf of the Issuer, to pay any portion or all of any Excess Cash Amount to any
Sinking Fund Account or Sinking Fund Accounts; and 
 (xii) any Net Excess Cash Amount to or at the direction of the
Depositor as holder of the Owner Trust Certificate, to the extent that the Collateral Test would not, following any such payment, be breached; provided that amounts due and owing to the Owner Trustee and not previously paid hereunder or under
any other Transaction Document shall be paid prior to such payment. 
 (2) If a Facility Early Amortization Event has occurred and is
continuing unwaived, the Available Funds shall be allocated in the following order of priority: 
 (i) to the Indenture
Trustee (in all its capacities), the Indenture Trustee Fee, and to the Owner Trustee (to the extent not otherwise paid pursuant to the Trust Agreement or the Administration Agreement), the Owner Trustee Fee payable on such Payment Date, plus all
reasonable out-of-pocket expenses and indemnification amounts owed to the Indenture Trustee (in all capacities) and the Owner Trustee on such Payment Date, from funds in the Fee Accumulation Account, with respect to expenses and indemnification
amounts to the extent such expenses and indemnification amounts have 

  
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been invoiced or noticed to the Administrator and to the extent of amounts on deposit in the Fee Accumulation Account which were deposited into the Fee Accumulation Account on an Interim Payment
Date specifically for such items and thereafter from other Available Funds, if necessary; 
 (ii) to each Person (other than
the Indenture Trustee or the Owner Trustee) entitled to receive Fees or Series Fees on such date, the Fees or Series Fees (other than Defaulting Counterparty Termination Payments) payable to any such Person with respect to the related Monthly
Advance Collection Period or Interest Accrual Period, as applicable, plus (subject, in the case of expenses and indemnification amounts, to the applicable Expense Limit and allocated pro rata based on the amounts due to each such Person) all
reasonable out-of-pocket expenses and indemnification amounts owed for Administrative Expenses of the Issuer with respect to expenses, indemnification amounts and other amounts to the extent such expenses, indemnification amounts and other amounts
have been invoiced or noticed to the Administrator and the Indenture Trustee and Series Fees (other than Defaulting Counterparty Termination Payments), subject to the related Series Fee Limit and to the extent such amounts were deposited into the
Fee Accumulation Account on a preceding Interim Payment Date, but not including any Undrawn Fees and thereafter from other Available Funds, if necessary; 

(iii) thereafter, all remaining Available Funds shall (x) first, be allocated to any specific Series or Classes as
contemplated by the definition of “Available Funds” and (y) thereafter, be allocated among all Outstanding Series based on their respective Series Invested Amounts as of the date the Full Amortization Period commenced, and the amount
so allocated to each Series (each the related “Series Available Funds”) shall be allocated in the following order of priority: 

(A) [RESERVED; 

(B) any Undrawn Fees payable to any VFNs included in the related Series; 

(C) to the Noteholders of the related Series of Notes, the related Cumulative Interest Shortfall Amounts attributable to unpaid
Senior Interest Amounts from prior Payment Dates and the Senior Interest Amount for the current Payment Date, for each related Class; provided that if the amount of Available Funds on deposit in the Collection and Funding Account on such day
is insufficient to pay any amounts in respect of any related Class pursuant to this clause (iii)(C) the Indenture Trustee shall withdraw from the Series Reserve Account for such Class an amount equal to the lesser of the amount then on
deposit in such Series Reserve Account and the amount of such shortfall for disbursement to the Noteholders of such Class in reduction of such shortfall, with all such amounts paid to a Series under this clause (iii)(C) allocated among the
Classes of such Series as provided in the related Indenture Supplement; 
 (D) to the Noteholders of the related Series of
Notes, remaining Series Available Funds up to the aggregate unpaid Note Balances to reduce Note Balances in the order specified in the related Indenture Supplement, until all such Note Balances have been reduced to zero; 

  
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 (E) to the Noteholders of the related Series of Notes, the amount necessary to
reduce the accrued and unpaid Subordinated Interest Amounts and Subordinated Cumulative Interest Shortfall Amounts for such Series to zero, with amounts paid on a Series pursuant to this clause being allocated among the Classes within such Series as
specified in the related Indenture Supplement; and 
 (F) to be allocated to other Series to run steps
(A) through (E) above for such other Series, to the extent the Series Available Funds for such other Series were insufficient to make such payments, allocated among such other Series pro rata based on the amounts of their
respective shortfalls. 
 (iv) out of all remaining Available Funds, pro rata, based on their respective invoiced or
reimbursable amounts and without regard to the applicable Expense Limit, (A) to the Indenture Trustee (in all its capacities) and the Owner Trustee for any amounts payable to the Indenture Trustee and the Owner Trustee pursuant to this
Indenture or the Trust Agreement to the extent not paid under clause (i) above, (B) to the Verification Agent for any amounts payable to the Verification Agent pursuant to this Indenture to the extent not paid under clause
(ii) above, (C) to the Securities Intermediary for any indemnification amounts owed to the Securities Intermediary as described in Section 4.9; (D) all Administrative Expenses of the Issuer not paid under clause
(ii) above; (E) any Series Fees (including any Defaulting Counterparty Termination Payments) due to any Derivative Counterparty in excess of the applicable Series Fee Limit; and (F) to the Noteholders of any Notes to cover
Increased Costs, pro rata among multiple Classes based on their respective Increased Costs amounts or any other amounts payable pursuant to this Indenture or any other Transaction Document and not paid under clause (ii) above; 

(v) to pay any other amounts required to be paid before Net Excess Cash Amounts pursuant to one or more Indenture Supplements;
and 
 (vi) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate. 

(b) Any proceeds received by the Issuer under a Derivative Agreement or Supplemental Credit Enhancement Agreement for a Series or Class shall
be applied to supplement amounts payable with respect to such Series under Section 4.5(a), as set forth in the related Indenture Supplement. Amounts payable to any Derivative Counterparty or Supplemental Credit Enhancement Provider with
respect to any Series or Class shall be designated as “Series Fees” for purposes of this Indenture and the related Indenture Supplement, and particularly, Sections 4.4 and 4.5 hereof. 

(c) On each Payment Date, the Indenture Trustee shall instruct the Paying Agent to pay to each Noteholder of record on the related Record Date
the amount to be paid to such Noteholder in respect of the related Note on such Payment Date by wire transfer if appropriate instructions are provided to the Indenture Trustee in writing no later than five (5) Business Days prior to the related
Record Date, or, if a wire transfer cannot be effected, by check delivered to each Noteholder of record on the related Record Date at the address listed on the records of the Note Registrar. 

  
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 (d) Notwithstanding anything to the contrary in this Indenture, the Indenture Supplement
providing for the issuance of any Series of Notes within which there are one or more Classes of Notes may specify the allocation of payments among such Classes payable pursuant to Sections 4.4 and 4.5 hereof, providing for the
subordination of such payments on the subordinated Series or Class, and any such provision in such an Indenture Supplement shall have the same effect as if set forth in this Indenture and any related Indenture Supplement, all to the extent an Issuer
Tax Opinion is delivered as to such Series at its issuance. 
 (e) [RESERVED]. 

(f) On each Payment Date, the Indenture Trustee shall make available, in the same manner as described in Section 3.5, a report
stating all amounts paid to the Indenture Trustee (in all its capacities) or Wells Fargo Bank, N.A. (in all its capacities) pursuant to this Section 4.5 on such Payment Date. 

(g) The Indenture Trustee shall withdraw, on each Payment Date and Funding Date and use as Available Funds, the amount by which (i) the
amount then on deposit in the Fee Accumulation Account exceeds the Fee Accumulation Amount, (ii) the amount then on deposit in the Interest Accumulation Account exceeds the Interest Accumulation Amount and (iii) the amount then on deposit
in the Target Amortization Principal Accumulation Account exceeds the Target Amortization Amount, in each case, after giving effect to all payments required to be made from such Trust Accounts and the Note Payment Account on such date. 

(h) On the Expected Repayment Date (unless such Expected Repayment Date shall occur during the Full Amortization Period) for any Class of Notes
with respect to which a Sinking Fund Account has been established, the Indenture Trustee shall transfer all amounts on deposit in such Sinking Fund Account to the Note Payment Account for the repayment of the Note Balance of such Class of Notes.
During the Full Amortization Period all amounts on deposit in the Sinking Fund Accounts with respect to Sinking Fund Classes will be included in the Available Funds and such amounts will be available for the benefit of all Outstanding Notes. 

 

	Section 4.6.	Series Reserve Account. 

 (a) Pursuant to Section 4.1, the Indenture
Trustee shall establish and maintain a Series Reserve Account or Accounts for each Series, each of which shall be an Eligible Account, for the benefit of the Secured Parties of such Series. If any such account loses its status as an Eligible
Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. On or prior to the Issuance Date for each Series, the Issuer shall cause an amount equal to the related Series
Reserve Required Amount(s) to be deposited into the related Series Reserve Account(s). Thereafter, on each Payment Date and Interim Payment Date, the Indenture Trustee shall withdraw Available Funds from the Note Payment Account and deposit them
into each such Series Reserve Account pursuant to, and to the extent required by, Section 4.5(a) and the related Indenture Supplement. 

  
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 (b) On each Payment Date, an amount equal to the aggregate of amounts described in clauses
(i), (ii) and (iii) of Section 4.5(a)(1) or clauses (i), (ii) and (iii) (A) through (C) of Section 4.5(a)(2) allocable to the related Series, as appropriate, and
which is not payable out of Available Funds due to an insufficiency of Available Funds, shall be withdrawn from such Series Reserve Account by the Indenture Trustee and remitted to the Note Payment Account for payment in respect of the related
Class’ allocable share of such items as described in Section 4.5(a) or the related Indenture Supplement. On any Payment Date on which amounts are withdrawn from such Series Reserve Account pursuant to Section 4.5(a), no
funds shall be withdrawn from the Collection and Funding Account (or from the Note Payment Account for deposit into the Collection and Funding Account) to pay New Receivables Funding Amounts or amounts to the Issuer pursuant to
Section 4.3 if, after giving effect to the withdrawals described in the preceding sentences, the amount then standing to the credit of such Series Reserve Account is less than the related Series Reserve Required Amount. All Collections
received in the Collection and Funding Account shall be deposited into the related Series Reserve Accounts until the amount on deposit in each Series Reserve Account equals the related Series Reserve Required Amount, as described in
Section 4.5 and the related Indenture Supplement. For purposes of the foregoing the portion of any such fees and expenses payable under clause (i) or (ii) shall equal the related Series Allocation Percentage of
the amounts payable under such clause. 
 (c) If on any Payment Date the amount on deposit in a Series Reserve Account is equal to or greater
than the aggregate Note Balance for the related Series (after payment on such Payment Date of the amounts described in Section 4.5) the Indenture Trustee will withdraw from such Series Reserve Account the aggregate Note Balance amount
and remit it to the Noteholders of the Notes in reduction of the aggregate Note Balance for all Classes of Notes Outstanding. On the Stated Maturity Date for the latest maturing Class in a Series, the balance on deposit in the related Series Reserve
Account shall be applied as a principal payment on the Notes of that Series to the extent necessary to reduce the aggregate Note Balance for that Series to zero. On any Payment Date after payment of principal on the Notes and when no Facility Early
Amortization Event has occurred, the Indenture Trustee shall withdraw from each Series Reserve Account the amount by which the balance of the Series Reserve Account exceeds the related Series Reserve Required Amount and pay such amount to the
Depositor as holder of the Owner Trust Certificate. 
 (d) Amounts held in a Series Reserve Account shall be invested in Permitted
Investments at the direction of the Administrator as provided in Section 4.1. 
 (e) On any Payment Date, after payment of all
amounts pursuant to Section 4.5(a), if the Collateral Test is not satisfied or if a Facility Early Amortization Event shall have occurred (unless such Facility Early Amortization Event shall have been waived), the Indenture Trustee shall
withdraw from each Series Reserve Account the amount by which the amount standing to the credit of such Series Reserve Account exceeds the related Series Reserve Required Amount, and shall apply such excess to reduce the Note Balances of the Notes
of the related Series, pursuant to Section 4.5. Such principal payments shall be made pro rata based on Note Balances to multiple Classes within a Series, except that in a Full Amortization Period such principal payment shall be made in
accordance with the terms and provisions of the related Indenture Supplement. On any Payment Date following the payment in full of all principal payable in 

  
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respect of the related Series or Class of Notes, the Indenture Trustee shall withdraw any remaining amounts from the related Series Reserve Account and distribute it to the Depositor as holder of
the Owner Trust Certificate. Amounts paid to the Depositor or its designee pursuant to the preceding sentence shall be released from the Security Interest. 

(f) If on any Funding Date, the amount on deposit in one or more Series Reserve Accounts is less than the related Series Reserve Required
Amounts, then the Administrator may direct the Indenture Trustee to transfer from the Collection and Funding Account to such Series Reserve Accounts an amount equal to the amount by which the respective Series Reserve Required Amounts exceed the
respective amounts then on deposit in the related Series Reserve Accounts. 
  

	Section 4.7.	Collection and Funding Account, Interest Accumulation Account, Fee Accumulation Account, Target Amortization Principal Accumulation Account and Sinking Fund Accounts. 

(a) Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Collection and Funding Account, which shall be
an Eligible Account, for the benefit of the Secured Parties. If any such account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The
Indenture Trustee shall deposit and withdraw Available Funds from the Collection and Funding Account pursuant to, and to the extent required by, Section 4.4 and Section 4.5. 

(b) Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Fee Accumulation Account the Interest
Accumulation Account and the Target Amortization Principal Accumulation Account, each of which shall be an Eligible Account, for the benefit of the Noteholders. If any such account loses its status as an Eligible Account, the funds in such account
shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The Indenture Trustee shall withdraw Available Funds from the Collection and Funding Account and deposit them into each such Trust Account pursuant to,
and to the extent required by, Section 4.5. 
 (c) On each Payment Date, an amount equal to the aggregate of amounts described in
Section 4.5(a) shall be withdrawn from each Fee Accumulation Account, Interest Accumulation Account and Target Amortization Principal Accumulation Account by the Indenture Trustee and remitted for payments as described therein. 

(d) The Indenture Trustee shall withdraw, on each Payment Date and Interim Payment Date and use as Available Funds, the amount by which
(i) the amount then on deposit in the Fee Accumulation Account exceeds the Fee Accumulation Amount, (ii) the amount then on deposit in the Interest Accumulation Account exceeds the Interest Accumulation Amount, and (iii) the amount by
which the amount then on deposit in the Target Amortization Principal Accumulation Account exceeds the Target Amortization Amount of all Target Amortization Classes, in each case, after giving effect to all payments required to be made from such
Trust Accounts and the Note Payment Account on such date. 

  
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 (e) The Administrator on behalf of the Issuer may, in its sole and absolute discretion, from time
to time on or after the Closing Date, direct the Indenture Trustee pursuant to an Issuer Certificate to establish a Sinking Fund Account for any Class of Notes and upon receipt by the Indenture Trustee of such direction, the Indenture Trustee shall
establish and maintain each such Sinking Fund Account specified by the Administrator on behalf of the Issuer in its direction to the Indenture Trustee, which shall be an Eligible Account, for the benefit of the Secured Parties. Any direction by the
Administrator on behalf of the Issuer to the Indenture Trustee pursuant to an Issuer Certificate to establish a Sinking Fund Account shall include a specification by the Issuer of the Class to which such Sinking Fund Account shall relate. If any
such account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The Indenture Trustee shall deposit and withdraw Available Funds from a
Sinking Fund Account pursuant to, and to the extent required by, Section 4.5. 
  

	Section 4.8.	Note Payment Account. 

 (a) Pursuant to Section 4.1, the Indenture
Trustee shall establish and maintain the Note Payment Account, which shall be an Eligible Account, for the benefit of the Secured Parties. If the Note Payment Account loses its status as an Eligible Account, the funds in such account shall be moved
to an account that qualifies as an Eligible Account within thirty (30) days. The Note Payment Account shall be funded to the extent that (i) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes
pursuant to Section 13.1, (ii) the Indenture Trustee shall remit thereto any Available Funds from the Collection and Funding Account pursuant to Section 4.2(b), (iii) the Indenture Trustee shall remit thereto any
Available Funds from the Interest Accumulation Account, the Target Amortization Principal Accumulation Account and the Fee Accumulation Account pursuant to Section 4.5 and (iv) the Indenture Trustee shall transfer amounts from an
applicable Series Reserve Account pursuant to, and to the extent required by, Section 4.6. 
 (b) On each Payment Date, an amount
equal to the aggregate of amounts described in Section 4.5(a) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons or accounts described therein for payment as
described in that Section, and upon payments of all sums payable hereunder as described in Section 4.5(a), as applicable, any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest and
paid to Depositor or its designee. 
 (c) Amounts held in the Note Payment Account may be invested in Permitted Investments at the direction
of the Administrator as provided in Section 4.1. 
  

	Section 4.9.	Securities Accounts. 

 (a) Securities Intermediary. The Issuer and the
Indenture Trustee hereby appoint Wells Fargo Bank, N.A., as Securities Intermediary with respect to the Trust Accounts. The Security Entitlements and all Financial Assets credited to the Trust Accounts, including without limitation all amounts,
securities, investments, Financial Assets, investment property and other property from time to time deposited in or credited to such account and all proceeds thereof, held from time to time in the Trust Accounts will continue to be held by the
Securities Intermediary 

  
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for the Indenture Trustee for the benefit of the Secured Parties. Upon the termination of this Indenture, the Indenture Trustee shall inform the Securities Intermediary of such termination. By
acceptance of their Notes or interests therein, the Noteholders and all beneficial owners of Notes shall be deemed to have appointed Wells Fargo Bank, N.A., as Securities Intermediary. Wells Fargo Bank, N.A. hereby accepts such appointment as
Securities Intermediary. 
 (i) With respect to any portion of the Trust Estate that is credited to the Trust Accounts, the
Securities Intermediary agrees that: 
 (A) with respect to any portion of the Trust Estate that is held in deposit accounts,
each such deposit account shall be subject to the security interest granted pursuant to this Indenture, and the Securities Intermediary shall comply with instructions originated by the Indenture Trustee directing dispositions of funds in the deposit
accounts without further consent of the Issuer and otherwise shall be subject to the exclusive custody and control of the Securities Intermediary, and the Securities Intermediary shall have sole signature authority with respect thereto; 

(B) any and all property credited to the Trust Accounts shall be treated by the Securities Intermediary as Financial Assets;

 (C) any portion of the Trust Estate that is, or is treated as, a Financial Asset shall be physically delivered
(accompanied by any required endorsements) to, or credited to an account in the name of, the Securities Intermediary or other eligible institution maintaining any Trust Account in accordance with the Securities Intermediary’s customary
procedures such that the Securities Intermediary or such other institution establishes a Security Entitlement in favor of the Indenture Trustee with respect thereto over which the Securities Intermediary or such other institution has
“control” (as defined in the UCC); and 
 (D) it will use reasonable efforts to promptly notify the Indenture
Trustee and the Issuer if any other Person claims that it has a property interest in a Financial Asset in any Trust Account and that it is a violation of that Person’s rights for anyone else to hold, transfer or deal with such Financial Asset.

 (ii) The Securities Intermediary hereby confirms that (A) each Trust Account is an account to which Financial Assets
are or may be credited, and the Securities Intermediary shall, subject to the terms of this Indenture treat the Indenture Trustee as entitled to exercise the rights that comprise any Financial Asset credited to any Trust Account, (B) any
portion of the Trust Estate in respect of any Trust Account will be promptly credited by the Securities Intermediary to such account, and (C) all securities or other property underlying any Financial Assets credited to any Trust Account shall
be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary, and in no case will any Financial Asset
credited to any Trust Account be registered in the name of the Issuer or the Administrator, payable to the order of the Issuer or the Administrator or specially endorsed to any of such Persons. 

  
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 (iii) If at any time the Securities Intermediary shall receive an Entitlement
Order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to any Trust Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Issuer or the Administrator
or any other Person. If at any time the Indenture Trustee notifies the Securities Intermediary in writing that this Indenture has been discharged in accordance herewith, then thereafter if the Securities Intermediary shall receive any order from the
Issuer directing transfer or redemption of any Financial Asset relating to any Trust Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Indenture Trustee or any other Person. 

(iv) In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a
security interest in any Account or any Financial Asset or Security Entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interest of the Indenture Trustee. The
Financial Assets and Security Entitlements credited to the Accounts will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any Person other than the Indenture Trustee in the case of the Trust Accounts. 

(v) There are no other agreements entered into between the Securities Intermediary in such capacity, and the Securities
Intermediary agrees that it will not enter into any agreement with, the Issuer, the Administrator, or any other Person (other than the Indenture Trustee) with respect to any Trust Account. In the event of any conflict between this Indenture (or any
provision of this Indenture) and any other agreement now existing or hereafter entered into, the terms of this Indenture shall prevail. 

(vi) The rights and powers granted herein to the Indenture Trustee have been granted in order to perfect its interest in the
Trust Accounts and the Security Entitlements to the Financial Assets credited thereto, and are powers coupled with an interest and will not be affected by the bankruptcy of the Issuer, the Administrator or the Receivables Seller nor by the lapse of
time. The obligations of the Securities Intermediary hereunder shall continue in effect until the interest of the Indenture Trustee in the Trust Accounts and in such Security Entitlements, has been terminated pursuant to the terms of this Indenture
and the Indenture Trustee has notified the Securities Intermediary of such termination in writing. 
 (b) Definitions; Choice of Law.
Capitalized terms used in this Section 4.9 and not defined herein shall have the meanings assigned to such terms in the New York UCC. For purposes of Section 8-110(e) of the New York UCC, the
“securities intermediary’s jurisdiction” shall be the State of New York. 
 (c) Limitation on Liability. None of the
Securities Intermediary or any director, officer, employee or agent of the Securities Intermediary shall be under any liability to the Indenture Trustee or the Noteholders for any action taken, or not taken, in good faith pursuant to this Indenture,
or for errors in judgment; provided, however, that this provision shall not protect the Securities Intermediary against any liability to the Indenture Trustee or the Noteholders which would otherwise be imposed by reason of the
Securities Intermediary’s willful 

  
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misconduct, bad faith or negligence in the performance of its obligations or duties hereunder. The Securities Intermediary and any director, officer, employee or agent of the Securities
Intermediary may rely in good faith on any document of any kind which, on its face, is properly executed and submitted by any Person respecting any matters arising hereunder. The Securities Intermediary shall be under no duty to inquire into or
investigate the validity, accuracy or content of such document. 
  

	Section 4.10.	Notice of Adverse Claims. 

 Except for the claims and interests of the Secured
Parties in the Trust Accounts, the Securities Intermediary has no actual knowledge of any claim to, or interest in, any Trust Account or in any financial asset credited thereto. If any Person asserts any lien, encumbrance or adverse claim (including
any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Trust Account or in any financial asset carried therein of which a Responsible Officer of the Securities Intermediary has actual knowledge, the
Securities Intermediary will promptly notify the Noteholders, the Indenture Trustee and the Issuer thereof. 
  

	Section 4.11.	No Gross Up. 

 No Person, including the Issuer, shall be obligated to pay any
additional amounts to the Noteholders or Note Owners as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. In addition, the Indenture Trustee will withhold on
payments of Undrawn Fees to Non-U.S. Noteholders unless such Noteholder provides a correct, complete and executed U.S. Internal Revenue Service Form W-8ECI or is eligible for benefits under an income tax treaty with the United States that eliminates
U.S. federal income taxation on U.S. source Undrawn Fees and such Non-U.S. Noteholder provides a correct, complete and executed U.S. Internal Revenue Service Form W-8BEN. The Indenture Trustee may rely on such U.S. Internal Revenue Service Form
W-8ECI or W-8BEN to evidence the Noteholders’ eligibility. 
  

	Section 4.12.	Facility Early Amortization Events; Target Amortization Events. 

 Upon the
occurrence of a Facility Early Amortization Event, the Revolving Period or Target Amortization Period for all Classes and Series of the Notes shall automatically terminate and the Full Amortization Period for all Outstanding Notes shall commence
without further action on the part of any Person, unless, together, the Noteholders of at least 66 2⁄3% of the Note Balance of the Outstanding Notes of each
Series, measured by Voting Interests, and 100% of the VFN Noteholders, notify the Indenture Trustee, as soon as reasonably practicable, that they have waived the occurrence of such Facility Early Amortization Event and consent to the continuation of
the Revolving Period or Target Amortization Periods (in the case of any Notes still in their Revolving Periods or Target Amortization Periods). Upon the occurrence of a Target Amortization Event with respect to a Class or Series, the Notes of such
Class or Series shall enter their Target Amortization Periods and as a result shall be paid principal in Target Amortization Amounts under Section 4.5(a)(1)(v) on subsequent Payment Dates, unless the requisite parties pursuant to the
Indenture Supplement related to that Series notify the Indenture Trustee that they have waived the occurrence of such Target Amortization Event and consent to the continuation of the Revolving Periods (in the case of any Notes still in their
Revolving Periods). The 

  
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Administrator shall notify the Indenture Trustee and the Administrative Agent immediately upon the occurrence of any Facility Early Amortization Event or Target Amortization Event. The
Administrative Agent shall use commercially reasonable efforts to notify the Indenture Trustee and each Derivative Counterparty (as applicable in the case of any Target Amortization Event, with respect to the related Series of Notes) promptly upon
becoming aware of the occurrence of any Facility Early Amortization Event or Target Amortization Event. 
 Article V 

Note Forms 
  

	Section 5.1.	Forms Generally. 

 The Notes will have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture or the applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be
required to comply with applicable laws or regulations or with the rules of any securities exchange, or as may, consistently herewith, be determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The Definitive Notes and
the Global Notes representing the Book-Entry Notes will be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as
determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. 
  

	Section 5.2.	Forms of Notes. 

 (a) Forms Generally. Subject to
Section 5.2(b), each Note will be in one of the forms approved from time to time by or pursuant to an Indenture Supplement. Without limiting the generality of the foregoing, the Indenture Supplement for any Series of Notes shall specify
whether the Notes of such Series, or of any Class within such Series, shall be issuable as Definitive Notes or as Book-Entry Notes. 
 (b)
Issuer Certificate. Before the delivery of a Note to the Indenture Trustee for authentication in any form approved by or pursuant to an Issuer Certificate, the Issuer will deliver to the Indenture Trustee the Issuer Certificate by or pursuant
to which such form of Note has been approved, which Issuer Certificate will have attached thereto a true and correct copy of the form of Note which has been approved thereby. Any form of Note approved by or pursuant to an Issuer Certificate must be
acceptable as to form to the Indenture Trustee, such acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a Certificate of Authentication signed by an Indenture Trustee Authorized Officer and delivered
to the Issuer. 
 (c) (i) Rule 144A Notes. Notes offered and sold in reliance on the exemption from registration under
Rule 144A (each, a “Rule 144A Note”) shall be issued initially in the form of (A) one or more permanent Global Notes in fully registered form (each, a “Rule 144A Global Note”), substantially in
the form attached hereto as Exhibit  

  
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A-1 or (B) one or more permanent Definitive Notes in fully registered form (each, a “Rule 144A Definitive Note”), substantially in the form attached hereto as
Exhibit A-2. The aggregate principal amounts of the Rule 144A Global Notes or Rule 144A Definitive Notes may from time to time be increased or decreased by adjustments made on the records of the Indenture Trustee, or the Depository or its
nominee, as the case may be, as hereinafter provided. 
 (ii) Regulation S Notes. Notes sold in offshore transactions
in reliance on Regulation S (each, a “Regulation S Note”) shall be issued in the form of (A) one or more permanent Global Notes in fully registered form (each, a “Regulation S Global Note”),
substantially in the form attached hereto as Exhibit A-3 or (B) one or more permanent Definitive Notes in fully registered form (each, a “Regulation S Definitive Note”), substantially in the form attached hereto
as Exhibit A-4. The aggregate principal amounts of the Regulation S Global Notes or the Regulation S Definitive Notes may from time to time be increased or decreased by adjustments made on the records of the Indenture Trustee or the
Depository or its nominee, as the case may be, as hereinafter provided. 
  

	Section 5.3.	Form of Indenture Trustee’s Certificate of Authentication. 

 The form of
Indenture Trustee’s Certificate of Authentication for any Note issued pursuant to this Indenture will be substantially as follows: 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Series or Class designated herein referred to in the within-mentioned Indenture and Indenture Supplement. 

 

					
	WELLS FARGO BANK, N.A.,
	as Indenture Trustee,
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	  

  

	Section 5.4.	Book-Entry Notes. 

 (a) Issuance of Book-Entry Notes. If the Issuer
establishes pursuant to Sections 5.2 and 6.1 that the Notes of a particular Series or Class are to be issued as Book-Entry Notes, then the Issuer will execute and the Indenture Trustee or its agent will, in accordance with
Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3, authenticate and deliver, one or more definitive Global Notes, which, unless otherwise provided in the applicable
Indenture Supplement (1) will represent, and will be denominated in an amount equal to the aggregate, Initial Note Balance of the Outstanding Notes of such Series or Class to be represented by such Global Note or Notes, or such portion thereof
as the Issuer will specify in an Issuer Certificate, (2) will be registered in the name of the Depository for such Global Note or 

  
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Notes or its nominee, (3) will be delivered by the Indenture Trustee or its agent to the Depository or pursuant to the Depository’s instruction (and which may be held by the Indenture
Trustee as custodian for the Depository, if so specified in the related Indenture Supplement or Depository Agreement), (4) if applicable, will bear a legend substantially to the following effect: “Unless this Note is presented by an
authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof
for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein” and (5) may bear such other legend as the Issuer, upon advice of counsel, deems to be applicable.
The Specified Notes may not be issued as Book-Entry Notes. 
 (b) Transfers of Global Notes only to Depository Nominees.
Notwithstanding any other provisions of this Section 5.4 or of Section 6.5, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture Supplement expressly permit
such Global Note to be exchanged in whole or in part for individual Notes, a Global Note may be transferred, in whole but not in part and in the manner provided in Section 6.5, only to a nominee of the Depository for such Global Note, or
to the Depository, or a successor Depository for such Global Note selected or approved by the Issuer, or to a nominee of such successor Depository. 

(c) Limited Right to Receive Definitive Notes. Except under the limited circumstances described below, Note Owners of beneficial
interests in Global Notes will not be entitled to receive Definitive Notes. With respect to Notes issued within the United States, unless otherwise specified in the applicable Indenture Supplement, or with respect to Notes issued outside the United
States, if specified in the applicable Indenture Supplement: 
 (i) If at any time the Depository for a Global Note notifies
the Issuer that it is unwilling or unable to continue to act as Depository for such Global Note or if at any time the Depository for the Notes for such Series or Class ceases to be a Clearing Corporation, the Issuer will appoint a successor
Depository with respect to such Global Note. If a successor Depository for such Global Note is not appointed by the Issuer within ninety (90) days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer will
execute, and the Indenture Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3 requesting the authentication and delivery
of individual Notes of such Series or Class in exchange for such Global Note, will authenticate and deliver, individual Notes of such Series or Class of like tenor and terms in an aggregate Initial Note Balance equal to the Initial Note Balance of
the Global Note in exchange for such Global Note. 
 (ii) The Issuer may at any time and in its sole discretion determine
that the Notes of any Series or Class or portion thereof issued or issuable in the form of one or more Global Notes will no longer be represented by such Global Note or Notes. In such event the Issuer will execute, and the Indenture Trustee or its
agent in accordance with 

  
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Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3 for the authentication and delivery of individual Notes of
such Series or Class in exchange in whole or in part for such Global Note, will authenticate and deliver individual Notes of such Series or Class of like tenor and terms in definitive form in an aggregate Initial Note Balance equal to the Initial
Note Balance of such Global Note or Notes representing such Series or Class or portion thereof in exchange for such Global Note or Notes. 

(iii) If specified by the Issuer pursuant to Sections 5.2 and 6.1 with respect to Notes issued or issuable
in the form of a Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part for individual Notes of such Series or Class of like tenor and terms in definitive form on such terms as are acceptable
to the Issuer and such Depository. Thereupon the Issuer will execute, and the Indenture Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under
Section 6.3, authenticate and deliver, without service charge, (A) to each Person specified by such Depository a new Note or Notes of the same Series or Class of like tenor and terms and of any authorized denomination as requested
by such Person in an aggregate Initial Note Balance equal to the Initial Note Balance of the portion of the Global Note or Notes specified by the Depository and in exchange for such Person’s beneficial interest in the Global Note; and
(B) to such Depository a new Global Note of like tenor and terms and in an authorized denomination equal to the difference, if any, between the Initial Note Balance of the surrendered Global Note and the aggregate Initial Note Balance of Notes
delivered to the Noteholders thereof. 
 (iv) If any Event of Default has occurred with respect to such Global Notes, and
Owners of Notes evidencing more than 50% of the Global Notes of that Series or Class (measured by Voting Interests) advise the Indenture Trustee and the Depository that a Global Note is no longer in the best interest of the Note Owners, the Owners
of Global Notes of that Series or Class may exchange their beneficial interests in such Notes for Definitive Notes in accordance with the exchange provisions herein. 

(v) In any exchange provided for in any of the preceding four paragraphs, the Issuer will execute and the Indenture Trustee or
its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3, authenticate and deliver Definitive Notes in definitive registered form in
authorized denominations. Upon the exchange of the entire Initial Note Balance of a Global Note for Definitive Notes, such Global Note will be canceled by the Indenture Trustee or its agent. Except as provided in the preceding paragraphs, Notes
issued in exchange for a Global Note pursuant to this Section will be registered in such names and in such authorized denominations as the Depository for such Global Note, pursuant to instructions from its direct or indirect participants or
otherwise, will instruct the Indenture Trustee or the Note Registrar. The Indenture Trustee or the Note Registrar will deliver such Notes to the Persons in whose names such Notes are so registered. 

  
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	Section 5.5.	Beneficial Ownership of Global Notes. 

 Until Definitive Notes have been issued
to the applicable Noteholders to replace any Global Notes with respect to a Series or Class pursuant to Section 5.4 or as otherwise specified in any applicable Indenture Supplement: 

(a) the Issuer and the Indenture Trustee may deal with the applicable clearing agency or Depository and the Depository Participants for all
purposes (including the making of distributions) as the authorized representatives of the respective Note Owners; and 
 (b) the rights of
the respective Note Owners will be exercised only through the applicable Depository and the Depository Participants and will be limited to those established by law and agreements between such Note Owners and the Depository and/or the Depository
Participants. Pursuant to the operating rules of the applicable Depository, unless and until Definitive Notes are issued pursuant to Section 5.4, the Depository will make book-entry transfers among the Depository Participants and receive
and transmit distributions of principal and interest on the related Notes to such Depository Participants. 
 For purposes of any provision
of this Indenture requiring or permitting actions with the consent of, or at the direction of, Noteholders evidencing a specified percentage of the Note Balance of Outstanding Notes, such direction or consent may be given by Note Owners (acting
through the Depository and the Depository Participants) owning interests in or security entitlements to Notes evidencing the requisite percentage of principal amount of Notes. 

 

	Section 5.6.	Notices to Depository. 

 Whenever any notice or other communication is required
to be given to Noteholders with respect to which Book-Entry Notes have been issued, unless and until Definitive Notes will have been issued to the related Note Owners, the Indenture Trustee will give all such notices and communications to the
applicable Depository, and shall have no obligation to report directly to such Note Owners. 
 Article VI 

The Notes 
  

	Section 6.1.	General Provisions; Notes Issuable in Series; Terms of a Series or Class Specified in an Indenture Supplement. 

(a) Amount Unlimited. The aggregate Initial Note Balance of Notes which may be authenticated and delivered and Outstanding under this
Indenture is not limited. 
 (b) Series and Classes. The Notes may be issued in one or more Series or Classes up to an aggregate Note
Balance for such Series or Class as from time to time may be authorized by the Issuer. All Notes of each Series or Class under this Indenture will in all respects be equally and ratably entitled to the benefits hereof with respect to such Series or
Class without preference, priority or distinction on account of (1) the actual time of the authentication and delivery, or (2) Stated Maturity Date of the Notes of such Series or Class, except as specified in the applicable Indenture
Supplement for such Series or Class of Notes. 

  
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 Each Note issued must be part of a Series of Notes for purposes of allocations pursuant to the
related Indenture Supplement. A Series of Notes is created pursuant to an Indenture Supplement. A Class of Notes is created pursuant to an Indenture Supplement for the applicable Series. 

Each Series and Class of Notes will be secured by the Trust Estate. 

Each Series of Notes may, but need not be, subdivided into multiple Classes. Notes belonging to a Class in any Series may be entitled to
specified payment priorities over other Classes of Notes in that Series. 
 (c) Provisions Required in Indenture Supplement. Before
the initial issuance of Notes of each Series, there shall also be established in or pursuant to an Indenture Supplement provision for: 

(i) the Series designation; 

(ii) the Initial Note Balance of such Series of Notes and of each Class, if any, within such Series, and the Maximum VFN
Principal Balance for such Series (if it is a Series or Class of Variable Funding Notes); 
 (iii) whether such Notes are
subdivided into Classes; 
 (iv) whether such Series of Notes are Term Notes, Variable Funding Notes or a combination
thereof; 
 (v) the Note Interest Rate at which such Series of Notes or each related Class of Notes will bear interest, if
any, or the formula or index on which such rate will be determined, including all relevant definitions, and the date from which interest will accrue; 

(vi) the Expected Repayment Date and the Stated Maturity Date for such Series of Notes or each related Class of Notes; 

(vii) if applicable, any Target Amortization Events with respect to such Series of Notes or any related Class; 

(viii) if applicable, the Target Amortization Amount for each related Class of such Series of Notes; 

(ix) if applicable, the appointment by the Indenture Trustee of an Authenticating Agent in one or more places other than the
location of the office of the Indenture Trustee with power to act on behalf of the Indenture Trustee and subject to its direction in the authentication and delivery of such Notes in connection with such transactions as will be specified in the
provisions of this Indenture or in or pursuant to the applicable Indenture Supplement creating such Series; 

  
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 (x) if such Series of Notes or any related Class will be issued in whole or in
part in the form of a Global Note or Global Notes, the terms and conditions, if any, in addition to those set forth in Section 5.4, upon which such Global Note or Global Notes may be exchanged in whole or in part for other Definitive
Notes; and the Depository for such Global Note or Global Notes (if other than the Depository specified in Section 1.1); 

(xi) the subordination, if any, of such Series of Notes or any related Class(es) to any other Notes of any other Series or of
any other Class within the same Series; 
 (xii) if such Series of Notes or any related Class is to have the benefit of any
Derivative Agreement, the terms and provisions of such agreement; 
 (xiii) if such Series of Notes or any related Class is
to have the benefit of any Supplemental Credit Enhancement Agreement or Liquidity Facility, the terms and provisions of the applicable agreement; 

(xiv) the Record Date for any Payment Date of such Series of Notes or any related Class, if different from the last day of the
month before the related Payment Date; 
 (xv) if applicable, under what conditions any additional amounts will be payable to
Noteholders of the Notes of such Series; and 
 (xvi) any other terms of such Notes as stated in the related Indenture
Supplement; 
 all upon such terms as may be determined in or pursuant to an Indenture Supplement with respect to such Series or Class of Notes. 

(d) Forms of Series or Classes of Notes. The form of the Notes of each Series or Class will be established pursuant to the provisions of
this Indenture and the related Indenture Supplement creating such Series or Class. The Notes of each Series or Class will be distinguished from the Notes of each other Series or Class in such manner, reasonably satisfactory to the Indenture Trustee,
as the Issuer may determine. 
  

	Section 6.2.	Denominations. 

 (a) Except as provided in Section 6.2(b), the Notes of each
Series or Class will be issuable in such denominations and currency as will be provided in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement. In the absence of any such provisions with respect to the Notes of
any Series or Class, the Notes of that Series or Class will be issued in denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

(b) The minimum denomination established for each class of Specified Notes issued on any particular date, shall be determined in a manner so
that the total number of Specified Notes that could be outstanding immediately after such issuance (including all classes of 

  
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Specified Notes issued on such date) shall not reduce the Remaining Specified Note Capacity below zero. On any particular issue date, the Remaining Specified Note Capacity shall be equal to
(a) 90 less (b) the sum of, for each class of Specified Note outstanding immediately after such issuance (including all classes of Specified Notes issued on such date but excluding any Specified Notes beneficially owned by the beneficial
owner of the Trust Certificate), the quotient, rounded downwards to the nearest whole number, of the principal amount of such class of Specified Note on its date of issuance divided by the minimum denomination established for such class of Specified
Note on its date of issuance (or as later revised). 
  

	Section 6.3.	Execution, Authentication and Delivery and Dating. 

 (a) The Notes will be
executed on behalf of the Issuer by an Issuer Authorized Officer, by manual or facsimile signature. 
 (b) Notes bearing the manual or
facsimile signatures of individuals who were at any time an Issuer Authorized Officer will bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and delivery of such Notes or
did not hold such offices at the date of issuance of such Notes. 
 (c) At any time and from time to time after the execution and delivery of
this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication; and the Indenture Trustee will, upon delivery of an Issuer Certificate, authenticate and deliver such Notes as provided in this
Indenture and not otherwise. 
 (d) Before any such authentication and delivery, the Indenture Trustee will be entitled to receive, in
addition to any Officer’s Certificate and Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to Section 1.3, the Issuer Certificate and any other opinion or certificate relating to the issuance of the
Series or Class of Notes required to be furnished pursuant to Section 5.2 or Section 6.10. 
 (e) The Indenture
Trustee will not be required to authenticate such Notes if the issue thereof will adversely affect the Indenture Trustee’s own rights, duties or immunities under the Notes and this Indenture. 

(f) Unless otherwise provided in the form of Note for any Series or Class, all Notes will be dated the date of their authentication. 

(g) No Note will be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
Certificate of Authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature of an authorized signatory, and such certificate upon any Note will be conclusive evidence, and the only evidence, that
such Note has been duly authenticated and delivered hereunder. 

  
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	Section 6.4.	Temporary Notes. 

 (a) Pending the preparation of definitive Notes of any Series
or Class, the Issuer may execute, and, upon receipt of the documents required by Section 6.3, together with an Issuer’s Certificate, the Indenture Trustee will authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and
other variations as the Issuer may determine, as evidenced by the Issuer’s execution of such Notes. 
 (b) If temporary Notes of any
Series or Class are issued, the Issuer will cause permanent Notes of such Series or Class to be prepared without unreasonable delay. After the preparation of permanent Notes, the temporary Notes of such Series or Class will be exchangeable for
permanent Notes of such Series or Class upon surrender of the temporary Notes of such Series or Class at the office or agency of the Issuer in a Place of Payment, without charge to the Noteholder; and upon surrender for cancellation of any one or
more temporary Notes the Issuer will execute and the Indenture Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3,
authenticate and deliver in exchange therefore a like Initial Note Balance of permanent Notes of such Series or Class of authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of such Series or Class will in all
respects be entitled to the same benefits under this Indenture as permanent Notes of such Series or Class. 
  

	Section 6.5.	Registration, Transfer and Exchange. 

 (a) Note Register. The Indenture
Trustee, acting as Note Registrar (in such capacity, the “Note Registrar”), shall keep or cause to be kept a register (herein sometimes referred to as the “Note Register”) in which, subject to such
reasonable regulations as it may prescribe, the Issuer will provide for the registration of Notes, or of Notes of a particular Series or Class, and for transfers of Notes. Any such register will be in written form or in any other form capable of
being converted into written form within a reasonable time. At all reasonable times the information contained in such register or registers will be available for inspection by the Issuer or the Indenture Trustee at the Corporate Trust Office. The
Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent and any agents of any of them, may treat a Person in whose name a Note is registered as the owner of such Note for the purpose of receiving payments in respect of such Note and for
all other purposes, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any agent of any of them, shall be affected by notice to the contrary. None of the Issuer, the Indenture Trustee, any agent of the Indenture
Trustee, any Paying Agent or the Note Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership of a Global Note or for maintaining, supervising or reviewing any
records relating to such beneficial ownership. 
 (b) Exchange of Notes. Subject to Section 5.4, upon surrender for
transfer of any Note of any Series or Class at the Place of Payment, the Issuer may execute, and, upon receipt of the documents required by Section 6.3 and such surrendered Note, together with an Issuer’s Certificate, the Indenture
Trustee will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of such Series or Class of any authorized denominations, of a like aggregate Initial Note Balance and Stated Maturity Date and of
like terms. Subject to Section 5.4, Notes of any Series or Class may be exchanged for other Notes of such Series or Class of any authorized denominations, of a like aggregate Initial Note Balance and Stated Maturity Date and of like
terms, upon surrender of the Notes to be exchanged at the 

  
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Place of Payment. Whenever any Notes are so surrendered for exchange, the Issuer will execute, and the Indenture Trustee or the related Authenticating Agent will authenticate and deliver the
Notes which the Noteholders making the exchange are entitled to receive. 
 (c) Issuer Obligations. All Notes issued upon any transfer
or exchange of Notes will be the valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 

(d) Endorsement of Notes to be Transferred or Exchanged. Every Note presented or surrendered for transfer or exchange will (if so
required by the Issuer, the Note Registrar or the Indenture Trustee) be duly indorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer, the Indenture Trustee, and the Note Registrar duly executed, by the
Noteholder thereof or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Transfer Agent’s Medallion Program
(“STAMP”). 
 (e) No Service Charge. Unless otherwise provided in the Note to be transferred or exchanged, no
service charge will be assessed against any Noteholder for any transfer or exchange of Notes, but the Issuer, the Indenture Trustee, and the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Notes before the transfer or exchange will be complete, other than exchanges pursuant to Section 5.4 not involving any transfer. 

(f) Deemed Representations by Transferees of Rule 144A Notes. Each transferee (including the Initial Noteholder or Owner) of a Rule 144A
Note or of a beneficial interest therein shall be deemed by accepting such Note or beneficial interest, to have made all the certifications, representations and warranties set forth in the Transferee Certificate attached to Exhibit B-1
attached hereto. 
 (g) Deemed Representations by Transferees of Regulation S Notes. Each transferee (including the initial Noteholder
or Owner) of a Regulation S Note or of a beneficial therein shall be deemed by accepting such Note or beneficial interest, to have made all the certifications, representations and warranties set forth in the Transferee Certificate attached to
Exhibit B-2 attached hereto. 
 (h) Conditions to Transfer. No sale, pledge or other transfer (a
“Transfer”) of any Notes shall be made unless that Transfer is made pursuant to an effective registration statement under the Securities Act and effective registration or qualification under applicable state securities laws
or is made in a transaction that does not require such registration or qualification. If a Transfer is made without registration under the Securities Act (other than in connection with the initial issuance thereof by the Issuer), then the Note
Registrar, the Indenture Trustee, Administrator, on behalf of the Issuer, shall refuse to register such Transfer unless the Note Registrar receives either: 

(i) the Regulation S Note Transfer Certificate or Rule 144A Note Transfer Certificate and such other information as may be
required pursuant to this Section 6.5; or 

  
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 (ii) if the Transfer is to be made to an Issuer Affiliate in a transaction that
is exempt from registration under the Securities Act, an Opinion of Counsel reasonably satisfactory to the Issuer and the Note Registrar to the effect that such Transfer may be made without registration under the Securities Act (which Opinion of
Counsel shall not be an expense of the Trust Estate or of the Issuer, the Indenture Trustee or the Note Registrar in their respective capacities as such). 

None of the Administrator, the Issuer, the Indenture Trustee or the Note Registrar is obligated to register or qualify the Notes under the
Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note without registration or qualification. Any Noteholder of a Note desiring to effect such a Transfer shall,
and upon acquisition of such a Note shall be deemed to have agreed to, indemnify the Indenture Trustee, the Note Registrar, the Administrator, the Servicer and the Issuer against any liability that may result if the Transfer is not so exempt or is
not made in accordance with the Securities Act and applicable state securities laws. 
 In connection with any Transfer of Notes in reliance
on Rule 144A, the Administrator shall furnish upon request of a Noteholder to such Noteholder and any prospective purchaser designated by such Noteholder the information required to be delivered under paragraph (d)(4) of Rule 144A. 

In the event that a Note is transferred to a Person that does not meet the requirements of this Section 6.5 and/or the
requirements of the related Indenture Supplement, such transfer will be of no force and effect, will be void ab initio, and will not operate to transfer any right to such Person, notwithstanding any instructions to the contrary to the Issuer,
the Indenture Trustee or any intermediary; and the Indenture Trustee shall not make any payment on such Note for as long as such Person is the Noteholder of such Note and the Indenture Trustee shall have the right to compel such Person to transfer
such Note to a Person who does meet the requirements of this Section 6.5. 
 (i) Transfers of Ownership Interests in Global
Notes. Transfers of beneficial interests in a Global Note representing Book-Entry Notes may be made only in accordance with the rules and regulations of the Depository (and, in the case of a Regulation S Global Note, prior to the end of the
Distribution Compliance Period, only to beneficial owners who are not U.S. Persons in accordance with the rules and regulations of Euroclear or Clearstream) and the transfer restrictions contained in the legend on such Global Note and exchanges or
transfers of interests in a Global Note may be made only in accordance with the following: 
 (i) General Rules Regarding
Transfers of Global Notes. Subject to clauses (ii) through (vi) of this Section 6.5(i), Transfers of a Global Note representing Book-Entry Notes shall be limited to Transfers of such Global Note in whole, but
not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. 
 (ii)
Rule 144A Global Note to Regulation S Global Note. If an owner of a beneficial interest in a Rule 144A Global Note related to a Series and/or Class deposited with or on behalf of the Depository wishes at any time to exchange its interest in
such 

  
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Rule 144A Global Note for an interest in a Regulation S Global Note for that Series and/or Class, or to transfer its interest in such Rule 144A Global Note to a Person who wishes to take delivery
thereof in the form of an interest in a Regulation S Global Note for that Series and/or Class, such Note Owner (or transferee), provided such Note Owner (or transferee) is not a U.S. Person, may, subject to the rules and procedures of the
Depository, exchange or cause the exchange of such interest in such Rule 144A Global Note for a beneficial interest in the Regulation S Global Note for that Series and/or Class. Upon the receipt by the Indenture Trustee of (A) instructions from
the Depository directing the Indenture Trustee to cause to be credited a beneficial interest in a Regulation S Global Note in an amount equal to the beneficial interest in such Rule 144A Global Note to be exchanged but not less than the minimum
denomination applicable to the owner’s Notes held through a Regulation S Global Note, (B) a written order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository
and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account to be credited with such increase and (C) a certificate (each, a “Regulation S Note Transfer
Certificate”) in the form of Exhibit B-2 hereto given by the Note Owner or its transferee stating that the exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global
Notes, including the requirements that the Note Owner or its transferee is not a U.S. Person and the transfer is made pursuant to and in accordance with Regulation S, then the Indenture Trustee and the Note Registrar, shall reduce the principal
amount of the Rule 144A Global Note for the related Series and/or Class and increase the principal amount of the Regulation S Global Note for the related Series and/or Class by the aggregate principal amount of the beneficial interest in the Rule
144A Global Note to be exchanged, and shall instruct Euroclear or Clearstream, as applicable, concurrently with such reduction, to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in
the Regulation S Global Note for the related Series and/or Class equal to the reduction in the principal amount of the Rule 144A Global Note for the related Series and/or Class. 

(iii) Regulation S Global Note to Rule 144A Global Note. If an owner of a beneficial interest in a Regulation S Global
Note related to a Series and/or Class deposited with or on behalf of the Depository wishes at any time to transfer its interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in a Rule
144A Global Note for such Series and/or Class, such owner’s transferee may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest in a Rule 144A Global Note
for such Series and/or Class. Upon the receipt by the Indenture Trustee and the Note Registrar, of (A) instructions from the Depository directing the Indenture Trustee and the Note Registrar, to cause to be credited a beneficial interest in a
Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note to be exchanged but not less than the minimum denomination applicable to such owner’s Notes held through a Rule 144A Global Note, to be
exchanged, such instructions to contain information regarding the participant account with the Depository to be credited with such increase, and (B) a certificate (each, a “Rule 144A Note Transfer Certificate”) in the
form of Exhibit B-1 hereto given by the transferee of such beneficial interest, then the Indenture Trustee will reduce the principal amount of the Regulation S 

  
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Global Note and increase the principal amount of the Rule 144A Global Note for the related Series and/or Class by the aggregate principal amount of the beneficial interest in the Regulation S
Global Note for the related Series and/or Class to be transferred and the Indenture Trustee and the Note Registrar, shall instruct the Depository, concurrently with such reduction, to credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the Rule 144A Global Note for the related Series and/or Class equal to the reduction in the principal amount of the Regulation S Global Note for the related Series and/or Class. 

(iv) Transfers of Interests in Rule 144A Global Note. An owner of a beneficial interest in a Rule 144A Global Note may
transfer such interest in the form of a beneficial interest in such Rule 144A Global Note in accordance with the procedures of the Depository without the provision of written certification. 

(v) Transfers of Interests in Regulation S Global Note. An owner of a beneficial interest in a Regulation S Global Note
may transfer such interest in the form of a beneficial interest in such Regulation S Global Note in accordance with the applicable procedures of Euroclear and Clearstream without the provision of written certification. 

(vi) Regulation S Global Note to Regulation S Definitive Note. Subject to Section 5.4(c) hereof, an owner of
a beneficial interest in a Regulation S Global Note for the related Series and/or Class deposited with or on behalf of a Depository may at any time transfer such interest for a Regulation S Definitive Note upon provision to the Indenture Trustee,
the Issuer and the Note Registrar of a Regulation S Note Transfer Certificate. 
 (vii) Rule 144A Global Note to Rule 144A
Definitive Note. Subject to Section 5.4(c) hereof, an owner of a beneficial interest in a Rule 144A Global Note deposited with or on behalf of a Depository may at any time transfer such interest for a Rule 144A Definitive Note, upon
provision to the Indenture Trustee, the Issuer and the Note Registrar of a Rule 144A Note Transfer Certificate. 
 (j) Transfers of
Definitive Notes. In the event of any Transfer of a Regulation S Definitive Note, a Regulation S Note Transfer Certificate shall be provided prior to the Indenture Trustee’s or Note Registrar’s registration of such Transfer. In the
event of any Transfer of a Rule 144A Definitive Note, a Rule 144A Note Transfer Certificate shall be provided prior to the Indenture Trustee’s or Note Registrar’s registration of such Transfer. 

(k) ERISA Restrictions. Neither the Note Registrar nor the Indenture Trustee shall register the Transfer of any Definitive Note (other
than a Specified Note, unless otherwise provided in the related Indenture Supplement) unless the prospective transferee has delivered to the Indenture Trustee and the Note Registrar a certification to the effect that either (i) it is not, and
is not acquiring the Notes or any interest therein on behalf of, or using assets of, an “employee benefit plan” as defined in Section 3(3) of ERISA, a plan described in section 4975(e)(1) of the Code, an entity which is deemed to hold
the assets of any such employee benefit plan or plan pursuant to 29 C.F.R. Section 2510.3-101 as modified by Section 3(42) of ERISA (the “Plan Asset Regulations”), which employee benefit plan, plan or entity is
subject to 

  
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Title I of ERISA or section 4975 of the Code (“Similar Law”), or a governmental or church plan which is subject to any U.S. federal, state or local law that is similar to
Title I of ERISA or section 4975 of the Code (collectively, an “Employee Benefit Plan”), or (ii) (A) as of the date of transfer or purchase, the Notes are rated investment grade, it believes that such Note is
properly treated as indebtedness without substantial equity features for purposes of the Plan Asset Regulations and agrees to so treat such Note and (B) the Transferee’s acquisition and holding of the Notes or any interest therein will
satisfy the requirements of Prohibited Transaction Class Exemption (“PTCE”) 84-14 (relating to transactions effected by a qualified professional asset manager), PTCE 90-1 (relating to investments by insurance company pooled
separate accounts), PTCE 91-38 (relating to investments in bank collective investment funds), PTCE 95-60 (relating to transactions involving insurance company general accounts), PTCE 96-23 (relating to transactions directed by an in-house
professional asset manager) or the statutory prohibited transaction exemption for service providers set forth in Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar class or statutory exemption and will not result
in a non-exempt prohibited transaction under Section 406 of ERISA or section 4975 of the Code (or, in the case of a governmental or church plan subject to such Similar Law, will not violate any such Similar Law). In the case of any Book-Entry
Note, each transferee of such Note or any beneficial interest therein by virtue of its acquisition of such Note will be deemed to represent either (i) or (ii) above. Neither the Note Registrar nor the Indenture Trustee shall register the
transfer of any Specified Note unless the prospective transferee has delivered to the Indenture Trustee and the Note Registrar a certification to the effect that it is not, and is not acquiring the Notes or any interest therein on behalf of, or with
assets of, an Employee Benefit Plan. 
 (l) Each prospective owner of a beneficial interest in a Specified Note shall, upon accepting a
beneficial interest in the Specified Note, be deemed to make all of the certifications, representations and warranties set forth in the Transferee Certification attached hereto as Exhibit E (in the case of the Class 1 Specified Notes) or Exhibit F
(in the case of the Class 2 Specified Notes), as the case may be. 
 (m) Tax Representation on Class 1 Specified Notes.
Notwithstanding anything to the contrary herein, no transfer of a beneficial interest in a Class 1 Specified Note shall be effective, and any attempted transfer shall be void ab initio, unless, prior to and as a condition of such transfer, the
prospective transferee of the beneficial interest (including the initial transferee of the beneficial interest) and any subsequent transferee of the beneficial interest in a Class 1 Specified Note, represent and warrant, in writing, substantially in
the form of the Transferee Certification set forth in Exhibit E, to the Indenture Trustee and the Note Registrar and any of their respective successors or assigns that: 

(i) Either (a) it is not and will not become for U.S. federal income tax purposes a partnership, Subchapter S corporation
or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity, then (I) none of the direct or indirect beneficial owners of any of the interests in such flow-through entity has or
ever will have more than 50% of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in the Notes, other interest (direct or indirect) in the Issuer, or any interest created under
this Indenture and (II) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in any Class 1 Specified Note to permit any partnership to satisfy the 100-partner limitation of
Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Internal Revenue Code. 

  
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 (ii) It is not acquiring any beneficial interest in the Class 1 Specified Note
and it will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest in the Class 1 Specified Note, and it will not cause any beneficial interest in the Class 1 Specified Note to be marketed, in each case on or
through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” each within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an
interdealer quotation system that regularly disseminates firm buy or sell quotations. 
 (iii) Its beneficial interest in the
Class 1 Specified Notes is not and will not be in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in this Indenture, and it does not and will not hold any beneficial interest in the Class 1 Specified
Note on behalf of any Person whose beneficial interest in the Class 1 Specified Note is in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in this Indenture. It will not sell, transfer, assign,
participate, or otherwise dispose of any beneficial interest in the Class 1 Specified Note, or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class 1 Specified Note, in each
case if the effect of doing so would be that the beneficial interest of any Person in the Class 1 Specified Note would be in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in this Indenture. 

(iv) It will not transfer any beneficial interest in the Class 1 Specified Note (directly, through a participation thereof or
otherwise) unless, prior to the transfer, the transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar, and any of their respective successors or assigns, a Transferee Certification substantially in the form of
Exhibit E of this Indenture. 
 (v) It will not use any Class 1 Specified Note as collateral for the issuance of any
securities that could cause the Trust to become subject to taxation as a taxable mortgage pool taxable as a corporation, publicly traded partnership taxable as a corporation or association taxable as a corporation, each for U.S. federal income tax
purposes, provided that it may engage in any repurchase transaction (repo) the subject matter of which is the Class 1 Specified Note provided the terms of such repurchase transaction are generally consistent with prevailing market practice, 

(vi) It will not take any action and will not allow any other action that could cause the Trust to become taxable as a
corporation for U.S. federal income tax purposes. 
 (n) Tax Representation on Class 2 Specified Notes. Notwithstanding anything to
the contrary herein, no transfer of a beneficial interest in a Class 2 Specified Note shall be effective, and any attempted transfer shall be void ab initio, unless, prior to and as a condition of such transfer, the prospective transferee of the
beneficial interest (including the initial transferee of the beneficial interest) and any subsequent transferee of the beneficial interest in a Class 2 Specified 

  
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Note, represent and warrant, in writing, substantially in the form of the Transferee Certification set forth in Exhibit F, to the Indenture Trustee and the Note Registrar and any of their
respective successors or assigns that: 
 (i) Either (a) it is not and will not become for U.S. federal income tax
purposes a partnership, Subchapter S corporation or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity, then (I) none of the direct or indirect beneficial owners of any of
the interests in such flow-through entity has or ever will have more than 50% of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in the Notes, other interest (direct or
indirect) in the Issuer, or any interest created under this Indenture and (II) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in any Class 2 Specified Note to permit any
partnership to satisfy the 100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Internal Revenue Code. 

(ii) It is not acquiring any beneficial interest in the Class 2 Specified Note and it will not sell, transfer, assign,
participate, or otherwise dispose of any beneficial interest in the Class 2 Specified Note, and it will not cause any beneficial interest in the Class 2 Specified Note to be marketed, in each case on or through an “established securities
market” or a “secondary market (or the substantial equivalent thereof)” each within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an interdealer quotation system that regularly
disseminates firm buy or sell quotations. 
 (iii) Its beneficial interest in the Class 2 Specified Notes is not and will not
be in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in this Indenture, and it does not and will not hold any beneficial interest in the Class 2 Specified Note on behalf of any Person whose beneficial
interest in the Class 2 Specified Note is in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in this Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial
interest in the Class 2 Specified Note, or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class 2 Specified Note, in each case if the effect of doing so would be that the
beneficial interest of any Person in the Class 2 Specified Note would be in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in this Indenture. 

(iv) It will not transfer any beneficial interest in the Class 2 Specified Note ( directly, through a participation thereof or
otherwise) unless, prior to the transfer, the transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar, and any of their respective successors or assigns, a Transferee Certification substantially in the form of
Exhibit F of the Indenture. 
 (v) It will not use any Class 2 Specified Note as collateral for the issuance of any
securities that could cause the Trust to become subject to taxation as a taxable mortgage pool taxable as a corporation, publicly traded partnership taxable as a corporation or association taxable as a corporation, each for U.S. federal income tax
purposes, provided that it may engage in any repurchase transaction (repo) the subject matter of which is the Class 2 Specified Note provided the terms of such repurchase transaction are generally consistent with prevailing market practice, 

  
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 (vi) It will not take any action and will not allow any other action that could
cause the Trust to become taxable as a corporation for U.S. federal income tax purposes. 
 (vii) It is a “United States
person,” as defined in Section 7701(a)(30) of the Internal Revenue Code and will not transfer to, or cause such Class 2 Specified Note to be transferred to, any person other than a “United States person,” as defined in
Section 7701(a)(30) of the Internal Revenue Code. 
 (o) No Liability of Indenture Trustee for Transfers. To the extent permitted
under applicable law, the Indenture Trustee (in any of its capacities) shall be under no liability to any Person for any registration of transfer of any Note that is in fact not permitted by this Section 6.5 or for making any payments
due to the Noteholder thereof or taking any other action with respect to such Noteholder under the provisions of this Indenture so long as the transfer was registered by the Indenture Trustee and the Note Registrar in accordance with the
requirements of this Indenture. 
  

	Section 6.6.	Mutilated, Destroyed, Lost and Stolen Notes. 

 (a) If (1) any mutilated Note
is surrendered to the Indenture Trustee or the Note Registrar, or the Issuer, the Note Registrar or the Indenture Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and (2) there is delivered to the
Issuer, the Note Registrar or the Indenture Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a protected purchaser, the Issuer may execute, and, upon receipt of the documents required by Section 6.3, together with an Issuer’s Certificate, the Indenture Trustee will authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of like tenor, Series or Class, Stated Maturity Date and Initial Note Balance, bearing a number not contemporaneously Outstanding. 

(b) In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion
may, instead of issuing a new Note, pay such Note on a Payment Date in accordance with Section 4.5. 
 (c) Upon the issuance of
any new Note under this Section, the Issuer, the Indenture Trustee, or the Note Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Indenture Trustee) connected therewith. 
 (d) Every new Note issued pursuant to this Section in lieu
of any mutilated, destroyed, lost or stolen Note will constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note will be at any time enforceable by anyone, and will be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same Series or Class duly issued hereunder. 

  
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 (e) The provisions of this Section are exclusive and will preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  

	Section 6.7.	Payment of Interest; Interest Rights Preserved; Withholding Taxes. 

 (a) Unless
otherwise provided with respect to such Note pursuant to Section 6.1, interest payable on any Note will be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the most
recent Record Date. 
 (b) Subject to Section 6.7(a), each Note delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Note will carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried by such other Note. 

(c) The right of any Noteholder to receive interest on or principal of any Note shall be subject to any applicable withholding or deduction
imposed pursuant to the Code or other applicable tax law, including foreign withholding and deduction. Any amounts properly so withheld or deducted shall be treated as actually paid to the appropriate Noteholder. In addition, in order to receive
payments on its Notes free of U.S. federal withholding and backup withholding tax, each Noteholder shall timely furnish the Indenture Trustee on behalf of the Issuer, (1) any applicable IRS Form W-9, W-8BEN, W-8ECI or W-8IMY (with any
applicable attachments) and (2) any documentation that is required under Section 1471 or 1472 of the Code to enable the Issuer, the Indenture Trustee and any other agent of the Issuer to determine their duties and liabilities with respect
to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s acquisition of Notes and at such time or
times required by law or that the Indenture Trustee on behalf of the Issuer or their respective agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its terms or its subsequent amendments. Each
Noteholder will provide the applicable replacement IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or if required by applicable law). In each case above, the applicable IRS form or
documentation shall be properly completed and signed under penalty of perjury. 
  

	Section 6.8.	Persons Deemed Owners. 

 The Issuer, the Indenture Trustee, the Note Registrar
and any agent of the Issuer, the Indenture Trustee or the Note Registrar may treat the Person in whose name the Note is registered in the Note Registrar as the owner of such Note for the purpose of receiving payment of principal of and (subject to
Section 6.7) interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and neither the Issuer, the Indenture Trustee, the Note Registrar, nor any agent of the Issuer, the Indenture Trustee, or the
Note Registrar will be affected by notice to the contrary. 

  
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	Section 6.9.	Cancellation. 

 All Notes surrendered for payment, redemption, transfer,
conversion or exchange will, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and, if not already canceled, will be promptly canceled by it. The Issuer may at any time deliver to the Indenture
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered will be promptly canceled by the Indenture Trustee. No Note will be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. The Indenture Trustee will dispose of all canceled Notes in accordance with its customary procedures. 

 

	Section 6.10.	New Issuances of Notes. 

 (a) Issuance of New Notes. The Issuer may, from
time to time, direct the Indenture Trustee, on behalf of the Issuer, to issue new Notes of any Series or Class, so long as the conditions precedent set forth in Section 6.10(b) are satisfied if, at the time of issuance, other Notes have
already been issued and remain Outstanding. On or before the Issuance Date of new Notes of any Series or Class of Notes, the Issuer shall execute and deliver the required Indenture Supplement which shall incorporate the principal terms with respect
to such additional Series or Class of Notes. The Indenture Trustee shall execute the Indenture Supplement without the consent of any Noteholders, the Issuer shall execute the Notes of such Series or Class and the Notes of such Series or Class shall
be delivered to the Indenture Trustee (along with the other deliverables required hereunder) for authentication and delivery. 
 (b)
Conditions to Issuance of New Notes. The issuance of the Notes of any Series or Class after the Closing Date pursuant to this Section 6.10 shall be subject to the satisfaction of the following conditions: 

(i) no later than ten (10) Business Days before the date that the new issuance is to occur, the Issuer delivers to the
Indenture Trustee, each VFN Noteholder, each Derivative Counterparty and each Note Rating Agency that has rated any Outstanding Note that will remain Outstanding after the new issuance, notice of such new issuance; 

(ii) on or prior to the date that the new issuance is to occur, the Issuer delivers to the Indenture Trustee and each Note
Rating Agency that has rated any Outstanding Note that will remain Outstanding after the new issuance, an Issuer Certificate to the effect that the Issuer reasonably believes that the new issuance will not cause an Adverse Effect on any Outstanding
Notes or a Secured Party, and an Issuer Tax Opinion with respect to such proposed issuance, and an Opinion of Counsel: 
 (A)
to the effect that all instruments furnished to the Indenture Trustee conform to the requirements of this Indenture and constitute sufficient authority hereunder for the Indenture Trustee to authenticate and deliver such Notes; 

(B) to the effect that the form and terms of such Notes have been established in conformity with the provisions of this
Indenture; 

  
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 (C) to the effect that all conditions precedent set forth in this Indenture to
the issuance of such Notes have been met; and 
 (D) covering such other matters as the Indenture Trustee may reasonably
request; 
 (iii) on or prior to the date that the new issuance is to occur, the Issuer will have delivered to the Indenture
Trustee and each Note Rating Agency that is at that time rating Outstanding Notes that will remain Outstanding after the new issuance, an Opinion of Counsel to the effect that the Issuer has the requisite power and authority to issue such Notes and
such Notes have been duly authorized and delivered by the Issuer and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and binding obligations of the Issuer enforceable in accordance with their terms
(subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles,
whether applied in an action at law or in equity) and are entitled to the benefits of this Indenture, equally and ratably with all other Outstanding Notes, if any, of such Series or Class subject to the terms of this Indenture and each Indenture
Supplement; 
 (iv) if any additional conditions to the new issuance are specified in writing to the Issuer by a Note Rating
Agency that is at that time rating any Outstanding Note that will remain Outstanding after the new issuance, the Issuer satisfies such conditions; 

(v) the Issuer obtains written confirmation from each Note Rating Agency that is at that time rating any Outstanding Note at
the request of the Issuer that will remain Outstanding after the new issuance that the new issuance will not have a Ratings Effect on any Outstanding Notes that are rated by such Note Rating Agency at the request of the Issuer; 

(vi) a Facility Early Amortization Event shall not have occurred and be continuing, as evidenced by an Issuer’s
Certificate; 
 (vii) on or prior to the date that the new issuance is to occur, the Issuer will have delivered to the
Indenture Trustee an Indenture Supplement and, if applicable, the Issuer Certificate; 
 (viii) any Class of VFN must have
the same Stated Maturity Date, Expected Repayment Date and the same method of calculation of its Target Amortization Amount as any and all other Outstanding Classes of VFNs; 

(ix) for any new Series with respect to which there is a new Administrative Agent not currently set forth under the terms of
the definition of “Administrative Agent,” the Administrative Agent shall have consented to the issuance of such Series, unless the Notes in respect of which the existing Administrative Agent’s consent is required, are paid in full and
all related commitments terminated in writing by the Issuer and any remaining accrued commitment fees paid in full to such terminated Administrative Agent, in connection with the issuance of the new Series with the different Administrative Agent;
and 

  
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 (x) any other conditions specified in the applicable Indenture Supplement;
provided, however, that any one of the aforementioned conditions may be eliminated (other than clause (v) and the requirement for an Issuer Tax Opinion) or modified as a condition precedent to any new issuance of a Series
or Class of Notes if the Issuer has obtained approval from each Note Rating Agency that is at that time rating any Outstanding Notes that will remain Outstanding after the new issuance. 

(c) No Notice or Consent Required to or from Existing Noteholders and Owners. Except as provided in Section 6.10(a) above,
the Issuer and the Indenture Trustee will not be required to provide prior notice to or to obtain the consent of any Noteholder or Note Owner of Notes of any Outstanding Series or Class to issue any additional Notes of any Series or Class. 

(d) Other Provisions. There are no restrictions on the timing or amount of any additional issuance of Notes of an Outstanding Series or
Class within a Series, of Notes, so long as the conditions described in Section 6.10(a) are met or waived. If the additional Notes are in a Series or Class of Notes that has the benefit of a Derivative Agreement, the Issuer will enter
into a Derivative Agreement for the benefit of the additional Notes. In addition, if the additional Notes are a Series or Class of Notes that has the benefit of any Supplemental Credit Enhancement Agreement or any Liquidity Facility, the Issuer will
enter into a Supplemental Credit Enhancement Agreement or Liquidity Facility, as applicable, for the benefit of the additional Notes. 
 (e)
Sale Proceeds. The proceeds of sale of any new Series of Notes shall be wired to the Collection and Funding Account, and the Indenture Trustee shall disburse such sale proceeds at the direction of the Administrator on behalf of the Issuer,
except to the extent such funds are needed to satisfy the Collateral Test. The Administrator on behalf of the Issuer may direct the Issuer to apply such proceeds to reduce pro rata based on Invested Amounts, the VFN Principal Balance of any Classes
of Variable Funding Notes, or to redeem any Series of Notes in accordance with Section 13.1. In the absence of any such direction, the proceeds of such sale shall be distributed to the Depositor or at the Depositor’s direction on
the Issuance Date for the newly issued Notes. The Administrator shall deliver to the Indenture Trustee a report demonstrating that the release of sale proceeds pursuant to the Issuer’s direction will not cause a failure of the Collateral Test,
as a precondition to the Indenture Trustee releasing such proceeds. 
 (f) Increase or Reduction in Maximum VFN Principal Balance and/or
the Extension of any Expected Repayment Date. For the avoidance of doubt, the increase or reduction in the Maximum VFN Principal Balance and/or the extension of the Expected Repayment Date in respect of any outstanding Class of Notes shall not
constitute an issuance of “new Notes” for purpose of this Section 6.10. 

  
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 Article VII 

Satisfaction and Discharge; Cancellation of Notes Held by the Issuer or Depositor or the Receivables Seller 

 

	Section 7.1.	Satisfaction and Discharge of Indenture. 

 This Indenture will cease to be of
further effect with respect to any Series or Class of Notes (except as to any surviving rights of transfer or exchange of Notes of that Series or Class expressly provided for herein or in the form of Note for that Series or Class), and the Indenture
Trustee, on demand of and at the expense of the Issuer, will execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 

(a) all Notes of that Series or Class theretofore authenticated and delivered (other than (i) Notes of that Series or Class which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 6.6, and (ii) Notes of that Series or Class for whose payment money has theretofore been deposited in trust or segregated and held in trust
by the Issuer and thereafter repaid to the Issuer or discharged from that trust) have been delivered to the Indenture Trustee canceled or for cancellation; 

(b) with respect to the discharge of this Indenture for each Series or Class the Issuer has paid or caused to be paid all sums payable
hereunder (including payments to the Indenture Trustee (in all its capacities) and Wells Fargo Bank, N.A. (in all its capacities) pursuant to Section 11.7 with respect to the Notes or in respect of Fees, any and all amounts payable to
each Derivative Counterparty in accordance with the terms of the related Derivative Agreement and any and all other amounts due and payable pursuant to this Indenture (including any payments to Wells Fargo Bank, N.A. (in any of its capacities); and

 (c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes of that Series or Class have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any Series or Class of Notes, the obligations of the
Administrator to the Indenture Trustee with respect to any Series or Class of Notes under Section 11.7 and of the Issuer to the Securities Intermediary under Section 4.9 and the obligations and rights of the Indenture Trustee
under Section 7.2 and Section 11.3, respectively, will survive such satisfaction and discharge. 
  

	Section 7.2.	Application of Trust Money. 

 All money and obligations deposited with the
Indenture Trustee pursuant to Section 7.1 and all money received by the Indenture Trustee in respect of such obligations will be held in trust and applied by it or the Paying Agent, in accordance with the provisions of the Class of Notes
in respect of which it was deposited and this Indenture and the related Indenture Supplement, to the payment to the Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited with or
received by the Indenture Trustee or the Paying Agent. 

  
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	Section 7.3.	Cancellation of Notes Held by the Issuer, the Depositor or the Receivables Seller. 

If the Issuer, the Receivables Seller, the Depositor or any of their respective Affiliates holds any Notes, that Noteholder may, subject to
any provision of a related Indenture Supplement limiting the repayment of such Notes by notice from that Noteholder to the Indenture Trustee, cause the Notes to be repaid and canceled, whereupon the Notes will no longer be Outstanding. 

Article VIII 
 Events of
Default and Remedies 
  

	Section 8.1.	Events of Default. 

 “Event of Default” means, any one of
the following events (whatever the reason for such Event of Default and whether it is voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) default (which default continues for a period of two (2) Business Days following written or
electronic notice from the Indenture Trustee or the Administrative Agent), in the payment (i) of any principal, interest or any Fees due and owing on any Payment Date (including without limitation the full aggregate amount of any Target
Amortization Amounts due on such Payment Date) or the full aggregate amount of any Target Amortization Amount due on any other date or (ii) in full of all accrued and unpaid interest and the Outstanding Note Balance of the Notes of any Series
or Class on or before the applicable Stated Maturity Date; 
 (b) the Servicer or a Subservicer shall fail to comply with the deposit and
remittance requirements set forth in any Designated Servicing Agreement (subject to any cure period provided therein) or Section 4.2(a) (and such failure under Section 4.2(a) continues unremedied for a period of two
(2) Business Days after a Responsible Officer of the Servicer or a Subservicer obtains actual knowledge of such failure, or receives written notice from the Indenture Trustee or any Noteholder of such failure); 

(c) any failure of the Receivables Seller to pay the related Indemnity Payment which continues unremedied for a period of ten (10) days
after the earlier to occur of (x) actual discovery by a Responsible Officer of the Receivables Seller or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Receivables
Seller, the Administrator, the Servicer, the Subservicer, or the Depositor, respectively; 
 (d) the occurrence of an Insolvency Event as to
the Issuer, the Administrator, the Receivables Seller, the Servicer, a Subservicer or the Depositor; 
 (e) the Issuer or the Trust Estate
shall have become subject to registration as an “investment company” within the meaning of the Investment Company Act as determined by a court of competent jurisdiction in a final and non-appealable order; 

  
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 (f) the Depositor sells, transfers, pledges or otherwise disposes of the Owner Trust Certificate
(except to a wholly-owned subsidiary of Advance Purchaser), whether voluntarily or by operation of law, foreclosure or other enforcement by a Person of its remedies against the Receivables Seller, the Servicer or the Depositor, except with the
consent of the Administrative Agent; 
 (g) (i) any material provision of any Transaction Document shall at any time for any reason (other
than pursuant to the express terms thereof) cease to be valid and binding on or enforceable against the Issuer, the Depositor, the Administrator, a Subservicer, the Receivables Seller or any of their respective Affiliates intended to be a party
thereto, (ii) the validity or enforceability of any Transaction Document shall be contested by the Issuer, the Depositor, the Administrator, the Subservicer, the Receivables Seller or any of their respective Affiliates, (iii) a proceeding
shall be commenced by the Issuer, the Depositor, the Administrator, the Subservicer, the Receivables Seller or any of their respective Affiliates or any governmental body having jurisdiction over the Issuer, the Depositor, the Administrator, the
Subservicer, the Receivables Seller or any of their respective Affiliates, seeking to establish the invalidity or unenforceability of any Transaction Document, or (iv) the Issuer, the Depositor, the Administrator, the Subservicer, the
Receivables Seller or any of their respective Affiliates shall deny in writing that it has any liability or obligation purported to be created under any Transaction Document; 

(h) the Administrator or any Affiliate thereof has taken any action, or failed to take any action, the omission of which could reasonably be
expected to impair the interests of the Issuer in the Receivables or the security interest or rights of the Indenture Trustee in the Trust Estate, or to cause or permit the transactions contemplated by the Receivables Sale Agreement to be
characterized as a financing rather than a true sale for purposes of bankruptcy or similar laws; provided, however, that if the event is capable of being cured in all respects by corrective action and has not resulted in a material
adverse effect on the Noteholders’ interests in the Trust Estate, such event shall not become an Event of Default unless it remains uncured for two (2) Business Days following its occurrence. 

Upon the occurrence of any such event none of the Administrator, the Servicer, the Subservicer nor the Depositor shall be relieved from using
its best efforts to perform its obligations in a timely manner in accordance with the terms of this Indenture, and each of the Administrator, the Servicer, the Subservicer and the Depositor shall provide the Indenture Trustee, each Note Rating
Agency for each Note then Outstanding, each Derivative Counterparty and the Noteholders prompt notice of such failure or delay by it, together with a description of its effort to perform its obligations. Each of the Administrator, the Servicer, each
Subservicer and the Depositor shall notify the Indenture Trustee in writing of any Event of Default or an event which with notice, the passage of time or both would become an Event of Default that it discovers, within one (1) Business Day of
such discovery. For purposes of this Section 8.1, the Indenture Trustee shall not be deemed to have knowledge of an Event of Default unless a Responsible Officer of the Indenture Trustee assigned to and working in the Corporate Trust
Office has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default is received by the Indenture Trustee and such notice references the Notes, the Trust Estate or this Indenture. The Indenture Trustee
shall provide notice of defaults in accordance with Section 3.3(b) and Section 11.2. 

  
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 Any determination pursuant to this Section 8.1 as to whether any event would have a material
adverse effect on the rights or interests of the Noteholders shall be made without regard to any Derivative Agreement, Supplemental Credit Enhancement Agreement or Liquidity Facility. 

 

	Section 8.2.	Acceleration of Maturity; Rescission and Annulment. 

 (a) If an Event of Default
of the kind specified in clause (d) or (e) of Section 8.1 occurs, the unpaid principal amount of all of the Notes shall automatically become immediately due and payable without notice, presentment or demand of any
kind. If any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee, at the written direction of either 100% of the VFN Noteholders or the Majority Noteholders of each Series, by notice in
writing to the Issuer (and to the Indenture Trustee if given by the Noteholders), may declare the Note Balance of all the Outstanding Notes and all interest and principal accrued and unpaid (if any) thereon to be due and payable immediately, and
upon any such declaration each Note will become and will be immediately due and payable, anything in this Indenture, the related Indenture Supplement(s) or in the Notes to the contrary notwithstanding. Such payments are subject to the allocation,
deposits and payment sections of this Indenture and of the related Indenture Supplement(s). 
 (b) If a Payment Default occurs with respect
to any Series or Class and is continuing, then and in each and every such case, unless the principal of all the Notes shall have already become due and payable, the Indenture Trustee, at the written direction of either the Administrative Agent or
the Majority Noteholders of all Outstanding Notes, by notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), may declare the Note Balance of all the Notes then Outstanding and all interest and principal accrued and
unpaid (if any) thereon and all other amounts due and payable under any Transaction Document to be due and payable immediately, and upon any such declaration the same will become and will be immediately due and payable, and the Revolving Period with
respect to such Series or Class shall immediately terminate notwithstanding anything in this Indenture, the related Indenture Supplement(s) or the Notes to the contrary. 

(c) At any time after such a declaration of acceleration has been made or an automatic acceleration has occurred with respect to the Notes of
any Series or Class and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereafter provided in this Article VIII, the Majority Noteholders of all Outstanding Notes, by written notice
to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuer
has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all overdue installments of interest on such Notes, (B) the principal of such Notes which has become due otherwise than by such declaration of acceleration, and
interest thereon at the rate or rates prescribed therefor by the terms of such Notes, to the extent that payment of such interest is lawful, (C) interest upon overdue installments of interest at the rate or rates prescribed therefore by the
terms of such Notes to the extent that payment of such interest is lawful, (D) all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the Indenture

  
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Trustee or Wells Fargo Bank, N.A. (in any of its capacities), their agents and counsel, all other amounts due to the Indenture Trustee and Wells Fargo Bank, N.A. (in all its capacities) under
Section 4.5 and (E) all amounts due and payable to each Derivative Counterparty in accordance with the terms of any applicable Derivative Agreement; and 

(ii) all Events of Default, other than the nonpayment of the principal of such Notes which has become due solely by such
acceleration, have been cured or waived as provided in Section 8.15. 
 No such rescission will affect any subsequent default or
impair any right consequent thereon. 
  

	Section 8.3.	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

 The
Issuer covenants that if: 
 (a) the Issuer defaults in the payment of interest on any Notes when such interest becomes due and payable and
such default continues for a period of thirty-five (35) days following the date on which such interest became due and payable, or 
 (b)
the Issuer defaults in the payment of the principal of any Series or Class of Notes on the Stated Maturity Date thereof; then 
 the Issuer will, upon
demand of the Indenture Trustee, pay (subject to the allocation provided in Section 4.5(a)(2) hereof and any related Indenture Supplement) to the Indenture Trustee, for the benefit of the Noteholders of any such Notes, the whole amount
then due and payable on any such Notes for principal and interest, with interest, to the extent that payment of such interest will be legally enforceable, upon the overdue principal and upon overdue installments of interest, at the Default Rate
applicable to the Note Balance thereof, unless otherwise specified in the applicable Indenture Supplement, and in addition thereto, will pay such further amount as will be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and Wells Fargo Bank, N.A. (in any of its capacities), their agents and counsel and all other amounts due to the Indenture Trustee and Wells Fargo Bank, N.A. (in
all its capacities) under Section 4.5. 
 If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture
Trustee may, in its own name and as trustee of an express trust, institute a judicial proceeding for the collection of the sums so due and unpaid, and may directly prosecute such proceeding to judgment or final decree, and the Indenture Trustee may
enforce the same against the Issuer or any other obligor upon the Notes and collect the money adjudged or decreed to be payable in the manner provided by law and this Indenture. 

 

	Section 8.4.	Indenture Trustee May File Proofs of Claim. 

 In case of the pendency of any
Insolvency Event or other similar proceeding or event relative to the Issuer or any other obligor upon the Notes or the property of the Issuer or of such other obligor, the Indenture Trustee (irrespective of whether the principal of the Notes will
then be due and payable as therein expressed or by declaration or otherwise) will be entitled and empowered by intervention in such proceeding or otherwise, 

  
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 (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Indenture Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 4.5) and of the Noteholders allowed in such judicial proceeding, and 

(b) to collect and receive any funds or other property payable or deliverable on any such claims and to distribute the same; and any receiver,
assignee, trustee, liquidator or other similar official in any such proceeding is hereby authorized by each Noteholder to make such payment to the Indenture Trustee and Wells Fargo Bank, N.A. (in all its capacities), and in the event that the
Indenture Trustee consents to the making of such payments directly to the Noteholders, to pay to the Indenture Trustee and Wells Fargo Bank, N.A. (in all its capacities) any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Indenture Trustee and Wells Fargo Bank, N.A. (in all its capacities), their agents and counsel, and any other amounts due the Indenture Trustee and Wells Fargo Bank, N.A. (in all its capacities) under Section 4.5.

 Nothing herein contained will be deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof, or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding. 
  

	Section 8.5.	Indenture Trustee May Enforce Claims Without Possession of Notes. 

 All rights of
action and claims under this Indenture or the Notes of any Series or Class may be prosecuted and enforced by the Indenture Trustee, without the possession of any of the Notes of such Series or Class or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Indenture Trustee, will be brought in its own name as trustee of an express trust, and any recovery of judgment will, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its respective agents and counsel, be for the ratable benefit of the Noteholders of the Notes of such Series or Class in respect of which such judgment has been recovered. 

 

	Section 8.6.	Application of Money Collected. 

 Any money or other property collected by the
Indenture Trustee pursuant to this Article VIII will be applied in accordance with Sections 4.5(a)(2), at the Final Payment Date fixed by the Indenture Trustee and, in case of the payment of such money on account of principal or
interest, upon presentation of the Notes of the related Series or Class and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid. 

  
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	Section 8.7.	Sale of Collateral Requires Consent of Majority of All Noteholders. 

 The
Indenture Trustee shall not sell Collateral or cause the Issuer to sell Collateral following any Event of Default, except with the written consent, or at the direction of, the Majority Noteholders of the Outstanding Notes of each Series;
provided, that the consent of 100% of the Noteholders of the Outstanding Notes of each Series and any applicable Derivative Counterparties shall be required for any sale that does not generate sufficient proceeds to pay the Note Balance of
all such Notes plus all accrued and unpaid interest and other amounts owed in respect of such Notes and the Transaction Documents. If such direction has been given by the Noteholders of the requisite percentage of all Outstanding Notes, the
Indenture Trustee shall cause the Issuer to sell Collateral pursuant to Section 8.16, and shall provide notice of this to each Note Rating Agency of then Outstanding Notes. 

 

	Section 8.8.	Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee. 

Subject to Section 8.7 and Section 8.14, the Majority Noteholders of all Outstanding Notes have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee. This right may be exercised only if the direction provided by the
Noteholders does not conflict with Applicable Law or this Indenture and does not have a substantial likelihood of involving the Indenture Trustee in personal liability and the Indenture Trustee has received indemnity satisfactory to it from such
Noteholders. 
  

	Section 8.9.	Limitation on Suits. 

 No Noteholder will have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee or similar official, or for any other remedy hereunder, unless: 

(a) such Noteholder has previously given written notice to the Indenture Trustee of a continuing Event of Default with respect to Notes of such
Noteholder’s Notes’ Series or Class; 
 (b) the Noteholders of more than 25% of the Note Balance of the Outstanding Notes of each
Series, measured by Voting Interests, have made written request to the Indenture Trustee to institute proceedings in respect of such Event of Default in the name of the Indenture Trustee hereunder; 

(c) such Noteholder or Noteholders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses
and liabilities to be incurred in compliance with such request; and 
 (d) the Indenture Trustee, for sixty (60) days after the
Indenture Trustee has received such notice, request and offer of indemnity, has failed to institute any such proceeding; it being understood and intended that no one or more Noteholders of Notes of such Series or Class will have any right in any
manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders of Notes, or to obtain or to seek to obtain priority or preference over any other such Noteholders
or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Noteholders of all Notes. 

  
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	Section 8.10.	Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse. 

Notwithstanding any other provisions in this Indenture, the Noteholder will have the right, which is absolute and unconditional, to receive
payment of the principal of and interest on such Note on the Stated Maturity Date expressed in the related Indenture Supplement and to institute suit for the enforcement of any such payment, and such right will not be impaired without the consent of
such Noteholder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be without
recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee, or any Affiliate (other than the Issuer), officer, employee or director of any of them, and the obligation of the Issuer to pay principal of
or interest on the Notes or any other amount payable to any Noteholder will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in this Indenture. Notwithstanding any other terms of this Indenture,
the Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under the Notes, this Indenture 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, 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 or this Indenture 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 Indenture. It is understood that the foregoing provisions of this Section 8.10 shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security,
instrument or agreement which is part of the Trust Estate or (ii) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture. It is
further understood that the foregoing provisions of this Section 8.10 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 Notes or this
Indenture, 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 8.11.	Restoration of Rights and Remedies. 

 If the Indenture Trustee or any Noteholder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the Issuer, the Indenture Trustee and the Noteholders will, subject
to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no such proceeding had
been instituted. 

  
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	Section 8.12.	Rights and Remedies Cumulative. 

 No right or remedy herein conferred upon or
reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy.

  

	Section 8.13.	Delay or Omission Not Waiver. 

 No delay or omission of the Indenture Trustee or
of any Noteholder to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or
by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

 

	Section 8.14.	Control by Noteholders. 

 Either 100% of the VFN Noteholders or the Majority
Noteholders of all Outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee with
respect to such Notes; provided that: 
 (a) the Indenture Trustee will have the right to decline to follow any such direction if the
Indenture Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Indenture Trustee in good faith determines that the proceedings so directed would involve
it in personal liability or be unjustly prejudicial to the Noteholders not taking part in such direction, unless the Indenture Trustee has received indemnity satisfactory to it from the Noteholders; and 

(b) the Indenture Trustee may take any other action permitted hereunder deemed proper by the Indenture Trustee which is not inconsistent with
such direction. 
  

	Section 8.15.	Waiver of Past Defaults. 

 Together, Noteholders of more than 66 2⁄3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and the Administrative Agent may on behalf of the Noteholders of
all such Notes waive any past default hereunder and its consequences, except a default not theretofore cured: 
 (a) in the payment of the
principal of or interest on any Note, or 

  
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 (b) in respect of a covenant or provision hereof which under Article XIII cannot be
modified or amended without the consent of the Noteholder of each Outstanding Note. 
 Upon any such waiver, such default will cease to
exist, and any Event of Default arising therefrom will be deemed to have been cured, for every purpose of this Indenture; but no such waiver will extend to any subsequent or other default or impair any right consequent thereon. 

 

	Section 8.16.	Sale of Trust Estate. 

 (a) The power to effect any Sale of any portion of the
Trust Estate shall not be exhausted by any one or more Sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall have been sold or all amounts payable on the Notes and under this
Indenture with respect thereto shall have been paid. The Indenture Trustee may from time to time postpone any public Sale by public announcement made at the time and place of such Sale. 

(b) Unless the Majority Noteholders of all Outstanding Notes have otherwise provided its written consent to the Indenture Trustee and the
Indenture Trustee has provided prior notice of such Sale as soon as is reasonably practicable to each Derivative Counterparty, at any public Sale of all or any portion of the Trust Estate at which a minimum bid equal to or greater than all amounts
due to the Indenture Trustee hereunder and the entire amount which would be payable to the Noteholders in full payment thereof in accordance with Section 8.6, on the Payment Date next succeeding the date of such sale, has not been
received, the Indenture Trustee shall prevent such sale by bidding an amount at least $1.00 more than the highest other bid in order to preserve the Trust Estate. 

(c) In connection with a Sale of all or any portion of the Trust Estate: 

(i) any of the Noteholders may bid for and purchase the property offered for Sale, and upon compliance with the terms of sale
may hold, retain and possess and dispose of such property, without further accountability; 
 (ii) the Indenture Trustee may
bid for and acquire the property offered for Sale in connection with any Sale thereof; 
 (iii) the Indenture Trustee shall
execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Trust Estate in connection with a Sale thereof; 

(iv) the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey
its interest in any portion of the Trust Estate in connection with a Sale thereof, and to take all action necessary to effect such Sale; and 

(v) no purchaser or transferee at such a Sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into
the satisfaction of any conditions precedent or see to the application of any moneys. 

  
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 (d) Notwithstanding anything to the contrary in this Indenture, if an Event of Default has
occurred and is continuing and the Notes have become due and payable or have been declared due and payable and such declaration and its consequences have not been rescinded and annulled, any proceeds received by the Indenture Trustee with respect to
a foreclosure, sale or other realization resulting from a transfer of the assets of the Trust Estate shall be allocated in accordance with Section 4.5(a)(2) hereof. The amount, if any, so allocated to the Issuer shall be paid by the
Indenture Trustee to or to the order of the Issuer free and clear of the Adverse Claim of this Indenture and the Noteholders shall have no claim or rights to the amount so allocated. 

 

	Section 8.17.	Undertaking for Costs. 

 All parties to this Indenture agree, and each Noteholder
by its acceptance thereof will be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken or
omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and
expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section will not apply to any suit instituted by the Indenture
Trustee, to any suit instituted by any Noteholder or group of Noteholders holding in the aggregate more than 25% of the Note Balance of the Outstanding Notes of each Series (measured by Voting Interests) to which the suit relates, or to any suit
instituted by any Noteholders for the enforcement of the payment of the principal of or interest on any Note on or after the applicable Stated Maturity Date expressed in such Note. 

 

	Section 8.18.	Waiver of Stay or Extension Laws. 

 The Issuer covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

	Section 8.19.	Notice of Waivers. 

 Promptly after any waiver of a Facility Early Amortization
Event pursuant to Section 4.12, or any rescission or annulment of a declaration of acceleration pursuant to Section 8.2(c), or any waiver of past default pursuant to Section 8.15, the Issuer will notify all
related Note Rating Agencies in writing. 

  
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 Article IX 

The Issuer 
  

	Section 9.1.	Representations and Warranties of Issuer. 

 The Issuer hereby makes the following
representations and warranties for the benefit of the Servicer, the Indenture Trustee, the Noteholders, any Derivative Counterparty, any Supplemental Credit Enhancement Provider and any Liquidity Provider. The representations shall be made as of the
execution and delivery of this Indenture and of each Indenture Supplement, and as of each Funding Date and as of each date of Grant and shall survive the Grant of a Security Interest in the Receivables to the Indenture Trustee. Notwithstanding the
foregoing, the breach of any representation or warranty in this Section 9.1 shall not be waived without the consent of the Majority Noteholders of all Outstanding Notes. 

(a) Organization and Good Standing. The Issuer is duly organized and validly existing as a statutory trust and is in good standing 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. The Issuer has appointed the Administrator as the
Issuer’s agent where notices and demands to or upon the Issuer in respect of the Notes of this Indenture may be served. 
 (b) Power
and Authority. The Issuer has and will continue to have the power and authority to execute and deliver this Indenture and the other Transaction Documents to which it is or will be a party, and to carry out their respective terms; the Issuer had
and has had at all relevant times and now has full power, authority and legal right to acquire, own, hold and Grant a Security Interest in the Trust Estate and has duly authorized such Grant to the Indenture Trustee by all necessary action; and the
execution, delivery and performance by the Issuer of this Indenture and each of the other Transaction Documents to which it is a party has been duly authorized by all necessary action of the Issuer. 

(c) Valid Transfers; Binding Obligations. This Indenture creates a valid Grant of a Security Interest in the Receivables which has been
validly perfected and is a first priority Security Interest under the UCC, and such other portion of the Collateral as to which a Security Interest may be granted under the UCC, which security interest is enforceable against creditors of and
purchasers from the Issuer, subject to Applicable Law. Each of the Transaction Documents to which the Issuer is a party constitutes a legal, valid and binding obligation of the Issuer enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally or by general equity principles. 

(d) No Violation. The execution and delivery by the Issuer of this Indenture and each other Transaction Document to which it is a party
and the consummation of the transactions contemplated by this Indenture and the other Transaction Documents and the fulfillment of the terms of this Indenture and the other Transaction Documents do not conflict with, result in any breach of any of
the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under the Organizational Documents of the Issuer or any indenture, agreement 

  
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or other material instrument to which the Issuer is a party or by which it is bound, or result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms
of any such indenture, agreement or other instrument (other than this Indenture), or violate any law, order, judgment, decree, writ, injunction, award, determination, rule or regulation applicable to the Issuer of any court or of any federal or
state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties, which breach, default, conflict, Adverse Claim or violation could reasonably be expected to have an Adverse
Effect. 
 (e) 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 Issuer’s knowledge, threatened, against or affecting the Issuer: (i) asserting the invalidity of this Indenture, the Notes or any of the other Transaction Documents to which the Issuer is a party,
(ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Indenture, or any of the other Transaction Documents, (iii) seeking any determination or ruling which could reasonably be
expected to have an Adverse Effect or could reasonably be expected to materially and adversely affect the condition (financial or otherwise), business or operations of the Issuer, or (iv) relating to the Issuer and which could reasonably be
expected to adversely affect the United States federal income tax attributes of the Notes. 
 (f) No Subsidiaries. The Issuer has no
subsidiaries. 
 (g) All Tax Returns True, Correct and Timely Filed. All tax returns required to be filed by the Issuer in any
jurisdiction have in fact been filed and all taxes, assessments, fees and other governmental charges upon the Issuer or upon any of its properties, and all income of franchises, shown to be due and payable on such returns have been paid except for
any such taxes, assessments, fees and charges the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Issuer had established adequate reserves in accordance
with GAAP. All such tax returns were true and correct in all material respects and the Issuer knows of no proposed additional tax assessment against it that could reasonably be expected to have a material adverse effect upon the ability of the
Issuer to perform its obligations hereunder nor of any basis therefor. The provisions for taxes on the books of the Issuer are in accordance with GAAP. 

(h) No Restriction on Issuer Affecting its Business. The Issuer is not a party to any contract or agreement, or subject to any charter
or other restriction, which materially and adversely affects its business, and the Issuer has not agreed or consented to cause any of its assets or properties to become subject to any Adverse Claim other than the Security Interest or any Permitted
Liens. 
 (i) Title to Receivables. As represented by the Depositor in the Receivables Pooling Agreement, immediately prior to the
Grant thereof to the Indenture Trustee as contemplated by this Indenture, the Issuer had good and marketable title to each Receivable, free and clear of all Adverse Claims other than any Permitted Liens and rights of others. 

  
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 (j) Perfection of Security Interest. All filings and recordings that are necessary to
perfect the interest of the Issuer in the Receivables and such other portion of the Trust Estate as to which a sale or security interest may be perfected by filing under the UCC, have been accomplished and are in full force and effect. All filings
and recordings against the Issuer required to perfect the Security Interest of the Indenture Trustee in such Receivables and such other portion of the Trust Estate as to which a Security Interest may be perfected by filing under the UCC, have been
accomplished and are in full force and effect. Other than the Security Interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a Security Interest in, or otherwise conveyed any of the
Receivables or any other Collateral. The Issuer has not authorized the filing of and is not aware of any financing statement filed against the Issuer that includes a description of collateral covering the Receivables other than (1) any
financing statement related to the Security Interest granted to the Indenture Trustee hereunder or (2) that has been terminated. 
 (k)
Notes Authorized, Executed, Authenticated, Validly Issued and Outstanding. The Notes have been duly and validly authorized and, when duly and validly executed and authenticated by the Indenture Trustee in accordance with the terms of this
Indenture and delivered to and paid for by each purchaser as provided herein, will be validly issued and outstanding and entitled to the benefits hereof. 

(l) Location of Chief Executive Office and Records. The principal place of business and chief executive office of the Issuer, and the
office where Issuer maintains all of its corporate records, is located at the offices of the Administrator at 1345 Avenue of the Americas, New York, NY 10105, provided that, at any time after the Closing Date, upon thirty (30) days’
prior written notice to the Indenture Trustee and the Noteholders, the Issuer may relocate its jurisdiction of formation, and/or its principal place of business and chief executive office, and/or the office where it maintains all of its records, to
another location or jurisdiction, as the case may be, within the United States to the extent that the Issuer shall have taken all actions necessary or reasonably requested by the Indenture Trustee or the Majority Noteholders of all Outstanding Notes
to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested by the Indenture Trustee or the Majority Noteholders of all Outstanding Notes to
further perfect or evidence the rights, claims or security interests of the Indenture Trustee and the Noteholders under any of the Transaction Documents. 

(m) Solvency. The Issuer (i) is not insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy Code);
(ii) is able to pay its debts as they become due; and (iii) 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. The Issuer is not Granting the
Trust Estate to the Indenture Trustee with the intent to defraud, delay or hinder any of its creditors. 
 (n) Separate Identity. The
Issuer is operated as an entity separate from the Receivables Seller, the Depositor and the Servicer. The Issuer has complied with all covenants set forth in its Organizational Documents. 

(o) Name. The legal name of the Issuer is as set forth in this Indenture and the Issuer does not use and has not used any other trade
names, fictitious names, assumed names or “doing business as” names, other than “Nationstar Servicer Advance Receivables Trust 2013-CS”. 

  
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 (p) Governmental Authorization. Other than the filing of the financing statements (or
financing statement amendments) required hereunder or under any other Transaction Document, no authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for (i) the
due execution and delivery by Issuer of this Indenture and each other Transaction Document to which it is a party and (ii) the performance of its obligations hereunder and thereunder. 

(q) Accuracy of Information. All information heretofore furnished by the Issuer or any of its Affiliates to the Indenture Trustee or the
Noteholders for purposes of or in connection with this Indenture, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Issuer or any of its Affiliates to the
Indenture Trustee or the Noteholders will be, true and accurate in every material respect on the date such information is stated or certified and does not and will not contain any material misstatement of fact or omit, taking into account all other
information provided, to state a material fact or any fact necessary to make the statements contained therein not misleading. 
 (r) Use
of Proceeds. No proceeds of any issuance of Notes or funding under a VFN hereunder will be used for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System
from time to time. 
 (s) Investment Company. The Issuer is not required to be registered as an “investment company” within
the meaning of the Investment Company Act, or any successor statute. 
 (t) Compliance with Law. The Issuer has complied in all
material respects with all Applicable Laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject. 

(u) Investments. The Issuer does not own or hold, directly or indirectly (i) any capital stock or equity security of, or any equity
interest in, any Person or (ii) any debt security or other evidence of indebtedness of any Person. 
 (v) Transaction Documents.
The Receivables Pooling Agreement is the only agreement pursuant to which the Issuer directly or indirectly purchases and receives contributions of Receivables from the Depositor and the Receivables Pooling Agreement represents the only agreement
between the Depositor and the Issuer relating to the transfer of the Receivables. 
 (w) Limited Business. Since its formation the
Issuer has conducted no business other than entering into and performing its obligations under the Transaction Documents to which it is a party, and such other activities as are incidental to the foregoing. The Transaction Documents to which it is a
party, and any agreements entered into in connection with the transactions that are permitted thereby, are the only agreements to which the Issuer is a party. 

  
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	Section 9.2.	Liability of Issuer; Indemnities. 

 (a) Obligations. The Issuer shall be
liable in accordance with this Indenture only to the extent of the obligations in this Indenture specifically undertaken by the Issuer in such capacity under this Indenture and shall have no other obligations or liabilities hereunder. The Issuer
shall indemnify, defend and hold harmless the Indenture Trustee (in all its capacities), the Calculation Agent, the Paying Agent, the Securities Intermediary, the Note Registrar, the Noteholders, each Derivative Counterparty (as applicable, with
respect to the related Series of Notes) and the Trust Estate (each an “Indemnified Party”) from and against any taxes that may at any time be asserted against the Indenture Trustee, the Calculation Agent, the Paying Agent,
the Securities Intermediary, the Note Registrar or the Trust Estate with respect to the transactions contemplated in this Indenture or any of the other Transaction Documents, including, without limitation, any sales, gross receipts, general
corporation, tangible or intangible personal property, privilege or license taxes (but not including any taxes asserted with respect to, and as of the date of, the transfer of the Receivables to the Trust Estate, the issuance and original sale of
the Notes of any Class, or asserted with respect to ownership of the Receivables, or federal, state or local income or franchise taxes or any other tax, or other income taxes arising out of payments on the Notes of any Class, or any interest or
penalties with respect thereto or arising from a failure to comply therewith) and costs and expenses in defending against the same. 
 (b)
Notification and Defense. Promptly after any Indemnified Party shall have been served with the summons or other first legal process or shall have received written notice of the threat of a claim in respect of which a claim for indemnity may
be made against the Issuer under this Section 9.2, the Indemnified Party shall notify the Issuer and the Administrator in writing of the service of such summons, other legal process or written notice, giving information therein as to the
nature and basis of the claim, but failure so to notify the Issuer shall not relieve the Issuer from any liability which it may have hereunder or otherwise, except to the extent that the Issuer is prejudiced by such failure so to notify the Issuer.
The Issuer will be entitled, at its own expense, to participate in the defense of any such claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party, and, after
notice from the Issuer to such Indemnified Party that the Issuer wishes to assume the defense of any such action, the Issuer will not be liable to such Indemnified Party under this Section 9.2 for any legal or other expenses subsequently
incurred by such Indemnified Party in connection with the defense of any such action unless (i) the defendants in any such action include both the Indemnified Party and the Issuer, and the Indemnified Party (upon the advice of counsel) shall
have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Issuer, or one or more Indemnified Parties, and which in the reasonable judgment of such counsel are
sufficient to create a conflict of interest for the same counsel to represent both the Issuer and such Indemnified Party, (ii) the Issuer shall not have employed counsel reasonably satisfactory to the Indemnified Party to represent the
Indemnified Party within a reasonable time after notice of commencement of the action, or (iii) the Issuer has authorized the employment of counsel for the Indemnified Party at the expense of the Issuer; then, in any such event, such
Indemnified Party shall have the right to employ its own counsel in such action, and the reasonable fees and expenses of such counsel shall be borne by the Issuer; provided, however, that the Issuer shall not in connection with any
such action or separate but substantially similar or related actions arising out of the same general allegations or circumstances, be liable for any fees and expenses of more than one firm of 

  
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attorneys at any time for all Indemnified Parties. Each Indemnified Party, as a condition of the indemnity agreement contained herein, shall use its commercially reasonable efforts to cooperate
with the Issuer in the defense of any such action or claim. The Issuer shall not, without the prior written consent of any Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is
or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such
proceeding or threatened proceeding. 
 (c) Expenses. Indemnification under this Section shall include, without limitation, reasonable
fees and expenses of counsel and expenses of litigation. If the Issuer has made any indemnity payments pursuant to this Section and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts
collected to the Issuer, without interest. 
  

	Section 9.3.	Merger or Consolidation, or Assumption of the Obligations, of the Issuer. 

 Any
Person (a) into which the Issuer may be merged or consolidated, (b) which may result from any merger, conversion or consolidation to which the Issuer shall be a party, or (c) which may succeed to all or substantially all of the
business or assets of the Issuer, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Issuer under this Indenture, shall be the successor to the Issuer under this Indenture without the
execution or filing of any document or any further act on the part of any of the parties to this Indenture, except that if the Issuer in any of the foregoing cases is not the surviving entity, then the surviving entity shall execute an agreement of
assumption to perform every obligation of the Issuer under the Transaction Documents, including Derivative Agreements entered into by the Issuer or the Indenture Trustee on its behalf, and the surviving entity shall have taken all actions necessary
or reasonably requested by the Issuer, the Majority Noteholders of all Outstanding Notes 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 Majority Noteholders of all Outstanding Notes or the Indenture Trustee to further perfect or evidence the rights, claims or security interests of the Issuer, the Noteholders or the Indenture Trustee
under any of the Transaction Documents. The Issuer (i) shall provide notice of any merger, consolidation or succession pursuant to this Section to each Note Rating Agency that has rated any then-Outstanding Notes, the Indenture Trustee, each
Derivative Counterparty and the Noteholders, (ii) for so long as the Notes are outstanding, shall receive from each Note Rating Agency rating Outstanding Notes a letter to the effect that such merger, consolidation or succession will not result
in a qualification, downgrading or withdrawal of the then current ratings assigned by such Note Rating Agency to any Outstanding Notes, (iii) shall obtain an Opinion of Counsel addressed to the Indenture Trustee and reasonably satisfactory to
the Indenture Trustee, that such merger, consolidation or succession complies with the terms hereof and one or more Opinions of Counsel updating or restating all opinions delivered on the date of this Indenture with respect to corporate matters,
enforceability of Transaction Documents against the Issuer, and the grant by the Issuer of a valid security interest in the Aggregate Receivables to the Indenture Trustee and the perfection of such security interest and related matters,
(iv) shall receive from the Majority Noteholders of all Outstanding Notes and each Derivative Counterparty their prior written consent to such merger, consolidation or succession, absent which consent, which may not be unreasonably withheld or
delayed, the Issuer shall not become a party to such merger, consolidation or succession and (v) shall obtain an Issuer Tax Opinion. 

  
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	Section 9.4.	Issuer May Not Own Notes. 

 The Issuer may not become the owner or pledgee of one
or more of the Notes (other than any “Retained Notes” (as defined in any Indenture Supplement)). Any Person Controlling, Controlled by or under common Control with the Issuer may, in its individual or any other capacity, become the owner
or pledgee of one or more Notes with the same rights as it would have if it were not an Affiliate of the Issuer, except as otherwise specifically provided in the definition of the term “Noteholder.” The Notes so owned by or pledged to such
Controlling, Controlled or commonly Controlled Person shall have an equal and proportionate benefit under the provisions of this Indenture, without preference, priority or distinction as among any of the Notes, except as set forth herein with
respect to, among other things, rights to vote, consent or give directions to the Indenture Trustee as a Noteholder. 
  

	Section 9.5.	Covenants of Issuer. 

 (a) Organizational Documents; Unanimous Consent. The
Issuer hereby covenants that its Organizational Documents provide that they may not be amended or modified without (i) notice to the Indenture Trustee and each Note Rating Agency that is at that time rating any Outstanding Notes, and
(ii) the prior written consent of the Administrative Agent, unless and until this Indenture shall have been satisfied, discharged and terminated. The Issuer will at all times comply with the terms of its Organizational Documents. In addition,
notwithstanding any other provision of this Section and any provision of law, the Issuer shall not do any of the following without the affirmative vote of its Independent Manager as such term is defined in the Issuer’s Organizational Documents:
(A) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings against it, (C) file a petition seeking, or
consent to, reorganization or relief under any applicable federal, state or foreign law relating to bankruptcy or similar matters, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Issuer or a substantial part of its property, (E) make any assignment for the benefit of creditors, (F) admit in writing its inability to pay its debts generally as they become due, or (G) take any action in
furtherance of the actions set forth in clauses (A) through (F) above; or (1) merge or consolidate with or into any other person or entity or sell or lease its property or all or substantially all of its assets to any person or
entity; or (2) modify any provision of its Organizational Documents. 
 (b) Preservation of Existence. The Issuer hereby
covenants to do or cause to be done all things necessary on its part to preserve and keep in full force and effect its rights and franchises as a statutory trust under the laws of the State of Delaware, and to maintain each of its licenses,
approvals, permits, registrations or 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, individually or in the aggregate, would not have an Adverse Effect. 

  
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 (c) Compliance with Laws. The Issuer hereby covenants to comply in all material respects
with all applicable laws, rules and regulations and orders of any governmental authority, the noncompliance with which would have an Adverse Effect or a material adverse effect on the business, financial condition or results of operations of the
Issuer. 
 (d) Payment of Taxes. The Issuer hereby covenants to pay and discharge promptly or cause to be paid and discharged promptly
all taxes, assessments and governmental charges or levies imposed upon the Issuer 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 Issuer 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 and the Issuer shall have set aside on its books adequate reserves with
respect to any such tax, assessment, charge or levy so contested. 
 (e) Investments. The Issuer hereby covenants that it will not,
without the prior written consent of the Majority Noteholders of all Outstanding Notes, acquire or hold any indebtedness for borrowed money of another person, or any capital stock, debentures, partnership interests or other ownership interests or
other securities of any Person, other than Permitted Investments and Sinking Fund Permitted Investments as provided hereunder and the Receivables acquired under, the Purchase Agreement, the Receivables Sale Agreement and the Receivables Pooling
Agreement. 
 (f) Keeping Records and Books of Account. The Issuer hereby covenants and agrees to maintain and implement
administrative and operating procedures (including, without limitation, an ability to recreate records evidencing the Receivables in the event of the destruction or loss of the originals thereof) and keep and maintain, all documents, books, records
and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the daily identification of all collections with respect to, and adjustments of amounts payable
under, each Receivable). The Administrator or a Sub-Administrator on behalf of the Administrator shall ensure compliance with this Section 9.5(f). 

(g) Employee Benefit Plans. The Issuer hereby covenants and agrees to comply in all material respects with the provisions of ERISA, the
Code, and all other applicable laws, and the regulations and interpretations thereunder to the extent applicable, with respect to each Employee Benefit Plan. 

(h) No Release. The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken by others that
would release any Person from any of such Person’s covenants or obligations under any Transaction Document, Designated Servicing Agreement or other document, instrument or agreement included in the Trust Estate, or which would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such document, instrument or agreement. 

(i) Separate Identity. The Issuer acknowledges that the Secured Parties are entering into the transactions contemplated by this
Indenture in reliance upon the Issuer’s identity as a legal entity that is separate from the Receivables Seller, the Depositor or the Servicer (each, a 

  
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“Facility Entity”). Therefore, from and after the date of execution and delivery of this Indenture, the Issuer shall take all reasonable steps to maintain the
Issuer’s identity as a separate legal entity and to make it manifest to third parties that the Issuer is an entity with assets and liabilities distinct from those of each Facility Entity and not a division of a Facility Entity. 

(j) Compliance with and Enforcement of Transaction Documents. The Issuer hereby covenants and agrees to comply in all respects with the
terms of, employ the procedures outlined in and enforce the obligations of the parties to all of the Transaction Documents to which the Issuer is a party, and take all such action to such end as may be from time to time reasonably requested by the
Indenture Trustee, and/or the Majority Noteholders of all Outstanding Notes, maintain all such Transaction Documents in full force and effect and make to the parties thereto such reasonable demands and requests for information and reports or for
action as the Issuer is entitled to make thereunder and as may be from time to time reasonably requested by the Indenture Trustee. 
 (k)
No Sales, Liens, Etc. Against Receivables and Trust Property. The Issuer hereby covenants and agrees, except for releases specifically permitted hereunder, not to sell, assign (by operation of law or otherwise) or otherwise dispose of, or
create or suffer to exist, any Adverse Claim (other than the Security Interest created hereby or any Permitted Liens) upon or with respect to, any Receivables or Trust Property, or any interest in either thereof, or upon or with respect to any Trust
Account, or assign any right to receive income in respect thereof. The Issuer shall promptly, but in no event later than two (2) Business Days after a Responsible Officer has obtained actual knowledge thereof, notify the Indenture Trustee of
the existence of any Adverse Claim on any Receivables or Trust Estate, and the Issuer shall defend the right, title and interest of each of the Issuer and the Indenture Trustee in, to and under the Receivables and Trust Estate, against all claims of
third parties. 
 (l) No Change in Business. The Issuer covenants that it shall not make any change in the character of its business.

 (m) No Change in Name, Etc.; Preservation of Security Interests The Issuer covenants that it shall not make any change to its
company name, or use any trade names, fictitious names, assumed names or “doing business as” names. The Issuer will from time to time, at its own expense, execute and file such additional financing statements (including continuation
statements) as may be necessary to ensure that at any time, the interest of the Issuer in all of the Receivables and such other portion of the Trust Estate as to which a sale or Security Interest may be perfected by filing under the UCC, and the
Security Interest of the Indenture Trustee in all of the Receivables and such other portion of the Trust Estate as to which a Security Interest may be perfected by filing under the UCC, are fully protected. 

(n) No Institution of Insolvency Proceedings. The Issuer covenants that it shall not institute Insolvency Proceedings with respect to
the Issuer or any Affiliate thereof or consent to the institution of Insolvency Proceedings against the Issuer or any Affiliate thereof or take any action in furtherance of any such action, or seek dissolution or liquidation in whole or in part of
the Issuer or any Affiliate thereof. 

  
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 (o) Money for Note Payments To Be Held in Trust. The Indenture Trustee shall cause each
Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section, that such Paying Agent shall:

 (i) hold all sums held by it in respect of payments on Notes in trust for the benefit of the Noteholders entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
 (ii) give the Indenture Trustee
notice of any default by the Issuer (or any other obligor upon the Notes) in the making of any payment; and 
 (iii) at any
time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent. 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any Paying
Agent to pay, to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and, upon such payment by any Paying
Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 (p)
Protection of Trust Estate. The Issuer shall from time to time execute and deliver to the Indenture Trustee and the Administrative Agent all such supplements and amendments hereto (a copy of which shall be provided to the Noteholders) and all
such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as is necessary or advisable to: 

(i) Grant more effectively all or any portion of the Trust Estate; 

(ii) maintain or preserve the Security Interest or carry out more effectively the purposes hereof; 

(iii) perfect, publish notice of, or protect the validity of any Grant made or to be made by this Indenture; 

(iv) enforce any of the Receivables or, where appropriate, any Security Interest in the Trust Estate and the proceeds thereof,
or 
 (v) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders therein
against the claims of all persons and parties. 
 (q) Investment Company Act. The Issuer shall conduct its operations in a manner
which shall not subject it to registration as an “investment company” under the Investment Company Act. 

  
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 (r) Payment of Review and Renewal Fees. The Issuer shall pay or cause to be paid to each
Note Rating Agency that has rated Outstanding Notes, the annual rating review and renewal fee in respect of such Notes, if any. 
 (s)
Reserved. 
 (t) No Subsidiaries. The Issuer shall not form or hold interests in any subsidiaries. 

(u) No Indebtedness. The Issuer shall not incur any indebtedness other than the Notes, and shall not guarantee any other Person’s
indebtedness or incur any capital expenditures. 
 Article X 

The Administrator and Servicer 
  

	Section 10.1.	Representations and Warranties of Administrator. 

 The Administrator hereby makes
the following representations and warranties for the benefit of the Indenture Trustee, as of the Closing Date, and as of the date of each Grant of Receivables to the Indenture Trustee pursuant to this Indenture. 

(a) Organization and Good Standing. The Administrator is a limited liability company, duly organized, validly existing and in good
standing under the laws of the State of Delaware. The Administrator is duly qualified to do business and is in good standing (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which
the failure so to qualify, or to obtain such licenses or approvals, would have an Adverse Effect. 
 (b) Power and Authority; Binding
Obligation. The Administrator has the power and authority to make, execute, deliver and perform its obligations under this Indenture and any related Indenture Supplement and each other Transaction Document to which it is a party and all of the
transactions contemplated hereunder and thereunder, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Indenture and each Indenture Supplement and each other Transaction Document to which it is
a party; this Indenture and each Indenture Supplement and each other Transaction Document to which it is a party constitutes a legal, valid and binding obligation of the Administrator, enforceable against the Administrator in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such
enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in equity) or by public policy with respect to indemnification under applicable securities laws. 

(c) No Violation. The execution and delivery of this Indenture and each Indenture Supplement and each other Transaction Document to
which it is a party by the Administrator and its performance and compliance with the terms of this Indenture and each Indenture Supplement and each other Transaction Document to which it is a party will not violate (i) the Administrator’s
Charter, Bylaws or other organizational documents or (ii) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result 

  
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in the breach of, any material contract, agreement or other instrument to which the Administrator is a party or which may be applicable to the Administrator or any of its assets or
(iii) violate 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 Administrator or their respective
properties. 
 (d) No Proceedings. No proceedings, investigations or litigation before any court, tribunal or governmental body is
currently pending, nor to the knowledge of the Administrator is threatened against the Administrator, nor is there any such proceeding, investigation or litigation currently pending, nor, to the knowledge of the Administrator, is any such
proceeding, investigation or litigation threatened against the Administrator with respect to this Indenture, any Indenture Supplement or any other Transaction Document or the transactions contemplated hereby or thereby that could reasonably be
expected to have an Adverse Effect. 
 (e) No Consents Required. No consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and performance by the Administrator of or compliance by the Administrator with this Indenture, any Indenture Supplement or the consummation of the transactions contemplated by this
Indenture, any Indenture Supplement except for consents, approvals, authorizations and orders which have been obtained. 
 (f)
Information. No written statement, report or other document furnished or to be furnished pursuant to this Indenture or any other Transaction Document to which it is a party by the Administrator contains or will contain any statement that is
or will be inaccurate or misleading in any material respect. 
 (g) Default. The Administrator is not in default with respect to any
material contract under which a default should reasonably be expected to have a material adverse effect on the ability of the Administrator to perform its duties under this Indenture or any Indenture Supplement, or with respect to any order of any
court, administrative agency, arbitrator or governmental body which would have a material adverse effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse of time or both would constitute such a default
with respect to any such contract or order of any court, administrative agency, arbitrator or governmental body. 
  

	Section 10.2.	Representations and Warranties of Nationstar. 

 Nationstar, as Servicer and as a
Subservicer, hereby makes the following representations and warranties for the benefit of the Indenture Trustee, the Issuer and the Administrator as of the Closing Date, and as of the date of each Grant of Receivables to the Indenture Trustee, the
Issuer and the Administrator pursuant to this Indenture. 
 (a) Organization and Good Standing. Nationstar is a limited liability
company, duly organized, validly existing and in good standing under the laws of the State of Delaware. Nationstar is duly qualified to do business and is in good standing (or is exempt from such requirements) and has obtained all necessary licenses
and approvals in each jurisdiction in which the failure so to qualify, or to obtain such licenses or approvals, would have an Adverse Effect. 

  
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 (b) Power and Authority; Binding Obligation. Nationstar has the power and authority to
make, execute, deliver and perform its obligations under this Indenture and any related Indenture Supplement and each other Transaction Document to which it is a party and all of the transactions contemplated hereunder and thereunder, and has taken
all necessary corporate action to authorize the execution, delivery and performance of this Indenture and each Indenture Supplement and each other Transaction Document to which it is a party; this Indenture and each Indenture Supplement and each
other Transaction Document to which it is a party constitutes a legal, valid and binding obligation of Nationstar, enforceable against Nationstar in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether
considered in a proceeding at law or in equity) or by public policy with respect to indemnification under applicable securities laws. 
 (c)
No Violation. The execution and delivery of this Indenture and each Indenture Supplement and each other Transaction Document to which it is a party by Nationstar and its performance and compliance with the terms of this Indenture and each
Indenture Supplement and each other Transaction Document to which it is a party will not violate (i) Nationstar’s Charter, Bylaws or other organizational documents or (ii) constitute a default (or an event which, with notice or lapse
of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which Nationstar is a party or which may be applicable to Nationstar or any of its assets or (iii) violate
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 Servicer or their respective properties. 

(d) No Proceedings. No proceedings, investigations or litigation before any court, tribunal or governmental body is currently pending,
nor to the knowledge of Nationstar is threatened against Nationstar, nor is there any such proceeding, investigation or litigation currently pending, nor, to the knowledge of Nationstar, is any such proceeding, investigation or litigation threatened
against Nationstar with respect to this Indenture, any Indenture Supplement or any other Transaction Document or the transactions contemplated hereby or thereby that could reasonably be expected to have an Adverse Effect. 

(e) No Consents Required. No consent, approval, authorization or order of any court or governmental agency or body is required for the
execution, delivery and performance by Nationstar of or compliance by Nationstar with this Indenture, any Indenture Supplement or the consummation of the transactions contemplated by this Indenture, any Indenture Supplement except for consents,
approvals, authorizations and orders which have been obtained. 
 (f) Information. No written statement, report or other document
furnished or to be furnished pursuant to this Indenture or any other Transaction Document to which it is a party by Nationstar contains or will contain any statement that is or will be inaccurate or misleading in any material respect. 

(g) Default. Nationstar is not in default with respect to any material contract under which a default should reasonably be expected to
have a material adverse effect on the ability of Nationstar to perform its duties under this Indenture or any Indenture Supplement, or with 

  
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respect to any order of any court, administrative agency, arbitrator or governmental body which would have a material adverse effect on the transactions contemplated hereunder, and no event has
occurred which with notice or lapse of time or both would constitute such a default with respect to any such contract or order of any court, administrative agency, arbitrator or governmental body. 

 

	Section 10.3.	Covenants of Administrator and Servicer. 

 (a) Amendments to Designated
Servicing Agreements. Each Servicer hereby covenants and agrees not to amend any Designated Servicing Agreements under which it is Servicer except for such amendments that would have no adverse effect upon the collectability or timing of payment
of any of the Aggregate Receivables or the performance of its, the Depositor’s or the Issuer’s obligations under the Transaction Documents or otherwise adversely affect the interest of the Noteholders, any Derivative Counterparty, any
Supplement Credit Enhancement Provider or any Liquidity Provider, without the prior written consent of the Majority Noteholders of all Outstanding Notes, each Derivative Counterparty and of each Supplemental Credit Enhancement Provider and each
Liquidity Provider (to the extent the Issuer has knowledge of such Liquidity Provider). The Administrator or the Sub-Administrator on behalf of the Administrator shall, within five (5) Business Days following the effectiveness of such
amendments, deliver to the Indenture Trustee copies of all such amendments. 
 (b) Maintenance of Security Interest. The Administrator
shall from time to time, at its own expense, file such additional financing statements (including continuation statements) as may be necessary to ensure that at any time, the Security Interest of the Indenture Trustee (on behalf of itself, the
Noteholders, any Derivative Counterparty, any Supplemental Credit Enhancement Provider and any Liquidity Provider) in all of the Aggregate Receivables and the other Collateral is fully protected in accordance with the UCC and that the Security
Interest of the Indenture Trustee in the Receivables and the rest of the Trust Estate remains perfected and of first priority. The Administrator shall take all steps necessary to ensure compliance with Section 9.5(m). 

(c) Regulatory Reporting Compliance. The Servicer shall, on or before the last Business Day of the fifth month following the end of each
of the Servicer’s fiscal years (December 31), beginning with the fiscal year ending in 2013, deliver to the Indenture Trustee and the Interested Noteholders, as applicable, a copy of the results of any Uniform Single Attestation Program for
Mortgage Bankers, an Officer’s Certificate that satisfies the requirements of Item 1122(a) of Regulation AB, an independent public accountant’s report that satisfies the requirements of Item 1123 of Regulation AB or similar
review conducted on the Servicer by its accountants and such other reports as the Servicer may prepare relating to its servicing functions as the Servicer. 

(d) Compliance with Designated Servicing Agreements. The Servicer shall not fail to comply with its obligations as the servicer under
each of the Designated Servicing Agreements, which failure would have a material adverse effect on the interests of the Noteholders under this Indenture. The Servicer shall immediately notify the Indenture Trustee of any Event of Default or its
receipt of a notice of termination under any Designated Servicing Agreement. The Indenture Trustee shall forward any such notification to each Noteholder. 

  
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 (e) Compliance with Obligations. Each of the Administrator and the Servicer shall comply
with all their other obligations and duties set forth in this Indenture and any other Transaction Document. The Administrator shall not permit the Issuer to engage in activities that could violate its covenants in this Indenture. Notwithstanding any
Subservicing Agreement, any of the provisions of this Indenture relating to agreements or arrangements between the Servicer and a Subservicer or reference to actions taken through a Subservicer or otherwise, the Servicer shall remain obligated and
primarily liable to the Indenture Trustee and the Noteholders for the servicing and administering of the Mortgage Loans in accordance with the provisions of this Indenture without diminution of such obligation or liability by virtue of such
Subservicing Agreements or arrangements or by virtue of indemnification from a Subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Mortgage Loans. The Servicer
shall be entitled to enter into any agreement with a Subservicer for indemnification of the Servicer by such Subservicer and nothing contained in this Indenture shall be deemed to limit or modify such indemnification. 

(f) Reimbursement of Advances and Payment of Deferred Servicing Fees upon Transfer of Servicing; Clean-up Calls. In connection with any
sale or transfer of servicing, in whole or in part, under any Designated Servicing Agreement, the Servicer shall cause the Subservicer to collect reimbursement of all outstanding Advances and payment of all outstanding Deferred Servicing Fees under
such Designated Servicing Agreement prior to transferring the servicing under such Designated Servicing Agreement. The Servicer agrees that prior to or concurrently with its exercise of any clean-up call, redemption or repurchase right under the
related Designated Servicing Agreement it shall ensure that all outstanding Advances and unpaid Deferred Servicing Fees due and owing under the related Designated Servicing Agreement shall be paid in full, as certified to the Indenture Trustee. 

(g) Notice of Unmatured Defaults, Servicer Termination Events and Subservicer Termination Events. The Servicer shall provide written
notice to the Indenture Trustee and each VFN Noteholder of any Unmatured Default, Servicer Termination Event or Subservicer Termination Event, immediately following the receipt by a Responsible Officer of the Servicer of notice, or the obtaining by
a Responsible Officer of the Servicer of actual knowledge, of such Unmatured Default, Servicer Termination Event or Subservicer Termination Event. 

(h) Reimbursement of Nonrecoverable Advances and Nonrecoverable Deferred Servicing Fees for Receivables other than Loan-Level
Receivables. The Servicer shall cause the Subservicer to withdraw Advance Reimbursement Amounts related to Receivables other than Loan-Level Receivables from the appropriate Custodial Account to reimburse any Advance or pay any Deferred
Servicing Fee which the Subservicer shall have determined will not be recoverable from proceeds of the related Mortgage Loan, promptly after making such determination of non-recoverability. 

(i) Administrator Instructions and Functions Performed by Issuer. The Administrator shall perform the administrative or ministerial
functions specifically required of the Issuer pursuant to this Indenture and any other Transaction Document. 
 (j) Reserved. 

  
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 (k) Adherence to Servicing Standards. Unless otherwise consented to by the Administrative
Agent and the Administrator (the following collectively, the “Servicing Standards”): 
 (i) the Servicer
shall continue to make Advances and seek reimbursement of Advances and payment of Deferred Servicing Fees in accordance with the terms of the related Designated Servicing Agreement; 

(ii) to the extent permitted by the related Designated Servicing Agreement, the Servicer shall apply all Advance Reimbursement
Amounts on a “first-in, first out” or “FIFO” basis such that the Advances of a particular type that were disbursed first in time or the Deferred Servicing Fees of a particular type that were accrued first in time will be
reimbursed or paid prior to the Advances of the same type with respect to that Mortgage Loan that were disbursed later in time or the Deferred Servicing Fees with respect to that Mortgage Loan that were accrued later in time; 

(iii) the Servicer shall identify on its systems and in its records that the Issuer is the owner of each Receivable and that
such Receivable has been pledged to the Indenture Trustee; 
 (iv) the Servicer shall maintain systems and operating
procedures necessary to comply with all of the terms of the Transaction Documents; 
 (v) the Servicer shall cooperate with
the Indenture Trustee acting as Calculation Agent in its duties set forth in the Transaction Documents; 
 (vi) the Servicer
shall cooperate with the Verification Agent in its duties set forth in the Transaction Documents; 
 (vii) the Servicer shall
maintain, or cause to be maintained, accurate records with respect to the Mortgage Loans in each Mortgage Pool reflecting the status of all Judicial P&I Advances, Non-Judicial P&I Advances, Judicial Corporate Advances, Non-Judicial Corporate
Advances, Judicial Escrow Advances, Non-Judicial Escrow Advances, Judicial Deferred Servicing Fees and Non-Judicial Deferred Servicing Fees for such Mortgage Pool, including the cumulative recoveries related to such P&I Advances, Corporate
Advances, Escrow Advances and Deferred Servicing Fees; and 
 (viii) the Servicer shall service all Mortgage Loans related to
all Mortgage Pools in accordance with the terms of the related Servicing Agreement without regard to any ownership of any securities issued by the related Mortgage Pool. 

Notwithstanding the foregoing or anything otherwise herein to the contrary, any Subservicer may perform any of the tasks or duties described
above, herein or otherwise under any applicable Designated Servicing Agreement so long as the Administrative Agent shall have consented to the related subservicing arrangement in its sole and absolute discretion. 

  
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 (l) Loan-Level Receivables. For Loan-Level Receivables, the Servicer shall institute and
implement a policy of reimbursing Escrow Advances and Corporate Advances before P&I Advances upon liquidation of the related Mortgage Loan, under each related Designated Servicing Agreement to the extent permitted by the related Designated
Servicing Agreement. If Receivables attributable to P&I Advances or Deferred Servicing Fees are Loan-Level Receivables under a Designated Servicing Agreement but Corporate Advances and Escrow Advances are not, the Servicer shall effect
reimbursement for Loan-Level Receivables before Receivables that are not Loan-Level Receivables to the extent permitted by the related Designated Servicing Agreement. 

(m) Notice of Termination Event under any Derivative Agreement. The Administrator shall provide notice to the Indenture Trustee (which
shall provide notice to any applicable Noteholders as soon as reasonably practicable) of any termination event under any Derivative Agreement. 
  

	Section 10.4.	Liability of Administrator; Indemnities. 

 (a) Obligations. The
Administrator shall indemnify, defend and hold harmless the Indenture Trustee, the Note Registrar, the Custodian, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Trust Estate, the Owner Trustee, each Derivative Counterparty
and the Noteholders (each an “Administrator Indemnified Party”) from and against any and all costs, expenses, losses, claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability
(“Administrator Indemnified Losses”) arose out of, and was imposed upon, the Indenture Trustee, the Note Registrar, the Custodian, the Owner Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Trust
Estate, each Derivative Counterparty or any Noteholder (by reason of a violation of law, negligence, willful misfeasance or bad faith of the Administrator (or of the Receivables Seller, the Depositor or of the Issuer as a result of a direction, act
or omission by the Administrator), in the performance of their respective obligations under this Indenture and the other Transaction Documents; provided that any indemnification amounts payable by the Administrator, as the case may be, to the Owner
Trustee hereunder shall not be duplicative of any indemnification amount paid by the Administrator to the Owner Trustee in accordance with the Trust Agreement or under the Administration Agreement. Nationstar shall be responsible for all
Administrator Indemnified Losses arising from the Closing Date through the Effective Date that are the obligation of Nationstar, as administrator prior to the Effective Date. Advance Purchaser shall be responsible for all Administrator Indemnified
Losses arising on and after the Effective Date that are the obligation of the Administrator.  
 (b) Notification and Defense.
Promptly after any Administrator Indemnified Party shall have been served with the summons or other first legal process or shall have received written notice of the threat of a claim in respect of which a claim for indemnity may be made against the
Administrator (such party, as the case may be, being referred to herein as the “Administrator Indemnifying Party”) under this Section 10.4, the Administrator Indemnified Party shall notify the Administrator
Indemnifying Party in writing of the service of such summons, other legal process or written notice, giving information therein as to the nature and basis of the claim, but failure so to notify the Administrator Indemnifying Party shall not relieve
the Administrator Indemnifying Party from any liability which it may have hereunder or otherwise, except to the extent that the Administrator Indemnifying Party is prejudiced by such failure so to notify the Administrator Indemnifying Party. The
Administrator Indemnifying 

  
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Party will be entitled, at its own expense, to participate in the defense of any such claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably
satisfactory to such Administrator Indemnified Party, and, after notice from the Administrator Indemnifying Party to such Administrator Indemnified Party that the Administrator Indemnifying Party wishes to assume the defense of any such action, the
Administrator Indemnifying Party will not be liable to such Administrator Indemnified Party under this Section 10.4 for any legal or other expenses subsequently incurred by such Administrator Indemnified Party in connection with the
defense of any such action unless (i) the defendants in any such action include both the Administrator Indemnified Party and the Administrator Indemnifying Party, and the Administrator Indemnified Party (upon the advice of counsel) shall have
reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Administrator Indemnifying Party, or one or more Indemnified Parties, and which in the reasonable judgment of such
counsel are sufficient to create a conflict of interest for the same counsel to represent both the Administrator Indemnifying Party and such Administrator Indemnified Party, (ii) the Administrator Indemnifying Party shall not have employed
counsel reasonably satisfactory to the Administrator Indemnified Party to represent the Administrator Indemnified Party within a reasonable time after notice of commencement of the action, or (iii) the Administrator Indemnifying Party has
authorized the employment of counsel for the Administrator Indemnified Party at the expense of the Administrator Indemnifying Party; then, in any such event, such Administrator Indemnified Party shall have the right to employ its own counsel in such
action, and the reasonable fees and expenses of such counsel shall be borne by the Administrator Indemnifying Party; provided, however, that the Administrator Indemnifying Party shall not in connection with any such action or separate
but substantially similar or related actions arising out of the same general allegations or circumstances, be liable for any fees and expenses of more than one firm of attorneys at any time for all Indemnified Parties. Each Administrator Indemnified
Party, as a condition of the indemnity agreement contained herein, shall use its commercially reasonable efforts to cooperate with the Administrator Indemnifying Party in the defense of any such action or claim. The Administrator Indemnifying Party
shall not, without the prior written consent of any Administrator Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Administrator Indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such Administrator Indemnified Party, unless such settlement includes an unconditional release of such Administrator Indemnified Party from all liability on claims that are the subject matter of such proceeding or
threatened proceeding. 
 (c) Expenses. Indemnification under this Section shall include, without limitation, reasonable fees and
expenses of counsel and expenses of litigation. If the Administrator Indemnifying Party has made any indemnity payments pursuant to this Section and the recipient thereafter collects any of such amounts from others, the recipient shall promptly
repay such amounts collected to the Administrator Indemnifying Party, without interest. 
 (d) Survival. The provisions of this
Section shall survive the resignation or removal of the Indenture Trustee (in any of its capacities), the Calculation Agent, the Securities Intermediary and the Paying Agent and the termination of this Indenture. 

  
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	Section 10.5.	Liability of Servicer; Indemnities. 

 (a) Obligations. The Servicer shall
indemnify, defend and hold harmless the Indenture Trustee, the Note Registrar, the Custodian, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Trust Estate, the Owner Trustee, each Derivative Counterparty and the Noteholders
and in the case of Nationstar as Servicer, the Issuer and the Administrator (each a “Servicer Indemnified Party”) from and against any and all costs, expenses, losses, claims, damages and liabilities to the extent that such cost,
expense, loss, claim, damage or liability (“Servicer Indemnified Losses”) arose out of, and was imposed upon, the Indenture Trustee, the Note Registrar, the Custodian, the Owner Trustee, the Calculation Agent, the Paying Agent, the
Securities Intermediary, the Trust Estate, each Derivative Counterparty or any Noteholder by reason of a violation of law, negligence, willful misfeasance or bad faith of the Servicer or Subservicer, in the performance of their respective
obligations under this Indenture and the other Transaction Documents or as servicer, subservicer or master servicer under the Designated Servicing Agreements, or by reason of the breach by the Servicer or Subservicer of any of its representations,
warranties or covenants hereunder or under the Designated Servicing Agreements. Nationstar, in its capacity as Servicer, shall be responsible for all Servicer Indemnified Losses arising with respect to any Servicing Agreement from the Closing Date
through the related MSR Transfer Date. Advance Purchaser, in its capacity as Servicer, shall be responsible for all Servicer Indemnified Losses arising with respect to any Servicing Agreement on and after the related MSR Transfer Date. 

(b) Notification and Defense. Promptly after any Servicer Indemnified Party shall have been served with the summons or other first legal
process or shall have received written notice of the threat of a claim in respect of which a claim for indemnity may be made against the Servicer (such party, as the case may be, being referred to herein as the “Servicer Indemnifying
Party”) under this Section 10.5, the Servicer Indemnified Party shall notify the Servicer Indemnifying Party in writing of the service of such summons, other legal process or written notice, giving information therein as to
the nature and basis of the claim, but failure so to notify the Servicer Indemnifying Party shall not relieve the Servicer Indemnifying Party from any liability which it may have hereunder or otherwise, except to the extent that the Servicer
Indemnifying Party is prejudiced by such failure so to notify the Servicer Indemnifying Party. The Servicer Indemnifying Party will be entitled, at its own expense, to participate in the defense of any such claim or action and, to the extent that it
may wish, to assume the defense thereof, with counsel reasonably satisfactory to such Servicer Indemnified Party, and, after notice from the Servicer Indemnifying Party to such Servicer Indemnified Party that the Servicer Indemnifying Party wishes
to assume the defense of any such action, the Servicer Indemnifying Party will not be liable to such Servicer Indemnified Party under this Section 10.5 for any legal or other expenses subsequently incurred by such Servicer Indemnified
Party in connection with the defense of any such action unless (i) the defendants in any such action include both the Servicer Indemnified Party and the Servicer Indemnifying Party, and the Servicer Indemnified Party (upon the advice of
counsel) shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Servicer Indemnifying Party, or one or more Indemnified Parties, and which in the reasonable
judgment of such counsel are sufficient to create a conflict of interest for the same counsel to represent both the Servicer Indemnifying Party and such Servicer Indemnified Party, (ii) the Servicer Indemnifying Party shall not have employed
counsel reasonably satisfactory to the Servicer 

  
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Indemnified Party to represent the Servicer Indemnified Party within a reasonable time after notice of commencement of the action, or (iii) the Servicer Indemnifying Party has authorized the
employment of counsel for the Servicer Indemnified Party at the expense of the Servicer Indemnifying Party; then, in any such event, such Servicer Indemnified Party shall have the right to employ its own counsel in such action, and the reasonable
fees and expenses of such counsel shall be borne by the Servicer Indemnifying Party; provided, however, that the Servicer Indemnifying Party shall not in connection with any such action or separate but substantially similar or related
actions arising out of the same general allegations or circumstances, be liable for any fees and expenses of more than one firm of attorneys at any time for all Indemnified Parties. Each Servicer Indemnified Party, as a condition of the indemnity
agreement contained herein, shall use its commercially reasonable efforts to cooperate with the Servicer Indemnifying Party in the defense of any such action or claim. The Servicer Indemnifying Party shall not, without the prior written consent of
any Servicer Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Servicer Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Servicer
Indemnified Party, unless such settlement includes an unconditional release of such Servicer Indemnified Party from all liability on claims that are the subject matter of such proceeding or threatened proceeding. 

(c) Expenses. Indemnification under this Section shall include, without limitation, reasonable fees and expenses of counsel and expenses
of litigation. If the Servicer Indemnifying Party has made any indemnity payments pursuant to this Section and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the
Servicer Indemnifying Party, without interest. 
 (d) Survival. The provisions of this Section shall survive the resignation or
removal of the Indenture Trustee (in any of its capacities), the Calculation Agent, the Securities Intermediary and the Paying Agent and the termination of this Indenture. 
  

	Section 10.6.	Merger or Consolidation, or Assumption of the Obligations, of the Administrator or the Servicer. 

Any Person (a) into which the Administrator or the Servicer may be merged or consolidated, (b) which may result from any merger,
conversion or consolidation to which the Administrator or the Servicer shall be a party, or (c) which may succeed to all or substantially all of the business or assets of the Administrator or the Servicer, as the case may be, which Person in
any of the foregoing cases executes an agreement of assumption to perform every obligation of the Administrator or the Servicer, as applicable, under this Indenture, shall be the successor to the Administrator or the Servicer, as applicable, under
this Indenture without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture; provided, however, that (i) such merger, consolidation or conversion shall not cause a Target
Amortization Event for any Series or a Facility Early Amortization Event, or an event which with notice, the passage of time or both would become a Target Amortization Event for any Series or a Facility Early Amortization Event, (ii) prior to
any such merger, consolidation or conversion, the Administrator or the Servicer, as the case may be, shall have provided to the Indenture Trustee and the Noteholders a letter from each Note Rating Agency that rated Outstanding Notes indicating that
such merger, consolidation or conversion will not result in the qualification, 

  
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reduction or withdrawal of the then current ratings of the Outstanding Notes, and (iii) prior to any such merger, consolidation or conversion the Administrator shall have delivered to the
Indenture Trustee an Opinion of Counsel to the effect that such merger, consolidation or conversion complies with the terms of this Indenture and one or more Opinions of Counsel updating or restating all opinions delivered on the date of this
Indenture with respect to corporate matters and the enforceability of Transaction Documents against the Administrator or the Servicer, as the case may be, true sale as to the transfers of the Aggregate Receivables from the Servicer as Receivables
Seller to the Depositor and non-consolidation of the Servicer with the Depositor and security interest and tax and any additional opinions required under any related Indenture Supplement; provided, further, that the conditions
specified in clauses (ii) and (iii) shall not apply to any transaction (i) in which an Affiliate of the Receivables Seller assumes the obligations of the Receivables Seller and otherwise satisfies the eligibility
criteria applicable to the Servicer under the Designated Servicing Agreements or (ii) in which an Affiliate of the Receivables Seller is merged into or is otherwise combined with the Receivables Seller and the Receivables Seller is the sole
survivor of such merger or other combination. The Administrator or the Servicer, as the case may be, shall provide notice of any merger, consolidation or succession pursuant to this Section to the Indenture Trustee, the Noteholders and each Note
Rating Agency. 
 Except (i) as described in the preceding paragraph or with respect to the transactions contemplated on the MSR
Transfer Date, and (ii) the delegation by the Administrator of rights and obligations as Administrator to a Sub-Administrator from time to time in accordance with the terms of this Indenture, none of the Administrator, the Servicer or the
Subservicer may assign or delegate any of its rights or obligations under this Indenture or any other Transaction Document. 
 On any MSR
Transfer Date, Advance Purchaser shall deliver to the Indenture Trustee an MSR Transfer Notice signed by Nationstar and Advance Purchaser. 
  

	Section 10.7.	Appointment of a Sub-Administrator. 

 The Administrator may appoint a
Sub-Administrator that meets the qualifications of the definition of “Sub-Administrator” hereunder. Notwithstanding the appointment of a Sub-Administrator, the Administrator shall remain responsible for the performance of its duties
and obligations pursuant to this Indenture and any other Transaction Document. In addition, any Sub-Administrator shall be responsible for the performance of any duties so delegated to the same extent if such Sub-Administrator were the named
Administrator under this Indenture and to meet any standards and fulfill any new requirements applicable to the Administrator under this Indenture and any other Transaction Documents. 

  
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 Article XI 

The Indenture Trustee 
  

	Section 11.1.	Certain Duties and Responsibilities. 

 (a) The Indenture Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Notes, and no implied covenants or obligations will be read into this Indenture against the Indenture Trustee. 

(b) In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes, conclusively rely upon certificates or opinions
furnished to the Indenture Trustee and conforming to the requirements of this Indenture, as to the truth of the statements and the correctness of the opinions expressed therein; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee will be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture but need
not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein. 
 (c) If an Event of Default has
occurred and is continuing, the Indenture Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 
 (d) No provision of this Indenture will be construed to relieve the
Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this subsection (d) will not be construed to limit the effect of subsection (a) of this
Section 11.1; 
 (ii) the Indenture Trustee will not be liable for any error of judgment made in good faith by an
Indenture Trustee Authorized Officer, unless it will be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Indenture Trustee will not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Majority Noteholders or the Administrative Agent relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred
upon the Indenture Trustee, under this Indenture with respect to the Notes of any Class, to the extent consistent with Sections 8.7 and 8.8; 

(iv) no provision of this Indenture will require the Indenture Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it has reasonable grounds for believing that repayment of such funds or indemnity satisfactory to the Indenture Trustee
against such risk or liability is not reasonably assured to it; and 

  
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 (v) whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee will be subject to the provisions of this Section. 
  

	Section 11.2.	Notice of Defaults. 

 Except as otherwise provided in Section 3.3(b),
within ninety (90) days after the occurrence of any Event of Default hereunder, 
 (a) the Indenture Trustee will transmit by mail to
all registered Noteholders, as their names and addresses appear in the Note Register, notice of such default hereunder known to the Indenture Trustee, and 

(b) the Indenture Trustee will give prompt written notification thereof to each Note Rating Agency, unless such default shall have been cured
or waived; provided, however, that, except in the case of a default in the payment of the principal of or interest on any Note of any Series or Class, the Indenture Trustee will be protected in withholding such notice if and so long as
an Indenture Trustee Responsible Officer in good faith determines that the withholding of such notice is in the interests of the Noteholders of such Series or Class. For the purpose of this Section, the term “default” means any event which
is, or after notice or lapse of time or both would become, an Event of Default. 
  

	Section 11.3.	Certain Rights of Indenture Trustee. 

 Except as otherwise provided in
Section 11.1: 
 (a) the Indenture Trustee may conclusively rely and will be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been
signed or presented by the proper party or parties; 
 (b) whenever in the administration of this Indenture the Indenture Trustee deems it
desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate; 
 (c) the Indenture Trustee may consult with counsel of its own selection and the advice of such counsel or any
Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(d) the Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; 

  
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 (e) the Indenture Trustee will not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, unless requested in writing to do so by the Majority Noteholders; provided,
however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not assured to
the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee against such cost, expense or liability as a condition to taking any such action;

 (f) the Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Indenture Trustee will not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(g) the Indenture Trustee will not be responsible for filing any financing statements or continuation statements in connection with the Notes,
but will cooperate with the Issuer in connection with the filing of such financing statements or continuation statements; 
 (h) the
Indenture Trustee shall not be deemed to have notice of any default, Event of Default, Facility Early Amortization Event, Funding Interruption Event or Servicer Termination Event unless an Indenture Trustee Responsible Officer has actual knowledge
thereof or unless written notice of any event which is in fact such a default, Event of Default, Facility Early Amortization Event, Funding Interruption Event or Servicer Termination Event is received by the Indenture Trustee at the Corporate Trust
Office of the Indenture Trustee, and such notice references the Notes and this Indenture; in the absence of receipt of such notice or actual knowledge, the Indenture Trustee may conclusively assume that there is no default, Event of Default,
Facility Early Amortization Event, Funding Interruption Event or Servicer Termination Event; 
 (i) the rights, privileges, protections,
immunities and benefits given to the Indenture Trustee hereunder and under each Transaction Document, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable (without duplication) by, the Indenture
Trustee or Wells Fargo Bank, N.A., as applicable, in each of its capacities hereunder and thereunder (including, without limitation, Calculation Agent, Paying Agent, Custodian, Securities Intermediary and Note Registrar), and each agent, custodian
and other person employed to act hereunder and thereunder. 
 (j) none of the provisions contained in this Indenture shall in any event
require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Indenture; 

(k) the Indenture Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any agreement
referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof,
(B) to see to any insurance, (C) to see to the payment or discharge of any tax, assessment, or other 

  
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governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Fund other than from funds available in the Trust Accounts or
(D) to confirm or verify the contents of any reports or certificates of the Servicer or the Administrator delivered to the Indenture Trustee pursuant to this Indenture believed by the Indenture Trustee to be genuine and to have been signed or
presented by the proper party or parties; 
 (l) the Indenture Trustee shall not be personally liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(m) the right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty, and the
Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; 
 (n) the
Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the Trust Fund created hereby or the powers granted hereunder; 

(o) in making or disposing of any investment permitted by this Indenture, the Indenture Trustee is authorized to deal with itself (in its
individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard market terms, whether it or such Affiliate is acting as a subagent of the Indenture Trustee or for any third Person or dealing
as principal for its own account; and 
 (p) the Indenture Trustee shall not be responsible for delays or failures in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts or God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services. 
  

	Section 11.4.	Not Responsible for Recitals or Issuance of Notes. 

 The recitals contained
herein and in the Notes, except the certificates of authentication, will be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Notes. The Indenture Trustee will not be accountable for the use or application by the Issuer of Notes or the proceeds thereof, or for the use or application of any funds paid to the Servicer in
respect of any amounts deposited in or withdrawn from the Trust Accounts or the Custodial Accounts by the Servicer. The Indenture Trustee shall not be responsible for the legality or validity of this Indenture or the validity, priority, perfection
or sufficiency of the security for the Notes issued or intended to be issued hereunder. 

  
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	Section 11.5.	Reserved. 

  

	Section 11.6.	Money Held in Trust. 

 The Indenture Trustee will be under no liability for
interest on any money received by it hereunder except as otherwise agreed with the Issuer. 
  

	Section 11.7.	Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity. 

Except as otherwise provided in this Indenture: 

(a) The Indenture Trustee (including in all of its capacities) will be paid the Indenture Trustee Fee on each Payment Date pursuant to
Section 4.5 as compensation for its services (in all capacities hereunder). 
 (b) The Indenture Trustee (including in all of its
capacities) shall be indemnified and held harmless by the Trust Estate as set forth in Section 4.5 and Section 8.6, and shall be secondarily indemnified and held harmless by the Administrator for, from and against, as the
case may be, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising out of, or in connection with, the acceptance and administration of the Trust Estate, including, in the case of the Indenture Trustee,
without limitation, the costs and expenses (including reasonable legal fees and expenses) of defending itself against any claim in connection with the exercise or performance of any of its powers or duties under this Indenture, provided that:

 (i) with respect to any such claim, the Indenture Trustee shall have given the Administrator written notice thereof
promptly after a Responsible Officer of the Indenture Trustee shall have actual knowledge thereof; provided, however that failure to give such written notice shall not affect the Trust Estate’s or the Administrator’s
obligation to indemnify the Indenture Trustee, unless such failure materially prejudices the Trust Estate’s or the Administrator’s rights; 

(ii) the Administrator may, at its option, assume the defense of any such claim using counsel reasonably satisfactory to the
Indenture Trustee; and 
 (iii) notwithstanding anything in this Indenture to the contrary, the Administrator shall not be
liable for settlement of any claim by the Indenture Trustee, as the case may be, entered into without the prior consent of the Administrator, which consent shall not be unreasonably withheld. 

No termination of this Indenture, or the resignation or removal of the Indenture Trustee, shall affect the obligations created by this
Section 11.7(b) of the Administrator to indemnify the Indenture Trustee under the conditions and to the extent set forth herein. 

Notwithstanding the foregoing, the indemnification provided in this Section 11.7(b) with respect to the Administrator shall not
pertain to any loss, liability or expense of the Indenture Trustee, including the costs and expenses of defending itself against any claim, incurred in connection with any actions taken by the Indenture Trustee at the direction of the Noteholders
pursuant to the terms of this Indenture. 

  
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 The Indenture Trustee agrees fully to perform its duties under this Indenture notwithstanding its
failure to receive any payments, reimbursements or indemnifications to the Indenture Trustee pursuant to this Section 11.7(b) subject to its rights to resign in accordance with the terms of this Indenture. 

The Securities Intermediary, the Paying Agent, and the Calculation Agent shall be indemnified by the Trust Estate pursuant to
Section 4.5 and Section 8.6, and secondarily by the Administrator, in respect of the matters described in Section 4.9 to the same extent as the Indenture Trustee. 

Neither of the Indenture Trustee nor the Securities Intermediary will have any recourse to any asset of the Issuer or the Trust Estate other
than funds available pursuant to Section 4.5 and Section 8.6 or to any Person other than the Issuer (or the Administrator pursuant to this Section 11.7). Except as specified in Section 4.5 and
Section 8.6, any such payment to the Indenture Trustee shall be subordinate to payments to be made to Noteholders. 
 Anything
in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Indenture
Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
  

	Section 11.8.	Corporate Indenture Trustee Required; Eligibility. 

 There will at all times be
an Indenture Trustee hereunder with respect to all Classes of Notes, which will be either a bank or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by a federal or state authority of the United States, and the long-term unsecured debt obligations of which are rated in the
third highest applicable rating category from each Note Rating Agency then rating Outstanding Notes if such institution is rated by such Note Rating Agency, as applicable. If such bank or corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such bank or corporation will be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. The Issuer may not, nor may any Person directly or indirectly Controlling, Controlled by, or under common Control with the Issuer, serve as Indenture Trustee. If at any time the
Indenture Trustee ceases to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

 

	Section 11.9.	Resignation and Removal; Appointment of Successor. 

 (a) No resignation or removal
of the Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to this Article will become effective until the acceptance of appointment by the successor Indenture Trustee under Section 11.10. 

  
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 (b) The Indenture Trustee (in all capacities) and Wells Fargo Bank, N.A. (in all capacities) may
resign with respect to all, but not less than all, such capacities and all, but not less than all of the Outstanding Notes at any time by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Indenture Trustee,
Calculation Agent, Paying Agent or Securities Intermediary shall not have been delivered to the Indenture Trustee within thirty (30) days after the giving of such notice of resignation, the resigning Indenture Trustee, Calculation Agent, Paying
Agent or Securities Intermediary may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary. Written notice of resignation by the Indenture
Trustee under this Indenture shall also constitute notice of resignation as Calculation Agent, Securities Intermediary, Paying Agent, Note Registrar and Custodian hereunder, to the extent the Indenture Trustee serves in such a capacity at the time
of such resignation. 
 (c) The Indenture Trustee or Calculation Agent may be removed with respect to all Outstanding Notes at any time by
Action of the Majority Noteholders of all Outstanding Notes, delivered to the Indenture Trustee and to the Issuer. Removal of the Indenture Trustee shall also constitute removal of the Calculation Agent, Securities Intermediary and Paying Agent
hereunder, to the extent the Indenture Trustee serves in such a capacity at the time of such resignation. If an instrument of acceptance by a successor Indenture Trustee or Calculation Agent shall not have been delivered to the Indenture Trustee
within thirty (30) days after the giving of such notice of removal, the Indenture Trustee or Calculation Agent being removed may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee or Calculation
Agent. 
 (d) If at any time: 

(i) the Indenture Trustee ceases to be eligible under Section 11.8 and fails to resign after written request
therefore by the Issuer or by any Noteholder; or 
 (ii) the Indenture Trustee becomes incapable of acting with respect to
any Series or Class of Notes; or 
 (iii) the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the
Indenture Trustee or of its property is appointed or any public officer takes charge or Control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (A) the Issuer may remove the Indenture Trustee, or (B) subject to Section 8.9, any Noteholder who has been a
bona fide Noteholder of a Note for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor
Indenture Trustee. 
 (e) If the Indenture Trustee or Calculation Agent resigns, is removed or becomes incapable of acting with respect to
any Notes, or if a vacancy shall occur in the office of the Indenture Trustee or Calculation Agent for any cause, the Issuer, subject to the Administrative Agent’s consent, will promptly appoint a successor Indenture Trustee or Calculation
Agent. If, 

  
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within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee or Calculation Agent is appointed by Act of the Majority
Noteholders of all Outstanding Notes, delivered to the Issuer and the retiring Indenture Trustee or Calculation Agent, the successor Indenture Trustee or Calculation Agent so appointed will, forthwith upon its acceptance of such appointment, become
the successor Indenture Trustee or Calculation Agent and supersede the successor Indenture Trustee or Calculation Agent appointed by the Issuer. If no successor Indenture Trustee or Calculation Agent shall have been so appointed by the Issuer or the
Noteholders and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Noteholder of a Note for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee or Calculation Agent. 
 (f) The Issuer will give written notice
of each resignation and each removal of the Indenture Trustee and each appointment of a successor Indenture Trustee to each Noteholder as provided in Section 1.7 and to each Note Rating Agency that is then rating Outstanding Notes. To
facilitate delivery of such notice, upon request by the Issuer, the Note Registrar shall provide to the Issuer a list of the relevant registered Noteholders. Each notice will include the name of the successor Indenture Trustee and the address of its
principal Corporate Trust Office. 
  

	Section 11.10.	Acceptance of Appointment by Successor. 

 Every successor Indenture Trustee
appointed hereunder will execute, acknowledge and deliver to the Issuer and to the predecessor Indenture Trustee an instrument accepting such appointment, with a copy to each Note Rating Agency then rating any Outstanding Notes, and thereupon the
resignation or removal of the predecessor Indenture Trustee will become effective, and such successor Indenture Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties of the
predecessor Indenture Trustee, Calculation Agent and Paying Agent; but, on request of the Issuer or the successor Indenture Trustee, such predecessor Indenture Trustee will, upon payment of its reasonable charges, if any, execute and deliver an
instrument transferring to such successor Indenture Trustee all the rights, powers and trusts of the predecessor Indenture Trustee, Calculation Agent and Paying Agent, and will duly assign, transfer and deliver to such successor Indenture Trustee
all property and money held by such predecessor Indenture Trustee hereunder, subject nevertheless to its rights to payment pursuant to Section 11.7. Upon request of any such successor Indenture Trustee, the Issuer will execute any and
all instruments for more fully and certainly vesting in and confirming to such successor Indenture Trustee all such rights, powers and trusts. 

No successor Indenture Trustee will accept its appointment unless at the time of such acceptance such successor Indenture Trustee will be
qualified and eligible under this Article. 
  

	Section 11.11.	Merger, Conversion, Consolidation or Succession to Business. 

 Any Person into
which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any Person succeeding to all or
substantially all of the corporate trust business of the Indenture Trustee, will be the successor of the Indenture Trustee hereunder, provided that such Person shall be otherwise qualified and eligible under this

  
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Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Indenture Trustee will give prompt written notice of such merger,
conversion, consolidation or succession to the Issuer and each Note Rating Agency that is then rating Outstanding Notes. If any Notes shall have been authenticated, but not delivered, by the Indenture Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself authenticated such Notes. 

 

	Section 11.12.	Appointment of Authenticating Agent. 

 At any time when any of the Notes remain
Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint an Authenticating Agent with respect to one or more Series or Classes of Notes which will be authorized to act on behalf of the Indenture Trustee to authenticate Notes
of such Series or Classes issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 6.6, and Notes so authenticated will be entitled to the benefits of this Indenture and will be valid and
obligatory for all purposes as if authenticated by the Indenture Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Indenture Trustee or an Indenture Trustee Authorized Signatory or to
the Indenture Trustee’s Certificate of Authentication, such reference will be deemed to include authentication and delivery on behalf of the Indenture Trustee by an Authenticating Agent and a Certificate of Authentication executed on behalf of
the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent will be acceptable to the Issuer and will at all times be a Person organized and doing business under the laws of the United States of America, any State thereof or the
District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Issuer itself, subject to supervision or examination by a federal or state
authority of the United States. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent will cease to be eligible in accordance
with the provisions of this Section, such Authenticating Agent will resign immediately in the manner and with the effect specified in this Section. 

Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any Person succeeding to the corporate agency or corporate trust business of an Authenticating Agent, will continue to be an Authenticating Agent,
provided that such Person will be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Indenture Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Indenture Trustee and to the Issuer. The Indenture
Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or if at any

  
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time such Authenticating Agent ceases to be eligible in accordance with the provisions of this Section, the Indenture Trustee, with the approval of the Issuer, may appoint a successor
Authenticating Agent which will be acceptable to the Issuer and will give notice to each Noteholder as provided in Section 1.7. Any successor Authenticating Agent upon acceptance of its appointment hereunder will become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent will be appointed unless eligible under the provisions of this Section. 

The Indenture Trustee agrees to pay to each Authenticating Agent (other than an Authenticating Agent appointed at the request of the Issuer,
the Noteholders or the Administrator from time to time or appointed due to a change in law or other circumstance beyond the Indenture Trustee’s control) reasonable compensation for its services under this Section, out of the Indenture
Trustee’s own funds without reimbursement pursuant to this Indenture. 
 If an appointment with respect to one or more Classes is made
pursuant to this Section, the Notes of such Series or Classes may have endorsed thereon an alternate Certificate of Authentication in the following form: 

AUTHENTICATING AGENT’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Classes designated herein and referred to in the within-mentioned Indenture and Indenture Supplement. 

 

							
	 Dated:             , 20[    ]
	 		 	 WELLS FARGO BANK, N.A., not in its

individual capacity but solely as Indenture Trustee,

				
		 		 	By:	 	  

		 		 	as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Authorized Officer of Wells Fargo Bank, N.A.

  

	Section 11.13.	Reserved. 

  

	Section 11.14.	Representations and Covenants of the Indenture Trustee. 

 The Indenture Trustee,
in its individual capacity and not as Indenture Trustee, represents, warrants and covenants that: 
 (a) Wells Fargo Bank, N.A.is a national
banking association duly organized and validly existing under the laws of the United States; 
 (b) Wells Fargo Bank, N.A. has full power and
authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 

  
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 (c) each of this Indenture and other Transaction Documents to which Wells Fargo Bank, N.A. is a
party has been duly executed and delivered by Wells Fargo Bank, N.A. and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms. 
  

	Section 11.15.	Indenture Trustee’s Application for Instructions from the Issuer. 

 Any
application by the Indenture Trustee for written instructions from the Issuer may, at the option of the Indenture Trustee, set forth in writing any action proposed to be taken or omitted by the Indenture Trustee under and in accordance with this
Indenture and the date on and/or after which such action shall be taken or such omission shall be effective, provided that such application shall make specific reference to this Section 11.15. The Indenture Trustee shall not be
liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after
the date the Issuer actually receives such application, unless the Issuer shall have consented in writing to any earlier date) unless prior to taking any such action (or the Closing Date in the case of an omission), the Indenture Trustee shall have
received written instructions in response to such application specifying the action be taken or omitted. 
 Article XII 

Amendments and Indenture Supplements 
  

	Section 12.1.	Supplemental Indentures and Amendments Without Consent of Noteholders. 

 (a)
Unless otherwise provided in the related Indenture Supplement with respect to any amendment to this Indenture or such Indenture Supplement, without the consent of the Noteholders of any Notes or any other Person but with the consent of the Issuer
(evidenced by its execution of such amendment), the Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required only to the extent that such amendment would materially affect the Subservicer) and the
Administrative Agent, and any applicable Derivative Counterparty and with prior notice to each Note Rating Agency that is then rating any Outstanding Notes, 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 could not have an Adverse Effect and is not reasonably expected to have a material Adverse Effect on the
Noteholders of the Notes at any time in the future, may amend this Indenture for any of the following purposes: 
 (i) to
evidence the succession of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes; or 

(ii) to add to the covenants of the Issuer, or to surrender any right or power herein conferred upon the Issuer, for the
benefit of the Noteholders of the Notes of any or all Series or Classes (and if such covenants or the surrender of such right or power are to be for the benefit of less than all Series or Classes of Notes, stating that such covenants are expressly
being included or such surrenders are expressly being made solely for the benefit of one or more specified Series or Classes); or 

  
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 (iii) to cure any ambiguity, to correct or supplement any provision herein which
may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or 

(iv) to establish any form of Note as provided in Article V, and to provide for the issuance of any Series or Class of
Notes as provided in Article VI and to set forth the terms thereof, and/or to add to the rights of the Noteholders of the Notes of any Series or Class; or 

(v) to evidence and provide for the acceptance of appointment by another corporation as a successor Indenture Trustee
hereunder; or 
 (vi) to provide for additional or alternative forms of credit enhancement for any Series or Class of Notes;
or 
 (vii) to comply with any regulatory, accounting or tax laws; or 

(viii) to qualify for “off-balance sheet” treatment under GAAP, or to permit the Depositor to repurchase a specified
percentage (not to exceed 2.50%) of the Receivables from the Issuer in order to achieve “on-balance sheet” treatment under GAAP (if such amendment is supported by a true sale opinion from external counsel to the Receivables Seller
satisfactory to each Note Rating Agency rating Outstanding Notes and to each Noteholder of a Variable Funding Note); or 

(ix) to prevent the Issuer from 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, each for United States federal income tax purposes; or 

(x) as otherwise provided in the related Indenture Supplement. 

(b) In the event a material change occurs in Applicable Law, or in applicable foreclosure procedures used by prudent mortgage servicers
generally, that requires or justifies, in the Administrator’s reasonable judgment, that a state currently categorized as a “Judicial State” be categorized as a “Non-Judicial State,” or vice versa, the Administrator will
certify to the Indenture Trustee to such effect, supported by an opinion of counsel (or other form of assurance acceptable to the Indenture Trustee) in the case of a change in Applicable Law, and the categorization of the affected state or states
will change from “Judicial State” to “Non-Judicial State,” or vice versa, for purposes of calculating Advance Rates applicable to Receivables. 

(c) Additionally, subject to the terms and conditions of Section 12.2, unless otherwise provided in the related Indenture
Supplement with respect to any amendment of this Indenture or an Indenture Supplement, and in addition to clauses (i) through (ix) above, this Indenture or an Indenture Supplement may also be amended by the Issuer, the
Indenture Trustee, the Administrator, the Servicer, the Subservicer (whose consent shall be required only to the extent 

  
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that such amendment would materially affect the Subservicer) and the Administrative Agent (in its sole and absolute discretion) without the consent of any of the Noteholders or any other Person,
upon delivery of an Issuer Tax Opinion for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders of the Notes under this
Indenture; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment could not have a material Adverse Effect
on any Outstanding Notes and is not reasonably expected to have a material Adverse Effect at any time in the future, (ii) each Note Rating Agency currently rating the Outstanding Notes confirms in writing to the Indenture Trustee that such
amendment will not cause a Ratings Effect on any Outstanding Notes and (iii) each Derivative Counterparty shall have consented to such amendment. 

Except as permitted expressly by the Receivables Purchase Agreement or the Receivables Sale Agreement, as applicable, the Servicer shall not
enter into any amendment of the Receivables Sale Agreement, and the Issuer shall not enter into any amendment of the Receivables Pooling Agreement without the consent of the Administrative Agent and, except for amendments meeting the same criteria,
and supported by the same Issuer Tax Opinion and Officer’s Certificate, as amendments to the Indenture entered into under this Section 12.1, without the consent of the Series Required Noteholders of each Series. 

 

	Section 12.2.	Supplemental Indentures and Amendments with Consent of Noteholders. 

 In addition
to any amendment permitted pursuant to Section 12.1, and subject to the terms and provisions of each Indenture Supplement with respect to any amendment to this Indenture or such Indenture Supplement, with prior notice to each Note Rating
Agency, the consent of any applicable Derivative Counterparty and the consent of the Series Required Noteholders of each Series materially and adversely affected by such amendment of this Indenture, including any Indenture Supplement, by Act of said
Noteholders delivered to the Issuer and the Indenture Trustee, the Issuer, the Administrator, the Servicer, the Subservicer (whose consent shall be required only to the extent that such amendment would materially affect the Subservicer), the
Administrative Agent and the Indenture Trustee upon delivery of an Issuer Tax Opinion (unless the Noteholders unanimously consent to waive such opinion), may enter into an amendment of this Indenture for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture of modifying in any manner the rights of the Noteholders of the Notes of each such Series or Class under this Indenture or any Indenture Supplement; provided,
however, that no such amendment will, without the consent of the Noteholder of each Outstanding Note materially and adversely affected thereby: 

(a) change the scheduled payment date of any payment of interest on any Note held by such Noteholder, or change a Payment Date or Stated
Maturity Date of any Note held by such Noteholder; 
 (b) reduce the Note Balance of, or the Note Interest Rate on any Note held by such
Noteholder, or change the method of computing the Note Balance or Note Interest Rate in a manner that is adverse to such Noteholder; 

  
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 (c) impair the right to institute suit for the enforcement of any payment on any Note held by
such Noteholder; 
 (d) reduce the percentage in the Class Invested Amount or Invested Amount of the Outstanding Notes (or of the Outstanding
Notes of any Series or Class), the consent of whose Noteholders is required for any such Amendment, or the consent of whose Noteholders is required for any waiver of compliance with the provisions of this Indenture or any Indenture Supplement or of
defaults hereunder or thereunder and their consequences, provided for in this Indenture or any Indenture Supplement; 
 (e) modify any of the
provisions of this Section or Section 8.15, except to increase any percentage of Noteholders required to consent to any such amendment or to provide that other provisions of this Indenture or any Indenture Supplement cannot be modified
or waived without the consent of the Noteholder of each Outstanding Note adversely affected thereby; 
 (f) permit the creation of any lien
or other encumbrance on the Collateral that is prior to the lien in favor of the Indenture Trustee for the benefit of the Noteholders of the Notes; 

(g) change the method of computing the amount of principal of, or interest on, any Note held by such Noteholder on any date; 

(h) increase any Advance Rates in respect of Notes held by such Noteholder or eliminate or decrease any collateral value exclusions in respect
of Notes held by such Noteholder; or 
 (i) reduce the Target Amortization Amount in respect of any Target Amortization Event applicable to
Notes held by such Noteholder. 
 In addition, any Indenture Supplement may be amended, supplemented or otherwise modified with the consent
of each of the Noteholders of the Notes of the related Series or as otherwise specified in the applicable Indenture Supplement. The consent of a Person that is an Administrative Agent or a Derivative Counterparty for one or more Series but is not an
Administrative Agent or a Derivative Counterparty, as applicable, for any other Series is not required for any amendment, supplement or modification to any such other Series. 

An amendment of this Indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular Series or Class of Notes, or which modifies the rights of the Noteholders of Notes of such Series or Class with respect to such covenant or other provision, will be deemed not to affect the rights
under this Indenture of the Noteholders of Notes of any other Series or Class. 
 It will not be necessary for any Act of Noteholders under
this Section to approve the particular form of any proposed amendment, but it will be sufficient if such Act will approve the substance thereof. 

  
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	Section 12.3.	Execution of Amendments. 

 In executing or accepting the additional trusts
created by any amendment or Indenture Supplement of this Indenture permitted by this Article XII or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee will be entitled to receive, and (subject to
Section 11.1) will be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture Supplement is authorized or permitted by this Indenture and that all conditions precedent thereto have
been satisfied. The Indenture Trustee may, but will not be obligated to, enter into any such amendment or Indenture Supplement which affects the Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

 

	Section 12.4.	Effect of Amendments. 

 Upon the execution of any amendment of this Indenture or
any Indenture Supplement, or any Supplemental indentures under this Article XII, this Indenture and the related Indenture Supplement will be modified in accordance therewith with respect to each Series and Class of Notes affected
thereby, or all Notes, as the case may be, and such amendment will form a part of this Indenture and the related Indenture Supplement for all purposes; and every Noteholder of Notes theretofore or thereafter authenticated and delivered hereunder
will be bound thereby to the extent provided therein. 
  

	Section 12.5.	Reference in Notes to Indenture Supplements. 

 Notes authenticated and delivered
after the execution of any amendment of this Indenture or any Indenture Supplement or any supplemental indenture pursuant to this Article may, and will if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such amendment or supplemental indenture. If the Issuer so determines, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such amendment or supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  

	Section 12.6.	Amendments Requiring Consent of the Servicer. 

 Without limiting the other
provisions of this Article XII, this Indenture may not be amended in a manner that is adverse to the rights, interests or obligations of the Servicer, including increasing the obligations of the Servicer, without the written consent of the Servicer.
For the avoidance of doubt, the consent of the Servicer is not required for (i) the waiver of any Event of Default, Target Amortization Event or Facility Early Amortization Event or (ii) any other modification or amendment to any Event of
Default, Target Amortization Event or Facility Early Amortization Event except those related to the actions and omissions of the Servicer. 

  
 171 

 Article XIII 

Early Redemption of Notes 
  

	Section 13.1.	Optional Redemption. 

 (a) Unless otherwise provided in the applicable Indenture
Supplement for a Series or Class of Notes, the Issuer has the right, but not the obligation, to redeem a Series or Class of Notes in whole but not in part on any Payment Date (a “Redemption Payment Date”) on or after the
Payment Date on which the aggregate Note Balance (after giving effect to all payments, if any, on that day) of such Series or Class is reduced to less than the percentage of the Initial Note Balance specified in the related Indenture Supplement (the
“Redemption Percentage”). 
 If the Issuer, at the direction of the Administrator, elects to redeem a Series or
Class of Notes pursuant to this Section 13.1(a), it will cause the Issuer to notify the Indenture Trustee, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and the Noteholders of such redemption
at least ten (10) days prior to the Redemption Payment Date. Unless otherwise specified in the Indenture Supplement applicable to the Notes to be so redeemed, the redemption price of a Series or Class so redeemed will equal the Redemption
Amount, the payment of which will be subject to the allocations, deposits and payments sections of the related Indenture Supplement, if any. 

If the Issuer is unable to pay the Redemption Amount in full on the Redemption Payment Date, such redemption shall be cancelled, notice of
such cancelled redemption shall be sent to all Secured Parties and payments on such Series or Class of Notes will thereafter continue to be made in accordance with this Indenture and the related Indenture Supplement, and the Noteholders of such
Series or Class of Notes and the related Administrative Agent shall continue to hold all rights, powers and options as set forth under this Indenture, until the Outstanding Note Balance of such Series or Class, plus all accrued and unpaid interest,
is paid in full or the Stated Maturity Date occurs, whichever is earlier, subject to Article VII, Article VIII and the allocations, deposits and payments sections of this Indenture and the related Indenture Supplement. 

(b) Unless otherwise specified in the related Indenture Supplement, if the VFN Principal Balance of any Class of VFN Notes has been reduced to
zero, then, upon five (5) Business Days’ prior written notice to the Noteholder thereof, the Issuer may declare such Class no longer Outstanding, in which case the Noteholder thereof shall submit such Class of Note to the Indenture Trustee
for cancellation. 
 (c) The Notes of any Series or Class of Notes shall be subject to optional redemption under this
Article XIII, in whole but not in part, by the Issuer, through a Permitted Refinancing or using the proceeds of issuance and sale of a new Series of Notes issued hereunder or, on any Business Day after the date on which the related
Revolving Period ends, and on any Business Day within ten (10) days prior to the end of such Revolving Period or at other times specified in the related Indenture Supplement upon ten (10) days’ prior notice to the Indenture Trustee,
the Noteholders and any related Derivative Counterparty. Following issuance of the Redemption Notice by the Issuer pursuant to Section 13.2 below, the Issuer shall be required to purchase the entire aggregate Note Balance of such Series
or Class of Term Notes for the Redemption Amount on the date set for such redemption (the “Redemption Date”). 

  
 172 

 (d) If necessary to satisfy the Collateral Test, the Notes of any Series or Class of Variable
Funding Notes shall be subject to repayment by the Issuer, in whole or in part, up to the amount necessary to satisfy the Collateral Test, using any other cash or funds of the Issuer other than Collections on the Receivables, upon one
(1) Business Day’s prior notice from the Issuer to the Indenture Trustee, each Derivative Counterparty and the related VFN Noteholders. Any such repayment pursuant to this Section 13.1(d) shall reduce the principal balance of such
Variable Funding Notes but shall not result in a reduction of any funding commitments related thereto or the Maximum VFN Principal Balance thereof (unless otherwise agreed between the Noteholders of such Variable Funding Notes and the Issuer) and
(ii) may be made on a non-pro rata basis with other Series of Variable Funding Notes. 
  

	Section 13.2.	Notice. 

 (a) Promptly after the occurrence of any optional redemption pursuant to
Section 13.1, the Issuer will notify the Indenture Trustee, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each related Note Rating Agency in writing of the identity and Note Balance of the
affected Series or Class of Notes to be redeemed. 
 (b) Notice of redemption (each a “Redemption Notice”) will
promptly be given as provided in Section 1.7. All notices of redemption will state (i) the Series or Class of Notes to be redeemed pursuant to this Article XIII, (ii) the date on which the redemption of the Series
or Class of Notes to be redeemed pursuant to this Article will begin, which will be the Redemption Payment Date, and (iii) the redemption price for such Series or Class of Notes. Following delivery of a Redemption Notice by the Issuer, the
Issuer shall be required to purchase the entire aggregate Note Balance of such Series or Class of Notes for the related Redemption Amount on the Redemption Date. 

Article XIV 

Miscellaneous 
  

	Section 14.1.	No Petition. 

 Each of the Indenture Trustee, the Administrative Agent, the
Servicer and the Administrator, by entering into this Indenture, each Derivative Counterparty, each Supplemental Credit Enhancement Provider or Liquidity Provider, as applicable, by accepting its rights as a third party beneficiary hereunder, each
Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial interest in a Note 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 the Notes, institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Derivative Counterparty, any Supplemental Credit Enhancement Agreement and any Liquidity
Facility; provided, however, that nothing contained herein shall prohibit or otherwise prevent the Indenture Trustee from filing proofs of claim in any such proceeding. 

  
 173 

	Section 14.2.	No Recourse. 

 No recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities,
(ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or “control person” within the meaning of the Securities Act and the Exchange Act
of the Indenture Trustee or Owner Trustee in its individual capacity, any holder of a beneficial ownership interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such entity. 
  

	Section 14.3.	Tax Treatment. 

 Notwithstanding anything to the contrary set forth herein, the
Issuer has entered into this Indenture with the intention that for United States federal, state and local income and franchise tax purposes the Notes will qualify as indebtedness secured by the Receivables. The Issuer, by entering into this
Indenture, each Noteholder, by its acceptance of a Note and each purchaser of a beneficial interest therein, by accepting such beneficial interest, agree to treat such Notes as debt for United States federal, state and local income and franchise tax
purposes, unless otherwise required by Applicable Law in a proceeding of final determination. The Indenture Trustee shall treat the Trust Estate as a security device only. The provisions of this Indenture shall be construed in furtherance of the
foregoing intended tax treatment. 
  

	Section 14.4.	Alternate Payment Provisions. 

 Notwithstanding any provision of this Indenture
or any of the Notes to the contrary, the Issuer, with the written consent of the Indenture Trustee and the Paying Agent, may enter into any agreement with any Noteholder of a Note providing for a method of payment or notice that is different from
the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee and the Paying Agent a copy of each such agreement and the Indenture Trustee and the Paying Agent will cause payments or
notices, as applicable, to be made in accordance with such agreements. 
  

	Section 14.5.	Termination of Obligations. 

 The respective obligations and responsibilities of
the Indenture Trustee created hereby (other than the obligation of the Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate upon satisfaction and discharge of this Indenture as set forth in
Article VII, except with respect to the payment obligations described in Section 14.6(b). Upon this event, the Indenture Trustee shall release, assign and convey to the Issuer or any of its designees, without recourse,
representation or warranty, all of its right, title and interest in the 

  
 174 

 
Collateral, whether then existing or thereafter created, all monies due or to become due and all amounts received or receivable with respect thereto (including all moneys then held in any Trust
Account) and all proceeds thereof, except for amounts held by the Indenture Trustee pursuant to Section 14.6(b). The Indenture Trustee shall execute and deliver such instruments of transfer and assignment as shall be provided to it, in
each case without recourse, as shall be reasonably requested by the Issuer to vest in the Issuer or any of its designees all right, title and interest which the Indenture Trustee had in the Collateral. 

 

	Section 14.6.	Final Distribution. 

 (a) The Issuer shall give the Indenture Trustee at least
thirty (30) days’ prior written notice of the Payment Date on which the Noteholders of any Series or Class may surrender their Notes for payment of the final distribution on and cancellation of such Notes. Not later than the fifth day of
the month in which the final distribution in respect of such Series or Class is payable to Noteholders, the Indenture Trustee or the Paying Agent shall provide notice to Noteholders of such Series or Class and each Derivative Counterparty (if
applicable) specifying (i) the date upon which final payment of such Series or Class will be made upon presentation and surrender of Notes of such Series or Class at the office or offices therein designated, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or offices therein specified. The Indenture Trustee
shall give such notice to the Note Registrar and the Paying Agent at the time such notice is given to Noteholders. 
 (b) Notwithstanding a
final distribution to the Noteholders of any Series or Class (or the termination of the Issuer), except as otherwise provided in this paragraph, all funds then on deposit in any Account allocated to such Noteholders shall continue to be held in
trust for the benefit of such Noteholders, and the Paying Agent or the Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if such Notes are Definitive Notes. In the event that all such Noteholders shall not
surrender their Notes for cancellation within six (6) months after the date specified in the notice from the Indenture Trustee described in clause (a), the Indenture Trustee shall give a second (2nd) notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final distribution with respect thereto. If within one year after the second (2nd) notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the
remaining such Noteholders concerning surrender of their Notes, and the cost thereof (including costs related to giving the second (2nd) notice) shall be paid out of the funds in the
Collection and Funding Account. The Indenture Trustee and the Paying Agent shall pay to the Issuer any monies held by them for the payment of principal or interest that remains unclaimed for two (2) years. After payment to the Issuer,
Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person. 
  

	Section 14.7.	Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity Provider as Third-Party Beneficiaries. 

Each Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity Provider is a third-party beneficiary of this Indenture.

  
 175 

	Section 14.8.	Owner Trustee Limitation of Liability. 

 It is expressly understood and agreed by
the parties hereto that (a) this Indenture 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 Indenture or the other Transaction Documents. 
  

	Section 14.9.	Communications with Rating Agencies. 

 If the Servicer, the Administrative Agent
or the Indenture Trustee shall receive any written or oral communication from any Note Rating Agency (or any of the respective officers, directors or employees of any Note Rating Agency) with respect to the transactions contemplated hereby or under
the Transaction Documents or in any way relating to the Notes, the Servicer, the Administrative Agent and the Indenture Trustee agree to refrain from communicating with such Note Rating Agency and to promptly notify the Administrator of such
communication; provided, however, that if the Servicer, the Administrative Agent or the Indenture Trustee receives an oral communication from a Note Rating Agency, the Servicer, the Administrative Agent or the Indenture Trustee, as the case may be,
is authorized to refer such Note Rating Agency to the Administrator, who will respond to such oral communication. At the written request of the Administrator, the Servicer, the Administrative Agent and the Indenture Trustee agree to cooperate with
the Administrator to provide certain information to the Administrator that may be reasonably required by a Note Rating Agency to rate or to perform ratings surveillance on the Notes, and acknowledge and agree that the Administrator shall be
permitted, in turn, to provide such information to the Note Rating Agencies via the internet address identified therefor by the Administrator; provided, that the Servicer, the Administrative Agent and the Indenture Trustee shall only be
required to provide such information that is reasonably available to such party at the time of request. Notwithstanding any other provision of this Agreement or the other Transaction Documents, under no circumstances shall the Servicer, the
Administrative Agent or the Indenture Trustee be required to participate in telephone conversations or other oral communications with a Note Rating Agency, nor shall the Servicer, the Administrative Agent or the Indenture Trustee be prohibited from
communicating with any nationally recognized statistical rating organization about matters other than the Notes or the transactions contemplated hereby or by the Transaction Documents. Furthermore for the avoidance of doubt, the Indenture Trustee
may make statements to Noteholders available on its website (as contemplated by Section 3.5(a) hereof), and such action is not prohibited by this Section 14.9. 

  
 176 

	Section 14.10.	Authorized Representatives. 

 Each individual designated as an authorized
representative of the Indenture Trustee, Calculation Agent, Paying Agent, and Securities Intermediary, Administrator, Administrative Agent and Issuer (each, an “Authorized Representative”), is authorized to give and receive notices,
requests and instructions and to deliver certificates and documents in connection with this Agreement on behalf of each of the Indenture Trustee, Calculation Agent, Paying Agent, Securities Intermediary, Administrator, Administrative Agent and
Issuer, respectively, and the specimen signature for each such Authorized Representative of the Indenture Trustee, Calculation Agent, Paying Agent, Securities Intermediary, Administrator, Servicer, Administrative Agents and Issuer initially
authorized hereunder is set forth on Exhibits G-1, G-2, G-3 and G-4, respectively. From time to time, Indenture Trustee, Calculation Agent, Paying Agent, Securities Intermediary, Administrator, Administrative Agent and Issuer may, by
delivering to the others a revised exhibit, change the information previously given pursuant to this Section 14.10, but each of the parties hereto shall be entitled to rely conclusively on the then current exhibit until receipt of a
superseding exhibit. 
  

	Section 14.11.	Consent and Acknowledgement of the Amendments. 

 100% of the Noteholders of each
Series have consented to this Indenture and each such Noteholder confirms that (i) it is the sole Noteholder of all the Outstanding Notes related to such Series with the right to instruct the Indenture Trustee, (ii) it is authorized to
deliver this Indenture, such power has not been granted or assigned to any other person and the Indenture Trustee may rely upon such certification, and (iii) it acknowledges and agrees that the amendments effected by this Indenture shall become
effective on the Effective Date. 
 It is expressly understood and agreed by the parties hereto that on the Effective Date, Advance
Purchaser shall acquire the ownership of 100% of the equity interests in the Depositor from Nationstar, and Advance Purchaser shall assume the role of Administrator of the facility and under the Indenture from Nationstar and all requirements, as
applicable, under Section 10.4 are waived. 
 By its signature to this Indenture, each of the parties hereto (other than the
Indenture Trustee) hereby waives and directs the Indenture Trustee to waive, the delivery of the Authorization Opinion in connection with the execution and delivery of this Indenture. 

[Signature Pages Follow] 

  
 177 

 EXECUTION COPY 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written. 

 

			
	NRZ SERVICER ADVANCE RECEIVABLES TRUST CS, 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:	 	 Assistant Vice President

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

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

	Name:	 	 Mark DeFabio

	Title:	 	 Vice President

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	NATIONSTAR MORTGAGE LLC
		
	By:	 	 /s/ Ellen Coleman

	Name:	 	 Ellen Coleman

	Title:	 	 Executive Vice President

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	ADVANCE PURCHASER LLC
		
	By:	 	 /s/ Cameron MacDougall

	Name:	 	 Cameron MacDougall

	Title:	 	 Secretary

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	 CREDIT SUISSE AG, NEW YORK BRANCH,

as Administrative Agent

		
	By:	 	 /s/ Jason Ruchelsman

	Name:	 	 Jason Ruchelsman

	Title:	 	 Vice President

  

			
	By:	 	/s/ Michelangelo Raimondi
	Name:	 	  

Michelangelo Raimondi

	Title:	 	 Vice President

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	CONSENTED TO BY:
	
	 CREDIT SUISSE AG, NEW YORK BRANCH, 

as Conduit Administrative Agent and as
 Administrative Agent of
the Series 2013-VF1 Notes

		
	By:	 	 /s/ Jason Ruchelsman

	Name:	 	 Jason Ruchelsman

	Title:	 	 Vice President

		
	By:	 	 /s/ Michelangelo Raimondi

	Name:	 	 Michelangelo Raimondi

	Title:	 	 Vice President

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	CONSENTED TO BY:
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Committed Purchaser of the Series 2013-VF1 Notes
		
	By:	 	 /s/ Jason Ruchelsman

	Name:	 	 Jason Ruchelsman

	Title:	 	 Authorized Signatory

		
	By:	 	 /s/ Michelangelo Raimondi

	Name:	 	 Michelangelo Raimondi

	Title:	 	 Authorized Signatory

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	CONSENTED TO BY:
	
	ALPINE SECURITIZATION CORP., as Conduit Purchaser of the Series 2013-VF1 Notes
	
	By: CREDIT SUISSE AG, NEW YORK BRANCH, as its attorney-in-fact
		
	By:	 	 /s/ Jason Ruchelsman

	Name:	 	 Jason Ruchelsman

	Title:	 	 Vice President

		
	By:	 	 /s/ Michelangelo Raimondi

	Name:	 	 Michelangelo Raimondi

	Title:	 	 Vice President

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	CONSENTED TO BY:
	
	NATIXIS, NEW YORK BRANCH, as Committed Purchaser, Administrative Agent and Conduit Administrative Agent of the Series 2013-VF2 Notes
		
	By:	 	 /s/ Chad Johnson

	Name:	 	 Chad Johnson

	Title:	 	 Managing Director

		
	By:	 	 /s/ David S. Bondy

	Name:	 	 David S. Bondy

	Title:	 	 Managing Director

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	CONSENTED TO BY:
	
	BLEACHERS FINANCE 1 LIMITED, as Conduit Purchaser of the Series 2013-VF2 Notes
		
	By:	 	 /s/ John Fridlington

	Name:	 	 John Fridlington

	Title:	 	 Vice President

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 
			
	CONSENTED TO BY:
	
	MORGAN STANLEY BANK, N.A., as Administrative Agent and as Purchaser of the Series 2013-VF3 Notes
		
	By:	 	 /s/ Geoffrey Kott

	Name:	 	 Geoffrey Kott

	Title:	 	 Authorized Signatory

  
 [NRZ Servicer Advance
Receivables Trust CS – Signature Page to Amended and Restated Indenture] 

 Schedule 1 

List of Designated Servicing Agreements 

  
 Schedule 1-1 

 Schedule 2 

Designated Servicing Agreements that are subserviced by Subservicers and other Servicing 

Agreements that may be subserviced by Subservicers 

  
 Schedule 2-1 

 Schedule 3 

Designated Servicing Agreements under which the Servicer or servicers are required to consent 

to or initiate termination and have agreed to repay all unpaid and accrued servicing fees at the 

time of redemption in full or reimburse all Advances at the time of termination, as applicable 

  
 Schedule 3-1 

 Schedule 4 

Designated Servicing Agreements for which the related Receivables become ineligible upon the 

principal balance of the Mortgage Loans and REO Properties in the related securitization trust 

falling below the indicated threshold of the securitization trust’s cut-off date balance 

  
 Schedule 4-1 

 Schedule 5 

WIRE INSTRUCTIONS 
  

			
	TRANSACTION PARTIES:                	  	
		
	If to the Administrator	  	
	Name of Bank:	  	Bank of America
	ABA Number of Bank:	  	
	Name of Account:	  	Advance Purchaser LLC
	Account Number at Bank:	  	
		
	If to the Servicer:	  	
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Nationstar Mortgage
	Account Number at Bank:	  	
	
	If to the Administrative Agent or the Note Purchaser:
	Name of Bank:	  	Bank of New York
	City/State of Bank:	  	New York, New York
	ABA Number of Bank:	  	
	Name of Account:	  	Alpine Securitization Corp.
	Account Number:	  	
	REF:	  	Nationstar 2013-CS—Shuttle
	Attn:	  	Fred Mastromarino (212-325-1735)
		  	Michelangelo Raimondi (212-325-2139)
		
	If to the Owner Trustee:	  	
	Name of Bank:	  	Manufacturers & Traders Trust Co.
	ABA Number of Bank:	  	
	Name of Account:	  	NRZ Servicer Advance Receivables Trust 2013-CS
	Account Number at Bank:	  	
		
	If to the Verification Agent:	  	
	Name of Bank:	  	Citibank NA
	City/State of Bank:	  	New York, NY
	ABA Number of Bank:	  	
	Swift Number:	  	
	Account Number at Bank:	  	
	To Credit:	  	PricewaterhouseCoopers LLP

  
 Schedule 5-1 

			
	TRUST ACCOUNTS:	  	
	
	If to the Fee Accumulation Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	
	
	If to the Interest Accumulation Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	
	
	If to the Target Amortization Principal Accumulation Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	
	
	If to the Collection and Funding Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	
	
	If to the Initial Collection Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Account
	Account Number at Bank:	  	
	For Further Credit To:	  	
	
	If to the Series Reserve Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	
	
	If to the Note Payment Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	

  
 Schedule 5-2 

			
	If to the P&I Advance Disbursement Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:        	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	
	
	If to the Sinking Fund Account:
	Name of Bank:	  	Wells Fargo Bank, N.A.
	ABA Number of Bank:	  	
	Name of Account:	  	Corporate Trust Clearing
	Account Number at Bank:	  	
	For Further Credit To:	  	

  
 Schedule 5-3 

 Exhibit A-1 

FORM OF GLOBAL RULE 144A NOTE 
  

			
	Class [            ] Note	  	
	Note Number: [            ]	  	 Initial Note Balance: $[            ]

		  	 [Maximum VFN Principal Balance: $[            ]]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE [MAXIMUM VFN PRINCIPAL BALANCE] [INITIAL NOTE
BALANCE] SHOWN ON THE FACE HEREOF. 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY STATE SECURITIES LAWS. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (C) PURSUANT TO ANOTHER EXEMPTION FROM
REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR
CLASS 1 SPECIFIED NOTES ONLY] [NO TRANSFER OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN
WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS PROVIDED IN SECTION 6.5(M) OF THE INDENTURE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH
BENEFICIAL INTEREST.] 
 [FOR ANY NOTE THAT IS NOT A SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF
THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING THE ASSETS OF, ANY “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF 

  
 Exhibit A-1-1 

 
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN SECTION 4975(e) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATIONS”), WHICH
EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR TRANSFER, IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY
FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL SATISFY THE REQUIREMENTS OF PROHIBITED TRANSACTION
CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF THE CODE OR
ANY SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL OR CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW. A
PURCHASER OR TRANSFEREE OF ANY NOTE HELD IN BOOK ENTRY FORM, SHALL, BY VIRTUE OF ITS ACQUISITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN BE DEEMED TO HAVE MADE THE REPRESENTATIONS PROVIDED IN CLAUSES (I) OR (II) ABOVE.] [FOR A CLASS 1
SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT IT IS NOT AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN
ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN
PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S.
FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.] 

  
 Exhibit A-1-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE [AND SECTION [     ] OF THE RELATED INDENTURE SUPPLEMENT] UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR
AND THE ISSUER THE CERTIFICATION REQUIRED BY SECTION 6.5(i) [FOR CLASS 1 SPECIFIED NOTES ONLY] [AND SECTION 6.5(m) OF THE BASE INDENTURE AND THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN MAY BE TRANSFERRED IN AN OFF-SHORE TRANSACTION AS DEFINED IN
REGULATION S OF THE 1933 ACT TO A PERSON WHO IS NOT ANY TIME A U.S. PERSON AS DEFINED BY REGULATION S OF THE 1933 ACT AND WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S NOTE OR (IN CERTAIN LIMITED CIRCUMSTANCES) A DEFINITIVE NOTE
ONLY (IN THE CASE OF AN INTEREST IN A REGULATION S GLOBAL NOTE) IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN SECTION 6.5 OF THE BASE INDENTURE AND (IN THE CASE OF A DEFINITIVE NOTE) UPON RECEIPT BY THE NOTE REGISTRAR AND INDENTURE TRUSTEE OF SUCH
CERTIFICATION. PRIOR TO PURCHASING THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER. 

THIS NOTE IS A LIMITED RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED TO RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE
INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE SERVICER, THE INDENTURE TRUSTEE (IN ALL ITS CAPACITIES), THE ADMINISTRATOR OR ANY
AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER. 
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE NOTE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 Exhibit A-1-3 

 NRZ SERVICER ADVANCE RECEIVABLES TRUST CS 

ADVANCE RECEIVABLES BACKED NOTES, SERIES [            ] 

CLASS [            ] NOTE 

NRZ Servicer Advance Receivables Trust CS, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to
pay to [                    ], or registered assigns (the “Noteholder”), [interest and principal as provided in the Indenture] [the
principal sum of [            ] $[            ], or such part thereof as may be advanced and outstanding hereunder and to pay
interest on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable [Interim Payment Date and] Payment Date as set forth in Section[s] [4.4] and 4.5 of the
Base Indenture and Section [            ] of the [Series Name] Indenture Supplement. The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set
forth in the Indenture. On each applicable [Interim Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and
Section [            ] of the [Series Name] Indenture Supplement. 
 Capitalized
terms used but not defined herein have the meanings set forth in the Amended and Restated Indenture, (as may be amended from time to time, the “Base Indenture”), dated as of December 17, 2013, among the Issuer, Wells Fargo
Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture Trustee”), Nationstar Mortgage LLC (“Nationstar Mortgage”), as Servicer (prior to the respective MSR
Transfer Dates) and as Subservicer, Advance Purchaser LLC (“Advance Purchaser”), as Servicer (on and after the respective MSR Transfer Dates) and as Administrator and Credit Suisse AG, New York Branch (“Credit
Suisse”), as Administrative Agent (the “Administrative Agent”), and an Indenture Supplement (the “[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the
“Indenture”), dated as of [            ], 20 [    ], by and among [insert parties to Indenture Supplement]. 

[In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of this Note shall, and is hereby authorized to,
record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation on such schedule or any error in such
schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date or
each Limited Funding Date to advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of the Indenture and that certain Note Purchase Agreement (the “Note Purchase
Agreement”), dated as of [            ], 20[    ], among [insert parties to related Note Purchase Agreement].] 

  
 Exhibit A-1-4 

 [In the event of a payment of all or a portion of the Note Balance of this Note, in accordance
with the terms and provisions of the Indenture, the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

This Note is a Rule 144A Global Note deposited with DTC acting as Depository, and registered in the name of Cede & Co., a nominee of
DTC, and Cede & Co., as holder of record of this Note, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. 

The statements in the legend relating to DTC set forth above are an integral part of the terms of this Note and by acceptance thereof each
holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any. 
 Unless the
certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such
Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose. 

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

  
 Exhibit A-1-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer, as of the date set forth below. 
 Date:             ,
20[    ] 
  

			
	NRZ SERVICER ADVANCE RECEIVABLES TRUST CS
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

		 	Issuer Authorized Officer

  
 Exhibit A-1-6 

 INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 20[    ]	 		 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Indenture Trustee

 [AUTHENTICATING AGENT’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 20[    ]	 		 	[                     ], as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Authenticating Agent

  
 Exhibit A-1-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [            ] Notes of the Issuer,
designated as its NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed Notes, Series [            ], Class
[            ] (herein called the “Class [            ] Notes”), all issued under the Indenture. Reference is
hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee (in all its capacities) and the Holders of the Notes. To the extent that any provision of this Note contradicts or
is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all terms of the Indenture. 

The payments on the Class [            ] Notes are [senior to the Class
[            ] Notes, the Class [            ] Notes and the Class
[            ] Notes][, and subordinate to the Class [            ] Notes, the Class
[            ] Notes and the Class [            ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest of this Note shall be due and payable on the earlier of (i) any
Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [            ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of
Section 8.1 of the Base Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in
writing to the Issuer (and to the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the
Holders of the Notes entitled thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class
[            ] Note and all other Class [            ] Notes equally and ratably without prejudice, priority or distinction
between any Class [            ] Note and any other Class [            ] Note. The Notes are limited recourse obligations of the
Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners, agents, officers, directors, employees,
or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 

  
 Exhibit A-1-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[             ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all
future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any
VFN Principal Balance increase of this Class [             ] Note (or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure
to the benefit of all future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether or not
noted hereon.] 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in the form
attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Transfer
Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder, by acceptance of a Note or a beneficial ownership
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered
in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its individual capacity, any holder of a beneficial ownership
interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 Exhibit A-1-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against NRZ Servicer
Advance Facility Transferor CS, LLC (the “Depositor”) or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity Facility. 

The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and local income
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest, agrees to treat
such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section
[             ] of the [Series Name] Indenture Supplement. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes
or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative Agent, as applicable, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of any Noteholder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer
under the Indenture. 
 Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have the right, which is
absolute and unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement 

  
 Exhibit A-1-10 

 
of any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the
contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee (in any of its
capacities) or any Affiliate (other than the Issuer), officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder will be limited to amounts
available from the Trust Estate and subject to the priority of payment set forth in the Indenture. 
 Notwithstanding any other terms of the
Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of any amount owing in respect of this Note or the Indenture 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 this Note or the Indenture. The foregoing provisions of this Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become
due under any security, instrument or agreement which is part of the Trust Estate, (ii) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the
Indenture, or (iii) 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 this Note or the Indenture, 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. 

  
 Exhibit A-1-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of
assignee:                                       
                           

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:                                        
                                         
                                         
                                         
                                         
                                         
   
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
                     attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  

					
	Dated:	 	  
	 	
		 	Signature Guaranteed:	 	
			
		 	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP. 

  
 Exhibit A-1-12 

 Schedule to Series [            ],
Class [            ] Note 
 dated as of
[            ], 2013 
 of NRZ Servicer Advance Receivables Trust CS 

 

									
	 [Interim Payment
 Date]

[Payment Date]
 [Payment Date of

Additional Note
 Balance/Decrease

Note Balance
	  	Aggregate Amount
of [principal
payment] [Funding
of VFN Principal
Balance Increase]
on
Class [            ] Notes	  	[Percentage Interest
in] Aggregate Note
Balance of
the
Class [            ] Notes
following [advance/]
payment	  	[Percentage of
Interest in]
Aggregate Note
Balance of
this
Class [            ] Note
following
[advance/]
payment	  	Note Balance of
Note following
[advance/]
payment

  
 Exhibit A-1-13 

 Exhibit A-2 

FORM OF DEFINITIVE NOTE RULE 144A 
  

			
	Class [            ] Note	  	 [Initial Note Balance: $[            ]]

	Note Number: [            ]	  	 Maximum VFN Principal Balance: $[            ]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE [MAXIMUM VFN PRINCIPAL BALANCE] [INITIAL NOTE
BALANCE] SHOWN ON THE FACE HEREOF. 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY STATE SECURITIES LAWS. THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, TO A PERSON THAT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A [FOR CLASS 2 SPECIFIED NOTES ONLY] [, OR AN “ACCREDITED
INVESTOR” AS DEFINED IN PARAGRAPHS (1), (2) (3) OR (7) OF RULE 501 UNDER THE 1933 ACT] OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE REQUIREMENTS OF THE
INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR SPECIFIED NOTES ONLY] [NO TRANSFER OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE
EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS PROVIDED IN SECTIONS 6.5(M) OR
(N) OF THE INDENTURE, AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.] 

[FOR ANY NOTE THAT IS NOT A SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN SHALL DELIVER TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR A CERTIFICATION TO THE EFFECT THAT EITHER (I) IT IS NOT AND IS NOT ACQUIRING THIS NOTE OR 

  
 Exhibit A-2-1 

 
ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING THE ASSETS OF, (I) ANY “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN SECTION 4975(e) OF THE CODE, AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION
3(42) OF ERISA (THE “PLAN ASSET REGULATIONS”), WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL OR CHURCH PLAN THAT IS
SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR TRANSFER, IT BELIEVES THAT
THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN WILL SATISFY THE REQUIREMENTS OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH
IN SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF THE CODE OR ANY SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A
GOVERNMENTAL OR CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW.] [FOR A SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL DELIVER TO THE INDENTURE TRUSTEE
AND THE NOTE REGISTRAR A CERTIFICATION TO THE EFFECT THAT IT IS NOT AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, A PLAN
DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN ENTITY WHICH IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN, PLAN OR
ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.] 

  
 Exhibit A-2-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE AND SECTION [             ] OF THE RELATED INDENTURE SUPPLEMENT UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE
OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR AND THE ISSUER THE CERTIFICATION[S] REQUIRED BY SECTION 6.5(i) [FOR CLASS 1 SPECIFIED NOTES ONLY][AND SECTION 6.5(m)] [FOR CLASS 2 SPECIFIED NOTES ONLY][AND SECTION 6.5(n)] OF THE BASE INDENTURE AND THIS
NOTE MAY BE TRANSFERRED ONLY UPON RECEIPT BY THE NOTE REGISTRAR AND INDENTURE TRUSTEE OF SUCH CERTIFICATION. PRIOR TO PURCHASING THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF
EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER. 
 THIS NOTE IS A LIMITED RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED TO RIGHT OF
PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE SERVICER,
THE INDENTURE TRUSTEE (IN ALL ITS CAPACITIES), THE ADMINISTRATOR OR ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER. 

  
 Exhibit A-2-3 

 NRZ SERVICER ADVANCE RECEIVABLES TRUST CS 

ADVANCE RECEIVABLES BACKED NOTES, SERIES [             ] 

CLASS [            ] NOTE 

NRZ Servicer Advance Receivables Trust CS, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to
pay to [            ], or registered assigns (the “Noteholder”), [interest and principal as provided in the Indenture] [the principal sum of
[            ] $[            ], or such part thereof as may be advanced and outstanding hereunder and to pay interest on such
principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable [Interim Payment Date and] Payment Date as set forth in Section[s] [4.4] and 4.5 of the
Base Indenture and Section [            ] of the [Series Name] Indenture Supplement. The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set
forth in the Indenture. On each applicable [Interim Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and
Section [            ] of the [Series Name] Indenture Supplement. 
 Capitalized
terms used but not defined herein have the meanings set forth in the Amended and Restated Indenture, (as may be amended from time to time, the “Base Indenture”), dated as of December 17, 2013, among the Issuer, Wells Fargo
Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture Trustee”), Nationstar Mortgage LLC (“Nationstar Mortgage”), as Servicer (prior to the respective MSR
Transfer Dates) and as Subservicer, Advance Purchaser LLC (“Advance Purchaser”), as Servicer (on and after the respective MSR Transfer Dates) and as Administrator and Credit Suisse AG, New York Branch (“Credit
Suisse”), as Administrative Agent (the “Administrative Agent”), and an Indenture Supplement (the “[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the
“Indenture”), dated as of [             ], 20 [     ], by and among [insert parties to Indenture Supplement]. 

[In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of this Note shall, and is hereby authorized to,
record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation on such schedule or any error in such
schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date or
each Limited Funding Date to advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of the Indenture and that certain Note Purchase Agreement (the “Note Purchase
Agreement”), dated as of [            ], 20[    ], among [insert parties to related Note Purchase Agreement].] 

  
 Exhibit A-2-4 

 [In the event of a payment of all or a portion of the Note Balance of this Note, in accordance
with the terms and provisions of the Indenture, the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

Unless the certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an
Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the
Indenture and/or be valid for any purpose. 
 THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN
CONNECTION WITH THIS NOTE, THE RELATIONSHIP OF THE PARTIES HEREUNDER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. 

  
 Exhibit A-2-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer, as of the date set forth below. 
 Date:             ,
20[    ] 
  

			
	NRZ SERVICER ADVANCE RECEIVABLES TRUST CS
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

		 	Issuer Authorized Officer

  
 Exhibit A-2-6 

 INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 20[    ]	 		 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Indenture Trustee

 [AUTHENTICATING AGENT’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 20[    ]	 		 	[                     ], as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Authenticating Agent

  
 Exhibit A-2-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [            ] Notes of the Issuer,
designated as its NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed Notes, Series [            ], Class
[            ] (herein called the “Class [            ] Notes”), all issued under the Indenture. Reference is
hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee (in all its capacities) and the Holders of the Notes. To the extent that any provision of this Note contradicts or
is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all terms of the Indenture. 

The payments on the Class [            ] Notes are [senior to the Class
[            ] Notes, the Class [            ] Notes and the Class
[            ] Notes][, and subordinate to the Class [            ] Notes, the Class
[            ] Notes and the Class [            ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest of this Note shall be due and payable on the earlier of (i) any
Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [            ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of
Section 8.1 of the Base Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in
writing to the Issuer (and to the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the
Holders of the Notes entitled thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class
[            ] Note and all other Class [            ] Notes equally and ratably without prejudice, priority or distinction
between any Class [            ] Note and any other Class [            ] Note. The Notes are limited recourse obligations of the
Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners, agents, officers, directors, employees,
or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 

  
 Exhibit A-2-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[             ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all
future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any
VFN Principal Balance increase of this Class [             ] Note (or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure
to the benefit of all future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether or not
noted hereon.] 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in the form
attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Transfer
Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder, by acceptance of a Note or a beneficial ownership
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered
in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its individual capacity, any holder of a beneficial ownership
interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 Exhibit A-2-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against NRZ Servicer
Advance Facility Transferor CS, LLC (the “Depositor”) or the Issuer, or join in any institution against the “Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity
Facility. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and
local income and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest,
agrees to treat such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section
[             ] of the [Series Name] Indenture Supplement. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes
or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative Agent, as applicable, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of any Noteholder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer
under the Indenture. 
 [For Class 2 Specified Notes or any Note issued in definitive form] [This Note is issuable only in definitive form
in denominations as provided in the [Series Name] Indenture Supplement, subject to certain limitations therein set forth.] 

  
 Exhibit A-2-10 

 Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have
the right, which is absolute and unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of any such payment, and such right will not be impaired without
the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be
without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee (in any of its capacities) or any Affiliate (other than the Issuer), officer, employee or director of any of them, and the obligation
of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture. 

Notwithstanding any other terms of the Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of any amount owing in respect of this
Note or the Indenture 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 this Note or the
Indenture. The foregoing provisions of this Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate, (ii) save as specifically
provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) 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 this Note or the Indenture, 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. 

  
 Exhibit A-2-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                         
                        

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:                                        
                                         
                                         
                                         
                                         
                                         
   
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
                                     attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated:	 	  
	 	
			
		 	Signature Guaranteed:	 	
			
		 	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP. 

  
 Exhibit A-2-12 

 Schedule to Series [            ],
Class [            ] Note 
 dated as of
[            ], 2013 
 of NRZ Servicer Advance Receivables Trust CS 

 

									
	 [Interim Payment
 Date]

[Payment Date]
 [Payment Date of

Additional Note
 Balance/Decrease

Note Balance
	  	Aggregate
Amount of [principal
payment]
[Funding of
VFN Principal
Balance Increase]
on
Class [            ] Notes	  	[Percentage Interest
in] Aggregate Note
Balance of
the
Class [            ] Notes
following [advance/]
payment	  	[Percentage of
Interest in]
Aggregate Note
Balance of this
Class [            ]
Note
following
[advance/]
payment	  	Note Balance of
Note following
[advance/]
payment

  
 Exhibit A-2-13 

 Exhibit A-3 

FORM OF GLOBAL REGULATION S NOTE 
  

			
	Class [             ] Note	  	Initial Note Balance: $[            ]
	Note Number: [            ]	  	Maximum VFN Principal Balance: $[                    ]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTE BALANCE SHOWN ON THE FACE HEREOF.

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY STATE SECURITIES LAWS.
THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) PURSUANT TO REGULATION S OF THE 1933 ACT IN AN OFF-SHORE TRANSACTION AS DEFINED IN REGULATION S OF THE 1933 ACT TO A PERSON THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S OF THE
1933 ACT [FOR CLASS 1 SPECIFIED NOTES ONLY] [THAT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED UNDER RULE 144A UNDER THE 1933 ACT)] OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN
COMPLIANCE WITH THE REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR CLASS 1 SPECIFIED NOTES ONLY] [NO TRANSFER OF A
BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE
REGISTRAR AS PROVIDED IN SECTION 6.5(M) OF THE INDENTURE , AS APPLICABLE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.] 

[FOR A NOTE THAT IS NOT A CLASS 1 SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT THAT EITHER (I) IT IS NOT AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING THE 

  
 Exhibit A-3-1 

 
ASSETS OF, ANY “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN
SECTION 4975(e) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION 3(42)
OF ERISA (THE “PLAN ASSET REGULATIONS”), WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO
ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR TRANSFER, IT BELIEVES THAT THIS NOTE
IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN WILL SATISFY THE REQUIREMENTS OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH IN
SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF THE CODE OR ANY SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A
GOVERNMENTAL OR CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW. A PURCHASER OR TRANSFEREE OF ANY NOTE HELD IN BOOK ENTRY FORM, SHALL, BY VIRTUE OF ITS ACQUISITION OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN BE DEEMED TO HAVE MADE THE
REPRESENTATIONS PROVIDED IN CLAUSES (I) OR (II) ABOVE.] [FOR CLASS 1 SPECIFIED NOTES ONLY UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT
THAT IT IS NOT AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN ENTITY
WHICH IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975
OF THE CODE, OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.] 

  
 Exhibit A-3-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE AND SECTION [             ] OF THE RELATED INDENTURE SUPPLEMENT UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE
OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR AND THE ISSUER THE CERTIFICATION REQUIRED BY SECTION 6.5(i) [FOR CLASS 1 SPECIFIED NOTES ONLY] [AND SECTION 6.5(m)] OF THE BASE INDENTURE AND THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN MAY BE
TRANSFERRED IN AN OFF-SHORE TRANSACTION AS DEFINED IN THE 1933 ACT TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A NOTE OR (IN CERTAIN LIMITED CIRCUMSTANCES) A DEFINITIVE NOTE ONLY (IN THE CASE OF AN INTEREST IN A RULE 144A
GLOBAL NOTE) IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN SECTION 6.5 OF THE BASE INDENTURE AND (IN THE CASE OF A DEFINITIVE NOTE) UPON RECEIPT BY THE NOTE REGISTRAR AND INDENTURE TRUSTEE OF SUCH CERTIFICATION. PRIOR TO PURCHASING THIS NOTE,
PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER. 

THIS NOTE IS A LIMITED RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED TO RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE
INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE SERVICER, THE INDENTURE TRUSTEE (IN ALL ITS CAPACITIES), THE ADMINISTRATOR OR ANY
AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER. 
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE NOTE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 Exhibit A-3-3 

 NRZ SERVICER ADVANCE RECEIVABLES TRUST CS 

ADVANCE RECEIVABLES BACKED NOTES, SERIES
[                    ] 
 CLASS
[            ] NOTE 
 NRZ Servicer Advance Receivables Trust CS, a Delaware
statutory trust (the “Issuer”), for value received, hereby promises to pay to [            ], or registered assigns (the “Noteholder”), [interest and
principal as provided in the Indenture] [the principal sum of [            ] $[            ], or such part thereof as may be
advanced and outstanding hereunder and to pay interest on such principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable Payment Date as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and Section
[             ] of the [Series Name] Indenture Supplement. The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set forth in the Indenture. On
each applicable [Interim Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and Section
[             ] of the [Series Name] Indenture Supplement. 
 Capitalized terms
used but not defined herein have the meanings set forth in the Amended and Restated Indenture, (as may be amended from time to time, the “Base Indenture”), dated as of December 17, 2013, among the Issuer, Wells Fargo Bank,
N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture Trustee”), Nationstar Mortgage LLC (“Nationstar Mortgage”), as Servicer (prior to the respective MSR Transfer
Dates) and as Subservicer, Advance Purchaser LLC (“Advance Purchaser”), as Servicer (on and after the respective MSR Transfer Dates) and as Administrator and Credit Suisse AG, New York Branch (“Credit Suisse”), as
Administrative Agent (the “Administrative Agent”), and an Indenture Supplement (the “[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the “Indenture”), dated as of
[            ], 20 [    ], by and among [insert parties to Indenture Supplement]. 

[In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of this Note shall, and is hereby authorized to,
record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation on such schedule or any error in such
schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date or
each Limited Funding Date to advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of the Indenture and that certain Note Purchase Agreement (the “Note Purchase
Agreement”), dated as of [            ], 20[    ], among [insert parties to related Note Purchase Agreement].] 

  
 Exhibit A-3-4 

 [In the event of a payment of all or a portion of the Note Balance of this Note, in accordance
with the terms and provisions of the Indenture, the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

This Note is a Regulation S Global Note deposited with DTC acting as Depository, and registered in the name of Cede & Co., a nominee
of DTC, and Cede & Co., as holder of record of this Note, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. 

The statements in the legend relating to DTC set forth above are an integral part of the terms of this Note and by acceptance thereof each
holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any. 
 Unless the
certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such
Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the Indenture and/or be valid for any purpose. 

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

  
 Exhibit A-3-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer, as of the date set forth below. 
 Date:             ,
20[    ] 
  

			
	NRZ SERVICER ADVANCE RECEIVABLES TRUST CS
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

		 	Issuer Authorized Officer

  
 Exhibit A-3-6 

 INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 20[    ]	 		 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Indenture Trustee

 [AUTHENTICATING AGENT’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

							
	Date:             , 20[    ]	 		 	[                                    
                        ], as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Title:	 	Authorized Signatory of Authenticating Agent

  
 Exhibit A-3-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [            ] Notes of the Issuer,
designated as its NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed Notes, Series [            ], Class
[            ] (herein called the “Class [            ] Notes”), all issued under the Indenture. Reference is
hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee (in all its capacities) and the Holders of the Notes. To the extent that any provision of this Note contradicts or
is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all terms of the Indenture. 

The payments on the Class [            ] Notes are [senior to the Class
[            ] Notes, the Class [            ] Notes and the Class
[            ] Notes][, and subordinate to the Class [            ] Notes, the Class
[            ] Notes and the Class [            ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest of this Note shall be due and payable on the earlier of (i) any
Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [             ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of
Section 8.1 of the Base Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in
writing to the Issuer (and to the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the
Holders of the Notes entitled thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class
[            ] Note and all other Class [            ] Notes equally and ratably without prejudice, priority or distinction
between any Class [            ] Note and any other Class [            ] Note. The Notes are limited recourse obligations of the
Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners, agents, officers, directors, employees,
or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 

  
 Exhibit A-3-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[             ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all
future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any
VFN Principal Balance increase of this Class [             ] Note (or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure
to the benefit of all future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether or not
noted hereon.] 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in the form
attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Transfer
Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder, by acceptance of a Note or a beneficial ownership
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered
in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its individual capacity, any holder of a beneficial ownership
interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 Exhibit A-3-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against NRZ Servicer
Advance Facility Transferor CS, LLC (the “Depositor”) or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity Facility. 

The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and local income
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest, agrees to treat
such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section
[             ] of the [Series Name] Indenture Supplement. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes
or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative Agent, as applicable, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of any Noteholder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer
under the Indenture. 
 Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have the right, which is
absolute and unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement 

  
 Exhibit A-3-10 

 
of any such payment, and such right will not be impaired without the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the
contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee (in any of its
capacities) or any Affiliate (other than the Issuer), officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder will be limited to amounts
available from the Trust Estate and subject to the priority of payment set forth in the Indenture. 
 Notwithstanding any other terms of the
Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of any amount owing in respect of this Note or the Indenture 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 this Note or the Indenture. The foregoing provisions of this Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become
due under any security, instrument or agreement which is part of the Trust Estate, (ii) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the
Indenture, or (iii) 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 this Note or the Indenture, 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. 

  
 Exhibit A-3-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                         
                        

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:                                       
                                         
                                         
                                         
                                         
                                         
    
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
                                     attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated:	 	  
	 	
			
		 	Signature Guaranteed:	 	
			
		 	  
	 	*/

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP. 

  
 Exhibit A-3-12 

 Schedule to Series [            ],
Class [            ] Note 
 dated as of
[            ], 2013 
 of NRZ Servicer Advance Receivables Trust CS 

 

									
	 [Interim Payment
 Date]

[Payment Date]
 [Payment Date of

Additional Note
 Balance/Decrease

Note Balance
	  	Aggregate
Amount of [principal
payment]
[Funding of
VFN Principal
Balance Increase]
on
Class [            ] Notes	  	[Percentage Interest
in] Aggregate Note
Balance of
the
Class [            ] Notes
following [advance/]
payment	  	[Percentage of
Interest in]
Aggregate Note
Balance of this
Class [            ]
Note
following
[advance/]
payment	  	Note Balance of
Note following
[advance/]
payment

  
 Exhibit A-3-13 

 Exhibit A-4 

FORM OF DEFINITIVE REGULATION S NOTE 
  

			
	Class [         ] Note	  	Initial Note Balance: $[            ]
	Note Number: [                        ]	  	Maximum VFN Principal Balance: $[                    ]

 THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTE BALANCE SHOWN ON THE FACE HEREOF.

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY STATE SECURITIES LAWS.
THE ISSUER HAS NOT AGREED TO REGISTER THE NOTES UNDER THE 1933 ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY NOTEHOLDER.  

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE ONLY (A) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) PURSUANT TO REGULATION S OF THE 1933 ACT IN AN OFF-SHORE TRANSACTION AS DEFINED IN THE 1933 ACT TO A PERSON THAT IS NOT A U.S. PERSON AS DEFINED IN REGULATION S OF THE 1933 ACT [FOR
CLASS 1 SPECIFIED NOTES ONLY] [IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE 1933 ACT) OR (C) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT, IN EACH CASE IN COMPLIANCE WITH THE
REQUIREMENTS OF THE INDENTURE AND APPLICABLE STATE SECURITIES LAWS. 
 [FOR CLASS 1 SPECIFIED NOTES ONLY] [NO TRANSFER OF A BENEFICIAL INTEREST IN A
SPECIFIED NOTE WILL BE EFFECTIVE, AND ANY SUCH TRANSFER WILL BE VOID AB INITIO, UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS IN WRITING TO THE INDENTURE TRUSTEE AND NOTE REGISTRAR AS PROVIDED IN
SECTION 6.5(M) OF THE INDENTURE. EACH PROSPECTIVE TRANSFEREE OF A BENEFICIAL INTEREST IN A SPECIFIED NOTE WILL BE DEEMED TO MAKE SUCH REPRESENTATIONS BY ITS ACCEPTANCE OF SUCH BENEFICIAL INTEREST.] 

[FOR A NOTE THAT IS NOT A CLASS 1 SPECIFIED NOTE UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN SHALL DELIVER TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR A CERTIFICATION TO THE EFFECT THAT EITHER (I) IT IS NOT AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING THE ASSETS

  
 Exhibit A-4-1 

 
OF, (I) ANY EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR ANY PLAN AS DEFINED IN SECTION
4975(e) OF THE CODE, AN ENTITY THAT IS DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 CFR SECTION 2510-3.101 AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATIONS”), WHICH EMPLOYEE
BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE, (EACH, A “PLAN”), OR A GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA
OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II)(A) THIS NOTE IS RATED INVESTMENT GRADE AS OF THE DATE OF PURCHASE OR TRANSFER, IT BELIEVES THAT THIS NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES
FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT THIS NOTE AND (B) THE TRANSFEREE’S ACQUISITION AND HOLDING OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN WILL SATISFY THE REQUIREMENTS OF PROHIBITED TRANSACTION CLASS
EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 OR THE STATUTORY PROHIBITED TRANSACTION EXEMPTION FOR SERVICE PROVIDERS SET FORTH IN SECTION 408(b)(17) OF ERISA AND SECTION 4975(d)(20) OF THE CODE OR ANY
SIMILAR CLASS OR STATUTORY EXEMPTION AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL OR CHURCH PLAN, WILL NOT VIOLATE ANY SIMILAR LAW.] [FOR CLASS 1
SPECIFIED NOTES ONLY UNLESS OTHERWISE SPECIFIED IN THE RELATED INDENTURE SUPPLEMENT] [EACH HOLDER OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL DELIVER TO THE INDENTURE TRUSTEE AND THE NOTE REGISTRAR A CERTIFICATION TO THE EFFECT THAT IT IS
NOT AND IS NOT ACQUIRING THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN ON BEHALF OF, OR USING ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, AN ENTITY WHICH IS
DEEMED TO HOLD THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, WHICH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY IS SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE
CODE, OR A GOVERNMENTAL OR CHURCH PLAN WHICH IS SUBJECT TO ANY U.S. FEDERAL, STATE OR LOCAL LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.] 

  
 Exhibit A-4-2 

 THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 6.5 OF THE
BASE INDENTURE AND SECTION [             ] OF THE RELATED INDENTURE SUPPLEMENT UNDER WHICH THIS NOTE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE ISSUER UPON REQUEST). EACH TRANSFEREE
OF THIS NOTE SHALL PROVIDE THE NOTE REGISTRAR AND THE ISSUER THE CERTIFICATION[S] REQUIRED BY SECTION 6.5(i) [FOR CLASS 1 SPECIFIED NOTES ONLY][AND SECTION 6.5(m)] OF THE BASE INDENTURE AND THIS NOTE MAY BE TRANSFERRED ONLY UPON RECEIPT BY THE NOTE
REGISTRAR AND INDENTURE TRUSTEE OF SUCH CERTIFICATION. PRIOR TO PURCHASING THIS NOTE, PROSPECTIVE PURCHASERS SHOULD CONSULT WITH COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTIONS FROM THE RESTRICTIONS ON RESALE OR TRANSFER.

 THIS NOTE IS A LIMITED RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED TO RIGHT OF PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS
PROVIDED IN THE INDENTURE. THE ISSUER IS NOT PERSONALLY LIABLE FOR PAYMENTS ON THIS NOTE. THIS NOTE DOES NOT EVIDENCE AN OBLIGATION OF OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE SERVICER, THE INDENTURE TRUSTEE (IN ALL ITS CAPACITIES), THE
ADMINISTRATOR OR ANY AFFILIATE OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR PRIVATE INSURER. 

  
 Exhibit A-4-3 

 NRZ SERVICER ADVANCE RECEIVABLES TRUST CS 

ADVANCE RECEIVABLES BACKED NOTES, [             ] 

CLASS [            ] NOTE 

NRZ Servicer Advance Receivables Trust CS, a Delaware statutory trust (the “Issuer”), for value received, hereby promises to
pay to [            ], or registered assigns (the “Noteholder”), [interest and principal as provided in the Indenture] [the principal sum of
[            ] $[            ], or such part thereof as may be advanced and outstanding hereunder and to pay interest on such
principal sum or such part thereof as shall remain unpaid from time to time, at the rate and at the times provided in the Indenture]. 

Principal of this Note is payable on each applicable [Interim Payment Date and] Payment Date as set forth in Section[s] [4.4] and 4.5 of the
Base Indenture and Section [             ] of the [Series Name] Indenture Supplement. The Outstanding Note Balance of this Note bears interest at the applicable Note Interest Rate as set
forth in the Indenture. On each applicable [Interim Payment Date and] Payment Date, in accordance with the terms and provisions of the Indenture, interest on this Note will be paid as set forth in Section[s] [4.4] and 4.5 of the Base Indenture and
Section [             ] of the [Series Name] Indenture Supplement. 

Capitalized terms used but not defined herein have the meanings set forth in the Amended and Restated Indenture, (as may be amended from time
to time, the “Base Indenture”), dated as of December 17, 2013, among the Issuer, Wells Fargo Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary (the “Indenture
Trustee”), Nationstar Mortgage LLC (“Nationstar Mortgage”), as Servicer (prior to the respective MSR Transfer Dates) and as Subservicer, Advance Purchaser LLC (“Advance Purchaser”), as Servicer (on and
after the respective MSR Transfer Dates) and as Administrator and Credit Suisse AG, New York Branch (“Credit Suisse”), as Administrative Agent (the “Administrative Agent”), and an Indenture Supplement (the
“[Insert Series Name] Indenture Supplement” and together with the Base Indenture, the “Indenture”), dated as of [             ], 20 [ ], by and among
[insert parties to Indenture Supplement]. 
 [In the event of a VFN Principal Balance increase funded by the Noteholders, the Noteholder of
this Note shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of any VFN Principal Balance increase funded by it, and each repayment thereof; provided, that failure to make any such recordation
on such schedule or any error in such schedule shall not adversely affect any Noteholder’s rights with respect to the VFN Principal Balance and its right to receive interest payments in respect thereof.] 

[By its acceptance of this Note, each Noteholder covenants and agrees, until the termination of the Revolving Period, on each Funding Date or
each Limited Funding Date to advance amounts in respect of any VFN Principal Balance increase hereunder to the Issuer, subject to and in accordance with the terms of the Indenture and that certain Note Purchase Agreement (the “Note Purchase
Agreement”), dated as of [            ], 20[    ], among [insert parties to related Note Purchase Agreement].] 

  
 Exhibit A-4-4 

 [In the event of a payment of all or a portion of the Note Balance of this Note, in accordance
with the terms and provisions of the Indenture, the Noteholder thereof shall, and is hereby authorized to, record on the schedule attached to this Note the date and amount of the Outstanding Note Balance of this Note following such payment.] 

Absent manifest error, the [Note] [VFN Principal] Balance of each Note as set forth in the notations made by the related Noteholder on such
Note shall be binding upon the Indenture Trustee, the Note Registrar and the Issuer; provided, that failure by a Noteholder to make such recordation on its Note or any error in such notation shall not adversely affect any Noteholder’s
rights with respect to the [Note] [VFN Principal] Balance of its Note and such Noteholder’s right to receive payments in respect of principal and interest in respect thereof. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 The statements in the legend set forth above are an integral part of the
terms of this Note and by acceptance hereof each Holder of this Note agrees to be subject to and bound by the terms and provisions set forth in such legend. 

Unless the certificate of authentication hereon shall have been executed by an Authorized Signatory of the Indenture Trustee and, if an
Authenticating Agent has been appointed by the Indenture Trustee pursuant to Section 11.12 of the Base Indenture, such Authenticating Agent by manual signature, this Note shall not entitle the Noteholder hereof to any benefit under the
Indenture and/or be valid for any purpose. 
 THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN
CONNECTION WITH THIS NOTE, THE RELATIONSHIP OF THE PARTIES HEREUNDER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. 

  
 Exhibit A-4-5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer, as of the date set forth below. 

Date:                    , 20[    ]

  

			
	NRZ SERVICER ADVANCE RECEIVABLES TRUST CS
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

		 	Issuer Authorized Officer

  
 Exhibit A-4-6 

 INDENTURE TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

					
	Date:                     , 20[    ]	 	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
			
		 	By:	 	  

		 	Title:	 	Authorized Signatory of Indenture Trustee

 [AUTHENTICATING AGENT’S 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Class designated herein and referred to in the within-mentioned Indenture. 

 

					
	Date:                     , 20[    ]	 	[                    ], as Authenticating Agent
			
		 	By:	 	  

		 	Title:	 	Authorized Signatory of Authenticating Agent

  

  
 Exhibit A-4-7 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized Class [            ] Notes of the Issuer,
designated as its NRZ Servicer Advance Receivables Trust CS Advance Receivables Backed Notes, Series [            ], Class
[            ] (herein called the “Class [            ] Notes”), all issued under the Indenture. Reference is
hereby made to the Indenture for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee (in all its capacities) and the Holders of the Notes. To the extent that any provision of this Note contradicts or
is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein. The Notes are subject to all terms of the Indenture. 

The payments on the Class [            ] Notes are [senior to the Class
[            ] Notes, the Class [            ] Notes and the Class
[            ] Notes][, and subordinate to the Class [            ] Notes, the Class
[            ] Notes and the Class [            ] Notes], as and to the extent provided in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied in accordance with the Indenture. 

The entire unpaid principal amount and all accrued and unpaid interest of this Note shall be due and payable on the earlier of (i) any
Redemption Payment Date as set forth in Section 13.1 of the Indenture [or in Section [             ] of the [Series Name] Indenture Supplement] and (ii) the Stated Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount and all accrued and unpaid interest of the Notes shall be immediately due and payable on the date on which an Event of Default of the kind specified in clause (d) or (e) of
Section 8.1 of the Base Indenture occurs, and, if any other Event of Default occurs and is continuing, then and in each and every such case, either the Indenture Trustee or the requisite percentage of Noteholders of each Series, by notice in
writing to the Issuer (and to the Indenture Trustee if given by the Holders), may declare all Notes to be immediately due and payable in the manner provided in the Indenture. All applicable principal payments on the Notes shall be made to the
Holders of the Notes entitled thereto in accordance with the terms of the Indenture. 
 The Trust Estate secures this Class
[            ] Note and all other Class [            ] Notes equally and ratably without prejudice, priority or distinction
between any Class [            ] Note and any other Class [            ] Note. The Notes are limited recourse obligations of the
Issuer and are limited in right of payment to amounts available from the Trust Estate, as provided in the Indenture. The Issuer shall not otherwise be liable for payments on the Notes, and none of the owners, agents, officers, directors, employees,
or successors or assigns of the Issuer shall be personally liable for any amounts payable, or performance due, under the Notes or the Indenture. 

Any payment of interest or principal on this Note shall be paid on the applicable [Interim Payment Date and] Payment Date as set forth in the
Indenture to the Person in whose name this Note (or one or more predecessor Notes) is registered in the Note Register as of the close of business on the related Record Date by wire transfer in immediately available funds to the account specified in
writing by the related Noteholder to the extent provided by the Indenture and otherwise by check mailed to the Noteholder. 
  

  
 Exhibit A-4-8 

 [Any reduction in the Note Balance of this Note (or any one or more predecessor Notes) effected
by any payments made on any applicable [Interim Payment Date and] Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or
not noted hereon.] 
 [Any reduction in the Maximum VFN Principal Balance or the VFN Principal Balance, as the case may be, of this Class
[            ] Note (or any one or more predecessor Notes) effected by any payments made with respect thereto or otherwise pursuant to the terms of the Indenture shall be binding upon all
future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. Any
VFN Principal Balance increase of this Class [             ] Note (or any one or more predecessor Notes) effected by payments to the Issuer shall be binding upon the Issuer and shall inure
to the benefit of all future Holders of this Class [             ] Note and of any Note issued upon the registration of transfer hereof or exchange hereof or in lieu hereof, whether or not
noted hereon.] 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in the form
attached hereto duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Transfer
Agent’s Medallion Program (“STAMP”), and thereupon one or more new Notes of authorized denominations and in the same [aggregate principal amount] [VFN Principal Balance] will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuer may require the Noteholder to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder, by acceptance of a Note or a beneficial ownership
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered
in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or “control person” within the meaning of the 1933 Act and the Securities Exchange Act of 1934, as amended, of the Indenture Trustee or Owner Trustee in its individual capacity, any holder of a beneficial ownership
interest in the Issuer or the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 Exhibit A-4-9 

 Each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial
interest in a Note 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 the Notes, institute against NRZ Servicer
Advance Facility Transferor CS, LLC (the “Depositor”) or the Issuer, or join in any institution against the Depositor or the Issuer of, any receivership, insolvency, bankruptcy 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, this Indenture, any Supplemental Credit Enhancement Agreement, any Derivative Agreement and any Liquidity Facility. 

The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, state and local income
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Receivables. Each Noteholder, by its acceptance of a Note, and each purchaser of a beneficial interest therein, by accepting such beneficial interest, agrees to treat
such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee, the Note Registrar, the Paying
Agent and any agent of the Issuer, the Note Registrar, the Paying Agent or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar, the Paying Agent or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer or other parties thereto and the rights of the Holders of the Notes under the Indenture at any time pursuant to the terms and provisions of Article XII of the Base Indenture and Section [ ] of the [Series Name] Indenture Supplement.
The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Notes or a particular Class of Notes, on behalf of all of the Noteholders, or the Administrative Agent, as applicable, to
waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of any Noteholder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

[For any Note issued in definitive form] [This Note is issuable only in definitive form in denominations as provided in the [Series Name]
Indenture Supplement, subject to certain limitations therein set forth.] 

  
 Exhibit A-4-10 

 Notwithstanding any other provisions herein or in the Indenture, a Holder of this Note will have
the right, which is absolute and unconditional, to receive payment of the principal of and interest on this Note on the Stated Maturity Date and to institute suit for the enforcement of any such payment, and such right will not be impaired without
the consent of the Holder; provided, however, that notwithstanding any other provision of the Indenture to the contrary, the obligation to pay principal of or interest on this Note or any other amount payable to the Holder will be
without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee (in any of its capacities) or any Affiliate (other than the Issuer), officer, employee or director of any of them, and the obligation
of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder will be limited to amounts available from the Trust Estate and subject to the priority of payment set forth in the Indenture. 

Notwithstanding any other terms of the Indenture or this Note, the obligations of the Issuer hereunder 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, the Holder hereof shall not 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 Holder of this Note shall have recourse for the payment of any amount owing in respect of this
Note or the Indenture 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 this Note or the
Indenture. The foregoing provisions of this Note shall not (i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate, (ii) save as specifically
provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Note or secured by the Indenture, or (iii) 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 this Note or the Indenture, 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. 

  
 Exhibit A-4-11 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of
assignee:                                       
                                      

 

			
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers

unto:                        
                                         
                                         
                                         
                                     

 (name and address of
assignee)                     
 the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints,
                                        
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

			
	Dated:	 	  

		
		 	Signature Guaranteed:
		
		 	                                     
                                         
 */

  

	*/	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of STAMP. 

  

  
 Exhibit A-4-12 

 Schedule to Series [             ],
Class [            ] Note 
 dated as of
[            ], 2013 
 of NRZ Servicer Advance Receivables Trust CS 

 

									
	 [Interim Payment
 Date]

[Payment Date]
 [Payment Date of

Additional Note
 Balance/Decrease

Note Balance
	  	Aggregate
Amount of [principal
payment]
[Funding of
VFN Principal
Balance Increase]
on
Class [            ] Notes	  	[Percentage Interest
in] Aggregate Note
Balance of
the
Class [            ] Notes
following [advance/]
payment	  	[Percentage of
Interest in]
Aggregate Note
Balance of this
Class [            ]
Note
following
[advance/]
payment	  	Note Balance of
Note following
[advance/]
payment

  
 Exhibit A-4-13 

 Exhibit B-1 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF NOTES PURSUANT TO RULE 144A 

 

			
	Issuer	 	NRZ Servicer Advance Receivables Trust CS
		 	c/o Wilmington Trust, National Association, as Owner Trustee
		 	Rodney Square North
		 	1100 North Market Street
		 	Wilmington, DE 19890
		
	Servicer/	 	Nationstar Mortgage LLC
	Subservicer	 	350 Highland Drive
		 	Lewisville, TX 75067
		 	Attention: Jason Wiley
		
		 	Nationstar Mortgage LLC
		 	350 Highland Drive
		 	Lewisville, TX 75067
		 	Attention: Amar Patel
		
	Servicer/	 	Advance Purchaser LLC
	Administrator	 	c/o New Residential Investment Corp.
		 	1345 Avenue of the Americas
		 	New York, NY 10105
		
	Depositor	 	NRZ Servicer Advance Facility Transferor CS, LLC
		 	c/o New Residential Investment Corp
		 	1345 Avenue of the Americas
		 	New York, NY 10105
		
	Indenture Trustee	 	Wells Fargo Bank, N.A.
		 	9062 Old Annapolis Road
		 	Columbia, Maryland 21045-1951
		 	Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust CS

  

	Re:	$[                    ] Nationstar Advance Receivables Backed Notes, Series
20    -    , Class             

Reference is hereby made to the Amended and Restated Indenture, (as may be amended from time to time, the “Indenture”), dated
as of December 17, 2013, among NRZ Servicer Advance Receivables Trust, CS, as Issuer, Nationstar Mortgage LLC, as Servicer (prior to the 

  
 Exhibit B-1-1 

 
respective MSR Transfer Dates) and as Subservicer, Advance Purchaser LLC, as Servicer (on and after the respective MSR Transfer Dates) and as Administrator, and Wells Fargo Bank, N.A., as
Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Credit Suisse AG, New York Branch, as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 [NOTE: COMPLETE [A] FOR A TRANSFER OF AN INTEREST IN A REGULATION S GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN
INTEREST IN A RULE 144A GLOBAL NOTE DURING THE DISTRIBUTION COMPLIANCE PERIOD. COMPLETE [B] FOR A TRANSFER OF AN INTEREST IN A REGULATION S GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE.
COMPLETE [C] FOR A TRANSFER OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE. COMPLETE [D] FOR A TRANSFER OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE
TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF A RULE 144A DEFINITIVE NOTE. COMPLETE [E] FOR A TRANSFER OF AN INTEREST IN A RULE 144A GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE.
COMPLETE [F] FOR A TRANSFER OF AN INTEREST IN RULE 144A DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE. COMPLETE [G] FOR A TRANSFER OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE TO A
TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF A RULE 144A DEFINITIVE NOTE.] 
 [A] This letter relates to
                     principal amount of Notes that are held in the form of a beneficial interest in a Regulation S Global Note (ISIN No.
                    ) (CUSIP No.
                    ) in the name of
                     (the “Transferor”) through [Euroclear] [Clearstream], which in turn holds through the Depository. The Transferor has
requested a transfer of such beneficial interest in the Notes for a beneficial interest in a Rule 144A Global Note (CUSIP No.                     )
in the name of                      (the “Transferee”), to be held through the Depository. Delivered herewith is a Transferee Certification
completed by the Transferee. 
 [B] This letter relates to
                     principal amount of Notes that are held in the form of a beneficial interest in a Regulation S Global Note (ISIN No.
                    ) (CUSIP No.
                    ) in the name of
                     (the “Transferor”) through [Euroclear] [Clearstream], which in turn holds through the Depository. The Transferor has
requested a transfer of such beneficial interest in the Notes for a Rule 144A Definitive Note (CUSIP No.                     ) in the name of
                     (the “Transferee”), pursuant to Section 6.5 of the Indenture. Delivered herewith is a Transferee Certification
completed by the Transferee. 
 [C] This letter relates to a Regulation S Definitive Note (ISIN No.
                    ) (CUSIP No.
                    ) in the principal amount of
                     in the name of
                     (the “Transferor”). The Transferor has requested a transfer of such Note for a beneficial interest in a Rule 144A
Global Note (CUSIP No.                     ) in the name of
                     (the “Transferee”), to be held through the Depository. Delivered herewith is a Transferee Certification completed by
the Transferee. 
  

  
 Exhibit B-1-2 

 [D] This letter relates to a Regulation S Definitive Note (ISIN No.
                    ) (CUSIP No.
                    ) in the principal amount of
                     in the name of
                     (the “Transferor”). The Transferor has requested a transfer of such Note for a Rule 144A Definitive Note (CUSIP No.
                    ) in the name
of                     (the “Transferee”) pursuant to Section 6.5 of the Indenture. Delivered herewith is a Transferee Certification
completed by the Transferee. 
 [E] This letter relates to
                     principal amount of Notes that are held in the form of a beneficial interest in a Rule 144A Global Note (CUSIP No.
                    ) in the name of
                    (the “Transferor”) through the Depository. The Transferor has requested a transfer of such beneficial interest in the
Notes for a Rule 144A Definitive Note (CUSIP No.                    ) in the name of
                     (the “Transferee”) pursuant to Section 6.5 of the Indenture. Delivered herewith in a Transferee Certification
completed by the Transferee. 
 [F] This letter relates to a Rule 144A Definitive Note (CUSIP No.
                    ) in the principal amount of
                     in the name of
                     (the “Transferor”). The Transferor has requested a transfer of such Note for a beneficial interest in a Rule 144A
Global Note (CUSIP No.                    ) in the name of
                     (the “Transferee”), to be held through the Depository. Delivered herewith is a Transferee Certification completed by
the Transferee. 
 [G] This letter relates to a Rule 144A Definitive Note (CUSIP
No.                    ) in the principal amount of
                     in the name of
                     (the “Transferor”). The Transferor has requested a transfer of such Notes for another Rule 144A Definitive Note (CUSIP
No.                     ) in the name of
                     (the “Transferee”) pursuant to Section 6.5 of the Indenture. Delivered herewith is a Transferee Certification
completed by the Transferee. 
 In connection with such request, and in respect of such Notes, the Transferor does hereby certify that such
Notes are being transferred in accordance with (i) the transfer restrictions set forth in the Indenture and the Notes and (ii) Rule 144A under the Securities Act to a Transferee that the Transferor reasonably believes is purchasing the
Notes for its own account and the Transferor reasonably believes that the Transferee is a “qualified institutional buyer” within the meaning of Rule 144A, and such Transferee is aware that the sale to it is being made in reliance upon Rule
144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. 

If the Transferor is the Noteholder of a Regulation S Note (or an interest therein) and intends to transfer such Note (or such interest) to
the Transferee taking delivery of such Note (or such interest) in the form of a Restricted Note (or interest therein), the Transferor hereby certifies that the transfer is being made after the end of the Distribution Compliance Period. 

  
 Exhibit B-1-3 

 The certificate and the statements contained herein are made for your benefit. 

 

			
	[INSERT NAME OF TRANSFEROR]
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Dated:

  
 Exhibit B-1-4 

 TRANSFEREE CERTIFICATION 

 

			
	Issuer	 	NRZ Servicer Advance Receivables Trust CS
		 	c/o Wilmington Trust, National Association, as Owner Trustee
		 	Rodney Square North
		 	1100 North Market Street
		 	Wilmington, DE 19890
		
	Servicer/	 	Nationstar Mortgage LLC
	Subservicer	 	350 Highland Drive
		 	Lewisville, TX 75067
		 	Attention: Jason Wiley
		
		 	Nationstar Mortgage LLC
		 	350 Highland Drive
		 	Lewisville, TX 75067
		 	Attention: Amar Patel
		
	Servicer/	 	Advance Purchaser LLC
	Administrator	 	c/o New Residential Investment Corp.
		 	1345 Avenue of the Americas
		 	New York, NY 10105
		 	Attention: Susan Givens
		
		 	Depositor NRZ Servicer Advance Facility Transferor CS, LLC
		 	c/o New Residential Investment Corp.
		 	1345 Avenue of the Americas
		 	New York, NY 10105
		 	Attention: Susan Givens
		
	Indenture Trustee	 	Wells Fargo Bank, N.A.
		 	9062 Old Annapolis Road
		 	Columbia, Maryland 21045-1951
		 	Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust CS

 Reference is hereby made to the Amended and Restated Indenture, (as may be amended from time to time, the
“Indenture”), dated as of December 17, 2013, among NRZ Servicer Advance Receivables Trust, CS, as Issuer, Nationstar Mortgage LLC, as Servicer (prior to the respective MSR Transfer Dates) and as Subservicer, Advance Purchaser
LLC, as Servicer (on and after the respective MSR Transfer Dates) and as Administrator, and Wells Fargo Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Credit Suisse AG, New York Branch, as
Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

  
 Exhibit B-1-5 

 The undersigned (the “Transferee”) intends to purchase
$                     Note Balance of Class     Notes (the “Notes”) from the Transferor named in the Transfer
Certificate to which this Transferee Certification is attached. In connection with the registration of the transfer of such Notes, the Transferee hereby executes and delivers to each of you this “Transferee Certification” in which the
Transferee certifies to each of you the information set forth herein. 
 1. The Transferee is a “qualified institutional buyer” as
that term is defined in Rule 144A (“Rule 144A”) promulgated under the Securities Act of 1933, as amended (the “1933 Act”) and has completed the form of certification to that effect attached hereto as Annex A1 (if the Transferee
is not a registered investment company) or Annex A2 (if the Transferee is a registered investment company). The Transferee is aware that the sale to it is being made in reliance on Rule 144A. 

2. The Transferee understands that the Notes have not been registered under the 1933 Act or registered or qualified under any state securities
laws and that no transfer may be made unless the Notes are registered under the 1933 Act and under applicable state law or unless the transfer complies with Section 6.5 of the Indenture and any provision in any applicable Indenture Supplement.
The Transferee further understands that neither the Transferor, the Administrator, the Servicer, the Indenture Trustee nor the Note Registrar is under any obligation to register the Notes or make an exemption from such registration available. 

3. The Transferee is acquiring the Notes for its own account or for the account of a “qualified institutional buyer” (as defined in
Rule 144A, a “QIB”), and understands that such Notes may be resold, pledged or transferred only (a) to a person reasonably believed to be such a QIB that purchases for its own account or for the account of a QIB to whom notice is
given that the resale, pledge or transfer is being made in reliance on Rule 144A or (b) to a transferee that is a non-U.S. Person acquiring such interest in an “offshore transaction” (as defined in Regulation S) in compliance with the
provisions of Regulation S, if the transfer is otherwise made in accordance with any applicable securities laws of any state of the United States or any other relevant jurisdiction. In addition, such transfer may be subject to additional
restrictions and is subject to compliance with certain procedures, as set forth in Section 6.5 of the Indenture referred to below and any provision in any applicable Indenture Supplement. By its execution of this agreement, the Transferee
agrees that it will not resell, pledge or transfer any of the Notes to anyone otherwise than in strict compliance with Rule 144A, or pursuant to another exemption from registration under the 1933 Act and all applicable state securities laws, and in
strict compliance with the transfer restrictions set forth in Section 6.5 of the Indenture. The Transferee will not attempt to transfer any or all of the Notes pursuant to Rule 144A unless the Transferee offers and sells such Certificates only
to QIBs or to offerees or purchasers that the Transferee and any person acting on behalf of the Transferee reasonably believe (as described in paragraph (d)(l) of Rule 144A) is a QIB. 

4. The Transferee has been furnished with all information that it requested regarding (a) the Notes and distributions thereon and
(b) the Indenture. 
 5. The Transferee has knowledge in financial and business matters and is capable of evaluating the merits and
risks of an investment in the Notes; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the Transferee (or any account or which it is pursuing) is able to bear
the economic risk of an investment in the Notes and can afford a complete loss of such investment. 
  

  
 Exhibit B-1-6 

 6. The Transferee is an “accredited investor” as defined in paragraph (1), (2),
(3) or (7) of Rule 501(a) under the 1933 Act. 
 7. Either (i) the Transferee is not, and is not acquiring the Notes on
behalf of or using assets of, an “employee benefit plan” as defined in section 3(3) of ERISA, a plan described in section 4975(e)(1) of the Code, an entity which is deemed to hold the assets of any such employee benefit plan or
plan pursuant to 29 C.F.R. section 2510.3-101 as modified by section 3(42) of ERISA (the “Plan Asset Regulations”), which employee benefit plan, plan or entity is subject to Title I of
ERISA or section 4975 of the Code, or a governmental or church plan which is subject to any U.S. federal, state or local law that is similar to Title I of ERISA or section 4975 of the Code, or (ii) (A) the Transferee is acquiring a
Note other than a Specified Note, (B) as of the date of the transfer or purchase, the Note is rated investment grade, it believes that such Note is properly treated as indebtedness without substantial equity features for purposes of the Plan
Asset Regulations and agrees to so treat such Note and (C) the Transferee’s acquisition and holding of the Notes will satisfy the requirements of Prohibited Transaction Class Exemption (“PTCE”)
84-14 (relating to transactions affected by a qualified professional asset manager), PTCE 90-1 (relating to investments by insurance company pooled separate accounts),
PTCE 91-38 (relating to investments in bank collective investment funds), PTCE 95-60 (relating to transactions involving insurance company general accounts), PTCE 96-23 (relating to transactions directed by an in-house professional asset manager) or the statutory prohibited transaction exemption for service providers set forth in
section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar class or statutory exemption and will not result in a non-exempt prohibited transaction under section 406 of ERISA or
section 4975 of the Code (or, in the case of a governmental or church plan, will not violate any such similar U.S. federal, state or local law). 

8. If the Transferee is acquiring the Notes as a fiduciary or agent for one or more investor accounts, it represents that it has sole
investment discretion with respect to each such account and it has full power to make the foregoing acknowledgments, representations, warranties and agreements on behalf of each such account. 

All capitalized terms used but not otherwise defined herein have the respective meanings assigned thereto in the Indenture, pursuant to which
the Notes were issued. 
 IN WITNESS WHEREOF, the undersigned has caused this Transferee Certification to be executed by its duly authorized
representative as of the day and year first above written. 
  

							
	[TRANSFEREE]
			
		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

  
 Exhibit B-1-7 

 Annex A1 to Exhibit B-1 

TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES 

1. As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the
Transferee. 
 2. The Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A (“Rule 144A”)
promulgated under the Securities Act of 1933, as amended (the “1933 Act”), because (a) the Transferee owned and/or invested on a discretionary basis at least
$                     in securities [Note to reviewer—the amount in the previous blank must be at least $100,000,000 unless the Transferee is a
dealer, in which case the amount filled in the previous blank must be at least $10,000,000.] (except for the excluded securities referred to in paragraph 3 below) as of
                     [specify a date on or since the end of the Transferee’s most recently ended fiscal year] (such amount being calculated in
accordance with Rule 144A) and (b) the Transferee meets the criteria listed in the category marked below. 
  

	 	        	Corporation, etc. The Transferee is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation (other than a bank as defined in Section 3(a)(2) of the 1933
Act or a savings and loan association or other similar institution referenced in Section 3(a)(5)(A) of the Act), a partnership, or a Massachusetts or similar business trust. 

 

	 	        	Bank. The Transferee (a) is a national bank or banking institution as defined in Section 3(a)(2) of the 1933 Act and is organized under the laws of a state, territory or the District of Columbia. The business
of the Transferee is substantially confined to banking and is supervised by the appropriate state or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial statements as of a date not more than 16 months preceding the date of this certification in the case of a U.S. bank, and not more than 18 months preceding the date of this certification in
the case of a foreign bank or equivalent institution, a copy of which financial statements is attached hereto. 

  

	 	        	Savings and Loan. The Transferee is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution referenced in Section 3(a)(5)(A) of the 1933 Act.
The Transferee is supervised and examined by a state or federal authority having supervisory authority over any such institutions or is a foreign savings and loan association or equivalent institution and has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial statements as of a date not more than 16 months preceding the date of this certification in the case of a U.S. savings and loan association or similar institution, and not more than 18
months preceding the date of this certification in the case of a foreign savings and loan association or equivalent institution, a copy of which financial statements is attached hereto. 

  
 Exhibit B-1-8 

	 	        	Broker-dealer. The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “1934 Act”). 

 

	 	        	Insurance Company. The Transferee is an insurance company as defined in Section 2(13) of the 1933 Act, whose primary and predominant business activity is the writing of insurance or the reinsuring of risks
underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state, territory or the District of Columbia. 

 

	 	        	State or Local Plan. The Transferee is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its
employees. 

  

	 	        	ERISA Plan. The Transferee is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended. 

 

	 	        	Investment Adviser. The Transferee is an investment adviser registered under the Investment Advisers Act of 1940, as amended. 

  

	 	        	Other. The Transferee qualifies as a “qualified institutional buyer” as defined in Rule 144A on the basis of facts other than those listed in any of the entries above. If this response is marked, the
Transferee must certify on additional pages, to be attached to this certification, to facts that satisfy the Servicer that the Transferee is a “qualified institutional buyer” as defined in Rule 144A. 

3. The term “securities” as used herein does not include (a) securities of issuers that are affiliated with the Transferee,
(b) securities constituting the whole or part of an unsold allotment to or subscription by the Transferee, if the Transferee is a dealer, (c) bank deposit notes and certificates of deposit, (d) loan participations, (e) repurchase
agreements, (f) securities owned but subject to a repurchase agreement and (g) currency, interest rate and commodity swaps. 
 4.
For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the Transferee used the cost of such securities to the Transferee and did not include any of the securities referred to
in the preceding paragraph. Further, in determining such aggregate amount, the Transferee may have included securities owned by subsidiaries of the Transferee, but only if such subsidiaries are consolidated with the Transferee in its financial
statements prepared in accordance with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Transferee’s direction. However, such securities were not included if the Transferee is a
majority-owned, consolidated subsidiary of another enterprise and the Transferee is not itself a reporting company under the 1934 Act. 
 5.
The Transferee acknowledges that it is familiar with Rule 144A and understands that the Transferor and other parties related to the Notes are relying and will continue to rely on the statements made herein because one or more sales to the Transferee
may be made in reliance on Rule 144A. 

  
 Exhibit B-1-9 

			
		  	 ̈         ̈
	 6. Will the Transferee be purchasing the Notes only for the Transferee’s own account?
	  	  YES      NO  

 If the answer to the foregoing question is “NO”, the Transferee agrees that, in connection with any
purchase of securities sold to the Transferee for the account of a third party (including any separate account) in reliance on Rule 144A, the Transferee will only purchase for the account of a third party that at the time is a “qualified
institutional buyer” within the meaning of Rule 144A. In addition, the Transferee agrees that the Transferee will not purchase securities for a third party unless the Transferee has obtained a current representation letter from such third party
or taken other appropriate steps contemplated by Rule 144A to conclude that such third party independently meets the definition of “qualified institutional buyer” set forth in Rule 144A. 

The Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice
is given, the Transferee’s purchase of the Notes will constitute a reaffirmation of this certification as of the date of such purchase. In addition, if the Transferee is a bank or savings and loan as provided above, the Transferee agrees that
it will furnish to such parties updated annual financial statements promptly after they become available. 
 IN WITNESS WHEREOF, the
undersigned has caused this certificate to be executed by its duly authorized representative this         day of
                    ,             . 

 

			
	  
 Print Name of
Transferee

	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 Exhibit B-1-10 

 Annex A2 to Exhibit B-1 

REGISTERED INVESTMENT COMPANIES 

1. As indicated below, the undersigned is the President, Chief Financial Officer or Senior Vice President of the entity purchasing the Notes
(the “Transferee”) or, if the Transferee is part of a Family of Investment Companies (as defined in paragraph 3 below), is an officer of the related investment adviser (the “Adviser”). 

2. The Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A (“Rule 144A”) promulgated under
the Securities Act of 1933, as amended (the “1933 Act”), because (a) the Transferee is an investment company (a “Registered Investment Company”) registered under the Investment Company Act of 1940, as amended (the “1940
Act”) and (b) as marked below, the Transferee alone, or the Transferee’s Family of Investment Companies, owned at least
$                     [Note to reviewer—the amount in the previous blank must be at least $100,000,000] in securities (other than the excluded
securities referred to in paragraph 4 below) as of                      [specify a date on or since the end of the Transferee’s most recently
ended fiscal year]. For purposes of determining the amount of securities owned by the Transferee or the Transferee’s Family of Investment Companies, the cost of such securities to the Transferee or the Transferee’s Family of Investment
Companies was used. 
  

	 	        	The Transferee owned $                     in securities (other than the excluded securities referred to in paragraph 4
below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 

  

	 	        	The Transferee is part of a Family of Investment Companies which owned in the aggregate $                     in
securities (other than the excluded securities referred to in paragraph 4 below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 

3. The term “Family of Investment Companies” as used herein means two or more Registered Investment Companies except for a unit
investment trust whose assets consist solely of shares of one or more Registered Investment Companies (provided that each series of a “series company,” as defined in Rule 18f-2 under the 1940 Act, shall be deemed to be a separate
investment company) that have the same investment adviser (or, in the case of a unit investment trust, the same depositor) or investment advisers (or depositors) that are affiliated (by virtue of being majority-owned subsidiaries of the same parent
or because one investment adviser is a majority-owned subsidiary of the other). 
 4. The term “securities” as used herein does not
include (a) securities of issuers that are affiliated with the Transferee or are part of the Transferee’s Family of Investment Companies, (b) bank deposit notes and certificates of deposit, (c) loan participations,
(d) repurchase agreements, (e) securities owned but subject to a repurchase agreement and (f) currency, interest rate and commodity swaps. 

5. The Transferee is familiar with Rule 144A and understands that the parties to which this certification is being made are relying and will
continue to rely on the statements made herein because one or more sales to the Transferee will be in reliance on Rule 144A. In addition, the Transferee will only purchase for the Transferee’s own account. 

 

  
 Exhibit B-1-11 

 6. The undersigned will notify the parties to which this certification is made of any changes in
the information and conclusions herein. Until such notice, the Transferee’s purchase of the Purchased Certificates will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase. 

IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed by its duly authorized representative
this        of                    ,             .

  

			
	  
 [Print Name of
Transferee or Adviser]

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	  
 IF AN
ADVISER:

	
	[Print Name of Transferee]

  

			
	Date:	 	 

  
 Exhibit B-1-12 

 Exhibit B-2 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFER OF NOTES PURSUANT TO REGULATION S 

[Transferee to Receive Regulation S Note] 
  

			
	Issuer	  	NRZ Advance Receivables Trust CS
		  	c/o Wilmington Trust, National Association, as Owner Trustee
		  	Rodney Square North
		  	1100 North Market Street
		  	Wilmington, DE 19890
		
	Servicer/	  	Nationstar Mortgage LLC
	Subservicer	  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Jason Wiley
		
		  	Nationstar Mortgage LLC
		  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Amar Patel
		
	Servicer/	  	Advance Purchaser LLC
	Administrator	  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention: Susan Givens
		
	Depositor	  	NRZ Servicer Advance Facility Transferor CS, LLC
		  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention: Susan Givens
		
	Indenture Trustee	  	Wells Fargo Bank, N.A.
		  	9062 Old Annapolis Road
		  	Columbia, Maryland 21045-1951
		  	Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust CS
	
	 Re: $[             ] Nationstar Advance Receivables Backed Notes, Series
20        -        , Class             

  
 Exhibit B-2-1 

 Reference is hereby made to the Amended and Restated Indenture, (as may be amended from time to
time, the “Indenture”), dated as of December 17, 2013, among NRZ Servicer Advance Receivables Trust, CS, as Issuer, Nationstar Mortgage LLC, as Servicer (prior to the respective MSR Transfer Dates) and as Subservicer, Advance
Purchaser LLC, as Servicer (on and after the respective MSR Transfer Dates) and as Administrator, and Wells Fargo Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Credit Suisse AG, New York Branch,
as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 [NOTE:
COMPLETE [A] FOR A TRANSFER OF AN INTEREST IN A RULE 144A GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S GLOBAL NOTE DURING THE DISTRIBUTION COMPLIANCE PERIOD. COMPLETE [B] FOR A TRANSFER OF AN INTEREST
IN A RULE 144A GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE. COMPLETE [C] FOR A TRANSFER OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF
AN INTEREST IN A REGULATION S GLOBAL NOTE. COMPLETE [D] FOR A TRANSFER OF AN INTEREST IN A RULE 144A DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF A REGULATION S DEFINITIVE NOTE. COMPLETE [E] FOR A TRANSFER OF AN INTEREST IN A
REGULATION S GLOBAL NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE. COMPLETE [F] FOR A TRANSFER OF AN INTEREST IN REGULATION S DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF
AN INTEREST IN A REGULATION S GLOBAL NOTE. COMPLETE [G] FOR A TRANSFER OF AN INTEREST IN A REGULATION S DEFINITIVE NOTE TO A TRANSFEREE THAT TAKES DELIVERY IN THE FORM OF A REGULATION S DEFINITIVE NOTE.] 

[A] This letter relates to              principal amount of Notes that are held in
the form of a beneficial interest in a Rule 144A Global Note (CUSIP No.             ) in the name of              (the
“Transferor”) through the Depository. The Transferor has requested a transfer of such beneficial interest in the Notes for a beneficial interest in a Regulation S Global Note (ISIN No.
            ) (CUSIP No.              ) in the name of             
(the “Transferee”) through [Euroclear] [Clearstream], which in turn holds through the Depository. Delivered herewith is a Transferee Certification completed by the Transferee. 

[B] This letter relates to              principal amount of Notes that are held in
the form of a beneficial interest in a Rule 144A Global Note (CUSIP No.              ) in the name of              (the
“Transferor”) through the Depository. The Transferor has requested a transfer of such beneficial interest in the Notes for a Regulation S Definitive Note (ISIN No.             )
(CUSIP No.             ) in the name of              (the “Transferee”) pursuant to Section 6.5 of the Indenture.
Delivered herewith is a Transferee Certification completed by the Transferee. 
 [C] This letter relates to a Rule 144A Definitive Note
(CUSIP No.             ) in the principal amount of              in the name of
            (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes for a beneficial interest in a

  
 Exhibit B-2-2 

 
Regulation S Global Note (ISIN No.             ) (CUSIP No.             )
in the name of              (the “Transferee”) through [Euroclear] [Clearstream], which in turn holds through the Depository. Delivered herewith is a Transferee
Certification completed by the Transferee. 
 [D] This letter relates to a Rule 144A Definitive Note (CUSIP
No.                    ) in the principal amount of
                     in the name of
                     (the “Transferor”). The Transferor has requested a transfer of such Note for a Regulation S Definitive Note (ISIN No.
            ) (CUSIP No.                    ) in the name of
                     (the “Transferee”) pursuant to Section 6.5 of the Indenture. Delivered herewith is a Transferee Certification
completed by the Transferee. 
 [E] This letter relates to
                     principal amount of Notes that are held in the form of a beneficial interest in a Regulation S Global Note (ISIN No.
            ) (CUSIP No.                    ) in the name of
                     (the “Transferor”) through the Depository. The Transferor has requested a transfer of such beneficial interest in the
Notes for a Regulation S Definitive Note (ISIN No.             ) (CUSIP No.
                    ) in the name of
                     (the “Transferee”) pursuant to Section 6.5 of the Indenture. Delivered herewith is a Transferee Certification
completed by the Transferee. 
 [F] This letter relates to a Regulation S Definitive Note (ISIN No.
            ) (CUSIP No.                     ) in the principal amount of
                     in the name of
                     (the “Transferor”). The Transferor has requested a transfer of such Note for a beneficial interest in a Regulation S
Global Note (ISIN No.             ) (CUSIP No.                     ) in the name of
                     (the “Transferee”) through [Euroclear] [Clearstream], which in turn holds through the Depository. Delivered herewith
is a Transferee Certification completed by the Transferee. 
 [G] This letter relates to a Regulation S Definitive Note (ISIN No.
            ) (CUSIP No.             ) in the principal amount of
             in the name of                      (the “Transferor”). The
Transferor has requested of such beneficial interest in the Notes for Regulation S Definitive Note (ISIN No.             ) (CUSIP No.
            ) in the name of              (the “Transferee”) pursuant to Section 6.5 of the Indenture. Delivered
herewith is a Transferee Certification completed by the Transferee. 
 In connection with such request, and in respect of such Notes, the
Transferor does hereby certify that such Notes are being transferred in accordance with (i) the transfer restrictions set forth in the Indenture and the Notes, and that: 

(i) the offer of the Notes was not made to a person in the United States; 

(ii) at the time the buy order was originated, the Transferee was outside the United States or the Transfer and any person acting on its behalf
reasonably believed that the Transferee was outside the United States 
 (iii) no directed selling efforts have been made in contravention of
the requirements of Rule 903 or 904 of Regulation S, as applicable; 

  
 Exhibit B-2-3 

 (iv) the transaction is not part of a plan or scheme to evade the registration requirements of
the United States Securities Act of 1933, as amended (the “Securities Act”); and 
 (v) the Transferee is not a U.S. Person. 

If the Transferor is the Noteholder of a Regulation S Note (or an interest therein) and intends to transfer such Note (or such interest) to
the Transferee taking delivery of such Note (or such interest) in the form of a Restricted Note (or interest therein), the Transferor hereby certifies that the transfer is being made after the end of the Distribution Compliance Period. 

  
 Exhibit B-2-4 

 The certificate and the statements contained herein are made for your benefit. 

 

			
	[INSERT NAME OF TRANSFEROR]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: 

  
 Exhibit B-2-5 

 TRANSFEREE CERTIFICATION 

 

			
	Issuer	  	NRZ Advance Receivables Trust CS
		  	c/o Wilmington Trust, National Association, as Owner Trustee
		  	Rodney Square North
		  	1100 North Market Street
		  	Wilmington, DE 19890
		
	Servicer/	  	Nationstar Mortgage LLC
	Subservicer	  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Jason Wiley
		
		  	Nationstar Mortgage LLC
		  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Amar Patel
		
	Servicer/	  	Advance Purchaser LLC
	Administrator	  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention: Susan Givens
		
	Depositor	  	NRZ Servicer Advance Facility Transferor CS, LLC
		  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention Susan Givens
		
	Indenture Trustee	  	Wells Fargo Bank, N.A.
		  	9062 Old Annapolis Road
		  	Columbia, Maryland 21045-1951
		  	Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust CS
	
	 Re: $[             ] Nationstar Advance Receivables Backed Notes, Series
20        -        , Class             

 Reference is hereby made to the Amended and Restated Indenture, (as may be amended from time to time, the
“Indenture”), dated as of December 17, 2013, among NRZ Servicer Advance Receivables Trust, CS, as Issuer, Nationstar Mortgage LLC, as Servicer (prior to the respective MSR Transfer Dates) and as Subservicer, Advance Purchaser
LLC, as Servicer (on and after the respective MSR Transfer Dates) and as Administrator, and Wells Fargo Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Credit Suisse AG, New York Branch, as
Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

  
 Exhibit B-2-6 

 The undersigned (the “Transferee”) intends to purchase
$         Note Balance of Class      Notes (the “Notes”) from the Transferor named in the Transfer Certificate to which this Transferee Certification is attached. In connection
with the registration of the transfer of such Notes, the Transferee hereby executes and delivers to each of you this “Transferee Certification” in which the Transferee certifies to each of you the information set forth herein. 

1. The Transferee (i) is acquiring such Notes in an offshore transaction in accordance with Rule 904 of Regulation S,
(ii) is acquiring such Notes for its own account, (iii) is not acquiring, and has not entered into any discussions regarding its acquisition of, such Notes while it is in the United States of America or any of its territories or
possessions, (iv) understands that such Notes are being sold without registration under the Securities Act by reason of an exemption that depends, in part, on the accuracy of these representations, (v) understands that such Notes may not,
absent an applicable exemption, be transferred without registration and/or qualification under the Securities Act and applicable state securities laws and the laws of any other applicable jurisdiction and (vi) understands that prior to the end
of the Distribution Compliance Period, interests in a Regulation S Note may only be held through Euroclear or Clearstream. 
 2. The
Transferee understands that the Notes have not been registered under the Securities Act and, therefore, cannot be offered or sold in the United States or to U.S. Persons (as defined in Rule 902(k) promulgated under the Securities Act) unless they
are registered under the Securities Act or unless an exemption from registration is available. Accordingly, the certificates representing the Notes will bear a legend stating that the Notes have not been registered under the Securities Act and
setting forth certain of the restrictions on transfer of the Notes. The Transferee understands that the Issuer has no obligation to register the Notes under the Securities Act or to comply with the requirements for any exemption from the
registration requirements of the Securities Act. 
 3. The Transferee understands that the Notes (or any interest therein) may be resold,
pledged or transferred only (a) to a person whom the Transferee reasonably believes after due inquiry is, and who has certified that it is, a “qualified institutional buyer” (a “QIB”) that purchases for its own account or
for the account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (b) to a transferee that is a non-U.S. Person acquiring such interest in an “offshore transaction” (as
defined in Regulation S) in compliance with the provisions of Regulation S, if the transfer is otherwise made in accordance with any applicable securities laws of any state of the United States or any other relevant jurisdiction. In addition, such
transfer may be subject to additional restrictions and is subject to compliance with certain procedures, as set forth in Section 6.5 of the Indenture referred to above. 

4. The Transferee has been furnished with all information that it requested regarding (a) the Notes and distributions thereon and
(b) the Indenture. 

  
 Exhibit B-2-7 

 5. The Transferee has knowledge in financial and business matters and is capable of evaluating
the merits and risks of an investment in the Notes; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the Transferee (or any account or which it is pursuing)
is able to bear the economic risk of an investment in the Notes and can afford a complete loss of such investment. 
 6. [For Notes other
than Specified Notes (unless otherwise specified in the related Supplement)] Either (i) the Transferee is not, and is not acquiring the Notes on behalf of or with assets of, an “employee benefit plan” as defined in section 3(3)
of ERISA, a plan described in section 4975(e)(1) of the Code, an entity which is deemed to hold the assets of any such employee benefit plan or plan pursuant to 29 C.F.R. Section 2510.3-101 as
modified by section 3(42) of ERISA (the “Plan Asset Regulations”), which employee benefit plan, plan or entity is subject to Title I of ERISA or section 4975 of the Code, or a governmental or church plan which is subject to any U.S.
federal, state or local law that is similar to Title I of ERISA or section 4975 of the Code, or (ii) (A) as of the date of the transfer or purchase, the Note is rated investment grade, it believes that such Note is properly treated as
indebtedness without substantial equity features for purposes of the Plan Asset Regulations and agrees to so treat such Note and (B) the Transferee’s acquisition and holding of the Notes will satisfy the requirements of Prohibited
Transaction Class Exemption (“PTCE”) 84-14 (relating to transactions affected by a qualified professional asset manager), PTCE 90-1 (relating to investments by
insurance company pooled separate accounts), PTCE 91-38 (relating to investments in bank collective investment funds), PTCE 95-60 (relating to transactions involving
insurance company general accounts), PTCE 96-23 (relating to transactions directed by an in-house professional asset manager) or the statutory prohibited transaction
exemption for service providers set forth in Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar class or statutory exemption and will not result in a non-exempt prohibited
transaction under section 406 of ERISA or section 4975 of the Code (or, in the case of a governmental or church plan, will not violate any such similar U.S. federal, state or local law). [For Specified Notes (unless otherwise specified in
the related Supplement)] The Transferee is not, and is not acquiring the Notes on behalf of or with assets of, an “employee benefit plan” as defined in section 3(3) of ERISA, a plan described in section 4975(e)(1) of the Code, an
entity which is deemed to hold the assets of any such employee benefit plan or plan pursuant to 29 C.F.R. Section 2510.3-101 as modified by section 3(42) of ERISA, which employee benefit plan, plan
or entity is subject to Title I of ERISA or section 4975 of the Code, or a governmental or church plan which is subject to any U.S. federal, state or local law that is similar to Title I of ERISA or section 4975 of the Code. 

All capitalized terms used but not otherwise defined herein have the respective meanings assigned thereto in the Indenture, pursuant to which
the Notes were issued. 

  
 Exhibit B-2-8 

 IN WITNESS WHEREOF, the undersigned has caused this Transferee Certification to be executed by
its duly authorized representative as of the day and year first above written. 
  

			
	[TRANSFEREE]
		
	By:	 	
		 	Name:                                     
                                         
    
		
		 	Title:                                    
                                         
       

  
 Exhibit B-2-9 

 Exhibit C 

Form of Notice to MBS Trustee/Notice of Assignment of Receivables 

  
 Exhibit C-1 

 Exhibit D 

AGREED UPON PROCEDURES 
 Please
see Exhibit 1 to the Verification Agent Engagement Letter, dated as of December 17, 2013, among PricewaterhouseCoopers LLP, and Nationstar Mortgage LLC, and acknowledged by the Administrative Agent in a related Acknowledgement Letter 

  
 Exhibit D-1 

 Exhibit E 

FORM OF ADDITIONAL TRANSFEREE CERTIFICATION REQUIRED UNDER SECTION 6.5(M) OF THE INDENTURE 

TRANSFEREE CERTIFICATION 
  

			
	Issuer	  	NRZ Servicer Advance Receivables Trust CS
		  	c/o Wilmington Trust, National Association, as Owner Trustee
		  	Rodney Square North
		  	1100 North Market Street
		  	Wilmington, DE 19890
		
	Servicer/	  	Nationstar Mortgage LLC
	Subservicer	  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Jason Wiley
		
		  	Nationstar Mortgage LLC
		  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Amar Patel
		
	Servicer/	  	Advance Purchaser LLC
	Administrator	  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention: Susan Givens
		
	Depositor	  	NRZ Servicer Advance Facility Transferor CS, LLC
		  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention Susan Givens
		
	Indenture Trustee	  	Wells Fargo Bank, N.A.
		  	9062 Old Annapolis Road
		  	Columbia, Maryland 21045-1951
		  	Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust CS

 Reference is hereby made to the Amended and Restated Indenture, (as may be amended from time to time, the
“Indenture”), dated as of December 17, 2013, among NRZ Servicer Advance Receivables Trust, CS, as Issuer, Nationstar Mortgage LLC, as Servicer (prior to the respective MSR Transfer Dates) and as Subservicer, Advance Purchaser
LLC, as Servicer (on and after the respective MSR Transfer Dates) and as Administrator, and Wells Fargo Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Credit Suisse AG, New York Branch, as
Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

  
 Exhibit E-1 

 The undersigned (the “Transferee”) intends to purchase a beneficial interest in a Class 1 Specified
Note representing $                 principal balance of a Class 1 Specified Note from
                     [the Transferor named in the Transfer Certificate to which this Transferee Certification is attached]. In connection with the
transfer of such beneficial interest in a Class 1 Specified Note (the “Transfer”), the Transferee does hereby certify that: 

(i) Either (a) it is not and will not become for U.S. federal income tax purposes a partnership, Subchapter S
corporation or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity, then (I) none of the direct or indirect beneficial owners of any of the interests in such flow-through
entity has or ever will have more than 50% of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in the Notes, other interest (direct or indirect) in the Issuer, or any interest
created under the Indenture and (II) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in any Class 1 Specified Note to permit any partnership to satisfy the
100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Internal Revenue Code. 

(ii) It is not acquiring any beneficial interest in the Class 1 Specified Note and it will not sell, transfer, assign,
participate, or otherwise dispose of any or beneficial interest in the Class 1 Specified Note and it will not cause any beneficial interest in the Class 1 Specified Note to be marketed, in each case on or through an “established securities
market” or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an interdealer quotation system that regularly
disseminates firm buy or sell quotations. 
 (iii) Its beneficial interest in the Class 1 Specified Notes is not and will not
be in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in the Indenture, and it does not and will not hold any beneficial interest in the Class 1 Specified Note on behalf of any Person whose beneficial
interest in the Class 1 Specified Note is in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in the Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial
interest in the Class 1 Specified Note or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class 1 Specified Note, in each case if the effect of doing so would be that the
beneficial interest of any Person in a Class 1 Specified Note would be in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in the Indenture. 

(iv) It will not transfer any beneficial interest in the Class 1 Specified Note ( directly, through a participation thereof, or
otherwise) unless, prior to the transfer, the transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar, and any of their respective successors or assigns, a Transferee Certification substantially in the form of
Exhibit E of the Indenture. 

  
 Exhibit E-2 

 (v) It will not use the Class 1 Specified Note as collateral for the issuance of
any securities that could cause the Trust to become subject to taxation as a taxable mortgage pool taxable as a corporation, publicly traded partnership taxable as a corporation or association taxable as a corporation, each for U.S. federal income
tax purposes, provided that it may engage in any repurchase transaction (repo) the subject matter of which is a Class 1 Specified Note, provided the terms of such repurchase transaction are generally consistent with prevailing market practice. 

(vi) It will not take any action and will not allow any other action that could cause the Trust to become taxable as a
corporation for U.S. federal income tax purposes. 
 (vii) The Transferee understands that tax counsel to the Trust has
provided an opinion substantially to the effect that the Trust will not be taxable as a corporation for U.S. federal income tax purposes and that the validity of such opinion is dependent in part on the accuracy of the representations herein. 

(viii) This Transferee Certification has been duly executed and delivered and constitutes the legal, valid and binding
obligation of the Transferee, enforceable against the Transferee in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the
enforcement of creditors’ rights generally and general principles of equity, and indemnification sought in respect of securities laws violations may be limited by public policy. 

(ix) It acknowledges that the Depositor, the Issuer, the Trustee, the Note Registrar and others will rely on the truth and
accuracy of the foregoing representations and warranties, and agrees that if it becomes aware that any of the foregoing made by it or deemed to have been made by it are no longer accurate, it shall promptly notify the Issuer. 

THE UNDERSIGNED HEREBY ACKNOWLEDGES THAT ANY TRANSFER TO OR BY THE UNDERSIGNED IN VIOLATION OF ANY OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE
VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO OR BY THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR ANY OTHER PERSON. 

 

	
	[TRANSFEREE]
	
	By:                                     
                                         
                  
	
	Name:                                     
                                         
            
	
	Title:                                     
                                         
              

  
 Exhibit E-3 

 Exhibit F 

FORM OF ADDITIONAL TRANSFEREE CERTIFICATION REQUIRED UNDER SECTION 6.5(N) OF THE INDENTURE 

TRANSFEREE CERTIFICATION 
  

			
	Issuer	  	NRZ Servicer Advance Receivables Trust CS
		  	c/o Wilmington Trust, National Association, as Owner Trustee
		  	Rodney Square North
		  	1100 North Market Street
		  	Wilmington, DE 19890
		
	Servicer/	  	Nationstar Mortgage LLC
	Subservicer	  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Jason Wiley
		
		  	Nationstar Mortgage LLC
		  	350 Highland Drive
		  	Lewisville, TX 75067
		  	Attention: Amar Patel
		
	Servicer/	  	Advance Purchaser LLC
	Administrator	  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention: Susan Givens
		
	Depositor	  	NRZ Servicer Advance Facility Transferor CS, LLC
		  	c/o New Residential Investment Corp.
		  	1345 Avenue of the Americas
		  	New York, NY 10105
		  	Attention Susan Givens
		
	Indenture Trustee	  	Wells Fargo Bank, N.A.
		  	9062 Old Annapolis Road
		  	Columbia, Maryland 21045-1951
		  	Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust CS

 Reference is hereby made to the Amended and Restated Indenture, (as may be amended from time to time, the
“Indenture”), dated as of December 17, 2013, among NRZ Servicer Advance Receivables Trust, CS, as Issuer, Nationstar Mortgage LLC, as Servicer (prior to the respective MSR Transfer Dates) and as Subservicer, Advance Purchaser
LLC, as Servicer (on and after the respective MSR Transfer Dates) and as Administrator, and Wells Fargo Bank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, and Credit Suisse AG, New York Branch, as
Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

  
 Exhibit F-5 

 The undersigned (the “Transferee”) intends to purchase a beneficial interest in a Class 2 Specified
Note representing $                 principal balance of a Class 2 Specified Note from
                     [the Transferor named in the Transfer Certificate to which this Transferee Certification is attached]. In connection with the
transfer of such beneficial interest in a Class 2 Specified Note (the “Transfer”), the Transferee does hereby certify that: 

(i) Either (a) it is not and will not become for U.S. federal income tax purposes a partnership, Subchapter S
corporation or grantor trust (each such entity a “flow-through entity”) or (b) if it is or becomes a flow-through entity, then (I) none of the direct or indirect beneficial owners of any of the interests in such flow-through
entity has or ever will have more than 50% of the value of its interest in such flow-through entity attributable to the beneficial interest of such flow-through entity in the Notes, other interest (direct or indirect) in the Issuer, or any interest
created under the Indenture and (II) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in any Class 2 Specified Note to permit any partnership to satisfy the
100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Internal Revenue Code. 

(ii) It is not acquiring any beneficial interest in the Class 2 Specified Note and it will not sell, transfer, assign,
participate, or otherwise dispose of any or beneficial interest in the Class 2 Specified Note and it will not cause any beneficial interest in the Class 2 Specified Note to be marketed, in each case on or through an “established securities
market” or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an interdealer quotation system that regularly
disseminates firm buy or sell quotations. 
 (iii) Its beneficial interest in the Class 2 Specified Notes is not and will not
be in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in the Indenture, and it does not and will not hold any beneficial interest in the Class 2 Specified Note on behalf of any Person whose beneficial
interest in the Class 2 Specified Note is in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in the Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial
interest in the Class 2 Specified Note or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class 2 Specified Note, in each case if the effect of doing so would be that the
beneficial interest of any Person in a Class 2 Specified Note would be in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in the Indenture. 

(iv) It will not transfer any beneficial interest in the Class 2 Specified Note ( directly, through a participation thereof, or
otherwise) unless, prior to the transfer, the transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar, and any of their respective successors or assigns, a Transferee Certification substantially in the form of
Exhibit F of the Indenture. 

  
 Exhibit F-6 

 (v) It will not use the Class 2 Specified Note as collateral for the issuance of
any securities that could cause the Trust to become subject to taxation as a taxable mortgage pool taxable as a corporation, publicly traded partnership taxable as a corporation or association taxable as a corporation, each for U.S. federal income
tax purposes, provided that it may engage in any repurchase transaction (repo) the subject matter of which is a Class 2 Specified Note, provided the terms of such repurchase transaction are generally consistent with prevailing market practice. 

(vi) It will not take any action and will not allow any other action that could cause the Trust to become taxable as a
corporation for U.S. federal income tax purposes. 
 (vii) It is a “United States person,” as defined in
Section 7701(a)(30) of the Internal Revenue Code and will not transfer to, or cause such Class 2 Specified Note to be transferred to, any person other than a “United States person,” as defined in Section 7701(a)(30) of the
Internal Revenue Code. 
 (viii) The Transferee understands that tax counsel to the Trust has provided an opinion
substantially to the effect that the Trust will not be taxable as a corporation for U.S. federal income tax purposes and that the validity of such opinion is dependent in part on the accuracy of the representations herein. 

(ix) This Transferee Certification has been duly executed and delivered and constitutes the legal, valid and binding obligation
of the Transferee, enforceable against the Transferee in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the enforcement
of creditors’ rights generally and general principles of equity, and indemnification sought in respect of securities laws violations may be limited by public policy. 

(x) It acknowledges that the Depositor, the Issuer, the Trustee, the Note Registrar and others will rely on the truth and
accuracy of the foregoing representations and warranties, and agrees that if it becomes aware that any of the foregoing made by it or deemed to have been made by it are no longer accurate, it shall promptly notify the Issuer. 

THE UNDERSIGNED HEREBY ACKNOWLEDGES THAT ANY TRANSFER TO OR BY THE UNDERSIGNED IN VIOLATION OF ANY OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE
VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO OR BY THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR ANY OTHER PERSON. 

  
 Exhibit F-7 

 
	
	[TRANSFEREE]
	
	By:                                     
                                         
                  
	
	Name:                                     
                                         
            
	
	Title:                                     
                                         
              

  
 Exhibit F-8 

 Exhibit G-1 

AUTHORIZED REPRESENTATIVES OF THE INDENTURE TRUSTEE, 

CALCULATION AGENT, PAYING AGENT AND 

SECURITIES INTERMEDIARY 
  

					
	Mark DeFabio,	 		 	/s/ Mark DeFabio
	Vice President	 		 	
			
	 Kristen Ann Cronin,
	 		 	/s/ Kristen Ann Cronin
	 Vice President
	 		 	
			
	Leon Costello,	 		 	/s/ Leon Costello
	Assistant Vice President	 		 	

  
 Exhibit G-1-1 

 Exhibit G-2 

AUTHORIZED REPRESENTATIVES OF THE SERVICER 
  

					
	 Name:
	  	 Title:
	  	 Signature:

	 Ellen Coleman
	  	Executive Vice President	  	 /s/ Ellen Coleman

  
 Exhibit G-2-1 

 Exhibit G-3 

AUTHORIZED REPRESENTATIVES OF THE ADMINISTRATIVE AGENT 
  

					
	 Name:
	  	 Title:
	  	 Signature:

	Jason Ruchelsman	  	Vice President	  	 /s/ Jason Ruchelsman          

	Michelangelo Raimondi	  	Vice President	  	/s/ Michelangelo Raimondi

  
 Exhibit G-3-1 

 Exhibit G-4 

AUTHORIZED REPRESENTATIVES OF THE ISSUER 
  

 
 EXHIBIT A 
Name Office Signature 
William J. Farrell Executive Vice President 
John M. Beeson, Jr. Senior Vice President

Cynthia L. Corliss Senior Vice President 
Patrick Trainor Senior Vice
President 
Daniel R. Fisher Group Vice President 
Stefanie A. Armijo
Administrative Vice President 
Nadine L. Black Administrative Vice President

Robert D. Brown Administrative Vice President 
John A. Hayes, III
Administrative Vice President 
Timothy Mowdy Administrative Vice President

Joseph L. Nardi Administrative Vice President 
Sandra R. Ortiz Administrative
Vice President 
Mary Kay Pupillo Administrative Vice President 
Nicholas D.
Tally Administrative Vice President 
Nicholas A. Adams Vice President 
Adnan
Ahmad Vice President 

  
 Exhibit G-4-1 

 

 
 Mary Alice Avery Vice President 
Joseph Baker Vice
President 
Adam K. Berman Vice President 
Robert H. Bockrath, II Vice President

Brian Buchanan Vice President 
Steven M. Cimalore Vice President 
Joseph Clark Vice President 
James C. Deitrick Vice President 
Patrick J. Donahue Vice President 
Robert J. Donaldson Vice President 
Patricia A. Evans Vice President 
Joseph B. Feil Vice President 
Kenneth A. Feinfield Vice President 
Robert C. Fiedler Vice President 
Peter F. Finkel Vice President 
Nancy L. George Vice President 
Nancy D. Gray Vice President 
2 

  
 Exhibit G-4-2 

 

 
 Douglas Grochowski Vice President 
Jared J. Grunig
Vice President 
Daniel G. Hamilton Vice President 
Donald C. Hargadon Vice
President 
Gregory Hasty Vice President 
Pamela Hazelip Vice President

Charles Hicks Vice President 
Garry Hills Vice President 
Rex F. Hood Vice President 
Rebecca L. Howell Vice President 
Nancy James Vice President 
Tira L. Johnson Vice President 
Jeffrey Kassels Vice President 
Eleanor D. Kress Vice President 
Renee A. Kuhl Vice President 
Richard F. Klumpp Vice President 
Ronald J. Kruppa Vice President 
3 

  
 Exhibit G-4-3 

 

 
 Baron W. Legault Vice President 
Camilla J. Lindsey
Vice President 
Larry R. Long Vice President 
Jennifer A. Luce Vice President

Roseline K. Maney Vice President 
Victoria L. Manrique Vice President

Jeanie Mar Vice President 
Jennifer E. Matz Vice President 
Frank W. McDonald Vice President 
Aaron G. McManus Vice President 
Alphonse C. Miller Vice President 
Boyd S. Minnix Vice President 
Dante M. Monakil Vice President 
Christopher J. Monigle Vice President 
Kimberlee A. Montana Vice President 
W. Thomas Morris, II Vice President 
John Mulvena Vice President 
4 

  
 Exhibit G-4-4 

 

 
 Joseph P. O’Donnell Vice President 
Jeanne M.
Oiler Vice President 
Michael W. Orendorf Vice President 
Robert J. Perkins
Vice President 
Jolene Perry Vice President 
Margaret Pulgini Vice President

Miguel Rodriguez Vice President 
Jeffery Rose Vice President 
Joann A. Rozell Vice President 
Erik L. Saville Vice President 
Robert Sher Vice President 
Jane Y. Schweiger Vice President 
W. Chris Sponenberg Vice President 
Christopher J. Slaybaugh Vice President 
Jay Smith IV Vice President 
Aaron Soper Vice President 
Mary C. St. Amand Vice President 
5 

  
 Exhibit G-4-5 

 

 
 Lynn Mary Steiner Vice President 
Mary Alice
Stopyra Vice President 
Boris Treyger Vice President 
David A. Vanaskey, Jr.
Vice President 
Heather K. Vander Linden Vice President 
Mindy Walser Vice
President 
Andrew Wassing Vice President 
Steven J. Wattie Vice President

Raymond H. Werkmeister, III Vice President 
Michelle M. Wojciechowicz Vice
President 
Anita R. Woolery Vice President 
Patrick J. Wood Vice President

Brooks Von Arx, Jr. Vice President 
David B. Young Vice President 
M. Anthony Argenio Assistant Vice President 
Maureen A. Auld Assistant Vice President

6 

  
 Exhibit G-4-6 

 

 
 Steven M. Barone Assistant Vice President 
Julie
Ann Black Assistant Vice President 
Mark H. Brzoska Assistant Vice President

Drew H. Davis Assistant Vice President 
Colin M. Casner Assistant Vice
President 
Dorri Costello Assistant Vice President 
Karin W. Cranz Assistant
Vice President 
Sandra V. Ferreyra Assistant Vice President 
Diane C. Gibellino
Assistant Vice President 
Gregory Golden Assistant Vice President 
Bethany L.
Gould Assistant Vice President 
Michael J. Grillo Assistant Vice President

Robert P. Hines, Jr. Assistant Vice President 
Yvette L. Howell Assistant Vice
President 
Joshua G. James Assistant Vice President 
7 

  
 Exhibit G-4-7 

 

 
 Jason Johnson Assistant Vice President 
June T.
Jones Assistant Vice President 
Geoffrey J. Lewis Assistant Vice President

Virginia Machamer Assistant Vice President 
Melissa A. Marion Assistant Vice
President 
Venus L. Matson Assistant Vice President 
Chad May Assistant Vice
President 
Michael G. Oiler, Jr. Assistant Vice President 
Erik Overcash
Assistant Vice President 
Jose L. Paredes Assistant Vice President 
Prital K.
Patel Assistant Vice President 
Rita Marie Ritrovato Assistant Vice President

Kristin L. Schillinger Assistant Vice President 
Adam Scozzafava Assistant
Vice President 
Rachel L. Simpson Assistant Vice President 
David W. Snyder
Assistant Vice President 
8 

  
 Exhibit G-4-8 

					
	Jacqueline E. Solone	  	Assistant Vice President	  	

	Erwin M. Soriano	  	Assistant Vice President	  	

	Dara L. Sowden	  	Assistant Vice President	  	

	Joan H. Stapley	  	Assistant Vice President	  	

	Joseph M. Still	  	Assistant Vice President	  	

	Stephen R. Sturgeon	  	Assistant Vice President	  	

	Adam R. Vogelsong	  	Assistant Vice President	  	

	Michael H. Wass	  	Assistant Vice President	  	

	Farrah F. Welsh	  	Assistant Vice President	  	

	Russell T. Whitley	  	Assistant Vice President	  	

	Alecia Anderson	  	Banking Officer	  	

	Jennifer K. Anderson	  	Banking Officer	  	

	Mark E. Bermingham	  	Banking Officer	  	

	Stevie Blackston	  	Banking Officer	  	

	Alisha M. Clendaniel	  	Banking Officer	  	

 9 

  
 Exhibit G-4-9 

 

 
 Artis B. Cummings Banking Officer 
Kevin M. Ebert
Banking Officer 
Hallie Field Banking Officer 
Nancy E. Hagner Banking Officer

Donald Haverstick Banking Officer 
Robin D. Henry Banking Officer 
Joshua C. Jones Banking Officer 
Irene A. Lennon Banking Officer 
Meghan H. McCauley Banking Officer 
Jon M. McDowell Banking Officer 
Marco Medina Banking Officer 
Sally M. Molina Banking Officer 
Melinda Morales Banking Officer 
J. Christopher Murphy Banking Officer 
Susan T. O’Neal Banking Officer 
10 

  
 Exhibit G-4-10 

 

 
 Zdravka S. Panchev Banking Officer 
Ruth K.
Shiffler Banking Officer 
Jennifer L. Wieszcholek Banking Officer 
11

  
 Exhibit G-4-11 

 Exhibit G-5 

AUTHORIZED REPRESENTATIVES OF THE ADMINISTRATOR 
  

					
	 Name:
	  	 Title:
	  	 Signature:

	Cameron MacDougall	  	Secretary	  	 /s/ Cameron MacDougall

  
 Exhibit G-5-1 

 Exhibit H 

Disclaimer 
 [INSERT DATE NO LATER
THAN 30 DAYS PRIOR TO THE PROPOSED FUNDING DATE WITH RESPECT TO ANY DEFERRED SERVICING FEE RECEIVABLES] 
 Re: Nationstar Mortgage LLC - Current
and Future Excess Spread Agreements 
 Reference is hereby made to: (i) the Current Excess Spread Agreements listed on
Schedule I hereto (the “Current Spread Agreements”), between Nationstar Mortgage LLC (“Nationstar”) and the Purchasers listed on Schedule I (each, a “Purchaser”), (ii) the Future
Spread Agreements listed on Schedule I hereto (the “Future Spread Agreements” and together with the Current Spread Agreements, the “Spread Agreements”), between Nationstar and the Purchasers and (iii) the
Receivables Sale Agreement listed on Schedule II hereto (the “Sale Agreement”) between Nationstar, Advance Purchaser LLC (“Advance Purchaser”) and the Depositor listed on Schedule II hereto. Capitalized terms
used herein but not defined herein shall have the meanings set forth in the Sale Agreement. 
 Pursuant to the Spread Agreements, Nationstar
has sold the Current Excess Servicing Spread (as defined therein) and has sold and will sell on an ongoing basis Future Excess Servicing Spread (as defined therein and, together with the Current Excess Servicing Spread, the “Excess
Spread”) relating to the Mortgage Loans (as defined therein) to the applicable Purchaser. 
 Pursuant to the Sale Agreement, Nationstar
(prior to the Effective Date) and Advance Purchaser (on or after the Effective Date) has sold and/or contributed and will continue to sell and/or contribute on an ongoing basis, among other things, rights to reimbursement for P&I Advances and
payment for Deferred Servicing Fee Receivables (as defined in the Sale Agreement) to the applicable Depositor, which has sold and/or contributed and will continue to sell and/or contribute on an ongoing basis such rights to reimbursement for P&I
Advances and Deferred Servicing Fee Receivables to the “Issuer” referenced in the Sale Agreement (the “Issuer”). The Issuer has pledged such rights to reimbursement for P&I Advances and Deferred Servicing Fee Receivables to
an Indenture Trustee on behalf of certain noteholders. 

  
 Exhibit H-1 

 Pursuant to the Spread Agreements, the monthly servicing fees received by Nationstar with respect
to the Mortgage Loans (the “Servicing Fees”) are deposited into custodial accounts (the “Spread Accounts”) for the purpose of distributing the Excess Spread to the Purchasers and the Base Fees and Retained Servicing Spread (as
defined in the Purchase Agreements) to Nationstar. The Servicing Fees deposited into the Spread Accounts are received either from (i) interest payments on the Mortgage Loans or (ii) interest advances made by Nationstar in its capacity as
servicer of the Mortgage Loans . Upon deposit into the Spread Account of monthly Servicing Fees that are received from interest advances made by Nationstar, such Servicing Fee is converted into a P&I Advance (which may be accounted for, for
administrative convenience for Nationstar, as a Deferred Servicing Fee Receivable and not a P&I Advance in connection with any reporting with any applicable counterparty to any applicable Designated Servicing Agreement). Pursuant to the
applicable Designated Servicing Agreement, Nationstar is entitled to reimbursement of such P&I Advance and/or payment of such Deferred Servicing Fee Receivable from subsequent payments on the related Mortgage Loan or, subject to certain
exceptions, from payments on other Mortgage Loans. 
 For the avoidance of doubt, Nationstar, each Purchaser and the Depositor hereby
acknowledge and agree (on behalf of themselves and their assignees and successors in interest) that the Purchaser has no right, title or interest in any P&I Advances or Deferred Servicing Fee Receivables that have been sold and/or contributed to
the Depositor on or prior to the date hereof. 
 This Side Letter may not be amended, nor may any provision hereof be waived or modified,
except by an instrument in writing signed by each signatory hereto. This Side Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of
an executed counterpart of a signature page of this Side Letter by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 

THIS SIDE LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Each party hereto irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Side Letter or the transactions contemplated hereby or the actions of the parties hereto in
the negotiation, performance or enforcement hereof. 
 [Signature Pages Follow] 

  
 Exhibit H-2 

 Agreed and Accepted as of the Date First Above Written: 

  
 Exhibit H-3 

 Schedule I 

[PURCHASE AGREEMENTS] 

  
 Exhibit H-4 

 SCHEDULE II 

SALE AGREEMENT(S) 
 Amended and
Restated Receivables Sale Agreement dated as of December 17, 2013 between Nationstar Mortgage LLC, as initial receivables seller (prior to the respective MSR Transfer Dates) and as servicer (prior to the respective MSR Transfer Dates),
[                    ], as receivables seller (on and after the respective MSR Transfer Dates) and as servicer (on and after the respective MSR
Transfer Dates), and NRZ Servicer Advance Facility Transferor CS, LLC, as depositor. 

  
 Exhibit H-5 

 Exhibit I 

NOTICE OF TRANSFER OF MORTGAGE SERVICING RIGHTS 

[Date] 
 Wells Fargo Bank, N.A. 

9062 Old Annapolis Road 
 Columbia, Maryland 21045-1951 

Attention: Corporate Trust Services, NRZ Servicer Advance Receivables Trust CS 

Re: NRZ SERVICER ADVANCE RECEIVABLES TRUST CS 

On             , 20     (the “MSR Transfer
Date”), Nationstar Mortgage LLC (“Nationstar”) sold to Advance Purchaser LLC (“Advance Purchaser”) all of the servicing rights and obligations of Nationstar under the Designated Servicing
Agreements set forth on Schedule A attached hereto (the “MSR Transfer”). 
 All required consents and rating agency
letters required under such Designated Servicing Agreements for the MSR Transfer were obtained on or before the MSR Transfer Date. 
  

	
	NATIONSTAR MORTGAGE LLC
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	[                                      
      ]
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              

  
 Exhibit I-1 

 Schedule A to 

Notice of Transfer of Mortgage Servicing Rights 

  
 Exhibit I-2

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