Document:

EX-10.2

 Exhibit 10.2 
 SALESFORCE.COM, INC. 
 2013 EQUITY INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this Plan are: 

 

	 	•	 	 to attract and retain the best available personnel for positions of substantial responsibility, 

 

	 	•	 	 to provide incentive to Employees, Directors and Consultants, and 

 

	 	•	 	 to promote the success of the Company’s business. 

 The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Bonus Awards, Performance Units and
Performance Shares. 
 2. Definitions. As used herein, the following definitions will apply: 

(a) “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with
Section 4 of the Plan. 
 (b) “Affiliate” means any corporation or any other entity (including, but not
limited to, partnerships and joint ventures) controlling, controlled by, or under common control with the Company. 
 (c)
“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the
Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 
 (d) “Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Bonus Awards,
Performance Units or Performance Shares. 
 (e) “Award Agreement” means the written or electronic agreement
setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 
 (f) “Award Transfer Program” means any program instituted by the Administrator that would permit Participants the opportunity to transfer for value any outstanding Awards to a financial
institution or other person or entity approved by the Administrator. A transfer for “value” shall not be deemed to occur under this Plan where an Award is transferred by a Participant for bona fide estate planning purposes to a trust or
other testamentary vehicle approved by the Administrator. 

 (g) “Board” means the Board of Directors of the Company. 

(h) “Cause” means, unless otherwise defined by the Participant’s Award Agreement or contract of employment
or service, any of the following: (i) the Participant’s theft, dishonesty, or falsification of any Participating Company documents or records; (ii) the Participant’s improper use or disclosure of a Participating Company’s
confidential or proprietary information; (iii) any action by the Participant which has a detrimental effect on a Participating Company’s reputation or business; (iv) the Participant’s failure or inability to perform any
reasonable assigned duties after written notice from a Participating Company of, and a reasonable opportunity to cure, such failure or inability; (v) any material breach by the Participant of any employment or service agreement between the
Participant and a Participating Company, which breach is not cured pursuant to the terms of such agreement; or (vi) the Participant’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs the
Participant’s ability to perform his or her duties with a Participating Company. 
 (i) “Change in
Control” means the occurrence of any of the following events: 
 (i) A change in the ownership of the Company which
occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent
(50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this clause (i), (1) the acquisition of beneficial ownership of additional stock by any one Person who is considered to beneficially own
more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control; and (2) if the stockholders of the Company immediately before such change in ownership continue to retain
immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent
(50%) or more of the total voting power of the stock of the Company, such event shall not be considered a Change in Control under this clause (i). For this purpose, indirect beneficial ownership shall include, without limitation, an
interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities;
or.  
 (ii) A change in the effective control of the Company which occurs on the date that a majority of members of the
Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this
subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires
(or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent
(50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the

  
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following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s
stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an
entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or
voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3).
For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into
a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A. 
 Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company’s incorporation, or
(ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 

(j) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or
regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or
regulation. 
 (k) “Committee” means a committee of Directors or of other individuals satisfying Applicable
Laws appointed by the Board, or a duly authorized committee of the Board, in accordance with Section 4 hereof. 
 (l)
“Common Stock” means the common stock of the Company. 
 (m) “Company” means salesforce.com,
inc., a Delaware corporation, or any successor thereto. 
 (n) “Consultant” means any natural person, including
an advisor, engaged by the Company or a Parent or Subsidiary or other Affiliate to render services to such entity. 
 (o)
“Determination Date” means the latest possible date that will not jeopardize the qualification of an Award granted under the Plan as “performance-based compensation” under Section 162(m) of the Code. 

(p) “Director” means a member of the Board. 

  
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 (q) “Disability” means total and permanent disability as defined in
Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and
non-discriminatory standards adopted by the Administrator from time to time. 
 (r) “Dividend
Equivalent” means a credit, made at the discretion of the Administrator or as otherwise provided by the Plan, to the account of a Participant in an amount equal to the cash dividends paid on one Share for each Share represented by an
Award held by such Participant. 
 (s) “Employee” means any person, including Officers and Directors, employed
by the Company or any Parent or Subsidiary or other Affiliate of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company or an Affiliate.
The Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual’s employment or termination of employment, as the case
may be. For purposes of an individual’s rights, if any, under the Plan as of the time of the Company’s determination, all such determinations by the Company shall be final, binding and conclusive, notwithstanding that the Company or any
court of law or governmental agency subsequently makes a contrary determination. 
 (t) “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 (u) “Exchange Program” means a program under which
(i) outstanding awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the
opportunity to participate in an Award Transfer Program, and/or (iii) the exercise price of an outstanding Award is reduced. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion. 

(v) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New
York Stock Exchange, NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market of The NASDAQ Stock Market, its Fair Market Value will be the closing sales price for such stock (or the mean of the closing bid and asked prices
for the Common Stock, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable. If the relevant date does not
fall on a day on which the Common Stock has traded on such securities exchange or market system, the date on which the Fair Market Value shall be established shall be the last day on which the Common Stock was so traded prior to the relevant date,
or such other appropriate day as shall be determined by the Administrator, in its discretion; 

  
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 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling
prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last
trading date such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator. 

(w) “Fiscal Year” means the fiscal year of the Company. 

(x) “Fiscal Quarter” means a fiscal quarter within a Fiscal Year of the Company. 

(y) “Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
 (z)
“Inside Director” means a Director who is an Employee. 
 (aa) “Nonstatutory Stock Option”
means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option. 
 (bb)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

(cc) “Option” means a stock option granted pursuant to the Plan. 

(dd) “Outside Director” means a Director who is not an Employee. 

(ee) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
 (ff) “Participant” means the holder of an outstanding Award. 

(gg) “Participating Company” means the Company or any Affiliate. 

(hh) “Performance-Based Award” means any Award that are subject to the terms and conditions set forth in
Section 13. All Performance-Based Awards are intended to qualify as qualified performance-based compensation under Section 162(m) of the Code. 
 (ii) “Performance Bonus Award” means a cash award set forth in Section 12. 
 (jj) “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Administrator (in its discretion) to be applicable to a Participant with respect to an Award. As
determined by the Administrator, the Performance Goals applicable to an Award may provide for a targeted level or levels of achievement using one or more of the following measures: 

(i) revenue; 

  
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 (ii) gross margin; 

(iii) operating margin; 
 (iv) operating income; 
 (v) operating profit or net operating profit;

 (vi) pre-tax profit; 
 (vii) earnings (which may include earnings before interest, taxes and depreciation, earnings before taxes and net earnings); 
 (viii) net income; 
 (ix) cash flow (including operating cash flow or free cash
flow); 
 (x) expenses; 
 (xi) the market price of the Common Stock; 
 (xii) earnings per share;

 (xiii) return on stockholder equity; 
 (xiv) return on capital; 
 (xv) return on assets or net assets; 

(xvi) return on equity; 
 (xvii) return on investment; 
 (xviii) economic value added; 

(xix) number of customers; 
 (xx) stock price; 
 (xxi) growth in stockholder value relative to the moving
average on the S&P 500 Index or another index; 
 (xxii) market share; 

(xxiii) contract awards or backlog; 
 (xxiv) overhead or other expense reduction; 
 (xxv) credit rating; 

  
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 (xxvi) objective customer indicators; 

(xxvii) new product invention or innovation; 
 (xxviii) attainment of research and development milestones; and 
 (xxix)
improvements in productivity. 
 The Performance Goals may differ from Participant to Participant and from Award to Award. Any
criteria used may be measured, as applicable, (i) in absolute terms, (ii) in combination with another Performance Goal or Goals (for example, but not by way of limitation, as a ratio or matrix), (iii) in relative terms (including, but
not limited to, results for other periods, passage of time and/or against another company or companies or an index or indices), (iv) on a per-share or per-capita basis, (v) against the performance of the Company as a whole or a segment of
the Company (including, but not limited to, any combination of the Company and any subsidiary, division, joint venture, Affiliate and/or other segment) and/or (vi) on a pre-tax or after-tax basis. Prior to the Determination Date, the
Administrator shall determine whether any significant element(s) or item(s) shall be included in or excluded from the calculation of any Performance Goal with respect to any Participants (for example, but not by way of limitation, the effect of
mergers and acquisitions). As determined in the discretion of the Administrator prior to the Determination Date, achievement of Performance Goals for a particular Award may be calculated in accordance with the Company’s financial statements,
prepared in accordance with generally accepted accounting principles (“GAAP”), or on a basis other than GAAP, including as adjusted for certain costs, expenses, gains and losses to provide non-GAAP measures of operating results.

 (kk) Performance Period” means the time period determined by the Administrator in its sole discretion during
which the performance objectives must be met. 
 (ll) “Performance Share” means an Award denominated in Shares
which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 11. 
 (mm) “Performance Unit” means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which
may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 11. 
 (nn)
“Plan” means this 2013 Equity Incentive Plan. 
 (oo) “Restricted Stock” means Shares issued
pursuant to a Restricted Stock award under Section 8 of the Plan, or issued pursuant to the early exercise of an Option. 

(pp) “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one
Share, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 
 (qq) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 

  
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 (rr) “Section 16(b)” means Section 16(b) of the Exchange Act.

 (ss) “Section 409A” means Section 409A of the Code, and any proposed, temporary or final Treasury
Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time. 
 (tt)
“Securities Act” means the Securities Act of 1933, as amended. 
 (uu) “Service
Provider” means an Employee, Director or Consultant. The Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be a Service Provider and the effective date of such
individual’s status as, or cessation of status as, a Service Provider. For purposes of an individual’s rights, if any, under the Plan as of the time of the Company’s determination, all such determinations by the Company shall be
final, binding and conclusive, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary determination. 
 (vv) “Share” means a share of the Common Stock, as adjusted in accordance with Section 16 of the Plan. 
 (ww) “Stock Appreciation Right” or “SAR” means an Award, granted alone or in connection with an Option, that pursuant to Section 10 is designated as a Stock
Appreciation Right. 
 (xx) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter
existing, as defined in Section 424(f) of the Code. 
 (yy) “Tax Obligations” means tax and social
insurance liability obligations and requirements in connection with the Awards, including, without limitation, (a) all federal, state, and local taxes (including the Participant’s Federal Insurance Contributions Act (FICA) obligation) that
are required to be withheld by the Company or the employing Affiliate, (b) the Participant’s and, to the extent required by the Company (or Affiliate), the Company’s (or Affiliate’s) fringe benefit tax liability, if any,
associated with the grant, vesting, or exercise of an Award or sale of Shares, and (c) any other Company (or Affiliate) taxes the responsibility for which the Participant has, or has agreed to bear, with respect to such Award (or exercise
thereof or issuance of Shares thereunder). 
 3. Stock Subject to the Plan. 

(a) Stock Subject to the Plan. Subject to the provisions of Section 16 of the Plan, the maximum aggregate number of Shares
that may be issued under the Plan is 48,000,000 Shares, plus (i) any Shares that, as of the date stockholders initially approve the Plan, have been reserved but not issued pursuant to any awards granted under the 2004 Equity Incentive Plan (the
“2004 Plan”) and/or the 2004 Outside Directors Stock Plan (the “Director Plan” and, together with the 2004 Plan, the “Prior Plans” and each, a “Prior Plan”) and are not subject to
any awards granted thereunder, with the Shares subject to the awards referenced in this clause (i) credited to the aggregate number of Shares that may be awarded under the Plan as one (1) Share for every one (1) Share subject thereto,
and (ii) any Shares subject to stock options or other awards granted under the Prior Plans that, after the date stockholders initially approve the Plan, expire or otherwise terminate without having been vested or exercised in full, Shares
issued pursuant to awards granted under the Prior Plans that, after the date stockholders initially approve the Plan, are forfeited to or repurchased by the Company due 

  
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to failure to vest, and Shares subject to awards granted under a Prior Plan that, after the date stockholders initially approve the Plan, would have, but for the termination of the applicable
Prior Plan, again become available for future use under the terms of such Prior Plan (as applicable), with the Shares subject to those of the awards referenced in this clause (ii) that are stock options and/or stock appreciation rights credited
to the aggregate number of Shares that may be awarded under the Plan as one (1) Share for every one (1) Share subject thereto, and the Shares subject to those of the awards referenced in this clause (ii) that are awards other than
stock options or stock appreciation rights credited to the aggregate number of Shares that may be awarded under the Plan as two and fifteen-one hundredths (2.15) Shares for every one (1) Share subject thereto. Notwithstanding the
foregoing, the maximum number of Shares to be added to the Plan pursuant to clause (i) of the prior sentence shall be equal to 23,800,000 Shares and the maximum number of Shares to be added to the Plan pursuant to clause (ii) of the prior
sentence shall be equal to 54,332,000 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock. Any Shares subject to Awards of Options or Stock Appreciation Rights shall be counted against the numerical limits of this
Section 3 as one (1) Share for every one (1) Share subject thereto. Any Shares subject to Awards granted under the Plan other than Options or Stock Appreciation Rights shall be counted against the numerical limits of this
Section 3 as two and fifteen-one hundredths (2.15) Shares for every one (1) Share subject thereto and shall be counted as two and fifteen-one hundredths (2.15) Shares for every one (1) Share returned to or deemed not issued
from the Plan pursuant to this Section 3. The Shares may be authorized, but unissued, or reacquired Common Stock. 
 (b)
Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance
Shares, is forfeited to or repurchased by the Company due to failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited or repurchased Shares), which were subject thereto will become
available for future grant or sale under the Plan (unless the Plan has terminated). Upon exercise of a Stock Appreciation Right settled in Shares, the gross number of Shares covered by the portion of the Award so exercised, whether or not actually
issued pursuant to such exercise will cease to be available under the Plan. Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan;
provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to the Company due to failure to vest, such Shares will
become available for future grant under the Plan. Notwithstanding the foregoing, Shares used to pay the exercise price or purchase of an Award other than an Option or SAR or to satisfy the tax withholding obligations related to an Award other than
an Option or SAR will become available for future grant and/or sale under the Plan; Shares used to pay the exercise price or purchase of an Option or SAR or to satisfy the tax withholding obligations related to an Option or SAR will not become
available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, whether pursuant to a Performance Bonus Award or other Award, such cash payment will not result in reducing the number
of Shares available for issuance under the Plan. Notwithstanding anything in the Plan or any Award Agreement to the contrary, Shares actually issued pursuant to Awards transferred under any Award Transfer Program will not be again available for
grant under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 16, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated
in Section 3(a), plus, to the extent allowable under Section 422 of the Code and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to this Section 3(b). 

(c) Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares
as will be sufficient to satisfy the requirements of the Plan. 

  
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 4. Administration of the Plan. 

(a) Procedure. 
 (i) Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan. 

(ii) Section 162(m). To the extent that the Administrator determines it to be desirable to qualify Awards granted hereunder
as “performance-based compensation” within the meaning of Section 162(m) of the Code, the Plan will be administered by a Committee of two (2) or more “outside directors” within the meaning of Section 162(m) of the
Code. 
 (iii) Rule 16b-3. To the extent desirable to qualify transactions hereunder as exempt under
Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3. 
 (iv) Other Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws.
The Administrator may, in its discretion and to the extent permitted by Applicable Laws, delegate to a Committee, including but not limited to, comprised of one or more Officers, the authority to grant one or more Awards, without further approval of
the Administrator, on such terms and conditions as the Administrator, in its discretion, deems appropriate. To the extent of any delegation by the Administrator, references to the Administrator in the Plan and any Award Agreement shall be deemed
also to include reference to the applicable delegate(s). 
 (v) Delegation of Authority for Day-to-Day Administration;
Authority of Officers. Except to the extent prohibited by Applicable Law, the Administrator may delegate to one or more individuals the day-to-day administration of the Plan and any of the functions assigned to it in this Plan. Such delegation
may be revoked at any time. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, determination or election which is the responsibility of or which is allocated to the Company herein,
provided the Officer has apparent authority with respect to such matter, right, obligation, determination or election. 
 (b)
Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 (i) to determine the Fair Market Value; 
 (ii) to select the Service Providers to whom Awards may be granted hereunder; 

  
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 (iii) to determine the number of Shares to be covered by each Award granted hereunder;

 (iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the method of payment for Shares purchased under any Award, the method for satisfaction of any tax withholding obligation arising in connection with an Award, the time or times when
Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such
factors as the Administrator will determine; 
 (vi) to determine the terms and conditions of any Exchange Program and/or Award
Transfer Program and with the consent of the Company’s stockholders, to institute an Exchange Program and/or Award Transfer Program (provided that the Administrator may not institute an Exchange Program and/or Award Transfer Program without
first receiving the consent of the Company’s stockholders); 
 (vii) to construe and interpret the terms of the Plan and
Awards granted pursuant to the Plan; 
 (viii) to prescribe, amend and rescind rules and regulations relating to the Plan,
including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws and/or for qualifying for favorable tax treatment under applicable foreign laws; 

(ix) to modify or amend each Award (subject to Section 22 of the Plan), including but not limited to the discretionary authority to
extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 7(b) of the Plan regarding Incentive Stock Options); 

(x) to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section 18 of the Plan;

 (xi) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award
previously granted by the Administrator pursuant to such procedures as the Administrator may determine; 
 (xii) to allow a
Participant, in compliance with all Applicable Laws including, but not limited to, Section 409A, to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award; and

 (xiii) to determine whether Awards will be settled in Shares, cash or in any combination thereof; 

  
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 (xiv) to impose such restrictions, conditions or limitations as it determines appropriate
as to the timing and manner of any resales by a Participant or other subsequent transfers by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an insider trading policy,
and (B) restrictions as to the use of a specified brokerage firm for such resales or other transfers; 
 (xv) to require
that the Participant’s rights, payments and benefits with respect to an Award (including amounts received upon the settlement or exercise of an Award) shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of
certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award, as may be specified in an Award Agreement at the time of the Award, or later if (A) Applicable Laws require the Company to adopt a
policy requiring such reduction, cancellation, forfeiture or recoupment, or (B) pursuant to an amendment of an outstanding Award; and 
 (xvi) to correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and take such other actions with respect to the Plan
or any Award deemed necessary or advisable for administering the Plan. 
 (c) Effect of Administrator’s Decision.
The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards and shall be given the maximum deference permitted by law. 

5. Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance
Shares and Performance Units may be granted to Service Providers. Performance Bonus Awards may be granted only to Employees. Incentive Stock Options may be granted only to Employees of the Company or Parent or Subsidiary of the Company. 

6. Limitations. 
 (a) Incentive Stock Options. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designation, to
the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary)
exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. If the Code is amended to provide for a different limitation from that set forth in this Section, such different limitation shall be deemed
incorporated herein effective as of the date and with respect to such Options as required or permitted by such amendment to the Code. Further, if for any reason an Option (or portion thereof) designated as an Incentive Stock Option shall not qualify
as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a Nonstatutory Stock Option granted under the Plan. For purposes of this Section 6(a), Incentive Stock Options
will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted. 

  
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 (b) Section 162(m) Limitations. The following limitations shall apply to Awards
under the Plan: subject to adjustment as provided in Section 16, during any Fiscal Year, no Employee will be granted: 

(i) Options and/or SARs covering more than a total of 20,000,000 Shares; provided, however, that in connection with his or her initial
employment, an Employee may be granted Options and/or SARs covering up to a total of 8,000,000 additional Shares in the Fiscal Year in which his or her service as an Employee first commences; 

(ii) Restricted Stock and/or Restricted Stock Units and/or Performance Shares covering more than 10,000,000 Shares; provided, however,
that in connection with his or her initial employment, an Employee may be granted Restricted Stock, Restricted Stock Units and/or Performance Shares covering up to a total of 4,000,000 additional Shares in the Fiscal Year in which his or her service
as an Employee first commences; 
 (iii) Performance Units having an initial value greater than $15,000,000; provided, however,
that in connection with his or her initial employment, an Employee may be granted additional Performance Units in the Fiscal Year in which his or her service as an Employee first commences having an initial value no greater than $5,000,000; and

 (iv) Performance Bonus Awards that could result in such Employee receiving more than $10,000,000 in any one Fiscal Year.

 (v) If an Award is cancelled in the same Fiscal Year in which it was granted (other than in connection with a transaction
described in Section 16(c)), the cancelled Award will be counted against the limits set forth in this subsection (b). 

(c) Outside Director Award Limitations. Subject to adjustment as provided in Section 16, no Outside Director may be
granted, in any Fiscal Year, Awards covering more than 60,000 Shares. Any Awards granted to an individual while he or she was an Employee, or while he or she was a Consultant but not an Outside Director, shall not count for purposes of this
limitation. 
 7. Stock Options. 
 (a) Grant of Option. Subject to the terms and conditions of the Plan, Option may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its
sole discretion. Subject to Section 6 and the other terms and conditions of the Plan, the Administrator will have complete discretion to determine the number of Shares granted to any Service Provider. Each Option shall be evidenced by an Award
Agreement (which may be in electronic form) that shall specify the exercise price, the expiration date of the Option, the number of Shares covered by the Option, any conditions to exercise the Option, and such other terms and conditions as the
Administrator, in its discretion, shall determine. 
 (b) Term of Option. The term of each Option will be stated in the
Award Agreement; provided, however, that the term will be no more than seven (7) years from the date of grant hereof. In the case of an Incentive Stock Option, the term will be seven (7) years from the date of grant or such shorter term as
may be provided in the Award Agreement. Moreover, in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is 

  
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granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive
Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement. 

(c) Option Exercise Price and Consideration. 
 (i) Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator, subject to the following: 

(1) In the case of an Incentive Stock Option 
 (A) granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or
any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. 
 (B) granted to any Employee other than an Employee described in paragraph (A) immediately above, the per Share exercise price will be no less than one hundred percent (100%) of the Fair Market
Value per Share on the date of grant. 
 (2) In the case of a Nonstatutory Stock Option, the per Share exercise price will be
no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
 (3) Notwithstanding
the foregoing, Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with,
Section 424(a) of the Code. 
 (ii) Waiting Period and Exercise Dates. At the time an Option is granted, the
Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. At any time after the grant of an Option, the Administrator, in its sole
discretion, may reduce or waive any vesting criteria or waiting periods and may accelerate the time at which any restrictions will lapse or be removed. 
 (iii) Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of an Incentive Stock
Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of, without limitation: (1) cash; (2) check; (3) promissory note, to the extent permitted by
Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided that accepting such Shares
will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under a cashless exercise program (whether through a broker, net exercise
program or otherwise) implemented by the Company in connection with the Plan; (6) by reduction in the amount of any 

  
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Company liability to the Participant, (7) by net exercise; (8) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or
(9) any combination of the foregoing methods of payment. 
 (d) Exercise of Option. 

(i) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of
the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. 

An Option will be deemed exercised when the Company receives: (i) a notice of exercise (in such form as the Administrator may
specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of any
consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the
name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other
rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be
made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 16 of the Plan. 
 Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is
exercised. 
 (ii) Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider,
other than upon the Participant’s termination as the result of the Participant’s death or Disability or as a result of a termination for Cause, the Participant may exercise his or her Option within such period of time as is specified in
the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award
Agreement, the Option will remain exercisable for ninety (90) days following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the
Shares covered by such Option will revert to the Plan. 
 (iii) Disability of Participant. If a Participant ceases to be
a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but
in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the 

  
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Option will remain exercisable for twelve (12) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the
Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein,
the Option will terminate, and the Shares covered by such Option will revert to the Plan. 
 (iv) Death of Participant.
If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in
no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred
pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following
Participant’s death. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan.
If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. The Participant’s status as a Service Provider shall be deemed to have terminated on
account of death if the Participant dies within ninety (90) days (or such longer period of time as determined by the Administrator, in its discretion) after the Participant’s termination as a Service Provider. 

(v) Termination for Cause. Notwithstanding any other provision of the Plan to the contrary, if the Participant’s status as a
Service Provider is terminated for Cause, the Option shall terminate and cease to be exercisable immediately upon such termination as a Service Provider. 
 (e) Extension if Exercise Prevented by Law. Notwithstanding the foregoing, other than termination of Service for Cause, if the exercise of an Option within the applicable time periods set forth in
Section 7(d) is prevented by the provisions of Section 27 below, the Option shall remain exercisable until ninety (90) days (or such longer period of time as determined by the Administrator, in its discretion) after the date the
Participant is notified by the Company that the Option is exercisable, but in no event later than the expiration of the term of such Option as set forth in the Award Agreement. 

(f) Extension if Participant Subject to Section 16(b). Notwithstanding the foregoing, other than termination of Service for
Cause, if a sale within the applicable time periods set forth in Section 7(d) of shares acquired upon the exercise of the Option would subject the Participant to suit under Section 16(b) of the Exchange Act, the Option shall remain
exercisable until the earliest to occur of (i) the tenth (10th) day following the date on which a sale of such shares by the Participant would no longer be subject to such suit, (ii) the expiration of the term of such Option as set
forth in the Award Agreement. 

  
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 8. Restricted Stock. 

(a) Grant of Restricted Stock. Subject to Section 6 and the other terms and conditions of the Plan, the Administrator, at any
time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. 
 (b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement (which may be in electronic form) that will specify any vesting conditions, the number of
Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. For purposes of clarity, an Award of Restricted Stock may be granted without vesting conditions or other restrictions. Unless the
Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares, if any, have lapsed. 
 (c) Transferability. Except as provided in this Section 8, Section 15 or the Award Agreement, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated until the end of the applicable vesting period (if any). 
 (d) Other Restrictions. The
Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate. 
 (i) General Restrictions. The Administrator may set restrictions based upon continued employment or service, the achievement of specific performance objectives (Company-wide, departmental,
divisional, business unit, or individual), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. 
 (ii) Section 162(m) Performance Restrictions. For purposes of qualifying grants of Restricted Stock as “performance-based compensation” under Section 162(m) of the Code, the
Administrator, in its discretion, may set restrictions based upon the achievement of Performance Goals. The Performance Goals shall be set by the Administrator on or before the Determination Date. In granting Restricted Stock which is intended to
qualify under Section 162(m) of the Code, the Administrator shall follow any procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the Restricted Stock under Section 162(m) of the Code
(e.g., in determining the Performance Goals and certifying in writing whether the applicable Performance Goals have been achieved after the completion of the applicable Performance Period). 

(e) Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each
Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the vesting period or at such other time as the Administrator may determine. The Administrator, in its discretion, reduce or waive
any vesting criteria and may accelerate the time at which any restrictions will lapse or be removed. The Administrator, in its discretion, may establish procedures regarding the release of Shares from escrow and/or removal of legends, as necessary
or appropriate to minimize administrative burdens on the Company. 

  
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 (f) Legend on Certificates. The Administrator, in its discretion, may require that
one or more legends be place on the certificates representing Restricted Stock to give appropriate notice of the applicable restrictions. 
 (g) Voting Rights. During the vesting period, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the
Administrator determines otherwise. 
 (h) Dividends and Other Distributions. During the vesting period, Participants
holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. Any such dividends or distributions shall be subject to the same
restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid, unless otherwise provided in the Award Agreement. 
 (i) Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and, subject to
Section 3, again will become available for grant under the Plan. 
 9. Restricted Stock Units. 

(a) Grant. Subject to Section 6 and the other terms and conditions of the Plan, the Administrator, at any time and from time
to time, may grant Restricted Stock Units to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. 
 (b) Award Agreement. Each Award of Restricted Stock Units will be evidenced by an Award Agreement (which may be in electronic form) that will specify any vesting conditions, the number of
Restricted Stock Units granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 
 (c) Vesting Criteria and Other Terms. The Administrator will set vesting criteria (if any) in its discretion, which, depending on the extent to which the criteria are met, will determine the number
of Restricted Stock Units that will be paid out to the Participant. 
 (i) General Restrictions. The Administrator may
set vesting criteria based upon continued employment or service, the achievement of specific performance objectives (Company-wide, departmental, divisional, business unit, or individual goals (including, but not limited to, continued employment or
service), applicable federal or state securities laws or any other basis determined by the Administrator in its discretion. 

(ii) Section 162(m) Performance Restrictions. For purposes of qualifying grants of Restricted Stock Units as
“performance-based compensation” under Section 162(m) of the Code, the Administrator, in its discretion, may set restrictions based upon the achievement of Performance Goals. The Performance Goals shall be set by the Administrator on
or before the Determination Date. In granting Restricted Stock Units that are intended to qualify under Section 162(m) of the Code, the Administrator shall follow any procedures determined by it from time to time to be necessary or appropriate
to ensure qualification of the Restricted Stock Units under Section 162(m) of the Code (e.g., in determining the Performance Goals and certifying in writing whether the applicable Performance Goals have been achieved after the completion of the
applicable Performance Period). 

  
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 (d) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the
Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting
criteria that must be met to receive a payout and may accelerate the time at which any restrictions will lapse or be removed. 

(e) Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
determined by the Administrator and set forth in the Award Agreement; provided, however, that the timing of payment shall in all cases comply with Section 409A to the extent applicable to the Award. The Administrator, in its sole discretion,
may settle earned Restricted Stock Units in cash, Shares, or a combination of both. 
 (f) Cancellation. On the date set
forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company and, subject to Section 3, again will become available for grant under the Plan. 

(g) Voting Rights, Dividend Equivalents and Distributions. Participants shall have no voting rights with respect to Shares
represented by Restricted Stock Units until the date of the issuance of such Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Administrator, in its
discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant shall be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on Shares having a record date prior to
the date on which the Restricted Stock Units held by such Participant are settled or forfeited. Such Dividend Equivalents, if any, shall be paid by crediting the Participant with additional whole Restricted Stock Units as of the date of payment of
such cash dividends on Shares. The number of additional Restricted Stock Units (rounded to the nearest whole number) to be so credited shall be determined by dividing (a) the amount of cash dividends paid on such date with respect to the number
of Shares represented by the Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per Share on such date. Such additional Restricted Stock Units shall be subject to the same terms and conditions, including
but not limited to vesting conditions, and shall be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award. Settlement of Dividend Equivalents may be made in cash, Shares,
or a combination thereof as determined by the Administrator. In the event of a dividend or distribution paid in Shares or any other adjustment made upon a change in the capital structure of the Company as described in Section 16 appropriate
adjustments shall be made in the Participant’s Restricted Stock Unit Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than normal cash dividends) to
which the Participant would be entitled by reason of the Shares issuable upon settlement of the Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same vesting conditions as are
applicable to the Award. 

  
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 10. Stock Appreciation Rights. 

(a) Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted
to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. 

(b) Number of Shares. Subject to Section 6 and the other terms and conditions of the Plan, the Administrator will have
complete discretion to determine the number of Stock Appreciation Rights granted to any Service Provider. 
 (c) Exercise
Price and Other Terms. The per share exercise price for the Shares to be issued pursuant to exercise of a Stock Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair
Market Value per Share on the date of grant. Notwithstanding the foregoing, Stock Appreciation Rights may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant
pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of
Stock Appreciation Rights granted under the Plan. At any time after the grant of a Stock Appreciation Right, the Administrator, in its sole discretion, may reduce or waive any vesting criteria and may accelerate the time at which any restrictions
will lapse or be removed. 
 (d) Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be
evidenced by an Award Agreement (which may be in electronic form) that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole
discretion, will determine. 
 (e) Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the
Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 7(b) relating to the maximum term and Sections 7(d), 7(e) and
7(f) relating to exercise also will apply to Stock Appreciation Rights. 
 (f) Payment of Stock Appreciation Right
Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times 
 (ii) The number of Shares with respect to which the Stock Appreciation Right is exercised. 
 At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof. 

  
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 11. Performance Units and Performance Shares. 

(a) Grant of Performance Units/Shares. Subject to the terms and conditions of the Plan, Performance Units and Performance Shares
may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion. Subject to Section 6 and the other terms and conditions of the Plan, the Administrator will have complete
discretion in determining the number of Performance Units and/or Performance Shares granted to each Participant. 
 (b) Award
Agreement. Each Award of Performance Shares and Performance Units will be evidenced by an Award Agreement (which may be in electronic form) that will specify any vesting conditions, the number of Performance Shares or Performance Units, as
applicable, granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 
 (c)
Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a
Share on the date of grant. 
 (d) Performance Objectives and Other Terms. The Administrator will set performance
objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) (if any) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units
or Performance Shares, as applicable, that will be paid out to the Service Providers. The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.” Each Award of
Performance Units and Performance Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(i) General Restrictions. The Administrator may set vesting criteria based upon continued employment or service, the achievement
of specific performance objectives (Company-wide, departmental, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis
determined by the Administrator in its discretion. 
 (ii) Section 162(m) Performance Restrictions. For purposes of
qualifying grants of Performance Shares and/or Performance Units as “performance-based compensation” under Section 162(m) of the Code, the Administrator, in its discretion, may set restrictions based upon the achievement of
Performance Goals. The Performance Goals shall be set by the Administrator on or before the Determination Date. In granting Performance Shares and/or Performance Units that are intended to qualify under Section 162(m) of the Code, the
Administrator shall follow any procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the Performance Shares and/or Performance Units under Section 162(m) of the Code (e.g., in determining the
Performance Goals and certifying in writing whether the applicable Performance Goals have been achieved after the completion of the applicable Performance Period). 

  
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 (e) Earning of Performance Units/Shares. After the applicable Performance Period has
ended, the holder of Performance Units or Performance Shares, as applicable, will be entitled to receive a payout of the number of Performance Units or Performance Shares, as applicable, earned by the Participant over the Performance Period, to be
determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. After the grant of a Performance Unit and/or Performance Share, the Administrator, in its sole discretion, may
reduce or waive any performance objectives or other vesting provisions for such Performance Unit or Performance Share, as applicable, and may accelerate the time at which any restrictions will lapse or be removed. 

(f) Form and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units and Performance Shares will be
made as soon as practicable after the expiration of the applicable Performance Period or as otherwise determined by the Administrator; provided, however, that the timing of payment shall in all cases comply with Section 409A to the extent
applicable to the Award. The Administrator, in its sole discretion, may pay earned Performance Units and Performance Shares in the form of cash, in Shares or in a combination thereof. 

(g) Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance
Units or Performance Shares, as applicable, will be forfeited to the Company, and, subject to Section 3, again will be available for grant under the Plan. 
 (h) Voting Rights, Dividend Equivalents and Distributions. Participants shall have no voting rights with respect to Shares represented by Performance Units and/or Performance Shares until the date
of the issuance of such Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Administrator, in its discretion, may provide in the Award Agreement evidencing
any Award of Performance Shares that the Participant shall be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on Shares having a record date prior to the date on which the Performance Shares are settled or
forfeited. Such Dividend Equivalents, if any, shall be paid by crediting the Participant with additional whole Performance Shares as of the date of payment of such cash dividends on Shares. The number of additional Performance Units or Performance
Shares, as applicable, (rounded to the nearest whole number) to be so credited shall be determined by dividing (a) the amount of cash dividends paid on such date with respect to the number of Shares represented by the Performance Shares
previously credited to the Participant by (b) the Fair Market Value per Share on such date. Such additional Performance Shares shall be subject to the same terms and conditions, including but not limited to vesting conditions, and shall be
settled in the same manner and at the same time (or as soon thereafter as practicable) as the Performance Units or Performance Shares, as applicable, originally subject to the Award of Performance Units or Performance Shares, as applicable.
Settlement of Dividend Equivalents may be made in cash, Shares, or a combination thereof as determined by the Administrator, and may be paid on the same basis as settlement of the related Performance Share. Dividend Equivalents shall not be paid
with respect to Performance Units. In the event of a dividend or distribution paid in Shares or any other adjustment made upon a change in the capital structure of the Company as described in Section 16 appropriate adjustments shall be made in
the Participant’s Award of Performance Shares so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other 

  
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than normal cash dividends) to which the Participant would be entitled by reason of the Shares issuable upon settlement of the Award, and all such new, substituted or additional securities or
other property shall be immediately subject to the same vesting conditions as are applicable to the Award. 
 12. Performance
Bonus Awards. 
 (a) Grant of Performance Bonus Awards. Subject to the terms and conditions of the Plan, Performance
Bonus Awards may be granted to Employees at any time and from time to time, as will be determined by the Administrator, in its sole discretion, in the form of a cash bonus payable upon the attainment of Performance Goals and/or other performance
objectives that are established by the Administrator, in each case on a specified date or dates or over any period or periods determined by the Administrator. Any such Performance Bonus Award paid to an Employee who would be considered a
“covered employee” within the meaning of Section 162(m) of the Code (hereinafter a “Covered Employee”) will be based upon objectively determinable bonus formulas established in accordance with Section 13.

 (b) Subject to Section 6 and the other terms and conditions of the Plan, the Administrator will have complete discretion
to determine the amount of the cash bonus that could be earned under a Performance Bonus Award. 
 13. Terms and Conditions
of Any Performance-Based Award. 
 (a) Purpose. The purpose of this Section 13 is to provide the Administrator
the ability to qualify Awards (other than Options and SARs) that are granted pursuant to the Plan as qualified performance-based compensation under Section 162(m) of the Code. If the Administrator, in its discretion, decides to grant a
Performance-Based Award subject to Performance Goals to a Covered Employee, the provisions of this Section 13 will control over any contrary provision in the Plan; provided, however, that the Administrator may in its discretion grant Awards to
such Covered Employees that are based on Performance Goals or other specific criteria or goals but that do not satisfy the requirements of this Section 13. 
 (b) Applicability. This Section 13 will apply to those Covered Employees which are selected by the Administrator to receive any Award subject to Performance Goals. The designation of a Covered
Employee as being subject to Section 162(m) of the Code will not in any manner entitle the Covered Employee to receive an Award under the Plan. Moreover, designation of a Covered Employee subject to Section 162(m) of the Code for a
particular Performance Period will not require designation of such Covered Employee in any subsequent Performance Period and designation of one Covered Employee will not require designation of any other Covered Employee in such period or in any
other period. 
 (c) Procedures with Respect to Performance-Based Awards. To the extent necessary to comply with the
performance-based compensation requirements of Section 162(m) of the Code, with respect to any Award granted subject to Performance Goals, no later than the Determination Date, the Administrator will, in writing, (a) designate one or more
Participants who are Covered Employees, (b) select the Performance Goals applicable to the Performance Period, (c) establish the Performance Goals, and amounts or methods of computation of such Awards, as applicable, which may be earned
for such Performance Period, and (d) specify the relationship 

  
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between Performance Goals and the amounts or methods of computation of such Awards, as applicable, to be earned by each Covered Employee for such Performance Period. Following the completion of
each Performance Period, the Administrator will certify in writing whether the applicable Performance Goals have been achieved for such Performance Period. In determining the amounts earned by a Covered Employee, the Administrator will have the
right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Administrator may deem relevant to the assessment of individual or corporate performance for the
Performance Period. 
 (d) Payment of Performance Based Awards. Unless otherwise provided in the applicable Award
Agreement, a Covered Employee must be employed by the Company or a Related Entity on the day a Performance-Based Award for such Performance Period is paid to the Covered Employee. Furthermore, a Covered Employee will be eligible to receive payment
pursuant to a Performance-Based Award for a Performance Period only if the Performance Goals for such period are achieved, unless otherwise permitted by Section 162(m) of the Code and determined by the Administrator. 

(e) Additional Limitations. Notwithstanding any other provision of the Plan, any Award which is granted to a Covered Employee and
is intended to constitute qualified performance based compensation under Section 162(m) of the Code will be subject to any additional limitations set forth in the Code (including any amendment to Section 162(m)) or any regulations and
ruling issued thereunder that are requirements for qualification as qualified performance-based compensation as described in Section 162(m) of the Code, and the Plan will be deemed amended to the extent necessary to conform to such
requirements. 
 14. Leaves of Absence/Transfer Between Locations. Unless the Administrator provides
otherwise or as otherwise required by Applicable Law, vesting of Awards granted hereunder will be suspended during any unpaid personal leave of absence other than a Company-approved sabbatical, such that vesting shall cease on the first day of any
such unpaid personal leave of absence and shall only recommence upon return to active service. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between
locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or
contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive
Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 
 15. Transferability of Awards.

 (a) Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred,
or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant (or the Participant’s guardian or legal representative). If the
Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate. Notwithstanding anything to the contrary in the Plan, in no event will the Administrator have the right
to determine and implement the terms and conditions of any Award Transfer Program without stockholder approval. 

  
 -24-

 16. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or
other property, but excepting normal cash dividends), recapitalization, stock split, reverse stock split, reorganization, reincorporation, reclassification, merger, consolidation, split-up, split-off, spin-off, combination, repurchase, or exchange
of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to
be made available under the Plan, will adjust the number and class of shares of stock that may be delivered under the Plan and/or the number, class, and price of shares of stock covered by each outstanding Award, the numerical Share limits in
Section 3 of the Plan and the per person numerical Share limits in Section 6. Notwithstanding the preceding, the number of Shares subject to any Award always shall be a whole number. Any fractional share resulting from an adjustment
pursuant to this Section 16(a) shall be rounded down to the nearest whole number, and in no event may the exercise or purchase price under any Award be decreased to an amount less than the par value, if any, of the stock subject to such Award.

 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the
Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised (with respect to an Option or SAR) or vested (with respect to an Award
other than an Option or SAR), an Award will terminate immediately prior to the consummation of such proposed action. 
 (c)
Change in Control. In the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the
following paragraph), including, without limitation, that each Award be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. The Administrator will not be required
to treat all Awards similarly in the transaction. 
 In the event that the successor corporation does not assume or substitute
for the Award, the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all
restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, unless determined otherwise by the Administrator, all performance goals or other vesting criteria will be deemed
achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a Change in Control, the Administrator will
notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will
terminate upon the expiration of such period. 

  
 -25-

 For the purposes of this subsection (c), an Award will be considered assumed if,
following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in
the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit or Performance Share, for each Share subject to such Award, to be solely common stock of the
successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control. 
 Notwithstanding anything in this Section 16(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the
Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate
structure will not be deemed to invalidate an otherwise valid Award assumption. 
 (d) Outside Director Awards. With
respect to Awards granted to an Outside Director that are assumed or substituted for, if on the date of or following such assumption or substitution the Participant’s status as a Director or a director of the successor or acquiring corporation,
as applicable, is terminated other than upon a voluntary resignation by the Participant (unless such resignation is at the request of the acquirer), then the Participant will fully vest in and have the right to exercise Options and/or Stock
Appreciation Rights as to all of the Shares underlying such Award, including those Shares which would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards
with performance-based vesting, unless determined otherwise by the Administrator, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met.

 17. Deferrals. The Administrator, in its sole discretion, may permit a Participant to defer receipt of the payment of
cash or the delivery of Shares that would otherwise be due to such Participant under an Award. Any such deferral elections shall be subject to such rules and procedures as shall be determined by the Administrator in its sole discretion and, unless
otherwise expressly determined by the Administrator, shall comply with the requirements of Section 409A. 
 18. Tax.

 (a) Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof)
or such earlier time as any Tax Obligations are due, the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all Tax Obligations. 

  
 -26-

 (b) Withholding Arrangements. The Administrator, in its sole discretion and pursuant
to such procedures as it may specify from time to time, may designate the method or methods by which a Participant may satisfy such Tax Obligations. As determined by the Administrator in its discretion from time to time, these methods may include
one or more of the following (a) paying cash, (b) having the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld or remitted, (c) delivering to
the Company already-owned Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld or remitted, (d) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the
Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the Tax Obligations required to be withheld or remitted, (e) retaining from salary or other amounts payable to the Participant cash having a
sufficient value to satisfy the Tax Obligations, or (f) any other means which the Administrator, in its sole discretion, determines to both comply with Applicable Laws, and to be consistent with the purposes of the Plan. The amount of Tax
Obligations will be deemed to include any amount that the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to
the Participant or the Company, as applicable, with respect to the Award on the date that the amount of tax or social insurance liability to be withheld or remitted is to be determined. The Fair Market Value of the Shares to be withheld or delivered
shall be determined as of the date that the Tax Obligations are required to be withheld. 
 (c) Compliance With
Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Section 409A such that the grant, payment, settlement or deferral will not be
subject to the additional tax or interest applicable under Section 409A, except as otherwise determined in the sole discretion of the Administrator. Each payment or benefit under this Plan and under each Award Agreement is intended to
constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. The Plan, each Award and each Award Agreement under the Plan is intended to be exempt from or otherwise meet the requirements of
Section 409A and will be construed and interpreted, including but not limited with respect to ambiguities and/or ambiguous terms, in accordance with such intent, except as otherwise specifically determined in the sole discretion of the
Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A, such
that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A. 
 19. No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider
with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws. 

20. Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the
determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant. 

  
 -27-

 21. Term of Plan. Subject to Section 30 of the Plan, the Plan will become
effective upon its approval by the Company’s stockholders. It will continue in effect for a term of ten (10) years from the date of the initial Board action to adopt the Plan unless terminated earlier under Section 22 of the Plan.

 22. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Administrator may at any time amend, alter, suspend or terminate the Plan. 
 (b) Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws. 

(c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of
any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s
ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 
 23. Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by
the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

24. Severability. If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or
unenforceable in any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan shall not in any way be
affected or impaired thereby. 
 25. Fractional Shares. The Company shall not be required to issue fractional shares upon
the exercise or settlement of any Award. 
 26. Unfunded Obligation. Participants shall have the status of general
unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of
1974. No Participating Company shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership
of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust
or fiduciary relationship between the Administrator or any Participating Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of any Participating
Company. The Participants shall have no claim against any Participating Company for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan. 

  
 -28-

 27. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. The granting of Awards and the issuance and delivery of Shares under the Plan shall be subject to all
Applicable Laws, rule and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. Shares will not be issued pursuant to the exercise or vesting of an Award unless the exercise or vesting
of such Award and the issuance and delivery of such Shares will comply with Applicable Laws, rules and regulations and will be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required. 
 28. Inability to Obtain Authority. The inability of the Company to obtain authority from
any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or foreign law or under the rules and regulations of the Securities and Exchange
Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary
or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance
will not have been obtained. 
 29. Forfeiture Events. The Administrator may specify in an Award Agreement that the
Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or
performance conditions of an Award. Such events may include, but shall not be limited to, fraud, breach of a fiduciary duty, restatement of financial statements as a result of fraud or willful errors or omissions, termination of employment for
cause, violation of material Company and/or Subsidiary policies, breach of non-competition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or
reputation of the Company and/or its Subsidiaries. The Administrator may also require the application of this Section with respect to any Award previously granted to a Participant even without any specified terms being included in any applicable
Award Agreement to the extent required under Applicable Laws. 
 30. Stockholder Approval. The Plan will be subject to
approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

  
 -29-

			
	

	  	  
 salesforce.com, inc.

 
 ID:
[            ]
  

The Landmark@One Market Street
  

Suite 300
  
 San Francisco, CA 94105

		
	Notice of Grant of Stock Options and Terms and Conditions of Stock Options (together, with the exhibits and appendices thereto, the “Agreement”)	  	

  

					
	 	 	 
	FIRST_NAME: LAST_NAME:	  	Award Number:	  	[Number]
			
	[ADDRESS]	  	Plan:	  	2013 Equity Incentive Plan
			
	[ADDRESS LINE 2]	  	ID:	  	[ID]
			
	 [ADDRESS LINE 2]
  
	  	 	  	 

 Effective [GRANT DATE] (the “Grant Date”) you have been granted a [Nonstatutory Stock Option]
to purchase [NUMBER] shares of salesforce.com, inc. (the “Company”) common stock (the “Option”) at an exercise price per share of $[XX.XX]. 
 The total price of the Shares subject to the Option is $[XX.XX]. 
 [Vest Date:
[INSERT IF/AS APPLICABLE]] 
 Vesting Schedule/Expiration: Subject to any acceleration provisions contained in the Plan and/or
this Agreement [and/or [INSERT REFERENCE TO CONTRACT(S) CONTAINING ACCELERATION PROVISIONS, E.G., AS APPROPRIATE: the Change of Control and Retention Agreement between you and the Company dated [DATE]; and/or the offer letter between you and the
Company (or the Parent or Subsidiary of the Company employing you) dated [DATE]; and/ or the letter from the Company dated [DATE] detailing the Company’s intention to grant stock options to you; and/or any Change of Control and Retention
Agreement that has been or is, after the date of this Agreement, entered into between you and the Company], the Option will vest and remain exercisable thereafter based upon the following parameters as more fully described in the Terms and
Conditions of Stock Options attached hereto (subject to earlier termination as provided in paragraphs 2 and 3 of the Terms and Conditions of Stock Options): 
  

							
	 Shares
	  	 Vest Date
	  	 Full Vest
	  	 Expiration

				
	 [#]
	  	 [On Vest Date]
	  	[XX/XX/XX]	  	[XX/XX/XX]
				
	 [#]
	  	 [Monthly]
	  	[XX/XX/XX]	  	[XX/XX/XX]

 [To be added as appropriate: The Option granted hereunder is subject to the terms and
conditions of any [Change of Control and Retention Agreement between you and the Company (whether entered into before, on or after the Grant Date) [ADD OTHER CONTRACTS AS APPROPRIATE, e.g., as appropriate: and/or the offer letter between you
and the Company (or the Parent or Subsidiary of the Company employing you) dated [DATE]; and/or the letter from the Company dated [DATE] detailing the Company’s intention to grant stock options to you. Further, the first sentence of paragraph
24 of this Agreement shall be deemed to read, “This Agreement, along with the [Change of Control and Retention Agreement][ADD OTHER CONTRACTS AS APPROPRIATE] between Participant and the Company, constitutes the entire understanding of the
parties on the subjects covered.”] 
 [To be added for Options subject to performance-based vesting and intended to
qualify as “performance-based compensation” for purposes of Section 162(m) of the Code: Notwithstanding anything in the Agreement to the contrary, the Administrator’s discretion under paragraph 4 to accelerate the
vesting of this Option may only be utilized with respect to the portion (if any) of the Option that is no longer subject to performance-based vesting, unless otherwise permitted by Section 162(m) of the Code.] 

By signifying my acceptance below (either by my electronic or written signature), I agree that the Option is granted under and governed
by the terms and conditions of the 2013 Equity Incentive Plan (the “Plan”) and the Agreement (including this Notice of Grant of Stock Options, the Terms and Conditions of Stock Options and any exhibits or appendices thereto), all of which
are attached and made a part of this package. I understand that additional important terms and conditions, including regarding vesting and forfeiture, of this Option are contained in the rest of the Agreement and in the Plan. 

I understand that there may be adverse tax consequences as a result of my exercise or disposition of the Shares subject to my Option. I
represent that the Company has urged me to consult with a tax consultant, that I have had the opportunity to consult with any tax consultants that I deem advisable in connection with the receipt or disposition of the Shares, and that I am not
relying on the Company for any tax advice. I agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Agreement. I agree to notify the Company upon any
change in the residence address indicated for me above. 
 By clicking the “ACCEPT” button below, you agree to the
following: “This electronic contract contains my electronic signature, which I have executed with the intent to sign this Agreement.” 
 Be sure to retain a copy of your returned electronically signed Agreement. You may obtain a paper copy at any time and at the Company’s expense by requesting one from Global Equity Plan Services
Department (see paragraph 13 of the Terms and Conditions). If you prefer not to electronically sign this Agreement, you may accept this Agreement by signing a paper copy of the Agreement and delivering it to Global Equity Plan Services Department.

  
 2 

 SALESFORCE.COM, INC. 

STOCK OPTION AGREEMENT 
 TERMS AND CONDITIONS OF STOCK OPTIONS 
 Grant #
             
 1. Grant of Option. The Company hereby
grants to the individual named in the Notice of Grant (the “Participant”) an option (the “Option”) to purchase the number of Shares, as set forth in the Notice of Grant of Stock Options (the “Notice of Grant”), at the
exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all of the terms and conditions in this Agreement and the salesforce.com, Inc. 2013 Equity Incentive Plan (the “Plan”), which is
incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan will have the same defined meanings in this Stock Option Agreement (the “Agreement”), which includes the Notice of Grant and Terms and
Conditions of Stock Option Grant and all exhibits to the Agreement. 
 (a) For U.S. taxpayers, the Option will be designated as
either an Incentive Stock Option (“ISO”) or a Nonstatutory Stock Option (“NSO”). If designated in the Notice of Grant as an ISO, this Option is intended to qualify as an ISO under Section 422 of the Internal Revenue Code of
1986, as amended (the “Code”). However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it will be treated as a Nonstatutory Stock Option
(“NSO”). Further, if for any reason this Option (or portion thereof) will not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event
will the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO.

 (b) For non-U.S. taxpayers, the Option will be designated as an NSO. 

2. Vesting Schedule. Except as otherwise provided in paragraph 4 and subject to any acceleration provisions contained in the Plan
or set forth in this Agreement, the Option awarded by this Agreement will vest and be exercisable, in whole or in part, in accordance with the vesting provisions set forth in the Notice of Grant. Shares scheduled to vest on a certain date or upon
the occurrence of a certain condition will not vest in accordance with any of the provisions of this Agreement, unless Participant will have been continuously a Service Provider from the Grant Date until the date such vesting occurs. Notwithstanding
anything in this paragraph 2 to the contrary, and except as otherwise provided by the Administrator or as required by Applicable Laws, vesting of the Option shall be suspended during any unpaid personal leave of absence other than a Company-approved
sabbatical and other than military leave such that vesting shall cease on the first day of any such unpaid personal leave of absence and shall only recommence upon return to active service; provided, however, that no vesting credit will be awarded
for the time vesting has been suspended during such leave of absence. 
 3. Termination Period. 

(a) Generally. The Option will be exercisable until 5:00 pm local Pacific Time on the ninetieth (90th) day after the date
Participant ceases to be a Service Provider for reasons other than Cause or Participant’s death or Disability. In the event Participant ceases to be a Service Provider due to Participant’s

  
 3 

 
death or Disability, the Option will be exercisable until the close of business on the one (1) year anniversary of the date Participant ceases to be a Service Provider. Participant’s
status as a Service Provider shall be deemed to have terminated on account of death if Participant dies within ninety (90) days after the date Participant ceases to be a Service Provider. In the event Participant ceases to be a Service Provider
due to Cause, the Option will terminate and cease to be exercisable immediately upon the date Participant ceases to be a Service Provider. For purposes of the Option, Participant’s engagement as a Service Provider will be considered terminated
as of the date that Participant is no longer actively providing services to the Company or any Participating Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the
jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or engagement agreement, if any), and, unless otherwise expressly provided in this Agreement (including by reference in the Notice of Grant to other
arrangements or contracts) or determined by the Administrator, (i) Participant’s right to vest in the Option under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g.,
Participant’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is a Service Provider or
Participant’s employment or engagement agreement, if any, unless Participant is providing bona fide services during such time), and (ii) the period (if any) during which Participant may exercise the Option after such termination of
Participant’s engagement as a Service Provider will commence on the date Participant ceases to actively provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is
employed or terms of Participant’s employment or engagement agreement, if any; the Company shall have the discretion to determine when Participant is no longer actively providing services for purposes of the Option (including whether
Participant may still be considered to be providing services while on a leave of absence). 
 (b) Extension if Exercise
Prevented by Law. Notwithstanding the foregoing, if (i) Participant ceases to be a Service Provider for reasons other than as a result of Cause and (ii) the exercise of the Option within the applicable time periods set forth in
paragraph 3(a) is prevented by the Section 27 of the Plan, the Option shall remain exercisable until the close of business of the ninetieth (90th) day after the date Participant is notified by the Company that the Option is
exercisable, but in any event no later than the expiration of the term of the Option as set forth in the Notice of Grant. 
 (c)
Extension if Participant Subject to Section 16(b). Notwithstanding the foregoing, if (i) Participant ceases to be a Service Provider for reasons other than as a result of Cause and (ii) a sale within the applicable time periods
set forth in paragraph 3(a) of Shares acquired upon the exercise of the Option would subject Participant to suit under Section 16(b) of the Exchange Act, the Option shall remain exercisable until the earliest to occur of (x) the close of
business of the tenth (10th) day following the date on which a sale of such Shares by Participant would no longer be subject to such suit or (y) the expiration of the term of such Option as set forth in the Notice of Grant. 

(d) Limitations. Notwithstanding anything in Sections 3(a), (b), or (c) to the contrary, in no event may the Option be
exercised after the close business on the expiration of the term of the Option as set forth in the Notice of Grant, and may be subject to earlier termination as provided in Sections 16(b) and (c) of the Plan. 

4. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered as having vested as of the date specified by the Administrator. 

  
 4 

 5. Exercise of Option. 

(a) Right to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised
during such term only in accordance with the Plan and the terms of this Agreement. 
 (b) Method of Exercise. This Option
is exercisable in a manner and pursuant to such procedures as the Company may determine, which may include (but is not limited to) by delivery of an exercise notice, in the form attached as Exhibit C (the “Exercise Notice”), which
will state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to
the provisions of the Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together and of any Tax
Obligations. This Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price. This Option may not be exercised for a fraction of a Share and the Company will
not issue fractional Shares upon exercise of this Option. 
 6. Method of Payment. Payment of the aggregate Exercise
Price will be by any of the following, or a combination thereof, at the election of Participant: 
 (a) cash; 

(b) check; 

(c) consideration received by the Company under a formal cashless exercise program (whether through a broker, net exercise program or
otherwise) adopted by the Company in connection with the Plan; 
 (d) if Participant is a U.S. Employee, surrender of other
Shares which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting
consequences to the Company; or 
 (e) by such other consideration as may be approved by the Administrator from time to time to
the extent permitted by Applicable Laws. 
 7. Tax Obligations. 

(a) Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, the
Participating Company employing or retaining Participant (the “Employer”), the ultimate liability for Tax Obligations is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the
Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Option, including, but not limited
to, the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends or other distributions, and (ii) do not commit to and are under no obligation to structure the
terms of the grant or any aspect of the Option to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one jurisdiction between
the Grant Date and the date of any relevant taxable or tax withholding event, as 

  
 5 

 
applicable, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax Obligations in more than one
jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company may refuse to honor the
exercise and refuse to deliver the Shares or the proceeds from the sale of the Shares. 
 (b) Withholding of Taxes. Prior
to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax Obligations. In this regard, Participant authorizes the Company
and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax Obligations by withholding from proceeds of the sale of Shares acquired at exercise of the Option either through a voluntary sale
or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization) without further consent. Alternatively, the Company, in its sole discretion and pursuant to such procedures as it may specify from time
to time, may permit or require Participant to satisfy his or her obligations for Tax Obligations, in whole or in part (without limitation) by delivery of cash or check to the Company or the Employer or by means of withholding from
Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer. Finally, to the extent determined appropriate by the Administrator in its discretion, the Company will have the right (but not the
obligation) to satisfy any Tax Obligations by reducing the number of Shares otherwise deliverable to Participant. For avoidance of doubt, if Participant is a non-U.S. employee, payment of Tax Obligations may not be effectuated by surrender of other
Shares with a Fair Market Value equal to the amount of any Tax Obligations. Further, depending on the withholding method, the Company may withhold or account for Tax Obligations by considering maximum applicable rates, in which case Participant will
receive a refund of any over-withheld amount in cash and will have no entitlement to the Common Stock equivalent; provided, however, that where the application of such maximum rates would, in the Company’s determination, result in adverse
accounting consequences to the Company, the Company shall withhold only amounts sufficient to meet the minimum statutory Tax Obligations required to be withheld or remitted with respect to the Option. 

(c) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant
sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Grant Date, or (ii) the date one (1) year after the date of exercise, Participant will
immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. 

(d) Code Section 409A. Under Code Section 409A, an option that vests after December 31, 2004 (or that vested on or
prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share Exercise Price that is determined by the Internal Revenue Service (the “IRS”) to be less than the fair market value of a
Share on the Grant Date (a “Discount Option”) may be considered “deferred compensation.” For a Participant who is or becomes subject to U.S. Federal income taxation, a Discount Option may result in (i) income recognition by
Participant prior to the exercise of the option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The Discount Option may also result in additional state income, penalty and
interest charges to Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share Exercise Price of this Option equals or exceeds the Fair Market Value of a Share on the Grant Date in
a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the Grant Date, Participant will be solely responsible for
Participant’s costs related to such a determination, if any. 

  
 6 

 8. Rights as Stockholder. Neither Participant nor any person claiming under or
through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the
Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the
Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 9. No Guarantee of
Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE OPTION PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE EMPLOYER) AND NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS
OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH ANY RIGHT OF THE PARTICIPANT OR OF THE COMPANY (OR THE EMPLOYER) TO TERMINATE
PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
 10. Nature of Grant. In
accepting the Option, Participant acknowledges, understands and agrees that: 
 (a) the grant of the Option is voluntary and
occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past; 

(b) all decisions with respect to future option or other grants, if any, will be at the sole discretion of the Company; 

(c) Participant is voluntarily participating in the Plan; 
 (d) the Option and any Shares acquired under the Plan are not intended to replace any pension rights or compensation; 
 (e) the Option and Shares acquired under the Plan and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination,
redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 
 (f) the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted; 
 (g) if the Shares underlying the Option do not increase in value, the Option will have no value; 
 (h) if Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value, even below the Exercise Price; 

  
 7 

 (i) unless otherwise provided in the Plan or by the Company in its discretion, the Option
and the benefits evidenced by this Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate
transaction affecting the Shares; and 
 (j) the following provisions apply only if Participant is providing services outside
the United States: 
  

	 	(i)	the Option and the Shares subject to the Option are not part of normal or expected compensation or salary for any purpose; 

 

	 	(ii)	none of the Company, the Employer or any Participating Company shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and
the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise; and 

 

	 	(iii)	no claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the termination of Participant’s engagement as a
Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or engagement agreement,
if any), and in consideration of the grant of the Option to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Employer, the Company or any Participating Company, waives his or her
ability, if any, to bring any such claim, and releases the Employer, the Company or any Participating Company from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by
participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim. 

11. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors
regarding his or her participation in the Plan before taking any action related to the Plan. 
 12. Data Privacy.
Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Agreement and any other Option grant materials by and
among, as applicable, the Employer, the Company and any Participating Company for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan. 

Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but
not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of
all options or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

  
 8 

 Participant understands that Data will be transferred to a stock plan service provider
as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United States or
elsewhere, and that the recipient’s country of operation (e.g., the United States) may have different data privacy laws and protections than Participant’s country. Participant understands that if he or she resides outside the United
States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company and any other possible recipients which may
assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and
managing Participant’s participation in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands that if he
or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case
without cost, by contacting in writing his or her local human resources representative. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant
later seeks to revoke his or her consent, his or her engagement as a Service Provider and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s consent is that the Company
would not be able to grant Participant options or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in
the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative. 

13. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed in care of
Global Equity Plan Services Department, at salesforce.com, inc., The Landmark Bldg., One Market Street, Suite 300, San Francisco, CA 94105, or at such other address as the Company may hereafter designate in writing. 

14. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Participant only by Participant. 
 15. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 16. Additional Conditions to Issuance of Certificates for Shares of Stock. If at any time the Company will determine,
in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or foreign law, the tax code and related regulations under the rulings or regulations of the
United States Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission or any other governmental regulatory authority is necessary or
desirable as a condition to the purchase by, or issuance of Shares to, Participant (or his or her estate) hereunder, such purchase or issuance will not occur unless and until such listing, registration, qualification, rule compliance, clearance,

  
 9 

 
consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company. Assuming such compliance, for income tax purposes the Exercised Shares
will be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. 
 17.
Plan Governs. This Agreement and the Option granted hereunder are subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the
provisions of the Plan will govern. Capitalized terms used and not defined in this Agreement will have the meaning set forth in the Plan. 
 18. Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the
Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Shares subject to the Option have vested). All actions taken and all interpretations and
determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation
made in good faith with respect to the Plan or this Agreement. 
 19. Electronic Delivery and Acceptance. The Company
may, in its sole discretion, decide to deliver any documents related to Options awarded under the Plan or future options that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by
electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by
the Company. 
 20. Language. If Participant has received this Agreement, or any other document related to the Option
and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

21. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement. 
 22. Agreement Severable. In the event that any provision in this Agreement will be held invalid or
unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 

23. Governing Law and Venue. This Agreement will be governed by the laws of California, without giving effect to the conflict of
law principles thereof. For purposes of litigating any dispute that arises under this Option or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be
conducted in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this Option is made and/or to be performed. 

24. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered.
Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to amend this Agreement as it deems necessary or advisable, in its sole
discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in connection with the Option, or if necessary
to comply with any applicable laws in the jurisdiction in which Participant resides and/or is rendering services. 

  
 10 

 25. Amendment, Suspension or Termination of the Plan. By accepting this Award,
Participant expressly warrants that he or she has received an “Option” under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be modified,
amended, suspended or terminated by the Company at any time to the extent permitted by the Plan. 
 26. Waiver.
Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other
Participant. 
 27. Legends. The Company may at any time place legends referencing restrictions imposed by any Applicable
Laws on all certificates representing Shares subject to the provisions of this Agreement. 
 28. Country Addendum.
Notwithstanding any provisions in this Agreement, the Option grant shall be subject to any special terms and conditions for Participant’s country set forth in the Country Addendum attached to this Agreement. Moreover, if Participant relocates
to one of the countries included in the Country Addendum, the special terms and conditions for such country will apply to Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable
for legal or administrative reasons. The Country Addendum constitutes part of this Agreement. 

  
 11 

			
	

	  	  
 salesforce.com, inc.

 
 ID:
[            ]
  

The Landmark@One Market Street
  

Suite 300
  
 San Francisco, CA 94105

		
	Notice of Grant of Restricted Stock Units and Terms and Conditions of Restricted Stock Units (together, with the exhibits and appendices thereto, the
“Agreement”)	  	

  

					
	 	 	 
	FIRST_NAME: LAST_NAME:	 	Award Number:	  	[Number]
			
	[ADDRESS]	 	Plan:	  	2013 Equity Incentive Plan
			
	[ADDRESS LINE 2]	 	ID:	  	[ID]
			
	 [ADDRESS LINE 2]
  
	 	 	  	 

 Effective [GRANT DATE] (the “Grant Date”) you have been granted an award of [NUMBER] restricted
stock units (the “Award”). These units are restricted until the vest date(s), at which time you will receive shares of salesforce.com, inc. (the Company) common stock. 

[Vesting Commencement Date: [INSERT IF/AS APPLICABLE]] 

Vesting Schedule: Subject to any acceleration provisions contained in the Plan and/or this Agreement [and/or [INSERT
REFERENCE TO CONTRACT(S) CONTAINING ACCELERATION PROVISIONS, E.G., AS APPROPRIATE: the Change of Control and Retention Agreement between you and the Company dated [DATE]; and/or the offer letter between you and the Company (or the Parent or
Subsidiary of the Company employing you) dated [DATE]; and/or the letter from the Company dated [DATE] detailing the Company’s intention to grant restricted stock units to you; and/or any Change of Control and Retention Agreement that has been
or is, after the date of this Agreement, entered into between you and the Company]: [INSERT VESTING SCHEDULE, E.G.: Twenty-five percent (25%) of the Shares shall vest on the first anniversary of the Grant Date and one sixteenth (1/16th) of the Shares shall vest quarterly thereafter, subject to your
remaining a Service Provider through each such vesting date.] 

  
 1 

 [To be added as appropriate: The Restricted Stock Units granted hereunder are subject
to the terms and conditions of any [Change of Control and Retention Agreement between you and the Company (whether entered into before, on or after the Grant Date) [ADD OTHER CONTRACTS AS APPROPRIATE, e.g., as appropriate: and/or the offer letter
between you and the Company (or the Parent or Subsidiary of the Company employing you) dated [DATE]; and/or the letter from the Company dated [DATE] detailing the Company’s intention to grant restricted stock units to you. Further, the first
sentence of paragraph 26 of this Restricted Stock Unit Agreement shall be deemed to read, “This Agreement, along with the [Change of Control and Retention Agreement][ADD OTHER CONTRACTS AS APPROPRIATE] between Participant and the Company,
constitutes the entire understanding of the parties on the subjects covered.”] 
 [To be added for Restricted Stock
Units subject to performance-based vesting and intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code: Notwithstanding anything in the Agreement to the contrary, the Administrator’s
discretion under paragraph 4 to accelerate the vesting of Restricted Stock Units may only be utilized with respect to Restricted Stock Units that are no longer subject to performance-based vesting, unless otherwise permitted by
Section 162(m) of the Code.] 
 By signifying my acceptance below (either by my electronic or written signature), I agree
that the Award is granted under and governed by the terms and conditions of the 2013 Equity Incentive Plan (the “Plan”) and the Agreement (including this Notice of Grant of Restricted Stock Units, the Terms and Conditions of Restricted
Stock Units and any exhibits or appendices thereto), all of which are attached and made a part of this package. 
 I understand
that there may be adverse tax consequences as a result of my receipt or disposition of the Shares issued as payment for the vested Restricted Stock Units. I represent that the Company has urged me to consult with a tax consultant, that I have had
the opportunity to consult with any tax consultants that I deem advisable in connection with the receipt or disposition of the Shares, and that I am not relying on the Company for any tax advice. I agree to accept as binding, conclusive and final
all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Agreement. I agree to notify the Company upon any change in the residence address indicated for me above. 

By clicking the “ACCEPT” button below, you agree to the following: “This electronic contract contains my electronic
signature, which I have executed with the intent to sign this Agreement.” 
 Be sure to retain a copy of your returned
electronically signed Agreement. You may obtain a paper copy at any time and at the Company’s expense by requesting one from Global Equity Plan Services Department (see paragraph 14 of the Terms and Conditions). If you prefer not to
electronically sign this Agreement, you may accept this Agreement by signing a paper copy of the Agreement and delivering it to Global Equity Plan Services Department. 

  
 2 

 SALESFORCE.COM, INC. 

RESTRICTED STOCK UNIT AGREEMENT 
 TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 
 Grant #
             
 1. Grant. The Company hereby grants to the
individual (the “Participant”) named in the Notice of Grant of Restricted Stock Units (the “Grant Notice”) to which these Terms and Conditions of Restricted Stock Units (together with the Grant Notice and attachments to each
document, the “Agreement”) are attached, an Award of Restricted Stock Units upon the terms and conditions set forth in this Agreement and the salesforce.com, inc. 2013 Equity Incentive Plan (the “Plan”), which is incorporated
herein by reference. 
 2. Company’s Obligation to Pay. For each Restricted Stock Unit that vests, Participant will
receive one Share. Unless and until the Restricted Stock Units have vested in the manner set forth in paragraphs 3 or 4, Participant will have no right to payment of such Restricted Stock Units. Prior to actual payment of any vested Restricted
Stock Units, such Restricted Stock Units will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. Any Restricted Stock Units that vest in accordance with paragraphs 3 or 4 will be
paid to Participant (or in the event of Participant’s death, to his or her estate) in whole Shares, subject to Participant satisfying any obligations for Tax Obligations. Payment of any vested Restricted Stock Units shall be made in whole
shares of Shares only. 
 3. Vesting Schedule. Except as otherwise provided in paragraph 4 of this Agreement, and
subject to paragraph 6, the Restricted Stock Units awarded by this Agreement shall vest in accordance with the vesting schedule set forth in the Grant Notice, provided that Participant has continuously remained a Service Provider from the Grant
Date through the relevant vesting date. Notwithstanding anything in this paragraph 3 to the contrary, and except as otherwise provided by the Administrator or as required by Applicable Law, vesting of the Restricted Stock Units shall be suspended
during any unpaid personal leave of absence other than a Company-approved sabbatical and other than military leave such that vesting shall cease on the first day of any such unpaid personal leave of absence and shall only recommence upon return to
active service; provided, however, that no vesting credit will be awarded for the time vesting has been suspended during such leave of absence. 
 4. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Restricted Stock Units at any
time, subject to the terms of the Plan. If so accelerated, such Restricted Stock Units will be considered as having vested as of the date specified by the Administrator. Subject to the provisions of this paragraph 4, if the Administrator, in its
discretion, accelerates the vesting of all or a portion of any unvested Restricted Stock Units, the payment of such accelerated Restricted Stock Units shall be made as soon as practicable upon or following the accelerated vesting date; provided,
however, that if Participant is subject to a Change of Control and Retention Agreement or other agreement with or authorized by the Company (or with its Parent or one of its Subsidiaries) providing for acceleration of vesting of the Restricted Stock
Units, in each case entered into prior to the Grant Date, and such 

  
 3 

 
agreement provides different timing of payment for such accelerated Restricted Stock Units, the timing in such agreement shall control (provided that, if Participant is a U.S. taxpayer, such
timing is compliant with Section 409A or results in such accelerated Restricted Stock Units being exempt from Section 409A, and subject to any delay required below by this paragraph 4; otherwise, this paragraph 4 shall control).
Notwithstanding anything in the Plan, this Agreement or any other agreement (whether entered into before, on or after the Grant Date) to the contrary, if the Administrator, in its discretion, following the Grant Date provides for the further
acceleration of vesting of any of the Restricted Stock Units subject to this Award, if Participant is a U.S. taxpayer, the payment of such accelerated Restricted Stock Units may only be made at a time or times that would result in such Restricted
Stock Units to be exempt from or complying with the requirements of Section 409A. The prior sentence may be superseded in a future agreement or amendment to this Agreement only by direct and specific reference to such sentence. 

Notwithstanding anything in the Plan, this Agreement or any other agreement (whether entered into before, on or after the Grant Date) to
the contrary, if the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in connection with Participant’s termination as a Service Provider (provided that such termination is a
“separation from service” within the meaning of Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a U.S. taxpayer and a “specified employee” within the meaning of
Section 409A at the time of such termination as a Service Provider and (y) the payment of such accelerated Restricted Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within
the six (6) month period following Participant’s termination as a Service Provider, then the payment of such accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of
Participant’s termination as a Service Provider, unless Participant dies following his or her termination as a Service Provider, in which case, the Restricted Stock Units will be paid in Shares to Participant’s estate as soon as
practicable following his or her death. It is the intent of this Agreement that it and all payments and benefits to U.S. taxpayers hereunder be exempt from, or comply with, the requirements of Section 409A so that none of the Restricted Stock
Units provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply. Each payment payable to a U.S.
taxpayer under this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). For purposes of this Agreement, “Section 409A” means Section 409A of the Code, and any final
Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time. 
 5.
Payment after Vesting. The payment of Shares vesting pursuant to this Agreement shall in all cases be made at a time or in a manner that is exempt from, or complies with, Section 409A, unless otherwise determined by the Administrator if
Participant is not a U.S. taxpayer. The prior sentence may be superseded in a future agreement or amendment to this Agreement only by direct and specific reference to such sentence. Any Restricted Stock Units that vest in accordance with paragraph 3
will be paid to Participant (or in the event of Participant’s death, to his or her estate) as soon as practicable following the date of vesting, subject to paragraph 8. Any Restricted Stock Units that vest in accordance with paragraph 4 will be
paid to Participant (or in the event of Participant’s death, to his or her estate) in accordance with the provisions of such paragraph, subject to paragraph 8. In no event will Participant be permitted, directly or indirectly, to specify the
taxable year of the payment of any Restricted Stock Units payable under this Agreement. 

  
 4 

 6. Forfeiture upon Termination of Status as a Service Provider. Notwithstanding any
contrary provision of this Agreement, the balance of the Restricted Stock Units that have not vested as of the time of Participant’s termination as a Service Provider for any or no reason will be forfeited and automatically transferred to and
reacquired by the Company at no cost to the Company, and Participant’s right to acquire any Shares hereunder will immediately terminate. The date of Participant’s termination as a Service Provider is detailed in paragraph 11(g).

 7. Death of Participant. Any distribution or delivery to be made to Participant under this Agreement will, if
Participant is then deceased, be made to the administrator or executor of Participant’s estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence
satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 
 8. Tax Obligations. 
  

	 	(a)	Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, the Participating Company employing or
retaining Participant (the “Employer”), the ultimate liability for Tax Obligations is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer. Participant further
acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant,
vesting or settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or other distributions, and (ii) do not commit to and are under no obligation to structure
the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one
jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or
account for Tax Obligations in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and
agrees that the Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares. 

 (b) Withholding of Taxes. When the Shares are issued as payment for vested Restricted Stock Units, Participant generally will recognize immediate U.S. taxable income if Participant is
a U.S. taxpayer. If Participant is a non-U.S. taxpayer, Participant will be subject to applicable taxes in his or her jurisdiction. Participant hereby agrees to make, prior to vesting and/or settlement of the Restricted Stock Units, adequate
provision (in a manner acceptable to the Company, which may include by check, wire transfer, by withholding from Participant’s wages or other cash compensation payable to the Participant by the Company or the Employer or by means of a Cashless
Exercise) for any sums 

  
 5 

 
required to satisfy the Tax Obligations arising in connection with Participant’s Restricted Stock Units (including Shares thereunder). If Participant fails to make such satisfactory
arrangements, Participant hereby expressly consents to pay by Cashless Exercise any Tax Obligations. In addition, Participant hereby expressly confers on the Company a power of attorney to irrevocably instruct a broker to assign to the Company the
proceeds of the sale of that number of Shares necessary to pay any Tax Obligations. For this purpose, a “Cashless Exercise” means the delivery of a properly executed tax withholding notice together with irrevocable instructions to a broker
in a form acceptable to the Company providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the Shares to be issued as payment for vested Restricted Stock Units pursuant to a program or procedure approved
by the Company. The Company reserves, at any and all times, the right in the Company’s sole and absolute discretion, to establish, decline to approve or terminate any such program or procedure, including with respect to Participant
notwithstanding that such program or procedures may be available to others. Notwithstanding the foregoing, if Participant fails to deliver a properly executed tax withholding notice to the Company in a form acceptable to the Company, a
“Cashless Exercise” means the delivery by the Company of irrevocable instructions to a broker providing for the assignment to the Company of the proceeds of the sale of that number of Shares necessary to pay any Tax Obligations. Finally,
depending on the withholding method, the Company may withhold or account for Tax Obligations by considering maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to
the Common Stock equivalent; provided, however, that where the application of such maximum rates would, in the Company’s determination, result in adverse accounting consequences to the Company, the Company shall withhold only amounts sufficient
to meet the minimum statutory Tax Obligations required to be withheld or remitted with respect to the Restricted Stock Units. 

9. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or
privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its
transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with
respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 10. No Guarantee of
Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE EMPLOYER) AND NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OF RESTRICTED STOCK UNITS OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE

  
 6 

 
SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY
WITH ANY RIGHT OF PARTICIPANT OR OF THE COMPANY (OR THE EMPLOYER) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
 11. Nature of Grant. In accepting the grant, Participant acknowledges, understands and agrees that: 
  

	 	(a)	the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock
Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past; 

  

	 	(b)	all decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the Company; 

 

	 	(c)	Participant is voluntarily participating in the Plan; 

  

	 	(d)	the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not intended to replace any pension rights or compensation;

  

	 	(e)	the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are not part of normal or expected compensation for
purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

 

	 	(f)	the future value of the underlying Shares is unknown, indeterminable and cannot be predicted; 

 

	 	(g)	for purposes of the Restricted Stock Units, Participant’s status as a Service Provider will be considered terminated as of the date Participant is no longer
actively providing services to the Company or any Participating Company (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where Participant is a Service
Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly provided in this Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined by the
Administrator, Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., Participant’s period of service would not include
any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement,
if any, unless Participant is providing bona fide services during such time); the Administrator shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units
grant (including whether Participant may still be considered to be providing services while on a leave of absence); 

  
 7 

	 	(h)	unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Agreement do not create any
entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

  

	 	(i)	the following provisions apply only if Participant is providing services outside the United States: 

 

	 	i.	the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not part of normal or expected compensation or salary for any purpose;

  

	 	ii.	Participant acknowledges and agrees that none of the Company, the Employer or any Participating Company shall be liable for any foreign exchange rate fluctuation
between Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the subsequent sale of
any Shares acquired upon settlement; and 

  

	 	iii.	no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of Participant’s status
as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement,
if any), and in consideration of the grant of the Restricted Stock Units to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any Participating Company or the Employer,
waives his or her ability, if any, to bring any such claim, and releases the Company, any Participating Company and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction,
then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim. 

12. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors
regarding his or her participation in the Plan before taking any action related to the Plan. 
 13.
Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this
Agreement and any other Restricted Stock Unit grant materials by and among, as applicable, the Employer, the Company and any Participating Company for the exclusive purpose of implementing, administering and managing Participant’s participation
in the Plan. 

  
 8 

 Participant understands that the Company and the Employer may hold certain personal
information about Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or
directorships held in the Company, details of all Restricted Stock Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for the exclusive purpose of
implementing, administering and managing the Plan. 
 Participant understands that Data will be transferred to a
stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in
the United States or elsewhere, and that the recipients’ country of operation (e.g., the United States) may have different data privacy laws and protections than Participant’s country. Participant understands that if he or she resides
outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company, any stock plan service
provider selected by the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic
or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s
participation in the Plan. Participant understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to
Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, Participant understands that he or she is providing the consents herein on a purely
voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider and career with the Employer will not be adversely affected; the only adverse consequence of
refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant Restricted Stock Units or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or
withdrawing his or her consent may affect Participant’s ability to participate in the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may
contact his or her local human resources representative. 
 14. Address for Notices. Any notice to be given to
the Company under the terms of this Agreement will be addressed to the Company, in care of Global Equity Plan Services Department, at salesforce.com, inc., The Landmark Bldg., One Market Street, Suite 300, San Francisco, CA 94105, or at such other
address as the Company may hereafter designate in writing. 
 15. Grant is Not Transferable. Except to the limited extent
provided in paragraph 7 above, this grant of Restricted Stock Units and the rights and privileges conferred hereby will not be 

  
 9 

 
sold, pledged, assigned, hypothecated, transferred or disposed of any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar
process, until you have been issued the Shares. Upon any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution,
attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void. 

16. Restrictions on Sale of Securities. Any sale of the Shares issued under this Agreement will be subject to any market
blackout-period that may be imposed by the Company and must comply with the Company’s insider trading policies, and any other Applicable Laws. 
 17. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal
representatives, successors and assigns of the parties hereto. 
 18. Additional Conditions to Issuance of Certificates for
Shares. If at any time the Company will determine, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or foreign law, the tax code and
related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission
or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate) hereunder, such issuance will not occur unless and until such listing, registration,
qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company. Subject to the terms of the Agreement and the Plan, the Company shall not be required
to issue any certificate or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the date of vesting of the Restricted Stock Units as the Administrator may establish from time to time for reasons of
administrative convenience. 
 19. Plan Governs. This Agreement and the Restricted Stock Units granted hereunder are
subject to all the terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined
in this Agreement will have the meaning set forth in the Plan. 
 20. Administrator Authority. The Administrator will
have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to,
the determination of whether or not any Restricted Stock Units have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 

21. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to
Restricted Stock Units awarded under the Plan or future 

  
 10 

 
Restricted Stock Units that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to
receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

22. Language. If Participant has received this Agreement or any other document related to the Plan translated into a language
other than English and if the meaning of the translated version is different than the English version, the English version will control. 
 23. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

24. Agreement Severable. In the event that any provision in this Agreement will be held invalid or unenforceable, such provision
will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 
 25. Governing Law and Venue. This Agreement will be governed by, and construed in accordance with, the laws of the state of California without giving effect to the conflict of law principles
thereof. For purposes of litigating any dispute that arises under this Award of Restricted Stock Units or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be
conducted in the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this Award of Restricted Stock Units is made and/or to be performed.

 26. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an
express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to amend this Agreement as it deems necessary or advisable, in its
sole discretion and without the consent of Participant, to comply with Section 409A of the Code or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code prior to the actual payment of
Shares pursuant to this Award of Restricted Stock Units, or if necessary to comply with any applicable laws in the jurisdiction in which Participant resides and/or is rendering services. 

27. Amendment, Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has
received an Award of Restricted Stock Units under the Plan, and that he or she has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be modified, amended, suspended or
terminated by the Company at any time, to the extent permitted by the Plan. 
 28. Waiver. Participant acknowledges that
a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other Participant. 

  
 11 

 29. Country Addendum. Notwithstanding any provisions in this Agreement, the
Restricted Stock Unit grant shall be subject to any special terms and conditions set forth in any appendix to this Agreement for Participant’s country. Moreover, if Participant relocates to one of the countries included in the Country Addendum,
the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Country Addendum
constitutes part of this Agreement. 

  
 12 

					
	 	 
		 	Salesforce.com, Inc.
		 	ID: 94-3320693
		 	 The Landmark@One Market Street
 Suite 300
 San Francisco, CA 94105

		
	 Notice of Grant of Award
 and Award Agreement
	  	
		
	 	  	 
		
		 	Award Number:
	 	 	 Plan:

 
	  	 2013 EIP
  

 Effective [INSERT DATE], you have been granted an award of [INSERT AMOUNT] shares of salesforce.com, Inc. (the
“Company”) common stock under the 2013 Equity Incentive Plan (the “2013 EIP”). These shares are restricted until the vest date(s) shown below. 
 The total value of the award is $[INSERT AMOUNT. 
 The award will vest in increments on the
date(s) shown. 
  

			
	 Shares
	  	Full Vest
		  	
		  	
		  	

  
  
 [For consultants/advisors add: By your signature below, you and the Company agree that this award] [This award] is granted under and governed by the terms and conditions of the 2013 EIP and this
Notice of Grant and Award Agreement. You have been provided a copy of the 2013 EIP and the related prospectus. If you would like a paper copy, please contact our Global Equity Plan Services Department and one will be provided to you at no charge.

  

					
	salesforce.com, inc.	 	 	 	 
			
	[for consultants/advisors only:	 		 	
			
	  
	 		 	  

	Name	 		 	Date]EX-4.1

 Exhibit 4.1 
 INDENTURE 
 NATIONSTAR MORTGAGE ADVANCE RECEIVABLES TRUST,

 as Issuer 
 and 
 THE BANK OF NEW YORK MELLON, 

as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary 

and 

NATIONSTAR MORTGAGE LLC, 
 as Servicer and as Administrator, 
 and 

CREDIT SUISSE AG, NEW YORK BRANCH, 
 as Administrative Agent 
 and 

WELLS FARGO SECURITIES, LLC, 
 as Administrative Agent 
 and 

THE ROYAL BANK OF SCOTLAND PLC, 
 as Administrative Agent 
 Dated as of June 7, 2013 

NATIONSTAR MORTGAGE ADVANCE RECEIVABLES TRUST 
 ADVANCE RECEIVABLES BACKED NOTES, ISSUABLE IN SERIES 

 TABLE OF CONTENTS 

Page 
  

							
	 Article I Definitions and Other Provisions of General Application
	  	 	4	  
			
	 Section 1.1.
	    	Definitions	  	 	4	  
	 Section 1.2.
	    	Interpretation	  	 	43	  
	 Section 1.3.
	    	Compliance Certificates and Opinions	  	 	44	  
	 Section 1.4.
	    	Form of Documents Delivered to Indenture Trustee	  	 	45	  
	 Section 1.5.
	    	Acts of Noteholders	  	 	45	  
	 Section 1.6.
	    	Notices, etc., to Indenture Trustee, Issuer, Administrator and the Administrative Agent	  	 	46	  
	 Section 1.7.
	    	Notices to Noteholders; Waiver	  	 	46	  
	 Section 1.8.
	    	Administrative Agent	  	 	47	  
	 Section 1.9.
	    	Effect of Headings and Table of Contents	  	 	48	  
	 Section 1.10.
	    	Successors and Assigns	  	 	48	  
	 Section 1.11.
	    	Severability of Provisions	  	 	48	  
	 Section 1.12.
	    	Benefits of Indenture	  	 	48	  
	 Section 1.13.
	    	Governing Law	  	 	49	  
	 Section 1.14.
	    	Counterparts	  	 	49	  
	 Section 1.15.
	    	Submission to Jurisdiction; Waivers	  	 	49	  
		
	 Article II The Trust Estate
	  	 	50	  
			
	 Section 2.1.
	    	Contents of Trust Estate	  	 	50	  
	 Section 2.2.
	    	Receivable Files	  	 	52	  
	 Section 2.3.
	    	Indemnity Payments for Receivables Upon Breach	  	 	53	  
	 Section 2.4.
	    	Duties of Custodian with Respect to the Receivables Files	  	 	54	  
	 Section 2.5.
	    	Application of Trust Money	  	 	55	  
		
	 Article III Administration of Receivables; Reporting to Investors
	  	 	55	  
			
	 Section 3.1.
	    	Duties of the Calculation Agent	  	 	55	  
	 Section 3.2.
	    	Reports by Administrator and Indenture Trustee	  	 	58	  
	 Section 3.3.
	    	Annual Statement as to Compliance; Notice of Default; Agreed Upon Procedures Reports	  	 	62	  
	 Section 3.4.
	    	Access to Certain Documentation and Information	  	 	64	  
	 Section 3.5.
	    	Indenture Trustee to Make Reports Available	  	 	66	  
		
	 Article IV The Trust Accounts; Payments
	  	 	67	  
			
	 Section 4.1.
	    	Trust Accounts	  	 	67	  
	 Section 4.2.
	    	Collections and Disbursements of Advances by Servicer	  	 	68	  
	 Section 4.3.
	    	Funding of Additional Receivables	  	 	70	  
	 Section 4.4.
	    	Interim Payment Dates	  	 	73	  
	 Section 4.5.
	    	Payment Dates	  	 	75	  

  
 i 

							
	 Section 4.6.
	    	Series Reserve Account	  	 	80	  
	 Section 4.7.
	    	Collection and Funding Account, Interest Accumulation Account, Fee Accumulation Account, Target Amortization Principal Accumulation Account and Sinking Fund Accounts	  	 	81	  
	 Section 4.8.
	    	Note Payment Account	  	 	82	  
	 Section 4.9.
	    	Securities Accounts	  	 	82	  
	 Section 4.10.
	    	Notice of Adverse Claims	  	 	84	  
	 Section 4.11.
	    	No Gross Up	  	 	85	  
	 Section 4.12.
	    	Facility Early Amortization Events; Target Amortization Events	  	 	85	  
		
	 Article V Note Forms
	  	 	85	  
			
	 Section 5.1.
	    	Forms Generally	  	 	85	  
	 Section 5.2.
	    	Forms of Notes	  	 	86	  
	 Section 5.3.
	    	Form of Indenture Trustee’s Certificate of Authentication	  	 	87	  
	 Section 5.4.
	    	Book-Entry Notes	  	 	87	  
	 Section 5.5.
	    	Beneficial Ownership of Global Notes	  	 	89	  
	 Section 5.6.
	    	Notices to Depository	  	 	89	  
		
	 Article VI The Notes
	  	 	90	  
			
	 Section 6.1.
	    	General Provisions; Notes Issuable in Series; Terms of a Series or Class Specified in an Indenture Supplement	  	 	90	  
	 Section 6.2.
	    	Denominations	  	 	91	  
	 Section 6.3.
	    	Execution, Authentication and Delivery and Dating	  	 	92	  
	 Section 6.4.
	    	Temporary Notes	  	 	92	  
	 Section 6.5.
	    	Registration, Transfer and Exchange	  	 	93	  
	 Section 6.6.
	    	Mutilated, Destroyed, Lost and Stolen Notes	  	 	100	  
	 Section 6.7.
	    	Payment of Interest; Interest Rights Preserved; Withholding Taxes	  	 	101	  
	 Section 6.8.
	    	Persons Deemed Owners	  	 	101	  
	 Section 6.9.
	    	Cancellation	  	 	101	  
	 Section 6.10.
	    	New Issuances of Notes	  	 	102	  
		
	 Article VII Satisfaction and Discharge; Cancellation of Notes Held by the Issuer or Depositor or the Receivables
Seller
	  	 	104	  
			
	 Section 7.1.
	    	Satisfaction and Discharge of Indenture	  	 	104	  
	 Section 7.2.
	    	Application of Trust Money	  	 	105	  
	 Section 7.3.
	    	Cancellation of Notes Held by the Issuer, the Depositor or the Receivables Seller	  	 	105	  
		
	 Article VIII Events of Default and Remedies
	  	 	105	  
			
	 Section 8.1.
	    	Events of Default	  	 	105	  
	 Section 8.2.
	    	Acceleration of Maturity; Rescission and Annulment	  	 	107	  
	 Section 8.3.
	    	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	108	  
	 Section 8.4.
	    	Indenture Trustee May File Proofs of Claim	  	 	108	  

  
 ii 

							
	 Section 8.5.
	    	Indenture Trustee May Enforce Claims Without Possession of Notes	  	 	109	  
	 Section 8.6.
	    	Application of Money Collected	  	 	109	  
	 Section 8.7.
	    	Sale of Collateral Requires Consent of Majority of All Noteholders	  	 	109	  
	 Section 8.8.
	    	Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee	  	 	109	  
	 Section 8.9.
	    	Limitation on Suits	  	 	110	  
	 Section 8.10.
	    	Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse	  	 	110	  
	 Section 8.11.
	    	Restoration of Rights and Remedies	  	 	111	  
	 Section 8.12.
	    	Rights and Remedies Cumulative	  	 	111	  
	 Section 8.13.
	    	Delay or Omission Not Waiver	  	 	111	  
	 Section 8.14.
	    	Control by Noteholders	  	 	111	  
	 Section 8.15.
	    	Waiver of Past Defaults	  	 	112	  
	 Section 8.16.
	    	Sale of Trust Estate	  	 	112	  
	 Section 8.17.
	    	Undertaking for Costs	  	 	113	  
	 Section 8.18.
	    	Waiver of Stay or Extension Laws	  	 	113	  
	 Section 8.19.
	    	Notice of Waivers	  	 	113	  
		
	 Article IX The Issuer
	  	 	114	  
			
	 Section 9.1.
	    	Representations and Warranties of Issuer	  	 	114	  
	 Section 9.2.
	    	Liability of Issuer; Indemnities	  	 	117	  
	 Section 9.3.
	    	Merger or Consolidation, or Assumption of the Obligations, of the Issuer	  	 	118	  
	 Section 9.4.
	    	Issuer May Not Own Notes	  	 	119	  
	 Section 9.5.
	    	Covenants of Issuer	  	 	119	  
		
	 Article X The Administrator and Servicer
	  	 	122	  
			
	 Section 10.1.
	    	Representations and Warranties of Administrator and Servicer	  	 	122	  
	 Section 10.2.
	    	Covenants of Administrator and Servicer	  	 	124	  
	 Section 10.3.
	    	Liability of Administrator and Servicer; Indemnities	  	 	126	  
	 Section 10.4.
	    	Merger or Consolidation, or Assumption of the Obligations, of the Administrator	  	 	128	  
		
	 Article XI The Indenture Trustee
	  	 	128	  
			
	 Section 11.1.
	    	Certain Duties and Responsibilities	  	 	128	  
	 Section 11.2.
	    	Notice of Defaults	  	 	129	  
	 Section 11.3.
	    	Certain Rights of Indenture Trustee	  	 	130	  
	 Section 11.4.
	    	Not Responsible for Recitals or Issuance of Notes	  	 	132	  
	 Section 11.5.
	    	Reserved	  	 	132	  
	 Section 11.6.
	    	Money Held in Trust	  	 	132	  
	 Section 11.7.
	    	Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity	  	 	132	  

  
 iii

							
	 Section 11.8.
	    	Corporate Indenture Trustee Required; Eligibility	  	 	133	  
	 Section 11.9.
	    	Resignation and Removal; Appointment of Successor	  	 	134	  
	 Section 11.10.
	    	Acceptance of Appointment by Successor	  	 	135	  
	 Section 11.11.
	    	Merger, Conversion, Consolidation or Succession to Business	  	 	135	  
	 Section 11.12.
	    	Appointment of Authenticating Agent	  	 	136	  
	 Section 11.13.
	    	Reserved	  	 	137	  
	 Section 11.14.
	    	Representations and Covenants of the Indenture Trustee	  	 	137	  
	 Section 11.15.
	    	Indenture Trustee’s Application for Instructions from the Issuer	  	 	137	  
		
	 Article XII Amendments and Indenture Supplements
	  	 	138	  
			
	 Section 12.1.
	    	Supplemental Indentures and Amendments Without Consent of Noteholders	  	 	138	  
	 Section 12.2.
	    	Supplemental Indentures and Amendments with Consent of Noteholders	  	 	139	  
	 Section 12.3.
	    	Execution of Amendments	  	 	141	  
	 Section 12.4.
	    	Effect of Amendments	  	 	141	  
	 Section 12.5.
	    	Reference in Notes to Indenture Supplements	  	 	141	  
		
	 Article XIII Early Redemption of Notes
	  	 	141	  
			
	 Section 13.1.
	    	Optional Redemption	  	 	141	  
	 Section 13.2.
	    	Notice	  	 	142	  
		
	 Article XIV Miscellaneous
	  	 	143	  
			
	 Section 14.1.
	    	No Petition	  	 	143	  
	 Section 14.2.
	    	No Recourse	  	 	143	  
	 Section 14.3.
	    	Tax Treatment	  	 	143	  
	 Section 14.4.
	    	Alternate Payment Provisions	  	 	143	  
	 Section 14.5.
	    	Termination of Obligations	  	 	144	  
	 Section 14.6.
	    	Final Distribution	  	 	144	  
	 Section 14.7.
	    	Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity Provider as Third-Party Beneficiaries	  	 	145	  
	 Section 14.8.
	    	Owner Trustee Limitation of Liability	  	 	145	  
	 Section 14.9.
	    	Communications with Rating Agencies	  	 	145	  

  
 iv 

 SCHEDULES AND EXHIBITS 

 

			
	Schedule 1	  	Designated Servicing Agreement Schedule
		
	Schedule 2	  	[RESERVED]
		
	Schedule 3	  	 Designated Servicing Agreements under which the Servicer or servicers are required to consent to or initiate termination and have agreed to repay all unpaid
and accrued servicing fees at the time of redemption in full or reimburse all Advances at the time of termination, as applicable

		
	Schedule 4	  	 Designated Servicing Agreements for which the related Receivables become ineligible upon the principal balance of the Mortgage Loans and REO Properties in the
related securitization trust falling below the indicated threshold of the securitization trust’s cut-off date balance

		
	Exhibit A-1	  	Form of Global Rule 144A Note
		
	Exhibit A-2	  	Form of Definitive Rule 144A Note
		
	Exhibit A-3	  	Form of Global Regulation S Note
		
	Exhibit A-4	  	Form of Definitive Regulation S Note
		
	Exhibit B-1	  	Form of Transferee Certificate for Transfers of Notes pursuant to Rule 144A
		
	Exhibit B-2	  	Form of Transferee Certificate for Transfer of Notes pursuant to Regulation S
		
	Exhibit C	  	Form of Notice to MBS Trustee/Notice of Assignment of Receivables
		
	Exhibit D	  	Agreed Upon Procedures
		
	Exhibit E	  	Form of additional transferee certification required under section 6.5(m) of the indenture
		
	Exhibit F	  	Form of additional transferee certification required under sections 6.5(n) of the indenture

  
 v 

 THIS INDENTURE (as amended, supplemented, restated, or otherwise modified
from time to time, the “Indenture”), is made and entered into as of June 7, 2013 (the “ Closing Date”) by and among NATIONSTAR MORTGAGE ADVANCE RECEIVABLES TRUST, a statutory trust organized under
the laws of the State of Delaware (the “Issuer”), THE BANK OF NEW YORK MELLON, a New York banking corporation, in its capacity as Indenture Trustee (the “Indenture Trustee”), and as Calculation Agent,
Paying Agent and Securities Intermediary (in each case, as defined below), Nationstar Mortgage LLC, a limited liability company organized in the State of Delaware, (“Nationstar”), as Servicer (as defined below) and as owner
of the servicing rights under the Designated Servicing Agreements and as Administrator (as defined below), CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative Agent (as defined below), WELLS FARGO SECURITIES, LLC, as Administrative Agent and THE
ROYAL BANK OF SCOTLAND, PLC, as Administrative Agent. 
 RECITALS OF THE ISSUER 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its Variable
Funding and Term Notes to be issued in one or more Series and/or Classes. 
 All things necessary to make this
Indenture a valid agreement of the Issuer, in accordance with its terms, have been done. 
 GRANTING CLAUSE 

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

(i)    all right, title and interest of the Issuer (A) existing as of the Cut-off Date in, to
and under the Initial Receivables, and (B) existing on the related Sale Date in, to and under any Additional Receivables, and (C) in the case of both Initial Receivables and Additional Receivables, all monies due or to become due thereon,
and all amounts received or receivable with respect thereto, and all proceeds thereof (including “proceeds” as defined in the UCC in effect in all relevant jurisdictions (including, without limitation, any proceeds of any Sales)), together
with all rights of the Issuer, as the assignee of the Receivables Seller, to enforce such Receivables (and including any Indemnity Payments made with respect to the Receivables for which a payment is made by the Issuer, the Depositor or the
Receivables Seller as described in Section 2.3); 
 (ii)    all rights of the
Issuer as Purchaser under the Receivables Pooling Agreement, including, without limitation, the Issuer’s rights as assignee of the Depositor’s rights under the Receivables Sale Agreement, including, without limitation, the right to enforce
the obligations of the Receivables Seller and the Servicer under the Receivables Sale Agreement with respect to the Receivables; 
 (iii)    the Trust Accounts and the Initial Collection Account, and all amounts and property on deposit or credited to the Trust Accounts and the Initial Collection Account (excluding
investment earnings thereon) from time to time (whether or not constituting or derived from payments, collections or recoveries received, made or realized in respect of the Receivables); 

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

The Security Interest in the Trust Estate is Granted to secure the Notes issued pursuant to this Indenture (and the
obligations under this Indenture, any Indenture Supplement and any applicable Derivative Agreement, Supplemental Credit Enhancement Agreement and/or Liquidity Facility) equally and ratably without prejudice, priority or distinction between any Note
and any other Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in this Indenture or in any Indenture Supplement, and to secure (1) the payment of all amounts due on such Notes and the
obligations under any applicable Derivative Agreement, Supplemental Credit Enhancement Agreement and/or Liquidity Facility in accordance with their terms, (2) the payment of all other sums payable by the Issuer under this Indenture or any
Indenture Supplement and (3) compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement. This Indenture, as it may be supplemented, including by each Indenture Supplement, is a security agreement within the
meaning of the UCC. 
 The Indenture Trustee acknowledges the Grant of such Security Interest, and agrees to
perform the duties herein in accordance with the terms hereof. The Indenture Trustee also acknowledges that the Grant of any Security Interest in a Derivative Agreement or Derivative Collateral Account is solely for the purpose of securing the
related Series of Notes (and the related obligations under this Indenture, any related Indenture Supplement, such Derivative Agreement and any related Supplemental Credit Enhancement Agreement). Although such Derivative Agreement, the Derivative
Collateral Account and the amounts and property on deposit or credited to the Derivative Collateral Account may, in the exercise of remedies under this Indenture and any related Indenture Supplement, be disposed of as provided in this Indenture, any
related Indenture Supplement and such Derivative Agreement, the exercise of remedies under such Derivative Agreement against any such amounts and property in the Derivative Collateral Account shall be strictly in accordance with the terms set forth
in such Derivative Agreement. 
 The Issuer hereby authorizes the Administrator, on behalf of the Issuer and the
Indenture Trustee, and its assignees, successors and designees to file one or more UCC financing statements, financing statement amendments and continuation statements to perfect the security interest Granted above. In

  
 2 

 
addition, the Issuer hereby consents to the filing of a financing statement describing the Collateral covered thereby as “all assets of the Debtor, now owned or hereafter acquired,” or
such similar language as the Administrator, on behalf of the Indenture Trustee, and its assignees, successors and designees may deem appropriate. 
 The Issuer hereby irrevocably constitutes and appoints the Indenture Trustee and any officer or agent thereof, effective upon the occurrence and continuation of an Event of Default, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Issuer and in the name of the Issuer, for the purpose of carrying out the terms of this Indenture and each Indenture
Supplement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Indenture, each Indenture Supplement, the Receivables Sale Agreement and
the Receivables Pooling Agreement, and, without limiting the generality of the foregoing, the Issuer hereby gives the Indenture Trustee the power and right (1) to take possession of and endorse and collect any wired funds, checks, drafts,
notes, acceptances or other instruments for the payment of moneys due under any Receivable Granted by the Issuer to the Indenture Trustee from the related Mortgage Pool, the Obligors on underlying Mortgage Loans, the Receivables Seller or the
Servicer, as the case may be, (2) to file any claim or proceeding in any court of law or equity or take any other action otherwise deemed appropriate by the Indenture Trustee for the purpose of collecting any and all such moneys due from the
related Mortgage Pool, the Obligors on underlying Mortgage Loans or the Receivables Seller or the Servicer under such Receivable whenever payable and to enforce any other right in respect of any Receivable Granted by the Issuer or related to the
Trust Estate, (3) to direct the related MBS Trustee or the Servicer to make payment of any and all moneys due or to become due under the Receivable Granted by the Issuer directly to the Indenture Trustee or as the Indenture Trustee shall
direct, (4) to ask or demand for, collect, receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due from the related Mortgage Pool or the Servicer at any time in respect of or arising out of any
Receivable Granted by the Issuer, (5) to sign and endorse any assignments, notices and other documents in connection with the Receivables Granted by the Issuer or the Trust Estate, and (6) to sell, transfer, pledge and make any agreement
with respect to or otherwise deal with the Receivables Granted by the Issuer and the Trust Estate as fully and completely as though the Indenture Trustee were the absolute owner thereof for all purposes, and do, at the Indenture Trustee’s
option and at the expense of the Issuer, at any time, or from time to time, all acts and things which the Indenture Trustee deems necessary to protect, preserve or realize upon the Receivable Granted by the Issuer or the Trust Estate and the
Indenture Trustee’s and the Issuer’s respective security interests and ownership interests therein and to effect the intent of this Indenture, all as fully and effectively as the Issuer might do. Nothing contained herein shall in any way
be deemed to be a grant of power or authority to the Indenture Trustee or any officer or agent thereof to take any of the actions described in this paragraph with respect to any underlying Obligor under any Mortgage Loan, for which an Advance was
made or Deferred Servicing Fee was accrued. 
 The parties hereto intend that the Security Interest Granted
under this Indenture shall give the Indenture Trustee on behalf of the Secured Parties a first priority perfected security interest in, to and under the Collateral, and all other property described in this Indenture as a part of the Trust Estate and
all proceeds of any of the foregoing in order to secure the obligations of the Issuer to the Indenture Trustee, the Noteholders under the Notes, and to any Derivative Agreement, Supplement Credit Enhancement Provider and/or any Liquidity Provider
under this Indenture, the related Indenture Supplement and all of the other Transaction Documents. The Indenture Trustee on behalf of the Secured Parties shall have all the rights, powers and privileges of a secured party under the UCC. The Issuer
agrees to execute and file all filings (including filings under the UCC) and take all other actions reasonably necessary in any jurisdiction to provide third parties with notice of the Security Interest Granted pursuant to this Indenture and to
perfect such Security Interest under the UCC. 

  
 3 

 AGREEMENTS OF THE PARTIES 

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

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

 Section 1.1.    Definitions. 
 Act:  When used with respect to any Noteholder, is defined in Section 1.5. 
 Accumulation Account:  Any of the Fee Accumulation Account, Interest Accumulation Account or Target Amortization Principal Accumulation Account, as applicable. 

Accumulation Amount:  Any of the Fee Accumulation Amount, Interest Accumulation Amount or Target Amortization Principal
Accumulation Amount, as applicable. 
 Action:  When used with respect to any Noteholder, is defined in
Section 1.5. 
 Additional Receivables:  All Receivables created or acquired on or after the
Closing Date which are sold and/or contributed by (i) the Receivables Seller to the Depositor pursuant to the Receivables Sale Agreement, as described in Section 2(a) of the Receivables Sale Agreement and (ii) the Depositor to the
Issuer pursuant to the Receivables Pooling Agreement. Any Receivables (x) created at any time with respect to a Mortgage Pool or a Mortgage Loan with respect to which Nationstar no longer acts at such time as Servicer or (y) sold and/or
contributed to the Depositor or the Issuer on or after a Stop Date pursuant to Section 2(c) of the Receivables Sale Agreement or Receivables Pooling Agreement shall not constitute Additional Receivables. 

Administration Agreement:  The Administration Agreement, dated as of the Closing Date, by and between the Issuer and the
Administrator, as amended, supplemented, restated, or otherwise modified from time to time. 
 Administrative
Agent:  (a) initially, (i) Credit Suisse AG, New York Branch or any Affiliate of the foregoing or any successor thereto in respect of the Series for which it is designated as an Administrative Agent therefor in the related
Indenture Supplement, (ii) Wells Fargo Securities, LLC or any Affiliate of the foregoing or any successor thereto in respect of the Series for which it is designated as an Administrative Agent therefor in the related Indenture Supplement, and
(iii) The Royal Bank of Scotland plc and (b) in respect of any Series, the Person(s) specified in the related Indenture Supplement. Unless the context indicates otherwise in any Indenture Supplement for such Indenture Supplement, each
reference to the “Administrative Agent” herein or in any other Transaction Document shall be deemed to 

  
 4 

 
constitute a collective reference to each Person that is an Administrative Agent. If (x) any Person that is an Administrative Agent resigns as an Administrative Agent in respect of all
Series for which it was designated as the Administrative Agent or (y) all of the Notes in respect of each Series for which any Person was designated as the Administrative Agent are repaid or redeemed in full, such Person shall cease to be an
“Administrative Agent” for purposes hereof and each other Transaction Document. 
 Administrative
Expenses:  Any amounts due from or accrued for the account of the Issuer with respect to any period for any administrative expenses incurred by the Issuer, including without limitation (i) to any accountants, agents, counsel and
other advisors of the Issuer (other than the Owner Trustee) for fees and expenses; (ii) to the rating agencies for fees and expenses in connection with any rating of the Notes; (iii) to any other person in respect of any governmental fee,
charge or tax; (iv) to any other Person (other than the Owner Trustee) in respect of any other fees or expenses permitted under this Indenture (including indemnities) and the documents delivered pursuant to or in connection with this Indenture
and the Notes; (v) any and all fees and expenses of the Issuer incurred in connection with its entry into and the performance of its obligations under any of the agreements contemplated by this Indenture; (vi) the orderly winding up of the
Issuer following the cessation of the transactions contemplated by this Indenture; and (vii) any and all other fees and expenses properly incurred by the Issuer in connection with the transactions contemplated by this Indenture, but not in
duplication of any amounts specifically provided for in respect of the Indenture Trustee, the Owner Trustee, the Administrator or any VFN Noteholder. 
 Administrator:  Nationstar in its capacity as the Administrator on behalf of the Issuer and any successor to Nationstar in such capacity. 

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

Advance Collection Period:  (i) For the first Interim Payment Date or Payment Date, the period beginning on the
Cut-off Date and ending at the end of the day before the Determination Date for such Interim Payment Date or Payment Date, and (ii) for each other Interim Payment Date and Payment Date, the period beginning at the opening of business on the
most recent preceding Determination Date and ending as of the close of business on the day before the Determination Date for such Interim Payment Date or Payment Date. 
 Advance Rate:  With respect to any Series of Notes, and for any Class within such Series, if applicable, and with respect to any Receivables related to any particular Advance Type (and
attributable to any particular Designated Servicing Agreement, if so specified in the related Indenture Supplement), the percentage specified for such Advance Type (and attributable to such Designated Servicing Agreement, if applicable) as its
“Advance Rate” in the Indenture Supplement for such Series, as reduced by any applicable Advance Rate Reduction Factor. 
 Advance Rate Reduction Factor:  For any Series or Class of Notes, as defined in the related Indenture Supplement, if applicable. 

Advance Reimbursement Amount:  (i) With respect to any Advance, any amount which the Servicer or the Indenture
Trustee as the Servicer’s assignee, collects on a Mortgage Loan, withdraws from a Custodial Account or receives from an MBS Trustee or any successor servicer, to reimburse an Advance made by the Servicer or any predecessor servicer (including
reimbursement of P&I Advances which were advanced using Amounts Held for Future Distribution) pursuant to a Designated Servicing Agreement; or (ii) with respect to any Deferred Servicing Fee Receivable, any amounts paid to (or retained by)
the Servicer on account of the related Deferred Servicing Fees pursuant to a Designated Servicing Agreement. 

  
 5 

 Advance Type:  Judicial P&I Advances (loan level), Judicial P&I
Advances (non-loan level), Non-Judicial P&I Advances (loan level), Non-Judicial P&I Advances (non-loan level), Judicial Escrow Advances (loan level), Judicial Escrow Advances (non—loan level), Non-Judicial Escrow Advances (loan level),
Non-Judicial Escrow Advances (non-loan level), Judicial Corporate Advances (loan level), Judicial Corporate Advances (non-loan level), Non-Judicial Corporate Advances (loan level), Non-Judicial Corporate Advances (non-loan level), Judicial Deferred
Servicing Fees (loan level), Judicial Deferred Servicing Fees (non-loan level), Non-Judicial Deferred Servicing Fees (loan level) and Non-Judicial Deferred Servicing Fees (non-loan level). 

Advance Type Allocation Percentage:  In respect of any Advance Type of Receivables with a non-zero Advance Rate for such
Series, a percentage equal to: (i) the Series Invested Amount for such Series divided by (ii) the aggregate of the Series Invested Amounts for all Outstanding Series that provide a non-zero Advance Rate for Receivables of such Advance
Type. 
 Advance Type Amount:  For any Advance Type of Receivables for any Series that has a non-zero Advance
Rate, an amount equal to the product of (a) the Advance Type Allocation Percentage for such Series for such Advance Type of Receivables and (b) the aggregate Receivable Balances of all Receivables of such Advance Type. 

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

Affiliate:  With respect to any specified Person, any other Person directly or indirectly Controlling or Controlled by
or under direct or indirect common Control with such specified Person. 
 Aggregate Receivables:  As of any
date of determination, all Initial Receivables and all Additional Receivables on such date, which Initial Receivables and Additional Receivables are sold and/or contributed by the Receivables Seller to the Depositor under the Receivables Sale
Agreement and sold and/or contributed by the Depositor to the Issuer under the Receivables Pooling Agreement. 
 Amounts Held
for Future Distribution:  As defined in Section 4.2(c). 
 Applicable Law:  As
defined in Section 4.1. 
 Applicable Rating:  For each Class of Notes, the rating(s) specified as
such for such Class in the related Indenture Supplement, if applicable. 
 Authenticating Agent:  Any Person
authorized by the Indenture Trustee to authenticate Notes under Section 11.12. 

  
 6 

 Authorized Signatory:  With respect to any entity, each Person duly
authorized to act as a signatory of such entity at the time such Person signs on behalf of such entity. 
 Available
Funds:  (i) With respect to any Interim Payment Date, all Collections on the Receivables received during the related Advance Collection Period and deposited into the Collection and Funding Account and any other funds of the Issuer
that the Issuer (or the Administrator on behalf of the Issuer) identifies to the Indenture Trustee to be treated as “Available Funds” for such Interim Payment Date, plus any amounts released from the Accumulation Accounts on such
Interim Payment Date pursuant to Section 4.7(d); and (ii) with respect to any Payment Date, the sum of (A) all amounts on deposit in the Fee Accumulation Account, the Interest Accumulation Account and any Target Amortization
Principal Accumulation Account (provided that the amounts on deposit in the Target Amortization Principal Accumulation Account may only be used to pay the Target Amortization Amounts to those Classes that are entitled to receive those amounts
in accordance with the related Indenture Supplement) at the close of business on the last Interim Payment Date during the related Monthly Advance Collection Period plus (B) all Collections received during the final Advance Collection
Period during the immediately preceding Monthly Advance Collection Period and deposited into the Collection and Funding Account (in each case, adjusted to reflect all deposits and payments on any Funding Date that may occur after the end of such
Advance Collection Period, but prior to such Payment Date or Interim Payment Date, and not including any such funds required to be returned to a VFN Noteholder pursuant to this Indenture due to any failure to utilize amounts provided by such VFN
Noteholder to use amounts drawn hereunder in a manner permitted hereby), plus (C) any proceeds received by the Issuer under any Supplemental Credit Enhancement Agreement for any Class of Notes (provided that such proceeds may only
be used to pay amounts due to those Classes that are entitled to receive those amounts in accordance with the related Indenture Supplement), plus (D) any income from Permitted Investments in Trust Accounts that have been established for
the benefit of all Series of Notes, plus (E) if such Payment Date occurs during the Full Amortization Period, the amounts on deposit in (or credited thereto) each Sinking Fund Account, plus (F) any proceeds received by the Issuer under any
Derivative Agreement for any Class of Notes (provided that such proceeds may only be used to pay amounts due to those Classes that are entitled to receive those amounts in accordance with the related Indenture Supplement and for so long as such
Classes of Notes are not repaid in full or refinanced) plus (G) any other funds of the Issuer that the Issuer (or the Administrator on behalf of the Issuer) identifies to the Indenture Trustee to be treated as “Available Funds” for
such Payment Date. 
 Bankruptcy Code:  The Bankruptcy Reform Act of 1978, 11 U.S.C. §§ 101
et seq., as amended. 
 Book-Entry Notes:  A note registered in the name of the Depository or its
nominee, ownership of which is reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect participant in accordance with the rules of such Depository);
provided, that after the occurrence of a condition whereupon Definitive Notes are to be issued to Note Owners, such Book-Entry Notes shall no longer be “Book-Entry Notes.” 

Borrowing Capacity:  For any VFN on any date, the difference between (i) the related Maximum VFN Principal Balance
on such date and (ii) the related VFN Principal Balance on such date. 
 Business Day:  For any Class of
Notes, any day other than (i) a Saturday or Sunday or (ii) any other day on which national banking associations or state banking institutions in New York, New York, Kansas City, Missouri, Lewisville, Texas, the city and state where the
Corporate Trust Office is located or the Federal Reserve Bank of New York, are authorized or obligated by law, executive order or governmental decree to be closed. 

  
 7 

 Calculation Agent:  The same Person who serves at any time as the Indenture
Trustee, or an Affiliate of such Person, as calculation agent pursuant to the terms of this Indenture. 
 Cease Pre-Funding
Notice:  As defined in Section 4.3(c). 
 Certificate of Authentication:  The
certificate of the Indenture Trustee, the form of which is described in Section 5.3, or the alternative certificate of the Authenticating Agent, the form of which is described in Section 11.12. 

Class:  With respect to any Notes, the class designation assigned to such Note in the related Indenture Supplement. A
Series issued in one class, with no class designation in the related Indenture Supplement, may be referred to herein as a “Class.” 
 Class 1 Specified Notes:  Any Class of Note with respect to which the Issuer does not receive an opinion of nationally recognized tax counsel on the related Issuance Date that such Class
of Notes “will” be treated as indebtedness for U.S. federal income tax purposes and that is designated as a Class 1 Specified Note in the related Indenture Supplement. 

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

 Class Invested Amount:  For any Class of Notes on any date, an amount equal to (i) the sum of
(A) the outstanding Note Balance of such Class, plus (B) the aggregate outstanding Note Balances of all Classes within the same Series that are senior to or pari passu with such Class on such date, divided by
(ii) the Weighted Average CV Adjusted Advance Rate in respect of such Class (after giving effect to amounts collected on the Receivables as of such date). 
 Clearing Corporation:  As defined in Section 8-102(a)(5) of the UCC. 
 Closing Date:  June 7, 2013. 
 Code:  The
Internal Revenue Code of 1986, as amended. 
 Collateral:  As defined in the Granting Clause. 

Collateral Performance Test:  A collateral performance benchmark or similar test or “trigger” in a Designated
Servicing Agreement, the failure of which results in the occurrence of a Servicer Termination Event pursuant to the terms of such Designated Servicing Agreement. 
 Collateral Test:  A test designed to measure, on any date of determination, whether each Series of Notes is adequately collateralized on such date and the satisfaction of which is
achieved on any date of determination if, with respect to each Series the sum of: 
 (1) the aggregate Advance Type Amounts for
each Advance Type of Receivables for such Series that has a non-zero Advance Rate; 
 (2) the product of the Series Allocation
Percentage and all Collections on deposit in the Trust Accounts (other than the Series Reserve Account for such Series and the Sinking Fund Account for such Series, if applicable) on such date (after giving effect to any required payments on such
date, if any) and 

  
 8 

 (3) if such Series has any Sinking Fund Accounts, the aggregate amounts on deposit in such
Sinking Fund Accounts, 
 shall be greater than or equal to the Series Invested Amount for such Series on such date (after
giving effect to any required payments on such date, if any). 
 Collateral Value:  For any Receivable and for
any Series on any date, the product of (i) the Receivable Balance of such Receivable and (ii) the lesser of (A) the highest Advance Rate applicable to the Advance Type of such Receivable in respect of any Class within such Series, and
(B) the highest Trigger Advance Rate (if any) for any Class within such Series; provided, that the Collateral Value shall be zero for any Receivable that is not a Facility Eligible Receivable, unless otherwise provided in the related
Indenture Supplement. 
 Collection and Funding Account:  The segregated non-interest bearing trust account or
accounts, each of which shall be an Eligible Account, established and maintained pursuant to Section 4.1 and entitled “The Bank of New York Mellon, as Indenture Trustee for the Nationstar Mortgage Advance Receivables Trust Advance
Receivables Backed Notes, Collection and Funding Account.” 
 Collections:  The amount of Advance
Reimbursement Amounts, cash collected in reimbursement or payment of Receivables in the Trust Estate, during each Advance Collection Period, plus the proceeds of any Permitted Refinancing or of any Indemnity Payments. 

Control, Controlling or Controlled:  The possession of the power to direct or cause the direction of the
management or policies of a Person through the right to exercise voting power or by contract, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 

Corporate Advance:  Collectively, (i) any advance made by the Servicer (including any predecessor servicer) and
reimbursable to the Servicer pursuant to a Designated Servicing Agreement, to inspect, protect, preserve or repair properties that secure Mortgage Loans or that have been acquired through foreclosure or deed in lieu of foreclosure or other similar
action pending disposition thereof, or for similar or related purposes, including, but not limited to, necessary legal fees and costs expended or incurred by the Servicer (including any predecessor servicer) in connection with foreclosure,
bankruptcy, eviction or litigation actions with or involving Obligors on Mortgage Loans, as well as costs to obtain clear title to such a property, to protect the priority of the lien created by a Mortgage Loan on such a property, and to dispose of
properties taken through foreclosure or by deed in lieu thereof or other similar action, (ii) any advance made by the Servicer (including any predecessor servicer) pursuant to a Designated Servicing Agreement to foreclose or undertake similar
action with respect to a Mortgage Loan, and (iii) any other out of pocket expenses incurred by the Servicer (including any predecessor servicer) pursuant to a Designated Servicing Agreement (including, for example, costs and expenses incurred
in loss mitigation efforts and in processing assumptions of Mortgage Loans). 
 Corporate Advance
Receivable:  Any Receivable representing the right to be reimbursed for a Corporate Advance. 
 Corporate
Advance Reimbursement Amount:  Any amount collected under any Designated Servicing Agreement from Mortgage Loan Obligors or otherwise, which amount, by the terms of such Designated Servicing Agreement, is payable to the Servicer to
reimburse Corporate Advances disbursed by the Servicer (or any predecessor servicer). 
 Corporate Trust
Office:  For each Series of Notes, as specified in the related Indenture Supplement. 

  
 9 

 Cumulative Interest Shortfall Amount:  For any Payment Date and any Class
of Notes, any portion of the Interest Payment Amount for that Class for a previous Payment Date that has not been paid, plus accrued and unpaid interest at the applicable Note Interest Rate on such shortfall from the Payment Date on which the
shortfall first occurred through the current Payment Date. 
 Custodial Account:  For each Mortgage Pool, the
segregated, non-commingled account or accounts, specified in the related Designated Servicing Agreement, into which the Servicer is required to deposit Collections with respect to the Mortgage Loans serviced under that Designated Servicing
Agreement, which may be called a “Certificate Account,” a “Custodial Account,” a “Custodial P&I Account,” a “Principal and Interest Account” or be known by another name specified in the related Designated
Servicing Agreement. 
 Custodian:  As defined in Section 2.4(a). 

Cut-off Date:  The close of business on June 7, 2013. 

Default Rate:  For any Series or Class of Notes, the sum (expressed as a percentage) of the Note Interest Rate for such
Class and a per annum percentage specified in the related Indenture Supplement. 
 Defaulting Counterparty Termination
Payments:  Any Early Termination Amount payable to the Derivative Counterparty under the related Derivative Agreement as the result of the designation of an “Early Termination Date” under such Derivative Agreement due to
either (x) the occurrence of an Event of Default with respect to which the related Derivative Counterparty is the Defaulting Party or (y) an Additional Termination Event with respect to which such Derivative Counterparty is the sole
Affected Party. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the related Derivative Agreement. 
 Deferred Servicing Fee:  The right to payment for accrued but unpaid servicing fees earned by the Servicer (or any predecessor servicer) that are accrued and unpaid on the related monthly
remittance date following the related due date. 
 Deferred Servicing Fee Receivable:  Any Receivable
representing the right to receive payment for any Deferred Servicing Fee pursuant to the terms and provisions of a Designated Servicing Agreement. 
 Definitive Note:  A Note issued in definitive, fully registered form evidenced by a physical Note. 
 Depositor:  Nationstar Advance Funding III LLC, a Delaware limited liability company, wholly owned by Nationstar. 
 Depository:  Initially, the Depository Trust Company, the nominee of which is Cede & Co., and any permitted successor depository. The Depository shall at all times be a Clearing
Corporation. 
 Depository Agreement:  For any Series or Class of Book-Entry Notes, the agreement among the
Issuer, the Indenture Trustee and the Depository, dated as of the related Issuance Date, relating to such Notes. 

Depository Participant:  A broker, dealer, bank or other financial institution or other Person for whom from time to
time the Depository effects book-entry transfers and pledges of securities deposited with the Depository. 
 Derivative
Account:  As defined in the related Indenture Supplement, if applicable. 

  
 10 

 Derivative Agreement:  Any currency, interest rate or other swap, cap,
collar, guaranteed investment contract or other derivative agreement entered into by the Issuer or the Indenture Trustee (at the direction of and on behalf of the Issuer) in connection with any Class or Series of Notes and identified in the related
Indenture Supplement. 
 Derivative Collateral Account:  As defined in the related Indenture Supplement, if
applicable. 
 Derivative Counterparty:  Any party to any Derivative Agreement other than the Issuer or the
Indenture Trustee. 
 Designated Servicing Agreement:  As of any date, any Servicing Agreement as to which the
related Receivables are being sold and/or contributed by the Receivables Seller to the Depositor pursuant to the Receivables Sale Agreement and sold and/or contributed by the Depositor to the Issuer pursuant to the Receivables Pooling Agreement and
pledged by the Issuer hereunder as part of the Trust Estate, which Servicing Agreement is listed on the Designated Servicing Agreement Schedule in accordance with Section 2.1(c) on such date. 

Designated Servicing Agreement Schedule:  As of any date, the list attached hereto as Schedule 1, as it may be
amended from time to time in accordance with Section 2.1(c). 
 Determination Date:  In respect of
any Payment Date or Interim Payment Date, the third Business Day before such Payment Date or Interim Payment Date. 

Determination Date Administrator Report:  A report delivered by the Administrator as described in
Section 3.2(a), which shall be delivered in the form of one or more electronic files. 
 Disbursement
Report:  As defined in Section 4.3(e). 
 Distribution Compliance Period:  In respect
of any Regulation S Global Note or Regulation S Definitive Note, the 40 consecutive days beginning on and including the later of (a) the day on which any Notes represented thereby are offered to persons other than distributors (as defined in
Regulation S under the Securities Act) pursuant to Regulation S and (b) the Issuance Date for such Notes. 
 Eligible
Account:  Any of (a) an account or accounts maintained with a depository institution with a short-term rating of at least “A-1” by S&P, (or a long-term rating of at least “A” if the short-term rating is not
available), and that is (i) a federal savings and loan association duly organized, validly existing and in good standing under the federal banking laws of the United States, (ii) a banking or savings and loan association duly organized,
validly existing and in good standing under the applicable laws of any state, (iii) a national banking association duly organized, validly existing and in good standing under the federal banking laws of the United States, or (iv) a
principal subsidiary of a bank holding company; or (b) a segregated trust account maintained in the trust department of a federal or state chartered depository institution or trust company in the United States, having capital and surplus of not
less than $50,000,000, and meeting the rating requirements described in clause (a) above, acting in its fiduciary capacity. 
 Employee Benefit Plan:  As defined in Section 6.5(k). 

Entitlement Order:  As defined in Section 8-102(a)(8) of the UCC. 

ERISA:  The Employee Retirement Income Security Act of 1974, as amended. 

  
 11 

 Escrow Advance:  An advance made by the Servicer (including any predecessor
servicer) with respect to a Mortgage Loan pursuant to the Servicer’s obligation to do so under the related Designated Servicing Agreement, of real estate taxes and assessments, or of hazard, flood or primary mortgage insurance premiums,
required to be paid (but not otherwise paid) by the related Obligor under the terms of the related Mortgage Loan. 
 Escrow Advance
Receivable:  Any Receivable representing the right to be reimbursed for an Escrow Advance. 

Euroclear:  Euroclear Bank S.A./N.V. as operator of the Euroclear System, and any successor thereto. 

Event of Default:  As defined in Section 8.1. 
 Excess Cash Amount:  On any Payment Date or Interim Payment Date, the amount of Available Funds remaining following the allocation and payments set forth pursuant to Sections
4.4(a) through (h) or Sections 4.5(a)(1)(i) through (x), as applicable. 
 Excess Receivables
Funding Amount:  On any Funding Date, the amount that could be drawn on a VFN without violating the Collateral Test, after all the New Receivables Funding Amounts to be drawn on such VFN have been drawn. 

Exchange Act:  The Securities Exchange Act of 1934, as amended. 
 Expected Repayment Date:  For each Class of Notes, as specified in the related Indenture Supplement. 
 Expense Limit:  With respect to expenses and indemnification amounts, for the Owner Trustee and the Indenture Trustee (in all its capacities), pro rata, $250,000 in any calendar year and
$125,000 for any single Payment Date; and for other Administrative Expenses, $50,000 in any calendar year; provided that the Expense Limit shall only apply to distributions made pursuant to Section 4.5(a)(1)(i) and
(ii) and Section 4.5(a)(2)(i) and (ii); and provided, further, that any amounts in excess of the Expense Limit that have not been paid pursuant to Section 4.5 may be applied toward and subject
to the Expense Limit for the subsequent calendar year and payable in a subsequent calendar year. 
 Facility Early
Amortization Event:  Any of the following conditions or events, which is not waived by, together, Noteholders of at least 66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting
Interests, and 100% of the VFN Noteholders: 
 (i)    the occurrence
of any Event of Default; 
 (ii)    following a Payment Date on which a draw
is made on a Series Reserve Account, the amount on deposit in such Series Reserve Account is not increased back to the related Series Reserve Required Amount on or prior to the next Payment Date; 

(iii)    (A) any United States federal income tax is imposed on the Issuer as an
association (or publicly traded partnership) taxable as a corporation or a taxable mortgage pool taxable as a corporation, each for United States federal income tax purposes or any U.S. withholding tax is imposed on payments with respect to the
Receivables or (B) a tax, ERISA, or other government lien, in any case, other than Permitted Liens, is imposed on the Receivables or any property of the Issuer or the Depositor; 

  
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 (iv)    failure of the Collateral Test
at the end of any Advance Collection Period or at the close of business on the Determination Date for any Payment Date, Interim Payment Date or Funding Date (in each case assuming that all payments and fundings described in the reports delivered in
respect of the related Determination Date are paid and funded), any date on which Additional Notes are issued, any date on which the VFN Principal Balance of any VFN is increased, any date on which a Designated Servicing Agreement is added to or
removed from the Trust Estate, or any date on which a Receivable becomes ineligible by virtue of an Unmatured Default or notice of a threatened termination as described in clause (a)(A) of the definition of “Facility Eligible Servicing
Agreement”, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied for a period of two (2) days; provided, however, that if such failure results solely (i) from Receivables no longer
being Facility Eligible Receivables because of an Unmatured Default or a threatened termination, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied for a period of thirty (30) days following
the Servicer’s Responsible Officer’s receipt of such notice of or obtaining such actual knowledge; (ii) from a reduction in aggregate Collateral Value as a result of the Weighted Average Advance Rate for such Series or Class being
higher than the Trigger Advance Rate for such Series or Class, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied for a period of five (5) days; (iii) from the occurrence of a Ratings
Reduction, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied 90 days following the occurrence of such Ratings Reduction (provided, however, that if such failure results from the occurrence of a
Ratings Reduction that causes the Servicer’s sub-prime servicer rating to be reduced below “Below Average” by S&P, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied 30 days
following the occurrence of such Ratings Reduction); (iv) from the occurrence of a Note Rating Reduction, such failure shall become a Facility Early Amortization Event only if such failure continues unremedied 90 days following the occurrence
of such Note Rating Reduction (provided, however, that if such failure results from the occurrence of a Note Rating Reduction that causes the related Class’s Applicable Rating to be reduced to “BB(sf)” or lower by S&P, such
failure shall become a Facility Early Amortization Event only if such failure continues unremedied 30 days following the occurrence of such Note Rating Reduction) and (v) from an Other Advance Rate Reduction Event, such failure shall become a
Facility Early Amortization Event only if such failure continues unremedied for a number of days greater than or equal to the Other Advance Rate Reduction Event Cure Period following the occurrence of such Other Advance Rate Reduction Event;

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

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

  
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 Facility Eligible Receivable: A Receivable: 

(i)    which constitutes a “general intangible” or “payment
intangible” within the meaning of Section 9-102(a)(42) or Section 9-102(a)(61) or, in the case of a Deferred Servicing Fee Receivable, an “account” within the meaning of Section 9-102(a)(2), as applicable (or the
corresponding provision in effect in a particular jurisdiction) of the UCC as in effect in all applicable jurisdictions; 
 (ii)    which is denominated and payable in United States dollars; 
 (iii)    which arises under and pursuant to the terms of a Designated Servicing Agreement and, at the time the related Advance was made or the related Deferred Servicing Fee accrued,
(A) was determined by the Servicer in good faith to (1) be ultimately recoverable from the proceeds of the related Mortgage Loan, related liquidation proceeds or otherwise from the proceeds of or collections on the related Mortgage Loan
and (2) comply with all requirements for reimbursement or payment under, the related Servicing Agreement and as to which the Servicer has complied with all of the requirements for reimbursement under the related Servicing Agreement, and
(B) was authorized pursuant to the terms of the related Designated Servicing Agreement; 

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

(v)    with respect to which no representation or warranty made by the Receivables
Seller or the Servicer in the Receivables Sale Agreement has been breached, which breach has continued uncured past the time at which the Servicer or the Receivables Seller was required to pay the Indemnity Payment with respect thereto pursuant to
the Receivables Sale Agreement; 
 (vi)    with respect to which, as of the
date such Receivable was acquired by the Issuer, none of the Receivables Seller, the Servicer or the Depositor had (A) taken any action that would impair the right, title and interest of the Indenture Trustee therein, or (B) failed to take
any action that was necessary to avoid impairing the Indenture Trustee’s right, title or interest therein; 
 (vii)    the Advance related to which either (A) has been fully funded by the Servicer (or any predecessor servicer) using its own funds and/or Amounts Held for Future
Distribution (to the extent permitted under the related Designated Servicing Agreement) and/or Collections (as appropriate) in excess of the related Required Expense Reserve, and/or amounts drawn on Variable Funding Notes or out of funds in the
Collection and Funding Account or Available Funds as provided herein, or (B) in the case of P&I Advances, will be funded on the related Funding Date and all amounts necessary to fund the related Advance are on deposit in an account under
the exclusive control and direction of the Indenture Trustee pending remittance to the appropriate MBS Trustees; 
 (viii)    such Receivable does not relate to an Advance that has not been reimbursed in full or a Deferred Servicing Fee that has not been paid in full within forty-five (45) days
following the date of a permanent modification of the related Mortgage Loan that becomes effective subsequent to the creation of such Receivable (for purposes of this clause, a modification becomes “permanent” following any trial period or
satisfaction of conditions precedent or subsequent); 

  
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 (ix)    in connection with any Deferred
Servicing Fee Receivable, the provisions of the related Designated Servicing Agreement identified on Schedule 1 require that any unpaid and accrued servicing fees owed to the Servicer be repaid on or prior to the date of any redemption in
full under the applicable Designated Servicing Agreement except to the extent the Servicer or servicers are required to consent to or initiate termination and have agreed to repay all unpaid and accrued servicing fees at the time of redemption in
full (such securitization trusts related to such Designated Servicing Agreements listed on Schedule 3 (as the same may be updated from time to time pursuant to Section 2.2(c)); provided, that the Receivables related to the
Designated Servicing Agreements related to the securitization trusts identified on Schedule 4 (as the same may be updated from time to time pursuant to Section 2.2(c)) shall not be Facility Eligible Receivables if the aggregate of
the outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 4 of such securitization trust’s cut-off date balance;

 (x)    any Deferred Servicing Fee Receivable relates to a Designated
Servicing Agreement identified on Schedule 1; 
 (xi)    such
Receivable (other than any Deferred Servicing Fee Receivable), unless arising under a Whole Loan Servicing Agreement, provides for reimbursement to the Servicer in respect of the related Advance upon termination of the related securitization trust
ahead of (or simultaneously with) the related securityholders, except to the extent the Servicer or servicers are required to consent to or initiate termination and have agreed to reimburse all Advances at the time of termination (such
securitization trusts related to such Designated Servicing Agreements listed on Schedule 3 (as the same may be updated from time to time pursuant to Section 2.2(c)); provided, that the Receivables related to the Designated
Servicing Agreements related to the securitization trusts identified on Schedule 4 (as the same may be updated from time to time pursuant to Section 2.2(c)) shall not be Facility Eligible Receivables if the aggregate of the
outstanding principal balance of the Mortgage Loans and each REO Property remaining in such securitization trust is less than the percentage indicated on such Schedule 4 of such securitization trust’s cut-off date balance; 

(xii)    such Receivable, if arising under a Whole Loan Servicing Agreement, provides
for reimbursement or repayment to the Servicer in respect of the related Advance or Deferred Servicing Fee in full at the time the servicing of such Mortgage Loan is transferred out of such Servicing Agreement such that it is no longer subject to
such Servicing Agreement; 
 (xiii)    the Designated Servicing Agreement
related to such Receivable provides that all Advances as to a Mortgage Loan are reimbursed on a “first-in, first out” or “FIFO” basis, such that the Advances of a particular type that were disbursed first in time will be
reimbursed prior to Advances of the same type with respect to that Mortgage Loan that were disbursed later in time and if it is a Whole Loan Servicing Agreement, provides that all Advances with respect to any Mortgage Loan must be reimbursed in full
at the time the servicing of such Mortgage Loan is transferred out of such Whole Loan Servicing Agreement; and 
 (xiv)    the Designated Servicing Agreement related to such Receivable includes an express provision for the assignment by the Servicer of its rights to be reimbursed for Advances;
and, if such Receivable is a Deferred Servicing Fee Receivable, the related Designated Servicing Agreement does not prohibit the sale and/or contribution to the Issuer of, specifically, the rights to payment for the Deferred Servicing Fees with
respect to the related Mortgage Pool (as determined in the sole and absolute discretion of the Administrative Agent). 

  
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 Facility Eligible Servicing Agreement: As of any date of determination, any
Designated Servicing Agreement which meets the following criteria: 

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

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

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

  
 16 

 (iii)    [RESERVED]; 

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

(vii)    If the Servicer has engaged a Subservicer in conection with such Designated
Servicing Agreement (whether in effect on the initial Issuance Date or arising or entered into thereafter) to perform collections on the Mortgage Loans and administer the making and reimbursement of the related Advances and various related tasks,
(a) the Servicer continues to fund the Advances thereunder in a manner consistent herewith and the Servicer continues to account for the Advances in the same manner that the Servicer does under Designated Servicing Agreements where there are no
Subservicers, (b) the Servicer shall have provided notice to the Note Rating Agencies of such subservicing agreement and (c) the Administrative Agent shall have provided written consent to the subservicing arrangement (which may withheld
in its sole and absolute discretion); 
 (viii)    the Servicing Agreement
arises under and is governed by the laws of the United States or a State within the United States; and 
 (ix)    the Servicer has not voluntarily elected to change the reimbursement mechanics of Advances or payment mechanics for Deferred Servicing Fees under such Servicing Agreement from
a pool-level reimbursement mechanic or payment mechanic to a loan-level reimbursement mechanic or payment mechanic or from a loan-level reimbursement mechanic or payment mechanic to a
 pool-level reimbursement mechanic or payment mechanic without
consent of the Administrative Agent. 
 In addition, for a subservicing agreement (where the Servicer is acting as a
subservicer) to be a Facility Eligible Servicing Agreement, the subservicing agreement and the related servicing or master servicing agreement must provide that: (1) the Servicer, as subservicer, under such agreement, is required to make all
Advances or accrue Deferred Servicing Fees on Mortgage Loans subserviced by a Servicer; (2) the Servicer, as subservicer under such agreement, is entitled to reimbursement or payment from all permitted sources under the related Servicing
Agreement; (3) the related primary or master servicer agrees to remit to the Servicer, as subservicer, within two (2) Business Days of receipt thereof, any collections and reimbursements of P&I Advances, Corporate Advances and Escrow
Advances or payments for Deferred Servicing Fees it receives, without set-off; and (4) the related primary or master servicer agrees to reasonably cooperate with the Servicer, as subservicer, to obtain reimbursement or payment of P&I
Advances, Deferred Servicing Fees, Corporate Advances and Escrow Advances including, if either of such primary or master servicer or the Servicer, as subservicer, is terminated, by seeking immediate reimbursement or payment therefor from the
successor servicer or, failing that, on a first-in-first-out basis. 
 Facility Entity: As defined in
Section 9.5(i). 

  
 17 

 Facility Year:  A period beginning on the Closing Date or any anniversary
of the Closing Date, and ending on the next anniversary of the Closing Date. 
 Fannie Mae:  The Federal
National Mortgage Association (commonly known as Fannie Mae), and its successors. 
 FDIC:  The Federal Deposit
Insurance Corporation, and its successors. 
 Fee Accumulation Account:  The segregated non-interest bearing
trust account or accounts, each of which shall be an Eligible Account, established and maintained pursuant to Section 4.7 and entitled “The Bank of New York Mellon, as Indenture Trustee in trust for the Noteholders of the Nationstar
Mortgage Advance Receivables Trust Advance Receivables Backed Notes, Fee Accumulation Account.” 
 Fee Accumulation
Amount:  With respect to each Interim Payment Date, the aggregate amount of Fees, plus any Series Fees, up to the Series Fee Limit, plus any Undrawn Fees, due and payable on the next Payment Date plus any expenses
(including indemnities) payable on the next Payment Date pursuant to Section 4.5(a)(1)(i) or (ii) or Section 4.5(a)(2)(i) or (ii) that have been invoiced or noticed to the Indenture Trustee and the
Administrator prior to the Determination Date for such Interim Payment Date, minus amounts already on deposit in the Fee Accumulation Account (assuming for this purpose that the aggregate VFN Principal Balance remains unchanged from the
Determination Date for such Interim Payment Date through the end of the then-current Interest Accrual Period). 
 Fee
Letter:  For any Series, as defined in the related Indenture Supplement, if applicable. 

Fees:  Collectively, with respect to any Interest Accrual Period, the Indenture Trustee Fee, the Owner Trustee Fee and
the Verification Agent Fee. 
 Final Payment Date:  For any Class of Notes, the earliest of (i) the Stated
Maturity Date for such Class, (ii) after the end of the related Revolving Period, the Payment Date on which the Note Balance of the Notes of such Class has been reduced to zero, and (iii) the Payment Date which follows the Payment Date on
which all proceeds of the sale of the Trust Estate are distributed pursuant to Section 8.6. 
 Financial
Asset:  As defined in Section 8-102(a)(9) of the UCC. 
 Fitch:  Fitch Ratings, Inc., or any
successor thereto. 
 Freddie Mac:  The Federal Home Loan Mortgage Corporation (commonly known as Freddie Mac),
and its successors. 
 Full Amortization Period:  For all Series of Notes, the period that begins upon the
occurrence of a Facility Early Amortization Event and ends on the date on which the Notes of all Series are paid in full. 

Funded Advance Receivable Balance:  On any date (i) for Facility Eligible Receivables included in the Trust Estate,
the aggregate of the Receivable Balances of such Facility Eligible Receivables minus the portion of aggregate P&I Advances that were funded using Amounts Held for Future Distribution which have not yet been restored by the Servicer to the
related Custodial Account and (ii) for any particular Designated Servicing Agreement on any date, the aggregate balance of all Facility Eligible Receivables outstanding under such Servicing Agreement minus the portion thereof that was funded
using Amounts Held for Future Distribution which have not yet been restored by the Servicer to the related Custodial Account. 

  
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 Funding Certification:  A report delivered by the Administrator in respect
of each Funding Date pursuant to Section 4.3(a). 
 Funding Conditions:  With respect to any proposed Funding Date,
the following conditions: 
 (i)    no breach of the Collateral Test shall
exist following the proposed funding; 
 (ii)    no breach of
representation, warranty or covenant of the Receivables Seller, the Servicer, the Administrator, the Depositor or the Issuer, or with respect to the Receivables, hereunder or under any Transaction Document, shall exist; 

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

(v)    the full amount of the Required Expense Reserve shall be on deposit in the
Collection and Funding Account, before and after the release of cash from such account to fund the purchase price of Receivables; 
 (vi)    no Servicer Termination Event shall have occurred with respect to the Servicing Agreement related to any Receivable to be funded; provided, that the breach of a
Collateral Performance Test as it relates to the performance of the related mortgage loans, shall not be considered a Servicer Termination Event for purposes of this clause (vi) unless the Servicer shall have received a written notice of
pending termination; provided, further, that a Servicer Ratings Downgrade shall not be considered a Servicer Termination Event for purposes of this clause (vi) unless the Servicer shall have received a written notice of
pending termination; provided, further, that the failure to satisfy this clause (vi) shall only affect the Receivables arising under the related Servicing Agreement and shall not result in a failure of the Funding Conditions generally;

 (vii)    on any Funding Date that is an Interim Payment Date or Limited
Funding Date, after giving effect to the transfers on such Funding Date contemplated by Section 4.3(f), the Interest Accumulation Amount is on deposit in the Interest Accumulation Account, the Fee

  
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Accumulation Amount is on deposit in the Fee Accumulation Account, the Target Amortization Principal Accumulation Amount, if any, is on deposit in the Target Amortization Principal Accumulation
Account and the Series Reserve Required Amount is on deposit in the Series Reserve Account for each Series; 
 (viii)    the payment of the New Receivables Funding Amount in connection with the related sale of Additional Receivables on such Funding Date or the drawing on any VFNs shall not
result in a material adverse United States federal income tax consequence to the Trust Estate or any Noteholders; 
 (ix)    the related Advances shall have been fully funded out of the Servicer’s own funds and/or Amounts Held for Future Distribution under the related Designated Servicing
Agreement (if permitted under the related Designated Servicing Agreement), and, if a P&I Advance subject to same-day pre-funding, shall be on deposit in a disbursement account under the exclusive control and direction of the Indenture Trustee
pending remittance to the related MBS Trustee; it being understood that the Indenture Supplement may specify conditions, in addition to the Funding Conditions, that must be met before draws may be made on a VFN issued under such Indenture
Supplement; and 
 (x)    the Verification Agent is PricewaterhouseCoopers
LLP, or if PricewaterhouseCoopers LLP (x) resigns as Verification Agent and not more than thirty days have passed since such resignation, (y) resigns as Verification Agent and more than thirty days have passed since such resignation and
the Servicer is using commercially reasonable efforts to hire a replacement Verification Agent or (z) is terminated by the Receivables Seller, the Depositor or the Issuer, the Administrator has selected a successor verification agent and the
Administrative Agent has approved such successor verification agent (such approval not to be unreasonably withheld or delayed) and such successor verification agent has assumed the Verification Agent’s duties. 

Funding Date:  Any Payment Date, Interim Payment Date or Limited Funding Date occurring at a time when no Facility Early
Amortization Event shall have occurred and shall be continuing; provided, that the Indenture Trustee and the Administrator shall have delivered a Funding Certification in accordance with Section 4.3(a) for such date. 

Funding Interruption Event:  The occurrence of an event which with the giving of notice or the passage of time, or both,
would constitute a Facility Early Amortization Event. 
 GAAP:  U.S. generally accepted accounting principles
that are (i) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its successors, as in effect from time to time, and (ii) applied consistently with principles applied to past financial
statements of Nationstar and its subsidiaries; provided that a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification
regarding changes in generally accepted accounting principles) that such principles have been properly applied in preparing such financial statements. 
 Grant:  Pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and right of set-off against, deposit,
set over and confirm pursuant to this Indenture. A Grant of collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of such collateral or other agreement or instrument and all other moneys payable

  
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thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party
or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 Increased Costs:  The amounts described in the related Indenture Supplement, if applicable. 
 Increased Costs Limit:  For any Series or Class of Notes, as defined in the related Indenture Supplement, if applicable. 

Indemnified Party:  As defined in Section 10.3(b). 

Indemnity Payment:  With respect to any Receivable in respect of which a payment is required to be made by the Issuer,
the Depositor or the Receivables Seller under Section 2.3 of this Indenture, the Receivables Pooling Agreement or the Receivables Sale Agreement, and as of the Payment Date on which the “Indemnity Payment” must be made, the
Receivable Balance of such Receivable as of such Payment Date. 
 Indenture:  As defined in the Preamble.

 Indenture Supplement:  With respect to any Series of Notes, a supplement to this Indenture, executed and
delivered in conjunction with the issuance of such Notes pursuant to Section 6.1, together with any amendment to the Indenture Supplement executed pursuant to Section 12.1 or 12.2, and, in either case, including all
amendments thereof and supplements thereto. 
 Indenture Trustee:  The Person named as the Indenture Trustee in
the Preamble until a successor Indenture Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is then an Indenture Trustee hereunder.

 Indenture Trustee Authorized Officer:  With respect to the Indenture Trustee, Calculation Agent, Paying
Agent, Note Registrar or Securities Intermediary, any officer of the Indenture Trustee, Calculation Agent, Paying Agent, Note Registrar or Securities Intermediary assigned to its corporate trust services, including any vice president, assistant vice
president, assistant treasurer or trust officer customarily performing functions with respect to corporate trust matters and, with respect to a particular corporate trust matter under this Indenture, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject, in each case, having direct responsibility for the administration of this Indenture. 
 Indenture Trustee Fee:  The fee payable to the Indenture Trustee hereunder on each Payment Date in a monthly amount to be calculated based on the outstanding balance of the Receivables as
of the prior Payment Date, as set forth in the Indenture Trustee Fee Letter, which shall be subject to a monthly minimum of $1,000 (which includes the fees to The Bank of New York Mellon and its successors and assigns in its capacities as
Calculation Agent, Paying Agent, Securities Intermediary and Note Registrar), plus any additional amounts due and owing to the Indenture Trustee pursuant to the Section 11.7. 

Indenture Trustee Fee Letter:  The fee letter agreement between The Bank of New York Mellon and the Issuer dated the
Closing Date, as amended, supplemented, restated, or otherwise modified, setting forth the fees to be paid to The Bank of New York Mellon for the performance of its duties as Indenture Trustee and in all other capacities. 

  
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 Independent Manager:  (i) A natural person and (ii) a Person who
(A) shall not have been at the time of such Person’s appointment, and may not have been at any time during the preceding five (5) years and shall not be as long as such Person is an Independent Manager of the Depositor (1) a
direct or indirect legal or beneficial owner in such entity or any of its Affiliates, (2) a member, officer, director, manager, partner, shareholder or employee of the Administrator or any of its managers, members, partners, subsidiaries,
shareholders or Affiliates other than the Depositor or any Affiliate thereof that is intended to be structured as a “bankruptcy remote” entity (collectively, the “Independent Parties”), (3) a supplier to any of
the Independent Parties, (4) a person controlling or under common control with any director, member, partner, shareholder or supplier of any of the Independent Parties or (5) a member of the immediate family of any director, member,
partner, shareholder, officer, manager, employee or supplier of the Independent Parties, (B) has prior experience as an independent director or manager for a corporation or limited liability company whose charter documents required the
unanimous consent of all independent directors or managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under
any applicable federal or state law relating to bankruptcy and (C) has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or
placement services to issuers of securitization or structured finance instruments, agreements or securities; provided, that, notwithstanding the terms and provisions of clause (ii)(A)(1) immediately above, the indirect or beneficial ownership
of membership interests of the Administrator through a mutual fund or similar diversified investment vehicle with respect to which the owner does not have discretion or control over the investments held by such diversified investment vehicle shall
not preclude such owner from being an Independent Manager. 
 Index:  For any Series or Class of Notes, as
defined in the related Indenture Supplement, if applicable. 
 Initial Collection Account:  An Eligible Account
in the name of the Indenture Trustee, in which no other amounts other than as set forth in Section 4.2(a) may be deposited, which amounts shall be transferred within 1 Business Day of deposit to the Collection and Funding Account. 

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

 Insolvency Event:  With respect to a specified Person, (i) an involuntary case or other proceeding
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced against any Person or any substantial part of its property, or a petition shall be filed against such Person in an involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, seeking the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of
its property, or the winding-up or liquidation of such Person’s business and (A) such case or proceeding shall continue undismissed and unstayed and in effect for a period of sixty (60) days or (B) an order for relief in respect
of such Person shall be entered in such case or proceeding under such laws or a decree or order granting such other requested relief shall be granted; or (ii) the commencement by such Person of a voluntary case under any applicable

  
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bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any
general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due or the admission by such Person of its inability to pay its debts generally as they become due. 

Insolvency Proceeding:  Any proceeding of the sort described in the definition of Insolvency Event. 

Interest Accrual Period:  For any Class of Notes and any Payment Date, the period specified in the related Indenture
Supplement. 
 Interest Accumulation Account:  The segregated non-interest bearing trust account or accounts,
each of which shall be an Eligible Account, established and maintained pursuant to Section 4.1 and Section 4.7 and entitled “The Bank of New York Mellon, as Indenture Trustee in trust for the Noteholders of the
Nationstar Mortgage Advance Receivables Trust Advance Receivables Backed Notes, Interest Accumulation Account.” 

Interest Accumulation Amount:  With respect to each Interim Payment Date, the sum of the Interest Payment Amount due and
payable with respect to all Classes of Notes on the next succeeding Payment Date, plus all Cumulative Interest Shortfall Amounts as of the immediately preceding Payment Date, minus amounts then on deposit in the Interest Accumulation
Account (assuming for this purpose that the aggregate VFN Principal Balance remains unchanged from the Determination Date for such Interim Payment Date through the end of its then-current Interest Accrual Period). 

Interest Day Count Convention:  For any Series or Class of Notes, the fraction specified in the related Indenture
Supplement to indicate the number of days counted in an Interest Accrual Period divided by the number of days assumed in a year, for purposes of calculating the Interest Payment Amount for each Interest Accrual Period in respect of such Series or
Class. 
 Interest Payment Amount:  For any Series or Class of Notes, as applicable and with respect to any Payment Date:

 (i)    for any Series or Class of Term Notes, the related Cumulative
Interest Shortfall Amount plus the product of: 
 (A)    the Note Balance
as of the close of business on the preceding Payment Date; 
 (B)    the
related Note Interest Rate for such Series or Class and for the related Interest Accrual Period; and 
 (C)    the Interest Day Count Convention specified in the related Indenture Supplement; and 

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

(A)    the average daily aggregate VFN Principal Balance during the related Interest
Accrual Period (calculated based on the average of the aggregate VFN Principal Balances on each day during the related Interest Accrual Period); 

(B)    the related Note Interest Rate for such Class during the related Interest
Accrual Period; and 
 (C)    the Interest Day Count Convention specified
in the related Indenture Supplement. 
 Interested Noteholders:  For any Class, any Noteholder or group of
Noteholders holding Notes evidencing not less than 25% of the aggregate Voting Interests of such Class. 
 Interim Payment
Date:  With respect to any Series of Notes, up to ten (10) dates each calendar month that are agreed to between the Issuer and the Noteholders of the Variable Funding Notes, as specified in the Indenture Supplement. For the
avoidance of doubt, no Interim Payment Dates shall occur during the continuance of a Facility Early Amortization Event. 
 Interim Payment
Date Report:  As defined in Section 3.2(c). 
 Invested Amount:  For any Series or
Class of Notes, the related Series Invested Amount or Class Invested Amount, as applicable. 
 Investment Company Act:  The
Investment Company Act of 1940, as amended. 
 Issuance Date:  For any Series of Notes, the date of issuance of
such Series, as set forth in the related Indenture Supplement. 
 Issuer:  As defined in the Preamble. 

Issuer Affiliate:  Any person involved in the organization or operation of the Issuer or an affiliate of such a person
within the meaning of Rule 3a-7 promulgated under the Investment Company Act. 
 Issuer Amount:  As defined in
Section 4.3(e). 
 Issuer Authorized Officer:  Any Director or any authorized officer of the Owner
Trustee or the Administrator who may also be an officer or employee of Nationstar or an Affiliate. 
 Issuer
Certificate:  A certificate (including an Officer’s Certificate) signed in the name of an Issuer Authorized Officer, or signed in the name of the Issuer by an Issuer Authorized Officer. Wherever this Indenture requires that an
Issuer Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be an employee of Nationstar or an Affiliate. 

Issuer Tax Opinion:  With respect to any undertaking, an Opinion of Counsel to the effect that, for United States
federal income tax purposes, (i) such undertaking will not result in the Issuer or the Trust Estate being subject to tax on its net income as an association (or publicly traded partnership) taxable as a corporation or a taxable mortgage pool
taxable as a corporation, each for United States federal income tax 

  
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purposes, (ii) except in the case of Specified Notes, if any Notes are issued or deemed issued as a result of such undertaking, any Notes issued or deemed issued on such date that are
outstanding for United States federal income tax purposes will be debt, and, if requested by the Administrative Agent, (iii) such undertaking will not cause the Noteholders or beneficial owners of Notes previously issued to be deemed to have
sold or exchanged such Notes in a manner that generates gain or loss for federal income tax purposes under Section 1001 of the Code. 
 Judicial Corporate Advance:  Any Corporate Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State. 

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

Judicial Deferred Servicing Fee:  Any Deferred Servicing Fee in respect of a Mortgage Loan secured by a Mortgaged
Property located in a Judicial State. 
 Judicial Deferred Servicing Fee Receivable:  Any Deferred Servicing
Fee Receivable in respect of a Judicial Deferred Servicing Fee. 
 Judicial Escrow Advance:  Any Escrow Advance
in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State. 
 Judicial Escrow Receivable:  Any
Escrow Advance Receivable in respect of a Judicial Escrow Advance. 
 Judicial P&I Advance:  Any P&I
Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Judicial State. 
 Judicial P&I
Receivable:  Any P&I Advance Receivable in respect of a Judicial P&I Advance. 
 Judicial State:  Each
state or territory of the United States that is not a Non-Judicial State. 
 Limited Funding Date:  With
respect to any Series of Notes, up to ten (10) dates each calendar month that are agreed to between the Issuer and the Noteholders of the Variable Funding Notes, as specified in the Indenture Supplement. 

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

  
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 Loan-Level Receivable:  A Receivable that is the right to reimbursement for
a Loan-Level Advance or the right to payment for a Loan-Level Deferred Servicing Fee. 
 Majority
Noteholders:  With respect to any Series or Class of Notes or all Outstanding Notes, the Noteholders of greater than 50% of the Note Balance of the Outstanding Notes of such Series or Class or of Outstanding Notes, as the case may be,
measured by Voting Interests in any case. 
 Margin:  For any Class of Notes bearing interest at a floating
rate, the fixed per annum rate that is added to the applicable Index to determine the Note Interest Rate for such Class for any Interest Accrual Period. The “Margin” for each Class of Notes is specified in the related Indenture
Supplement. 
 Maximum VFN Principal Balance:  For any VFN Class, the amount specified in the related Indenture
Supplement. 
 MBS Trustee:  A trustee or indenture trustee for a Mortgage Pool that is a securitization trust.

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

Moody’s:  Moody’s Investors Service. 
 Mortgage:  With respect to a Mortgage Loan, a mortgage, deed of trust or other instrument encumbering a fee simple interest in real property securing a Mortgage Note. 

Mortgage Loan:  A loan secured by a Mortgage on real property (including REO Property resulting from the foreclosure of
the real property that had secured such loan), which loan has been transferred and assigned to an MBS Trustee and serviced by the Servicer for such MBS Trustee pursuant to a Servicing Agreement. 

Mortgage Note:  The note or other evidence of the indebtedness of a mortgagor secured by a Mortgage under a Mortgage
Loan and all amendments, modifications and attachments thereto. 
 Mortgage Pool:  A trust or trust estate in
which the Mortgage Loans being serviced by the Servicer pursuant to a Designated Servicing Agreement are held by the related MBS Trustee or a pool of Mortgage Loans being serviced under a Whole Loan Servicing Agreement that is a Facility Eligible
Servicing Agreement. 
 Mortgaged Property:  The interest in real property securing a Mortgage Loan as
evidenced by the related Mortgage, together with improvements thereto securing a Mortgage Loan. 

  
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 New Receivables Funding Amount:  For any Funding Date and with respect to
any amounts to be disbursed on any Funding Date, an amount equal to the sum of the Series New Receivables Funding Amounts for all Outstanding Series for all Additional Receivables to be funded on such Funding Date, subject to limitation by the
amount of Available Funds and by the amount that may be drawn on any VFNs in respect of such Funding Date and subject to the satisfaction of all Funding Conditions; provided, however, that (1) in any event the aggregate New
Receivables Funding Amount disbursed on any Funding Date shall be limited to an amount which may be disbursed without resulting in a violation of the Collateral Test, (2) no amounts may be drawn on VFNs on a Limited Funding Date, and
(3) the New Receivables Funding Amount on a Limited Funding Date is limited to amounts then on deposit in the Collection and Funding Account minus the Required Expense Reserve. 

Net Excess Cash Amount:  On any Payment Date or Interim Payment Date, the amount of funds available to be distributed to
the Depositor pursuant to Section 4.4(j) or Section 4.5(a)(1)(xii) or Section 4.5(a)(2)(vi), as applicable. 
 Non-Judicial Corporate Advance:  Any Corporate Advance in respect of a Mortgage Loan secured by a Mortgaged Property located in a Non-Judicial State. 

Non-Judicial Corporate Receivable:  A Corporate Advance Receivable in respect of a Non-Judicial Corporate Advance. 

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

Non-Judicial Escrow Receivable:  An Escrow Advance Receivable in respect of a Non-Judicial Escrow Advance. 

Non-Judicial P&I Advance:  Any P&I Advance in respect of a Mortgage Loan secured by a Mortgaged Property located
in a Non-Judicial State. 
 Non-Judicial P&I Receivable:  A P&I Advance Receivable in respect of a Non Judicial P&I
Advance. 
 Non-Judicial State:  Each of the following: Alabama, Alaska, Arizona, Arkansas, California,
Colorado, District of Columbia, Georgia, Hawaii, Idaho, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Oregon, Rhode Island, Tennessee, Texas, Utah, Virginia, Washington, West Virginia
and Wyoming. Additional Non-Judicial States may be designated from time to time pursuant to Section 12.1. 

Nonrecoverable Advance:  An Advance that is determined to be “non-recoverable” from late collections or
liquidation or other proceeds of the Mortgage Loan in respect of which such Advance was made. 
 Nonrecoverable Deferred
Servicing Fee:  A Deferred Servicing Fee that is determined to be “non-recoverable” from late collection or liquidation or other proceeds of the Mortgage Loan in respect of which such Deferred Servicing Fee was accrued.

  
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 Note or Notes:  Any note or notes of any Class authenticated and
delivered from time to time under this Indenture including, but not limited to, any Variable Funding Note. 
 Note
Balance:  On any date (i) for any Term Note, or for any Series or Class of Term Notes, as the context requires, the Initial Note Balance of such Term Note or the aggregate of the Initial Note Balances of the Term Notes of such
Series or Class, as applicable, less all amounts paid to the Noteholder of such Term Note or Noteholders of such Term Notes with respect to principal, (ii) for any Variable Funding Note, its VFN Principal Balance on such date and (iii) for
any other Note, as set forth in the related Indenture Supplement. 
 Note Interest Rate:  For any Note, or for
any Series or Class of Notes as the context requires, the interest rate specified, or calculated as provided in, the related Indenture Supplement; provided, that on any day on which a Facility Early Amortization Event shall have occurred and
shall be continuing at the opening of business on such day, the Note Interest Rate for any Class of Notes shall equal the applicable Default Rate. 
 Note Owner:  With respect to a Book Entry Note, the Person who is the owner of such Book Entry Note, as reflected on the books of the Depository, or on the books of a Person maintaining
an account with such Depository (directly as a Depository Participant or as an indirect participant, in each case in accordance with the rules of such Depository) and with respect to any Definitive Notes, the Noteholder of such Note. 

Note Payment Account:  The segregated non-interest bearing trust account or accounts, each of which shall be an Eligible
Account, established and maintained pursuant to Section 4.1 and Section 4.8 and entitled “The Bank of New York Mellon, as Indenture Trustee in trust for the Noteholders of the Nationstar Mortgage Advance Receivables
Trust Advance Receivables Backed Notes, Note Payment Account.” 
 Note Purchase Agreement:  An agreement
with one or more initial purchasers or placement agents under which the Issuer will sell the Notes to such initial purchaser, or contract with such placement agent for the initial private placement of the Notes, in each case as further defined in
the related Indenture Supplement. 
 Note Rating Agency:  With respect to any Outstanding Class of Notes, each
rating agency, if any, specified in the related Indenture Supplement. References to Note Rating Agencies or “each” or “any” Note Rating Agency in this Indenture refer to Note Rating Agencies that were engaged to rate any Notes
issued under this Indenture, which Notes are still Outstanding. 
 Note Rating Reduction:  As defined in the related Indenture
Supplement, if applicable. 
 Note Register:  As defined in Section 6.5. 

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

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

  
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 Noteholders’ Amount:  As defined in Section 4.3(e). 

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

Officer’s Certificate:  A certificate signed by an Issuer Authorized Officer and delivered to the Indenture
Trustee. Wherever this Indenture requires that an Officer’s Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be an employee of the
Receivables Seller or the Servicer. 
 Opinion of Counsel:  A written opinion of counsel reasonably acceptable
to the Indenture Trustee, which counsel may, without limitation, and except as otherwise expressly provided in this Indenture and except for any opinions related to tax matters or material adverse effects on Noteholders, be an employee of the
Issuer, the Receivables Seller or any of their Affiliates. 
 Organizational Documents:  The Issuer’s Trust Agreement
(including the related Owner Trust Certificate). 
 Other Advance Rate Reduction Event:  As defined in the related Indenture
Supplement, if applicable. 
 Other Advance Rate Reduction Event Cure Period:  As defined in the related Indenture Supplement,
if applicable. 
 Outstanding:  With respect to all Notes and, with respect to a Note or with respect to Notes
of any Series or Class means, as of the date of determination, all such Notes theretofore authenticated and delivered under this Indenture, except: 

(i)        any Notes theretofore canceled by the Indenture
Trustee or delivered to the Indenture Trustee for cancellation, or canceled by the Issuer and delivered to the Indenture Trustee pursuant to Section 6.6; 

(ii)        any Notes to be redeemed for whose full payment
(including principal and interest) redemption money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Noteholders of such Notes; provided that, if such Notes are to be
redeemed, notice of such redemption has been duly given if required pursuant to this Indenture, or provision therefore satisfactory to the Indenture Trustee has been made; 

(iii)      any Notes which are canceled pursuant to
Section 7.3; and 
 (iv)      any Notes in exchange
for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture (except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is presented that such Note is held by a person in
whose hands such Note is a legal, valid and binding obligation of the Issuer). 
 For purposes of determining
the amounts of deposits, allocations, reallocations or payments to be made, unless the context clearly requires otherwise, references to “Notes” will be deemed to be references to “Outstanding Notes.” In determining whether the
Noteholders of the requisite principal amount of such Outstanding Notes have taken any Action hereunder, Notes owned by the Issuer, the Receivables 

  
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Seller, or any Affiliate of the Issuer or the Receivables Seller shall be disregarded. In determining whether the Indenture Trustee will be protected in relying upon any such Action, only Notes
which an Indenture Trustee Authorized Officer has actual knowledge are owned by the Issuer or the Receivables Seller, or any Affiliate of the Issuer or the Receivables Seller, will be so disregarded. Notes so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee proves to the satisfaction of the Indenture Trustee the pledgee’s right to act as owner with respect to such Notes and that the pledgee is not the Issuer or the Receivables Seller or any
Affiliate of the Issuer or the Receivables Seller. 
 Owner:  When used with respect to a Note, any related Note Owner.

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

Owner Trustee:  Wilmington Trust, National Association, a national association, not in its individual capacity but
solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
 Owner Trustee
Fee:  The annual fee payable as agreed upon by the Owner Trustee and Nationstar Mortgage LLC pursuant to the Owner Trustee Fee Letter. 
 Owner Trustee Fee Letter:  The fee letter agreement between the Owner Trustee and Nationstar Mortgage LLC dated the Closing Date, as amended, supplemented, restated, or otherwise
modified, setting forth the fees to be paid to the Owner Trustee for the performance of its duties as Owner Trustee of the Issuer. 
 P&I Advance:  Any advance disbursed by the Servicer (including any predecessor servicer) pursuant to any Designated Servicing Agreement, of delinquent interest and/or principal that
have not been timely paid by Obligors, including any amounts deposited by the Servicer into a Custodial Account in order to reimburse such Custodial Account for Amounts Held for Future Distribution previously on deposit therein which the Servicer
(including any predecessor servicer) had used to make a previous P&I Advance in accordance with the related Designated Servicing Agreement. 

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

P&I Advance Disbursement Account:  The segregated non-interest bearing trust account, which shall be an Eligible
Account, established and maintained pursuant to Section 4.3(d) as a Trust Account and entitled “The Bank of New York Mellon, as Indenture Trustee for the Nationstar Mortgage Advance Receivables Trust Advance Receivables Backed
Notes, P&I Advance Disbursement Account.” 
 P&I Advance Receivable:  Any Receivable representing the right to be
reimbursed for a P&I Advance. 
 P&I Advance Reimbursement Amount:  Any amount collected under any
Designated Servicing Agreement from Obligors or otherwise, which amount, by the terms of such Designated Servicing Agreement, is payable to the Servicer to reimburse P&I Advances disbursed by the Servicer. 

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

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

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

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

(i)        (a) direct obligations of, or obligations fully
guaranteed as to timely payment of principal and interest by, the United States or (b) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, any agency or instrumentality of the United States,
provided that such obligations are backed by the full faith and credit of the United States; and provided further that the short-term debt obligations of such agency or instrumentality at the date of acquisition thereof have been rated
(x) “A-1” by S&P if such obligations have a maturity of less than 60 days after the date of acquisition or (y) “A-1+” by S&P if such obligations have a maturity greater than 60 days after the date of
acquisition; 
 (ii)       repurchase agreements on
obligations specified in clause (a) maturing not more than three months from the date of acquisition thereof; provided that the short-term unsecured debt obligations of the party agreeing to repurchase such obligations are at the
time rated “A-1+” by S&P; 
 (iii)      certificates
of deposit, time deposits and bankers’ acceptances of any U.S. depository institution or trust company incorporated under the laws of the United States or any state thereof and subject to supervision and examination by a federal and/or state
banking authority of the United States; provided that the unsecured short-term debt obligations of such depository institution or trust company at the date of acquisition thereof have been rated “A-1+” by S&P; 

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

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

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

Permitted Investments are only those which are acquired by the Indenture Trustee in its name and in its capacity as
Indenture Trustee, and with respect to which (A) the Indenture Trustee has noted its interest therein on its books and records, and (B) the Indenture Trustee has purchased such investments for value without notice of any adverse claim
thereto (and, if such investments are securities or other financial assets or interests therein, within the meaning of Section 8-102 of the UCC, without acting in collusion with a Securities Intermediary in violating such Securities
Intermediary’s obligations to 

  
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entitlement holders in such assets, under Section 8-504 of the UCC, to maintain a sufficient quantity of such assets in favor of such entitlement holders), and (C) either (i) such
investments are in the possession of the Indenture Trustee or (ii) such investments, (x) if certificated securities and in bearer form, have been delivered to the Indenture Trustee, or if in registered form, have been delivered to the
Indenture Trustee and either registered by the issuer in the name of the Indenture Trustee or endorsed by effective endorsement to the Indenture Trustee or in blank; (y) if uncertificated securities, ownership of such securities has been
registered in the name of the Indenture Trustee on the books of the issuer thereof (or another person, other than a Securities Intermediary, either has become the registered owner of the uncertificated security on behalf of the Indenture Trustee or,
having previously become the registered owner, acknowledges that it holds for the Indenture Trustee); or (z) if Securities Entitlements representing interests in securities or other financial assets (or interests therein) held by a Securities
Intermediary, a Securities Intermediary indicates by book entry that a security or other financial asset has been credited to the Indenture Trustee’s Securities Account with such Securities Intermediary. No instrument described hereunder may be
purchased at a price greater than par, if such instrument may be prepaid or called at a price less than its purchase price prior to its stated maturity. 
 Permitted Lien:  Any liens for taxes, assessments, or similar charges incurred in the ordinary course of business and which are not yet due or as to which the period of grace, if any,
related thereto has not expired or which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP. 
 Permitted Refinancing:  An assignment by the Issuer, subject to satisfaction of Section 2.1(c), either (i) to a third party unaffiliated with the Servicer or (ii) to
a special purpose, bankruptcy-remote entity, of all the Receivables attributable to one or more Designated Servicing Agreements, as a result of which assignment the assignee pays to the Issuer 100% of the Receivable Balances with respect to such
Receivables; provided, that in the case of any special purpose entity, an opinion of external legal counsel, reasonably satisfactory to the Administrative Agent, to the effect that the assignee would not be substantively consolidated with
Nationstar or any non-special purpose entity Affiliate of Nationstar involved in the transactions contemplated herein, shall have been delivered to the Administrative Agent. 
 Person:  Any individual, corporation, estate, partnership, limited liability company, limited liability partnership, joint venture, association, joint-stock company, business trust,
trust, unincorporated organization, government or any agency or political subdivision thereof, or other entity of a similar nature. 
 Place of Payment:  With respect to any Class of Notes issued hereunder, the city or political subdivision so designated with respect to such Class of Notes by the Indenture Trustee.

 Predecessor Notes:  Of any particular Note means every previous Note evidencing all or a portion of the same
debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 6.6 in lieu of a mutilated, lost, destroyed or stolen Note will be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note. 
 PTCE:  As defined in Section 6.5(k). 

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

Ratings Effect:  A reduction, qualification with negative implications or withdrawal of any then current rating of any
Outstanding Notes by an applicable Note Rating Agency (other than as a result of the termination of such Note Rating Agency). 

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

 Receivable:  The contractual right (i) to reimbursement pursuant to the terms of a Designated Servicing
Agreement for an Advance made by the Servicer (including any predecessor servicer) pursuant to such Designated Servicing Agreement, which Advance has not previously been reimbursed, or (B) to payment pursuant to the terms of a Designated
Servicing Agreement listed on the Designated Servicing Agreement Schedule to the extent designated as being eligible for financing for a Deferred Servicing Fee owed the Servicer pursuant to such Designated Servicing Agreement which has been accrued
by the Servicer (or any predecessor Servicer) but not paid and which contractual right to reimbursement or payment has been Granted to the Indenture Trustee for inclusion in the Trust Estate by the Issuer hereunder, and including in either case all
rights of the Servicer (including any predecessor servicer) to enforce payment of such obligation under the related Servicing Agreement, consisting of the Initial Receivables and all Additional Receivables and (ii) to amounts to be paid as
consideration for any purchase of the contractual right to reimbursement described in clause (i) or to servicing fees has been Granted to the Indenture Trustee for inclusion in the Trust Estate by the Issuer hereunder. A “Receivable”
remains a “Receivable,” and is not deemed to have been converted into cash, except to the extent that cash in respect of a reimbursement of that Receivable has been deposited into the Collection and Funding Account. A
“Receivable” is originated when the Servicer makes the related Advance (or the Advance is made on its behalf in the case of P&I Advances that may be pre-funded same day pursuant to Section 4.3 hereof) or, with respect to
Advances made by a predecessor servicer, when the Servicer reimburses the predecessor servicer for such Advance when the Servicer assumes servicing of the related Mortgage Loan or, with respect to Deferred Servicing Fees when the related servicing
fee shall be accrued and unpaid on the related monthly remittance date following the related due date. Receivables for Deferred Servicing Fees that are ineligible for financing will not be sold or transferred by the Servicer and are not a part of
the Trust Estate. 
 Receivable Balance:  As of any date of determination and with respect to any Receivable,
the outstanding amount of such Receivable, which shall only be reduced to the extent that cash in respect of reimbursement of that Receivable has been deposited into the Collection and Funding Account. 

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

Receivables Pooling Agreement:  The Receivables Pooling Agreement, dated as of the Closing Date, between the Depositor,
as seller, and the Issuer, as purchaser, as amended, supplemented, restated, or otherwise modified from time to time. 

Receivables Sale Agreement:  The Receivables Sale Agreement, dated as of the Closing Date, between the Receivables
Seller, as seller, and the Depositor, as purchaser, as amended, supplemented, restated, or otherwise modified from time to time. 
 Receivables Sale Termination Date:  The date, after the conclusion of the Revolving Period for all Series and Classes of Notes, on which all amounts due on all Series and Classes of Notes
issued by the Issuer pursuant to this Indenture, and all other amounts payable to any party pursuant to this Indenture, shall have been paid in full. 
 Receivables Seller:  Nationstar, as the entity that shall, on and after the Closing Date, sell to the Depositor all Receivables created on and after the Closing Date under the Designated
Servicing Agreements. 
 Record Date:  For the interest or principal payable on any Note on any applicable
Payment Date or Interim Payment Date, (i) for a Book Entry Note, the last Business Day before such Payment Date or Interim Payment Date, as applicable, and (ii) for a Definitive Note, the last day of the calendar month preceding such
Payment Date or Interim Payment Date, as applicable, unless otherwise specified in the related Indenture Supplement. 

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

 Redemption Notice:  As defined in Section 13.2. 
 Redemption Payment Date:  As defined in Section 13.1. 
 Redemption
Percentage:  For any Class, 10% or such other percentage set forth in the related Indenture Supplement. 

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

Regulation S Note:  As defined in Section 5.2(c)(ii). 
 Regulation S Note Transfer Certificate:  As defined in Section 6.5(i)(ii). 
 REO Property:  A Mortgaged Property in which a Mortgage Pool or owner has acquired title to such Mortgaged Property through foreclosure or by deed in lieu of foreclosure. 

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

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

(i)        When used with respect to the Indenture Trustee, the
Calculation Agent, the Note Registrar, the Securities Intermediary or the Paying Agent, an Indenture Trustee Authorized Officer; and 
 (ii)       when used with respect to the Issuer, any Issuer Authorized Officer who is an officer of the Issuer or is an officer of the Administrator of the type referred
to in clause (iii) below; and 
 (iii)      when used with
respect to the Servicer or the Administrator, the chief executive officer, the chief financial officer or any vice president of the Servicer or the Administrator, as the case may be. 

Revolving Period:  For any Series or Class of Notes, the period of time which begins on the related Issuance Date and
ends on the earlier to occur of (i) a Target Amortization Event for such Series or Class of Notes and (ii) a Facility Early Amortization Event. 
 Rule 144A:  Rule 144A promulgated under the Securities Act. 
 Rule 144A
Definitive Note:  As defined in Section 5.2(c)(i). 
 Rule 144A Global Note:  As defined in
Section 5.2(c)(i). 
 Rule 144A Note:  As defined in Section 5.2(c)(i). 

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

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

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

Sale Date:  As defined in the Receivables Sale Agreement. 
 Schedule of Receivables:  On any date, a schedule, which shall be delivered by the Administrator to the Indenture Trustee, and maintained by the Indenture Trustee, in an electronic form,
listing the outstanding Receivables sold and/or contributed to the Depositor under the Receivables Sale Agreement and sold and/or contributed to the Issuer under the Receivables Pooling Agreement and Granted to the Indenture Trustee pursuant to this
Indenture, as updated from time to time to list Additional Receivables Granted to the Indenture Trustee and deducting any amounts paid against the Receivables as of such date, identifying such Receivables by Designated Servicing Agreement, dollar
amount of the related Advance or Deferred Servicing Fee, identifying the Advance Type for such Receivable and identifying the related Mortgage Loan number and date of the related Advance or Deferred Servicing Fee. The Indenture Trustee shall be
entitled to rely conclusively on the then current Schedule of Receivables until receipt of a superseding schedule. 
 Secured
Party:  As defined in the Granting Clause. 
 Securities Account:  As defined in Section 8-501(a) of the
UCC. 

  
 35 

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

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

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

 Series Fee Limit:  For any Series, as specified in the related Indenture Supplement, if applicable. 

Series Fees:  For any Series, as specified in the related Indenture Supplement, which shall include any amounts payable
to any Derivative Counterparty, Supplemental Credit Enhancement Provider or other similar amount payable in respect of a particular Series. 
 Series Invested Amount:  For any Series on any date is the largest Class Invested Amount for all Outstanding Classes of Notes included in such Series. 

Series New Receivables Funding Amount:  (A) For any Funding Date in respect of Receivables related to Advances, for
any Series that provides a non-zero Advance Rate for Advances and any Additional Receivable related to Advances proposed to be funded on such Funding Date, the product of (i) the 

  
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applicable Weighted Average CV Adjusted Advance Rate for such Series (calculated without regard to the existence of any Deferred Servicing Fee Receivables and taking into account the inclusion of
the new Additional Receivables related to Advances) and (ii) the related Series Advance Receivable Allocation Percentage of the aggregate Receivable Balance of all Receivables related to Advances under all Designated Servicing Agreements,
including all Receivables related to Advances conveyed to the Issuer since the previous Funding Date (including P&I Advance Receivables to be so conveyed on such Funding Date, but not including any portion thereof relating to P&I Advances to
the extent such P&I Advances were funded using Amounts Held for Future Distribution) and (B) For any Funding Date in respect of Receivables related to Deferred Servicing Fees for any Series that provides a non-zero Advance Rate for Deferred
Servicing Fees and any Additional Receivable related to Deferred Servicing Fees proposed to be funded on such Funding Date, the product of (i) the applicable Weighted Average CV Adjusted Advance Rate for such Series (calculated without regard
to the existence of any Receivables related to Advances and taking into account the inclusion of the new Additional Receivables related to Deferred Servicing Fees) and (ii) the related Series Deferred Servicing Fee Receivable Allocation
Percentage of (A) the aggregate Receivable Balance of all Receivables related to Deferred Servicing Fees under all Designated Servicing Agreements, including all Receivables related to Deferred Servicing Fees conveyed to the Issuer since the
previous Funding Date. 
 Series Required Noteholders:  Noteholders of any Series constituting both
(i) the Majority Noteholders of such Series and (ii) the Majority Noteholders of the most senior Class of Outstanding Notes of such Series. 
 Series Reserve Account:  An account established for each Series which shall be a segregated non-interest bearing trust account which is an Eligible Account, established and maintained
pursuant to Section 4.6, and in the name of the Indenture Trustee and identified by each relevant Series. 

Series Reserve Required Amount:  For each Series, the amount calculated as described in the related Indenture
Supplement. 
 Servicer:  Nationstar in its capacity as the servicer or subservicer, as applicable, under the
Designated Servicing Agreements in servicing the related Mortgage Loans, and any successor named servicer appointed under any particular Designated Servicing Agreement. 
 Servicer Ratings Downgrade:  A downgrade by any rating agency of the servicer ratings of the Servicer that results in the occurrence of a Servicer Termination Event with respect to the
Servicer pursuant to the terms of a Designated Servicing Agreement. 
 Servicer Termination Event:  With
respect to any Designated Servicing Agreement, the occurrence of any events or conditions, and the passage of any cure periods and giving to and receipt by the Servicer of any required notices, as a result of which any Person has the current right
to terminate the Servicer as servicer or subservicer, as applicable, (and any Subservicer that may be acting on behalf of the Servicer) under such Designated Servicing Agreement. 

Servicing Agreement:  Any pooling and servicing agreement, sale and servicing agreement, or servicing agreement pursuant
to which the Servicer is servicing Mortgage Loans for and on behalf of a Mortgage Pool or other owner, each as amended, supplemented, restated, or otherwise modified from time to time. 
 Servicing Standards:  As defined in Section 10.2(k). 

  
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 Sinking Fund Account:  An account established for any Series which shall be
a segregated non-interest bearing trust account which is an Eligible Account, established and maintained pursuant to Section 4.7, and in the name of the Indenture Trustee and identified by each relevant Series; provided, that, if
more than one Sinking Fund Account is to be established for any Series, such accounts may be established as a single Eligible Account with sub-accounts thereof related to specified Classes within such Series as to which Classes a “Sinking Fund
Account” has been created and the Sinking Fund Account for a particular Class of such Series shall refer to the sub-account of the related Eligible Account related to such Class. 
 Sinking Fund Permitted Investments:   At any time, any one or more of the following obligations and securities: 

(i)    (a) direct obligations of, or obligations fully guaranteed as to timely
payment of principal and interest by, the United States or (b) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, any agency or instrumentality of the United States, provided that
such obligations are backed by the full faith and credit of the United States; and provided further that such obligations shall have a maturity of no more than 365 days after the date of acquisition and further the short-term debt
obligations of such agency or instrumentality at the date of acquisition thereof have been rated (x) “A-1” by S&P if such obligations have a maturity of less than 60 days after the date of acquisition or (y) “A-1+”
by S&P if such obligations have a maturity greater than 60 days after the date of acquisition; 
 (ii)   repurchase agreements on obligations specified in clause (a) maturing not more than twelve months from the date of acquisition thereof and in any event not later than the
Business Day immediately preceding the Expected Repayment Date of the Class of Notes related to the Sinking Fund Account in which such Sinking Fund Permitted Investment is held; provided that the short-term unsecured debt obligations of the
party agreeing to repurchase such obligations are at the time rated “A-1+” by S&P; 
 (iii)   certificates of deposit, time deposits and bankers’ acceptances of any U.S. depository institution or trust company incorporated under the laws of the United States or any
state thereof and subject to supervision and examination by a federal and/or state banking authority of the United States; provided that such obligations shall have a maturity of not more than 365 days after the date of acquisition and
further the unsecured short-term debt obligations of such depository institution at the date of acquisition thereof have been rated (x) “A-1” by S&P if such obligations have a maturity of less than 60 days after the date of
acquisition or (y) “A-1+” by S&P if such obligations have a maturity greater than 60 days after the date of acquisition; 
 (iv)   commercial paper of any entity organized under the laws of the United States or any state thereof which on the date of acquisition has been rated “A-1+” by S&P;
provided that such commercial paper shall have a maturity of no more than 365 days after the date of acquisition; 
 (v)    interests in any U.S. money market fund which, at the date of acquisition of the interests in such fund (including any such fund that is managed by the Indenture Trustee or an
Affiliate of the Indenture Trustee or for which the Indenture Trustee or an Affiliate acts as advisor) and throughout the time as the interest is held in such fund, has a rating of “AAAm” from S&P; or 

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

  
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 provided, that each of the foregoing investments shall mature no later than the
Business Day prior to the immediately preceding the Expected Repayment Date of the Class of Notes related to the Sinking Fund Account in which such Sinking Fund Permitted Investment is held (other than in the case of the investment of monies in
instruments of which the Indenture Trustee is the obligor, which may mature on the related Expected Repayment Date), and shall be required to be held to such maturity; and provided further, that each of the Sinking Fund Permitted
Investments may be purchased by the Indenture Trustee through an Affiliate of the Indenture Trustee. 
 Sinking
Fund Permitted Investments are only those which are acquired by the Indenture Trustee in its name and in its capacity as Indenture Trustee, and with respect to which (A) the Indenture Trustee has noted its interest therein on its books and
records, and (B) the Indenture Trustee has purchased such investments for value without notice of any adverse claim thereto (and, if such investments are securities or other financial assets or interests therein, within the meaning of
Section 8-102 of the UCC, without acting in collusion with a Securities Intermediary in violating such Securities Intermediary’s obligations to entitlement holders in such assets, under Section 8-504 of the UCC, to maintain a
sufficient quantity of such assets in favor of such entitlement holders), and (C) either (i) such investments are in the possession of the Indenture Trustee or (ii) such investments, (x) if certificated securities and in bearer
form, have been delivered to the Indenture Trustee, or if in registered form, have been delivered to the Indenture Trustee and either registered by the issuer in the name of the Indenture Trustee or endorsed by effective endorsement to the Indenture
Trustee or in blank; (y) if uncertificated securities, ownership of such securities has been registered in the name of the Indenture Trustee on the books of the issuer thereof (or another person, other than a Securities Intermediary, either has
become the registered owner of the uncertificated security on behalf of the Indenture Trustee or, having previously become the registered owner, acknowledges that it holds for the Indenture Trustee); or (z) if Securities Entitlements
representing interests in securities or other financial assets (or interests therein) held by a Securities Intermediary, a Securities Intermediary indicates by book entry that a security or other financial asset has been credited to the Indenture
Trustee’s Securities Account with such Securities Intermediary. No instrument described hereunder may be purchased at a price greater than par. 
 Specified Notes:  The Class 1 Specified Notes and the Class 2 Specified Notes. 

STAMP:  As defined in Section 6.1(d). 
 Stated Maturity Date:  For each Class of Notes, the date specified in the Indenture Supplement for such Note as the fixed date on which the outstanding principal and all accrued interest
for such Series or Class of Notes is due and payable. 
 Stop Date:  As defined in the Receivables Sale Agreement. 

Subordinated Cumulative Interest Shortfall Amount:  Any Cumulative Interest Shortfall Amount attributable to any
Subordinated Interest Amount that is unpaid. 
 Subordinated Interest Amount:  For any Class of Notes and any
Interest Accrual Period, the positive difference, if any, between the amount of interest accrued in such Interest Accrual Period on the related Note Balance at the related Note Interest Rate on such Class and the related Senior Interest Amount.

 Subservicer:  With respect to any Designated Servicing Agreement, any subservicer engaged by the Servicer to
subservice the Mortgage Loans under such Designated Servicing Agreement so long as (i) such subservicing arrangement under such Designated Servicing Agreement shall have been consented to by the Administrative Agent in writing in its sole and
absolute discretion and (ii) the Administrator shall have given notice of such subservicing arrangement to each Note Rating Agency. 

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

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

Supplemental Credit Enhancement Provider:  Any party to any Supplemental Credit Enhancement Agreement other than the
Issuer or the Indenture Trustee on behalf of the Issuer. 
 Target Amortization Amount:  For any Interim
Payment Date or any Payment Date, as the case may be, for each Class of Notes then in its Target Amortization Period, the monthly amount specified in, or calculated as described in, the related Indenture Supplement; provided, that such
monthly amount must be either a fixed dollar amount or a fixed percentage of the Note Balance of such Class as of the first day of its Target Amortization Period. 
 Target Amortization Class:  Any Class of Notes that is in its Target Amortization Period at a time when no Facility Early Amortization Event shall have occurred and be continuing
unwaived. 
 Target Amortization Event:  For any Series or Class of Notes, the earlier of (i) the related
Expected Repayment Date and (ii) the occurrence of any of the events designated as such in the related Indenture Supplement; provided, that if any Target Amortization Event occurs with respect to any VFN, it shall constitute a Target
Amortization Event for all Classes of VFNs. 
 Target Amortization Period:  For any Class of Notes, the period
that begins upon the termination of the related Revolving Period and ends upon the earlier of (i) a Facility Early Amortization Event and (ii) the date on which the Notes of such Class are paid in full, in accordance with the related
Indenture Supplement. 
 Target Amortization Principal Accumulation Account:  The segregated non-interest
bearing trust account or accounts, each of which shall be an Eligible Account, established and maintained pursuant to Section 4.1 and Section 4.7 and entitled “The Bank of New York Mellon, as Indenture Trustee in trust
for the Noteholders of the Nationstar Servicer Advance Receivables Backed Notes, Target Amortization Principal Accumulation Account.” 
 Target Amortization Principal Accumulation Amount:  For any Target Amortization Class on any date, the Target Amortization Amount for the next Payment Date. 

Term Note:  Notes of any Series or Class designated as “Term Notes” in the related Indenture Supplement. 

Transaction Documents:  Collectively, this Indenture, each Note Purchase Agreement, the Receivables Sale Agreement, the
Receivables Pooling Agreement, the Fee Letter, the Indenture Trustee Fee Letter, the Owner Trustee Fee Letter, the Derivative Agreements, Supplemental Credit Enhancement Agreements, 

  
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the Schedule of Receivables and the Designated Servicing Agreement Schedule, all Notes, the Trust Agreement, the Administration Agreement, each Indenture Supplement and each of the other
documents, instruments and agreements entered into on the date hereof and thereafter in connection with any of the foregoing or the transactions contemplated thereby, each as amended, supplemented, restated, or otherwise modified from time to time.

 Transfer: As defined in Section 6.5(h). It is expressly provided that the term “Transfer” in the
context of the Notes includes, without limitation, any distribution of the Notes by (i) a corporation to its shareholders, (ii) a partnership to its partners, (iii) a limited liability company to its members, (iv) a trust to its
beneficiaries or (v) any other business entity to the owners of the beneficial interests in such entity. 

Trigger Advance Rate:   For any Class or Series of Notes, as defined in the related Indenture Supplement. If an
Indenture Supplement does not define a “Trigger Advance Rate,” the related Series and Classes shall have no Trigger Advance Rate. 
 Trust Account or Trust Accounts:  Individually, any of the Collection and Funding Account, the Initial Collection Account, the Note Payment Account, the Series Reserve Account, the
Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account or the P&I Advance Disbursement Account or any Sinking Fund Account and any other account required under any Indenture
Supplement, and collectively, all of the foregoing. 
 Trust Agreement:  The Amended and Restated Trust
Agreement, dated the Closing Date, by and between the Depositor and Owner Trustee, as amended, supplemented, restated, or otherwise modified from time to time. 
 Trust Estate:  The trust estate established under this Indenture for the benefit of the Noteholders, which consists of the property described in the Granting Clause, to the extent not
released pursuant to Section 7.1. 
 Trust Property:  The property, or interests in property, constituting the
Trust Estate from time to time. 
 UCC:  The Uniform Commercial Code, as in effect in the relevant jurisdiction. 

Undrawn Fees:  With respect to any Payment Date during the related Revolving Period, an amount equal to the aggregate of
the accrued and unpaid Undrawn Fee Amounts for each day of the Monthly Advance Collection Period immediately preceding such Payment Date, plus any unpaid Undrawn Fees from prior Payment Dates. 

Undrawn Fee Amount:  For any VFN Class as specified in the related Indenture Supplement, for each day during the related
Revolving Period, an amount equal to the product of (i) the related Maximum VFN Principal Balance less the VFN Principal Balance as of the close of business on such day, and (ii) the Undrawn Fee Rate divided by 360. 

Undrawn Fee Rate:  For any VFN Class, the rate set forth or described in the related Indenture Supplement, if any. 

United States and U.S.:  The United States of America. 
 United States Person:  (i) A citizen or resident of the United States, (ii) a corporation or partnership (or entity treated as a corporation or partnership for United States
federal income tax purposes) created or organized in or under the laws of the United States, any one of the states thereof or the District of 

  
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Columbia, (iii) an estate the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust if a court within the United States is able to
exercise primary supervision over the administration of such trust, and one or more such United States Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence on August 20, 1996 which are eligible to elect to be treated as United States Persons). 

Unmatured Default:  With respect to any Designated Servicing Agreement, the occurrence of any event or condition which,
with notice and/or the passage of any applicable cure period, will result in a Servicer Termination Event. 
 Variable
Funding Note or VFN:  Any Note of a Series or Class designated as “Variable Funding Notes” in the related Indenture Supplement. 
 Verification Agent:  As defined in Section 3.3(d). 

Verification Agent Fee:  The amount payable to the Verification Agent following completion of its annual report under
Section 3.3(d) in an amount to be determined by the Administrative Agent after consultation with the Servicer. 

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

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

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

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

  
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 For the avoidance of doubt, all actions, consents and votes under the terms and provisions
of this Indenture (other than under any Indenture Supplement related to a specific Series) that require a certain percentage of Voting Interests of all Notes shall be deemed by each of the parties hereto and the Noteholders to require such
designated percentage of Voting Interests of each Outstanding Series and, in the event any one Series fails to provide the required percentage of Voting Interests with respect to any such action, consent or vote, then such action, consent or vote
shall be deemed by the parties hereto and the Noteholders to be not approved. 
 Weighted Average Advance Rate: With
respect to any Class of Notes on any date of determination, a percentage equal to the weighted average of the non-zero Advance Rates applicable to the Receivables in the case of such Class (weighted based on the Receivable Balances of all Facility
Eligible Receivables that have a positive Collateral Value attributable to each separate Advance Type on such date). With respect to a Series of Notes, the “Weighted Average Advance Rate” shall equal the Weighted Average Advance Rate with
respect to the Class within such Series with the highest Advance Rates. 
 Weighted Average CV Adjusted Advance Rate:
With respect to any Class or Series on any date of determination, the lesser of (i) the product of (A) the Weighted Average Advance Rate, for such Class or Series on that date, and (B) a fraction, (1) the numerator of which
equals the aggregate Receivable Balances of all Facility Eligible Receivables that have a positive Collateral Value with respect to such Class or Series on such date and (2) the denominator of which equals the aggregate Receivable Balances of
all Receivables with non-zero Advance Rates attributable to all Designated Servicing Agreements and (ii) the related Trigger Advance Rate (or, when determined for a Series, the highest Trigger Advance Rate for any Class within such Series).

 Weighted Average Liquidation Timeline: For any Designated Servicing Agreement, as of any date of determination, with
respect to all Receivables owned by the Issuer which are attributable to such Designated Servicing Agreement and which were repaid in full on any day during the preceding six (6) calendar months, the six (6) month rolling average of the
number of calendar months (expressed in months and weighted based on the respective Receivable Balances of such repaid Receivables) from the respective dates on which such Receivables were originated to the respective dates on which such Receivables
were repaid in full. 
 Whole Loan Servicing Agreement: A Servicing Agreement related to a Mortgage Pool that is not
included in a closed-end securitization trust. 
 Section 1.2.      Interpretation. 

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

 (a)        reference to and the definition of any document (including
this Indenture) shall be deemed a reference to such document as it may be amended or modified from time to time; 
 (b)        all references to an “Article,” “Section,” “Schedule” or “Exhibit” are to an Article or Section hereof or to a
Schedule or an Exhibit attached hereto; 
 (c)        defined terms in
the singular shall include the plural and vice versa and the masculine, feminine or neuter gender shall include all genders; 
 (d)        the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Indenture shall refer to this
Indenture as a whole and not to any particular provision of this Indenture; 

  
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 (e)        in the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”; 

(f)        periods of days referred to in this Indenture shall be counted in
calendar days unless Business Days are expressly prescribed and references in this Indenture to months and years shall be to calendar months and calendar years unless otherwise specified; 

(g)        accounting terms not otherwise defined herein and accounting terms
partly defined herein to the extent not defined, shall have the respective meanings given to them under GAAP; 

(h)        “including” and words of similar import will be deemed to be
followed by “without limitation”; 
 (i)        references to
any Transaction Document (including this Indenture) and any other agreement shall be deemed a reference to such Transaction Document or agreement as it may be amended or modified from time to time; and 

(j)        references to any statute, law, rule or regulation shall be deemed a
reference to such statute, law, rule or regulation as it may be amended or modified from time to time. 

Section 1.3.        Compliance Certificates and Opinions. 

Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this
Indenture, the Issuer will furnish to the Indenture Trustee (1) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and
(2) unless the Indenture Trustee waives the requirement of delivery, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture will
include: 
 (a)        a statement to the effect that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (b)        a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or
opinion are based; 
 (c)        a statement to the effect that such
individual has made such examination or investigation as is necessary to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

  
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 Section 1.4.        Form of Documents Delivered to
Indenture Trustee. 
 In any case where several matters are required to be certified by, or covered by
an opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents. 
 Any certificate or opinion of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. Any such
certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer stating that the information with respect to such factual matters is
in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. 

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

Section 1.5.        Acts of Noteholders. 

(a)        Any request, demand, authorization, direction, notice, consent, waiver
or other action (each, an “Action”) provided by this Indenture to be given or taken by Noteholders of any Class may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such Action will become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuer. Such instrument or instruments and any such record (and the Action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such
instrument or instruments and so voting at any meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, will be sufficient for any purpose of this Indenture and (subject to
Section 11.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 1.5. 
 (b)        The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such execution or by
the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by an
officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit will also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture Trustee deems sufficient. 
 (c)        The ownership of Notes will be proved by the Note Register. 
 (d)        Any Action by the Noteholder will bind all subsequent Noteholders of such Noteholder’s Note, in respect of anything done or suffered to be done by
the Indenture Trustee or the Issuer in reliance thereon whether or not notation of such Action is made upon such Note. 
 (e)        Without limiting the foregoing, a Noteholder entitled hereunder to take any Action hereunder with regard to any particular Note may do so with regard to
all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or Action taken by a
Noteholder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Noteholders of each such different part. 

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

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

Any Action of Noteholders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with, the Indenture Trustee by any Noteholder or by the Issuer will be sufficient for every purpose hereunder if in writing (which shall include electronic transmission) and personally delivered, express couriered, electronically
transmitted or mailed by registered or certified mail to the Indenture Trustee (or The Bank of New York Mellon in any of its capacities) at its Corporate Trust Office, or the Issuer or the Administrator by the Indenture Trustee or by any Noteholder
will be sufficient for every purpose hereunder (except with respect to notices to the Indenture Trustee of an Event of Default as provided in Section 8.1) if in writing (which shall include electronic transmission) and personally
delivered, express couriered, electronically transmitted or mailed by registered or certified mail, addressed to it at (i) the Corporate Trust Office in the case of the Indenture Trustee or The Bank of New York Mellon in any of its capacities,
(ii) 350 Highland Drive, Lewisville, TX 75067, in the case of the Administrator or the Servicer, (iii) c/o Wilmington Trust, National Association, as Owner Trustee, Rodney Square North, 1100 North Market Street, Wilmington, DE, 19890, in
the case of the Issuer and (iv) 745 Seventh Avenue, New York, NY, 10019, in the case of the Administrative Agent, or, in any case at any other address previously furnished in writing by any such party to the other parties hereto. 

Section 1.7.        Notices to Noteholders; Waiver. 

(a)        Where this Indenture, any Indenture Supplement or any Note provides
for notice to registered Noteholders of any event, such notice will be sufficiently given (unless expressly provided otherwise herein, in such Indenture Supplement or in such Note) if in writing and mailed, first-class postage prepaid, sent by
facsimile, sent by electronic transmission or personally delivered to each Noteholder of a Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, facsimile, electronic transmission or delivery, none of the failure to mail, send by facsimile, send by electronic transmission or
deliver such notice, or any defect in any notice so mailed, to any particular Noteholders will affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by facsimile, sent by electronic transmission
or delivered in the manner herein provided shall conclusively have been presumed to have been duly given. 

  
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 Where this Indenture, any Indenture Supplement or any Note provides for
notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Noteholders will be filed with
the Indenture Trustee, but such filing will not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 (b)        In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it will be impractical to mail notice
of any event to any Noteholder of a Note when such notice is required to be given pursuant to any provision of this Indenture, then any method of notification as will be satisfactory to the Indenture Trustee and the Issuer will be deemed to be a
sufficient giving of such notice. 
 (c)        Where this Indenture
provides for notice to each Note Rating Agency, failure to give such notice will not affect any other rights or obligations created hereunder and will not under any circumstance constitute an Adverse Effect. 

Section 1.8.        Administrative Agent. 

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

(c)        Rights, Exculpation, Etc. The Administrative Agent and its
directors, officers, agents or employees shall not be liable for any action taken or omitted to be taken by it under or in connection with this Indenture or the other Transaction Documents. Without limiting the generality of the foregoing, the
Administrative Agent: (i) may consult with legal counsel (including, without limitation, counsel to the Administrative Agent or counsel to the Issuer), independent public accountants, and other experts selected by it and shall not be liable for
any action taken or omitted to be taken in good faith by it in accordance 

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

Section 1.9.          Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and will not affect the
construction hereof. 
 Section 1.10.        Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer will bind its successors and assigns, whether so expressed
or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee. 
 Section 1.11.        Severability of Provisions. 
 In case any provision in this Indenture or in the Notes will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or
impaired thereby. 
 Section 1.12.         Benefits of Indenture. 

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

  
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 Section 1.13.        Governing Law. 

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

Section 1.14.        Counterparts. 

This Indenture may be executed in any number of counterparts, each of which so executed will be deemed to be an original,
but all such counterparts will together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Indenture by facsimile or other electronic means shall be effective as delivery of a manually
executed counterpart of this Indenture. 
 Section 1.15.        Submission to Jurisdiction;
Waivers. 
 EACH OF THE PARTIES HERETO AND THE NOTEHOLDERS, BY THEIR ACCEPTANCE OF THE NOTES, HEREBY
IRREVOCABLY AND UNCONDITIONALLY: 
 (a)        SUBMITS FOR ITSELF AND
ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS INDENTURE, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN,
THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 
 (b)        CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

(c)        AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE
EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF WHICH EACH OTHER PARTY HERETO SHALL HAVE BEEN NOTIFIED IN
WRITING; 
 (d)        AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT
TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND 
 (e)        WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
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 Article II 
 The Trust Estate 

Section 2.1.        Contents of Trust Estate. 

(a)        Grant of Trust Estate. The Issuer has Granted the Trust Estate
to the Indenture Trustee, and the Indenture Trustee has accepted this Grant, pursuant to the Granting Clause. 

(b)        Notification of MBS Trustees. The Servicer hereby represents
and warrants that it has notified the related MBS Trustees with respect to the Designated Servicing Agreements as of the initial date of the assignment, transfer of ownership and pledge of Receivables related to such Servicing Agreements, including
the related Advance Reimbursement Amounts, and that each related Receivable is subject to the Indenture Trustee’s Security Interest, pursuant to a notice, substantially in the form of Exhibit C attached hereto. The notices indicating the
Security Interest of the Indenture Trustee in the Receivables relating to a particular Designated Servicing Agreement shall be deleted, rescinded or modified when, and only when, all related Receivables have been paid in full or have been released
from such Security Interest pursuant to this Indenture. In addition, each Determination Date Administrator Report shall include a list of the Receivables, and any such list or related trial balance or Schedule of Receivables, and any other list of
the Receivables provided by the Servicer, the Receivables Seller or the Issuer to any third party shall include language indicating that the Receivables identified therein are subject to the Indenture Trustee’s Security Interest. 

(c)        Addition and Removal of Designated Servicing Agreements.

     (i)        Addition of Designated
Servicing Agreements. 

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

  
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    (ii)        Removal of Designated
Servicing Agreements. 

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

       (B)        If any
Servicing Agreements are removed as Designated Servicing Agreements or any Advance Types of Receivables with respect to a Designated Servicing Agreement are no longer designated as eligible, the Administrator shall update the Designated Servicing
Agreement Schedule, which shall specifically designate the Advance type of Receivables that are eligible and furnish it to the Indenture Trustee, and the most recently furnished schedule shall be maintained by the Indenture Trustee as the definitive
Designated Servicing Agreement Schedule. 
 If one or more Designated Servicing Agreements is removed as described in this
Section 2.1(c) during any Facility Year, the Administrative Agent shall have the right to require the Servicer to obtain written affirmation from each applicable Note Rating Agency of its continued rating of the Notes, as applicable, at
the Servicer’s expense, once in respect of each Facility Year in which such a removal shall have occurred and the Servicer shall obtain such Note Rating Agency’s written affirmation of ratings if so requested in writing by the
Administrative Agent, at the Servicer’s sole cost and expense. 

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

  
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under the applicable UCC or other applicable laws. The Administrator shall enforce the Depositor’s obligations pursuant to the Receivables Pooling Agreement, and the Receivables
Seller’s and the Servicer’s obligations pursuant to the Receivables Sale Agreement, on behalf of the Issuer and the Indenture Trustee. 
 (e)    Release of Receivables Following Receivables Sale Termination Date. The Indenture Trustee shall release to the Issuer all Receivables in the Trust Estate upon the
occurrence of the Receivables Sale Termination Date, and shall execute all instruments of assignment, release or conveyance, prepared by the Issuer or the Receivables Seller, and delivered to the Indenture Trustee, as reasonably requested by the
Issuer or the Receivables Seller. 
 Section 2.2.        Receivable Files.

 (a)    Indenture Trustee.  The Indenture Trustee agrees to hold, in
trust on behalf of the Noteholders, upon the execution and delivery of this Indenture, the following documents relating to each Receivable: 
 (i)        a copy of each Determination Date Administrator Report in electronic form listing each Receivable Granted to the Trust Estate, the applicable Advance
Type for such Receivable and the corresponding Receivable Balance for such Receivable and any other information required in any related Indenture Supplement; 

(ii)       a copy of each Funding Certification delivered by the
Administrator, which shall be maintained in electronic format; 

(iii)      the current Designated Servicing Agreement Schedule; 

(iv)      the current Schedule of Receivables; and 

(v)       and any other documentation provided for in any Indenture
Supplement 
 provided that the Indenture Trustee shall have no responsibility to ensure the validity or sufficiency of
the Receivables. 
 (b)    Administrator as Custodian. To reduce administrative
costs, the Administrator will act as custodian for the benefit of the Noteholders of the following documents relating to each Receivable: 
 (i)        a copy of the related Designated Servicing Agreement and each amendment and modification thereto; 

(ii)      any documents other than those identified in
Section 2.2(a) received from or made available by the related MBS Trustee, Servicer, securities administrator or other similar party in respect of such Receivable; and 

(iii)      any and all other documents that the Issuer, the Servicer or the
Receivables Seller, as the case may be, shall keep on file, in accordance with its customary procedures, relating to such Receivable or the related Mortgage Pool or Servicing Agreement. 

  
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 (c)        Delivery of Updated
Designated Servicing Agreement Schedule. The Administrator shall deliver to the Indenture Trustee an updated Schedule 1, prior to the addition or deletion of any Servicing Agreement as a Designated Servicing Agreement or modification
to the eligibility status of any Advance Type of Receivables arising under such Servicing Agreement and the Indenture Trustee shall hold the most recently delivered version as the definitive Schedule 1. The Administrator represents and
warrants, as of the date hereof and as of the date any new Servicing Agreement is added as a Designated Servicing Agreement, that Schedule 1, as it may be updated by the Administrator from time to time and delivered to the Indenture Trustee,
is a true, complete and accurate list of all Designated Servicing Agreements. 
 In addition, the Administrator
shall furnish to the Indenture Trustee an updated Schedule of Receivables on each Funding Date in electronic form, and the Indenture Trustee shall maintain the most recent Schedule of Receivables it receives, and send a copy to any Noteholder upon
request. 
 In addition, in connection with the delivery of each updated Schedule 1 pursuant to this
Section 2.2(c), the Administrator shall furnish to the Indenture Trustee an updated Schedule 3 or Schedule 4, as necessary to reflect any updates upon the addition or removal of Designated Servicing Agreements or designation or
modification of eligibility status for any Advance Type of Receivables pursuant to Section 2.1(c). 

(d)        Marking of Records. The Administrator shall ensure that, from
and after the time of the sale and/or contribution of the Initial Receivables and all Additional Receivables to the Depositor under the Receivables Sale Agreement and to the Issuer under the Receivables Pooling Agreement, and the Grant thereof to
the Indenture Trustee pursuant to this Indenture, any records (including any computer records and back-up archives) maintained by or on behalf of the Receivables Seller or the Servicer that refer to any Receivable indicate clearly the interest of
the Issuer and the Security Interest of the Indenture Trustee in such Receivable and that such Receivable is owned by the Issuer and subject to the Indenture Trustee’s Security Interest. Indication of the Issuer’s ownership of a Receivable
and the Security Interest of the Indenture Trustee shall be deleted from or modified on such records when, and only when, such Receivable has been paid in full, repurchased, or assigned by the Issuer and released by the Indenture Trustee from its
Security Interest. 
 Section 2.3.        Indemnity Payments for Receivables Upon Breach.

 (a)        Upon discovery by the Issuer or the Administrator, or
upon the actual knowledge of a Responsible Officer of the Indenture Trustee, of a breach of any of the representations and warranties of the Receivables Seller as to any Receivable set forth in Section 4(b) of the Receivables Sale Agreement,
the party discovering such breach shall give prompt written notice to the other parties hereto. Upon notice of such a breach, the Administrator shall enforce the Issuer’s rights to require the Receivables Seller to deposit the Indemnity Payment
with respect to the affected Receivable(s) into the Collection and Funding Account. This obligation shall pertain to all representations and warranties of the Receivables Seller as to the Receivables set forth in Section 4(b) of the Receivables
Sale Agreement, whether or not the Receivables Seller has knowledge of the breach at the time of the breach or at the time the representations and warranties were made. 

(b)        Unless repurchased by the Receivables Seller pursuant to the
Receivables Sale Agreement or in a transaction contemplated by Section 2.1 hereof, the Receivables shall remain in the Trust Estate, regardless of any receipt of an Indemnity Payment in the Collection and Funding Account. The sole
remedies of the Indenture Trustee and the Noteholders with respect to a breach of any of the representations and warranties of the Receivables Seller as to any Receivable set forth in Section 4(b) of the Receivables Sale Agreement shall be to
enforce the obligation of the Issuer hereunder and the remedies of the Issuer (as assignee of the Depositor) against the Receivables Seller under the Receivables Sale Agreement. The Indenture Trustee shall have no duty to conduct any affirmative
investigation as to the occurrence of any condition requiring the payment of any Indemnity Payment for any Receivable pursuant to this Section, except as otherwise provided in Section 11.2. 

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

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

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

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

  
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 Section 2.5.        Application of Trust Money.

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

Article III 
 Administration of Receivables; Reporting to Investors 

Section 3.1.        Duties of the Calculation Agent. 

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

(i)        The aggregate unpaid principal balance of the Mortgage
Loans subject to each separate Designated Servicing Agreement as reported in MBS Trustee reports for the previous calendar month; 
 (ii)      (A) The aggregate Month-to-Date Available Funds collected, (B) the aggregate Advance Reimbursement Amounts, (C) the aggregate amount of Indemnity Payments
and (D) the aggregate amount of proceeds collected during the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date for all Designated Servicing
Agreements; 
 (iii)      The aggregate of the Funded Advance
Receivable Balances of the Additional Receivables funded during the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date for all Designated Servicing
Agreements; 
 (iv)        The aggregate of the Funded
Advance Receivable Balances for each of the P&I Advances, Judicial P&I Advances, Non-Judicial P&I Advances, Escrow Advances, Judicial Escrow Advances, Non-Judicial Escrow Advances, Corporate Advances, Judicial Corporate

  
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Advances, Non-Judicial Corporate Advances, Servicing Fee Advances, Judicial Deferred Servicing Fees and Non-Judicial Deferred Servicing Fees attributable to each Designated Servicing Agreement,
as of the close of business on the day before the related Determination Date, plus the Funded Advance Receivable Balances for each of the P&I Advances, Judicial P&I Advances and Non-Judicial P&I Advances to be funded on the
upcoming Funding Date; 
 (v)    For each Designated Servicing Agreement,
the percentage equivalent of the quotient of (A) the aggregate of the Funded Advance Receivable Balances of all Receivables attributable to such Designated Servicing Agreement divided by (B) the aggregate of the Funded
Advance Receivable Balances of all Receivables included in the Trust Estate; 

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

(vii)    [RESERVED]; 

(viii)    An indication (yes or no) as to whether the Collateral Test is satisfied
for each Class and Series, and for the facility as a whole as of the close of business on the last day of the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim
Payment Date; 
 (ix)    The Weighted Average Liquidation Timeline with
respect to each Designated Servicing Agreement as of the end of the most recently ended calendar month; 
 (x)    A list of each Facility Early Amortization Event and presenting a yes or no answer beside each indicating whether each possible Facility Early Amortization Event has occurred as
of the end of the Monthly Advance Collection Period preceding the upcoming Payment Date or the Advance Collection Period preceding the upcoming Interim Payment Date; 

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

(xii)    If any Note is Outstanding, the amount, if any, to be paid on each such
Class in reduction of the aggregate Principal Balance on the upcoming Payment Date or Interim Payment Date; 
 (xiii)    The amount of Fees to be paid on the upcoming Payment Date; 
 (xiv)    A list of each Receivable Granted to the Trust Estate, the applicable Advance Type for such Receivable and the corresponding Receivable Balance for such Receivable;

 (xv)    The Required Expense Reserve and Series Reserve Required Amount
for each Series of Notes for the upcoming Payment Date or Interim Payment Date; 

  
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 (xvi)    The Fee Accumulation Amount,
the Interest Accumulation Amount and the Target Amortization Principal Accumulation Amount for the upcoming Interim Payment Date; 
 (xvii)    The Weighted Average Advance Rate and Weighted Average CV Adjusted Advance Rate for each Series and Class of the Notes and the Trigger Advance Rate for each Series and Class
of the Notes, if any; 
 (xviii)    The Class Invested Amount and, if
applicable, the Series Invested Amount for each Series and Class for the upcoming Payment Date or Interim Payment Date; 
 (xix)    The Interest Payment Amount and the Target Amortization Amount for each Class of Outstanding Notes for the upcoming Payment Date, and the Senior Interest Amount, the Senior
Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Class of Notes for the Interest Accrual Period related to the upcoming Payment Date; and 

(xx)    The aggregate Collateral Value of all Facility Eligible Receivables for each
Outstanding Series and the sum for all Outstanding Series as of the close of business on the day before the related Determination Date, pro forma Collateral Value of Facility Eligible Receivables for each Outstanding Series and the sum for all
Outstanding Series that will be created upon the funding of P&I Advances to be funded on the related Funding Date. 
 (b)    Termination of Calculation Agent.    The Issuer (with the consent of the Majority Noteholders of all Outstanding Notes) or the Noteholders of at least
66 2/3% of the Note Balance of the Outstanding Notes of each Series (in each case, measured by Voting Interests) may at any time terminate the Calculation Agent without cause upon sixty (60) days’
prior notice. If at any time the Calculation Agent shall fail to resign after written request therefor as set forth in this Section 3.1(b), or if at any time the Calculation Agent shall be legally unable to act, or shall be adjudged
bankrupt or insolvent, or a receiver of the Calculation Agent or of its property shall be appointed, or if any public officer shall take charge or Control of the Calculation Agent or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Majority Noteholders of all Outstanding Notes may remove the Calculation Agent and such Noteholders shall also remove the Indenture Trustee as provided in Section 11.9(c). If the Calculation Agent
resigns or is removed under the authority of the immediately preceding sentence, then a successor Calculation Agent shall be appointed pursuant to Section 11.9. The Issuer shall give each Note Rating Agency, each Derivative Counterparty
and the Noteholders notice of any such resignation or removal of the Calculation Agent and appointment and acceptance of a successor Calculation Agent. Notwithstanding the foregoing, no resignation, removal or termination of the Calculation Agent
shall be effective until the resignation, removal or termination of the predecessor Calculation Agent and until the acceptance of appointment by the successor Calculation Agent as provided herein. Any successor Indenture Trustee appointed shall also
be the successor Calculation Agent hereunder, if the predecessor Indenture Trustee served as Calculation Agent and no separate Calculation Agent is appointed. Notwithstanding anything to the contrary herein, the Indenture Trustee may not resign as
Calculation Agent unless it also resigns as Indenture Trustee pursuant to Section 11.9(b). 

(c)    Successor Calculation Agents.    Any successor Calculation Agent
appointed hereunder shall execute, acknowledge and deliver to the Issuer and to its predecessor Calculation Agent an instrument accepting such appointment under this Indenture, and thereupon the resignation or removal of the predecessor Calculation
Agent shall become effective and such successor Calculation Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Indenture, with like effect
as if originally named as Calculation 

  
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Agent. The predecessor Calculation Agent shall deliver to the successor Calculation Agent all documents and statements held by it under this Indenture. The Issuer and the predecessor Calculation
Agent shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Calculation Agent all such rights, powers, duties and obligations. Upon
acceptance of appointment by a successor Calculation Agent as provided in this Section, the Issuer shall mail notice of the succession of such successor Calculation Agent under this Indenture to all Noteholders at their addresses as shown in the
Note Register and shall give notice by mail to each Derivative Counterparty and each applicable Note Rating Agency. If the Issuer fails to mail such notice within ten (10) days after acceptance of appointment by the successor Calculation Agent,
the successor Calculation Agent shall cause such notice to be mailed at the expense of the Administrator. 

Section 3.2.    Reports by Administrator and Indenture Trustee. 

(a)    Determination Dates; Determination Date Administrator Reports.  The Indenture
Trustee shall report to the Administrator, by no later than 2:00 p.m. New York City time on the second Business Day before each Funding Date (or such other time as may be agreed to from time to time by the Servicer, the Indenture Trustee and the
Administrative Agent), the amount of Available Funds that will be available to be applied toward New Receivables Funding Amounts or to pay principal on any applicable Notes on the upcoming Payment Date or Interim Payment Date. If the Administrator
supplies no information to the Indenture Trustee in its Determination Date Administrator Report concerning New Receivables Funding Amounts or payments on any Variable Funding Note in respect of an Interim Payment Date, then the Indenture Trustee
shall apply no Available Funds to pay New Receivables Funding Amounts or to make payment on any Note on such Interim Payment Date. 
 By no later than 12:00 p.m. (noon) New York City time on the second Business Day prior to each Funding Date that is a VFN Draw Date (or such other time as may be agreed to from time to time by the
Servicer, the Indenture Trustee and the Administrative Agent) or the first Business Day prior to each Funding Date that is not a VFN Draw Date (or such other time as may be agreed to from time to time by the Servicer, the Indenture Trustee and the
Administrative Agent), the Administrator shall prepare and deliver to the Issuer, the Indenture Trustee, the Calculation Agent, the Administrative Agent, each VFN Noteholder, each Derivative Counterparty (as applicable, with respect to the related
Series of Notes) and the Paying Agent a report (the “Determination Date Administrator Report”) (in electronic form) setting forth each data item required to be reported by the Calculation Agent to Noteholders, each Derivative
Counterparty (as applicable, with respect to the related Series of Notes) and each Note Rating Agency in its Calculation Agent Report pursuant to Section 3.1. 

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

(i)    the amount on deposit in the Collection and Funding Account as of the opening
of business on the first day of such Monthly Advance Collection Period; 

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

(iii)    the aggregate amount of Indemnity Payments deposited into the Collection and
Funding Account during such Monthly Advance Collection Period; 

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

(vi)    the amount on deposit in each of the Interest Accumulation Account, Target
Amortization Principal Accumulation Account, the Fee Accumulation Account and any other Trust Accounts set forth under any Indenture Supplement as of the close of business on the last Interim Payment Date before such Payment Date; 

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

(B)    the Senior Interest Amount for each Class of Notes for the Interest Accrual
Period related to such Payment Date; 
 (C)    the Interest Payment Amount
for each Class of Notes and for all Outstanding Notes of each Series in the aggregate; 

(D)    the Series Reserve Required Amount for each Series of Notes then Outstanding;

 (E)    the Target Amortization Amount to be paid on such Payment Date on
each Class of Outstanding Notes that is in its Target Amortization Period; and 

  
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 (F)    the unpaid Note Balance for each
Class and Series of Notes and for all Outstanding Notes in the aggregate (before and after giving effect to any principal payments to be made on such Payment Date); 

(xi)    the amount of Fees to be paid on such Payment Date; 

(xii)    (A) the Collateral Value of all Facility Eligible Receivables, as of
the close of business on the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date for each Outstanding Series of Notes, (B) the amount on deposit in the Collection and Funding Account, the
Interest Accumulation Account, the Fee Accumulation Account, the Target Amortization Principal Accumulation Account, any other Trust Accounts set forth in any related Indenture Supplement and the Note Payment Account as of the close of business on
the last day of such Monthly Advance Collection Period and as of the close of business on such Payment Date, and (C) a calculation demonstrating whether the Collateral Test was satisfied at such time and whether it will be satisfied as of the
close of business on such Payment Date after all payments and distributions described in Section 4.5(a); and 
 (xiii)    the Senior Interest Amount, the Senior Cumulative Interest Shortfall Amount and the Subordinated Cumulative Interest Shortfall Amount for each Series and Class of Notes for
the Interest Accrual Period related to the upcoming Payment Date. 
 The Payment Date Report shall also state
any other information required pursuant to any related Indenture Supplement necessary for the Paying Agent and the Indenture Trustee to make the payments required by Section 4.5(a) and all information necessary for the Indenture Trustee
to make available to Noteholders pursuant to Section 3.5. 
 (c)    Interim
Payment Date Reports. By no later than 3:00 p.m. New York City time on each Interim Payment Date on which there is a VFN Outstanding and on which the Full Amortization Periods have not yet begun, the Indenture Trustee shall prepare and deliver
to the Issuer, the Calculation Agent, the Administrator, the Paying Agent, the Administrative Agent, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and each VFN Noteholder a report (an “Interim
Payment Date Report”) reporting the following for such Interim Payment Date and the Advance Collection Period preceding such Interim Payment Date: 

(i)    (A) the amount on deposit in the Collection and Funding Account as of the
close of business on the last day before the beginning of such Advance Collection Period and (B) the amounts on deposit in the Interest Accumulation Account, the Target Amortization Principal Accumulation Account, the Fee Accumulation Account
and any other Trust Accounts set forth in any Indenture Supplement, as of the close of business on the immediately preceding Payment Date or Interim Payment Date; 

(ii)    the amount of all Collections deposited into the Collection and Funding
Account during such Advance Collection Period; 
 (iii)    the aggregate
amount of Indemnity Payments deposited into the Collection and Funding Account during such Advance Collection Period; 
 (iv)    the aggregate amount of deposits into the Collection and Funding Account from the Note Payment Account in respect of the Payment Date, if any, that occurred during such Advance
Collection Period; 

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

(vii)    the amount of Available Funds for such Interim Payment Date (calculated as
the sum of the items reported in clauses (i)(B) and (vi)); 

(viii)    the amount on deposit in the Series Reserve Account for each Series and the
Series Reserve Required Amount for such Series Reserve Account, and the amount to be deposited into each Series Reserve Account on such Interim Payment Date; 

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

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

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

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

 

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

(a)    Annual Officer’s Certificates. 

(i)    The Receivables Seller shall deliver to each Note Rating Agency and the
Indenture Trustee, on or before March 31 of each calendar year, beginning on March 31, 2014, an Officer’s Certificate executed by the chief financial officer of the Receivables Seller, stating that (A) a review of the activities
of the Receivables Seller during the preceding 12-month period ended December 31 and of its performance under this Indenture and the Receivables Sale Agreement has been made under the supervision of the officer executing the Officer’s
Certificate, and (B) the Receivables Seller has fulfilled all its obligations under this Indenture and the Receivables Sale Agreement in all material respects throughout such period or, if there has been a default in the fulfillment of any such
obligation, specifying each such default and the nature and status thereof. 

(ii)    The Administrator shall deliver to each Note Rating Agency and the Indenture
Trustee, on or before March 31 of each calendar year, beginning on March 31, 2014, an Officer’s Certificate executed by the chief financial officer of the Administrator, stating that (A) a review of the activities of the Issuer,
the Depositor and the Administrator during the preceding 12-month period ended December 31 and of its performance under this Indenture, the Receivables Sale Agreement and the Receivables Pooling Agreement has been made under the supervision of
the officer executing the Officer’s Certificate, and (B) the Administrator has fulfilled all its obligations under this Indenture in all material respects throughout such period or, if there has been a default in the fulfillment of any
such obligation, specifying each such default and the nature and status thereof. 

(b)    Notice of Default.  The Indenture Trustee shall deliver to the Noteholders,
the Issuer, each Derivative Counterparty (as applicable, in the case of any Target Amortization Event, with respect to the related Series of Notes) and each Note Rating Agency promptly after a Responsible Officer has obtained actual knowledge
thereof, but in no event later than five (5) Business Days thereafter or such shorter time period as may be required by any Note Rating Agency, written notice specifying the nature and status of any Target Amortization Event, Event of Default
or Facility Early Amortization Event. 
 (c)    Annual Regulation AB/USAP
Report.  The Servicer shall, on or before the last Business Day of the fifth month following the end of each of the Servicer’s fiscal years (December 31), beginning in 2012, deliver to the Indenture Trustee who shall forward to
each Noteholder a copy of the results of any Regulation AB required attestation report or Uniform Single Attestation Program for Mortgage Bankers or similar review conducted on the Servicer by its accountants and any other reports reasonably
requested by the Administrative Agent. 
 (d)    Agreed Upon Procedures
Report.  Within 45 days of the end of each calendar month beginning in June 2013 and up to and including August 2013, and within 45 days of the end of each calendar quarter of the Servicer, beginning with the quarter ending in
September 2013, the Servicer shall 

  
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cause PricewaterhouseCoopers LLP (who may also render other services to the Servicer, the Receivables Seller or the Depositor) (the “Verification Agent”) to furnish, a
report with respect to the prior calendar month or calendar quarter, as applicable, to the Indenture Trustee and each Note Rating Agency, (i) to the effect that the Verification Agent has applied certain procedures, to be determined at the
discretion of the Administrative Agent after consultation with the Servicer and shall be incorporated as Exhibit D hereto after the Closing Date, including re-performance of certain accounting procedures performed by the Servicer
pursuant to Designated Servicing Agreements and examination of certain documents and records related to the disbursement and reimbursement of Advances and accrual and payment of Deferred Servicing Fees under the related Designated Servicing
Agreements and this Indenture and that, on the basis of such agreed-upon procedures, the Verification Agent is of the opinion that the servicing (including the allocation of Collections) has been conducted in compliance with the terms and conditions
set forth in Article IV, except for such exceptions as it believes to be immaterial and such other exceptions as shall be set forth in such statement, and (ii) detailing the following items for such calendar quarter: 

(A)    For a sample of Designated Servicing Agreements for at least three dates
during the applicable quarter, a reconciliation of the expected total principal and interest payments in respect of the Mortgage Loans to the amounts on deposit in the related Custodial Accounts; 

(B)    Daily receipt clearing reconciliation (three (3) days at a minimum) with
respect to a sample of Custodial Accounts; 
 (C)    A reconciliation of
the monthly disbursement clearing account with respect to at least two (2) Funding Dates per calendar quarter; 
 (D)    “Flow of funds” testing for all of P&I Advances, Escrow Advances, Corporate Advances and Deferred Servicing Fees relating to the tracking of funds from clearing
account receipt through to deposit into the Collection and Funding Account (three (3) days minimum); 
 (E)    A reconciliation of the servicing system Escrow Advance balance (including all suspense and advance balances) to the balances on deposit in the escrow accounts maintained by the
Servicer for a sample of the Designated Servicing Agreements; 

(F)    Analysis of recoverable Advances and Receivables and aging of these items;
and 
 (G)    Any other data reasonably requested by the Administrative
Agent. 
 In addition, each report shall set forth the agreed upon procedures performed and the results of such
procedures. A copy of such report will be sent by the Indenture Trustee to each Noteholder upon receipt of a written request of the Noteholder. In the event the Verification Agent requires the Indenture Trustee to agree to the procedures performed
by the Verification Agent, the Issuer shall direct the Indenture Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Issuer,
and the Indenture Trustee makes no independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. Furthermore, in the event that the Verification
Agent’s expense in producing a report as required hereunder exceeds the amount reimbursable to it pursuant to Section 4.5, such excess shall be payable by the Servicer, at the Servicer’s own expense, upon receipt by the
Servicer of written notification of, and request for, such amount from the Verification Agent. 

  
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 (e)    Annual Accountants’ Verification of
Determination Date Administrator Reports. Within 100 days after the end of each fiscal year of the Servicer beginning with the fiscal year ending in 2013, the Servicer shall cause the Verification Agent to furnish a report to the Depositor, the
Indenture Trustee, each Derivative Counterparty and each Note Rating Agency, to the effect that they have compared the amounts and percentages set forth in four of the Determination Date Administrator Reports forwarded by the Servicer pursuant to
Section 3.2(a) during the period covered by such report with the computer reports (which may include personal computer generated reports that summarize data from the computer reports generated by the Servicer which are used to prepare
the Determination Date Administrator Reports) which were the source of such amounts and percentages and that on the basis of such comparison, such amounts and percentages are in agreement except as shall be set forth in such report. A copy of such
report will be sent by the Indenture Trustee to each Noteholder upon such Noteholder’s written request. 

(f)    Annual Lien Opinion.  Within 100 days after the end of each fiscal year of
the Administrator, beginning with the fiscal year ending in 2014, the Administrator shall deliver to the Indenture Trustee an Opinion of Counsel from outside counsel to the effect that the Indenture Trustee has a perfected security interest in the
Aggregate Receivables attributable to the Servicing Agreements identified in an exhibit to such opinion as Designated Servicing Agreements, and that, based on a review of UCC search reports (copies of which shall be attached thereto) and review of
other certifications and other materials, there are no UCC1 filings indicating an Adverse Claim with respect to such Receivables that has not been released. 
 (g)    Other Information.  In addition, the Administrator shall forward to the Administrative Agent, upon its reasonable request, such other information, documents,
records or reports respecting (i) Nationstar or any of its Affiliates party to the Transaction Documents, (ii) the condition or operations, financial or otherwise, of Nationstar or any of its Affiliates party to the Transaction Documents,
(iii) the Designated Servicing Agreements, the related Mortgage Loans and the Receivables or (iv) the transactions contemplated by the Transaction Documents, including access to the Servicer’s management and records. The
Administrative Agent shall and shall cause its respective representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing)
or the Administrative Agent may reasonably determine that such disclosure is consistent with its obligations hereunder; provided, however, that the Administrative Agent may disclose on a confidential basis any such information to its
agents, attorneys and auditors in connection with the performance of its responsibilities hereunder. 
  

	Section 3.4.	 Access to Certain Documentation and Information. 

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

  
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selected by the Indenture Trustee, during the Servicer’s normal business hours, and in a manner that does not unreasonably interfere with the Servicer’s conduct of its regular business,
to examine all the books of account, records, reports and other papers of the Servicer relating to the Mortgage Loans, Designated Servicing Agreements and the Receivables, to make copies and extracts therefrom, and to discuss the Servicer’s
affairs, finances and accounts relating to the Mortgage Loans, Designated Servicing Agreements and the Receivables with the Servicer’s officers, employees and independent public accountants (and by this provision the Servicer hereby authorizes
the Servicer’s accountants to discuss with such representatives such affairs, finances and accounts), all at such times and as often as reasonably may be requested; provided that the Servicer shall be given reasonable prior notice of any
meeting with its accountants and shall have the right to have its representatives present at any such meeting. Unless a related Target Amortization Event, an Event of Default that has not been waived by Noteholders of more than 66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and the Administrative Agent or a Facility Early Amortization Event that has not been waived by Noteholders of
at least 66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, 100% of the VFN Noteholders and the Administrative Agent shall have occurred, or the Notes of any rated Class
have been downgraded below “investment grade” by each related Note Rating Agency or any related Note Rating Agency shall have withdrawn its rating of any Class of Notes, any out-of-pocket costs and expenses incident to the exercise by the
Indenture Trustee or any Noteholder of any right under this Section 3.4 shall be borne by the requesting Noteholder(s). The parties hereto acknowledge that the Indenture Trustee shall not exercise any right pursuant to this
Section 3.4 prior to any event set forth in the preceding sentence unless directed to do so by a group of Interested Noteholders, and the Indenture Trustee has been provided with indemnity satisfactory to it by such Interested
Noteholders. The Indenture Trustee shall have no liability for action in accordance with the preceding sentence. 
 In the event that such rights are exercised (i) following a related Target Amortization Event, (ii) following the occurrence of a Facility Early Amortization Event that has not been waived by,
together, Noteholders of at least
66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, 100% of the VFN Noteholders and the Administrative Agent, (iii) following the occurrence of an Event of
Default that has not been waived by Noteholders of more than 66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and the Administrative Agent,
or (iv) after a related Note Rating Agency has withdrawn its rating of any Class of Notes or (iv) while the Notes of any rated Class have a rating below “investment grade” by such Note Rating Agency, all out-of-pocket costs and
expenses incurred by the Indenture Trustee shall be borne by the Servicer. Prior to any such payment, the Servicer shall be provided with commercially reasonable documentation of such costs and expenses. Notwithstanding anything contained in this
Section 3.4 to the contrary, in no event shall the books of account, records, reports and other papers of the Servicer, the Receivables Seller, the Depositor or the Issuer relating to the Mortgage Loans, Designated Servicing Agreements
and the Receivables be examined by independent certified public accountants at the direction of the Indenture Trustee or any Interested Noteholder pursuant to the exercise of any right under this Section 3.4 more than two times during
any 12-month period, unless (A) a Target Amortization Event, (B) a Facility Early Amortization Event that has not been waived by, together, Noteholders of at least 66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, 100% of the VFN Noteholders and the Administrative Agent has occurred during such twelve-month period,
(C) an Event of Default has occurred that has not been waived by Noteholders of more than 66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and the Administrative Agent
during such twelve-month period, or (D) the Notes of any rated Class have been downgraded below “investment grade” by a related Note Rating Agency (without regard to any supplemental credit enhancement) or such Note Rating Agency
shall have withdrawn its rating of any rated Class of Notes, in which case more than two examinations may be conducted during a twelve-month period, but such extra audits shall be at the sole expense of the Noteholder(s) requesting such audit(s).

  
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 (b)    Access to Issuer.  The Issuer
agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, Verification Agent or the Administrative Agent, to examine all of its books of account, records, reports, and other papers, to make copies and
extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss its affairs, finances and accounts its officers, employees, and independent certified public accountants, all at such reasonable times
and as often as may be reasonably requested. The Indenture Trustee, the Verification Agent and the Administrative Agent shall and shall cause their respective representatives to hold in confidence all such information except to the extent disclosure
may be required by law (and all reasonable applications for confidential treatment are unavailing) or the Indenture Trustee, the Verification Agent or the Administrative Agent, as applicable, may reasonably determine that such disclosure is
consistent with its obligations hereunder; provided, however, that the Indenture Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance of its
responsibilities hereunder. Without limiting the generality of the foregoing, neither the Indenture Trustee, the Verification Agent or the Administrative Agent shall disclose information to any of its Affiliates or any of their respective directors,
officers, employees and agents, that may provide any servicer advance financing to Nationstar, the Depositor, the Issuer or any of their Affiliates, except in such Affiliate’s capacity as Noteholder. 

 

	Section 3.5.	 Indenture Trustee to Make Reports Available. 

(a)    Monthly Reports on Indenture Trustee’s Website. The Indenture Trustee will make
each Determination Date Administrator Report, Payment Date Report and Interim Payment Date Report (and, at its option, any additional files containing the same information in an alternative format) available each month to any interested parties via
the Indenture Trustee’s internet website and such other information as the Indenture Trustee may have in its possession, but only with the use of a password provided by the Indenture Trustee. In connection with providing access to the Indenture
Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee’s internet website shall initially be located at https://gctinvestorreporting.bnymellon.com.
Assistance in using the Indenture Trustee’s website can be obtained by calling the Indenture Trustee’s investor relations desk at (800) 332-4550. Parties that are unable to use the above distribution option are entitled to have a
paper copy mailed to them via first class mail by calling the investor relations desk and requesting a copy. The Indenture Trustee shall have the right to change the way the Determination Date Administrator Reports, Payment Date Reports and Interim
Payment Date Reports are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such
changes. 
 All Noteholders are advised (and have been advised pursuant to any related offering document) to
review any distribution statement, financial information and disbursements provided to them, and to bring any errors or omissions to the Indenture Trustee’s attention within 90 days of receipt of such distribution statement, financial
information or disbursement. If any errors or omissions are brought to the Indenture Trustee’s attention subsequent to such time period, the Indenture Trustee shall use good faith efforts to make the correction as requested; provided, however,
such corrections shall be made in accordance with the Depository’s policies and procedures then in effect. 

(b)    Annual Reports. Within sixty (60) days after the end of each calendar year, the
Indenture Trustee shall furnish to each Person (upon the written request of such Person), who at any time during the calendar year was a Noteholder a statement containing (i) information regarding payments of principal, interest and other
amounts on such Person’s Notes, aggregated for such calendar year or the applicable portion thereof during which such person was a Noteholder and (ii) such other customary information as may be deemed necessary or desirable for Noteholders
to prepare their tax returns. Such obligation shall be deemed to have been satisfied to the extent that substantially comparable information is provided 

  
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pursuant to any requirements of the Code as are from time to time in force. The Indenture Trustee shall prepare and provide to the Internal Revenue Service and to each Noteholder any information
reports required to be provided under federal income tax law, including without limitation IRS Form 1099. 
 Article IV

 The Trust Accounts; Payments 
  

	Section 4.1.	 Trust Accounts. 

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

All amounts held in any Sinking Fund Account shall, to the extent permitted by this Indenture and applicable laws, rules
and regulations, be invested in Sinking Fund Permitted Investments by the depository institution or trust company then maintaining such Sinking Fund Account only upon written direction of the Administrator to the Indenture Trustee; provided,
however, that in the event the Administrator fails to provide such written direction to the Indenture Trustee, and until the Administrator provides such written direction, the Indenture Trustee shall not invest funds on deposit in any Sinking
Fund Account. Funds deposited into a Sinking Fund Account on a Business Day after 1:30 p.m. New York City time will not be invested until the following Business Day. Investments held in Sinking Fund Permitted Investments in any Sinking Fund Account
shall not be sold or disposed of prior to their maturity (unless a Facility Early Amortization Event has occurred). Earnings on investment of funds in 

  
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any Sinking Fund Account shall be remitted by the Indenture Trustee upon the Administrator’s request to the account or other location of the Administrator’s designation on the first
Business Day of the month following the month in which such earnings on investment of funds is received; provided, that the Indenture Trustee shall be entitled to the benefit of any income or gain in the Sinking Fund Accounts for the Business
Day immediately preceding each Interim Payment Date or Payment Date, as applicable. Any losses and investment expenses relating to any investment of funds in any Sinking Fund Account shall be for the account of the Administrator, which shall deposit
or cause to be deposited the amount of such loss (to the extent not offset by income from other investments of funds in the related Sinking Fund Account) in the related Sinking Fund Account promptly upon the realization of such loss. The taxpayer
identification number associated with each of the Sinking Fund Accounts shall be that of the Issuer, and the Issuer shall report for federal, state and local income tax purposes their respective portions of the income, if any, earned on funds in the
relevant Sinking Fund Account. The Administrator hereby acknowledges that all amounts on deposit in each Sinking Fund Account (excluding investment earnings on deposit in the Sinking Fund Accounts) are held in trust by the Indenture Trustee for the
benefit of the Noteholders, subject to any express rights of the Issuer set forth herein, and shall remain at all times during the term of this Indenture under the sole dominion and control of the Indenture Trustee. 

So long as the Indenture Trustee complies with the provisions of this Section 4.1, the Indenture Trustee
shall not be liable for the selection of investments or for investment losses incurred thereon by reason of investment performance, liquidation prior to stated maturity or otherwise. The Indenture Trustee shall have no liability in respect of losses
incurred as a result of the liquidation of any investment prior to its stated maturity or the failure to be provided with timely written investment direction. 
 In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and
money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee.
Accordingly, each of the parties agrees to provide to the Indenture Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture Trustee to comply with
Applicable Law. 
 All parties to this Indenture agree, and each Noteholder of each Series by its acceptance of
the related Note will be deemed to have agreed, that such Noteholder shall have no claim or interest in the amounts on deposit in any Trust Account created under this Indenture or any related Indenture Supplement related to an unrelated Series
except as expressly provided herein or therein. 
 The Indenture Trustee or its Affiliates are permitted to
receive additional compensation that could be deemed to be for the Indenture Trustee’s economic self-interest for (a) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to
certain of the Permitted Investments and Sinking Fund Permitted Investments, (b) using Affiliates to effect transactions in certain Permitted Investments and Sinking Fund Permitted Investments and (c) effecting transactions in certain
Permitted Investments and Sinking Fund Permitted Investments. Such compensation is not payable or reimbursable under this Indenture. 
  

	Section 4.2.	 Collections and Disbursements of Advances by Servicer. 

(a)    Daily Deposits of Net Proceeds.  The Servicer shall deposit all Advance
Reimbursement Amounts to its clearing account within one (1) Business Day after its receipt thereof. The Servicer, for and on behalf of the Indenture Trustee and the Noteholders, shall remit into the Collection and Funding Account all Advance
Reimbursement Amounts collected by the Servicer pursuant to any Designated Servicing Agreement, no later than two (2) Business Days after the Servicer’s deposit thereof into its 

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

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

	Section 4.3.	 Funding of Additional Receivables. 

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

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

With respect to each VFN: 

(i)    By no later than 1:00 p.m. New York City time on the Business Day prior to any
Interim Payment Date or Payment Date during the Revolving Period for such VFN on which any applicable Variable Funding Note Class is Outstanding, the Issuer may deliver, or cause to be delivered, to each Noteholder of such Variable Funding Notes and
to the Indenture Trustee a report (a “VFN Note Balance Adjustment Request”) for such upcoming Funding Date, requesting such Noteholders to fund a VFN Principal Balance increase on any Class or Classes of VFNs in the amount(s)
specified in such request, which request shall instruct the Indenture Trustee to recognize an increase in the related VFN Principal Balance, but not in excess of the lesser of (x) the related Maximum VFN Principal Balance or (y) the amount
that would cause the Collateral Test to be violated. The VFN Note Balance Adjustment Request shall also state the amount, if any, of any principal payment to be made on each Outstanding Class of VFNs on the upcoming Interim Payment Date or Payment
Date. 
 (ii)    From time to time, but not exceeding once per calendar
month, during the Revolving Period for such VFN, the Issuer may notify the Administrative Agent of a permanent reduction in the Maximum VFN Principal Balance by indicating such reduction on the VFN Note Balance Adjustment Request. Following such
permanent reduction, the applicable VFN Noteholders shall only be required to fund increases in the VFN Principal Balance up to such reduced Maximum VFN Principal Balance. Furthermore, following a reduction in the Maximum VFN Principal Balance
pursuant to this clause (ii), the Issuer shall not at any time be permitted to request an increase in the Maximum VFN Principal Balance. 

(iii)    If the related Funding Certification indicates that all Funding Conditions
have been met, the applicable VFN Noteholders shall fund the VFN Principal Balance increase by remitting pro rata (based on such Noteholder’s percentage of the Maximum VFN Principal Balance) the amount stated in the request to the
Indenture Trustee by 12:00 p.m. (noon) New York City time on the related Funding Date, whereupon the Indenture Trustee shall adjust its records to reflect the increase of the VFN Principal Balance (which increase shall be the aggregate of the
amounts received by the Indenture Trustee from the applicable VFN 

  
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Noteholders) by 2:00 p.m. New York City time on such Funding Date, so long as, after such increase and after giving effect any Receivables to be purchased, the Collateral Test will continue to be
satisfied, determined based on the VFN Note Balance Adjustment Request and Determination Date Administrator Report. The Indenture Trustee shall be entitled to rely conclusively on any VFN Note Balance Adjustment Request and the related Determination
Date Administrator Report and Funding Certification. The Indenture Trustee shall furnish electronically to the Issuer or its designee and each applicable VFN Noteholder, notice on such Funding Date as reasonably requested by the Issuer of any
increase in the VFN Principal Balance. The Indenture Trustee shall apply and remit any such payment by the VFN Noteholders toward the payment of the related New Receivables Funding Amounts and (if applicable) Excess Receivables Funding Amounts as
described in Section 4.3(c). If on any Funding Date there is more than one Series with Outstanding Variable Funding Notes, VFN draws on such Funding Date shall be made on a pro rata basis among all applicable Outstanding Series of VFNs
in their Revolving Periods based on their respective available Borrowing Capacities, unless otherwise provided in the related Indenture Supplement and Note Purchase Agreement. If any VFN Noteholder does not fund its share of a requested VFN draw,
one or more other VFN Noteholders may fund all or a portion of such draw, but no other VFN Noteholder shall have any obligation to do so. Draws on VFNs of different Classes within the same Series need not be drawn pro rata relative to each other.
Any draws under any VFNs shall be used only (i) to purchase new Receivables pursuant to the Receivables Pooling Agreement and (ii) to provide funding in respect of Excess Receivables Funding Amounts, in each case, in a manner that would
not be in violation of any term hereof (including, without limitation, in a manner that would result in a material adverse United States federal income tax consequence to the Trust Estate or any Noteholders). 

(c)    Payment of New Receivables Funding Amounts. 

(i)    Subject to its receipt of a duly executed Funding Certification from the
Administrator pursuant to Section 4.3(a) stating that all Funding Conditions have been satisfied, the Indenture Trustee shall remit to the Issuer (or the Issuer’s designee), by the close of business New York City time on each
Funding Date, the amount of (x) the aggregate New Receivables Funding Amount for Additional Receivables to be funded on such Funding Date and (y) any other amounts to be drawn on the VFNs on such date in respect of Excess Receivables
Funding Amounts without causing the related VFN Principal Balance to exceed either (I) the related Maximum VFN Principal Balance or (II) the amount that would cause the Collateral Test not be satisfied, using the following sources of funding in
the following order: 
 (A)    any funds on deposit in the Collection and
Funding Account minus the Required Expense Reserve, 
 (B)    if
such Funding Date is a Payment Date, Available Funds allocated for such purpose pursuant to Section 4.5(a)(1)(vii), 
 (C)    if such Funding Date is an Interim Payment Date, Available Funds allocated for such purpose pursuant to Section 4.4(e); and 

(D)    any amounts paid by VFN Noteholders as described in
Section 4.3(b); 
 (ii)    Subject to its receipt of a duly
executed Funding Certification from the Administrator pursuant to Section 4.3(a) indicating that all Funding Conditions have been satisfied, the Indenture Trustee shall remit to the Issuer (or the Issuer’s designee) by the close of
business on each Interim Payment Date or Payment Date occurring at any time when not all 

  
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Outstanding Notes are in Full Amortization Periods, (A) the amount of the aggregate New Receivables Funding Amount for Additional Receivables to be funded on such Interim Payment Date or
Payment Date, using (1) Available Funds allocated for such purpose pursuant to Section 4.4(e) or Section 4.5(a)(1)(vii), and (2) any amounts funded by VFN Noteholders in respect of such New Receivables Funding
Amount as described in Section 4.3(b) and (B) any amounts funded by VFN Noteholders in respect of Excess Receivables Funding Amounts as described in Section 4.3(b). 

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

(d)    P&I Advance Disbursement Account.  Pursuant to Section 4.1,
the Indenture Trustee shall establish and maintain an Eligible Account in the name of the Issuer as the P&I Advance Disbursement Account. The taxpayer identification number associated with the P&I Advance Disbursement Account shall be that
of the Issuer and the Receivables Seller will report for Federal, state and local income tax purposes, the income, if any, on funds on deposit in the P&I Advance Disbursement Account. Subject to Section 4.1, funds on deposit from
time to time in the P&I Advance Disbursement Account shall remain uninvested. The Indenture Trustee shall have and is hereby directed by the Issuer to exercise the sole and exclusive right to disburse funds from the P&I Advance Disbursement
Account and each of the Servicer, Administrator and Issuer hereby acknowledges and agrees that it shall have no right to provide payment or withdrawal instructions with respect to the P&I Advance Disbursement Account or to otherwise direct the
disposition of funds from time to time on deposit in the P&I Advance Disbursement Account. 

(e)    Pre-Funding of P&I Advances.  On any Funding Date during the Revolving
Period for any Series or Class of Notes, the Issuer (or the Servicer on its behalf) may request that all or a portion of the New Receivables Funding Amount be applied in satisfaction of the Servicer’s obligation to make P&I Advances under
one or more Designated Servicing Agreements. Prior to (i) the occurrence of a Facility Early Amortization Event or (ii) the receipt by the Indenture Trustee of a Cease Pre-Funding Notice, the Indenture Trustee shall apply the portion of
the New Receivables Funding Amount requested by the Issuer (or the Servicer on its behalf) to “Noteholders’ Amounts” (as defined below) in accordance with this Section 4.3(e). Not later than 12:00 p.m. (noon) New York City
time on the Business Day preceding each Funding Date (or such other time as may be agreed to from time to time by the Servicer, the Indenture Trustee and the Administrative Agent), the Issuer (or the Servicer on its behalf) shall deliver a
disbursement report (the “Disbursement Report”) to the Indenture Trustee and the Administrative Agent setting forth in reasonable detail (A) the aggregate amount of P&I Advances required to be advanced by

  
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the Servicer under each Designated Servicing Agreement on such Funding Date for which the Servicer desires pre-funding in accordance with this Section 4.3(e) (each such amount, a
“P&I Advance Amount”), (B) the payment or wiring instructions for the Custodial Account or accounts relating to each Designated Servicing Agreement with respect to which the Servicer is obligated to disburse a
P&I Advance Amount on such Funding Date, (C) the Series New Receivables Funding Amount for each Series and the full New Receivables Funding Amount, that would apply to each P&I Advance Amount if such P&I Advance Amount were a
P&I Advance Receivable (such Collateral Value, the “Noteholders’ Amount”), and (D) a calculation for each P&I Advance Amount of the excess of such P&I Advance Amount over the Noteholders’ Amount
(such excess, the “Issuer Amount”). Not later than 11:00 a.m. New York City time on each Funding Date, (x) the Issuer (or the Servicer on its behalf) shall deposit to the P&I Advance Disbursement Account in cash or
immediately available funds, an amount equal to the sum of the Issuer Amounts with respect to each Designated Servicing Agreement and (y) the Indenture Trustee shall transfer to the P&I Advance Disbursement Account, out of the proceeds of
the New Receivables Funding Amount, an amount equal to the sum of the Noteholders’ Amounts with respect to each Designated Servicing Agreement. Not later than 12:00 p.m. (noon) New York City time on each Funding Date, the Indenture Trustee
will, solely from funds on deposit in the P&I Advance Disbursement Account, remit the P&I Advance Amount with respect to each Designated Servicing Agreement to the applicable custodial accounts listed in the related Disbursement Report.
Notwithstanding anything to the contrary contained herein, the Indenture Trustee shall not transfer any funds from the Collection and Funding Account to the P&I Advance Disbursement Account or disburse any P&I Advance Amount on any Funding
Date unless it shall have confirmed receipt of the sum of the Issuer Amounts described on the related Disbursement Report. 
 (f)    Limited Funding Dates.  On any Limited Funding Date, subject to its receipt of a duly executed Funding Certification from the Administrator pursuant to
Section 4.3(a) stating that all Funding Conditions have been satisfied, the Indenture Trustee shall, by the close of business New York City time on each Limited Funding Date occurring during the Revolving Period for any Series or Class
of Notes, (i) remit to the Issuer (or the Issuer’s designee) the amount of the aggregate New Receivables Funding Amount for Additional Receivables to be funded on such Limited Funding Date, using only funds on deposit in the Collection and
Funding Account minus the Required Expense Reserve, and (ii) thereafter, release any Excess Cash Amount to the Depositor as holder of the Owner Trust Certificate it being understood that no such Excess Cash Amounts may be paid to the
Depositor under this clause (f) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied. Notwithstanding anything to the contrary herein, no draws on Variable Funding Notes may be made on a Limited
Funding Date, and no payments on any Notes shall be made on a Limited Funding Date, as Limited Funding Dates shall not be treated as Interim Payment Dates but instead shall be for the sole purpose of funding new Receivables, funding the Accumulation
Accounts and the Series Reserve Account for each Series as described in the following sentence and releasing Excess Cash Amounts to the extent permissible under the terms of this Indenture. On each Limited Funding Date, prior to amounts being
released for the purchase of new Receivables in accordance with the first sentence of this Section 4.3(f), the Indenture Trustee shall release from the Collection and Funding Account to each of the Fee Accumulation Account, Interest
Accumulation Account, Target Amortization Principal Accumulation Account and the Series Reserve Account for each Series, the amounts required to be deposited therein for such Limited Funding Date in order for the Funding Conditions to be satisfied
on such date. 
  

	Section 4.4.	 Interim Payment Dates. 

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

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

(d)    if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early
Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date
in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation
Amounts; 
 (e)    to be retained in the Collection and Funding Account, the aggregate New
Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and
the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released
under this clause (e) unless the Funding Conditions have been met; 
 (f)    if
a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test
after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; 
 (g)    to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); 

(h)    to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on
their respective Note Balances, such amount as may be designated by the Administrator; 

(i)    as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess
Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and 
 (j)    any Net
Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (j) if, after the payment of
such cash amounts, the Collateral Test would no longer be satisfied. 

  
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	Section 4.5.	 Payment Dates. 

 (a)    On each Payment Date, the Indenture Trustee shall transfer the related Available Funds on deposit in the Collection and Funding Account, the Interest Accumulation Account, the
Fee Accumulation Account and the Target Amortization Principal Accumulation Account for such Payment Date to the Note Payment Account. On each Payment Date, the Paying Agent shall apply such Available Funds (and other amounts as specifically noted
in clause (1)(v) below) in the following order of priority and in the amounts set forth in the Payment Date Report for such Payment Date (provided that amounts on deposit in the Target Amortization Principal Accumulation Account
may only be used to pay the Target Amortization Amounts of the Classes for which the related Indenture Supplement provides that there will be intra-month reservation of Target Amortization Principal Accumulation Amounts (pro rata based on their
respective Target Amortization Principal Accumulation Amounts)): 
 (1)    If a Facility
Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived: 
 (i)    to the Indenture Trustee (in all its capacities), the Indenture Trustee Fee, and to the Owner Trustee (to the extent not otherwise paid pursuant to the Trust Agreement or the
Administration Agreement), the Owner Trustee Fee payable on such Payment Date, plus, (subject, in the case of expenses and indemnification amounts, to the applicable Expense Limit) all reasonable out-of-pocket expenses and indemnification
amounts owed to the Indenture Trustee (in all capacities) and The Bank of New York Mellon (in all capacities) and the Owner Trustee on such Payment Date, from funds in the Fee Accumulation Account, with respect to expenses and indemnification
amounts to the extent such expenses and indemnification amounts have been invoiced or noticed to the Administrator, first, out of amounts on deposit in the Fee Accumulation Account which were deposited into the Fee Accumulation Account on an Interim
Payment Date specifically for such items and then, any remaining unpaid amounts out of other Available Funds; 
 (ii)    to each Person (other than the Indenture Trustee or the Owner Trustee) entitled to receive Fees or Series Fees or Undrawn Fees on such date, the Fees or Series Fees (other than
Defaulting Counterparty Termination Payments) or Undrawn Fees payable to any such Person with respect to the related Monthly Advance Collection Period or Interest Accrual Period, as applicable, plus (subject, in the case of expenses and
indemnification amounts, to the applicable Expense Limit or Increased Costs Limit, as appropriate, and allocated pro rata based on the amounts due to each such Person and subject in the case of Series Fees to the applicable Series Fee Limit) all
reasonable out-of-pocket expenses and indemnification amounts owed for Administrative Expenses of the Issuer and for Increased Costs or any other amounts (including Undrawn Fees) due to any Noteholder and any Series Fees due as specified in an
Indenture Supplement (other than Defaulting Counterparty Termination Payments), subject to the related Series Fee Limit, pursuant to the Transaction Documents with respect to expenses, indemnification amounts, Increased Costs, Undrawn Fees, Series
Fees and other amounts to the extent such expenses, indemnification amounts, Increased Costs, Undrawn Fees, Series Fees and other amounts have been invoiced or noticed to the Administrator and the Indenture Trustee and to the extent such amounts
were deposited into the Fee Accumulation Account on a preceding Interim Payment Date, and thereafter from other Available Funds, if necessary; 
 (iii)    to the Noteholders of each Series of Notes, pro rata based on their respective interest entitlement amounts, the related Cumulative Interest Shortfall Amounts attributable to
unpaid Senior Interest Amounts from prior Payment Dates, and the Senior Interest Amount for the current Payment Date, for each such Class; provided that if the amount of Available Funds on deposit in the Collection and Funding Account on such
day is insufficient to pay any amounts in 

  
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respect of any Class pursuant to this clause (iii), the Indenture Trustee shall withdraw from the Series Reserve Account for such Class an amount equal to the lesser of the amount then on deposit
in such Series Reserve Account and the amount of such shortfall for disbursement to the Noteholders of such Class in reduction of such shortfall, with all such amounts paid to a Series under this clause (iii) allocated among the Classes of such
Series as provided in the related Indenture Supplement; 
 (iv)    to the
Series Reserve Account for each Series, any amount required to be deposited therein so that, after giving effect to such deposit, the amount on deposit in such Series Reserve Account on such day equals the related Series Reserve Required Amount;

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

(ix)    pro rata, based on their respective invoiced or reimbursable amounts and
without regard to the applicable Expense Limit or Series Fee Limit, (A) to the Indenture Trustee (in all its capacities) and the Owner Trustee for any amounts payable to the Indenture Trustee and the Owner Trustee pursuant to this Indenture or
the Trust Agreement to the extent not paid under clause (i) above, (B) to the Verification Agent for any amounts payable to the Verification Agent pursuant to this Indenture to the extent not paid under clause (ii) above, (C) to
the Securities Intermediary for any indemnification amounts owed to the Securities Intermediary as described in Section 4.9; (D) all Administrative Expenses of the Issuer not paid under clause (ii) above; (E) to the
Noteholders of any Notes to cover Increased Costs, pro rata among multiple Series based on their respective Increased Costs amounts (and among multiple Classes, allocated within any Series as described in the related Indenture Supplement);
(F) any Series Fees (including any Defaulting Counterparty Termination Payments) due pursuant to Indenture Supplement in excess of the applicable Series Fee Limit; or (G) any other amounts payable pursuant to this Indenture or any other
Transaction Document and not paid under clause (ii) above; 

  
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 (x)    if and to the extent so directed
by the Administrator on behalf of the Issuer, to the Noteholders of each Class of VFNs, an amount to be applied to pay down the respective VFN Principal Balances equal to the lesser of (A) the amount specified by the Administrator and
(B) the amount necessary to reduce the VFN Principal Balances to zero, paid pro rata among each VFN Classes based on their respective Note Balances; 

(xi)    as directed by the Administrator on behalf of the Issuer, to pay any portion
or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and 

(xii)    any Net Excess Cash Amount to or at the direction of the Depositor as holder
of the Owner Trust Certificate, to the extent that the Collateral Test would not, following any such payment, be breached; provided that amounts due and owing to the Owner Trustee and not previously paid hereunder or under any other
Transaction Document shall be paid prior to such payment. 
 (2)    If a Facility Early
Amortization Event has occurred and is continuing unwaived, the Available Funds shall be allocated in the following order of priority: 
 (i)    to the Indenture Trustee (in all its capacities), the Indenture Trustee Fee, and to the Owner Trustee (to the extent not otherwise paid pursuant to the Trust Agreement or the
Administration Agreement), the Owner Trustee Fee payable on such Payment Date, plus all reasonable out-of-pocket expenses and indemnification amounts owed to the Indenture Trustee (in all capacities) and the Owner Trustee on such Payment Date, from
funds in the Fee Accumulation Account, with respect to expenses and indemnification amounts to the extent such expenses and indemnification amounts have been invoiced or noticed to the Administrator and to the extent of amounts on deposit in the Fee
Accumulation Account which were deposited into the Fee Accumulation Account on an Interim Payment Date specifically for such items and thereafter from other Available Funds, if necessary; 

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

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

(A)    [RESERVED]; 

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

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

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

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

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

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

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

 (g)    The Indenture Trustee shall withdraw, on each Payment Date and Funding Date and
use as Available Funds, the amount by which (i) the amount then on deposit in the Fee Accumulation Account exceeds the Fee Accumulation Amount, (ii) the amount then on deposit in the Interest Accumulation Account exceeds the Interest
Accumulation Amount and (iii) the amount then on deposit in the Target Amortization Principal Accumulation Account exceeds the Target Amortization Amount, in each case, after giving effect to all payments required to be made from such Trust
Accounts and the Note Payment Account on such date. 
 (h)    On the Expected Repayment Date
(unless such Expected Repayment Date shall occur during the Full Amortization Period) for any Class of Notes with respect to which a Sinking Fund Account has been established, the Indenture Trustee shall transfer all amounts on deposit in such
Sinking Fund Account to the Note Payment Account for the repayment of the Note Balance of such Class of Notes. During the Full Amortization Period all amounts on deposit in the Sinking Fund Accounts with respect to Sinking Fund Classes will be
included in the Available Funds and such amounts will be available for the benefit of all Outstanding Notes. 

  
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	Section 4.6.	 Series Reserve Account. 

 (a)    Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain a Series Reserve Account or Accounts for each Series, each of which shall be an Eligible
Account, for the benefit of the Secured Parties of such Series. If any such account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days.
On or prior to the Issuance Date for each Series, the Issuer shall cause an amount equal to the related Series Reserve Required Amount(s) to be deposited into the related Series Reserve Account(s). Thereafter, on each Payment Date and Interim
Payment Date, the Indenture Trustee shall withdraw Available Funds from the Note Payment Account and deposit them into each such Series Reserve Account pursuant to, and to the extent required by, Section 4.5(a) and the related Indenture
Supplement. 
 (b)    On each Payment Date, an amount equal to the aggregate of amounts
described in clauses (i), (ii) and (iii) of Section 4.5(a)(1) or clauses (i), (ii) and (iii) (A) through (C) of Section 4.5(a)(2) allocable to the related
Series, as appropriate, and which is not payable out of Available Funds due to an insufficiency of Available Funds, shall be withdrawn from such Series Reserve Account by the Indenture Trustee and remitted to the Note Payment Account for payment in
respect of the related Class’ allocable share of such items as described in Section 4.5(a) or the related Indenture Supplement. On any Payment Date on which amounts are withdrawn from such Series Reserve Account pursuant to
Section 4.5(a), no funds shall be withdrawn from the Collection and Funding Account (or from the Note Payment Account for deposit into the Collection and Funding Account) to pay New Receivables Funding Amounts or amounts to the Issuer
pursuant to Section 4.3 if, after giving effect to the withdrawals described in the preceding sentences, the amount then standing to the credit of such Series Reserve Account is less than the related Series Reserve Required Amount. All
Collections received in the Collection and Funding Account shall be deposited into the related Series Reserve Accounts until the amount on deposit in each Series Reserve Account equals the related Series Reserve Required Amount, as described in
Section 4.5 and the related Indenture Supplement. For purposes of the foregoing the portion of any such fees and expenses payable under clause (i) or (ii) shall equal the related Series Allocation Percentage of
the amounts payable under such clause. 
 (c)    If on any Payment Date the amount on
deposit in a Series Reserve Account is equal to or greater than the aggregate Note Balance for the related Series (after payment on such Payment Date of the amounts described in Section 4.5) the Indenture Trustee will withdraw from such
Series Reserve Account the aggregate Note Balance amount and remit it to the Noteholders of the Notes in reduction of the aggregate Note Balance for all Classes of Notes Outstanding. On the Stated Maturity Date for the latest maturing Class in a
Series, the balance on deposit in the related Series Reserve Account shall be applied as a principal payment on the Notes of that Series to the extent necessary to reduce the aggregate Note Balance for that Series to zero. On any Payment Date after
payment of principal on the Notes and when no Facility Early Amortization Event has occurred, the Indenture Trustee shall withdraw from each Series Reserve Account the amount by which the balance of the Series Reserve Account exceeds the related
Series Reserve Required Amount and pay such amount to the Depositor as holder of the Owner Trust Certificate. 

(d)    Amounts held in a Series Reserve Account shall be invested in Permitted Investments at the
direction of the Administrator as provided in Section 4.1. 
 (e)    On any
Payment Date, after payment of all amounts pursuant to Section 4.5(a), if the Collateral Test is not satisfied or if a Facility Early Amortization Event shall have occurred (unless such Facility Early Amortization Event shall have been
waived), the Indenture Trustee shall withdraw from each Series Reserve Account the amount by which the amount standing to the credit of such Series Reserve Account exceeds the related Series Reserve Required Amount, and shall apply such excess to

  
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reduce the Note Balances of the Notes of the related Series, pursuant to Section 4.5. Such principal payments shall be made pro rata based on Note Balances to multiple Classes within
a Series, except that in a Full Amortization Period such principal payment shall be made in accordance with the terms and provisions of the related Indenture Supplement. On any Payment Date following the payment in full of all principal payable in
respect of the related Series or Class of Notes, the Indenture Trustee shall withdraw any remaining amounts from the related Series Reserve Account and distribute it to the Depositor as holder of the Owner Trust Certificate. Amounts paid to the
Depositor or its designee pursuant to the preceding sentence shall be released from the Security Interest. 

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

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

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

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

(c)    On each Payment Date, an amount equal to the aggregate of amounts described in
Section 4.5(a) shall be withdrawn from each Fee Accumulation Account, Interest Accumulation Account and Target Amortization Principal Accumulation Account by the Indenture Trustee and remitted for payments as described therein.

 (d)    The Indenture Trustee shall withdraw, on each Payment Date and Interim Payment
Date and use as Available Funds, the amount by which (i) the amount then on deposit in the Fee Accumulation Account exceeds the Fee Accumulation Amount, (ii) the amount then on deposit in the Interest Accumulation Account exceeds the
Interest Accumulation Amount, and (iii) the amount by which the amount then on deposit in the Target Amortization Principal Accumulation Account exceeds the Target Amortization Amount of all Target Amortization Classes, in each case, after
giving effect to all payments required to be made from such Trust Accounts and the Note Payment Account on such date. 
 (e)    The Administrator on behalf of the Issuer may, in its sole and absolute discretion, from time to time on or after the Closing Date, direct the Indenture Trustee pursuant to an
Issuer Certificate to establish a Sinking Fund Account for any Class of Notes and upon receipt by the Indenture Trustee of such direction, the Indenture Trustee shall establish and maintain each such Sinking Fund Account

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

	Section 4.8.	 Note Payment Account. 

 (a)    Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain the Note Payment Account, which shall be an Eligible Account, for the benefit of the
Secured Parties. If the Note Payment Account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. The Note Payment Account shall be funded
to the extent that (i) the Issuer shall remit to the Indenture Trustee the Redemption Amount for a Class of Notes pursuant to Section 13.1, (ii) the Indenture Trustee shall remit thereto any Available Funds from the Collection
and Funding Account pursuant to Section 4.2(b), (iii) the Indenture Trustee shall remit thereto any Available Funds from the Interest Accumulation Account, the Target Amortization Principal Accumulation Account and the Fee
Accumulation Account pursuant to Section 4.5 and (iv) the Indenture Trustee shall transfer amounts from an applicable Series Reserve Account pursuant to, and to the extent required by, Section 4.6. 

(b)    On each Payment Date, an amount equal to the aggregate of amounts described in
Section 4.5(a) shall be withdrawn from the Note Payment Account by the Indenture Trustee and remitted to the Noteholders and other Persons or accounts described therein for payment as described in that Section, and upon payments of all
sums payable hereunder as described in Section 4.5(a), as applicable, any remaining amounts then on deposit in the Note Payment Account shall be released from the Security Interest and paid to Depositor or its designee. 

(c)    Amounts held in the Note Payment Account may be invested in Permitted Investments at the
direction of the Administrator as provided in Section 4.1. 
  

	Section 4.9.	 Securities Accounts. 

 (a)    Securities Intermediary.  The Issuer and the Indenture Trustee hereby appoint The Bank of New York Mellon, as Securities Intermediary with respect to the Trust
Accounts. The Security Entitlements and all Financial Assets credited to the Trust Accounts, including without limitation all amounts, securities, investments, Financial Assets, investment property and other property from time to time deposited in
or credited to such account and all proceeds thereof, held from time to time in the Trust Accounts will continue to be held by the Securities Intermediary for the Indenture Trustee for the benefit of the Secured Parties. Upon the termination of this
Indenture, the Indenture Trustee shall inform the Securities Intermediary of such termination. By acceptance of their Notes or interests therein, the Noteholders and all beneficial owners of Notes shall be deemed to have appointed The Bank of New
York Mellon, as Securities Intermediary. The Bank of New York Mellon hereby accepts such appointment as Securities Intermediary. 

  
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 (i)    With respect to any portion of
the Trust Estate that is credited to the Trust Accounts, the Securities Intermediary agrees that: 
 (A)    with respect to any portion of the Trust Estate that is held in deposit accounts, each such deposit account shall be subject to the security interest granted pursuant to this
Indenture, and the Securities Intermediary shall comply with instructions originated by the Indenture Trustee directing dispositions of funds in the deposit accounts without further consent of the Issuer and otherwise shall be subject to the
exclusive custody and control of the Securities Intermediary, and the Securities Intermediary shall have sole signature authority with respect thereto; 

(B)    any and all property credited to the Trust Accounts shall be treated by the
Securities Intermediary as Financial Assets; 
 (C)    any portion of the
Trust Estate that is, or is treated as, a Financial Asset shall be physically delivered (accompanied by any required endorsements) to, or credited to an account in the name of, the Securities Intermediary or other eligible institution maintaining
any Trust Account in accordance with the Securities Intermediary’s customary procedures such that the Securities Intermediary or such other institution establishes a Security Entitlement in favor of the Indenture Trustee with respect thereto
over which the Securities Intermediary or such other institution has “control” (as defined in the UCC); and 
 (D)    it will use reasonable efforts to promptly notify the Indenture Trustee and the Issuer if any other Person claims that it has a property interest in a Financial Asset in any
Trust Account and that it is a violation of that Person’s rights for anyone else to hold, transfer or deal with such Financial Asset. 
 (ii)    The Securities Intermediary hereby confirms that (A) each Trust Account is an account to which Financial Assets are or may be credited, and the Securities Intermediary
shall, subject to the terms of this Indenture treat the Indenture Trustee as entitled to exercise the rights that comprise any Financial Asset credited to any Trust Account, (B) any portion of the Trust Estate in respect of any Trust Account
will be promptly credited by the Securities Intermediary to such account, and (C) all securities or other property underlying any Financial Assets credited to any Trust Account shall be registered in the name of the Securities Intermediary,
endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary, and in no case will any Financial Asset credited to any Trust Account be registered in the name of
the Issuer or the Administrator, payable to the order of the Issuer or the Administrator or specially endorsed to any of such Persons. 
 (iii)    If at any time the Securities Intermediary shall receive an Entitlement Order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to
any Trust Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Issuer or the Administrator or any other Person. If at any time the Indenture Trustee notifies the Securities Intermediary in
writing that this Indenture has been discharged in accordance herewith, then thereafter if the Securities Intermediary shall receive any order from the Issuer directing transfer or redemption of any Financial Asset relating to any Trust Account, the
Securities Intermediary shall comply with such Entitlement Order without further consent by the Indenture Trustee or any other Person. 

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

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

(vi)    The rights and powers granted herein to the Indenture Trustee have been
granted in order to perfect its interest in the Trust Accounts and the Security Entitlements to the Financial Assets credited thereto, and are powers coupled with an interest and will not be affected by the bankruptcy of the Issuer, the
Administrator or the Receivables Seller nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect until the interest of the Indenture Trustee in the Trust Accounts and in such Security Entitlements,
has been terminated pursuant to the terms of this Indenture and the Indenture Trustee has notified the Securities Intermediary of such termination in writing. 
 (b)    Definitions; Choice of Law.  Capitalized terms used in this Section 4.9 and not defined herein shall have the meanings assigned to such terms in the
New York UCC. For purposes of Section 8-110(e) of the New York UCC, the “securities intermediary’s jurisdiction” shall be the State of New York. 

(c)    Limitation on Liability.  None of the Securities Intermediary or any
director, officer, employee or agent of the Securities Intermediary shall be under any liability to the Indenture Trustee or the Noteholders for any action taken, or not taken, in good faith pursuant to this Indenture, or for errors in judgment;
provided, however, that this provision shall not protect the Securities Intermediary against any liability to the Indenture Trustee or the Noteholders which would otherwise be imposed by reason of the Securities Intermediary’s
willful misconduct, bad faith or negligence in the performance of its obligations or duties hereunder. The Securities Intermediary and any director, officer, employee or agent of the Securities Intermediary may rely in good faith on any document of
any kind which, on its face, is properly executed and submitted by any Person respecting any matters arising hereunder. The Securities Intermediary shall be under no duty to inquire into or investigate the validity, accuracy or content of such
document. 
  

	Section 4.10.	 Notice of Adverse Claims. 

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

  
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	Section 4.11.	 No Gross Up. 

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

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

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

 

	Section 5.1.	 Forms Generally. 

 The Notes will have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or the applicable Indenture Supplement and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with applicable laws or regulations or with the rules of any securities exchange, or as may, consistently herewith, be
determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

The Definitive Notes and the Global Notes representing the Book-Entry Notes will be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. 

  
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	Section 5.2.	 Forms of Notes. 

 (a)    Forms Generally.  Subject to Section 5.2(b), each Note will be in one of the forms approved from time to time by or pursuant to an Indenture
Supplement. Without limiting the generality of the foregoing, the Indenture Supplement for any Series of Notes shall specify whether the Notes of such Series, or of any Class within such Series, shall be issuable as Definitive Notes or as Book-Entry
Notes. 
 (b)    Issuer Certificate.  Before the delivery of a Note to the
Indenture Trustee for authentication in any form approved by or pursuant to an Issuer Certificate, the Issuer will deliver to the Indenture Trustee the Issuer Certificate by or pursuant to which such form of Note has been approved, which Issuer
Certificate will have attached thereto a true and correct copy of the form of Note which has been approved thereby. Any form of Note approved by or pursuant to an Issuer Certificate must be acceptable as to form to the Indenture Trustee, such
acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a Certificate of Authentication signed by an Indenture Trustee Authorized Officer and delivered to the Issuer. 

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

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

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

The form of Indenture Trustee’s Certificate of Authentication for any Note issued pursuant to this Indenture will be
substantially as follows: 
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

			
	 THE BANK OF NEW YORK MELLON,
 as Indenture Trustee,

		
	By:	 	 
		 	Authorized Signatory

 
			
		
	Dated:	 	 

  

	Section 5.4.	 Book-Entry Notes. 

 (a)    Issuance of Book-Entry Notes.  If the Issuer establishes pursuant to Sections 5.2 and 6.1 that the Notes of a particular Series or Class are
to be issued as Book-Entry Notes, then the Issuer will execute and the Indenture Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under
Section 6.3, authenticate and deliver, one or more definitive Global Notes, which, unless otherwise provided in the applicable Indenture Supplement (1) will represent, and will be denominated in an amount equal to the aggregate,
Initial Note Balance of the Outstanding Notes of such Series or Class to be represented by such Global Note or Notes, or such portion thereof as the Issuer will specify in an Issuer Certificate, (2) will be registered in the name of the
Depository for such Global Note or Notes or its nominee, (3) will be delivered by the Indenture Trustee or its agent to the Depository or pursuant to the Depository’s instruction (and which may be held by the Indenture Trustee as custodian
for the Depository, if so specified in the related Indenture Supplement or Depository Agreement), (4) if applicable, will bear a legend substantially to the following effect: “Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or
to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein” and (5) may bear such other legend as the Issuer, upon advice of counsel, deems to be applicable. The Specified Notes may not
be issued as Book-Entry Notes. 
 (b)    Transfers of Global Notes only to Depository
Nominees.  Notwithstanding any other provisions of this Section 5.4 or of Section 6.5, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture
Supplement expressly permit such Global Note to be exchanged in whole or in part for individual Notes, a Global Note may be transferred, in whole but not in part and in the manner provided in Section 6.5, only to a nominee of the
Depository for such Global Note, or to the Depository, or a successor Depository for such Global Note selected or approved by the Issuer, or to a nominee of such successor Depository. 

  
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 (c)    Limited Right to Receive Definitive Notes.
Except under the limited circumstances described below, Note Owners of beneficial interests in Global Notes will not be entitled to receive Definitive Notes. With respect to Notes issued within the United States, unless otherwise specified in the
applicable Indenture Supplement, or with respect to Notes issued outside the United States, if specified in the applicable Indenture Supplement: 

(i)    If at any time the Depository for a Global Note notifies the Issuer that it is
unwilling or unable to continue to act as Depository for such Global Note or if at any time the Depository for the Notes for such Series or Class ceases to be a Clearing Corporation, the Issuer will appoint a successor Depository with respect to
such Global Note. If a successor Depository for such Global Note is not appointed by the Issuer within ninety (90) days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer will execute, and the Indenture
Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3 requesting the authentication and delivery of individual Notes of
such Series or Class in exchange for such Global Note, will authenticate and deliver, individual Notes of such Series or Class of like tenor and terms in an aggregate Initial Note Balance equal to the Initial Note Balance of the Global Note in
exchange for such Global Note. 
 (ii)    The Issuer may at any time and in
its sole discretion determine that the Notes of any Series or Class or portion thereof issued or issuable in the form of one or more Global Notes will no longer be represented by such Global Note or Notes. In such event the Issuer will execute, and
the Indenture Trustee or its agent in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3 for the authentication and delivery of individual Notes of
such Series or Class in exchange in whole or in part for such Global Note, will authenticate and deliver individual Notes of such Series or Class of like tenor and terms in definitive form in an aggregate Initial Note Balance equal to the Initial
Note Balance of such Global Note or Notes representing such Series or Class or portion thereof in exchange for such Global Note or Notes. 
 (iii)    If specified by the Issuer pursuant to Sections 5.2 and 6.1 with respect to Notes issued or issuable in the form of a Global Note, the Depository for such
Global Note may surrender such Global Note in exchange in whole or in part for individual Notes of such Series or Class of like tenor and terms in definitive form on such terms as are acceptable to the Issuer and such Depository. Thereupon the
Issuer will execute, and the Indenture Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3, authenticate and deliver,
without service charge, (A) to each Person specified by such Depository a new Note or Notes of the same Series or Class of like tenor and terms and of any authorized denomination as requested by such Person in an aggregate Initial Note Balance
equal to the Initial Note Balance of the portion of the Global Note or Notes specified by the Depository and in exchange for such Person’s beneficial interest in the Global Note; and (B) to such Depository a new Global Note of like tenor
and terms and in an authorized denomination equal to the difference, if any, between the Initial Note Balance of the surrendered Global Note and the aggregate Initial Note Balance of Notes delivered to the Noteholders thereof. 

(iv)    If any Event of Default has occurred with respect to such Global Notes, and
Owners of Notes evidencing more than 50% of the Global Notes of that Series or Class (measured by Voting Interests) advise the Indenture Trustee and the Depository that a Global Note is no longer in the best interest of the Note Owners, the Owners
of Global Notes of that Series or Class may exchange their beneficial interests in such Notes for Definitive Notes in accordance with the exchange provisions herein. 

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

	Section 5.5.	 Beneficial Ownership of Global Notes. 

Until Definitive Notes have been issued to the applicable Noteholders to replace any Global Notes with respect to a
Series or Class pursuant to Section 5.4 or as otherwise specified in any applicable Indenture Supplement: 
 (a)    the Issuer and the Indenture Trustee may deal with the applicable clearing agency or Depository and the Depository Participants for all purposes (including the making of
distributions) as the authorized representatives of the respective Note Owners; and 

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

	Section 5.6.	 Notices to Depository. 

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

  
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 Article VI 
 The Notes 
  

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

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

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

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

Each Series of Notes may, but need not be, subdivided into multiple Classes. Notes belonging to a Class in any Series may
be entitled to specified payment priorities over other Classes of Notes in that Series. 

(c)    Provisions Required in Indenture Supplement.  Before the initial issuance of
Notes of each Series, there shall also be established in or pursuant to an Indenture Supplement provision for: 
 (i)    the Series designation; 

(ii)    the Initial Note Balance of such Series of Notes and of each Class, if any,
within such Series, and the Maximum VFN Principal Balance for such Series (if it is a Series or Class of Variable Funding Notes); 
 (iii)    whether such Notes are subdivided into Classes; 
 (iv)    whether such Series of Notes are Term Notes, Variable Funding Notes or a combination thereof; 

(v)    the Note Interest Rate at which such Series of Notes or each related Class of
Notes will bear interest, if any, or the formula or index on which such rate will be determined, including all relevant definitions, and the date from which interest will accrue; 

(vi)    the Expected Repayment Date and the Stated Maturity Date for such Series of
Notes or each related Class of Notes; 
 (vii)    if applicable, any Target
Amortization Events with respect to such Series of Notes or any related Class; 

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

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

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

(xii)    if such Series of Notes or any related Class is to have the benefit of any
Derivative Agreement, the terms and provisions of such agreement; 

(xiii)    if such Series of Notes or any related Class is to have the benefit of any
Supplemental Credit Enhancement Agreement or Liquidity Facility, the terms and provisions of the applicable agreement; 
 (xiv)    the Record Date for any Payment Date of such Series of Notes or any related Class, if different from the last day of the month before the related Payment Date; 

(xv)    if applicable, under what conditions any additional amounts will be payable
to Noteholders of the Notes of such Series; and 
 (xvi)    any other terms
of such Notes as stated in the related Indenture Supplement; 
 all upon such terms as may be determined in or pursuant to an
Indenture Supplement with respect to such Series or Class of Notes. 
 (d)    Forms of
Series or Classes of Notes.  The form of the Notes of each Series or Class will be established pursuant to the provisions of this Indenture and the related Indenture Supplement creating such Series or Class. The Notes of each Series or
Class will be distinguished from the Notes of each other Series or Class in such manner, reasonably satisfactory to the Indenture Trustee, as the Issuer may determine. 
  

	Section 6.2.	 Denominations. 

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

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

 

	Section 6.3.	 Execution, Authentication and Delivery and Dating. 

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

(e)    The Indenture Trustee will not be required to authenticate such Notes if the issue thereof
will adversely affect the Indenture Trustee’s own rights, duties or immunities under the Notes and this Indenture. 
 (f)    Unless otherwise provided in the form of Note for any Series or Class, all Notes will be dated the date of their authentication. 

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

	Section 6.4.	 Temporary Notes. 

 (a)    Pending the preparation of definitive Notes of any Series or Class, the Issuer may execute, and, upon receipt of the documents required by Section 6.3, together with
an Issuer’s Certificate, the Indenture Trustee will authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the
definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Issuer may determine, as evidenced by the Issuer’s execution of such Notes. 

  
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 (b)    If temporary Notes of any Series or Class are
issued, the Issuer will cause permanent Notes of such Series or Class to be prepared without unreasonable delay. After the preparation of permanent Notes, the temporary Notes of such Series or Class will be exchangeable for permanent Notes of such
Series or Class upon surrender of the temporary Notes of such Series or Class at the office or agency of the Issuer in a Place of Payment, without charge to the Noteholder; and upon surrender for cancellation of any one or more temporary Notes the
Issuer will execute and the Indenture Trustee or its agent will, in accordance with Section 6.3 and with the Issuer Certificate delivered to the Indenture Trustee or its agent under Section 6.3, authenticate and deliver in
exchange therefore a like Initial Note Balance of permanent Notes of such Series or Class of authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of such Series or Class will in all respects be entitled to the
same benefits under this Indenture as permanent Notes of such Series or Class. 
  

	Section 6.5.	 Registration, Transfer and Exchange. 

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

  
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 (d)    Endorsement of Notes to be Transferred or
Exchanged.  Every Note presented or surrendered for transfer or exchange will (if so required by the Issuer, the Note Registrar or the Indenture Trustee) be duly indorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Issuer, the Indenture Trustee, and the Note Registrar duly executed, by the Noteholder thereof or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Securities Transfer Agent’s Medallion Program (“STAMP”). 
 (e)    No Service Charge.  Unless otherwise provided in the Note to be transferred or exchanged, no service charge will be assessed against any Noteholder for any
transfer or exchange of Notes, but the Issuer, the Indenture Trustee, and the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of
Notes before the transfer or exchange will be complete, other than exchanges pursuant to Section 5.4 not involving any transfer. 
 (f)    Deemed Representations by Transferees of Rule 144A Notes.  Each transferee (including the Initial Noteholder or Owner) of a Rule 144A Note or of a beneficial
interest therein shall be deemed by accepting such Note or beneficial interest, to have made all the certifications, representations and warranties set forth in the Transferee Certificate attached to Exhibit B-1 attached hereto. 

(g)    Deemed Representations by Transferees of Regulation S Notes.  Each transferee
(including the initial Noteholder or Owner) of a Regulation S Note or of a beneficial therein shall be deemed by accepting such Note or beneficial interest, to have made all the certifications, representations and warranties set forth in the
Transferee Certificate attached to Exhibit B-2 attached hereto. 

(h)    Conditions to Transfer.  No sale, pledge or other transfer (a
“Transfer”) of any Notes shall be made unless that Transfer is made pursuant to an effective registration statement under the Securities Act and effective registration or qualification under applicable state securities laws
or is made in a transaction that does not require such registration or qualification. If a Transfer is made without registration under the Securities Act (other than in connection with the initial issuance thereof by the Issuer), then the Note
Registrar, the Indenture Trustee, Administrator, on behalf of the Issuer, shall refuse to register such Transfer unless the Note Registrar receives either: 

(i)    the Regulation S Note Transfer Certificate or Rule 144A Note Transfer
Certificate and such other information as may be required pursuant to this Section 6.5; or 
 (ii)    if the Transfer is to be made to an Issuer Affiliate in a transaction that is exempt from registration under the Securities Act, an Opinion of Counsel reasonably satisfactory
to the Issuer and the Note Registrar to the effect that such Transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Trust Estate or of the Issuer, the Indenture Trustee or the Note
Registrar in their respective capacities as such). 
 None of the Administrator, the Issuer, the Indenture
Trustee or the Note Registrar is obligated to register or qualify the Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note without
registration or qualification. Any Noteholder of a Note desiring to effect such a Transfer shall, and upon acquisition of such a Note shall be deemed to have agreed to, indemnify the Indenture Trustee, the Note Registrar, the Administrator, the
Servicer and the Issuer against any liability that may result if the Transfer is not so exempt or is not made in accordance with the Securities Act and applicable state securities laws. 

  
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 In connection with any Transfer of Notes in reliance on Rule 144A, the
Administrator shall furnish upon request of a Noteholder to such Noteholder and any prospective purchaser designated by such Noteholder the information required to be delivered under paragraph (d)(4) of Rule 144A. 

In the event that a Note is transferred to a Person that does not meet the requirements of this Section 6.5
and/or the requirements of the related Indenture Supplement, such transfer will be of no force and effect, will be void ab initio, and will not operate to transfer any right to such Person, notwithstanding any instructions to the contrary to
the Issuer, the Indenture Trustee or any intermediary; and the Indenture Trustee shall not make any payment on such Note for as long as such Person is the Noteholder of such Note and the Indenture Trustee shall have the right to compel such Person
to transfer such Note to a Person who does meet the requirements of this Section 6.5. 

(i)    Transfers of Ownership Interests in Global Notes.  Transfers of beneficial
interests in a Global Note representing Book-Entry Notes may be made only in accordance with the rules and regulations of the Depository (and, in the case of a Regulation S Global Note, prior to the end of the Distribution Compliance Period, only to
beneficial owners who are not U.S. Persons in accordance with the rules and regulations of Euroclear or Clearstream) and the transfer restrictions contained in the legend on such Global Note and exchanges or transfers of interests in a Global Note
may be made only in accordance with the following: 
 (i)    General
Rules Regarding Transfers of Global Notes.  Subject to clauses (ii) through (vi) of this Section 6.5(i), Transfers of a Global Note representing Book-Entry Notes shall be limited to Transfers of such
Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. 
 (ii)    Rule 144A Global Note to Regulation S Global Note.  If an owner of a beneficial interest in a Rule 144A Global Note related to a Series and/or Class deposited
with or on behalf of the Depository wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in a Regulation S Global Note for that Series and/or Class, or to transfer its interest in such Rule 144A Global Note to a
Person who wishes to take delivery thereof in the form of an interest in a Regulation S Global Note for that Series and/or Class, such Note Owner (or transferee), provided such Note Owner (or transferee) is not a U.S. Person, may, subject to
the rules and procedures of the Depository, exchange or cause the exchange of such interest in such Rule 144A Global Note for a beneficial interest in the Regulation S Global Note for that Series and/or Class. Upon the receipt by the Indenture
Trustee of (A) instructions from the Depository directing the Indenture Trustee to cause to be credited a beneficial interest in a Regulation S Global Note in an amount equal to the beneficial interest in such Rule 144A Global Note to be
exchanged but not less than the minimum denomination applicable to the owner’s Notes held through a Regulation S Global Note, (B) a written order given in accordance with the Depository’s procedures containing information regarding
the participant account of the Depository and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account to be credited with such increase and (C) a certificate (each, a
“Regulation S Note Transfer Certificate”) in the form of Exhibit B-2 hereto given by the Note Owner or its transferee stating that the exchange or transfer of such interest has been made in compliance with the transfer
restrictions applicable to the Global Notes, including the requirements that the Note Owner or its transferee is not a U.S. Person and the transfer is made pursuant to and in accordance with Regulation S, then the Indenture Trustee and the Note
Registrar, shall reduce the principal amount of the Rule 144A Global Note for the related Series and/or Class and increase the principal amount of the Regulation S Global Note for the related Series and/or Class by the aggregate principal amount of
the beneficial interest in the Rule 144A Global Note to be exchanged, and shall instruct Euroclear or Clearstream, as applicable, 

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

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

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

(vi)    Regulation S Global Note to Regulation S Definitive
Note.  Subject to Section 5.4(c) hereof, an owner of a beneficial interest in a Regulation S Global Note for the related Series and/or Class deposited with or on behalf of a Depository may at any time transfer such interest
for a Regulation S Definitive Note upon provision to the Indenture Trustee, the Issuer and the Note Registrar of a Regulation S Note Transfer Certificate. 

(vii)    Rule 144A Global Note to Rule 144A Definitive
Note.  Subject to Section 5.4(c) hereof, an owner of a beneficial interest in a Rule 144A Global Note deposited with or on behalf of a Depository may at any time transfer such interest for a Rule 144A Definitive Note, upon
provision to the Indenture Trustee, the Issuer and the Note Registrar of a Rule 144A Note Transfer Certificate. 

  
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 (j)    Transfers of Definitive
Notes.  In the event of any Transfer of a Regulation S Definitive Note, a Regulation S Note Transfer Certificate shall be provided prior to the Indenture Trustee’s or Note Registrar’s registration of such Transfer. In the
event of any Transfer of a Rule 144A Definitive Note, a Rule 144A Note Transfer Certificate shall be provided prior to the Indenture Trustee’s or Note Registrar’s registration of such Transfer. 

(k)    ERISA Restrictions.  Neither the Note Registrar nor the Indenture Trustee
shall register the Transfer of any Definitive Note (other than a Specified Note, unless otherwise provided in the related Indenture Supplement) unless the prospective transferee has delivered to the Indenture Trustee and the Note Registrar a
certification to the effect that either (i) it is not, and is not acquiring the Notes or any interest therein on behalf of, or using assets of, an “employee benefit plan” as defined in Section 3(3) of ERISA, a plan described in
section 4975(e)(1) of the Code, an entity which is deemed to hold the assets of any such employee benefit plan or plan pursuant to 29 C.F.R. Section 2510.3-101 as modified by Section 3(42) of ERISA, which employee benefit plan, plan or
entity is subject to Title I of ERISA or section 4975 of the Code, or a governmental or church plan which is subject to any U.S. federal, state or local law that is similar to Title I of ERISA or section 4975 of the Code (collectively, an
“Employee Benefit Plan”), or (ii) (A) as of the date of transfer or purchase, the Notes are rated investment grade, it believes that such Note is properly treated as indebtedness without substantial equity features
for purposes of the Plan Asset Regulations (set forth in 29 C.F.R. section 2510.3-101, as modified by section 3(42) of ERISA) and agrees to so treat such Note and (B) the Transferee’s acquisition and holding of the Notes or any interest
therein will satisfy the requirements of Prohibited Transaction Class Exemption (“PTCE”) 84-14 (relating to transactions effected by a qualified professional asset manager), PTCE 90-1 (relating to investments by insurance
company pooled separate accounts), PTCE 91-38 (relating to investments in bank collective investment funds), PTCE 95-60 (relating to transactions involving insurance company general accounts), PTCE 96-23 (relating to transactions directed by an
in-house professional asset manager) or the statutory prohibited transaction exemption for service providers set forth in Section 408(b)(17) of ERISA or a similar class or statutory exemption and will not result in a non-exempt prohibited
transaction under Section 406 of ERISA or section 4975 of the Code (or, in the case of a governmental or church plan subject to such similar U.S. federal, state or local law, will not violate any such similar law). In the case of any Book-Entry
Note, each transferee of such Note or any beneficial interest therein by virtue of its acquisition of such Note will be deemed to represent either (i) or (ii) above. Neither the Note Registrar nor the Indenture Trustee shall register the
transfer of any Specified Note unless the prospective transferee has delivered to the Indenture Trustee and the Note Registrar a certification to the effect that it is not, and is not acquiring the Notes for, or with assets of, an Employee Benefit
Plan. 
 (l)    Each prospective owner of a beneficial interest in a Specified Note shall,
upon accepting a beneficial interest in the Specified Note, be deemed to make all of the certifications, representations and warranties set forth in the Transferee Certification attached hereto as Exhibit E (in the case of the Class 1 Specified
Notes) or Exhibit F (in the case of the Class 2 Specified Notes), as the case may be. 

(m)    Tax Representation on Class 1 Specified Notes.  Notwithstanding anything to
the contrary herein, no transfer of a beneficial interest in a Class 1 Specified Note shall be effective, and any attempted transfer shall be void ab initio, unless, prior to and as a condition of such transfer, the prospective transferee of the
beneficial interest (including the initial transferee of the beneficial interest) and any subsequent transferee of the beneficial interest in a Class 1 Specified Note, represent and warrant, in writing, substantially in the form of the Transferee
Certification set forth in Exhibit E, to the Indenture Trustee and the Note Registrar and any of their respective successors or assigns that: 
 (i)    Either (a) it is not and will not become for U.S. federal income tax purposes a partnership, Subchapter S corporation or grantor trust (each such entity a
“flow-through entity”) 

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

(ii)    It is not acquiring any beneficial interest in the Class 1 Specified Note and
it will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest in the Class 1 Specified Note, and it will not cause any beneficial interest in the Class 1 Specified Note to be marketed, in each case on or through an
“established securities market” or a “secondary market (or the substantial equivalent thereof)” each within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an interdealer quotation
system that regularly disseminates firm buy or sell quotations. 

(iii)    Its beneficial interest in the Class 1 Specified Notes is not and will not
be in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in this Indenture, and it does not and will not hold any beneficial interest in the Class 1 Specified Note on behalf of any Person whose beneficial
interest in the Class 1 Specified Note is in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in this Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial
interest in the Class 1 Specified Note, or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class 1 Specified Note, in each case if the effect of doing so would be that the
beneficial interest of any Person in the Class 1 Specified Note would be in an amount that is less than the minimum denomination for the Class 1 Specified Notes set forth in this Indenture. 

(iv)    It will not transfer any beneficial interest in the Class 1 Specified Note
(directly, through a participation thereof or otherwise) unless, prior to the transfer, the transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar, and any of their respective successors or assigns, a Transferee
Certification substantially in the form of Exhibit E of this Indenture. 

(v)    It will not use any Class 1 Specified Note as collateral for the issuance of
any securities that could cause the Trust to become subject to taxation as a taxable mortgage pool taxable as a corporation, publicly traded partnership taxable as a corporation or association taxable as a corporation, each for U.S. federal income
tax purposes, provided that it may engage in any repurchase transaction (repo) the subject matter of which is the Class 1 Specified Note provided the terms of such repurchase transaction are generally consistent with prevailing market practice,

 (vi)    It will not take any action and will not allow any other action
that could cause the Trust to become taxable as a corporation for U.S. federal income tax purposes. 

  
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 (n)    Tax Representation on Class 2 Specified
Notes.  Notwithstanding anything to the contrary herein, no transfer of a beneficial interest in a Class 2 Specified Note shall be effective, and any attempted transfer shall be void ab initio, unless, prior to and as a condition of
such transfer, the prospective transferee of the beneficial interest (including the initial transferee of the beneficial interest) and any subsequent transferee of the beneficial interest in a Class 2 Specified Note, represent and warrant, in
writing, substantially in the form of the Transferee Certification set forth in Exhibit F, to the Indenture Trustee and the Note Registrar and any of their respective successors or assigns that: 

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

(ii)    It is not acquiring any beneficial interest in the Class 2 Specified Note and
it will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest in the Class 2 Specified Note, and it will not cause any beneficial interest in the Class 2 Specified Note to be marketed, in each case on or through an
“established securities market” or a “secondary market (or the substantial equivalent thereof)” each within the meaning of Section 7704(b) of the Internal Revenue Code, including, without limitation, an interdealer quotation
system that regularly disseminates firm buy or sell quotations. 

(iii)    Its beneficial interest in the Class 2 Specified Notes is not and will not
be in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in the Indenture, and it does not and will not hold any beneficial interest in the Class 2 Specified Note on behalf of any Person whose beneficial
interest in the Class 2 Specified Note is in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in the Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial
interest in the Class 2 Specified Note, or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any Class 2 Specified Note, in each case if the effect of doing so would be that the
beneficial interest of any Person in the Class 2 Specified Note would be in an amount that is less than the minimum denomination for the Class 2 Specified Notes set forth in the Indenture. 

(iv)    It will not transfer any beneficial interest in the Class 2 Specified Note (
directly, through a participation thereof or otherwise) unless, prior to the transfer, the transferee shall have executed and delivered to the Indenture Trustee and the Note Registrar, and any of their respective successors or assigns, a Transferee
Certification substantially in the form of Exhibit F of the Indenture. 

(v)    It will not use any Class 2 Specified Note as collateral for the issuance of
any securities that could cause the Trust to become subject to taxation as a taxable mortgage pool taxable as a corporation, publicly traded partnership taxable as a corporation or association taxable as a corporation, each for U.S. federal income
tax purposes, provided that it may engage in any repurchase transaction (repo) the subject matter of which is the Class 2 Specified Note provided the terms of such repurchase transaction are generally consistent with prevailing market practice,

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

 

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

(a)    If (1) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar,
or the Issuer, the Note Registrar or the Indenture Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and (2) there is delivered to the Issuer, the Note Registrar or the Indenture Trustee such security
or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer may execute, and,
upon receipt of the documents required by Section 6.3, together with an Issuer’s Certificate, the Indenture Trustee will authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
new Note of like tenor, Series or Class, Stated Maturity Date and Initial Note Balance, bearing a number not contemporaneously Outstanding. 
 (b)    In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay
such Note on a Payment Date in accordance with Section 4.5. 
 (c)    Upon the
issuance of any new Note under this Section, the Issuer, the Indenture Trustee, or the Note Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 

(d)    Every new Note issued pursuant to this Section in lieu of any mutilated, destroyed, lost or
stolen Note will constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note will be at any time enforceable by anyone, and will be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Notes of the same Series or Class duly issued hereunder. 
 (e)    The provisions of this Section are exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes. 

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

(a)    Unless otherwise provided with respect to such Note pursuant to Section 6.1,
interest payable on any Note will be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the most recent Record Date. 

(b)    Subject to Section 6.7(a), each Note delivered under this Indenture upon transfer
of or in exchange for or in lieu of any other Note will carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried by such other Note. 

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

	Section 6.8.	 Persons Deemed Owners. 

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

 

	Section 6.9.	 Cancellation. 

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

  
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 Section 6.10.    New Issuances of Notes. 

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

(b)    Conditions to Issuance of New Notes.  The issuance of the Notes of any Series
or Class after the Closing Date pursuant to this Section 6.10 shall be subject to the satisfaction of the following conditions: 
 (i)    no later than ten (10) Business Days before the date that the new issuance is to occur, the Issuer delivers to the Indenture Trustee, each VFN Noteholder, each Derivative
Counterparty and each Note Rating Agency that has rated any Outstanding Note that will remain Outstanding after the new issuance, notice of such new issuance; 

(ii)    on or prior to the date that the new issuance is to occur, the Issuer
delivers to the Indenture Trustee and each Note Rating Agency that has rated any Outstanding Note that will remain Outstanding after the new issuance, an Issuer Certificate to the effect that the Issuer reasonably believes that the new issuance will
not cause an Adverse Effect on any Outstanding Notes or a Secured Party, and an Issuer Tax Opinion with respect to such proposed issuance, and an Opinion of Counsel: 

(A)    to the effect that all instruments furnished to the Indenture Trustee conform
to the requirements of this Indenture and constitute sufficient authority hereunder for the Indenture Trustee to authenticate and deliver such Notes; 

(B)    to the effect that the form and terms of such Notes have been established in
conformity with the provisions of this Indenture; 
 (C)    to the effect
that all conditions precedent set forth in this Indenture to the issuance of such Notes have been met; and 
 (D)    covering such other matters as the Indenture Trustee may reasonably request; 

(iii)    on or prior to the date that the new issuance is to occur, the Issuer will
have delivered to the Indenture Trustee and each Note Rating Agency that is at that time rating Outstanding Notes that will remain Outstanding after the new issuance, an Opinion of Counsel to the effect that the Issuer has the requisite power and
authority to issue such Notes and such Notes have been duly authorized and delivered by the Issuer and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and binding obligations of the Issuer enforceable in
accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to
general equitable principles, whether 

  
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applied in an action at law or in equity) and are entitled to the benefits of this Indenture, equally and ratably with all other Outstanding Notes, if any, of such Series or Class subject to the
terms of this Indenture and each Indenture Supplement; 
 (iv)    if any
additional conditions to the new issuance are specified in writing to the Issuer by a Note Rating Agency that is at that time rating any Outstanding Note that will remain Outstanding after the new issuance, the Issuer satisfies such conditions;

 (v)    the Issuer obtains written confirmation from each Note Rating
Agency that is at that time rating any Outstanding Note at the request of the Issuer that will remain Outstanding after the new issuance that the new issuance will not have a Ratings Effect on any Outstanding Notes that are rated by such Note Rating
Agency at the request of the Issuer; 
 (vi)    a Facility Early
Amortization Event shall not have occurred and be continuing, as evidenced by an Issuer’s Certificate; 
 (vii)    on or prior to the date that the new issuance is to occur, the Issuer will have delivered to the Indenture Trustee an Indenture Supplement and, if applicable, the Issuer
Certificate; 
 (viii)    any Class of VFN must have the same Stated
Maturity Date, Expected Repayment Date and the same method of calculation of its Target Amortization Amount as any and all other Outstanding Classes of VFNs; 

(ix)    for any new Series with respect to which there is a new Administrative Agent
not currently set forth under the terms of the definition of “Administrative Agent,” the Administrative Agent shall have consented to the issuance of such Series; and 

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

(c)    No Notice or Consent Required to or from Existing Noteholders and Owners. Except as
provided in Section 6.10(a) above, the Issuer and the Indenture Trustee will not be required to provide prior notice to or to obtain the consent of any Noteholder or Note Owner of Notes of any Outstanding Series or Class to issue any
additional Notes of any Series or Class. 
 (d)    Other Provisions. There are no
restrictions on the timing or amount of any additional issuance of Notes of an Outstanding Series or Class within a Series, of Notes, so long as the conditions described in Section 6.10(a) are met or waived. If the additional Notes are
in a Series or Class of Notes that has the benefit of a Derivative Agreement, the Issuer will enter into a Derivative Agreement for the benefit of the additional Notes. In addition, if the additional Notes are a Series or Class of Notes that has the
benefit of any Supplemental Credit Enhancement Agreement or any Liquidity Facility, the Issuer will enter into a Supplemental Credit Enhancement Agreement or Liquidity Facility, as applicable, for the benefit of the additional Notes. 

  
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 (e)    Sale Proceeds.  The proceeds of
sale of any new Series of Notes shall be wired to the Collection and Funding Account, and the Indenture Trustee shall disburse such sale proceeds at the direction of the Administrator on behalf of the Issuer, except to the extent such funds are
needed to satisfy the Collateral Test. The Administrator on behalf of the Issuer may direct the Issuer to apply such proceeds to reduce pro rata based on Invested Amounts, the VFN Principal Balance of any Classes of Variable Funding Notes, or to
redeem any Series of Notes in accordance with Section 13.1. In the absence of any such direction, the proceeds of such sale shall be distributed to the Depositor or at the Depositor’s direction on the Issuance Date for the newly
issued Notes. The Administrator shall deliver to the Indenture Trustee a report demonstrating that the release of sale proceeds pursuant to the Issuer’s direction will not cause a failure of the Collateral Test, as a precondition to the
Indenture Trustee releasing such proceeds. 
 (f)    Increase in Maximum VFN Principal
Balance and/or the Extension of any Expected Repayment Date.  For the avoidance of doubt, the increase in the Maximum VFN Principal Balance and/or the extension of the Expected Repayment Date in respect of any outstanding Class of
Notes shall not constitute an issuance of “new Notes” for purpose of this Section 6.10. 
 Article VII

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

Receivables Seller 
  

	Section 7.1.	 Satisfaction and Discharge of Indenture. 

This Indenture will cease to be of further effect with respect to any Series or Class of Notes (except as to any
surviving rights of transfer or exchange of Notes of that Series or Class expressly provided for herein or in the form of Note for that Series or Class), and the Indenture Trustee, on demand of and at the expense of the Issuer, will execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when: 
 (a)    all
Notes of that Series or Class theretofore authenticated and delivered (other than (i) Notes of that Series or Class which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 6.6, and
(ii) Notes of that Series or Class for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from that trust) have been delivered to the
Indenture Trustee canceled or for cancellation; 
 (b)    with respect to the discharge of
this Indenture for each Series or Class the Issuer has paid or caused to be paid all sums payable hereunder (including payments to the Indenture Trustee (in all its capacities) and The Bank of New York Mellon (in all its capacities) pursuant to
Section 11.7 with respect to the Notes or in respect of Fees, any and all amounts payable to each Derivative Counterparty in accordance with the terms of the related Derivative Agreement and any and all other amounts due and payable
pursuant to this Indenture (including any payments to The Bank of New York Mellon (in any of its capacities); and 
 (c)    the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture with respect to the Notes of that Series or Class have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any Series or Class of Notes, the obligations of the Administrator to the Indenture Trustee with respect to any Series or
Class of Notes under Section 11.7 and of the Issuer to the Securities Intermediary under Section 4.9 and the obligations and rights of the Indenture Trustee under Section 7.2 and Section 11.3,
respectively, will survive such satisfaction and discharge. 

  
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	Section 7.2.	 Application of Trust Money. 

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

 

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

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

	Section 8.1.	 Events of Default. 

 “Event of Default” means, any one of the following events (whatever the reason for such Event of Default and whether it is voluntary or involuntary or effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a)    default (which default continues for a period of two (2) Business Days following written or electronic notice from the Indenture Trustee or the Administrative Agent), in
the payment (i) of any principal, interest or any Fees due and owing on any Payment Date (including without limitation the full aggregate amount of any Target Amortization Amounts due on such Payment Date) or (ii) in full of all accrued
and unpaid interest and the Outstanding Note Balance of the Notes of any Series or Class on or before the applicable Stated Maturity Date; 
 (b)    the Servicer shall fail to comply with the deposit and remittance requirements set forth in any Designated Servicing Agreement (subject to any cure period provided therein) or
Section 4.2(a) (and such failure under Section 4.2(a) continues unremedied for a period of two (2) Business Days after a Responsible Officer of the Servicer obtains actual knowledge of such failure, or receives written
notice from the Indenture Trustee or any Noteholder of such failure); 
 (c)    any failure
of the Receivables Seller to pay the related Indemnity Payment which continues unremedied for a period of ten (10) days after the earlier to occur of (x) actual discovery by a Responsible Officer of the Receivables Seller or (y) the
date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Receivables Seller, the Administrator, the Servicer or the Depositor, respectively; 

(d)    the occurrence of an Insolvency Event as to the Issuer, the Administrator, the Receivables
Seller, the Servicer or the Depositor; 

  
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 (e)    the Issuer or the Trust Estate shall have become
subject to registration as an “investment company” within the meaning of the Investment Company Act as determined by a court of competent jurisdiction in a final and non-appealable order; 

(f)    the Depositor sells, transfers, pledges or otherwise disposes of the Owner Trust Certificate
(except to a wholly-owned subsidiary of Nationstar), whether voluntarily or by operation of law, foreclosure or other enforcement by a Person of its remedies against the Receivables Seller, the Servicer or the Depositor, except with the consent of
the Administrative Agent; 
 (g)    (i) any material provision of any Transaction Document
shall at any time for any reason (other than pursuant to the express terms thereof) cease to be valid and binding on or enforceable against the Issuer, the Depositor, the Administrator, the Receivables Seller or any of their respective Affiliates
intended to be a party thereto, (ii) the validity or enforceability of any Transaction Document shall be contested by the Issuer, the Depositor, the Administrator, the Receivables Seller or any of their respective Affiliates, (iii) a
proceeding shall be commenced by the Issuer, the Depositor, the Administrator, the Receivables Seller or any of their respective Affiliates or any governmental body having jurisdiction over the Issuer, the Depositor, the Administrator, the
Receivables Seller or any of their respective Affiliates, seeking to establish the invalidity or unenforceability of any Transaction Document, or (iv) the Issuer, the Depositor, the Administrator, the Receivables Seller or any of their
respective Affiliates shall deny in writing that it has any liability or obligation purported to be created under any Transaction Document; 
 (h)    the Administrator or any Affiliate thereof has taken any action, or failed to take any action, the omission of which could reasonably be expected to impair the interests of the
Issuer in the Receivables or the security interest or rights of the Indenture Trustee in the Trust Estate, or to cause or permit the transactions contemplated by the Receivables Sale Agreement to be characterized as a financing rather than a true
sale for purposes of bankruptcy or similar laws; provided, however, that if the event is capable of being cured in all respects by corrective action and has not resulted in a material adverse effect on the Noteholders’ interests
in the Trust Estate, such event shall not become an Event of Default unless it remains uncured for two (2) Business Days following its occurrence. 
 Upon the occurrence of any such event none of the Administrator, the Servicer nor the Depositor shall be relieved from using its best efforts to perform its obligations in a timely manner in accordance
with the terms of this Indenture, and each of the Administrator, the Servicer and the Depositor shall provide the Indenture Trustee, each Note Rating Agency for each Note then Outstanding, each Derivative Counterparty and the Noteholders prompt
notice of such failure or delay by it, together with a description of its effort to perform its obligations. Each of the Administrator, the Servicer and the Depositor shall notify the Indenture Trustee in writing of any Event of Default or an event
which with notice, the passage of time or both would become an Event of Default that it discovers, within one Business Day of such discovery. For purposes of this Section 8.1, the Indenture Trustee shall not be deemed to have knowledge
of an Event of Default unless a Responsible Officer of the Indenture Trustee assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default is
received by the Indenture Trustee and such notice references the Notes, the Trust Estate or this Indenture. The Indenture Trustee shall provide notice of defaults in accordance with Section 3.3(b) and Section 11.2.

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

  
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	Section 8.2.	 Acceleration of Maturity; Rescission and Annulment. 

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

(c)    At any time after such a declaration of acceleration has been made or an automatic
acceleration has occurred with respect to the Notes of any Series or Class and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereafter provided in this Article VIII, the Majority
Noteholders of all Outstanding Notes, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

(i)    the Issuer has paid or deposited with the Indenture Trustee a sum sufficient
to pay (A) all overdue installments of interest on such Notes, (B) the principal of such Notes which has become due otherwise than by such declaration of acceleration, and interest thereon at the rate or rates prescribed therefor by the
terms of such Notes, to the extent that payment of such interest is lawful, (C) interest upon overdue installments of interest at the rate or rates prescribed therefore by the terms of such Notes to the extent that payment of such interest is
lawful, (D) all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the Indenture Trustee or The Bank of New York Mellon (in any of its capacities), their agents and counsel, all other
amounts due to the Indenture Trustee and The Bank of New York Mellon (in all its capacities) under Section 4.5 and (E) all amounts due and payable to each Derivative Counterparty in accordance with the terms of any applicable
Derivative Agreement; and 
 (ii)    all Events of Default, other than the
nonpayment of the principal of such Notes which has become due solely by such acceleration, have been cured or waived as provided in Section 8.15. 
 No such rescission will affect any subsequent default or impair any right consequent thereon. 

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

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

	Section 8.4.	 Indenture Trustee May File Proofs of Claim. 

In case of the pendency of any Insolvency Event or other similar proceeding or event relative to the Issuer or any other
obligor upon the Notes or the property of the Issuer or of such other obligor, the Indenture Trustee (irrespective of whether the principal of the Notes will then be due and payable as therein expressed or by declaration or otherwise) will be
entitled and empowered by intervention in such proceeding or otherwise, 
 (a)    to file
and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 4.5) and of the Noteholders allowed in such
judicial proceeding, and 
 (b)    to collect and receive any funds or other property
payable or deliverable on any such claims and to distribute the same; and any receiver, assignee, trustee, liquidator or other similar official in any such proceeding is hereby authorized by each Noteholder to make such payment to the Indenture
Trustee and The Bank of New York Mellon (in all its capacities), and in the event that the Indenture Trustee consents to the making of such payments directly to the Noteholders, to pay to the Indenture Trustee and The Bank of New York Mellon (in all
its capacities) any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and The Bank of New York Mellon (in all its capacities), their agents and counsel, and any other amounts due the
Indenture Trustee and The Bank of New York Mellon (in all its capacities) under Section 4.5. 

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

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

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

	Section 8.6.	 Application of Money Collected. 

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

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

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

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

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

  
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 Section 8.9.    Limitation on Suits. 

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

(a)    such Noteholder has previously given written notice to the Indenture Trustee of a continuing
Event of Default with respect to Notes of such Noteholder’s Notes’ Series or Class; 

(b)    the Noteholders of more than 25% of the Note Balance of the Outstanding Notes of each Series,
measured by Voting Interests, have made written request to the Indenture Trustee to institute proceedings in respect of such Event of Default in the name of the Indenture Trustee hereunder; 

(c)    such Noteholder or Noteholders have offered to the Indenture Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; and 
 (d)    the Indenture Trustee, for sixty (60) days after the Indenture Trustee has received such notice, request and offer of indemnity, has failed to institute any such
proceeding; it being understood and intended that no one or more Noteholders of Notes of such Series or Class will have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Noteholders of Notes, or to obtain or to seek to obtain priority or preference over any other such Noteholders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
proportionate benefit of all the Noteholders of all Notes. 
 Section 8.10.    Unconditional Right of Noteholders
to Receive Principal and Interest; Limited Recourse. 
 Notwithstanding any other provisions in this
Indenture, the Noteholder will have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on the Stated Maturity Date expressed in the related Indenture Supplement and to institute suit for
the enforcement of any such payment, and such right will not be impaired without the consent of such Noteholder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to pay
principal of or interest on the Notes or any other amount payable to any Noteholder will be without recourse to the Receivables Seller, the Depositor, the Administrator, the Servicer, the Indenture Trustee, or any Affiliate (other than the Issuer),
officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be limited to amounts available from the Trust Estate and subject to the
priority of payment set forth in this Indenture. Notwithstanding any other terms of this Indenture, the Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under the Notes, this Indenture and each other Transaction
Document to which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance with the terms of this
Indenture, none of the Noteholders, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of
which shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes or this Indenture or for any action or inaction of the Issuer against any officer, director, employee,
shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this Section 8.10 shall not
(i) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate or (ii) save 

  
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as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture. It is further understood that
the foregoing provisions of this Section 8.10 shall not limit the right of any Person, to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no
judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. 
 Section 8.11.    Restoration of Rights and Remedies. 
 If the Indenture Trustee or any Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and
in every such case the Issuer, the Indenture Trustee and the Noteholders will, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders will continue as though no such proceeding had been instituted. 

Section 8.12.    Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be
exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 8.13.    Delay or Omission Not Waiver. 
 No delay or omission of the Indenture Trustee or of any Noteholder to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be. 
 Section 8.14.    Control by Noteholders.

 Either 100% of the VFN Noteholders or the Majority Noteholders of all Outstanding Notes will have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee with respect to such Notes; provided that:

 (a)    the Indenture Trustee will have the right to decline to follow any such direction
if the Indenture Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Indenture Trustee in good faith determines that the proceedings so directed would
involve it in personal liability or be unjustly prejudicial to the Noteholders not taking part in such direction, unless the Indenture Trustee has received indemnity satisfactory to it from the Noteholders; and 

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

  
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 Section 8.15.    Waiver of Past Defaults. 

Together, Noteholders of more than
66 2/3% of the Note Balance of the Outstanding Notes of each Series, measured by Voting Interests, and the Administrative Agent may on behalf of the Noteholders of all such Notes waive any past default
hereunder and its consequences, except a default not theretofore cured: 
 (a)    in
the payment of the principal of or interest on any Note, or 
 (b)    in respect of a
covenant or provision hereof which under Article XIII cannot be modified or amended without the consent of the Noteholder of each Outstanding Note. 
 Upon any such waiver, such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, for every purpose of this Indenture; but no such waiver will extend to
any subsequent or other default or impair any right consequent thereon. 
 Section 8.16.    Sale of Trust
Estate. 
 (a)    The power to effect any Sale of any portion of the Trust Estate
shall not be exhausted by any one or more Sales as to any portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall have been sold or all amounts payable on the Notes and under this Indenture
with respect thereto shall have been paid. The Indenture Trustee may from time to time postpone any public Sale by public announcement made at the time and place of such Sale. 

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

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

(i)    any of the Noteholders may bid for and purchase the property offered for Sale,
and upon compliance with the terms of sale may hold, retain and possess and dispose of such property, without further accountability; 
 (ii)    the Indenture Trustee may bid for and acquire the property offered for Sale in connection with any Sale thereof; 

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

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

(d)    Notwithstanding anything to the contrary in this Indenture, if an Event of Default has
occurred and is continuing and the Notes have become due and payable or have been declared due and payable and such declaration and its consequences have not been rescinded and annulled, any proceeds received by the Indenture Trustee with respect to
a foreclosure, sale or other realization resulting from a transfer of the assets of the Trust Estate shall be allocated in accordance with Section 4.5(b)(2) hereof. The amount, if any, so allocated to the Issuer shall be paid by the
Indenture Trustee to or to the order of the Issuer free and clear of the Adverse Claim of this Indenture and the Noteholders shall have no claim or rights to the amount so allocated. 
 Section 8.17.    Undertaking for Costs. 
 All parties to this Indenture agree, and each Noteholder by its acceptance thereof will be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section will not apply to any suit instituted by the Indenture Trustee, to any suit instituted by any Noteholder or group of Noteholders holding in the aggregate more than 25% of the Note Balance of the
Outstanding Notes of each Series (measured by Voting Interests) to which the suit relates, or to any suit instituted by any Noteholders for the enforcement of the payment of the principal of or interest on any Note on or after the applicable Stated
Maturity Date expressed in such Note. 
 Section 8.18.    Waiver of Stay or Extension Laws. 

The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
 Section 8.19.    Notice of Waivers.

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

  
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 Article IX 
 The Issuer 
 Section 9.1.    Representations and Warranties
of Issuer. 
 The Issuer hereby makes the following representations and warranties for the benefit of
the Indenture Trustee, the Noteholders, any Derivative Counterparty, any Supplemental Credit Enhancement Provider and any Liquidity Provider. The representations shall be made as of the execution and delivery of this Indenture and of each Indenture
Supplement, and as of each Funding Date and as of each date of Grant and shall survive the Grant of a Security Interest in the Receivables to the Indenture Trustee. Notwithstanding the foregoing, the breach of any representation or warranty in this
Section 9.1 shall not be waived without the consent of the Majority Noteholders of all Outstanding Notes. 
 (a)    Organization and Good Standing. The Issuer is duly organized and validly existing as a statutory trust and is in good standing under the laws of the State of Delaware,
with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. The Issuer has appointed the Administrator as the Issuer’s agent where notices and
demands to or upon the Issuer in respect of the Notes of this Indenture may be served. 

(b)    Power and Authority. The Issuer has and will continue to have the power and authority
to execute and deliver this Indenture and the other Transaction Documents to which it is or will be a party, and to carry out their respective terms; the Issuer had and has had at all relevant times and now has full power, authority and legal right
to acquire, own, hold and Grant a Security Interest in the Trust Estate and has duly authorized such Grant to the Indenture Trustee by all necessary action; and the execution, delivery and performance by the Issuer of this Indenture and each of the
other Transaction Documents to which it is a party has been duly authorized by all necessary action of the Issuer. 
 (c)    Valid Transfers; Binding Obligations. This Indenture creates a valid Grant of a Security Interest in the Receivables which has been validly perfected and is a first
priority Security Interest under the UCC, and such other portion of the Collateral as to which a Security Interest may be granted under the UCC, which security interest is enforceable against creditors of and purchasers from the Issuer, subject to
Applicable Law. Each of the Transaction Documents to which the Issuer is a party constitutes a legal, valid and binding obligation of the Issuer enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting creditors’ rights generally or by general equity principles. 
 (d)    No Violation. The execution and delivery by the Issuer of this Indenture and each other Transaction Document to which it is a party and the consummation of the
transactions contemplated by this Indenture and the other Transaction Documents and the fulfillment of the terms of this Indenture and the other Transaction Documents do not conflict with, result in any breach of any of the terms or provisions of,
or constitute (with or without notice or lapse of time or both) a default under the Organizational Documents of the Issuer or any indenture, agreement or other material instrument to which the Issuer is a party or by which it is bound, or result in
the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Indenture), or violate any law, order, judgment, decree, writ, injunction, award,
determination, rule or regulation applicable to the Issuer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties, which breach,
default, conflict, Adverse Claim or violation could reasonably be expected to have an Adverse Effect. 

  
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 (e)    No Proceedings. There is no action, suit
or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or to the Issuer’s knowledge, threatened, against or affecting the Issuer: (i) asserting the invalidity of this Indenture, the Notes or
any of the other Transaction Documents to which the Issuer is a party, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Indenture, or any of the other Transaction Documents,
(iii) seeking any determination or ruling which could reasonably be expected to have an Adverse Effect or could reasonably be expected to materially and adversely affect the condition (financial or otherwise), business or operations of the
Issuer, or (iv) relating to the Issuer and which could reasonably be expected to adversely affect the United States federal income tax attributes of the Notes. 

(f)    No Subsidiaries. The Issuer has no subsidiaries. 

(g)    All Tax Returns True, Correct and Timely Filed.  All tax returns required to
be filed by the Issuer in any jurisdiction have in fact been filed and all taxes, assessments, fees and other governmental charges upon the Issuer or upon any of its properties, and all income of franchises, shown to be due and payable on such
returns have been paid except for any such taxes, assessments, fees and charges the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Issuer had established
adequate reserves in accordance with GAAP. All such tax returns were true and correct in all material respects and the Issuer knows of no proposed additional tax assessment against it that could reasonably be expected to have a material adverse
effect upon the ability of the Issuer to perform its obligations hereunder nor of any basis therefor. The provisions for taxes on the books of the Issuer are in accordance with GAAP. 

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

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

  
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 (l)    Location of Chief Executive Office and
Records.  The principal place of business and chief executive office of the Issuer, and the office where Issuer maintains all of its corporate records, is located at the offices of the Administrator at 350 Highland Drive, Lewisville,
TX 75067; provided that, at any time after the Closing Date, upon thirty (30) days’ prior written notice to the Indenture Trustee and the Noteholders, the Issuer may relocate its jurisdiction of formation, and/or its principal place
of business and chief executive office, and/or the office where it maintains all of its records, to another location or jurisdiction, as the case may be, within the United States to the extent that the Issuer shall have taken all actions necessary
or reasonably requested by the Indenture Trustee or the Majority Noteholders of all Outstanding Notes to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps
reasonably requested by the Indenture Trustee or the Majority Noteholders of all Outstanding Notes to further perfect or evidence the rights, claims or security interests of the Indenture Trustee and the Noteholders under any of the Transaction
Documents. 
 (m)    Solvency.  The Issuer (i) is not insolvent”
(as such term is defined in § 101(32)(A) of the Bankruptcy Code); (ii) is able to pay its debts as they become due; and (iii) does not have unreasonably small capital for the business in which it is engaged or for any business or
transaction in which it is about to engage. The Issuer is not Granting the Trust Estate to the Indenture Trustee with the intent to defraud, delay or hinder any of its creditors. 

(n)    Separate Identity.  The Issuer is operated as an entity separate from the
Receivables Seller, the Depositor and the Servicer. The Issuer has complied with all covenants set forth in its Organizational Documents. 
 (o)    Name.  The legal name of the Issuer is as set forth in this Indenture and the Issuer does not use and has not used any other trade names, fictitious names,
assumed names or “doing business as” names. 
 (p)    Governmental
Authorization.  Other than the filing of the financing statements (or financing statement amendments) required hereunder or under any other Transaction Document, no authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body is required for (i) the due execution and delivery by Issuer of this Indenture and each other Transaction Document to which it is a party and (ii) the performance of its
obligations hereunder and thereunder. 
 (q)    Accuracy of
Information.  All information heretofore furnished by the Issuer or any of its Affiliates to the Indenture Trustee or the Noteholders for purposes of or in connection with this Indenture, any of the other Transaction Documents or any
transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Issuer or any of its Affiliates to the Indenture Trustee or the Noteholders will be, true and accurate in every material respect on the date such
information is stated or certified and does not and will not contain any material misstatement of fact or omit, taking into account all other information provided, to state a material fact or any fact necessary to make the statements contained
therein not misleading. 
 (r)    Use of Proceeds.  No proceeds of any
issuance of Notes or funding under a VFN hereunder will be used for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time. 

(s)    Investment Company.  The Issuer is not required to be registered as an
“investment company” within the meaning of the Investment Company Act, or any successor statute. 

  
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 (t)    Compliance with Law.  The Issuer
has complied in all material respects with all Applicable Laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject. 

(u)    Investments.  The Issuer does not own or hold, directly or indirectly
(i) any capital stock or equity security of, or any equity interest in, any Person or (ii) any debt security or other evidence of indebtedness of any Person. 

(v)    Transaction Documents.  The Receivables Pooling Agreement is the only
agreement pursuant to which the Issuer directly or indirectly purchases and receives contributions of Receivables from the Depositor and the Receivables Pooling Agreement represents the only agreement between the Depositor and the Issuer relating to
the transfer of the Receivables. 
 (w)    Limited Business.  Since its
formation the Issuer has conducted no business other than entering into and performing its obligations under the Transaction Documents to which it is a party, and such other activities as are incidental to the foregoing. The Transaction Documents to
which it is a party, and any agreements entered into in connection with the transactions that are permitted thereby, are the only agreements to which the Issuer is a party. 
 Section 9.2.    Liability of Issuer; Indemnities. 
 (a)    Obligations.2The Issuer shall be liable in accordance with this Indenture only to the extent of the obligations in this Indenture specifically undertaken by the Issuer in
such capacity under this Indenture and shall have no other obligations or liabilities hereunder. The Issuer shall indemnify, defend and hold harmless the Indenture Trustee (in all its capacities), the Calculation Agent, the Paying Agent, the
Securities Intermediary, the Note Registrar, the Noteholders, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and the Trust Estate from and against any taxes that may at any time be asserted against the
Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Note Registrar or the Trust Estate with respect to the transactions contemplated in this Indenture or any of the other Transaction Documents, including,
without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any taxes asserted with respect to, and as of the date of, the transfer of the Receivables to
the Trust Estate, the issuance and original sale of the Notes of any Class, or asserted with respect to ownership of the Receivables, or federal, state or local income or franchise taxes or any other tax, or other income taxes arising out of
payments on the Notes of any Class, or any interest or penalties with respect thereto or arising from a failure to comply therewith) and costs and expenses in defending against the same. 

(b)    Notification and Defense.  Promptly after any Indemnified Party shall have
been served with the summons or other first legal process or shall have received written notice of the threat of a claim in respect of which a claim for indemnity may be made against the Issuer under this Section 9.2, the Indemnified
Party shall notify the Issuer and the Administrator in writing of the service of such summons, other legal process or written notice, giving information therein as to the nature and basis of the claim, but failure so to notify the Issuer shall not
relieve the Issuer from any liability which it may have hereunder or otherwise, except to the extent that the Issuer is prejudiced by such failure so to notify the Issuer. The Issuer will be entitled, at its own expense, to participate in the
defense of any such claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party, and, after notice from the Issuer to such Indemnified Party that the Issuer
wishes to assume the defense of any such action, the Issuer will not be liable to such Indemnified Party under this Section 9.2 for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the
defense of any such action unless (i) the defendants in any such action include both 

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

(c)    Expenses.  Indemnification under this Section shall include, without
limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Issuer has made any indemnity payments pursuant to this Section and the recipient thereafter collects any of such amounts from others, the recipient shall
promptly repay such amounts collected to the Issuer, without interest. 
 Section 9.3.    Merger or
Consolidation, or Assumption of the Obligations, of the Issuer. 
 Any Person (a) into which the
Issuer may be merged or consolidated, (b) which may result from any merger, conversion or consolidation to which the Issuer shall be a party, or (c) which may succeed to all or substantially all of the business or assets of the Issuer,
which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Issuer under this Indenture, shall be the successor to the Issuer under this Indenture without the execution or filing of any document
or any further act on the part of any of the parties to this Indenture, except that if the Issuer in any of the foregoing cases is not the surviving entity, then the surviving entity shall execute an agreement of assumption to perform every
obligation of the Issuer under the Transaction Documents, including Derivative Agreements entered into by the Issuer or the Indenture Trustee on its behalf, and the surviving entity shall have taken all actions necessary or reasonably requested by
the Issuer, the Majority Noteholders of all Outstanding Notes or the Indenture Trustee to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested
by the Issuer, the Majority Noteholders of all Outstanding Notes or the Indenture Trustee to further perfect or evidence the rights, claims or security interests of the Issuer, the Noteholders or the Indenture Trustee under any of the Transaction
Documents. The Issuer (i) shall provide notice of any merger, consolidation or succession pursuant to this Section to each Note Rating Agency that has rated any then-Outstanding Notes, the Indenture Trustee, each Derivative Counterparty and the
Noteholders, (ii) for so long as the Notes are outstanding, shall receive from each Note Rating Agency rating Outstanding Notes a letter to the effect that such merger, consolidation or succession will not result in a qualification, downgrading
or withdrawal of the then current ratings assigned by such Note Rating Agency to any Outstanding Notes, (iii) shall obtain an Opinion of Counsel addressed to the Indenture Trustee and reasonably satisfactory to the Indenture Trustee, that such
merger, consolidation or succession complies with the terms hereof and one or more Opinions of Counsel updating or restating all opinions delivered on the date of this Indenture with respect to corporate matters, enforceability of

  
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Transaction Documents against the Issuer, and the grant by the Issuer of a valid security interest in the Aggregate Receivables to the Indenture Trustee and the perfection of such security
interest and related matters, (iv) shall receive from the Majority Noteholders of all Outstanding Notes and each Derivative Counterparty their prior written consent to such merger, consolidation or succession, absent which consent, which may
not be unreasonably withheld or delayed, the Issuer shall not become a party to such merger, consolidation or succession and (v) shall obtain an Issuer Tax Opinion. 
 Section 9.4.    Issuer May Not Own Notes. 
 The Issuer may not become the owner or pledgee of one or more of the Notes (other than any “Retained Notes” (as defined in any Indenture Supplement)). Any Person Controlling, Controlled by or
under common Control with the Issuer may, in its individual or any other capacity, become the owner or pledgee of one or more Notes with the same rights as it would have if it were not an Affiliate of the Issuer, except as otherwise specifically
provided in the definition of the term “Noteholder.” The Notes so owned by or pledged to such Controlling, Controlled or commonly Controlled Person shall have an equal and proportionate benefit under the provisions of this Indenture,
without preference, priority or distinction as among any of the Notes, except as set forth herein with respect to, among other things, rights to vote, consent or give directions to the Indenture Trustee as a Noteholder. 

Section 9.5.    Covenants of Issuer. 

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

  
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 (d)    Payment of Taxes.  The Issuer
hereby covenants to pay and discharge promptly or cause to be paid and discharged promptly all taxes, assessments and governmental charges or levies imposed upon the Issuer or upon its income and profits, or upon any of its property or any part
thereof, before the same shall become in default, provided that the Issuer shall not be required to pay and discharge any such tax, assessment, charge or levy so long as the validity or amount thereof shall be contested in good faith by
appropriate proceedings and the Issuer shall have set aside on its books adequate reserves with respect to any such tax, assessment, charge or levy so contested. 

(e)    Investments.  The Issuer hereby covenants that it will not, without the prior
written consent of the Majority Noteholders of all Outstanding Notes, acquire or hold any indebtedness for borrowed money of another person, or any capital stock, debentures, partnership interests or other ownership interests or other securities of
any Person, other than Permitted Investments and Sinking Fund Permitted Investments as provided hereunder and the Receivables acquired under the Receivables Sale Agreement and the Receivables Pooling Agreement. 

(f)    Keeping Records and Books of Account.  The Issuer hereby covenants and agrees
to maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing the Receivables in the event of the destruction or loss of the originals thereof) and keep and maintain, all
documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the daily identification of all collections with respect to, and
adjustments of amounts payable under, each Receivable). The Administrator shall ensure compliance with this Section 9.5(f). 
 (g)    Employee Benefit Plans.  The Issuer hereby covenants and agrees to comply in all material respects with the provisions of ERISA, the Code, and all other
applicable laws, and the regulations and interpretations thereunder to the extent applicable, with respect to each Employee Benefit Plan. 
 (h)    No Release.  The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken by others that would release any Person
from any of such Person’s covenants or obligations under any Transaction Document, Designated Servicing Agreement or other document, instrument or agreement included in the Trust Estate, or which would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such document, instrument or agreement. 
 (i)    Separate Identity.  The Issuer acknowledges that the Secured Parties are entering into the transactions contemplated by this Indenture in reliance upon the
Issuer’s identity as a legal entity that is separate from the Receivables Seller, the Depositor or the Servicer (each, a “Facility Entity”). Therefore, from and after the date of execution and delivery of this Indenture,
the Issuer shall take all reasonable steps to maintain the Issuer’s identity as a separate legal entity and to make it manifest to third parties that the Issuer is an entity with assets and liabilities distinct from those of each Facility
Entity and not a division of a Facility Entity. 
 (j)    Compliance with and Enforcement
of Transaction Documents.  The Issuer hereby covenants and agrees to comply in all respects with the terms of, employ the procedures outlined in and enforce the obligations of the parties to all of the Transaction Documents to which
the Issuer is a party, and take all such action to such end as may be from time to time reasonably requested by the Indenture Trustee, and/or the Majority Noteholders of all Outstanding Notes, maintain all such Transaction Documents in full force
and effect and make to the parties thereto such reasonable demands and requests for information and reports or for action as the Issuer is entitled to make thereunder and as may be from time to time reasonably requested by the Indenture Trustee.

  
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 (k)    No Sales, Liens, Etc. Against Receivables and
Trust Property.  The Issuer hereby covenants and agrees, except for releases specifically permitted hereunder, not to sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist, any Adverse
Claim (other than the Security Interest created hereby or any Permitted Liens) upon or with respect to, any Receivables or Trust Property, or any interest in either thereof, or upon or with respect to any Trust Account, or assign any right to
receive income in respect thereof. The Issuer shall promptly, but in no event later than two (2) Business Days after a Responsible Officer has obtained actual knowledge thereof, notify the Indenture Trustee of the existence of any Adverse Claim
on any Receivables or Trust Estate, and the Issuer shall defend the right, title and interest of each of the Issuer and the Indenture Trustee in, to and under the Receivables and Trust Estate, against all claims of third parties. 

(l)    No Change in Business.  The Issuer covenants that it shall not make any
change in the character of its business. 
 (m)    No Change in Name, Etc.; Preservation
of Security Interests  The Issuer covenants that it shall not make any change to its company name, or use any trade names, fictitious names, assumed names or “doing business as” names. The Issuer will from time to time, at
its own expense, execute and file such additional financing statements (including continuation statements) as may be necessary to ensure that at any time, the interest of the Issuer in all of the Receivables and such other portion of the Trust
Estate as to which a sale or Security Interest may be perfected by filing under the UCC, and the Security Interest of the Indenture Trustee in all of the Receivables and such other portion of the Trust Estate as to which a Security Interest may be
perfected by filing under the UCC, are fully protected. 
 (n)    No Institution of
Insolvency Proceedings.  The Issuer covenants that it shall not institute Insolvency Proceedings with respect to the Issuer or any Affiliate thereof or consent to the institution of Insolvency Proceedings against the Issuer or any
Affiliate thereof or take any action in furtherance of any such action, or seek dissolution or liquidation in whole or in part of the Issuer or any Affiliate thereof. 

(o)    Money for Note Payments To Be Held in Trust.  The Indenture Trustee shall
cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section, that such Paying
Agent shall: 
 (i)    hold all sums held by it in respect of payments on
Notes in trust for the benefit of the Noteholders entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(ii)    give the Indenture Trustee notice of any default by the Issuer (or any other
obligor upon the Notes) in the making of any payment; and 
 (iii)    at any
time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent. 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay,
or direct any Paying Agent to pay, to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and, upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

  
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 (p)    Protection of Trust Estate.  The
Issuer shall from time to time execute and deliver to the Indenture Trustee and the Administrative Agent all such supplements and amendments hereto (a copy of which shall be provided to the Noteholders) and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and shall take such other action as is necessary or advisable to: 

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

(ii)    maintain or preserve the Security Interest or carry out more effectively the
purposes hereof; 
 (iii)    perfect, publish notice of, or protect the
validity of any Grant made or to be made by this Indenture; 

(iv)    enforce any of the Receivables or, where appropriate, any Security Interest
in the Trust Estate and the proceeds thereof, or 
 (v)    preserve and
defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders therein against the claims of all persons and parties. 
 (q)    Investment Company Act.  The Issuer shall conduct its operations in a manner which shall not subject it to registration as an “investment company”
under the Investment Company Act. 
 (r)    Payment of Review and Renewal
Fees.  The Issuer shall pay or cause to be paid to each Note Rating Agency that has rated Outstanding Notes, the annual rating review and renewal fee in respect of such Notes, if any. 

(s)    Reserved. 

(t)    No Subsidiaries.  The Issuer shall not form or hold interests in any
subsidiaries. 
 (u)    No Indebtedness.  The Issuer shall not incur any
indebtedness other than the Notes, and shall not guarantee any other Person’s indebtedness or incur any capital expenditures. 
 Article X 
 The Administrator and Servicer 

Section 10.1.    Representations and Warranties of Administrator and Servicer. 

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

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

(d)    No Proceedings.  No proceedings, investigations or litigation before any
court, tribunal or governmental body is currently pending, nor to the knowledge of the Administrator or the Servicer is threatened against the Administrator or the Servicer, nor is there any such proceeding, investigation or litigation currently
pending, nor, to the knowledge of the Administrator or the Servicer, is any such proceeding, investigation or litigation threatened against the Administrator or the Servicer with respect to this Indenture, any Indenture Supplement or any other
Transaction Document or the transactions contemplated hereby or thereby that could reasonably be expected to have an Adverse Effect. 
 (e)    No Consents Required.  No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Administrator or the Servicer of or compliance by the Administrator or the Servicer with this Indenture, any Indenture Supplement or the consummation of the transactions contemplated by this Indenture, any Indenture Supplement
except for consents, approvals, authorizations and orders which have been obtained. 

(f)    Information.  No written statement, report or other document furnished or to
be furnished pursuant to this Indenture or any other Transaction Document to which it is a party by the Administrator or the Servicer contains or will contain any statement that is or will be inaccurate or misleading in any material respect.

 (g)    Default.  The Administrator is not in default with respect to any
material contract under which a default should reasonably be expected to have a material adverse effect on the ability of the Administrator or the Servicer to perform its duties under this Indenture or any Indenture Supplement, or with respect to
any order of any court, administrative agency, arbitrator or governmental body which would have a material adverse effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse of time or both would
constitute such a default with respect to any such contract or order of any court, administrative agency, arbitrator or governmental body. 

  
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 Section 10.2.    Covenants of Administrator and Servicer. 

(a)    Amendments to Designated Servicing Agreements.  The Administrator and the
Servicer each hereby covenants and agrees not to amend the Designated Servicing Agreements except for such amendments that would have no adverse effect upon the collectability or timing of payment of any of the Aggregate Receivables or the
performance of its, the Depositor’s or the Issuer’s obligations under the Transaction Documents or otherwise adversely affect the interest of the Noteholders, any Derivative Counterparty, any Supplement Credit Enhancement Provider or any
Liquidity Provider, without the prior written consent of the Majority Noteholders of all Outstanding Notes, each Derivative Counterparty and of each Supplemental Credit Enhancement Provider and each Liquidity Provider. The Administrator shall,
within five (5) Business Days following the effectiveness of such amendments, deliver to the Indenture Trustee copies of all such amendments. 
 (b)    Maintenance of Security Interest.  The Administrator shall from time to time, at its own expense, execute and file such additional financing statements
(including continuation statements) as may be necessary to ensure that at any time, the Security Interest of the Indenture Trustee (on behalf of itself, the Noteholders, any Derivative Counterparty, any Supplemental Credit Enhancement Provider and
any Liquidity Provider) in all of the Aggregate Receivables and the other Collateral is fully protected in accordance with the UCC and that the Security Interest of the Indenture Trustee in the Receivables and the rest of the Trust Estate remains
perfected and of first priority. The Administrator shall take all steps necessary to ensure compliance with Section 9.5(m). 
 (c)    Regulatory Reporting Compliance.  The Servicer shall, on or before the last Business Day of the fifth month following the end of each of the Servicer’s
fiscal years (December 31), beginning with the fiscal year ending in 2013, deliver to the Indenture Trustee and the Interested Noteholders, as applicable, a copy of the results of any Uniform Single Attestation Program for Mortgage Bankers, an
Officer’s Certificate that satisfies the requirements of Item 1122(a) of Regulation AB, an independent public accountant’s report that satisfies the requirements of Item 1123 of Regulation AB or similar review conducted on the
Servicer by its accountants and such other reports as the Servicer may prepare relating to its servicing functions as the Servicer. 
 (d)    Compliance with Designated Servicing Agreements.  The Servicer shall not fail to comply with its obligations as the servicer under each of the Designated
Servicing Agreements, which failure would have a material adverse effect on the interests of the Noteholders under this Indenture. The Servicer shall immediately notify the Indenture Trustee of any Event of Default or its receipt of a notice of
termination under any Designated Servicing Agreement. The Indenture Trustee shall forward any such notification to each Noteholder. 
 (e)    Compliance with Obligations.  Each of the Administrator and the Servicer shall comply with all their other obligations and duties set forth in this Indenture
and any other Transaction Document. The Administrator shall not permit the Issuer to engage in activities that could violate its covenants in this Indenture. 
 (f)    Reimbursement of Advances and Payment of Deferred Servicing Fees upon Transfer of Servicing; Clean-up Calls.  In connection with any sale or transfer of
servicing, in whole or in part, under any Designated Servicing Agreement, the Servicer shall collect reimbursement of all outstanding Advances and payment of all outstanding Deferred Servicing Fees under such Designated Servicing Agreement prior to
transferring the servicing under such Designated Servicing Agreement. The Servicer 

  
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agrees that prior to or concurrently with its exercise of any clean-up call, redemption or repurchase right under the related Designated Servicing Agreement it shall ensure that all outstanding
Advances and unpaid Deferred Servicing Fees due and owing under the related Designated Servicing Agreement shall be paid in full, as certified to the Indenture Trustee. 

(g)    Notice of Unmatured Defaults and Servicer Termination Events.  The Servicer
shall provide written notice to the Indenture Trustee and each VFN Noteholder of any Unmatured Default or Servicer Termination Event, immediately following the receipt by a Responsible Officer of the Servicer of notice, or the obtaining by a
Responsible Officer of the Servicer of actual knowledge, of such Unmatured Default or Servicer Termination Event. 
 (h)    Reimbursement of Nonrecoverable Advances and Nonrecoverable Deferred Servicing Fees for Receivables other than Loan-Level Receivables.  The Servicer shall
withdraw Advance Reimbursement Amounts related to Receivables other than Loan-Level Receivables from the appropriate Custodial Account to reimburse any Advance or pay any Deferred Servicing Fee which the Servicer shall have determined will not be
recoverable from proceeds of the related Mortgage Loan, promptly after making such determination of non-recoverability. 
 (i)    Administrator Instructions and Functions Performed by Issuer.  The Administrator shall perform the administrative or ministerial functions specifically required
of the Issuer pursuant to this Indenture and any other Transaction Document. 

(j)    Nature of Business.  None of the Administrator, the Servicer or any of their
Subsidiaries shall make any material change in the nature of its business as carried on at the date hereof. 

(k)    Adherence to Servicing Standards.  Unless otherwise consented to by the
Administrative Agent (the following collectively, the “Servicing Standards”): 

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

(iii)    the Servicer shall identify on its systems and in its records that the
Issuer is the owner of each Receivable and that such Receivable has been pledged to the Indenture Trustee; 
 (iv)    the Servicer shall maintain systems and operating procedures necessary to comply with all of the terms of the Transaction Documents; 

(v)    the Servicer shall cooperate with the Indenture Trustee acting as Calculation
Agent in its duties set forth in the Transaction Documents; 

  
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 (vi)    the Servicer shall cooperate
with the Verification Agent in its duties set forth in the Transaction Documents; 

(vii)    the Servicer shall maintain, or cause to be maintained, accurate records
with respect to the Mortgage Loans in each Mortgage Pool reflecting the status of all Judicial P&I Advances, Non-Judicial P&I Advances, Judicial Corporate Advances, Non-Judicial Corporate Advances, Judicial Escrow Advances, Non-Judicial
Escrow Advances, Judicial Deferred Servicing Fees and Non-Judicial Deferred Servicing Fees for such Mortgage Pool, including the cumulative recoveries related to such P&I Advances, Corporate Advances, Escrow Advances and Deferred Servicing Fees;
and 
 (viii)    the Servicer shall service all Mortgage Loans related to
all Mortgage Pools in accordance with the terms of the related Servicing Agreement without regard to any ownership of any securities issued by the related Mortgage Pool. 

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

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

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

Section 10.3.    Liability of Administrator and Servicer; Indemnities. 

(a)    Obligations.  Each of the Administrator and the Servicer, severally and not
jointly, shall indemnify, defend and hold harmless the Indenture Trustee, the Note Registrar, the Custodian, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Trust Estate, the Owner Trustee, each Derivative Counterparty and
the Noteholders (each an “Indemnified Party”) from and against any and all costs, expenses, losses, claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, and was
imposed upon, the Indenture Trustee, the Note Registrar, the Custodian, the Owner Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Trust Estate, each Derivative Counterparty or any Noteholder (i) in the case of
indemnification by the Administrator, by reason of a violation of law, negligence, willful misfeasance or bad faith of the Administrator (or of the Receivables Seller, the Depositor or of the Issuer as a result of a direction, act or omission by the
Administrator), in the performance of their respective obligations under this Indenture and the other Transaction Documents or (ii) in the case of indemnification by the Servicer, by reason of a violation of law, negligence, willful misfeasance
or bad faith of the Servicer, in the performance of its respective obligations under this Indenture and the other Transaction Documents or as servicer or subservicer under the Designated Servicing Agreements, or by reason of the breach by the
Servicer of any of its representations, warranties or covenants hereunder or under the Designated Servicing Agreements; 

  
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provided that any indemnification amounts payable by the Administrator or the Servicer, as the case may be, to the Owner Trustee hereunder shall not be duplicative of any indemnification
amount paid by the Administrator to the Owner Trustee in accordance with the Trust Agreement or under the Administration Agreement. 
 (b)    Notification and Defense.  Promptly after any Indemnified Party shall have been served with the summons or other first legal process or shall have received
written notice of the threat of a claim in respect of which a claim for indemnity may be made against the Administrator or the Servicer (such party, as the case may be, being referred to herein as the “Indemnifying Party”)
under this Section 10.3, the Indemnified Party shall notify the Indemnifying Party in writing of the service of such summons, other legal process or written notice, giving information therein as to the nature and basis of the claim, but
failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which it may have hereunder or otherwise, except to the extent that the Indemnifying Party is prejudiced by such failure so to notify the
Indemnifying Party. The Indemnifying Party will be entitled, at its own expense, to participate in the defense of any such claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to
such Indemnified Party, and, after notice from the Indemnifying Party to such Indemnified Party that the Indemnifying Party wishes to assume the defense of any such action, the Indemnifying Party will not be liable to such Indemnified Party under
this Section 10.3 for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense of any such action unless (i) the defendants in any such action include both the Indemnified Party and
the Indemnifying Party, and the Indemnified Party (upon the advice of counsel) shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Indemnifying Party, or
one or more Indemnified Parties, and which in the reasonable judgment of such counsel are sufficient to create a conflict of interest for the same counsel to represent both the Indemnifying Party and such Indemnified Party, (ii) the
Indemnifying Party shall not have employed counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of commencement of the action, or (iii) the Indemnifying Party has
authorized the employment of counsel for the Indemnified Party at the expense of the Indemnifying Party; then, in any such event, such Indemnified Party shall have the right to employ its own counsel in such action, and the reasonable fees and
expenses of such counsel shall be borne by the Indemnifying Party; provided, however, that the Indemnifying Party shall not in connection with any such action or separate but substantially similar or related actions arising out of the
same general allegations or circumstances, be liable for any fees and expenses of more than one firm of attorneys at any time for all Indemnified Parties. Each Indemnified Party, as a condition of the indemnity agreement contained herein, shall use
its commercially reasonable efforts to cooperate with the Indemnifying Party in the defense of any such action or claim. The Indemnifying Party shall not, without the prior written consent of any Indemnified Party, effect any settlement of any
pending or threatened proceeding in respect of which such Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such proceeding or threatened proceeding. 
 (c)    Expenses.  Indemnification under this Section shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the
Indemnifying Party has made any indemnity payments pursuant to this Section and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Indemnifying Party, without interest.

 (d)    Survival.  The provisions of this Section shall survive the
resignation or removal of the Indenture Trustee (in any of its capacities), the Calculation Agent, the Securities Intermediary and the Paying Agent and the termination of this Indenture. 

  
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 Section 10.4.    Merger or Consolidation, or Assumption of the Obligations,
of the Administrator. 
 Any Person (a) into which the Administrator or the Servicer may be merged
or consolidated, (b) which may result from any merger, conversion or consolidation to which the Administrator or the Servicer shall be a party, or (c) which may succeed to all or substantially all of the business or assets of the
Administrator or the Servicer, as the case may be, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Administrator or the Servicer, as applicable, under this Indenture, shall be the
successor to the Administrator or the Servicer, as applicable, under this Indenture without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture; provided, however, that
(i) such merger, consolidation or conversion shall not cause a Target Amortization Event for any Series or a Facility Early Amortization Event, or an event which with notice, the passage of time or both would become a Target Amortization Event
for any Series or a Facility Early Amortization Event, (ii) prior to any such merger, consolidation or conversion, the Administrator or the Servicer, as the case may be, shall have provided to the Indenture Trustee and the Noteholders a letter
from each Note Rating Agency that rated Outstanding Notes indicating that such merger, consolidation or conversion will not result in the qualification, reduction or withdrawal of the then current ratings of the Outstanding Notes, and
(iii) prior to any such merger, consolidation or conversion the Administrator shall have delivered to the Indenture Trustee an Opinion of Counsel to the effect that such merger, consolidation or conversion complies with the terms of this
Indenture and one or more Opinions of Counsel updating or restating all opinions delivered on the date of this Indenture with respect to corporate matters and the enforceability of Transaction Documents against the Administrator or the Servicer, as
the case may be, true sale as to the transfers of the Aggregate Receivables from the Servicer as Receivables Seller to the Depositor and non-consolidation of the Servicer with the Depositor and security interest and tax and any additional opinions
required under any related Indenture Supplement; provided, further, that the conditions specified in clauses (ii) and (iii) shall not apply to any transaction (i) in which an Affiliate of the Receivables
Seller assumes the obligations of the Receivables Seller and otherwise satisfies the eligibility criteria applicable to the Servicer under the Designated Servicing Agreements or (ii) in which an Affiliate of the Receivables Seller is merged
into or is otherwise combined with the Receivables Seller and the Receivables Seller is the sole survivor of such merger or other combination. The Administrator or the Servicer, as the case may be, shall provide notice of any merger, consolidation
or succession pursuant to this Section to the Indenture Trustee, the Noteholders and each Note Rating Agency. 

Except as described in the preceding paragraph, the Administrator may not assign or delegate any of its rights or
obligations under this Indenture or any other Transaction Document. 
 Article XI 

The Indenture Trustee 

Section 11.1.    Certain Duties and Responsibilities. 

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

(b)    In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes,
conclusively rely upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture, as to the truth of the statements and the correctness of the opinions expressed therein; but in the case of any
such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee will be under a duty 

  
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to examine the same to determine whether or not they conform on their face to the requirements of this Indenture but need not confirm or investigate the accuracy of any mathematical calculations
or other facts stated therein. 
 (c)    If an Event of Default has occurred and is
continuing, the Indenture Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
 (d)    No provision of this Indenture will be
construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

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

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

(iv)    no provision of this Indenture will require the Indenture Trustee to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it has reasonable grounds for believing that repayment of such funds or
indemnity satisfactory to the Indenture Trustee against such risk or liability is not reasonably assured to it; and 
 (v)    whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture
Trustee will be subject to the provisions of this Section. 
 Section 11.2.    Notice of Defaults.

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

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

  
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 Section 11.3.    Certain Rights of Indenture Trustee. 

Except as otherwise provided in Section 11.1: 

(a)    the Indenture Trustee may conclusively rely and will be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to
have been signed or presented by the proper party or parties; 
 (b)    whenever in the
administration of this Indenture the Indenture Trustee deems it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(c)    the Indenture Trustee may consult with counsel of its own selection and the advice of such
counsel or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

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

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

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

(g)    the Indenture Trustee will not be responsible for filing any financing statements or
continuation statements in connection with the Notes, but will cooperate with the Issuer in connection with the filing of such financing statements or continuation statements; 

(h)    the Indenture Trustee shall not be deemed to have notice of any default, Event of Default,
Facility Early Amortization Event, Funding Interruption Event or Servicer Termination Event unless an Indenture Trustee Responsible Officer has actual knowledge thereof or unless written notice of any event which is in fact such a default, Event of
Default, Facility Early Amortization Event, Funding Interruption Event or Servicer Termination Event is received by the Indenture Trustee at the Corporate Trust Office of 

  
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the Indenture Trustee, and such notice references the Notes and this Indenture; in the absence of receipt of such notice or actual knowledge, the Indenture Trustee may conclusively assume that
there is no default, Event of Default, Facility Early Amortization Event, Funding Interruption Event or Servicer Termination Event; 
 (i)    the rights, privileges, protections, immunities and benefits given to the Indenture Trustee hereunder and under each Transaction Document, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable (without duplication) by, the Indenture Trustee or The Bank of New York Mellon, as applicable, in each of its capacities hereunder and thereunder (including, without limitation,
Calculation Agent, Paying Agent, Custodian, Securities Intermediary and Note Registrar), and each agent, custodian and other person employed to act hereunder and thereunder. 

(j)    none of the provisions contained in this Indenture shall in any event require the Indenture
Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Indenture; 
 (k)    the Indenture Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein or any financing statement
or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to any insurance, (C) to see to
the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Fund other than from funds available in the Trust Accounts
or (D) to confirm or verify the contents of any reports or certificates of the Servicer or the Administrator delivered to the Indenture Trustee pursuant to this Indenture believed by the Indenture Trustee to be genuine and to have been signed
or presented by the proper party or parties; 
 (l)    the Indenture Trustee shall not be
personally liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(m)    the right of the Indenture Trustee to perform any discretionary act enumerated in this
Indenture shall not be construed as a duty, and the Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; 

(n)    the Indenture Trustee shall not be required to give any bond or surety in respect of the
execution of the Trust Fund created hereby or the powers granted hereunder; 
 (o)    in
making or disposing of any investment permitted by this Indenture, the Indenture Trustee is authorized to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on
standard market terms, whether it or such Affiliate is acting as a subagent of the Indenture Trustee or for any third Person or dealing as principal for its own account; and 

(p)    the Indenture Trustee shall not be responsible for delays or failures in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts or God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services. 

  
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 Section 11.4.    Not Responsible for Recitals or Issuance of Notes.

 The recitals contained herein and in the Notes, except the certificates of authentication, will be taken
as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Indenture Trustee
will not be accountable for the use or application by the Issuer of Notes or the proceeds thereof, or for the use or application of any funds paid to the Servicer in respect of any amounts deposited in or withdrawn from the Trust Accounts or the
Custodial Accounts by the Servicer. The Indenture Trustee shall not be responsible for the legality or validity of this Indenture or the validity, priority, perfection or sufficiency of the security for the Notes issued or intended to be issued
hereunder. 
 Section 11.5.    Reserved. 
 Section 11.6.    Money Held in Trust. 
 The Indenture Trustee will be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer. 

 

	Section 11.7.	 Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity. 

Except as otherwise provided in this Indenture: 

(a)    The Indenture Trustee (including in all of its capacities) will be paid the Indenture Trustee
Fee on each Payment Date pursuant to Section 4.5 as compensation for its services (in all capacities hereunder). In addition, the Indenture Trustee shall be paid an acceptance fee for each new issuance, as well as an additional fee on
each Interim Payment (after the 4th Interim Payment Date)
in any calendar month, for any Series, each in accordance with the terms of the Indenture Trustee Fee Letter. 

(b)    The Indenture Trustee (including in all of its capacities) shall be indemnified and held
harmless by the Trust Estate as set forth in Section 4.5 and Section 8.6, and shall be secondarily indemnified and held harmless by the Administrator for, from and against, as the case may be, any loss, liability or expense
incurred without negligence or willful misconduct on its part, arising out of, or in connection with, the acceptance and administration of the Trust Estate, including, in the case of the Indenture Trustee, without limitation, the costs and expenses
(including reasonable legal fees and expenses) of defending itself against any claim in connection with the exercise or performance of any of its powers or duties under this Indenture, provided that: 

(i)    with respect to any such claim, the Indenture Trustee shall have given the
Administrator written notice thereof promptly after a Responsible Officer of the Indenture Trustee shall have actual knowledge thereof; provided, however that failure to give such written notice shall not affect the Trust Estate’s
or the Administrator’s obligation to indemnify the Indenture Trustee, unless such failure materially prejudices the Trust Estate’s or the Administrator’s rights; 

(ii)    the Administrator may, at its option, assume the defense of any such claim
using counsel reasonably satisfactory to the Indenture Trustee; and 

(iii)    notwithstanding anything in this Indenture to the contrary, the
Administrator shall not be liable for settlement of any claim by the Indenture Trustee, as the case may be, entered into without the prior consent of the Administrator, which consent shall not be unreasonably withheld. 

  
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 No termination of this Indenture, or the resignation or removal of the
Indenture Trustee, shall affect the obligations created by this Section 11.7(b) of the Administrator to indemnify the Indenture Trustee under the conditions and to the extent set forth herein. 

Notwithstanding the foregoing, the indemnification provided in this Section 11.7(b) with respect to the
Administrator shall not pertain to any loss, liability or expense of the Indenture Trustee, including the costs and expenses of defending itself against any claim, incurred in connection with any actions taken by the Indenture Trustee at the
direction of the Noteholders pursuant to the terms of this Indenture. 
 The Indenture Trustee agrees fully to
perform its duties under this Indenture notwithstanding its failure to receive any payments, reimbursements or indemnifications to the Indenture Trustee pursuant to this Section 11.7(b) subject to its rights to resign in accordance with
the terms of this Indenture. 
 The Securities Intermediary, the Paying Agent, and the Calculation Agent shall
be indemnified by the Trust Estate pursuant to Section 4.5 and Section 8.6, and secondarily by the Administrator, in respect of the matters described in Section 4.9 to the same extent as the Indenture Trustee.

 Neither of the Indenture Trustee nor the Securities Intermediary will have any recourse to any asset of the
Issuer or the Trust Estate other than funds available pursuant to Section 4.5 and Section 8.6 or to any Person other than the Issuer (or the Administrator pursuant to this Section 11.7). Except as specified in
Section 4.5 and Section 8.6, any such payment to the Indenture Trustee shall be subordinate to payments to be made to Noteholders. 
 Anything in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 11.8.    Corporate Indenture Trustee Required; Eligibility. 
 There will at all times be an Indenture Trustee hereunder with respect to all Classes of Notes, which will be either a bank or a corporation organized and doing business under the laws of the United
States of America or of any state, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by a federal or state authority of the United
States, and the long-term unsecured debt obligations of which are rated in the third highest applicable rating category from each Note Rating Agency then rating Outstanding Notes if such institution is rated by such Note Rating Agency, as
applicable. If such bank or corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such bank or corporation will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Issuer may not, nor may any Person directly or indirectly Controlling, Controlled by, or
under common Control with the Issuer, serve as Indenture Trustee. If at any time the Indenture Trustee ceases to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article. 

  
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 Section 11.9.    Resignation and Removal; Appointment of Successor.

 (a)    No resignation or removal of the Indenture Trustee and no appointment of a
successor Indenture Trustee pursuant to this Article will become effective until the acceptance of appointment by the successor Indenture Trustee under Section 11.10. 

(b)    The Indenture Trustee (in all capacities) and The Bank of New York Mellon (in all capacities)
may resign with respect to all, but not less than all, such capacities and all, but not less than all of the Outstanding Notes at any time by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Indenture
Trustee, Calculation Agent, Paying Agent or Securities Intermediary shall not have been delivered to the Indenture Trustee within thirty (30) days after the giving of such notice of resignation, the resigning Indenture Trustee, Calculation
Agent, Paying Agent or Securities Intermediary may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary. Written notice of resignation by the
Indenture Trustee under this Indenture shall also constitute notice of resignation as Calculation Agent, Securities Intermediary, Paying Agent, Note Registrar and Custodian hereunder, to the extent the Indenture Trustee serves in such a capacity at
the time of such resignation. 
 (c)    The Indenture Trustee or Calculation Agent may be
removed with respect to all Outstanding Notes at any time by Action of the Majority Noteholders of all Outstanding Notes, delivered to the Indenture Trustee and to the Issuer. Removal of the Indenture Trustee shall also constitute removal of the
Calculation Agent, Securities Intermediary and Paying Agent hereunder, to the extent the Indenture Trustee serves in such a capacity at the time of such resignation. If an instrument of acceptance by a successor Indenture Trustee or Calculation
Agent shall not have been delivered to the Indenture Trustee within thirty (30) days after the giving of such notice of removal, the Indenture Trustee or Calculation Agent being removed may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee or Calculation Agent. 
 (d)    If at any time:

 (i)    the Indenture Trustee ceases to be eligible under
Section 11.8 and fails to resign after written request therefore by the Issuer or by any Noteholder; or 
 (ii)    the Indenture Trustee becomes incapable of acting with respect to any Series or Class of Notes; or 

(iii)    the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the
Indenture Trustee or of its property is appointed or any public officer takes charge or Control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (A) the Issuer may remove the Indenture Trustee, or (B) subject to Section 8.9, any
Noteholder who has been a bona fide Noteholder of a Note for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee. 
 (e)    If the Indenture Trustee or
Calculation Agent resigns, is removed or becomes incapable of acting with respect to any Notes, or if a vacancy shall occur in the office of the Indenture Trustee or Calculation Agent for any cause, the Issuer, subject to the Administrative
Agent’s consent, will promptly appoint a successor Indenture Trustee or Calculation Agent. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee or Calculation

  
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Agent is appointed by Act of the Majority Noteholders of all Outstanding Notes, delivered to the Issuer and the retiring Indenture Trustee or Calculation Agent, the successor Indenture Trustee or
Calculation Agent so appointed will, forthwith upon its acceptance of such appointment, become the successor Indenture Trustee or Calculation Agent and supersede the successor Indenture Trustee or Calculation Agent appointed by the Issuer. If no
successor Indenture Trustee or Calculation Agent shall have been so appointed by the Issuer or the Noteholders and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Noteholder of a Note for at least six
(6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee or Calculation Agent. 

(f)    The Issuer will give written notice of each resignation and each removal of the Indenture
Trustee and each appointment of a successor Indenture Trustee to each Noteholder as provided in Section 1.7 and to each Note Rating Agency that is then rating Outstanding Notes. To facilitate delivery of such notice, upon request by the
Issuer, the Note Registrar shall provide to the Issuer a list of the relevant registered Noteholders. Each notice will include the name of the successor Indenture Trustee and the address of its principal Corporate Trust Office. 

Section 11.10.    Acceptance of Appointment by Successor. 

Every successor Indenture Trustee appointed hereunder will execute, acknowledge and deliver to the Issuer and to the
predecessor Indenture Trustee an instrument accepting such appointment, with a copy to each Note Rating Agency then rating any Outstanding Notes, and thereupon the resignation or removal of the predecessor Indenture Trustee will become effective,
and such successor Indenture Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties of the predecessor Indenture Trustee, Calculation Agent and Paying Agent; but, on request of the
Issuer or the successor Indenture Trustee, such predecessor Indenture Trustee will, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights, powers and trusts
of the predecessor Indenture Trustee, Calculation Agent and Paying Agent, and will duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such predecessor Indenture Trustee hereunder, subject
nevertheless to its rights to payment pursuant to Section 11.7. Upon request of any such successor Indenture Trustee, the Issuer will execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Indenture Trustee all such rights, powers and trusts. 
 No successor Indenture Trustee will accept
its appointment unless at the time of such acceptance such successor Indenture Trustee will be qualified and eligible under this Article. 

Section 11.11.    Merger, Conversion, Consolidation or Succession to Business. 

Any Person into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, will be the successor of
the Indenture Trustee hereunder, provided that such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Indenture
Trustee will give prompt written notice of such merger, conversion, consolidation or succession to the Issuer and each Note Rating Agency that is then rating Outstanding Notes. If any Notes shall have been authenticated, but not delivered, by the
Indenture Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture
Trustee had itself authenticated such Notes. 

  
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 Section 11.12.    Appointment of Authenticating Agent. 

At any time when any of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint
an Authenticating Agent with respect to one or more Series or Classes of Notes which will be authorized to act on behalf of the Indenture Trustee to authenticate Notes of such Series or Classes issued upon exchange, registration of transfer or
partial redemption thereof or pursuant to Section 6.6, and Notes so authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Indenture Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Indenture Trustee or an Indenture Trustee Authorized Signatory or to the Indenture Trustee’s Certificate of Authentication, such
reference will be deemed to include authentication and delivery on behalf of the Indenture Trustee by an Authenticating Agent and a Certificate of Authentication executed on behalf of the Indenture Trustee by an Authenticating Agent. Each
Authenticating Agent will be acceptable to the Issuer and will at all times be a Person organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as
an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Issuer itself, subject to supervision or examination by a federal or state authority of the United States. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent will be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent will resign immediately in the manner and with the effect specified in this Section. 
 Any Person into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any Person succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, will continue to be an Authenticating Agent, provided that such Person will be otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Indenture Trustee or the Authenticating Agent. 
 An Authenticating Agent may
resign at any time by giving written notice thereof to the Indenture Trustee and to the Issuer. The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and
to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or if at any time such Authenticating Agent ceases to be eligible in accordance with the provisions of this Section, the Indenture Trustee, with the approval of
the Issuer, may appoint a successor Authenticating Agent which will be acceptable to the Issuer and will give notice to each Noteholder as provided in Section 1.7. Any successor Authenticating Agent upon acceptance of its appointment
hereunder will become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent will be appointed unless eligible under the
provisions of this Section. 
 The Indenture Trustee agrees to pay to each Authenticating Agent (other than an
Authenticating Agent appointed at the request of the Issuer, the Noteholders or the Administrator from time to time or appointed due to a change in law or other circumstance beyond the Indenture Trustee’s control) reasonable compensation for
its services under this Section, out of the Indenture Trustee’s own funds without reimbursement pursuant to this Indenture. 

  
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 If an appointment with respect to one or more Classes is made pursuant to
this Section, the Notes of such Series or Classes may have endorsed thereon an alternate Certificate of Authentication in the following form: 
 AUTHENTICATING AGENT’S CERTIFICATE OF AUTHENTICATION 
 This
is one of the Notes of the Classes designated herein and referred to in the within-mentioned Indenture and Indenture Supplement. 
  

									
	          Dated:
                    , 20[    ]	 		 	 The Bank of New York Mellon, not in its individual capacity but solely as Indenture Trustee,

					
		 		 	By:	 	 	 	
		 		 	as Authenticating Agent	 	
					
		 		 	By:	 	 	 	
		 		 	Authorized Officer of The Bank of New York Mellon

 Section 11.13.    Reserved. 

Section 11.14.    Representations and Covenants of the Indenture Trustee. 

The Indenture Trustee, in its individual capacity and not as Indenture Trustee, represents, warrants and covenants that:

 (a)    The Bank of New York Mellon is a New York banking corporation duly organized and
validly existing under the laws of the State of New York; 
 (b)    The Bank of New York
Mellon has full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 

(c)    each of this Indenture and other Transaction Documents to which The Bank of New York Mellon is
a party has been duly executed and delivered by The Bank of New York Mellon and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms. 
 Section 11.15.    Indenture Trustee’s Application for Instructions from the Issuer. 

Any application by the Indenture Trustee for written instructions from the Issuer may, at the option of the Indenture
Trustee, set forth in writing any action proposed to be taken or omitted by the Indenture Trustee under and in accordance with this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective,
provided that such application shall make specific reference to this Section 11.15. The Indenture Trustee shall not be liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date the Issuer actually receives such application, unless the Issuer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the Closing Date in the case of an omission), the Indenture Trustee shall have received written instructions in response to such application specifying the action be taken or omitted.

  
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 Article XII 
 Amendments and Indenture Supplements 
  

	Section 12.1.	 Supplemental Indentures and Amendments Without Consent of Noteholders. 

(a)    Unless otherwise provided in the related Indenture Supplement with respect to any amendment to
this Indenture or such Indenture Supplement, without the consent of the Noteholders of any Notes or any other Person but with the consent of the Issuer (evidenced by its execution of such amendment), the Indenture Trustee, the Administrator, the
Servicer and the Administrative Agent, and any applicable Derivative Counterparty and with prior notice to each Note Rating Agency that is then rating any Outstanding Notes, at any time and from time to time, upon delivery of an Issuer Tax Opinion
and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment could not have an Adverse Effect on the Noteholders of the Notes at any time in the
future, may amend this Indenture for any of the following purposes: 

(i)    to evidence the succession of another Person to the Issuer, and the assumption
by any such successor of the covenants of the Issuer herein and in the Notes; or 

(ii)    to add to the covenants of the Issuer, or to surrender any right or power
herein conferred upon the Issuer, for the benefit of the Noteholders of the Notes of any or all Series or Classes (and if such covenants or the surrender of such right or power are to be for the benefit of less than all Series or Classes of Notes,
stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified Series or Classes); or 

(iii)    to cure any ambiguity, to correct or supplement any provision herein which
may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or 

(iv)    to establish any form of Note as provided in Article V, and to provide
for the issuance of any Series or Class of Notes as provided in Article VI and to set forth the terms thereof, and/or to add to the rights of the Noteholders of the Notes of any Series or Class; or 

(v)    to evidence and provide for the acceptance of appointment by another
corporation as a successor Indenture Trustee hereunder; or 
 (vi)    to
provide for additional or alternative forms of credit enhancement for any Series or Class of Notes; or 
 (vii)    to comply with any regulatory, accounting or tax laws; or 
 (viii)    to qualify for “off-balance sheet” treatment under GAAP, or to permit the Depositor to repurchase a specified percentage (not to exceed 2.50%) of the Receivables
from the Issuer in order to achieve “on-balance sheet” treatment under GAAP (if such amendment is supported by a true sale opinion from external counsel to the Receivables Seller satisfactory to each Note Rating Agency rating Outstanding
Notes and to each Noteholder of a Variable Funding Note); or 

  
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 (ix)    to prevent the Issuer from being
subject to tax on its net income as an association (or publicly traded partnership) taxable as a corporation or a taxable mortgage pool taxable as a corporation, each for United States federal income tax purposes; or 

(x)    as otherwise provided in the related Indenture Supplement. 

(b)    In the event a material change occurs in Applicable Law, or in applicable foreclosure
procedures used by prudent mortgage servicers generally, that requires or justifies, in the Administrator’s reasonable judgment, that a state currently categorized as a “Judicial State” be categorized as a “Non-Judicial
State,” or vice versa, the Administrator will certify to the Indenture Trustee to such effect, supported by an opinion of counsel (or other form of assurance acceptable to the Indenture Trustee) in the case of a change in Applicable Law, and
the categorization of the affected state or states will change from “Judicial State” to “Non-Judicial State,” or vice versa, for purposes of calculating Advance Rates applicable to Receivables. 

(c)    Additionally, subject to the terms and conditions of Section 12.2, unless
otherwise provided in the related Indenture Supplement with respect to any amendment of this Indenture or an Indenture Supplement, and in addition to clauses (i) through (ix) above, this Indenture or an Indenture Supplement
may also be amended by the Issuer, the Indenture Trustee, the Administrator, the Servicer and the Administrative Agent (in its sole and absolute discretion) without the consent of any of the Noteholders or any other Person, upon delivery of an
Issuer Tax Opinion for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders of the Notes under this Indenture;
provided, however, that (i) the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment could not have a material Adverse Effect on any
Outstanding Notes and is not reasonably expected to have a material Adverse Effect at any time in the future, (ii) each Note Rating Agency currently rating the Outstanding Notes confirms in writing to the Indenture Trustee that such amendment
will not cause a Ratings Effect on any Outstanding Notes and (iii) each Derivative Counterparty shall have consented to such amendment. 
 The Servicer shall not enter into any amendment of the Receivables Sale Agreement, and the Issuer shall not enter into any amendment of the Receivables Pooling Agreement, without the consent of the
Noteholders of more than the Series Required Noteholders of each Series, except for amendments meeting the same criteria, and supported by the same Issuer Tax Opinion and Officer’s Certificate, as amendments to the Indenture entered into under
this Section 12.1. 
  

	Section 12.2.	 Supplemental Indentures and Amendments with Consent of Noteholders. 

In addition to any amendment permitted pursuant to Section 12.1, and subject to the terms and provisions of
each Indenture Supplement with respect to any amendment to this Indenture or such Indenture Supplement, with prior notice to each Note Rating Agency, the consent of any applicable Derivative Counterparty and the consent of Noteholders of more than
the Series Required Noteholders of each Series materially and adversely affected by such amendment of this Indenture, including any Indenture Supplement, by Act of said Noteholders delivered to the Issuer and the Indenture Trustee, the Issuer, the
Administrator, the Servicer, the Administrative Agent and the Indenture Trustee upon delivery of an Issuer Tax Opinion (unless the Noteholders unanimously consent to waive such opinion), may enter into an amendment of this Indenture for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture of modifying in any manner the rights of the Noteholders of the Notes of each such Series or Class under this Indenture or any Indenture

  
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Supplement; provided, however, that no such amendment will, without the consent of the Noteholder of each Outstanding Note materially and adversely affected thereby: 

(a)    change the scheduled payment date of any payment of interest on any Note held by such
Noteholder, or change a Payment Date or Stated Maturity Date of any Note held by such Noteholder; 

(b)    reduce the Note Balance of, or the Note Interest Rate on any Note held by such Noteholder, or
change the method of computing the Note Balance or Note Interest Rate in a manner that is adverse to such Noteholder; 
 (c)    impair the right to institute suit for the enforcement of any payment on any Note held by such Noteholder; 

(d)    reduce the percentage in the Class Invested Amount or Invested Amount of the Outstanding Notes
(or of the Outstanding Notes of any Series or Class), the consent of whose Noteholders is required for any such Amendment, or the consent of whose Noteholders is required for any waiver of compliance with the provisions of this Indenture or any
Indenture Supplement or of defaults hereunder or thereunder and their consequences, provided for in this Indenture or any Indenture Supplement; 
 (e)    modify any of the provisions of this Section or Section 8.15, except to increase any percentage of Noteholders required to consent to any such amendment or to
provide that other provisions of this Indenture or any Indenture Supplement cannot be modified or waived without the consent of the Noteholder of each Outstanding Note adversely affected thereby; 

(f)    permit the creation of any lien or other encumbrance on the Collateral that is prior to the
lien in favor of the Indenture Trustee for the benefit of the Noteholders of the Notes; 

(g)    change the method of computing the amount of principal of, or interest on, any Note held by
such Noteholder on any date; 
 (h)    increase any Advance Rates in respect of Notes held
by such Noteholder or eliminate or decrease any collateral value exclusions in respect of Notes held by such Noteholder; or 
 (i)    reduce the Target Amortization Amount in respect of any Target Amortization Event applicable to Notes held by such Noteholder. 

In addition, any Indenture Supplement may be amended, supplemented or otherwise modified with the consent of each of the
Noteholders of the Notes of the related Series or as otherwise specified in the applicable Indenture Supplement. The consent of a Person that is an Administrative Agent or a Derivative Counterparty for one or more Series but is not an Administrative
Agent or a Derivative Counterparty, as applicable, for any other Series is not required for any amendment, supplement or modification to any such other Series. 
 An amendment of this Indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular Series or
Class of Notes, or which modifies the rights of the Noteholders of Notes of such Series or Class with respect to such covenant or other provision, will be deemed not to affect the rights under this Indenture of the Noteholders of Notes of any other
Series or Class. 
 It will not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed amendment, but it will be sufficient if such Act will approve the substance thereof. 

  
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	Section 12.3.	 Execution of Amendments. 

 In executing or accepting the additional trusts created by any amendment or Indenture Supplement of this Indenture permitted by this Article XII or the modifications thereby of the trusts
created by this Indenture, the Indenture Trustee will be entitled to receive, and (subject to Section 11.1) will be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture
Supplement is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied. The Indenture Trustee may, but will not be obligated to, enter into any such amendment or Indenture Supplement which affects the
Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  

	Section 12.4.	 Effect of Amendments. 

 Upon the execution of any amendment of this Indenture or any Indenture Supplement, or any Supplemental indentures under this Article XII, this Indenture and the related Indenture Supplement
will be modified in accordance therewith with respect to each Series and Class of Notes affected thereby, or all Notes, as the case may be, and such amendment will form a part of this Indenture and the related Indenture Supplement for all purposes;
and every Noteholder of Notes theretofore or thereafter authenticated and delivered hereunder will be bound thereby to the extent provided therein. 
  

	Section 12.5.	 Reference in Notes to Indenture Supplements. 

Notes authenticated and delivered after the execution of any amendment of this Indenture or any Indenture Supplement or
any supplemental indenture pursuant to this Article may, and will if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such amendment or supplemental indenture. If the
Issuer so determines, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such amendment or supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
 Article XIII 

Early Redemption of Notes 
  

	Section 13.1.	 Optional Redemption. 

 (a)    Unless otherwise provided in the applicable Indenture Supplement for a Series or Class of Notes, the Issuer has the right, but not the obligation, to redeem a Series or Class of
Notes in whole but not in part on any Payment Date (a “Redemption Payment Date”) on or after the Payment Date on which the aggregate Note Balance (after giving effect to all payments, if any, on that day) of such Series or
Class is reduced to less than the percentage of the Initial Note Balance specified in the related Indenture Supplement (the “Redemption Percentage”). 

If the Issuer, at the direction of the Administrator, elects to redeem a Series or Class of Notes pursuant to this
Section 13.1(a), it will cause the Issuer to notify the Indenture Trustee, each Derivative Counterparty (as applicable, with respect to the related Series of Notes) and the Noteholders of such redemption at least ten (10) days prior
to the Redemption Payment Date. Unless otherwise specified in the Indenture Supplement applicable to the Notes to be so redeemed, the redemption price of a Series or Class so redeemed will equal the Redemption Amount, the payment of which will be
subject to the allocations, deposits and payments sections of the related Indenture Supplement, if any. 

  
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 If the Issuer is unable to pay the Redemption Amount in full on the
Redemption Payment Date, such redemption shall be cancelled, notice of such cancelled redemption shall be sent to all Secured Parties and payments on such Series or Class of Notes will thereafter continue to be made in accordance with this Indenture
and the related Indenture Supplement, and the Noteholders of such Series or Class of Notes and the related Administrative Agent shall continue to hold all rights, powers and options as set forth under this Indenture, until the Outstanding Note
Balance of such Series or Class, plus all accrued and unpaid interest, is paid in full or the Stated Maturity Date occurs, whichever is earlier, subject to Article VII, Article VIII and the allocations, deposits and payments
sections of this Indenture and the related Indenture Supplement. 
 (b)    Unless otherwise
specified in the related Indenture Supplement, if the VFN Principal Balance of any Class of VFN Notes has been reduced to zero, then, upon five (5) Business Days’ prior written notice to the Noteholder thereof, the Issuer may declare such
Class no longer Outstanding, in which case the Noteholder thereof shall submit such Class of Note to the Indenture Trustee for cancellation. 
 (c)    The Notes of any Series or Class of Notes shall be subject to optional redemption under this Article XIII, in whole but not in part, by the Issuer, through a
Permitted Refinancing or using the proceeds of issuance and sale of a new Series of Notes issued hereunder or, on any Business Day after the date on which the related Revolving Period ends, and on any Business Day within 10 days prior to the end of
such Revolving Period or at other times specified in the related Indenture Supplement upon 10 days’ prior notice to the Indenture Trustee, the Noteholders and any related Derivative Counterparty. Following issuance of the Redemption Notice by
the Issuer pursuant to Section 13.2 below, the Issuer shall be required to purchase the entire aggregate Note Balance of such Series or Class of Term Notes for the Redemption Amount on the date set for such redemption (the
“Redemption Date”). 
 (d)    If necessary to satisfy the Collateral
Test, the Notes of any Series or Class of Variable Funding Notes shall be subject to repayment by the Issuer, in whole or in part, up to the amount necessary to satisfy the Collateral Test, using any other cash or funds of the Issuer other than
Collections on the Receivables, upon 1 Business Day’s prior notice from the Issuer to the Indenture Trustee, each Derivative Counterparty and the related VFN Noteholders. Any such repayment pursuant to this Section 13.1(d) shall reduce the
principal balance of such Variable Funding Notes but shall not result in a reduction of any funding commitments related thereto or the Maximum VFN Principal Balance thereof (unless otherwise agreed between the Noteholders of such Variable Funding
Notes and the Issuer) and (ii) may be made on a non-pro rata basis with other Series of Variable Funding Notes. 
  

	Section 13.2.	 Notice. 

 (a)    Promptly after the occurrence of any optional redemption pursuant to Section 13.1, the Issuer will notify the Indenture Trustee, each Derivative Counterparty (as
applicable, with respect to the related Series of Notes) and each related Note Rating Agency in writing of the identity and Note Balance of the affected Series or Class of Notes to be redeemed. 

(b)    Notice of redemption (each a “Redemption Notice”) will promptly be
given as provided in Section 1.7. All notices of redemption will state (i) the Series or Class of Notes to be redeemed pursuant to this Article XIII, (ii) the date on which the redemption of the Series or Class of
Notes to be redeemed pursuant to this Article will begin, which will be the Redemption Payment Date, and (iii) the redemption price for such Series or Class of Notes. Following delivery of a Redemption Notice by the Issuer, the Issuer shall be
required to purchase the entire aggregate Note Balance of such Series or Class of Notes for the related Redemption Amount on the Redemption Date. 

  
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 Article XIV 
 Miscellaneous 
  

	Section 14.1.	 No Petition. 

 Each of the Indenture Trustee, the Administrative Agent, the Servicer and the Administrator, by entering into this Indenture, each Derivative Counterparty, each Supplemental Credit Enhancement Provider or
Liquidity Provider, as applicable, by accepting its rights as a third party beneficiary hereunder, each Noteholder, by accepting a Note and each Note Owner by accepting a Note or a beneficial interest in a Note agrees that it will not at any time
prior to the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full of all the Notes, institute against the Depositor or the Issuer, or join in any institution against the
Depositor or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this
Indenture, any Derivative Counterparty, any Supplemental Credit Enhancement Agreement and any Liquidity Facility; provided, however, that nothing contained herein shall prohibit or otherwise prevent the Indenture Trustee from filing
proofs of claim in any such proceeding. 
  

	Section 14.2.	 No Recourse. 

 No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered
in connection therewith, against (i) the Indenture Trustee or Owner Trustee in their individual capacities, (ii) any owner of a beneficial ownership interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or “control person” within the meaning of the Securities Act and the Exchange Act of the Indenture Trustee or Owner Trustee in its individual capacity, any holder of a beneficial ownership interest in the Issuer or
the Indenture Trustee or Owner Trustee or of any successor or assign of the Indenture Trustee or Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

 

	Section 14.3.	 Tax Treatment. 

 Notwithstanding anything to the contrary set forth herein, the Issuer has entered into this Indenture with the intention that for United States federal, state and local income and franchise tax purposes
the Notes will qualify as indebtedness secured by the Receivables. The Issuer, by entering into this Indenture, each Noteholder, by its acceptance of a Note and each purchaser of a beneficial interest therein, by accepting such beneficial interest,
agree to treat such Notes as debt for United States federal, state and local income and franchise tax purposes, unless otherwise required by Applicable Law in a proceeding of final determination. The Indenture Trustee shall treat the Trust Estate as
a security device only. The provisions of this Indenture shall be construed in furtherance of the foregoing intended tax treatment. 
  

	Section 14.4.	 Alternate Payment Provisions. 

Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer, with the written consent
of the Indenture Trustee and the Paying Agent, may enter into any agreement with any Noteholder of a Note providing for a method of payment or notice that is different from the methods provided for in this Indenture for such payments or notices. The
Issuer will furnish to the Indenture Trustee and the Paying Agent a copy of each such agreement and the Indenture Trustee and the Paying Agent will cause payments or notices, as applicable, to be made in accordance with such agreements. 

  
 143

	Section 14.5.	 Termination of Obligations. 

The respective obligations and responsibilities of the Indenture Trustee created hereby (other than the obligation of the
Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate upon satisfaction and discharge of this Indenture as set forth in Article VII, except with respect to the payment obligations described in
Section 14.6(b). Upon this event, the Indenture Trustee shall release, assign and convey to the Issuer or any of its designees, without recourse, representation or warranty, all of its right, title and interest in the Collateral, whether
then existing or thereafter created, all monies due or to become due and all amounts received or receivable with respect thereto (including all moneys then held in any Trust Account) and all proceeds thereof, except for amounts held by the Indenture
Trustee pursuant to Section 14.6(b). The Indenture Trustee shall execute and deliver such instruments of transfer and assignment as shall be provided to it, in each case without recourse, as shall be reasonably requested by the Issuer to
vest in the Issuer or any of its designees all right, title and interest which the Indenture Trustee had in the Collateral. 
  

	Section 14.6.	 Final Distribution. 

 (a)    The Issuer shall give the Indenture Trustee at least thirty (30) days prior written notice of the Payment Date on which the Noteholders of any Series or Class may surrender
their Notes for payment of the final distribution on and cancellation of such Notes. Not later than the fifth day of the month in which the final distribution in respect of such Series or Class is payable to Noteholders, the Indenture Trustee or the
Paying Agent shall provide notice to Noteholders of such Series or Class and each Derivative Counterparty (if applicable) specifying (i) the date upon which final payment of such Series or Class will be made upon presentation and surrender of
Notes of such Series or Class at the office or offices therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such payment date is not applicable, payments being made only upon
presentation and surrender of such Notes at the office or offices therein specified. The Indenture Trustee shall give such notice to the Note Registrar and the Paying Agent at the time such notice is given to Noteholders. 

(b)    Notwithstanding a final distribution to the Noteholders of any Series or Class (or the
termination of the Issuer), except as otherwise provided in this paragraph, all funds then on deposit in any Account allocated to such Noteholders shall continue to be held in trust for the benefit of such Noteholders, and the Paying Agent or the
Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if such Notes are Definitive Notes. In the event that all such Noteholders shall not surrender their Notes for cancellation within six (6) months after
the date specified in the notice from the Indenture Trustee described in clause (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final
distribution with respect thereto. If within one year after the second notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining such Noteholders concerning surrender of their Notes, and the cost thereof (including costs related to giving the second notice) shall be paid out of the funds in the Collection and Funding Account. The Indenture Trustee and
the Paying Agent shall pay to the Issuer any monies held by them for the payment of principal or interest that remains unclaimed for two (2) years. After payment to the Issuer, Noteholders entitled to the money must look to the Issuer for
payment as general creditors unless an applicable abandoned property law designates another Person. 

  
 144

	Section 14.7.	 Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity Provider as Third-Party Beneficiaries.

 Each Derivative Counterparty, Supplemental Credit Enhancement Provider and Liquidity
Provider is a third-party beneficiary of this Indenture. 
  

	Section 14.8.	 Owner Trustee Limitation of Liability. 

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

  

	Section 14.9.	 Communications with Rating Agencies. 

If the Servicer, the Administrative Agent or the Indenture Trustee shall receive any written or oral communication from
any Note Rating Agency (or any of the respective officers, directors or employees of any Note Rating Agency) with respect to the transactions contemplated hereby or under the Transaction Documents or in any way relating to the Notes, the Servicer,
the Administrative Agent and the Indenture Trustee agree to refrain from communicating with such Note Rating Agency and to promptly notify the Administrator of such communication; provided, however, that if the Servicer, the Administrative Agent or
the Indenture Trustee receives an oral communication from a Note Rating Agency, the Servicer, the Administrative Agent or the Indenture Trustee, as the case may be, is authorized to refer such Note Rating Agency to the Administrator, who will
respond to such oral communication. At the written request of the Administrator, the Servicer, the Administrative Agent and the Indenture Trustee agree to cooperate with the Administrator to provide certain information to the Administrator that may
be reasonably required by a Note Rating Agency to rate or to perform ratings surveillance on the Notes, and acknowledge and agree that the Administrator shall be permitted, in turn, to provide such information to the Note Rating Agencies via
NMART2013ADV1@structuredfn.com (or any replacement therefor identified by the Administrator); provided, that the Servicer, the Administrative Agent and the Indenture Trustee shall only be required to provide such information that is
reasonably available to such party at the time of request. Notwithstanding any other provision of this Agreement or the other Transaction Documents, under no circumstances shall the Servicer, the Administrative Agent or the Indenture Trustee be
required to participate in telephone conversations or other oral communications with a Note Rating Agency, nor shall the Servicer, the Administrative Agent or the Indenture Trustee be prohibited from communicating with any nationally recognized
statistical rating organization about matters other than the Notes or the transactions contemplated hereby or by the Transaction Documents. Furthermore for the avoidance of doubt, the Indenture Trustee may make statements to Noteholders available on
its website (as contemplated by Section 3.5(a) hereof), and such action is not prohibited by this Section 14.9. 

  
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 [Signature Pages Follow] 

  
 146

 Exhibit 10.1 

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

					
	 NATIONSTAR MORTGAGE ADVANCE
 REVOLVING TRUST, as Issuer

	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Rachel L. Simpson
		 	Name:	 	Rachel L. Simpson
		 	Title:	 	Assistant Vice President

 [Signatures continue] 
 [Nationstar Mortgage Advance Receivables Trust – Signature Page to Indenture] 

 
			
	THE BANK OF NEW YORK MELLON, as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary
		
	By:	 	/s/ Michael Commisso

 
			
	Name:	 	Michael Commisso
	Title:	 	Vice President

 [Signatures continue] 
 [Nationstar Mortgage Advance Receivables Trust – Signature Page to Indenture] 

 
			
	 NATIONSTAR MORTGAGE LLC,
 as Servicer and as Administrator

		
	By:	 	/s/ Amar Patel

 
			
	 Name:
	 	Amar Patel
	 Title:
	 	Executive Vice President

 [Signatures continue] 
 [Nationstar Mortgage Advance Receivables Trust – Signature Page to Indenture] 

 
			
	 CREDIT SUISSE AG, NEW YORK BRANCH,
 as Administrative Agent

		
	By:	 	/s/ Michelangelo Raimondi

 
			
	 Name:
	 	Michelangelo Raimondi
	 Title:
	 	Vice President

  

			
		
	By:	 	/s/ Robbin W. Conner

 
			
	 Name:
	 	Robbin W. Conner
	 Title:
	 	Director

 [Signatures continue] 
 [Nationstar Mortgage Advance Receivables Trust – Signature Page to Indenture] 

 Exhibit 10.1 

 

			
	 WELLS FARGO SECURITIES, LLC, as Administrative Agent

		
	By:	 	/s/ Joseph Neilson

 
			
	 Name:
	 	Joseph Neilson
	 Title:
	 	Director

 [Signatures continue] 
 [Nationstar Mortgage Advance Receivables Trust – Signature Page to Indenture] 

 
			
	 THE ROYAL BANK OF SCOTLAND, PLC

as Administrative Agent 

	
	        By: RBS Securities Inc., its agent,
		
	By:	 	/s/ Ravi Mittal

 
			
	 Name:
	 	Ravi Mittal
	 Title:
	 	Vice President

 [End of signatures] 
 [Nationstar Mortgage Advance Receivables Trust – Signature Page to Indenture] 

 Schedule 1 
 List of Designated Servicing Agreements 

  
 Schedule 1-1

 Schedule 2 
 [RESERVED] 

  
 Schedule 1-1

 Schedule 3 
 Designated Servicing Agreements under which the Servicer or servicers are required to consent to or 
 initiate termination and have agreed to repay all unpaid and accrued servicing fees at the time of 
 redemption in full or reimburse all Advances at the time of termination, as applicable 

  
 Schedule 1-1

 Schedule 4 
 Designated Servicing Agreements for which the related Receivables become ineligible upon the principal balance of the Mortgage Loans and REO Properties in the related securitization trust falling below
the 
 indicated threshold of the securitization trust’s cut-off date balance 

  
 Schedule 1-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]