Document:

Form of Registration Rights Agreement

 Exhibit 10.20 
  
 HURON CONSULTING GROUP INC. 
  

REGISTRATION RIGHTS AGREEMENT 
  
 by and between 
  
 HCG Holdings LLC 
  
 and Huron Consulting Group Inc. 
  
 Dated as of
                        , 2004 

 HURON CONSULTING GROUP INC. 
 REGISTRATION RIGHTS AGREEMENT 
  
 REGISTRATION RIGHTS AGREEMENT (as amended from time to time, this “Agreement”), dated as of
                        , 2004, by and between Huron Consulting Group Inc., a Delaware corporation (the
“Company”) and HCG Holdings LLC, a Delaware limited liability company (the “Stockholder”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the parties hereto wish to enter into this Registration Rights Agreement to memorialize their agreement regarding
registration rights with respect to the Company. 
  
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 1.1 Definitions. The following terms when used in this Agreement shall have the following meanings (such definitions to be equally applicable to
the singular and plural forms thereof): 
  
 “Agreement” shall have the meaning provided in the Introduction. 
  
 “Commission” shall mean the Securities and Exchange Commission. 
  
 “Common Stock” shall mean the common stock, par value $.01 per share of the Company. 
  
 “Company” shall have the meaning provided in the
Introduction. 
  
 “Demand Registration” shall
have the meaning provided in Section 2.1. 
  
 “Effectiveness Period” shall have the meaning provided in Section 3.2(a). 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 “Form S-3” shall have the meaning provided in Section 3.1. 
  
 “IPO” shall mean the initial public offering of Common Stock
by the Company. 
  
 “Lock Up Period” shall have
the meaning provided in Section 5.1. 
  

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 “Person” shall mean any natural person, corporation, firm, limited liability company,
partnership, association, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity. 
  
 “Piggyback Registration” shall have the meaning provided in Section 4.1. 
  
 “Prospectus” shall mean the prospectus included in any registration statement, as amended or supplemented
by any prospectus supplement with respect of the terms of the offering of any security of the Company covered by such registration statement and all other amendments or supplements to the prospectus, including post effective amendments, and all
material incorporated, or deemed to be incorporated, by reference in such prospectus. 
  
 “Registrable Securities” shall mean (i) any shares of Common Stock of the Company owned by the Stockholder upon the IPO; and (ii) any equity securities of the Company issued or issuable with respect
to the Common Stock referred to in clause (i) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, reclassification, merger, consolidation or other reorganization. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when they have been distributed to the public pursuant to an offering registered under the Securities Act or sold to the public through a broker, dealer or market maker
in compliance with Rule 144 (or any similar rule then in force). For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever the Person has the right to acquire, directly or indirectly, the Registrable
Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not the acquisition has actually been effected.

  
 “Registration” shall have the meaning
provided in Section 2.1. 
  
 “Registration
Expenses” shall have the meaning provided in Section 7.1. 
  
 “Resale Registration” shall have the meaning provided in Section 3.1. 
  
 “Rule 144” shall mean Rule 144 promulgated under the Securities Act. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 “Restricted Shares Agreement” shall mean that certain
Restricted Shares Award Agreement, dated as of December 10, 2002, among the Company, Huron Consulting Group LLC, a Delaware limited liability company, the Stockholder and Gary E. Holdren. 
  
 “Suspension Period” shall have the meaning provided in Section 3.3. 
  
 “Underwriting Agreement” shall mean that certain
Underwriting Agreement, dated                         , 2004, by and among the Company, the Stockholder and UBS Securities
LLC, Deutsche Bank Securities Inc. and William Blair & Company, L.L.C., as representatives of the several underwriters named therein. 
  

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 ARTICLE II 
  
 DEMAND REGISTRATIONS 
  
 2.1 Requests for Registration. Subject to the terms and conditions hereof, at any time after the expiration of the lock-up period set forth in
Section 6(e) of the Underwriting Agreement (or earlier if waived) and until the Stockholder ceases to own 10% of the Company’s issued and outstanding common stock, if the Stockholder requests in writing registration under the Securities Act of
any of its Registrable Securities (a “Registration”), which request specifies the approximate number of Registrable Securities requested to be registered, then within ten days after receipt of any such request, the Company shall give
written notice of such requested Registration to all other holders of Registrable Securities and shall include in the Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein
within 15 days after the date of mailing of the Company’s notice. The Registration requested pursuant to this Section 2.1 is referred to herein as a “Demand Registration”. 
  
 2.2 Registration. The Stockholder, together with any transferee of the Stockholder, shall be entitled to not more
than six Demand Registrations, in the aggregate. Subject to the limitations set forth in this Section 2.2 and in Section 2.4, no more than one Demand Registration may be requested in any six-month period. The Company shall pay all Registration
Expenses in connection with each Demand Registration. No request for a Demand Registration shall be permitted unless the Registrable Securities sought to be included in such Demand Registration have an expected market value of at least $20 million.
A Registration shall not count as a Demand Registration until it has become effective, and any Registration shall not count as a Demand Registration unless the initiating holder or holders of Registrable Securities are able to register and sell at
least 70% of the Registrable Securities requested to be included in such Registration. 
  
 2.3 Priority on Demand Registrations. The Company shall not include in any Demand Registration any securities which are not Registrable Securities without the prior written consent of the Stockholder. If a
Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such
offering, exceeds the number of Registrable Securities and other securities, if any, which can be sold in an orderly manner in such offering within a price range acceptable to the Stockholder, the Company shall include in the Registration, prior to
the inclusion of any securities which are not Registrable Securities, the number of Registrable Securities requested to be included which, in the opinion of the underwriters, can be sold in an orderly manner within the price range of the offering,
pro rata (or as may have been agreed among the holders of Registrable Securities) among the respective holders thereof on the basis of the amount of Registrable Securities requested 
  

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 to be registered by each such holder; provided that if the number of Registrable Securities to be included in the
registration is less than 85% of the number requested to be so included, the holders of Registrable Securities covered by such Demand Registration shall be entitled to withdraw such request, upon the affirmative vote of holders holding 66% of such
Registrable Securities, and, if such request is withdrawn, the Demand Registration shall not count as a permitted Demand Registration hereunder, and the Company shall pay all Registration Expenses in connection with the withdrawn Registration. Any
Persons (other than holders of Registrable Securities) who participate in Demand Registrations which are not at the Company’s expense must pay their share of the Registration Expenses as provided in Article VII. 
  
 2.4 Restrictions on Registrations. The Company shall not be obligated
to effect any Demand Registration within six months after the effective date of a Registration demanded by the holders of registration rights under a Registration in which the holders of Registrable Securities were given piggyback rights pursuant to
Article IV and in which there was no reduction in the number of Registrable Securities requested to be included. Notwithstanding anything in this Article II to the contrary, if any request for a Demand Registration is delivered at a time when the
Company has determined or is currently planning (and has discussed with its Board of Directors its plan) to file a registration statement with respect to an underwritten primary Registration of the Company’s common stock on behalf of the
Company (so long as a registration statement is filed with respect thereto within one month of such request for the Demand Registration), the Company may require the holders of the Registrable Securities requesting such Demand Registration to
postpone such request until the expiration of the 90-day period following the effective date of such Registration. The Company may, not more than twice in any 12-month period, postpone for up to 90 days the filing or the effectiveness of a
registration statement for a Demand Registration if the Board of Directors of the Company determines in good faith that it is reasonably foreseeable that the Demand Registration or disclosure of information required by or related to the Demand
Registration could materially and adversely impact the Company; provided, that in such event, the holders of Registrable Securities covered by the Demand Registration shall be entitled, upon the affirmative vote of holders holding 66% of such
Registrable Securities, to withdraw such request and, if such request is withdrawn, the Demand Registration shall not count as a permitted Demand Registration hereunder, and the Company shall pay all Registration Expenses in connection with the
withdrawn Registration; provided further, that upon the election of the Company and upon notice to the Stockholder, one such postponement or suspension may be extended to not more than 120 days at the sole discretion of the Company. 
  
 2.5 Selection of Underwriters. In connection with a Demand
Registration, the Stockholder shall have the right to select the investment banker(s) and manager(s) to administer the offering; provided, however, that such selection shall be subject to the consent of the Company, which consent shall
not be unreasonably withheld or delayed. 
  

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 ARTICLE III 
  
 RESALE REGISTRATIONS 
  
 3.1 Requests for Registration. Subject to Section 3.3, and further subject to the availability of a registration statement on Form S-3 (“Form
S-3”) to the Company, the Company shall, upon the written request from the Stockholder, agree to register some or all of the Stockholder’s Registrable Securities, file with the Commission a registration statement on Form S-3 providing for
an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale of the Registrable Securities by the Stockholder and, thereafter, shall use its reasonable best efforts to cause such
registration statement to be declared effective under the Securities Act as soon as reasonably practicable after the filing thereof. Within ten days after receipt of any such request, the Company shall give written notice of such requested
Registration to all other holders of Registrable Securities and shall include in such Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the receipt of
the Company’s notice; provided, however, that no holder of Registrable Securities shall be entitled to have the Registrable Securities held by it covered by such registration statement unless such holder has made a written
request, which request specifies the approximate number of Registrable Securities requested to be registered. The Registration requested pursuant to this Section 3.1 is referred to herein as a “Resale Registration”. Each holder of
Registrable Securities shall be entitled to an unlimited number of Resale Registrations so long as it is an affiliate (as such term is used in the Securities Act) of the Company; provided, that the Company shall not be required to effect more
than two Resale Registrations within any twelve-month period; provided, further, that the Company agrees to deregister any Registrable Securities included in a Resale Registration if so requested by any holder of such Registrable
Securities. 
  
 3.2 Period of Effectiveness. Subject to
Section 3.3, the Company shall use its reasonable best efforts: 
  
 (a) to keep a registration statement for the Resale Registration continuously effective in order to permit the Prospectus forming part thereof to be usable by the holders of Registrable Securities covered thereby for a period of two years
after the Resale Registration is declared effective or such shorter period that will terminate when there are no Registrable Securities outstanding (in either case, such period being referred to herein as the “Effectiveness
Period”); and 
  
 (b) after the registration statement
for the Resale Registration has become effective, promptly upon the request of the Stockholder or a transferee of the Stockholder, if all of such holder’s Registrable Securities are not covered thereby, to take any action reasonably necessary
to enable such holder to use the Prospectus forming a part thereof for offers and resales of Registrable Securities, including, without limitation, any action reasonably necessary to identify such holder as a selling securityholder in the Resale
Registration. 
  

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 3.3 Temporary Suspensions of a Resale Registration. Notwithstanding anything to the contrary
contained in this Agreement, the Company shall be entitled, from time to time by providing written notice to the holders, to require the holders to suspend the use of the Prospectus for sales of Registrable Securities under the Resale Registration
for a reasonable period of time not to exceed 90 days and not more than twice in any twelve-month period (a “Suspension Period”) if the Board of Directors of the Company determines in good faith that it is reasonably foreseeable
that the disclosure of information required by or related to the Resale Registration could materially and adversely impact the Company; provided that upon the election of the Company and upon notice to the Stockholder, one such postponement or
suspension may be extended to not more than 120 days at the sole discretion of the Company. Immediately upon receipt of such notice, the holders of Registrable Securities covered by the Resale Registration shall suspend the use of the Prospectus
until requisite changes to the Prospectus have been made as required below. Any Suspension Period shall terminate at such time as the public disclosure of such information. After the expiration of any Suspension Period and without any further
request from the holders of Registrable Securities, the Company shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the registration statement for the Resale Registration or the Prospectus, or any document
incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the Prospectus will not include an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 3.4 Resale Registration Expenses. The Company shall pay all Registration Expenses of the holders of Registrable Securities in connection with all
Resale Registrations. 
  
 ARTICLE IV 
  
 PIGGYBACK REGISTRATIONS 
  
 4.1 Right to Piggyback. Subject to the terms and conditions hereof,
whenever the Company proposes to register (including for this purpose a Registration effected by the Company for shareholders other than holders of Registrable Securities) any of its securities under the Securities Act (other than (i) a Registration
under Articles II and III hereof, (ii) a Registration of securities solely relating to an offering and sale pursuant to any employee stock plan or other employee benefit plan arrangement, including any registration on Form S-8 (or any successor form
thereto) or (iii) a Registration of securities issued solely in an acquisition or business combination including any Registration on Form S-4 (or any successor form thereto)) (a “Piggyback Registration”), the Company shall give at
least 20 days’ written notice to all holders of Registrable Securities of the Company’s intention to effect such a Registration and shall include in the Registration, subject to any agreement among the holders of Registrable Securities,
all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the receipt of the Company’s notice. 
  

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 4.2 Piggyback Expenses. The Registration Expenses of the holders of Registrable Securities shall
be paid by the Company in all Piggyback Registrations. 
  
 4.3
Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary Registration on behalf of the Company and the managing underwriters advise the Company in writing that in their opinion the number of securities
requested to be included in such Registration exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the Company, the Company shall include in such Registration (i) first, the securities the
Company proposes to sell, (ii) second, the Registrable Securities requested to be included in the Registration and any securities requested to be included in the Registration pursuant to the registration rights previously granted pursuant to the
Restricted Shares Agreement, pro rata among the holders of such Registrable Securities and the holder under the Restricted Share Agreement on the basis of the number of shares proposed to be registered by each, (iii) third, securities requested to
be included in the Registration pursuant to registration rights granted by the Company after the date hereof, pro rata among the holders of such other securities on the basis of the number of shares requested to be registered by each such holder,
and (iii) fourth, such other securities requested to be included in the Registration. 
  
 4.4 Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary Registration on behalf of holders of the Company’s securities and the managing underwriters advise the
Company in writing that, in their opinion, the number of securities requested to be included in the Registration exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the holders initially
requesting the Registration, the Company shall include in such Registration (i) first, the Registrable Securities requested to be included in the Registration, (ii) second, the securities requested to be included therein by the holders requesting
such Registration, (iii) third, any securities requested to be included in the Registration pursuant to the registration rights previously granted pursuant to the Restricted Shares Agreement and any securities requested to be included in the
Registration pursuant to registration rights granted by the Company after the date hereof, pro rata among the holder under the Restricted Share Agreement and the holders of such other securities on the basis of the number of shares requested to be
registered by each such holder, and (iv) fourth, other securities requested to be included in such Registration. 
  
 4.5 Selection of Underwriters. If any Piggyback Registration is an underwritten offering, the Company shall select the investment banker(s) and
manager(s) to administer the offering. 
  
 4.6 Other
Registrations. Unless otherwise agreed to by Stockholder, if the Company has previously filed a registration statement with respect to Registrable Securities pursuant to Article II or pursuant to this Article IV, and if such previous
Registration has not been withdrawn or abandoned, the Company shall not file or cause to be effected any other Registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities
(except on Form S-4 or Form S-8 or any successor or similar forms or any registration statement covering 
  

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 only securities proposed to be issued in exchange for securities or assets of another corporation), whether on its own
behalf or at the request of any holder or holders of such securities, until a period of at least six months has elapsed from the effective date of the previous Registration. 
  
 ARTICLE V 
  
 LOCK UP AGREEMENTS 
  
 5.1 In General. Each holder of Registrable Securities agrees not to effect any public sale or distribution (including sales pursuant to Rule 144)
of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, during a period of up to 90 days (as may be requested by the Company and the managing underwriters) following any
underwritten, registered public offering of Company common stock (such period being the “Lockup Period”), beginning on the effective date of such underwritten, registered offering (except for sales of such securities as part of such
underwritten, registered offering), unless the managing underwriters otherwise agree. The foregoing provisions of this Section 5.1 shall not apply unless all directors and executive officers of the Company enter into substantially similar
arrangements. 
  
 5.2 Effect on Company. The Company agrees
(i) not to effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the period of up to 90 days, as required by the managing underwriters,
beginning on the effective date of any underwritten Registration (except as part of such underwritten Registration or pursuant to Registrations on Form S-4 or Form S-8 or any successor or similar forms or any registration statement covering only
securities proposed to be issued in exchange for securities or assets of another corporation), unless the managing underwriters otherwise agree, and (ii) if requested by the managing underwriters, to use reasonable efforts to cause each director and
executive officer to agree not to effect any public sale or distribution (including sales pursuant to Rule 144) of any such securities during such period (except as part of such underwritten registration, if otherwise permitted), unless the managing
underwriters otherwise agree. 
  
 ARTICLE VI 
  
 REGISTRATION PROCEDURES 
  
 6.1 Registration Procedures. Whenever the holders of Registrable
Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use its best efforts to effect the Registration and the sale of such Registrable Securities in accordance with the intended method
of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 
  
 (a) Prepare and, in the case of a Demand Registration or Resale Registration, no later than 45 days after a request for a Demand Registration or Resale 
  

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 Registration, file with the Commission a registration statement with respect to such Registrable Securities and use its
best efforts to cause the registration statement to become effective and remain effective until the earlier of (i) the date when all Registrable Securities covered by the registration statement have been sold, or (ii) other than in the case of a
Resale Registration, 180 days from the effective date of the registration statement; provided, that before filing a registration statement or Prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel
selected by the Stockholder copies of all such documents proposed to be filed, to the extent specifically requested by such counsel, including documents that are to be incorporated by reference into the registration statement, amendment or
supplement, which documents shall be subject to the review of such counsel, and which proposed registration statement or amendment or supplement thereto shall not be filed by the Company if the Stockholder reasonably objects to such filing; and
provided further, that the period for the preparation and filing of a Demand Registration or Resale Registration shall be 90 days if a request for a Demand Registration or Resale Registration is made in the first 45 days of any year,
and the Company cannot file such Demand Registration or Resale Registration without audited financial statements for the prior calendar year under the rules of the Commission; 
  
 (b) Prepare and file with the Commission such amendments and supplements to the registration statement and the Prospectus
used in connection therewith as may be necessary to keep the registration statement effective for the period referred to in Section 6.1(a) or Section 3.2, as applicable, and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by the registration statement during such period in accordance with the intended methods of disposition by the sellers thereof as set forth in the registration statement; 
  
 (c) Furnish to each seller of Registrable Securities such number of copies
of the registration statement, each amendment and supplement thereto, the Prospectus included in the registration statement (including each preliminary prospectus) and such other documents as such holder may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such holder; 
  
 (d) Use commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any holder thereof reasonably requests and do any and all other acts and things
which may be reasonably necessary or advisable to enable such holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such holder; provided, however, that the Company shall not be required to
qualify to do business or file a general consent to service of process in any such jurisdiction; 
  
 (e) Notify each holder of such Registrable Securities, at any time when a Prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the
request of any such holder, the Company shall prepare a supplement or amendment to the Prospectus so that, 
  

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 as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 
  
 (f) Promptly notify the holders of such Registrable Securities and the underwriters, if any, of the following events and (if requested by any such
Persons) confirm such notification in writing: (i) the filing of the Prospectus or any prospectus supplement and the registration statement and any amendment or post-effective amendment thereto and, with respect to the registration statement or any
post-effective amendment thereto, the declaration of the effectiveness of such document; (ii) any written comments by the Commission or any requests by the Commission for amendments or supplements to the registration statement or the Prospectus or
for additional information; (iii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose; and (iv) the receipt by the
Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threat of initiation of any proceeding for such purpose; 
  
 (g) Cause all such Registrable Securities to be listed on each securities
exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on the NASD automated quotation system and, if listed on the NASD automated quotation system, use its best efforts to secure designation
of all such Registrable Securities covered by the registration statement as a NASDAQ “national market system security” within the meaning of Rule 11Aa2-1 of the Commission or, failing that, to secure NASDAQ authorization for such
Registrable Securities and, without limiting the generality of the foregoing, to arrange for at least two market makers to register as such with respect to such Registrable Securities with the NASD; 
  
 (h) Provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement; 
  
 (i) Enter into such customary agreements (including, without limitation, underwriting agreements in customary form) and take all such other actions as the Stockholder or the underwriters, if any, reasonably request in
order to expedite or facilitate the disposition of such Registrable Securities; 
  
 (j) Make available for inspection by the Stockholder, any underwriter participating in any disposition pursuant to the registration statement and any attorney, accountant or other agent retained by the Stockholder or
underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by the
Stockholder, underwriter, attorney, accountant or agent in connection with the registration statement; 
  
 (k) Otherwise comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve months 
  

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 beginning with the first day of the Company’s first full calendar quarter after the effective date of the
registration statement, which earnings statement shall satisfy the provisions of Section 1l(a) of the Securities Act and Rule 158 thereunder; 
  
 (l) Make every reasonable effort to prevent the entry of any order suspending the effectiveness of the registration statement and, in the event of the
issuance of any such stop order, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any security included in such registration statement for sale in any jurisdiction, the Company shall use
its best efforts promptly to obtain the withdrawal of such order; 
  
 (m) Use its best efforts to cause such Registrable Securities covered by the registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the holders thereof to
consummate the disposition of such Registrable Securities; 
  
 (n) Cooperate with the selling holders of Registrable Securities and the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive
legends, and enable such Registrable Securities to be in such lots and registered in such names as the underwriters may request at least two business days prior to any delivery of Registrable Securities to the underwriters; 
  
 (o) Make available, on a reasonable basis, senior management personnel of
the Company to participate in, and cause them to cooperate with the selling holders of Registrable Securities or the managing underwriter in any underwritten offering in connection with “road show” and other customary marketing activities,
including “one on one” meetings with prospective purchasers of the Registrable Securities to be sold in the underwritten offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein
and customary selling efforts related thereto, in each case to the same extent as if the Company were engaged in a primary registered offering of its capital stock; 
  
 (p) Provide a CUSIP number for all Registrable Securities not later than the effective date of the registration statement;
and 
  
 (q) In connection with an underwritten offering, (i) make
such representations and warranties to the selling holders of such Registrable Securities and the underwriters with respect to the Registrable Securities and the registration statement as are customarily made by issuers to underwriters in primary
underwritten offerings, (ii) obtain opinions of counsel to the Company and updates thereof (which counsel and which opinions shall be reasonably satisfactory to the underwriters and to the Stockholders) addressed to each selling holder and the
underwriters covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the Stockholders and underwriters or their counsel, (iii) obtain “cold comfort”
letters and updates thereof from the Company’s independent certified public accountants addressed to the selling holders of Registrable 
  

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 Securities and the underwriters, such letters to be in customary form and cover matters of the type customarily covered
in “cold comfort” letters by underwriters in connection with primary underwritten offerings, and (iv) deliver such documents and certificates as may be reasonably requested by the Stockholder and by the underwriters to evidence compliance
with clause (i) above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 
  
 ARTICLE VII 
  
 REGISTRATION EXPENSES 
  
 7.1 In General. All expenses incident to the Company’s performance of or compliance with this Agreement, including without limitation, all Registration and filing fees, fees and expenses of compliance with
securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions and transfer
taxes, if any, attributable to the sale of Registrable Securities) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), shall be borne by the Company, and the Company shall pay its
internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the
expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or on the NASD automated quotation system. 
  
 7.2 Reimbursement by the Company. In connection with each
Registration, the Company shall reimburse the holders of Registrable Securities covered by such Registration for the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the Registrable Securities covered by such
Registration. 
  
 7.3 Obligations of the Holders of
Securities. To the extent Registration Expenses are not required to be paid by the Company, each holder of securities included in any Registration hereunder shall pay those Registration Expenses allocable to the registration of such
holder’s securities so included, and any Registration Expenses not so allocable shall be borne by all sellers of securities included in the Registration in proportion to the aggregate selling price of the securities to be so registered.

  
 ARTICLE VIII 
  
 INDEMNIFICATION 
  
 8.1 In General. In connection with any registration pursuant hereto, the Company agrees to indemnify, to the fullest
extent permitted by law, each holder of Registrable Securities, its affiliates and their respective officers, directors, employees and agents, as the case may be, and each Person who controls the holder (within the meaning 
  

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 of the Securities Act), against all losses, claims, damages, liabilities and expenses caused by any untrue or alleged
untrue statement of material fact contained in any registration statement, Prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such holder expressly for use therein as provided in Section 8.2 below. In
connection with an underwritten offering, the Company shall indemnify the underwriters, their officers, directors and partners, as the case may be, and each Person who controls the underwriters (within the meaning of the Securities Act), to the same
extent as provided above with respect to the indemnification of the holders of Registrable Securities. 
  
 8.2 Information from the Holders. In connection with any registration statement in which a holder of Registrable Securities is participating
pursuant to this Agreement, each holder shall furnish to the Company in writing information regarding such holder, the Registrable Securities and the intended distribution thereof for use in connection with any such registration statement or
Prospectus and as shall be reasonably required in connection with any Registration, qualification or compliance required in connection with this Agreement and, to the fullest extent permitted by law, shall indemnify the Company, its directors and
officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the
registration statement, Prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit furnished in writing by the holder specifically stating that it has been provided for inclusion in the registration statement and
not corrected in a subsequent writing prior to the sale of the Registrable Securities; provided, that the obligation to indemnify shall be individual to each holder and shall be limited to the net amount of proceeds received by the holder
from the sale of Registrable Securities pursuant to the registration statement. 
  
 8.3 Notice of Claim. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless
in the indemnified party’s reasonable judgment a conflict of interest between the indemnified and the indemnifying parties may exist with respect to such claim, permit the indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by the indemnifying party
with respect to such claim, unless in the reasonable judgment of any indemnified party, a conflict of interest may exist between the indemnified party and any other of such indemnified parties with respect to such claim. 
  

 14 

 8.4 Survival of Indemnification. The indemnification provided for under this Agreement shall
remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. 
  
 8.5 Contribution. The Stockholder and the Company agree that if, for
any reason, the indemnification provisions contemplated by Section 8.1 are unavailable to or are insufficient to hold harmless any indemnified party in respect of all expenses, claims, losses, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of all such expenses, claims, losses, damages or liabilities (or actions in respect thereof) in such proportion as
is appropriate to reflect the relative fault of, and benefits derived by, the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such
indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant
to this Section 8.5 were determined (i) by pro rata allocation (even if the Stockholder or any agents for, or underwriters of, the Registrable Securities, or all of them, were treated as one entity for such purpose); or (ii) by any other method of
allocation which does not take account of the equitable considerations referred to in this Section 8.5. The amount paid or payable by an indemnified party as a result of the expenses, claims, losses, damages or liabilities (or actions in respect
thereof) referred to above shall be deemed to include (subject to any limitations set forth thereon) any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action,
proceeding or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
Notwithstanding the foregoing, the obligation for contribution hereunder shall be individual to each holder and shall be limited to the net amount of proceeds received by the holder from such sale of Registrable Securities pursuant to the
registration statement. 
  
 ARTICLE IX 
  
 PARTICIPATION IN UNDERWRITTEN REGISTRATIONS 
  
 9.1 Participation in Underwritten Registrations. No Person may
participate in any Registration hereunder which is underwritten unless the Person (a) agrees to accept the terms of the underwriting agreement as agreed upon by the Company and the underwriters selected in accordance with this Agreement, and (b)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements; provided, however, that this Article IX will not
require any holder of Registrable 
  

 15 

 Securities to agree to any lock up agreement or market standoff agreement other than those permitted by Section 5.1
hereof and that no holder of Registrable Securities included in any underwritten registration shall be required to (i) make any representations or warranties to the Company or the underwriters other than representations and warranties regarding the
holder and the holder’s intended method of distribution or (ii) provide any indemnification other than as provided in Section 8.2. 
  
 ARTICLE X 
  
 REPORTS UNDER THE SECURITIES LAWS 
  
 10.1 Reports Under the Securities Laws. With a view to making available to the holders of Registrable Securities the benefits of Rule 144 and any other rule or regulation of the Commission that may at any time
permit the holder to sell securities of the Company to the public without Registration, the Company agrees to: 
  
 (a) Make and keep public information available, as those terms are understood and defined in Rule 144, at all times subsequent to 90 days after the
effective date of any registration statement covering an underwritten public offering filed under the Securities Act by the Company; 
  
 (b) File with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at
any time after it is subject to such reporting requirements; and 
  
 (c) Furnish to any holder so long as the holder owns any of the Registrable Securities forthwith upon request a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after 90 days
after the effective date of the registration statement filed by the Company), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed by the Company as may be reasonably requested by any holder in availing itself of any rule or regulation of the Commission permitting the selling of any the securities without
Registration. 
  
 ARTICLE XI 
  
 CERTAIN LIMITATIONS IN CONNECTION WITH FUTURE GRANTS 
 OF REGISTRATION RIGHTS 
  
 11.1 Certain Limitations in Connection with Future Grants of Registration Rights. From and after the date of this Agreement and until the six
Demand Registrations provided for in Article II have been completed, together with any transferee of the Stockholder, has exercised, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the
Company providing for the granting to the holder of registration rights which: 
  
 (a) grants any registration rights to any Person that are superior in any respect to those granted thereunder; 
  

 16 

 (b) is otherwise inconsistent with the rights granted to the holders of Registrable Securities in this
Agreement; and 
  
 (c) does not provide that the Stockholder has
priority over such new holders of securities of the Company in any subsequent registration statement. 
  
 ARTICLE XII 
  
 TRANSFER OF REGISTRATION RIGHTS 
  
 12.1 Transfer of
Registration Rights. Provided that the Company is given prompt written notice by the holder of Registrable Securities of any transfer of Registrable Securities by such holder stating the name and address of the transferee of such Registrable
Securities and identifying the securities with respect to which the rights under this Agreement are being assigned and such transferee agrees in writing to be bound by the terms and conditions of this Agreement, the rights of the holder of
Registrable Securities under this Agreement may be transferred in whole or in part at any time to any such transferee, so long as such transfer of securities is in accordance with all applicable state and federal securities laws and regulations. The
Company shall be responsible for the Registration Expenses of any transferee or assignee pursuant to this Section 12.1 to the same extent as the original transferor. 
  
 ARTICLE XIII 
  
 INFORMATION BY HOLDERS OF REGISTRABLE SECURITIES 
  
 13.1 Reporting of Sales. Each holder of Registrable Securities shall report to the Company sales made pursuant to any Registration of such
Registrable Securities. 
  
 ARTICLE XIV 
  
 MISCELLANEOUS 
  
 14.1 Notices. Any notice, demand, offer, or other instrument required or permitted to be given pursuant to this
Agreement shall be in writing signed by the party giving such notice and shall, to the extent reasonably practicable, be sent by telecopy (with confirmation of receipt), and if not reasonably practicable to send by telecopy, then by hand delivery,
overnight courier, telegram or certified mail (return receipt requested), to the other parties at the addresses set forth below or, if that address is not listed below, at the address contained in the member records of the Company: 
  
 If to the Company: 
  
 Huron Consulting Group Inc. 
 550 West Van Buren Street 
 Chicago, Illinois
60607 
 Attention: General Counsel 
 Facsimile: (312) 880-3250 
  

 17 

 If to the Stockholder: 
  
 HCG Holdings LLC 
 c/o Lake Capital Management LLC 
 676 North Michigan Avenue 
 Suite 3900 
 Chicago, Illinois 60611 
 Attention: Paul Yovovich 
 Facsimile: (312) 640 7065 
  
 with a copy to: 
  
 Skadden, Arps, Slate, Meagher & Flom LLP 
 333 West Wacker Drive 
 Chicago, Illinois 60006 
 Attention: Kimberly A. deBeers 
 Facsimile: (312) 407-0411 
  
 Each party may change the place to which notice shall be sent or delivered or specify one additional address to which copies of notices may be sent, in
either case by similar notice sent or delivered in like manner to the other parties. Without limiting any other means by which a party may be able to prove that a notice has been received by the other party, a notice shall be deemed to be duly
received: (a) if sent by hand, overnight courier or telegram, the date when duly delivered at the address of the recipient; (b) if sent by certified mail, the date of the return receipt; or (c) if sent by telecopy, upon receipt by the sender of an
acknowledgment or transmission report generated by the machine from which the telecopy was sent indicating that the telecopy was sent in its entirety to the recipient’s telecopy number. 
  
 14.2 Captions. Titles or captions of Sections or Articles contained in
this Agreement are inserted only as a matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 
  
 14.3 Amendment. This Agreement may not be amended, modified or waived
except by an instrument in writing signed by the Company and the parties hereto. 
  
 14.4 Waiver. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or as a waiver of any other term or condition,
of this Agreement. The failure of any party to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 
  

 18 

 14.5 Survival. The several indemnities, agreements, representations, warranties and each other
provision set forth in this Agreement and made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any party, any director or officer of such party,
or any controlling person of any of the foregoing, and shall survive the transfer of any Registrable Securities, and the indemnification and contribution provisions set forth in Article VIII shall survive termination of this Agreement. 

 
 14.6 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. 
  
 14.7 Entire Agreement; Assignment. This Agreement and any agreement, document or schedule attached hereto or thereto or referred to herein or
therein, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, of the parties with respect to the subject matter hereof. Any oral representations or modifications concerning this instrument
shall be of no force or effect unless contained in a subsequent written modification signed by the party to be charged. The registration rights of any holder under this Agreement with respect to any Registrable Securities may be transferred and
assigned in accordance with this Agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted assigns. 
  
 14.8 Severability. If any provision of this Agreement is invalid or
unenforceable, the balance of this Agreement shall remain in full force and effect, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted, so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon any such determination that any provision of this Agreement is invalid or unenforceable, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

  
 14.9 Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each of the parties hereto agrees that process may be served upon them
in any manner authorized by the laws of the State of Delaware for such persons and waives and covenants not to assert or plead any objection which they might otherwise have to such jurisdiction and such process. 
  
 14.10 Specific Performance. The parties hereto agree that irreparable
damage may occur in the event that any of the provisions of this Agreement are not 
  

 19 

 performed in accordance with their specific terms or are otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the United States District Court for the Northern District of Illinois or the courts of the State
of Illinois, in Cook County, this being in addition to any other remedy to which they are entitled at law or in equity. 
  
 14.11 Consent to Jurisdiction. Without limiting the provisions of Article VIII hereof, the parties agree that any legal proceeding by or against
any party or with respect to or arising out of this Agreement may be brought in or removed to the United States District Court for the Northern District of Illinois or the courts of the State of Illinois, in Cook County, as the party or parties
instituting such legal action or proceeding may elect. By execution and delivery of this Agreement, each party irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and to the appellate courts therefrom. The parties
irrevocably consent to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified airmail, postage prepaid, to such parties at the addresses specified
in Section 14.1. 
  
 Any such service of process shall be
effective five (5) Business Days after mailing, or, if hand delivered, upon delivery. Nothing herein shall affect the right to serve process in any other manner permitted by applicable law. The parties hereby waive any right to stay or dismiss any
action or proceeding under or in connection with this Agreement brought before the foregoing courts on the basis of (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, or that it or any of
its property is immune from the above-described legal process, (b) that such action or proceeding is brought in an inconvenient forum, that venue for the action or proceeding is improper or that this Agreement may not be enforced in or by such
courts, or (c) any other defense that would hinder or delay the levy, execution or collection of any amount to which any party is entitled pursuant to any final judgment of any court having jurisdiction. 
  
 14.12 IPO Expenses. In connection with the IPO contemplated by the
Underwriting Agreement, the Company agrees to pay all of the offering expenses, including the expenses of the Stockholder, other than underwriting discounts and commissions and transfer taxes with respect to the shares being sold by the Stockholder.

  
 [Signature Page Follows] 
  

 20 

 * * * * * 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Registration Rights Agreement as of the date first written above.

  

			
	 HURON CONSULTING GROUP INC.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 HCG HOLDINGS LLC

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 212nd Amended and Restated Guaranty and Pledge Agmt., dated as of 10/01/2004

 Exhibit 10.1 
  
 SECOND AMENDED AND RESTATED GUARANTY AND PLEDGE AGREEMENT 
  
 THIS SECOND AMENDED AND RESTATED GUARANTY AND PLEDGE AGREEMENT, dated as of October 1, 2004, (this “Guaranty”), is
made by and among New Century Financial Corporation (f/k/a New Century REIT, Inc.) and New Century Mortgage Corporation (“NCMC”, and jointly and severally with New Century Financial Corporation, the “Guarantors”) and Bank of
America, N.A. (the “Buyer”, which term shall include any buyer for whom Buyer acts as Agent as defined and provided for in the Master Repurchase Agreement referred to below). 
  
 RECITALS 
  
 A. On September 15, 2004, the stockholders of New Century Financial Corporation, a Delaware corporation (“Holdings”) approved a proposal to
restructure Holdings to allow it to qualify as a real estate investment trust and to become a wholly-owned subsidiary of New Century REIT, Inc., a Maryland corporation, through the merger of NC Merger Sub, Inc., a wholly-owned subsidiary of New
Century REIT, Inc., with and into Holdings, resulting in New Century REIT, Inc. becoming the parent company of Holdings (the “REIT Conversion”); and 
  

B. After the completion of the REIT Conversion, New Century REIT, Inc. changed its name to “New Century Financial Corporation”
(“NCFC”) and Holdings changed its name to “New Century TRS Holdings, Inc.”; and 
  
 C. NCMC, Holdings (f/k/a New Century Financial Corporation) and the Buyer entered into that certain Guaranty and Pledge Agreement, dated as of May 13,
2002. 
  
 D. NCMC, Holdings (f/k/a New Century Financial
Corporation) and the Buyer entered into that certain Amended and Restated Guaranty and Pledge Agreement dated as of May 13, 2002, amended and restated to and including May 21, 2004 (the “First Amended and Restated Guaranty”). 

 
 E. NCFC, NCMC and the Buyer desire to enter into this Guaranty in order to
replace Holdings as a Guarantor with NCFC, and to amend, restate and replace the First Amended and Restated Guaranty in its entirety. 
  
 E. Pursuant to the Amended and Restated Master Repurchase Agreement, dated as of May 21, 2004, as amended by Amendment Number One dated as of October 1,
2004 (as further amended, supplemented or otherwise modified from time to time, the “Master Repurchase Agreement”), between New Century Funding A (the “Seller”) and the Buyer, the Buyer has agreed to purchase certain loans (the
“Loans”) from the Seller and the Seller has agreed to repurchase such Loans upon the terms and subject to the conditions set forth therein. 
  
 F. As of the date hereof, NCMC holds all of the outstanding equity of the Seller and will therefore derive a benefit from the Buyer’s purchase and
sale of Loans from and to the Seller pursuant to the Master Repurchase Agreement. As of the date hereof, NCFC holds all of the outstanding shares of NCMC and will therefore derive a benefit from the Buyer’s purchase and sale of Loans from and
to the Seller pursuant to the Master Repurchase Agreement. To induce the Buyer to enter into the Master Repurchase Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Guarantors
have agreed to guaranty the Seller’s obligations with respect to the Master 

  

 
Repurchase Agreement and the documents referenced therein, and NCMC has agreed to pledge and grant a security interest in the Pledged Collateral (as defined
herein) as security for such guaranty. 
  
 G. It is a condition
precedent to the Buyer entering into the Master Repurchase Agreement and to the obligation of the Buyer to purchase the Loans from the Seller under the Master Repurchase Agreement that the Guarantors shall have executed and delivered this Guaranty
to the Buyer. 
  
 NOW, THEREFORE, for good and valuable
consideration, receipt of which by the parties hereto is hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. Defined Terms. (a) Unless otherwise defined herein, terms defined in the Master Repurchase Agreement and used herein shall have the meanings
given to them in the Master Repurchase Agreement. 
  
 (b)
“Expiration Date” shall have the meaning set forth in Section 2(d) herein. 
  
 (c) “Obligations” shall mean the obligations and liabilities of the Seller and the Guarantors to the Buyer, including, without limitation, the obligations whether direct or indirect, absolute or
contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection with the Master Repurchase Agreement, this Guaranty, any other Program Documents and any other document made, delivered or
given in connection therewith or herewith, whether on account of covenants, Repurchase Prices, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Buyer that are
required to be paid by the Seller pursuant to the terms of the Master Repurchase Agreement) or otherwise. 
  
 (d) “Pledged Collateral” shall have the meaning assigned thereto in Section 3 hereof. 
  
 (e) “Pledged Equity” shall mean all of the beneficial
ownership interest of the Seller acquired by NCMC from time to time. 
  
 (f) “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York at any time; provided, that if, by reason of mandatory provisions of law, the validity or perfection of the Buyer’s security
interest in any item of Pledged Collateral is governed by the UCC as in effect in a jurisdiction other than New York, “UCC” shall mean the UCC as in effect in such other jurisdiction for purposes of the provisions hereof relating to such
validity or perfection. 
  
 (g) The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this Guaranty, and section and paragraph references are to this
Guaranty unless otherwise specified. 
  
 (h) The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
  

 2 

 2. Guaranty. (a) The Guarantors hereby, unconditionally and irrevocably, guarantee to the Buyer
and its successors, indorsees, transferees and assigns the prompt and complete payment and performance by the Seller when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. 
  
 (b) The Guarantors further agree to pay any and all expenses (including,
without limitation, all reasonable fees and disbursements of counsel) which may be paid or incurred by the Buyer in enforcing any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect to, or
collecting against, the Guarantors under this Guaranty. This Guaranty shall remain in full force and effect until the Obligations are paid in full, notwithstanding that from time to time prior thereto the Seller may be free from any Obligations.

  
 (c) No payment or payments made by the Seller, the Guarantors,
any other guarantor or any other Person or received or collected by the Buyer from the Seller, the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time
or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantors hereunder which shall, notwithstanding any such payment or payments other than
payments made by the Guarantors in respect of the Obligations or payments received or collected from the Guarantors in respect of the Obligations, remain liable for the Obligations up to the maximum liability of the Guarantors hereunder until both
the Obligations are paid in full and the Master Repurchase Agreement is terminated (such date, the “Expiration Date”). 
  
 (d) Each Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment to the Buyer on account of its liability hereunder,
it will notify the Buyer in writing that such payment is made under this Guaranty for such purpose. 
  
 (e) Each Guarantor shall be jointly and severally liable to the Buyer for all obligations of the Guarantors hereunder. The Guarantors hereby: (a)
acknowledge and agree that the Buyer shall have no obligation to proceed against one Guarantor before proceeding against the other Guarantor, (b) waive any defense to their obligations under this Guaranty, based upon or arising out of the disability
or other defense or cessation of liability of one Guarantor versus the other or of any other Guarantor, and (c) waive any right of subrogation or ability to proceed against any Person until all amounts owed to Buyer by Guarantors pursuant to this
Guaranty are paid in full. 
  
 3. Pledge of Equity.

  
 3.01 Pledged Collateral. As collateral security for the
prompt payment in full when due of the Obligations and solely to secure such debt, NCMC hereby pledges, collaterally assigns and hypothecates to the Buyer, and hereby grants to the Buyer, for the benefit of both the Buyer’s own account and the
account of affiliates of the Buyer for which the Buyer is acting as agent pursuant to the Master Netting Agreement, a lien on and first priority security interest in, all of NCMC’s right, title and interest in, to and under the following,
whether now owned by NCMC or hereafter acquired and whether now existing or hereafter coming into existence and wherever located (all being collectively referred to herein as the “Pledged Collateral”): 
  
 (a) the Pledged Equity, including, without limitation, (i) all rights of NCMC
to receive moneys due but unpaid or to become due thereunder and all property received in substitution or exchange therefore, (ii) all of NCMC’s rights and privileges with respect to the Pledged Equity, (iii) all rights of NCMC to property of
the Seller, (iv) all rights of NCMC to receive proceeds of any insurance, bond, indemnity, warranty or guaranty with respect to the Seller, and (v) all proceeds, payments, income and profits of the foregoing; 
  

 3 

 (b) the official records and ledgers of the Seller; and 
  
 (c) to the extent not included in the foregoing, all proceeds, products,
offspring, rents, revenues, issues, profits, royalties, income, benefits, accessions, additions, substitutions and replacements of and to any and all of the foregoing. 
  
 3.02 Later Acquired Equity, Ownership Dividends, Options or Adjustments. Until the Expiration Date, NCMC shall
deliver to the Buyer any and all additional equity or any other property of any kind distributable on or by reason of the Pledged Collateral, whether in the form of or by way of ownership dividends, warrants, total or partial liquidation,
conversion, prepayments, redemptions or otherwise, including, but not limited to, cash dividends or cash interest payments, as the case may be; provided, however, that prior to an Event of Default under the Master Repurchase Agreement, NCMC may
receive any cash dividends from Seller which are permitted to be retained by Seller pursuant to the terms of the Master Repurchase Agreement. If any additional equity, instruments, or other property, a security interest in which can only be
perfected by possession by the Buyer, which are distributable on or by reason of the Pledged Collateral, shall come into the possession or control of NCMC, NCMC shall forthwith transfer and deliver such property to the Buyer as Pledged Collateral
hereunder. 
  
 3.03 Delivery of Ownership Certificates and
Conveyance Powers. Simultaneously with the delivery of this Guaranty, NCMC is delivering to the Buyer all certificated instruments and ownership certificates representing the Pledged Equity, together with conveyance powers duly executed in blank
by NCMC and the registration book maintained by the Seller with respect to the Pledged Equity. NCMC shall promptly deliver to the Buyer, or cause the Seller or any other entity issuing the Pledged Collateral to deliver directly to the Buyer, (i)
ownership certificates or other instruments representing any Pledged Equity acquired or received by NCMC after the date of this Guaranty and (ii) a conveyance power or bond power duly executed in blank by NCMC. If at any time the Buyer notifies NCMC
that it requires additional conveyance powers endorsed in blank, NCMC shall promptly execute in blank and deliver the requested power to the requesting party. 
  

3.04 Power of Attorney, Irrevocable Proxy. (a) NCMC hereby constitutes and irrevocably appoints the Buyer, with full power of substitution and
revocation, as NCMC’s true and lawful attorney-in-fact, with the power, to the full extent permitted by law, to affix to any notes and documents representing the Pledged Collateral the conveyance or bond powers delivered with respect thereto,
and to transfer or cause the transfer of the Pledged Collateral, or any part thereof, on the books of the Seller or other entity issuing such Pledged Collateral, to the name of the Buyer or any nominee, and thereafter to exercise with respect to
such Pledged Collateral, all the rights, powers and remedies of an owner. The power of attorney granted pursuant to this Guaranty and all authority hereby conferred are granted and conferred solely to protect the Buyer’s interest in the Pledged
Collateral and shall not impose any duty upon the 

  

 4 

 
Buyer to exercise any power. This power of attorney shall be irrevocable as one coupled with an interest until the Expiration Date. 
  
 (b) As of the date hereof, NCMC hereby constitutes and irrevocably appoints
the Buyer, with full power of substitution and revocation, as NCMC’s true and lawful attorney-in-fact, with the power, to the full extent permitted by law, to vote as proxy the Pledged Collateral at a meeting, or to express consent or dissent
to corporate action in writing without a meeting, with respect to those actions described in Article VII of the Trust Agreement of the Seller or Section 18 of the Administration Agreement of the Seller. This proxy shall be irrevocable as one coupled
with an interest and shall be valid until the Expiration Date. 
  
 3.05 Dividends. NCMC agrees that it shall not cause the Seller to declare or make payment of (i) any dividend or other distribution on any ownership interest; provided, however, that prior to an Event of Default under the Master
Repurchase Agreement, NCMC may receive any cash dividends from Seller which are permitted to be retained by Seller pursuant to the terms of the Master Repurchase Agreement or (ii) any payment on account of the purchase, redemption, retirement or
acquisition of any option, warrant or other right to acquire an interest in its own equity. 
  
 4. Representations and Warranties of the Guarantors. 
  
 4.01 Each Guarantor hereby represents and warrants that: 
  
 (a) It is duly organized and validly existing in good standing under the laws of the jurisdiction under which it is organized and is duly qualified to do business and is in good standing in every other jurisdiction as
to which the nature of the business conducted by it makes such qualification necessary. 
  
 (b) It has the full power, authority and legal right to execute, deliver and perform its obligations under this Guaranty. This Guaranty has been duly executed and delivered by it, has not been amended or otherwise
modified, is in full force and effect and is the legal, valid and binding obligation of each Guarantor, enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws relating to or affecting the rights of creditors generally and to the application of general principles of equity (regardless of whether considered in a proceeding in equity or at law). 
  
 (c) Neither the execution and delivery of this Guaranty nor the consummation
of the transactions contemplated herein will conflict with or result in a breach of, or require any consent under, any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any
material agreement or instrument to which the Guarantors are a party or by which the Guarantors or their property is bound or to which the Guarantors are subject, or constitute a default under any such material agreement or instrument, or (except
for the liens created pursuant hereto) result in the creation or imposition of any lien or encumbrance upon the Guarantors’ revenues or assets pursuant to the terms of any such material agreement or instrument. 
  

 5 

 (d) The Guarantors have received and reviewed copies of the Program Documents. 
  
 (e) There is no action, suit or proceeding at law or in equity by or before
any governmental authority, arbitral tribunal or other body now pending, or to the best of the Guarantors’ knowledge, threatened against or affecting the Guarantors or any of their property or, with respect to NCMC, the Pledged Collateral that
has a reasonable likelihood of having a material adverse effect on the Guarantors’ condition, financial or otherwise. 
  
 (f) No authorizations, approvals or consents of, and no filings or registrations with, any governmental authority are necessary for the execution,
delivery or performance by the Guarantors of this Guaranty, except for the filings of the UCC-1s. 
  
 4.02 NCMC hereby represents and warrants that: 
  
 (a) The chief place of business and chief executive office of the Seller is Delaware. NCMC has heretofore delivered to the Buyer a certified copy of the
Trust Agreement and Administration Agreement of the Seller (collectively, the “Operating Documents”) as in effect on the date hereof. 
  
 (b) Upon the filing of UCC-1 financing statements (“UCC-1s”) in the State of Delaware and, to the extent that the Pledged Collateral or any part
thereof constitutes “securities” for purposes of Article 8 of the UCC, registration of such pledge on the registration book maintained by the Seller, the pledge and security interest hereunder in favor of the Buyer constitutes a first
priority pledge and security interest in and to all of the Pledged Collateral pledged by the Guarantors hereunder. 
  
 (c) It is the sole beneficial owner of the Pledged Collateral pledged under Section 3 hereof free and clear of all claims, mortgages, pledges, liens,
security interests and other encumbrances of any nature whatsoever (and no right or option to acquire the same exists in favor of any other person or entity), except for the assignment, pledge and security interest in favor of the Buyer created or
provided for herein, and the Guarantor agrees that it will not encumber or grant any security interest in or with respect to the Pledged Collateral or permit any of the foregoing. 
  
 (d) NCMC and the Seller do not, in connection with selling, transferring and assigning any Loan and pledging the Pledged
Collateral, have any actual intent to hinder, delay or defraud any entity to which NCMC or the Seller are or are to become indebted. 
  
 (e) In exchange for the pledge and guaranty hereunder, NCMC, as holder of the Pledged Equity, will derive a benefit from the sale, transfer and assignment
of the Loans to the Buyer. 
  
 (f) It is solvent on the date
hereof and will not become insolvent as a result of the pledge. 
  

 6 

 (g) It does not intend to incur, or believe in respect of the pledge of the Pledged Collateral, that it
will incur, debts that would be beyond its ability to pay such debts as such debts mature. 
  
 (h) The Pledged Equity are validly issued, fully paid for and nonassessable. No options, warrants or other agreements with respect to the Pledged Equity are outstanding. The Pledged Equity represent all of the
ownership interest in the Seller. 
  
 5. Covenants of
Guarantors. 
  
 5.01 Each Guarantor covenants and agrees that:

  
 (a) It shall pay and discharge all taxes now or hereafter
imposed on it, on its income or profits, on any of its property or upon the liens provided herein prior to the date on which penalties attach thereto; it shall promptly pay any valid, final judgment enforcing any such tax and cause the same to be
satisfied of record and shall also pay, or cause to be paid, when due all claims for labor, material, supplies or services that, if unpaid, could by law result in a mechanics’ lien. 
  
 (b) It shall notify the Buyer promptly upon obtaining knowledge of any material action, suit or proceeding at law or in
equity by or before any government authority, arbitral tribunal or other body pending or threatened against it or the Seller. 
  
 5.02 NCMC covenants and agrees that: 
  
 (a) It shall not (i) create, incur, assume or permit to exist any lien upon any of the Pledged Collateral, or (ii) directly or indirectly create, incur or
suffer to exist any indebtedness payable by the Seller except any indebtedness incurred under the Program Documents. 
  
 (b) Without the prior written consent of the Buyer, it will not (i) vote to enable, or take any other action to permit, the Seller to issue any ownership
or other equity securities of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any ownership interest or other equity securities of the Seller or (ii) sell, assign, transfer, exchange or
otherwise dispose of, or grant any option with respect to, the Pledged Collateral. 
  
 (c) It shall not file or cause or suffer to be filed with respect to the Seller a voluntary petition in bankruptcy to seek relief for the Seller under any provision of any bankruptcy, reorganization, moratorium,
delinquency, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction whether now or subsequently in effect, or consent to the filing of any petition against the Seller under any such law, or consent to the
appointment of or taking possession by a custodian, receiver, conservator, trustee, liquidator, sequestrator or similar official for the Seller, or of all or any part of the Seller’s property, or make an assignment for the benefit of the
Seller. 
  

 7 

 6. Further Assurances; Remedies. In furtherance of the grant of the pledge and security interest
pursuant to Section 3 hereof, NCMC hereby agrees with the Buyer as follows: 
  
 6.01 Delivery and Other Perfection. NCMC shall: 
  
 (a) if any Pledged Collateral required to be pledged by NCMC under Section 3 hereof is received by NCMC, forthwith either (x) transfer and deliver to the Buyer such certificates or securities so received by NCMC
(together with the ownership certificates and securities duly endorsed in blank or accompanied by undated conveyance powers duly executed in blank), all of which thereafter shall be held by the Buyer, pursuant to the terms of this Guaranty, as part
of the Pledged Collateral or (y) take such other action as the Buyer shall deem necessary or appropriate to record duly the lien created hereunder in such ownership interests, equity, securities, moneys, property or other interests in said clauses;
and 
  
 (b) give, execute, deliver, file and/or record any
financing statements, continuation statement, notice, instrument, document, agreement or other papers that may be necessary or desirable (in the judgment of the Buyer) to create, preserve, perfect or validate the security interest granted pursuant
hereto or to enable the Buyer to exercise and enforce its rights hereunder with respect to such pledge and security interest (including, without limitation, causing any or all of the Pledged Collateral to be transferred of record into the name of
the Buyer or its nominee (and the Buyer agrees that if any Pledged Collateral is transferred into its name or the name of its nominee, it will thereafter promptly give to NCMC copies of any notices and communications received by it with respect to
the applicable Pledged Collateral)); without limiting the generality of the foregoing, if any Pledged Collateral shall be evidenced by a promissory note or other instrument, NCMC shall deliver and pledge to the Buyer such note or instrument duly
endorsed or accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to the Buyer. 
  
 6.02 Other Financing Statements and Liens. Without the prior consent of the Buyer, NCMC shall not file or suffer to be on file or filed, or
authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Pledged Collateral in which the Buyer is not named as the sole secured party. 
  
 6.03 Preservation of Rights. The Buyer shall not be required to take
any steps necessary to preserve any rights against prior parties to any of the Pledged Collateral. 
  
 6.04 Pledged Collateral. 
  
 (a) Except as provided in Section 3.04(b) above and notwithstanding anything to the contrary herein or in the Master Repurchase Agreement or any documents
referenced therein, so long as no Event of Default shall have occurred and be continuing, NCMC shall have the right to exercise all voting and corporate rights pertaining to the Pledged Collateral for all purposes not inconsistent with the terms of
this Agreement, the Master Repurchase Agreement or any documents referenced therein; provided that 
  
 (i) NCMC agrees that it will not vote the Pledged Collateral in any manner that is inconsistent with the terms of this Guaranty, the Master Repurchase
Agreement or any 

  

 8 

 
documents referenced therein and (ii) the Buyer shall execute and deliver to NCMC or cause to be executed and delivered to NCMC all such proxies, powers of
attorney, dividend and other orders, and all such instruments, without recourse, as NCMC may reasonably request for the purpose of enabling NCMC to exercise the rights and powers which it is entitled to exercise pursuant to this Section 6.04.

  
 (b) Any provisions of the Operating Documents of the Seller
restricting the transferability of the ownership interests in the Seller shall not apply to the exercise by the Buyer of any of its rights and remedies under the Master Repurchase Agreement or any document referenced therein or to any sale,
assignment, transfer or other disposition by the Buyer of all or any part of any ownership interest in the Seller. 
  
 (c) NCMC recognizes and agrees that the Buyer has an absolute and unconditional right to liquidate the Pledged Collateral upon an Event of Default. NCMC
agrees not to seek any equitable or other relief to delay or prevent the Buyer from exercising its right to liquidate the Pledged Collateral upon an Event of Default. Further, NCMC recognizes and agrees that (i) the Pledged Collateral is not unique,
(ii) NCMC will not be irreparably harmed if the Pledged Collateral is liquidated by the Buyer upon an Event of Default, and (iii) in the event NCMC has a claim or cause of action against the Buyer for liquidation of the Pledged Collateral or other
actions of the Buyer, money damages will be sufficient to satisfy such claim or cause of action. 
  
 6.05 Events of Default, Etc. During the period during which an Event of Default has occurred and is continuing: 
  
 (a) the Buyer shall have all of the rights and remedies with respect to the
Pledged Collateral of a secured party under the UCC and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted (including, without
limitation, the right, to the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Pledged Collateral as if the Buyer were the sole and absolute owner thereof (and NCMC agrees to take
all such action as may be appropriate to give effect to such right)); 
  
 (b) the Buyer may make any reasonable compromise or settlement deemed desirable with respect to any of the Pledged Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of
the Pledged Collateral; 
  
 (c) the Buyer may, in its name or in
the name of NCMC or otherwise, demand, sue for, collect or receive any money or property at any time payable or receivable on account of, or in exchange for, any of the Pledged Collateral, but shall be under no obligation to do so; and 

 
 (d) the Buyer may, with respect to the Pledged Collateral or any part
thereof which shall then be or shall thereafter come into the possession, custody or control of the Buyer or any of its agents, sell, lease, assign or otherwise dispose of all or any part of such Pledged Collateral, at such place or places as the
Buyer deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of 

  

 9 

 
performance or notice of intention to effect any such disposition or of the time or place thereof (except such notice as is required above or by applicable
statute and cannot be waived), and any Person may be the purchaser, lessee, assignee or recipient of any or all of the Pledged Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold
the same absolutely free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of NCMC, any such demand, notice and right or equity being hereby expressly waived and released. The Buyer
may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may
be so adjourned. 
  
 NCMC recognizes that, by reason of certain
prohibitions contained in the Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws, the Buyer may be compelled, with respect to any sale of all or any part of the Pledged Collateral which
constitutes a “security” under the Securities Act, to limit purchasers to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment and not with a view to the distribution or resale
thereof. NCMC acknowledges that any such private sale may be at prices and on terms less favorable to the Buyer than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such
private sale shall be deemed to have been made in a commercially reasonable manner and that the Buyer shall not have any obligation to engage in public sales and no obligation to delay the sale of any such Pledged Collateral for the period of time
necessary to permit the respective issuer thereof to register it for public sale. 
  
 6.06 Removals, Etc. Without at least thirty (30) days’ prior notice to the Buyer, NCMC shall not change the name under which it does business from the name shown on the signature pages hereto. 

 
 6.07 Private Sale. The Buyer shall not incur any liability as a
result of the sale of the Pledged Collateral, or any part thereof, at any private sale pursuant to Section 6.05 hereof conducted in good faith. NCMC hereby waives any claims against the Buyer by reason of the fact that the price at which the Pledged
Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the Obligations. 
  
 6.08 Attorney-in-Fact. Upon the occurrence and during the continuance of any Event of Default, the Buyer is hereby
appointed the attorney-in-fact of NCMC for the purpose of carrying out the provisions of this Section 6 and taking any action and executing any instruments which the Buyer may deem necessary or advisable to accomplish the purposes hereof, which
appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, so long as the Buyer shall be entitled under this Section 6 to make collections in respect of the Pledged Collateral, the
Buyer shall have the right and power to receive, endorse and collect all checks made payable to the order of NCMC representing any dividend, payment or other distribution in respect of the Pledged Collateral or any part thereof and to give full
discharge for the same. 
  
 6.09 Termination. When all of
the Obligations shall have been paid in full, this Agreement shall terminate and the Buyer shall forthwith cause to be assigned, transferred and 

  

 10 

 
delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Pledged Collateral and money received in respect
thereof, to or on the order of NCMC. 
  
 6.10 Expenses.
NCMC agrees to pay, and the Obligations shall include, all out-of-pocket expenses (including reasonable expenses for legal services of every kind) of, or incident to the enforcement of any of the provisions of this Section 6, or performance by the
Buyer of any obligations of NCMC in respect of the Pledged Collateral which NCMC has failed or refused to perform, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Pledged
Collateral, and for the care of the Pledged Collateral and defending or asserting rights and claims of the Buyer in respect thereof, by litigation or otherwise. 
  

6.11 Further Assurances. NCMC agrees to, from time to time upon the request of the Buyer, execute and deliver such further documents and do such
other acts and things as the Buyer may reasonably request in order to effectuate the purposes of this Guaranty. 
  
 7. Right of Set-off. Upon the occurrence of any Event of Default, the Guarantors hereby irrevocably authorize the Buyer or any of its Affiliates at
any time and from time to time without notice to the Guarantors, any such notice being expressly waived by the Guarantors, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Buyer or any of its Affiliates to or for the credit or
the account of the Guarantors, or any part thereof in such amounts as the Buyer may elect, against and on account of the obligations and liabilities of the Guarantors to the Buyer hereunder and claims of every nature and description of the Buyer or
any of its Affiliates against the Guarantors, in any currency, whether arising hereunder, under the Master Repurchase Agreement as the Buyer may elect, whether or not the Buyer has made any demand for payment and although such obligations,
liabilities and claims may be contingent or unmatured. The Buyer shall notify the Guarantors promptly of any such set-off and the application made by the Buyer, provided that the failure to give such notice shall not affect the validity of such
set-off and application. The rights of the Buyer and its Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Buyer and its Affiliates may have. 
  
 8. No Subrogation. Notwithstanding any payment or payments made by the
Guarantors hereunder or any set-off or application of funds of the Guarantors by the Buyer or any of its Affiliates, the Guarantors shall not be entitled to be subrogated to any of the rights of the Buyer against the Seller or any other guarantor or
any collateral security or guarantee or right of offset held by the Buyer for the payment of the Obligations, nor shall the Guarantors seek or be entitled to seek any contribution or reimbursement from the Seller or any other guarantor in respect of
payments made by the Guarantors hereunder, until all amounts owing to the Buyer by the Seller on account of the Obligations are paid in full and the Master Repurchase Agreement is terminated. If any amount shall be paid to the Guarantors on account
of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantors in trust for the Buyer, segregated from other funds of each Guarantor, and shall, forthwith upon receipt
by the Guarantors, be turned over to the Buyer in the exact form 

  

 11 

 
received by the Guarantors (duly indorsed by the related Guarantor to the Buyer, if required), to be applied against the Obligations, whether matured or
unmatured, in such order as the Buyer may determine. 
  
 9.
Amendments, Etc. with Respect to the Obligations. The Guarantors shall remain obligated hereunder notwithstanding that, without any reservation of rights against the Guarantors and without notice to or further assent by the Guarantors, any
demand for payment of any of the Obligations made by the Buyer may be rescinded by the Buyer and any of the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or
guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Buyer, and the Master Repurchase
Agreement and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Buyer may deem advisable from time to time, and any collateral security, guarantee or
right of offset at any time held by the Buyer for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. The Buyer shall not have any obligation to protect, secure, perfect or insure any lien at any time held by it
as security for the Obligations or for this Guaranty or any property subject thereto. When making any demand hereunder against any Guarantor, the Buyer may, but shall be under no obligation to, make a similar demand on the Seller or any other
guarantor, and any failure by the Buyer to make any such demand or to collect any payments from the Seller or any such other guarantor or any release of the Seller or such other guarantor shall not relieve the Guarantors of their obligations or
liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of the Buyer against the Guarantors. For the purposes hereof “demand” shall include the commencement and continuance
of any legal proceedings. 
  
 10. Waiver of Rights. The
Guarantors waive any and all notice of the creation, renewal, extension or accrual of any of the Obligations, and notice of or proof of reliance by the Buyer upon this Guaranty or acceptance of this Guaranty; the Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty; and all dealings between the Seller and the Guarantors, on the one hand, and the Buyer, on the other hand,
likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty. The Guarantors waive diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Seller or the
Guarantors with respect to the Obligations. 
  
 11. Guaranty
Absolute and Unconditional. The Guarantors understand and agree that this Guaranty shall be construed as a continuing, absolute and unconditional guarantee of the full and punctual payment and performance by the Seller of the Obligations and not
of their collectibility only, and is in no way conditioned upon any requirement that the Buyer first attempt to collect any of the obligations from the Seller, without regard to (a) the validity, regularity or enforceability of the Master Repurchase
Agreement, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Buyer, (b) any defense, set-off or counterclaim (other than a defense of
payment or performance) which may at any time be available to or be asserted by the Seller against the Buyer, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Seller or the Guarantors) which constitutes, or
might be construed to constitute, 

  

 12 

 
an equitable or legal discharge of the Seller from the Obligations, or of the Guarantors from this Guaranty, in bankruptcy or in any other instance. When
pursuing its rights and remedies hereunder against the Guarantors, the Buyer may, but shall be under no obligation to, pursue such rights and remedies as it may have against the Seller or any other Person or against the Pledged Collateral or any
other collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Buyer to pursue such other rights or remedies or to collect any payments from the Seller or any such other Person or to
realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Seller or any such other Person or any such collateral security, guarantee or right of offset, shall not relieve the Guarantors of
any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Buyer against the Guarantors. This Guaranty shall remain in full force and effect and be binding in
accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of the Buyer, and its successors, indorsees, transferees and assigns, until all the Obligations and the
obligations of the Guarantors under this Guaranty shall have been satisfied by payment in full and the Master Repurchase Agreement shall be terminated, notwithstanding that from time to time during the term of the Master Repurchase Agreement the
Seller may be free from any Obligations. 
  
 12.
Reinstatement. This Guaranty shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Buyer upon
the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Seller or any of the Guarantors, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Seller or
any of the Guarantors or any substantial part of its property, or otherwise, all as though such payments had not been made. 
  
 13. Payments. The Guarantors hereby guarantee that payments hereunder will be paid to the Buyer without set-off or counterclaim in U.S. Dollars in
accordance with the wiring instructions of the Buyer. 
  
 14.
Notices. Except as provided herein, all notices required or permitted by this Guaranty shall be in writing (including without limitation by electronic transmission, email or facsimile) and shall be effective and deemed delivered only when
received by the party to which it is sent; provided, however, that a facsimile transmission shall be deemed to be received when transmitted so long as the transmitting machine has provided an electronic confirmation (without error message) of such
transmission and notices being sent by first class mail, postage prepaid, shall be deemed to be received five (5) Business Days following the mailing thereof. Any such notice shall be sent to a party at the address or facsimile transmission number
specified on the signature page hereto. 
  
 15.
Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 13 

 16. Integration. This Guaranty and the Master Repurchase Agreement and the other Program Documents
represent the agreement of the Guarantors with respect to the subject matter hereof and thereof and there are no promises or representations by the Buyer relative to the subject matter hereof or thereof not reflected herein or therein. The
Guarantors and the Buyer desire to enter into this Guaranty in order to amend, restate and replace the Original Guaranty in its entirety. 
  
 17. Amendments in Writing; No Waiver; Cumulative Remedies. (a) None of the terms or provisions of this Guaranty may be waived, amended,
supplemented or otherwise modified except by a written instrument executed by the Guarantors and the Buyer, provided that any provision of this Guaranty may be waived by the Buyer. 
  
 (b) The Buyer shall not by any act (except by a written instrument pursuant to Section 17(a) hereof), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on
the part of the Buyer, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by the Buyer of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Buyer would otherwise have on any future occasion. 
  
 (c) The rights and remedies herein provided are cumulative, may be exercised
singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
  
 18. Section Headings. The section headings used in this Guaranty are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

  
 19. Successors and Assigns. This Guaranty shall be
binding upon the successors and permitted assigns of the Guarantors and shall inure to the benefit of the Buyer and its successors and assigns. This Guaranty may not be assigned by any of the Guarantors without the express written consent of the
Buyer. 
  
 20. Governing Law. THIS GUARANTY SHALL BE
CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 21. SUBMISSION TO JURISDICTION; WAIVERS. EACH GUARANTOR HEREBY
IRREVOCABLY AND UNCONDITIONALLY: 
  
 (A) SUBMITS FOR ITSELF
AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY AND THE MASTER REPURCHASE AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE PERSONAL 

  

 14 

 
JURISDICTION OF 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 UNDER ITS SIGNATURE BELOW OR AT
SUCH OTHER ADDRESS OF WHICH THE BUYER SHALL HAVE BEEN NOTIFIED; AND 
  
 (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. 
  
 22. WAIVER OF JURY TRIAL. EACH GUARANTOR HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY, THE MASTER REPURCHASE AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

  
 23. Security Agreement. This Guaranty shall
constitute a “security agreement” within the meaning of the UCC. NCMC, by executing and delivering this Guaranty, has granted and hereby grants to the Buyer, as security for the Obligations, a security interest in the Pledged Collateral
that may be subject to the UCC. 
  
 24. Other Liens.
Notwithstanding anything to the contrary contained herein, liens previously granted by the Guarantors in favor of the Buyer or future liens that are granted by the Guarantors in favor of the Buyer will not constitute a breach of this Guaranty.

  
 25. Agents. The Buyer may employ agents and
attorneys-in-fact in connection herewith and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. 
  
 26. Counterparts; Facsimile. This Guaranty may be executed in any number of counterparts, all of which when taken
together shall constitute one and the same instrument and any of the parties hereto may execute this Guaranty by signing any such counterpart. An executed signature page delivered by facsimile shall have the same effect as an original signature page
delivered by mail. 
  
 [Signature Pages to Follow] 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Guaranty to be duly executed and delivered as of the day and year
first above written. 
  

									
	NEW CENTURY MORTGAGE CORPORATION,
jointly and severally as Guarantor	 	 	 	 BANK OF AMERICA, N.A.

					
	 By:
	 	 /s/ Patrick Flanagan
	 	 	 	 By:
	 	 /s/ Christopher G. Young

	 Name:
	 	 Patrick Flanagan
	 	 	 	 Name:
	 	 Christopher G. Young

	 Title:
	 	 President
	 	 	 	 Title:
	 	 Vice President

			
	NEW CENTURY FINANCIAL CORPORATION
(f/k/a NEW CENTURY REIT, INC.), jointly and severally as Guarantor	 	 	 	 
					
	 By:
	 	 /s/ Patrick Flanagan
	 	 	 	 	 	 
	 Name:
	 	 Patrick Flanagan
	 	 	 	 	 	 
	 Title:
	 	 Executive Vice President
	 	 	 	 	 	 
					
	 By:
	 	 /s/ Brad A. Morrice
	 	 	 	 	 	 
	 Name:
	 	 Brad A. Morrice
	 	 	 	 	 	 
	 Title:
	 	 President
	 	 	 	 	 	 
			
	Address for Notices with respect to each of the foregoing:	 	 	 	 BANK OF AMERICA, N.A.
 TX1-492-66-01
 901 Main Street, 66th Floor

	 NEW CENTURY MORTGAGE CORPORATION
	 	 	 	 Dallas, Texas 75202-3714

	 NEW CENTURY FINANCIAL CORPORATION
	 	 	 	 Attention:    Garrett Dolt

	 (f/k/a New Century REIT, Inc.)
	 	 	 	 Telephone:  (214) 209-2664

	 18400 Von Karman
	 	 	 	 Facsimile:   (214) 209-0338

	 Irvine, California 92612
	 	 	 	 
	 Attention:    Ralph Flick, Esq.
	 	 	 	 With a copy to:

	 Telephone:  (949) 224-5706
	 	 	 	 Attention:    Christopher G. Young

	 Facsimile:   (949) 440-7033
	 	 	 	 Telephone:  704-386-3614

	 	 	 	 	 Facsimile:

  

			
	Acknowledged and Accepted:
	
	NEW CENTURY TRS HOLDINGS, INC.
		
	 By:
	 	 /s/ Patrick Flanagan

	 Name:
	 	 Patrick Flanagan

	 Title:
	 	 Executive Vice President

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