Document:

EX-4.6

 Exhibit 4.6 
 IAMGOLD CORPORATION 
 MANAGEMENT INFORMATION CIRCULAR 

GENERAL PROXY INFORMATION 

Solicitation of Proxies 
 The
information contained in this management information circular (“Circular”) is furnished in connection with management’s solicitation of proxies to be used at the annual and special meeting (the “Meeting”) of the shareholders
of IAMGOLD Corporation (the “Corporation” or “IAMGOLD”), to be held at One King West Hotel & Residence, located at 1 King Street West, Toronto, Ontario, on Tuesday, May 21, 2013 at 4:00 p.m. (Toronto time), for the
purposes set out in the accompanying notice of the Meeting (the “Notice of Meeting”). 
 It is expected that management’s
solicitation of proxies for the Meeting will be made primarily by mail, however, directors, officers and employees of the Corporation may also solicit proxies by telephone, telecopier or in person in respect of the Meeting. This solicitation of
proxies for the Meeting is being made by or on behalf of the directors and management of the Corporation and the Corporation will bear the costs of this solicitation of proxies for the Meeting. In addition, the Corporation will reimburse brokers
and nominees for their reasonable expenses in forwarding proxies and accompanying materials to beneficial owners of the common shares of the Corporation (the “Common Shares”). 
 Registered Shareholders Voting by Proxy 
 Enclosed with this Circular is a form of
proxy. The persons named in the enclosed form of proxy are officers and/or directors of the Corporation. A shareholder of the Corporation may appoint a person (who need not be a shareholder of the Corporation) other than the persons already named
in the enclosed form of proxy to represent such shareholder of the Corporation at the Meeting by striking out the printed names of such persons and inserting the name of such other person in the blank space provided therein for that purpose. In
order to be valid, a proxy must be received by Computershare Trust Company of Canada, 9th Floor, 100 University Avenue, Toronto, Ontario, M5J 2Y1, no later than 5:00 p.m. (Toronto time) on May 16, 2013 or, in the event of an adjournment or
postponement of the Meeting, no later than 48 hours (excluding Saturdays, Sundays and holidays) before the time for holding the adjourned or postponed Meeting. 
 As noted in the Notice of Meeting accompanying this Circular, shareholders may also elect to vote electronically in respect of any matter to be acted upon at the Meeting. Votes cast electronically are in
all respects equivalent to, and will be treated in the exact same manner as, votes cast via a paper form of proxy. To vote electronically, registered shareholders are asked to go to the website shown on the form of proxy and follow the instructions
on the screen. Please note that each shareholder exercising the electronic voting option will need to refer to the control number indicated on their proxy form to identify themselves in the electronic voting system. Shareholders should also refer to
the instructions on the proxy form for information regarding the deadline for voting shares electronically. If a shareholder votes electronically he or she is asked not to return the paper form of proxy by mail. 

In order to be effective, a form of proxy must be executed by a shareholder exactly as his or her name appears on the register of shareholders of the
Corporation. Additional execution instructions are set out in the notes to the form of proxy. The proxy must also be dated where indicated. If the date is not completed, the proxy will be deemed to be dated on the day on which it was mailed to
shareholders. 

  
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 The management representatives designated in the enclosed form of proxy will vote the Common Shares in
respect of which they are appointed proxy in accordance with the instructions of the shareholder as indicated on the proxy and, if the shareholder specifies a choice with respect to any matter to be acted upon, the Common Shares will be voted
accordingly. In the absence of such direction, such Common Shares will be voted by the management representatives named in such form of proxy in favour of each of the matters referred to in the Notice of Meeting and will be voted by such
representatives on all other matters which may come before the Meeting in their discretion. 
 The enclosed form of proxy, when properly
signed, confers discretionary voting authority on those persons designated therein with respect to amendments or variations to the matters identified in the Notice of Meeting and with respect to other matters which may properly come before the
Meeting. At the date of this Circular, management of the Corporation does not know of any such amendments, variations or other matters. However, if such amendments, variations or other matters which are not now known to management of the
Corporation should properly come before the Meeting, the persons named in the enclosed form of proxy will be authorized to vote the Common Shares represented thereby in their discretion. 
 Non-Registered Shareholders 
 Only registered shareholders of the Corporation, or the
persons they appoint as their proxies, are entitled to attend and vote at the Meeting. However, in many cases, Common Shares beneficially owned by a person (a “Non-Registered Shareholder”) are registered either: 

 

	 	(a)	in the name of an intermediary (an “Intermediary”) with whom the Non-Registered Shareholder deals in respect of the Common Shares (Intermediaries include,
among others, banks, trust companies, securities dealers or brokers, trustees or administrators of a self-administered registered retirement savings plan, registered retirement income fund, registered education savings plan and similar plans); or

  

	 	(b)	in the name of a clearing agency (such as The Canadian Depository for Securities Limited, in Canada, and the Depositary Trust Company, in the United States) of which
the Intermediary is a participant. 

 In accordance with the requirements of National Instrument 54-101 – Communication
with Beneficial Owners of Securities of a Reporting Issuer of the Canadian Securities Administrators, the Corporation has distributed copies of the Notice of Meeting, this Circular and its form of proxy (collectively the “Meeting
Materials”) to the Intermediaries and clearing agencies for onward distribution to Non-Registered Shareholders. Intermediaries are required to forward the Meeting Materials to Non-Registered Shareholders unless the Non-Registered Shareholders
have waived the right to receive them. Intermediaries often use service companies to forward the Meeting Materials to Non-Registered Shareholders. Generally, Non-Registered Shareholders who have not waived the right to receive Meeting Materials will
either: 
  

	 	(c)	be given a voting instruction form which must be completed and returned by the Non-Registered Shareholder in accordance with the directions printed on the form (in some
cases, the completion of the voting instruction form by telephone, facsimile or over the Internet is permitted) or 

  

	 	(d)	 be given a form of proxy which has already been signed by the Intermediary (typically by a facsimile, stamped signature), which is restricted as to the
number of Common Shares beneficially owned by the Non-Registered Shareholder but which is otherwise not 

  
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completed by the Intermediary. Because the Intermediary has already signed the form of proxy, this form of proxy is not required to be signed by the Non-Registered Shareholder when submitting the
proxy. In this case, the Non-Registered Shareholder who wishes to submit a proxy should properly complete the form of proxy and deposit it with Computershare Trust Company of Canada, 9th Floor, 100 University Avenue, Toronto, Ontario, M5J 2Y1.

 In either case, the purpose of these procedures is to permit Non-Registered Shareholders to direct the voting of the Common
Shares they beneficially own. Should a Non-Registered Shareholder who receives either a voting instruction form or a form of proxy wish to attend the Meeting and vote in person (or have another person attend and vote on behalf of the Non-Registered
Shareholder), the Non-Registered Shareholder should strike out the names of the persons named in the form of proxy and insert the Non-Registered Shareholder’s (or such other person’s) name in the blank space provided or, in the case of a
voting instruction form, follow the directions indicated on the form. In either case, Non-Registered Shareholders should carefully follow the instructions of their Intermediaries and their service companies, including those regarding when and
where the voting instruction form or the proxy is to be delivered. 
 Revocation of Proxies 

A registered shareholder of the Corporation who has submitted a proxy may revoke it by: (a) depositing an instrument in writing signed by the
registered shareholder or by an attorney authorized in writing or, if the registered shareholder is a corporation, by a duly authorized officer or attorney, either (i) at the registered office of the Corporation, 401 Bay Street, Suite 3200, PO
Box 153, Toronto, Ontario, M5H 2Y4, at any time up to and including the last business day preceding the day of the Meeting, or (ii) with the Chairman of the Meeting prior to the commencement of the Meeting on the day of the Meeting;
(b) transmitting, by telephonic or electronic means, a revocation that complies with (i) or (ii) above and that is signed by electronic signature provided that the means of electronic signature permit a reliable determination that the
document was created or communicated by or on behalf of the registered shareholder or the attorney, as the case may be; or (c) in any other manner permitted by law. 
 A Non-Registered Shareholder who has submitted voting instructions to an Intermediary should contact their Intermediary for information with respect to revoking their voting instructions. 

  
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 VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF 

Description of Share Capital and Quorum 
 The Corporation is authorized to issue an unlimited number of Common Shares. Each Common Share entitles the holder of record to notice of and one vote at all meetings of the shareholders of the
Corporation. As at the close of business on April 15, 2013, there were 376,564,304 Common Shares outstanding. The presence of two persons entitled to vote at the Meeting, either as shareholders or proxy holders, and holding or representing not
less than twenty-five per cent of the Common Shares entitled to be voted thereat will constitute a quorum for the Meeting. 
 Record Date

 The directors of the Corporation have fixed the close of business on April 15, 2013 as the record date for the determination of
those holders of Common Shares entitled to receive notice of the Meeting. In addition to notice, holders of Common Shares of record at the close of business on April 15, 2013 will be entitled to vote at the Meeting and at all adjournments or
postponements thereof. 
 Ownership of Securities of the Corporation 
 As at and to April 15, 2013, to the knowledge of the directors and officers of the Corporation, and according to securities regulatory filings of which the Corporation has notice, other than
BlackRock Inc., which, as of February 28, 2013, held 43,954,065 Common Shares, or 11.67% of the Common Shares then outstanding, no person or company, directly or indirectly, beneficially owned, and/or exercised control or direction over, more
than ten per cent of the votes attached to all of the Common Shares outstanding. 
 Currency 

Unless stated otherwise, all references to dollar amounts in this Circular are to Canadian dollars or currency. 

  
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 BUSINESS OF THE MEETING 
 Election of Directors 
 The shareholders of the Corporation will be asked to elect 10
directors for the Corporation. Each director elected will hold office until the close of the next annual meeting of the shareholders of the Corporation, unless his office is earlier vacated or until his successor is appointed or elected. 

The persons named in the enclosed form of proxy intend to vote for the election of each of the nominees whose names are set forth below, unless the
shareholder of the Corporation who has given such proxy has directed that the Common Shares represented by such proxy be withheld from voting in respect of a nominee. Management of the Corporation does not contemplate that any of the nominees will
be unable to serve as a director of the Corporation for the ensuing year, however, if that should occur for any reason at or prior to the Meeting or any adjournment or postponement thereof, the persons named in the enclosed form of proxy have the
right to vote the proxy for the election of the remaining nominees and may vote in their discretion for the election of any person or persons in place of any nominees unable to serve. 
 The following table sets forth the name, the municipality of residence, the principal occupation or employment and the year he first became a director of the Corporation, for each nominee for election as
a director of the Corporation. 
  

					
	 Name and Municipality of Residence
	  	 Principal Occupation or Employment
	 	 Year First Became a

Director of
 the Corporation

	 WILLIAM D. PUGLIESE 

Aurora, Ontario, Canada
	  	Chairman of the Corporation	 	1990
			
	 STEPHEN J. J. LETWIN 

Toronto, Ontario, Canada
	  	President & CEO of the Corporation	 	2010
			
	 John E. Caldwell(1, 3)
 Toronto, Ontario, Canada
	  	Director of the Corporation	 	2006
			
	 DONALD K.
CHARTER(2, 5)
 Toronto, Ontario, Canada
	  	President, CEO and Director, Corsa
Coal Corp.	 	1994
			
	 W. ROBERT
DENGLER(3, 4)
 Aurora, Ontario, Canada
	  	Director of the Corporation	 	2005
			
	 GUY G. DUFRESNE(1, 4)
 Boucherville, Québec,
Canada
	  	Director of the Corporation	 	2006
			
	 RICHARD J. HALL (1, 5)
 Silverthorne, Colorado, USA
	  	Director of the Corporation	 	2012
			
	 MAHENDRA NAIK(1, 2)
 Markham, Ontario, Canada
	  	Chief Financial Officer, Fundeco Inc.
(Private Investment Company,
Chartered Accountant)	 	1990
			
	 JOHN T. SHAW (3,
5)
 Sydney,
Australia
	  	Director of the Corporation	 	2006
			
	 Timothy R. Snider (2, 4) 
 Tucson, Arizona, USA
	  	Director of the Corporation	 	2011

  
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	(1)	Member of the Audit and Finance Committee of the board of directors of the Corporation 

	(2)	Member of the Human Resources and Compensation Committee of the board of directors of the Corporation 

	(3)	Member of the Nominating and Corporate Governance Committee of the board of directors of the Corporation 

	(4)	Member of the Environmental, Health and Safety Committee of the board of directors of the Corporation 

	(5)	Member of the Reserves and Resources Committee of the board of directors of the Corporation 

 Biographies of each of the director nominees are set out in Appendix “A” to this Circular. In respect of the election of directors, the Corporation has adopted a majority voting policy that is
described in the Corporation’s Statement of Corporate Governance Practices found later in this Circular. Essentially, in order to be elected, a nominee must receive more votes for his election than withheld. 

Further information about the nominees for election as directors of the Corporation may be found in the most recent Annual Information Form of the
Corporation filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”), at www.sedar.com, and incorporated in the most recent Form 40-F of the Corporation filed in the United States on the system for Electronic
Data-Gathering, Analysis and Retrieval (“EDGAR”), at www.sec.gov/edgar.shtml, which information is hereby incorporated in this Circular. A copy of the Annual Information Form is available, free of charge, to any shareholder upon request to
the Secretary of the Corporation. 
 Re-appointment of Auditor 
 Unless authority to do so is withheld, the persons named in the accompanying proxy intend to vote for the re-appointment of KPMG LLP, Chartered Accountants, as auditor of the Corporation until the close
of the next annual meeting of shareholders or until their successor is appointed and to authorize the directors to fix their remuneration. KPMG LLP has been the auditor of the Corporation since June 18, 1998. In order to be effective, the
resolution with respect to the re-appointment of the auditor of the Corporation requires the approval of more than 50 per cent of the votes cast in respect of such resolution. 
 The aggregate fees billed by KPMG LLP in each of the last two financial years of the Corporation are as follows: 
  

									
	 Amounts in USD
	  	2012	 	  	2011	 
	 Audit Fees(1)
	  	 	1,680,000	  	  	 	1,580,000	  
	 Audit-Related Fees(2)
	  	 	328,000	  	  	 	750,000	  
	 Tax Fees(3)
	  	 	112,000	  	  	 	305,000	  
	 Non-Audit Fees(4)
	  	 	0	  	  	 	0	  
		  	  
	  
	 	  	  
	  
	 
	 Total - USD
	  	 	2,120,000	  	  	 	2,635,000	  
		  	  
	  
	 	  	  
	  
	 

  

	(1)	“Audit Fees” include the aggregate professional fees paid to KPMG LLP for the audit of the annual consolidated financial statements and other regulatory
audits and filings. 

  
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	(2)	“Audit-Related Fees” include the aggregate fees paid to KPMG LLP, for the provision of financial filing and corporate transaction advice services.

	(3)	“Tax Fees” include the aggregate fees paid to KPMG LLP for the provision of corporate tax compliance, tax planning and other tax related services.

	(4)	“Non-Audit Fees” mean fees for non-audit services, which are services other than audit services. 

Advisory Vote on the Corporation’s Approach to Executive Compensation 
 The Board has adopted a shareholder advisory vote on the Corporation’s approach to executive compensation, as disclosed under the heading “Statement of Executive Compensation,” elsewhere in
this Circular. As a formal opportunity to provide their views on the disclosed objectives of the Corporation’s pay for performance compensation model, shareholders are asked to review and vote, in a non-binding, advisory manner, on the
following resolution: 
 Resolved, on an advisory basis and not to diminish the role and responsibilities of the Board, that
the shareholders accept the approach to executive compensation disclosed in the Circular. 
 The Human Resources and Compensation Committee
(the “HRCC”), and the Board, will take the results of the vote into account, as appropriate, when considering future compensation policies, procedures and decisions, all of which are to be consistent with its pay for performance
compensation model (see the Statement of Executive Compensation for details regarding the compensation philosophy and guidelines of the Board and the metrics and process used to assess performance as well as whether any compensation consultant was
retained last year and, if so, the mandate of such consultant). The pay for performance compensation model is designed to attract, retain and motivate talented management and pay for actual performance which drives the long-term creation and
preservation of shareholder value. 
 The Board recommends that shareholders vote FOR the resolution to accept the
Corporation’s approach to executive compensation. 
 In the absence of any instructions to the contrary, the Common Shares represented
by proxies received by management will be voted FOR the approval of the resolution to accept the Corporation’s approach to executive compensation. 
 By-Law Amendments 
 On March 22, 2013, the Board of Directors of the Corporation
adopted By-Law Number Two of the Corporation (the “By-Law Amendments”), being a by-law to amend By-Law Number One of the Corporation. The By-Law Amendments increase the quorum requirement for shareholder meetings and introduce an advance
notice requirement in connection with shareholders intending to nominate directors in certain circumstances, each of which is described in more detail below. 
 Quorum Requirement 
 By-Law Number One previously provided that quorum for the conduct of
business at a shareholder meeting was established if there were two persons present at the opening of the meeting entitled to vote either as shareholders or as proxy holders and holding or representing more than 10% of the outstanding shares
entitled to vote at that meeting. The By-Law Amendments require that such persons must now hold or represent not less than 25% of the outstanding shares entitled to vote at the meeting. The Board believes that it is appropriate to increase the
quorum requirement in this manner as it is consistent with prevailing recommended governance practices and ensures a material number of shares is represented at any shareholder meeting. 

  
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 Advance Notice Provisions 
 The By-Law Amendments also incorporate an advance notice provision with respect to the nomination of directors. The By-Law Amendments set forth a procedure requiring advance notice to the Corporation by
any shareholder who intends to nominate any person for election as director of the Corporation other than pursuant to (i) a requisition of a meeting made pursuant to the provisions of the Canada Business Corporations Act (the
“CBCA”), or (ii) a shareholder proposal made pursuant to the provisions of the CBCA. Among other things, the By-Law Amendments set a deadline by which such shareholders must notify the Corporation in writing of an intention to
nominate directors prior to any meeting of shareholders at which directors are to be elected and set forth the information that the shareholder must include in the notice for it to be valid. 
 The Board believes that the By-Law Amendments provide a clear and transparent process for all shareholders to follow if they intend to nominate directors. In that regard, the By-Law Amendments provide a
reasonable time frame for shareholders to notify the Corporation of their intention to nominate directors and require shareholders to disclose information concerning the proposed nominees that is mandated by applicable securities laws. The Board
will be able to evaluate the proposed nominees’ qualifications and suitability as directors and respond as appropriate in the best interests of the Corporation. The By-Law Amendments are also intended to facilitate an orderly and efficient
meeting process. 
 In the case of an annual meeting of shareholders, notice to the Corporation must be made not less than 30 and not more than
65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting
was made, notice may be made not later than the close of business on the 10th day following such public announcement. 
 In the case of a
special meeting of shareholders (which is not also an annual meeting), notice to the Corporation must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special
meeting was made. 
 Resolution to Confirm By-Law Amendments 
 The foregoing is only a summary of the principal provisions of the By-Law Amendments and is qualified by reference to the full text of the By-Law Amendments included at Appendix “C” to this
Circular. Shareholders are urged to review the By-Law Amendments in their entirety. 
 The By-Law Amendments are in effect until they are
confirmed, confirmed as amended or rejected by shareholders at the Meeting and, if the By-Law Amendments are confirmed at the Meeting, they will continue in effect in the form in which they were so confirmed. Accordingly, at the Meeting,
Shareholders will be asked to pass the following ordinary resolution: 
 RESOLVED that: 

1. By-law Number Two of the Corporation in the form made by the board of directors, being a by-law to amend By-law
Number One of the Corporation and included as Appendix “C” to the Corporation’s Management Information Circular dated April 15th, 2013 is hereby confirmed; 
 2. Any director or officer of the Corporation is hereby authorized and directed, acting for, in the name of and on behalf of the Corporation, to execute or cause to be executed, and to deliver or cause
to be delivered, such other documents and instruments, and to do or cause to be 

  
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done all such other acts and things, as may in the opinion of such director or officer be necessary or desirable to carry out the foregoing resolution. 

The Board believes that the By-Law Amendments are in the best interests of the Corporation and therefore recommends that shareholders vote
FOR the ordinary resolution to confirm the By-Law Amendments. In order to be confirmed, the resolution requires the affirmative vote of a simple majority of the votes cast, in person or by proxy, at the Meeting. 

In the absence of any instructions to the contrary, the Common Shares represented by proxies received by management will be voted FOR the approval of
the ordinary resolution to confirm the By-Law Amendments. 

  
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 STATEMENT OF EXECUTIVE COMPENSATION 

Human Resources and Compensation Committee Report 
 The fundamental objective of IAMGOLD’s executive compensation practices is to motivate and reward executives for the long-term creation and preservation of shareholder value. To meet this objective
the Corporation’s executive compensation programs and policies are designed with the following principles: 
  

	 	•	 	 attract, retain, motivate and reward high-calibre executive talent through competitive pay practices; 

 

	 	•	 	 link the compensation model directly to specific and measurable corporate, operational, functional and personal performance objectives while exercising
overall discretion to ensure the appropriate compensation results; 

  

	 	•	 	 motivate high-performers to achieve exceptional levels of performance through rewards; 

 

	 	•	 	 align compensation with the risk profile of the Corporation; and 

 

	 	•	 	 encourage and require executives to own shares of the Corporation to more fully align the interests of management with the interests of shareholders.

 The Corporation’s executive compensation program includes four components: 

 

	 	•	 	 base salary; 

  

	 	•	 	 short-term incentives (cash); 

  

	 	•	 	 long-term incentives (equity); and 

  

	 	•	 	 benefits and perquisites. 

The Corporation’s commitment to linking pay with performance is reflected in the percentage of executive compensation that is performance-based and
‘at risk’ through incentive compensation that rewards for shareholder value creation. For each Named Executive Officer (“NEO”), performance-based at-risk compensation comprises a majority of total direct compensation. 

IAMGOLD’s compensation programs and practices have been established to ensure appropriate alignment with the long-term success of the organization
and good governance practices: 
  

	 	•	 	 Majority of NEO total compensation is performance-based and ‘at risk’ 

 

	 	•	 	 Cash or equity incentive awards are earned, not guaranteed 

 

	 	•	 	 Payouts from short-term and long-term incentive plans are generally capped to avoid excessive or extreme compensation awards

  

	 	•	 	 Performance goals are set to motivate and reward for high performance within the risk profile of the Corporation 

 

	 	•	 	 Payouts under the short-term incentive plan are contingent on specific measurable performance objectives, which support long-term shareholder value
creation 

  
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	 	•	 	 Equity long-term incentives include performance-based share units with vesting tied to relative Total Shareholder Return (“TSR”) performance
and production growth. In addition, stock option grant sizes are directly linked to performance and have no value unless share price increases 

  

	 	•	 	 Equity long-term incentives have vesting over 3-year and 5-year horizons (based on time and performance) 

 

	 	•	 	 Board and Human Resources Compensation Committee has discretion to adjust compensation awards where appropriate 

 

	 	•	 	 Compensation-related risks are regularly reviewed and monitored 

 

	 	•	 	 Program designs incorporate risk mitigating performance measures such as relative Return on Capital Employed (“ROCE”) and shareholder return
measures and targets which are based on budget and past performance 

  

	 	•	 	 Structured to minimize commodity price impact of performance awards 

 

	 	•	 	 Existence of a clawback policy 

  

	 	•	 	 Share ownership requirements for senior executives and directors 

 

	 	•	 	 Company prohibits senior executives and directors from engaging in hedging against a decrease on the market value of company shares

  

	 	•	 	 The Human Resources and Compensation Committee meets in-camera after each meeting for additional compensation discussions, including the review of CEO
compensation 

  

	 	•	 	 Shareholder “Say on Pay” vote 

  

	 	•	 	 The Human Resources and Compensation Committee retains an independent advisor 

Overall, 2012 was a challenging year with lower gold production and higher operating costs. Revenue was flat at $1.7 billion and net earnings decreased
by 14% to $334.7 million. 
 Appropriately, the Short-term Incentive Compensation Plan scores and compensation payouts are commensurate with the
Corporation’s corporate and operating performance. Total Shareholder Return, reserve replacement, and the Health and Safety metric received a 0 score (out of a possible score of 2), while exemplary performance in sustainability resulted in a
top performance score of 2. Although the Corporation exceeded the budgeted 15% on return on capital employed by achieving a 16% return on capital employed, the plan target was to exceed budget by 10%, which resulted in a performance score of 0.9.
Lastly, the Corporation’s operating performance was above the plan’s threshold, although slightly, and resulted in a performance score of 0.8 (out of a possible 1.75). 
 The executive compensation plan is specifically designed to demonstrate a strong link between the Corporation’s performance and executive compensation payouts. 2012 was indeed a challenging year for

  
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the Corporation and in light of overall performance achieved, compensation payouts for the NEOs ranged between 61% and 73% of target and were significantly below the maximum target opportunity
available in the plan’s design. Furthermore, the CEO elected to receive his STI award of 63% of target in the form of Restricted Share Units that cliff-vest after 35-months. The Chief Operating Officer was awarded an STI payout in the amount of
61% of target of which the COO elected to receive 19% in the form of Restricted Share Units. This election underscores the CEO’s and COO’s commitment to the longer term performance of the Corporation in light of the challenging operating
and share price performance in 2012. 
 IAMGOLD’s executive compensation program and practices are described in detail over the following
pages of the Compensation Discussion and Analysis. The Corporation believes that the compensation program continues to support its goal of rewarding executives for the long-term creation and preservation of value for shareholders. 

Submitted by the Human Resources and Compensation Committee on behalf of the Board of Directors, 

Donald K. Charter (Chairman) 
 Mahendra Naik

 Timothy Snider 
 COMPENSATION
DISCUSSION AND ANALYSIS 
 This Compensation Discussion and Analysis describes the Corporation’s approach to executive compensation by
outlining the processes and decisions behind what the Corporation paid its executive officers who were, during or as at the end of the Corporation’s financial year ended December 31, 2012, the CEO, CFO and three other most highly
compensated executive officers of the Corporation (the “Named Executive Officers” or “NEOs”). The NEOs for 2012 were: 
  

	 	•	 	 Stephen J.J. Letwin, President and CEO (“President & CEO”); 

 

	 	•	 	 Carol Banducci, Executive Vice President and Chief Financial Officer (“EVP & CFO”); 

 

	 	•	 	 Gordon Stothart, Executive Vice President and Chief Operating Office (“EVP & COO”); 

 

	 	•	 	 Denis Miville-Deschênes, Senior Vice President, Project Development (“SVP, Project Development”); and 

 

	 	•	 	 Craig MacDougall, Senior Vice President, Exploration (“SVP, Exploration”). 

IAMGOLD’s approach to executive compensation and the executive compensation awarded is broken out in the following three sections: 

 

	 	•	 	 Section 1: Compensation program oversight and governance, including the composition, role, activities and qualifications of the Human
Resources and Compensation Committee, and the role of compensation consultants; 

  

	 	•	 	 Section 2: Compensation program design, including the Corporation’s executive compensation philosophy, the various components and
objectives of the Corporation’s executive compensation model, guiding principles and peer group(s); and 

  

	 	•	 	 Section 3: Compensation decisions related to 2012 performance, including the 2012 performance criteria, assessments and NEO pay decisions.

  
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 Section 1: Compensation Program Oversight and Governance 

Role of the Human Resources and Compensation Committee (“HRCC”) 
 As part of its Board-approved mandate, the HRCC: 
  

	 	•	 	 recommends to the Board the goals and objectives comprising the executive compensation plan based on the Board approved corporate strategy, against
which the performance of the CEO and other executive officers are assessed; 

  

	 	•	 	 reviews the CEO’s responsibilities periodically and from time to time recommends to the Board changes to such responsibilities;

  

	 	•	 	 leads the annual review and evaluation process of the CEO’s performance and reports results to the Board; 

 

	 	•	 	 reviews the performance of the other executive officers, based on a report submitted by the CEO; 

 

	 	•	 	 recommends to the Board the salaries and short-term incentives of the Corporation’s executive officers, on an individual basis, and the
compensation of non-executive employees on an aggregate basis; 

  

	 	•	 	 recommends to the Board equity-related compensation in the form of stock options and/or performance deferred share units as part of the compensation of
executive and non-executive participants; 

  

	 	•	 	 administers the Corporation’s share incentive plan under which such equity-related compensation is granted; 

 

	 	•	 	 reports to the Board on the Corporation’s organizational structure, implementation of executive officer succession programs, total compensation
practices, human resources practices and executive development programs; 

  

	 	•	 	 reviews any employment agreement between the Corporation and an NEO including terms addressing retirement, termination of employment or other special
circumstances, and if appropriate, recommends to the Board for approval; and 

  

	 	•	 	 reviews the operation and administration of the Corporation’s retirement benefit plans. 

Composition of the Human Resources and Compensation Committee 
 The Board has determined that the HRCC is to be comprised of at least three directors, each of whom must be independent under applicable laws, policies and stock exchange rules. In addition, keeping with
governance best practice, the HRCC should consist of directors who are knowledgeable about issues related to human resources, talent management, compensation, governance and risk management. 
 The current members of the HRCC include Mr. Donald K. Charter, Mr. Mahendra Naik, and Mr. Timothy Snider, all of whom are independent and have the knowledge, skills and experience
required by the Board to effectively fulfill the HRCC mandate. Further, the HRCC members have no interlocking relationships as Board members of other companies among themselves or with management. The table below summarizes the relevant IAMGOLD
Board committee experiences of each HRCC member, followed by additional commentary: 

  
 13 

																					
	 HRCC
 Member
	  	IAMGOLD Board Member Experience (Present and Past 3 Years) (1)
	  	Board of
Directors	  	Human Resources
and 
Compensation
Committee	  	Audit Committee	  	Reserves &
Resources	  	Environmental
Health and 
Safety
	  	Member	  	Chair	  	Member	  	Chair	  	Member	  	Chair	  	Member	  	Chair	  	Member	  	Chair
	 D.K. Charter
	  	Ö	  		  	Ö	  	Ö	  	Ö	  		  	Ö	  		  		  	
	 M. Naik
	  	Ö	  		  	Ö	  		  	Ö	  		  		  		  		  	
	 T. Snider
	  	Ö	  		  	Ö	  		  		  		  		  		  	Ö	  	

  

	1.	Most HRCC members also have extensive experience beyond 3 years. 

 Collectively, the HRCC members have extensive compensation-related experience in the natural resources sector as senior executive officers (past and present) and members of Boards and committees of other
public corporations: 
  

	 	•	 	 Mr. Charter is President and CEO of Corsa Coal Corp., an international operating public coal mining company, Chairman of the Board of Adriana
Resources, and Chairman of the Compensation Committee and member of the Audit Committee of Lundin Mining Corporation, an international public metals and mining company. Mr. Charter also has compensation-related experience through his roles as a
member of Compensation Committees for a number of public companies over his career and as a senior executive, including President & CEO of Dundee Securities Group, a financial services organization with over 1,000 employees.

  

	 	•	 	 Mr. Naik is President & CEO of Finsec Services Inc., a private management services company, and CFO of Fundeco Inc., a private investment
company. Mr. Naik is also Chairman of the Board and Chair of the Audit Committee of Fortune Minerals Inc., a diversified public minerals and resources company. Mr. Naik also has compensation related experience through his background as a
chartered accountant. Mr. Naik is also a member of IAMGOLD’s Audit and Finance Committee, which helps the HRCC understand and discuss relevant issues for both Committees. 

 

	 	•	 	 Mr. Snider was appointed President of Phelps Dodge Mining Company in 1998 and in 2003 was promoted to President and Chief Operating Officer of
Phelps Dodge Corporation. In these roles, he led the operational and technical integration of Phelps Dodge’s Cyprus-AMAX acquisition and helped to establish Phelps Dodge as one of the industry leaders in technology development and operational
excellence. In early 2007, he assumed the role of President and Chief Operating Officer of Freeport-McMoRan Copper and Gold, Inc. upon Freeport’s acquisition of Phelps Dodge. Mr. Snider is a director of Compañía de Minas
Buenaventura, SA, the largest Peruvian mining company. He is also Chairman of Cupric Canyon Capital, LLC., a private equity firm which invests in copper resources. Mr. Snider is the founding Chairman of the Board of the Institute for
Mineral University Foundation and the Mining Foundation of the Southwest. 

 Activities of the Human Resources and
Compensation Committee in 2012 
 The HRCC met eight times in 2012. In the execution of its mandate, the HRCC: 

 

	 	•	 	 assessed the effectiveness of the existing compensation model, which included a review of the Board’s compensation philosophy, methodology and
program design compared to the Corporation’s peer groups (identified below under Pay and Performance Peer Groups) to ensure relevancy and appropriateness; 

 

	 	•	 	 assessed the performance of executive officers against Board approved objectives; 

 

	 	•	 	 approved minimum share ownership requirements for the executive officers; 

  
 14 

	 	•	 	 engaged the services of an external compensation consultant to provide independent advice and expertise on executive compensation matters;

  

	 	•	 	 recommended to the Board the corporate, operational, functional and personal performance objectives and benchmarks for the executive officers, with a
view to advancing the corporate strategy adopted by the Board; 

  

	 	•	 	 recommended to the Board the compensation payable consistent with the personal performance of each NEO and executive officer; and

  

	 	•	 	 reviewed the potential for any material risks arising from the compensation programs. 

Compensation Risk Management 
 The
HRCC, and the Board, regularly review and evaluate potential risks to the Corporation resulting from the design of the Corporation’s executive compensation program. These risks include executive retention, promotion of short-term risky
behaviour and unexpected payouts that are not aligned with performance. In addition, in 2012, the HRCC asked its independent compensation consultant to examine the pay programs and practices to identify any material risks that may arise. Neither the
HRCC nor the Board has identified any potential risks associated with the compensation policies or practices of the Corporation that would reasonably be likely to have a material adverse effect on the Corporation. The HRCC believes the
compensation program: 
  

	 	•	 	 effectively balances pay for performance and retention of highly skilled executives; 

 

	 	•	 	 mitigates the risk of large unanticipated or unwarranted payouts; and 

 

	 	•	 	 encourages executives to consider how short-term actions will contribute to long-term success. 

Some specific risk-mitigating features of the compensation program include: 

 

					
	 Area of Focus
	 	 Risk-mitigating Features

			
	Compensation Program Design	 	•	  	 isolating as much as possible for the impact of commodity prices through relative performance metrics and using budgeted commodity
prices rather than allowing for the influence of actual prices.
  

	 	•	  	payouts from the short-term and long-term incentive plans are generally capped to avoid excessive or extreme compensation awards.
			
		 	•	  	the HRCC retains discretion to adjust the compensation of an executive, as it deems appropriate, to ensure that pay outcomes match actual performance outcomes. Both the STI formula
and LTI framework are intended to serve as guidelines for the Committee.
			
	STIP	 	•	  	short-term incentive plan includes multiple layers of performance measurement including corporate, operational, functional and personal performance goals. Challenging performance
targets drive longer-term performance and long-term value creation (e.g., 3-year Total Shareholder Return (TSR) and reserve replacement).
			
		 	•	  	the impact of gold prices are neutralized by using relative total shareholder return performance (1 year and 3 year) and using a budgeted gold price to set operating goals. In
addition, reserve increases resulting solely from gold price increases are not included in the reserve calculation for incentive awards.
			
	LTIP	 	•	  	grant levels are determined based on performance (as measured under the STI) and pay outcomes are directly tied to relative TSR, production growth and absolute share price
appreciation (e.g., stock options have no value if there is no share price appreciation).
			
		 	•	  	annual overlapping equity incentive plan grants vest according to a staggered schedule and performance criteria must be met or exceeded, i.e., stock options vest over a 5 year
period, and performance share units vest only at the end of 35 months (and not in part before), which keeps the executive continually focused on future value creation.

  
 15 

			
	Governance	  	 •   regular stress testing of potential payouts under the short-term and
long-term incentive plans to avoid unintended behaviours and compensation outcomes.
  
 •   the use of a contractual claw-back for incentive compensation plans where the performance underlying such compensation is subsequently found not to be confirmed (e.g., upon a
material earnings restatement).
  

•   minimum share ownership requirements for NEOs and executives that must be maintained
through their tenure.
  

•   the submission, annually, of the compensation program recommended by the HRCC and
approved by the Board, to the shareholders of the Corporation for an advisory vote on the acceptability of the approach to executive compensation being taken by the Corporation (a “Say on Pay”).

 
 •   a policy that
prohibits senior executives and directors from hedging against a decrease in the market value of the Corporation’s shares.
  

•   on a regular basis, the retention by the HRCC of an independent advisor to provide
external perspective on market changes and best practices related to compensation design, governance and compensation risk management.

 Management’s Role in Compensation Decision Making 

The CEO sets corporate, operational, functional and personal objectives for each executive. Objectives are consistent with the corporate strategy adopted
by the Board at the beginning of each year. Based upon the CEO’s year-end assessment of the accomplishment of performance objectives, policy guidelines, competitive benchmark data and industry practice, the CEO provides recommendations to the
HRCC for consideration with respect to base salary increases, short-term cash incentives, and long-term equity incentives in respect of individual executives. 
 At the beginning of the year the CEO prepares a draft of his personal objectives. These are finalized after feedback from the HRCC and the Board. At the end of the year, the HRCC reviews CEO performance
against these personal objectives and overall corporate performance. Compensation recommendations are then made to the Board. The SVP HR assists the CEO with making recommendations regarding the other executive officers. Other executives are not
involved in any compensation related decisions with respect to NEOs or executives generally. 
 Management also collects and summarizes
competitive compensation data and company financial and market performance data for the HRCC’s consideration in its decision making. The specific peer or market comparator group against which compensation practices are assessed is described
further under “Pay Peer Group”. 
 Compensation Consultants 
 The HRCC from time to time retains compensation consultants to provide expert, independent advice in respect of compensation policy and decisions. The role of consultants is to support the HRCC and to act
only on instructions provided or approved by the HRCC Chair. A consultant does not perform work other than work pre-approved in writing by the HRCC Chair. Decisions and recommendations to the Board made by the HRCC are its responsibility and may
reflect factors and considerations other than the information and recommendations provided by compensation consultants. 
 Hugessen Consulting
was engaged by the HRCC in 2011 to provide independent advice and support on executive compensation and director compensation. 

  
 16 

 In December 2011, Towers Watson was retained for services related to executive compensation, reporting
directly to the HRCC. In 2012, Towers Watson assisted the HRCC by: 
  

	 	•	 	 reviewing the companies that comprise our peer group; 

 

	 	•	 	 providing competitive total direct compensation levels against our peer group; 

 

	 	•	 	 reviewing the effectiveness of our compensation programs; 

 

	 	•	 	 assessing executive compensation risk; and 

  

	 	•	 	 reviewing executive compensation disclosure. 

 The HRCC reviewed and ensured the independence of Hugessen Consulting and Towers Watson in connection with the advice provided. 
 The table below summarizes the fees paid to each consulting firm over the past two years in respect of executive compensation (“EC”) and non-executive compensation (“Non-EC”)
consulting services: 
  

																	
	 Consultant
	  	2011	 	  	2012	 
	  	EC	 	  	Non-EC	 	  	EC	 	  	Non-EC	 
	 Hugessen Consulting
	  	$	13,600	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Towers Watson
	  	$	1,700	  	  	$	30,329	  	  	$	196,948	  	  	$	9,896	  

 Executive Share Ownership 
 With a view to further aligning the interests of executives and shareholders, the Corporation implemented a policy in 2010 for its executives to own a number of Common Shares. Ownership levels can be
achieved by the accumulation of Common Shares and vested and unvested deferred shares (including shares with time vesting or performance vesting conditions): 
  

					
	 Executive Position
	  	Share Ownership 
Requirement
(Number of Shares)	 
	 President & CEO
	  	 	125,000	  
	 Executive Vice President
	  	 	48,000	  
	 Senior Vice President
	  	 	30,000	  
	 Vice President
	  	 	20,000	  

 Anti-hedging Policy 
 To further align the interests of executives and directors with the creation and protection of short-term and long-term value for shareholders, the Corporation prohibits officers and directors from
engaging in hedging against a decrease in the market value of IAMGOLD equity securities. The Corporation is not aware of any officers or directors who have engaged in any such hedging activities. 

Section 2: Compensation Program Design 
 IAMGOLD conducted a thorough review of its compensation programs and practices in late 2011 and early 2012. Following that review, some changes were made to the executive compensation programs, including
the following: 

  
 17 

	 	•	 	 updated the pay and performance peer group for 2012 to better align with specific criteria including industry, size (as measured by revenue and market
capitalization), and complexity of a Canadian publicly-traded corporation with international operations; 

  

	 	•	 	 replaced the relative return on capital (“ROC”) component in the short-term incentive plan with an absolute return on capital employed
(“ROCE”) measure with a target based on the Corporation’s budget for the upcoming year; 

  

	 	•	 	 revisited the CEO compensation package in light of his positive contribution to the successful completion of the 2011 financial year and in
consideration of the competitive market data for the peer group. Base salary increased to $850,000 (from $750,000 for partial 2010 and full 2011 service) and target bonus increased to 125% of salary (from 100% of salary) for fiscal 2012;

  

	 	•	 	 increased target short-term incentive levels for some of the senior executive team based on an understanding of the stretch nature (e.g., target payout
generally only possible for performance above peers or budget) of the Corporation’s performance targets within the STIP, and with reference to the competitive market data for the peer group. Target bonus levels for the EVP & COO
increased to 85% of salary (from 65% of salary), SVP, Project Development & SVP Exploration increased to 65% (from 50% of salary); and 

  

	 	•	 	 adjusted threshold STIP performance levels in light of the stretch nature of the Corporation’s performance targets. 

Looking ahead to 2013, IAMGOLD made some prospective changes to the executive compensation programs, including the following: 

 

	 	•	 	 reviewed and updated the pay peer group for 2013 to align with specific criteria including industry, size (as measured by revenue and market
capitalization), and complexity of a Canadian publicly-traded Corporation with international operations; as a result, Franco-Nevada and Silver Wheaton were removed, and Pan American Silver was added; 

 

	 	•	 	 revised former capital expenditure (“CAPEX”) deduction in the Net Operating Cash Flow calculation (within the STI plan) to include only
capitalized stripping so that any reductions in CAPEX spending do not artificially inflate the Net Operating Cash flow performance; this revision was applied retroactively to January, 2012 at the discretion of the HRCC and Board of Directors;

  

	 	•	 	 included a qualitative criteria factor, relating to performance against the CAPEX program, to the Functional component of the STI plan. This addition
will enhance the Corporation’s increased focus on cost management and the capital expenditure programs in the STI plan. The Functional performance factor weightings for each of the NEOs, except for the SVP, Exploration were adjusted to reflect
the relative contributions and oversight provided by each NEO to the effective implementation of the CAPEX programs. The revised 2013 weightings are illustrated in the following chart: 

 

																			
	 
Position
	  	Executive	  	Performance Criteria & Weightings	 
	  	  	Corporate	 	 	Operating	 	 	Functional	 
	  	  	 	 	Total	 	 	%
CAPEX
objectives	 
	 President & Chief Executive Officer
	  	Steve Letwin	  	 	40	% 	 	 	35	% 	 	 	25	% 	 	 	90	% 
	 Executive Vice President & Chief Financial Officer
	  	Carol Banducci	  	 	40	% 	 	 	30	% 	 	 	30	% 	 	 	20	% 
	 Executive Vice President & Chief Operating Officer
	  	Gordon Stothart	  	 	30	% 	 	 	40	% 	 	 	30	% 	 	 	75	% 
	 Senior Vice President, Project Development
	  	Denis Miville-Deschênes	  	 	30	% 	 	 	15	% 	 	 	55	% 	 	 	80	% 
	 Senior Vice President, Exploration
	  	Craig MacDougall	  	 	30	% 	 	 	20	% 	 	 	50	% 	 	 	0	% 

  
 18 

 Pay Peer Group 
 At least annually, the HRCC reviews market data to assess the competitiveness of total compensation (base salary, short term and long term incentives) for the CEO, NEOs and executive generally. The market
data is used as a reference point only and the HRCC does not target a specific competitive position of the comparator group to set NEO compensation levels. 
 When developing the market comparator groups, the Corporation considers organizations that are similar in size and scope of operations and are representative of the market within which the Corporation
competes for leadership talent. 
 For 2012, the Corporation’s CEO and NEOs were compared to benchmark positions among a sample of
companies based on the following criteria: 
  

	 	•	 	 industry classification: gold, diversified metals and mining and precious metals and minerals; 

 

	 	•	 	 market capitalization of approximately half to two times IAMGOLD; 

 

	 	•	 	 revenue greater than $100 million; 

  

	 	•	 	 publicly traded on the TSX; and 

  

	 	•	 	 headquartered in Canada with international operations. 

 For additional reference, industry surveys from PriceWaterhouseCoopers Consulting, Mercer, and Towers Watson are also reviewed as a general indicator of competitive compensation levels (no specific peer
groups were used in this survey data). 
 As described previously, the comparator group was reviewed in early 2012 and updated to better align
with specific attributes of the Corporation including industry, size (as measured by revenue and market capitalization), and complexity of a Canadian publicly-traded Corporation with international operations. The table below compares the
organizations included in the 2011 and updated 2012 comparator groups. 
  

					
	 Corporation
	  	2011 Compensation
Comparator Group
(n =
14)	  	2012 Compensation
Comparator Group
(n = 11)
	 Agnico Eagle Mines Ltd.
	  	Ö	  	Ö
	 Centerra Gold Corp.
	  	Ö	  	Ö
	 Eldorado Gold Corp.
	  	Ö	  	Ö
	 First Quantum Minerals Ltd.
	  	Ö	  	Ö
	 Franco-Nevada Corporation
	  	Ö	  	Ö
	 HudBay Minerals
	  	Ö	  	
	 Inmet Mining Corp.
	  	Ö	  	Ö
	 Ivanhoe Mines Ltd.
	  	Ö	  	
	 Kinross Gold Corp.
	  	Ö	  	Ö
	 Lundin Mining Corporation
	  	Ö	  	Ö
	 New Gold
	  		  	Ö
	 Osisko Mining Corp.
	  	Ö	  	
	 Randgold Resources Ltd.
	  	Ö	  	
	 Silver Wheaton Corp.
	  	Ö	  	Ö
	 Yamana Gold Inc.
	  	Ö	  	Ö

  
 19 

 2012 Comparator Group – Compensation Peers 

 

													
	 Percentile
	  	Scope Information ($Millions)	 
	  	Dec. 31 2012
Market 
Cap. (CAD) (1)	 	  	2011 Revenue
(USD) (1)	 	  	2011 Assets
(USD) (1)	 
	
25th Percentile
	  	$	5,134	  	  	$	730	  	  	$	2,901	  
	
50th Percentile
	  	$	8,972	  	  	$	1,020	  	  	$	3,864	  
	
75th Percentile
	  	$	11,011	  	  	$	2,173	  	  	$	5,298	  
	 Average
	  	$	8,092	  	  	$	1,467	  	  	$	5,444	  
	 IAMGOLD Corp.
	  	$	4,394	  	  	$	1,673	  	  	$	4,394	  

  

	1.	As reported by Standard & Poor’s Capital IQ. 

 For 2013 compensation decisions, the peer group selection criteria were revisited and further refined to focus only on operating companies (i.e., excluding royalty or streaming companies). Based on the
addition of this criterion, and the application of existing criteria, the following changes were made to the composition of the peer group for 2013: 
  

	 	•	 	 remove Silver Wheaton and Franco-Nevada as they do not have direct mining operations; and 

 

	 	•	 	 add Pan American Silver, as it is now within the market capitalization range. 

Components of Executive Compensation 
 Compensation of NEOs is made up of the following four elements, all designed to align the interests of NEOs and shareholders in the long-term creation and preservation of shareholder value. 

 

							
	 Compensation Element
	  	 Type
	  	 Description
	  	 Purpose

				
	Base Salary	  	Fixed	  	 Base salary levels for NEOs and other executive officers reflect:

 
 •   scope, complexity
and responsibility of the role of the executive;
  
 •   competitiveness with salary levels for similar positions at companies included in market comparator groups; and

 
 •   executive’s
experience and sustained performance level.
  
 Comparative market analysis
and individual performance assessments occur annually to ensure compensation remains competitive and result in periodic base salary adjustments, when necessary, to remain competitive.
	  	Provide competitive
compensation  
 Recognize skills
and experience
  
 Attract and retain
key talent

  
 20 

									
	Short-term Incentive Plan	  	Variable	 	All executives including the NEOs participate in an annual performance based STIP whereby awards are based on achievement of corporate, operational, functional and
personal objectives.	  	Motivate the
achievement of
annual goals and
objectives  

	  		 	•	 	A target STIP level is set as a percentage of base salary. While consideration is given to practices within the comparator group in setting these percentages, the comparator group
data are used as a reference point only.	  	Reward
performance that
supports the creation
of long-term
shareholder value
					
		  		 	•	 	Payouts can range from 0 to a maximum of 2x target (i.e., STIP payouts are effectively capped).	  	Provide competitive
compensation
				
		  		 	The STIP directly links the performance of executives to the accomplishment of key performance indicators of the Corporation that drive shareholder value. Performance
measures are selected because of their relationship to long-term value creation.	  	Attract and retain
key talent
				
	Long-term Incentive Plan	  	Variable	 	 LTIP grants are comprised of stock option and performance share units with a targeted mix of 75% and 25%, respectively.
Performance measures for the performance share unit award include (a) 3-year total shareholder return relative to the S&P/TSX Global Gold Index and (b) 3-year growth in production.

 
 The actual size of LTIP grants are determined based on the performance of the
Corporation and the individual executive consistent with the performance criteria used to determine STIP payouts for the preceding fiscal year.
  

Beginning in 2012, the total LTIP grant is generally targeted to have a compensation value in the range of 100% to 300% of an executive’s STIP
payment. Actual LTIP grants are determined at the discretion of the Board based on the recommendations of the HRCC, and considers previous equity awards, total equity levels by executives, total equity awards granted as a percentage of the
outstanding common shares of the Corporation, the price of current options, and other factors the HRCC and Board may consider appropriate. The value attributed to equity award recommendations by the HRCC is based on market value at the time of
grant.
	  	Motivate the
achievement of
longer-term goals
and objectives  

Reward
performance that is
aligned with the
creation of long-
term shareholder
value

 
 Provide competitive
compensation

 
 Attract and retain
key talent

				
	Benefits & Perquisites	  	Fixed	 	 Executives participate in the same flexible benefits as all employees including health and life insurance benefits, a
defined contribution pension plan and a share purchase plan. Select NEOs receive a parking perquisite as part of their employment agreements.
  

In addition, the President & CEO receives a Toronto residential apartment subsidy at net neutral cost. At present, due to a demanding travel schedule
he occupies the apartment 20% – 25% of the time
	  	Provide competitive
compensation  
 Attract and retain
key talent

 Section 3: Compensation Decisions Related to 2012 Performance 

Summary of 2012 Performance 
 In
2012, the Corporation’s corporate performance score was below the target set by the Board of Directors, resulting in a corporate performance rating of 45% of target (versus 163% in 2011). Operating performance, when adjusted for gold
prices, was higher than in 2011 but below expectations resulting in a rating of 63% of target for executive officers (as described later in this Statement of Executive Compensation). 

  
 21 

 In terms of corporate performance: 

 

	 	•	 	 the Corporation’s 1-year total shareholder return was -28% compared to a total shareholder return of -16% for the S&P/TSX Global Gold Index
and, over the last three years, the Corporation’s total shareholder return was also -28% compared to -9% for the S&P/TSX Global Gold Index, resulting in a 0 score (out of a possible 2.0); and, 

 

	 	•	 	 the Corporation’s return on capital employed (“ROCE”) was 16% and exceeded the budgeted ROCE of 15%, resulting in a 0.9 score (out of a
possible 2.0). 

 In terms of operating performance: 

 

	 	•	 	 the Corporation’s net operating cash flow was below target performance yet still above the threshold at $747 million, resulting in a 0.8 score
(out of a possible 1.75). Net operating cash flow is calculated as: budgeted gold price per ounce less cash cost per ounce, multiplied by actual production, less capitalized stripping (capitalized stripping was used as the only Capital expenditure)
and brownfields exploration. Budget gold prices are used in order to adjust the impact of gold price fluctuations; 

  

	 	•	 	 reserve replacement was 19% of production (vs. the reserve replacement target of 100% of production) resulting in a 0 score (out of a possible 2.0);

  

	 	•	 	 health and safety met all the targets established by the Board, however it received a 0 score (out of a possible 2.0) due to a fatality at the
Corporation’s Essakane S.A. office in Ouagadougou; and 

  

	 	•	 	 the Corporation surpassed its sustainability target and achieved a maximum score of 2.0 (out of a possible 2.0). 

When making short term compensation decisions for 2012, the HRCC and the Board considered functional and personal performance for each NEO, in addition
to corporate and operating performance. 
 2012 Total Direct Compensation Decisions 

The following section provides a detailed discussion of the decisions made to determine each NEO’s total direct compensation (“TDC”) for
2012, including the following compensation elements: 
  
 

 
 2012 Base Salary 
 The HRCC considered industry trends, competitive market data and personal performance when determining NEO base salary increases for 2012. For 2013, base salary increases have been approved including
approximately 3.7% for the President and CEO and an average of 3.7% for all other NEOs. The table below summarizes each NEO’s base salary and increases for 2012 and 2013. 

  
 22 

																	
	 Named Executive
	  	2012	 	 	2013	 
	  	Base Salary	 	  	Increase	 	 	Base Salary	 	  	Increase	 
	 Stephen J.J. Letwin (1)
 President and CEO
	  	$	850,000	  	  	 	13.3	% (1) 	 	$	881,450	  	  	 	3.7	% 
	 Carol Banducci
 EVP & CFO
	  	$	436,815	  	  	 	4.0	% 	 	$	453,851	  	  	 	3.9	% 
	 Gordon Stothart
 EVP & COO
	  	$	520,431	  	  	 	4.0	% 	 	$	538,647	  	  	 	3.5	% 
	 Denis Miville-Deschênes
 SVP, Project Development
	  	$	416,000	  	  	 	4.0	% 	 	$	430,560	  	  	 	3.5	% 
	 Craig MacDougall (2)
 SVP, Exploration
	  	$	325,000	  	  	 	12.0 	% (2) 	 	$	336,375	  	  	 	3.5	% 

  

	1.	Mr. Letwin’s initial compensation in 2010 was positioned below the competitive market. In recognition of his development as President & CEO and
strong 2011 personal and corporate performance, Mr. Letwin’s base salary for 2012 was increased to $850,000 to better align with the competitive salaries of the Corporation’s comparator group. 

	2.	Mr. MacDougall was hired February 1, 2012 as VP, Exploration at a base salary of $290,000. He was promoted to SVP, Exploration on August 13, 2012 to a
salary of $325,000 reflecting a 12% promotional increase. 

 2012 Short-term Incentive Plan 

The formula below provides a starting point for the HRCC to determine short-term incentive payouts. Target levels of performance on these criteria are
established as guidelines and are not applied as an absolute formula. The HRCC believes that fixed formulas may lead to an unwanted payout result that does not accurately reflect actual performance when viewed holistically; as a result, the
experienced discretion of the Board should be the ultimate determinant of final, overall compensation within the context of those pre-determined guidelines. 
  

																																	
	 Target
 STIP
	  	 x
	 	

	  	 Corporate
Performance

(x Weight)
	 	 	 +
	  	 Operating Performance

(x Weight)
	 	 	 +
	  	 Functional
 Performance
 (x
Weight)
	 	

	  	 x
	  	 Personal
Multiplier
	  	 =
	  	 STIP
Payout

	  	 	  	Relative TSR (1 year)	  	 	25	% 	 	  	Net Operating Cash Flow	  	 	60	% 	 	  	Varies for each NEO based on their role and defined objectives	 	  	  	Varies for each NEO	  	  
	  	 	  	Relative TSR (3 year)	  	 	25	% 	 	  	Reserve Replacement	  	 	25	% 	 	  	 	  	  	  	  
	  	 	  	ROCE	  	 	50	% 	 	  	Health, Safety	  	 	7.5	% 	 	  	 	  	  	  	  
	  	 	  		  				 	  	Sustainability	  	 	7.5	% 	 	  	 	  	  	  	  

 Performance Criteria and Weightings 
 The nature of an executive’s role and responsibilities determines the performance criteria and respective weightings used to assess short-term performance. The performance criteria, targets and
weightings assigned to criteria by the Board for NEO short-term incentive compensation in 2012 were as follows: 

  
 23 

																	
	 Named Executive Officer
	  	STIP Target
(%
of Base
Salary)(1)	 	 	Corporate
Performance
Weight	 	 	Operating
Performance
Weight	 	 	Functional
Performance
Weight	 
	 Stephen J.J. Letwin
 President and CEO
	  	 	125	% 	 	 	40	% 	 	 	40	% 	 	 	20	% 
	 Carol Banducci
 EVP & CFO
	  	 	75	% 	 	 	50	% 	 	 	25	% 	 	 	25	% 
	 Gordon Stothart
 EVP & COO
	  	 	85	% 	 	 	30	% 	 	 	50	% 	 	 	20	% 
	 Denis Miville-Deschênes
 SVP, Project Development
	  	 	65	% 	 	 	30	% 	 	 	20	% 	 	 	50	% 
	 Craig MacDougall
 SVP, Exploration
	  	 	65	% 	 	 	30	% 	 	 	20	% 	 	 	50	% 

  

	1.	The STIP targets for each of the NEOs were increased in 2012 to reflect competitive market targets. 

All performance measures and targets used to determine STIP payments for NEOs are as disclosed below. Performance measures used are non-GAAP measures,
set by the HRCC. The HRCC believes that adjusted measures provide a better reflection of performance for purposes of STIP compensation. 

Short-term Incentive Plan – Corporate Performance 
 For 2012, the HRCC considered corporate performance compared to the industry and included an assessment of both 1-year and 3-year relative total shareholder return (share price appreciation and dividends)
and relative return on capital. The aggregate corporate performance results fell below the threshold level resulting in a score of 0.45. 

Relative Total Shareholder Return (TSR) (50% Weight of Corporate Performance) 
 To reduce the impact of any extraordinarily positive or negative year due to a non-recurring event, TSR is considered equally in terms of TSR over 1-year (25% weighting) and 3-year (25% weighting)
periods. Furthermore, to offset the effect of gold price fluctuation on the Corporation’s return, total shareholder return is assessed relatively against the S&P/TSX Global Gold Index. 

For a 1.0 score in the total shareholder return category, the Corporation’s total shareholder return must be at least 125% of the total shareholder
return of the S&P/TSX Global Gold Index, and the score is subject to a maximum of 2.0. While this applies to situations where share performance is increasing as well as decreasing, the HRCC may exercise its discretion to reduce factor weightings
in situations where the share performance is down in absolute terms, even if down by less than the referenced index. The actual TSR results for both the 1-year and 3-year metrics fell below threshold and therefore received a 0 score. 

  
 24 

									
	 Weight
	  	 2012 Performance Range
	  	Score
(Multiple of
Target)	  	2012 Actual
Results	  	2012 Actual
Score
	1- year Relative Total Shareholder Return	  		  		  	
	25%	  	100% of S&P / TSX Global Gold Index	  	0.5	  	57% of
Index	  	0
	  	125% of S&P / TSX Global Gold Index (Target)	  	1.0	  	  
	  	200% of S&P / TSX Global Gold Index	  	2.0	  	  
	3- year Relative Total Shareholder Return	  		  		  	
	25%	  	100% of S&P / TSX Global Gold Index	  	0.5	  	34% of
Index	  	0
	  	125% of S&P / TSX Global Gold Index (Target)	  	1.0	  	  
	  	200% of S&P / TSX Global Gold Index	  	2.0	  	  

 Return on Capital Employed (ROCE) (50% Weight of Corporate Performance) 

Return on capital employed is defined as earnings before interest and tax (EBIT) divided by total assets less current liabilities. ROCE is compared to the
budgeted return on capital employed of the Corporation. For a 1.0 score, the Corporation must meet or exceed 110% of the budgeted ROCE and the score is subject to a cap of 2.0. Although the Corporation exceeded the budget by 6%, the compensation
plan requires the Corporation achieve 10% above budget before it awards a target score of 1.0. As a result, actual performance is below the target and received a 0.9 score. 

 

											
	 Weight
	  	 2012 Performance Range
	  	Score
(Multiple of
Target)	  	2012 Actual
Results	  	2012 Actual
Score	 
	 50%
	  	100% Budget	  	0.9	  	106% of
Budget	  	 	0.9	  
	  	110% of Budget (Target)	  	1.0	  	  
	  	150% of Budget	  	2.0	  	  

 Short-term Incentive Plan – Operating Performance 

2012 operating performance was determined with reference to net operating cash flow, reserve replacement and health, safety and sustainability
performance. The aggregate operating performance score was 0.63, below the target score of 1.0. 
 Net Operating Cash Flow (NOCF) (60% Weight
of Operating Performance) 
 The net operating cash outflow is calculated as budgeted gold price per ounce less cash cost per ounce,
multiplied by actual production, less capitalized stripping and brownfields exploration. Budget gold prices are used to adjust the impact of gold price fluctuations. The number may be adjusted for significant changes in capital expenditure or
changes to planned project progress and is capped at 175% of target. The actual performance was slightly above the threshold and appropriately received a score of 0.8. 

  
 25 

													
	 Weight
	  	 2012 Performance Range(1)
	  	Score
(Multiple of
Target)	 	  	2012 Actual
Results	  	2012 Actual
Score	 
	 60%
	  	$735 million Net Operating Cash Flow	  	 	0.8	  	  	$747
million
NOCF	  	 	0.8	  
	  	$817 million Net Operating Cash Flow (Budget)	  	 	0.9	  	  	  
	  	$898 million Net Operating Cash Flow (Target)	  	 	1.0	  	  	  
	  	$980 million Net Operating Cash Flow	  	 	1.75	  	  	  

  

	1.	2012 target is based on 110% of budget. 

Reserve Replacement (25% Weight of Operating Performance) 
 Reserve replacement takes into account only the mines that are currently operating and does not account for the contribution of exploration or development projects, new projects or acquisitions or the
impact of increases in gold price alone. Performance is measured based on the amount of ounces reserved, as a percentage of target. Actual performance fell below threshold and was appropriately scored 0 out of a possible 2.0 

 

											
	 Weight
	  	 2012 Performance Range
	  	Score
(Multiple of
Target)	 	  	2012 Actual
Results	  	2012 Actual
Score
	 25%
	  	50% of target (ounces of gold, 000s)	  	 	0.5	  	  	19% of
target	  	0.0
	  	100% of target (ounces of gold, 000s) (Target)	  	 	1.0	  	  	  
	  	150% of target (ounces of gold, 000s)	  	 	1.5	  	  	  
	  	200% of target (ounces of gold, 000s)	  	 	2.0	  	  	  

 Health and Safety (7.5% Weight of Operating Performance) 
 The health and safety score is based, among other related components, on the severity and frequency of disabling incidents during the year, noting that any fatality results in a zero score. Safety is
based on the Corporation’s current objective of a 15% to 25% reduction in Days Away, Restricted Duty and Transferred Duty (“DART”) for every mine over any 3 year rolling period, pro-rated regionally and corporately or, ultimately,
zero accidents. The benchmark is DART frequency per 200,000 hours. Although the Corporation met its Health and Safety goals, it receives a 0 score due to a fatality. 
  

													
	 Weight
	  	 2012 Performance Range
	  	Score
(Multiple of
Target)	 	  	2012 Actual
Results	 	  	2012 Actual
Score
	 7.5%
	  	(1) Rating: Fatality	  	 	0.0	  	  	 	(1) Rating	  	  	0.0
	  	(2) Rating: No Fatalities, DART of 1.1	  	 	0.5	  	  	  
	  	(3) Rating: No Fatalities, DART of 1.0 (Target)	  	 	1.0	  	  	  
	  	(4) Rating: No Fatalities, DART of 0.9	  	 	1.5	  	  	  
	  	(5) Rating: No Fatalities, DART of 0.5	  	 	2.0	  	  	  

 Sustainability (7.5% Weight of Operating Performance) 
 The sustainability factor is based on the severity of incidents and other environmental accomplishments within the given year. The Corporation exceeded all of its targets and received a maximum score of
2.0 out of 2.0. 

  
 26 

											
	 Weight
	  	 2012 Performance Range
	  	Score
(Multiple of
Target)	 	  	 2012 Actual

Results
	  	 2012
Actual
Score

	7.5%	  	 (1) Rating: No Certification

 
	  	 	0.0	  	  	(5) Rating	  	2.0
	  	 (2) Certification, No more than 1 level 5 environmental or community incident; no more than 1 level 4 environmental or community
incident
  
	  	 	0..5	  	  	  
	  	 (3) Certification, No level 5 environmental or community incident; no more than 1 level 4 environmental or community
incident
 (Target)
  
	  	 	.75	  	  	  
	  	 (4) Certification, No level 4 or 5 environmental or community incident

 
	  	 	1.0	  	  	  
	  	(5) Certification, No level 4 or 5 environmental or community incident; acknowledged in Top 10 external sustainability ranking. Where no order ranking exists, acknowledged
nationally in the top 50	  	 	2.0	  	  	  

 Short-term Incentive Plan – Functional Performance 

Functional performance reflects the performance (within budgetary constraints) of the function over which the NEO has principal oversight. Functional
performance is related to and dependent on how the executive’s function (department) performs relative to objectives. Functional performance scores are assigned a score between 0 and 1.0. For 2012, actual performance scores for NEOs ranged
between 0.8 and 1.0. 

  
 27 

					
	 NEO
	  	 2012 Functional Performance Objectives
	  	 2012
Actual

Score

	Stephen J.J. Letwin President and CEO	  	 •   Promote and uphold Safety and Zero harm practices

•   Implement the IAMGOLD Compliance and governance framework

•   Optimize production with a focus on producing profit

•   Build a strategy and business plan for growth to achieve targeted ounces
profitably
 •   Complete the implementation of business performance measurement
system
 •   Evaluate and establish scalable organization structure staffed with
high performing and accountable talent
 •   Develop and solidify credibility with
external and internal stakeholders
	  	1.0
			
	 Carol Banducci

EVP & CFO
	  	 •   Promote and uphold Safety and Zero harm practices

•   Ensure adherence with IAMGOLD’s Compliance and Governance framework

•   Execute long-term capital structure in support of project development

•   Capital management monitoring and reporting

•   Develop and implement a standard framework for financial reporting across the
organization
 •   Develop and implement tax efficient strategies and structures for
projects
	  	0.9
			
	 Gordon Stothart

EVP & COO
	  	 •   Zero fatalities, decrease serious injury and total injury frequency
by 10%
 •   Complete 100% of safety leading indicators

•   Ensure adherence with IAMGOLD’s Compliance and Governance framework

•   Develop IAMGOLD leadership capability

•   Drive improvement of business systems

•   Achieve cash cost goal for existing operations

•   Implement operations and project development succession plans
	  	0.8
			
	 Denis Miville-Deschênes
 SVP, Project Development
	  	 •   Promote and uphold Safety and Zero harm practices

•   Achieve Essakane project deliverables

•   Select a mining scenario following the pre-feasibility study at Niobec

•   Obtain approval for Sadiola project

•   Achieve budget for Westwood and deliver against plan for exploration meters
drilled
	  	0.8
			
	Craig MacDougall, SVP, Exploration	  	 •   Ensure zero fatalities, and no serious injuries

•   Ensure adherence with IAMGOLD’s Compliance and Governance framework

•   Make an economic discovery on one or more projects

•   Add to the company’s resource inventory

•   Build leadership and management capabilities
	  	0.8

 Short-term Incentive Plan – Personal Performance Multiplier 

Personal performance is evaluated by the HRCC in terms of the level of accomplishment of the functional goals established by the CEO and approved by the
HRCC and an assessment of each executive’s performance in the areas of leadership skills, teamwork, succession management, mentoring, innovation, and general management ability and contribution for each executive for the year. Personal
performance modifies the total performance score by a factor of 0.8 to 1.2. 
 Personal performance targets for each of the NEOs for 2012 were
set by the HRCC and are dependent on the particular position held by the NEO. For 2012, personal performance scores ranged between 1.0 and 1.2. 

  
 28 

					
	 NEO
	  	2012 
Actual
Multiplier	 
	 Stephen J.J. Letwin, President and CEO
	  	 	1.0	  
	 Carol Banducci, EVP & CFO
	  	 	1.2	  
	 Gordon Stothart, EVP & COO
	  	 	1.0	  
	 Denis Miville-Deschênes, SVP, Project Development
	  	 	1.0	  
	 Craig MacDougall, SVP, Exploration
	  	 	1.0	  

 Board and HRCC Discretion 
 At the end of the year, the HRCC considers all relevant factors to determine the short-term incentive awards. The HRCC may, in its sole discretion, increase or decrease the total performance score for
each NEO to a maximum of 200% of target and a minimum of zero. The Board can exercise discretion to award compensation absent attainment of the relevant performance goal or to reduce or increase the award or payout, in all cases to ensure pay and
performance alignment. 
 In 2012, the Board, at its discretion, approved a modification to the form of the Short-term Incentive award for the
CEO and COO. At the CEO’s request, the Board approved 100% of the STIP award paid as 35-month cliff-vested Restricted Share Units (“RSUs”), and at the COO’s election, approximately 19% of the COO’s STIP award paid as RSUs
and the remainder in cash. RSUs align the executive’s commitment to the longer term performance of the company in light of the challenging operating and share price performance of 2012. 
 2012 Short-term Incentive Plan Individual Award Determinations 
 Based on the
performance achieved in 2012, the following shows the calculation of the actual performance result for the NEOs: 
  

																									
	 Named Executive
	 	

	  	Corporate
Performance
(Score x Weight)	 	 	Operating
Performance
(Score x Weight)	 	 	Functional
Performance
(Score x Weight)	 	 	

	  	Personal
Multiplier	 	  	Actual Total
Performance
(Multiple of Target)	 
	 Stephen J.J. Letwin

President and CEO
	 	  	 	.45 x 40	% 	 	 	0.63 x 40	% 	 	 	1.0 x 20	% 	 	  	 	1.0	  	  	 	.63	  
	 Carol Banducci

EVP & CFO
	 	  	 	.45 x 50	% 	 	 	0.63 x 25	% 	 	 	0.9 x 25	% 	 	  	 	1.2	  	  	 	.73	  
	 Gordon Stothart

EVP & COO
	 	  	 	.45 x 30	% 	 	 	0.63 x 50	% 	 	 	0.8 x 20	% 	 	  	 	1.0	  	  	 	.61	  
	 Denis Miville-Deschênes

SVP, Project Development
	 	  	 	.45 x 30	% 	 	 	0.63 x 20	% 	 	 	0.8 x 50	% 	 	  	 	1.0	  	  	 	.66	  
	 Craig MacDougall (1)
 SVP, Exploration
	 	  	 	.45 x 30	% 	 	 	0.63 x 20	% 	 	 	0.8 x 50	% 	 	  	 	1.0	  	  	 	.66	  

  

	1.	Mr. MacDougall’s start date was February 1, 2012 and he was promoted to SVP, Exploration on August 13, 2012. 

  
 29 

 Based on the above performance result for each NEO, and based on the short term incentive plan criteria, the
following shows the actual short term incentive awarded to each of the NEOs. 
  

																	
	 Named Executive
	  	STI Target
(% of Base Salary)	 	 	Actual Total
Performance
(Multiple of Target)	 	  	STI Earned
for
2012
(% of Base Salary)	 	 	STI Earned
for 2012
(Paid in 2013)	 
	 Stephen J.J. Letwin

President and CEO
	  	 	125	% 	 	 	0.63	  	  	 	79	% 	 	$	671,500	(1) 
	 Carol Banducci

EVP & CFO
	  	 	75	% 	 	 	0.73	  	  	 	55	% 	 	$	239,157	  
	 Gordon Stothart

EVP & COO
	  	 	85	% 	 	 	0.61	  	  	 	52	% 	 	$	269,844	(2) 
	 Denis Miville-Deschênes

SVP, Project Development
	  	 	65	% 	 	 	0.66	  	  	 	43	% 	 	$	178,735	  
	 Craig MacDougall

SVP, Exploration
	  	 	65	% 	 	 	0.66	  	  	 	33	% 	 	$	106,424 	(3) 

  

	1.	The President & Chief Executive Officer elected to receive his entire Short-term Incentive compensation in the form RSUs that cliff-vest in 35 months.

	2.	The Executive Vice President & Chief Operating Officer elected to receive 19 percent of his Short-term Incentive compensation in the form RSUs that cliff-vest
in 35 months, and 81 percent in cash. 

	3.	Craig MacDougall’s payout reflects a partial year award pro-rated for the period during 2012 that he acted as Vice President Exploration (6 months) as well as time
as the Senior Vice President, Exploration (5 months). 

 Long-term Incentive Plan Grant Determinations 

The size of long term incentive plan (“LTIP”) grants is directly tied to performance, as measured in the short-term incentive plan. Based on
actual performance in the prior year, the LTIP grant size generally ranges from 100% to 300% of the STIP awarded to the NEO. 
 Grants under the
LTIP are made using stock options and/or performance share units (“PSUs”), with a targeted mix of 75% and 25%, respectively. Near the beginning of the applicable performance year, a PSU grant is made, representing 25% of the targeted LTIP
mix. The stock option grant for that year is made following completion of the fiscal year, once corporate and individual performance has been assessed. The number of stock options actually granted is based on the actual performance during the year,
and may be more or less than the targeted LTIP mix of 75%. 
 Stock Options 

As part of the Share Incentive Plan, the Share Option Plan provides for the grant of non-transferable options for the purchase of Common Shares to
Participants. Stock options granted in 2012 vest equally (20%) over five years following the date of grant. Stock options expire after seven years from the date of grant. 
 Performance Share Units 
 As part of the Share Incentive Plan, the Deferred Share
Plan provides for the grant of PSUs with performance vesting criteria, typically measured over a 36 month period. Performance measures include 3-year relative Total Shareholder Return (50% weight) and 3-year growth in production (50% weight):

  
 30 

			
	 Measure
	  	 Description

	 3 Year

Relative TSR

(50% weight)
	  	For a 1.0 score the Corporation’s total shareholder return must be at least 110% of the total shareholder return of the S&P/TSX Global Gold Index with a cap of 1.0 on the
score that can be obtained.
	 3 Year Growth in Production
 (50% weight)
	  	For a 1.0 score the annual production at the end of fiscal 2014 must be at least 100% of the target production of 1,193,000 oz. with a cap of 1.0 on the score that can be
obtained.

 Long-term Incentive Grants For 2012 
 2012 LTIP grants were based on an assessment of 2012 individual and company performance, consistent with the guidelines and performance criteria used to determine the size of the 2012 STIP awards.
Recipients may receive a greater or lesser LTIP grant value based on their annual performance and the annual performance of the Corporation. Prior to 2012, the range of LTIP grants could range from 50% to 200% of the STIP awarded to the NEO. In
February 2012, the range of LTIP grants was revised to reflect a range of 100% to 300% of the STIP awarded to the NEO, to align LTIP grant levels with the competitive market. 
 Based on these considerations and the Corporation’s executive compensation policy, the table below summarizes NEO LTIP grants in respect of 2012 performance, including stock options granted in
February 2013 and PSUs granted in March 2012. The compensation plan strongly links the Corporation’s performance to executive compensation payouts in any given year. The table below reflects how the HRCC views total direct compensation for the
NEOs in 2012 and it is important to note the difference to that which is presented in the Summary Compensation Table. 
 The main difference is
that stock options in the table below (granted February 2013) are tied directly to 2012 Corporate and individual executive performance while the options granted in March 2012 (from the Summary Compensation Table) were awarded with respect to 2011
performance, yet due to regulatory requirements must be disclosed in the calendar year received (not earned). 
  

																	
	 Named Executive
	  	LTIP Grants For 2012 Compensation	 	  	Total Direct
Compensation (1)	 
	  	PSUs
(March 2012)	 	  	Stock
Options
(February 2013)	 	  	Total LTIP
(PSUs + Options)	 	  
	 Stephen J.J. Letwin

President and CEO
	  	$	395,100	  	  	$	871,500	  	  	$	1,266,600	  	  	$	2,788,100	  
	 Carol Banducci

EVP & CFO
	  	$	158,040	  	  	$	261,450	  	  	$	419,490	  	  	$	1,095,462	  
	 Gordon Stothart

EVP & COO
	  	$	158,040	  	  	$	261,450	  	  	$	419,490	  	  	$	1,209,765	  
	 Denis Miville-Deschênes

SVP, Project Development
	  	$	92,190	  	  	$	211,650	  	  	$	303,840	  	  	$	898,575	  
	 Craig MacDougall(2)
 SVP, Exploration
	  	$	172,440	  	  	$	211,650	  	  	$	384,090	  	  	$	769,764	  

  

	1.	Total direct compensation includes: 2012 base salary + 2012 actual STIP payout + 2012 PSUs (granted March 2012) + 2012 stock options (granted February 2013).

	2.	Craig MacDougall was hired February 1, 2012 as VP, Exploration and received a new hire grant of 8000 PSUs valued at $105,360. Mr. MacDougall was promoted to
SVP, Exploration on August 13, 2012 and received 6000 PSUs valued at $67,080. Mr. MacDougall’s Total Direct Compensation reflects a pro-rated STIP and a pro-rated base salary for the time he acted as VP, Exploration and as SVP,
Exploration. 

  
 31 

 Performance Graph 
 The following graph compares the total cumulative shareholder return for Cdn$100 invested in IAMGOLD Common Shares on the Toronto Stock Exchange on December 31, 2007 with the cumulative total return
of the S&P/TSX Composite Index and the S&P/TSX Global Gold Index (formerly, the S&P/TSX Capped Gold Index) for the five most recently completed financial years. 
 The total cumulative shareholder return for Cdn$100 invested in IAMGOLD Common Shares was Cdn$141 compared to Cdn$90 for the S&P/TSX Composite Index and $98 for the S&P/TSX Global Gold Index.

 To evaluate the trend in IAMGOLD’s compensation levels in relation to the Corporation’s absolute and relative performance as
measured in the graph below, IAMGOLD relied on total annual compensation awarded for fiscal years 2008 through 2012 on the same basis as disclosed in the “Summary Compensation Table” for NEOs (i.e., salary, short-term incentive paid, grant
date fair value of long-term incentives, compensatory change in pension value and all other compensation). Fiscal year 2007 compensation is used as the base amount for comparing changes in compensation over the five year period. For 2012,
IAMGOLD’s total NEO compensation includes Chief Executive Officer, Mr. Letwin, and the other NEOs (Ms. Banducci and Messrs. Stothart, Miville-Deschênes, and MacDougall). It is important to note that the grant date fair value of
compensation is not necessarily equal to the value actually received by a NEO, particularly given IAMGOLD’s executive compensation arrangements include a significant portion of pay “at risk” aligned with total shareholder return
performance. The value realized from long-term incentive awards could be higher or lower than the grant date fair value based on the performance of IAMGOLD’s shares and employee exercise decisions. 

Overall, the change in total NEO grant date compensation is aligned with the performance of IAMGOLD’s share price and total shareholder return.
Between 2007 and 2009, NEO compensation was relatively flat. In 2010, aggregate NEO compensation increased significantly reflecting the CEO transition and subsequent on-hire awards for the new CEO during the year. Total NEO compensation between 2010
and 2012 has also remained relatively flat. 
 Change in Named Executive Officer (NEO) Total Compensation 

vs. IAMGOLD Cumulative Value of Cdn. $100 Investment 
 From December 31, 2007 to December 31, 2012 
  
 

 
  

	1.	For purposes of this analysis, 2010 NEO compensation includes Mr. Jones (Interim President and CEO) and Mr. Letwin (President and CEO) and excludes
Mr. Conway (Past President & CEO). Mr. Conway’s end date was January 15, 2010. 

	2.	Salary + Actual Short-Term Incentive + Grant Date Value of Equity + Pension + All Other Compensation. 

  
 32 

 SUMMARY COMPENSATION TABLE 
 The following table sets out the total compensation actually paid to the Named Executive Officers in the most recently completed financial year as well as two previous financial years, to the extent the
Named Executive Officer was employed with the Corporation, and all of the constituents of total compensation. Again, it is important to note the difference in compensation disclosure found in the ‘LTIP Grants for 2012 Compensation’ table
and the Summary Compensation Table below. 
  

	 	•	 	 the option based awards shown in the Summary Compensation Table are granted in 2012 but are awarded by the HRCC for company and individual performance
achieved in 2011; as a result, the values shown in the Summary Compensation Table are not lined up with the performance year for which the award was made and are not reflective of the performance in the calendar year in which the grant was actually
made. 

  

	 	•	 	 the ‘LTIP Grants for 2012 Compensation’ table provides a better representation of the total LTIP value granted (comprised of stock options
and PSUs) for the applicable performance year, which results in a different Total Compensation value than shown below and better corresponds to performance for that performance year. 

 

																																					
	 Name and Principal

Position (1)
	  	Year	 	  	Salary
($)	 	  	Share
Based
Awards
(2) 
($)	 	  	Option
Based
Awards
(3)
($)	 	  	Non Equity Incentives	 	  	Pension
Value 
(5)
($)	 	  	All Other
Comp.
(6)
($)	 	  	Total
Comp.
($)	 
	  	  	  	  	  	Annual
Incentive
Plans
(4)
($)	 	  	Long-term
Incentive
Plans
($)	 	  	  	  
	 Stephen J.J. Letwin (8)
	  	 	2012	  	  	 	850,000	  	  	 	395,100	  	  	 	1,490,680	  	  	 	671,500	  	  	 	—  	  	  	 	23,820	  	  	 	132,581	  	  	 	3,563,681	  
	 President and CEO
	  	 	2011	  	  	 	750,000	  	  	 	373,000	  	  	 	1,130,496	  	  	 	783,000	  	  	 	—  	  	  	 	21,635	  	  	 	130,734	  	  	 	3,188,865	  
		  	 	2010	  	  	 	129,808	  	  	 	1,436,871	  	  	 	1,351,822	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	6,764	  	  	 	2,925,265	  
	 Carol Banducci
	  	 	2012	  	  	 	436,815	  	  	 	158,040	  	  	 	389,870	  	  	 	239,157	  	  	 	—  	  	  	 	21,551	  	  	 	21,535	  	  	 	1,266,968	  
	 EVP and CFO
	  	 	2011	  	  	 	420,014	  	  	 	208,038	  	  	 	454,211	  	  	 	345,310	  	  	 	—  	  	  	 	20,710	  	  	 	21,594	  	  	 	1,469,877	  
		  	 	2010	  	  	 	403,860	  	  	 	—  	  	  	 	383,188	  	  	 	294,010	  	  	 	—  	  	  	 	20,000	  	  	 	18,986	  	  	 	1,120,044	  
	 Gordon Stothart (9)
	  	 	2012	  	  	 	520,431	  	  	 	158,040	  	  	 	389,870	  	  	 	269,844	  	  	 	—  	  	  	 	22,002	  	  	 	19,487	  	  	 	1,379,674	  
	 EVP and COO
	  	 	2011	  	  	 	500,415	  	  	 	227,687	  	  	 	454,211	  	  	 	315,520	  	  	 	—  	  	  	 	20,000	  	  	 	22,495	  	  	 	1,540,328	  
		  	 	2010	  	  	 	482,560	  	  	 	—  	  	  	 	498,834	  	  	 	260,341	  	  	 	—  	  	  	 	20,000	  	  	 	16,760	  	  	 	1,278,495	  
	 Denis Miville-Deschenes
	  	 	2012	  	  	 	416,000	  	  	 	92,190	  	  	 	298,136	  	  	 	178,735	  	  	 	—  	  	  	 	18,395	  	  	 	20,059	  	  	 	1,023,515	  
	 SVP, Project Development
	  	 	2011	  	  	 	350,565	  	  	 	110,585	  	  	 	209,639	  	  	 	198,050	  	  	 	—  	  	  	 	17,503	  	  	 	18,036	  	  	 	904,378	  
		  	 	2010	  	  	 	335,860	  	  	 	—  	  	  	 	274,434	  	  	 	154,496	  	  	 	—  	  	  	 	16,923	  	  	 	—  	  	  	 	781,713	  
	 Craig MacDougall (7)
	  	 	2012	  	  	 	278,923	  	  	 	172,440	  	  	 	329,352	  	  	 	106,424	  	  	 	—  	  	  	 	13,611	  	  	 	5,942	  	  	 	906,692	  
	 SVP, Exploration
	  	 	2011	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	 	2010	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  

  

Notes to the Summary Compensation Table: 
  

	1.	All Named Executive Officers receive their compensation in Canadian Dollars. 

	2.	Represents grant date value of awards under the Deferred Share Plan and Share Bonus Plan. The Compensation Committee grant decisions were based on granting a dollar
value rather than a number of share awards. The grant date value of the 2012 PSU awards reflects the dollar amount of the award intended for compensation purposes, based on the market value of the underlying shares on the date of grant, assuming
100% vesting. The accounting fair values of the 2012 PSU grants to NEOs were as follows: Mr. Letwin—$287,560, Ms. Banducci—$115,024, Mr. Stothart—$115,024, Mr. Miville-Deschenes—$67,097,
Mr. MacDougall—$124,484. The accounting fair value was calculated using a Monte-Carlo model and the following assumptions: For the LTI grant: volatility – 42%, interest rate – 1.36% expected life – 2.9 years and market price
of $13.17 on the date of grant. For the additional grant for Mr. MacDougall: volatility – 42%, interest rate – 1.16%, expected life – 2.9 years and market price of $11.18 on the date of grant. 

	3.	 The HRCC grant decisions are based on granting a specified dollar value. The 2012 LTI grants have been valued using the accounting fair value of $
4.59CAD per share. This 2012 grant value is calculated using a Black-Scholes model and the following assumptions: volatility—45%, dividend yield—1.88%, interest rate—1.56%, expected life—5 years and exercise price of $13.28
based on IAMGOLD’s market share price on the Toronto Stock Exchange on the date of grant of $13.28. Mr. MacDougall’s first grant has an accounting fair value of $5.17CAD

  
 33 

	 	
per share. This grant is calculated using a Black-Scholes model and the following assumptions: volatility—46%, dividend yield—1.65%, interest rate—1.43%, expected life—5 years
and exercise price of $15.40 based on IAMGOLD’s market share price on the Toronto Stock Exchange on the date of grant of $14.96. Mr. MacDougall’s second grant has an accounting fair value of $4.94CAD per share. This grant is
calculated using a Black-Scholes model and the following assumptions: volatility—45%, dividend yield—1.70%, interest rate—1.42%, expected life—5 years and exercise price of $14.24 based on IAMGOLD’s market share price on the
Toronto Stock Exchange on the date of grant of $14.24. 

	4.	STIs are included in year earned and LTIs are included in the year granted. 

	5.	Values in pension column represent employer contributions to the Defined Contribution pension plan. 

	6.	All other compensation includes employer contributions to the Share Purchase Plan, and perquisites. For Mr. Letwin contributions to the Share Purchase Plan are
$31,875 and the perquisite is a housing allowance of $100,706. 

	7.	Mr. MacDougall’s start date was February 1, 2012 with an annual salary of $290,000. Mr. MacDougall was promoted to SVP, Exploration on
August 13, 2012 with an increase in annual salary to $325,000. 

	8.	The annual performance bonus award earned by our Chief Executive Officer in 2012 was paid 100 percent in the form of a grant of RSUs. The Board made its decision to pay
the annual performance bonus award in the form of RSUs, considering a number of factors, including Mr. Letwin’s request that his bonus be allocated in RSUs. 

	9.	The annual performance bonus award earned by our Chief Operations Officer in 2012 was paid in the form of cash and a grant of RSUs. The Board made its decision to pay
$51,740 of the annual performance bonus award in the form of RSUs, considering a number of factors. 

 INCENTIVE PLAN AWARDS

 Outstanding Share-based Awards and Option-based Awards 
 The following table sets out for the Named Executive Officers all option-based and share-based awards outstanding as at the end of the Corporation’s most recently completed financial year.

  

																													
	 	  	Option—Based Awards	 	  	Share-Based Awards	 
	 Name
	  	Number of
securities
underlying
unexercised
options (#)	 	  	Option
Exercise
Price	 	  	Option Expiry
Date	 	  	Value of
unexercised in-
the-money
options (1)	 	  	Number of
shares or units
of shares
that
have not vested
(#)	 	  	Market or
payout value of
share-based
awards that have
not vested (1)	 	  	Market or
payout value of
shares that have
vested and not
paid out
or
distributed	 
	 Stephen J.J. Letwin
	  	 	150,000	  	  	$	17.98	  	  	 	10/11/2017	  	  	 	—  	  	  	 	75,000	  	  	$	854,250	  	  			
		  	 	150,000	  	  	$	18.65	  	  	 	16/05/2018	  	  	 	—  	  	  	 	50,000	  	  	$	569,500	  	  			
		  	 	325,000	  	  	$	13.28	  	  	 	30/03/2019	  	  	 	—  	  	  				  				  			
	 Total
	  	 	625,000	  	  				  				  	 	—  	  	  	 	125,000	  	  	$	1,423,750	  	  	 	—  	  
	 Carol Banducci
	  	 	85,750	  	  	$	6.40	  	  	 	16/05/2013	  	  	$	427,893	  	  	 	23,800	  	  	$	271,082	  	  			
		  	 	52,000	  	  	$	11.59	  	  	 	19/05/2014	  	  	 	—  	  	  				  				  			
		  	 	63,950	  	  	$	13.80	  	  	 	24/03/2015	  	  	 	—  	  	  				  				  			
		  	 	60,267	  	  	$	18.65	  	  	 	16/05/2018	  	  	 	—  	  	  				  				  			
		  	 	85,000	  	  	$	13.28	  	  	 	30/03/2019	  	  	 	—  	  	  				  				  			
	 Total
	  	 	346,967	  	  				  				  	$	427,893	  	  	 	23,800	  	  	$	271,082	  	  	 	—  	  
	 Gordon Stothart
	  	 	80,000	  	  	$	11.59	  	  	 	19/05/2014	  	  	 	—  	  	  	 	24,780	  	  	$	282,244	  	  			
		  	 	83,250	  	  	$	13.80	  	  	 	24/03/2015	  	  	 	—  	  	  				  				  			
		  	 	60,267	  	  	$	18.65	  	  	 	16/05/2018	  	  	 	—  	  	  				  				  			
		  	 	85,000	  	  	$	13.28	  	  	 	30/03/2019	  	  	 	—  	  	  				  				  			
	 Total
	  	 	308,517	  	  				  				  	$	0	  	  	 	24,780	  	  	$	282,244	  	  	 	—  	  
	 Denis Miville-Deschenes
	  	 	100,000	  	  	$	6.40	  	  	 	16/05/2013	  	  	$	499,000	  	  	 	13,180	  	  	$	150,120	  	  			
		  	 	35,000	  	  	$	11.59	  	  	 	19/05/2014	  	  	 	—  	  	  				  				  			
		  	 	45,800	  	  	$	13.80	  	  	 	24/03/2015	  	  	 	—  	  	  				  				  			
		  	 	27,816	  	  	$	18.65	  	  	 	16/05/2018	  	  	 	—  	  	  				  				  			
		  	 	65,000	  	  	$	13.28	  	  	 	30/03/2019	  	  	 	—  	  	  				  				  			
	 Total
	  	 	273,616	  	  				  				  	$	499,000	  	  	 	13,180	  	  	$	150,120	  	  	 	—  	  
	 Craig MacDougall
	  	 	35,000	  	  	$	15.40	  	  	 	2/29/2019	  	  	 	—  	  	  	 	14,000	  	  	$	159,460	  	  			
		  	 	30,000	  	  	$	14.24	  	  	 	13/09/2019	  	  	 	—  	  	  				  				  			
	 Total
	  	 	65,000	  	  				  				  	$	0	  	  	 	14,000	  	  	$	159,460	  	  	 	—  	  

  

	1.	The value of the option based awards and share-based awards is calculated in Canadian dollars using a closing market price on the Toronto Stock Exchange of $11.39 as of
December 31, 2012. 

  
 34 

 Value of Vested or Earned Awards During the Year 

 

													
	 Name
	  	Option-Based
awards -Value
vested during
the year	 	  	Share-Based
awards -Value
vested during
the year	 	  	Non-equity incentive
plan compensation -
Value earned during
the year (1)	 
	 Stephen J.J. Letwin (2)
	  	$	0	  	  	$	0	  	  	$	671,500	  
	 Carol Banducci
	  	$	93,125	  	  	$	23,450	  	  	$	239,157	  
	 Gordon Stothart (3)
	  	$	0	  	  	$	35,175	  	  	$	269,844	  
	 Denis Miville-Deschenes
	  	$	74,500	  	  	$	0	  	  	$	178,735	  
	 Craig MacDougall
	  	$	0	  	  	$	0	  	  	$	106,424	  

  

	1.	Non-Equity Incentive Plan compensation includes the amount of the annual performance bonus awards earned by our NEOS for the noted year, as paid in the following year.
As may be identified (see note 2 and 3 below), a portion of the non-equity compensation may be paid in the form of DSUs, but is not shown in this table as share-based awards to avoid duplication of reporting of the amount. 

	2.	The annual performance bonus award earned by our Chief Executive Officer in 2012 was paid 100 percent in the form of a grant of RSUs. The Board made its decision to pay
the annual performance bonus award in the form of RSUs, considering a number of factors, including Mr. Letwin’s request that his bonus be allocated in RSUs. 

	3.	The annual performance bonus award earned by our Chief Operations Officer in 2012 was paid in the form of cash and a grant of RSUs. The Board made its decision to pay
$51,740 of the annual performance bonus award in the form of RSUs, considering a number of factors. 

 PENSION
PLAN BENEFITS 
 Defined Contribution Plan 
 The Corporation has a defined contribution pension plan that is generally available to all salaried employees (the “Plan”). The Named Executive Officers participate on an equal basis with
salaried employees in the terms, conditions, rights and benefits under the Plan. Notwithstanding any contribution made to the Plan by the Named Executive Officer, each receives a contribution from the Corporation to the Plan of at least 5% of base
salary. If a contribution is made to the Plan by the Named Executive Officer, for any contribution made that is less than 6% of base salary, the Corporation will contribute the minimum 5% of base salary plus half of the employee contribution. If a
Named Executive Officer contributes 6% or more of base salary, the Corporation will contribute 8% of base salary. Contributions do not exceed the income tax limit on deductible contributions. Contributions are made as deposits at Great West-London
Life and are invested following the investment instructions provided by the Named Executive Officer. 
  

																	
	 Name
	  	Accumulated value
at start of year (1)	 	  	Compensatory	 	  	Non-
Compensatory 
(1)	 	  	Accumulated value
at year end	 
	 Stephen J. J. Letwin
	  	$	22,048	  	  	$	23,820	  	  	$	2,809	  	  	$	48,677	  
	 Carol Banducci
	  	$	97,153	  	  	$	21,551	  	  	$	10,686	  	  	$	129,390	  
	 Gordon Stothart
	  	$	80,759	  	  	$	22,002	  	  	$	5,753	  	  	$	108,514	  
	 Denis Miville-Deschenes
	  	$	100,081	  	  	$	18,395	  	  	$	7,968	  	  	$	126,444	  
	 Craig MacDougall
	  	$	0	  	  	$	13,611	  	  	$	10,858	  	  	$	24,469	  

  

	1.	Non-compensatory amounts in the above table include NEO contributions, investment returns and the change in accumulated value due to change in exchange rates during
2012. 

  
 35 

 TERMINATION AND CHANGE OF CONTROL BENEFITS 
 The Corporation has entered into employment agreements with each of the Named Executive Officers (“Employment Agreements”). The Employment Agreements describe the terms and conditions under
which the Named Executive Officers have been retained, their remuneration as well as the circumstances under which their employment may be terminated or deemed to terminate and the compensation, if any, payable further to a termination. 

Pursuant to the Employment Agreements: 

Termination Without Cause: Except in the case of Messrs. Letwin and MacDougall (described below), following a termination by the
Corporation of a Named Executive Officer without cause, the Corporation will continue to pay the Named Executive Officer for a period of 24 months the annual salary of the Named Executive Officer in effect immediately prior to termination.
Alternatively, the Named Executive Officer can elect to receive all or a portion of the 24 month payment as a lump sum. In addition, for the 24 months following termination, any benefits of the Named Executive Officer under employee benefits plans
and programs of the Corporation remain in force, to the extent permitted under such plans and programs, and any options to purchase securities of the Corporation immediately vest on termination without cause and remain exercisable for a period of 60
days following termination. Any constructive termination or dismissal of the Named Executive Officer is treated as a termination without cause. 

In respect of Mr. Letwin, the Corporation may terminate his employment without cause by providing 24 months of working notice or, in lieu of all or
part of this working notice period, by continuing to pay his annual salary and two times (2X) the average annual STIP compensation for the preceding two fiscal years, pro-rated and paid as a monthly amount. Should Mr. Letwin commence new
employment during this period, all payments in lieu of working notice shall cease and the STIP compensation portion shall be pro-rated accordingly. In the case of Mr. MacDougall, the Corporation may terminate his employment without cause, if
within twelve months of the start of employment, with 6 months of working notice, if after twelve months but within eighteen months of the start of employment, with 12 months of working notice, if after eighteen months but within twenty-four months
of the start of employment, with 18 months of working notice and, if after twenty-four months of the start of employment, with twenty-four months of working notice. In lieu of all or part of this working notice to Mr. MacDougall, the
Corporation may continue to pay his annual salary and the average annual STIP compensation for the preceding two fiscal years, pro-rated and paid as a monthly amount. In the case of both Messrs. Letwin and MacDougall, during the notice period,
or pay in lieu thereof, any benefits remain in force, to the extent permissible under the terms of applicable benefit plans. Only those options then vested and exercisable at the date of termination remain exercisable for 60 days following
termination. If pay in lieu of notice is provided, the date of termination shall be the last day worked and there shall be no vesting of options or other equity based awards during the period of pay in lieu of notice. Any constructive termination or
dismissal is treated as a termination without cause. 
 Change of Control: Except in the case of Messrs. Letwin and MacDougall,
upon a change of control of the Corporation, the employment of the Named Executive Officer is deemed to have terminated without cause and (if the change of control payment and benefit entitlement is not waived by the Named Executive Officer within
60 days after the change of control) a lump sum payment is to be made by the Corporation to the Named Executive Officer in an amount equal to twice the annual salary in effect immediately prior to termination. In addition, any rights and benefits of
the Named Executive Officer under employee benefits plans and programs of the Corporation remain in force, to the extent permitted under such plans and programs, for a period of 24 months after the change of control and any options to purchase
securities of the Corporation and deferred securities of the Corporation immediately vest on a change of control and remain exercisable for a period of 60 days following termination. For the purposes

  
 36 

 
of the Employment Agreements, a “change of control” occurs where 40% or more of the votes attached to the securities of the Corporation are acquired and such votes are exercised so as
to result in the election of a majority of directors of the Corporation who were not directors immediately prior to the acquisition of such securities. 
 As is the case for Messrs. Letwin and MacDougall, the Corporation will not enter into any new executive employment agreement without a “double trigger” in respect of change of control severance
entitlement. An executive must have been dismissed or constructively dismissed within a certain period of time following a change of control event, in addition to the change of control event, in order to be entitled to change of control
compensation. 
 In the event Mr. Letwin’s employment is terminated or constructively terminated by the Corporation without cause
within a 12 month period following a “change of control” (as previously defined) of the Corporation, the Corporation shall pay Mr. Letwin a lump sum equal to the payments in lieu of notice he is entitled to in the case of a
termination without cause. Benefits remain in force, to the extent permissible under benefit plans, for 24 months following the date of termination. In the event Mr. MacDougall’s employment is terminated or constructively terminated by the
Corporation without cause within a 12 month period following a “change of control” he shall be entitled to the continued payments, in lieu of working notice, and benefits he is entitled to in the case of a termination without
cause. Any options to purchase or rights or entitlements to acquire securities of the Corporation vest on acceptance of a bid or other changes constituting a change of control and remain exercisable for the following 60 days. 

The NEOs remain obligated after their termination to keep proprietary and confidential information of the Corporation acquired during the course of their
employment with the Corporation confidential and not to use such proprietary and confidential information to the detriment of the Corporation. As well, the Named Executive Officers may not engage in any business activity in competition with the
business of the Corporation during their employ and for 12 months after their employment with the Corporation has ceased, and may not solicit or attempt to retain or hire any employee of the Corporation during their employ and for 12 months after
their employment with the Corporation has ceased. Given the serious and immediate harm that would be caused the Corporation if a Named Executive Officer were to breach any obligation with respect to confidential information or non-competition, the
Corporation is entitled to seek injunctive relief, specific performance and other equitable relief, in addition to any remedy it may have at law. 
 The following table sets out the estimated incremental payments to the NEOs, individually and in the aggregate in the event of resignation, retirement, termination without cause, termination with cause
and change in control, as if such event occurred on the last business day of the Corporation’s most recently completed financial year (and in the case of a change of control, assuming change of control compensation was payable). Values
represent a lump sum in terms of salary and the estimated cost of benefits, and assume all equity entitlements then outstanding were exercised using the closing market price of the Corporation’s securities on the last business day of the year.
Members of the HRCC are aware of and understand the long-term implications of these Employment Agreements and the limitations they impose on changing compensation. 

  
 37 

																					
	 Event
	  	Stephen J.J.
Letwin	 	  	Carol
Banducci	 	  	Gordon
Stothart	 	  	Denis
Miville-
Deschenes	 	  	Craig
MacDougall	 
	 Resignation
	  				  				  				  				  			
	 Severance
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Equity
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Benefits
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Total
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Retirement (1)
	  				  				  				  				  			
	 Severance
	  				  				  				  				  			
	 Equity
	  				  				  				  				  			
	 Benefits
	  				  				  				  				  			
	 Total
	  	 	n/a	  	  	 	n/a	  	  	 	n/a	  	  	 	n/a	  	  	 	n/a	  
	 Termination with Cause
	  				  				  				  				  			
	 Severance
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Equity
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Benefits
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Total
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Termination without Cause
	  				  				  				  				  			
	 Severance
	  	$	3,154,500	  	  	$	873,630	  	  	$	1,040,862	  	  	$	832,000	  	  	$	215,712	  
	 Equity
	  	$	1,082,050	  	  	$	271,082	  	  	$	282,244	  	  	$	150,120	  	  	$	0	  
	 Benefits
	  	$	306,000	  	  	$	157,253	  	  	$	187,355	  	  	$	241,280	  	  	$	29,250	  
	 Total
	  	$	4,542,550	  	  	$	1,301,965	  	  	$	1,510,461	  	  	$	1,223,400	  	  	$	244,962	  
	 Change in Control
	  				  				  				  				  			
	 Severance
	  	$	3,154,500	  	  	$	873,630	  	  	$	1,040,862	  	  	$	832,000	  	  	$	215,712	  
	 Equity
	  	$	1,423,750	  	  	$	271,082	  	  	$	282,244	  	  	$	150,120	  	  	$	159,460	  
	 Benefits
	  	$	306,000	  	  	$	157,253	  	  	$	187,355	  	  	$	241,280	  	  	$	29,250	  
	 Total
	  	$	4,884,250	  	  	$	1,301,965	  	  	$	1,510,461	  	  	$	1,223,400	  	  	$	404,422	  

  

	1.	As of December 31, 2012, none of the Named Executive Officers were eligible for retirement. 

 DIRECTOR COMPENSATION 
 The NCGC, as part of its mandate, and the Board consider director
remuneration, in both structure and amount, relative to that of the Corporation’s peer group of companies, consistent with those used to benchmark executive compensation, and the nature and extent of the responsibilities, risks and the time
commitment associated with a directorship of a large, publicly-traded, cross-listed corporation. 
 Mr. Pugliese, Chairman of the Board,
receives an ongoing annual retainer of $325,000, half of which is required to be paid in the form of an annual grant of Common Shares until, at the very least, the Chairman of the Board’s share ownership requirement is achieved.
Mr. Pugliese’s direct and indirect holdings of Common Shares were valued at $46,921,891, significantly above his share ownership requirements of $600,000. Common share awards vest at the end of one year from the date of grant on
January 1 of each year. 
 Other than Messrs. Pugliese and Letwin (who, as CEO, receives no additional compensation while acting in the
capacity of an executive director and whose compensation is fully reflected in the Statement of Executive Compensation, together with the other NEOs), each director receives an ongoing annual cash retainer of $70,000 and an ongoing annual equity
retainer of $70,000, which is issuable in Common Shares, at a price per Common Share equal to the weighted average trading price of a Common Share for 

  
 38 

 
the thirty trade days preceding the date of grant, vesting one year from the date of grant on January 1 of each year (similar to the Chairman of the Board, until his share ownership
requirement is met). 
 Other than Messrs. Pugliese and Letwin, each director also receives $2,000 for each Board meeting or Board Committee
meeting attended. In addition, in recognition of additional responsibilities and time commitment, the Chairmen of the Audit and Finance Committee and the Human Resources and Compensation Committee each receive an annual cash retainer of $15,000
(this retainer was increased to $25,000 effective January 1, 2013) and the Chairmen of the Nominating and Corporate Governance Committee, the Environmental, Health and Safety Committee and the Resources and Reserves Committee each receive an
annual cash retainer of $10,000. 
 Any director travelling in excess of four hours to attend either a Board meeting or Board Committee meeting
is entitled to a travel fee of $1,750. Other than upon the initial appointment to the Board, a director is not eligible to receive stock options under the Share Incentive Plan of the Corporation. Directors no longer receive stock options.

 The following table sets out all compensation payable to the Board for the Corporation’s most recently completed financial year.

  

																													
	 Name
	  	Fees
Earned	 	  	Share-based
awards	 	  	Option-based
awards	 	  	Non-equity
incentive 
plan
compensation	 	  	Pension
value	 	  	All other
compensation	 	  	Total
Compensation	 
	 William D. Pugliese
	  	$	325,000	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	325,000	  
	 Derek Bullock (1)
	  	$	91,500	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	91,500	  
	 John E. Caldwell
	  	$	167,250	  	  	$	35,863	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	203,113	  
	 Donald K. Charter
	  	$	170,000	  	  	$	35,863	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	205,863	  
	 W. Robert Dengler
	  	$	171,750	  	  	$	35,863	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	207,613	  
	 Guy G. Dufresne
	  	$	155,750	  	  	$	35,863	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	191,613	  
	 Mahendra Naik
	  	$	157,000	  	  	$	35,863	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	192,863	  
	 John T. Shaw
	  	$	163,750	  	  	$	35,863	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	199,613	  
	 Timothy Snider
	  	$	118,000	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	118,000	  
	 Richard J. Hall
	  	$	169,583	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	169,583	  

  

	1.	Derek Bullock resigned from the board on May 14, 2012. 

 Similar to the earlier disclosure provided with respect to outstanding equity entitlements of the Named Executive Officers, the following table sets out all option-based and share-based awards outstanding
as at the end of the Corporation’s most recently completed financial year for the directors. 

  
 39 

 Outstanding Share-based Awards and Option-based Awards 

 

																													
	 	  	Option-Based Awards	 	  	Share-Based Awards	 
	 Name
	  	Number of
securities
underlying
unexercised
options (#)	 	  	Option
Exercise
Price	 	  	Option
Expiry Date	 	  	Value of
unexercised
in-the-money
options (1)	 	  	Number of shares
or units of shares
that have not
vested (#)	 	  	Market or payout
value of share-
based awards that
have not
vested	 	  	Market or payout
value of shares
that have
vested
and not paid out or
distributed	 
	 William D. Pugliese
	  	 	7,500	  	  	$	6.40	  	  	 	16/05/2013	  	  	 	37,425	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Derek Bullock (2)
	  	 	7,500	  	  	$	6.40	  	  	 	16/05/2013	  	  	 	37,425	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 John E. Caldwell
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	33,418	  
	 Donald K. Charter
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	33,418	  
	 W. Robert Dengler
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	33,418	  
	 Guy G. Dufresne
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	33,418	  
	 Mahendra Naik
	  	 	10,000	  	  	$	6.40	  	  	 	16/05/2013	  	  	 	49,900	  	  	 	—  	  	  	 	—  	  	  	$	33,418	  
	 John T. Shaw
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	$	33,418	  
	 Timothy Snider
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Richard J. Hall
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  

  

	1.	The value of the option based awards and share-based awards are calculated using IAMGOLD’s closing market price on the Toronto Stock Exchange of $11.39 as of
December 31, 2012 

	2.	Derek Bullock resigned from the board on May 14, 2012. 

 Also similar to the earlier disclosure provided with respect to the Named Executive Officers, for the Directors, the following table sets out the value vested during the Corporation’s most recently
completed financial year in respect of options or shares assuming the options were exercised upon vesting. The Directors do not participate in that non-equity incentive plan of the Named Executive Officers consisting of the short-term cash
performance bonus. 

  
 40 

 Incentive Plan Awards – Value Vested or Earned During the Year 

 

													
	 Name
	  	Option-Based awards -
Value vested during
the year	 	  	Share-Based awards 
-
Value vested during
the year	 	  	Non-equity incentive 
plan
compensation -Value earned
during the year	 
	 William D. Pugliese
	  	$	22,350	  	  	 	—  	  	  	 	—  	  
	 Derek Bullock (1)
	  	$	7,450	  	  	 	—  	  	  	 	—  	  
	 John E. Caldwell
	  	 	—  	  	  	$	33,418	  	  	 	—  	  
	 Donald K. Charter
	  	 	—  	  	  	$	33,418	  	  	 	—  	  
	 W . Robert Dengler
	  	 	—  	  	  	$	33,418	  	  	 	—  	  
	 Guy G. Dufresne
	  	 	—  	  	  	$	33,418	  	  	 	—  	  
	 Mahendra Naik
	  	$	7,450	  	  	$	33,418	  	  	 	—  	  
	 John T. Shaw
	  	 	—  	  	  	$	33,418	  	  	 	—  	  
	 Timothy Snider
	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Richard J. Hall
	  	 	—  	  	  	 	—  	  	  	 	—  	  

  

	1.	Derek Bullock resigned from the board on May 14, 2012 

 Director Share Ownership 
 With a view to aligning director and stakeholder interests, the
NCGC recommended, and the Board approved, director share ownership requirements equal to $300,000 (measured at the date of acquisition) worth of shares ($600,000 for the Chairman of the Board) or a multiple of 4.3x the ongoing annual cash retainer
for a director, to be achieved within five years. 
 Information as to the number of Common Shares beneficially owned, directly or indirectly,
and/or over which control or direction is exercised by the nominees for election as directors of the Corporation is, in each case, based upon information furnished by the respective nominee on the System for Electronic Disclosure by Insiders
(“SEDI”), at www.sedi.ca, and information otherwise available to the Corporation as at April 15, 2013. 

  
 41 

																									
	 Name
	  	Year
First
Became
Director of the
Corporation	 	  	Ownership
Requirement3
	 	  	Beneficial
Ownership1	 	  	  
	 
	  	  	  	Number of
Common
Shares	 	  	Value of
Common
Shares
2	 	  	Multiple of
Ownership
Requirement	 	  	Ownership
Requirement
Achieved?	 
	 William D. Pugliese
	  	 	1990	  	  	$	600,000	  	  	 	4,119,569	  	  	$	46,921,891	  	  	 	78.2x	  	  	 	Yes	  
	 Stephen J.J. Letwin
	  	 	2010	  	  	$	300,000	  	  	 	113,356	  	  	$	1,291,125	  	  	 	4.3x	  	  	 	Yes	  
	 John E. Caldwell
	  	 	2006	  	  	$	300,000	  	  	 	16,916	  	  	$	192,673	  	  	 	0.6x	  	  	 	No	  
	 Donald K. Charter
	  	 	1994	  	  	$	300,000	  	  	 	146,734	  	  	$	1,671,300	  	  	 	5.6x	  	  	 	Yes	  
	 W. Robert Dengler
	  	 	2005	  	  	$	300,000	  	  	 	47,934	  	  	$	545,968	  	  	 	1.8x	  	  	 	Yes	  
	 Guy G. Dufresne
	  	 	2006	  	  	$	300,000	  	  	 	40,602	  	  	$	462,457	  	  	 	1.5x	  	  	 	Yes	  
	 Mahendra Naik
	  	 	2000	  	  	$	300,000	  	  	 	518,534	  	  	$	5,906,102	  	  	 	19.7x	  	  	 	Yes	  
	 John T. Shaw
	  	 	2006	  	  	$	300,000	  	  	 	17,934	  	  	$	204,268	  	  	 	0.7x	  	  	 	No	  
	 Timothy Snider
	  	 	2011	  	  	$	300,000	  	  	 	6,978	  	  	$	79,479	  	  	 	0.3x	  	  	 	No	  
	 Richard J. Hall
	  	 	2012	  	  	$	300,000	  	  	 	4,900	  	  	$	55,811	  	  	 	0.2x	  	  	 	No	  

  

	1.	Owned directly or indirectly or over which control or direction is exercised. 

	2.	Based on IAMGOLD’s closing market share price on the Toronto Stock Exchange of $11.39 as of December 31, 2012. 

	3.	Directors are required to achieve share ownership requirements within five years of commencement of directorship, or, for existing directors, within five years of
October 1, 2011. Achievement of director share ownership requirement calculated at the date of acquisition of shares. 

Directors’ and Officers’ Liability Insurance 
 The Corporation has directors’ and officers’ liability insurance for the benefit of the directors and officers of the Corporation which provides coverage in the aggregate of $75 million for the
period from November 1, 2012 to November 1, 2013. The deductible amount on the policy is $500,000 and the total premium is $479,695. 

SHARE INCENTIVE PLAN 
 The Corporation
has established a Share Incentive Plan for the benefit of full-time and part-time employees, directors and officers of the Corporation and affiliated companies (and persons or companies engaged to provide ongoing management or consulting services to
the foregoing), each hereinafter referred to as a “Participant” which may be designated from time to time by the directors of the Corporation or a designated committee thereof (in either case the “Board”). The Share Incentive
Plan consists of the Share Purchase Plan, the Share Bonus Plan, the Deferred Share Plan and the Share Option Plan. The following is a summary of the Share Incentive Plan, which is qualified in its entirety by the provisions of the Share Incentive
Plan, a copy of which is available to any shareholder, without charge, upon request to the Secretary of the Corporation. Capitalized terms used in this summary of the Share Incentive Plan have the meanings ascribed to them in the Share Incentive
Plan. 
 There are currently 25,107,401 Common Shares (or approximately 6.67% of the issued and outstanding Common Shares) authorized for issue
under the Share Incentive Plan. Since the adoption of the Share Incentive Plan, an aggregate of 22,192,019 Common Shares have been issued and are issuable under the Share Incentive Plan as follows: 63,558 Common Shares have been issued pursuant to
the Share Purchase Plan; 309,301 Common Shares have been issued and 159,198 Common Shares are issuable pursuant to the Share Bonus Plan; 118,198 Common Shares have been issued and 1,666,986 Common Shares are issuable pursuant to the Deferred Share
Plan; and option exercises have resulted in the issue of 13,748,800 Common Shares under the Share Option Plan and options to purchase 6,125,978 Common Shares are outstanding under the Share Option Plan. As a result, assuming all of the existing
options are 

  
 42 

 
exercised in full and all Common Shares otherwise issuable under the Share Incentive Plan are issued, an aggregate of 2,915,382Common Shares (or approximately 0.77% of the issued and outstanding
Common Shares) will remain available for issue from treasury under the Share Incentive Plan. 
 Amending Provisions 

The Board may, without shareholder approval, make the following amendments to the Share Incentive Plan: 

 

	1.	Any amendment of a “housekeeping” nature, 

  

	2.	Any amendment to comply with the rules, policies, instruments and notices of any regulatory authority to which the Corporation is subject, including the TSX, or to
otherwise comply with any applicable law or regulation, 

  

	3.	Any amendment to the vesting provisions of the Share Purchase Plan, the Share Option Plan or the Deferred Share Plan, 

 

	4.	Other than changes to the expiration date and the exercise price of an option prohibited by the terms of the Share Incentive Plan, any amendment, with the consent of
the optionee, to the terms of any option previously granted to such optionee under the Share Option Plan, 

  

	5.	Any amendment to the provisions concerning the effect of the termination of a Participant’s employment or services on such Participant’s status under the
Share Purchase Plan, the Share Bonus Plan or the Deferred Share Plan, 

  

	6.	Any amendment to the provisions concerning the effect of the termination of an Optionee’s position, employment or services on such Optionee’s status under the
Share Option Plan, 

  

	7.	Any amendment to the categories of persons who are Participants, 

  

	8.	Any amendment to the contribution mechanics of the Share Purchase Plan, 

  

	9.	Any amendment respecting the administration or implementation of the Share Incentive Plan, and 

 

	10.	Any amendment to provide a cashless exercise feature to any option or the Share Option Plan, provided that such amendment ensures the full deduction of the number of
underlying Common Shares from the total number of Common Shares subject to the Share Option Plan. 

 In all other circumstances,
shareholder approval is required to amend the Share Incentive Plan. Amendments requiring shareholder approval include: 
  

	1.	any change to the number of Common Shares issuable from treasury under the Plan, including an increase to the fixed maximum number of Common Shares or a change from a
fixed maximum number of Common Shares to a fixed maximum percentage, other than an adjustment pursuant to section 8.08, of the Plan, 

  

	2.	any amendment which would change the number of days set out in section 4.13 of the Plan with respect to the extension of the expiration date of Options expiring during
or immediately following a Blackout Period, 

  

	3.	any amendment which reduces the exercise price of any Option, other than an adjustment pursuant to section 8.08 of the Plan, 

 

	4.	any amendment which extends the expiry date of an Option other than as then permitted under the Share Option Plan, 

 

	5.	any amendment which cancels any Option and replaces such Option with an Option which has a lower exercise price, other than an adjustment pursuant to section 8.08 of
the Plan, and 

  
 43 

	6.	any amendment which would permit Options to be transferred or assigned by any Participant other than as allowed by subsection 8.04 of the Plan.

 As noted above, shareholder approval is required for any amendment to the Share Incentive Plan or to the terms of any award
granted under the Share Incentive Plan that (i) increases the number of Common Shares reserved for issue from treasury under the Share Incentive Plan or reduces the exercise price of an option (for this purpose, a cancellation or termination of
an option to a Participant prior to its expiry date for the purpose of reissuing an option to the same Participant with a lower exercise price would be treated as an amendment to reduce the exercise price of an option) except in connection with a
stock split, spin-off, share dividend, share combination, recapitalization, merger, change of control or similar event, (ii) any amendment which would change the number of days with respect to the extension of the expiration date of options
expiring during or immediately following a blackout period, (iii) extends the term of an option other than as then permitted by the Share Incentive Plan, or (iv) permits awards to be transferred other than as permitted by the Share
Incentive Plan. In 2012, following shareholder approval, the Share Incentive Plan was amended to: 
  

	(i)	increase the number of Common Shares currently issuable from treasury under the Share Incentive Plan by 1,000,000 from 4,672,326 to 5,672,326 Common Shares, in the
aggregate; and 

  

	(ii)	add provisions to section 8.03(b) of the Share Incentive Plan, requiring shareholder approval by ordinary resolution for (a) any amendment to the Share Incentive
Plan to change its amending provisions as set forth in Sections 8.03 (a)(ii) ad 8.03(b), and (b) any amendment to the Share Incentive Plan that will increase the limits previously imposed on non-employee director participation in the Share
Incentive Plan (currently, the number of Common Shares reserved under the Share Incentive Plan for issue to non-employee directors is (x) for all non-employee directors, in the aggregate, a maximum of 1% of the number of outstanding Common
Shares, and (y) on an individual non-employee director basis, awards of equity incentives per non-employee director in any one calendar year having a maximum aggregate value of $100,000 at the time of the awards (other than awards under the
Share Incentive Plan to a non-employee director in the year of his or her initial appointment to the Board – see Share Incentive Plan— Insider Limitation), and, for greater certainty, to add wording to section 8.03(a)(ii)(1) of the Share
Incentive Plan respecting the Board’s right to amend the Share Incentive Plan in connection with its administration or implementation, in the event of a reallocation of previously reserved Common Shares under the Share Incentive Plan (pursuant
to shareholder approval) among any of the plans comprising the Share Incentive Plan. 

 Insider Limitations 

Pursuant to the terms of the Share Incentive Plan, the number of Common Shares issuable from treasury to insiders of the Corporation (within the meaning
set out in the applicable rules of the TSX), at any time, and under all security based compensation arrangements of the Corporation, may not exceed ten per cent of the total number of Common Shares then issued and outstanding; and the number of
Common Shares issued from treasury to insiders, within any one year period, and under all security based compensation arrangements of the Corporation, may not exceed ten per cent of the total number of Common Shares then issued and outstanding. In
addition, the number of Common Shares reserved for issue to non-employee directors under the Share Incentive Plan shall not exceed (x) for all non-employee directors, in the aggregate, a maximum of 1% of the number of outstanding Common Shares,
and (y) on an individual non-employee director basis, awards of equity incentives per non-employee director in any one calendar year having a maximum aggregate value of $100,000 at the time of the awards (other than awards under the Share
Incentive Plan to a non-employee director in the year of his or her initial appointment to the Board). 

  
 44 

 Assignability 
 No rights under the Share Incentive Plan and no option awarded pursuant to the provisions of the Share Incentive Plan are assignable or transferable by any Participant other than pursuant to a will or by
the laws of descent and distribution. 
 Blackout Periods 
 The nature of the business of the Corporation gives rise to a number of periods each year during which directors, officers and employees are precluded from trading in securities of the Corporation in
accordance with the trading policy and guidelines of the Corporation. These periods are referred to as “blackout periods”. Pursuant to the terms of the Share Incentive Plan, there is an automatic extension of an option term that would
otherwise have expired during, or within ten business days of, a Corporation imposed blackout period. In such circumstances, the end of the term of such option will be the tenth business day after the end of the blackout period. 

Share Purchase Plan 
 Subject to the
requirements of the Share Purchase Plan, the Board has the authority to select those Participants (other than non-employee directors) who may participate in the Share Purchase Plan. Under the Share Purchase Plan, the Corporation may choose to issue
Common Shares from treasury or to deliver Common Shares purchased through the facilities of the TSX to satisfy the obligation of the Corporation to deliver Common Shares to participants pursuant to the Share Purchase Plan. At such times or times as
are determined by the Corporation but in any event no later than December 31 in the applicable calendar year, the Corporation will credit each Participant with the applicable contribution of the Corporation. In order to satisfy the obligations
of the Corporation under the Share Purchase Plan, the Corporation may either (i) issue from treasury for the account of each participant Common Shares equal in value to the aggregate amount contributed to the Share Purchase Plan by such
Participant and the Corporation and held in trust as of such date at the applicable price determined in accordance with the provisions of the Share Purchase Plan (being the weighted average price of the Common Shares on the TSX for the period in
respect of which Common Shares are being issued from treasury under the Share Purchase Plan, being the period of time during which the aggregate contribution of the Participant being used to purchase such Common Shares has been accumulated) or
(ii) deliver to the account of each Participant in the Share Purchase Plan Common Shares equal in number to the number of Common Share purchased through the facilities of the TSX with the aggregate amount contributed to the Share Purchase Plan
by the Participant and the Corporation as of such date. The Corporation will only issue whole Common Shares. 
 The minimum contribution of a
Participant in the Share Purchase Plan is one per cent, and the maximum contribution is ten percent, of such Participant’s basic annual remuneration. The matching contribution of the Corporation is 75 per cent of the participant’s
contribution until the participant’s contribution reaches five per cent of such participant’s basic annual remuneration. As a result, the Corporation’s maximum contribution will be 3.75 per cent of a participant’s basic
annual remuneration. 
 Under the Share Incentive Plan, unless otherwise determined by the Committee, if a participant ceases to be employed by,
or provide services to, the Corporation and all Designated Affiliates for any reason (including disability or death) or receives notice from the Corporation of the termination of his or her contract of service or employment, (i) the Participant
shall automatically cease to be entitled to participate in the Share Purchase Plan, (ii) any portion of the contribution of the Participant then held in trust for the participant shall be paid to the participant or the estate of the
Participant, (iii) any portion of the 

  
 45 

 
contribution of the Corporation then held in trust for the Participant shall be paid to the Participant or the estate of the Participant, except in the case of a resignation (not as a result of
retirement) or termination for cause, and in such cases, any portion of the contribution of the Corporation then held in trust for the Participant shall be returned and paid to the Corporation, and (iv) any Common Shares then held in
safekeeping for the participant shall be delivered to the Participant or the estate of the Participant. 
 Common Shares issued for, or
delivered to, the account of a Participant in the Share Purchase Plan will be held in safekeeping and delivered, subject as otherwise provided in the Share Purchase Plan, to the Participant at such time or times as are determined by the Corporation
upon the request of the participant. 
 If there is a take-over bid (within the meaning of the Securities Act (Ontario)) made for the
Common Shares, then the Committee may make any Common Shares held in safekeeping under the Share Purchase Plan for a Participant immediately deliverable in order to permit such Common Shares to be tendered to such bid. In addition, the Committee may
permit the contribution of the Corporation to be made and Common Shares to be delivered for the then aggregate contribution of the participant and the Corporation prior to the expiry of any such take-over bid in order to permit such Common Shares to
be tendered to such bid. 
 For the period commencing on January 1, 2012 and ending on the date of this Circular, Common Shares were
purchased in the market. An aggregate of 63,558 Common Shares have been issued to date under the Share Purchase Plan representing less than approximately 0.02% of the outstanding Common Shares. 

Share Bonus Plan 
 The Share Bonus Plan
permits Common Shares to be issued as a discretionary bonus to eligible Participants. The maximum number of Common Shares made available for issue from treasury under the Share Bonus Plan shall be determined from time to time by the Committee but,
in any case, shall not exceed 740,511 Common Shares in the aggregate and in no event shall the aggregate number of Common Shares reserved for issue from treasury pursuant to the provisions of the Share Bonus Plan exceed the lesser of 740,511 Common
Shares and 1% of the number of Common Shares then outstanding. 
 309,301 Common Shares have been issued and 159,198 Common Shares are issuable
to date under the Share Bonus Plan, representing, in the aggregate, less than approximately 0.12% of the outstanding Common Shares. 

Deferred Share Plan 
 The Deferred Share
Plan permits Common Shares to be issued as a discretionary bonus to Participants. Under the Deferred Share Plan, Common Shares awarded to a Participant may either be (i) issued from treasury, or (ii) purchased through the facilities of the
TSX, and delivered to such Participant. The provisions and restrictions (including any vesting provisions) attached to awards of Common Shares granted under the Deferred Share Plan will be determined by the Committee at the time of grant of the
award of Common Shares. 
 If there is a take-over bid (within the meaning of the Securities Act (Ontario)) made for outstanding Common
Shares, the Committee may accelerate any awards granted under the Deferred Share Plan and issue or deliver any Common Shares issuable or deliverable under the Deferred Share Plan in order to permit such Common Shares to be tendered to such bid.

 Subject to any employment agreement or notice or agreement with respect to an award granted under the Deferred Share Plan or as otherwise
determined by the Committee, if a Participant ceases to be employed by or provide services to the Corporation and all the designated affiliates of the Corporation (a “Designated Affiliate”) or resigns as a director or officer of the
Corporation and its Designated Affiliates 

  
 46 

 
for any reason other than retirement, disability or death, the Participant shall automatically cease to be entitled to participate in the Deferred Share Plan and any entitlement to receive Common
Shares thereafter under the Deferred Share Plan shall terminate. 
 If a Participant dies, any Common Shares to which such Participant was
entitled in respect of an award granted under the Deferred Share Plan as of the date of death will be delivered as soon as practicable thereafter and, subject to any employment agreement or notice or agreement with respect to an award granted under
the Deferred Share Plan or otherwise determined by the Committee, such Participant shall cease to be entitled to participate in the Deferred Share Plan and any entitlement to receive any Common Shares under the Deferred Share Plan will terminate
with effect as of the date of death of such Participant. 
 Currently 118,198 Common Shares have been issued and 1,666,986 Common Shares are
issuable pursuant to the Deferred Share Plan, representing, in the aggregate, approximately 0.47% of the outstanding Common Shares. 
 Share
Option Plan 
 The Share Option Plan provides for the grant of non-transferable options for the purchase of Common Shares to Participants.
Subject to the terms of the Share Option Plan, the Board has the authority to select Participants to whom options will be granted, the number of Common Shares subject to options granted and the exercise price of Common Shares under option.

 Subject to the provisions of the Share Option Plan, no option may be exercised unless the optionee at the time of exercise is: 

 

	 	(a)	in the case of an eligible employee, an officer of the Corporation or a Designated Affiliate or in the employment of the Corporation or a Designated Affiliate and has
been continuously an officer or so employed since the date of grant of the option, provided, however, that a pre-approved leave of absence will not be considered an interruption of employment for the purposes of the Share Option Plan;

  

	 	(b)	in the case of an eligible director who is not also an eligible employee, a director of the Corporation or Designated Affiliate and has been such a director
continuously since the date of grant of the option; and 

  

	 	(c)	in the case of any other Participant, engaged, directly or indirectly, in providing ongoing management or consulting services for the Corporation or Designated
Affiliate and has been so engaged since the option’s date of grant. 

 The exercise price for purchasing Common Shares cannot
be less than the closing price of the Common Shares on the TSX on the last trading day immediately preceding the date of grant of the option. Each option, unless sooner terminated pursuant to the provisions of the Share Option Plan, will expire on a
date determined by the Board at the time of grant, which date cannot be later than seven years from the date the option was granted. 
 The
vesting provisions of options granted pursuant to the Share Option Plan provide for the vesting of options in accordance with any applicable terms of any employment agreements or in any notice or option agreement entered into between the Corporation
and the holder of the option. The aggregate number of Common Shares at any time available for issue to any one person upon the exercise of options cannot exceed five per cent of the number of Common Shares then outstanding. 

If an optionee: (i) ceases to be a director of the Corporation or a Designated Affiliate (and is not or does not continue to be an employee thereof)
for any reason (other than death), or (ii) ceases to be employed by, or provide services to, the Corporation or a Designated Affiliate (and is not or does not continue to be a director or officer thereof), or any corporation engaged to provide
services to the Corporation or the 

  
 47 

 
Designated Affiliates, for any reason (other than death) or receives notice from the Corporation or a Designated Affiliate of the termination of his or her employment contract, except as
otherwise provided in any employment contract, such participant will have 60 days from the date of such termination or cessation, as the case may be, to exercise his or her options to the extent that such participant was entitled to exercise such
options at the date of such termination or cessation. Notwithstanding the foregoing or any employment contract, in no event will such right extend beyond the term of the option. 
 If a Participant shall die, any option held by such Participant at the date of such death shall become immediately exercisable, and shall be exercisable in whole or in part only by the person or persons
to whom the rights of the optionee under the option shall pass by the will of the optionee or the laws of descent and distribution for a period of nine months (or such other period of time as is otherwise provided in an employment contract or the
terms and conditions of any option) after the date of death of the optionee or prior to the expiration of the option period in respect of the option, whichever is sooner, and then only to the extent that such optionee was entitled to exercise the
option at the date of the death of such optionee. 
 No options awarded pursuant to the provisions of the Share Option Plan are assignable or
transferable by any Participant other than pursuant to a will or by the laws of descent and distribution. 
 If a take-over bid (within the
meaning of the Securities Act (Ontario)) is made for the Common Shares, then the Board may permit all outstanding options to become immediately exercisable in order to permit Common Shares issuable under such options to be tendered to such
bid. 
 To date, option exercises have resulted in the issuance of an aggregate of 13,748,800 Common Shares, representing approximately 3.65% of
the current outstanding Common Shares. Options to purchase an aggregate of 6,125,978 Common Shares are currently outstanding, representing approximately 1.63% of the current outstanding Common Shares. 

Equity Compensation Plan Information 
  

																	
	 Equity Compensation
 Plans Approved by

Securityholders
	  	Number of
securities to be
issued upon
exercise
of
outstanding
options, warrants
and rights
(a)	 	  	Weighted-
average exercise
price of
outstanding
options,
warrants
and
rights
(CA$)
(b)	 	  	Number of
securities
remaining
available for future
issuance
under
equity
compensation
plans (excluding
securities in
column (a))
(c)	 	  	Weighted
Average
Remaining
Term	 
	 IAMGOLD Share Option Plan
	  	 	6,125,978	  	  	$	11.89	  	  	 	382,623	  	  	 	4.6548	  
	 Share Bonus Plan
	  	 	159,198	  	  	$	0	  	  	 	272,012	  	  	 	n/a	  
	 Deferred Share Plan
	  	 	1,666,986	  	  	$	0	  	  	 	574,305	  	  	 	n/a	  

  
 48 

 STATEMENT OF CORPORATE GOVERNANCE PRACTICES 

The directors of the Corporation are committed to a high standard of corporate governance and set an appropriate “tone at the top” for all of
those employed by or doing business with the Corporation. The directors recognize that a high standard of corporate governance is important for the successful operation of the business, the preservation of its reputation and the creation of
shareholder value, all of which are in the long-term best interests of the Corporation. 
 The Board has formed a standing Nominating and
Corporate Governance Committee (the “NCGC”), the current members of which are John T. Shaw (as Chairman), John E. Caldwell and W. Robert Dengler, to oversee the Corporation’s continued compliance with corporate governance requirements
of applicable regulatory authorities. The NCGC monitors the evolving corporate governance practices put forward by shareholder advocates and proxy advisors. In addition, the Corporation adopts other practices consistent with its high standard of
governance that exceed those expected by applicable regulatory requirements. 
 The Corporation is listed on the Toronto Stock Exchange (the
“TSX”) and the New York Stock Exchange (the “NYSE”). The Corporation complies with all corporate governance requirements of the Canadian Securities Administrators and the TSX. The Corporation complies with the corporate
governance requirements of applicable United States securities regulatory authorities, such as the NYSE, as a “foreign private issuer” under Rule 3b-4(c) of the Securities Exchange Act of 1934 (the “Exchange Act”). For example,
the Audit and Finance Committee of the Board is fully compliant with the requirements of Rule 10A-3 of the Exchange Act. 
 This Statement of
Corporate Governance Practices has been prepared by the NCGC and approved by the Board. It is a description of the Corporation’s governance structures and practices. As set out in this Statement of Corporate Governance Practices and elsewhere
in this Circular, the Corporation possesses the following governance structures and attributes: 
  

	 	•	 	 a majority (individual director) voting policy in respect of the election of directors, held annually; 

 

	 	•	 	 a shareholder advisory vote on the Corporation’s approach to executive compensation, held annually; 

 

	 	•	 	 a substantially independent Board, with independent directors comprising 90% of the Board; 

 

	 	•	 	 no interlocks between either directors or directors and executives serving on other company boards; 

 

	 	•	 	 Board members are both conscientious and committed, as demonstrated by an average 98% director attendance at Board and relevant Board committee
meetings and inter-meeting participation in the business of the Corporation, as required; 

  

	 	•	 	 Board members are encouraged to serve on a limited number of other boards of directors to broaden their knowledge and experience, to enhance the
ability of a director to contribute 

  
 49 

	 	 
and participate effectively on the Board, while balancing the substantial time required to carry out Board duties-the Board, having reviewed each director’s participation, contribution and
attendance, has concluded that no involvement with other boards of directors has affected any director’s commitment of time to the Corporation or his effectiveness; 

 

	 	•	 	 regular in camera (independent directors only) Board and Board committee discussions, in which, among other things, decisions on management’s
recommendations are made; 

  

	 	•	 	 all standing committees of the Board, namely, the Audit and Finance Committee (the “AFC”), HRCC, NCGC, Environmental, Health and Safety
Committee (the “EHSC”) and the Resources and Reserves Committee (the “RRC”), comprised entirely of independent directors; 

  

	 	•	 	 an effective Board size that provides a diversity of views and breadth of experience while not compromising efficient decision-making;

  

	 	•	 	 written mandates for each of the Board and its committees that are reviewed and updated regularly to maintain continued relevancy and, collectively,
provide an effective framework for a high standard of governance; 

  

	 	•	 	 members of committees of the Board are rotated from time to time; 

 

	 	•	 	 the roles of Chairman of the Board and the CEO of the Corporation are distinct and separate individuals hold such positions;

  

	 	•	 	 the requirement that non-audit fees of the Corporation’s external auditor, as set out in this Circular, be pre-approved by the AFC and such fees
do not exceed audit or audit-related fees; 

  

	 	•	 	 no former chief executive officer or chief financial officer (within the last ten years) on any committee of the Board; 

 

	 	•	 	 a Board that is not classified, each director being elected for no longer than one year; 

 

	 	•	 	 a single class capital structure, consisting only of Common Shares, having equal voting rights and other privileges; 

 

	 	•	 	 a compensation model that fully supports pay for performance, based on the achievement of measurable, risk-adjusted objectives and metrics, that also
creates a tangible incentive to drive the creation of long-term shareholder value through equity based compensation awards; 

  

	 	•	 	 with respect to equity based compensation, a policy that prohibits executive officers and directors from hedging against a decrease in the value of the
Corporation’s shares; 

  
 50 

	 	•	 	 a compensation policy that “claws back” compensation in the event where the results for which it was granted are subsequently found not to be
confirmed, such as in cases of material earnings restatements; 

  

	 	•	 	 executive employment agreements that do not contain multi-year guarantees of salary increases, bonuses and/or equity-related compensation, irrespective
of performance, or change of control and severance arrangements that are single triggered (upon a mere change of control, without further dismissal or termination from employment); 

 

	 	•	 	 minimum equity ownership requirements for directors and executive officers, to further align the interests of management and the Board with the
interests of stakeholders; 

  

	 	•	 	 director and executive succession planning programs to develop and maintain a deep pool of talent within the Corporation; 

 

	 	•	 	 a recruitment and nominating process for directors that does not discriminate on the basis of race, gender, age or other factors and specifically
recognizes the benefits of a diversity of views achieved through a diversity in Board representation, be it racial, gender or otherwise—rather, the selection of new board members and the continuation of other board members is based upon the
skills, experience, competencies and performance required to fulfill the Board’s mandate; and 

  

	 	•	 	 detailed, timely disclosure of voting results with regard to matters submitted to shareholders for a vote at shareholder meetings.

 When used to describe a director in this Statement of Corporate Governance Practices, the term “independent” has
the meaning given to it by the Canadian Securities Administrators and the NYSE, namely, a director who has no direct or indirect material relationship with the Corporation and is not otherwise deemed, under applicable regulatory requirements, to be
non-independent – a “material relationship” with the Corporation being a relationship which could, in the view of the Corporation’s Board, be reasonably expected to interfere with the exercise of a director’s independent
judgment. Neither compensation received solely in connection with directorship nor the holding of shares of the Corporation constitutes such a material relationship with the Corporation. 
 The Board, directly, or through its NCGC, at least annually, reviews each director’s relationships with the Corporation to confirm his or her independence from time to time. The Board obtains
information relating to relationships from a variety of sources, including directors’ responses to an annual, detailed independence questionnaire, which seeks to determine the connections, if any, of a director, family member or controlled
entity of the director, to the Corporation. After consideration of all business, family and not-for-profit relationships between directors and the Corporation, the Board has determined that all directors and director nominees for this year’s
election of directors, except for the CEO (solely because he is part of management) are independent. 
 Majority Voting

 As part of the high standard of governance structures and practices of the Corporation, the Board has adopted a majority voting
policy in respect of the election of the Corporation’s directors. This policy 

  
 51 

 
applies in uncontested elections only. Directors are voted on individually and not as a slate, on an annual basis. 
 Any individual director nominee that, in respect of the votes submitted at the meeting to elect directors, has more than 50% of the votes withheld from rather than voted for his election may, in the
discretion of the Board, not be accepted as a director, even if otherwise elected pursuant to applicable corporate law. If more than 50% of the votes are withheld from rather than voted for a director’s election, the NCGC will decide whether to
recommend to the Board that the Board request the resignation of the director. In recommending to the Board whether to request the resignation of the director or not, the NCGC will review the results of the shareholder vote, applicable regulatory
requirements in respect of the constitution of the Board and certain of its committees and, in respect of incumbent directors, the particular director’s attendance at Board and committee meetings, the contribution of the director to Board and
committee discussions and the director’s performance assessment. In addition, it will consider what, if any, expressed reasons for a withhold vote have been given, the merits of such reasons and the ability to rectify concerns. 

The director whose election is being deliberated in accordance with this policy does not participate in the NCGC’s nor the Board’s
determination as to whether to request his resignation. If the Board requests the resignation of the director, the director will be required to resign his directorship. In the case of a resignation, the Board may appoint a new director to fill the
vacancy created, until the next annual general meeting of the Corporation. 
 Directors Compensation 

As set out in the Statement of Executive Compensation, the NCGC recommends the amount, form and structure of the compensation of directors, which is
disclosed along with the compensation of NEOs in the Statement of Executive Compensation. In making recommendations to the Board in respect of the compensation of directors, it considers the time commitment, risks, responsibilities and required
professional competencies involved in a directorship with the Corporation as well as advice from independent compensation experts that provide, among other things, market data pertaining to the compensation paid to directors of peer group companies.
The NCGC recognizes that the recommended compensation for directors must not compromise their independence and ability to make appropriate judgments in overseeing the compensation paid to management. 

Nomination of Directors 

The Board delegates to the NCGC, comprised only of independent directors, the development of the recommendation of director nominees that will best serve
the Corporation. The NCGC examines the skills, competencies and experience that individual directors, as well as the Board as a whole, should possess in light of the Board and Board committee mandates, the Corporation’s strategy and
operational, organizational and financial requirements. The NCGC, when searching for and recommending to the Board suitable director candidates, furthermore specifically recognizes the benefits of a diversity of views at the Board achieved through a
diversity in Board representation, be it racial, gender or otherwise. In respect of the nominees for the election of directors to which this Circular pertains, the NCGC, and the Board, considered competencies, skills and experience in the following
areas: 
  

	 	•	 	 executive leadership/strategic planning; 

  

	 	•	 	 corporate financing; 

  

	 	•	 	 mergers and acquisitions; 

  
 52 

	 	•	 	 accounting and audit; 

  

	 	•	 	 risk oversight; 

  

	 	•	 	 mineral exploration; 

  

	 	•	 	 mining operations; 

  

	 	•	 	 environment/health/safety/corporate social responsibility; 

 

	 	•	 	 government/international relations; 

  

	 	•	 	 marketing/communications/public relations; 

  

	 	•	 	 human resource management/compensation; 

  

	 	•	 	 corporate governance; and 

  

	 	•	 	 other mining and public company directorships. 

 The competencies, skills and experience the NCGC considers when recommending director nominees for election to the Board are confirmed, on at least an annual basis, in conjunction with the Board’s
review of the strategy and other plans of the Corporation. The required majority independence of the Board, time commitment to the Corporation required of a director and an appropriate board size to facilitate effective decision making are also
considered. Before nomination, director nominees are required by the NCGC to have fully understood the roles and responsibilities of the Board and its committees and the contribution that individual directors are expected to make to the Corporation.

 With a view to reinforcing the alignment between director and stakeholder interests, as described in the foregoing Statement of Executive
Compensation, director nominees are further required by the Board to hold a minimum $300,000 ($600,000 in the case of the Chairman of the Board) worth of Common Shares within the later of five years of October 1, 2011 and five years of becoming
a director of the Corporation and to maintain such minimum shareholding in the Corporation throughout the director’s tenure. Given the volatility of the equity markets and that fluctuations in the market value of the Corporation’s stock
are not within the control of directors, the Board has prescribed that once a director has attained the minimum holding value there is no requirement for directors to purchase additional shares should the value of the director’s holdings fall
below the minimum threshold. 
 The NCGC has the authority, at the Corporation’s expense, to retain external consultants to assist in the
search for suitable director nominees. Any shareholder who wishes to recommend a candidate for consideration by the NCGC may do so by submitting the candidate’s name and biographical information, including background, qualifications and
experience, to the Chairman of the NCGC. 
 Board of Directors 
 Based on the recommendation of the NCGC, in terms of appropriate geographical, professional and industry representation on the Board and the need to be small enough to facilitate open dialogue among
directors and effective decision making, the Board has determined that an appropriate size is ten members. The Board currently consists of ten members. The Chairman of the Board is independent and separate from the CEO. Consistent with the
Board’s position that independence is fundamental to its effectiveness, all directors are independent, except for the CEO. The Board and its committees act independently, including conducting part of each of their meetings “in camera”
(without management) and generally deliberating and resolving on proposed actions for management in such in camera sessions. In camera sessions facilitate open and candid discussion among independent directors. 

  
 53 

 In camera sessions were held at almost every Board and Board committee meeting in 2012. In addition to
regularly scheduled in camera sessions at meetings, generally held at the beginning and/or end of a meeting, any independent director, at any time, may request that management not be present for all or any part of a meeting. For example, in camera
sessions have pertained to consideration of the CEO’s performance, compensation and succession, any sensitive or material transaction, agreement or other matter proposed by management. In addition to in camera sessions, the AFC regularly holds,
absent management, sessions with the Corporation’s internal and external auditors to allow open discussions about their audits, including the assessment of internal controls over financial reporting, disclosure controls and procedures, and
cooperation from management. 
 It was an active year for the Corporation, with the Board meeting 14 times in 2012. When recommending director
nominees for election to the Board, the NCGC considers attendance at Board and committee meetings, absent compelling reasons, critical for directors to adequately perform their duties and responsibilities to the Corporation. In accordance with
applicable regulatory requirements, the AFC meets at least every quarter to review the Corporation’s financial statements and related disclosure documents. Other committees of the Board meet at least once each year or more frequently as
necessary to ensure their mandates are adequately performed and as the business and affairs of the Corporation require from time to time. Committees of the Board held a total of 22 meetings in 2012. The following table sets out the attendance record
for directors for 2012. 
 DIRECTORS’ MEETING ATTENDANCE(1) 

 

																									
	 Name
	  	Board Meetings	 	 	Committee Meetings	 	 	Total Board/Committee Meetings	 
	 Derek Bullock
	  	 	6 of 6	  	  	 	100	% 	 	 	4 of 4	  	  	 	100	% 	 	 	10 of 10	  	  	 	100	% 
	 John E. Caldwell
	  	 	13 of 14	  	  	 	93	% 	 	 	9 of 9	  	  	 	100	% 	 	 	22 of 23	  	  	 	96	% 
	 Donald K. Charter
	  	 	14 of 14	  	  	 	100	% 	 	 	12 of 12	  	  	 	100	% 	 	 	26 of 26	  	  	 	100	% 
	 W. Robert Dengler
	  	 	14 of 14	  	  	 	100	% 	 	 	12 of 12	  	  	 	100	% 	 	 	26 of 26	  	  	 	100	% 
	 Guy G. Dufresne
	  	 	14 of 14	  	  	 	100	% 	 	 	8 of 9	  	  	 	100	% 	 	 	22 of 23	  	  	 	96	% 
	 Richard J. Hall
	  	 	11 of 12	  	  	 	92	% 	 	 	2 of 3	  	  	 	67	% 	 	 	13 of 15	  	  	 	87	% 
	 Stephen J. J. Letwin
	  	 	14 of 14	  	  	 	100	% 	 	 	Not Applicable	  	  	 	Not Applicable	  	 	 	14 of 14	  	  	 	100	% 
	 Mahendra Naik
	  	 	14 of 14	  	  	 	100	% 	 	 	13 of 13	  	  	 	100	% 	 	 	27 of 27	  	  	 	100	% 
	 William D. Pugliese
	  	 	14 of 14	  	  	 	100	% 	 	 	Not Applicable	  	  	 	Not Applicable	  	 	 	14 of 14	  	  	 	100	% 
	 John T. Shaw
	  	 	14 of 14	  	  	 	100	% 	 	 	7 of 7	  	  	 	100	% 	 	 	21 of 21	  	  	 	100	% 
	 Timothy Snider
	  	 	13 of 14	  	  	 	93	% 	 	 	6 of 6	  	  	 	100	% 	 	 	19 of 20	  	  	 	95	% 

  

	(1)	Percentages have been rounded to the nearest percent. 

	(2)	Derek Bullock, voluntarily, did not stand for election at the 2012 annual and general meeting of the Corporation and therefore ceased to be a director as the close of
the meeting. 

  
 54 

 The NCGC reviews directorships and committee appointments held by director nominees and directors other than
with the Corporation. The NCGC particularly scrutinizes the time and resource commitment a director nominee or current director who is a CEO of a public company and also a director of more than three other public companies is reasonably able or
continue to be able to make and will have a discussion specifically with such director nominee or current director about the expected time and resource commitment to the Corporation’s business and affairs. 

Apart from the Corporation, in addition to the number of boards on which a director nominee or current director sits, the NCGC will look at the nature of
the company or entity on whose board the director nominee or director sits, as to the complexity of the business, its legal obligations and the likely demand on a director’s time and resources (such as whether the company or entity is privately
held or publicly held and therefore subject to continuous disclosure obligations). The NCGC also examines whether the company or entity is listed on a stock exchange, and the seniority and demands of the stock exchange (such as whether it is listed
on the TSX or the TSX Venture Exchange (“TSX-V”)), all with a view to determining whether a director nominee or director can and can continue to devote the time and resources necessary to the business and affairs of the Corporation.

 The NCGC has found each of this year’s director nominees, as reflected in their above attendance at the previous year’s Board and
committee meetings (an average 98%), as having the ability to commit the time and resources necessary to adequately oversee the conduct of the Corporation’s business and affairs. The Board values the knowledge, experience and additional
perspective of members that sit on the boards of directors of a variety of other publicly traded companies. Provided they do not interfere with the expected commitment to the oversight of the Corporation’s business and affairs, the Board
encourages directorships of companies that are likely to face business, regulatory and social issues similar to those faced by the Corporation from time to time. 
 Interlocking relationships between directors are also monitored. No director serves on the board of directors of any other public company with any other director and thus there are no interlocking
relationships. In addition, there are no interlocking relationships between directors, such as those that comprise the HRCC, and executive officers. 
 The following table sets out directorships and committee appointments held by the nominees for this year’s election of directors. 

  
 55 

					
	 OTHER OUTSIDE PUBLIC COMPANY DIRECTORSHIPS

	 Name
	  	 Directorships

(Stock Exchange listing)
	  	Committee or Chairmanship Appointments
			
	 John E. Caldwell
	  	Faro Technologies Inc. (Nasdaq)	  	Chairman of the Audit Committee
 Member of the
Compensation
Committee
 Member of the Governance Committee

			
		  	Advanced Micro Devices Inc. (Nasdaq)	  	Member of the Compensation
Committee Member of the Nominating
and
Governance Committee

			
	 Donald K. Charter (1)
	  	Dundee REIT (TSX)	  	None
			
		  	Adriana Resources Inc. (TSX-V)	  	Chairman of the Board of Directors
			
		  	Lundin Mining Corporation (TSX)	  	Chairman of the Compensation
Committee Member of the Audit
Committee

			
	 W. Robert Dengler
	  	Denison Mines Corp. (TSX) (NYSE)	  	Chairman of the Compensation
Committee Chairman of the
Environmental
 Health and Safety Committee

			
		  	Energy Fuels Inc. (TSX)	  	Chairman of the Environmental
 Health and Safety
Committee

			
	 Guy G. Dufresne
	  	Royal & SunAlliance Canada (NYSE) ( LSE)	  	Member of the Audit Committee
 Chairman of the Investment and
Pension
Committee

			
		  	 L’Union Canadienne (TSX)
	  	Chairman of the Board
 Member of the Audit Committee

			
		  	RONA Canada (TSX)	  	Member of Strategic Review Meeting
			
	 Stephen J.J. Letwin
	  	Precision Drilling Corp. (TSX)	  	Member of the Compensation
Committee
			
	 Richard J. Hall
	  	Gold Canyon Resources Exploration (TSX-V)	  	Member of the Audit Committee
			
		  	Marlin Gold Mining Exploration (TSX-V)	  	Chairman & Member of the Audit
Committee Chairman & Member of
the
Compensation Committee

			
		  	Kaminak Gold Corp.(TSX-V)	  	Lead Director
			
	 Mahendra Naik
	  	Fortune Minerals Inc. (TSX)	  	Chairman of the Board
 Chairman of the Audit Committee

Member of the Compensation
Committee

			
		  	First Global Data Limited (TSX-V)	  	Member of the Audit & Compensation
Committee
			
	 William D. Pugliese
	  	None	  	None
			
	 John T. Shaw
	  	Discovery Metals Ltd. (ASX) (BSE)	  	Member of the Audit & Financial
 Risk Committee

 
 Member of the Non Financial Risk
Committee

			
	 Timothy R. Snider
	  	Compañía de Minas Buenaventura S.A. (BVN)	  	None

  

	1.	Mr. Charter is a Director of Corsa Coal Corp. (TSX-V) but is full-time employed by Corsa Coal Corp. as its President and CEO. 

Board Roles and Responsibilities 
 The roles and responsibilities of the Board are prescribed by applicable laws as well as the governance policies of the Corporation. The primary duty and responsibility of the Board is the stewardship of
the 

  
 56 

 
Corporation and oversight of the management of the business, affairs and risks of the Corporation, with a view to the long-term creation of stakeholder value. The Board oversees the following
matters, among others: 
  

	 	•	 	 the adoption of strategic and operating plans and budgets for the Corporation, at least annually - the annual planning for the Corporation takes into
account the opportunities and risks of its business and capital and operating budgets in conjunction with the adopted strategic plan; 

  

	 	•	 	 the performance of the CEO and other executive officers to execute the strategic plan adopted by the Board and that the strategy is effectively
implemented; 

  

	 	•	 	 the Corporation’s code of business conduct and ethics and the maintenance of a culture of integrity throughout the organization;

  

	 	•	 	 that the Corporation is effectively governed through the adoption of sound corporate governance structures and practices, its assets are protected, its
reputation preserved and compliance with all laws applicable to its business, wherever conducted; 

  

	 	•	 	 identifying the principal risks of the Corporation’s business and overseeing the implementation of appropriate detection, prevention and
mitigation initiatives to manage such risks, including internal controls over financial reporting to ensure reliability and disclosure controls and procedures to ensure timely, accurate and complete reporting; 

 

	 	•	 	 establishing and monitoring a communications policy for the Corporation to facilitate communications with investors and other stakeholders and designed
to avoid selective disclosure of material information; 

  

	 	•	 	 senior management succession planning, including appointing, training and monitoring senior management - regular presentations to the Board by the
executive organization to assist the Board in making first-hand assessments of the competencies of individual executives; and 

  

	 	•	 	 director succession planning, such that the Board remains appropriately balanced in terms of the necessary skills, competencies and experience,
including in the case of an unexpected departure of a director. 

 The Board discharges its oversight of the management of the
Corporation directly and through its committees. The Board is regularly informed by management in connection with the day-to-day management of the business and affairs of the Corporation and, where issues arise in the execution or implementation of
the approved strategic plan, expects management to recommend alternate strategies and actions to achieve the long-term goals of the Corporation. The full responsibilities of the Board are set out in its mandate, a copy of which is attached to this
Circular as Appendix “B”. 
 Committees of the Board 
 The Board has formed a standing AFC, HRCC, EHSC, NCGC and RRC. The Board may form other committees from time to time as necessary or appropriate to adequately address specific matters. The members of each
committee are comprised exclusively of the independent directors of the Board. 

  
 57 

 The chairperson of a committee is appointed by that committee’s members. The committees are tasked with
the performance of their mandates, which are reviewed and approved by the committees, the NCGC and the Board. Copies of the mandates of the various standing committees of the Board may be accessed on the Corporation’s website, at
www.iamgold.com. Each mandate empowers each committee to retain, at the cost of the Corporation, the services of such external advisors as it may deem necessary or advisable from time to time to assist it in the proper performance of its mandate.
The Board and Board committee mandates, collectively, are designed to provide the necessary governance framework to fulfill the Board’s duties and responsibilities and effective oversight of management in the conduct of the Corporation’s
business and affairs and the advancement of the strategy adopted by the Board. 
 The Audit and Finance Committee currently consists of
four independent directors. The overall mandate of the AFC is to review and recommend for Board approval the Corporation’s annual and quarterly financial statements and related regulatory disclosures prepared by management as well as overseeing
the control environment over the process of preparation. The review of the process entails oversight of internal and external audit that review the Corporation’s internal controls over financial reporting and disclosure controls and procedures,
the performance of such controls during the period to which the disclosures relate, the accounting principles used by management to compile the financial statements, the assumptions and estimates of management reflected in the financial statements
and the review of the internal and external auditors’ overall assessments. The AFC confirms the external auditor’s independence. The AFC also pre-approves the non-audit services and fees of the external auditor and recommends to the Board,
each year, the nomination of an external auditor. The lead audit engagement partner of the external auditor is rotated at least every five years by the external auditor. The AFC, together with management and the internal auditor of the Corporation,
which auditor reports directly to the AFC, is also charged with the identification, prevention, detection and mitigation of the financial disclosure and internal control risks faced by the Corporation from time to time. In addition to in camera
sessions with the internal and external auditors, the AFC also holds separate sessions with the Chief Financial Officer. The session with the internal auditor, without management or the external auditor present, generally involves the discussion
around the process and results of the ongoing internal audit and the coordination with the external auditor. 
 For the purposes of applicable
securities regulatory requirements, the Board has determined that all members of the AFC are “financially literate”, at least one member is considered an “audit committee financial expert” and all members have the necessary time
to commit to its affairs. In the Board’s determination of the financial literacy of members of the AFC, which must be financially literate before their appointment by the Board to the AFC, the Board confirms that members possess the ability to
read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can be reasonably expected to be raised by the
Corporation’s financial statements. The AFC also assesses familiarity with the application of accounting principles, including in respect of estimates, accruals and reserves, an understanding of internal controls and procedures for financial
reporting, familiarity with emerging accounting issues, past employment experience in finance or accounting, professional certification in accounting, and any other comparable experience or background which results in the member’s financial
sophistication, including having been a CEO, CFO or other senior officer with financial oversight responsibilities. 
 The AFC held 5 meetings
in 2012. The current members of the AFC are John E. Caldwell (Chairman), Mahendra Naik, Guy G. Dufresne and Richard J. Hall. Additional disclosure with respect to the AFC may be found in the Corporation’s most recent Annual Information Form, at
pages 148 through 150, which may be accessed through SEDAR, at www.sedar.com, and is incorporated in the Corporation’s most recent Form 40-F filed on EDGAR, at www.sec.gov/edgar.shtml. 

  
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 The Human Resources and Compensation Committee currently consists of three independent directors.
Each member is experienced in matters of executive compensation by virtue of having been a former senior executive of a publicly traded company. Its roles and responsibilities, together with management, include the development of a responsible pay
for performance compensation program of the Corporation in respect of management and the administration of the Corporation’s shareholder approved Share Incentive Plan (described earlier in this Circular) that provides the Board with the means
to reward performance in the form of equity. The pay for performance compensation program is designed to motivate employees to achieve specific performance objectives that are aligned with the creation of shareholder value. The Corporation has
undertaken steps to ensure that incentive compensation may be lawfully “clawed back” in cases where the results under which it was granted is subsequently not confirmed, such as in cases of material earnings restatements. The program is
competitive with that of the Corporation’s peer group companies to attract, retain and motivate talented management, who drive shareholder value creation over the long-term. The compensation policy precludes stock option backdating or
re-pricing. Executive employment agreements will not be entered into by the Corporation without a “double trigger” in respect of change of control severance entitlement and no increased cash payment on a change of control event will be
made. There are no supplemental executive pension plans. 
 Further information with respect to the compensation philosophy guidelines and
market information used by the HRCC in the process of recommending to the Board the amount and the form (cash and/or equity) of the compensation to be awarded management, the metrics (corporate, operational, functional and individual) and the
process and benchmarks used to assess the performance of management may be found in the Statement of Executive Compensation included elsewhere in this Circular. 
 Information related to the retention of any independent compensation consultant and the services performed by such consultant is also available in the Statement of Executive Compensation. Similar to the
AFC maintaining the independence of the external auditor of the Corporation, in order that any compensation consultant retained by the HRCC from time to time be and remain independent from management throughout the course of their mandate, any
services performed by such consultant for management must be pre-approved by the HRCC. 
 The HRCC held 8 meetings in 2012. The current members
of the HRCC are Donald K. Charter (Chairman), Mahendra Naik and Timothy R. Snider. 
 The Nominating and Corporate Governance Committee
currently consists of three independent directors. Its primary responsibilities, in addition to the recommendation to the Board of suitable nominees for election to the Board, are to oversee the Corporation’s continued compliance with the
evolving corporate governance requirements of applicable regulatory authorities, through the recommendation of appropriate corporate governance structures and practices. It also apprises the Board on evolving corporate governance best practices,
which often exceed regulatory requirements and are adopted, as appropriate. The NCGC is also mandated to recommend the mandates of the Board and its committees to provide, collectively, effective stewardship of the Corporation and to monitor the
performance of the mandates and performance or contributions of individual directors. The size and composition of the Board, orientation and continuing education of directors as well as their compensation, organizational hierarchy and reporting
structure of the Corporation and succession planning for senior management are also reviewed. 
 The NCGC held 4 meetings in 2012. The current
members of the NCGC are John T. Shaw (Chairman), John E. Caldwell and W. Robert Dengler. 

  
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 The Environmental, Health and Safety Committee currently consists of three independent directors. The
mandate of the EHSC is to assist the Board in the oversight of management’s fulfillment of the Corporation’s social responsibilities in respect of all operations, wherever situated. It oversees the Corporation’s compliance with
applicable environmental, health and safety laws and the implementation of socially responsible, best practices to monitor and limit the environmental footprint of the Corporation’s operations, prevent worker injury and reduce lost-time
incidents (such as through the use of leading health and safety performance indicators) and effectively restore and reclaim properties. 
 The
EHSC held 4 meetings in 2012. The current members of the EHSC are W. Robert Dengler (Chairman), Guy G. Dufresne and Timothy R. Snider. 
 The
Resources and Reserves Committee currently consists of three independent directors. The primary responsibilities of the RRC are to oversee the process of the preparation of the Corporation’s resources and reserves estimates, the
operation of controls to ensure estimation in accordance with applicable regulatory standards and the related scientific and technical disclosure of resources and reserves estimates, including compliance with National Instrument 43-101 (Standards of
Disclosure for Mineral Projects) of the Canadian Securities Administrators. The RRC reviews the competencies, skills, experiences and qualifications of the qualified persons (the “QPs”) regularly used by the Corporation in the preparation
and disclosure of resources and reserves estimates and confirms that such QPs were in no way impeded or inappropriately influenced in such preparation and disclosure. The RRC reports to the AFC and the Board at least annually as to the process of
preparation and disclosure of resources and reserves estimates and applicable regulatory standards. 
 The RRC held 1 meeting in 2012. The
current members of the RRC are Richard J. Hall (Chairman), Donald K. Charter and John T. Shaw. 
 Position Descriptions

 The Board has developed and approved a written position description for the Chairman of the Board. The primary responsibilities
(in addition to those dictated by the mandate of the Board, attached to this Circular as Appendix “B”) of the Chairman are to, in conjunction with management or otherwise, plan, organize and chair all meetings of the Board and shareholders
of the Corporation, oversee the content of all relevant information that directors and shareholders are provided reasonably in advance of their meetings and to provide leadership in the functioning and performance of the Board in accordance with its
mandate. The Chairman acts as the primary liaison between the Board and management. 
 The Chairman of the Board is, as determined by the Board,
independent. The Chairman facilitates communication among the Corporation’s independent directors and between the independent directors and management. He is responsible for leading the Board and organizing it to function constructively and
independently of management. The Chairman reviews any comments, recommendations or requests made by an independent director and oversees the process by which unfettered information to independent directors is made available regarding the
Corporation’s activities. 
 The mandates of the committees of the Board, which are recommended by the NCGC and approved by the Board,
define the authority, roles and responsibilities of each of the committees and the committee chairs. These mandates may be accessed on the Corporation’s website, at www.iamgold.com. 
 The Board and the CEO have developed written position descriptions for the CEO and other executive officers. The primary responsibilities of the CEO are to provide leadership over the management of the
Corporation. The CEO is responsible for the development and implementation of strategic and tactical plans for the Corporation, as adopted by the Board, the recruitment, development, delineation of the

  
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responsibilities of and monitoring the performance of executive management, managing and monitoring the various exploration, development and producing interests of the Corporation, securing new
opportunities for the Corporation, developing and maintaining a culture of integrity throughout the Corporation and protecting and enhancing the Corporation’s reputation. The CEO acts as the primary spokesperson for the Corporation. The CEO
provides leadership and direction to management throughout the Corporation and is directly accountable to the Board. Upon the CEO’s retirement or other departure from the Corporation, by agreement, the CEO resigns his or her directorship.

 Assessments of Board Performance 
 The NCGC monitors the performance of the Board and its committees, in respect of their mandates, and the performance of individual directors, throughout the year in terms of effectiveness and
contribution. The committees of the Board, led by their chairpersons, assist the NCGC through self-assessments of the performance of their respective mandates. On an annual basis, each director is required to complete questionnaires (approved by the
NCGC) that evaluate the performance of the Board and its Chairman. In addition to written peer assessments, director peer reviews are performed in the context of discussions between individual directors and the Chairman of the NCGC, who reviews all
director evaluations and recommends to the NCGC any actions that may be deemed necessary or advisable to assist the Board in continuing to function effectively and adequately perform its mandate. Director performance, assessed in part against the
competencies and skills the director is expected to bring, is considered in the nomination for election of incumbent directors, such as the directors nominated in this Circular. 
 Orientation and Continuing Education 
 In respect of the orientation of new
directors to the role and responsibilities of the Board, its committees and directors as well as the nature and operation of the Corporation’s business, new directors are briefed by the Chairman, CEO, other independent directors and the
executive organization. Tours of the Corporation’s operations are made available. Written information and advice is also made available to new directors (and on an ongoing basis) by the Corporation’s general counsel regarding the duties
and obligations of directors, the mandates of the Board and its committees, the Corporation’s Code of Business Conduct and Ethics (described below), minutes of the meetings of the Board and the most recent annual report, annual information form
and management information circular of the Corporation. 
 To assist directors with remaining current with respect to the Corporation and their
duties and responsibilities, the Board recognizes the importance of ongoing director education and the need for each director to take personal responsibility for this process. To facilitate ongoing education of the Corporation’s directors, the
NCGC periodically canvasses directors to determine their training and educational needs and interests, arranges visits to the Corporation’s various exploration, development and producing operations and arranges funding for the attendance of
directors at seminars or conferences of interest and relevance to their duties and responsibilities to the Corporation. Directors are regularly informed by the CEO, and other members of the executive management team, of strategic issues affecting
the Corporation, including the competitive environment, the Corporation’s performance relative to its peers and any other developments that could materially impact the Corporation’s business. 

Code of Business Conduct and Ethics 
 Consistent with and to protect the integrity and reputation of the Corporation, the Board has adopted a Code of Business Conduct and Ethics for the directors, officers and employees of the Corporation.
Service providers to the Corporation, at the time of being contracted, are similarly required to acknowledge and abide by the provisions of the Code. The Code sets out fundamental principles upon which the business and affairs of the Corporation,
wherever conducted, are based and is designed to 

  
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promote integrity and deter wrongdoing. The Code provides that any conflict of the interest of an employee with that of the Corporation is to be avoided, the assets and opportunities of the
Corporation are to be protected and used only for the purposes of the Corporation, non-public information pertaining to the Corporation is to be kept confidential and all laws applicable to the Corporation are to be complied with. For example,
should a director or executive officer have an interest in an agreement or transaction with the Corporation being considered by the Board, such director shall disclose his or her interest in the counterparty and withdraw from any discussion,
assessment or decision of the Board relating thereto, including any Board vote thereon. A copy of the complete Code of Business Conduct and Ethics may be accessed on the Corporation’s website, at www.iamgold.com. 

Any material departure from the Code by a director or executive officer of the Corporation must be promptly disclosed. There were no such material
departures from the Code in 2012. The Board believes that providing a means through which officers, employees and other service providers may raise concerns about ethical conduct, on an anonymous and confidential basis, fosters a culture of
integrity and ethical conduct within the Corporation. Similar to any allegations regarding the Corporation’s internal controls over financial reporting or disclosure controls and procedures, any alleged departure from the Code may be,
anonymously and confidentially, orally or in writing, reported, for investigation, to the Chairman of either or both the AFC and the NCGC, through the internet, a toll-free number and/or by mail. The reporting system is run by an independent third
party. The Corporation routinely conducts internal audits to test compliance with the Code and confirm its directors, officers and employees continue to be aware of the Code’s requirements as well as the resources available to report alleged
breaches. The Corporation requires that, upon initial appointment or employment, and each year, each director, officer or employee acknowledge an understanding of the Code’s requirements. 

  
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 INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS AND 

MATTERS TO BE ACTED UPON 

Except as otherwise disclosed in this Circular, no transactions have been entered into since January 1, 2012 or are proposed to be entered into
which have materially affected or will materially affect the Corporation or its subsidiaries involving, and no matter to be acted upon at the meeting other than the election of directors or the appointment of auditors materially involves, directly
or indirectly, a director or executive officer since January 1, 2012, a proposed nominee for election as a director of the Corporation or any associate or affiliate of any such director or executive officer or proposed nominee. 

ADDITIONAL INFORMATION 

Additional information relating to the Corporation may be found on SEDAR, at www.sedar.com, and EDGAR, at www.sec.gov/edgar.shtml. Further financial
information relating to the Corporation is provided in the comparative financial statements and management’s discussion and analysis of the financial statements of the Corporation for its most recently completed financial year. The Corporation
will provide any shareholder of the Corporation, without charge, and upon request to the Secretary of the Corporation, with: 
  

	 	(i)	a copy of the current annual information form of the Corporation, together with a copy of any document, or the pertinent pages of any document, incorporated therein by
reference; 

  

	 	(ii)	a copy of the comparative financial statements of the Corporation for the year ended December 31, 2012, together with the report of the auditor thereon; and

  

	 	(iii)	a copy of management’s discussion and analysis of the financial statements of the Corporation for the year ended December 31, 2012. 

SHAREHOLDER PROPOSALS 

To be eligible for inclusion in the Circular for the 2014 annual general meeting of Shareholders, shareholder proposals prepared in accordance with
applicable rules governing shareholder proposals must be received at the Corporation’s corporate office at 401 Bay Street, Suite 3200, Toronto, Ontario M5H 2Y4 on or before January 14, 2014. 

DATED at Toronto, Ontario this 15th day of April, 2013. 

 

	
	BY ORDER OF THE BOARD
	
	 “STEPHEN J. J. LETWIN”

	STEPHEN J. J. LETWIN
	President and Chief Executive Officer

  
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 APPENDIX “A” 

DIRECTOR NOMINEE BIOGRAPHIES 
 William D. Pugliese: Mr. Pugliese is a businessman and an original founder of the Company. From 1990 to 1993 he held the position of Co-Chairman and Chief Executive Officer of the
Company. In January 2003, Mr. Pugliese stepped down from the position of Chief Executive Officer and has continued in his role as Chairman of the Board. He participated directly in the evolution of the company, including the development of the
Sadiola concession in Mali through his dealings with government officials and joint venture partners. 
 Mr. Pugliese has an extensive
business background developed over a period of 35 years as the principal shareholder in a number of private Canadian companies, which included; internet-based business directories and data marketing, the development of recreational resort properties
in Canada and the development and licensing of Smart board, a patented construction product technology. 
 Stephen J. J. Letwin:
President and Chief Executive Officer. Stephen J. J. Letwin was appointed President and Chief Executive Officer of IAMGOLD Corporation on November 1, 2010. He has been a member of the Board of Directors since joining the Company. Specializing
in corporate finance, operational management, and merger and acquisitions, Stephen brings over 30 years of experience from the highly-competitive resource sector. Mr. Letwin actively leads his executive management team with a clear and
pragmatic approach to driving business results, creating shareholder value, and achieving sustainable growth. Prior to joining IAMGOLD, Mr. Letwin was based in Houston, Texas, where he was the Executive Vice President, Gas
Transportation & International, with Enbridge Inc. Stephen was responsible for Enbridge’s natural gas operations, including overall responsibility for Enbridge Energy Partners, as the partnership’s Managing Director. In 1999, he
joined Enbridge as President and Chief Operating Officer, Energy Services, based in Toronto, Canada. Mr. Letwin currently serves as Director for Precision Drilling Corp. 
 Before joining Enbridge, Mr. Letwin served as President & Chief Operating Officer of TransCanada Energy and was Chief Financial Officer, TransCanada Pipelines Limited, Numac (Westcoast
Energy), and Encor Energy. Mr. Letwin holds an MBA from the University of Windsor, is a Certified General Accountant, a graduate of McMaster University (B.Sc., Honors), and a graduate of the Harvard Advanced Management Program. Throughout his
career, Stephen has actively demonstrated his commitment to voluntary leadership. His most recent community affiliations have included Director, Corporate Campaign Committee of Texas Children’s Hospital; Patron, UNICEF Alberta, Canada; and
Director, YMCA Calgary, Canada. For his commitment to the community, Stephen was awarded the 2006 Alberta Centennial Medal. In 2011, Mr. Letwin was made an Officer of the National Order of Burkina Faso. 

John E. Caldwell: Mr. Caldwell has been a director of the Company since 2006. Mr. Caldwell brings extensive general and
financial management and risk assessment experience to our Board. From 2003 until his retirement from SMTC Corporation, on March 31, 2011, he served as President and Chief Executive Officer and as a member of the board of directors. Before
joining STMC, Mr. Caldwell held positions in The Mosaic Group, a marketing services providers, as Chair of the Restructuring Committee of the Board, from October 2002 to September 2003, in GEAC Computer Corporation Limited, a computer software
company, as President and Chief Executive Officer from October 2000 to December 2001 and in CAE Inc., a provider of simulation and modeling technologies and integrated training solutions for the civil aviation and defense industries, as President
and Chief Executive Officer from June 1993 to October 1999. In addition, Mr. Caldwell served in a variety of senior executive positions in 

  
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finance, including Senior Vice President of Finance and Corporate Affairs of CAE and Executive Vice President of Finance and Administration of Carling O’Keefe Breweries of Canada. Over the
course of his career, Mr. Caldwell has served on the audit committees of ten public companies. Also, for the past several years, Mr. Caldwell has been a lecturer on board oversight responsibility for enterprise risk as part of an
accredited board of director education program through McMaster University in Canada. Mr. Caldwell has been a director of Advanced Micro Devices, Inc., a global semiconductor provider since 2006 and of Faro Technologies, Inc., a producer of
three dimensional manufacturing measurement systems, since 2002. Mr. Caldwell also served on the board of directors of ATI Technologies Inc. from 2003 to 2006, Rothmans Inc. from 2004 to 2008, Cognos Inc. from 2000 to 2008, Stelco Inc. from
1997 to 2006 and Sleeman Breweries Ltd. from 2003 to 2005. 
 Relevant experience and skills: executive of electronics, other complex
manufacturing and software businesses, mergers and acquisitions, financial management, corporate finance, financial reporting, accounting, oversight of financial performance, corporate governance. 

Donald K. Charter: Mr. Charter became the President, CEO and Director of Corsa Coal Corp. in August of 2010. Corsa is a junior
metallurgical coal mining company listed on the TSX.V with operations in Pennsylvania. Mr. Charter has business experience in a number of sectors including mining (precious metals, base metals, iron ore, coal), oil & gas, real
estate and financial services. He is a graduate of McGill University where he obtained degrees in Economics and Law. He began his career in Toronto where he built a successful commercial and M&A business law practice becoming a partner in a
national law firm. In 1996 he joined the Dundee group of companies as an Executive Vice President with a number of capital markets related responsibilities. In 1998 he became the inaugural Chairman and CEO of the Dundee Securities group of
companies and oversaw its growth from a start up to a major independent financial services company. In 2006, Mr. Charter left this group and focused his attention on 3C’s Corporation, his personal consulting and investment company,
and as a corporate director primarily in the resource sector currently sitting on the Board of Directors of Lundin Mining (Compensation Committee (Chair) and Audit Committee) Dundee REIT and Adriana Resources (Chairman of the Board).
Mr. Charter has extensive corporate governance experience and has sat on and chaired a number of audit, compensation and governance committees during his career as well a number of special, independent and strategic committees in various
corporate situations. He has completed the Institute of Corporate Directors, Directors Education Program and is a member of the Institute.

W. Robert Dengler: Mr. Dengler retired in 2005 after working for 41 years in the mining industry. Mr. Dengler was President and
CEO of Dynatec Corporation, a company he founded in 1980. He holds a Bachelor of Science degree (1965) from Queen’s University and was awarded an Honorary Doctorate of Science from Queen’s University in 1988. Before founding Dynatec,
Mr. Dengler was a partner and Vice-President & General Manager of J.S. Redpath Limited. He has authored several technical publications on shaft sinking and Long Round Development. Mr. Dengler has been a director of IAMGOLD since
2005 and a director of Denison Mines since 2004. Mr. Dengler has also been a Director of Energy Fuels Inc. since 2012. 
 Guy G.
Dufresne: Mr. Dufresne is an engineer from École Polytechnique de Montréal and holds a Masters Degree in Engineering (including computers) from the Massachusetts Institute of Technology and an MBA from the
Harvard Business School. Mr. Dufresne currently serves as a member of the board of RONA, a position he has held since January 2013. He also currently serves as Chairman of the board of L’Union Canadienne, a subsidiary of RSA Canada, a
position that he has held since October 2012. From 1992 to 2006, he was President and CEO of Québec Cartier Mining and led the turnaround of this iron ore company; for 25 years prior to 1992, he held progressive senior positions within the
forest product industry including President and COO of Kruger. Since about 1980, Mr. Dufresne has been a member of the board of several public and private companies and he has worked on numerous

  
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committees; he is still a member of the board of RSA Canada, an insurance company. Over the years he has been Chairman of the board of Tembec, Cambior, Conseil du Patronat, Chamber of Marine
Commerce, The Mining Association of Canada, The Québec Forest Product Association and L’Institut Armand-Frappier (a pharmaceutical research center). 
 Mr. Dufresne has acquired through education and experience, an understanding of how to help companies to be cost competitive and profitable. 

Richard J. Hall: Mr. Hall was appointed a director of IAMGOLD on March 22, 2012. Mr. Hall brings nearly 40 years of
exploration, development, mining and corporate experience. Mr. Hall served as Chairman of Premier Gold from 2010 until June 2012 and served as President and Chief Executive Officer of Northgate Minerals from July 2011 until October 2011 when
Northgate was acquired by AuRico Gold. From 2008 until 2011, he held the position of Chairman of Grayd Resource Corporation when Grayd was acquired by Agnico Eagle in November 2011. He also served as a director and Chairman of the Special Committee
of Creston Moly during its acquisition by Mercator Minerals in 2011. In addition to his Board activities, Mr. Hall acts as a mineral industry consultant to various companies. From 1999 to 2008 he served as President and CEO of Metallica
Resources Inc., where he was involved in all aspects of the company’s development including the financing, construction and commissioning of the Cerro San Pedro gold-silver mine in Mexico. While at Metallica, the El Morro deposit was discovered
in Chile and was brought through to a final feasibility study in conjunction with Metallica’s operating partner on the project, Xstrata Copper. In August 2008, Metallica was part of a $1.6 billion merger with Peak Gold Ltd. and New Gold Inc. to
form what is now New Gold Inc. Previous to his tenure at Metallica, Mr. Hall held senior management positions with Dayton Mining Corporation and Pegasus Gold Corporation. Mr. Hall holds a Bachelor and a Masters Degree in Geology and an MBA
from Eastern Washington University. He has also completed an Executive Development Program at the University of Minnesota. Mr. Hall is also a member of the National Association of Corporate Directors. 

Mahendra Naik: Mr. Naik is a Chartered Accountant with more than 32 years of financial accounting, mining and investment company
experience. He holds a Bachelor of Commerce degree from the University of Toronto. He practiced as a Chartered Accountant for nine years with a major Canadian accounting firm. As a Chartered Accountant, Mr. Naik has experience in preparing,
auditing, analyzing and evaluating financial statements, understands internal controls and procedures for financial reporting and understands the accounting principles used by the Company to prepare its financial statements as well as the
implications of said accounting principles on the Company’s results. From 1990 to 1999, he was the Chief Financial Officer of IAMGOLD. He is also the Chairman of the Board and member of a TSX-listed mining company and a member of the Audit
Committee for a TSXV listed international financial services company. In addition, he is Chairman and a member of the Audit Committees of a number of private companies, including precious metals, a private Canadian bank and financial service
businesses. 
 John T. Shaw: Mr. Shaw brings to IAMGOLD technical and strategic expertise gained from over 40 years of
development and operating experience in the mining industry internationally. He is a geological engineer (Queen’s) and until the time of his retirement (33 years in the Placer organization) was Vice President of Australian Operations of Placer
Dome Asia Pacific and Managing Director of Kidston Gold Mines. He has also served as a director of a number of mining companies (gold, platinum and base metals) in Australasia, SE Asia and Africa. Presently he is a director of Discovery Metals Ltd.
Mr. Shaw has been a director of IAMGOLD since 2006. 
 Timothy R. Snider: Mr. Snider is Chairman of Cupric Canyon
Capital, LLC, a private equity firm which has among its holdings a development stage copper resource in Botswana. He was formerly President and Chief Operating Officer of Freeport-McMoRan Copper and Gold, Inc., and its predecessor company, Phelps
Dodge Corporation. Mr. Snider is a director of Compañía de Minas Buenaventura, S.A., the 

  
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largest Peruvian mining Company. He was formerly a director of Compass Minerals International where he served as chairman of the compensation committee. Snider was the founding Chairman of the
University of Arizona’s Institute for Mineral Resources and serves as director for the Northern Arizona University Foundation Board and the Mining Foundation of the Southwest. 

  
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 APPENDIX “B” 

BOARD OF DIRECTORS MANDATE 
  

	1.	Purpose 

 The primary
function of the directors (individually a “Director” and collectively the “Board”) of IAMGOLD Corporation (the “Corporation”) is to supervise the management of the business and affairs of the Corporation. The Board has
the responsibility to supervise the management of the Corporation which is responsible for the day-to-day conduct of the business of the Corporation. The fundamental objectives of the Board are to enhance and preserve long-term shareholder value and
to ensure that the Corporation conducts business in an ethical and safe manner. In performing its functions, the Board should consider the legitimate interests that stakeholders, such as employees, customers and communities, may have in the
Corporation. In carrying out its stewardship responsibility, the Board, through the Chief Executive Officer (the “CEO”), should set the standards of conduct for the Corporation. 

 

	2.	Procedure and Organization 

The Board operates by delegating certain responsibilities and duties set out below to management or committees of the Board and by
reserving certain responsibilities and duties for the Board. The Board retains the responsibility for managing its affairs, including selecting its chairman and constituting committees of the Board. 

 

	3.	Responsibilities and Duties 

 The principal responsibilities and duties of the Board fall into a number of categories which are summarized below. 
  

	 	(a)	Legal Requirements 

  

	 	(i)	The Board has the overall responsibility to ensure that applicable legal requirements are complied with and documents and records have been properly prepared, approved
and maintained. 

  

	 	(ii)	The Board has the statutory responsibility to, among other things: 

  

	 	A.	manage, or supervise the management of, the business and affairs of the Corporation; 

 

	 	B.	act honestly and in good faith with a view to the best interests of the Corporation; 

 

	 	C.	exercise the care, diligence and skill that reasonably prudent people would exercise in comparable circumstances; and 

 

	 	D.	 act in accordance with the obligations contained in the Canada Business Corporations Act (the “CBCA”), the regulations thereunder, the
articles 

  
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and by-laws of the Corporation, applicable securities laws and policies and other applicable legislation and regulations. 

 

	 	(iii)	The Board has the statutory responsibility for considering the following matters as a Board which in law may not be delegated to management or to a committee of the
Board: 

  

	 	A.	any submission to the shareholders of any question or matter requiring the approval of the shareholders; 

 

	 	B.	the filling of a vacancy among the directors or in the office of auditor and the appointing or removing of any of the chief executive officer, the chairman of the Board
or the president of the Corporation; 

  

	 	C.	the issue of securities except as authorized by the Board; 

  

	 	D.	the declaration of dividends; 

  

	 	E.	the purchase, redemption or any other form of acquisition of shares issued by the Corporation; 

 

	 	F.	the payment of a commission to any person in consideration of the person purchasing or agreeing to purchase shares of the Corporation from the Corporation or from any
other person, or procuring or agreeing to procure purchasers for any such shares except as authorized by the Board; 

  

	 	G.	the approval of a management proxy circular; 

  

	 	H.	the approval of a take-over bid circular, directors’ circular or issuer bid circular; 

 

	 	I.	the approval of an amalgamation of the Corporation; 

  

	 	J.	the approval of an amendment to the articles of the Corporation; 

  

	 	K.	the approval of annual financial statements of the Corporation; and 

  

	 	L.	the adoption, amendment or repeal of any by-law of the Corporation. 

 In addition to those matters which at law cannot be delegated, the Board must consider and approve all major decisions affecting the Corporation, including all material acquisitions and dispositions,
material capital expenditures, material debt financings, issue of shares and granting of options. 
  

	 	(b)	Strategy Development 

 The Board
has the responsibility to ensure that there are long-term goals and a strategic planning process in place for the Corporation and to participate with management directly or through committees in developing and approving the strategy by which the
Corporation proposes to achieve these goals (taking into account, among other things, the opportunities and risks of the business of the Corporation). 

  
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	 	(c)	Risk Management 

 The Board has
the responsibility to safeguard the assets and business of the Corporation, identify and understand the principal risks of the business of the Corporation and to ensure that there are appropriate systems in place which effectively monitor and manage
those risks with a view to the long-term viability of the Corporation. 
  

	 	(d)	Appointment, Training and Monitoring Senior Management 

 The Board has the responsibility to: 
  

	 	(i)	appoint the CEO, and together with the CEO, to develop a position description for the CEO; 

 

	 	(ii)	with the advice of the compensation committee of the Board (the “Compensation Committee”), develop corporate goals and objectives that the CEO is responsible
for meeting and to monitor and assess the performance of the CEO in light of those corporate goals and objectives and to determine the compensation of the CEO; 

 

	 	(iii)	provide advice and counsel to the CEO in the execution of the duties of the CEO; 

 

	 	(iv)	develop, to the extent considered appropriate, position descriptions for the chairman of the Board and the chairman of each committee of the Board;

  

	 	(v)	approve the appointment of all corporate officers; 

  

	 	(vi)	consider, and if considered appropriate, approve, upon the recommendation of the Compensation Committee and the CEO, the remuneration of all corporate officers;

  

	 	(vii)	consider, and if considered appropriate, approve, upon the recommendation of the Compensation Committee, incentive-compensation plans and equity-based plans of the
Corporation; and 

  

	 	(viii)	ensure that adequate provision has been made to train and develop management and members of the Board and for the orderly succession of management, including the CEO.

  

	 	(e)	Ensuring Integrity of Management 

The Board has the responsibility, to the extent considered appropriate, to satisfy itself as to the integrity of the CEO and other senior
officers of the Corporation and to ensure that the CEO and such other senior officers are creating a culture of integrity throughout the Corporation. 
  

	 	(f)	Policies, Procedures and Compliance 

 The Board is responsible for the oversight and review of the following matters and may rely on management of the Corporation to the extent appropriate in connection with addressing such matters:

  
 70 

	 	(i)	ensuring that the Corporation operates at all times within applicable laws and regulations and to appropriate ethical and moral standards; 

 

	 	(ii)	approving and monitoring compliance with significant policies and procedures by which the business of the Corporation is conducted; 

 

	 	(iii)	ensuring that the Corporation sets appropriate environmental standards for its operations and operates in material compliance with environmental laws and legislation;

  

	 	(iv)	ensuring that the Corporation has a high regard for the health and safety of its employees in the workplace and has in place appropriate programs and policies relating
thereto; 

  

	 	(v)	developing the approach of the Corporation to corporate governance, including to the extent appropriate developing a set of governance principals and guidelines that
are specifically applicable to the Corporation; and 

  

	 	(vi)	examining the corporate governance practices within the Corporation and altering such practices when circumstances warrant. 

 

	 	(g)	Reporting and Communication 

 The
Board is responsible for the oversight and review of the following matters and may rely on management of the Corporation to the extent appropriate in connection with addressing such matters: 

 

	 	(i)	ensuring that the Corporation has in place policies and programs to enable the Corporation to communicate effectively with management, shareholders, other stakeholders
and the public generally; 

  

	 	(ii)	ensuring that the financial results of the Corporation are adequately reported to shareholders, other security holders and regulators on a timely and regular basis;

  

	 	(iii)	ensuring that the financial results are reported fairly and in accordance with applicable generally accepted accounting standards; 

 

	 	(iv)	ensuring the timely and accurate reporting of any developments that could have a significant and material impact on the value of the Corporation; and

  

	 	(v)	reporting annually to the shareholders of the Corporation on the affairs of the Corporation for the preceding year. 

 

	 	(h)	Monitoring and Acting 

 The Board
is responsible for the oversight and review of the following matters and may rely on management of the Corporation to the extent appropriate in connection with addressing such matters: 

  
 71 

	 	(i)	monitoring the Corporation’s progress in achieving its goals and objectives and revise and, through management, altering the direction of the Corporation in
response to changing circumstances; 

  

	 	(ii)	considering taking action when performance falls short of the goals and objectives of the Corporation or when other special circumstances warrant;

  

	 	(iii)	reviewing and approving material transactions involving the Corporation; 

  

	 	(iv)	ensuring that the Corporation has implemented adequate internal control and management information systems; 

 

	 	(v)	assessing the individual performance of each Director and the collective performance of the Board; and 

 

	 	(vi)	overseeing the size and composition of the Board as a whole to facilitate more effective decision-making by the Corporation. 

 

	4.	Board’s Expectations of Management 

 The Board expects each member of management to perform such duties, as may be reasonably assigned by the Board from time to time, faithfully, diligently, to the best of his or her ability and in the best
interests of the Corporation. Each member of management is expected to devote substantially all of his or her business time and efforts to the performance of such duties. Management is expected to act in compliance with and to ensure that the
Corporation is in compliance with all laws, rules and regulations applicable to the Corporation. 
  

	5.	Responsibilities and Expectations of Directors 

 The responsibilities and expectations of each Director are as follows: 
  

	 	(a)	Commitment and Attendance 

 All
Directors should make every effort to attend all meetings of the Board and meetings of committees of which they are members. Members may attend by telephone. 
  

	 	(b)	Participation in Meetings 

 Each
Director should be sufficiently familiar with the business of the Corporation, including its financial position and capital structure and the risks and competition it faces, to actively and effectively participate in the deliberations of the Board
and of each committee on which the director is a member. Upon request, management should make appropriate personnel available to answer any questions a Director may have about any aspect of the business of the Corporation. Directors should also
review the materials provided by management and the Corporation’s advisors in advance of meetings of the Board and committees and should arrive prepared to discuss the matters presented. 

  
 72 

	 	(c)	Code of Business Conduct and Ethics 

 The Corporation has adopted a Code of Business Conduct and Ethics to deal with the business conduct of Directors and officers of the Corporation. Directors should be familiar with the provisions of the
Code of Business Conduct and Ethics. 
  

	 	(d)	Other Directorships 

 The
Corporation values the experience Directors bring from other boards on which they serve, but recognizes that those boards may also present demands on a Director’s time and availability, and may also present conflicts issues. Directors should
consider advising the chairman of the Corporate Governance Committee before accepting any new membership on other boards of directors or any other affiliation with other businesses or governmental bodies which involve a significant commitment by the
Director. 
  

	 	(e)	Contact with Management 

 All
Directors may contact the CEO at any time to discuss any aspect of the business of the Corporation. Directors also have complete access to other members of management. The Board expects that there will be frequent opportunities for Directors to meet
with the CEO and other members of management in Board and committee meetings and in other formal or informal settings. 
  

	 	(f)	Confidentiality 

 The proceedings
and deliberations of the Board and its committees are, and shall remain, confidential. Each Director should maintain the confidentiality of information received in connection with his or her services as a director of the Corporation. 

 

	 	(g)	Evaluating Board Performance 

The Board, in conjunction with the Corporate Governance Committee, and each of the committees of the Board should conduct a
self-evaluation at least annually to assess their effectiveness. In addition, the Corporate Governance Committee should periodically consider the mix of skills and experience that Directors bring to the Board and assess, on an ongoing basis, whether
the Board has the necessary composition to perform its oversight function effectively. 
  

	6.	Qualifications and Directors’ Orientation 

 Directors should have the highest personal and professional ethics and values and be committed to advancing the interests of the Corporation. They should possess skills and competencies in areas that are
relevant to the business of the Corporation. The CEO is responsible for the provision of an orientation and education program for new Directors. 
  

	7.	Meetings 

 The Board
should meet on at least a quarterly basis and should hold additional meetings as required or appropriate to consider other matters. In addition, the Board should meet as it considers appropriate to consider strategic planning for the Corporation.
Financial and other 

  
 73 

 
appropriate information should be made available to the Directors in advance of Board meetings. Attendance at each meeting of the Board should be recorded. 

Management may be asked to participate in any meeting of the Board. The Board should meet separately from management as considered
appropriate to ensure that the Board functions independently of management. The independent Directors should meet with no members of management present as considered appropriate. 

 

	8.	Committees 

 The Board has
established an Audit and Finance Committee, a HRCC, an EHSC and a NCGC to assist the Board in discharging its responsibilities. Special committees of the Board may be established from time to time to assist the Board in connection with specific
matters. The chairman of each committee should report to the Board following meetings of the committee. The charter of each standing committee should be reviewed annually by the Board. 

 

	9.	Evaluation 

 Each Director
will be subject to an annual evaluation of his or her individual performance. The collective performance of the Board and of each committee of the Board will also be subject to annual review. Directors should be encouraged to exercise their duties
and responsibilities in a manner that is consistent with this mandate and with the best interests of the Corporation and its shareholders generally. 
  

	10.	Resources 

 The Board has
the authority to retain independent legal, accounting and other consultants. The Board may request any officer or employee of the Corporation or outside counsel or the external/internal auditors to attend a meeting of the Board or to meet with any
member of, or consultant to, the Board. 
 Directors are permitted to engage an outside legal or other adviser at the expense of
the Corporation where for example he or she is placed in a conflict position through activities of the Corporation, but any such engagement shall be subject to the prior approval of the Corporate Governance Committee. 

  
 74 

 APPENDIX “C” 

BY-LAW AMENDMENTS 
 BY-LAW NUMBER TWO 
 A By-Law to Amend By-Law Number One 

of 

IAMGOLD CORPORATION 
 (the “Corporation”) 
 BE IT ENACTED as a by-law of the Corporation as
follows: 
  

	1.	Section 9.12—Quorum of By-Law Number One is repealed in its entirety and replaced with the following: 

Section 9.12 Quorum 
 The quorum for the transaction of business at any meeting of the shareholders shall be two persons present at the opening of the meeting who are entitled to vote thereat either as shareholders or as proxy
holders and holding or representing not less than twenty-five per cent of the outstanding shares of the Corporation carrying the right to vote at such meeting. If a quorum is not present within such reasonable time (determined by the chairman of the
meeting) after the time fixed for the holding of the meeting, the persons present and entitled to vote thereat may adjourn the meeting to a fixed time and place. 
  

	2.	The following section is added as a new section to Article Nine of By-Law Number One: 

Section 9.24 Nomination of Directors 
  

	 	(a)	Subject only to the Act, and for so long as the Corporation is a distributing corporation, only persons who are nominated in accordance with the following procedures
shall be eligible for election as directors of the Corporation. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders if one of the purposes for which the
special meeting was called was the election of directors, 

  

	 	(i)	by or at the direction of the board or an authorized officer of the Corporation, including pursuant to a notice of meeting; 

 

	 	(ii)	by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Act or a requisition of the
shareholders made in accordance with the provisions of the Act; or 

  

	 	(iii)	by any person (a “Nominating Shareholder”): 

  
 75 

	 	(A)	who, at the close of business on the date of the giving of the notice provided for below in this section 9.24 and on the record date for notice of such meeting of
shareholders, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting; and 

 

	 	(B)	who complies with the notice procedures set forth in this section 9.24. 

  

	 	(b)	In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, such person must have given timely notice thereof in proper
written form to the secretary of the Corporation at the principal executive offices of the Corporation in accordance with section 9.24(g). 

  

	 	(c)	To be timely, a Nominating Shareholder’s notice to the secretary of the Corporation must be made: 

 

	 	(i)	in the case of an annual meeting of shareholders (which includes an annual and special meeting), not less than 30 nor more than 65 days prior to the date of the annual
meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 50 days after the date (the “Notice Date”) on which the first public announcement of the date of
the annual meeting was made, notice by the Nominating Shareholder may be made not later than the close of business on the tenth (10th) day following the Notice Date; and 

 

	 	(ii)	in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other
purposes), not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made. 

Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this paragraph (c). 

In no event shall any adjournment or postponement of an annual meeting or a special meeting or the announcement thereof commence a new
time period for the giving of a Nominating Shareholder’s notice as described above. 
  

	 	(d)	To be in proper written form, a Nominating Shareholder’s notice to the secretary of the Corporation must set forth: 

 

	 	(i)	as to each person whom the Nominating Shareholder proposes to nominate for election as a director 

  
 76 

	 	(A)	the name, age, business address and residence address of the person, 

  

	 	(B)	the principal occupation or employment of the person, 

  

	 	(C)	the class or series and number of shares in the capital of the Corporation which are controlled or which are owned beneficially or of record by the person as of the
record date for the meeting (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice, and 

  

	 	(D)	any other information relating to the person that would be required to be disclosed in a dissident’s proxy circular in connection with solicitations of proxies for
election of directors pursuant to the Act and Applicable Securities Laws; and 

  

	 	(ii)	as to the Nominating Shareholder giving the notice, any information relating to such Nominating Shareholder that would be required to be made in a dissident’s
proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws. 

  

	 	(e)	No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this section 9.24 and applicable law;
provided, however, that nothing in this section 9.24 shall preclude discussion by a shareholder (as distinct from nominating directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal
pursuant to the provisions of the Act. The chairman of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any nomination is not in
compliance with such foregoing provisions, to declare that such nomination to be defective and that it shall be disregarded. 

  

	 	(f)	For the purposes of this Section 9.24: 

  

	 	(i)	“public announcement” shall mean disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the
Corporation under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com; 

  

	 	(ii)	“Applicable Securities Laws” means the applicable securities legislation of each relevant province and territory of Canada, as amended from time to time, the
rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commission and similar regulatory authority of each province
and territory of Canada, and all applicable securities laws of the United States. 

  
 77 

	 	(g)	Notwithstanding any other provision of By-Law Number One, notice given to the secretary of the Corporation pursuant to this section 9.24 may only be given by personal
delivery, facsimile transmission or by email (at such email address as stipulated from time to time by the secretary of the Corporation for purposes of this notice), and shall be deemed to have been given and made only at the time it is served by
personal delivery, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the secretary at the address of the principal executive offices of the
Corporation; provided that if such delivery or electronic communication is made on a day which is a Saturday or a holiday or later than 5:00 p.m. (Toronto time) on a day which is not a Saturday or a holiday, then such delivery or electronic
communication shall be deemed to have been made on the subsequent day that is not a Saturday or a holiday. 

  
 78EX-4.1

 Exhibit 4.1 
  

 
  

INDENTURE 
 Dated
as of July 22, 2013 
 Among 
 NATIONSTAR MORTGAGE LLC, 
 as the Company 

NATIONSTAR CAPITAL CORPORATION, 
 as the Co-Issuer 
 THE GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO, 

and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Trustee 
 6.500% SENIOR NOTES DUE 2018 
  

 
  

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	Indenture
Section
	 310(a)(1)
	  	7.10
	  (a)(2)
	  	7.10
	  (a)(3)
	  	N.A.
	  (a)(4)
	  	N.A.
	  (a)(5)
	  	7.10
	  (b)
	  	7.10
	  (c)
	  	N.A.
	 311
	  	7.11
	  (b)
	  	7.11
	  (c)
	  	N.A.
	 312
	  	2.05
	  (b)
	  	12.03
	  (c)
	  	12.03
	 313
	  	7.06
	  (b)(1)
	  	N.A
	  (b)(2)
	  	7.06;7.07
	  (c)
	  	7.06;12.02
	  (d)
	  	7.06
	 314
	  	4.03, 4.04;

12.02; 12.05

	  (b)
	  	N.A.
	  (c)(1)
	  	12.04
	  (c)(2)
	  	12.04
	  (c)(3)
	  	N.A.
	  (d)
	  	N.A.
	  (e)
	  	12.05
	  (f)
	  	N.A.
	 315
	  	7.01
	  (b)
	  	7.05; 12.02.
	  (c)
	  	7.01
	  (d)
	  	7.04
	  (e)
	  	6.12
	 316(a)(last sentence)
	  	2.09
	  (a)(1)(A)
	  	6.05
	  (a)(1)(B)
	  	6.04
	  (a)(2)
	  	N.A.
	  (b)
	  	6.06
	  (c)
	  	9.04
	 317(a)(1)
	  	6.07
	  (a)(2)
	  	6.11
	  (b)
	  	2.04
	 318
	  	12.01

			
	  (b)
	  	N.A.
	  (c)
	  	12.01

  

	N.A.	means not applicable. 

	*	This Cross-Reference Table is not part of this Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	Section 1.01	 	Definitions	  	 	1	  
	Section 1.02	 	Other Definitions	  	 	40	  
	Section 1.03	 	Incorporation by Reference of Trust Indenture Act	  	 	41	  
	Section 1.04	 	Rules of Construction	  	 	42	  
	Section 1.05	 	Acts of Holders	  	 	42	  
	
	ARTICLE II	  
	
	THE NOTES	  
			
	Section 2.01	 	Form and Dating; Terms	  	 	44	  
	Section 2.02	 	Execution and Authentication	  	 	45	  
	Section 2.03	 	Registrar and Paying Agent	  	 	46	  
	Section 2.04	 	Paying Agent to Hold Money in Trust	  	 	46	  
	Section 2.05	 	Holder Lists	  	 	46	  
	Section 2.06	 	Transfer and Exchange	  	 	47	  
	Section 2.07	 	Replacement Notes	  	 	52	  
	Section 2.08	 	Outstanding Notes	  	 	52	  
	Section 2.09	 	Treasury Notes	  	 	53	  
	Section 2.10	 	Temporary Notes	  	 	53	  
	Section 2.11	 	Cancellation	  	 	53	  
	Section 2.12	 	CUSIP and ISIN Numbers	  	 	53	  
	
	ARTICLE III	  
	
	REDEMPTION	  
			
	Section 3.01	 	Notices to Trustee	  	 	54	  
	Section 3.02	 	Selection of Notes to Be Redeemed or Purchased	  	 	54	  
	Section 3.03	 	Notice of Redemption	  	 	55	  
	Section 3.04	 	Effect of Notice of Redemption	  	 	56	  
	Section 3.05	 	Deposit of Redemption or Purchase Price	  	 	56	  
	Section 3.06	 	Notes Redeemed or Purchased in Part	  	 	56	  
	Section 3.07	 	Optional Redemption	  	 	57	  
	Section 3.08	 	Mandatory Redemption	  	 	58	  
	Section 3.09	 	Offers to Repurchase by Application of Excess Proceeds	  	 	58	  

  
 -i-

							
	 	 	 	  	Page	 
	
	ARTICLE IV	  
	
	COVENANTS	  
			
	Section 4.01	 	Payment of Notes	  	 	60	  
	Section 4.02	 	Maintenance of Office or Agency	  	 	60	  
	Section 4.03	 	Reports and Other Information	  	 	61	  
	Section 4.04	 	Compliance Certificate	  	 	62	  
	Section 4.05	 	Taxes	  	 	63	  
	Section 4.06	 	Stay, Extension and Usury Laws	  	 	63	  
	Section 4.07	 	Limitation on Restricted Payments	  	 	63	  
	Section 4.08	 	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	69	  
	Section 4.09	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	71	  
	Section 4.10	 	Asset Sales	  	 	71	  
	Section 4.11	 	Limitation on Transactions with Affiliates	  	 	73	  
	Section 4.12	 	Limitation on Liens	  	 	76	  
	Section 4.13	 	Conduct of Business	  	 	76	  
	Section 4.14	 	Offer to Repurchase Upon Change of Control	  	 	77	  
	Section 4.15	 	Limitation on Guarantees by Restricted Subsidiaries	  	 	78	  
	Section 4.16	 	Limitation on Sale and Leaseback Transactions	  	 	79	  
	Section 4.17	 	Designation of Unrestricted and Restricted Subsidiaries	  	 	79	  
	Section 4.18	 	Restrictions on Activities of the Co-Issuer	  	 	80	  
	Section 4.19	 	Covenant Suspension	  	 	80	  
	
	ARTICLE V	  
	
	SUCCESSORS	  
			
	Section 5.01	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	81	  
	Section 5.02	 	Surviving Entity Substituted	  	 	82	  
	
	ARTICLE VI	  
	
	DEFAULTS AND REMEDIES	  
			
	Section 6.01	 	Events of Default	  	 	83	  
	Section 6.02	 	Acceleration	  	 	85	  
	Section 6.03	 	Other Remedies	  	 	86	  
	Section 6.04	 	Waiver of Past Defaults	  	 	86	  
	Section 6.05	 	Control by Majority	  	 	86	  
	Section 6.06	 	Rights of Holders of Notes to Receive Payment	  	 	86	  
	Section 6.07	 	Collection Suit by Trustee	  	 	87	  
	Section 6.08	 	Restoration of Rights and Remedies	  	 	87	  

  
 -ii-

							
	 	 	 	  	Page	 
			
	Section 6.09	 	Rights and Remedies Cumulative	  	 	87	  
	Section 6.10	 	Delay or Omission Not Waiver	  	 	87	  
	Section 6.11	 	Trustee May File Proofs of Claim	  	 	87	  
	Section 6.12	 	Undertaking for Costs	  	 	88	  
	Section 6.13	 	Trustee May Enforce Claims without Possession of Notes	  	 	88	  
	Section 6.14	 	Limitation on Suits.	  	 	89	  
	Section 6.15	 	Priorities	  	 	89	  
	
	ARTICLE VII	  
	
	TRUSTEE	  
			
	Section 7.01	 	Duties of Trustee	  	 	90	  
	Section 7.02	 	Rights of Trustee	  	 	91	  
	Section 7.03	 	Individual Rights of Trustee	  	 	92	  
	Section 7.04	 	Trustee’s Disclaimer	  	 	92	  
	Section 7.05	 	Notice of Defaults	  	 	93	  
	Section 7.06	 	Reports by Trustee to Holders of the Notes	  	 	93	  
	Section 7.07	 	Compensation and Indemnity	  	 	93	  
	Section 7.08	 	Replacement of Trustee	  	 	94	  
	Section 7.09	 	Successor Trustee by Merger, etc.	  	 	95	  
	Section 7.10	 	Eligibility; Disqualification	  	 	95	  
	Section 7.11	 	Preferential Collection of Claims Against Issuer	  	 	95	  
	
	ARTICLE VIII	  
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	Section 8.01	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	96	  
	Section 8.02	 	Legal Defeasance and Discharge	  	 	96	  
	Section 8.03	 	Covenant Defeasance	  	 	96	  
	Section 8.04	 	Conditions to Legal or Covenant Defeasance	  	 	97	  
	Section 8.05	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	 	99	  
	Section 8.06	 	Repayment to Issuer	  	 	99	  
	Section 8.07	 	Reinstatement	  	 	99	  
	
	ARTICLE IX	  
	
	AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	Section 9.01	 	Without Consent of Holders of Notes	  	 	100	  
	Section 9.02	 	With Consent of Holders of Notes	  	 	101	  
	Section 9.03	 	Compliance with Trust Indenture Act	  	 	103	  
	Section 9.04	 	Revocation and Effect of Consents	  	 	103	  
	Section 9.05	 	Notation on or Exchange of Notes	  	 	103	  
	Section 9.06	 	Trustee to Sign Amendments, etc.	  	 	104	  

  
 -iii-

							
	 	 	 	  	Page	 
	ARTICLE X	  
	
	GUARANTEES	  
			
	Section 10.01	 	Note Guarantee	  	 	104	  
	Section 10.02	 	Limitation on Guarantor Liability	  	 	106	  
	Section 10.03	 	Execution and Delivery	  	 	106	  
	Section 10.04	 	Subrogation	  	 	107	  
	Section 10.05	 	Benefits Acknowledged	  	 	107	  
	Section 10.06	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	107	  
	Section 10.07	 	Release of Note Guarantees	  	 	107	  
	
	ARTICLE XI	  
	
	SATISFACTION AND DISCHARGE	  
			
	Section 11.01	 	Satisfaction and Discharge	  	 	108	  
	Section 11.02	 	Application of Trust Money	  	 	109	  
	
	ARTICLE XII	  
	
	MISCELLANEOUS	  
			
	Section 12.01	 	Trust Indenture Act Controls	  	 	109	  
	Section 12.02	 	Notices	  	 	110	  
	Section 12.03	 	Communication by Holders of Notes with Other Holders of Notes	  	 	111	  
	Section 12.04	 	Certificate and Opinion as to Conditions Precedent	  	 	111	  
	Section 12.05	 	Statements Required in Certificate or Opinion	  	 	111	  
	Section 12.06	 	Rules by Trustee and Agents	  	 	112	  
	Section 12.07	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	112	  
	Section 12.08	 	Governing Law; Consent to Jurisdiction and Service	  	 	112	  
	Section 12.09	 	Waiver of Jury Trial	  	 	113	  
	Section 12.10	 	Force Majeure	  	 	113	  
	Section 12.11	 	No Adverse Interpretation of Other Agreements	  	 	113	  
	Section 12.12	 	Successors	  	 	113	  
	Section 12.13	 	Severability	  	 	113	  
	Section 12.14	 	Counterpart Originals	  	 	113	  
	Section 12.15	 	Table of Contents, Headings, etc.	  	 	114	  
	Section 12.16	 	Qualification of Indenture	  	 	114	  
	Section 12.17	 	U.S.A. Patriot Act	  	 	114	  

  
 -iv-

 EXHIBITS 
  

			
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
 -i-

 INDENTURE, dated as of July 22, 2013, among Nationstar Mortgage LLC, a Delaware limited
liability company (the “Company”), Nationstar Capital Corporation, a Delaware corporation (the “Co-Issuer” and, together with the Company, the “Issuers”), the Guarantors (as defined herein) listed
on the signature pages hereto and Wells Fargo Bank, National Association, a national banking association, as Trustee. 
 W
I T N E S S E T H 
 WHEREAS, each of the Issuers has duly
authorized the creation of an issue of $250,000,000 aggregate principal amount of 6.500% Senior Notes due 2018 (the “Initial Notes”); 
 WHEREAS, each of the Issuers and the Guarantors has duly authorized the execution and delivery of this Indenture. 
 NOW, THEREFORE, the Issuers, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	Section 1.01	Definitions. 

“2010 Issue Date” means March 26, 2010. 
 “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Subsidiary of the Company or at the time it merges or
consolidates with the Company or any of its Subsidiaries or assumed in connection with the acquisition of assets from such Person and in each case whether or not incurred by such Person in connection with, or in anticipation or contemplation of,
such Person becoming a Subsidiary of the Company or such acquisition, merger or consolidation. 
 “Additional
Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Sections 2.01 and 4.09 hereof. 
 “Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common
control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 
 “Agent” means any Registrar or Paying Agent. 

 “Applicable Premium” means, with respect to any Note on any applicable
redemption date, the greater of (i) 1.0% of the then outstanding principal amount of such Note and (ii) the excess of: 

(1) the present value at such redemption date of the sum of (i) the redemption price of such Note at August 1, 2015 (such
redemption price being set forth in Section 3.07(c) hereof plus (ii) all required interest payments due on such Note through August 1, 2015 (excluding accrued but unpaid interest), such present value to be computed using a discount
rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (2) the then outstanding principal
amount of such Note. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 
 “Asset Acquisition” means: (1) an Investment by the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall become a Restricted
Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted Subsidiary of the Company; or (2) the acquisition by the Company or any Restricted Subsidiary of the Company of
the assets of any Person (other than a Restricted Subsidiary of the Company) other than in the ordinary course of business. 

“Asset Sale” means: 
 (1) the sale, lease (other than operating leases entered in the ordinary course of business), conveyance or other disposition of any assets or rights; provided that the sale, lease (other than
operating leases entered in the ordinary course of business), conveyance or other disposition of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole, other than any Required Asset Sale or a Legacy Loan
Portfolio Sale, will be governed by the provisions of Section 4.14 and/or Section 5.01 hereof and not by the provisions of Section 4.10 hereof; provided further that a transaction otherwise meeting the requirements of an
“Asset Sale” under this definition will be deemed to be an Asset Sale notwithstanding its treatment under GAAP; and 

(2) the issuance or sale of Equity Interests in any of the Company’s Restricted Subsidiaries. 

Notwithstanding the foregoing, none of the following items will be deemed to be an Asset Sale: 

(1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $5.0 million;

 (2) a transfer of assets between or among the Company and any Restricted Subsidiary of the Company; 

  
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 (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company
or to another Restricted Subsidiary of the Company; 
 (4) the sale of advances, loans, customer receivables, mortgage related
securities or other assets in the ordinary course of business, the sale of accounts receivable or other assets that by their terms convert into cash in the ordinary course of business, any sale of MSRs in connection with the origination of the
associated mortgage loan in the ordinary course of business or any sale of securities in respect of additional fundings under reverse mortgage loans in the ordinary course of business; 

(5) the sale or other disposition of cash or Cash Equivalents or Investment Grade Securities; 

(6) disposition of Investments or other assets and disposition or compromise of receivables, in each case, in connection with the
workout, compromise, settlement or collection thereof or exercise of remedies with respect thereto, in the ordinary course of business or in bankruptcy, foreclosure or similar proceedings, including foreclosure, repossession and disposition of REO
Assets and other collateral for loans serviced and/or originated by the Company or any of its Subsidiaries; 
 (7) the
modification of any loans owned or serviced by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 
 (8) a Restricted Payment that does not violate Section 4.07 or a Permitted Investment; 
 (9) disposals or replacements of damaged, worn out or obsolete equipment or other assets no longer used or useful in the business of the Company and its Restricted Subsidiaries, in each case the ordinary
course of business; 
 (10) assets sold pursuant to the terms of Permitted Funding Indebtedness; 

(11) a sale (in one or more transactions) of Securitization Assets or Residual Interests in the ordinary course of business; 

(12) sales, transfers or contributions of Securitization Assets to Securitization Entities, Warehouse Facility Trusts and MSR Facility
Trusts in connection with Securitizations in the ordinary course of business; 
 (13) a sale or other disposition of Equity
Interests of an Unrestricted Subsidiary; 
 (14) the creation of a Lien (but not the sale or other disposition of the property
subject to such Lien) permitted by Section 4.12; 
 (15) transactions pursuant to repurchase agreements entered into in the
ordinary course of business; 

  
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 (16) any Co-Investment Transaction; and 

(17) any transfer, dividend or other distribution of Parent Stock to a direct or indirect parent entity of the Company. 

“Attributable Debt” in respect of a sale and leaseback transaction means, as of the time of determination, the present
value (discounted at the interest rate per annum implicit in the lease involved in such sale and leaseback transaction, as determined in good faith by the Company) of the obligation of the lessee thereunder for rental payments (excluding, however,
any amounts required to be paid by such lessee, whether or not designated as rent or additional rent, on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges or any amounts required to be paid by such
lessee thereunder contingent upon the amount of sales or similar contingent amounts) during the remaining term of such lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended);
provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of Capital Lease Obligation. In
the case of any lease which is terminable by the lessee upon the payment of a penalty, such rental payments shall also include the amount of such penalty, but no rental payments shall be considered as required to be paid under such lease subsequent
to the first date upon which it may be so terminated. 
 “Bankruptcy Law” means Title 11, U.S. Code or any
similar federal or state law for the relief of debtors. 
 “Board of Directors” means, as to any Person, the
Board of Directors, or similar governing body, of such Person or any duly authorized committee thereof. 
 “Board
Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect
on the date of such certification, and delivered to the Trustee. 
 “Business Day” means each day that is not a
Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or the place of payment. 
 “Capital Stock” means: 
 (1) with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person; or 

(2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests (whether general
or limited) of such Person. 
 “Capitalized Lease Obligation” means, as to any Person, the obligations of such
Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at
such date, determined in accordance with GAAP. 

  
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 “Cash Equivalents” means: 

(1) Dollars; 

(2) in the case of any Foreign Subsidiary of the Company that is a Restricted Subsidiary of the Company, such local currencies held by
such Foreign Subsidiary of the Company from time to time in the ordinary course of business; 
 (3) securities or any evidence
of indebtedness issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in
support of those securities or such evidence of indebtedness); 
 (4) marketable direct obligations issued by any state of the
United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the three highest ratings
obtainable from either S&P or Moody’s; 
 (5) certificates of deposit with maturities of twelve months or less from the
date of acquisition, bankers’ acceptances with maturities not exceeding twelve months and overnight bank deposits with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of
“B” or better; 
 (6) repurchase obligations with a term of not more than 30 days for underlying securities of the
types described in clauses (3) and (5) above entered into with any financial institution meeting the qualifications specified in clause (5) above; 
 (7) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and in each case maturing within twelve months after the date of acquisition; and 

(8) money market funds at least 90.0% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(1) through (7) of this definition. 
 In the case of Investments by any Foreign Subsidiary of the Company that is a
Restricted Subsidiary of the Company, Cash Equivalents shall also include (a) investments of the type and maturity described in clauses (1) through (8) above of foreign obligors, which Investments or obligors (or the parents of such
obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) local currencies and other short-term investments utilized by foreign Subsidiaries that are Restricted Subsidiaries in
accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (8) and in this paragraph. 

  
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 “Change of Control” means the occurrence of any of the following:

 (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the
Company and its Subsidiaries, taken as a whole, other than any Required Asset Sales or Legacy Loan Portfolio Sale, to any Person other than a Permitted Holder; or 
 (2) the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person or
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule
13d-5(b)(1) under the Exchange Act), other than one or more Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50.0% or more of the total voting power of the Voting Stock of the Company or any of its direct or indirect parent companies; provided that for purposes of
calculating the “beneficial ownership” of any group, any Voting Stock of which any Permitted Holder is the “beneficial owner” shall not be included in determining the amount of Voting Stock “beneficially owned” by such
group. 
 For purposes of this definition, any direct or indirect holding company of the Company shall not itself be considered
a “Person” or “group” for purposes of clause (2) above; provided that no “Person” or “group” (other than the Permitted Holders) beneficially owns, directly or indirectly, more than 50.0% of the
total voting power of the Voting Stock of such holding company. 
 “Clearstream” means Clearstream Banking,
Société Anonyme. 
 “Co-Investment Transaction” means a transaction pursuant to which a portion
of MSRs or the right to receive fees in respect of MSRs are transferred for fair value to another Person. 
 “Common
Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or
issued after the Issue Date, and includes, without limitation, all series and classes of such common stock. 

“Consolidated EBITDA” means, with respect to any Person, for any period, the sum (without duplication) of: 

(1) Consolidated Net Income; and 
 (2) to the extent Consolidated Net Income has been reduced thereby: 

(a) Consolidated Taxes; 

  
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 (b) Consolidated Interest Expense (excluding Consolidated Interest Expense
on Indebtedness incurred under clauses (2), (5), (6), (10), (11), (12), (15) and (27) of the definition of Permitted Indebtedness); 
 (c) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (including charges
related to the writeoff of goodwill or intangibles as a result of impairment, but excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash
expense that was paid in a prior period), all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP; 
 (d) (i) customary fees, expenses or charges of the Company and its Restricted Subsidiaries payable in connection with (A) the issuance of the Notes, (B) the initial public offering of the
Company’s Common Stock or the Common Stock of any of its direct or indirect parent companies after the Issue Date and issuance of Equity Interests and (C) any acquisition, Investment, Asset Sale, disposition, incurrence or repayment of
Indebtedness and including, in each case, any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed, in each case whether or not successful, (ii) restructuring charges and (iii) any
amortization or write-off of debt issuance costs for Indebtedness incurred prior to the Issue Date; 
 (e) any
amortization or write-off of debt issuance costs payable in connection with Corporate Indebtedness incurred concurrent with and after the Issue Date; 
 (f) recovery of other-than-temporary loss on available-for-sale securities recognized through members’ (or shareholders’) equity; 

(g) all other unusual or non-recurring items of loss or expense; and 

(h) the amount of any expense related to minority interests; and, 

(3) decreased by (without duplication): 
 (a) non-cash gains pursuant to clause (2) above increasing Consolidated Net Income of such Person for such period, excluding any gains that represent the reversal of any accrual of, or cash reserve
for, anticipated cash charges in any prior period (other than such cash charges that have been added back to Consolidated Net Income in calculating Consolidated EBITDA in accordance with this definition); 

(b) all other unusual or non-recurring gains or revenue; 

(c) all interest income to the extent a matching interest expense has been added back to clause (2) above; and

 (d) fair market value of MSRs capitalized by the Company and its Restricted Subsidiaries; 

  
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 all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with
GAAP. For the avoidance of doubt, Consolidated EBITDA shall exclude the effect of any income or loss related to a Legacy Loan Portfolio, except to the extent such income or loss is accounted for in the calculation of Consolidated Net Income.

 “Consolidated Interest Expense” means, with respect to any Person for any period, the sum of, without
duplication: 
 (1) the aggregate of the interest expense on Indebtedness of such Person and its Restricted Subsidiaries for such
period determined on a consolidated basis in accordance with GAAP, including without limitation: (a) any amortization of debt discount; (b) the net costs under Permitted Hedging Transactions; (c) all capitalized interest; and
(d) the interest portion of any deferred payment obligation; 
 (2) to the extent not already included in clause (1), the
interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP; 

(3) the imputed interest with respect to Attributable Debt created after the Issue Date; and 

(4) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Capital of
such Person or preferred stock of any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Capital Stock) or to the Company or a Restricted Subsidiary of
the Company, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, determined on
a consolidated basis in accordance with GAAP. 
 “Consolidated Net Income” means, with respect to any Person,
for any period, the aggregate net income (or loss) of such Person and its Restricted Subsidiaries before the payment of dividends on Preferred Stock for such period on a consolidated basis, determined in accordance with GAAP; provided that there
shall be excluded therefrom: 
 (1) after-tax gains and losses from asset sales or abandonments or reserves relating thereto;

 (2) after-tax items classified as extraordinary gains or losses and direct impairment charges or the reversal of such charges
on the Person’s assets; 
 (3) the net income (but not loss) of any Restricted Subsidiary of the referent Person to the
extent that the declaration of dividends or similar distributions by that Subsidiary of that income is restricted by a contract, operation of law or otherwise, except for such restrictions permitted by clauses (7) and (8) of
Section 4.08(b), whether such permitted restrictions exist on the 

  
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Issue Date or are created thereafter, except to the extent (in the case of net income) of cash dividends or distributions paid to the referent Person, or to a Wholly Owned Restricted Subsidiary
of the referent Person (other than a Restricted Subsidiary also subject to such restrictions), by such other Person; 
 (4) the
net income or loss of any other Person, other than a Restricted Subsidiary of the referent Person, except: 
 (a)
to the extent (in the case of net income) of cash dividends or distributions paid to the referent Person, or to a Wholly Owned Restricted Subsidiary of the referent Person (other than a Restricted Subsidiary described in clause (3) above), by
such other Person; or 
 (b) that the referent Person’s share of any net income or loss of such other Person
under the equity method of accounting for Affiliates shall not be excluded; 
 (5) any restoration to income of any contingency
reserve of an extraordinary, nonrecurring or unusual nature, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 

(6) income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period
whether or not such operations were classified as discontinued); 
 (7) in the case of a successor to the referent Person by
consolidation or merger or as a transferee of the referent Person’s assets, any earnings of the successor corporation prior to such consolidation, merger or transfer of assets; 

(8) any valuation allowance for mortgage loans held-for-investment and/or any change in fair value of mortgage loans held for sale and
corresponding debt in relation to securitized loans in accordance with GAAP that require no additional capital or equity contributions to the Company; 
 (9) any change in fair value of MSRs or the amortization of MSRs pursuant to such Person’s accounting policy; 
 (10) Consolidated Taxes of such Person recognized in accordance with GAAP, to the extent they exceed the taxes in respect of the same income, capital or commercial activity that are recognized in
accordance with GAAP for the applicable period by a parent entity of such Person that is liable for such taxes; 
 (11) any
income or loss related to the fair market value of economic hedges related to MSRs or other mortgage related assets or securities, to the extent that such other mortgage related assets or securities are valued at fair market value and gains and
losses with respect to such related assets or securities have been excluded pursuant to another clause of this provision; 

  
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 (12) any income or loss related to a Legacy Loan Portfolio; 

(13) the cumulative effect of a change in accounting principles during such period; and 

(14) the effect of any gain or loss associated with liabilities created in respect of a Co-Investment Transaction as a result of the
accounting treatment thereof under GAAP. 
 “Consolidated Taxes” means, with respect to any Person for any
period, all income taxes and foreign withholding taxes and taxes based on capital and commercial activity (or similar taxes) of such Person and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such period. 

“Corporate Indebtedness” means, with respect to any Person, the aggregate consolidated amount of Indebtedness of such
Person and its Restricted Subsidiaries then outstanding that would be shown on a consolidated balance sheet of such Person and its Restricted Subsidiaries (excluding, for the purpose of this definition, Indebtedness incurred under clauses (2), (5),
(6), (10), (11), (12), (15) and (27) of the definition of Permitted Indebtedness). 
 “Corporate Trust Office
of the Trustee” shall be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Holders and the Issuers. 

“Credit Enhancement Agreements” means, collectively, any documents, instruments, guarantees or agreements entered into
by the Company, any of its Restricted Subsidiaries, or any Securitization Entity for the purpose of providing credit support (that is reasonably customary as determined by Company senior management) with respect to any Permitted Funding Indebtedness
or Permitted Securitization Indebtedness. 
 “Currency Agreement” means, with respect to any specified Person,
any foreign exchange contract, currency swap agreement, futures contracts, options on futures contracts or other similar agreement or arrangement designed to protect such Person or any of its Restricted Subsidiary against fluctuations in currency
values. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any
successor entity thereto. 
 “Default” means an event or condition the occurrence of which is, or with the
lapse of time or the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a
certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and
shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

  
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 “Designated Noncash Consideration” means the Fair Market Value of any
noncash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is designated as Designated Noncash Consideration pursuant to an officers’ certificate executed by the principal financial
officer of the Company or such Restricted Subsidiary at the time of such Asset Sale less the amount of Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Noncash Consideration. 

“Disqualified Capital Stock” means that portion of any Capital Stock that, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute a Change of Control), matures or is mandatorily redeemable, pursuant to
a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control) on or prior to the final maturity date of the Notes. 

“Dollar” or “$” means the lawful money of the United States of America. 

“Domestic Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person other than a Foreign
Subsidiary. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity
Offering” means a sale either (1) of Equity Interests of the Company (other than Disqualified Capital Stock and other than to a Subsidiary of the Company) by the Company or (2) of Equity Interests of a direct or indirect parent
entity of the Company (other than to the Company or a Subsidiary of the Company) to the extent that the net proceeds therefrom are contributed to the common equity capital of the Company. 

“Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 “Excluded Contributions” means net cash proceeds or marketable securities received by the Company from
contributions to its common equity capital designated as Excluded Contributions pursuant to an officers’ certificate on the date such capital contributions are made. 
 “Excluded Restricted Subsidiary” means any newly acquired or created Subsidiary of the Company that is designated as a Restricted Subsidiary but prohibited, in the reasonable judgment of
the Company, from guaranteeing the Notes by any applicable law, regulation or 

  
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contractual restriction existing at the time such Subsidiary becomes a Restricted Subsidiary and which, in the case of any such contractual restriction, in the good faith opinion of the
management of the Company, cannot be removed through commercially reasonable efforts. As of the Issue Date, there are no Excluded Restricted Subsidiaries. 
 “Existing Facilities” means, collectively, the Existing Servicing Advance Facilities, the Existing Warehouse Facilities and the Existing MSR Facilities. 

“Existing MSR Facilities” means the MSR Notes together with the related documents thereto (including, without
limitation, any security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement extending the maturity of,
increasing the interest rate or fees applicable thereto, refinancing, replacing or otherwise restructuring (including adding Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under
such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of lenders. 
 “Existing Servicing Advance Facilities” means: (1) the $275.0 million Agreement with respect to MBS Loan Buyout Financing Option and the Further Amended and Restated Servicer Advance
Early Reimbursement Mechanics Addendum, dated as of January 13, 2010, by and among the Company and the lender identified therein, (2) the $300.0 million 2010—ABS Advance Financing Facility maintained with an affiliate of Wells Fargo
Securities, LLC, (3) the $75.0 million 2011 Agency Advance Financing Facility maintained with an affiliate of Barclays Capital Inc. and (4) the MSR Notes, in each case, together with the related documents thereto (including, without
limitation, any security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement extending the maturity of,
increasing the interest rate or fees applicable thereto, refinancing, replacing or otherwise restructuring (including adding Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under
such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of lenders. 
 “Existing Warehouse Facilities” mean: (1) the $300.0 million Master Repurchase Agreement, dated as of January 27, 2010, by and among the Company and the lender identified
therein, (2) the $100.0 million Master Repurchase Agreement, dated as of October 7, 2009, by and among the Company and the lender identified therein, (3) the $175.0 million Master Repurchase Agreement, dated as of October 21,
2010, by and among the Company and the lender identified therein, (4) the $50.0 million Master Repurchase Agreement, dated as of March 25, 2011, by and among the Company and the lender identified therein, (5) the Master Repurchase
Agreement, entered into December 2011, between the Company and the lender identified therein to finance certain eligible securities and (6) the $50.0 million As Soon As Pooled Plus Agreements, by and among the Company and the lender identified
therein; in each case, together with the related documents thereto (including, without limitation, any security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise
modified from time to time, including any agreement extending the maturity of, increasing the interest rate or fees applicable thereto, refinancing, replacing or otherwise 

  
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restructuring (including adding Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or any successor or
replacement agreement and whether by the same or any other agent, lender or group of lenders. 
 “Fair Market
Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue
pressure or compulsion to complete the transaction. Fair market value shall be determined by the senior management of the Company or any Restricted Subsidiary of the Company, as applicable, when the fair market value of any asset other than cash is
estimated in good faith to be below $5.0 million, and by the Board of Directors of the Company acting reasonably and in good faith and, if the fair market value exceeds $10.0 million, shall be evidenced by a Board Resolution of the Board of
Directors of the Company delivered to the Trustee. 
 “Fixed Charge Coverage Ratio” means, with respect to any
Person, as of any date, the ratio of (i) Consolidated EBITDA of such Person for the most recently ended four full fiscal quarters (the “Four Quarter Period”) for which internal financial statements are available ending prior to the
date of the transaction giving rise to the need to calculate the Fixed Charge Coverage Ratio (the “Transaction Date”) to (ii) the Fixed Charges of such Person for the Four Quarter Period. 

In addition, for purposes of calculating the Fixed Charge Coverage Ratio, “Consolidated EBITDA” and “Fixed Charges”
shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 
 (1) the incurrence or
repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the
application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any
time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter
Period; and 
 (2) any asset sales or other dispositions or any asset originations, asset purchases, Investments and Asset
Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the
Asset Acquisition) incurring, assuming or otherwise being liable for Indebtedness that is Acquired Indebtedness and also including any Consolidated EBITDA (including any pro forma expense and cost reductions) attributable to the assets which are
originated or purchased, the Investments that are made and the assets that are the subject of the Asset Acquisition or asset sale or other disposition during the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent
to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset sale or other disposition or asset origination, asset purchase, Investment or Asset 

  
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Acquisition (including the incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period. If such Person or any of its Restricted
Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly
incurred or otherwise assumed such guaranteed Indebtedness. 
 The Company shall be entitled in calculating the Fixed Charge
Coverage Ratio: (i) to treat the entry into a bona fide subservicing agreement in respect of MSRs as an Asset Acquisition and (ii) to give effect in such pro forma calculation to any bona fide binding definitive agreement, subject to
customary closing conditions, for any transaction that upon the consummation thereof would be subject to the foregoing paragraph (including any related incurrence or repayment of Indebtedness). The pro forma calculations shall be made by a
responsible accounting officer of the Company in good faith based on the information reasonably available to it at the time of such calculation. The foregoing calculations shall not be required to comply with the requirements for pro forma financial
statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto. 
 “Fixed Charges” means, with respect to any Person for any period, the sum of: 
 (1) Consolidated Interest Expense on Corporate Indebtedness, 
 (2) all cash
dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock of such Person, and 
 (3) all
cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Capital Stock. 

“Foreign Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person that is not organized
or existing under the laws of the United States, any state thereof or the District of Columbia. 
 “Foreign Subsidiary
Total Assets” means the total assets of the Foreign Subsidiaries of the Company, as determined in accordance with GAAP in good faith by the Company without intercompany eliminations. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Financial
Accounting Standards Board Accounting Standards Codification or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of December 31,
2011. 
 “Global Note Legend” means the legend set forth in Section 2.06(f)(i) hereof, which is required
to be placed on all Global Notes issued under this Indenture. 

  
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 “Global Notes” means, individually and collectively, the permanent Notes,
substantially in the form of Exhibit A attached hereto, that bear the Global Note Legend and, if applicable, the OID Legend, and that have the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in
accordance with Section 2.01, 2.06(b) or 2.06(d) hereof. 
 “guarantee” means a guarantee (other than by
endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise). 
 “Guarantor” means each of: 

(1) Centex Land Vista Ridge Lewisville III General Partner, LLC, Centex Land Vista Ridge Lewisville III, L.P., Harwood Service Company,
LLC, Harwood Insurance Services, LLC, Harwood Service Company Of Georgia, LLC, Harwood Service Company Of New Jersey, LLC, Homeselect Settlement Solutions, LLC, Nationstar 2009 Equity Corporation, Nationstar Equity Corporation, Nationstar Industrial
Loan Company, Nationstar Industrial Loan Corporation, Nationstar Mortgage Holdings Inc., Nationstar Sub1 LLC, Nationstar Sub2 LLC, Veripro Solutions Inc., NSM Foreclosure Services Inc. and Champion Mortgage LLC; and 

(2) any other Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture (but not
including any Foreign Subsidiary or any Subsidiary that would be a Foreign Subsidiary if it were a Restricted Subsidiary) and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in
accordance with the provisions of this Indenture; provided that any Excluded Restricted Subsidiary, any Securitization Entities, any Warehouse Facility Trusts and any MSR Facility Trusts shall not be deemed to be Guarantors. 

“Holder” means the Person in whose name the Note is registered on the Registrar’s book. 

“Indebtedness” means with respect to any Person, without duplication: 

(1) all Obligations of such Person for borrowed money; 
 (2) all Obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 
 (3) all Capitalized Lease Obligations of such Person; 
 (4) all Obligations of
such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all Obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the
ordinary course of business that are not overdue by 90 days or more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted); 

  
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 (5) all Obligations for the reimbursement of any obligor on any letter of credit,
banker’s acceptance or similar credit transaction; 
 (6) guarantees and other contingent obligations in respect of
Indebtedness referred to in clauses (1) through (5) above and clauses (8) or (9) below; 
 (7) Obligations
of any other Person of the type referred to in clauses (1) through (6) above and clause(9) below which are secured by any lien on any property or asset of such Person, the amount of such Obligation being deemed to be the lesser of the Fair
Market Value of such property or asset and the amount of the Obligation so secured; 
 (8) all Obligations under currency
agreements and interest swap agreements of such Person; 
 (9) all Attributable Debt of such Person; and 

(10) all Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock
being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any. 
 For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such
Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the Fair Market Value
of such Disqualified Capital Stock, such Fair Market Value shall be determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock. 

The amount of any Indebtedness outstanding as of any date shall be: 

(1) the accreted value thereof, in the case of any Indebtedness issued at a discount to par; 

(2) with respect to any Obligations under currency agreements and interest swap agreements, the net amount payable if such agreements
terminated at that time due to default by such Person; 
 (3) in respect of Indebtedness of another Person secured by a Lien on
the assets of the specified Person, the lesser of: 
 (a) the Fair Market Value of such assets at the date of
determination; and 
 (b) the amount of the Indebtedness of the other Person; or 

  
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 (4) except as provided above, the principal amount or liquidation preference thereof, in the
case of any other Indebtedness. 
 “Indenture” means this Indenture, as amended or supplemented from time to
time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a
Participant. 
 “Initial Notes” as defined in the recitals hereto. 

“Interest Payment Date” means February 1 and August 1 of each year to stated maturity. 

“Investment” means, with respect to any Person, any direct or indirect loan or other extension of credit (including,
without limitation, a guarantee), advance or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition by such
Person of any Capital Stock, bonds, notes, debentures or other securities or evidences or Indebtedness issued by, any Person that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person in the same manner
as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. “Investment” shall exclude (x) accounts receivable, extensions of trade credit or advances by the
Company and its Restricted Subsidiaries on commercially reasonable terms in accordance with the Company’s or its Restricted Subsidiaries’ normal trade practices, as the case may be, (y) deposits made in the ordinary course of business
and customary deposits into reserve accounts related to Securitizations and (z) commission, travel and similar advances to officers, directors, managers and employees, in each case, made in the ordinary course of business. 

“Investment Grade” means a rating of the Notes by both S&P and Moody’s, each such rating being one of such
agency’s four highest generic rating categories that signifies investment grade (i.e. BBB- (or the equivalent) or higher by S&P and Baa3 (or the equivalent) or higher by Moody’s); provided that, in each case, such ratings are
publicly available; provided, further, that in the event Moody’s or S&P is no longer in existence for purposes of determining whether the Notes are rated “Investment Grade,” such organization may be replaced by a
nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) designated by the Company, notice of which shall be given to the Trustee. 

“Investment Grade Securities” means marketable securities of a Person (other than the Company or its Restricted
Subsidiaries, an Affiliate of joint venture of the Company or any Restricted Subsidiary), acquired by the Company or any of its Restricted Subsidiaries in the ordinary course of business that are rated, at the time of acquisition, BBB- (or the
equivalent) or higher by S&P and Baa3 (or the equivalent) or higher by Moody’s. 
 “Issue Date” means
July 22, 2013. 

  
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 “Issuer Order” means a written request or order signed on behalf of the
Issuers by an Officer of each of the Issuers and delivered to the Trustee. 
 “Legacy Loan Portfolio” means the
residential mortgage loans subject to the Note Purchase Agreement, dated as of October 30, 2009 by and among the Company and the representatives of the initial purchasers party thereto. 

“Legacy Loan Portfolio Sale” means the sale, lease, conveyance or other disposition, in one or more transactions of all
or a portion of the Legacy Loan Portfolio. 
 “Lien” means any lien, mortgage, deed of trust, pledge, security
interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest); provided that in no event shall an operating
lease or a transfer of assets pursuant to a Co-Investment Transaction be deemed to constitute a Lien. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 “MSR” means mortgage servicing rights (including master servicing rights) entitling the holder to service
mortgage loans. 
 “MSR Assets” means MSRs other than (i) MSRs on loans originated by the Company or its
Restricted Subsidiaries for so long as such MSRs are financed in the normal course of the origination of such loans and (ii) MSRs subject to existing Liens on the Issue Date securing Existing MSR Facilities. 

“MSR Facility” means any financing arrangement of any kind, including, but not limited to, financing arrangements in the
form of repurchase facilities, loan agreements, note issuance facilities and commercial paper facilities (excluding in all cases, Securitizations), with a financial institution or other lender or purchaser exclusively to finance or refinance the
purchase, origination, pooling or funding by the Company or a Restricted Subsidiary of the Company of MSRs originated, purchased, or owned by the Company or any Restricted Subsidiary of the Company in the ordinary course of business. 

“MSR Facility Trust” means any Person (whether or not a Restricted Subsidiary of the Company) established for the
purpose of issuing notes or other securities in connection with an MSR Facility, which (i) notes and securities are backed by specified MSRs purchased by such Person from the Company or any other Restricted Subsidiary, or (ii) notes and
securities are backed by specified mortgage loans purchased by such Person from the Company or any other Restricted Subsidiary. 

“MSR Indebtedness” means Indebtedness in connection with a MSR Facility; the amount of any particular MSR Indebtedness
as of any date of determination shall be calculated in accordance with GAAP. 

  
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 “MSR Loans” means loans outstanding under the MSR Notes that are, in
accordance with the terms thereof, secured by the pledge of an MSR. 
 “MSR Notes” means the $22.2 million
Senior Secured Credit Agreement, dated as of October 1, 2009, by and among the Company and the lender identified therein. 

“MSR Subsidiary” means any Restricted Subsidiary of the Company that owns MSR Assets that have a Fair Market Value in
excess of $5.0 million. 
 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of
its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset
Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case, after
taking into account any available tax credits or deductions and any tax sharing arrangements, distributions to minority interest holders in Restricted Subsidiaries as a result of such Asset Sale and amounts required to be applied to the repayment of
Indebtedness secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. 

“Non-Recourse Indebtedness” means, with respect to any specified Person, Indebtedness that is: 

(1) specifically advanced to finance the acquisition of investment assets and secured only by the assets to which such Indebtedness
relates without recourse to such Person or any of its Restricted Subsidiaries (other than subject to such customary carve-out matters for which such Person or its Restricted Subsidiaries acts as a guarantor in connection with such Indebtedness, such
as fraud, misappropriation, breach of representation and warranty and misapplication, unless, until and for so long as a claim for payment or performance has been made thereunder (which has not been satisfied) at which time the obligations with
respect to any such customary carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person for GAAP purposes); 
 (2) advanced to (i) such Person or its Restricted Subsidiaries that holds investment assets or (ii) any of such Person’s Subsidiaries or group of such Person’s Subsidiaries formed for
the sole purpose of acquiring or holding investment assets, in each case, against which a loan is obtained that is made without recourse to, and with no cross-collateralization against, such Person’s or any of such Person’s Restricted
Subsidiaries’ other assets (other than: (A) cross-collateralization against assets which serve as collateral for other Non-Recourse Indebtedness; and (B) subject to such customary carve-out matters for which such Person or its
Restricted Subsidiaries acts as a guarantor in connection with such Indebtedness, such as fraud, misappropriation, breach of representation and warranty and misapplication, unless, until and for so long as a claim for payment or performance has been
made thereunder (which has not been satisfied) at which time the obligations with respect to any such customary carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person for GAAP
purposes) and upon complete or partial liquidation of which the loan must be correspondingly completely or partially repaid, as the case may be; or 

  
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 (3) specifically advanced to finance the acquisition of real property and secured by only
the real property to which such Indebtedness relates without recourse to such Person or any of its Restricted Subsidiaries (other than subject to such customary carve-out matters for which such Person or any of its Restricted Subsidiaries acts as a
guarantor in connection with such Indebtedness, such as fraud, misappropriation, breach of representation and warranty and misapplication, unless, until and for so long as a claim for payment or performance has been made thereunder (which has not
been satisfied) at which time the obligations with respect to any such customary carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person for GAAP purposes), provided that,
notwithstanding the foregoing, to the extent that any Non-Recourse Indebtedness is made with recourse to other assets of a Person or its Restricted Subsidiaries, only that portion of such Non-Recourse Indebtedness that is recourse to such other
assets or Restricted Subsidiaries shall be deemed not to be Non-Recourse Indebtedness. 
 “Note Guarantee”
means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes, executed pursuant to the provisions of this Indenture. 
 “Notes” means the Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall
also include any Additional Notes that may be issued under a supplemental indenture. For purposes of this Indenture, all references to Notes to be issued or authenticated upon transfer, replacement or exchange shall be deemed to refer to Notes of
the applicable series. 
 “Obligations” means all obligations for principal, premium, interest, penalties,
fees, indemnification, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “OID Legend” means the legend set for in Section 2.06(f)(ii) hereof to be placed on each Note issued hereunder that has more than a de minimis amount of original issue discount for
U.S. federal income tax purposes. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer,
the Chief Financial Officer, the President, any Executive Vice President, Senior Vice President or Vice President, of each Issuer, or, in the event that an Issuer has no such officers, a person duly authorized under applicable law by the managers,
members or a similar body to act on behalf of such Issuer. A reference to an “Officer” of a Guarantor has a correlative meaning. 
 “Officers’ Certificate” means a certificate signed by on behalf of a Person by two Officers of such Person. 

  
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 “Opinion of Counsel” means a written opinion from legal counsel who is
acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuers. 
 “Originations Joint
Venture” means one or more joint ventures that constitute Restricted Subsidiaries and that engage in the business of or otherwise conduct activities related to mortgage loan origination. 

“Originations Joint Venture Total Assets” means the total assets of the Originations Joint Ventures of the Company, as
determined consistent with the definition of Total Assets. 
 “Parent Stock” means the stock of a parent entity
of the Company, held by the Company as of the Issue Date or subsequently acquired from a parent entity of the Company. 

“Pari Passu Debt” means Indebtedness of the Company or a Restricted Subsidiary that is senior or pari passu in
right of payment with the Notes. For the purposes of this definition, no Indebtedness will be considered to be senior or junior by virtue of being secured on a first or junior priority basis. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Business” means the businesses of the Company and its Subsidiaries as described in the prospectus supplement
relating to the offering of the Initial Notes, dated July 17, 2013, including any document incorporated by reference therein, and businesses that are reasonably related, ancillary or complementary thereto or reasonable developments or
extensions thereof. 
 “Permitted Funding Indebtedness” means (i) any Permitted Servicing Advance Facility
Indebtedness, (ii) any Permitted Warehouse Indebtedness, (iii) any Permitted Residual Indebtedness, (iv) any Permitted MSR Indebtedness, (v) any facility that combines any Indebtedness under clauses (i), (ii), (iii) or
(iv) and (vi) any Refinancing of the Indebtedness under clauses (i), (ii), (iii), (iv) or (v) and advanced to the Company or any of its Restricted Subsidiaries based upon, and secured by, Servicing Advances, mortgage related
securities, loans, MSRs, consumer receivables, REO Assets or Residual Interests existing on the Issue Date or created or acquired thereafter, provided, however that solely as of the date of the incurrence of such Permitted Funding
Indebtedness, the amount of any excess (determined as of the most recent date for which internal financial statements are available) of (x) the amount of any Indebtedness incurred in accordance with this clause (vi) for which the holder
thereof has contractual recourse to the Company or its Restricted Subsidiaries to satisfy claims with respect thereto over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such Indebtedness shall not
be Permitted Funding Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to the provisions under Section 4.09 hereof, except with respect to, and solely to the extent of, any such excess that exists upon the
initial incurrence of such Indebtedness incurred under this clause (vi) which excess shall be entitled to be incurred pursuant to any other provision under Section 4.09 hereof). The amount of any Permitted Funding Indebtedness shall be
determined in accordance with the definition of “Indebtedness.” 

  
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 “Permitted Hedging Transactions” means entering into instruments and
contracts and making margin calls thereon by the Company or any of its Restricted Subsidiaries in reasonable relation to a Permitted Business that are entered into for bona fide hedging purposes and not for speculative purposes (as determined in
good faith by the Board of Directors or senior management of the Company or such Restricted Subsidiary) and shall include, without limitation, interest rate swaps, caps, floors, collars, forward hedge and TBA contracts or mortgage sale contracts and
similar instruments, “interest only” mortgage derivative assets or other mortgage derivative products, future contracts and options on futures contracts on the Eurodollar, Federal Funds, Treasury bills and Treasury rates and similar
financial instruments. 
 “Permitted Holders” means Sponsor and its Affiliates and members of management of the
Company and its Subsidiaries. 
 “Permitted Indebtedness” means, without duplication, each of the following:

 (1) Indebtedness under the Initial Notes and the Note Guarantees; 

(2) Indebtedness incurred pursuant to the Existing Facilities in an aggregate principal amount at any time outstanding not to exceed the
maximum amount available under each Existing Facility as in effect on the Issue Date reduced by any required permanent repayments (which are accompanied by a corresponding permanent commitment reduction) thereunder; 

(3) Indebtedness of the Company or any Guarantor under the Working Capital Facility in an aggregate principal amount at any one time
outstanding (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) in an amount not to exceed not to exceed the greater of (x) $100.0
million and (y) 1.25% of Total Assets; 
 (4) other Indebtedness of the Company and its Restricted Subsidiaries outstanding
on the Issue Date (other than Indebtedness described in clauses (1) and (2) above); 
 (5) Permitted Hedging
Transactions; 
 (6) Indebtedness under Currency Agreements; provided that in the case of Currency Agreements which
relate to Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Subsidiaries outstanding other than as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and
compensation payable thereunder; 
 (7) Indebtedness owed to and held by the Company or a Restricted Subsidiary,
provided, however, that (a) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary of the

  
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Company or any transfer of such Indebtedness (other than to the Company or a Restricted Subsidiary of the Company) shall be deemed, in each case, to constitute the incurrence of such Indebtedness
by the obligor thereon and (b) if the Company is the obligor on such Indebtedness, such Indebtedness is expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes; 

(8) Indebtedness of the Company or any Guarantor to a Restricted Subsidiary of the Company for so long as such Indebtedness is held by a
Wholly Owned Restricted Subsidiary of the Company, in each case subject to no Lien; provided that: (a) any Indebtedness of the Company or any Guarantor to any Restricted Subsidiary of the Company that is not a Guarantor is unsecured and
subordinated in right of payment, pursuant to a written agreement, to the Company’s obligations under this Indenture and the Notes; and (b) if as of any date any Person other than a Restricted Subsidiary of the Company owns or holds,
directly or indirectly, any such Indebtedness or any Person holds a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness by the Company; 

(9) [reserved]; 

(10) Indebtedness of the Company or any of its Subsidiaries represented by letters of credit for the account of the Company or such
Subsidiary, as the case may be, in order to provide security for workers’ compensation claims, payment obligations in connection with self-insurance or similar requirements in the ordinary course of business; 

(11) Permitted Funding Indebtedness; 
 (12) Permitted Securitization Indebtedness and Indebtedness under Credit Enhancement Agreements; 
 (13) Refinancing Indebtedness; 
 (14) (A) any guarantee by the Company or a
Guarantor of Indebtedness or other obligations of any Restricted Subsidiary of the Company (other than Non-Recourse Indebtedness) so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary of the Company is permitted under
the terms of this Indenture, or (B) any guarantee by a Restricted Subsidiary of Indebtedness of the Company (other than Non-Recourse Indebtedness); provided that such guarantee is incurred in accordance with Section 4.15 hereof;

 (15) Non-Recourse Indebtedness; 
 (16) Indebtedness incurred by the Company or any of the Guarantors in connection with the acquisition of a Permitted Business; provided that on the date of the incurrence of such Indebtedness,
after giving effect to the incurrence thereof and the use of proceeds therefrom, either 
 (a) the Company would
be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(b); or 
 (b) the
Fixed Charge Coverage Ratio of the Company would not be less than the Fixed Charge Coverage Ratio of the Company immediately prior to the incurrence of such Indebtedness; 

  
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 (17) Indebtedness (including Capitalized Lease Obligations) incurred to finance the
development, construction, purchase, lease, repairs, maintenance or improvement of assets (including MSRs and related Servicing Advances) by the Company or any Restricted Subsidiary, provided that the Liens securing such Indebtedness may not
extend to any other property owned by the Company or any of its Restricted Subsidiaries at the time the Lien is incurred and the Indebtedness secured by the Lien may not be incurred more than 180 days after the latter of the acquisition or
completion of the construction of the property subject to the Lien, provided, further that the amount of such Indebtedness does not exceed the Fair Market Value of the assets purchased or constructed with the proceeds of such
Indebtedness; 
 (18) Indebtedness arising from agreements of the Company or any of its Restricted Subsidiaries providing for
indemnification, adjustment of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 
 (19) Indebtedness consisting of Indebtedness from the repurchase, retirement or other acquisition or retirement for value by the Company of Common Stock (or options, warrants or other rights to acquire
Common Stock) of the Company (or payments to any direct or indirect parent company of the Company to permit distributions to repurchase common equity (or options, warrants or other rights to acquire common equity) thereof) from any future, current
or former officer, director, manager or employee (or any spouses, successors, executors, administrators, heirs or legatees of any of the foregoing) of the Company, any direct or indirect parent company of the Company, or any of its Subsidiaries or
their authorized representatives to the extent described in clause (4) of Section 4.07(b) hereof; 
 (20) Indebtedness
in respect of overdraft protections and otherwise in connection with customary deposit accounts maintained by the Company or any Restricted Subsidiary with banks and other financial institutions as part of its ordinary cash management program;

 (21) the incurrence of Indebtedness by a Foreign Subsidiary in an amount not to exceed at any one time outstanding, together
with any other Indebtedness incurred under this clause (21), 5.0% of Foreign Subsidiary Total Assets; 
 (22) shares of
Preferred Stock of a Restricted Subsidiary of the Company issued to the Company or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such share of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed in each case to be an issuance of such shares or
Preferred Stock not permitted by this clause (22); 

  
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 (23) Indebtedness of the Company and its Restricted Subsidiary consisting of the financing
of insurance premiums in the ordinary course of business; 
 (24) Obligations in respect of performance, bid, surety bonds and
completion guarantees provided by the Company and its Restricted Subsidiaries in the ordinary course of business; 
 (25)
[reserved]; 
 (26) to the extent otherwise constituting Indebtedness, obligations arising from agreements providing for
indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of Residual Interests or other loans and other mortgage-related receivables purchased or originated by the
Company or any of its Restricted Subsidiaries arising in the ordinary course of business; 
 (27) Guarantees by the Company and
its Restricted Subsidiaries of Indebtedness that is otherwise Permitted Indebtedness; 
 (28) Indebtedness or Disqualified
Capital Stock of the Company and Indebtedness, Disqualified Capital Stock or Preferred Stock of any of the Company’s Restricted Subsidiaries in an aggregate principal amount or liquidation preference up to 100.0% of the net cash proceeds
received by the Company since immediately after the Issue Date from the issue or sale of Equity Interests of the Company or cash contributed to the capital of the Company (in each case, other than proceeds of Disqualified Capital Stock or sales of
Equity Interests to the Company or any of its Subsidiaries) to the extent that such net cash proceeds or cash have not been applied to Section 4.07 hereof; provided, however, that the aggregate amount of Indebtedness, Disqualified
Stock and Preferred Stock incurred by Restricted Subsidiaries (other than Guarantors) pursuant to this clause (28) may not exceed $50.0 million in the aggregate at any one time outstanding; 

(29) Indebtedness arising out of or to fund purchases of all remaining outstanding asset-backed securities of any Securitization Entity
for the purpose of relieving the Company or a Subsidiary of the Company of the administrative expense of servicing such Securitization Entity; 
 (30) Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary incurred to finance or assumed in connection with an acquisition in a principal amount not to exceed the greater of
(x) $80.0 million and (y) 1.0% of Total Assets in the aggregate at any one time outstanding together with all other Indebtedness, Disqualified Stock and/or Preferred Stock issued under this clause (30); 

(31) Guarantees by the Company and the Restricted Subsidiaries of the Company to owners of servicing rights in the ordinary course of
business; 

  
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 (32) additional Indebtedness of the Company and its Subsidiaries in an aggregate principal
amount not to exceed the greater of (x) $80.0 million and (y) 1.0% of Total Assets at any one time outstanding; and 

(33) (i) the incurrence of Indebtedness by the Services Business in an amount not to exceed at any one time outstanding, together with
any other Indebtedness incurred under this clause (i), the greater of (x) $50.0 million and (y) 25% of Services Business Total Assets and (ii) the incurrence of Indebtedness by an Originations Joint Venture in an amount not to exceed
at any one time outstanding, together with any other Indebtedness incurred under this clause (ii), the greater of (x) $50.0 million and (y) 25% of Originations Joint Venture Total Assets. 

For purposes of determining compliance with Section 4.09 hereof, in the event that an item of Indebtedness meets the criteria of
more than one of the categories of Permitted Indebtedness described in clauses (1) through (33) above or is entitled to be incurred pursuant to the second paragraph of such covenant, the Company shall, in its sole discretion, classify (or
later reclassify) such item of Indebtedness in any manner that complies with this covenant. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness
with the same terms, and the payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified
Capital Stock for purposes of Section 4.09 hereof. 
 “Permitted Investments” means: 

(1) any Investment in the Company or in a Restricted Subsidiary; 
 (2) any Investment in cash or Cash Equivalents; 
 (3) any Investment by the
Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment (i) such Person becomes a Restricted Subsidiary of the Company that is engaged in a Permitted Business or (ii) such Person is merged,
consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 

(4) Investments by the Company or any Restricted Subsidiary in Securitization Entities, Warehouse Facility Trusts, MSR Facility Trusts,
Investments in mortgage related securities or charge-off receivables in the ordinary course of business; 
 (5) Investments
arising out of purchases of all remaining outstanding asset-backed securities of any Securitization Entity for the purpose of relieving the Company or a Subsidiary of the Company of the administrative expense of servicing such Securitization Entity;

 (6) Investments in MSRs; 
 (7) Investments in Residual Interests in connection with any Securitization, Warehouse Facility or MSR Facility; 

  
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 (8) Investments by the Company or any Restricted Subsidiary in the form of loans extended to
non-Affiliate borrowers in connection with any loan origination business of the Company or such Restricted Subsidiary in the ordinary course of business; 
 (9) any Restricted Investment made as a result of the receipt of securities or other assets of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10
hereof, or any other disposition of assets not constituting an Asset Sale; 
 (10) Investments made solely in exchange for the
issuance of Equity Interests (other than Disqualified Capital Stock) of the Company, or any of its direct or indirect parent entities, or any Unrestricted Subsidiary; 
 (11) any Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Company or any of its
Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes with Persons who are not
Affiliates; 
 (12) Investments in connection with Permitted Hedging Transactions; 

(13) repurchases of the Notes; 
 (14) Investments in and making of Servicing Advances, residential or commercial mortgage loans and Securitization Assets (whether or not made in conjunction with the acquisition of MSRs); 

(15) guarantees of Indebtedness permitted under Section 4.09 hereof; 

(16) any transaction to the extent it constitutes an investment that is permitted and made in accordance with the provisions of
Section 4.11(c) hereof (except transactions described in clauses (6) and (9) of Section 4.11(c) hereof); 

(17) Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment or the licensing or contribution
of intellectual property pursuant to joint marketing arrangements with other Persons; 
 (18) endorsements for collection or
deposit in the ordinary course of business; 
 (19) any Investment existing on the Issue Date or made pursuant to binding
commitments in effect on the Issue Date or an Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may only be increased pursuant to this
clause (19) to the extent required by the terms of such Investment as in existence on the Issue Date; 

  
 -27-

 (20) any Investment by the Company or any Restricted Subsidiary of the Company in any Person
where such Investment was acquired by the Company or any Restricted Subsidiary of the Company (a) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a
result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable or (b) as a result of a foreclosure by the Company or any Restricted Subsidiary of the Company with respect to any
secured Investment or other transfer of title with respect to any secured Investment in default; 
 (21) any Investment by the
Company or any Restricted Subsidiary of the Company in a joint venture not to exceed the greater of (x) $75.0 million and (y) 1.0% of Total Assets; 
 (22) other Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (22) that are at that time outstanding (without giving effect to
the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash and/or marketable securities), not to exceed the greater of (x) $100.0 million and (y) 1.50% of Total Assets at the time of such
Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); and 
 (23) purchases of mortgage backed securities or similar debt instruments related to a Permitted Business. 
 “Permitted Liens” means the following types of Liens: 
 (1) Liens
for taxes, assessments or governmental charges or claims either: (a) not delinquent for a period of more than 30 days; or (b) contested in good faith by appropriate proceedings and as to which the Company or its Subsidiaries shall have set
aside on its books such reserves as may be required pursuant to GAAP; 
 (2) statutory Liens of landlords and Liens of carriers,
warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if
any, as shall be required by GAAP shall have been made in respect thereof; 
 (3) Liens incurred or deposits made in the
ordinary course of business in connection with workers’ compensation laws, unemployment insurance laws or similar legislation and other types of social security or obtaining of insurance, including any Lien securing letters of credit issued in
the ordinary course of business consistent with past practice in connection therewith, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds
and other similar obligations (exclusive of obligations for the payment of borrowed money); 
 (4) Liens existing on the Issue
Date; 

  
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 (5) Liens on assets, property or shares of stock of a Person at the time such Person becomes
a Restricted Subsidiary; provided, however, that such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary; provided, further,
however, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary; 
 (6)
Liens on assets or property at the time the Company or a Restricted Subsidiary acquired the assets or property or within 360 days of such acquisition, including any acquisition by means of a merger, amalgamation or consolidation with or into the
Company or any Restricted Subsidiary; provided that the Liens may not extend to any other property owned by the Company or any Restricted Subsidiary (other than assets and property affixed or appurtenant thereto); provided,
further that the aggregate amount of obligations secured thereby does not exceed the greater of (x) $80.0 million and (y) 1.25% of Total Assets at any time outstanding and no such Lien may secure obligations in an amount that
exceeds the Fair Market Value of the assets or property acquired as of the date of acquisition; 
 (7) Liens securing
Indebtedness or other obligations of a Restricted Subsidiary of the Company owing to the Company or another Restricted Subsidiary of the Company; 
 (8) leases, subleases, licenses or sublicenses granted to others which do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries;

 (9) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business; 
 (10) Liens securing Indebtedness permitted to be
incurred under the Working Capital Facility, including any letter of credit facility relating thereto, that was permitted to be Incurred pursuant to clause (3) of the definition of Permitted Indebtedness; 

(11) Liens in favor of the Issuers or any Guarantor; 
 (12) Liens on the Equity Interests of any Unrestricted Subsidiary securing Non-Recourse Indebtedness of such Unrestricted Subsidiary; 

(13) grants of software and other technology licenses in the ordinary course of business; 

(14) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions,
renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (4), (5), (6), (28) and (34) of this definition; provided, however, that (x) such new Lien shall be limited
to all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount

  
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greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (4), (5), (6), (28) and (34) of this
definition at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement;

 (15) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of
goods entered into in the ordinary course of business; 
 (16) Liens incurred to secure cash management services or to implement
cash pooling arrangements in the ordinary course of business and Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other
funds maintained with a depository or financial institution; 
 (17) any encumbrance or restriction (including put and call
arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 
 (18) any amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the Issuers or any Restricted Subsidiary; 

(19) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal
proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; 

(20) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of other for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the Permitted Business of the Company and its Subsidiaries and other
similar charges or encumbrances in respect of real property not interfering, in the aggregate, in any material respect with the ordinary conduct of the business of the Company or any of its Subsidiaries; 

(21) any interest or title of a lessor under any Capitalized Lease Obligation; provided that such Liens do not extend to any
property or assets which is not leased property subject to such Capitalized Lease Obligation; 
 (22) Liens upon specific items
of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods; 

  
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 (23) Liens securing reimbursement obligations with respect to commercial letters of credit
which encumber documents and other property relating to such letters of credit and products and proceeds thereof; 
 (24) Liens
encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Subsidiaries, including rights of offset and set-off; 

(25) Liens securing Permitted Hedging Transactions and the costs thereof; 

(26) Liens securing Indebtedness under Currency Agreements; 
 (27) Liens with respect to obligations at any one time outstanding that do not exceed the greater of (x) $80.0 million and (y) 1.25% of Total Assets; 

(28) Liens securing Indebtedness incurred to finance the construction or purchase of assets (excluding MSR Assets) by the Company or any
of its Restricted Subsidiaries (including any acquisition of Capital Stock or by means of a merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary), provided that any such Lien may not extend to any other
property owned by the Company or any of its Restricted Subsidiaries at the time the Lien is incurred and the Indebtedness secured by the Lien may not be incurred more than 180 days after the acquisition or completion of the construction of the
property subject to the Lien, provided further that the amount of Indebtedness secured by such Liens does not exceed the purchase price of the assets purchased or constructed with the proceeds of such Indebtedness; 

(29) Liens on Securitization Assets and the proceeds thereof incurred in connection with Permitted Securitization Indebtedness or
permitted guarantees thereof; 
 (30) Liens on spread accounts and credit enhancement assets, Liens on the stock of Restricted
Subsidiaries of the Company substantially all of which are spread accounts and credit enhancement assets and Liens on interests in Securitization Entities, in each case incurred in connection with Credit Enhancement Agreements; 

(31) Liens to secure Indebtedness of any Foreign Subsidiary of the Company or Excluded Restricted Subsidiary securing Indebtedness of
such Foreign Subsidiary of the Company or any Excluded Restricted Subsidiary that is permitted by the terms of this Indenture to be incurred; 
 (32) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code, or any comparable or successor provision, on items in the course of collection and (ii) in
favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(33) Liens solely on any cash earnest money deposits made by the Issuers or any of their Restricted Subsidiaries in connection with any
letter of intent or purchase agreement; 

  
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 (34) Liens securing Indebtedness incurred to finance the purchase of MSR Assets
(“Acquired MSR Assets”) by the Company or any of its Restricted Subsidiaries (including any acquisition of Capital Stock or by means of a merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary),
provided that (x) any such Lien may not extend to any other property owned by the Company or any of its Restricted Subsidiaries at the time the Lien is incurred and the Indebtedness secured by the Lien may not be incurred more than 180
days after the acquisition of the property subject to the Lien and (y) the aggregate amount of Indebtedness secured by the Acquired MSR Assets in such purchase does not exceed the greater of $100.0 million and 65.0% of the purchase price of
such Acquired MSR Assets less the amount necessary to pay any fees and expenses related to such acquisition (the purchase price of the Acquired MSR Assets shall be determined by the terms of the contract governing such purchase or, if not specified
in such contract, management in good faith); and 
 (35) Liens to secure Indebtedness of the Services Business or Originations
Joint Venture that is permitted by the terms of this Indenture to be incurred covering only the assets of the Services Business or Originations Joint Venture, as applicable. 
 “Permitted MSR Indebtedness” means MSR Indebtedness; provided, that solely as of the date of the incurrence of such MSR Indebtedness, the amount of any excess (determined as of the
most recent date for which internal financial statements are available) of (x) the amount of any such MSR Indebtedness for which the holder thereof has contractual recourse to the Company or its Restricted Subsidiaries to satisfy claims with
respect to such MSR Indebtedness (excluding recourse for matters such as fraud, misappropriation, breaches of representations and warranties and misapplication) over (y) the aggregate (without duplication of amounts) Realizable Value of the
assets that secure such MSR Indebtedness shall not be Permitted MSR Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to the provisions in Section 4.09 hereof, except with respect to, and solely to the extent
of, any such excess that exists upon the initial incurrence of such Indebtedness which excess shall be entitled to be incurred pursuant to any other provisions under Section 4.09 hereof). The amount of any particular Permitted MSR Indebtedness
as of any date of determination shall be calculated in accordance with GAAP. 
 “Permitted Residual
Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries under a Residual Funding Facility; provided that solely as of the date of the incurrence of such Permitted Residual Indebtedness, the amount of
any excess (determined as of the most recent date for which internal financial statements are available) of (x) the amount of any such Permitted Residual Indebtedness for which the holder thereof has contractual recourse to the Company or its
Restricted Subsidiaries to satisfy claims with respect to such Permitted Residual Indebtedness (not including customary contractual recourse for breaches of representations and warranties) over (y) the aggregate (without duplication of amounts)
Realizable Value of the assets that secure such Permitted Residual Indebtedness shall be deemed not to be Permitted Residual Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to the provisions under
Section 4.09 hereof except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness which excess shall be entitled to be incurred pursuant to any other provisions under
Section 4.09 hereof) of the Company or such Restricted Subsidiary, as the case may be, at such time. 

  
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 “Permitted Securitization Indebtedness” means Securitization Indebtedness;
provided that (i) in connection with any Securitization, any Warehouse Indebtedness or MSR Indebtedness used to finance the purchase, origination or pooling of any Receivables subject to such Securitization is repaid in connection with
such Securitization to the extent of the net proceeds received by the Company and its Restricted Subsidiaries from the applicable Securitization Entity, and (ii) solely as of the date of the incurrence of such Permitted Securitization
Indebtedness, the amount of any excess (determined as of the most recent date for which internal financial statements are available) of (x) the amount of any such Securitization Indebtedness for which the holder thereof has contractual recourse
to the Company or its Restricted Subsidiaries to satisfy claims with respect to such Securitization Indebtedness (excluding recourse for matters such as fraud, misappropriation, breaches of representations and warranties and misapplication) over
(y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such Securitization Indebtedness shall not be Permitted Securitization Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness
subject to the provisions under Section 4.09 hereof except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness which excess shall be entitled to be incurred pursuant to any
other provisions under Section 4.09 hereof). 
 “Permitted Servicing Advance Facility Indebtedness” means
any Indebtedness of the Company or any of its Restricted Subsidiaries incurred under a Servicing Advance Facility; provided, however that solely as of the date of the incurrence of such Permitted Servicing Advance Facility
Indebtedness, the amount of any excess (determined as of the most recent date for which internal financial statements are available) of (x) the amount of any such Permitted Servicing Advance Facility Indebtedness for which the holder thereof
has contractual recourse (other than subject to such customary carve-out matters for which such Person or its Restricted Subsidiaries acts as a guarantor in connection with such Indebtedness, such as fraud, misappropriation, breaches of
representations or warranties and misapplication, unless, until and for so long as a claim for payment or performance has been made thereunder (which has not been satisfied) at which time the obligations with respect to any such customary carve-out
shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person for GAAP purposes) to the Company or its Restricted Subsidiaries to satisfy claims with respect to such Permitted Servicing Advance
Facility Indebtedness over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such Permitted Servicing Advance Facility Indebtedness shall not be Permitted Servicing Advance Facility Indebtedness (but
shall not be deemed to be a new incurrence of Indebtedness subject to the provisions under Section 4.09 hereof except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness
under a Servicing Advance Facility which excess shall be entitled to be incurred pursuant to any other provisions under Section 4.09 hereof) of the Company or such Restricted Subsidiary, as the case may be, at such time. 

  
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 “Permitted Warehouse Indebtedness” means Warehouse Indebtedness;
provided, that solely as of the date of the incurrence of such Warehouse Indebtedness, the amount of any excess (determined as of the most recent date for which internal financial statements are available) of (x) the amount of any such
Warehouse Indebtedness for which the holder thereof has contractual recourse to the Company or its Restricted Subsidiaries to satisfy claims with respect to such Warehouse Indebtedness (excluding recourse for matters such as fraud, misappropriation,
breaches of representations and warranties and misapplication) over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such Warehouse Indebtedness shall not be Permitted Warehouse Indebtedness (but
shall not be deemed to be a new incurrence of Indebtedness subject to the provisions under Section 4.09 hereof except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness
which excess shall be entitled to be incurred pursuant to any other provisions under Section 4.09 hereof). The amount of any particular Permitted Warehouse Indebtedness as of any date of determination shall be calculated in accordance with
GAAP. 
 “Person” means an individual, partnership, corporation, unincorporated organization, trust or joint
venture, or a governmental agency or political subdivision thereof. 
 “Preferred Stock” of any Person means
any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
 “Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock. 
 “Rating Agencies” means Moody’s and S&P. 

“Realizable Value” of an asset means (i) with respect to any REO Asset, the value realizable upon the disposition
of such asset as determined by the Company in its reasonable discretion and consistent with customary industry practice and (ii) with respect to any other asset, the lesser of (x) if applicable, the face value of such asset and
(y) the market value of such asset as determined by the Company in accordance with the agreement governing the applicable Permitted Servicing Advance Facility Indebtedness, Permitted Warehouse Indebtedness, Permitted MSR Indebtedness or
Permitted Residual Indebtedness, as the case may be, (or, if such agreement does not contain any related provision, as determined by senior management of the Company in good faith); provided, however, that the realizable value of any
asset described in clause (i) or (ii) above which an unaffiliated third party has a binding contractual commitment to purchase from the Company or any of its Restricted Subsidiaries shall be the minimum price payable to the Company or such
Restricted Subsidiary for such asset pursuant to such contractual commitment. 
 “Receivables” means loans and
other mortgage-related receivables (including Servicing Receivables and MSRs but excluding Residual Interests and net interest margin securities) purchased or originated by the Company or any Restricted Subsidiary of the Company or, with respect to
Servicing Receivables and MSRs, otherwise arising in the ordinary course of business; provided, however, that for purposes of determining the amount of a Receivable at any time, such amount shall be determined in accordance with GAAP,
consistently applied, as of the most recent practicable date. 

  
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 “Record Date” for the interest payable on any applicable Interest Payment
Date means January 15 and July 15 (whether or not a Business Day) next preceding such Interest Payment Date. 

“Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, repay, prepay,
redeem, defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Refinancing Indebtedness” means any Refinancing by the Company or any Subsidiary of the Company of Indebtedness
incurred in accordance with clauses (1), (4), (13), (16), (17), (28) or (29) of the definition of Permitted Indebtedness, and in each case that does not: 
 (1) result in an increase in the aggregate principal amount of Indebtedness of such Person as of the date of such proposed Refinancing (plus the amount of any premium required to be paid under the terms
of the instrument governing such Indebtedness and plus the amount of reasonable expenses incurred by the Company in connection with such Refinancing and amounts of Indebtedness otherwise permitted to be incurred under this Indenture); or 

(2) create Indebtedness with a Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the
Indebtedness being Refinanced; or a final maturity earlier than the final maturity of the Indebtedness being Refinanced; provided that (i) such Indebtedness is incurred either (a) by the Company or any Guarantor or (b) by the
Restricted Subsidiary that is the obligor on the Indebtedness being Refinanced and (ii) if such Indebtedness being Refinanced is subordinate or junior to the Notes, then such Refinancing Indebtedness shall be subordinate to the Notes at least
to the same extent and in the same manner as the Indebtedness being Refinanced. 
 “REO Asset” of a Person
means a real estate asset owned by such Person and acquired as a result of the foreclosure or other enforcement of a lien on such asset securing a Servicing Advance or loans and other mortgage-related receivables purchased or originated by the
Company or any Restricted Subsidiary of the Company in the ordinary course of business. 
 “Residual Funding
Facility” means any funding arrangement with a financial institution or institutions or other lenders or purchasers under which advances are made to the Company or any Restricted Subsidiary secured by Residual Interests. 

“Residual Interests” means any residual, subordinated, reserve accounts and retained ownership interest held by the
Company or a Restricted Subsidiary in Securitization Entities, Warehouse Facility Trusts and/or MSR Facility Trusts, regardless of whether required to appear on the face of the consolidated financial statements in accordance with GAAP. 

  
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 “Responsible Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice president, any assistant vice president, any trust officer, any assistant trust officer or any other officer of the Trustee who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture. 
 “Restricted Investment” means an Investment
other than a Permitted Investment. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent
Person that is not an Unrestricted Subsidiary. 
 “Required Asset Sale” means any Asset Sale that is a result
of a repurchase right or obligation or a mandatory sale right or obligation related to (i) MSRs, (ii) pools or portfolios of MSRs, or (iii) the Capital Stock of any Person that holds MSRs or pools or portfolios of MSRs, which rights
or obligations are either in existence on the Issue Date (or substantially similar in nature to such rights or obligations in existence on the Issue Date) or pursuant to the guidelines or regulations of a government-sponsored enterprise. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its
successors. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Debt” means any Indebtedness secured by a Lien upon the property of the Company or any of its Restricted
Subsidiaries (regardless of the Realizable Value of such property). 
 “Securities Act” means the Securities
Act of 1933, as amended, or any successor statute or statutes thereto. 
 “Securitization” means a public or
private transfer, sale or financing of Servicing Advances and/or mortgage loans, installment contracts, other loans and any other asset capable of being securitized (collectively, the “Securitization Assets”) by which the Company or
any of its Restricted Subsidiaries directly or indirectly securitizes a pool of specified Securitization Assets including, without limitation, any such transaction involving the sale of specified Servicing Advances or mortgage loans to a
Securitization Entity. 
 “Securitization Assets” has the meaning set forth in the definition of
“Securitization.” 
 “Securitization Entity” means (i) any Person (whether or not a Restricted
Subsidiary of the Company) established for the purpose of issuing asset-backed or mortgaged-backed or mortgage pass-through securities of any kind (including collateralized mortgage obligations and net interest margin securities), (ii) any
special purpose Subsidiary established for the purpose of selling, depositing or contributing Securitization Assets into a Person described in 

  
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clause (i) or holding securities in any related Securitization Entity, regardless of whether such person is an issuer of securities; provided that such Person is not an obligor with
respect to any Indebtedness of the Company or any Guarantor and (iii) any special purpose Subsidiary of the Company formed exclusively for the purpose of satisfying the requirements of Credit Enhancement Agreements and regardless of whether
such Subsidiary is an issuer of securities; provided that such Person is not an obligor with respect to any Indebtedness of the Company or any Guarantor other than under Credit Enhancement Agreements. As of the Issue Date, Nationstar Home
Equity Loan Trust 2009-A, Nationstar Home Equity Loan 2009-A REO LLC, Nationstar Mortgage Advance Receivables Trust 2010-ADV1, Nationstar Funding LLC, Nationstar Residual, LLC, Nationstar Advance Funding LLC, Nationstar Advance Funding II, LLC,
Nationstar Agency Advance Funding, LLC, Nationstar Agency Advance Funding Trust, Nationstar Advance Funding 2012-W, LLC, Nationstar Advance Funding Trust 2012-W, Nationstar Advance Funding 2012-R, LLC, Nationstar Advance Funding Trust 2012-R,
Nationstar Advance Funding 2012-C, LLC, Nationstar Advance Funding Trust 2012-C, Nationstar Agency Advance Funding 2012-AW, LLC, Nationstar Agency Advance Funding Trust 2012-AW, Nationstar Advance Funding III LLC, Nationstar Mortgage Advance
Receivables Trust, Nationstar Reverse Mortgage Advance Funding LLC, Nationstar Reverse Mortgage Advance Receivables Trust 2012-ADV1, Nationstar Servicer Advance Facility Transferor, LLC 2013-CS, Nationstar Servicer Advance Facility Transferor, LLC
2013-BC, Nationstar Servicer Advance Facility Transferor, LLC 2013-BOFA, Nationstar Servicer Advance Receivables Trust 2013-CS, Nationstar Servicer Advance Receivables Trust 2013-BC and Nationstar Servicer Advance Receivables Trust 2013-BOFA shall
be deemed to satisfy the requirements of the foregoing definition. 
 “Securitization Indebtedness” means
(i) Indebtedness of the Company or any of its Restricted Subsidiaries incurred pursuant to on-balance sheet Securitizations treated as financings and (ii) any Indebtedness consisting of advances made to the Company or any of its Restricted
Subsidiaries based upon securities issued by a Securitization Entity pursuant to a Securitization and acquired or retained by the Company or any of its Restricted Subsidiaries. 

“Services Business” means a Person to which the Company contributes one or more Subsidiaries or other assets that
provides one or more services other than mortgage servicing or loan origination, including but not limited to one or more of REO, field services, valuation and title services and recovery services, after which contribution the Services Business
shall be deemed to include such Person and its Subsidiaries. 
 “Services Business Total Assets” means the
total assets of the Services Business, as determined consistent with the definition of Total Assets. 
 “Servicing
Advances” means advances made by the Company or any of its Restricted Subsidiaries in its capacity as servicer of any mortgage-related receivables to fund principal, interest, escrow, foreclosure, insurance, tax or other payments or
advances when the borrower on the underlying receivable is delinquent in making payments on such receivable; to enforce remedies, manage and liquidate REO Assets; or that the Company or any of its Restricted Subsidiaries otherwise advances in its
capacity as servicer. 

  
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 “Servicing Advance Facility” means any funding arrangement with lenders
collateralized in whole or in part by Servicing Advances under which advances are made to the Company or any of its Restricted Subsidiaries based on such collateral. 
 “Servicing Receivables” means rights to collections under mortgage-related receivables, or other rights to reimbursement of Servicing Advances that the Company or a Restricted Subsidiary
of the Company has made in the ordinary course of business and on customary industry terms. 
 “Significant
Subsidiary” with respect to any Person, means any Subsidiary of such Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1-02 of Regulation S-X under the Exchange Act, as such regulation is in
effect on the Issue Date. 
 “Sponsor” means Fortress Investment Group LLC. 

“Subsidiary,” with respect to any Person, means: 

(1) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election of
directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 
 (2) any other
Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or indirectly, owned by such Person. 
 “Taxable Income” means, for any period, the taxable income or loss of the Company for such period for federal income tax purposes. 

“Total Assets” means the total assets of the Company and its Restricted Subsidiaries, determined on a consolidated basis
in accordance with GAAP, as shown on the most recent balance sheet of the Company with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio.

 “Treasury Rate” means, as determined by the Issuers, as of the applicable redemption date, the yield to
maturity as of such redemption date of constant maturity United States Treasury securities (as compiled and published in the most recent Federal Reserve Statistical Release H. 15 (519) that has become publicly available at least two business
days prior to such redemption date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to August 1, 2015; provided,
however, that if no published maturity exactly corresponds with such date, then the Treasury Rate shall be interpolated or extrapolated on a straight-line basis from the arithmetic mean of the yields for the next shortest and next longest
published maturities; provided further, however, that if the period from such redemption date to August 1, 2015, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted
to a constant maturity of one year will be used. 

  
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 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15
U.S.C §§ 77aaa-777bbbb). 
 “Trustee” means Wells Fargo Bank, National Association, as trustee,
until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the
Board of Directors, but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Indebtedness
and other Indebtedness that is not recourse to the Company or any Restricted Subsidiary or any of their assets; 
 (2) except as
permitted by Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding
are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; 
 (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to
maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
in the election of the Board of Directors of such Person. 
 “Warehouse Facility” means any financing
arrangement of any kind, including, but not limited to, financing arrangements in the form of repurchase facilities, loan agreements, note issuance facilities and commercial paper facilities (excluding in all cases, Securitizations), with a
financial institution or other lender or purchaser exclusively to (i) finance or refinance the purchase, origination or funding by the Company or a Restricted Subsidiary of the Company of, provide funding to the Company or a Restricted
Subsidiary of the Company through the transfer of, loans, mortgage related securities and other mortgage-related receivables purchased or originated by the Company or any Restricted Subsidiary of the Company in the ordinary course of business,
(ii) finance the funding of or refinance Servicing Advances; or (iii) finance or refinance the carrying of REO Assets related to loans and other mortgage-related receivables purchased or originated by the Company or any Restricted
Subsidiary of the Company; provided that such purchase, origination, pooling, funding, refinancing and carrying is in the ordinary course of business. 

  
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 “Warehouse Facility Trust” means any Person (whether or not a Restricted
Subsidiary of the Company) established for the purpose of issuing notes or other securities in connection with a Warehouse Facility, which (i) notes and securities are backed by specified Servicing Advances purchased by such Person from the
Company or any other Restricted Subsidiary, or (ii) notes and securities are backed by specified mortgage loans purchased by such Person from the Company or any other Restricted Subsidiary. 

“Warehouse Indebtedness” means Indebtedness in connection with a Warehouse Facility; the amount of any particular
Warehouse Indebtedness as of any date of determination shall be calculated in accordance with GAAP. 
 “Weighted Average
Life to Maturity” means, when applied to any Indebtedness, Disqualified Capital Stock or Preferred Stock, as the case may be, at any date, the number of years obtained by dividing: (1) the then outstanding aggregate principal amount of
such Indebtedness or redemption or similar payment with respect to such Disqualified Capital Stock or Preferred Stock into; (2) the sum of the total of the products obtained by multiplying (i) the amount of each then remaining installment,
sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the
making of such payment. 
 “Wholly Owned Restricted Subsidiary” of any Person means any Restricted Subsidiary
of such Person of which all the outstanding voting securities (other than in the case of a Foreign Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law) are
owned by such Person or any Wholly Owned Restricted Subsidiary of such Person. 
 “Working Capital Facility”
means (i) any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that provide loans, notes, other credit facilities or commitments permitted under clause (3) of the
definition of Permitted Indebtedness and (ii) any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that extend, replace, refund, refinance, renew or defease any part of the
loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that alters the maturity thereof, as such agreements may be amended (including any amendment and
restatement thereof), supplemented or otherwise modified from time to time. 
  

	Section 1.02	Other Definitions. 

  

					
	 Term
	  	Defined in
Section	 
	 “Acceleration Notes”
	  	 	6.02	  
	 “Affiliate Transaction”
	  	 	4.11	  
	 “Authentication Order”
	  	 	2.02	  
	 “Change of Control Offer”
	  	 	4.14	  

  
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	 Term
	  	Defined in
Section	 
	 “Change of Control Payment Date”
	  	 	4.14	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “DTC”
	  	 	2.03	  
	 “Event of Default”
	  	 	6.01	  
	 “Excess Proceeds”
	  	 	4.10	  
	 “incur”
	  	 	4.09	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Note Register”
	  	 	2.03	  
	 “notice of acceleration”
	  	 	6.02	  
	 “Offer Amount”
	  	 	3.09	  
	 “Offer Period”
	  	 	3.09	  
	 “Paying Agent”
	  	 	2.03	  
	 “Purchase Date”
	  	 	3.09	  
	 “Registrar”
	  	 	2.03	  
	 “Restricted Payment”
	  	 	4.07	  
	 “Surviving Entity”
	  	 	5.01	  
	 “Suspended Covenants”
	  	 	4.19	  

  

	Section 1.03	Incorporation by Reference of Trust Indenture Act. 

 Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. 

The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 
 “indenture security holder” means a Holder of a Note; 
 “indenture
to be qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the
Trustee; and 
 “obligor” on the Notes and the Note Guarantees means the Issuers and the Guarantors, respectively, and
any successor obligor upon the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are
defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 

  
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	Section 1.04	Rules of Construction. 

 Unless the context otherwise requires: 
 (a) a term has the meaning
assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP; 
 (c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) “including” means including without limitation; 

(f) “will” shall be interpreted to express a command; 

(g) provisions apply to successive events and transactions; 

(h) references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; 
 (i) unless the context otherwise requires,
any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and 

(j) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Indenture as a whole and not any particular Article, Section, clause or other subdivision. 
  

	Section 1.05	Acts of Holders. 

 (a) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby
expressly required, to the Issuers. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01)
conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this Section 1.05. 

  
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 (b) The fact and date of the execution by any Person of any such instrument or writing may
be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged
to him the execution thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuers in reliance thereon, whether or not notation of such action is made upon such Note. 

(e) The Issuers may, in the circumstances permitted by the Trust Indenture Act, set a record date for purposes of determining the
identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or permitted to be given or taken by Holders. Unless
otherwise specified, if not set by the Issuers prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days
prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 
 (f) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by
one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such
principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 
 (g) Without limiting the generality of the foregoing, a Holder, including DTC that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request,
demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of
interests in any such Global Note through such depositary’s standing instructions and customary practices. 
 (h) The
Issuers may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed,

  
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the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice,
consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more
than 90 days after such record date. 
 ARTICLE II 
 THE NOTES 
  

	Section 2.01	Form and Dating; Terms. 

(a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and any integral multiple of
$1,000 in excess thereof. 
 (b) Global Notes. Notes issued in global form shall be substantially in the form of
Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit
A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be
specified therein and each shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the
Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the
Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions
of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to repurchase
by the Issuers pursuant to an Asset Sale Offer as provided in Section 4.10 hereof or a Change of Control Offer as provided in Section 4.14 hereof. The Notes shall not be redeemable, other than as provided in Article III hereof. 

  
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 Additional Notes ranking pari passu with the Initial Notes may be created and issued
from time to time by the Issuers without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, waivers, amendments, offers to repurchase,
redemption or otherwise as the Initial Notes; provided that the Issuers’ ability to issue Additional Notes shall be subject to the Issuers’ compliance with Section 4.09 hereof. Any Additional Notes shall be issued with the
benefit of an indenture supplemental to this Indenture. 
 (d) Euroclear and Clearstream Applicable Procedures. The
provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of
Clearstream shall be applicable to transfers of beneficial interests in the Global Notes that are held by Participants through Euroclear or Clearstream and such provisions shall supersede the provisions in Section 2.06 hereof, as applicable, to
the extent that they conflict with such provisions, with respect to such transfers. 
  

	Section 2.02	Execution and Authentication. 

 At least one Officer of each of the Issuers shall execute the Notes on behalf of the applicable Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless
be valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until
authenticated substantially in the form of Exhibit A attached hereto, as the case may be, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under
this Indenture. 
 On the Issue Date, the Trustee shall, upon receipt of an Issuer Order authenticate (an
“Authentication Order”), and deliver the Initial Notes. In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any Additional Notes for an aggregate principal
amount specified in such Authentication Order for such Additional Notes issued hereunder. Such Authentication Order shall specify the amount of the Notes to be authenticated and, in case of any issuance of Additional Notes pursuant to
Section 2.01 hereof, shall certify that such issuance is in compliance with Section 4.09 hereof. 
 The Trustee may
appoint an authenticating agent acceptable to the Issuers to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuers. 

  
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	Section 2.03	Registrar and Paying Agent. 

 The Issuers shall (i) maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where
Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes (“Note Register”) and of their transfer and exchange. The registered Holder of a Note shall be treated as the
owner of the Note for all purposes. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. The Issuers may change any Paying Agent or Registrar without prior notice to any Holder. The Issuers shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to appoint
or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes representing the Notes. 

The Issuers initially appoint the Trustee to act as the Paying Agent and Registrar for the Notes and to act as Custodian with respect to
the Global Notes. 
  

	Section 2.04	Paying Agent to Hold Money in Trust. 

 The Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying
Agent for the payment of principal, premium, if any, and interest on the Notes, and will notify the Trustee of any default by the Issuers in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuers or a Subsidiary) shall have no further
liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings
relating to the Issuers, the Trustee shall serve as Paying Agent for the Notes. 
  

	Section 2.05	Holder Lists. 

 The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not
the Registrar, the Issuers shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of Notes and the Issuers shall otherwise comply with Trust Indenture Act Section 312(a). 

  
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 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be
transferred, in whole and not in part, only to another nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless
(i) the Depositary (x) notifies the Issuers that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Issuers within 90 days, (ii) subject to the procedures of the Depositary, the Issuers, at their option, notify the Trustee in writing that they elect to cause the issuance of the Definitive Notes, or
(iii) there shall have occurred and be continuing a Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes delivered in exchange for any Global Note or
beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (i), (ii) or (iii) above and pursuant to Section 2.06(c) hereof. A Global Note
may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, that beneficial interests in a Global Note may be transferred and exchanged as provided in Sections 2.06(b) or
(c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of
beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also shall require compliance
with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers
and exchanges of beneficial interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given in accordance with the Applicable Procedures containing 

  
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information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in
accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the
Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or exchange of
beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.

 (c) Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder of a beneficial
interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the
events in subsection (i), (ii) or (iii) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to
be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuers shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall
instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange
such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or
transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to this Section 2.06(d) at a time when a Global Note has not yet been issued, the Issuers shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so
transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e): 

(i) Definitive Notes to Definitive Notes. A Holder of Definitive Notes may transfer such Notes to a Person who
takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 

  
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 (f) Legends. The following legends shall appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 
 (i) Global Note Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate changes in the last sentence if DTC is not the Depositary): 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC 

  
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(AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (ii) OID Legend. Each Note issued hereunder that has more than a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear a legend in substantially the following
form: 
 “THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO NATIONSTAR MORTGAGE LLC, 350 HIGHLAND DRIVE, LEWISVILLE,
TEXAS 75067, ATTENTION: GENERAL COUNSEL.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global
Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.07,
2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof). 

  
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 (iii) Neither the Registrar nor the Issuers shall be required to register
the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (v) The Issuers shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of mailing of a
notice of redemption of Notes under Section 3.02 hereof and ending at the close of business on the day of such mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date. 

(vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may
deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the
Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
 (vii) Upon surrender for
registration of transfer of any Note at the office or agency of the Issuers designated pursuant to Section 4.02 hereof, the Issuers shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or
transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 
 (viii) At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuers shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder
making the exchange is entitled to in accordance with the provisions of Section 2.02 hereof. 

  
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 (ix) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 (x) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence
as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(xi) The Trustee shall have no responsibility for any actions taken or not taken by the Depositary. 

 

	Section 2.07	Replacement Notes. 

 If
any mutilated Note is surrendered to the Trustee, the Registrar or the Issuers and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuers shall issue and the Trustee, upon receipt
of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers,
the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuers and the Trustee may charge the Holder for their expenses in replacing a Note. 

Every replacement Note is a contractual obligation of the Issuers and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
  

	Section 2.08	Outstanding Notes. 

 The
Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuers or an Affiliate of the Issuers holds the Note.

 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 

  
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 If the Paying Agent (other than the Issuers, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

 

	Section 2.09	Treasury Notes. 

 In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, or by any Affiliate of the Issuers, shall be considered as though not outstanding, except that
for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned
which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is
not an Issuer a Guarantor or any Affiliate of the Issuers or a Guarantor. 
  

	Section 2.10	Temporary Notes. 

 Until
certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes
but may have variations that the Issuers consider appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate definitive Notes in
exchange for temporary Notes. 
 Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all
of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 
 Section 2.11
Cancellation. 
 The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent
shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes (subject to the record retention requirement of the Exchange Act) in accordance with its customary procedures. The Issuers may not
issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation. 
  

	Section 2.12	CUSIP and ISIN Numbers 

The Issuers in issuing the Notes may use CUSIP numbers and/or ISIN numbers (if then generally in use) and, if so, the Trustee shall use
CUSIP numbers and/or ISIN numbers in notices of redemption as a convenience to Holders; provided, that any such notice may state that 

  
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no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers will as promptly as practicable notify the Trustee in writing of any change in the CUSIP number and
ISIN numbers. 
 ARTICLE III 
 REDEMPTION 
  

	Section 3.01	Notices to Trustee. 

 If
the Issuers elect to redeem Notes pursuant to Section 3.07 hereof, they shall furnish to the Trustee, at least 10 calendar days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 3.03
hereof (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate from either Issuer setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of the Notes to be redeemed and (iv) the redemption price. 
  

	Section 3.02	Selection of Notes to Be Redeemed or Purchased. 

 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes to be redeemed or purchased (a) if the Notes are listed on any
national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed or (b) on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and
appropriate. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the
Trustee from the outstanding Notes not previously called for redemption or purchase. If a partial redemption is made with the proceeds of an Equity Offering, the Trustee shall select the Notes only on a pro rata basis or on as nearly a pro rata
basis as is practicable (subject to DTC procedures). 
 The Trustee shall promptly notify the Issuers in writing of the Notes
selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or whole
multiples of $1,000 in excess of $2,000; no Notes of $2,000 or less can be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000
or a multiple of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for
redemption or purchase. 

  
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	Section 3.03	Notice of Redemption. 

Subject to Section 3.09 hereof, the Issuers shall mail or cause to be mailed by first-class mail notices of redemption at least 30
days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at such Holder’s registered address. Except as set forth in Section 3.07(b) hereof, notices of redemption may not be conditional. 

The notice shall identify the Notes to be redeemed (including CUSIP number(s)) and shall state: 

(a) the redemption date; 
 (b) the redemption price; 
 (c) if any Note is to be redeemed in
part only, the portion of the principal amount of that Note that is to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note
representing the same indebtedness to the extent not redeemed will be issued in the name of the Holder of the Notes upon cancellation of the original Note; 
 (d) the name and address of the Paying Agent; 
 (e) that Notes
called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (f) that,
unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date; 
 (g) the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; 

(h) that no representation is made as to the correctness or accuracy of the CUSIP number and ISIN number, if any, listed
in such notice or printed on the Notes; and 
 (i) if in connection with a redemption pursuant to
Section 3.07(b) hereof, any condition to such redemption. 
 At the Issuers’ request, the Trustee shall give the
notice of redemption in the Issuers’ name and at their expense; provided that the Issuers shall have delivered to the Trustee, at least 10 calendar days before notice of redemption is required to be mailed or caused to be mailed to
Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate of either of the Issuers requesting that the Trustee give such notice and setting forth the information to be
stated in such notice as provided in the preceding paragraph. 

  
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	Section 3.04	Effect of Notice of Redemption. 

 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price (except as
provided for in Section 3.07(b) hereof). The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or
any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05 hereof, on and after the redemption
date, interest ceases to accrue on Notes or portions of Notes called for redemption, as long as the Issuers have deposited with the Paying Agent funds in satisfaction of the applicable redemption price. 

 

	Section 3.05	Deposit of Redemption or Purchase Price. 

 Prior to 10:00 a.m. (New York City time) on the redemption or purchase date, the Issuers shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of
and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the
amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 

If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest shall cease
to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the
redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase
because of the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest accrued to the
redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  

	Section 3.06	Notes Redeemed or Purchased in Part. 

 Upon surrender of a Note that is redeemed or purchased in part, the Issuers shall issue and the Trustee shall authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount
to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000
in excess of $2,000. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or an Officers’ Certificate of either Issuer is required for the Trustee to
authenticate such new Note. 

  
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	Section 3.07	Optional Redemption. 

 (a)
At any time prior to August 1, 2015, the Issuers may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100.0% of the principal amount of the
Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest on the Notes redeemed, to the applicable date of redemption (subject to the rights of Holders of Notes on the relevant regular Record Date to receive interest due on the
relevant Interest Payment Date that is on or prior to the applicable date of redemption). 
 (b) At any time, or from time to
time, on or prior to August 1, 2015, the Issuers may, at their option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35.0% of the principal amount of all Notes issued at a redemption price equal to 106.500% of the
principal amount of the Notes redeemed plus accrued and unpaid interest to the date of redemption (subject to the rights of Holders of Notes on the relevant regular Record Date to receive interest due on the relevant Interest Payment Date that is on
or prior to the applicable date of redemption); provided that: 
 (i) at least 65.0% of the principal
amount of all Notes issued under this Indenture remains outstanding immediately after any such redemption; and 

(ii) the Issuers make such redemption not more than 120 days after the consummation of any such Equity Offering.

 Notice of any redemption upon any Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the
Issuers’ discretion, be subject to one or more conditions precedent. 
 (c) On or after August 1, 2015, the Issuers
may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, on the Notes redeemed, to the applicable date of redemption, if redeemed during the twelve month period beginning on August 1 of the years indicated below, subject to the rights of Holders of Notes on the relevant regular Record Date
to receive interest due on the relevant Interest Payment Date that is on or prior to the applicable date of redemption: 
  

					
	 Year
	  	Percentage	 
	 2015
	  	 	103.250	% 
	 2016
	  	 	101.625	% 
	 2017 and thereafter
	  	 	100.000	% 

 (d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof. 

  
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 (e) In addition to the Issuers’ rights to redeem Notes pursuant to Sections 3.07(a),
(b) and (c) hereof, the Issuers may at any time and from time to time purchase Notes in open-market transactions, tender offers or otherwise. 
  

	Section 3.08	Mandatory Redemption. 

The Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

 

	Section 3.09	Offers to Repurchase by Application of Excess Proceeds. 

 (a) In the event that, pursuant to Section 4.10 hereof, the Issuers shall be required to commence an Asset Sale Offer, it shall follow the procedures specified below. 

(b) The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the
extent that a longer period is required by applicable law (the “Offer Period”). Promptly after the termination of the Offer Period (the “Purchase Date”), the Issuers shall apply all Excess Proceeds (the
“Offer Amount”) to the purchase of Notes and Pari Passu Debt, as provided in Section 4.10 hereof. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 

(c) If the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest
up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale
Offer. 
 (d) Upon the commencement of an Asset Sale Offer, the Issuers shall send, by first-class mail, a notice to each of the
Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and holders of Pari
Passu Debt. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
 (i) that an Asset
Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer shall remain open; 
 (ii) the Offer Amount, the purchase price and the Purchase Date; 

(iii) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(iv) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale
Offer shall cease to accrue interest after the Purchase Date; 

  
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 (v) that Holders electing to have a Note purchased pursuant to an Asset Sale
Offer may elect to have Notes purchased in a minimum denomination of $2,000 or an integral multiple of $1,000 in excess of $2,000; 
 (vi) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase,” which is
attached hereto as Exhibit A, on the reverse of the Note completed, to the Paying Agent at the address specified in the notice (or transfer by book-entry transfer to the Depositary, as applicable) prior to the close of business on the third
Business Day prior to the Purchase Date; 
 (vii) that Holders shall be entitled to withdraw their tendered Notes
and their election, if any, to require the Issuers to purchase such Notes; provided that the Paying Agent receives, not later than the close of business on the last day of the Offer Period, a facsimile transmission or letter setting forth the
name of the Holder of the Notes, the principal amount of the Notes tendered for purchase and a statement that such Holder is withdrawing its tendered Notes and its election to have such Note purchased; 

(viii) that, if the aggregate principal amount of Notes and Pari Passu Debt surrendered by the holders thereof exceeds the
Offer Amount, the Trustee shall select the Notes and the Issuers shall select such Pari Passu Debt to be purchased on a pro rata basis based on the accreted value or principal amount of the Notes or such other Pari Passu Debt tendered (with
such adjustments as may be deemed appropriate by the Trustee so that only Notes in minimum denominations of $2,000, or integral multiples of $1,000 in excess of $2,000, shall be purchased); 

(ix) that Holders whose certificated Notes were purchased only in part shall be issued new Notes equal in principal amount
to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased; and 

(x) any other instructions, as determined by the Issuers, consistent with this Section 3.09 and Section 4.10
hereof, that a Holder must follow. 
 (e) On or before the Purchase Date, the Issuers shall, to the extent lawful,
(1) accept for payment, on a pro rata basis as described in clause (d)(viii) of this Section 3.09, the Offer Amount of Notes and, if required, Pari Passu Debt or portions thereof validly tendered pursuant to the Asset Sale Offer, or
if less than the Offer Amount has been tendered, all Notes and Pari Passu Debt tendered and (2) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate of either Issuer stating the
aggregate principal amount of Notes or portions thereof so tendered. 
 (f) The Issuers, the Depositary or the Paying Agent, as
the case may be, shall promptly mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note,
and the Trustee, upon receipt of an Authentication Order, shall 

  
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authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no
Opinion of Counsel or Officers’ Certificate of either Issuer is required for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered representing the same
indebtedness to the extent not repurchased; provided, that each such new Note shall be in a minimum principal amount of $2,000 or an integral multiple of $1,000, in excess of $2,000. Any Note not so accepted shall be promptly mailed or
delivered by the Issuers to the Holder thereof. The Issuers shall publicly announce the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date. 
 (g) Prior to noon New York City time on the Purchase Date, the Issuers shall deposit with the Trustee or with the Paying Agent, money sufficient to pay the purchase price of and accrued and unpaid
interest on all Notes to be purchased on that Purchase Date. The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent, as applicable, by the Issuers in excess of the amount
necessary to pay the purchase price of, and accrued and unpaid interest on, all Notes to be redeemed. 
 (h) Other than as
specifically provided in this Section 3.09 or Section 4.10 hereof, any purchase pursuant to this Section 3.09 shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 hereof. 

ARTICLE IV 

COVENANTS 
  

	Section 4.01	Payment of Notes. 

 The
Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Issuers or a Subsidiary of the Issuers, holds as of noon New York City time on the due date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if
any, and interest then due. 
 The Issuers shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

	Section 4.02	Maintenance of Office or Agency. 

 The Issuers shall maintain in the Borough of Manhattan in the City of New York an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar)
required under Section 2.03 hereof where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in 

  
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respect of the Notes and this Indenture may be served. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee. 
 The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Issuers of their obligation to maintain an office or
agency in the Borough of Manhattan in the City of New York for such purposes. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 The Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or agency of the Issuers in
accordance with Section 2.03 hereof. 
  

	Section 4.03	Reports and Other Information. 

 (a) Whether or not required by the rules and regulations of the SEC, so long as any notes are outstanding, the Company will furnish to the Holders of Notes or cause the Trustee to furnish to the Holders
of Notes within the time periods specified in the SEC’s rules and regulations: 
 (i) all quarterly and
annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file such reports; and 
 (ii) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports. 
 The availability of the foregoing materials on the SEC’s EDGAR service (or its successor) shall be deemed to satisfy the Company’s delivery obligation. 

(b) All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such
reports. Each annual report on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s certified independent accountants, and each Form 10-Q and 10-K will include a
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Company and its consolidated Subsidiaries. The Company will file a copy of
each of the reports referred to in clauses (i) and (ii) of Section 4.03(a) with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept
such filing). 
 (c) In the event that any direct or indirect parent of the Company becomes a Guarantor of the Notes, the
Company may satisfy its obligations under this Section 4.03 with respect to financial information relating to the Company by furnishing financial information 

  
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relating to such parent; provided that such reporting is accompanied by consolidating information that presents in reasonable detail the differences between the information relating to
such parent and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the information related to the Company, the Note Guarantors and the other Subsidiaries of the Company on a standalone basis on the other hand.

 (d) If, at any time, the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any
reason, the Company will nevertheless continue filing the reports specified in paragraphs (a) and (b) of this Section 4.03 with the SEC within the time periods specified above unless the SEC will not accept such a filing. The Company
will not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in
paragraphs (a) and (b) of this Section 4.03 on a website within the time periods that would apply if the Company were required to file those reports with the SEC. 

(e) If, at any time, the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then any “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” or other comparable section, shall provide an analysis and discussion of the material differences with respect to the financial condition and results of operations of
the Company and its Restricted Subsidiaries as compared to the Company and its Subsidiaries (including such Unrestricted Subsidiaries). 
 (f) Notwithstanding anything to the contrary in this Indenture, the Company will not be deemed to have failed to comply with any of its obligations described under clause (3) of Section 6.01(a)
until 30 days after the date on which any report hereunder is due. 
 (g) Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  

	Section 4.04	Compliance Certificate. 

(a) The Issuers and each Guarantor (to the extent that such Guarantor is so required under the Trust Indenture Act) shall deliver to the
Trustee, within 90 days after the end of each fiscal year ending after the Issue Date, a certificate from an Officer of each Issuer and each such Guarantor, stating that a review of the activities of (i) the Issuers and their Restricted
Subsidiaries, in the case of a certificate from the Issuers, or, (ii) such Guarantor and their Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining
whether the Issuers and their Restricted Subsidiaries or such Guarantors and their Restricted Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to such Officer signing such
certificate, that to the best of his or her knowledge the Issuers and their Restricted Subsidiaries or such Guarantors and their Restricted Subsidiaries have kept, observed, performed and fulfilled each and every condition and covenant contained in
this Indenture and are not in 

  
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default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred, describing all such Defaults of which
he or she may have knowledge and what action the Issuers and their Restricted Subsidiaries or such Guarantors and their Restricted Subsidiaries are taking or proposes to take with respect thereto) 

(b) When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence of
Indebtedness of the Issuers or any Subsidiary of the Issuers gives any notice or takes any other action with respect to a claimed Default, the Issuers shall, within five Business Days after becoming aware of such Default, deliver written notice to
the Trustee specifying such event and what action the Issuers propose to take with respect thereto. 
  

	Section 4.05	Taxes. 

 The Issuers shall
pay, and shall cause each of their Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the
failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
  

	Section 4.06	Stay, Extension and Usury Laws. 

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

	Section 4.07	Limitation on Restricted Payments. 

 (a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any distribution (other than dividends or distributions payable in Qualified Capital Stock of the Company) on or in respect of shares of the Company’s Capital
Stock to holders of such Capital Stock; 
 (2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the
Company or any warrants, rights or options to purchase or acquire shares of any class of such Capital Stock (other than in exchange for Qualified Capital Stock of the Company); 

  
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 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise
acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Indebtedness (other than Indebtedness owed by the Company or any Restricted Subsidiary of the Company to another
Restricted Subsidiary of the Company or the Company) of the Company or any Restricted Subsidiary that is subordinate or junior in right of payment to the Notes; or 
 (4) make any Restricted Investment 
 if at the time of such action (each such payments and other
actions set forth in clauses (1) through (4) of this Section 4.07(a) being collectively referred to as, a “Restricted Payment”) or immediately after giving effect thereto, 

(i) a Default or an Event of Default shall have occurred and be continuing; or 

(ii) immediately after giving effect thereto on a pro forma basis, the Company is not able to incur at least $1.00
of additional Indebtedness pursuant to Section 4.09(b), or 
 (iii) the aggregate amount of Restricted
Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the amount expended for such purposes, if other than in cash, being the Fair Market Value of such property) shall exceed the sum of: 

(a) 50.0% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the fiscal
quarter in which the 2010 Issue Date occurred to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for
such period is a deficit, less 100.0% of such deficit); plus 
 (b) 100.0% of the aggregate net cash proceeds and the Fair
Market Value of marketable securities or other property received by the Company from any Person since the 2010 Issue Date including: 
 (i) any contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Capital Stock and Excluded Contributions); 

(ii) the issuance or sale of convertible or exchangeable Disqualified Capital Stock or convertible or exchangeable debt securities of the
Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Capital Stock or debt securities) sold to a Subsidiary of the Company); plus 

  
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 (c) to the extent that any Restricted Investment that was made after the Issue Date is sold
for cash or otherwise liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment;
plus 
 (d) to the extent that any Unrestricted Subsidiary of the Company is designated as a Restricted Subsidiary of the
Company after the Issue Date, the Fair Market Value of the Company’s Investment in such Subsidiary as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the Issue Date. 

(b) Section 4.07(a) hereof shall not prohibit: 
 (1) the payment of any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of such dividend or notice of such redemption if the dividend or payment
of the redemption price, as the case may be, would have been permitted on the date of declaration or notice under this Indenture; 
 (2) the making of any Restricted Payment, either (i) solely in exchange for shares of Qualified Capital Stock of the Company, (ii) through the application of net proceeds of a substantially
concurrent sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company or (iii) through the application of a substantially concurrent cash capital contribution received by the Company from its
shareholders (which capital contribution (to the extent so used) shall be excluded from the calculation of amounts under clause (iii)(b) of Section 4.07(a) hereof); 
 (3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any Restricted Subsidiary (including the acquisition of any shares of
Disqualified Capital Stock of the Company) that is unsecured or contractually subordinated to the Notes or to any Note Guarantee by exchange for, or out of the net cash proceeds from a substantially concurrent incurrence of Refinancing Indebtedness;
provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments; 

(4) so long as no Default or Event of Default shall have occurred and be continuing, the repurchase, retirement or other acquisition or
retirement for value by the Company of Common Stock (or options, warrants or other rights to acquire Common Stock) of the Company (or payments to any direct or indirect parent 

  
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company of the Company to permit distributions to repurchase common equity (or options, warrants or other rights to acquire common equity) thereof) of such direct or indirect parent company) from
any future, current or former officer, director, manager or employee (or any spouses, successors, executors, administrators, heirs or legatees of any of the foregoing) of the Company, any direct or indirect parent company of the Company, or any of
its Subsidiaries or their authorized representatives, in an aggregate amount not to exceed $10.0 million in any calendar year plus (i) the aggregate net cash proceeds received by the Company after the Issue Date from the issuance of such
Equity Interests to, or the exercise of options to purchase such Equity Interests by, any current or former director, officer or employee of the Company or any Restricted Subsidiary of the Company (provided that the amount of such net cash
proceeds received by the Company and utilized pursuant to this clause (4)(i) for any such repurchase, redemption, acquisition or retirement will be excluded from clause (iii)(b) of Section 4.07(a) hereof) and (ii) the proceeds of
“key-man” life insurance policies that are used to make such redemptions or repurchases; provided that amounts available pursuant to this clause (4) to be utilized for Restricted Payments during any twelve-month period may be
carried forward and utilized in the next succeeding twelve-month period and provided, further, that the cancellation of Indebtedness owing to the Company from any future, current or former officer, director, manager or employee (or any
spouses, successors, executors, administrators, heirs or legatees of any of the foregoing) of the Company or any of its Restricted Subsidiaries in connection with any repurchase of Capital Stock of such entities (or warrants or options or rights to
acquire such Capital Stock) will not be deemed to constitute a Restricted Payment under this Indenture; 
 (5) (a) the
repurchase of Equity Interests deemed to occur upon the exercise of stock options or warrants to the extent such Equity Interests represent a portion of the exercise price of those stock options or warrants and (b) repurchases of Equity
Interests or options to purchase Equity Interests deemed to occur in connection with the exercise of stock options to the extent necessary to pay applicable withholding taxes; 
 (6) the declaration and payment of dividends or making of distributions by the Company to, or the making of loans to, its direct parent company in amounts required for the Company’s direct or
indirect parent entities (including a corporation organized to hold interests in the Company in connection with the public issuance of shares) to pay, without duplication as to amounts of: 

(a) franchise taxes and other fees, taxes and expenses required to maintain the corporate existence of the Company and its direct and
indirect parent entities plus $500,000 per year; 

  
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 (b) federal, state, and local income taxes of the direct or indirect parent entity, or of or
on a consolidated or combined tax group of which the direct or indirect parent is the common parent, in each case to the extent such income taxes are attributable to the income of the Company and its Restricted Subsidiaries and not directly payable
by the Company or its Restricted Subsidiaries and, to the extent of the amount actually received from any of the Company’s Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent attributable to the income of such
Unrestricted Subsidiaries of the Company; provided that (i) in determining such taxes, the effect thereon of any net operating loss carryforwards or other carryforwards or tax attributes, such as alternative minimum tax carryforwards,
shall be taken into account, (ii) if there is an adjustment in the amount of Taxable Income for any periods, an appropriate positive or negative adjustment shall be made to the amount of distributions or loans permitted pursuant to this
clause 6(b), and if the adjustment is negative, then the permitted distribution on loan for succeeding periods shall be reduced (without duplication of reductions due to clause 6(b)(i) hereof and with appropriate adjustments for any
contributions to the Company in respect of such negative adjustment to Taxable Income) to take into account such negative amount until such negative amount is reduced to zero, (iii) any distribution or loan in respect of such taxes other than
amounts relating to estimated payments shall be computed by a nationally recognized accounting firm and (iv) in no event will such dividends and loans exceed the amounts that the Company and its Restricted Subsidiaries and/or Unrestricted
Subsidiaries (as applicable) would have paid as a stand-alone group; 
 (c) customary salary, bonus and other benefits payable to
officers and employees of any direct or indirect parent of the Company to the extent such salaries, bonuses and other benefits are attributable to the ownership or operations of the Company and its Restricted Subsidiaries; and 

(d) general corporate overhead expenses and other expenses incidental to being a public company (including, without limitation, audit,
listing and legal expense) of any direct or indirect parent company of the Company to the extent such expenses are attributable to the ownership or operation of the Company and its Restricted Subsidiaries; 

(7) so long as no Default or Event of Default shall have occurred and be continuing, the declaration and payment of regularly scheduled or
accrued dividends to holders of any class or series of Disqualified Capital Stock of the Company or any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with Section 4.09(b) hereof; 

(8) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a
Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis; 
 (9) any repricing or
issuance of employee stock options or the adoption of bonus arrangements, in each case in connection with the issuance of the Notes, and payments pursuant to such arrangements; 

  
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 (10) Restricted Payments that are made with Excluded Contributions; 

(11) Restricted Payments made with Net Cash Proceeds from Asset Sales remaining after application thereof as required by Section 4.10
hereof (including after the making by the Issuers of any Asset Sale Offer required to be made by the Issuers pursuant to such covenant and the purchase of all Notes tendered therein); 

(12) upon occurrence of a Change of Control and within 60 days after the completion of the Change of Control Offer pursuant to
Section 4.14 hereof (including the purchase of all Notes tendered), any purchase or redemption of Obligations of the Company that are subordinate or junior in right of payment to the Notes required pursuant to the terms thereof as a result of
such Change of Control at a purchase or redemption price not to exceed 101.0% of the outstanding principal amount thereof, plus accrued and unpaid interest thereon, if any; provided, however, that (A) at the time of such purchase
or redemption, no Default or Event of Default shall have occurred and be continuing (or would result therefrom) and (B) such purchase or redemption is not made, directly or indirectly, from the proceeds of (or made in anticipation of) any
issuance of Indebtedness by the Company or any Restricted Subsidiary of the Company; 
 (13) Restricted Payments in an amount not
to exceed $100.0 million; 
 (14) the payment of dividends on the Company’s Common Stock (or the payment of dividends to any
direct or indirect parent of the Company to fund the payment of dividends on its Common Stock) after the Issue Date, of up to 6.0% per annum of the net proceeds received by or contributed to the Company (or any direct or indirect parent of the
Company and contributed to the Company) since the 2010 Issue Date in any public equity offering, other than public equity offerings registered on Form S-8 and other than any public sale constituting an Excluded Contribution, provided,
however, that the amount of any such net proceeds that is utilized for any such Restricted Payment shall be excluded from the calculation of amounts under clause (iii)(b) of Section 4.07(a) hereof; and 

(15) any transfer, dividend or other distribution of Parent Stock or any proceeds from a transfer thereof to a direct or indirect parent
entity of the Company. 
 In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date in accordance with
clause (iii) of Section 4.07(a) hereof, amounts expended pursuant to clauses (1), (4), (7) and (13) of this Section 4.07(b) shall be included in such calculation. 

  
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	Section 4.08	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary of the Company to: 
 (1) pay dividends or make any other distributions on or in respect of its Capital Stock to the Company or any of its Restricted Subsidiaries; 

(2) make loans or advances or to pay any Indebtedness or other obligation owed to the Company or any Restricted Subsidiary of the
Company; or 
 (3) transfer any of its property or assets to the Company or any other Restricted Subsidiary of the Company.

 (b) Section 4.08(a) hereof shall not apply to encumbrances or restrictions existing under or by reason of: 

(1) applicable law, rule, regulation or order; 
 (2) this Indenture and the Notes; 
 (3) customary non-assignment provisions of any
contract or any lease of any Restricted Subsidiary of the Company; 
 (4) any instrument governing Acquired Indebtedness, which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 

(5) the Existing Facilities as each exists on the Issue Date and any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings thereof; provided that any restrictions imposed pursuant to any such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing are ordinary
and customary with respect to facilities similar to the Existing Facilities (under the relevant circumstances) and will not materially affect the Company’s ability to make anticipated principal and interest payments on the Notes (as determined
in good faith by the Board of Directors of the Company); 
 (6) agreements existing on the Issue Date to the extent and in the
manner such agreements are in effect on the Issue Date; 
 (7) restrictions on the transfer of assets (other than cash) held in a
Restricted Subsidiary of the Company imposed under any agreement governing Indebtedness incurred in accordance with this Indenture; 
 (8) provisions in agreements evidencing Permitted Funding Indebtedness that impose restrictions on the collateral securing such Indebtedness; 

  
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 (9) restrictions on the transfer of assets subject to any Lien permitted under this
Indenture imposed by the holder of such Lien; 
 (10) restrictions imposed by any agreement to sell assets or Capital Stock
permitted under this Indenture to any Person pending the closing of such sale; 
 (11) any agreement or instrument governing
Capital Stock of any Person that is acquired; 
 (12) the requirements of any Securitization, Warehouse Facility or MSR Facility
that are exclusively applicable to any Securitization Entity, Warehouse Facility Trust, MSR Facility Trust or special purpose Subsidiary of the Company formed in connection therewith; 

(13) customary provisions in joint venture and other similar agreements relating solely to such joint venture; 

(14) customary provisions in leases, licenses and other agreements entered into in the ordinary course of business; 

(15) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business; 
 (16) other Indebtedness, Disqualified Capital Stock or Preferred Stock of Foreign Subsidiaries of the Company
permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09 hereof that impose restrictions solely on the Foreign Subsidiaries party thereto; provided that the restrictions will not materially affect the ability of the
Issuers to pay the principal, interest and premium, if any, on the Notes, as determined in good faith by the Company; and 
 (17)
any encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (2) through
(4) and (6) through (14) of this Section 4.08(b); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of
the Company’s Board of Directors whose judgment shall be conclusively binding, not materially more restrictive with respect to such dividend and other payment restrictions, taken as a whole, than those contained in the dividend or other payment
restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

  
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	Section 4.09	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume,
guarantee, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness (including, without limitation, Acquired Indebtedness) and the Company
will not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock, in each case other than Permitted Indebtedness. 
 (b) Notwithstanding Section 4.09(a) hereof, if no Default or Event of Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness, the
Company or any of its Restricted Subsidiaries may incur Indebtedness (including, without limitation, Acquired Indebtedness), and the Company’s Restricted Subsidiaries may issue Preferred Stock, in each case if on the date of the incurrence of
such Indebtedness or Preferred Stock, after giving effect to the incurrence thereof and the use of proceeds thereof the Fixed Charge Coverage Ratio of the Company is at least 2.0 to 1.0. 

 

	Section 4.10	Asset Sales. 

 (a) The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, other than a Required Asset Sale or any Legacy Loan Portfolio Sale unless: 

(1) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to
the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 
 (2) at least 75.0%
of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(A) any liabilities, as shown on the Company’s or such Restricted Subsidiary’s most recent consolidated balance sheet, of the
Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets (or a third party on behalf of
such transferee) pursuant to a customary novation or other agreement that releases the Company or such Restricted Subsidiary from further liability; 
 (B) any securities, notes or other obligations or assets received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into
cash within 180 days of the receipt thereof, to the extent of the cash received in that conversion; and 

  
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 (C) any Designated Noncash Consideration received by the Company or any of its Restricted
Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause (C) that is at that time outstanding, not to exceed the greater of
(x) $125.0 million and (y) 2.5% of Total Assets, at the time of the receipt of such Designated Noncash Consideration (with the Fair Market Value of each item of Designated Noncash Consideration being measured at the time received and
without giving effect to subsequent changes in value). 
 (b) Within 365 days after the receipt of any Net Proceeds from an
Asset Sale, including a Required Asset Sale or a Legacy Loan Portfolio Sale, the Issuers (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds at their or its option, in any combination of the following:

 (1) to prepay or repay Secured Debt or Indebtedness of any Restricted Subsidiary of the Company that is not a Guarantor, and,
if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; provided, however, that, except in the case of Net Proceeds from a Legacy Loan Portfolio Sale, Net Proceeds may
not be applied to the prepayment or repayment of Non-Recourse Indebtedness, Indebtedness under Existing Facilities or Permitted Funding Indebtedness, other than Non-Recourse Indebtedness, Indebtedness under Existing Facilities or Permitted Funding
Indebtedness secured by a Lien on the asset or assets that were subject to such Asset Sale; 
 (2) to prepay or repay Pari Passu
Debt permitted to be incurred pursuant to this Indenture to the extent required by the terms thereof, and, in the case of Pari Passu Debt under revolving credit facilities or other similar Indebtedness, to correspondingly reduce commitments with
respect thereto; 
 (3) to make one or more offers to the holders of the Notes (and, at the option of the Company, the holders of
Pari Passu Debt) to purchase Notes (and such other Pari Passu Debt) pursuant to and subject to the conditions applicable to Asset Sale Offers described below; 
 (4) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is
or becomes a Restricted Subsidiary of the Company; or 
 (5) to acquire other assets (including, without limitation, MSRs and
Securitization Assets) that are used or useful in a Permitted Business. 
 (c) Pending the final application of any Net
Proceeds, the Company may temporarily reduce revolving credit borrowings and/or borrowings under Permitted Funding Indebtedness or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 

  
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 (d) Any Net Proceeds from Asset Sales that are not applied or invested as provided in
Section 4.10(b) will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $60.0 million, within 30 days thereof, the Issuers shall make an Asset Sale Offer to all holders of Notes and all holders
of Pari Passu Debt containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such Pari Passu Debt that
may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100.0% of the principal amount (or, in the case of any other Pari Passu Debt offered at a significant original issue discount, 100.0% of the
accreted value thereof, if permitted by the relevant indenture or other agreement governing such Pari Passu Debt) plus accrued and unpaid interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation
of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and Pari Passu Debt tendered into such Asset Sale Offer exceeds the amount of
Excess Proceeds, the Trustee will select the Notes and such Pari Passu Debt to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 

(e) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale
provisions of this Indenture, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such compliance.

  

	Section 4.11	Limitation on Transactions with Affiliates. 

 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction or series of related transactions (including,
without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each an “Affiliate Transaction”), involving aggregate payment of
consideration in excess of $5.0 million other than: 
 (1) Affiliate Transactions permitted pursuant to Section 4.11(c); and

 (2) Affiliate Transactions on terms that are no less favorable than those that might reasonably have been obtained in a
comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Subsidiary. 

  
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 (b) In addition, all Affiliate Transactions (and each series of related Affiliate
Transactions which are similar or part of a common plan) involving aggregate payments or other property with a Fair Market Value in excess of $7.5 million shall be approved by the Board of Directors of the Company or any direct or indirect
parent of the Company or such Subsidiary, as the case may be, such approval to be evidenced by a Board Resolution stating that such Board of Directors has determined that such transaction complies with the provisions of Section 4.11(a).

 (c) The restrictions set forth in Sections 4.11(a) and 4.11(b) hereof shall not apply to: 

(1) any employment or consulting agreement, employee benefit plan, officer or director indemnification agreement or any similar
arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business or approved in good faith by the Board of Directors of the Company and payments pursuant thereto and the issuance of Equity Interests of
the Company (other than Disqualified Capital Stock) to directors and employees pursuant to stock option or stock ownership plans; 
 (2) transactions between or among the Company and any of its Restricted Subsidiaries or between or among such Restricted Subsidiaries; 

(3) transactions between the Company or one of its Restricted Subsidiaries and any Person in which the Company or one of its Restricted
Subsidiaries has made an Investment in the ordinary course of business and such Person is an Affiliate solely because of such Investment; 
 (4) transactions between the Company or one of its Restricted Subsidiaries and any Person in which the Company or one of its Restricted Subsidiaries holds an interest as a joint venture partner and such
Person is an Affiliate because of such interest; 
 (5) any agreement as in effect as of the Issue Date or any amendment thereto
or any transactions or payments contemplated thereby (including pursuant to any amendment thereto) in any replacement agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Holders in any material
respect than the original agreement as in effect on the Issue Date (as determined by the Board of Directors of the Company in good faith); 
 (6) Restricted Payments permitted by this Indenture; 
 (7) sales of Qualified
Capital Stock and capital contributions to the Company from one or more holders of its Capital Stock; 
 (8) the existence of, or
the performance by the Company or any of its Restricted Subsidiaries of its obligations under the terms of, any stockholders’ agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party
as of the Issue Date and any similar agreements which it may enter into thereafter; provided, however, that the 

  
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existence of, or the performance by the Company or any of its Restricted Subsidiaries of obligations under any future amendment to any such existing agreement or under any similar agreement
entered into after the Issue Date shall only be permitted by this clause (8) to the extent that the terms of any such amendment or new agreement, taken as a whole, are not disadvantageous to the Holders of the Notes in any material respect (as
determined by the Board of Directors of the Company in good faith); 
 (9) transactions in which the Company or any Restricted
Subsidiary of the Company, as the case may be, receives an opinion from a nationally recognized investment banking, appraisal or accounting firm that such Affiliate Transaction is fair, from a financial standpoint, to the Company or such Restricted
Subsidiary as approved in good faith by the Board of Directors of the Company; 
 (10) (i) the provision of mortgage servicing
and similar services to Affiliates in the ordinary course of business and otherwise not prohibited by this Indenture that are fair to the Company and its Restricted Subsidiaries (as determined by the Company in good faith) or are on terms at least
as favorable as might reasonably have been obtained at such time from an unaffiliated party (as determined by the Company in good faith) and (ii) transactions with customers, clients, suppliers, contractors, joint venture partners or purchasers
or sellers of goods or services that are Affiliates, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture that are fair to the Company and its Restricted Subsidiaries, in the reasonable
determination of the Board of Directors of the Company or the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(11) payments or loans (or cancellation of loans) to employees of the Company, any of its direct or indirect parent entities or any
Restricted Subsidiary of the Company (as determined by the Board of Directors of the Company in good faith); 
 (12) guarantees
by the Sponsor or any direct and indirect parent of the Company for Obligations of the Company and its Restricted Subsidiaries, including the guarantees given by Nationstar Mortgage Holdings Inc., Nationstar Sub1 LLC and Nationstar Sub2 LLC;

 (13) investments by the Sponsor in securities of the Company or any Restricted Subsidiary of the Company so long as the
investment is being offered generally to other investors on the same or more favorable terms or the securities are acquired in market transactions; and 
 (14) Co-Investment Transactions as approved by the Board of Directors of the Company or any direct or indirect parent of the Company. 

  
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	Section 4.12	Limitation on Liens. 

 The
Company shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit or suffer to exist any Liens of any kind on the assets of the Company or its Restricted Subsidiaries
securing Indebtedness of the Company or its Restricted Subsidiaries unless: 
 (1) in the case of Liens securing Indebtedness of
the Company or its Restricted Subsidiaries that is expressly subordinate or junior in right of payment to the Notes, the Notes are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; and 

(2) in all other cases, the Notes are equally and ratably secured except for: 

(A) Liens existing as of the Issue Date to the extent and in the manner such Liens are in effect on the Issue Date; 

(B) Liens securing the Notes and the Note Guarantees; 
 (C) Liens securing Non-Recourse Indebtedness; 
 (D) Liens securing Permitted
Funding Indebtedness so long as any such Lien shall encumber only (i) the assets acquired or originated with the proceeds of such Indebtedness, assets that consist of Servicing Advances, MSRs, loans, mortgage related securities and other
mortgage related receivables, REO Assets, Residual Assets and other similar assets subject to and pledged to secure such Indebtedness and (ii) any intangible contract rights and proceeds of, and other, related documents, records and assets
directly related to the assets set forth in the preceding clause (i) of this clause (D); 
 (E) Liens securing Refinancing
Indebtedness that is incurred to Refinance any Indebtedness that has been secured by a Lien permitted under this Indenture and that has been incurred in accordance with the provisions of this Indenture; provided, however, that such
Liens: (i) are no less favorable to the Holders than the Liens in respect of the Indebtedness being Refinanced; and (ii) do not extend to or cover any property or assets of the Company or its Restricted Subsidiaries not securing the
Indebtedness so Refinanced (or property of the same type and value); and 
 (F) Permitted Liens. 

 

	Section 4.13	Conduct of Business. 

 The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole.

  
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	Section 4.14	Offer to Repurchase Upon Change of Control. 

 (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require that the Issuers purchase all or a portion of such Holder’s Notes pursuant to the offer described below
(the “Change of Control Offer”), at a purchase price equal to 101.0% of the principal amount of the Notes redeemed plus accrued and unpaid interest to the date of purchase (subject to the rights of Holders of Notes on the relevant
regular Record Date to receive interest due on the relevant Interest Payment Date that is on or prior to the applicable date of redemption). 
 (b) Within 30 days following the date upon which a Change of Control occurs, the Issuers shall send, by first class mail, a notice to each Holder, with a copy to the Trustee or otherwise in
accordance with the procedures of DTC, which notice shall govern the terms of the Change of Control Offer. Such notice shall state the following information: 
 (1) that a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the
Issuers; 
 (2) the purchase price (the “Change of Control Payment”); 

(3) the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other
than as may be required by law (the “Change of Control Payment Date”); 
 (4) that any Note not tendered or
accepted for payment will remain outstanding and continue to accrue interest; 
 (5) that unless the Issuers default in the
payment of the Change of Control Payment; all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 

(6) that Holders electing to have a Note purchased pursuant to a Change of Control Offer shall be required to surrender the Note, with the
form entitled “Option of Holder to Elect Purchase,” which is attached hereto as Exhibit A, on the reverse of the Note completed, to the Paying Agent at the address specified in the notice (or transfer by book-entry transfer to the
Depositary, as applicable) prior to the close of business on the third Business Day prior to the Change of Control Payment Date; 

(7) that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuers to purchase such Notes;
provided that the Paying Agent receives, not later than the close of business on the last day of the offer period, a facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of the Notes
tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

  
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 (8) that if the Issuers are redeeming less than all of the Notes, the Holders of the
remaining Notes will be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered, and that the unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of
$1,000 in excess of $2,000; and 
 (9) any other instructions, as determined by the Issuers, consistent with this
Section 4.14, that a Holder must follow. 
 (c) The Issuers shall not be required to make a Change of Control Offer upon a
Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuers and
purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Sections 3.07(a) and 3.07(c) hereof, unless and until there is a default in payment of the
applicable redemption price. 
 (d) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or
regulations conflict with this Section 4.14, the Issuers shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.14 by virtue thereof. 

 

	Section 4.15	Limitation on Guarantees by Restricted Subsidiaries. 

 (a) The Company shall not permit any Domestic Restricted Subsidiary, other than (i) an Excluded Restricted Subsidiary or (ii) an MSR Facility Trust, a Securitization Entity or a Warehouse
Facility Trust, directly or indirectly, by way of the pledge of any intercompany note or otherwise, to assume, guarantee or in any other manner become liable with respect to any Indebtedness of the Company of the type described in clauses
(1) and (2) of the definition of “Indebtedness” (other than Permitted Funding Indebtedness to the extent such Domestic Restricted Subsidiary is a guarantor thereunder), unless, in any such case: 

(1) such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this Indenture, the form of which is
attached as Exhibit B hereto, providing a Note Guarantee of payment of the Notes by such Subsidiary; and 
 (2) if such
assumption, guarantee or other liability of such Restricted Subsidiary is provided in respect of Indebtedness that is expressly subordinated to the Notes, the guarantee or other instrument provided by such Restricted Subsidiary in respect of such
subordinated Indebtedness shall be subordinated to such Note Guarantee pursuant to subordination provisions no less favorable to the Holders of the Notes than those contained in this Indenture. 

  
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 (b) Notwithstanding Section 4.15(a), any such Note Guarantee by a Restricted Subsidiary
of the Company of the Notes shall provide by its terms that it shall be automatically and unconditionally released and discharged (pursuant to Section 10.07 hereof), without any further action required on the part of the Trustee or any Holder,
upon: 
 (1) the unconditional release of such Restricted Subsidiary from its liability in respect of the Indebtedness in
connection with which such Note Guarantee was executed and delivered pursuant to Section 4.15(a); or 
 (2) any sale or
other disposition (by merger or otherwise) to any Person that is not a Restricted Subsidiary of the Company of all of the Company’s Capital Stock in, or all or substantially all of the assets of, such Restricted Subsidiary; provided
that: (a) such sale or disposition of such Capital Stock or assets is otherwise in compliance with the terms of this Indenture; and (b) such assumption, guarantee or other liability of such Restricted Subsidiary has been released by the
holders of the other Indebtedness so guaranteed. 
  

	Section 4.16	Limitation on Sale and Leaseback Transactions 

 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any sale and leaseback transaction; provided that the Company and any Restricted Subsidiary of the
Company may enter into a sale and leaseback transaction if: 
 (1) the Company or that Restricted Subsidiary, as applicable,
could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction pursuant to Section 4.09 hereof and (b) incurred a Lien to secure such Indebtedness pursuant to
Section 4.12 hereof; 
 (2) the consideration of that sale and leaseback transaction is at least equal to the Fair Market
Value of the property that is the subject of that sale and leaseback transaction; and 
 (3) the transfer of assets in that sale
and leaseback transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with Section 4.10 hereof. 
  

	Section 4.17	Designation of Unrestricted and Restricted Subsidiaries 

 (a) The Board of Directors of the Company may designate any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if that designation would not cause a Default or Event of Default. If a
Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted will

  
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be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.07 hereof or under one or more clauses of
the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted
Subsidiary. 
 (b) Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee
by filing with the Trustee a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation and an officers’ certificate certifying that such designation complied with the preceding conditions and was
permitted by Section 4.07 hereof. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will be deemed to be an incurrence
of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09, calculated on a
pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of Default would occur and be continuing following such designation. 

 

	Section 4.18	Restrictions on Activities of the Co-Issuer 

 The Co-Issuer may not hold any assets, become liable for any obligations or engage in any business activities; provided that the Co-Issuer may be a co-obligor of (i) the Notes and
(ii) any other Indebtedness incurred by the Company pursuant to Section 4.09 hereof and in each case may engage in any activities directly related or necessary in connection therewith. 

 

	Section 4.19	Covenant Suspension 

During any period of time that the Notes are rated Investment Grade and no Default or Event of Default has occurred and is then
continuing, the Company and its Restricted Subsidiaries will not be subject to Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.15 and 5.01(a)(2) hereof (collectively, the “Suspended Covenants”). In the event that the Company and its
Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the preceding sentence and, subsequently, one or both of the Rating Agencies, as applicable, withdraws its ratings or downgrades the ratings
assigned to the Notes such that the Notes are not rated Investment Grade, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants, it being understood that no actions taken by (or omissions of)
the Company or any of its Restricted Subsidiaries during the suspension period shall constitute a Default or an Event of Default under the Suspended Covenants. Furthermore, after the time of reinstatement of the Suspended Covenants upon such
withdrawal or downgrade, calculations with respect to Restricted Payments will be made in accordance with the terms of Section 4.07 as though such covenant had been in effect during the entire period of time from the Issue Date. 

  
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 ARTICLE V 
 SUCCESSORS 
  

	Section 5.01	Merger, Consolidation or Sale of All or Substantially All Assets. 

 (a) (i) Neither Issuer, in a single transaction or series of related transactions, may consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all such Issuer’s assets, to any Person and (ii) the Company will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or
otherwise dispose of (or cause or permit any Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis for the Company and
the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 
 (1)
either: 
 (A) the Company, or such Issuer, as the case may be, shall be the surviving or continuing entity; or 

(B) the Person (if other than the Company or such Issuer, as the case may be) formed by such consolidation or into which the Company or
such Issuer, as the case may be, is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company or such Issuer, as the case may be, and of the Company’s
Subsidiaries substantially as an entirety (the “Surviving Entity”): 
 (i) shall be a Person organized and
validly existing under the laws of the United States or any State thereof or the District of Columbia; provided that in the case where the Surviving Entity is not a corporation, a co-obligor of the Notes is a corporation; and 

(ii) shall expressly assume, by supplemental indenture (in form and substance reasonably satisfactory to the Trustee), executed and
delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance of every covenant of the Notes and this Indenture on the part of the Company or such Issuer, as the
case may be, to be performed or observed; 
 (2) immediately after giving effect to such transaction and the assumption
contemplated by clause (1)(B)(ii) of this Section 5.01(a) (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction), the Company,
such Issuer, or such Surviving Entity, as the case may be, shall either (x) be able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(b) hereof or (y) the Company shall have a pro forma Fixed Charge Coverage
Ratio that would not be less than the actual Fixed Charge Coverage Ratio of the Company immediately prior to such transaction; 

  
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 (3) immediately before and immediately after giving effect to such transaction and the
assumption contemplated by clause (1)(B)(ii) of this Section 5.01(a) (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with
or in respect of the transaction), no Default or Event of Default shall have occurred or be continuing; and 
 (4) the Company,
such Issuer or the Surviving Entity shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if
a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been
satisfied. 
 (b) For purposes of Section 5.01(a), the transfer (by lease, assignment, sale or otherwise, in a single
transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company the Capital Stock of which constitutes all or substantially all of the properties and assets of the
Company, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
 (c)
Notwithstanding the foregoing, Section 5.01(a) shall not apply to: 
 (1) a merger of the Company or such Issuer, as the
case may be, with an Affiliate solely for the purpose of reorganizing the Company in another jurisdiction or converting the Company into a corporation; 
 (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company and its Restricted Subsidiaries; or 

(3) any Required Asset Sale or Legacy Loan Portfolio Sale that complies with Section 4.10 hereof. 

 

	Section 5.02	Surviving Entity Substituted. 

 Upon any consolidation, combination or merger or any transfer of all or substantially all of the assets of the Company or such Issuer, as the case may be, in accordance with Section 5.01 hereof, in
which the Company or such Issuer, as the case may be, is not the continuing entity, the successor Person formed by such consolidation or into which the Company or such Issuer, as the case may be, is merged or to which such conveyance, lease or
transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company or such Issuer, as the case may be, under this Indenture and the Notes with the same effect as if such Surviving Entity had been named
as such. 

  
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 ARTICLE VI 
 DEFAULTS AND REMEDIES 
  

	Section 6.01	Events of Default. 

 (a)
An “Event of Default” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) the
failure to pay interest on any Notes when the same becomes due and payable and the default continues for a period of 30 days; 
 (2) the failure to pay the principal on any Notes, when such principal becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes
tendered pursuant to a Change of Control Offer); 
 (3) a default in the observance or performance of any other covenant or
agreement contained in this Indenture and such default continues for a period of 60 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least
25.0% of the then outstanding principal amount of all Notes issued under this Indenture; 
 (4) the failure to pay at final
maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any Indebtedness (other than Non-Recourse Indebtedness) of the Company or any Restricted Subsidiary of the Company, or the acceleration of
the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration) if the aggregate
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final maturity or which has been accelerated, aggregates $25.0 million or more at any time;

 (5) one or more judgments in an aggregate amount in excess of $25.0 million shall have been rendered against the Company
or any of its Restricted Subsidiaries and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable (other than any judgments as to which, and only to the
extent, a reputable insurance company has acknowledged coverage of such judgments in writing); 

  
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 (6) the Issuers or any of their Restricted Subsidiaries that is a Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences proceedings to be adjudicated bankrupt or insolvent; 

(ii) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or
answer or consent seeking reorganization or relief under applicable Bankruptcy law; 
 (iii) consents to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property; 
 (iv) makes a general assignment for the benefit of its creditors; or 
 (v) generally is not paying its debts as they become due; 
 (7) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief against the
Issuers or any of their Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Issuers or any such Restricted
Subsidiaries, that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent; 

(ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuers or any of
their Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuers or any of their
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 

(iii) orders the liquidation of the Issuers or any of their Restricted Subsidiaries that is a Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree
remains unstayed and in effect for 60 consecutive days; or 

  
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 (8) the Note Guarantee of any Significant Subsidiary of the Company shall for any reason
cease to be in full force and effect or be declared null and void or any responsible officer of any Guarantor that is a Significant Subsidiary of the Company, as the case may be, denies that it has any further liability under its Note Guarantee or
gives notice to such effect, other than by reason of the termination of this Indenture or the release of any such Note Guarantee in accordance with this Indenture. 
  

	Section 6.02	Acceleration. 

 (a) If an
Event of Default (other than an Event of Default specified in clause (6) or (7) of Section 6.01(a) hereof with respect to the Company) shall occur and be continuing, the Trustee or the Holders of at least 25.0% in principal amount of
the then outstanding Notes issued under this Indenture may declare the principal of, premium, if any, and interest on all the Notes issued under this Indenture to be due and payable by notice in writing to the Company and the Trustee specifying the
respective Event of Default and that it is a “notice of acceleration,” or the “Acceleration Notice,” and the same shall become immediately due and payable. 

(b) If an Event of Default specified in clause (6) or (7) of Section 6.01(a) hereof with respect to the Company occurs and
is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the then outstanding Notes issued under this Indenture shall ipso facto become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holder. 
 (c) At any time after a declaration of acceleration with respect to the
Notes as described in Section 6.02(a) or 6.02(b) hereof, the Holders of a majority in principal amount of all Notes issued under this Indenture may rescind and cancel such declaration and its consequences: 

(1) if the rescission would not conflict with any judgment or decree; 

(2) if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely
because of the acceleration; 
 (3) to the extent the payment of such interest is lawful, interest on overdue installments of
interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; 
 (4)
if the Company has paid the Trustee (including its agents and counsel) its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances; and 
 (5) in the event of the cure or waiver of an Event of Default of the type described in clause (6) or (7) of Section 6.01(a) hereof, the Trustee shall have received an Officers’
Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 

  
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 No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

 

	Section 6.03	Other Remedies. 

 If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All
remedies are cumulative to the extent permitted by law. 
  

	Section 6.04	Waiver of Past Defaults. 

Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders
of all of the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default in the payment of the principal of, premium, if any, or interest on, any Note held by a non-consenting Holder (including
in connection with an Asset Sale Offer or a Change of Control Offer); provided, subject to Section 6.02 hereof, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and
its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of
this Indenture; but no such waiver shall affect any subsequent or other Default or impair any right consequent thereto. 
  

	Section 6.05	Control by Majority. 

Subject to all provisions of this Indenture and applicable law, the Holders of a majority in principal amount of the then outstanding
Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. 

 

	Section 6.06	Rights of Holders of Notes to Receive Payment. 

 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates
expressed in the Note (including in connection with an Asset Sale Offer or a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent
of such Holder. 

  
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	Section 6.07	Collection Suit by Trustee. 

 If an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Issuers for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

	Section 6.08	Restoration of Rights and Remedies. 

 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Issuers, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted. 
  

	Section 6.09	Rights and Remedies Cumulative. 

 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy herein conferred upon or reserved to
the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

 

	Section 6.10	Delay or Omission Not Waiver. 

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

	Section 6.11	Trustee May File Proofs of Claim. 

 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings 

  
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relative to the Issuers (or any other obligor upon the Notes including the Guarantors), their creditors or their property and shall be entitled and empowered to participate as members in any
official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 
  

	Section 6.12	Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.12 does not apply to a suit by the Trustee, a suit by
a Holder pursuant to Section 6.07 hereof, or a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes. 
  

	Section 6.13	Trustee May Enforce Claims without Possession of Notes 

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

  
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	Section 6.14	Limitation on Suits. 

Subject to Section 6.06 hereof, no Holder may pursue any remedy with respect to this Indenture or the Notes unless: 

(a) such Holder has previously given the Trustee notice that an Event of Default is continuing; 

(b) (i) in the case of clause (2) of Section 6.01 hereof, Holders of at least 25.0% of the then outstanding principal amount of
all Notes issued under this Indenture have requested the Trustee to pursue the remedy; 
 (c) Holders have offered the Trustee
security or indemnity satisfactory to it against any loss, liability or expense; 
 (d) the Trustee has not complied with such
request within 60 days after the receipt thereof and the offer of security or indemnity; and 
 (e) Holders of a majority in
principal amount of the total outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 A Holder of Notes may not use this Indenture to prejudice the rights of another Holder of Notes or to obtain a preference or priority over another Holder. 

 

	Section 6.15	Priorities 

 If the
Trustee or any agent collects any money or property pursuant to this Article VI, it shall pay out the money in the following order: 
 (a) to the Trustee, such agent, their agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made,
by the Trustee or such Agent and the costs and expenses of collection; 
 (b) to Holders of the Notes for amounts due and unpaid
on the Notes for principal, premium and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and interest, respectively; and 

(c) to the Issuers or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.15. 

  
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 ARTICLE VII 
 TRUSTEE 
  

	Section 7.01	Duties of Trustee. 

 (a)
If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of
Default: 
 (i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture
and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this
paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders of the Notes unless the Holders have offered to
the Trustee reasonable indemnity or security against any loss, liability or expense. 

  
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 (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

	Section 7.02	Rights of Trustee. 

 (a)
The Trustee may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any
fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
of either of the Issuers or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or
negligence of any agent or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers shall be sufficient if signed by an Officer of the Issuers. 

(f) None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any
liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it
against such risk or liability is not assured to it. 
 (g) The Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture 

  
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 (h) In no event shall the Trustee be responsible or liable for special, indirect, punitive
or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Issuers and any Guarantor deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers (with specimen signatures) authorized at such times to take specific actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person specified as so authorized in any such
certificate previously delivered and not superseded. 
 (k) The permissive rights of the Trustee to take certain actions under
this Indenture shall not be construed as a duty unless so specified herein. 
 (l) The Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties hereunder. 
  

	Section 7.03	Individual Rights of Trustee. 

 Subject to the Trust Indenture Act, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers
with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as described in the Trust Indenture Act, it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  

	Section 7.04	Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it
shall not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it shall not be responsible for the use or application of
any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication. 

  
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	Section 7.05	Notice of Defaults. 

 If a
Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default within 90 days after it occurs. Except in the case of a Default relating to the payment of principal,
premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of the Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is such a Default is received by the Trustee at
the Corporate Trust Office of the Trustee. 
  

	Section 7.06	Reports by Trustee to Holders of the Notes. 

 Within 60 days after each May 15, beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes
a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no
report need be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by Trust Indenture Act Section 313(c). 

A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Issuers and filed with the SEC and each
stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Issuers shall promptly notify the Trustee in writing when the Notes are listed on any stock exchange and of any delisting thereof.

  

	Section 7.07	Compensation and Indemnity. 

 The Issuers shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee for, and hold the Trustee harmless against, any and
all loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs and
expenses of enforcing this Indenture against any Issuer or any Guarantor (including this Section 7.07) or defending itself against any claim whether asserted by any Holder, any Issuer or any Guarantor, or liability in connection with the
acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuers promptly of any claim for 

  
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which it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder. The Issuers shall defend the claim and the Trustee may
have separate counsel and the Issuers shall pay the fees and expenses of such counsel. The Issuers need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful
misconduct or negligence. 
 Notwithstanding the provisions of Section 4.12 hereof, to secure the payment obligations of
the Issuers and the Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee from the Issuers or any Guarantor, except that held in trust to pay principal and
interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(6) or (7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended
to constitute expenses of administration under any Bankruptcy Law. 
 The Trustee shall comply with the provisions of Trust
Indenture Act Section 313(b)(2) to the extent applicable. 
 The obligations of the Issuers under this Section 7.07
shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 
  

	Section 7.08	Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority in principal amount
of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing not less than 30 days prior to the effective date of such removal. The Issuers may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof or Section 310 of the Trust Indenture Act; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers.

  
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 If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee (at the Issuers’ expense), the Issuers or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a
successor Trustee. 
 If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails
to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

 

	Section 7.09	Successor Trustee by Merger, etc. 

 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall
be the successor Trustee. 
  

	Section 7.10	Eligibility; Disqualification. 

 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws
to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of
condition. 
 This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Sections
310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b). 
  

	Section 7.11	Preferential Collection of Claims Against Issuer. 

 The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been removed shall
be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 

  
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 ARTICLE VIII 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  

	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance. 

 The Issuers may, at their option and at any time, elect to have either Section 8.02 or Section 8.03 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in
this Article VIII. 
  

	Section 8.02	Legal Defeasance and Discharge. 

 Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers and the Guarantors shall, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes and Note Guarantees on the date the conditions set forth below are satisfied (“Legal Defeasance”). For
this purpose, Legal Defeasance means that the Issuers shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of
Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture including that of the Guarantors (and the Trustee, on
demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders to receive payments in respect of the principal of, premium, if any, and interest on the Notes
when such payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof; 
 (b) the Issuers’ obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency
for payments under Article II; 
 (c) the rights, powers, trusts, duties and immunities of the Trustee and the
Issuers’ obligations in connection therewith; and 
 (d) this Section 8.02. 

Subject to compliance with this Article VIII, the Issuers may exercise their option under this Section 8.02 notwithstanding the
prior exercise of its option under Section 8.03 hereof. 
  

	Section 8.03	Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants 

  
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contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.16 hereof and Sections 5.01(a)(2) and (4) hereof with respect to the outstanding Notes on
and after the date the conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent
or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be
deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission
to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and any Note Guarantees shall be unaffected thereby. In addition, upon the
Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5),
6.01(a)(6) (solely with respect to the Issuers and their Restricted Subsidiaries that are Significant Subsidiaries), 6.01(a)(7) (solely with respect to the Issuers and their Restricted Subsidiaries that are Significant Subsidiaries) and 6.01(a)(8)
hereof shall not constitute Events of Default. 
  

	Section 8.04	Conditions to Legal or Covenant Defeasance. 

 The following shall be the conditions to the application of either Section 8.02 or Section 8.03 hereof to the outstanding Notes: 

In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes: 

(1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders cash in Dollars, non-callable U.S.
government obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on the Notes on the
stated date for payment thereof or on the applicable redemption date, as the case may be, and any other amounts owing under this Indenture (in the case of an optional redemption date prior to electing to exercise either Legal Defeasance or Covenant
Defeasance, the Issuers have delivered to the Trustee an irrevocable notice to redeem all of the outstanding Notes on such redemption date); 
 (2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary
assumptions and exclusions: 
 (a) the Issuers have received from, or there has been published by, the Internal Revenue Service a
ruling; or 

  
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 (b) since the date of this Indenture, there has been a change in the applicable federal
income tax law, 
 in either case to the effect that, and based thereon such opinion of counsel shall confirm that, subject to
customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of
Covenant Defeasance, the Issuers shall have delivered to the Trustee an opinion of counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders will not recognize
income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and the incurrence of Liens associated with any such borrowings)); 

(5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under this
Indenture or any other material agreement or instrument to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound; 

(6) the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers
with the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuers or others; and 

(7) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) of this Section 8.04 with respect to a Legal
Defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable on the maturity date within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers. 

  
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	Section 8.05	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due
and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to Section 8.04 hereof or the
principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the written request of the Issuers any money or Government Securities
held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered
under Section 8.04(2)(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

 

	Section 8.06	Repayment to Issuer. 

Subject to any abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for
the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Issuers on their written request
or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Issuers as trustee thereof, shall thereupon cease. 
  

	Section 8.07	Reinstatement. 

 If the
Trustee or Paying Agent is unable to apply any United States dollars or Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided that, if the 

  
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Issuers make any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE IX 

AMENDMENT, SUPPLEMENT AND WAIVER 
  

	Section 9.01	Without Consent of Holders of Notes. 

 Notwithstanding Section 9.02 hereof, the Issuers, any Guarantor (with respect to a Note Guarantee or this Indenture) and the Trustee may amend or supplement this Indenture and any Note Guarantee or
Notes without the consent of any Holder: 
 (1) cure any mistakes, ambiguities, defects or inconsistencies; 

(2) provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of this Indenture
relating to the form of the Notes (including the related definitions) in a manner that does not materially adversely affect any Holder; 
 (3) provide for the assumption of the Issuers’ or a Guarantor’s obligations to the Holders of the Notes; 
 (4) comply with Section 5.01 hereof; 
 (5) make any change that would provide
any additional rights or benefits to the Holders of the Notes or that does not materially adversely affect the legal rights under this Indenture of any Holder of the Notes or to add covenants for the benefit of the Holders or to surrender any right
or power conferred upon the Issuers or any Guarantor; 
 (6) comply with requirements of the SEC in order to effect or maintain
the qualification of this Indenture under the Trust Indenture Act; 
 (7) provide for the issuance of Notes issued after the
Issue Date in accordance with the limitations set forth in this Indenture; 
 (8) allow any Guarantor to execute a supplemental
indenture and/or a Note Guarantee with respect to the Notes or to effect the release of any Guarantor from any of its obligations under its Note Guarantee or this Indenture (to the extent permitted by this Indenture); 

(9) secure the Notes; 
 (10) evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee hereunder pursuant to the requirements hereof; 

  
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 (11) conform the text of this Indenture, the Note Guarantees or the Notes to any provision
of the “Description of Notes” section of the prospectus supplement relating to the offering of the Initial Notes, dated July 17, 2013, to the extent that such provision in such “Description of Notes” section was intended to
be a verbatim recitation of a provision of this Indenture, the Note Guarantees or the Notes; or 
 (12) to modify the
restrictions on the transferability of any Notes, and the procedures for resales and other transfers of the Notes to reflect any change in applicable law or regulation (or the interpretation thereof) or to provide alternative procedures in
compliance with applicable law and practices relating to the resale or other transfer of restricted securities generally. 

Upon the request of the Issuers accompanied by a resolution of their Boards of Directors authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own
rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officers’ Certificate of either of the Issuers shall be required in connection with the addition of a Guarantor
under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit B hereto. 

 

	Section 9.02	With Consent of Holders of Notes. 

 Except as provided below in this Section 9.02, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Note Guarantees with the consent of the Holders of
at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes), and, subject to Sections 6.04 and 6.06 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any or interest on the Notes, except a payment
default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then
outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Sections 2.08 and 2.09 hereof shall determine which
Notes are considered to be “outstanding” for the purposes of this Section 9.02. 
 Upon the request of the
Issuers accompanied by a resolution of their Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of

  
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Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors, if applicable, in the
execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 
 It shall not be necessary for
the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. 
 Without the consent of each affected Holder of Notes, an amendment or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (1) reduce the principal amount of
Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the rate of or change or have the effect of
changing the time for payment of interest, including defaulted interest, on any Notes; 
 (3) reduce the principal of or change
or have the effect of changing the fixed final maturity of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefore (other than provisions relating to Sections 3.09, 4.10 and 4.14
hereof); 
 (4) make any Notes payable in money other than that stated in the Notes; 

(5) make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on
such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes issued under this Indenture to waive Defaults or Events of Default; 

(6) waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes (except a rescission
of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration); 

(7) after the Issuers’ obligation to purchase Notes arises thereunder, amend, change or modify in any material respect the obligation
of the Issuers to make and consummate a Change of Control Offer in the event of a Change of Control or modify any of the provisions or definitions with respect thereto; or 

  
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 (8) modify or change any provision of this Indenture or the related definitions affecting
the ranking of the Notes in a manner which adversely affects the Holders. 
  

	Section 9.03	Compliance with Trust Indenture Act. 

 Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the Trust Indenture Act as then in effect. 

 

	Section 9.04	Revocation and Effect of Consents. 

 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee
receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to
such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date
unless the consent of the requisite number of Holders has been obtained. 
  

	Section 9.05	Notation on or Exchange of Notes. 

 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon
receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make
the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

  
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	Section 9.06	Trustee to Sign Amendments, etc. 

 The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of
the Trustee. The Issuers may not sign an amendment, supplement or waiver until their respective Boards approves it. In executing any amendment, supplement or waiver, the Trustee shall receive and (subject to Section 7.01 hereof) shall be fully
protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate of either of the Issuers and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof (including Section 9.03 hereof). Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officers’ Certificate of either of the Issuers shall be required for the
Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture. 
 ARTICLE X 

GUARANTEES 
  

	Section 10.01	Note Guarantee. 

 Subject
to this Article X, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its respective successors and assigns, irrespective of the
validity and enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that: (a) the principal of, interest and premium, if any, on the Notes shall be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder shall be
promptly paid in full or performed, all in accordance with the terms hereof and thereof and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when
due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the
Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require
a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except by full payment or complete performance of the obligations contained in the Notes and this
Indenture. 

  
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 Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect
of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article VI hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantees.

 Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or
against the Issuers for liquidation, reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuers’ assets, and
shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee on the Notes or Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any
payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 The Note Guarantee issued by
any Guarantor shall be a general unsecured senior obligation of such Guarantor and shall rank equally in right of payment with all existing and future unsubordinated indebtedness of such Guarantor, if any. 

Each payment to be made by a Guarantor in respect of its Note Guarantee shall be made without set-off, counterclaim, reduction or
diminution of any kind or nature. 

  
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	Section 10.02	Limitation on Guarantor Liability. 

 Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law or fraudulent conveyance laws to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations
of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article X, result in the obligations of such Guarantor under its Note
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Note Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to
a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with
GAAP. 
  

	Section 10.03	Execution and Delivery. 

To evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture (or any
supplemental indenture attached hereto as Exhibit B) shall be executed on behalf of such Guarantor by an Officer of such Guarantor. 
 Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such
Note Guarantee on the Notes. 
 If an Officer whose signature is on this Indenture (or any supplemental indenture attached
hereto as Exhibit B) no longer holds that office at the time the Trustee authenticates the Note, such Note Guarantee shall be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors.

 If required by Section 4.15 hereof, the Issuers shall cause any newly created or acquired Restricted Subsidiary that is
not a Securitization Entity, a Warehouse Facility Trust, an MSR Facility Trust or an Excluded Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article X, to the extent applicable. 

  
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	Section 10.04	Subrogation. 

 Each
Guarantor shall be subrogated to all rights of Holders of Notes against the Issuers in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; provided that, if an Event of Default has occurred
and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuers under this Indenture or the Notes shall have been
paid in full. 
  

	Section 10.05	Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this
Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 
  

	Section 10.06	Merger, Consolidation or Sale of All or Substantially All Assets. 

 A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another
Person, other than the Issuers or another Guarantor, unless: 
 (1) except in the case of a merger entered into solely for the
purpose of reincorporating a Guarantor in another jurisdiction, immediately after giving effect to that transaction, no Default or Event of Default shall have occurred and be continuing; and 

(2) either: 
 (a)
the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger (if not the Guarantor) assumes all the obligations of that Guarantor under this Indenture and its Note Guarantee
pursuant to a supplemental indenture satisfactory to the Trustee; or 
 (b) the Net Proceeds of such sale or other
disposition are either (i) applied in accordance with the applicable provisions of this Indenture or (ii) not required to be applied in accordance with any provision of this Indenture. 

 

	Section 10.07	Release of Note Guarantees. 

 A Note Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and no further action by such Guarantor, the Issuers or the Trustee is required for the release of such
Guarantor’s Note Guarantee, in the following circumstances: 
 (1) in connection with any sale, transfer or other
disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the
Company, if the sale or other disposition does not violate Section 4.10 hereof; 

  
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 (2) in connection with any sale, transfer or other disposition of all of the Capital Stock
of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not
violate Section 4.10 hereof; 
 (3) if the Company designates any Restricted Subsidiary of the Company that is a Guarantor
to be an Unrestricted Subsidiary of the Company in accordance with Section 4.17 hereof or if any Restricted Subsidiary is no longer required to be a Guarantor pursuant to Section 4.15 hereof; or 

(4) upon the exercise of Legal Defeasance by the Issuers or pursuant to Article XI hereof; and 

in connection with such release, either of the Issuers shall deliver to the Trustee an Officers’ Certificate of such Guarantor confirming the
effective date of such release and stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. 
 ARTICLE XI 
 SATISFACTION AND DISCHARGE 

 

	Section 11.01	Satisfaction and Discharge. 

 This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights or registration of transfer or exchange of the Notes, as expressly provided for in this Indenture)
as to all Notes when: 
 (1) either: 
 (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for cancellation; or 
 (b) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable, will become due and payable within one year or are to be called for redemption within one year under
irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name and at the expense of the Issuers, and the Issuers have irrevocably deposited or caused to be deposited with the Trustee funds in
an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit together with irrevocable
instructions from the Issuers directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

  
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 (2) the Issuers have paid all other sums payable under this Indenture by the Issuers; and

 (3) the Issuers have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to clause
(1)(b) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 hereof shall survive. 
  

	Section 11.02	Application of Trust Money. 

 Subject to the provisions of Section 8.06 hereof, all funds deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer or a Guarantor acting as their own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal of, premium, if any, or interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any funds in accordance with Section 11.01 hereof by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and any Guarantor’s obligations under this Indenture and the Notes shall
be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Issuers have made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of
its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the funds held by the Trustee or Paying Agent. 
 ARTICLE XII 
 MISCELLANEOUS 

 

	Section 12.01	Trust Indenture Act Controls. 

 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Trust Indenture Act Section 318(c), the imposed duties shall control. 

  
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	Section 12.02	Notices. 

 Any notice or
communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), PDF transmission, fax or overnight air
courier guaranteeing next day delivery, to the others’ address: 
 If to the Issuers and/or any Guarantor: 

c/o Nationstar Mortgage LLC 
 350 Highland Drive 
 Lewisville, Texas 75067 

Fax No.: (469) 549-2085 
 Attention: General Counsel 
 If to the Trustee: 

Wells Fargo Bank, National Association 
 Corporate Trust Services 
 750 N. Saint Paul Place Suite 1750 

MAC T9263-170 

Dallas, Texas 75201 
 Fax No.: (214)756-7401 
 The Issuers, any Guarantor or the Trustee, by notice to
the others, may designate additional or different addresses for subsequent notices or communications. 
 All notices and
communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail;
when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be
deemed effective upon actual receipt thereof. 
 Any notice or communication to a Holder shall be mailed by first-class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in
Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it; provided that any notices or communications to the Trustee shall be deemed effective only upon actual receipt thereof. 

  
 -110-

 If the Issuers mail a notice or communication to Holders, they shall mail a copy to the
Trustee and each Agent at the same time. 
  

	Section 12.03	Communication by Holders of Notes with Other Holders of Notes. 

 Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar and
anyone else shall have the protection of Trust Indenture Act Section 312(c). 
  

	Section 12.04	Certificate and Opinion as to Conditions Precedent. 

 Upon any request or application by the Issuers or any of the Guarantors to the Trustee to take any action under this Indenture, the Issuers or such Guarantor, as the case may be, shall furnish to the
Trustee: 
 (a) An Officers’ Certificate of either of the Issuers in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the
proposed action have been satisfied; and 
 (b) An Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; 

provided, however, that such Opinion of Counsel shall not be required in connection with the authentication and delivery by the Trustee of
the Initial Notes. 
  

	Section 12.05	Statements Required in Certificate or Opinion. 

 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof or Trust
Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section 314(e) and shall include: 
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officers’ Certificate as to matters of fact); and

  
 -111-

 (d) a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been complied with. 
  

	Section 12.06	Rules by Trustee and Agents. 

 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

 

	Section 12.07	No Personal Liability of Directors, Officers, Employees and Stockholders. 

 No director, officer, employee, incorporator or stockholder of the Issuers or any Guarantors shall have any liability for any obligation of the Issuers or any Guarantors, respectively, under the Notes,
the Note Guarantees and this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation; provided that the foregoing shall not limit any Guarantor’s obligations under its Note Guarantee. Each
Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

	Section 12.08	Governing Law; Consent to Jurisdiction and Service. 

 THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 

To the fullest extent permitted by applicable law, the Issuers hereby irrevocably submit to the jurisdiction of any federal or State
court located in the Borough of Manhattan in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating to this Indenture or any Notes and irrevocably agrees that all claims in respect of such suit or
proceeding may be determined in any such court. The Issuers irrevocably waive, to the fullest extent permitted by law, any objection which they may have to the laying of the venue of any such suit, action or proceeding brought in an inconvenient
forum. The Issuers agree that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Issuers, and may be enforced in any courts to the jurisdiction of which the Issuers are subject by a
suit upon such judgment, provided, that service of process is effected upon the Issuers in the manner specified herein or as otherwise permitted by law. To the extent the Issuers have or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, executor or otherwise) with respect to itself or its property, the Issuers hereby irrevocably waive such immunity in
respect of its obligations under this Indenture to the extent permitted by law. 

  
 -112-

	Section 12.09	Waiver of Jury Trial. 

EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

	Section 12.10	Force Majeure. 

 In no
event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without
limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or
hardware) services. 
  

	Section 12.11	No Adverse Interpretation of Other Agreements. 

 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or their Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture. 
  

	Section 12.12	Successors. 

 All
agreements of the Issuers in this Indenture and the Notes shall bind their successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as
otherwise provided in Section 10.06 hereof. 
  

	Section 12.13	Severability. 

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

 

	Section 12.14	Counterpart Originals. 

This Indenture may be executed in two or more counterparts, which when so executed shall constitute one and the same agreement. The
exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all
purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 -113-

	Section 12.15	Table of Contents, Headings, etc. 

 The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  

	Section 12.16	Qualification of Indenture. 

 The Issuers and the Guarantors shall qualify this Indenture under the Trust Indenture Act and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Issuers, the
Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from
the Issuers and the Guarantors any such Officers’ Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act. 

 

	Section 12.17	U.S.A. Patriot Act. 

 The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and
record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in
order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 [signature pages follow] 

  
 -114-

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

			
	ISSUERS:
	
	NATIONSTAR MORTGAGE LLC
	NATIONSTAR CAPITAL CORPORATION
		
	By:	 	/s/ David C. Hisey
		 	Name: David C. Hisey
		 	Title: Chief Financial Officer

  

			
	GUARANTORS:
	
	NATIONSTAR MORTGAGE HOLDINGS INC.
	NATIONSTAR SUB1 LLC
	NATIONSTAR SUB2 LLC
	 CENTEX LAND VISTA RIDGE LEWISVILLE III

GENERAL PARTNER, LLC
 HARWOOD INSURANCE SERVICES, LLC

HARWOOD SERVICE COMPANY OF GEORGIA, LLC

HARWOOD SERVICE COMPANY OF NEW JERSEY, LLC

NATIONSTAR 2009 EQUITY CORPORATION
 NATIONSTAR EQUITY CORPORATION

NATIONSTAR INDUSTRIAL LOAN COMPANY
 NATIONSTAR INDUSTRIAL LOAN CORPORATION

NSM FORECLOSURE SERVICES INC.

		
	By:	 	/s/ David C. Hisey
		 	Name: David C. Hisey
		 	Title: Chief Financial Officer

  

			
	 HARWOOD SERVICE COMPANY, LLC

HOMESELECT SETTLEMENT SOLUTIONS, LLC
 VERIPRO SOLUTIONS INC.

		
	By:	 	/s/ Jay Bray
		 	Name: Jay Bray
		 	Title: Chief Financial Officer

  
 [Signature
Page—Indenture] 

 
					
	CENTEX LAND VISTA RIDGE LEWISVILLE III, L.P.
		
	By:	 	 CENTEX LAND VISTA RIDGE LEWISVILLE III

GENERAL PARTNER, LLC,
 its General Partner

			
		 	By:	 	/s/ David C. Hisey
		 		 	Name: David C. Hisey
		 		 	Title: Chief Financial Officer

  

			
	CHAMPION MORTGAGE LLC
		
	By:	 	/s/ Jay Bray
		 	Name: Jay Bray
		 	Title: Chief Executive Officer

  
 [Signature
Page—Indenture] 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

 as Trustee

		
	By:	 	/s/ Patrick Giordano
		 	Name: Patrick Giordano
		 	Title: Vice President

  
 [Signature
Page—Indenture] 

 EXHIBIT A 
 [Face of Note] 
 [Insert the Global Note Legend, if applicable pursuant to the
provisions of the Indenture] 
 [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A-1

 CUSIP [            ] 

ISIN [            ]1 
 GLOBAL NOTE 
 6.500% Senior Notes due 2018 

 

			
	No.         	  	[$            ]

 NATIONSTAR MORTGAGE LLC 
 NATIONSTAR CAPITAL CORPORATION 
 promise to pay to
             or registered assigns, the principal sum of              United States Dollars on August 1, 2018.

 Interest Payment Dates: February 1 and August 1 
 Record Dates: January 15 and July 15 
  

	1 	CUSIP: 63860U AM2 

 ISIN:
US63860UAM27 

  
 A-2

 IN WITNESS HEREOF, the Issuers have caused this instrument to be duly executed as of the
             day of                     , 2013. 

 

			
	NATIONSTAR MORTGAGE LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	NATIONSTAR CAPITAL CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-3

 This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
 as Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 A-4

 [Back of Note] 
 6.500% Senior Notes due 2018 
 Capitalized terms used herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. INTEREST. Nationstar Mortgage LLC
(the “Company”) and Nationstar Capital Corporation (the “Co-Issuer” and, together with the Company, the “Issuers”), promise to pay interest on the principal amount of this Note at 6.500% per
annum from July 22, 2013 until maturity. The Issuers will pay interest semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an
“Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest Payment Date
shall be February 1, 2014. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes.
Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. METHOD OF PAYMENT. The Issuers
will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 15 (whether or not a Business Day), as the case may be, next preceding the Interest Payment Date, even if
such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in the Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set
forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium, if any, on, all Global Notes and all other Notes the Holders of which
shall have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 3. PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act
as Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to the Holders. The Issuers or any of their Subsidiaries may act in any such capacity. 

4. INDENTURE. The Issuers issued the Notes under an Indenture, dated as of July 22, 2013 (the “Indenture”), among
the Issuers, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Issuers designated as their 6.500% Senior Notes due 2018. The Issuers shall be entitled to issue Additional Notes pursuant to
Sections 2.01 and 4.09 of the Indenture. The terms of the Notes include those stated in the 

  
 A-5

 
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms,
and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 5. OPTIONAL REDEMPTION. 
 (a) At any time prior to August 1, 2015, the Issuers may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest on the Notes redeemed, to the applicable date of redemption (subject to the rights of Holders of Notes on the relevant
regular Record Date to receive interest due on the relevant Interest Payment Date that is on or prior to the applicable date of redemption). 
 (b) At any time, or from time to time, on or prior to August 1, 2015, the Issuers may, at their option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35.0% of the
principal amount of all Notes issued at a redemption price equal to 106.500% of the principal amount of the Notes redeemed plus accrued and unpaid interest to the date of redemption (subject to the rights of Holders of Notes on the relevant regular
Record Date to receive interest due on the relevant Interest Payment Date that is on or prior to the applicable date of redemption); provided that: 
 (i) at least 65.0% of the principal amount of all Notes issued under the Indenture remains outstanding immediately after any such redemption; and 

(ii) the Issuers makes such redemption not more than 120 days after the consummation of any such Equity Offering.

 Notice of any redemption upon any Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the
Issuers’ discretion, be subject to one or more conditions precedent. 
 (c) On or after August 1, 2015, the Issuers
may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest on the Notes redeemed, to the applicable date of redemption, if redeemed during the twelve month period beginning on August 1 of the years indicated below, subject to the rights of Holders of Notes on the relevant regular Record Date
to receive interest due on the relevant Interest Payment Date that is on or prior to the applicable date of redemption: 
  

					
	 Year
	  	Percentage	 
	 2015
	  	 	103.250	% 
	 2016
	  	 	101.625	% 
	 2017 and thereafter
	  	 	100.000	% 

  
 A-6

 (d) Any redemption pursuant to this paragraph 5 shall be made pursuant to the
provisions of Sections 3.01 through 3.07 of the Indenture. 
 (e) In addition to the Issuers’ rights to redeem Notes
pursuant to clause (a), (b) or (c) of this paragraph 5, the Issuers may at any time and from time to time purchase Notes in open-market transactions, tender offers or otherwise. 

6. MANDATORY REDEMPTION. The Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the
Notes. 
 7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of redemption will be mailed by
first-class mail at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000 in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 

8. OFFERS TO REPURCHASE. 
 (a) Upon the occurrence of a Change of Control, the Issuers shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of purchase (the “Change of Control
Payment”). The Change of Control Offer shall be made in accordance with Section 4.14 of the Indenture. 
 (b) If
the Issuers or any of its Restricted Subsidiaries consummates an Asset Sale, within 30 days after each date that Excess Proceeds exceed $60.0 million, the Issuers shall commence, an offer, to all Holders of Notes and all holders of Pari Passu Debt
containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such Pari Passu Debt that may be purchased out
of the Excess Proceeds (an “Asset Sale Offer”). The offer price in any Asset Sale Offer shall be equal to 100.0% of the principal amount (or, in the case of any other Pari Passu Debt offered at a significant original issue discount,
100.0% of the accreted value thereof, if permitted by the relevant indenture or other agreement governing such Pari Passu Debt) plus accrued and unpaid interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain
after consummation of an Asset Sale Offer, the 

  
 A-7

 
Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and Pari Passu Debt tendered into such Asset Sale
Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such Pari Passu Debt to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.
Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Issuers prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to
Elect Purchase” attached to this Note. The Asset Sale Offer shall be made in accordance with Sections 3.09 and 4.10 of the Indenture. 
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any
taxes and fees required by law or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.
Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed. 
 10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees and the Notes may be amended or supplemented as provided in the Indenture. 

12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25.0% in principal amount of the then outstanding Notes may declare the principal of, premium, if any, and interest on all of the Notes to be due and payable by notice in
writing to the Company and the Trustee specifying the respective Event of Default and that it is a “notice of acceleration,” and the same shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of
Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture, the
Notes or the Note Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Holders of a
majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default under the Indenture except a Default in payment of the
principal of, premium, if any, or interest on, any Note held by a non-consenting Holder (including in connection with an Asset Sale Offer or a Change of Control Offer). The Issuers and each Guarantor (to the extent

  
 A-8

 
that such Guarantor is so required under the Trust Indenture Act) are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required
within five Business Days after becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default and the status thereof. 

13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 14. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
 15.
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP numbers and ISIN
numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 16. GUARANTEE. The Issuers’ obligations under the Notes are fully and
unconditionally guaranteed, jointly and severally, by the Guarantors. 
 The Issuers will furnish to any Holder upon written
request and without charge a copy of the Indenture. Requests may be made to the Issuers at the following address: 
 350 Highland
Drive 
 Lewisville, Texas 75067 
 Fax No.: (469) 549-2085 
 Attention: General Counsel 

  
 A-9

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to:
                                         
                                         
                                         
              
 (Insert assignee’ legal
name) 
  

			
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	 
	
	 
	
	 
	
	 
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                         
                                         
                                         
                                         
to transfer this Note on the books of the Issuers. The agent may substitute another to act for him. 
 Date:
                     
  

			
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                         
                
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.10 or Section 4.14 of the Indenture,
check the appropriate box below: 
 [    ] Section 4.10
        [    ] Section 4.14 
 If you want to elect to have
only part of this Note purchased by the Issuers pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 
 $                     
 Date:                      

 

			
	Your Signature:  	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 
			
		
	Tax Identification No.:  	 	 

 Signature Guarantee*:
                                         
                
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-11

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is
$                    . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note,
or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of

decrease
 in
Principal
 Amount of this
 Global Note
	 	 Amount of increase

in Principal

Amount of this

Global Note
	 	 Principal Amount

of
 this Global
Note
 following such
 decrease or
 increase
	 	 Signature of

authorized

signatory
 of
Trustee or
 Note Custodian

  

 

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-12

 [FORM OF NOTATION ON NOTE RELATING TO GUARANTEE] 

THE OBLIGATIONS OF THE GUARANTORS TO THE HOLDERS OF THE NOTES PURSUANT TO THIS GUARANTEE AND THE INDENTURE DATED AS OF JULY 22, 2013, AMONG NATIONSTAR
MORTGAGE LLC, NATIONSTAR CAPITAL CORPORATION, THE GUARANTORS NAMED THEREIN AND THE TRUSTEE NAMED THEREIN (THE “INDENTURE”) ARE EXPRESSLY SET FORTH IN ARTICLE X OF THE INDENTURE, AND REFERENCE IS HEREBY MADE TO SUCH INDENTURE FOR THE
PRECISE TERMS OF THIS GUARANTEE. THE TERMS OF THE INDENTURE, INCLUDING WITHOUT LIMITATION ARTICLE X, ARE INCORPORATED HEREIN BY REFERENCE. 

  
 A-13

 EXHIBIT B 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among              (the “Guaranteeing
Subsidiary”), a subsidiary of Nationstar Mortgage LLC, a Delaware limited liability company (the “Company” and, together with Nationstar Capital Corporation, the “Issuers”) and Wells Fargo Bank, National
Association, as trustee (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Issuers and each of the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to
the Trustee an indenture (the “Indenture”), dated as of July 22, 2013, providing for the issuance of 6.500% Senior Notes due 2018 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the
“Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

(1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 (2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

(a) Along with all other Guarantors named in the Indenture (including pursuant to any supplemental indentures), to jointly and severally
unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its respective successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the
obligations of the Issuers hereunder or thereunder, that: 
 (i) the principal of, interest and premium, if any,
on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to
the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

  
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 (ii) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the
Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a guarantee of collection. 
 (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers or any Guarantors, any action to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. 
 (c) The Guaranteeing Subsidiary hereby waives: diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever. 

(d) This Note Guarantee shall not be discharged except by full payment or complete performance of the obligations contained in the Notes,
the Indenture and this Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture, including Article X of the Indenture (which is deemed incorporated in this Supplemental Indenture and
applicable to this Note Guarantee). The Guaranteeing Subsidiary acknowledges that by executing this Supplemental Indenture, it will become a Guarantor under the Indenture and subject to all the terms and conditions applicable to Guarantors contained
therein. 
 (e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors
(including the Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and effect. 

  
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 (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 
 (g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article VI of the Indenture for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article VI of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for the purpose of this Note
Guarantee. 
 (h) The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying Guarantor so long as
the exercise of such right does not impair the rights of the Holders under this Note Guarantee. 
 (i) Pursuant to
Section 10.02 of the Indenture, the obligations of the Guaranteeing Subsidiary shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guaranteeing
Subsidiary that are relevant under any applicable Bankruptcy Law or fraudulent conveyance laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of
the obligations of such other Guarantor under Article X of the Indenture, result in the obligations of such Guaranteeing Subsidiary under this Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law.

 (j) This Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or
against the Issuers for liquidation, reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuers’ assets, and
shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee on the Notes and Note Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any
payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

  
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 (k) In case any provision of this Note Guarantee shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(l) This Note Guarantee shall be a general unsecured senior obligation of such Guaranteeing Subsidiary, ranking pari passu with any
other future unsubordinated Indebtedness of the Guaranteeing Subsidiary, if any. 
 (m) Each payment to be made by the
Guaranteeing Subsidiary in respect of this Note Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 
 (3) Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such
Note Guarantee on the Notes. 
 (4) Merger, Consolidation or Sale of All or Substantially All Assets. 

(a) The Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or
merge with or into (whether or not such Guaranteeing Subsidiary is the surviving Person), another Person, other than the Issuers or another Guarantor, unless: 
 (i) except in the case of a merger entered into solely for the purpose of reincorporating a Guaranteeing Subsidiary in another jurisdiction, immediately after giving effect to that transaction, no Default
or Event of Default shall have occurred and be continuing; and 
 (ii) either: 

(A) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or
merger (if not the Guaranteeing Subsidiary) assumes all the obligations of that Guaranteeing Subsidiary under the Indenture and its Note Guarantee pursuant to this supplemental indenture; or 

(B) the Net Proceeds of such sale or other disposition are either (i) applied in accordance with Section 4.10(d) of the
Indenture or (ii) not required to be applied in accordance with any provision of the Indenture. 

  
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 (5) Releases. 

The Note Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further
action by the Guaranteeing Subsidiary, the Issuers or the Trustee is required for the release of the Guaranteeing Subsidiary’s Note Guarantee, in the following circumstances: 

(a) in connection with any sale, transfer or other disposition of all or substantially all of the assets of that Guaranteeing Subsidiary
(including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate
Section 4.10 of the Indenture; 
 (b) in connection with any sale, transfer or other disposition of all of the Capital Stock
of the Guaranteeing Subsidiary (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition
does not violate Section 4.10 of the Indenture; 
 (c) if the Company designates any Restricted Subsidiary of the Company
that is a Guarantor to be an Unrestricted Subsidiary of the Company in accordance with Section 4.17 of the Indenture; or 

(d) upon the exercise of Legal Defeasance by the Issuers or pursuant to Article XI of the Indenture; and 

in connection with such release, either of the Issuers shall deliver to the Trustee an Officers’ Certificate of such Guarantor confirming the
effective date of such release and stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. 
 (6) No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Issuers or the
Guarantors (including the Guaranteeing Subsidiary), respectively, under the Notes, the Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation;
provided that the foregoing shall not limit any Guarantor’s obligations under its Note Guarantees. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance
of the Notes. 
 (7) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. 

  
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 (8) Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 (9) Effect of
Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 (10) The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely
by the Guaranteeing Subsidiary. 
 (11) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of
Holders of Notes against the Issuers in respect of any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that, if an Event of Default has occurred
and is continuing, the Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuers under the Indenture or the Notes
shall have been paid in full. 
 (12) Benefits Acknowledged. The Guaranteeing Subsidiary’s Note Guarantee is subject
to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that
the guarantee and waivers made by it pursuant to this Note Guarantee are knowingly made in contemplation of such benefits. 

(13) Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as
otherwise in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Trustee

		
	By:	 	 
		 	Name:
		 	Title:

  
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