Document:

EXHIBIT 4.2

 

ACCELERATE DIAGNOSTICS, INC.

 

TO

 ____________________

 

AS TRUSTEE

 

INDENTURE

 

DATED AS OF __________, 20__

 

SUBORDINATED DEBT SECURITIES

 

    	 

    	 

    

 

Table
of Contents

 

Page

 

	ARTICLE 1	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 1.1.	Definitions	1
	Section 1.2.	Compliance Certificates and Opinions	7
	Section 1.3.	Form of Documents Delivered to Trustee	8
	Section 1.4.	Acts of Holders; Record Dates	8
	Section 1.5.	Notices, etc., to Trustee and Company	9
	Section 1.6.	Notice to Holders; Waiver	10
	Section 1.7.	Conflict with Trust Indenture Act	10
	Section 1.8.	Effect of Headings and Table of Contents	10
	Section 1.9.	Successors and Assigns	10
	Section 1.10.	Separability Clause	10
	Section 1.11.	Benefits of Indenture	10
	Section 1.12.	Governing Law; Waiver of Jury Trial	11
	Section 1.13.	Legal Holidays	11
	Section 1.14.	Indenture and Securities Solely Corporate Obligations	11
	Section 1.15.	Indenture May be Executed in Counterparts	11
	 	 	 
	ARTICLE 2	SECURITY FORMS	11
	 	 	 
	Section 2.1.	Forms Generally	11
	Section 2.2.	Form of Face of Security	12
	Section 2.3.	Form of Reverse of Security	13
	Section 2.4.	Form of Legend for Global Securities	15
	Section 2.5.	Form of Trustee’s Certificate of Authentication	16
	Section 2.6.	Form of Conversion Notice	16
	 	 	 
	ARTICLE 3	THE SECURITIES	17
	 	 	 
	Section 3.1.	Amount Unlimited; Issuable in Series	17
	Section 3.2.	Denominations	19
	Section 3.3.	Execution, Authentication, Delivery and Dating	19
	Section 3.4.	Temporary Securities	20
	Section 3.5.	Registration; Registration of Transfer and Exchange	20
	Section 3.6.	Mutilated, Destroyed, Lost and Stolen Securities	22
	Section 3.7.	Payment of Interest; Interest Rights Preserved	22
	Section 3.8.	Persons Deemed Owners	23
	Section 3.9.	Cancellation	23
	Section 3.10.	Computation of Interest	23
	 	 	 
	ARTICLE 4	SATISFACTION AND DISCHARGE	23
	 	 	 
	Section 4.1.	Satisfaction and Discharge of Indenture	23
	Section 4.2.	Application of Trust Money	24
	 	 	 
	ARTICLE 5	REMEDIES	24
	 	 	 
	Section 5.1.	Events of Default	24
	Section 5.2.	Acceleration of Maturity; Rescission and Annulment	25
	Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	26
	Section 5.4.	Trustee May File Proofs of Claim	26
	Section 5.5.	Trustee May Enforce Claims Without Possession of Securities	27
	Section 5.6.	Application of Money Collected	27
	Section 5.7.	Limitation on Suits	27

  

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Table
of Contents

(continued)

 

Page

 

	Section 5.8.	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	28
	Section 5.9.	Restoration of Rights and Remedies	28
	Section 5.10.	Rights and Remedies Cumulative	28
	Section 5.11.	Delay or Omission Not Waiver	28
	Section 5.12.	Control by Holders	28
	Section 5.13.	Waiver of Past Defaults	28
	Section 5.14.	Undertaking for Costs	29
	Section 5.15.	Waiver of Usury, Stay or Extension Laws	29
	 	 	 
	ARTICLE 6	THE TRUSTEE	29
	 	 	 
	Section 6.1.	Certain Duties and Responsibilities	29
	Section 6.2.	Notice of Defaults	29
	Section 6.3.	Certain Rights of Trustee	30
	Section 6.4.	Not Responsible for Recitals or Issuance of Securities	31
	Section 6.5.	May Hold Securities and Act as Trustee under Other Indentures	31
	Section 6.6.	Money Held in Trust	31
	Section 6.7.	Compensation and Reimbursement	31
	Section 6.8.	Conflicting Interests	31
	Section 6.9.	Corporate Trustee Required; Eligibility	32
	Section 6.10.	Resignation and Removal; Appointment of Successor	32
	Section 6.11.	Acceptance of Appointment by Successor	33
	Section 6.12.	Merger, Conversion, Consolidation or Succession to Business	34
	Section 6.13.	Preferential Collection of Claims Against Company	34
	Section 6.14.	Appointment of Authenticating Agent	34
	 	 	 
	ARTICLE 7	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	35
	 	 	 
	Section 7.1.	Company to Furnish Trustee Names and Addresses of Holders	35
	Section 7.2.	Preservation of Information; Communications to Holders	35
	Section 7.3.	Reports by Trustee	36
	Section 7.4.	Reports by Company	36
	 	 	 
	ARTICLE 8	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	36
	 	 	 
	Section 8.1.	Company May Consolidate, etc., Only on Certain Terms	36
	Section 8.2.	Successor Substituted	37
	 	 	 
	ARTICLE 9	SUPPLEMENTAL INDENTURES	37
	 	 	 
	Section 9.1.	Supplemental Indentures Without Consent of Holders	37
	Section 9.2.	Supplemental Indentures with Consent of Holders	38
	Section 9.3.	Execution of Supplemental Indentures	39
	Section 9.4.	Effect of Supplemental Indentures	39
	Section 9.5.	Conformity with Trust Indenture Act	39
	Section 9.6.	Reference in Securities to Supplemental Indentures	39
	 	 	 
	ARTICLE 10	COVENANTS	39
	 	 	 
	Section 10.1.	Payment of Principal, Premium and Interest	39
	Section 10.2.	Maintenance of Office or Agency	39
	Section 10.3.	Money for Securities Payments to be Held in Trust	40
	Section 10.4.	Statement by Officers as to Default	40
	Section 10.5.	Existence	41

 

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Table
of Contents

(continued)

 

Page

 

	Section 10.6.	Waiver of Certain Covenants	41
	 	 	 
	ARTICLE 11	REDEMPTION OF SECURITIES	41
	 	 	 
	Section 11.1.	Applicability of Article	41
	Section 11.2.	Election to Redeem; Notice to Trustee	41
	Section 11.3.	Selection by Trustee of Securities to Be Redeemed	41
	Section 11.4.	Notice of Redemption	42
	Section 11.5.	Deposit of Redemption Price	43
	Section 11.6.	Securities Payable on Redemption Date	43
	Section 11.7.	Securities Redeemed in Part	43
	 	 	 
	ARTICLE 12	SINKING FUNDS	43
	 	 	 
	Section 12.1.	Applicability of Article	43
	Section 12.2.	Satisfaction of Sinking Fund Payments with Securities	44
	Section 12.3.	Redemption of Securities for Sinking Fund	44
	 	 	 
	ARTICLE 13	DEFEASANCE AND COVENANT DEFEASANCE	44
	 	 	 
	Section 13.1.	Company’s Option to Effect Defeasance or Covenant Defeasance	44
	Section 13.2.	Defeasance and Discharge	44
	Section 13.3.	Covenant Defeasance	45
	Section 13.4.	Conditions to Defeasance or Covenant Defeasance	45
	Section 13.5.	Deposited Money, U.S. Government Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions	47
	Section 13.6.	Reinstatement	47
	 	 	 
	ARTICLE 14	CONVERSION OF SECURITIES	48
	 	 	 
	Section 14.1.	Applicability of Article	48
	Section 14.2.	Exercise of Conversion Privilege	48
	Section 14.3.	No Fractional Shares	49
	Section 14.4.	Adjustment of Conversion Price or Conversion Rate	49
	Section 14.5.	Notice of Certain Corporate Actions	49
	Section 14.6.	Reservation of Shares of Common Stock	50
	Section 14.7.	Payment of Certain Taxes upon Conversion	50
	Section 14.8.	Nonassessability	50
	Section 14.9.	Provision in Case of Consolidation, Merger or Sale of Assets	50
	Section 14.10.	Duties of Trustee Regarding Conversion	51
	Section 14.11.	Repayment of Certain Funds upon Conversion	51
	 	 	 
	ARTICLE 15	SUBORDINATION OF SECURITIES	51
	 	 	 
	Section 15.1.	Agreement of Subordination	51
	Section 15.2.	Payments to Holders	52
	Section 15.3.	Subrogation of Securities	53
	Section 15.4.	Authorization to Effect Subordination	54
	Section 15.5.	Notice to Trustee	54
	Section 15.6.	Trustee’s Relation to Senior Debt	55
	Section 15.7.	No Impairment of Subordination	55
	Section 15.8.	Certain Conversions/Exchanges Deemed Payment	55
	Section 15.9.	Article Applicable to Paying Agents	56
	Section 15.10.	Senior Debt Entitled to Rely	56
	Section 15.11.	Reliance on Judicial Order or Certificate of Liquidating Agent	56

	Section 15.12.	Trust Monies Not Subordinated	56

 

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Certain Sections of this Indenture relating
to Sections 310 through 318, inclusive, of the Trust Indenture Act of 1939:

	 	 	 	 	 
	Section 310	 	(a)(1)	 	6.9
	 	 	(a)(2)	 	6.9
	 	 	(a)(3)	 	Not Applicable
	 	 	(a)(4)	 	Not Applicable
	 	 	(b)	 	6.8, 6.10
	Section 311	 	(a)	 	6.13
	 	 	(b)	 	6.13
	Section 312	 	(a)	 	7.1, 7.2
	 	 	(b)	 	7.2
	 	 	(c)	 	7.2
	Section 313	 	(a)	 	7.3
	 	 	(b)	 	7.3
	 	 	(c)	 	7.3
	 	 	(d)	 	7.3
	Section 314	 	(a)	 	7.4
	 	 	(a)(4)	 	1.1, 10.4
	 	 	(b)	 	Not Applicable
	 	 	(c)(1)	 	1.2
	 	 	(c)(2)	 	1.2
	 	 	(c)(3)	 	Not Applicable
	 	 	(d)	 	Not Applicable
	 	 	(e)	 	1.2
	Section 315	 	(a)	 	6.1
	 	 	(b)	 	6.2
	 	 	(c)	 	6.1
	 	 	(d)	 	6.1
	 	 	(e)	 	5.14
	Section 316	 	(a)	 	1.1
	 	 	(a)(1)(A)	 	5.2, 5.12
	 	 	(a)(1)(B)	 	5.13
	 	 	(a)(2)	 	Not Applicable
	 	 	(b)	 	5.8
	 	 	(c)	 	1.4
	Section 317	 	(a)(1)	 	5.3
	 	 	(a)(2)	 	5.4
	 	 	(b)	 	10.3
	Section 318	 	(a)	 	1.7

 

NOTE: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.

 

    	-iv-

    	 

    

 

THIS INDENTURE, dated
as of __________, 20__, between Accelerate Diagnostics, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company”), having its principal executive office at 3950 South Country Club Road, Suite
470, Tucson, Arizona 85714, and ____________________, as Trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its subordinated debentures,
notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as provided
in this Indenture.

 

All things necessary
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

 

For and in consideration
of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Securities or of series thereof appertaining, as follows:

 

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1. Definitions.

 

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

 

(1)         the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2)         all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3)         all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States of America, and, except as otherwise herein expressly provided, the term “generally accepted
accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles
in the United States of America as are generally accepted at the date of such computation;

 

(4)         all
references to “$” refer to the lawful currency of the United States of America;

 

(5)         unless
the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a
Section, as the case may be, of this Indenture; and

 

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

 

“Act,”
when used with respect to any Holder, has the meaning specified in Section 1.4.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

    	 

    	 

    

 

“Board of Directors”
means either the board of directors of the Company or any duly authorized committee of that board empowered to act for it with
respect to this Indenture.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the
Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day,”
when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

“Commission”
means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time
after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time.

 

“Common Stock”
includes any stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the event
of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by
the Company; provided, however, subject to the provisions of Section 14.9, shares issuable upon conversion of Securities
shall include only shares of the class designated as Common Stock of the Company at the date of this Indenture or shares of any
class or classes resulting from any reclassification or reclassifications thereof and which have no preference in respect of dividends
or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which
are not subject to redemption by the Company; provided, further, that if at any time there shall be more than one such resulting
class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares
of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from
all such reclassifications.

 

“Company”
means the corporation named as the “Company” in the first paragraph of this instrument until a successor Person shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such
successor Person.

 

“Company Request”
or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board,
its Vice Chairman of the Board, its Chief Executive Officer, its President or a Vice President, and by its principal financial
officer, its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

 

“control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Corporate Trust
Office” means the corporate trust office of the Trustee at _____________, Attention: Corporate Trust Department, or
such other office, designated by the Trustee by written notice to the Company, at which at any particular time its corporate trust
business shall be administered.

 

“corporation”
means a corporation, association, company, joint-stock company or business trust.

 

“Covenant Defeasance”
has the meaning specified in Section 13.3.

 

“Defaulted Interest”
has the meaning specified in Section 3.7.

 

“Defeasance”
has the meaning specified in Section 13.2.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section
3.1.

 

    	2

    	 

    

 

“Designated Senior
Debt” means the Company’s obligations under any particular Senior Debt in which the instrument creating or evidencing
the same or the assumption or guarantee thereof (or related agreements or documents to which the Company is a party) expressly
provides that such Senior Debt shall be “Designated Senior Debt” for purposes of this Indenture (provided that
such instrument, agreement or other document may place limitations and conditions on the right of such Senior Debt to exercise
the rights of Designated Senior Debt). If any payment made to any holder of any Designated Senior Debt or its Representative with
respect to such Designated Senior Debt is rescinded or must otherwise be returned by such holder or Representative upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, the reinstated Indebtedness of the Company arising as a result of such
rescission or return shall constitute Designated Senior Debt effective as of the date of such rescission or return.

 

“euro”
or “euros” means the currency adopted by those nations participating in the third stage of the economic and monetary
union provisions of the Treaty on European Union, signed at Maastricht on February 7, 1992.

 

“European Economic
Area” means the member nations of the European Economic Area pursuant to the Oporto Agreement on the European Economic Area
dated May 2, 1992, as amended.

 

“European Union”
means the member nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 2,
1992, which amended the Treaty of Rome establishing the European Community.

 

“Event of Default”
has the meaning specified in Section 5.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date”
has the meaning specified in Section 1.4.

 

“Foreign Government
Obligation” means with respect to Securities of any series which are not denominated in the currency of the United States
of America (x) any security which is (i) a direct obligation of the government which issued or caused to be issued the currency
in which such security is denominated and for the payment of which obligations its full faith and credit is pledged, or, with respect
to Securities of any series which are denominated in euros, a direct obligation of any member nation of the European Union for
the payment of which obligation the full faith and credit of the respective nation is pledged so long as such nation has a credit
rating at least equal to that of the highest rated member nation of the European Economic Area, or (ii) an obligation of a Person
controlled or supervised by or acting as an agency or instrumentality of a government specified in clause (i) above the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the such government, which, in either case
(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any Foreign Government Obligation which is specified
in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific
payment of principal of or interest on any Foreign Government Obligation which is so specified and held, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the Foreign Government Obligation or the specific payment of principal
or interest evidenced by such depositary receipt.

 

“Global Security”
means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.4 (or such
legend as may be specified as contemplated by Section 3.1 for such Securities).

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

    	3

    	 

    

 

“Indebtedness”
means, with respect to any Person, all obligations, whether absolute or contingent, whether secured or unsecured, due or to become
due, outstanding on the date of this Indenture or thereafter created, incurred or assumed, of such Person (i) (a) for borrowed
money (including, but not limited to, any indebtedness secured by a security interest, mortgage or other lien on the assets of
that Person that is (1) given to secure all or part of the purchase price of property subject thereto, whether given to the vendor
of such property or to another, or (2) existing on property at the time of acquisition thereof), (b) evidenced by a note or similar
instrument given in connection with the acquisition of any businesses, properties or assets of any kind (c) evidenced by a credit
or loan agreement, note, debenture, bond or other written obligation, (d) under a lease required to be capitalized on the balance
sheet of the lessee under GAAP or under other leases for facilities, capital equipment or related assets, whether or not capitalized,
entered into or leased for financing purposes, (e) in respect of letters of credit, bank guarantees, bankers’ acceptances
and similar facilities (including reimbursement obligations with respect to any of the foregoing), (f) issued or assumed as the
deferred purchase price of any property or services, but excluding trade accounts payable and accrued liabilities arising in the
ordinary course of business, (g) under interest rate or currency swap agreements, cap, floor, collar agreements, hedge agreements,
forward contracts and similar agreements and arrangements; (ii) with respect to any obligation of others of the type described
in the preceding clause (i) and all dividends of another Person, the payment of which, in either case, assumed by or guaranteed
in any manner by such Person or for which such Person is responsible or liable, directly or indirectly, jointly or severally, as
obligor, guarantor or otherwise, or which are secured by a lien on such Person’s property; and (iii) any and all renewals,
extensions, modifications, replacements, restatements and refundings of, or any Indebtedness or obligation issued in exchange for,
any such Indebtedness or obligation described in the preceding clauses (i) or (ii).

 

“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and
any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular
series of Securities established as contemplated by Section 3.1; provided, however, that if at any time more than
one Person is acting as Trustee under this Indenture due to the appointment of one or more separate Trustees for any one or more
separate series of Securities, “Indenture” shall mean, with respect to such series of Securities for which any such
Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular
series of Securities for which such Person is Trustee established as contemplated by Section 3.1, exclusive, however, of any provisions
or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto
executed and delivered after such Person had become such Trustee, but to which such person, as such Trustee, was not a party; provided,
further that in the event that this Indenture is supplemented or amended by one or more indentures supplemental hereto which are
only applicable to certain series of Securities, the term “Indenture” for a particular series of Securities shall only
include the supplemental indentures applicable thereto.

 

“interest,”
when used with respect to an Original Issue Discount Security, which by its terms bears interest only after Maturity, means interest
payable after Maturity.

 

“Interest Payment
Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Investment Company
Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, repurchase at
the option of the Holder, upon redemption or otherwise.

 

“Notice of Default”
means a written notice of the kind specified in Section 5.1(4).

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer,
the President or a Vice President, and by the principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary
or an Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate
given pursuant to Section 10.4 shall be the principal executive, financial or accounting officer of the Company.

 

    	4

    	 

    

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for, or an employee of, the Company, and who shall be reasonably acceptable
to the Trustee.

 

“Original Issue
Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.

 

“Outstanding,”
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except

 

(1)         Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(2)         Securities
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3)         Securities
as to which Defeasance has been effected pursuant to Section 13.2; and

 

(4)         Securities
which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request,
demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of
an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which
would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if,
as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of
such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section
3.1, (C) the principal amount of a Security denominated in one or more non-U.S. dollar currencies or currency units which shall
be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated
by Section 3.1, of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of
the amount determined as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the
Company, which shall initially be the Trustee.

 

“Payment Blockage
Notice” has the meaning specified in Section 15.2.

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof.

 

“Place of Payment,”
when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest
on the Securities of that series are payable as specified as contemplated by Section 3.1.

 

    	5

    	 

    

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security.

 

“Record Date”
means any Regular Record Date or Special Record Date.

 

“Redemption Date,”
when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price,”
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for
that purpose as contemplated by Section 3.1.

 

“Representative”
means the (a) indenture trustee or other trustee, agent or representative for any Senior Debt or (b) with respect to any Senior
Debt that does not have any such trustee, agent or other representative, (i) in the case of such Senior Debt issued pursuant to
an agreement providing for voting arrangements as among the holders or owners of such Senior Debt, any holder or owner of such
Senior Debt acting with the consent of the required persons necessary to bind such holders or owners of such Senior Debt and (ii)
in the case of all other such Senior Debt, the holder or owner of such Senior Debt.

 

“Responsible
Officer” means, when used with respect to the Trustee, an officer of the Trustee in the Corporate Trust Office assigned and
duly authorized by the Trustee to administer its corporate trust matters.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 3.5.

 

“Senior Debt”
means the principal of, premium, if any, and interest (including all interest accruing subsequent to the commencement of any bankruptcy
or similar proceeding, whether or not a claim for post-petition interest is allowable as a claim in any such proceeding) on, and
all fees and other amounts payable in connection with, Indebtedness of the Company, whether outstanding on the date of this Indenture
or thereafter created, incurred, assumed, guaranteed or in effect guaranteed by the Company (including all deferrals, renewals,
extensions or refundings of, or amendments, modifications or supplements to, the foregoing), unless in the case of any particular
Indebtedness the instrument creating or evidencing the same or the assumption or guarantee thereof expressly provides that such
Indebtedness shall not be senior in right of payment to the Securities or expressly provides that such Indebtedness is “pari
passu” or “ junior” to the Securities. Notwithstanding the foregoing, the term Senior Debt shall not include
any Indebtedness of the Company to any Subsidiary of the Company. If any payment made to any holder of any Senior Debt or its Representative
with respect to such Senior Debt is rescinded or must otherwise be returned by such holder or Representative upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, the reinstated Indebtedness of the Company arising as a result of such
rescission or return shall constitute Senior Debt effective as of the date of such rescission or return.

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

“Stated Maturity,”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in
such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable.

 

    	6

    	 

    

 

“Subsidiary”
means a Person of which more than 50% of the outstanding voting stock having the power to elect a majority of the board of directors
of such Person (in the case of a corporation) is, or of which more than 50% of the equity interests (in the case of a Person which
is not a corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by
a combination of the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock”
means stock or other similar interests to the Company which ordinarily has or have voting power for the election of directors,
or persons performing similar functions, whether at all times or only so long as no senior class of stock or other interests has
or have such voting power by reason of any contingency.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act”
means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used
with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.

 

“U.S. Government
Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment of which
the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable
at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for
the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any
U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.

 

“Vice President,”
when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word
or words added before or after the title “vice president.”

 

Section 1.2. Compliance
Certificates and Opinions.

 

Upon any application
or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to
the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel,
if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth
in this Indenture.

 

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates required
by Section 10.4) shall include,

 

(1)         a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

(2)         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;

 

(3)         a
statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

    	7

    	 

    

 

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

 

Section 1.3. Form
of Documents Delivered to Trustee.

 

In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to 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 an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous.
Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters
is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters 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 1.4. Acts
of Holders; Record Dates.

 

Any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or
taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. The
Trustee shall promptly deliver to the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.

 

The fact and date of
the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or
by a certificate of a 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 or her the execution thereof. Where such execution is by a signer acting
in a capacity other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of
his or her 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 that the Trustee deems sufficient.

 

The ownership of Securities
shall be proved by the Security Register.

 

Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Security.

 

    	8

    	 

    

 

The Company may set
any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make
or take any request, demand, authorization, direction, vote, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record
date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether
or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such
series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date
for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously
set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company,
at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to
be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

The Trustee may set
any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in
the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request
to institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to in Section 5.12, in each case with respect
to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such
series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities
of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously
set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee,
at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration
Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section
1.6.

 

With respect to any
record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date.
If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set
such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing,
no Expiration Date shall be later than the 180th day after the applicable record date.

 

Without limiting the
foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard
to all or any part of the principal amount of such Security 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.

 

Section 1.5. Notices,
etc., to Trustee and Company.

 

Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with,

 

(1)         the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
(or by facsimile transmissions, provided that oral confirmation of receipt shall have been received) to or with the Trustee
at its Corporate Trust Office, Attention: Corporate Trust Department, or

 

    	9

    	 

    

 

(2)         the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, personally delivered or sent via overnight courier to the Company addressed
to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously
furnished in writing to the Trustee by the Company, Attention: Chief Financial Officer.

 

Section 1.6. Notice
to Holders; Waiver.

 

Where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, or delivered by hand or overnight courier, to each Holder affected by such
event, at its address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the
earliest date (if any), prescribed for the giving of such notice. Neither the failure to mail or deliver by hand or overnight courier
any notice, nor any defect in any notice so mailed or delivered by hand or overnight courier, to any particular Holder shall affect
the sufficiency of such notice with respect to other Holders. Where this Indenture 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 shall
be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver.

 

In case by reason of
the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder.

 

Section 1.7. Conflict
with Trust Indenture Act.

 

If any provision hereof
limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be
a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act, which may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be.

 

Section 1.8. Effect
of Headings and Table of Contents.

 

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

 

Section 1.9. Successors
and Assigns.

 

All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10. Separability
Clause.

 

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

 

Section 1.11. Benefits
of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder,
the holders of Senior Debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

    	10

    	 

    

 

Section 1.12. Governing
Law; Waiver of Jury Trial.

 

THIS INDENTURE AND
THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES THEREOF. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR
THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 1.13. Legal
Holidays.

 

In any case where any
Interest Payment Date, Redemption Date or Stated Maturity of any Security or the last date on which a Holder has the right to convert
a Security at a particular conversion price or conversion rate, as the case may be, shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security
which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium,
if any) or, if applicable to a particular series of Securities, conversion need not be made at such Place of Payment on such date,
but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest
Payment Date or Redemption Date, at the Stated Maturity or on such last day for conversion, as the case may be.

 

Section 1.14. Indenture
and Securities Solely Corporate Obligations.

 

No recourse for the
payment of the principal of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental
indenture or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the
issue of the Securities.

 

Section 1.15. Indenture
May be Executed in Counterparts.

 

This instrument may
be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.

 

ARTICLE 2

SECURITY FORMS

 

Section 2.1. Forms
Generally.

 

The Securities of each
series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant
to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, 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 the rules of any securities
exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced
by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution,
a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and
delivery of such Securities. Any such Board Resolution or record of such action shall have attached thereto a true and correct
copy of the form of Security referred to therein approved by or pursuant to such Board Resolution.

 

The definitive Securities
shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of such Securities.

 

    	11

    	 

    

 

Section 2.2. Form
of Face of Security.

 

[INSERT ANY LEGEND
REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.]

 

ACCELERATE DIAGNOSTICS,
INC.

 

	NO.	 	
        $

        CUSIP:

 

Accelerate Diagnostics,
Inc., a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to _______,
or registered assigns, the principal sum of dollars on [if the Security is to bear interest prior to Maturity, insert —
, and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on and in each year, commencing _______, at the rate of % per annum, until the principal hereof is paid
or made available for payment [if applicable, insert — , provided that any principal and premium, and any such
installment of interest, which is overdue shall bear interest at the rate of % per annum (to the extent that the payment of such
interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment,
and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the or (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture].

 

[If the Security
is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue
principal and any overdue premium shall bear interest at the rate of % per annum (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest
on any overdue principal or premium shall be payable on demand. [Any such interest on overdue principal or premium which is not
paid on demand shall bear interest at the rate of % per annum (to the extent that the payment of such interest on interest shall
be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest
on any overdue interest shall be payable on demand.]]

 

Payment of the principal
of (and premium, if any) and [if applicable, insert — any such] interest on this Security will be made at the office
or agency of the Company maintained for that purpose in _______, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts [if applicable, insert —; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register].

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	12

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	Dated:	 	 	 	 	 	ACCELERATE DIAGNOSTICS, INC.
	 	 	 	 	 
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 
	 	 	 	 	 	 	Title:	 	 
	 	 	 	 
	ATTEST:	 	 	 	 	 	 

 

Section 2.3. Form
of Reverse of Security.

 

This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in
one or more series under an Indenture, dated as of ______ _______, 20  (herein called the “Indenture,” which
term shall have the meaning assigned to it in such instrument), between the Company and ______ _______, as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee, the holders of Senior Debt and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof
[if applicable, insert — , limited in aggregate principal amount to $].

 

[If applicable,
insert — The Securities of this series are subject to redemption upon not less than [If applicable, insert —
30] days’ notice by mail, [if applicable, insert — (1) on in any year commencing with the year and ending with
the year through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and
(2)] at any time [if applicable, insert — on or after _______, 20 ], as a whole or in part, at the election
of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable,
insert — on or before _______, %, and if redeemed] during the 12-month period beginning of the years indicated,

 

	Year	 	Redemption Price	 	Year	 	Redemption Price
	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal
to % of the principal amount, together in the case of any such redemption [If applicable, insert — (whether through
operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable,
insert —The Securities of this series are subject to redemption upon not less than [If applicable, insert —
30] days’ notice by mail, (1) on in any year commencing with the year and ending with the year through operation of the
sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages
of the principal amount) set forth in the table below, and (2) at any time [If applicable, insert — on or after ],
as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation
of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning of the years indicated,

 

	Year	 	Redemption Price for Redemption Through

 Operation of the Sinking Fund	 	Redemption Price for Redemption Otherwise

 than Through Operation of the Sinking Fund
	 	 	 	 	 

 

    	13

    	 

    

 

and thereafter at a Redemption Price equal
to % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise)
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business
on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable,
insert — Notwithstanding the foregoing, the Company may not, prior to _______, redeem any Securities of this series as
contemplated by [if applicable, insert — clause (2) of] the preceding paragraph as a part of, or in anticipation of,
any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated
in accordance with generally accepted financial practice) of less than % per annum.]

 

[If applicable,
insert — The sinking fund for this series provides for the redemption on _______, in each year beginning with the year
and ending with the year of [if applicable, insert — not less than $ (“mandatory sinking fund”)
and not more than] $ aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed
by the Company otherwise than through [if applicable, insert — mandatory] sinking fund payments may be credited against
subsequent [if applicable, insert — mandatory] sinking fund payments otherwise required to be made if applicable,
insert —, in the inverse order in which they become due].]

 

[If the Security
is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a new Security
or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof.]

 

[If applicable,
insert — The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or]
[certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain
conditions set forth in the Indenture.]

 

[If the Security
is convertible into other securities of the Company, specify the conversion features.]

 

The indebtedness evidenced
by this Security is, to the extent and in the manner provided in the Indenture, subordinate and subject in right of payment to
the prior payment in full of all Senior Debt of the Company, and this Security is issued subject to such provisions of the Indenture
with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes.

 

[If the Security
is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.]

 

[If the Security
is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall
occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for determining the amount.
Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium
and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s
obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall
terminate.]

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

    	14

    	 

    

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities
of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon
on or after the respective due dates expressed herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $ and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this
Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Section 2.4. Form
of Legend for Global Securities.

 

Unless otherwise specified
as contemplated by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder
shall bear a legend in substantially the following form:

 

THIS SECURITY IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR
A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

    	15

    	 

    

 

Section 2.5. Form
of Trustee’s Certificate of Authentication.

 

The Trustee’s
certificates of authentication shall be in substantially the following form:

 

This is one of the
Securities of the series designated herein referred to in the within-mentioned Indenture.

	 	 
	 	as Trustee
	 	 	 
	 	By:	 	 
	 	 	 	Authorized Officer
	 	 	 	 

Section 2.6. Form
of Conversion Notice.

 

Unless otherwise as
contemplated by Section 3.1, or in a supplemental indenture for the Securities evidenced hereby, conversion notices shall be in
substantially the following form:

 

To Accelerate Diagnostics, Inc.:

 

The undersigned owner
of this Security hereby irrevocably exercises the option to convert this Security, or portion hereof (which is $1,000 or an integral
multiple thereof) below designated, into shares of Common Stock of the Company in accordance with the terms of the Indenture referred
to in this Security, and directs that the shares issuable and deliverable upon the conversion, together with any check in payment
for fractional shares and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered
holder hereof unless a different name has been indicated below. If shares are to be issued in the name of a person other than the
undersigned, the undersigned will pay all transfer taxes payable with respect hereto. Any amount required to be paid by the undersigned
on account of interest accompanies this Security.

	 	 
	Principal Amount to be Converted	 
	(in an integral multiple of $1,000, if less than all):	 
	U.S. $	 

 

	Dated:	Signature(s) must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad-15.

 

	 	Signature Guaranty

 

Fill in for registration of shares of Common Stock and Security
if to be issued otherwise than to the registered Holder.

 

	(Name)	Social Security or Other Taxpayer
	 	Identification Number

 

Please print Name and Address

(including zip code)

  

[The above conversion
notice is to be modified, as appropriate, for conversion into other securities or property of the Company.]

 

    	16

    	 

    

 

ARTICLE 3

THE SECURITIES

 

Section 3.1. Amount
Unlimited; Issuable in Series.

 

The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or
determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series,

 

(1)         the
title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2)         any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3, are
deemed never to have been authenticated and delivered hereunder);

 

(3)         the
Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4)         the
date or dates on which the principal of any Securities of the series is payable;

 

(5)         the
rate or rates (which may be fixed or variable) at which any Securities of the series shall bear interest, if any, the date or dates
from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular
Record Date for any such interest payable on any Interest Payment Date (or the method for determining the dates and rates);

 

(6)         the
place or places where the principal of and any premium and interest on any Securities of the series shall be payable;

 

(7)         the
period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series
may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which
any election by the Company to redeem the Securities shall be evidenced;

 

(8)         the
obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the
terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such
obligation;

 

(9)         if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series shall
be issuable;

 

(10)        if
the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index
or pursuant to a formula, the manner in which such amounts shall be determined;

 

(11)        if
other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or
any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in
the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding”
in Section 1.1 and, whether the Company or the Holder thereof may elect payment to be made in a different currency;

 

    	17

    	 

    

 

(12)        if
the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or
the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to
be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such Securities
as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election
is to be made and the amount so payable (or the manner in which such amount shall be determined);

 

(13)        if
other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;

 

(14)        if
the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more
dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such
date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity
other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any
such case, the manner in which such amount deemed to be the principal amount shall be determined);

 

(15)        if
applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.2 or
Section 13.3 or both such Sections, or any other defeasance provisions applicable to any Securities of the series, and, if other
than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;

 

(16)        if
applicable, the terms of any right to convert or exchange Securities of the series into shares of Common Stock of the Company or
other securities or property;

 

(17)        if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to or
in lieu of those set forth in clause (2) of the last paragraph of Section 3.5 in which any such Global Security may be exchanged
in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(18)        any
deletion of, addition to or change in the Events of Default which applies to any Securities of the series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant
to Section 5.2;

 

(19)        any
deletion of, addition to or change in the covenants set forth in Article 10 which applies to Securities of the series;

 

(20)        any
Authenticating Agents, Paying Agents, Security Registrars or such other agents necessary in connection with the issuance of the
Securities of such series, including, without limitation, exchange rate agents and calculation agents;

 

(21)        if
applicable, the terms of any security that will be provided for a series of Securities, including provisions regarding the circumstances
under which collateral may be released or substituted;

 

(22)        if
applicable, the terms of any guaranties for the Securities and any circumstances under which there may be additional obligors on
the Securities;

 

(23)        any
addition to or change in or modification to the subordination provisions of this Indenture relating to the Securities of that series
(including the provisions of Article 15), or different subordination provisions, including a different definition of “Senior
Debt” or “Designated Senior Debt,” will apply to Securities of the series; and

 

    	18

    	 

    

 

(24)        any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1(5)).

 

All Securities of any
one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto.

 

If any of the terms
of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officers’ Certificate setting forth the terms of the series.

 

The Securities shall
be subordinated in right of payment to Senior Debt as provided in Article 15.

 

Section 3.2. Denominations.

 

The Securities of each
series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated
by Section 3.1. In the absence of any such specified denomination with respect to the Securities of any series, the Securities
of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

 

Section 3.3. Execution,
Authentication, Delivery and Dating.

 

The Securities shall
be executed on behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer,
its principal financial officer, its President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of
its Assistant Treasurers or Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

Securities bearing
the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the
Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and
3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, a
copy of such Board Resolution, the Officers’ Certificate setting forth the terms of the series and an Opinion of Counsel,
with such Opinion of Counsel stating,

 

(1)         if
the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form
has been established in conformity with the provisions of this Indenture;

 

(2)         if
the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms
have been established in conformity with the provisions of this Indenture; and

 

(3)         that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance
with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles.

 

    	19

    	 

    

 

If such form or terms
have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant
to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

 

Notwithstanding the
provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company
Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each
Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

 

Each Security shall
be dated the date of its authentication.

 

No Security shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but
never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in
Section 3.9, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture.

 

Neither the Company
nor the Trustee shall have any responsibility for any defect in the CUSIP number that appears on any Security, check, advice of
payment or redemption notice, and any such document may contain a statement to the effect that CUSIP numbers have been assigned
by an independent service for convenience of reference and that neither the Company nor the Trustee shall be liable for any inaccuracy
in such numbers.

 

Section 3.4. Temporary
Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution
of such Securities.

 

If temporary Securities
of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.
Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Securities of such series and tenor.

 

Section 3.5. Registration;
Registration of Transfer and Exchange.

 

The Company shall cause
to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office
or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided.

 

    	20

    	 

    

 

Upon surrender for
registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series,
the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

At the option of the
Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and
of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities that the Holder making the exchange is entitled to receive.

 

All Securities issued
upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer
or exchange.

 

Every Security presented
or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed,
by the Holder thereof or its attorney duly authorized in writing.

 

No service charge shall
be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any transfer.

 

If the Securities of
any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register
the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities
selected for redemption under Section 11.3 and ending at the close of business on the day of such mailing, or (B) to register the
transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

 

The provisions of clauses
(1), (2), (3) and (4) below shall apply only to Global Securities:

 

(1)         Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global
Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global
Security shall constitute a single Security for all purposes of this Indenture.

 

(2)         Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B)
there shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) there shall exist such
circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section
3.1.

 

(3)         Subject
to clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

 

(4)         Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
portion thereof, whether pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and delivered
in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary
for such Global Security or a nominee thereof.

 

    	21

    	 

    

 

Section 3.6. Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered
to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute
and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section, the Company 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 Trustee) connected
therewith.

 

Every new Security
of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series duly issued hereunder.

 

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

 

Section 3.7. Payment
of Interest; Interest Rights Preserved.

 

Except as otherwise
provided as contemplated by Section 3.1 with respect to any series of Securities or in a supplemental indenture with respect to
any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest.

 

Any interest on any
Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

 

(1)         The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in
the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.6, not less than
10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer
be payable pursuant to the following clause (2).

 

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(2)         The
Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing
provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or
in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

 

Section 3.8. Persons
Deemed Owners.

 

Prior to due presentment
of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected
by notice to the contrary.

 

Section 3.9. Cancellation.

 

All Securities surrendered
for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities
so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held
by the Trustee shall be disposed of in accordance with its customary procedures.

 

Section 3.10. Computation
of Interest.

 

Except as otherwise
specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed
on the basis of a 360-day year of twelve 30-day months.

 

ARTICLE 4

SATISFACTION AND DISCHARGE

 

Section 4.1. Satisfaction
and Discharge of Indenture.

 

This Indenture shall
upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

 

(1)         either

 

(A)         all
Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or

 

(B)         all
such Securities not theretofore delivered to the Trustee for cancellation

 

    	23

    	 

    

 

(i)          have
become due and payable, or

 

(ii)         will
become due and payable at their Stated Maturity within one year, or

 

(iii)        are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii)
or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount
sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation,
for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable)
or to the Stated Maturity or Redemption Date, as the case may be;

 

(2)         the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(3)         the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations
of the Trustee to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant
to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section
10.3 shall survive.

 

Section 4.2. Application
of Trust Money.

 

Subject to the provisions
of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal and any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE 5

REMEDIES

 

Section 5.1. Events
of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be occasioned by the provisions of Article 15 or be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body), unless in the Board Resolution, supplemental indenture or Officers’ Certificate establishing such
series, it is provided that such series shall not have the benefit of said Event of Default:

 

(1)         default
in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days; or

 

(2)         default
in the payment of the principal of or any premium on any Security of that series at its Maturity; or

 

(3)         default
in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or

 

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(4)         default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default
or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series
a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

(5)         the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(6)         the
commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal
or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case
or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action;
or

 

(7)         any
other Event of Default provided with respect to Securities of that series in the Board Resolution, supplemental indenture or Officers’
Certificate establishing that series.

 

Section 5.2. Acceleration
of Maturity; Rescission and Annulment.

 

Unless the Board Resolution,
supplemental indenture or Officers’ Certificate establishing such series provides otherwise, if an Event of Default (other
than an Event of Default specified in Section 5.1(5) or 5.1(6)) with respect to Securities of any series at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities of that
series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal
amount (or specified amount), and premium, if any, together with accrued and unpaid interest, if any, thereon, shall become immediately
due and payable. If an Event of Default specified in Section 5.1(5) or 5.1(6) with respect to Securities of any series at the time
Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof), and
premium, if any, together with accrued and unpaid interest, if any, thereon, shall automatically, and without any declaration or
other action on the part of the Trustee or any Holder, become immediately due and payable. Any payments by the Company on the Securities
following any such acceleration will be subject to the subordination provisions of Article 15 to the extent provided therein.

 

At any time after such
a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal
amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if

 

(1)         the
Company has paid or deposited with the Trustee a sum sufficient to pay

 

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(A)         all
overdue interest on all Securities of that series,

 

(B)         the
principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,

 

(C)         to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in
such Securities, and

 

(D)         all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(2)         all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that
series that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

No such rescission
shall affect any subsequent default or impair any right consequent thereon.

 

Section 5.3. Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants
that if

 

(1)         default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for
a period of 30 days, or

 

(2)         default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof,

 

the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If an Event of Default
with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem reasonably necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 5.4. Trustee
May File Proofs of Claim.

 

In case of any judicial
proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall
be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust
Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee
shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute
the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section
6.7. No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any
Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official
and be a member of a creditors’ or other similar committee.

 

    	26

    	 

    

 

Section 5.5. Trustee
May Enforce Claims Without Possession of Securities.

 

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

 

Section 5.6. Application
of Money Collected.

 

Any money collected
by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment
of all amounts due the Trustee under Section 6.7;

 

SECOND: Subject to
Article 15, to the payment of the amounts then due and unpaid for principal of and any premium, if any, and interest on the Securities
in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities for principal and any premium, if any, and interest, respectively;
and

 

THIRD: The balance,
if any, to the Company or any other Person or Persons entitled thereto.

 

Section 5.7. Limitation
on Suits.

 

No Holder of any Security
of any series shall 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 for any other remedy hereunder, unless

 

(1)         such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series;

 

(2)         the
Holders of at least a majority in aggregate principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)         such
Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;

 

(4)         the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(5)         no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series;

 

it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all of such Holders.

 

    	27

    	 

    

 

 

Section 5.8. Unconditional
Right of Holders to Receive Principal, Premium and Interest and to Convert.

 

Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date), to convert such Securities in accordance with
Article 14 to the extent that such right to convert is applicable to such Security, and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 5.9. Restoration
of Rights and Remedies.

 

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

 

Section 5.10. Rights
and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 5.11. Delay
or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee (subject to the limitations contained in this Indenture) or by the Holders, as the case may be.

 

Section 5.12. Control
by Holders.

 

The Holders of a majority
in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities of such series, provided that

 

(1)         such
direction shall not be in conflict with any rule of law or with this Indenture and the Trustee shall not have determined that the
action so directed would be unjustly prejudicial to Holders of Securities of that series, or any other series, not taking part
in such direction; and

 

(2)         the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction or this Indenture.

 

Section 5.13. Waiver
of Past Defaults.

 

The Holders of not
less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past default hereunder with respect to such series and its consequences, except

 

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(1)         a
default in the payment of the principal of or any premium or interest on any Security of such series as and when the same shall
become due and payable by the terms thereof, otherwise than by acceleration (unless such default has been cured and a sum sufficient
to pay all matured installments of interest, principal and premium, if any, has been deposited with the Trustee), or

 

(2)         to
the extent such right is applicable to such Security, a failure by the Company on request to convert any Security into Common Stock;
or

 

(3)         in
respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

 

Upon any such waiver,
such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 5.14. Undertaking
for Costs.

 

In any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted
by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and
may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided
that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or
to make such an assessment in any suit instituted by the Company or in any suit for the enforcement of the right to convert any
Security in accordance with Article 14.

 

Section 5.15. Waiver
of Usury, Stay or Extension Laws.

 

The Company 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 usury, 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 Company (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 Trustee, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

ARTICLE 6

THE TRUSTEE

 

Section 6.1. Certain
Duties and Responsibilities.

 

The duties and responsibilities
of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall
require the 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 shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 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 Trustee shall be subject to the provisions of this Section.

 

Section 6.2. Notice
of Defaults.

 

If a default occurs
hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such
default as and to the extent provided by the Trust Indenture Act; provided, however, that except in the case of a
default in the payment of principal of (or premium, if any) or interest on any Securities of such series or in the payment of any
sinking fund installment or any conversion right applicable to Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the interests of the holders of Securities of such series; provided, further, however,
that in the case of any default of the character specified in Section 5.1(4) with respect to Securities of such series, no such
notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term
“default” means any event that is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

 

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Except with respect
to Section 10.1, the Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained
in Article 10. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or
Event of Default occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on the Securities) or (ii) any
Default or Event of Default of which the Trustee shall have received written notification or obtained actual knowledge.

 

Delivery of reports,
information and documents to the Trustee under Section 7.4 is for informational purposes only and the Trustee’s receipt of
the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to
rely conclusively on Officers’ Certificates).

 

Section 6.3. Certain
Rights of Trustee.

 

Subject to the provisions
of Section 6.1:

 

(1)         in
the absence of bad faith on the part of the Trustee, the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties;

 

(2)         any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and
any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

(3)         whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) is entitled to
and may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;

 

(4)         the
Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall 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;

 

(5)         the
Trustee shall 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 Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(6)         the
Trustee shall 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, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney; and

 

(7)         the
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 Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

 

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Section 6.4. Not Responsible
for Recitals or Issuance of Securities.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity, sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

Section 6.5. May Hold
Securities and Act as Trustee under Other Indentures.

 

The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

Subject to the limitations
imposed by the Trust Indenture Act, nothing in this Indenture shall prohibit the Trustee from becoming and acting as trustee under
other indentures under which other securities, or certificates of interest of participation in other securities, of the Company
are outstanding in the same manner as if it were not Trustee hereunder.

 

Section 6.6. Money
Held in Trust.

 

Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.7. Compensation
and Reimbursement.

 

The Company agrees:

 

(1)         to
pay to the Trustee from time to time reasonable compensation as shall be agreed in writing between the Company and the Trustee
for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

(2)         except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence or bad faith; and

 

(3)         to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any
of its powers or duties hereunder.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any applicable bankruptcy, insolvency, reorganization or similar law.

 

Section 6.8. Conflicting
Interests.

 

If the Trustee has
or shall acquire a conflicting interest within the meaning of the Trust Indenture Act and there is an Event of Default under the
Securities of that series, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided
by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture
Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect
to Securities of more than one series.

 

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Section 6.9. Corporate
Trustee Required; Eligibility.

 

There shall at all
times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to
act as such and has (or if the Trustee is a member of a bank holding company system, its bank holding company has) a combined capital
and surplus of at least $50,000,000. If any such Person or bank holding company publishes reports of condition at least annually,
pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to
the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person or bank holding company shall
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
the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 6.10. Resignation
and Removal; Appointment of Successor.

 

No resignation or removal
of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. The Trustee may resign at
any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be
removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and to the Company.

 

If at any time:

 

(1)         the
Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months, or

 

(2)         the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or
by any such Holder, or

 

(3)         the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to
the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee
with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, the retiring Trustee may petition, or any Holder who has been a bona fide Holder of a Security
of such series for at least six months may petition, on behalf of himself and all others similarly situated, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

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The Company shall give
notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided
in Section 1.6. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the
address of its Corporate Trust Office.

 

Section 6.11. Acceptance
of Appointment by Successor.

 

In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

In case of the appointment
hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as
shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates.

 

Upon request of any
such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case
may be.

 

No successor Trustee
shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under
this Article.

 

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Section 6.12. Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor
of the

 

Trustee hereunder,
provided such corporation 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. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. In the event that any Securities shall not have been authenticated by such predecessor Trustee,
any such successor Trustee may authenticate and deliver such Securities in either its own name or that of such predecessor Trustee,
with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

 

Section 6.13. Preferential
Collection of Claims Against Company.

 

If and when the Trustee
shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions
of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

Section 6.14. Appointment
of Authenticating Agent.

 

The Trustee may appoint
an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or
partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation 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 Authenticating Agent, having (or
if the Authenticating Agent is a member of a bank holding company system, its bank holding company has) a combined capital and
surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. 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 shall 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 shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

 

Any corporation into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act
on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall give notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall 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 shall be appointed unless eligible under the
provisions of this Section.

 

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The Trustee agrees
to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.7.

 

If an appointment with
respect to one or more series is made pursuant to this Section 6.12, the Securities of such series may have endorsed thereon, in
lieu of the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	 	as Trustee
	 	 
	 	By:
	 	as Authenticating Agent
	 	 
	 	By:
	 	Authorized Officer

 

ARTICLE 7

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.1. Company
to Furnish Trustee Names and Addresses of Holders.

 

The Company will furnish
or cause to be furnished to the Trustee

 

(1)         semi-annually,
not later than 15 days after the Regular Record Date for each respective series of Securities, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders of Securities of each series as of such Regular Record Date,
as the case may be, or if there is no Regular Record Date for such series of Securities, semi-annually, and

 

(2)         at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;

 

provided that no such list need
be furnished by the Company to the Trustee so long as the Trustee is acting as Security Registrar.

 

Section 7.2. Preservation
of Information; Communications to Holders.

 

The Trustee shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished
to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

The rights of Holders
to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. Every Holder of Securities, by receiving
and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant
to the Trust Indenture Act.

 

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Section 7.3. Reports
by Trustee.

 

The Trustee shall transmit
to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant thereto.

 

Reports so required
to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than July 15 in each calendar year,
commencing with the first July 15 after the first issuance of Securities pursuant to this Indenture.

 

A copy of each such
report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities
are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any
stock exchange.

 

Section 7.4. Reports
by Company.

 

The Company shall file
with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture
Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section
13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the
Commission.

 

ARTICLE 8

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section 8.1. Company
May Consolidate, etc., Only on Certain Terms.

 

The Company shall not
consolidate with or merge into any other Person (in a transaction in which the Company is not the surviving corporation) or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, unless:

 

(1)         in
case the Company shall consolidate with or merge into another Person (in a transaction in which the Company is not the surviving
corporation) or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed
by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases,
the properties and assets of the Company substantially as an entirety shall be a corporation, limited liability company, partnership,
trust or other business entity, shall be organized and validly existing under the laws of the United States of America, any State
thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest
on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed
or observed and the conversion rights shall be provided for in accordance with Article 14, if applicable, or as otherwise specified
pursuant to Section 3.1, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee,
by the Person (if other than the Company) formed by such consolidation or into which the Company shall have been merged or by the
Person which shall have acquired the Company’s assets;

 

(2)         immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary
as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event
of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and
be continuing; and

 

(3)         the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been
complied with.

 

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Section 8.2. Successor
Substituted.

 

Upon any consolidation
of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation
or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of
all obligations and covenants under this Indenture and the Securities.

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.1. Supplemental
Indentures Without Consent of Holders.

 

Without the consent
of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)         to
evidence the succession of another Person to the Company, or successive successions, and the assumption by any such successor of
the covenants of the Company herein and in the Securities in compliance with Article 8; or

 

(2)         to
add to or change any of the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if
such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

(3)         to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default
are expressly being included solely for the benefit of such series); or

 

(4)         to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance
of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit
or facilitate the issuance of Securities in uncertificated form; or

 

(5)         to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such
Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or

 

(6)         to
secure the Securities, including provisions regarding the circumstances under which collateral may be released or substituted;
or

 

(7)         to
add or provide for a guaranty of the Securities or additional obligors on the Securities; or

 

(8)         to
establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or

 

(9)         to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or

 

(10)        to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that
such action pursuant to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in
any material respect; or

 

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(11)        to
supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Articles 4 and 13, provided that any such action shall not adversely affect
the interests of the Holders of Securities of such series or any other series of Securities in any material respect; or

 

(12)        to
comply with the rules or regulations of any securities exchange or automated quotation system on which any Securities are listed
or traded; or

 

(13)        to
add, change or eliminate any provisions of this Indenture in accordance with any amendments to the Trust Indenture Act, provided
that the action does not adversely affect the rights or interests of any Holders of Securities in any material respect.

 

Section 9.2. Supplemental
Indentures with Consent of Holders.

 

With the consent of
the Holders of a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture,
by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of
such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the Holder of each Outstanding Security affected thereby,

 

(1)         change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal
or premium amount thereof or the rate of interest thereon or any amount payable upon the redemption or repurchase thereof, or reduce
the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or reduce the amount of any sinking fund payment, or
change the place of payment or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or modify the provisions of this Indenture with respect to the subordination of such
series of Securities in a manner materially adverse to the Holders of Securities of such series, or, in the case of Securities
of any series that are convertible into Securities or other securities of the Company, adversely affect the right of Holders to
convert any of the Securities of such series other than as provided in or pursuant to this Indenture, or

 

(2)         reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(3)         modify
any of the provisions of this Section, Section 5.13 or Section 10.8, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with
respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.8, or
the deletion of this proviso, in accordance with the requirements of Sections 6.11 and 9.1(8), or

 

(4)         if
applicable, make any change that adversely affects the right to convert any security as provided in Article 14 or pursuant to Section
3.1 (except as permitted by Section 9.1(9)).

 

A supplemental 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 of Securities, or which modifies the rights of the Holders of Securities of such series
with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders
of Securities of any other series.

 

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It shall not be necessary
for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.

 

Section 9.3. Execution
of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.4. Effect
of Supplemental Indentures.

 

Upon the execution
of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

 

Section 9.5. Conformity
with Trust Indenture Act.

 

Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

 

Section 9.6. Reference
in Securities to Supplemental Indentures.

 

Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If
the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

 

ARTICLE 10

COVENANTS

 

Section 10.1. Payment
of Principal, Premium and Interest.

 

The Company covenants
and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and
interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

 

Section 10.2. Maintenance
of Office or Agency.

 

The Company will maintain
in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered
for payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that
series may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental indenture or pursuant to Section
3.1 hereof, the Place of Payment for any series of Securities shall be the Corporate Trust Office of the Trustee.

 

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The Company may also
from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency.

 

Section 10.3. Money
for Securities Payments to be Held in Trust.

 

If the Company shall
at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal
of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to
act.

 

Whenever the Company
shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or
any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such
sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly
notify the Trustee of its action or failure so to act.

 

The Company will cause
each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply
with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default
by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities
of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent
for payment in respect of the Securities of that series.

 

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

 

Any money deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium
or interest on any Security of any series and remaining unclaimed for a period ending on the earlier of the date that is ten Business
Days prior to the date such money would escheat to the State or two years after such principal, premium or interest has become
due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general circulation in each Place of Payment, notice that
such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 10.4. Statement
by Officers as to Default.

 

The Company will deliver
to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’
Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and
observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement
of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof
of which they may have knowledge. The fiscal year of the Company currently ends on December 31; and the Company will give the Trustee
prompt written notice of any change of its fiscal year.

 

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Section 10.5. Existence.

 

Subject to Article
8, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

Section 10.6. Waiver
of Certain Covenants.

 

Except as otherwise
specified as contemplated by Section 3.1 for Securities of such series, the Company may, with respect to the Securities of any
series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant
to Section 3.1(19), 9.1(2) or 9.1(7) for the benefit of the Holders of such series if before the time for such compliance the Holders
of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive
such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall
extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

 

ARTICLE 11

REDEMPTION OF SECURITIES

 

Section 11.1. Applicability
of Article.

 

Securities of any series
that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified
as contemplated by Section 3.1 for such Securities) in accordance with this Article.

 

Section 11.2. Election
to Redeem; Notice to Trustee.

 

The election of the
Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section
3.1 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series
(including any such redemption affecting only a single Security), the Company shall, at least 15 days prior to the Redemption Date
fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date,
of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with such restriction.

 

Section 11.3. Selection
by Trustee of Securities to Be Redeemed.

 

If less than all the
Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed
or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more
than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called
for redemption, by lot, or in the Trustee’s discretion, on a pro-rata basis, provided that the unredeemed portion
of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless
such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously
called for redemption in accordance with the preceding sentence.

 

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If any Security selected
for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security
so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption.
Securities that have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding
for the purpose of such selection.

 

The Trustee shall promptly
notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for
partial redemption as aforesaid, the principal amount thereof to be redeemed.

 

The provisions of the
two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security
is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount
of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security.

 

For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in
the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which
has been or is to be redeemed.

 

Section 11.4. Notice
of Redemption.

 

Notice of redemption
shall be given by first-class mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified in the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address
appearing in the Security Register.

 

All notices of redemption
shall state:

 

(1)         the
Redemption Date,

 

(2)         the
Redemption Price (including accrued interest, if any),

 

(3)         if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed
and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal
amount of the particular Security to be redeemed,

 

(4)         in
case any Security is to be redeemed in part only, that on and after the Redemption Date, upon surrender of such Security, the Holder
of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount
thereof remaining unredeemed,

 

(5)         that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

 

(6)         the
place or places where each such Security is to be surrendered for payment of the Redemption Price,

 

(7)         if
applicable, the conversion price or the conversion rate, as the case may be, the date on which the right to convert the principal
of the Securities or the portions thereof to be redeemed will terminate, and the place or places where such Securities may be surrendered
for conversion,

 

(8)         that
the redemption is for a sinking fund, if such is the case, and

 

(9)         the
CUSIP number or numbers and/or common codes of the Security being redeemed; provided that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice
of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers.

 

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Notice of redemption
of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by
the Trustee in the name and at the expense of the Company and shall be irrevocable.

 

Section 11.5. Deposit
of Redemption Price.

 

On or prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed
on that date.

 

If any Security called
for redemption is converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for
the redemption of such Security shall (subject to the right of any Holder of such Security to receive interest as provided in the
last paragraph of Section 3.7) be paid to the Company on Company Request, or if then held by the Company, shall be discharged from
such trust.

 

Section 11.6. Securities
Payable on Redemption Date.

 

Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price
and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance
with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption
Date; provided, however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest
whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions
of Section 3.7.

 

If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the Security.

 

Section 11.7. Securities
Redeemed in Part.

 

Any Security which
is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or its attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor,
of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

 

ARTICLE 12

SINKING FUNDS

 

Section 12.1. Applicability
of Article.

 

The provisions of this
Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as
contemplated by Section 3.1 for such Securities.

 

The minimum amount
of any sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund
payment,” and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred
to as an “optional sinking fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption
of Securities as provided for by the terms of such Securities.

 

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Section 12.2. Satisfaction
of Sinking Fund Payments with Securities.

 

The Company (1) may
deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities
of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction
of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the
terms of such Securities as and to the extent provided for by the terms of such Securities; provided that the Securities
to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such
purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section 12.3. Redemption
of Securities for Sinking Fund.

 

Not fewer than 60 days
prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the
portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting Securities pursuant to Section 12.2 and will also deliver to the Trustee any Securities to be so delivered.
Not fewer than 30 days prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon
such sinking fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

ARTICLE 13

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 13.1. Company’s
Option to Effect Defeasance or Covenant Defeasance.

 

The Company may elect,
at its option at any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities, as the case
may be, designated pursuant to Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in accordance with any applicable
requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article. Any such
election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.

 

Section 13.2. Defeasance
and Discharge.

 

Upon the Company’s
exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be,
the Company shall be deemed to have been discharged from its obligations, and the provisions of Article 15 shall cease to be effective,
with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are
satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed
to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated
or discharged hereunder:

 

(1)         the
rights of Holders of such Securities to receive, solely from the trust fund described in Section 13.4 and as more fully set forth
in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due,

 

(2)         the
Company’s obligations with respect to such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3, and, if applicable, Article
14,

 

(3)         the
rights, powers, trusts, duties and immunities of the Trustee hereunder, and

 

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(4)         this
Article.

 

Subject to compliance
with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding
the prior exercise of its option (if any) to have Section 13.3 applied to such Securities.

 

Section 13.3. Covenant
Defeasance.

 

Upon the Company’s
exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be,

 

(1)         the
Company shall be released from its obligations under any covenants provided pursuant to Sections 3.1(19), 9.1(2) or 9.1(7) for
the benefit of the Holders of such Securities,

 

(2)         the
occurrence of any event specified in Section 5.1(4) (with respect to any such covenants provided pursuant to Section 3.1(19), 9.1(2)
or 9.1(7)) and the occurrence of any other Event of Default specified pursuant to Section 3.1 shall be deemed not to be or result
in an Event of Default, and

 

(3)         the
provisions of Article 15 shall cease to be effective,

 

in each case with respect to such Securities
or any series of Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to
such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such specified Section (to the extent so specified in the case of Section 5.1(4) and the occurrence of any Event
of Default specified pursuant to Section 3.1) or Article 15, whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein
or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

Section 13.4. Conditions
to Defeasance or Covenant Defeasance.

 

The following shall
be the conditions to the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case
may be:

 

(1)         The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 6.9 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of
the Holders of such Securities,

 

(A)         in
the case of Securities of a series denominated in currency of the United States of America,

 

(i)          cash
in currency of the United States of America in an amount, or

 

(ii)         U.S.
Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, an amount in cash, or

 

(iii)        a
combination thereof, or

 

(B)         in
the case of Securities of a series denominated in currency other than that of the United States of America,

 

(i)          cash
in the currency in which such series of Securities is denominated in an amount, or

 

    	45

    	 

    

 

(ii)         Foreign
Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, an amount in cash, or

 

(iii)        a
combination thereof,

 

in each case sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge,
the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms
of this Indenture and such Securities.

 

(2)         For
Securities denominated in United States dollars, in the event of an election to have Section 13.2 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that

 

(A)         the
Company has received from, or there has been published by, the Internal Revenue Service a ruling or

 

(B)         since
the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the
effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss
for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities
and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if
such deposit, Defeasance and discharge were not to occur.

 

(3)         For
Securities denominated in United States dollars, in the event of an election to have Section 13.3 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant
Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the
same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.

 

(4)         The
Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other
Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5)         No
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified
in Sections 5.1(5) and (6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until after such 90th day).

 

(6)         Such
Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture
Act (assuming all Securities are in default within the meaning of such Act).

 

(7)         Such
Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or
any other agreement or instrument to which the Company is a party or by which it is bound.

 

(8)         Such
Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.

 

(9)         At
the time of such deposit,

 

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(A)         no
default in the payment of any principal of or premium or interest on any Senior Debt shall have occurred and be continuing,

 

(B)         no
event of default with respect to any Senior Debt shall have resulted in such Senior Debt becoming, and continuing to be, due and
payable prior to the date on which it would otherwise have become due and payable (unless payment of such Senior Debt has been
made or duly provided for), and

 

(C)         no
other event of default with respect to any Senior Debt shall have occurred and be continuing permitting (after notice or lapse
of time or both) the holders of such Senior Debt (or a trustee on behalf of such holders) to declare such Senior Debt due and payable
prior to the date on which it would otherwise have become due and payable.

 

(10)        The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

Section 13.5. Deposited
Money, U.S. Government Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions
of the last paragraph of Section 10.3, all money, U.S. Government Obligations and Foreign Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6,
the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.4 in respect
of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required
by law. Money, U.S. Government Obligations and Foreign Government Obligations so held in trust shall not be subject to the provisions
of Article 15.

 

The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or
Foreign Government Obligations deposited pursuant to Section 13.4 or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Article
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money,
U.S. Government Obligations or Foreign Government Obligations held by it as provided in Section 13.4 with respect to any Securities
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance
or Covenant Defeasance, as the case may be, with respect to such Securities.

 

Section 13.6. Reinstatement.

 

If the Trustee or the
Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations
under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.2 or 13.3
shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until
such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect to
such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal
of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated
to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.

 

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ARTICLE 14

CONVERSION OF SECURITIES

 

Section 14.1. Applicability
of Article.

 

The provisions of this
Article shall be applicable to the Securities of any series which are convertible into shares of Common Stock of the Company, and
the issuance of such shares of Common Stock upon the conversion of such Securities, except as otherwise specified as contemplated
by Section 3.1 for the Securities of such series or in a supplemental indenture for Securities of such series.

 

Section 14.2. Exercise
of Conversion Privilege.

 

In order to exercise
a conversion privilege, the Holder of a Security of a series with such a privilege shall surrender such Security to the Company
at the office or agency maintained for that purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice
to the Company substantially in the form set forth in Section 2.6 stating that the Holder elects to convert such Security or a
specified portion thereof. Such notice shall also state, if different from the name and address of such Holder, the name or names
(with address) in which the certificate or certificates for shares of Common Stock, which shall be issuable on such conversion,
shall be issued. Securities surrendered for conversion shall (if so required by the Company or the Trustee) be duly endorsed by
or accompanied by instruments of transfer in forms satisfactory to the Company and the Trustee duly executed by the Holder or its
attorney duly authorized in writing. As promptly as practicable after the receipt of such notice and of any payment required pursuant
to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided, in an Officers’ Certificate,
or established in one or more indentures supplemental hereto setting forth the terms of such series of Security, and the surrender
of such Security in accordance with such reasonable regulations as the Company may prescribe, the Company shall issue and shall
deliver, at the office or agency at which such Security is surrendered, to such Holder or on its written order, a certificate or
certificates for the number of full shares of Common Stock issuable upon the conversion of such Security (or specified portion
thereof), in accordance with the provisions of such Board Resolution, Officers’ Certificate or supplemental indenture, and
cash as provided therein in respect of any fractional share of such Common Stock otherwise issuable upon such conversion. Such
conversion shall be deemed to have been effected immediately prior to the close of business on the date on which such notice and
such payment, if required, shall have been received in proper order for conversion by the Company and such Security shall have
been surrendered as aforesaid (unless such Holder shall have so surrendered such Security and shall have instructed the Company
to effect the conversion on a particular date following such surrender and such Holder shall be entitled to convert such Security
on such date, in which case such conversion shall be deemed to be effected immediately prior to the close of business on such date)
and at such time the rights of the Holder of such Security as such Security Holder shall cease and the person or persons in whose
name or names any certificate or certificates for shares of Common Stock of the Company shall be issuable upon such conversion
shall be deemed to have become the Holder or Holders of record of the shares represented thereby. Except as set forth above and
subject to the final paragraph of Section 3.7, no payment or adjustment shall be made upon any conversion on account of any interest
accrued on the Securities (or any part thereof) surrendered for conversion or on account of any dividends on the Common Stock of
the Company issued upon such conversion.

 

In the case of any
Security which is converted in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and
deliver to or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities of the same series,
of authorized denominations, in aggregate principal amount equal to the unconverted portion of such Security.

 

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Section 14.3. No Fractional
Shares.

 

No fractional share
of Common Stock of the Company shall be issued upon conversions of Securities of any series. If more than one Security shall be
surrendered for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion shall
be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted
hereby) so surrendered. If, except for the provisions of this Section 14.3, any Holder of a Security or Securities would be entitled
to a fractional share of Common Stock of the Company upon the conversion of such Security or Securities, or specified portions
thereof, the Company shall pay to such Holder an amount in cash equal to the current market value of such fractional share computed,
(i) if such Common Stock is listed or admitted to unlisted trading privileges on a national securities exchange or market, on the
basis of the last reported sale price regular way on such exchange or market on the last trading day prior to the date of conversion
upon which such a sale shall have been effected, or (ii) if such Common Stock is not at the time so listed or admitted to unlisted
trading privileges on a national securities exchange or market, on the basis of the average of the bid and asked prices of such
Common Stock in the over- the-counter market, on the last trading day prior to the date of conversion, as reported by the National
Quotation Bureau, Incorporated or similar organization if the National Quotation Bureau, Incorporated is no longer reporting such
information, or if not so available, the fair market price as determined by the Board of Directors. For purposes of this Section,
“trading day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the Common
Stock is not traded on the Nasdaq Global Market, or if the Common Stock is not traded on the Nasdaq Global Market, on the principal
exchange or market on which the Common Stock is traded or quoted.

 

Section 14.4. Adjustment
of Conversion Price or Conversion Rate.

 

The conversion price
or conversion rate, as the case may be, of Securities of any series that is convertible into Common Stock of the Company shall
be adjusted for any stock dividends, stock splits, reclassifications, combinations or similar transactions in accordance with the
terms of the supplemental indenture or Board Resolutions setting forth the terms of the Securities of such series.

 

Whenever the conversion
price or conversion rate, as the case may be, is adjusted, the Company shall compute the adjusted conversion price or conversion
rate, as the case may be, in accordance with terms of the applicable Board Resolution or supplemental indenture and shall prepare
an Officers’ Certificate setting forth the adjusted conversion price or conversion rate, as the case may be, and showing
in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office
or agency maintained for the purpose of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee.
The Company shall forthwith cause a notice setting forth the adjusted conversion price or conversion rate, as the case may be,
to be mailed, first class postage prepaid, to each Holder of Securities of such series at its address appearing on the Security
Register and to any conversion agent other than the Trustee.

 

Section 14.5. Notice
of Certain Corporate Actions.

 

In case:

 

(1)         the
Company shall declare a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its retained
earnings (other than a dividend for which approval of any shareholders of the Company is required) that would require an adjustment
pursuant to Section 14.4; or

 

(2)         the
Company shall authorize the granting to all or substantially all of the holders of its Common Stock of rights, options or warrants
to subscribe for or purchase any shares of capital stock of any class or of any other rights (other than any such grant for which
approval of any shareholders of the Company is required); or

 

(3)         of
any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common
Stock, or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any shareholders
of the Company is required), or of the sale of all or substantially all of the assets of the Company; or

 

(4)         of
the voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

then the Company shall cause to be filed
with the Trustee, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register,
at least 20 days (or 10 days in any case specified in clause (1) or (2) above) prior to the applicable record date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution, rights,
options or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled
to such dividend, distribution, rights, options or warrants are to be determined, or (ii) the date on which such reclassification,
consolidation, merger, share exchange, sale, dissolution, liquidation or winding up is expected to become effective, and the date
as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the conversion agent, a copy of such notice shall also forthwith
be filed by the Company with the Trustee.

 

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Section 14.6. Reservation
of Shares of Common Stock.

 

The Company shall at
all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose
of effecting the conversion of Securities, the full number of shares of Common Stock of the Company then issuable upon the conversion
of all outstanding Securities of any series that has conversion rights.

 

Section 14.7. Payment
of Certain Taxes upon Conversion.

 

Except as provided
in the next sentence, the Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares
of its Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which
may be payable in respect of any transfer involved in the issue and delivery of shares of its Common Stock in a name other than
that of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless and until
the person requesting such issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of
the Company, that such tax has been paid.

 

Section 14.8. Nonassessability.

 

The Company covenants
that all shares of its Common Stock that may be issued upon conversion of Securities will upon issue in accordance with the terms
hereof be duly and validly issued and fully paid and nonassessable.

 

Section 14.9. Provision
in Case of Consolidation, Merger or Sale of Assets.

 

In case of any consolidation
or merger of the Company with or into any other Person, any merger of another Person with or into the Company (other than a merger
which does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the
Company) or any conveyance, sale, transfer or lease of all or substantially all of the assets of the Company, the Person formed
by such consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver
to the Trustee a supplemental indenture providing that the Holder of each Security of a series then Outstanding that is convertible
into Common Stock of the Company shall have the right thereafter (which right shall be the exclusive conversion right thereafter
available to said Holder), during the period such Security shall be convertible, to convert such Security only into the kind and
amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by
a holder of the number of shares of Common Stock of the Company into which such Security might have been converted immediately
prior to such consolidation, merger, conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i)
is not a Person with which the Company consolidated or merged with or into or which merged into or with the Company or to which
such conveyance, sale, transfer or lease was made, as the case may be (a “Constituent Person”), or an Affiliate of
a Constituent Person and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and
other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided that if the kind
or amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer, or lease
is not the same for each share of Common Stock of the Company held immediately prior to such consolidation, merger, conveyance,
sale, transfer or lease by others than a Constituent Person or an Affiliate thereof and in respect of which such rights of election
shall not have been exercised (“Non-electing Share”), then for the purpose of this Section 14.9 the kind and amount
of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by the holders
of each Non-electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of the Non-electing
Shares). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental
indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article or in accordance
with the terms of the supplemental indenture or Board Resolutions setting forth the terms of such adjustments. The above provisions
of this Section 14.9 shall similarly apply to successive consolidations, mergers, conveyances, sales, transfers or leases. Notice
of the execution of such a supplemental indenture shall be given by the Company to the Holder of each Security of a series that
is convertible into Common Stock of the Company as provided in Section 1.6 promptly upon such execution.

 

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Neither the Trustee
nor any conversion agent, if any, shall be under any responsibility to determine the correctness of any provisions contained in
any such supplemental indenture relating either to the kind or amount of shares of stock or other securities or property or cash
receivable by Holders of Securities of a series convertible into Common Stock of the Company upon the conversion of their Securities
after any such consolidation, merger, conveyance, transfer, sale or lease or to any such adjustment, but may accept as conclusive
evidence of the correctness of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect
thereto, which the Company shall cause to be furnished to the Trustee upon request.

 

Section 14.10. Duties
of Trustee Regarding Conversion.

 

Neither the Trustee
nor any conversion agent shall at any time be under any duty or responsibility to any Holder of Securities of any series that is
convertible into Common Stock of the Company to determine whether any facts exist which may require any adjustment of the conversion
price or conversion rate, as the case may be, or with respect to the nature or extent of any such adjustment when made, or with
respect to the method employed, whether herein or in any supplemental indenture, any resolutions of the Board of Directors or written
instrument executed by one or more officers of the Company provided to be employed in making the same. Neither the Trustee nor
any conversion agent shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common
Stock of the Company, or of any securities or property, which may at any time be issued or delivered upon the conversion of any
Securities and neither the Trustee nor any conversion agent makes any representation with respect thereto. Subject to the provisions
of Section 6.1, neither the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer
or deliver any shares of its Common Stock or stock certificates or other securities or property upon the surrender of any Security
for the purpose of conversion or to comply with any of the covenants of the Company contained in this Article 14 or in the applicable
supplemental indenture, resolutions of the Board of Directors or written instrument executed by one or more duly authorized officers
of the Company.

 

Section 14.11. Repayment
of Certain Funds upon Conversion.

 

Any funds which at
any time shall have been deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of
paying the principal of, and premium, if any, and interest, if any, on any of the Securities (including, but not limited to, funds
deposited for the sinking fund referred to in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and which shall
not be required for such purposes because of the conversion of such Securities as provided in this Article 14 shall after such
conversion be repaid to the Company by the Trustee upon the Company’s written request.

 

ARTICLE 15

SUBORDINATION OF SECURITIES

 

Section 15.1. Agreement
of Subordination.

 

Except as otherwise
provided in a supplemental indenture or pursuant to Section 3.1, the Company covenants and agrees, and each Holder of Securities
issued hereunder by its acceptance thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions
of this Article 15; and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange
thereof, accepts and agrees to be bound by such provisions.

 

The payment of the
principal of, premium, if any, and interest on all Securities (including, but not limited to, the redemption price with respect
to the Securities called for redemption in accordance with Article 11 as provided in the Indenture) issued hereunder shall, to
the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full
of all Senior Debt, whether outstanding at the date of this Indenture or thereafter incurred.

 

No provision of this
Article 15 shall prevent the occurrence of any default or Event of Default hereunder.

 

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Section 15.2. Payments
to Holders.

 

No payment shall be
made with respect to the principal of, or premium, if any, or interest on the Securities (including, but not limited to, the redemption
price with respect to the Securities to be called for redemption in accordance with Article 11 as provided in the Indenture), except
payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, if:

 

(i)          a
default in the payment of principal, premium, if any, interest, rent or other obligations due on any Senior Debt occurs and is
continuing (or, in the case of Senior Debt for which there is a period of grace, in the event of such a default that continues
beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Debt) (a “Payment Default”),
unless and until such default shall have been cured or waived or shall have ceased to exist; or

 

(ii)         a
default, other than a Payment Default, on any Designated Senior Debt occurs and is continuing that then permits holders of such
Designated Senior Debt to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”)
from a holder of Designated Senior Debt, a Representative of Designated Senior Debt or the Company (a “Non-Payment Default”).

 

If the Trustee receives
any Payment Blockage Notice pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be effective for purposes
of this Section unless and until at least 365 days shall have elapsed since the initial effectiveness of the immediately prior
Payment Blockage Notice. No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage
Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.

 

The Company may and
shall resume payments on and distributions in respect of the Securities upon the earlier of:

 

(1)         in
the case of any Payment Default, the date upon which the Payment Default is cured or waived or ceases to exist, or

 

(2)         in
the case of a Non-Payment Default, the earlier of (a) the date upon which such Non-Payment Default is cured, waived or ceases to
exist or (b) 179 days after the date on which the applicable Payment Blockage Notice is received by the Trustee,

 

unless this Article 15 otherwise prohibits
the payment or distribution at such time.

 

Upon any payment or
distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any
dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
reorganization, liquidation, receivership or other proceedings, or upon an assignment for the benefit of creditors or any marshalling
of the assets and liabilities of the Company, or otherwise, all amounts due or to become due upon all Senior Debt shall first be
paid in full in cash or other payment satisfactory to the holders of such Senior Debt, or payment thereof in accordance with its
terms provided for in cash or other payment satisfactory to the holders of such Senior Debt, before any payment is made on account
of the principal of, premium, if any, or interest on the Securities (except payments made pursuant to Article 4 from monies deposited
with the Trustee pursuant thereto prior to commencement of proceedings for such dissolution, winding-up, liquidation, reorganization,
assignment for the benefit of creditors or the marshalling of assets and liabilities of the Company); and upon any such dissolution,
winding-up, liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of the
Company or bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee
would be entitled, except for the provision of this Article 15, shall (except as aforesaid) be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the
Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Debt (pro rata to
such holders on the basis of the respective amounts of Senior Debt held by such holders, or as otherwise required by law or a court
order) or their Representative or Representatives, or to the trustee or trustees under any indenture pursuant to which any instruments
evidencing any Senior Debt may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior
Debt in full, in cash or other payment satisfactory to the holders of such Senior Debt, after giving effect to any concurrent payment
or distribution to or for the holders of Senior Debt, before any payment or distribution or provision therefor is made to the Holders
of the Securities or to the Trustee.

 

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For purposes of this
Article 15, the words, “cash, property or securities” shall not be deemed to include shares of stock of the Company
as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or
readjustment, the payment of which is subordinated at least to the extent provided in this Article 15 with respect to the Securities
to the payment of all Senior Debt which may at the time be outstanding; provided that (i) the Senior Debt is assumed by
the new corporation, if any, resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior Debt
(other than leases which are not assumed by the Company or the new corporation, as the case may be) are not, without the consent
of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company
into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article 8
shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 15.2 if such other
corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article
8.

 

In the event of the
acceleration of the Securities because of an Event of Default, no payment or distribution shall be made to the Trustee or any Holder
of Securities in respect of the principal of, premium, if any, or interest on the Securities (including, but not limited to, the
redemption price with respect to the Securities called for redemption in accordance with Article 11 as provided in the Indenture),
except payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, until all
Senior Debt has been paid in full in cash or other payment satisfactory to the holders of Senior Debt or such acceleration is rescinded
in accordance with the terms of this Indenture. If payment of the Securities is accelerated because of an Event of Default, the
Company shall promptly notify holders of Senior Debt of the acceleration.

 

In the event that,
notwithstanding the foregoing provisions, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities (including, without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall
be received by the Trustee or the Holders of the Securities before all Senior Debt is paid in full in cash or other payment satisfactory
to the holders of such Senior Debt, or provision is made for such payment thereof in accordance with its terms in cash or other
payment satisfactory to the holders of such Senior Debt, such payment or distribution shall be held in trust for the benefit of
and shall be paid over or delivered to the holders of Senior Debt or their Representative or Representatives, or to the trustee
or trustees under any indenture pursuant to which any instruments evidencing any Senior Debt may have been issued, as their respective
interests may appear, as calculated by the Company, for application to the payment of all Senior Debt remaining unpaid to the extent
necessary to pay all Senior Debt in full in cash or other payment satisfactory to the holders of such Senior Debt, after giving
effect to any concurrent payment or distribution to or for the holders of such Senior Debt.

 

Nothing in this Section
15.2 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7. This Section 15.2 shall be subject
to the further provisions of Section 15.5.

 

Section 15.3. Subrogation
of Securities.

 

Subject to the payment
in full of all Senior Debt, the rights of the Holders of the Securities shall be subrogated to the extent of the payments or distributions
made to the holders of such Senior Debt pursuant to the provisions of this Article 15 (equally and ratably with the holders of
all indebtedness of the Company which by its express terms is subordinated to other indebtedness of the Company to substantially
the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders
of Senior Debt to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Debt
until the principal, premium, if any, and interest on the Securities shall be paid in full; and, for the purposes of such subrogation,
no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the
Securities or the Trustee would be entitled except for the provisions of this Article 15, and no payment over pursuant to the provisions
of this Article 15, to or for the benefit of the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as
between the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment
by the Company to or on account of the Senior Debt; and no payments or distributions of cash, property or securities to or for
the benefit of the Holders of the Securities pursuant to the subrogation provisions of this Article 15, which would otherwise have
been paid to the holders of Senior Debt shall be deemed to be a payment by the Company to or for the account of the Securities.
It is understood that the provisions of this Article 15 are and are intended solely for the purposes of defining the relative rights
of the Holders of the Securities, on the one hand, and the holders of the Senior Debt, on the other hand.

 

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Nothing contained in
this Article 15 or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its creditors
other than the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as
and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights
of the Holders of the Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein
or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this Article 15 of the holders of Senior Debt in respect
of cash, property or securities of the Company received upon the exercise of any such remedy.

 

Upon any payment or
distribution of assets of the Company referred to in this Article 15, the Trustee, subject to the provisions of Section 6.1, and
the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in
which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the
receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to the
Trustee or to the Holders of the Securities, for the purpose of ascertaining the persons entitled to participate in such distribution,
the holders of the Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon and all other facts
pertinent thereto or to this Article 15.

 

Section 15.4. Authorization
to Effect Subordination.

 

Each Holder of a Security
by the holder’s acceptance thereof authorizes and directs the Trustee on the holder’s behalf to take such action as
may be necessary or appropriate to effectuate the subordination as provided in this Article 15 and appoints the Trustee to act
as the holder’s attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of claim or proof
of debt in the form required in any proceeding referred to in Section 5.4 hereof at least 30 days before the expiration of the
time to file such claim, the holders of any Senior Debt or their representatives are hereby authorized to file an appropriate claim
for and on behalf of the Holders of the Securities.

 

Section 15.5. Notice
to Trustee.

 

The Company shall give
prompt written notice in the form of an Officers’ Certificate to a Responsible Officer of the Trustee and to any Paying Agent
of any fact known to the Company which would prohibit the making of any payment of monies to or by the Trustee or any Paying Agent
in respect of the Securities pursuant to the provisions of this Article 15. Notwithstanding the provisions of this Article 15 or
any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would
prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this
Article 15, unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust
Office from the Company (in the form of an Officers’ Certificate) or a Representative or a holder or holders of Senior Debt
or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section
6.1, shall be entitled in all respects to assume that no such facts exist; provided that if on a date not fewer than two
Business Days prior to the date upon which by the terms hereof any such monies may become payable for any purpose (including, without
limitation, the payment of the principal of, or premium, if any, or interest on any Security) the Trustee shall not have received,
with respect to such monies, the notice provided for in this Section 15.5, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date.

 

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Notwithstanding anything
in this Article 15 to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies deposited with it
pursuant to Section 4.1, and any such payment shall not be subject to the provisions of Section 15.1 or 15.2.

 

The Trustee, subject
to the provisions of Section 6.1, shall be entitled to rely on the delivery to it of a written notice by a Representative or a
person representing himself to be a holder of Senior Debt (or a trustee on behalf of such holder) to establish that such notice
has been given by a Representative or a holder of Senior Debt or a trustee on behalf of any such holder or holders. The Trustee
shall not be required to make any payment or distribution to or on behalf of a holder of Senior Debt pursuant to this Article 15
unless it has received satisfactory evidence as to the amount of Senior Debt held by such person, the extent to which such person
is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such person under this
Article 15.

 

Section 15.6. Trustee’s
Relation to Senior Debt.

 

The Trustee in its
individual capacity shall be entitled to all the rights set forth in this Article 15 in respect of any Senior Debt at any time
held by it, to the same extent as any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder.

 

With respect to the
holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically
set forth in this Article 15, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read
into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt
and, subject to the provisions of Section 6.1, the Trustee shall not be liable to any holder of Senior Debt (i) for any failure
to make any payments or distributions to such holders or (ii) if it shall pay over or deliver to Holders of Securities, the Company
or any other Person money or assets to which any holder of Senior Debt shall be entitled by virtue of this Article 15 or otherwise.

 

Section 15.7. No Impairment
of Subordination.

 

No right of any present
or future holder of any Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired
by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or
by any noncompliance by the Company, the Trustee or any Holder of Securities with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

 

Section 15.8. Certain
Conversions/Exchanges Deemed Payment.

 

For the purposes of
this Article 15 only, (1) the issuance and delivery of junior securities upon conversion or exchange of Securities in accordance
with Article 14 or otherwise (except upon conversion of the Securities in accordance with their terms) shall not be deemed to constitute
a payment or distribution on account of the principal of (or premium, if any) or interest on Securities or on account of the purchase
or other acquisition of Securities, and (2) the payment, issuance or delivery of cash (except in satisfaction of fractional shares
pursuant to Section 14.3), property or securities (other than junior securities) upon conversion or exchange of a Security shall
be deemed to constitute payment on account of the principal of such Security. For the purposes of this Section 15.8, the term “junior
securities” means (a) shares of any stock of any class of the Company, or (b) securities of the Company which are subordinated
in right of payment to all Senior Debt which may be outstanding at the time of issuance or delivery of such securities to substantially
the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. Nothing contained
in this Article 15 or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its
creditors other than holders of Senior Debt and the Holders of Securities, the right, which is absolute and unconditional, of the
Holder of any Security to convert such Security in accordance with Article 14.

 

    	55

    	 

    

 

Section 15.9. Article
Applicable to Paying Agents.

 

If at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent
within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in
place of the Trustee; provided, however, that the first paragraph of Section 15.5 shall not apply to the Company
or any Affiliate of the Company if the Company or such Affiliate acts as Paying Agent.

 

The Trustee shall not
be responsible for the actions or inactions of any other Paying Agents (including the Company if acting as its own Paying Agent)
and shall have no control of any funds held by such other Paying Agents.

 

Section 15.10. Senior
Debt Entitled to Rely.

 

The holders of Senior
Debt (including, without limitation, Designated Senior Debt) shall have the right to rely upon this Article 15, and no amendment
or modification of the provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed
in writing thereto.

 

Section 15.11. Reliance
on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or
distribution of assets of the Company referred to in this Article, the Trustee and the Holders shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which such dissolution, winding up, liquidation, reorganization,
assignment for the benefit of creditors or marshalling of assets and liabilities of the Company or bankruptcy, insolvency, receivership
or other like proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee
for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders,
for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Debt
and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article.

 

Section 15.12. Trust
Monies Not Subordinated.

 

Notwithstanding anything
contained herein to the contrary, payments from money, U.S. Government Obligations and/or Foreign Government Obligations held in
trust under Article 4 or Article 13 by the Trustee for the payment of the principal of, premium, if any, and interest on the Securities
shall not be subordinated to the prior payment in full of any Senior Debt of the Company or subject to the restrictions set forth
in this Article 15, and none of the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior
Debt of the Company or any other creditor of the Company.

 

[The remainder of this page is intentionally
left blank.]

 

    	56

    	 

    

 

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

 

	 	ACCELERATE DIAGNOSTICS, INC.
	 	 
	 	By:
	 	 
	 	Title:
	 	 
	 	as Trustee
	 	 
	 	By:
	 	 
	 	Title:

 

    	57EX-10.1

 Exhibit 10.1 

MASTER REPURCHASE AGREEMENT 

dated as of April 10, 2017 

by and between 
 BRANCH BANKING
AND TRUST COMPANY, 
 as Buyer 

and 
 INSPIRE HOME LOANS INC.,

 as Seller 

$25,000,000.00 Revolving Mortgage Loan Repurchase Facility 
  

 

 Index of Defined Terms 

 

					
	 1934 Act
	  	 	2-11	 
	 Account Maintenance Fee
	  	 	10-1	 
	 Additional Repurchase Collateral
	  	 	35-1	 
	 Adjusted Tangible Net Worth
	  	 	2-1	 
	 Administrative Account
	  	 	2-1	 
	 Affiliate
	  	 	2-2	 
	 Aged Mortgage Loan
	  	 	2-2	 
	 Agency
	  	 	2-2	 
	 Agency Guides
	  	 	2-2	 
	 Agency MBS
	  	 	2-2	 
	 Aggregate Outstanding Purchase Price
	  	 	2-2	 
	 Agreement
	  	 	2-2	 
	 ALTA
	  	 	2-2	 
	 Anti-Terrorism Laws
	  	 	2-2	 
	 Applicable Index
	  	 	2-19	 
	 Applicable Margin
	  	 	2-20	 
	 Appraisal
	  	 	2-2	 
	 Approved Investor
	  	 	2-2	 
	 Approved Loan Types
	  	 	2-3	 
	 Approved Sublimits
	  	 	2-3	 
	 Assignee
	  	 	23-1	 
	 Authorized Seller Representative
	  	 	2-3	 
	 Banking Day
	  	 	2-3	 
	 Bankruptcy Code
	  	 	2-3	 
	 Base Rate
	  	 	2-20	 
	 BB&T
	  	 	1-1	 
	 BB&T Correspondent Mortgage Loan
	  	 	2-3	 
	 Best Efforts Commitment
	  	 	2-3	 
	 Blocked Person
	  	 	16-3	 
	 Buyer
	  	 	1-1	 
	 Buyer’s Margin Amount
	  	 	7-1	 
	 Buyer’s Margin Percentage
	  	 	2-3	 
	 Cash Collateral Account
	  	 	2-3	 
	 Cash Equivalents
	  	 	2-4	 
	 Ceiling Rate
	  	 	2-20	 
	 Certificating Custodian
	  	 	2-4	 
	 Change Notice
	  	 	2-3	 
	 Change of Control
	  	 	2-5	 
	 CLTV
	  	 	2-5	 
	 Code
	  	 	2-5	 
	 Collateral Processing Fee
	  	 	10-1	 
	 Commitment
	  	 	2-5	 
	 Confidential Terms
	  	 	12-1	 
	 Conforming Mortgage Loan
	  	 	2-5	 
	 Contractual Obligation
	  	 	2-5	 
	 Cumulative Loan-to-Value Ratio
	  	 	2-5	 
	 Current Appraisal
	  	 	2-5	 
	 Current Assets
	  	 	2-5	 
	 Current Liabilities
	  	 	2-5	 
	 Current Ratio
	  	 	2-5	 
	 Custodial Account
	  	 	2-6	 
	 Customer
	  	 	2-6	 
	 Depository Obligations
	  	 	2-6	 
	 Determination Date
	  	 	2-6	 

					
	 Disqualifier
	  	 	2-6	 
	 Dry Mortgage Loan
	  	 	2-6	 
	 Effective Date
	  	 	2-6	 
	 Electronic Agent
	  	 	2-6	 
	 Electronic Tracking Agreement
	  	 	2-6	 
	 Electronically Submitted
	  	 	2-6	 
	 Eligibility Change Notice
	  	 	2-6	 
	 Eligible Loan
	  	 	2-6	 
	 Endorsement Fee
	  	 	10-1	 
	 ERISA
	  	 	2-6	 
	 ERISA Affiliate
	  	 	2-7	 
	 ERISA Event
	  	 	2-7	 
	 Event of Default
	  	 	19-1	 
	 Extended Wet Mortgage Loan
	  	 	2-7	 
	 Extended Wet Mortgage Loan Rate
	  	 	2-20	 
	 Facility Papers
	  	 	2-7	 
	 Fannie Mae
	  	 	2-7	 
	 Fannie Mae Guide
	  	 	2-7	 
	 FAS-91
	  	 	2-7	 
	 FASB
	  	 	2-7	 
	 FDIA
	  	 	35-1	 
	 FDICIA
	  	 	35-1	 
	 Fees
	  	 	2-7	 
	 FHA
	  	 	2-7	 
	 Freddie Mac
	  	 	2-7	 
	 Freddie Mac Guide
	  	 	2-7	 
	 GAAP
	  	 	2-8	 
	 Ginnie Mae
	  	 	2-8	 
	 Ginnie Mae Guide
	  	 	2-8	 
	 Government Sponsored Loan
	  	 	2-8	 
	 Governmental Authority
	  	 	2-8	 
	 Guarantee
	  	 	2-8	 
	 Guarantors
	  	 	2-8	 
	 Guaranty
	  	 	2-8	 
	 Hazard Insurance Policy
	  	 	2-9	 
	 Hedging Arrangements
	  	 	2-9	 
	 HUD
	  	 	2-9	 
	 In Default
	  	 	2-9	 
	 Income
	  	 	2-9	 
	 Index
	  	 	2-19	 
	 Intangible Assets
	  	 	2-9	 
	 Intercreditor Agreement
	  	 	2-9	 
	 Investments
	  	 	18-2	 
	 Investor Commitment
	  	 	2-9	 
	 Investor Funding Account
	  	 	2-9	 
	 Jumbo Mortgage Loan
	  	 	2-10	 
	 Law
	  	 	2-10	 
	 Leverage Ratio
	  	 	2-10	 
	 Liabilities
	  	 	2-18	 
	 LIBOR
	  	 	2-19	 
	 Lien
	  	 	2-10	 
	 Liquidity
	  	 	2-10	 
	 Loan Funding Account
	  	 	2-10	 
	 Loan Papers
	  	 	2-10	 
	 Loan Schedule
	  	 	2-11	 
	 Loan-to-Value Ratio
	  	 	2-11	 

  
 Index - ii 

					
	 Mandatory Commitment
	  	 	2-11	 
	 Margin Call
	  	 	7-1	 
	 Margin Deficit
	  	 	7-1	 
	 Margin Market Value
	  	 	2-11	 
	 Margin Stock
	  	 	2-11	 
	 Market Value
	  	 	2-11	 
	 Marketable Security
	  	 	2-11	 
	 Master Custodial Agreement
	  	 	2-11	 
	 Material Adverse Effect
	  	 	2-11	 
	 Material Amount
	  	 	2-12	 
	 MBS
	  	 	2-12	 
	 MERS
	  	 	2-12	 
	 MERS Designated Loan
	  	 	2-12	 
	 MERS Procedures Manual
	  	 	2-12	 
	 MERS® System
	  	 	2-12	 
	 Minimum Balance
	  	 	17-6	 
	 Mortgage
	  	 	2-12	 
	 Mortgage Assignment
	  	 	2-12	 
	 Mortgage Loan
	  	 	2-12	 
	 Mortgage Note
	  	 	2-12	 
	 Mortgaged Premises
	  	 	2-12	 
	 Multiemployer Plan
	  	 	2-12	 
	 Non-Usage Fee
	  	 	10-1	 
	 Notices
	  	 	24-1	 
	 Obligations
	  	 	2-13	 
	 Officer’s Certificate
	  	 	2-13	 
	 Open Transaction
	  	 	2-13	 
	 Operating Account
	  	 	2-13	 
	 Other Approved Facilities
	  	 	2-13	 
	 Other Approved Facility Papers
	  	 	2-13	 
	 Other Assets Collateral
	  	 	40-1	 
	 Participant
	  	 	23-1	 
	 Past Due
	  	 	2-20	 
	 Past Due Margin
	  	 	2-20	 
	 Past Due Rate
	  	 	2-20	 
	 PBGC
	  	 	2-14	 
	 Pension Funding Rules
	  	 	2-14	 
	 Per Loan Limit
	  	 	2-14	 
	 Permitted Encumbrances
	  	 	2-14	 
	 Permitted Liens
	  	 	18-1	 
	 Person
	  	 	2-14	 
	 Plan or Pension Plan
	  	 	2-14	 
	 Potential Default
	  	 	2-14	 
	 Price Differential
	  	 	2-20	 
	 Pricing Margin
	  	 	2-20	 
	 Pricing Rate
	  	 	2-20	 
	 Primary Obligor
	  	 	2-8	 
	 Prime Rate
	  	 	2-19	 
	 Principal Balance
	  	 	2-14	 
	 Procedural Manual
	  	 	2-14	 
	 Prohibited Transaction
	  	 	2-14	 
	 Property
	  	 	2-14	 
	 Purchase Date
	  	 	2-15	 
	 Purchase Price
	  	 	2-15	 
	 Purchase Request
	  	 	2-15	 
	 Purchase Value
	  	 	2-15	 

  
 Index - iii 

					
	 Purchased Loan
	  	 	2-15	 
	 Purchased Loan Review Procedures
	  	 	20-2	 
	 Purchased Loans Records
	  	 	2-15	 
	 Purchased Loans Support
	  	 	2-15	 
	 Rate
	  	 	2-20	 
	 Regulation U
	  	 	2-16	 
	 Regulation Z
	  	 	2-16	 
	 Reinstatement Fee
	  	 	10-1	 
	 Reportable Event
	  	 	2-16	 
	 Repurchase Date
	  	 	2-16	 
	 Repurchase Facility
	  	 	2-16	 
	 Repurchase Period
	  	 	2-17	 
	 Repurchase Price
	  	 	2-17	 
	 Required Documents
	  	 	2-17	 
	 Requirements of Law
	  	 	2-17	 
	 SEC
	  	 	36-1	 
	 Seller
	  	 	1-1	 
	 Servicer
	  	 	2-17	 
	 Servicing Agreement
	  	 	2-17	 
	 Servicing Rights
	  	 	2-17	 
	 SIPA
	  	 	2-17	 
	 Sublimit
	  	 	2-17	 
	 Subordinated Creditor
	  	 	2-17	 
	 Subordinated Debt
	  	 	2-17	 
	 Subordination Agreement
	  	 	2-18	 
	 Subsidiary
	  	 	2-18	 
	 Tangible Assets
	  	 	2-18	 
	 Tangible Net Worth
	  	 	2-18	 
	 Taxes
	  	 	8-1	 
	 Termination Date
	  	 	2-18	 
	 Total Assets
	  	 	2-18	 
	 Total Liabilities
	  	 	2-18	 
	 Transactions
	  	 	2-18	 
	 Transfer Date
	  	 	2-18	 
	 Type
	  	 	2-18	 
	 UCC
	  	 	2-18	 
	 USDA
	  	 	2-19	 
	 VA
	  	 	2-19	 
	 Wet Mortgage Loan
	  	 	2-19	 
	 Wet Mortgage Loan Period
	  	 	2-19	 
	 Wholly-Owned Subsidiary
	  	 	2-19	 
	 Wire Transfer Fee
	  	 	10-1	 

  
 Index - iv 

 TABLE OF CONTENTS 

 

									
	 1
	 	Applicability	  	 	1-1	 
	 2
	 	Defined Terms	  	 	2-1	 
		 	2.1	  	Defined Terms	  	 	2-1	 
		 	2.2	  	Definitions of General Application	  	 	2-1	 
		 	2.3	  	Definitions for Price Calculations	  	 	2-18	 
		 	2.4	  	Other Definitional Provisions and Rules of Interpretation	  	 	2-20	 
	 3
	 	The Buyer’s Commitment	  	 	3-1	 
		 	3.1	  	The Buyer’s Commitment to Purchase	  	 	3-1	 
		 	3.2	  	Expiration or Termination of the Commitment	  	 	3-1	 
		 	3.3	  	Changes in Product Eligibility	  	 	3-1	 
	 4
	 	Initiation; Purchase Request; Termination	  	 	4-1	 
		 	4.1	  	Seller’s Purchase Request	  	 	4-1	 
		 	4.2	  	Binding Transactions	  	 	4-1	 
		 	4.3	  	Transaction Termination	  	 	4-1	 
		 	4.4	  	Place for Payments of Repurchase Prices	  	 	4-2	 
		 	4.5	  	If Repurchase Price Not Paid	  	 	4-2	 
		 	4.6	  	Transfer to the Buyer	  	 	4-2	 
	 5
	 	Transaction Limits and Sublimits	  	 	5-1	 
		 	5.1	  	Transaction Limits	  	 	5-1	 
		 	5.2	  	Transaction Sublimits	  	 	5-1	 
	 6
	 	Price Differential	  	 	6-1	 
		 	6.1	  	Pricing Rate	  	 	6-1	 
		 	6.2	  	Price Differential Payment Due Dates	  	 	6-1	 
	 7
	 	Margin Maintenance	  	 	7-1	 
		 	7.1	  	Margin Deficit	  	 	7-1	 
		 	7.2	  	Margin Call Deadline	  	 	7-1	 
		 	7.3	  	Application of Margin Payments	  	 	7-1	 
	 8
	 	Payments to be Free of Taxes and Withholding	  	 	8-1	 
	 9
	 	Income Payments	  	 	9-1	 
	 10
	 	Fees	  	 	10-1	 
		 	10.1	  	Repurchase Facility Fees and Other Fees	  	 	10-1	 
	 11
	 	Security Interest	  	 	11-1	 
	 12
	 	Confidentiality	  	 	12-1	 
	 13
	 	Payment and Transfer	  	 	13-1	 
		 	13.1	  	Immediately Available Funds; Notice to the Buyer	  	 	13-1	 
		 	13.2	  	Payments to the Buyer	  	 	13-1	 
		 	13.3	  	If Payment Not Made When Due	  	 	13-1	 
		 	13.4	  	Mandatory Payment of Repurchase Prices	  	 	13-1	 
		 	13.5	  	Optional Prepayment of Repurchase Prices	  	 	13-1	 
		 	13.6	  	Distribution of Payments	  	 	13-2	 
	 14
	 	Segregation of Documents Relating to Purchased Loans	  	 	14-1	 
	 15
	 	Conditions Precedent	  	 	15-1	 
		 	15.1	  	Initial Purchase	  	 	15-1	 
		 	15.2	  	Each Purchase	  	 	15-2	 
		 	15.3	  	General	  	 	15-3	 
	 16
	 	Representations and Warranties	  	 	16-1	 
		 	16.1	  	General Representations and Warranties	  	 	16-1	 
		 	16.2	  	Special Representations and Warranties Relating to the Purchased Loans	  	 	16-3	 
	 17
	 	Affirmative Covenants	  	 	17-1	 

  
 TOC - i 

									
		 	17.1	  	Reports to the Buyer	  	 	17-1	 
		 	17.2	  	Maintenance of Existence and Properties; Compliance with Laws; Maintenance of Agency Status	  	 	17-3	 
		 	17.3	  	Inspection of Property; Books and Records	  	 	17-3	 
		 	17.4	  	Insurance	  	 	17-3	 
		 	17.5	  	Payment of Taxes and Claims	  	 	17-4	 
		 	17.6	  	Other Accounts	  	 	17-4	 
		 	17.7	  	Further Documents	  	 	17-4	 
		 	17.8	  	Operational Procedures	  	 	17-4	 
		 	17.9	  	Closing Instructions	  	 	17-4	 
		 	17.10	  	ERISA	  	 	17-4	 
		 	17.11	  	Promptly Correct Escrow Imbalances	  	 	17-4	 
		 	17.12	  	MERS	  	 	17-5	 
		 	17.13	  	Special Affirmative Covenants Concerning Purchased Loans	  	 	17-5	 
		 	17.14	  	Cash Collateral Account	  	 	17-6	 
		 	17.15	  	Certificating Custodian; Custodial Account	  	 	17-6	 
		 	17.16	  	Intercreditor Agreements	  	 	17-6	 
		 	17.17	  	Post Closing	  	 	17-6	 
	 18
	 	Negative Covenants	  	 	18-1	 
		 	18.1	  	Liens	  	 	18-1	 
		 	18.2	  	Other Indebtedness	  	 	18-1	 
		 	18.3	  	Change of Business	  	 	18-1	 
		 	18.4	  	Change of Control	  	 	18-1	 
		 	18.5	  	Fundamental Changes	  	 	18-1	 
		 	18.6	  	Investments	  	 	18-2	 
		 	18.7	  	Guarantees	  	 	18-2	 
		 	18.8	  	Restrictive Agreements	  	 	18-2	 
		 	18.9	  	Payment of Dividends and Other Payments	  	 	18-2	 
		 	18.10	  	Transactions with Affiliates	  	 	18-3	 
		 	18.11	  	Effectiveness of Investor Commitments	  	 	18-3	 
		 	18.12	  	VA Guaranties and FHA Insurance	  	 	18-3	 
		 	18.13	  	Transfer to Affiliates	  	 	18-3	 
		 	18.14	  	Margin Regulations	  	 	18-3	 
		 	18.15	  	Change of Legal Name; Jurisdiction of Organization; Principal Place of Business and Chief Executive Office; Location of Records	  	 	18-3	 
		 	18.16	  	Amendments to Material Documents	  	 	18-3	 
		 	18.17	  	Subordinated Debt	  	 	18-3	 
		 	18.18	  	Negative Pledge	  	 	18-3	 
		 	18.19	  	Financial Covenants	  	 	18-4	 
		 	18.20	  	Servicing Rights	  	 	18-4	 
	 19
	 	Events of Default; Event of Termination	  	 	19-1	 
		 	19.1	  	Events of Default	  	 	19-1	 
		 	19.2	  	Transaction and Commitment Termination	  	 	19-3	 
		 	19.3	  	Termination by the Buyer	  	 	19-3	 
		 	19.4	  	Remedies	  	 	19-3	 
		 	19.5	  	Liability for Expenses and Damages	  	 	19-4	 
		 	19.6	  	Liability for Interest	  	 	19-5	 
		 	19.7	  	Setoff	  	 	19-5	 
		 	19.8	  	Other Rights	  	 	19-5	 
		 	19.9	  	Limitation on Liability of the Buyer	  	 	19-5	 
	 20
	 	Servicing and Custody of the Purchased Loans	  	 	20-1	 
		 	20.1	  	Servicing for the Buyer	  	 	20-1	 
		 	20.2	  	Servicing Standard and Reports	  	 	20-1	 
		 	20.3	  	Servicing Termination or Succession	  	 	20-2	 
		 	20.4	  	Delivery of Purchased Loan Documentation	  	 	20-2	 
		 	20.5	  	Buyer’s Review of the Purchased Loans; Certifications	  	 	20-2	 
		 	20.6	  	Release of the Required Documents	  	 	20-2	 

  
 TOC - ii 

									
	 21
	 	Payment of Expenses; Indemnity	  	 	21-1	 
		 	21.1	  	Expenses; Indemnification	  	 	21-1	 
	 22
	 	Single Agreement	  	 	22-1	 
	 23
	 	Participation; Assignment	  	 	23-1	 
		 	23.1	  	Participation; Assignment	  	 	23-1	 
	 24
	 	Notices and Other Communications	  	 	24-1	 
	 25
	 	Further Assurances	  	 	25-1	 
	 26
	 	Buyer as Attorney-in-Fact	  	 	26-1	 
	 27
	 	 Payments by Wire Transfers
	  	 	27-1	 
		 	27.1	  	Wires to the Seller	  	 	27-1	 
		 	27.2	  	Wires to the Buyer	  	 	27-1	 
	 28
	 	Entire Agreement; Severability; Inconsistencies	  	 	28-1	 
	 29
	 	Benefit of the Agreement; Termination	  	 	29-1	 
		 	29.1	  	Benefit of the Agreement	  	 	29-1	 
		 	29.2	  	Remedies Exception	  	 	29-1	 
		 	29.3	  	Agreement Commencement; Termination	  	 	29-1	 
	 30
	 	Counterparts	  	 	30-1	 
	 31
	 	Governing Law, Jurisdiction and Venue	  	 	31-1	 
		 	31.1	  	Governing Law, Jurisdiction and Venue	  	 	31-1	 
		 	31.2	  	Arbitration	  	 	31-1	 
	 32
	 	Waiver of Jury Trial	  	 	32-1	 
	 33
	 	Relationship of the Parties	  	 	33-1	 
	 34
	 	No Waivers, Etc.	  	 	34-1	 
	 35
	 	Intent	  	 	35-1	 
		 	35.1	  	Transactions are Repurchase Agreements, Master Netting Agreements and Securities Contracts	  	 	35-1	 
		 	35.2	  	Contractual Rights, Etc.	  	 	35-1	 
		 	35.3	  	FDIA	  	 	35-1	 
		 	35.4	  	Agreement is a Netting Contract	  	 	35-1	 
		 	35.5	  	Security Interest in Certain Assets Which are Deemed Part of a Purchased Loan	  	 	35-1	 
		 	35.6	  	Tax and Accounting Treatment	  	 	35-2	 
	 36
	 	Disclosure Relating to Certain Federal Protections	  	 	36-1	 
		 	36.1	  	Parties not Protected by SIPA	  	 	36-1	 
		 	36.2	  	SIPA Does Not Protect Government Securities Broker or Dealer Counterparty	  	 	36-1	 
		 	36.3	  	Transaction Funds Are Not Insured Deposits	  	 	36-1	 
	 37
	 	USA Patriot Act Notification	  	 	37-1	 
	 38
	 	No Consequential Damages	  	 	38-1	 
	 39
	 	Survival	  	 	39-1	 
	 40
	 	Security Interest in the Cash Collateral Account	  	 	40-1	 

  
 TOC - iii 

 MASTER REPURCHASE AGREEMENT 

This MASTER REPURCHASE AGREEMENT, dated as of April 10, 2017 (this “Agreement”), is by and
between INSPIRE HOME LOANS INC., a Delaware corporation (the “Seller”), and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Buyer” or
“BB&T”).  
 1 Applicability 

The Seller desires to obtain, and the Buyer agrees to provide, a revolving mortgage loan repurchase facility pursuant to which, from time to
time and upon the terms and conditions herein set forth, the parties hereto may enter into Transactions (as defined in Section 2.2) with respect to certain Eligible Loans (as defined in Section 2.2). 

The parties hereby specifically declare that it is their intention that this Agreement and all of the purchases and repurchases of Eligible
Loans made pursuant hereto are to be treated as repurchase transactions, a repurchase agreement or securities contract under the Bankruptcy Code (as defined in Section 2.2), including all rights that accrue to the Buyer by virtue of
sections 362(b), 546, 555, 559, 561 and 562 and all other sections of the Bankruptcy Code. This Agreement also contains lien provisions with respect to the Purchased Loans (as defined in Section 2.2) so that if, contrary to the intent of
the parties, any court of competent jurisdiction characterizes any Transaction as a financing, rather than a purchase, under applicable Law, including the applicable provisions of the Bankruptcy Code, the Buyer is deemed to have a first priority
perfected security interest in and to the Purchased Loans to secure the payment and performance of all of the Obligations (as defined in Section 2.2). 

In consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto further agree to the
matters set forth herein below. 

  
 1-1 

 2 Defined Terms 

2.1 Defined Terms. Except where otherwise specifically stated, capitalized terms used in this Agreement and the other Facility
Papers have the meanings assigned to them below or elsewhere in this Agreement. 
 2.2 Definitions of General Application.
The terms defined in this Section are generally applicable. For convenience of reference, terms relating only to the calculation of pricing and payment of Price Differential are defined in Section 2.3. 

“1934 Act” is defined in the definition of “Marketable Security”. 

“Adjusted Tangible Net Worth” means, as of any date of determination thereof, an amount equal to the following:

  

	 	(a)	the sum of the following, all determined in accordance with GAAP: 

 (i) Tangible
Net Worth as of such date, 
 (ii) Subordinated Debt as of such date, and 

(iii) if the Seller retains mortgage servicing rights, the least of the following as of such date: (A) 75 basis points
(0.75%) multiplied by the total unpaid principal balance of the Seller’s retained mortgage servicing portfolio, (B) the value of the Seller’s retained mortgage servicing rights, as listed on the most recent balance sheet delivered by
the Seller to the Buyer, or (C) the value of the Seller’s retained mortgage servicing rights based on the most recent third party servicing valuation delivered to the Buyer pursuant to Section 17.1(xvii) of this Agreement
(provided that if such valuation is not timely delivered under Section 17.1(xvii), such value shall be $0.00 or such other amount as the Buyer may determine in its sole and absolute discretion); 

minus 
  

	 	(b)	the sum of the following, all determined in accordance with GAAP: 

 (i) any note
or other receivables from or advances made to the Seller’s Affiliates, officers, directors, stockholders, managers, members, partners or other equity owners as of such date, 

(ii) investments made in Seller’s Affiliates as of such date, and 

(iii) any employee advances as of such date. 

“Administrative Account” means, if an account number is set forth in Appendix 1, Item 2.2.1,
such account, and if not, any account hereafter so titled, and in each case, maintained from time to time in the name of the Seller with the Buyer at the office of the Buyer set forth in Appendix 1, Item 24.2, which account
may be used, at the Buyer’s sole good faith discretion, for among other things, to segregate certain funds of the Seller from monies on deposit in the Seller’s other accounts maintained with the Buyer and/or to hold certain funds of the
Seller in reserve for payment of the Obligations, in each case, pending the disbursement or application of such funds in accordance with the provisions hereof. Upon the occurrence of any Potential Default or Event of Default, if an Administrative
Account has not previously been established and remained open, the Buyer at its sole discretion may require that an Administrative Account be so established without the consent of the Seller (and the Buyer is hereby authorized by the Seller to
establish such account). The Administrative Account shall be a “blocked account” under the Buyer’s sole control and the Seller shall not have access to monies on deposit therein until, and except to the extent of (if any), the
transfer from time to time of such monies to the Operating Account in accordance with the provisions hereof. The term “Administrative Account” shall be deemed to include any substitute or replacement account at the Buyer. 

  
 2-1 

 “Affiliate” means and includes, with respect to a specified Person, any
other Person directly or indirectly controlling, controlled by or under common control with, such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Aged Mortgage Loan” is defined in Annex C.  

“Agency” means Ginnie Mae, Fannie Mae, Freddie Mac, HUD, FHA, VA or USDA.  

“Agency Guides” means the Freddie Mac Guide, the Fannie Mae Guide and the Ginnie Mae Guide. 

“Agency MBS” means an MBS guaranteed or issued by Fannie Mae, Freddie Mac or Ginnie Mae, in each case representing, secured
or backed by a pool of Mortgage Loans consisting of any Mortgage Loan that is a Purchased Loan at the time of formation of the related pool. 

“Aggregate Outstanding Purchase Price” means as of any Determination Date, an amount equal to the sum of the Purchase
Prices for all Purchased Loans funded under all Open Transactions as of such date. 
 “Agreement” means this
Agreement (including all Appendices, Annexes, Schedules and Exhibits hereto), as amended, modified, supplemented or restated from time to time. 

“ALTA” means the American Land Title Association or any successor thereto. 

“Anti-Terrorism Laws” means any laws relating to terrorism or money laundering, including Executive Order
No. 13224 and the USA Patriot Act. 
 “Appraisal” means an appraisal by a licensed appraiser selected in
accordance with Agency guidelines and not identified to the Seller as an unacceptable appraiser by an Agency or any Approved Investor, and who is experienced in estimating the value of property of that same type in the community where it is located,
and who — unless approved by the Buyer on a case-by-case basis — is not an employee or Affiliate of the Seller, or related as a parent, sibling, spouse, child or first cousin to any such Person, a signed copy of the written report of which
appraisal is in the possession of the Seller or the applicable Servicer. 
 “Approved Investor” means any of
the Persons listed in a schedule of investors, which schedule is provided by the Seller to the Buyer, and which Persons must be approved as Approved Investors by the Buyer, in its sole discretion. At the request of the Seller, the Buyer, in its sole
discretion, may from time to time agree in writing to add Persons to the schedule of Approved Investors and each Person approved by the Buyer shall be an Approved Investor as of the date of such approval (the Buyer’s written approval must be
given before any trades may be performed with such investor). By written notice to the Seller, the Buyer, in its sole discretion based on its evaluation of the creditworthiness or funding ability of any Approved Investor listed on the schedule of
Approved Investors, may remove an Approved Investor from such schedule. Such removal shall become effective immediately upon written notice from the Buyer; provided, that if any Investor Commitment of such Approved Investor is then in effect
and such Approved Investor, in the reasonable judgment of the Buyer, is able to fund such Investor Commitment, such Approved Investor shall continue to be an Approved Investor for ninety (90) days after the date of such notice with respect to
(a) Purchased Loans owned by the Buyer at the time of such notice and allocated to such Investor Commitment and (b) Mortgage Loans that the Seller has committed to fund (and that, upon closing, will be Eligible Loans) prior to the time of
such notice and allocated to such Investor Commitment; and provided further, that such removal shall become effective immediately at any time prior to the expiration of such ninety (90) day period if the Buyer in its reasonable
judgment believes that such Approved Investor is unable to fund its Investor Commitment. Following the addition or removal of any Person as an Approved Investor in accordance with the provisions hereof, the schedule of Approved Investors shall be
deemed automatically updated to include the addition or removal of such Person.  
 “Approved Loan
Types” means the categories of mortgage loan products approved by the Buyer for Transactions under this Agreement as listed in Appendix 2, Item 2.2.2.1. 

  
 2-2 

 “Approved Sublimits” means the categories of Sublimits
approved by the Buyer as listed in Appendix 2, Item 2.2.2.2. There is an Approved Sublimit for each Approved Loan Type. Each Approved Sublimit relates to that portion of the Repurchase Facility available for the purchase of Eligible
Loans of the corresponding Approved Loan Type, as more fully set forth in Section 5.2.  
 “Assignee” is
defined in Section 23.1(ii). 
 “Authorized Seller Representative” means a representative of the Seller
duly authorized and designated by all requisite action on the part of the Seller’s governing body to act on behalf of the Seller in connection with the Repurchase Facility, including, without limitation, to execute and/or deliver on behalf of
the Seller any of the Facility Papers and any certificate, schedule or other document contemplated or required by this Agreement or the other Facility Papers and to designate from time to time other individuals who are authorized to act on behalf of
the Seller in connection herewith and therewith. A list of Authorized Seller Representatives is set forth in Appendix 1, Item 2.2.2, and such list is current as of the effective date set forth in Appendix 1. Such list is
provided by the Seller to the Buyer and may be relied upon thereby. The Seller will provide an updated list of Authorized Seller Representatives to the Buyer promptly following each addition to or subtraction from such list, in a form substantially
similar to Schedule CN (“Change Notice”), and the Buyer shall be entitled to rely on each such list until such Change Notice is received by the Buyer. 

“Banking Day” means any day other than a Saturday, Sunday and any other day on which banks in Orlando, Florida are
required or authorized to close. 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended
from time to time. 
 “BB&T Correspondent Mortgage Loan” if identified as an Approved Loan Type in Appendix
2, Item 2.2.2.1, is defined in Annex E. If “BB&T Correspondent Mortgage Loan” is not identified as an Approved Loan Type in Appendix 2, Item 2.2.2.1, then this definition shall be inapplicable. 

“Best Efforts Commitment” shall mean a bona fide, current, unfilled and unexpired written commitment held by the
Seller from an Approved Investor to purchase Mortgage Loans or, if applicable, an Agency MBS, in form and substance satisfactory to the Buyer in its sole discretion, (a) that specifies (i) the type or item(s) of Mortgage Loans or, if
applicable, Agency MBS to be purchased, (ii) a purchase date or purchase deadline date, and (iii) a purchase price or the criteria by which the purchase price will be determined, and (b) that is a so-called “best efforts”
commitment, under which the Seller has the right, but is not obligated, to sell such Mortgage Loan(s) or, if applicable, Agency MBS. 

“Blocked Person” is defined in Section 16.1(xiv)(b). 

“Buyer” means Branch Banking and Trust Company, a North Carolina banking corporation, and its successors and
assigns. 
 “Buyer’s Margin Amount” is defined in Section 7.1.  

“Buyer’s Margin Percentage” means, with respect to all Eligible Loans of a particular Approved Loan Type, the
percentage in the chart set forth in Appendix 2, Item 2.2.2.3 applicable to Mortgage Loans of such Type. 

“Cash Collateral Account” means, if an account number is set forth in Appendix 1,
Item 2.2.3, such account, and any other money market or other deposit account (which may be a certificate of deposit issued by the Buyer and owned by the Seller if permitted by the Buyer in the Buyer’s sole discretion), or any
combination thereof acceptable to the Buyer in its sole discretion, in each case, maintained from time to time in the name of the Seller with the Buyer at the office of the Buyer set forth in Appendix 1, Item 24.2, into
which the Seller shall deposit and maintain cash collateral as security for the Obligations. The term “Cash Collateral Account” shall include any and all funds at any time held in such account(s), any and all rights of the Seller to
insurance payments made in respect of such account(s), any and all replacements for such account(s) and any and all proceeds of such account(s). The Cash Collateral Account shall be “blocked account(s)” under the Buyer’s sole control
and the Seller shall not have  

  
 2-3 

 
access to any monies on deposit therein until the Obligations have been repaid in full and the Commitment has been terminated. The Cash Collateral Account shall not be subject to deductions,
set-off or any other right in favor of any Person other than the Buyer. The Cash Collateral Account is in addition to, as applicable, the Administrative Account, the Investor Funding Account, the Loan Funding Account, the Operating Account and the
Custodial Account. The term “Cash Collateral Account” shall be deemed to include any substitute or replacement account at the Buyer. 

“Cash Equivalents” means and includes, on any day:  

(i) debt securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States government, or
(b) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case having a stated maturity date twelve (12) months or less after such day; 

(ii) debt securities issued by (and as direct obligations of) any state of the United States or of the District of Columbia, or any political
subdivision of any such state (or district) or any public instrumentality thereof, in each case having a short-term rating of A-1 by Standard & Poor’s (a division of The McGraw-Hill Companies), Prime-1 by Moody’s Investors
Service, Inc. or the equivalent rating by another nationally-recognized ratings service acceptable to the Buyer, which debt securities must have a stated maturity date twelve (12) months or less after such day; 

(iii) commercial paper issued by a corporation (other than an Affiliate of the Seller) organized under the laws of any state of the United
States or of the District of Columbia, having a short-term rating of A-1 by Standard & Poor’s (a division of The McGraw-Hill Companies), Prime-1 by Moody’s Investors Service, Inc. or the equivalent rating by another
nationally-recognized ratings service acceptable to the Buyer, which commercial paper must have a stated maturity date nine (9) months or less after its issue date; 

(iv) any certificate of deposit or banker’s acceptance issued by a commercial bank that is a member of the Federal Reserve System and has
a combined unimpaired capital and surplus and unimpaired undivided profits of not less than Five Hundred Million Dollars ($500,000,000), and having a stated maturity date twelve (12) months or less after such day; 

(v) any repurchase agreement (a) entered into with any Federal Reserve System member commercial bank of the size referred to in clause
(iv) above and (b) secured by any obligation of the type described in any of clauses (i)-(iv) above and (c) having a market value on its date of at least one hundred percent (100%) of the repurchase
obligation of that commercial bank; and 
 (vi) shares of any money market mutual fund that (a) has substantially all of its assets
invested continuously in the types of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $500,000,000.00, and (c) has the highest rating obtainable from either Standard &
Poor’s (a division of The McGraw-Hill Companies), Moody’s Investors Service, Inc., or another nationally-recognized ratings service acceptable to the Buyer. 

“Certificating Custodian” means any Person acting as the Seller’s “document custodian”, “custodian”
or “certificating custodian”, as such terms are used in the Agency Guides, for purposes of (a) certifying that the documentation relating to Mortgage Loans received by such Person from the Seller is complete and acceptable under an
applicable Agency Guide for purposes of including such Mortgage Loan in a pool of Mortgage Loans in which Agency MBS will represent interests and (b) holding such documentation following formation of such pools and issuance of such Agency MBS.
The Certificating Custodian shall at all times meet the eligibility requirements set in the applicable Agency Guide(s) and be a party to an Agency custodial agreement among the applicable Agency, the Seller and the Certificating Custodian.
Initially, the Certificating Custodian is as set forth in Appendix 1, Item 2.2.4. Before appointing, or once one is appointed, making any change in the Certificating Custodian, the Seller shall obtain the prior approval of
the Buyer. At any time that there is more than one Certificating Custodian, references in this Agreement to the “Certificating Custodian” shall mean any or all Certificating Custodians, as applicable. 

  
 2-4 

 “Change of Control” means the occurrence of any one or more of the
following events without the prior written consent of the Buyer: 
 (a) Parkway Financial Group ceases to own or
control (which ownership and control may be direct or indirect) at least 80% of the voting capital stock of the Seller; 

(b) Century Communities, Inc. ceases to own or control (which ownership and control may be direct or indirect) at least 80% of
the voting capital stock of the Seller; or 
 (c) the Person(s) set forth in Appendix 1, Item 2.2.5 cease(s) to
be (an) officer(s) of Seller with the same title and with substantially the same responsibilities and job functions as he, she or they has or have as of the date hereof. 

“Code” means the Internal Revenue Code of 1986 or any subsequent federal income tax law or laws, as amended from time
to time. 
 “Collateral Processing Fee” means the fee payable by the Seller to the Buyer pursuant to
Section 10.1(i). 
 “Commitment” means the Buyer’s commitment under
Section 3.1 to fund Transactions, subject to Section 5.2 and each of the other provisions of this Agreement, and not to exceed, in any event, the aggregate amount set forth in Appendix 2, Item 2.2.2.4. 

 “Conforming Mortgage Loan” is defined in Annex A. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or undertaking to which such Person is a party or by which it or any of its property is bound. 

“Cumulative Loan-to-Value Ratio” or “CLTV” means, as to any Mortgage Loan, the ratio (expressed as a
percentage) of (i) the aggregate principal amount of all indebtedness, including the principal amount of the indebtedness relating to such Mortgage Loan and any permitted prior indebtedness, secured (or to be secured) by the Mortgaged Premises,
to (ii) the appraised value of said Mortgaged Premises determined by a Current Appraisal acceptable to the Buyer; final determination of Cumulative Loan-to-Value Ratio shall be made by the Buyer in its sole and absolute discretion and shall be
conclusive and binding upon the parties absent manifest error. 
 “Current Appraisal” means an Appraisal
dated no earlier than thirty (30) days (or such longer period, if any, as the Buyer shall approve) before the relevant Determination Date. 

“Current Assets” means those assets of the Seller set forth on its balance sheet, prepared in accordance with GAAP, as
current assets, excluding, however, any such asset that is a loan or advance to or a receivable due from an Affiliate of the Seller or from an employee, officer, director, member, or manager of the Seller or an Affiliate of the
Seller. 
 “Current Liabilities” means those Liabilities of the Seller set forth on its balance sheet, prepared in
accordance with GAAP, as current liabilities. 
 “Current Ratio” means, as of any date of determination thereof, the
ratio of (a) Current Assets as of such date to (b) Current Liabilities as of such date. 
 “Custodial
Account” means, collectively, a securities custodial account (or accounts), together with any related cash settlement account (or accounts), in each case established and maintained with the Buyer or such other party as the Buyer may direct
(i.e., the custodian) for the purpose of holding all Agency MBS and the settlement proceeds thereof until such settlement proceeds (or the portion thereof to be remitted to the Buyer) shall be transferred to the Investor Funding Account pursuant to
the Master Custodial Agreement. Except as otherwise specifically set forth in the Master Custodial Agreement, the Custodial Account shall be a “no access” account to the  

  
 2-5 

 
Seller maintained in the custodian’s or nominee name (i.e., as bailee of, and custodian for, the Buyer) for the benefit of the Buyer. The Buyer shall have exclusive control over the
disposition of all Agency MBS and funds held in the Custodial Account, and the Seller shall not have any right to transfer, trade or otherwise direct the disposition of such Agency MBS or funds held in the Custodial Account, except, in each case, as
otherwise specifically set forth in the Master Custodial Agreement. 
 “Customer” means the Person or Persons
obligated to pay the indebtedness that is the subject of a Mortgage Loan, including any guarantor of such indebtedness. 

“Depository Obligations” means any and all debts, obligations and liabilities of the Seller to the Buyer and any of its
Affiliates arising out of or in connection with the Buyer’s and/or any such Affiliate’s role as a depository bank for the Seller including, but not limited to, any and all overdrafts (provided, however, nothing herein shall
be construed to require the Buyer or any of its Affiliates to permit any overdrafts). 
 “Determination Date” means
the date as of, or for, which a specified characteristic of a Mortgage Loan or other subject matter is being determined for purposes of a provision of this Agreement or another Facility Paper. 

“Disqualifier” means any of the circumstances or events affecting Purchased Loans that are described on Schedule
DQ. 
 “Dry Mortgage Loan” means an Eligible Loan acquired or originated by the Seller that has been
closed and funded and qualifies without exception as an Eligible Loan, including satisfying the requirement that all of its Required Documents have been delivered to the Buyer. 

“Effective Date” means such date as set forth in Appendix 1, Item 2.2.6. 

“Electronic Agent” means MERSCORP Holdings, Inc. or its successor in interest or assigns. 

“Electronically Submitted” means submitted via an electronic download to the Buyer’s secure website or such other
site designated by the Buyer, in a form and format that the Buyer has approved and with respect to which the Buyer is not required to enter any data manually. 

“Electronic Tracking Agreement” means a written Electronic Tracking Agreement among the Seller, the Buyer, MERS and
the Electronic Agent, in form and substance acceptable to the Seller and the Buyer, as it may be supplemented, amended, restated or replaced from time to time. 

“Eligibility Change Notice” means a written notice (sent by email or otherwise) from the Buyer to the Seller
substantially in the form of Exhibit B.  
 “Eligible Loan” is defined on Schedule EL. 

 “Endorsement Fee” means the fee payable by the Seller to the Buyer pursuant to Section 10.1(ii). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder. 
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) under common control with the Seller within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Seller
or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which the Seller or any ERISA Affiliate was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or the Seller or any ERISA
Affiliate incurred a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Seller or any ERISA Affiliate from a Multiemployer Plan or 

  
 2-6 

 
receipt by the Seller or any ERISA Affiliate of notice from the Multiemployer Plan that the Multiemployer Plan is in critical or endangered status, in reorganization or insolvent;
(d) the filing by the Seller or any ERISA Affiliate of a notice of intent to terminate a Pension Plan under a distress termination under Section 4041 of ERISA, (e) receipt by Seller or any ERISA Affiliate of notice from the PBGC of
the institution by the PBGC of proceedings to terminate a Pension Plan; (f) receipt by the Seller or any ERISA Affiliate of notice from the PBGC of the appointment of a trustee to administer a Pension Plan; (g) the determination by an
actuary for the Pension Plan that the Pension Plan is considered an at-risk plan within the meaning of Section 430 of the Code or Section 303 of ERISA, or (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA and claims for benefit and funding obligations in the ordinary course, upon the Seller or any ERISA Affiliate. 

“Event of Default” is defined in Section 19.1. 

“Extended Wet Mortgage Loan” means a Wet Mortgage Loan as to which the Buyer has agreed to extend the Wet Mortgage
Loan Period. 
 “Facility Papers” means and includes this Agreement, the Electronic Tracking Agreement, the
Master Custodial Agreement (if applicable), each Guaranty (if applicable) and any financing statements or continuation statements or amendments or other papers now or hereafter authorized, executed or issued pursuant to this Agreement (excluding any
Hedging Arrangements relating to the Obligations entered into with any counterparty that was the Buyer or an Affiliate thereof at the time such Hedging Arrangement was entered into), and any renewal, extension, rearrangement, increase, supplement,
modification or restatement of any of them. 
 “Fannie Mae” means the Federal National Mortgage Association,
and any successor thereof.  
 “Fannie Mae Guide” means, collectively, the “Selling Guide”
and the “Servicing Guide” published by Fannie Mae, as modified, amended, supplemented or restated from time to time. 

“FAS-91” means Statement No. 91 under the Statements of Financial Accounting Standards issued by FASB, as
modified or amended from time to time. 
 “FASB” means the Financial Accounting Standards Board of the
American Institute of Certified Public Accountants and any successor thereto. 
 “Fees” means any and all of the
fees described in Article 10. 
 “FHA” means the Federal Housing Administration, and any successor
thereof. 
 “Freddie Mac” means the Federal Home Loan Mortgage Corporation, and any successor thereof.

 “Freddie Mac Guide” means the “Sellers’ & Servicers’ Guide” published by
Freddie Mac, as modified, amended, supplemented or restated from time to time. 
 “GAAP” means, for any day,
generally accepted accounting principles, applied on a consistent basis, stated in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, or in statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by another entity or entities as may be approved by a significant segment of the accounting profession, that are applicable to the circumstances for that day. The requirement that
such principles be applied on a consistent basis means that the accounting principles observed in a current period shall be comparable in all material respects to those applied in an earlier period, with the exception of changes in application to
which the Seller’s independent certified public accountants have agreed and which changes and their effects are summarized in the subject company’s financial statements following such changes. If (a) during the term of this Agreement
any change(s) in such principles occur(s) which materially changes the meaning or effect of any provision of this Agreement and (b) the Seller or the Buyer regard such change(s) as adverse to their respective interests, then upon written notice
by the Seller to the Buyer, or by the Buyer to the Seller, the parties to this Agreement shall negotiate  

  
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promptly and in good faith a supplement or amendment to this Agreement to achieve as nearly as possible preservation and continuity of the business substance of this Agreement in light of
such change; provided that the Buyer shall not be obligated to commence, continue or conclude any such negotiation or to execute any such supplement or amendment after any Potential Default has occurred (other than a Potential Default caused
by such change) and before it has been cured or after any Event of Default has occurred (other than an Event of Default caused by such change) that the Buyer has not declared in writing to have been cured or waived. 

“Ginnie Mae” means the Government National Mortgage Association, and any successor thereof. 

“Ginnie Mae Guide” means collectively, the “Ginnie Mae I Mortgage-Backed Securities Guide” and the
“Ginnie Mae II Mortgage-Backed Securities Guide” published by HUD, as modified, amended, supplemented or restated from time to time. 

“Governmental Authority” means any foreign governmental authority, the United States of America, any state of the
United States and any political subdivision of any of the foregoing, and any agency, department, commission, board, bureau, court or other tribunal of any of the foregoing. 

“Government Sponsored Loan” means a Mortgage Loan issued, guaranteed, sponsored or otherwise underwritten to conform
to the requirements of FHA, VA or any other state or federal governmental program. 
 “Guarantee” or
“guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any indebtedness or other obligation of any other
Person (the “Primary Obligor”) in any manner, whether directly or indirectly and including any obligation, direct or indirect, of the guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of)
such indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of
such indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such
indebtedness of other obligation or (d) as an account party or applicant in respect of any letter of credit or letter of guaranty issued in support of such indebtedness or obligation; provided, that the term “Guarantee”
shall not include endorsements for collection of deposits in the ordinary course of business with respect to checks or other items for collection. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantor(s)” means, if applicable, jointly and severally, those guarantor(s) whose names are set forth
in Appendix 1, Item 2.2.7, and any other Person who now or hereafter guarantees all or any portion of the Obligations, and their respective legal representatives, successors and permitted assigns. Each of the Guarantors shall be a
“Guarantor”. 
 “Guaranty” means the agreement(s), titled and dated as of such date
set forth in Appendix 1, Item 2.2.8, if any, and any other guaranty agreement now or hereafter executed by Guarantors, or any of them, in favor of the Buyer, and all modifications, amendments, reaffirmations or replacements thereof or
additions thereto. 
 “Hazard Insurance Policy” means, with respect to each Purchased Loan, the policy of
fire and extended coverage insurance required by Section 17.13(ii)(a) to be maintained for the related Mortgaged Premises’ improvements (and, if the related Mortgaged Premises are located in a federally-designated special flood
area, federal flood insurance issued in accordance with the Flood Disaster Protection Act of 1973, as amended from time to time, or, if repealed, any superseding legislation governing similar insurance coverage, or similar coverage against loss
sustained by floods or similar hazards that conforms to the flood insurance requirements prescribed by Fannie Mae guidelines, which may be provided under a separate insurance policy), which insurance may be a blanket mortgage impairment policy
maintained by the Seller or such Purchased Loan’s Servicer, if applicable, in accordance with the terms and conditions of Section 17.13(ii)(b). 

  
 2-8 

 “Hedging Arrangements” means any agreement or other arrangement
(including without limitation, an interest rate swap agreement, an interest cap agreement, and a forward sale agreement) entered into by the Seller to protect itself against changes in interest rates or the market value of assets.  

“HUD” means the U.S. Department of Housing and Urban Development and any successor thereof. 

“In Default” means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty
(30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure
proceedings or the commencement of a case in bankruptcy as to the Customer in respect of such Mortgage Loan. 

“Income” means, with respect to any Purchased Loan on any day, all payments of principal, interest, fees and other
distributions thereon or proceeds thereof paid by or on behalf of the applicable Customer. 
 “Intangible
Assets” means those assets of the Seller which are (a) deferred assets, other than prepaid insurance and prepaid taxes; (b) patents and applications therefor, copyrights, trademarks, service marks, trade names, copyright,
trademark, service mark and trade name registrations and applications, goodwill, franchises, permits, experimental expenses and other similar assets which would be classified as “intangible assets” under GAAP; (c) treasury stock (or
its equivalent) and any write-up of the value of any assets after the date of the Seller ’s most recent year end financial statements provided to the Buyer; (d) Servicing Rights; and (e) any other assets which would be classified as
“intangible assets” under GAAP. 
 “Intercreditor Agreement” means a written intercreditor/interparty
agreement in form and substance satisfactory to and approved by the Buyer that sets forth the relative rights and priorities of the parties thereto with respect to certain collateral or other assets pledged or assigned to them by the Seller, which
collateral or other assets may be shared or not among the parties thereto from time to time, and includes all amendments, supplements or restatements thereto or thereof. 

“Investor Commitment” means a Best Efforts Commitment or a Mandatory Commitment.  

“Investor Funding Account” means such account, the number of which is set forth in Appendix 1,
Item 2.2.9, maintained in the name of the Seller with the Buyer at the office of the Buyer set forth in Appendix 1, Item 24.2, into which Repurchase Price payments from the Seller or for the Seller’s
account by Approved Investors, settlement of Income collections from Purchased Loans and settlement proceeds from the sale of Agency MBS (via transfer from the Custodial Account) shall be deposited and applied to reduce the Repurchase Prices of such
Purchased Loans in accordance with Section 4.4. The Investor Funding Account shall be a “blocked account” under the Buyer’s sole control and the Seller shall not have access to monies on deposit therein until transfer from
time to time of surplus monies (after payment of Transactions) to the Operating Account in accordance with the provisions hereof. The Investor Funding Account shall not be subject to deductions, set-off or any other right in favor of any Person
other than the Buyer. The term “Investor Funding Account” shall be deemed to include any substitute or replacement account at the Buyer.  

“Jumbo Mortgage Loan” if identified as an Approved Loan Type in Appendix 2, Item 2.2.2.1, is defined in Annex
D. If “Jumbo Mortgage Loan” is not identified as an Approved Loan Type in Appendix 2, Item 2.2.2.1, then this definition shall be inapplicable. 

“Law” means any law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction, franchise,
permit, certificate, license, authorization or other determination, direction or requirement (including any of the foregoing which relate to environmental standards or controls, energy regulations and occupational safety and health standards or
controls) of any (domestic or foreign) arbitrator, court or other Governmental Authority. 
 “Leverage Ratio”
means, as of any date of determination thereof, the ratio of (a) Total Liabilities as of such date, plus any outstanding balances on early purchase, early payment, off-balance sheet or like facilities normally excluded from liabilities
under GAAP as of such date, less Subordinated Debt as of such date, to (b) Adjusted Tangible Net Worth as of such date, all determined in accordance with GAAP except as otherwise provided herein. 

  
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 “Liabilities” is defined in the definition of “Total
Liabilities”. 
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or
encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest). 

“Liquidity” means, as of any date of determination thereof, an amount equal to the Seller’s cash and Cash Equivalents on
hand and unencumbered (excluding any cash and Cash Equivalents held in any escrow account, reserve account and/or collateral account and any amount by which the Seller-related escrow and MIP liabilities exceed the escrow and MIP assets in escrow and
MIP accounts maintained by the Seller) as of such date, plus, if applicable, cash of the Seller pledged against the Repurchase Facility as of such date, as long as such cash is held in a deposit account (including, without limitation, the
Cash Collateral Account) maintained by the Seller with the Buyer, plus, if applicable, the balance (if any) of the Seller’s cash swept against the Repurchase Facility (pursuant to a sweep agreement between the Seller and the Buyer) as of
such date which is available to be repaid to the Seller by the Buyer. 
 “Loan Funding Account” means
such account, the number of which is as set forth in Appendix 1, Item 2.2.10, maintained in name of the Seller with the Buyer at the office of the Buyer set forth in Appendix 1, Item 24.2, into which (i) the proceeds of
Transactions may be deposited upon disbursement by the Buyer (and used solely to cover wires requested by the Seller from the Loan Funding Account solely for the purpose of funding Purchased Loans hereunder), (ii) the amounts withdrawn from the
Operating Account to cover the difference between (x) the amount of all items drawn on the Loan Funding Account, including wire transfers to originate or acquire Mortgage Loans to be sold to the Buyer, and (y) the amount of the Purchase
Price, if any, paid by the Buyer for such Mortgage Loans, may be deposited pending disbursement, and/or (iii) amounts withdrawn from the Operating Account for the payment to the Buyer of Repurchase Prices of Purchased Loans or Buyer’s
Margin Amounts may be deposited pending application to the applicable Obligation. The Loan Funding Account shall be a “blocked account” under the Buyer’s sole control and the Seller shall not have access to monies on deposit therein
until the wire transfer from time to time of such monies therefrom is actually completed in accordance with the provisions hereof. The Loan Funding Account shall not be subject to deductions, set-off or any other right in favor of any Person other
than the Buyer. The term “Loan Funding Account” shall be deemed to include any substitute or replacement account at the Buyer. 

“Loan Papers” means the Mortgage Note and all of the other papers related to the establishment of a Purchased Loan and
the creation, perfection and maintenance of its Lien on the Mortgaged Premises, including the Required Documents and any papers securing, guaranteeing or otherwise related to or delivered in connection with any Purchased Loan, in a form acceptable
to the Buyer (including any guaranties, lien priority agreements, security agreements, mortgages, deeds of trust, collateral assignments of the Seller’s interest in underlying obligations or security, subordination agreements, negative pledge
agreements, loan agreements and title, mortgage, pool and casualty insurance policies), as any such Loan Paper may be supplemented, amended, restated or replaced from time to time. 

“Loan Schedule” means a schedule of Eligible Loans, in a form acceptable to the Buyer, which identifies each Eligible
Loan purchased or to be purchased (as the context requires) from the Seller by the Buyer in a proposed or executed (as the context requires) Transaction. 

“Loan-to-Value Ratio” means, with respect to any Mortgage Loan, the ratio of (a) the principal amount of
such Mortgage Loan outstanding at the origination thereof to (b) the appraised value of the Mortgaged Premises securing such Mortgage Loan (as set forth in the Appraisal delivered in connection with the origination of such Mortgage Loan).

 “Mandatory Commitment” shall mean a bona fide, current, unfilled and unexpired written commitment held by the
Seller from an Approved Investor to purchase Mortgage Loans or, if applicable, an Agency MBS, in form and substance satisfactory to the Buyer in its sole discretion, (a) that specifies (i) the type or item(s) of Mortgage Loans 

  
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or, if applicable, Agency MBS to be purchased, (ii) a purchase date or purchase deadline date, and (iii) a purchase price or the criteria by which the purchase price will be
determined, and (b) that is a so-called “mandatory” commitment, under which the Seller is obligated to sell such Mortgage Loan(s) or, if applicable, Agency MBS. 

“Margin Call” is defined in Section 7.1. 

“Margin Deficit” is defined in Section 7.1. 

“Margin Market Value” means, with respect to any Purchased Loan, the product of (A) the Market Value of such
Purchased Loan and (B) the Buyer’s Margin Percentage of such Purchased Loan. 
 “Margin Stock” has
the meaning assigned to that term in Regulation U as in effect from time to time. 
 “Market Value” means
what the Buyer reasonably determines the market value of any Purchased Loan to be, taking into account customary factors, including current market conditions and the fact that such Purchased Loan may be sold or otherwise disposed of under
circumstances where the Seller is in default under this Agreement or where the Seller is in default under a relevant Servicing Agreement. The Buyer’s determination of Market Value hereunder shall be conclusive and binding upon the parties,
absent manifest error. 
 “Marketable Security” means an equity or debt security (including a mutual fund)
that meets all of the following requirements: (a) such security is listed on a national securities exchange or freely traded in the over-the-counter market; (b) such security is not subject to resale restrictions, either under securities
laws or contractual agreements, even though other securities of the same class may be freely marketable; (c) the issuer of such security has a long-term rating of BBB- by Standard & Poor’s (a division of The McGraw-Hill
Companies), Baa3 by Moody’s Investors Service, Inc. or the equivalent rating by another nationally-recognized ratings service acceptable to the Buyer; and (d) such security is not considered a “penny stock” under the Securities
Exchange Act of 1934, as amended (the “1934 Act”). 
 “Master Custodial Agreement” means, if applicable, a
written master clearing and custodial agreement, securities account control agreement or similar agreement (however titled) among the Buyer, the Seller, the custodian a party thereto (or such other securities intermediary as shall be acceptable to
the Buyer in its sole and absolute discretion), as custodian, and such other parties (if any) as the Buyer may permit, in a form and substance acceptable to the Seller and the Buyer, as it may be supplemented, amended, restated or replaced from time
to time. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
property, operations, financial condition or results of operations of the Seller and, if applicable, its Subsidiaries, taken as a whole, (b) the ability of the Seller to pay and perform the Obligations, or (c) the Buyer’s rights in
respect of any of the Purchased Loans. 
 “Material Amount” means, at any time, ten percent (10%) or more of
Tangible Net Worth (determined based on the most recent monthly balance sheet delivered to the Buyer pursuant to Section 17.1(ii)). 

“MBS” means a mortgage pass-through security, collateralized mortgage obligation, Real Estate Mortgage Investment
Conduit or other security that (i) is based on and backed by an underlying pool of Mortgage Loans and (ii) provides for payment by its issuer to its holder of specified principal installments and/or a fixed or floating rate of interest on
the unpaid balance and for all prepayments to be passed through to the holder, whether issued in certificated or book-entry form and whether or not issued, guaranteed, insured or bonded by Ginnie Mae, Fannie Mae, Freddie Mac, an insurance company, a
private issuer or any other investor.  
 “MERS” means Mortgage Electronic Registration Systems, Inc., a
Delaware corporation, or its successors or assigns. 
 “MERS Designated Loan” means a Purchased Loan
registered to the Seller on the MERS® System. 

  
 2-11 

 “MERS Procedures Manual” means the MERS Procedures Manual, as it may be
amended from time to time. 
 “MERS® System” means
the Electronic Agent’s mortgage electronic registry system, as more particularly described in the MERS Procedures Manual. 

“Minimum Balance” is defined in Section 17.14. 

“Mortgage” means a mortgage, deed of trust, deed to secure debt, security deed or other mortgage instrument or similar
evidence of lien legally effective in the United States jurisdiction where the relevant real property is located to create and constitute a valid and enforceable Lien, subject only to Permitted Encumbrances, on the fee simple or long term ground
leasehold estate in improved real property. 
 “Mortgage Assignment” means an assignment of a Mortgage in a
form sufficient under the Laws of the United States jurisdiction where the real property covered by such Mortgage is located to give record notice of such assignment of such Mortgage, to perfect the assignment and to establish its priority relative
to other transactions in respect of the Mortgage assigned (no Mortgage Assignment is required for any Mortgage that has been originated in the name of MERS and registered under the MERS®
System). 
 “Mortgage Loan” means any loan evidenced by a Mortgage Note and includes all right, title and
interest of the lender or mortgagee of such Mortgage Loan as a holder of both the beneficial and legal title to such Mortgage Loan, including (i) all loan documents, files and records of the lender or mortgagee for such Mortgage Loan, including
the Loan Papers, (ii) the monthly payments, any prepayments, insurance and other proceeds, (iii) the rights to service such Mortgage Loan and (iv) all other rights, interests, benefits, security, proceeds, remedies and claims in favor
or for the benefit of the lender or mortgagee arising out of or in connection with such Mortgage Loan. 
 “Mortgage
Note” means a promissory note secured by a Mortgage. 
 “Mortgaged Premises” means the Property
securing a Mortgage Loan. 
 “Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which the Seller or any ERISA Affiliate makes or is obligated to make contributions, or has any continuing liability. 

“Non-Usage Fee” means the fee payable by the Seller to the Buyer pursuant to Section 10.1(iii). 

“Notices” is defined in Article 24. 

“Obligations” means (a) all of the Seller’s obligations and liabilities to the Buyer and any of its Affiliates
(whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and
later increased, created or incurred) whether under or arising out of this Agreement or any of the other Facility Papers and/or any other documents or agreements to which the Seller, on the one hand, is a party with the Buyer and/or any of its
Affiliates, on the other hand, and whether related to the Repurchase Facility or any other facility or arrangement between the Seller and the Buyer and/or any of its Affiliates, including without limitation, all Repurchase Prices, Price
Differentials (including any interest equivalent accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Seller, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding), all reimbursement obligations, fees, indemnification and reimbursement payments, costs and expenses (including all fees, costs and expenses of counsel to the Buyer, incurred pursuant to or in
connection with this Agreement or any other Facility Papers, whether incurred at trial, on appeal, in bankruptcy, or otherwise), together with all renewals, extensions, modifications and refinancings thereof, and (b) all obligations of the
Seller, monetary or otherwise, under any Hedging Arrangements relating to the obligations referred to in the preceding clause (a) entered into with the Buyer (or an Affiliate thereof), and (c) any and all Depository Obligations. 

  
 2-12 

 “Officer’s Certificate” means a certificate executed on behalf of
the Seller by its chief executive officer, president, chief financial officer, treasurer, any of its executive vice presidents or senior vice presidents, its company secretary, its controller, its manager or such other Persons as shall be acceptable
to the Buyer. 
 “Open Transaction” means a Transaction in which the Buyer has purchased and paid for the
related Purchased Loan(s) but the Seller has not repurchased said Purchased Loan(s), and “Open” means that the subject Transaction is an Open Transaction. 

“Operating Account” means such account, the number of which is set forth in Appendix 1,
Item 2.2.11, maintained in name of the Seller with the Buyer at the office of the Buyer set forth in Appendix 1, Item 24.2, used by the Seller in the operation of the Seller’s business and into which surplus funds (after
payment of Transactions) transferred from the Investor Funding Account shall be deposited and made available to the Seller. The Seller irrevocably authorizes the Buyer, which authorization shall remain in effect until all Obligations are fully and
finally paid, (i) to withdraw funds on any day for transfer to the Loan Funding Account to cover the difference between (x) the amount of all items drawn on the Loan Funding Account, including wire transfers to originate or acquire
Mortgage Loans to be sold to the Buyer, and (y) the amount of the Purchase Price, if any, paid by the Buyer for such Mortgage Loans, (ii) to withdraw funds on any day for transfer to the Investor Funding Account to cover the difference (if
negative) between (x) the sale proceeds received from the purchaser of any Purchased Loan or Agency MBS, as applicable, and (y) the full amount of the Repurchase Price(s) owed to the Buyer for such Purchased Loan or for all of the
Purchased Loans supporting such Agency MBS, as applicable, (iii) to withdraw funds from time to time for payment to the Buyer of Price Differential and Fees when due, (iv) to withdraw funds on any day in an amount equal to the aggregate
Repurchase Prices of all Purchased Loans that are Past Due on that day, (v) to withdraw funds from time to time in connection with any Margin Call for payment to the Buyer of any Buyer’s Margin Amount when due, and (vi) to, while any
Potential Default or Event of Default exists, set off from amounts held in such account any amounts owed to the Buyer on account of the Obligations. The term “Operating Account” shall be deemed to include any substitute or replacement
account at the Buyer. The Operating Account shall be subject to set off by the Buyer. 
 “Other Approved
Facilities” means the existing facilities, if any, listed in Appendix 2, Item 2.18.2. 

“Other Approved Facility Papers” means, if applicable, the agreements and documents (and any amendments, supplements
and restatements thereof) executed in connection with the Other Approved Facilities. 
 “Other Assets
Collateral” is defined in Article 40. 
 “Participant” is defined in Section 23.1(i).

 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and
any successor thereto. 
 “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum
required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Protection Act of 2006, as amended, Section 412 of the Code and
Section 302 of ERISA, each as in effect prior to the Pension Protection Act of 2006, as amended, and, thereafter, Section 412, 430, and 436 of the Code and Sections 302 and 303 of ERISA. 

“Per Loan Limit” is defined on Schedule EL. 

“Permitted Encumbrances” means, in respect of the Mortgaged Premises securing a Mortgage Loan, (i) tax Liens for
real property taxes and government-improvement assessments that are not delinquent; (ii) easements and restrictions that do not materially and adversely affect the title to or marketability of such Mortgaged Premises or prohibit or interfere
with the use of such Mortgaged Premises as a one-to-four family residential dwelling; (iii) reservations as to oil, gas or mineral rights, provided such rights do not include the right to remove buildings or other material improvements on or
near the surface of such Mortgaged Premises or to mine or drill on the surface thereof or otherwise enter the surface for purposes of mining, drilling or exploring for, or producing, transporting or 

  
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otherwise handling oil, gas or other minerals of any kind; (iv) agreements for the installation, maintenance or repair of public utilities, provided such agreements do not create or
evidence Liens on such Mortgaged Premises or authorize or permit any Person to file or acquire claims or Liens against such Mortgaged Premises; and (v) such other exceptions (if any) as are acceptable under relevant Agency guidelines;
provided that any encumbrance that is not permitted pursuant to the standards of any relevant Investor Commitment by which the subject Mortgage Loan is covered shall not be a Permitted Encumbrance. 

“Permitted Liens” is defined in Section 18.1. 

“Person” means and includes any corporation, natural person, firm, joint venture, partnership, limited liability
company, trust, unincorporated organization, government or any political subdivision, department, agency or instrumentality of any government. 

“Plan or Pension Plan” means any “employee pension benefit plan”, as defined in Section 3(2) of ERISA
(other than a Multiemployer Plan) that is maintained, contributed to or required to be contributed to by the Seller and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under
Section 412 of the Code. 
 “Potential Default” means the occurrence of any event or existence of any
condition that, but for the giving of notice, the lapse of time or both, would constitute an Event of Default. 

“Principal Balance” means, for any day, the unpaid principal balance of a Purchased Loan on that day.  

“Procedural Manual” means the internally prepared manual of BB&T’s Mortgage Warehouse Lending Division
setting forth the administrative and operational procedures of such division for certain matters related to the handling, requirements and monitoring of Purchase Requests and Transactions, as the same may be modified, amended, supplemented or
restated from time to time. 
 “Prohibited Transaction” means any transaction described in section 406 of
ERISA that is not exempt by reason of section 408 of ERISA or the transitional rules set forth in section 414(c) of ERISA and any transaction described in section 4975(c)(1) of the Code that is not exempt by reason of section 4975(c)(2) or section
4975(d) of the Code, or the transitional rules of section 2003(c) of ERISA. 
 “Property” means any interest
of a Person in any kind of property, whether real, personal or mixed, tangible or intangible. 
 “Purchase
Date” means, for each Transaction, the date the Buyer funds the purchase of the applicable Purchased Loan(s) (including, without limitation, any Purchased Loan that is a Wet Mortgage Loan). 

“Purchase Price” means (i) on the relevant Purchase Date, the price at which a Purchased Loan in a Transaction is
sold by the Seller to the Buyer, such price being equal to the Purchase Value of such Purchased Loan, and (ii) thereafter, except where the Buyer and the Seller agree in writing otherwise, a price equal to the Purchase Value of such Purchased
Loans decreased by amounts theretofore paid by the Seller in respect of such Transaction (as determined by the Buyer) to the Buyer pursuant to the terms hereof, including Sections 4.3, 7.1 and 13.4 (absent manifest error, the
Buyer’s determination of same being conclusive and binding). 
 “Purchase Request” means a request from
the Seller to enter into a Transaction with the Buyer, in the form set forth or provided for in the Procedural Manual (or another form acceptable to the Buyer), and, if applicable, a request to wire transfer the related Purchase Price to a
designated account as set forth therein, as more particularly described in the Procedural Manual, Electronically Submitted or, if it cannot be Electronically Submitted, by facsimile pursuant to Article 4. The term “Purchase Request”
shall also include the Loan Schedule for the related Eligible Loan being purchased by the Buyer under such Transaction. 

  
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 “Purchase Value” means, with respect to all Eligible Loans
of a particular Approved Loan Type, the value set forth in Appendix 2, Item 2.2.2.3 applicable to Mortgage Loans of such Type.  

“Purchased Loan” means a Mortgage Loan sold by the Seller to the Buyer under the Repurchase Facility. In addition, the
term “Purchased Loans” shall also include all assets and properties described in EXHIBIT A of Schedule 11. 

“Purchased Loans Records” means books, records, ledger cards, files, papers, documents, instruments, certificates,
appraisal reports journals, reports, correspondence, customer lists, information and data that describes, catalogs or lists such information or data, computer printouts, media (tapes, discs, cards, drives, flash memory or any other kind of physical
or virtual data or information storage media or systems) and related data processing software (subject to any licensing restrictions) and similar items that at any time evidence or contain information relating to any of the Purchased Loans, and
other information and data that is used or useful for managing and administering the Purchased Loans, together with the nonexclusive right to use (in common with the Seller and any other secured party that has a valid and enforceable security
interest therein and that agrees that its security interest is similarly nonexclusive) the Seller’s operating systems to manage and administer any of the Purchased Loans and any of the related data and information described above, or that
otherwise relates to the Purchased Loans, together with the media on which the same are stored to the extent stored with material information or data that relates to property other than the Purchased Loans (tapes, discs, cards, drives, flash memory
or any other kind of physical or virtual data or information storage media or systems), and the Seller’s rights to access the same, whether exclusive or nonexclusive, to the extent that such access rights may lawfully be transferred or used by
the Seller’s permittees, and any computer programs that are owned by the Seller (or licensed to the Seller under licenses that may lawfully be transferred or used by the Seller’s permittees) and that are used or useful to access, organize,
input, read, print or otherwise output and otherwise handle or use such information and data. 
 “Purchased Loans
Support” means all property (real or personal) assigned, hypothecated or otherwise securing obligations in respect of Purchased Loans and includes any security agreement or other agreement granting a lien or security interest in such real
or personal property, including: 
 (i) all Loan Papers, whether now owned or hereafter acquired, related to, and all private mortgage
insurance on, any Purchased Loans, and all renewals, extensions, modifications and replacements of any of them; 
 (ii) all rights, liens,
security interests, guarantees, insurance agreements and assignments accruing or to accrue to the benefit of the Seller in respect of any Purchased Loan; 

(iii) all of the Seller’s rights, powers, privileges, benefits and remedies under each and every paper now or hereafter securing,
insuring, guaranteeing or otherwise relating to or delivered in connection with any Purchased Loan, including all guarantees, lien priority agreements, security agreements, deeds of trust, Purchased Loans assignments, subordination agreements,
negative pledge agreements, loan agreements, management agreements, development agreements, design professional agreements, payment, performance or completion bonds, title and casualty insurance policies and mortgage guaranty or insurance contracts;

 (iv) all of the Seller’s rights, to the extent assignable, in, to and under any and all commitments issued by (1) Ginnie Mae,
Fannie Mae, Freddie Mac, another mortgage company or any other investor or the Buyer or a securities issuer to guarantee, purchase or invest in any of the Purchased Loans or any MBS based on or backed by any of them or (2) any broker or
investor to purchase any MBS, whether evidenced by book entry or certificate, representing or secured by any interest in any of the Purchased Loans, together with the proceeds arising from or pursuant to any and all such commitments; 

(v) all rights under every Hazard Insurance Policy relating to the improvements securing a Purchased Loan for the benefit of the lender or
mortgagee under such Purchased Loan, the proceeds of all errors and omissions insurance policies and all rights under any blanket hazard insurance policies to the extent they relate to any Purchased Loan or its security and all hazard insurance or
condemnation proceeds paid or payable with respect to any of the Purchased Loans and/or any of the Property securing payment of any of the Purchased Loans or covered by any related instrument; 

  
 2-15 

 (vi) all present and future claims and rights of the Seller to have, demand, receive, recover,
obtain and retain payments from, and all proceeds of any nature paid or payable by, any governmental, quasi-governmental or private mortgage guarantor or insurer (including VA, FHA or any other Person) with respect to any of the Purchased Loans; and

 (vii) all tax, insurance, maintenance fee and other escrow deposits or payments made by the Customers under such Purchased Loans (the
Buyer acknowledges that the Seller’s rights in such deposits are limited to the rights of an escrow agent and such other rights, if any, in and to such deposits as are accorded by the Purchased Loans and related papers). 

“Regulation U” means Regulation U promulgated by the Board of Governors of the Federal Reserve System (or any
successor thereto), 12 C.F.R. Part 221, or any other regulation when promulgated to replace the prior Regulation U and having substantially the same function. 

“Regulation Z” means Regulation Z promulgated by the Bureau of Consumer Financial Protection (or any successor
thereto), 12 C.F.R. Part 1026, or any other regulation when promulgated to replace the prior Regulation Z and having substantially the same function. 

“Reinstatement Fee” means the fee payable by the Seller to the Buyer pursuant to Section 10.1(iv). 

“Reportable Event” means any of the events set forth in section 4043(b) of ERISA or the regulations thereunder, a
withdrawal from a Plan described in section 4063 of ERISA, a cessation of operations described in section 4062(e) of ERISA, an amendment to a Plan necessitating the posting of security under section 401(a)(29) of the Code, or a failure to make a
payment required by section 430(j) of the Code and section 302(e) of ERISA when due. 
 “Repurchase Date”
means (i) upon demand by the Seller or (ii) if earlier, the date on which the Seller is required to repurchase a Purchased Loan from the Buyer, being the earliest of (A) the date on which an Approved Investor is required to purchase
such Purchased Loan, or if applicable, the related Agency MBS; (B) the last day of the Repurchase Period with respect to such Purchased Loan; or (C) any date determined by application of the provisions of Sections 4.3 or 19.
 
 “Repurchase Facility” means the revolving mortgage loan repurchase facility provided to the Seller by the
Buyer pursuant to this Agreement. 
 “Repurchase Period” means, with respect to any Purchased Loan, the period
commencing on the applicable Purchase Date or Transfer Date, as applicable, and ending on the first to occur of: (A) the expiration of the period set forth in Appendix 2, Item 2.2.2.3 as being the standard Repurchase Period for the
Approved Loan Type that applies to such Purchased Loan; (B) the expiration of the Investor Commitment for such Mortgage Loan (or if applicable, the related Agency MBS) or certificate covering the same or rejection by the Approved Investor under
the Investor Commitment for such Mortgage Loan (or if applicable, the related Agency MBS) for purchase unless, in either case, within ten (10) Banking Days thereafter such Mortgage Loan (or if applicable, the related Agency MBS) becomes covered
by a new Investor Commitment; or (C) if applicable, ten (10) days after redelivery by the Buyer to the Seller of any non-conforming instrument or document for correction unless the Seller has completed the correction thereof and delivered
the same to the Buyer within such ten-day period. In no event shall the Repurchase Period for any Transaction exceed 364 days after the applicable Purchase Date or Transfer Date, and the foregoing shall not constitute authorization or approval to
extend the applicable Repurchase Period for any Transaction up to such number of days if the applicable Repurchase Period is for a shorter period of time pursuant to any of the above clauses (A) through (C). 

“Repurchase Price” means the price at which a Purchased Loan is to be resold by the Buyer to the Seller on the
applicable Repurchase Date, which will be determined in each case as the sum of (x) the Purchase Price, (y) the accrued and unpaid Price Differential as of the date of such determination, and (z) any accrued and unpaid Fees, expenses
and indemnity amounts. 

  
 2-16 

 “Required Documents” means all of the Loan Papers that must be delivered
to the Buyer (in the case of Dry Mortgage Loans, prior to the related Purchase Date and, in the case of Wet Mortgage Loans, on or before the seventh (7th) Banking Day after the related
Purchase Date) in order for any particular Purchased Loan to have or continue to have Market Value. The Procedural Manual lists the Required Documents. 

“Requirements of Law” means as to any Person the formation or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation, or a final and binding determination of an arbitrator or a determination of a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to
which such Person or any of its Property is subject. 
 “Servicer” means, collectively, with respect to each
Purchased Loan, any Person who owns or holds the rights to service such Purchased Loan (the “Servicing Rights”), and any Person who as a servicer or subservicer is primarily responsible for performing the servicing functions for
such Purchased Loan, which is identified in a Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2602, as amended, notification letter as the Person to whom the applicable Customer sends scheduled loan payments. 

“Servicing Agreement” means, with respect to any Person, the arrangement — whether or not in writing —
pursuant to which that Person acts as a Servicer of Mortgage Loans, whether owned by that Person or by others. 

“Servicing Rights” is defined in the definition of “Servicer”. 

“SIPA” means the Securities Investors Protection Act of 1970, 15 U.S.C. § 78a et. seq., as amended.

 “Sublimit” means one or more (as the context requires) of the concentration limits under the Repurchase Facility
described in Article 5. 
 “Subordinated Creditor” means each creditor holding indebtedness or other
obligations of the Seller that are subordinated to the Obligations pursuant to the terms and conditions of the Subordination Agreement applicable to such creditor. 

“Subordinated Debt” means any indebtedness of the Seller subordinated in writing pursuant to a Subordination Agreement
to the Obligations on terms and conditions satisfactory in all respects to the Buyer, in its sole discretion, including without limitation, with respect to interest rates, payment terms, maturities, amortization schedules, collateral, covenants,
defaults, remedies, and subordination provisions, as evidenced by the written approval of the Buyer. 
 “Subordination
Agreement” means a written subordination agreement in form and substance satisfactory to and approved by the Buyer that subordinates (x) the debts and obligations identified therein owing by the Seller to the Person signing such
Subordination Agreement as a creditor, to (y) the Obligations, in both right of payment and lien priority, including standstill and blockage provisions approved by the Buyer. 

“Subsidiary” means, with respect to any Person (herein referred to as the “parent”), any corporation,
association or other business entity of which more than fifty percent (50%) of the securities or other ownership interests having ordinary voting power is, or with respect to which rights to control management (pursuant to any contract or other
agreement or otherwise) are, at the time as of which any determination is being made, owned, controlled or held by the parent or one or more subsidiaries of the parent. 

“Tangible Assets” means all assets of the Seller, determined in accordance with GAAP, but excluding Intangible
Assets. 
 “Tangible Net Worth” means, as of any date of determination thereof, an amount equal to the
difference between (a) Tangible Assets as of such date and (b) Total Liabilities as of such date, all determined in accordance with GAAP. 

“Taxes” is defined in Article 8. 

  
 2-17 

 “Termination Date” means the earlier of (i) the date
set forth on Appendix 2, Item 2.2.2.5 or (ii) the date when the Buyer’s Commitment is terminated pursuant to this Agreement or by operation of Law. 

“Total Assets” means all assets of the Seller, determined in accordance with GAAP. 

“Total Liabilities” or “Liabilities” means, as of any date of determination thereof, all liabilities and
obligations of the Seller, determined in accordance with GAAP, and includes, without limitation, Current Liabilities and all indebtedness or other obligations for borrowed money or for the deferred purchase price of property or services as of such
date. 
 “Transactions” means transactions in which the Seller sells, transfers, assigns and conveys to the Buyer
all of the Seller’s right, title and interest in and to certain Eligible Loans, against the transfer of funds by the Buyer, subject to a simultaneous agreement by the Seller to repurchase from the Buyer such Eligible Loans (i) upon written
notice to the Buyer by the Seller, (ii) on a prescribed date in the future, (iii) upon the occurrence of prescribed events or (iv) on the Termination Date, against the transfer of funds by the Seller, all as more fully set forth in,
and subject to the terms and conditions of, this Agreement, and each such transaction is referred to herein as a “Transaction”. 

“Transfer Date” means with respect to any Transaction entered into under the Aged Mortgage Loans Sublimit (if
applicable), the date upon which such Mortgage Loan is transferred from its original Sublimit to the Aged Mortgage Loans Sublimit. 

“Type” means (a) when used in respect of any Mortgage Loan, any Eligible Loan or any Purchased Loan, the specific
Approved Loan Type applicable thereto, and (b) when used in respect of any Sublimit, the specific Approved Sublimit applicable thereto. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of Florida; provided, that if by
reason of mandatory provisions of Law, the perfection or the effect of perfection or non-perfection of any security interest granted or deemed granted pursuant to this Agreement or the continuation, renewal or enforcement thereof is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of Florida, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such
perfection or effect of perfection or non-perfection. 
 “USDA” means the United States Department of Agriculture,
and any successor thereof. 
 “VA” means the Department of Veterans Affairs, and any successor thereof.

 “Wet Mortgage Loan” is defined in Annex B. 

“Wet Mortgage Loan Period” means, with respect to a Wet Mortgage Loan, the seven (7) Banking Day period,
commencing on the Purchase Date, by which the Seller must deliver to the Buyer the Required Documents and, if requested by the Buyer, the other Loan Papers for such Mortgage Loan.  

“Wholly-Owned Subsidiary” means any Subsidiary, all of the stock or ownership interests of every class of which shall,
at the time as of which any determination is being made, be owned by the Seller either directly or through a Wholly-Owned Subsidiary. 

2.3 Definitions for Price Calculations. For convenience of reference, definitions used in provisions relating to calculation of
the applicable Pricing Rate and payment of Price Differential are grouped together in this Section 2.3. 

“Base Rate” is defined in the definition of “Rate”. 

“Ceiling Rate” is defined in the definition of “Rate”. 

“Extended Wet Mortgage Loan Rate” is defined in the definition of “Rate”. 

  
 2-18 

 “Index” means a standard interest rate used as an index for determining a
Rate hereunder. The Indexes used in this Agreement are: 
 (i) “Applicable Index” which means,
with respect to all Eligible Loans of a particular Approved Loan Type, the index in the chart set forth in Appendix 2, Item 2.2.3.1 applicable to Mortgage Loans of such Type, and with respect to all Extended Wet Mortgage Loans and Past
Due Mortgage Loans, the index set forth therefor in such chart. 
 (ii) “LIBOR”, which means, for any day on
which a Transaction is Open, the rate appearing on the display designated as Reuters Screen LIBOR 01 Page (or on any successor or substitute page, or any successor to or substitute for such service, providing rate quotations comparable to
those currently provided on such page, as determined by the Buyer from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m. on that day, as the
rate for delivery on that day of one (1) month U.S. dollar deposits of One Million Dollars ($1,000,000) or, if not so reported on such service for any reason, then on any other interest rate reporting service of recognized standing designated
in writing by the Buyer to the Seller, as the one-month LIBOR, adjusted daily with each change in the one-month LIBOR; provided, however, in no event shall such rate be less than a floor rate per annum equal to the percentage set forth
in Appendix 2, Item 2.2.3.2, which floor rate is subject to change at any time upon written notice from the Buyer. If LIBOR determined as provided above would be less than zero percent (0.0%), then LIBOR shall be deemed to
be zero percent (0.0%). Any Price Differential based on LIBOR shall be (a) calculated on a 360 day basis applied for the actual number of days for which the Transaction to which it applies is Open (i.e., on a 365/360 (or 366/360 in a
leap year) day basis) and (b) adjusted daily with each change in LIBOR. 
 (iii) The “Prime
Rate”, which means the rate of interest per annum publicly announced from time to time by BB&T as its prime rate; provided, however, in no event shall such rate be less than a floor rate per annum equal to the
percentage set forth in Appendix 2, Item 2.2.3.3, which floor rate is subject to change at any time upon written notice from the Buyer. Each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective. The Prime Rate is a reference rate and is not necessarily the lowest rate. Any Price Differential based on the Prime Rate shall be (a) calculated on a 360 day basis applied for the actual number of days for which
the transaction to which it applies is Open (i.e. on a 365/360 (or 366/360 in a leap year) day basis) and (b) adjusted daily with each change in the Prime Rate. 

Should any issue ever arise in any forum or under any circumstances as to the amount of any Index for any then-current or any prior day, a
certificate of the chief credit officer of BB&T, stating such Index for that day, absent manifest error, shall conclusively establish what the Index was for that day. 

“Past Due” means that the Seller has not repurchased the subject Purchased Loan on or before its Repurchase Date.

 “Past Due Rate” is defined in the definition of “Rate”. 

“Price Differential” means, with respect to any Transaction hereunder for any day, the aggregate amount obtained by
daily multiplication, for each day, commencing on (and including) the Purchase Date and ending on (but excluding) such date of determination, of (i) the Pricing Rate applicable to such Transaction on such day, by (ii) the Purchase Price
for such Transaction on such day, reduced by the amount of Price Differential theretofore paid by the Seller to the Buyer with respect to such Transaction. Absent manifest error, the Buyer’s determination of the Price Differential shall be
conclusive and binding. 
 “Pricing Margin” means the pricing rate margin to be added to a
specified Index to determine a Rate. The margins used in this Agreement, to the extent applicable, are: (A) the “Applicable Margin”, which means, (1) with respect to all Eligible Loans of a particular
Approved Loan Type, the percentage set forth in Appendix 2, Item 2.2.3.1 applicable to Mortgage Loans of such Type; and (2) for Extended Wet Mortgage Loans, the percentage set forth therefor in Appendix 2, Item 2.2.3.1;
and (B) the “Past Due Margin”, which means the percentage set forth therefor in Appendix 2, Item 2.2.3.1. 

  
 2-19 

 “Pricing Rate” means the Rate for determination of Price Differential,
and shall be for all Open Transactions the Rates applicable to each of the Open Transactions; provided, that if on any day the applicable Rate for any such Transaction as a whole or the aggregate of all Open Transactions determined as
provided above shall exceed the relevant Ceiling Rate for that day, then the Rate therefor shall be reset to the Ceiling Rate on that day for that day. 

“Rate” means the Pricing Rate (R) to be multiplied by the Purchase Price (P) of the Purchased
Loans in each Open Transaction for the relevant time period (T) to determine Price Differential (I). Each Rate is stated as a per annum rate and is the sum of an Index and a Pricing Margin. The Rates used in this Agreement are:

 (i) The “Base Rate” which, for each day on which the relevant Transaction is Open, is a rate per annum equal to the
lesser of: 
 (a) the sum of (x) the Applicable Index for that day and (y) the Applicable Margin; or 

(b) the Ceiling Rate for that day; 

(ii) The “Ceiling Rate” which means, on any day, the maximum nonusurious rate of interest permitted for that day by
applicable Law, stated as a rate per annum; 
 (iii) The “Extended Wet Mortgage Loan Rate” which means, with respect to an
Extended Wet Mortgage Loan, for each day that the applicable Wet Mortgage Loan Period has been extended by the Buyer, a rate per annum equal to the sum of (x) the Applicable Index for that day and (y) the Applicable Margin; and 

(iv) The “Past Due Rate” which means, for any day after the Repurchase Date for the relevant Transaction, the lesser of: 

(a) the sum of (x) the Applicable Index for that day and (y) the Past Due Margin; and 

(b) the Ceiling Rate for that day. 
 Each
determination by the Buyer of any Rate, absent manifest error, shall be conclusive and binding. 
 2.4 Other Definitional Provisions and
Rules of Interpretation. 
 (i) Accounting terms not otherwise defined shall have the meanings given them under GAAP; provided,
that for purposes of determining compliance with any covenant set forth in Section 18.19, such terms shall be construed in accordance with GAAP as in effect on the date of this Agreement applied on a basis consistent with the financial
statements referred to in Section 16.1(iv)(a); and further provided, that if the Seller notifies the Buyer that the Seller wishes to amend any covenant in Section 18.19 to eliminate the effect of any change in
GAAP on the operation of such covenant (or if the Buyer notifies the Seller that the Buyer wishes to amend Section 18.19 for such purpose), then the Seller’s compliance with such covenant shall be determined on the basis of GAAP in
effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Seller and the Buyer. 

(ii) All terms not otherwise defined herein or by GAAP, which terms are defined in the UCC, shall have the meanings assigned to them in the
UCC. 
 (iii) Unless the context requires otherwise: (a) defined terms may be used in the singular or the plural, and any pronoun shall
include the corresponding masculine, feminine and neuter forms; (b) any definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Facility Paper); (c)

  
 2-20 

 
any reference to any Person shall be construed to include such Person’s successors and assigns; (d) the words “hereto”, “herein”, “hereof” and
“hereunder”, and words of similar import when used in any Facility Paper, shall be construed to refer to such Facility Paper in its entirety and not to any particular provision hereof or thereof; (e) all references in a Facility Paper
to Sections, Exhibits, Appendices and Schedules shall be construed to refer to Sections of, and Exhibits, Appendices and Schedules to, the Facility Paper in which such references appear; (f) any reference to any law shall include all statutory
and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law, and any references to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time; and (g) the words “asset” and “property” shall be construed to have the same meaning and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights. 
 (iv) Except where otherwise specified, all times of day used in the Facility Papers are local (U.S. Eastern
Time Zone) times in Orlando, Florida. 
 (v) Unless otherwise expressly indicated, in the computation of periods of time from a specified
date to a later date, the word “from” means “from and including”, the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including”. 

(vi) Unless the context plainly otherwise requires (e.g., if preceded by the word “not”), wherever the word “including” or
a similar word is used in the Facility Papers, it shall be read as if it were written, “including by way of example but without in any way limiting the generality of the foregoing concept or description”. 

(vii) Captions and section headings appearing in this Agreement and in the other Facility Papers are included for convenience of reference
only and shall not affect the interpretation of this Agreement or any other Facility Paper. 
 (viii) The parties acknowledge and agree that
if, pursuant to any separate written custodial, escrow or similar agreement (referred to in this clause (viii) as a “custodial agreement”) entered into by the Buyer and in effect during the term of this Agreement, the Buyer has
expressly appointed or designated a third party custodian on the Buyer’s behalf as bailee of, and custodian for, the Buyer (referred to in this clause (viii) as “Buyer’s custodian”) to take delivery or maintain custody or
possession of the Required Documents and/or other Loan Papers with respect to one or more Purchased Loans, and the Seller is required under the terms of such custodial agreement to deliver such Required Documents and/or other Loan Papers directly to
Buyer’s custodian, then delivery to, or custody or possession by, Buyer’s custodian of such Required Documents and/or other Loan Papers in accordance with the terms of such custodial agreement shall constitute delivery to, or custody or
possession by, the Buyer of such Required Documents and/or other Loan Papers for purposes of the provisions of this Agreement that require delivery to, or custody or possession by, the Buyer of such Required Documents and/or other Loan Papers,
unless and until the Seller is otherwise directed by the Buyer. The parties also acknowledge that a custodial agreement or a Master Custodial Agreement may include procedures for the delivery, review, processing and/or release of Purchased Loans,
the Required Documents and other Loan Papers related thereto, and/or Agency MBS. The parties hereby agree that, to the extent of any inconsistency (but solely to the extent of such inconsistency) in such procedures set forth in any custodial
agreement or Master Custodial Agreement and the corresponding provisions of Sections 20.4, 20.5 and/or 20.6 of this Agreement, the procedures set forth in such custodial agreement or Master Custodial Agreement, as applicable,
shall control. 
 (ix) Each of the Buyer and the Seller has had the opportunity to review this Agreement and the other Facility Papers with
counsel of its choice, and this Agreement and the other Facility Papers are the product of discussions and negotiations between the Buyer and the Seller. Accordingly, this Agreement and the other Facility Papers are not intended to be construed
against the Buyer merely on account of the Buyer’s involvement in the preparation of such documents. 

  
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 3 The Buyer’s Commitment 

3.1 The Buyer’s Commitment to Purchase. Subject to the terms and conditions of this Agreement, and provided the conditions
precedent set forth in Article 15 have been satisfied and no Potential Default or Event of Default has occurred that the Buyer has not declared in writing to have been cured or waived (or, if one has occurred and not been so declared cured or
waived, if the Buyer, in its sole discretion and with or without waiving such Potential Default or Event of Default, has elected in writing that Transactions under this Agreement shall continue nonetheless), the Buyer agrees to make revolving
purchases of Eligible Loans, until the Termination Date, so long as the Aggregate Outstanding Purchase Price does not exceed, subject to Article 5 and Section 7.1, the Commitment. 

3.2 Expiration or Termination of the Commitment. Unless extended in writing or terminated earlier in accordance with this
Agreement, the Buyer’s Commitment shall automatically expire at the close of business (A) on the date set forth in clause (i) of the definition of Termination Date, without any requirement for notice or any other action by the Buyer
or any other Person, or (B) on any date prior to the date set forth in clause (i) of the definition of Termination Date as may be determined by the Buyer, in its sole discretion, upon not less than 6 months’ notice to the Seller that
the Buyer intends to exit the warehouse lending business, in each case subject to earlier termination as set forth in Section 19.2. The Buyer’s Commitment may not be reduced in part by the Seller, but may be terminated in its
entirety at any time by the Seller upon at least one hundred twenty (120) days’ prior irrevocable notice to the Buyer, provided all Obligations are paid in full on or prior to such Termination Date. 

3.3 Changes in Product Eligibility. The Buyer may from time to time, in the exercise of the Buyer’s reasonable discretion
based on, among other things, prevailing market conditions or changes in the Buyer’s internal underwriting standards and without the consent of the Seller, revise the definition of Eligible Loans (making certain Mortgage Loans ineligible for
purchase hereunder); revise or delete (making certain Mortgage Loans ineligible for purchase hereunder) the definition of Approved Loan Types, one or more of the categories of Mortgage Loans thereunder and/or the underlying definitions for Mortgage
Loans of a specific Approved Loan Type; and/or add, revise or delete other mortgage loan product types based on market conditions, by delivery to the Seller of an Eligibility Change Notice. Each Eligibility Change Notice shall be effective as of the
effective date set forth therein, provided such effective date shall not be earlier than the date of the Seller’s receipt of the Eligibility Change Notice, and provided further that the revisions effectuated pursuant to the
Eligibility Change Notice shall not be applicable to Mortgage Loans in the Seller’s pipeline as of such effective date (i.e., Mortgage Loans that have been committed by the Seller as of such effective date but that have not yet closed).
Notwithstanding the foregoing, the Buyer’s failure to deliver an Eligibility Change Notice to the Seller shall not prevent the Buyer from revising or deleting the aforementioned definitions. 

  
 3-1 

 4 Initiation; Purchase Request; Termination 

4.1 Seller’s Purchase Request. 

(i) Any request to enter into a Transaction shall be made by notice to the Buyer at the initiation of the Seller. To request a Transaction,
the Seller shall provide the Buyer with a Purchase Request (Electronically Submitted or by facsimile). Each Purchase Request shall identify the informational requirements set forth in the Procedural Manual. 

(ii) If the Seller submits a Purchase Request and: 

(a) it is received by the time set forth on Appendix 1, Item 4.1.1 on the proposed Purchase Date, and all of the conditions
precedent to funding set forth in this Agreement are satisfied (including those set forth in Section 3.1, this Section 4.1, and Section 15.2), then the Buyer shall fund the Transaction covered by such Purchase
Request on such date; or 
 (b) it is not received until after the time set forth on Appendix 1, Item 4.1.1 on the proposed
Purchase Date, and all of the conditions precedent to funding set forth in this Agreement are satisfied (including those set forth in Section 3.1, this Section 4.1, and Section 15.2), then the Buyer shall fund the
Transaction covered by such Purchase Request on the next succeeding Banking Day. 
 (iii) The Buyer and the Seller hereby acknowledge that
Transactions with respect to Wet Mortgage Loans include Transactions to which the Buyer delivers funds to the applicable title agent or closing attorney closing such Wet Mortgage Loan prior to the receipt by the Buyer or its custodian of the
Required Documents for such Wet Mortgage Loan, subject to the Wet Mortgage Loans Sublimit and the applicable Repurchase Period. 

4.2 Binding Transactions. Upon Buyer’s receipt of a Purchase Request, the Transaction requested by the Seller under such
Purchase Request shall become binding and irrevocable on the Seller. The Buyer shall be entitled to rely on the accuracy, and may act without liability upon the basis, of each Purchase Request made by the Seller without further investigation or
inquiry. In each case, the Seller waives the right to dispute or hold the Buyer in any way responsible for any errors or omissions in any Purchase Request. By delivering a Purchase Request to the Buyer, the Seller shall be deemed to represent and
warrant to the Buyer that all of the representations and warranties in this Agreement and in the other Facility Papers are true and correct with the same force and effect as if made on the date of such Purchase Request and that no Potential Default
or Event of Default has occurred and is continuing. The Buyer reserves the right in its good faith discretion to review and reduce the Buyer’s Margin Percentage at any time with respect to any Transaction. Notwithstanding anything contained
herein to the contrary, in no event will the Buyer be obligated, at any time after the date hereof, to fund the purchase of any Eligible Loans originated by any third party correspondent of the Seller and purchased by the Seller from such third
party correspondent. The Buyer may change its procedures for funding requests for Transactions from time to time upon not less than three (3) Banking Days’ prior notice to the Seller. In the event of any conflict between the terms of a
Purchase Request and this Agreement, this Agreement shall prevail. 
 4.3 Transaction Termination. 

(i) Automatic Termination. The Seller shall repurchase each Purchased Loan from the Buyer on the applicable Repurchase Date at the
applicable Repurchase Price. Each Transaction will automatically terminate on the earlier of (x) the date when the subject Purchased Loans (or if applicable, the related Agency MBS) are purchased by Approved Investors or (y) the
Termination Date. 
 (ii) How Terminations will be Effected. Termination of every Transaction will be effected by (x) the
Buyer’s reconveyance to the Seller or its designee of the Purchased Loans and payment of any Income in respect thereof received by the Buyer and not previously either paid to the Seller or applied as a credit to the Obligations, against
(y) payment by the Seller (or, by an Approved Investor on behalf of the Seller, if payment is being made in connection with an Investor Commitment) to the Buyer of the Repurchase Price therefor. The Seller (or, an Approved Investor on behalf of
the Seller, if payment is being made in connection with an Investor Commitment) 

  
 4-1 

 
shall pay the Repurchase Price to the Buyer on the Repurchase Date, by not later than the time required for payments to be received by the Buyer under Section 13.2, by delivering
immediately available funds to the account referred to in Section 4.4. Notwithstanding the foregoing, the portion of the Repurchase Price attributable to accrued and unpaid Price Differential as of such Repurchase Date shall not be due
until the earlier of: 
 (a) the Termination Date; or 

(b) the date such Price Differential becomes due under Section 6.2 (i.e., the 15th day of the applicable calendar month, unless
otherwise directed by the Buyer). 
 The Buyer’s practice is to deliver to the Seller (electronically or otherwise), on or before the eighth
(8th) day of each calendar month, an invoice for the accrued and unpaid Price Differential as of the end of the previous calendar month (including, without limitation, accrued and unpaid Price Differential attributable to Transactions that
terminated during such previous calendar month), and for certain Fees attributable to the previous calendar month. Notwithstanding such practice, any failure or delay by the Buyer in delivering any such invoice, or any inaccuracy in any such
invoice, shall not affect the Obligations. The Buyer is authorized by the Seller to debit amounts on deposit in the Operating Account (or any of the Seller’s other accounts maintained with the Buyer) for payment of Price Differential and Fees
when due. The Buyer shall have the sole right of withdrawal with regard to funds from time to time in the Investor Funding Account and shall periodically transfer any excess funds remaining in the Investor Funding Account to the Operating Account
after payment of the Repurchase Prices and other amounts due the Buyer hereunder. 
 4.4 Place for Payments of Repurchase Prices.
All Repurchase Price payments, whether attributable to Purchase Price or Price Differential, shall be paid directly to the Buyer by wire transfer to: 

Branch Banking and Trust Company 

The address set forth in Appendix 1, Item 24.2 

ABA No.: 053101121 

For Credit to: The Seller whose name is set forth on Appendix 1, Item 4.4.1 

Investor Funding Account No.: Such account number as set forth in Appendix 1, Item 2.2.9  

Such wire shall also specify the last name(s) of each Customer and loan number(s) for the applicable Mortgage Loan(s); provided, however, the
Buyer may change the wire transfer instructions from time to time by written notice to the Seller. 
 4.5 If Repurchase Price Not
Paid. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the applicable Repurchase Date in the manner and by the time specified in Sections 4.3 and 4.4, in addition to the Buyer’s other rights
and remedies set forth herein, the Buyer is hereby specifically and irrevocably authorized to withdraw the Seller’s cleared funds from the Operating Account (or any of the Seller’s other accounts maintained with the Buyer) in an amount
equal to the sum of the Repurchase Prices of all Purchased Loans that are Past Due on that day and apply such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans in such order and manner as the Buyer may elect. The
foregoing authorization shall remain in effect until all amounts in respect of the Obligations are paid to the Buyer.  
 4.6
Transfer to the Buyer. On the Purchase Date for each Transaction, ownership of the Purchased Loans shall be transferred to the Buyer against the simultaneous transfer by the Buyer of the Purchase Price to the Loan Funding Account for the
benefit of the Seller, simultaneously with the delivery to the Buyer of the Purchased Loans relating to each Transaction. With respect to the Purchased Loans being sold by the Seller on a Purchase Date, effective upon payment of the Purchase
Price therefor, the Seller hereby sells, transfers, conveys and assigns to the Buyer, subject to the terms of this Agreement, all right, title and interest of the Seller in and to the Purchased Loans together with all right, title and interest in
and to the products and proceeds related thereto. The foregoing assignment, transfer and conveyance does not constitute and is not intended to result in any assumption by the Buyer of any obligation of the Seller to the Customer(s), insurers or
any other Person in connection with any Purchased Loan, the Purchased Loans Records or the Purchased Loans Support therefor, any insurance policies or any agreement or instrument relating to any of them. The Loan Schedule included with the
Purchase Request submitted to the Buyer in connection with each Transaction is incorporated by reference into this Agreement and  

  
 4-2 

 
made an integral part hereof, provided that such Loan Schedule shall be replaced by the Loan Schedule or other list or schedule sent or made available (which may be by email or other
electronic means) by the Buyer to the Seller listing only those Mortgage Loans which the Buyer has agreed to purchase in such Transaction (and thereby have become Purchased Loans). For purposes of identifying each and every Purchased Loan as of
any Determination Date, the Buyer is hereby authorized to maintain a list or schedule identifying all Purchased Loans then subject to this Agreement, or otherwise to record such information in the Buyer’s internal records, and any such list,
schedule or other recordation shall constitute, absent manifest error, conclusive evidence of the accuracy of the information so recorded; provided that the failure to make a notation or the inaccuracy of any notation shall not limit or
otherwise affect the Obligations. 

  
 4-3 

 5 Transaction Limits and Sublimits 

5.1 Transaction Limits. Each Transaction shall be subject to the Sublimits as provided in Section 5.2. No
Transaction will be executed if after giving effect to such Transaction, the Aggregate Outstanding Purchase Price exceeds or would exceed the lesser of the Commitment or the aggregate Margin Market Value of all Purchased Loans as of the applicable
Purchase Date. Further, notwithstanding anything to the contrary herein, no Transaction shall be entered into with respect to any Mortgage Loan in excess of the Purchase Price of such Mortgage Loan, or if after giving effect to such Transaction, the
Purchase Price of the applicable Purchased Loan exceeds or would exceed the Margin Market Value of such Purchased Loan as of the applicable Purchase Date. 

5.2 Transaction Sublimits.  

(i) The various sublimits listed in Appendix 2, Item 2.2.2.2 (i.e., the Approved Sublimits) shall also be applicable to
Transactions hereunder. With respect to Purchased Loans of each specific Approved Loan Type, the Aggregate Outstanding Purchase Price of such Purchased Loans shall not at any time exceed the applicable maximum amount of the corresponding specific
Approved Sublimit, as set forth in the table in Appendix 2, Item 2.5.2.1. Unless otherwise provided in such table, the maximum amount of each Approved Sublimit shall be the lesser of: (1) the maximum dollar amount specified therefor
in such table or (2) the percentage of the Commitment specified therefor in such table. 
 (ii) If as of any Determination Date any of
such Sublimits shall be exceeded, by notice to the Seller the Buyer may demand that the Seller repurchase from the Buyer so many Purchased Loans of the relevant Type as shall be required to reduce the Aggregate Outstanding Purchase Price of
Purchased Loans of that Type to a level that does not exceed the relevant Sublimit, and the Seller shall pay to the Buyer the Repurchase Price for each such Purchased Loan within one (1) Banking Day after such demand. If no Event of Default has
occurred and is then continuing, upon the Buyer’s receipt of such Repurchase Prices, the Buyer shall reconvey to the Seller the Purchased Loans for which the Buyer has been paid such Repurchase Prices, but only to the extent that the conveyance
from the Buyer to the Seller of such Purchased Loans pursuant to this Section 5.2 does not cause or result in a Margin Deficit pursuant to Section 7.1. 

  
 5-1 

 6 Price Differential 

6.1 Pricing Rate. Subject to the following rules, and as contemplated in the definition of Pricing Rate, the Pricing Rate to be
applied to the Purchase Price of a Purchased Loan to determine the Price Differential in all Open Transactions on any day when no Event of Default has occurred and is continuing shall be the Base Rate for that day and for that Type of Purchased
Loan. Any change in the Pricing Rate due to a change in the Index shall be effective at the beginning of the Banking Day on which any such change is announced. Notwithstanding the foregoing, if the Buyer, in its sole discretion, (i) extends the
Wet Mortgage Loan Period with respect to a Wet Mortgage Loan, then the Pricing Rate to be applied to such Wet Mortgage Loan during such extended period of time may, at the Buyer’s election, be increased to the Extended Wet Mortgage Loan Rate;
or (ii) extends the Repurchase Period with respect to any Past Due Purchased Loan, then, in addition to any payments required to be made by the Seller pursuant to Section 13.4, the Pricing Rate to be applied to such Past Due
Purchased Loan during such extended period of time may, at the Buyer’s election, be increased to the lesser of the (i) Past Due Rate or (ii) Ceiling Rate, from (and including) the day immediately following the Repurchase Date for each
such Past Due Purchased Loan and until (but excluding) the date on which such Past Due Purchased Loan is repurchased by the Seller by payment to the Buyer of the full Repurchase Price in immediately available funds. The foregoing notwithstanding, if
any Purchased Loan is Past Due for more than ten (10) days, the Buyer, at its option, may elect, without notice to the Seller, to utilize the Ceiling Rate as the Pricing Rate for such Past Due Purchased Loan for each day that such Purchased
Loan is Past Due. 
 6.2 Price Differential Payment Due Dates. The Price Differential on each Open Transaction accrued
and unpaid as of the end of each calendar month shall be due and payable, whether or not such Transaction is still Open on such payment date, on or before the fifteenth (15th) day of the immediately following month, unless otherwise directed by
the Buyer. With respect to any Price Differential not paid by the Seller on or before the due date therefor, the Pricing Rate may, at the Buyer’s election, be increased, for all Open Transactions, to the Past Due Rate, from (and including) the
day immediately following the original payment due date for such Price Differential and until (but excluding) the date on which all outstanding Price Differential is paid in full in immediately available funds. The foregoing notwithstanding, if any
payment of Price Differential is more than ten (10) days past due, the Buyer, at its option, may elect, without notice to the Seller, to utilize the Ceiling Rate as the Pricing Rate for all Open Transactions for each day that such payment of
Price Differential is past due. All accrued and unpaid Price Differential on all Transactions shall be due and payable on the Termination Date. 

  
 6-1 

 7 Margin Maintenance 

7.1 Margin Deficit. If at any time the Margin Market Value of a Purchased Loan is less than the unpaid Purchase Price
outstanding for such Purchased Loan (such deficiency referred to hereinafter as a “Margin Deficit”), then by notice to the Seller (a “Margin Call”), the Buyer, in its sole and absolute discretion, may require the
Seller to pay to the Buyer, in immediately available funds, the difference between the Margin Market Value of such Purchased Loan and the unpaid Purchase Price outstanding for such Purchased Loan (such difference referred to hereinafter as the
“Buyer’s Margin Amount”). 
 7.2 Margin Call Deadline. If the Buyer notifies the Seller of a
Margin Call at or before noon (or such other time as the parties may mutually agree) on any Banking Day, then the Seller shall make the payment required in Section 7.1 by 5:00 p.m. on the same Banking Day (or such other time as the
parties may mutually agree). 
 7.3 Application of Margin Payments. Any payment to the Buyer pursuant to
Section 7.1 shall be applied by the Buyer to reduce the Repurchase Price of the applicable Transaction(s) in accordance with Section 13.6. 

  
 7-1 

 8 Payments to be Free of Taxes and Withholding 

All payments made by the Seller under this Agreement and the other Facility Papers shall be made free and clear of, and without
deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any
Governmental Authority, excluding, in the case of the Buyer, net income taxes and franchise taxes (imposed in lieu of net income taxes) imposed on the Buyer as a result of a present or former connection between the jurisdiction of the government or
taxing authority imposing such tax and the Buyer (excluding a connection arising solely from the Buyer having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or the other Facility Papers) or
any political subdivision or taxing authority thereof or therein (all such non-excluded taxes, levies, imposts, duties, charges, fees, deductions and withholdings being hereinafter called “Taxes”). If any Taxes are required to be
withheld from any amounts payable to the Buyer hereunder or under other Facility Papers, the amounts so payable to the Buyer shall be increased to the extent necessary to yield to the Buyer (after payment of all Taxes) interest (or its equivalent)
or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement and the other Facility Papers. Whenever any Taxes are payable by the Seller, as promptly as possible thereafter the Seller shall send to the Buyer
a certified copy of an original official receipt received by the Seller showing payment thereof. If the Seller fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Buyer the required receipts or other required
documentary evidence, the Seller shall indemnify the Buyer for any incremental taxes, interest or penalties that may become payable by the Buyer as a result of any such failure. The agreements in this subsection shall survive the termination of this
Agreement and the payment of the amounts payable hereunder and under the other Facility Papers. 

  
 8-1 

 9 Income Payments 

Notwithstanding that the parties hereto intend that the Transactions be sales to the Buyer of the Purchased Loans, unless (i) otherwise
mutually agreed by the Buyer and the Seller (in which event Income related to a Purchased Loan shall be paid in accordance with their agreement), or (ii) an Event of Default or Potential Default shall have occurred and be continuing (in which
event, all Income related to a Purchased Loan shall be paid to the Buyer to be applied towards payment of the Obligations), the Buyer agrees that the Seller or its designee shall be entitled to receive and retain all Income related to a Purchased
Loan to the full extent the Seller (or its designee) would have been so entitled if the Purchased Loans had not been sold to the Buyer. Notwithstanding the foregoing: (x) any Income received by the Seller (or its designee) from a Purchased Loan
while the related Transaction is outstanding shall be deemed to be held by the Seller (or its designee) solely in trust for Buyer pending the payment of the Repurchase Price in respect of such Transaction and the repurchase of the related Purchased
Loans; and (y) if required by the Buyer in its sole and absolute discretion, the Seller shall place any Income received by the Seller (or its designee) from a Purchased Loan while the related Transaction is outstanding in a separate segregated
account of the Seller wherein no other funds of the Seller are held. 

  
 9-1 

 10 Fees 

10.1 Repurchase Facility Fees and Other Fees. 

(i) The Seller agrees to pay to the Buyer a collateral processing fee (the “Collateral Processing Fee”) in the amount
set forth in Appendix 2, Item 2.10.1.1 for each Mortgage Loan submitted to the Buyer in connection with a Purchase Request or otherwise submitted to the Buyer. Unless otherwise directed by the Buyer, the Collateral
Processing Fee shall be payable monthly in arrears, on or before the fifteenth (15th) day of each calendar month, based upon the prior month’s activity. 

(ii) The Seller agrees to pay to the Buyer an endorsement fee (the “Endorsement Fee”) in the amount set
forth in Appendix 2, Item 2.10.1.2 for each Mortgage Loan that the Buyer endorses on behalf of the Seller because such Mortgage Loan is missing the Seller’s endorsement when it is submitted to the Buyer. Unless otherwise directed by
the Buyer, the Endorsement Fee shall be payable monthly in arrears, on or before the fifteenth (15th) day of each calendar month, based upon the prior month’s activity. 

(iii) If, at any time, the average daily amount outstanding under the Repurchase Facility for any fiscal quarter of the Seller then
ended is less than the percentage set forth in Appendix 2, Item 2.10.1.3 of the average daily availability under the Repurchase Facility for such fiscal quarter, the Seller shall pay to the Buyer, if charged by the Buyer in its
discretion, a non-usage fee (the “Non-Usage Fee”) at a rate per annum equal to the percentage set forth in Appendix 2, Item 2.10.1.4 on the difference between (i) the percentage set forth in
Appendix 2, Item 2.10.1.3 of the average daily availability under the Repurchase Facility for such fiscal quarter and (ii) the average daily amount outstanding under the Repurchase Facility for such fiscal quarter. If applicable at
any time or from time to time, unless otherwise directed by the Buyer, such Non-Usage Fee shall be payable quarterly in arrears on or before the fifteenth (15th) day of each calendar quarter, based upon the prior fiscal quarter’s activity.
 
 (iv) The Seller agrees to pay to the Buyer, if charged by the Buyer in its sole discretion, a reinstatement fee (the
“Reinstatement Fee”) in the amount set forth in Appendix 2, Item 2.10.1.5 for each Purchased Loan that has been shipped to an Approved Investor for purchase and been returned unpurchased. Unless otherwise
directed by the Buyer, the Reinstatement Fee, if any, shall be payable monthly in arrears, on or before the fifteenth (15th) day of each calendar month, based upon the prior month’s activity. 

(v) The Seller agrees to pay to the Buyer, if charged by the Buyer in its sole discretion, a wire transfer fee (the
“Wire Transfer Fee”) in the amount set forth in Appendix 2, Item 2.10.1.6 for each outgoing wire transfer made by the Buyer on behalf of the Seller. Unless otherwise directed by the Buyer, the Wire Transfer
Fee, if any, shall be payable monthly in arrears, on or before the fifteenth (15th) day of each calendar month, based upon the prior month’s activity. 

(vi) The Seller agrees to pay to the Buyer each month an account maintenance fee (the “Account Maintenance
Fee”) in the amount set forth in Appendix 2, Item 2.10.1.7. Unless otherwise directed by the Buyer, the Account Maintenance Fee shall be payable monthly in arrears, on or before the fifteenth (15th) day of each
calendar month. The Account Maintenance Fee shall be payable in addition to any other fees related to deposit accounts charged by the Buyer to the Seller under other agreements between the Buyer and the Seller, including, without limitation,
agreements regarding the opening or maintenance of deposit accounts maintained by the Seller with the Buyer. 
 (vii) In
addition to the foregoing fees set forth in this Section 10.1, the Seller agrees to pay to the Buyer, the additional fees, if any, described in Appendix 2, Item 2.10.1.8, promptly following receipt by the Seller of a
statement from the Buyer therefor.  
 (viii) In addition to the foregoing fees, the Seller shall pay or reimburse the Buyer for any
transaction fees payable to MERS in connection with the registration of mortgage assignments to the Buyer for the benefit of the Buyer if the Seller uses MERS and, further, shall pay all pass-through costs in connection with the purchase of Mortgage
Loans under any Sublimit under the Repurchase Facility for Aged Mortgage Loans (recording costs, etc.). 

  
 10-1 

 (ix) The fees set forth in this Section 10.1, once paid, shall not be refundable
under any circumstances. 
 (x) A statement for each Fee described in this Section 10.1 may be included with or be a part of a
monthly billing statement delivered by the Buyer to the Seller. Failure of the Buyer to deliver such statement to the Seller shall not affect the Seller’s obligation to pay any such Fee. 

  
 10-2 

 11 Security Interest 

Although the parties intend that, subject to and not inconsistent with Article 35, all Transactions be sales and purchases and not
loans (other than for accounting and tax purposes), if any one or more Transactions are recharacterized as loans by a court of competent jurisdiction, the Seller shall be conclusively deemed, as security for the payment and performance by the Seller
of its obligations under each such recharacterized Transaction, to have pledged and granted to the Buyer a security interest in and a Lien on, all of the Purchased Loans with respect to all such recharacterized Transactions and all Income and
proceeds from the Purchased Loans that are the subject matter of such recharacterized Transactions, including the Purchased Loans Support and all of the property, rights and other items described in the definition of “Mortgage Loan” in
Section 2.2 for each such Purchased Loan, and for that purpose the Seller hereby grants the Buyer a security interest in and a Lien on the property described on the copy of Exhibit A to the UCC financing statement or UCC-3 Amendment, as
applicable, to be filed by the Buyer that is attached as Schedule 11, and this Agreement shall constitute a security agreement. In the event of recharacterization of the purchases made hereunder as a financing, the Buyer shall have all the
rights and remedies of a secured party under the UCC and any other applicable Law, in addition to all rights provided for in this Agreement and the other Facility Papers. The Seller agrees to do such things as applicable Law requires to maintain the
security interest of the Buyer so granted in all of the Purchased Loans with respect to all such recharacterized Transactions and all Income and proceeds from the Purchased Loans that are the subject matter of such recharacterized Transactions as a
perfected first priority Lien at all times. The Seller hereby authorizes the Buyer to file any financing or continuation statements, and any amendments thereto or terminations thereof, as the Buyer shall deem necessary or appropriate, under the
applicable UCC to perfect or continue such security interest in any and all applicable filing offices, and agrees to make or cause to be made by any Person such book entries and control agreements with respect to the Purchased Loans as the Buyer may
reasonably require or request from time to time to perfect or continue perfection of the security interests granted or required to be granted to the Buyer pursuant to this Agreement. The Seller shall also execute and deliver to the Buyer such
further instruments of sale, pledge or assignment or transfer, and such powers of attorney, as shall be reasonably required by the Buyer from time to time, and shall do and perform all matters and things necessary or desirable to be done or
observed, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded the Buyer under this Agreement and the other Facility Papers. The Seller shall pay all customary fees and expenses
associated with perfecting such security interest including the costs of filing financing and continuation statements, and any amendments thereto or terminations thereof, under the UCC and recording assignments of Mortgages as and when required by
the Buyer, in its reasonable discretion. 

  
 11-1 

 12 Confidentiality 

The parties hereby acknowledge and agree that all written or computer readable information provided by one party to any other regarding
the terms set forth in any of the Facility Papers or the Transactions contemplated thereby (the “Confidential Terms”) shall be kept confidential and shall not be divulged to any Person (other than Affiliates and Subsidiaries
thereof) without the prior written consent of such other party except to the extent that (i) such Person is a party to this Agreement, or an Affiliate, division, or parent holding company of a party, or a director, officer, employee or agent
(including an accountant, legal counsel and other advisor) of a party or such Affiliate, division or parent holding company, (ii) in such party’s opinion it is necessary to do so in working with legal counsel, auditors, taxing authorities
or other governmental agencies or regulatory bodies or in order to comply with any applicable federal or state laws, regulations or orders (including, without limitation, a subpoena), (iii) any of the Confidential Terms are in the public domain
other than due to a breach of this covenant, or become available to the applicable party on a non-confidential basis from a source not known by such party to be bound by a confidentiality obligation with respect to such Confidential Terms, or become
known by the applicable party prior to their disclosure to such party by another party to this Agreement, or were independently generated by the applicable party (or any of its officers, directors, employees, agents or representatives) without
reliance on the Confidential Terms, (iv) in the event of an Event of Default, the Buyer reasonably determines such information to be necessary or desirable to disclose in connection with the marketing and sales of the Purchased Loans or
otherwise to enforce or exercise the Buyer’s rights hereunder, (v) to the extent the Buyer deems necessary or appropriate, in connection with an assignment or participation under Article 23 or in connection with any hedging
transaction related to Purchased Loans, or (vi) to the extent the Buyer deems necessary or appropriate, in connection with carrying out the Buyer’s express obligations under this Agreement and the other Facility Papers (including providing
to Approved Investors documentation and information related to the Purchased Loans, and the Seller hereby agrees that the Buyer shall in no way be liable for disclosures made, or any other use, by any Approved Investor of any Confidential Terms).
Notwithstanding the foregoing or anything to the contrary contained herein or in any other Facility Paper, the parties may disclose to any and all Persons, without limitation of any kind, the U.S. federal, state and local tax treatment of the
Transactions, any fact that may be relevant to understanding the U.S. federal, state and local tax treatment of the Transactions, and all materials of any kind (including opinions or other tax analyses) relating to such U.S. federal, state and local
tax treatment and that may be relevant to understanding such tax treatment; provided that the Seller may not disclose (except as provided in clauses (i) through (vi) of this Article 12) the name of or identifying information with
respect to the Buyer or any pricing terms (including the Pricing Rate, Fees as described in Section 10 and Purchase Price) or other nonpublic business or financial information (including any sublimits and financial covenants) that is
unrelated to the U.S. federal, state and local tax treatment of the Transactions and is not relevant to understanding the U.S. federal, state and local tax treatment of the Transactions, without the prior written consent of the Buyer. The provisions
set forth in this Article 12 shall survive the termination of this Agreement for a period of one (1) year following such termination. 

  
 12-1 

 13 Payment and Transfer 

13.1 Immediately Available Funds; Notice to the Buyer. Unless otherwise mutually agreed, all transfers of funds hereunder shall
be in immediately available funds. 
 13.2 Payments to the Buyer. Except as otherwise specifically provided in this
Agreement, all payments required of the Seller by this Agreement or the other Facility Papers to be made to the Buyer shall be paid (i) to the Buyer for deposit in the Investor Funding Account, (ii) by not later than 12:00 p.m. on the day
when due, it being expressly agreed and understood that if a payment is received after 12:00 p.m. by the Buyer, such payment will be deemed to have been made on the next succeeding Banking Day, and any Price Differential accruing with respect
thereto thereon shall be payable at the then applicable Pricing Rate during such extension; provided, however, that the Buyer, in its sole and absolute discretion, may treat any payments received via wire transfer before 5:00 p.m. as
having been received by the Buyer on the same Banking Day as receipt of such funds if (A) the Seller has sufficiently identified to the Buyer the Transaction and related Purchased Loans to which such payment relates (by the last name(s) of each
Customer and loan number(s)) prior to 12:00 p.m. noon on the next Banking Day after receipt of such funds, and (B) the transfer is actually confirmed by the Buyer as being credited to the Buyer’s account with the Federal Reserve Bank on
the Banking Day of the receipt of such funds, and (iii) without setoff, counterclaim or deduction, in lawful money of the United States of America in immediately available funds at the principal office of the Buyer set forth in
Appendix 1, Item 24.2, or by fed funds wire transfer to: 
 Branch Banking and Trust Company

 The address set forth in Appendix 1, Item 24.2 

ABA No.: 053101121 

For Credit to: The Seller whose name is set forth on Appendix 1, Item 4.4.1 

Investor Funding Account No.: Such account number as set forth on Appendix 1, Item 2.2.9 

or at such other place or account as the Buyer shall designate from time to time. Whenever any payment to be made under this Agreement or any of the other
Facility Papers shall be stated to be due on a day that is not a Banking Day, the due date for that payment shall be automatically extended to the next day that is a Banking Day, and (if applicable) Price Differential at the applicable Rate
(determined in accordance with this Agreement) shall continue to accrue during the period of such extension. 
 Notwithstanding the foregoing, in the event
that the Seller and the Buyer are parties to a cash sweep agreement relating to the Repurchase Facility, such cash sweep agreement may, among other things, provide for cash sweep cut-off times which are different than the cut-off times set forth
above, and alter the payment dating arrangements described above. To the extent of any conflict between the terms of this Agreement and the terms of any such cash sweep agreement, such cash sweep agreement shall control. 

13.3 If Payment Not Made When Due. If and to the extent any payment is not made when due under this Agreement or any of the
other Facility Papers, the Seller authorizes the Buyer then or at any time thereafter to charge any amounts so due and unpaid against any or all of the Seller’s accounts with the Buyer; provided that such right to charge the
Seller’s accounts shall not apply to any escrow, trust or other deposit accounts designated as being held by the Seller on behalf of third party owners of the escrowed funds other than Affiliates of the Seller. The Buyer agrees to use
reasonable efforts to promptly advise the Seller of any charge made pursuant to this Section 13.3, but its failure to do so will not affect the validity or collectability of such charge. This Section 13.3 shall not limit any
of the Buyer’s other rights and remedies set forth in this Agreement. 
 13.4 Mandatory Payment of Repurchase
Prices. The Seller shall pay to the Buyer as and when due all mandatory payments required under this Agreement, including, but not limited to, those under Sections 4.3 and 7.1 and Articles 6, 9 and 10. 

 13.5 Optional Prepayment of Repurchase Prices. The Seller shall have the right at any time and from time to time to
prepay outstanding Transactions of any Type, in whole, but not in part, without premium or penalty and without prior written notice to the Buyer, and such prepayment shall reduce the Repurchase Prices related to such Transactions; provided,
however, each partial prepayment shall be in an amount sufficient to pay the 

  
 13-1 

 
Repurchase Price for the particular Purchased Loan related to such Transaction and the Seller shall, at the time of making such prepayment, designate the Transaction being prepaid. If the
Seller fails to make such a designation, any funds received as a prepayment pursuant to this Section 13.5 shall be applied to the Obligations in such order as the Buyer, in its sole good faith discretion, may determine. 

13.6 Distribution of Payments. 

(i) Prior to the occurrence of an Event of Default and acceleration of all Obligations or termination of the Commitment, all amounts received
on any day by the Buyer in respect of Repurchase Prices (other than the Price Differential) for related Transactions shall be applied by the Buyer as follows: first, to pay the Transactions outstanding and due and payable on such day pursuant
to Section 13.4 and any other Sections hereunder; second, to prepay the Transactions outstanding and due and payable on such day pursuant to Section 13.5; and third, the balance, if any (provided, that no
Potential Default or Event of Default has occurred and is continuing), to the Seller by transfer to the Operating Account. If any Potential Default or Event of Default has occurred and is continuing, but the Obligations have not yet been accelerated
pursuant to Section 19.2, all amounts remaining after making the applications required by clauses first and second above shall be applied to the payment of outstanding Transactions and/or other outstanding Obligations, in
such order as the Buyer may determine. 
 (ii) Following (a) the occurrence of an Event of Default and acceleration of all Obligations
or (b) termination of the Commitment, all amounts received by the Buyer hereunder and under the other Facility Papers shall be disbursed by the Buyer as follows: first, to the Buyer to reimburse the Buyer for all fees, costs and expenses
set forth in Section 21.1 reasonably incurred by the Buyer in connection with an Event of Default or otherwise payable to the Buyer under the Facility Papers; second, to the Buyer to pay the Price Differential on all Transactions
and Fees due the Buyer; third, to the Buyer to pay the Purchase Prices on all outstanding Transactions in such order and amounts as the Buyer, in its sole discretion, may determine; fourth, to the Buyer to pay all remaining unpaid
Obligations; and fifth, any remaining amounts, to the Seller by transfer to the Operating Account, or to such other account as the Seller may direct in writing for such purpose. 

  
 13-2 

 14 Segregation of Documents Relating to Purchased Loans 

All documents relating to Purchased Loans in the possession of the Seller or its designee (including any Servicer) shall be segregated
from other documents and securities in its or its designee’s possession and shall be identified as being owned by the Buyer (which shall be referenced in the relevant books and records as “Branch Banking and Trust Company, as
Buyer”) and subject to this Agreement. Segregation may be accomplished by appropriate identification of ownership on the books and records of the holder of such documents, including MERS, a documents custodian, a financial or securities
intermediary or a clearing corporation. All of the Seller’s right, title and interest in the Purchased Loans shall vest in and pass to the Buyer on the Purchase Date and nothing in this Agreement shall preclude the Buyer from engaging with
others in repurchase transactions with the Purchased Loans or otherwise selling, transferring, pledging or hypothecating the Purchased Loans, but no such transaction shall relieve the Buyer of its obligations to transfer Purchased Loans to the
Seller pursuant to Articles 4 or 19. The Buyer, at its sole discretion, reserves the right to request any or all documents with respect to any Purchased Loan be delivered to the Buyer within one (1) Banking Day following the
Buyer’s request. 

  
 14-1 

 15 Conditions Precedent 

15.1 Initial Purchase. The obligation of the Buyer to make purchases under this Agreement is subject to the Seller’s
fulfillment of the following conditions precedent: 
 (i) the Buyer shall have received (or be satisfied that it will receive by such
deadline as the Buyer shall specify) the following, all of which are satisfactory in form and content to the Buyer: 
 (a) this Agreement
duly executed by the Seller; 
 (b) if applicable, the Electronic Tracking Agreement duly executed by the Seller, MERS, the Electronic
Agent and the Buyer; 
 (c) if applicable, the Master Custodial Agreement duly executed by the Seller and all other parties thereto,
together with evidence satisfactory to the Buyer that the Custodial Account has been opened; 
 (d) the UCC financing statements or UCC-3
Amendment, as applicable, for the Purchased Loans duly authorized by the Seller; 
 (e) a current UCC, judgment and tax lien search report
from the applicable state and county offices where the Seller is located; 
 (f) copies of the Seller’s (i) formation documents
certified by the Secretary of State of the state of its formation and (ii) operating documents and all amendments certified by its secretary or assistant secretary, manager or member, as the case may be, as well as any other information
required by Section 326 of the USA Patriot Act or necessary for the Buyer to verify the identity of the Seller as required by Section 326 of the USA Patriot Act in accordance with the requirements summarized in the notice given in
Section 37; 
 (g) a certificate of existence and good standing for the Seller issued by the Secretary of State of the state in
which such Person is formed and, if required by the Buyer, a certificate of existence or foreign authority and good standing for the Seller issued by the Secretary of State of each jurisdiction in which the Seller conducts business and is required
to qualify to do business; 
 (h) original resolutions of the Seller’s board of directors, governing body, manager or member, as the
case may be, certified as of the initial Purchase Date hereunder by the Seller’s secretary or assistant secretary, manager or member, as applicable, authorizing the execution, delivery and performance by the Seller of this Agreement and all
other Facility Papers to be delivered by the Seller pursuant to this Agreement; 
 (i) a certificate of the Seller’s secretary or
assistant secretary, manager or member, as the case may be, as to (i) the incumbency of the Authorized Seller Representatives of the Seller executing this Agreement and all other Facility Papers executed or to be executed by or on behalf of the
Seller and (ii) the authenticity of their signatures — and specimens of their signatures shall be included in such certificate or set forth on an exhibit attached to it — (the Buyer shall be entitled to rely on that certificate until
the Seller has furnished a new certificate to the Buyer), and certifying that attached to such certificate are true and correct copies of all amendments to the Seller’s formation and operating documents since its inception; 

(j) an Officer’s Certificate for the Seller dated the date of this Agreement and certifying truthfully that, (i) the Seller is in
compliance with all the terms and provisions set forth in the Agreement on its part to be observed and performed and no Potential Default or Event of Default has occurred, is continuing and, after giving effect to the transactions contemplated under
the Repurchase Facility pursuant to the Agreement on the date hereof, shall occur as a result of entering into such transactions, (ii) all of the representations and warranties made by the Seller in the Facility Papers are true and correct as
of the date of this Agreement, and (iii) there has been no Material Adverse Effect since the date of the financial statements referred in Section 16.1(iv)(a); 

  
 15-1 

 (k) copies of an errors and omissions insurance policy or mortgage impairment insurance policy
and blanket bond coverage policy, or certificates in lieu of policies, providing such insurance coverage as is acceptable to the Buyer and otherwise customary for members of the Seller’s industry; 

(l) a favorable written opinion of counsel to the Seller (and the Guarantor(s), if applicable) dated as of the date of this Agreement,
addressed to the Buyer and in form and substance reasonably satisfactory to the Buyer and its legal counsel, stating that the Buyer, its successors and assigns can rely on it; 

(m) evidence reasonably satisfactory to the Buyer (i) as to the due filing and recording in all appropriate offices of all UCC financing
statements or UCC-3 Amendment, as applicable, (ii) if there are any Purchased Loans that require the Buyer’s interest to be noted by book entry, that such book entry has been duly made and (iii) if there is any “investment
property” under the UCC or any other applicable Law, that such instruments as are necessary to give the Buyer “control” of such investment property have been duly executed by the Seller and the relevant securities intermediary; 

(n) evidence satisfactory to the Buyer that the Investor Funding Account, the Loan Funding Account, the Administrative Account, the Operating
Account, the Custodial Account, and the Cash Collateral Account, as applicable, remain open or have been opened; 
 (o) the most currently
available month-end financial statements for the Seller, all in reasonable detail and certified by Seller’s chief financial officer that, to the best of his or her knowledge, such financial statements were prepared in accordance with GAAP and
present fairly in all material respects the Seller’s financial condition as of the date thereof and the results of its operations for the period covered, subject, however, to adjustments required by FAS-91 and normal year-end audit adjustments
and the omission of notes to the financial statements; 
 (p) the Guaranty, if any, duly executed by the Guarantors; 

(q) if required by the Buyer, satisfactory results from a Buyer-conducted internal client review of the Seller; and 

(r) such other documents or opinions as the Buyer or its counsel may request. 

15.2 Each Purchase. The obligations of the Buyer to enter into Transactions under this Agreement are also subject to the
satisfaction, in the sole discretion of the Buyer, as of each Purchase Date, of each of the following additional conditions precedent: 

(i) The Seller shall have delivered to the Buyer a Purchase Request for the Purchased Loans to be purchased in the manner described in
Article 4. 
 (ii) If not previously delivered pursuant to Section 15.1(i), and certain Purchased Loans are registered
with MERS, the Electronic Tracking Agreement duly executed by the Seller, MERS, the Electronic Agent and the Buyer. 
 (iii) With regard to
any Transaction, unless otherwise permitted by the Buyer, prior to entering into any Transaction to fund the purchase of Eligible Loans which are to be sold directly to Fannie Mae, Freddie Mac or Ginnie Mae, the Buyer shall have received a fully
executed tri-party agreement (or agreements) by and among the Seller, the Buyer and Fannie Mae, Freddie Mac or Ginnie Mae, as applicable (including without limitation, in the case of Fannie Mae, the Fannie Mae approved form of the triparty wiring
instruction agreement), pursuant to which Fannie Mae, Freddie Mac or Ginnie Mae, as applicable, agrees to send all cash proceeds of Eligible Loans sold by the Seller to Fannie Mae, Freddie Mac or Ginnie Mae, as applicable, directly to the Investor
Funding Account. 

  
 15-2 

 (iv) If applicable and not previously delivered pursuant to Section 15.1(i), with
regard to any Transaction, unless otherwise permitted by the Buyer, prior to entering into any Transaction to fund the purchase of Eligible Loans which are to be pooled for the issuance and sale of an Agency MBS (as opposed to a whole loan sale) to
an Approved Investor, the Master Custodial Agreement duly executed by the Seller and all other parties thereto, together with evidence satisfactory to the Buyer that the Custodial Account has been opened. 

(v) The representations and warranties contained in this Agreement and the other Facility Papers shall be true and correct in all material
respects as if made on and as of each Purchase Date unless specifically stated to relate to an earlier date, and by submitting to the Buyer a Purchase Request, the Seller (and if applicable, each Guarantor) shall be deemed to have restated such
representations and warranties as of the date of submission of such Purchase Request. 
 (vi) The Seller shall have performed all agreements
to be performed by it under this Agreement and all other Facility Papers, as well as under all Investor Commitments that the Seller has represented to the Buyer cover any of the Purchased Loans, and after the requested Transaction shall have been
executed, no Potential Default or Event of Default will exist that the Buyer has not declared in writing to have been waived or cured, and no default or event of default will exist under any such Investor Commitments. 

(vii) The Seller shall not have incurred any liabilities in violation of this Agreement, including, without limitation, Sections 18.2
hereof. Further, the Seller shall not have incurred any liabilities that, individually or in the aggregate, have or could reasonably be expected to have, a Material Adverse Effect. 

(viii) Since the date of the last fiscal year end or interim financial statements delivered by the Seller to the Buyer, no Material Adverse
Effect shall have occurred in the Seller’s business, financial condition or results of operations, as determined by the Buyer, in its sole good faith discretion. 

(ix) The Seller shall have paid the Fees then due and payable in accordance with Article 10. 

(x) No Potential Default or Event of Default shall have occurred that the Buyer has not declared in writing to have been waived or cured, and
by submitting to the Buyer a Purchase Request, the Seller shall be deemed to have represented as to the absence of any Potential Default or Event of Default as of the date of submission of such Purchase Request. 

(xi) The requested Transaction will not result in the violation of any applicable Law. 

(xii) After giving effect to the funding of the requested Transaction, the Aggregate Outstanding Purchase Prices would not exceed any of the
limitations set forth this Agreement. 
 (xiii) The Buyer shall have received such other documents, if any, as the Buyer or its counsel may
request. 
 15.3 General. Each condition in this Agreement including, without limitation, those set forth in Sections 15.1 and
15.2, is material to the transactions contemplated by this Agreement, and time is of the essence with respect to each such condition. The Buyer, in its sole discretion, may enter into Transactions without all conditions being satisfied.
However, the Buyer’s funding of such Transaction shall not constitute a waiver of the requirement that each condition be satisfied as a prerequisite for any subsequent Transaction, unless the Buyer specifically waives a condition in writing.

  
 15-3 

 16 Representations and Warranties 

16.1 General Representations and Warranties. As an inducement to the Buyer to enter into this Agreement and to purchase Eligible
Loans as provided herein, the Seller represents and warrants to the Buyer that: 
 (i) Existence; Compliance with Law and
Contractual Obligations. The Seller (a) is duly organized and validly existing and is in good standing under the laws of the state of its organization and in each jurisdiction where its ownership of property or conduct of business requires
such qualification, except where the failure to be so qualified would not have a Material Adverse Effect; (b) has the power and authority and the legal right to own and operate its property and to conduct business in the manner in which it does
and proposes so to do; and (c) is not in violation of any requirement of law or any Contractual Obligation if such violation could have a Material Adverse Effect. 

(ii) Power; Authorization; Enforceable Obligations. The Seller has the power and authority to execute, deliver and perform the
Facility Papers to which it is a party and to sell Eligible Loans and use the proceeds thereof and has taken all necessary corporate or other entity action to authorize the execution, delivery and performance of the Facility Papers, the selling of
Eligible Loans and the use of the proceeds thereof. The Facility Papers have been duly executed and delivered on behalf of the Seller and constitute legal, valid and binding obligations of the Seller enforceable against it in accordance with their
respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors’ rights generally and by general principles of equity. 

(iii) No Legal or Contractual Bar. The execution, delivery and performance of the Facility Papers, the selling of Eligible Loans
hereunder and the use of the proceeds thereof do not and will not (a) violate any requirement of law or any Contractual Obligation of the Seller, (b) except as contemplated by this Agreement, require any license, consent, authorization,
approval or any other action by, or any notice to or filing or registration with, any Governmental Authority or any other Person or (c) result in the creation or imposition of any Lien on any asset of the Seller except as contemplated by the
Facility Papers. 
 (iv) Financial Information. 

(a) The audited consolidated and consolidating balance sheet of the Seller as at the date set forth in Appendix 2,
Item 2.16.1.1 and the related audited consolidated and consolidating statements of income, retained earnings and cash flows for the fiscal year then ended, including in each case the related schedules and notes, and the unaudited,
management-prepared balance sheet of the Seller as at the date set forth in Appendix 2, Item 2.16.1.2 and the related statements of income, retained earnings and cash flows for the period then ended, true copies of which have been
previously delivered to the Buyer, are complete and correct and fairly present the financial condition of the Seller as at the date thereof and the results of operations and cash flows for each such period, in accordance with GAAP applied on a
consistent basis. 
 (b) The Seller has no material liability of any kind, whether accrued, contingent, absolute, determined,
determinable or otherwise, and no condition, situation or set of circumstances exists that could be reasonably expected to result in such a liability, in each case that is not reflected in the most recent balance sheet referred to in
Section 16.1(iv)(a) or will not be reflected in the most recent balance sheet delivered to the Buyer pursuant to Section 17.1(i) or, if applicable, Section 17.1(ii). 

(c) Since the date of the most recent financial statements referred to in Section 16.1(iv)(a), no Material Adverse Effect has
occurred in the business, financial condition or results of operations of the Seller. 
 (v) No Material Litigation. There is
no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority pending or, to the knowledge of the Seller, threatened by or against the Seller, or against any of the Seller’s properties or revenues which,
individually or in the aggregate, if adversely determined, could have a Material Adverse Effect. 

  
 16-1 

 (vi) Taxes. The Seller has filed or caused to be filed all tax returns that are
required to be filed and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property other than taxes and assessments that are being contested in good faith by appropriate proceedings
and as to which the Seller has established adequate reserves in conformance with GAAP. 
 (vii) Investment Company Act.
The Seller is not, and is not controlled by, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

(viii) Subsidiaries; Ownership. Except as set forth in Appendix 1, Item 16.1.1, the Seller has no
Subsidiaries. The issued and outstanding capital stock, membership interests or such other form of ownership interest, as applicable, of the Seller and its Subsidiaries is owned, beneficially and of record, by the Persons listed in
Appendix 1, Item 16.1.2 in the amounts and percentage interests set forth opposite such Persons’ names. 

(ix) Use of Proceeds. The Purchase Price proceeds of all Transactions entered into under the various Sublimits hereunder shall
be used by the Seller solely for the purpose of originating or acquiring Eligible Loans of an Approved Loan Type.  
 (x)
ERISA. There have been no ERISA Events that are continuing and either singly or in the aggregate would reasonably be expected to have a Material Adverse Effect. To the best knowledge of the Seller each Pension Plan has been administered with
the applicable provisions of ERISA and the Code, and there are no pending or, to the best knowledge of the Seller, threatened claims, actions or lawsuits, or action by a Governmental Authority, with respect to any Pension Plan (other than claims for
benefits and funding obligations in the ordinary course and PBGC premiums due but not delinquent), except where such non-compliance, claim, lawsuit or action either singly or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect. No termination of a Pension Plan has occurred, and no Lien in favor of the PBGC or a Pension Plan has arisen, which would reasonably be expected to have a Material Adverse Effect. The present value of all accrued benefits under each
Pension Plan (based on those assumptions used to fund such Pension Plan) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Pension Plan
allocable to such accrued benefits by an amount that could reasonably be expected to have a Material Adverse Effect. The Seller and each ERISA Affiliate have met all applicable requirements under the Pension Funding Rules with respect to each
Pension Plan except where the failure to meet such requirements would not reasonably be expected to have a Material Adverse Effect. Neither the Seller nor any ERISA Affiliate has had a complete or partial withdrawal from any Multiemployer Plan that
has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (xi) Agency Approvals; Compliance
with Agency Guides. The Seller is an approved seller(issuer)/servicer and an approved lender of the Agency(ies) set forth in Appendix 1, Item 16.1.3, in each case, in good standing. Further, the Seller is in compliance
with the terms and requirements of each Agency Guide applicable to it. 
 (xii) Principal Place of Business. The
Seller’s principal place of business and chief executive office and the place where its records concerning the Purchased Loans are kept and the Seller’s organizational number are set forth in Appendix 1, Item
16.1.4. 
 (xiii) Seller’s Legal and Trade Names. Except as set forth in Appendix 1,
Item 16.1.5, the Seller has not changed the name of the Seller indicated on the public record of the Seller’s jurisdiction of organization or used or transacted business under any fictitious or trade name in the five-year period
preceding the effective date set forth in Appendix 1. 
 (xiv) Anti-Terrorism Laws.  

(a) Neither the Seller nor any Affiliate of the Seller is in violation of any Anti-Terrorism Law or engages in or conspires to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

  
 16-2 

 (b) Neither the Seller nor any Affiliate of the Seller, or their respective agents acting or
benefiting in any capacity in connection with the Repurchase Facility or other transactions hereunder, is any of the following (each a “Blocked Person”): 

(1) a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; 

(2) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the
provisions of, Executive Order No. 13224; 
 (3) a Person or entity with which any bank or other financial institution is prohibited
from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (4) a Person or entity that commits, threatens or
conspires to commit or supports “terrorism” as defined in Executive Order No. 13224; 
 (5) a Person or entity that is named
as a “specially designated national” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such
list; or 
 (6) a Person or entity who is affiliated with a Person or entity listed above. 

Neither the Seller nor, to the knowledge of the Seller, any of its agents acting in any capacity in connection with the Repurchase Facility or other
transactions hereunder (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages in any transaction relating
to, any property or interests in property blocked pursuant to Executive Order No. 13224. 
 (xv) No Agreements for
Redemption. The Seller is not subject to any agreement (including, without limitation, a stockholders’ agreement, members’ agreement or similar agreement) that would obligate the Seller to purchase or redeem any of its capital stock,
membership interests or other ownership interests, as applicable, under any circumstances. Further, no capital stock, membership interest or other ownership interest, as applicable, of the Seller is otherwise redeemable at the option of the holder
thereof, upon any specified event, or upon any date certain.  
 16.2 Special Representations and Warranties Relating to
the Purchased Loans. As of the related Purchase Date, for each Purchased Loan the Seller makes the following representations and warranties to the Buyer: 

(i) Each Purchased Loan is an Eligible Loan and all statements set forth in Schedule EL with respect thereto are true and correct. 

(ii) Each Purchased Loan will on the Purchase Date therefor meet the requirements for an Approved Loan Type of Eligible Loan. 

(iii) The Seller has delivered (or caused to be delivered) to the Buyer a Purchase Request covering each Purchased Loan to be purchased. The
information with respect to each Purchased Loan set forth in the related Purchase Request and the Loan Schedule a part thereof was, is and/or shall be (as applicable) true, correct and complete in all material respects as of the date of such
Purchase Request and Loan Schedule and as of the Purchase Date. 
 (iv) All Required Documents for each Purchased Loan (except Wet Mortgage
Loans) will be transmitted as of the applicable Purchase Date to the Buyer with the Purchase Request with which it is submitted for purchase. 

  
 16-3 

 (v) The Seller is the sole legal and equitable owner (except in the case of MERS Designated
Loans, as to which MERS, as nominee for the Seller and its successors and assigns, is the record owner), free and clear of all Liens other than Permitted Encumbrances, of all Eligible Loans to be sold to the Buyer by the Seller pursuant to this
Agreement. 
 (vi) Immediately prior to the sale of each Purchased Loan to the Buyer, the Seller had good and marketable title to such
Purchased Loan and the full right, power and authority to sell each Purchased Loan to the Buyer; immediately upon the funding of the Transaction with respect thereto on the related Purchase Date, the Seller has sold all of the Seller’s right,
title and interest in each Purchased Loan to the Buyer and the Buyer is the owner thereof; and each Purchased Loan sold and to be sold to the Buyer by the Seller under this Agreement or pursuant to it may be further sold, resold, assigned and
reassigned to any Person or Persons without any requirement for the further consent of the Seller or the consent of any other party to any of the Loan Papers or obligated in respect of any Purchased Loan, subject to the obligation to reconvey such
Purchased Loan pursuant to Articles 4, 14, and 19. 
 (vii) Each of the Purchased Loans sold to the Buyer by the Seller
(and its Loan Papers and, if applicable, each Agency MBS): (i) complies in all material respects with all of the requirements of this Agreement, all Requirements of Law relating to each Purchased Loan and Agency MBS and with the terms and
requirements of each Agency Guide applicable thereto, including, without limitation, the origination, issuance and administration thereof, and will continue to comply therewith at all times the relevant Transaction is Open, and (ii) is genuine
in all respects, as appearing on its face or as represented in the books and records of the Seller, and is what it purports to be. 
 (viii)
At all times such Purchased Loan will be free and clear of all liens, encumbrances, charges, rights and interests of any kind (other than Investor Commitments), except the Buyer’s first priority perfected ownership interests and Liens in favor
of the Buyer hereunder. 
 (ix) The Seller has complied and will continue to comply in all material respects with all of the requirements in
this Agreement, all Requirements of Law relating to each Purchased Loan, and if applicable, each Agency MBS, and with all terms and requirements of all Agency Guides relating to each Purchased Loan, and if applicable, each Agency MBS. 

(x) The Seller has no knowledge of any circumstances or conditions with respect to the Mortgage, the Mortgaged Premises or the Customer in
respect of any Purchased Loan (other than the Customer’s credit standing) that can reasonably be expected to cause private institutional investors that regularly invest in Mortgage Loans similar to such Purchased Loan to regard such Purchased
Loan as an unacceptable investment or adversely affect the value or marketability of such Purchased Loan to other similar institutional investors. 

(xi) The Seller used no selection procedures that identified the Eligible Loans relating to a Transaction as being less desirable or valuable
than other comparable assets in the Seller’s portfolio on the related Purchase Date, and no Purchased Loan was selected for inclusion in a Transaction on any basis that was intended to adversely affect the Buyer. 

  
 16-4 

 17 Affirmative Covenants 

The Seller agrees that, for so long as either (i) there are any Purchased Loans that have not been repurchased by the Seller or
(ii) any of the Obligations remain to be paid or performed under this Agreement or any of the other Facility Papers: 
 17.1 Reports
to the Buyer. The Seller shall furnish or cause to be furnished to the Buyer directly: 
 (i) Annual Financial Statements.
As soon as available and in any event within ninety (90) days after the end of each fiscal year of the Seller, an audited consolidated and consolidating balance sheet of the Seller as at the end of such year and the related audited consolidated
and consolidating statement of income, and audited consolidated statements of retained earnings and cash flows of the Seller for such fiscal year, setting forth in each case in comparative form the figures as of the end of and for the previous
fiscal year, all in reasonable detail and accompanied by a report thereon of the Seller’s independent public accountants, which accountants shall be acceptable to the Buyer. Such accountants’ report shall be unqualified as to scope of
audit (which audit shall occur no less than annually) and shall not be qualified as to going concern, and shall state that such financial statements present fairly the financial condition as at the end of such fiscal year, and the results of
operations and cash flows for such fiscal year, of the Seller in accordance with GAAP consistently applied. 
 (ii) Monthly
Financial Statements. As soon as available and in any event within forty-five (45) days after the end of each calendar month, a balance sheet of the Seller as at the end of such calendar month and the related statements of income and
retained earnings of the Seller for such calendar month and the portion of the fiscal year ended at the end of such calendar month, all in reasonable detail and certified by the chief financial officer (or equivalent) of the Seller that they are
complete and correct and that they present fairly the financial condition as at the end of such month, and the results of operations and cash flows for such month and such portion of the fiscal year, of the Seller in accordance with GAAP
consistently applied (subject to normal year-end adjustments). If requested by the Buyer, the Seller shall include in such financial statements information on monthly production volume in dollars and units and on the Seller’s servicing
portfolio (if applicable), and further, shall detail any additional Liabilities incurred by the Seller during the reporting period.  

(iii) Compliance Certificate. Together with the financial statements required pursuant to subsections (i) and (ii) of
this Section 17.1, a certificate (in substantially the form of Exhibit A) of the chief financial officer of the Seller (A) to the effect that, based upon a review of the activities of the Seller and such financial statements
during the period covered thereby, no Potential Default or Event of Default exists, or if a Potential Default or an Event of Default exists, specifying the nature thereof and the Seller’s proposed response thereto, and (B) demonstrating in
reasonable detail whether there has been compliance as at the end of such fiscal year or such month with the applicable financial covenants set forth in Section 18.19. 

(iv) Notice of Default. Promptly after the occurrence of a Potential Default or an Event of Default, a certificate of the chief
financial officer (or equivalent) of the Seller specifying the nature thereof and the Seller’s proposed response thereto. 

(v) Loss Qualification. Promptly after the occurrence thereof, notice of any Purchased Loan that ceases to be an Eligible
Loan. 
 (vi) Secondary Market Position Reports. If any Mortgage Loan is not sold to an Approved Investor on a
“best efforts” basis, on Monday of each week, and on such other days as the Buyer may reasonably request, a secondary market position report prepared by the Seller, in the form of and containing the information required by the Buyer,
including without limitation, detailed loan/investor information, together with weighted average commitment value, dated as of the Friday preceding such Monday or as of such other day. 

(vii) Delinquency Reports. Prompt notice if any of the Purchased Loans become In Default. 

  
 17-1 

 (viii) Litigation. Promptly after the occurrence thereof and in any event within
five (5) days after the Seller knows or has reason to know of the occurrence thereof, notice of the institution of or any material adverse development in any action, suit or proceeding or any governmental investigation or any arbitration,
before any court or arbitrator or any governmental or administrative body, agency or official, against the Seller or any material property of the Seller, in each case if such action, suit, proceeding, investigation or arbitration, individually or
together with one or more other actions, suits, proceedings, investigations or arbitrations, could result in liabilities to the Seller in excess of the Material Amount. 

(ix) Material Adverse Conditions. Prompt notice of any condition, development or event that has or results in, or could
reasonably be expected to have or result in, a Material Adverse Effect. 
 (x) Change of Control. Promptly after
obtaining knowledge of any actual or proposed Change of Control, notice thereof, together with a description of the nature and the date or proposed date thereof. 

(xi) Mergers and Acquisitions. Promptly, upon entering into any agreement to purchase or acquire, or permitting any of its
Subsidiaries to enter into any agreement to purchase or acquire, any or all of the assets or business of any Person (whether such purchase or acquisition shall be by means of merger, stock purchase, asset purchase or otherwise), notice thereof,
together with a copy of the agreement. 
 (xii) Other Liabilities. Promptly, upon creating, incurring, assuming,
suffering to exist or otherwise becoming liable in respect of, or permitting any of its Subsidiaries to create, incur, assume, suffer to exist or otherwise become liable in respect of, any Liabilities (including all new warehouse facilities) in an
aggregate principal amount exceeding the amount as set forth in Appendix 2, Item 2.17.1.1 annually (other than under the existing Other Approved Facilities, if any, and current trade payables, tax liabilities and expense
accruals, in each case incurred or recorded in the ordinary course of the Seller’s business), notice thereof. At the Buyer’s request, the Seller also shall deliver to the Buyer copies of the evidence of such indebtedness and other material
documentation related thereto. 
 (xiii) Formation of Subsidiaries. Promptly upon forming any Subsidiary, notice
thereof, together with written disclosure of whether such Subsidiary is a Wholly-Owned Subsidiary and copies of such Subsidiary’s organizational documents. 

(xiv) Personal Financial Statements. As soon as available and in any event within thirty (30) days of the annual
anniversary date of each Guarantor’s original personal financial statement delivered to the Buyer, if such requirement is identified in Appendix 1, Item 17.1.1 as applicable, the Seller shall cause each Guarantor to
deliver to the Buyer an updated personal financial statement of such Guarantor as of such annual anniversary date prepared on a Buyer-approved financial statement form for individuals with spouse joinder or waiver, where applicable, and certified by
such Guarantor as complete and correct. 
 (xv) Tax Returns. As soon as available and in any event within forty-five
(45) days of filing same, if such requirement is identified in Appendix 1, Item 17.1.2 as applicable, the Seller shall cause each Guarantor to deliver to the Buyer copies of the completed federal income tax returns,
including all schedules, of such Guarantor and, if requested by the Buyer from time to time, of the Seller. 
 (xvi) Other
Information. Promptly, such additional financial and other information, including financial statements of the Seller, each Guarantor or any Approved Investor (other than an Agency), and such information regarding the Purchased Loans as the Buyer
may from time to time reasonably request, including such information as is necessary for the Buyer to grant participations in its interests in Transactions hereunder. 

(xvii) Servicing Valuations and Reports.  

(a) If identified in Appendix 1, Item 17.1.3 as applicable, as soon as available, and in any event no later than within the
period set forth in Appendix 1, Item 17.1.4, a report of the value of the Seller’s servicing portfolio, as determined by an independent third party, and delinquencies of such portfolio. 

(b) If identified in Appendix 1, Item 17.1.3 as applicable, as soon as available and in any event no later than within the period
set forth in Appendix 1, Item 17.1.4, an internally-prepared valuation of the Seller’s servicing portfolio, together with information on such portfolio’s defaults, run-offs, and similar characteristics, and such other
information as may be reasonably requested by the Buyer regarding such portfolio. 

  
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 (xviii) Changes in Accounting; Fiscal Year. Promptly after making any significant
changes in accounting treatment or reporting practices, or promptly after changing its fiscal year to end on a day other than the date set forth in Appendix 1, Item 17.1.5, notice of such events. If the Seller changes its
fiscal year, the Seller also shall provide to the Buyer such financial and other information as the Buyer shall reasonably request in connection with such change (including, without limitation, an interim audited financial statement), it being
acknowledged by the Seller that the Buyer desires to have an audited financial statement of the Seller covering each 12-month period that the Repurchase Facility is in place. 

17.2 Maintenance of Existence and Properties; Compliance with Laws; Maintenance of Agency Status. The Seller shall preserve and
maintain, and cause each of its Subsidiaries to preserve and maintain, its legal existence and all rights, privileges, licenses, approvals, franchises, properties and assets material to the normal conduct of its business; comply, and cause each of
its Subsidiaries to comply, in all material respects with all Contractual Obligations and Requirements of Law, except when the failure to so comply would not have a Material Adverse Effect; maintain at all times its status as an approved
seller(issuer)/servicer or an approved lender, as the case may be, of each Agency set forth in Appendix 1, Item 16.1.3 in good standing; and comply with the terms and requirements of each Agency Guide applicable to it.

 17.3 Inspection of Property; Books and Records. The Seller shall keep, and cause each of its Subsidiaries (if any) to
keep, proper books of record and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities, and permit
representatives of the Buyer (at no cost to the Seller unless an Event of Default has occurred and is continuing) to visit and inspect any of its properties and examine and make abstracts from any of its books and records during normal business
hours, upon reasonable advance notice and as often as may reasonably be desired by the Buyer, and to discuss the business, operations, properties and financial and other condition of the Seller and its Subsidiaries with officers and employees of
such parties, and with their independent certified public accountants. From time to time, the Buyer will be allowed to conduct financial, compliance and operational audits at the Seller’s office during normal business hours, as well as the
Buyer’s periodic audit of the Seller’s operations and the Purchased Loans (including, without limitation, periodic third party audits requested by the Buyer and/or satisfactory internal reviews of the Seller conducted by the Buyer), and
the Seller shall pay the reasonable fees and costs associated with all such audits. 
 Without limiting the foregoing, the Seller acknowledges that
between 90 and 180 days after the Effective Date, the Buyer intends to cause a third party operations audit to be conducted on the Seller’s operations. The Seller understands that such audit will be conducted by a third party selected by the
Buyer, and the Seller expressly consents to such audit. The results of such audit must be acceptable to the Buyer. The Seller shall pay the reasonable fees and costs associated with such audit. 

17.4 Insurance. The Seller shall maintain or cause to be maintained with financially sound and reputable insurers, insurance
with respect to its properties and business, and the properties and business of its Subsidiaries (if any), against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be
of such types and in such amounts (with such deductible amounts) as is customary for such companies under similar circumstances, including errors and omissions coverage and fidelity coverage in form and substance and in such amounts acceptable under
Agency guidelines and acceptable to the Buyer and with a minimum term of one year, and furnish the Buyer on request (i) copies of all policies (each of which shall be issued by a company reasonably acceptable to the Buyer, contain a provision
for thirty (30) days prior written notice to the Buyer of any cancellation, non-renewal or modification thereof, name the Buyer as an additional insured, and, unless not permitted under the applicable policy, name the Buyer as direct loss payee
with right of action) at the following address: 
 Branch Banking and Trust Company 

Mortgage Warehouse Lending Division 

The address set forth in Appendix 1, Item 24.2 

  
 17-3 

 together with proof of payment of the applicable premiums and (ii) full information as to all such
insurance. The Seller shall at all times maintain a fidelity bond with, among other things, such endorsements as the Buyer shall request, including, without limitation, an endorsement for theft of warehouse provider’s money and collateral,
covering all employees who handle money or documents in an amount and issued by a company acceptable to the Buyer, naming the Buyer as the “direct loss payee with right of action” and protecting the Buyer against loss due to double
selling, assigning or transferring or other fraud involving the Purchased Loans. 
 17.5 Payment of Taxes and Claims. The
Seller shall pay, and cause each of its Subsidiaries (if any) to pay, (i) all taxes, assessments and governmental charges imposed upon it or upon its property, and (ii) all genuine claims (including claims for labor, materials, supplies or
services) that might, if unpaid, become a Lien upon its property, unless, in each case, the validity or amount thereof is being contested in good faith by appropriate proceedings and the Seller or such Subsidiary has maintained adequate reserves in
accordance with GAAP with respect thereto or has posted a bond in respect thereof satisfactory to the Buyer. 
 17.6 Other
Accounts. The Seller shall maintain the Administrative Account, the Investor Funding Account, the Loan Funding Account, the Operating Account, and the Cash Collateral Account, as applicable, with the Buyer, which accounts shall be maintained in
a manner acceptable to the Buyer. The Seller further agrees that it shall at all times maintain in the Operating Account (a) sufficient funds to pay the difference between (i) the amount of all items drawn on the Loan Funding Account,
including wire transfers to originate or acquire Mortgage Loans to be sold to the Buyer, and (ii) the amount of the Purchase Price, if any, paid by the Buyer, which proceeds the Seller acknowledges that the Buyer is not obligated to pay unless
and until all conditions thereto as set forth in Article 15 have been satisfied by the Seller, and (b) sufficient funds to pay, as required by Section 20.6, the difference (if negative) between (i) the sale proceeds
received in the Investor Funding Account from the purchaser of any Purchased Loan or Agency MBS, as applicable, and (ii) the full amount of the Repurchase Price(s) owed to the Buyer for such Purchased Loan or for all of the Purchased Loans
supporting such Agency MBS, as applicable. The Seller further acknowledges and agrees that the Buyer shall not be obligated to pay any items at any time drawn on any of the Seller’s accounts maintained with the Buyer if such payment would
result in an overdraft in any such account and that the Buyer shall not incur any liability to the Seller or any other Person for refusing to make any such wire transfer or for returning unpaid any such items. 

17.7 Further Documents. The Seller shall execute and deliver or cause to be executed and delivered to the Buyer from time to
time such confirmatory or supplementary security agreements, financing statements, reaffirmations and consents and such other documents, instruments or agreements as the Buyer may reasonably request, that are in the Buyer’s reasonable judgment
necessary or desirable to obtain for the Buyer the benefit of the Facility Papers. 
 17.8 Operational Procedures. The
Seller shall follow and abide by, in all material respects, the operational procedures set forth in the Procedural Manual.  

17.9 Closing Instructions. With respect to each closing for which the Seller requests a Transaction hereunder, the Seller shall
provide closing instructions to the closing agent requiring the closing agent to return all funds to the Buyer if the closing does not take place as scheduled. The Seller shall use commercially reasonable efforts to cause each closing agent to
countersign such closing instructions and return them with the closing package to the Seller. 
 17.10 ERISA. The
Seller shall, and to the extent practicable shall cause each of its ERISA Affiliates to: (a) maintain each Pension Plan in compliance with the applicable provisions of ERISA, the Code and other applicable federal or state law; and (b) make
all required contributions to any Pension Plan subject to Section 412 or Section 430 of the Code and all contributions required of the Seller and its ERISA Affiliates to any Multiemployer Plan subject to Section 431 of the Code;
except in each such instance in clause (a) or (b) where the failure to do so, either singly or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

17.11 Promptly Correct Escrow Imbalances. By no later than seven (7) Banking Days after learning (from any source) of any
material imbalance in any escrow account(s) maintained by the Seller, the Seller will fully and completely correct and eliminate such imbalance. 

  
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 17.12 MERS. The Seller will: 

(i) be a “Member” (as defined in the MERS Procedures Manual) in the MERS®
System; 
 (ii) maintain the Electronic Tracking Agreement in full force and effect and timely perform all of its obligations thereunder;

 (iii) provide the Buyer with copies of any new MERS Procedures Manual or agreement or any amendment, supplement or other modification of
any MERS Procedures Manual or agreement (other than the Electronic Tracking Agreement); 
 (iv) not amend, terminate or revoke, or enter
into any agreement that is inconsistent with or contradicts any provision of, the Electronic Tracking Agreement; 
 (v) identify to the
Buyer each Purchased Loan that is registered in the MERS® System, at the earlier of the time it is so registered or the time it is purchased or deemed purchased hereunder, as so registered;

 (vi) at the request of the Buyer, take such actions as may be requested by the Buyer to: 

(a) transfer beneficial ownership of any Purchased Loan to the Buyer as “Interim Funder” and/or “Associated Member” (as
such terms are defined in the Electronic Tracking Agreement) or as any other category, as the Buyer may deem necessary and proper, on the MERS® System; or 

(b) de-register or re-register any Purchased Loan on, or withdraw any Purchased Loan from, the MERS® System; 
 (vii) provide the Buyer with copies of any or all of the following reports
with respect to the Purchased Loans registered on the MERS® System at the request of the Buyer: 

(a) Co-existing Security Interest (MERS form IA); 

(b) Release of Security Interest by Interim Funder (MERS form IB); 

(c) Interim Funder Rejects (MERS form IC); 

(d) Paid in Full Verification (MERS form DK); and 

(e) such other reports as the Buyer may reasonably request to verify the status of any Purchased Loan on the MERS® System; and 
 (viii) notify the Buyer of any withdrawal or deemed withdrawal of the
Seller’s membership in the MERS® System or any deregistration of any Purchased Loan previously registered on the MERS® System.

 17.13 Special Affirmative Covenants Concerning Purchased Loans. 

(i) The Seller will defend the right, title and interest of the Buyer in and to the Purchased Loans against the claims and demands of all
Persons whomsoever. 
 (ii) The Seller will ensure that the Mortgaged Premises securing each Purchased Loan are continuously insured against
casualty loss as follows: 
 (a) the Seller shall cause to be maintained with respect to each Purchased Loan, one or more Hazard Insurance
Policies which provide, at a minimum, the same coverage as a standard form fire and extended coverage insurance policy that is customarily required by other creditors for residential real estate located in the same general geographic area and state
that secures that Purchased Loan, issued by a company authorized to 

  
 17-5 

 
issue such policies in the state in which the related residential real estate is located and in an amount not less than (x) the maximum insurable value of the improvements to such
residential real estate or (y) the principal balance due from the Customer(s) under the related Purchased Loan, whichever is less; provided, that the amount of coverage provided by each Hazard Insurance Policy shall be sufficient
to avoid the application of any coinsurance clause for partial losses, although such Hazard Insurance Policies may provide for customary deductible amounts. Each Hazard Insurance Policy shall contain a standard loss payee clause in favor of the
Seller and its successors and assigns. If any Customer obligated on any Purchased Loan fails to pay any premiums on the Hazard Insurance Policy for the related property, the Seller shall pay such premiums out of its own funds and may separately add
the amount so paid to the applicable Customer’s obligation as provided by the relevant Loan Papers, but shall not add that amount to the remaining principal balance of that Purchased Loan; and 

(b) the Seller may, in lieu of causing individual Hazard Insurance Policies to be maintained with respect to each Mortgaged Premises pursuant
to Section 17.13(ii)(a), and shall, to the extent that the related Loan Papers do not require the Customer(s) obligated on them to maintain a Hazard Insurance Policy with respect to the related Mortgaged Premises, maintain one or more
blanket insurance policies covering losses on the Seller’s interest in the Purchased Loans resulting from the absence or insufficiency of individual Hazard Insurance Policies. The Seller shall pay the premium for such policy on the basis
described therein and shall pay from its own funds any deductible amount with respect to claims under such blanket insurance policy relating to the Purchased Loans. However, the Seller shall not be required to deposit any deductible amount with
respect to claims under individual Hazard Insurance Policies maintained pursuant to Section 17.13(ii)(a). If the insurer under such blanket insurance policy shall cease to be acceptable to the Buyer, the Seller shall exercise its best
reasonable efforts to obtain from another insurer a replacement policy comparable to such policy. 
 17.14 Cash Collateral
Account. The Seller shall maintain the Cash Collateral Account with the Buyer, which account(s) shall at all times be maintained in a manner acceptable to the Buyer. On or before the date set forth in Appendix 2,
Item 2.17.14.1, the Seller shall deposit no less than the amount set forth in Appendix 2, Item 2.17.14.2 (the “Minimum Balance”) into the Cash Collateral Account. If at any time after such
date, and for whatever reason, the funds on deposit in the Cash Collateral Account shall be less than the Minimum Balance, the Seller shall immediately deposit additional funds in the Cash Collateral Account to bring the balance thereof to an amount
that is no less than the Minimum Balance.  
 17.15 Certificating Custodian; Custodial Account. The Seller shall
provide the Buyer with at least sixty (60) days prior written notice of any proposed initial appointment of, or change in, as applicable, the Certificating Custodian, and in connection therewith, if the Buyer’s consent to such initial
appointment or change, as applicable, is given, the Seller shall make any revisions to its warehousing procedures that are requested by the Buyer or that are required to satisfy the Buyer’s operations policies in place at such time, including,
if requested or required by the Buyer, furnishing or causing to be furnished to the Buyer custodial and/or intercreditor agreements, in form and substance satisfactory to the Buyer, from the Seller’s proposed Certificating Custodian. Further,
if applicable, the Seller shall at all times maintain the Custodial Account in a manner acceptable to the Buyer and comply with its obligations under the Master Custodial Agreement. 

17.16 Intercreditor Agreements. With respect to any mortgage loan warehouse facility or other similar financing obtained by the Seller
(other than the Repurchase Facility), if requested by the Buyer in its sole discretion, the Seller shall use its best efforts to cause the provider of such mortgage loan warehouse facility to enter into an Intercreditor Agreement with the Buyer, in
form and substance satisfactory to the Buyer. The Seller acknowledges that, as of the effective date set forth in Appendix 2, the Intercreditor Agreement(s), if any, listed in Appendix 2, Item 2.17.16.1, are in place and
are applicable to the Repurchase Facility. 
 17.17 Post Closing. The Seller shall deliver to the Buyer
each of the items identified in Appendix 1, Item 17.17.1 within the time period specified therefor as set forth in Appendix 1, Item 17.17.1. 

  
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 18 Negative Covenants 

The Seller agrees that until all of the Purchased Loans have been repurchased by the Seller and none of the Seller’s Obligations remain
to be paid or performed under this Agreement or any of the other Facility Papers, the Seller shall not, either directly or indirectly: 

18.1 Liens. Create, incur, assume or suffer to exist, or permit any Subsidiary to create, incur, assume or suffer to exist, any
Lien upon its properties, assets or revenues now owned or hereafter acquired, except (the Liens described in the following clauses (i) through (v), collectively, the “Permitted Liens”): 

(i) Liens created or permitted by this Agreement or any of the other Facility Papers, including without limitation, Permitted Encumbrances;

 (ii) Liens created under any of the Other Approved Facility Papers, if any; provided, that notwithstanding anything to the
contrary contained herein, such Liens shall not encumber at any time any properties, assets or revenues of the Seller which are purchased by the Buyer under this Agreement and/or otherwise secure the Obligations pursuant to the Facility Papers and
none of such Liens shall be a “blanket” lien or security interest on the Seller’s other assets; 
 (iii) Liens for taxes not
yet due or which are being contested in good faith by appropriate proceedings; provided, that adequate reserves with respect thereto are maintained on the books of the Seller in conformity with GAAP; 

(iv) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, lessors’, landlords’ or other like
Liens arising in the ordinary course of business that are not overdue for a period of more than 60 days or that are being contested in good faith by appropriate proceedings; or 

(v) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation and
deposits securing liability to insurance carriers under insurance or self-insurance arrangements not to exceed $50,000.00 in the aggregate. 

18.2 Other Indebtedness. Create, incur, assume or suffer to exist or otherwise become liable in respect of any Liabilities in excess of
the amount set forth in Appendix 2, Item 2.17.1.1 in the aggregate annually (other than under the Other Approved Facilities, if any, and current trade payables, tax liabilities and expense accruals, in each case incurred or recorded in
the ordinary course of the Seller’s business) without the Buyer’s prior written consent. Without limiting the foregoing, any new mortgage loan warehouse facility or other similar financing entered into by the Seller shall be deemed to be
an “Other Approved Facility” for purposes of this Agreement, and shall not require the Buyer’s prior written consent, so long as (A) the Seller enters into such warehouse or similar financing without breaching any of the
covenants set forth in this Agreement (including, without limitation, the covenants set forth in Sections 18.1(ii) and 18.19 of this Agreement) or otherwise violating the terms of this Agreement; (B) no Potential Default or Event
of Default shall exist at the time the Seller enters into such warehouse or similar financing; (C) no Potential Default or Event of Default shall be caused by the Seller entering into such warehouse or similar financing; and (D) the Seller
complies with the notice requirements set forth in Section 17.1(xii) in connection with its entering into such warehouse or similar financing. 

18.3 Change of Business. Engage in or permit any Subsidiary to engage in any type of business that is unrelated to the mortgage
banking and lending business and the servicing of Mortgage Loans. 
 18.4 Change of Control. Suffer or permit any
Change of Control. 
 18.5 Fundamental Changes. Merge into or consolidate with any other Person, or permit any other
Person to merge into or consolidate with it, or sell, lease, transfer or otherwise dispose of (in a single transaction or a series of transactions) all or substantially all of its assets (in each case, whether now owned or hereafter acquired), or
purchase all or substantially all of the assets of another Person, or liquidate or dissolve; provided, that if at the time thereof and immediately after giving effect thereto, no Potential Default or Event of Default shall have occurred and
be continuing, the Seller may merge with a Person if the Seller is the surviving Person, or may purchase all or substantially all of the assets of another Person. 

  
 18-1 

 18.6 Investments. Make any advance, loan, extension of credit or capital
contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, or make any other investment in, any Person (collectively, “Investments”), except: 

(i) Mortgage Loans made in the ordinary course of the Seller’s business, and related mortgage-backed securities; 

(ii) extensions of trade credit and accounts receivable generated in the ordinary course of business; 

(iii) Investments as reflected in the most recent financial statement referenced in Section 16.1(iv)(a); 

(iv) Investments in cash or Cash Equivalents; 

(v) Investments in Marketable Securities that are made in the ordinary course of the Seller’s business for treasury management purposes;
provided, that prior to and immediately after giving effect to any such Investment, no Potential Default or Event of Default shall have occurred and be continuing; 

(vi) Hedging Arrangements entered into by the Seller to protect the Seller and the Buyer against changes in the value of its Mortgage Loans or
any of its other assets; 
 (vii) formation of new Subsidiaries; provided, if required by the Buyer, such Subsidiaries execute a
Guarantee of the Obligations in favor of the Buyer in form and substance satisfactory to the Buyer; and 
 (viii) loans, advances or
commission draws to employees, officers, directors or managers of the Seller in the ordinary course of business for travel, relocation and related expenses. 

18.7 Guarantees. Guarantee, endorse or otherwise become secondarily liable for or upon the obligations of any other Person,
except by endorsement for deposit in the ordinary course of business. 
 18.8 Restrictive Agreements. Enter into, incur
or permit to exist any agreement that prohibits, restricts or imposes any condition upon the ability of the Seller to create, incur or permit any Lien upon any of its assets or properties, whether now owned or hereafter acquired, or of any
Subsidiary to declare or pay dividends or distributions, as applicable, or to make loans or other advances to the Seller, directly or indirectly. 

18.9 Payment of Dividends and Other Payments. 

(i) Declare or pay any dividend or distribution, as applicable, on its capital stock, membership interests or such other form of ownership
interest, now or hereafter outstanding (except dividends or distributions payable solely in shares of the capital stock, additional membership interests or additional ownership interests, as applicable, of the Seller), or make any other distribution
to its owners, whether in cash, property or securities unless, in each instance, the Seller is in compliance with the financial covenants contained in Section 18.19 and all other covenants contained herein, both before and after giving
effect thereto, and no Potential Default or Event of Default has occurred and is continuing, or would result after giving effect thereto; or 

(ii) Purchase or redeem any of its capital stock, membership interests or other ownership interests, as applicable, unless, in each instance,
the Seller is in compliance with the financial covenants contained in Section 18.19 and all other covenants contained herein, both before and after giving effect thereto, and no Potential Default or Event of Default has occurred and is
continuing, or would result after giving effect thereto. 

  
 18-2 

 18.10 Transactions with Affiliates. Enter into, or permit any of its Subsidiaries
directly or indirectly to enter into, any transaction (including the purchase, sale, lease or exchange of any property, the making or borrowing of any loan or the rendering of any service) with any Affiliate on terms, in each instance, that are less
favorable to the Seller or such Subsidiary than those that might be obtained at the time from Persons which are not Affiliates. Nothing in this section shall prevent the Seller from paying Parkway Financial Group or Century Communities, Inc.
customary fees for administrative and managerial services provided to the Seller in the ordinary course of business. 
 18.11
Effectiveness of Investor Commitments. Amend, void, reduce, modify, violate, terminate or commit any act that would in any way adversely affect any Investor Commitment covering a Purchased Loan; provided, however, that this
Section shall not prohibit the Seller from substituting one Investor Commitment covering a Purchased Loan with another Investor Commitment covering the same Purchased Loan (which second Investor Commitment shall be acceptable to the Buyer), as long
as no Disqualifier exists with respect to such Purchased Loan or results from such substitution. 
 18.12 VA Guaranties and
FHA Insurance. Commit any act that would invalidate any VA guarantee or FHA insurance relating to any Mortgage Loan constituting a Purchased Loan. 

18.13 Transfer to Affiliates. Sell, assign or otherwise transfer any of its assets, or permit any of its Subsidiaries to sell,
assign or otherwise transfer any of their respective assets, to any Affiliate of the Seller without the prior written consent of the Buyer. 

18.14 Margin Regulations. Use any or all of the proceeds of any Transaction (i) to purchase or carry Margin Stock or extend
credit to others for the purpose of purchasing or carrying Margin Stock or (ii) in any manner that will violate or be inconsistent with the provisions of Regulation U. 

18.15 Change of Legal Name; Jurisdiction of Organization; Principal Place of Business and Chief Executive Office; Location of
Records. Change its legal name unless it has given or caused to be given to the Buyer at least thirty (30) days’ prior written notice thereof. Change its jurisdiction of organization from the State set forth in Appendix 1,
Item 18.15.1 or its principal place of business and chief executive office and the place where its records concerning the Purchased Loans are kept as set forth in Appendix 1, Item 16.1.4 unless it has given
or caused to be given to the Buyer at least thirty (30) days’ prior written notice thereof and then, only if (i) the new jurisdiction and/or location is in the United States, and (ii) the Seller has taken all actions requested by
the Buyer to maintain the perfected interest in the Purchased Loans. 
 18.16 Amendments to Material Documents. Amend,
modify or waive any of its rights in a manner materially adverse to the Buyer, as determined by the Buyer, in the Buyer’s sole discretion, under (a) its certificate or articles of incorporation or organization, its bylaws or operating
agreement, as applicable, or any other organizational documents or (b) any material contract if, in either case, any such amendment, modification or waiver, would cause a change in the financial condition of the Seller or any of its
Subsidiaries in a Material Amount or otherwise cause a Material Adverse Effect. 
 18.17 Subordinated Debt. Make any
payment to a Subordinated Creditor on any Subordinated Debt (a) which would cause a violation of the Subordination Agreement related to such Subordinated Debt, (b) which would cause a violation of any of the financial covenants contained
in Section 18.19, or (c) if any Potential Default or Event of Default has occurred and is continuing or would result after giving effect thereto. Prior to making any such payment, the Seller shall provide the Buyer with a
certificate of the Seller’s chief financial officer attesting, to the satisfaction of the Buyer, that the Seller, following the making of such payment, will be in compliance with each of the foregoing financial covenants. No Subordination
Agreement shall be amended, supplemented or restated without the prior written consent of the Buyer, which consent may be withheld thereby, in its sole and absolute discretion. 

18.18 Negative Pledge. Permit any owner of the Seller to pledge, collaterally assign, or otherwise encumber in favor of any
third party Person any capital stock, membership interests or such other form of ownership interests, as applicable, such owner holds of the Seller, without the Buyer’s prior written consent in each instance. 

  
 18-3 

 18.19 Financial Covenants. Cause or permit the violation of any of the following
financial covenants, all of which shall be determined with respect to the Seller only and not on a consolidated basis: 
 (i)
Adjusted Tangible Net Worth. Adjusted Tangible Net Worth, tested monthly as at the end of each calendar month, shall be not less than the amount set forth in Appendix 2, Item 2.18.19.1. 

(ii) Leverage Ratio. The Leverage Ratio, tested monthly as at the end of each calendar month, shall be not greater
than the ratio set forth in Appendix 2, Item 2.18.19.2.  
 (iii) Current Ratio. The Current
Ratio, tested monthly as at the end of each calendar month, shall be not less than the ratio set forth in Appendix 2, Item 2.18.19.3. 

(iv) Minimum Liquidity. The Seller’s Liquidity, tested monthly as at the end of each calendar month, shall be
not less than the amount set forth in Appendix 2, Item 2.18.19.4. 
 (v) Net Income. The
Seller’s net income, determined in accordance with GAAP, for the period set forth in Appendix 2, Item 2.18.19.5, shall be not less than the amount set forth in Appendix 2, Item 2.18.19.6. 

(vi) Other Financial Covenants. Any violation of or non-compliance with any of the additional financial covenants
(if any) set forth in Appendix 2, Item 2.18.19.7. 
 18.20 Servicing Rights. At no time shall the Seller sell,
transfer, assign, convey, pledge, mortgage or hypothecate or attempt to sell, transfer, assign, convey, pledge, mortgage or hypothecate any Servicing Rights related to the Purchased Loans to any Person other than the Buyer, except as contemplated in
the Investor Commitment which has been assigned to the Buyer pursuant to this Agreement. 

  
 18-4 

 19 Events of Default; Event of Termination 

19.1 Events of Default. If one or more of the following events (each an “Event of Default”) shall have occurred
and be continuing, each shall be and constitute an Event of Default hereunder: 
 (i) Payments. The Seller shall fail to make
any payment of Repurchase Price when due or shall fail to pay within five (5) Banking Days after the due date therefor any Price Differential, Fees or other Obligations under any of the Facility Papers. 

(ii) Covenants Without Notice. The Seller shall fail to observe or perform any covenant or agreement contained in Sections
17.1(iv), 17.1(xii), 17.2, 17.4, 17.6, 17.8, 17.9, 17.11, 17.14, 17.15, 17.17, and Article 18 (other than Section 18.4); provided, that any violation
of Section 18.1 that is attributable to the existence of an involuntary Lien on any Purchased Loan shall not constitute an Event of Default until thirty (30) days after the imposition thereof if at all times during such thirty
(30) day period (i) the Seller is making a diligent effort by appropriate means to remove such Lien and (ii) such Lien does not have a Material Adverse Effect. 

(iii) Covenants With Five Day Grace Period. The Seller shall fail to observe or perform any covenant or agreement contained in
Section 17.1 (other than those referred to in Section 19.1(ii)), 17.3, 17.5, 17.7, 17.10, 17.12, 17.13 or 17.16, and such failure shall remain unremedied for five
(5) Banking Days after oral notice thereof to an Authorized Seller Representative (which shall be confirmed in writing before the end of such five (5) Banking Day period). 

(iv) Covenants With Thirty Day Grace Period. The Seller shall fail to observe or perform any covenant or agreement contained in any
Facility Papers, other than those referred to in Sections 19.1(i), 19.1(ii), 19.1(iii), and, if capable of being remedied, such failure shall remain unremedied for thirty (30) days after the earlier of (i) the
Seller’s obtaining knowledge thereof or (ii) written notice thereof shall have been given to the Seller by the Buyer; provided, that (x) if such failure is capable of being remedied but only in a period of more than thirty
(30) days, then such failure shall not constitute an Event of Default until ninety (90) days after the earlier of the above dates if the Seller is making a diligent effort by appropriate means to observe or perform such covenant and
(y) failure to observe or perform such covenant does not have a Material Adverse Effect. 
 (v) Representations. Any
representation, warranty or statement made or deemed to be made by the Seller or any of its officers, managers or members or any Guarantor or any of its officers, managers or members or the Authorized Seller Representatives under or in connection
with any Facility Papers shall have been inaccurate, incomplete or incorrect in any material respect (without duplication of any materiality qualifier contained in such representation, warranty or statement) when made or deemed to be made. 

(vi) Non-Payment of Other Liabilities. The Seller or any Guarantor shall fail to make any payment of principal of or interest on any of
its liabilities (other than the Obligations under any of the Facility Papers), including without limitation under the Other Approved Facility Papers, when due (whether at stated maturity, by acceleration, on demand or otherwise) after giving effect
to any applicable grace period, unless there is a bona fide dispute with regard to such payment which is being contested in good faith by the Seller or such Guarantor, as applicable. 

(vii) Defaults Under Other Agreements. The Seller or any Guarantor shall fail to observe or perform, in any material respect, any
covenant or agreement contained in any agreement or instrument relating to any of its liabilities (other than the Obligations under any of the Facility Papers), including without limitation under any of the Other Approved Facility Papers, within any
applicable grace period, or any other event shall occur if the effect of such failure or other event is to accelerate, or to permit the holder of such liabilities or any other Person to accelerate, the maturity of such liabilities; or any such
liabilities shall be required to be prepaid (other than by a regularly scheduled required prepayment) in whole or in part prior to their stated maturity, unless there is a bona fide dispute with regard to such acceleration or required prepayment
which is being contested in good faith by the Seller or such Guarantor, as applicable. 

  
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 (viii) Bankruptcy. The Seller or any Guarantor shall commence a voluntary case under the
Bankruptcy Code; or any involuntary case is commenced against the Seller or any Guarantor and the petition is not dismissed within sixty (60) days after commencement of such case; or a custodian (as defined in the Bankruptcy Code) is appointed
for, or takes charge of, all or any substantial part of the property of the Seller or any Guarantor; or the Seller or any Guarantor commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law or there is commenced against the Seller or any Guarantor any such proceeding that remains undismissed for a period of sixty (60) days; or the Seller or any Guarantor is adjudicated
insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Seller or any Guarantor shall fail to pay, or shall state that it or he is unable to pay, or shall be unable to pay, its or his
debts generally as they become due; or the Seller or any Guarantor shall call a meeting of its or his creditors with a view to arranging a composition or adjustment of its or his debts; or the Seller or any Guarantor shall by any act or failure to
act indicate its or his consent to, approval of or acquiescence in any of the foregoing; or any corporate or other entity action is taken by the Seller or any Guarantor for the purpose of effecting any of the foregoing. 

(ix) Money Judgment. One or more judgments or orders for the payment of money exceeding $100,000.00 in the aggregate shall be rendered
against the Seller or any Guarantor and such judgment or order shall continue unsatisfied (in the case of a money judgment) and in effect for a period of thirty (30) days during which execution shall not be effectively stayed or deferred
(whether by action of a court, by agreement or otherwise). 
 (x) ERISA. (i) Any ERISA Event or a Prohibited Transaction shall
occur with respect to any Plan; (ii) a notice of intent to terminate a Plan under Section 4041 of ERISA shall be filed; (iii) a notice shall be received by the plan administrator of a Plan that the PBGC has instituted proceedings to
terminate a Plan or appoint a trustee to administer a Plan; (iv) any other event or condition shall exist that might, in the opinion of the Buyer, constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of
a trustee to administer, any Plan; (v) the Seller or any ERISA Affiliate shall withdraw from or incur liability, including excise tax, in connection with a Multiemployer Plan under circumstances that the Buyer determine could have a Material
Adverse Effect; and in case of the occurrence of any event or condition described in clauses (i) through (v) above, such event or condition together with all other such events or conditions, if any, could subject the Seller to any tax,
penalty or other liabilities in the aggregate material in relation to the business, operations, property or financial or other condition of the Seller. 

(xi) Dissolution; Death, etc. The Seller or any Guarantor that is not a natural person shall commence dissolution proceedings or
otherwise shall cease operation of its business as conducted on the date hereof, or any Guarantor that is a natural person shall die or become incapacitated. 

(xii) Change of Control. Any Change of Control shall occur. 

(xiii) Adverse Changes. Any Material Adverse Effect shall occur with respect to the Seller or any of its Subsidiaries, as determined by
the Buyer, it its reasonable discretion. 
 (xiv) Failure to Pass Audit. The Buyer, for any reason, shall be dissatisfied with the
results of any operational or financial audit undertaken by it pursuant to Section 17.3. 
 (xv) Insecurity. The Buyer,
in the exercise of good faith, shall deem itself to be insecure with respect to the Seller’s ability to pay the Obligations as and when due or to materially comply with and perform any of the covenants, agreements, or obligations of the Seller
hereunder. 
 (xvi) Interests in the Purchased Loans. The Buyer shall cease for any reason (other than pursuant to the terms of this
Agreement) to have valid, perfected and first priority ownership interests in the Purchased Loans, or any Person shall take any action to discontinue or to assert the invalidity or unenforceability of such ownership interests. 

  
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 (xvii) Default Under Guaranty. Any Guarantor shall fail to meet or comply with any term or
condition of his or its respective Guaranty or shall seek to cancel or revoke his or its respective Guaranty for any reason whatsoever or shall default in the payment or performance of any obligations thereunder to the Buyer. 

(xviii) Default Under Other Facility Papers. Any default or event of default shall occur under any of the other Facility Papers,
subject to any applicable notice requirements and the expiration of any applicable grace periods provided therein. 
 (xix)
Recharacterization of this Agreement. Either (i) this Agreement shall for any reason not cause, or shall cease to cause, the Buyer to be the owner of all Purchased Loans or, if recharacterized as a secured financing, secured party with
respect to all Purchased Loans, in each case, free of any adverse claim, liens and other rights of others (other than as granted or disclosed herein), (ii) if a Transaction is recharacterized as a secured financing, this Agreement and the other
Facility Papers with respect to such Transaction shall for any reason fail or cease to create a valid and perfected first priority security interest in favor of the Buyer in all of the related Purchased Loans for such Transaction, or (iii) if
this Agreement or any other Facility Paper shall cease to be in full force and effect or if its enforceability is disputed or challenged by the Seller. 

19.2 Transaction and Commitment Termination. If an Event of Default shall have occurred and be continuing, then, at the option
of the Buyer (which option shall be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of an Event of Default specified in Sections 19.1(viii) or (xi)) the Buyer may terminate the Commitment and
declare, by written notice to the Seller, the Repurchase Date for each Transaction hereunder as deemed immediately to have occurred. 

19.3 Termination by the Buyer. If the Buyer is deemed to have exercised the option to terminate Transactions referred to in
Section 19.2, (i) the Seller’s obligations hereunder to repurchase all Purchased Loans in such Transactions shall thereupon become immediately due and payable, (ii) to the extent permitted by applicable Law, the Repurchase
Price with respect to each Transaction shall be increased by the aggregate amount obtained by daily multiplication of (x) the Ceiling Rate by (y) the Purchase Price for such Transaction as of the Repurchase Date as determined pursuant to
Section 19.2 (decreased as of any day by (A) any amounts retained by the Buyer with respect to such Purchase Price pursuant to clause (iii) of this Section 19.3, (B) any proceeds from the sale of
Purchased Loans pursuant to clause (a) of Section 19.4(i), and (C) any amounts credited to the account of the Seller pursuant to clause (b) of Section 19.4(i)) on a three hundred sixty
(360) day per year basis for the actual number of days during the period from and including the date of the Event of Default giving rise to such option to but excluding the date of payment of the Repurchase Price as so increased, (iii) all
Income paid after such exercise or deemed exercise shall be payable to and retained by the Buyer and applied to the aggregate unpaid Repurchase Prices owed by the Seller and (iv) the Seller shall immediately deliver to the Buyer any documents
and Purchased Loans Records relating to Purchased Loans subject to such Transactions then in the Seller’s or Servicer’s possession. 

19.4 Remedies. Upon the occurrence and during the continuance of an Event of Default, whether or not the Buyer has exercised any
of its rights pursuant to Sections 19.2 and 19.3, the Buyer, without prior notice to the Seller, may: 
 (i) (a)
immediately sell, in a recognized market at such price or prices as the Buyer may, in its sole discretion, deem satisfactory, any or all Purchased Loans and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts
owing by the Seller hereunder (provided, however, that with respect to any particular Purchased Loan so sold, if the net sales proceeds received by the Buyer from such sale exceed the Repurchase Price attributable to such Purchased
Loan, the Buyer, in its sole and absolute discretion, may hold the excess in the Administrative Account or in a reserve account in the Buyer’s name as security for the Obligations, instead of applying such excess to the Obligations upon receipt
of the same), or (b) in the Buyer’s sole and absolute discretion elect, in lieu of selling all or a portion of such Purchased Loans, to give the Seller credit for such Purchased Loans in an amount equal to the Market Value therefor on such
date against the aggregate unpaid Repurchase Prices and any other amounts owing by the Seller hereunder, and the Seller shall no longer have a right to repurchase such Purchased Loans hereunder; 

  
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 (ii) notify all obligors in respect of the Purchased Loans that the Purchased Loans have been
sold to the Buyer, and that all payments thereon are to be made directly to the Buyer or such other party as may be designated thereby; and 

(iii) exercise from time to time any and all other remedies available under applicable Law including, but not limited to, those of a purchaser
or secured party under the UCC. 
 The Seller acknowledges that Mortgage Loans are customarily sold on a recognized market. The Seller waives any right it
may have to prior notice of the sale of any Purchased Loans, and agrees that the Buyer may purchase any Purchased Loans at a private sale thereof. 
 Upon
any sale or other disposition pursuant to this Agreement, the Buyer shall have the right to deliver, assign and transfer to the purchaser thereof the Purchased Loans or portion thereof so sold or disposed of and all proceeds thereof shall be
promptly transmitted to the Buyer. Each purchaser at any such sale or other disposition shall hold the Purchased Loans, free from any claim or right of whatever kind, including any equity or right of redemption of the Seller, and the Seller
specifically waives (to the extent permitted by law) all rights of redemption, stay or appraisal that it has or may have under any rule of law or statute now existing or hereafter adopted. The Buyer is hereby granted a license or other right to use,
without charge, the Seller’s computer programs, other programs, labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it
pertains to the Purchased Loans, in advertising for sale and selling any Purchased Loans, and the Seller’s rights under all licenses and all other agreements related to the foregoing shall inure to the Buyer’s benefit until the Obligations
are paid in full and the Buyer’s Commitment is terminated. Nothing herein contained shall be construed as an assumption by the Buyer or its appointee of any liability of the Seller with respect to any of the Purchased Loans, and the Seller
shall be and remain responsible for all such liabilities. 
 Any notice pursuant to any Requirements of Law of any sale, public or private, of all or any
part of the Purchased Loans shall be deemed in all circumstances to have been given in a commercially reasonable manner if sent at least five (5) Banking Days prior to such sale by mail to the Seller at its address set forth herein. The Buyer
shall not be obligated to make any sale pursuant to any such notice. If permissible under the UCC or other applicable Law, the Buyer will endeavor to sell any Purchased Loan which is subject to a current Investor Commitment to the Approved Investor
which issued such Investor Commitment prior to offering such Purchased Loan for sale (either public or private) to another purchaser. At any such sale the Purchased Loans may be sold in one lot as an entirety or in separate lots or parcels. In the
case of any sale of all or any part of the Purchased Loans for credit or for future delivery, the Purchased Loans so sold may be retained by the Buyer until the selling price is paid by the purchaser thereof, but the Buyer shall not incur any
liability in case of the failure of such purchaser to take up and pay for the Purchased Loans so sold, and in case of any such failure, such Purchased Loans may again be sold under and pursuant to the provisions hereof. The Seller hereby appoints
the Buyer or the Buyer’s designee as the Seller’s attorney-in-fact with the power of substitution, and with the power to execute all conveyances, assignments and transfers of the Purchased Loans sold pursuant hereto in the name and stead
of the Seller. The Seller shall, if so requested by the Buyer, ratify and confirm any sale or sales by executing and delivering to the Buyer, or to such purchaser or purchasers, all such documents as may, in the judgment of the Buyer, be advisable
for such purpose. All acts of such attorney or designee are hereby ratified and approved by the Seller, and such attorney or designee shall not be liable for any acts of omission or commission, nor for any error of judgment or mistake of fact or law
in accordance with this Agreement. The power of attorney hereby granted is irrevocable and coupled with an interest while any of the Obligations remain unsatisfied. 

19.5 Liability for Expenses and Damages. The Seller shall be liable to the Buyer for (i) the amount of all reasonable legal or
other expenses incurred by the Buyer in connection with or as a result of an Event of Default and collecting and enforcing its rights in the Purchased Loans, whether or not suit is brought and whether incurred with trial, rehearing, retrial, appeal
or bankruptcy, (ii) damages in an amount equal to the reasonable cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions in connection with or as a result
of an Event of Default and (iii) any other reasonable loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default. 

  
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 19.6 Liability for Interest. To the extent permitted by applicable Law, the Seller shall
be liable to the Buyer for interest on any amounts owing by the Seller under Section 19.5, from the date the Seller becomes liable for such amounts until such amounts are (i) paid in full by the Seller or (ii) satisfied in full
by the exercise of the Buyer’s rights hereunder. Interest on any sum payable by the Seller to the Buyer under this Section 19.6 shall be at a rate equal to the Ceiling Rate. 

19.7 Setoff. The Buyer may set off against the Obligations any funds or debts owing to the Seller by the Buyer including, but not
limited to, any funds in any deposit account, savings certificate or other instrument now or hereafter maintained by the Seller with the Buyer or any of its Affiliates. The Seller hereby confirms the Buyer’s right of lien and setoff and nothing
in this Agreement shall be deemed to constitute any waiver or prohibition thereof. 
 19.8 Other Rights. The rights, powers and
remedies of the Buyer under this Agreement shall be in addition to all rights, powers and remedies given to the Buyer by virtue of any applicable Law, all of which rights, powers and remedies shall be cumulative and may be exercised successively or
concurrently without impairing the Buyer’s interest in the Purchased Loans. 
 19.9 Limitation on Liability of the Buyer. It is
expressly agreed by the Seller that, anything herein to the contrary notwithstanding, the Seller shall remain liable to observe and perform all the conditions, duties and obligations to be observed and performed by it relating to the Purchased
Loans, and the Seller shall perform all of its duties and obligations thereunder, all in accordance with and pursuant to the terms and provisions relating thereto. The Buyer shall not have any obligation or liability under any instrument, agreement,
contract or other document by reason of or arising out of this Agreement or the granting of a security interest in any instrument, agreement, contract or other document to the Buyer or the receipt by the Buyer of any payment relating to any of the
foregoing pursuant hereto, nor shall the Buyer be required or obligated in any manner to perform or fulfill any of the obligations of the Seller thereunder, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any
payment received by it or the sufficiency of any performance by any party thereunder, or to present or file any claim, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to
which it may be entitled at any time or times. 

  
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 20 Servicing and Custody of the Purchased Loans 

20.1 Servicing for the Buyer. 

(i) The definition of Purchased Loan in Section 2.2 includes all assets and properties described in Exhibit A of Schedule
11. Exhibit A of Schedule 11 includes in (a)(5) all Servicing Rights in respect of any of the Purchased Loans. The Seller is selling the Purchased Loans on a servicing released basis. Therefore, the Buyer owns the Servicing Rights
in reference to the Purchased Loans. The purchase price which the Buyer is paying for the Purchased Loans is determined in part by the fact that the Buyer is receiving ownership of the Servicing Rights which will enable the Buyer to liquidate and
transfer the Servicing Rights as part of the Purchased Loans in the event that the Seller fails to perform its obligations under this Agreement, and in part to compensate the Seller for servicing the Purchased Loans on an interim basis on behalf of
the Buyer. 
 (ii) It is the intent of the Seller and the Buyer that the Servicing Rights are an integral non-severable part of this
Agreement. The Buyer’s ability to re-sell the Servicing Rights is necessary in order for the Buyer to realize full value from re-sale of the Purchased Loans to another party, which the Buyer has the right to do if the Seller does not perform
its obligations under this Agreement. If the Buyer is deemed to hold a security interest in the Servicing Rights under Section 35.5 of this Agreement, the ability of the Buyer to re-sell the Servicing Rights is necessary in order for the
Buyer to realize full value from enforcement of its security interest in the Servicing Rights and its re-sale of the Purchased Loans to another party, which the Buyer has the right to do if the Seller does not perform its obligations under this
Agreement. 
 (iii) The Buyer, as owner of the Servicing Rights, hereby designates the Seller as the Servicer until further notice from the
Buyer. No Purchased Loan may be serviced or subserviced at any time during the term of this Agreement by any Person other than the Seller except with the Buyer’s prior written consent, which consent may be withheld. Any subservicer of a
Purchased Loan shall be required by the Seller to service the Purchased Loans in accordance with, and comply with the servicing requirements set forth under, this Agreement and shall execute a subservicing agreement, which shall be satisfactory to
the Buyer and include an acknowledgment and agreement to, among other things, the Buyer’s interest in the Purchased Loans and the rights and benefits related thereto, to the Buyer’s status as an intended third party beneficiary under such
subservicing agreement with rights and benefits (but not any obligations) thereunder, including without limitation the right to terminate the subservicing agreement as it relates to the Purchased Loans and demand transfer of all servicing records
from such subservicer at any time and at no cost to the Buyer, to the assignment of Seller’s rights and benefits under the subservicing agreement as it relates to the Purchased Loans to the Buyer, and to take direction from the Buyer in respect
of a release of the servicing related to any Purchased Loan being serviced by such subservicer. Notwithstanding any of the provisions of the subservicing agreement or arrangement between the Seller and a subservicer, the Seller shall not be relieved
of its obligations to the Buyer and its successors and assigns and shall be obligated to the same extent and under the same terms and conditions as if it alone were servicing and administering the Purchased Loans and the Seller shall remain
responsible for all acts and omissions of a subservicer as fully as if such acts and omissions were those of the Seller. If required by the Buyer, the Seller shall cause the subservicer to execute and deliver a separate side letter setting forth the
foregoing acknowledgements. 
 20.2 Servicing Standard and Reports. The Servicer shall service and administer each Purchased
Loan by exercising the same care that the Servicer customarily employs and exercises in servicing and administering mortgage loans for its own account, in accordance with (i) the generally accepted servicing practices of prudent mortgage
lending institutions for the same type of Mortgage Loan in the jurisdiction where the related Mortgaged Premises are located, and (ii) the requirements of all applicable Laws and the terms of the related Mortgage Loan documents, and giving due
consideration to the Buyer’s reliance on the Servicer. The Seller or Servicer, if applicable, will promptly provide, or cause to be provided, to the Buyer such periodic reports, data files, information and such other Purchased Loans Records as
requested by the Buyer with respect to all Purchased Loans then funded under any Transaction hereunder. The Seller or Servicer, if applicable, shall deliver to the Buyer upon request thereby no later than the fifteenth (15th) day of each month an electronic copy of the servicing records of any Purchased Loan, in a form mutually acceptable to each of them, with the data and information effective as of the last day
of the immediately preceding calendar month. 

  
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 20.3 Servicing Termination or Succession. At any time the servicing for the
Purchased Loans shall be subject to the following: 
 (i) if the Seller or any of its Affiliates is the Servicer for any Purchased
Loans, then the Buyer, in its sole discretion, may (i) in connection with the sale of such Purchased Loans, sell such loans on a servicing released basis and transfer the related Servicing Rights to another Person as designated by the Buyer, or
(ii) terminate the Seller or Servicer, if applicable, of the Purchased Loans with or without cause and transfer the servicing to another Person as designated by the Buyer, in each case without payment to the Servicer of any termination fee or
any other costs or expenses; and 
 (ii) if the Buyer elects to effectuate a transfer of servicing to a designee of the Buyer after the
occurrence of an Event of Default, the Seller or Servicer, if applicable, will pay any costs and expenses required to effectuate such transfer. 

20.4 Delivery of Purchased Loan Documentation. Except in the case of Wet Mortgage Loans, at the time of each Purchase Request
under the Repurchase Facility, the Seller shall deliver or cause to be delivered to the Buyer the Required Documents and, if requested by the Buyer at any time, the other Loan Papers. In addition, if requested by the Buyer at any time, the Seller
immediately shall (i) record the assignment in favor of the Buyer of the Mortgage and/or any security agreements related to any Purchased Loan acquired in connection with a Transaction in the appropriate recording office and pay all recording
fees, charges and taxes in connection therewith and (ii) execute and deliver to the Buyer any and all other documents which are, in the opinion of the Buyer or its counsel, necessary so as to evidence or perfect the Buyer’s ownership
interests in the Purchased Loans including, but not limited to, execution of appropriate UCC-1 financing statements to be filed with the appropriate filing officer in the state of the Seller’s organization and with the appropriate filing
officers in such other jurisdictions where any of the Purchased Loans are or may be located. All documentation relating to or constituting each Purchased Loan delivered at any time to the Buyer under this Agreement shall be held by the Buyer in a
suitable depository maintained and controlled solely by the Buyer. 
 20.5 Buyer’s Review of the Purchased Loans;
Certifications. Upon any receipt of Required Documents for any item of the Purchased Loans, the Buyer shall review the same in accordance with the Purchased Loan review procedures from time to time set forth in the Procedural Manual (the
“Purchased Loan Review Procedures”). If the Buyer notes any exception in such review, the Buyer shall follow the directions set forth with respect to such exception in the Purchased Loan Review Procedures. In the event that the
Seller was requested to deliver Loan Papers other than the Required Documents with respect to a Purchased Loan, the Buyer shall review and verify such Loan Papers consistent with the review procedures of the Buyer described in this Section
20.5. 
 20.6 Release of the Required Documents. 

(i) Unless an Event of Default has occurred and is continuing, and upon written request of the Seller, the Buyer may release to the Seller
(or, in the case of clause (iii) of this paragraph, permit the Seller to release) (i) documentation relating to Purchased Loans (other than Aged Mortgage Loans) against a trust receipt or bailee letter executed by the Seller in form and
substance acceptable to the Buyer, in its sole discretion, with all blanks completed in conformity therewith, (ii) documentation relating to Aged Mortgage Loans against a trust receipt or bailee letter executed by the Seller in form and
substance acceptable to the Buyer, in its sole discretion, with all blanks completed in conformity therewith, and (iii) to an attorney, trustee or other third party prosecuting foreclosure proceedings on behalf of the Buyer, documentation
relating to Purchased Loans that are Aged Mortgage Loans against a trust receipt or bailee letter executed by such attorney, trustee or other third party in form and substance acceptable to the Buyer, in its sole discretion, with all blanks
completed in conformity therewith. The Seller hereby represents and warrants to the Buyer that (A) any request for release of the Purchased Loans (other than Aged Mortgage Loans) pursuant to this Section 20.6(i) shall be solely for
the purposes of correcting clerical or other non-substantial documentation problems in preparation for returning such Purchased Loans to the Buyer for ultimate sale or exchange, (B) any request for release of Aged Mortgage Loans pursuant to
this Section 20.6(i) both to the Seller and to any attorney, trustee or other third party acting on behalf of the Buyer in the prosecution of foreclosure proceedings shall be solely for the purposes of prosecuting foreclosure proceedings
relating to such Purchased Loans, and (C) the Seller shall request such release in compliance with all of the terms and conditions of such release set forth herein. 

  
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 (ii) Unless an Event of Default has occurred and is continuing, the Buyer shall release
(i) Purchased Loans (other than Aged Mortgage Loans) to Approved Investors for purchase and (ii) Aged Mortgage Loans to purchasers thereof. Any transmittal of documentation for (i) Purchased Loans (other than Aged Mortgage Loans) in
the possession of the Buyer in connection with the sale thereof to an Approved Investor (other than an Agency) or (ii) Aged Mortgage Loans in the possession of the Buyer in connection with the sale thereof to a purchaser, in each case, shall be
under cover of a bailment letter in form and substance acceptable to the Buyer, in its sole discretion, with all blanks completed in conformity therewith. Any transmittal of documentation for Purchased Loans in connection with the sale thereof to
any Agency for inclusion as whole Purchased Loans in their respective loan portfolios shall be under cover of a bailment letter in form and substance acceptable to the Buyer, in its sole discretion, with all blanks completed in conformity therewith,
or such other forms, duly executed, if necessary, by the Seller, in lieu of the foregoing that any Agency may require pursuant to their respective Agency Guides. In each case of transmittal of documentation relating to such Purchased Loans pursuant
to this subsection, the recipient thereof shall be required to return such documentation to the Buyer if such Purchased Loans are not purchased and the proceeds therefrom paid in accordance with Section 20.6(iv) within forty-five
(45) days after such recipient’s receipt of such documentation or, if earlier, the expiration of the applicable Investor Commitment; provided, however, the Buyer may allow, in its sole and absolute discretion, a shipped
Purchased Loan to remain with an Approved Investor subsequent to such 45-day period if there is legitimate reason for the delay in return or in purchase and payment. In such case, the Buyer is hereby authorized by the Seller (but not obligated) to
send a “bailee violation letter” to such Approved Investor and, if the documentation is then not promptly returned to the Buyer or the purchase and payment of such Purchased Loan is then not promptly completed, the Seller shall immediately
pay the Transactions related thereto. With respect to transmittal of documentation relating to Purchased Loans (other than Aged Mortgage Loans), before the Buyer delivers documentation pursuant to this Section 20.6(ii), the Seller shall
have delivered such forms, duly executed by the Seller, required under the applicable Agency Guides or Investor Commitments to effect delivery to an Agency or any other Approved Investor of such Purchased Loans and payment therefor in accordance
with the instructions of the Buyer. 
 (iii) Unless an Event of Default has occurred and is continuing, and provided that the Master
Custodial Agreement is in full force and effect and the Custodial Account is open, the Buyer shall, subject to the terms and conditions of this Section 20.6(iii), release Purchased Loans in connection with the formation of a pool of
Mortgage Loans supporting an Agency MBS. Any transmittal of documentation for such Purchased Loans in the possession of the Buyer shall be to the Certificating Custodian and, if the Buyer is not then the Certificating Custodian, shall be under cover
of a bailment letter in the form required by the Buyer, with all blanks completed in conformity therewith, or such other forms in lieu of the foregoing that the applicable Agency requires pursuant to its Agency Guide, duly executed, if necessary, by
the Seller. If the Certificating Custodian is other than the Buyer, the Certificating Custodian shall: (i) immediately return to the Buyer all documentation relating to any Purchased Loan released to the Certificating Custodian under this
Section 20.6(iii) if such Purchased Loan is not purchased and the proceeds therefrom paid in accordance with Section 20.6(iv) or the related Agency MBS has not been issued within forty-five (45) days after the
Certificating Custodian’s receipt of such documentation, provided, however, the Buyer may allow, in its sole and absolute discretion, a shipped Purchased Loan to remain with the Certificating Custodian subsequent to such 45-day
period if there is a legitimate reason for the delay in purchase and payment or issuance (in such case, the Buyer is hereby authorized by the Seller (but not obligated) to send a “bailee violation letter” to the Certificating Custodian if
the Certificating Custodian is not the Buyer and, if the documentation is then not promptly returned to the Buyer or the issuance of the Agency MBS is not promptly completed, the Seller shall immediately pay the Transaction related thereto); and
(ii) segregate and properly identify all such documentation as the property of the Buyer. With respect to transmittal of documentation relating to Purchased Loans, before the Buyer delivers documentation pursuant to this
Section 20.6(iii), the Seller shall have delivered such forms, duly executed by the Seller, as required under the applicable Agency Guides or Investor Commitments to effect delivery to the Certificating Custodian of such Purchased Loans
and payment therefor in accordance with the instructions of the Buyer (including, but not limited to, those contained in the Master Custodial Agreement). The Seller further agrees to (x) enter into such arrangements and agreements with the
Buyer, the Certificating Custodian and each applicable Agency as may be necessary or desirable to facilitate the issuance of MBS under the mortgage-backed securities programs of such Agency and (y) conform its procedures relating to the
formation of such pools and the delivery of such forms and certifications required by each applicable Agency, to accommodate the procedures 

  
 20-3 

 
established by the Buyer from time to time with respect thereto that are in conformity with the respective rules and regulations of each applicable Agency and maintaining the perfection and
priority of the Buyer’s ownership interest in the applicable Purchased Loans and related Agency MBS and the proceeds thereof. All Agency MBS that are backed by any Purchased Loan for which the Repurchase Price has not been paid in full at the
time of the issuance of such Agency MBS shall be held in the Custodial Account and the Buyer shall have an ownership interest therein. The Seller agrees that the custodian (or its nominee) under the Master Custodial Agreement (for the benefit of the
Buyer) shall be listed as the only subscriber, owner and/or registered holder, as applicable, and only Person authorized to take delivery of any Agency MBS, and upon the issuance of each Agency MBS, the Seller shall deliver, or cause the applicable
Agency to deliver, such Agency MBS directly to the custodian (or its nominee) under the Master Custodial Agreement. Except as otherwise expressly provided in the Master Custodial Agreement, the Buyer shall have exclusive control over the disposition
of all Agency MBS held in the Custodial Account, and the Seller shall not have any right to transfer, trade or otherwise direct the disposition of such Agency MBS. Subject to the terms and conditions of this Agreement and the Master Custodial
Agreement, upon the issuance of an Agency MBS, the ownership interests of the Buyer in the underlying Purchased Loans shall cease, and the ownership of the related Agency MBS and the proceeds thereof shall be substituted therefor and vested in the
Buyer. 
 (iv) Unless an Event of Default or Potential Default has occurred and is continuing, the Seller, in connection with the sale of
any Purchased Loans, may obtain the release of the ownership interest in the applicable Purchased Loan by paying to the Buyer, for application to the Obligations in accordance with this Agreement, the Repurchase Price for such Type of Purchased Loan
(determined as of the applicable Repurchase Date therefor) to be released and the Seller shall not at any time instruct any such Approved Investor to remit any sale proceeds directly or indirectly to the Seller or accept any such proceeds directly
or indirectly from any Approved Investor and shall immediately notify such Approved Investor and the Buyer of the attempted remittance and the wire transfer instruction information related to the Investor Funding Account. All amounts payable on
account of the sale of Purchased Loans (other than Aged Mortgage Loans) by the Seller are to be paid directly by the applicable Approved Investor to the Investor Funding Account for the benefit of the Buyer and the Seller shall so instruct each such
applicable Approved Investor. All amounts payable on account of the sale of Aged Mortgage Loans by the Seller and all foreclosure proceeds are to be paid directly by the applicable purchaser or bailee to the Investor Funding Account for the benefit
of the Buyer and the Seller shall so instruct such purchaser or bailee, and Seller shall not at any time instruct any such purchaser or bailee to remit any sale proceeds directly or indirectly to Seller or accept any such proceeds directly or
indirectly from any purchaser or bailee and shall immediately notify such purchaser or bailee and the Buyer of the attempted remittance and the wire transfer instruction information related to the Investor Funding Account. To the extent that the
sale proceeds received from the purchaser or bailee of a Purchased Loan are less than the full amount owed to the Buyer therefor (a “shortfall”), the Seller shall pay such shortfall to the Buyer prior to or concurrently with the payment of
such sale proceeds and prior to the release of the Buyer’s interest in the affected Purchased Loan. Upon receipt of the full amount of the Repurchase Price for each Purchased Loan from a purchaser or bailee thereof and/or the Seller in
accordance with this Section 20.6(iv), the Buyer’s interest in the affected Purchased Loan shall be automatically released, and deemed reconveyed to the Seller, free and clear of any liens, encumbrances, and claims with no further
action necessary. 
 (v) Unless an Event of Default or Potential Default has occurred and is continuing, the Seller, in connection with the
sale of any Agency MBS, may obtain the release of the ownership interest in the applicable Agency MBS by paying to the Buyer, for application to the Obligations in accordance with this Agreement, the aggregate Repurchase Price for all Purchased
Loans supporting such Agency MBS (determined as of the applicable Repurchase Date) to be released and the Seller shall not at any time instruct any such Approved Investor to remit any sale proceeds directly or indirectly to the Seller or accept any
such proceeds directly or indirectly from any Approved Investor and shall immediately notify such Approved Investor and the Buyer of the attempted remittance and the wire transfer instruction information related to the Custodial Account (unless
another account shall be designated by the Buyer). All amounts payable on account of the sale of Agency MBS by the Seller are to be paid directly by the applicable Approved Investor to the Custodial Account (unless another account shall be
designated by the Buyer) for the benefit of the Buyer and the Seller shall so instruct each such applicable Approved Investor. To the extent that the sale proceeds received by the Buyer from the purchaser of an Agency MBS are less than the full
amount owed to the Buyer therefor (a “shortfall”), the Seller shall pay such shortfall to the Buyer prior to or concurrently with the payment of such sale proceeds and prior to the release of the Buyer’s interest in the affected
Agency MBS. Upon receipt of the full amount of the aggregate Repurchase Price for all Purchased Loans supporting the applicable Agency MBS from a purchaser thereof and/or the Seller in accordance with this

  
 20-4 

 
Section 20.6(v), the Buyer’s interest in the affected Agency MBS shall be automatically released. The Buyer will, upon satisfaction of all the Buyer’s requirements in connection
therewith, arrange for the transfer of any Agency MBS in which the Buyer has an ownership interest to an Approved Investor (including any of the Agencies), or the nominee thereof, in accordance with the terms of the applicable Investor Commitment,
trade or settlement. In each such case, the Seller agrees to provide the Buyer and the Person acting as custodian under the Master Custodial Agreement with written designation of such purchasers and Approved Investors, together with the appropriate
instructions for crediting such purchasers’ and investors’ respective accounts. Except to the extent (if any) expressly provided otherwise in the Master Custodial Agreement, all deliveries of Agency MBS to such Approved Investors shall be
made only “against payment” by such Approved Investors to the Custodial Account (unless another account shall be designated by the Buyer), in immediately available funds, of the full purchase price of such Agency MBS, in accordance with
the terms of such Investor Commitments, trades or settlements. 
 (vi) Unless an Event of Default has occurred and is continuing, the Buyer
may take such steps in addition to those set forth above as it may be reasonably recommended from time to time by the Seller in writing that are not inconsistent with the provisions of this Agreement and that the Seller deems necessary to enable the
Seller to perform and comply with Investor Commitments, trades and settlements and with other agreements for the sale or other disposition in whole or in part of Purchased Loans, and if applicable, Agency MBS. 

  
 20-5 

 21 Payment of Expenses; Indemnity 

21.1 Expenses; Indemnification. 

(i) The Seller shall: 
 (a) (1)
pay all reasonable out-of-pocket costs and expenses of the Buyer in the administration (both before and after the execution hereof and including advice of counsel as to the rights and duties of the Buyer with respect thereto) of, and in connection
with the preparation, execution and delivery of, this Agreement and the other Facility Papers, and (2) pay all reasonable out-of-pocket costs and expenses of the Buyer in the preservation of rights under, enforcement of, and, after the
occurrence of a Potential Default or an Event of Default, the refinancing, the renegotiating or the restructuring of, this Agreement and the other Facility Papers and the documents and instruments referred to herein and therein including in
connection with any bankruptcy, insolvency, liquidation, reorganization or similar proceeding and any amendment, waiver or consent relating hereto and thereto (including the reasonable fees and disbursements of counsel (including allocated costs of
internal counsel) for the Buyer) and, in each case, the Buyer is authorized by the Seller to debit amounts on deposit in the Operating Account or any of the Seller’s other accounts maintained with the Buyer for payment of all such costs and
expenses, including the reasonable fees and disbursements of counsel; 
 (b) pay and hold harmless the Buyer from and against any and all
present and future stamp, documentary, and other similar taxes with respect to this Agreement and any other Facility Papers, any collateral described therein, or any payments due thereunder, and save the Buyer harmless from and against any and all
liabilities with respect to or resulting from any delay in paying or omission to pay such taxes; and 
 (c) indemnify the Buyer and its
officers, directors, employees, and representatives from, and hold each of them harmless against, any and all out-of-pocket costs, losses, liabilities, claims, damages or expenses actually incurred by any of them (whether or not any of them is
designated a party thereto) arising out of or by reason of any investigation, litigation or other proceeding related to any actual or proposed use by the Seller of the proceeds or any of the Transactions or the Seller’s entering into and
performing of the Facility Papers, including the reasonable fees and disbursements of counsel (including allocated costs of internal counsel) incurred in connection with any such investigation, litigation or other proceeding and the claims of any
third parties, including any assignees; provided, that the Buyer shall not have the right to be indemnified hereunder for its own gross negligence or willful misconduct. 

(ii) All amounts due under this Section 21.1 shall be payable promptly after written demand therefor. A certificate of the Buyer
setting forth in reasonable detail any amount or amounts which the Buyer is entitled to receive pursuant to this Section 21.1 shall be delivered to the Seller and shall be conclusive and binding absent manifest error. If and to the
extent that the obligations of the Seller under this Section 21.1 are unenforceable for any reason, the Seller hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations that is permissible under
applicable Law. 

  
 21-1 

 22 Single Agreement 

The Buyer and the Seller acknowledge that, and have entered into this Agreement and will enter into each Transaction hereunder in
consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. 

  
 22-1 

 23 Participation; Assignment 

23.1 Participation; Assignment. 

(i) Participations. The Buyer may, without notice to or consent from the Seller or any other Person, sell participations in all
or any part of any Transactions entered into by the Buyer or the Buyer’s Commitment or any other interest of the Buyer in the Facility Papers to any Person (each, a “Participant”), in which event the Participant shall not have
any direct rights against the Seller or the Purchased Loans under the Facility Papers or any other document delivered in connection herewith (Participant’s rights against the Buyer in respect of such participation to be those set forth in the
agreement executed by the Buyer in favor of Participant relating thereto). 
 (ii) Assignments. The Buyer may at any
time and from time to time sell, assign, transfer, pledge or convey all or any portion of its rights and/or delegate all or any portion of its obligations under this Agreement and the other Facility Papers (including, without limitation, all
Transactions entered into by the Buyer to fund specific Purchased Loans or the Buyer’s Commitment or any other interest of the Buyer in the Facility Papers) to any Person, including, without limitation, Affiliates of the Buyer (each, an
“Assignee”), without notice to or consent from the Seller or any other Person, in all cases subject to the Assignee’s obligation to convey the Purchased Loans (and not substitutes thereof) on the applicable Repurchase Date. The
Buyer and the Seller hereby agree that upon any such sale, assignment, transfer, pledge, conveyance or delegation by the Buyer, the Assignee shall have, to the extent of such sale, assignment, transfer, pledge or conveyance, the same rights and
benefits as it would have if it were the Buyer under the Facility Papers; provided, that the Seller shall not have any duty to recognize the Assignee absent receipt by it of notice of such sale, assignment, transfer, pledge, conveyance or
delegation.  
 (iii) The Buyer may at any time pledge all or any portion of its rights under the Facility Papers to a Federal
Reserve Bank. No such pledge shall release the Buyer from its obligations hereunder. 
 (iv) In connection with any such sale, assignment,
transfer, pledge or conveyance permitted hereunder, the Seller authorizes the Buyer to disclose to any Assignee or Participant and to any prospective Assignee or Participant, any and all information in the Buyer’s possession concerning the
Seller, the Transactions or the Purchased Loans. 

  
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 24 Notices and Other Communications 

All notices, demands, consents, requests and other communications required or permitted to be given or made hereunder (collectively,
“Notices”), except, as otherwise specifically provided in this Agreement, shall be in writing and shall be either (a) delivered in person, (b) mailed, by certified, registered or express mail, postage prepaid, addressed to the
respective parties hereto at their respective addresses specified below, (c) sent in a prepaid overnight delivery envelope via a nationally-recognized courier service (such as Federal Express, United Parcel Service or DHL Worldwide Express)
that provides weekday next-Banking Day delivery service to the addressee’s location, (d) faxed to their respective fax numbers (with a paper copy mailed the same day as aforesaid) as hereinafter set forth, or (e) delivered
electronically to an email address hereinafter set forth; provided, that any party may change its address or other contact information for notice by designating such party’s new address or other contact information in a Notice to the sending
party given at least five (5) Banking Days before it shall become effective. All Notices shall be conclusively deemed to have been properly given or served when received in person, regardless of how sent. Regardless of when received, all
Notices shall be conclusively deemed to have been properly given or served if addressed in accordance with this Section 24 and (1) if mailed, on the third (3rd) Banking Day after being deposited in the mails, or (2) if sent by
nationally-recognized courier service, on the next Banking Day or (3) if faxed or emailed before the close of business at the recipient’s location on a Banking Day, when faxed or emailed, or if faxed or emailed after the close of business
at the recipient’s location or on a day that is not a Banking Day, on the next Banking Day thereafter — to the fax number or email address set forth below (provided, that, if a fax is sent, a paper copy is mailed on the same day as
aforesaid), provided, that if any such faxed or emailed notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the
next Banking Day for the recipient: 
 If to the Seller: 

The name and address, telephone, facsimile number 

and email address of Seller and contact person and title 

hereof as set forth 

in Appendix 1, Item 24.1 

If to the Buyer: 

The name and address, telephone, facsimile number 

and email address of Buyer and contact person and title 

hereof as set forth 

in Appendix 1, Item 24.2 

with an additional copy to: 

The name and address, telephone, facsimile number 

and email address of Buyer and contact person and title 

hereof as set forth 

in Appendix 1, Item 24.3 

  
 24-1 

 25 Further Assurances 

At any time and from time to time, at the sole expense of the Seller, the Seller shall promptly provide such further reasonable assurances,
documents and agreements and undertake such actions as the Buyer may reasonably request in order to effect the purposes of this Agreement, including the assignment, conveyance and transfer of all right, title and interest of each Purchased Loan from
the Seller to the Buyer, or to otherwise obtain or preserve the benefits or rights granted under this Agreement. 

  
 25-1 

 26 Buyer as Attorney-in-Fact 

The Buyer is hereby appointed the attorney-in-fact of the Seller for the purpose of carrying out the provisions of this Agreement and taking
any action and executing any instruments or documents that the Buyer may deem reasonably necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest, although the Buyer
agrees not to exercise its rights under this power of attorney unless, in its opinion or the opinion of its legal counsel, a Potential Default or an Event of Default has occurred. Without limiting the generality of the foregoing, but subject to
Section 20.3, the Buyer shall have the right and power during the occurrence and continuation of any Event of Default to receive, endorse, collect and control all checks or instruments made payable to the order of the Seller and all
other forms of payment to the Seller that represent any payment on account of the principal of or interest on or proceeds from any of the Purchased Loans and to give full discharge for the same. Notwithstanding anything contained herein, in no event
shall the Buyer be required to make any presentment, demand or protest, or give any notice, and the Buyer need not take any action to preserve any rights against any prior party or any other Person in connection with the Obligations or with respect
to the Purchased Loans. 

  
 26-1 

 27 Payments by Wire Transfers 

27.1 Wires to the Seller. Any amounts to be transferred by the Buyer to the Seller hereunder shall be sent by journal entry (or
wire transfer) in immediately available funds to the Loan Funding Account as follows: 
 Bank: Branch Banking and Trust Company 

ABA No.: 053101121 
 For Credit
to: The Seller whose name is set forth on Appendix 1, Item 4.4.1  
 Loan Funding Account No.: Such account number set forth in
Appendix 1, Item 2.2.10  
 27.2 Wires to the Buyer. Any amounts to be transferred by the Seller to the Buyer
hereunder shall be sent by wire transfer in immediately available funds to the Investor Funding Account as follows (provided that the Buyer may change the wire transfer instructions from time to time by written notice to the Seller): 

Branch Banking and Trust Company 

ABA No.: 053101121 
 Attention:
Mortgage Warehouse Lending Division 
 Phone: (407) 835-6700 

For Credit to: The Seller whose name is set forth on Appendix 1, Item 4.4.1 

Investor Funding Account No.: Such account number set forth in Appendix 1, Item 2.2.9 

  
 27-1 

 28 Entire Agreement; Severability; Inconsistencies 

This Agreement supersedes any existing agreements between the parties containing general terms and conditions for repurchase
transactions concerning the Purchased Loans. This Agreement may not be amended, restated, modified or supplemented unless such amendment, restatement, modification or supplement is set forth in a writing signed by all of the parties hereto;
provided, however, that the Seller expressly acknowledges and agrees that the definition of Eligible Loans as set forth in Schedule EL and the definition of Approved Loan Types (including the underlying definitions for Mortgage
Loans of a specific Approved Loan Type) (e.g., the definitions of Conforming Mortgage Loan, Wet Mortgage Loan, Aged Mortgage Loan, Jumbo Mortgage Loan, and/or BB&T Correspondent Mortgage Loan, as applicable, as set forth in Annexes A
through E, respectively) may be amended, restated, modified or supplemented by the Buyer, in its sole and absolute discretion, without any further act or consent on the part of the Seller or any other Person, upon delivery of an Eligibility
Change Notice to the Seller. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision
or agreement. If there is any conflict or inconsistency between any of the terms or provisions of this Agreement and any of the other Facility Papers, this Agreement shall govern and control. If there is any conflict between any provision of this
Agreement and any later supplement, amendment, restatement or replacement of it, then the latter shall govern and control. 

  
 28-1 

 29 Benefit of the Agreement; Termination 

29.1 Benefit of the Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
respective successors and assigns of the parties hereto; provided, that the Seller may not assign or transfer any of its interest or delegate any of its obligations under the Facility Papers without the prior written consent of the Buyer and
any such assignment or transfer without the prior written consent of the Buyer shall be null and void. 
 29.2 Remedies
Exception. Section 29.1 shall not preclude a party from assigning, charging or otherwise dealing with all or any part of its interest in any sum payable to it under Article 19. 

29.3 Agreement Commencement; Termination. This Agreement shall commence and become effective as of the Effective Date;
provided, that each of the conditions precedent in Section 15.1(i) has been satisfied. Subject to payment of all Obligations, this Agreement and all Open Transactions hereunder shall terminate, automatically and without any
requirement for notice, on the Termination Date; provided, that this Agreement and any Open Transactions may be extended in writing by the Buyer, in its sole and absolute discretion. 

  
 29-1 

 30 Counterparts 

This Agreement may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and such
counterparts shall constitute but one and the same instrument. 

  
 30-1 

 31 Governing Law, Jurisdiction and Venue 

31.1 Governing Law, Jurisdiction and Venue. This Agreement and the other Facility Papers shall be governed by and construed in
accordance with the laws of the State of Florida (without reference to its conflicts of laws principles) and the United States of America from time to time in effect. Any legal action with respect to this Agreement or the other Facility Papers shall
be brought in the United States District Court for the Middle District of Florida or the Southern District of Florida, or the state courts located in Orange County, Florida, or Miami-Dade County, Florida, and the Seller hereby accepts and
unconditionally submits to the jurisdiction of such courts. The Seller hereby waives any objection to the laying of venue based on the grounds of inconvenient forum with respect thereto. 

31.2 Arbitration. IN THE EVENT ANY DISPUTE SHOULD ARISE UNDER THIS AGREEMENT, THE REPURCHASE FACILITY, ANY OF
THE FACILITY PAPERS, OR ANY OTHER ASPECT OF ANY TRANSACTION BETWEEN THE BUYER AND THE SELLER, WHETHER OR NOT SPECIFICALLY RELATING TO ANY OF THE FACILITY PAPERS, SAID DISPUTE OR ANY PORTION THEREOF WILL, AT THE BUYER’S SOLE ELECTION, AS
APPLICABLE, BE RESOLVED THROUGH BINDING ARBITRATION IN ORANGE COUNTY, FLORIDA OR MIAMI-DADE COUNTY, FLORIDA, AND IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION. 

  
 31-1 

 32 Waiver of Jury Trial 

EACH OF THE SELLER AND THE BUYER HEREBY (I) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY A JURY,
AND (II) WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN, KNOWINGLY AND VOLUNTARILY, BY EACH OF THE SELLER AND THE BUYER, AND THIS
WAIVER IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT OF A JURY TRIAL WOULD OTHERWISE ACCRUE. THE BUYER IS HEREBY AUTHORIZED AND REQUESTED TO SUBMIT THIS AGREEMENT TO ANY COURT HAVING JURISDICTION OVER THE
SUBJECT MATTER AND THE PARTIES HERETO, SO AS TO SERVE AS CONCLUSIVE EVIDENCE OF THE FOREGOING WAIVER OF THE RIGHT TO JURY TRIAL. FURTHER, THE SELLER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE BUYER HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, TO ANY STOCKHOLDER, DIRECTOR, OFFICER OR REPRESENTATIVE OF THE SELLER THAT THE BUYER WILL NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. 

  
 32-1 

 33 Relationship of the Parties 

This Agreement provides for the sale by the Seller and the purchase by the Buyer of Eligible Loans and the obligation of the Seller to
repurchase them upon termination of each Transaction. The relationship between the Seller and the Buyer is limited to that of seller and purchaser on the one hand and purchaser and reseller on the other. The provisions in this Agreement and the
other Facility Papers for compliance with financial covenants and delivery of financial statements are intended solely for the benefit of the Buyer including the Buyer’s interest in assuring repurchase of Purchased Loans at the termination of
each Transaction, and nothing contained in this Agreement or any of the other Facility Papers shall be construed as permitting or obligating the Buyer to act as a financial or business advisor or consultant to the Seller, as permitting or obligating
the Buyer to control the Seller or to conduct the Seller’s operations, as creating any fiduciary obligation on the part of the Buyer to the Seller, or as creating any joint venture, agency or other relationship between the parties other than as
explicitly and specifically stated in this Agreement. The Seller acknowledges that it has had the opportunity to obtain the advice of experienced counsel of its own choosing in connection with the negotiation and execution of this Agreement and the
other Facility Papers and to obtain the advice of such counsel with respect to all matters contained in the Facility Papers including the provision for waiver of trial by jury. The Seller further acknowledges that it is experienced with respect to
financial and credit matters and has made its own independent decisions to apply to the Buyer to enter into this Agreement, and to execute and deliver this Agreement and the other Facility Papers. 

  
 33-1 

 34 No Waivers, Etc. 

No express or implied waiver of any Event of Default by the Buyer shall constitute a waiver of any other Event of Default and no exercise of
any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. Except as otherwise expressly provided herein, no modification or waiver of any provision of this Agreement and no consent by any party
to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by the Seller and the Buyer. 

  
 34-1 

 35 Intent 

35.1 Transactions are Repurchase Agreements, Master Netting Agreements and Securities Contracts. The parties intend and
acknowledge that each Transaction is a “repurchase agreement” and a “master netting agreement” as each such term is defined in section 101 of the Bankruptcy Code (except insofar as the type of Eligible Loans subject to such
Transaction or the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is defined in section 741 of the Bankruptcy Code (except insofar as the type of assets subject to such
Transaction would render such definition inapplicable). The Buyer and the Seller agree that it is their mutual intent that the Transactions executed under this Agreement shall qualify for safe harbor treatment provided by the above referenced
sections of the Bankruptcy Code and, to that end, the Seller agrees that, from time to time upon the written request of the Buyer, the Seller will prepare, execute and deliver any supplements, modifications, addendums or other documents as may be
necessary or desirable, in the Buyer’s good faith discretion, in order to cause this Agreement and the Transactions contemplated hereby to qualify as, comply with the provisions of, or otherwise satisfy, maintain or preserve the criteria for
safe harbor treatment under such sections of the Bankruptcy Code; provided, however, that the Buyer’s failure to request, or the Buyer’s or the Seller’s failure to execute, such supplements, modifications, addendums or
other documents does not in any way alter or otherwise change the intention of the parties hereto that this Agreement and the Transactions hereunder are safe harbored under the Bankruptcy Code. If, notwithstanding the foregoing, the Buyer’s
enforcement of any right or remedy is stayed by operation of the Bankruptcy Code, the Seller hereby agrees, that, in the event a proceeding under Title 11 of the Bankruptcy Code, either voluntary or involuntary, is commenced by or against the
Seller, that the Seller will not oppose or object to any motion or other pleading by the Buyer seeking relief from the automatic stay imposed by 11 U.S.C. § 362 to enforce any right or remedy the Buyer has with respect to the Purchased Loans
and the funds related thereto, whether under this Agreement or otherwise. In addition, the Seller hereby consents to and agrees that the Seller will not oppose any motions that may be filed by the Buyer regarding possession, control or servicing of
the Purchased Loans including, but not limited to, a motion by the Buyer seeking an order (a) directing turnover and/or disbursement of Purchased Loans and the funds related thereto to the Buyer, and (b) directing continued performance by
the Seller of the terms of this Agreement.  
 35.2 Contractual Rights, Etc. The Buyer’s right to liquidate
Eligible Loans delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Section 19, is a contractual right to liquidate, terminate or accelerate such Transaction as described in sections
362(b)(6) and (7), 546(e) and (f), 555, 559 and 561 of the Bankruptcy Code. 
 35.3 FDIA. If a party hereto is an
“insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in
FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 

35.4 Agreement is a Netting Contract. This Agreement constitutes a “netting contract” as defined in and subject to
Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each “payment entitlement” and “payment obligation” under any Transaction hereunder shall constitute a “covered
contractual payment entitlement” or “covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as any or all of the parties is not a “financial institution” as that term is
defined in FDICIA). 
 35.5 Security Interest in Certain Assets Which are Deemed Part of a Purchased Loan. To the
extent that a court of competent jurisdiction determines that certain assets which are deemed part of a Purchased Loan do not fall within the definition of a “repurchase agreement” under sections 101(47)(A)(i) and/or (iv) of the
Bankruptcy Code or a “securities contract” under sections 741(7)(A)(i) or (viii) of the Bankruptcy Code (the “Additional Repurchase Assets”), then the parties hereto agree that to secure payment of its Obligations
hereunder the Seller shall have pledged to the Buyer, and granted to the Buyer, a security interest in and a Lien on, Seller’s right, title and interest in and to all of such Additional Repurchase Assets and in any products and proceeds related
thereto (collectively, the “Additional Repurchase Collateral”), whether now owned or hereafter acquired, subject to no other Liens except for Permitted Liens, and, only with respect to such Additional Repurchase Collateral, this
Agreement shall constitute a security agreement or arrangement or other credit enhancement related to a repurchase agreement  

  
 35-1 

 
as defined under section 101(47)(A)(v) of the Bankruptcy Code and/or a security agreement or arrangement or other credit enhancement related to a securities contract as defined under section
741(7)(A)(xi) of the Bankruptcy Code and this Agreement shall create a continuing security interest in the Additional Repurchase Collateral which shall remain in full force and effect until full and final payment of all Obligations. The Seller
agrees to do such things as applicable Law requires to maintain the security interest of the Buyer so granted in all of the Additional Repurchase Collateral that are the subject matter of such court determination as a perfected first priority Lien
at all times and to preserve and protect the Additional Repurchase Collateral. The Seller hereby authorizes the Buyer to file any financing or continuation statements under the applicable UCC to perfect or continue such security interest in any and
all applicable filing offices. The Seller shall pay all customary fees and expenses associated with perfecting such security interest including the costs of filing financing and continuation statements under the UCC as and when required by the
Buyer, in its reasonable discretion. In addition to all other rights and remedies granted to the Buyer in this Agreement or in any other Facility Paper or by applicable law, the Buyer shall have all of the rights and remedies of a secured party
under the UCC (whether or not the UCC applies to the affected Additional Repurchase Collateral). The Seller shall be liable for all reasonable expenses of retaking, holding, preparing for sale, or the like, and all reasonable attorneys’ fees
(including without limitation attorney’s fees for services in a bankruptcy or appeal), legal expenses, and other costs and expenses incurred by the Buyer in connection with the collection of the Obligations and the enforcement of the
Buyer’s rights under this Agreement. The Seller shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Additional Repurchase Collateral applied to the Obligations are insufficient to pay the Obligations
in full. The Buyer may apply the Additional Repurchase Collateral against the Obligations as provided in this Agreement and the other Facility Papers. The Seller waives all rights of marshalling, valuation, and appraisal in respect of the
Collateral. Any cash held by the Buyer as Additional Repurchase Collateral and all cash proceeds received by the Buyer in respect of any sale of, collection from, or other realization upon all or any part of the Additional Repurchase Collateral may,
in the good faith discretion of the Buyer, be held by the Buyer in a separate reserve account in the name of the Buyer for the benefit of the Seller as collateral for, and then or at any time thereafter applied in whole or in part against, the
Obligations in the order permitted by this Agreement and the other Facility Papers. Any surplus of such cash or cash proceeds and interest accrued thereon, if any, held by the Buyer and remaining after payment in full of all the Obligations shall be
promptly paid over to the Seller or to whomsoever may be lawfully entitled to receive such surplus; provided, that the Buyer shall have no obligation to invest or otherwise pay interest on any amounts held by it in connection with or pursuant
to this Agreement. The provisions of this Section 35.5 shall not amend or modify or conflict or be inconsistent with the intent of the parties as otherwise expressed in the Agreement, including without limitation Articles 1,
11 and 35. 
 35.6 Tax and Accounting Treatment. Each party to this Agreement acknowledges that it is its
intent for (i) U.S. federal, state and local income and franchise tax purposes to treat each Transaction as indebtedness of the Seller that is secured by the Purchased Loans and that the Purchased Loans are owned by the Seller in the absence of
an Event of Default by the Seller, and (ii) accounting purposes to treat each Transaction as a secured financing. All parties to this Agreement agree to such treatment and agree to take no action inconsistent with these treatments, unless
required by law. 

  
 35-2 

 36 Disclosure Relating to Certain Federal Protections 

The parties hereto acknowledge that they have been, advised that: 

36.1 Parties not Protected by SIPA. In the case of Transactions in which one of the parties is a broker or dealer registered with
the Securities and Exchange Commission (“SEC”) under Section 15 of the 1934 Act, the Securities Investor Protection Corporation has taken the position that the provisions of SIPA do not protect the other party with respect to
any Transaction hereunder. 
 36.2 SIPA Does Not Protect Government Securities Broker or Dealer Counterparty. In the
case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to
any Transaction hereunder. 
 36.3 Transaction Funds Are Not Insured Deposits. In the case of Transactions in which one
of the parties is a financial institution, funds held by such financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share
Insurance Fund, as applicable. Nothing in the foregoing sentence shall be construed as a waiver by any party to this Agreement of any deposit insurance coverage that may be applicable to such party’s deposit accounts at any FDIC-insured or
NCUA-insured financial institution. 

  
 36-1 

 37 USA Patriot Act Notification 

The Buyer hereby notifies the Seller that, pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)), the Buyer is required to obtain, verify and record information that identifies the Seller, including the Seller’s name and address and other information, that will allow them to identify the Seller in accordance with
said Act. 

  
 37-1 

 38 No Consequential Damages 

WITH REGARD TO ANY ACTION, COUNTERCLAIM OR PROCEEDING UNDER THIS AGREEMENT, UNDER NO CIRCUMSTANCES WILL EITHER PARTY BE LIABLE TO THE OTHER
PARTY FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES, WHETHER OR NOT SUCH DAMAGES ARE CAUSED BY THE FAULT OR NEGLIGENCE OF THE FIRST PARTY AND WHETHER OR NOT THE FIRST PARTY IS NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 

  
 38-1 

 39 Survival 

All covenants, agreements, representations and warranties made by the Seller herein and in any certificate delivered pursuant hereto shall
survive the entering into the Transactions regardless of any investigation made by the Buyer and of the Buyer’s access to any information and shall continue in full force and effect so long as any Obligation is outstanding and unpaid. In
addition to the provisions of Article 8, the Seller’s obligations under Section 21.1 and any other indemnification obligations of the Seller or other obligations that so provide shall survive the termination of this Agreement
for any reason whatsoever and payment of the Obligations. 

  
 39-1 

 40 Security Interest in the Cash Collateral Account 

Upon the establishment of any Cash Collateral Account, the provisions of this Article 40 shall apply: 

Notwithstanding anything to the contrary herein, to secure payment of its Obligations hereunder the Seller hereby pledges to the Buyer,
and grants to the Buyer, a security interest in and a Lien on, all of the Seller’s right, title and interest in and to and under the Cash Collateral Account and any and all cash and other sums at any time on deposit therein and all products and
proceeds thereof or related thereto (collectively, the “Other Assets Collateral”), whether now existing or hereafter arising, subject to no other Liens, and, only with respect to such Other Assets Collateral, this Agreement shall
constitute a security agreement or arrangement or other credit enhancement related to a repurchase agreement as defined under section 101(47)(A)(v) of the Bankruptcy Code and/or a security agreement or arrangement or other credit enhancement related
to a securities contract as defined under section 741(7)(A)(xi) of the Bankruptcy Code and this Agreement shall create a continuing security interest in the Other Assets Collateral which shall remain in full force and effect until full and final
payment of all Obligations. The Seller agrees to do such things as applicable Law requires to maintain the security interest of the Buyer so granted in the Other Assets Collateral as a perfected first priority Lien at all times and to preserve and
protect the Other Assets Collateral. The Seller hereby authorizes the Buyer to file any financing or continuation statements under the applicable UCC to perfect or continue the perfection of such security interest in any and all applicable filing
offices. The Seller shall pay all customary fees and expenses associated with perfecting such security interest including the costs of filing financing and continuation statements under the UCC as and when required by the Buyer, in its reasonable
discretion. In addition to all other rights and remedies granted to the Buyer in this Agreement or in any other Facility Paper or by applicable Law, the Buyer shall have all of the rights and remedies of a secured party under the UCC (whether or not
the UCC applies to the Other Assets Collateral). The Seller shall be liable for all reasonable expenses of retaking, holding, preparing for sale, or the like, and all reasonable attorneys’ fees (including without limitation attorney’s fees
for services in a bankruptcy or appeal), legal expenses, and other costs and expenses incurred by the Buyer in connection with the collection of the Obligations and the enforcement of the Buyer’s rights under this Agreement. The Seller shall
remain liable for any deficiency if the proceeds of any sale or other disposition of the Other Assets Collateral applied to the Obligations are insufficient to pay the Obligations in full. The Buyer may apply the Other Assets Collateral against the
Obligations as provided in this Agreement and the other Facility Papers. The Seller waives all rights of marshalling, valuation, and appraisal in respect of the Other Assets Collateral. Any cash held by the Buyer as Other Assets Collateral
(including, without limitation, cash held in the Cash Collateral Account) and all cash proceeds received by the Buyer in respect of any sale of, collection from, or other realization upon all or any part of the Buyer’s collateral under this
Agreement may, in the good faith discretion of the Buyer, be held by the Buyer in a separate reserve account (including, without limitation, the Cash Collateral Account) in the name of the Buyer for the benefit of the Seller as collateral for, and
then or at any time thereafter applied in whole or in part against, the Obligations in the order permitted by this Agreement and the other Facility Papers. Any surplus of such cash or cash proceeds and interest accrued thereon, if any, held by the
Buyer and remaining after payment in full of all the Obligations shall be promptly paid over to the Seller or to whomsoever may be lawfully entitled to receive such surplus; provided, that the Buyer shall have no obligation to invest or
otherwise pay interest on any amounts held by it in connection with or pursuant to this Agreement. The provisions of this Article 40 shall not amend or modify or conflict or be inconsistent with the intent of the parties as otherwise
expressed in the Agreement, including without limitation Articles 1, 11 and 35. 
 [The remainder of this page
is intentionally blank; signature pages follow] 

  
 40-1 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the first
date set forth in the Preamble. 
  

			
	 INSPIRE HOME LOANS INC.,

as the Seller

		
	By:	 	/s/ James Palda
	Name:	 	James Palda
	Title:	 	President

 
			
	BRANCH BANKING AND TRUST COMPANY, as the Buyer
		
	By:	 	/s/ Daryl Hardy
	Name:	 	Daryl Hardy
	Title:	 	VP

 APPENDIX 1 

TO MASTER REPURCHASE AGREEMENT 

(Effective as of the Effective Date) 

MRA Cross-Referenced Data 
  

							
	 	  	 Item #
	  	 Data Input
	 	 
	Administrative Account Number	  	2.2.1	  	Not applicable as of the Effective Date
				
	Authorized Seller Representatives	  	2.2.2	  	Name	 	Title
				
		  		  	James Palda	 	President
				
		  		  	Lauren Ingersoll	 	Secretary
				
		  		  	Cherie Edborg	 	Treasurer
				
	Cash Collateral Account Number	  	2.2.3	  		 	
			
	Certificating Custodian	  	2.2.4	  	Not applicable as of the Effective Date
			
	Change of Control: Name(s) of Key Officers	  	2.2.5	  	James Palda
			
	Effective Date	  	2.2.6	  	April 10, 2017
			
	Guarantor(s) Names	  	2.2.7	  	Not applicable as of the Effective Date
			
	Name & Date of Guaranty Agreement	  	2.2.8	  	Not applicable as of the Effective Date
			
	Investor Funding Account Number	  	2.2.9	  	
			
	Loan Funding Account Number	  	2.2.10	  	
			
	Operating Account Number	  	2.2.11	  	
			
	Purchase Request Cutoff Time	  	4.1.1	  	Noon, except such cutoff time shall be 4:00 p.m. if the Purchase Request is Electronically Submitted
			
	Name of Seller	  	4.4.1	  	Inspire Home Loans Inc.
			
	Subsidiaries	  	16.1.1	  	The Subsidiaries are as follows:

  
 APPENDIX 1-1 

					
	 Subsidiary
	  	 Place of organization
	  	 The Seller’s percentage

of capital stock or
 equity
ownership

	 Operating Subsidiaries
	  	
			
	 NONE
	  	N/A	  	N/A
		
	 Single Purpose Finance Subsidiaries
	  	
			
	 NONE
	  	N/A	  	N/A

  

					
			
	Ownership	  	16.1.2	  	The ownership of Seller is as follows:

  

					
	 Owner(s) of Seller
	  	Owner’s Percentage of Capital Stock
or Equity Ownership	 
	 Parkway Financial Group*
	  	 	100	% 

  

	*	Parkway Financial Group is owned 100% by Century Communities, Inc. 

  

					
	Agency Approvals	  	16.1.3	  	FHA
			
	Principal Place of Business	  	16.1.4	  	Principal Executive Office:
			
		  		  	19600 Fairchild Road, Suite 200
		  		  	Irvine, CA 92612
			
		  		  	Records concerning Purchased Loans at:
			
		  		  	19600 Fairchild Road, Suite 200
		  		  	Irvine, CA 92612
			
		  		  	The Seller’s Organizational Number:
			
		  		  	6178326
			
	Name Changes &Trade Names	  	16.1.5	  	None
			
	Personal Financial Statements	  	17.1.1	  	Not applicable
			
	Tax Returns	  	17.1.2	  	Not applicable

  
 APPENDIX 1-2 

					
			
	Servicing Valuations and Reports	  	17.1.3	  	Not applicable as of the effective date of this Appendix 1; provided, however, that if the Seller begins to retain mortgage servicing rights after such effective date, the Buyer shall have the right to require periodic
servicing valuations, delinquency reports, and related information.
			
	Servicing Valuation/Report Cycles	  	17.1.4	  	Not applicable as of the effective date of this Appendix 1; provided, however, that if the Seller begins to retain mortgage servicing rights after such effective date, the Buyer shall have the right to determine the
cycles on which the Seller must deliver periodic servicing valuations, delinquency reports, and related information.
			
	Seller’s Fiscal Year-End	  	17.1.5	  	December 31
			
	Post-Closing Deliverables	  	17.17.1	  	None
			
	State of Organization	  	18.15.1	  	Delaware
			
	Seller’s Name, Address, Telephone, Facsimile Number, Email Address and Name and Title of Contact Person	  	24.1	  	 Inspire Home Loans Inc.
 19600 Fairchild Road,
Suite 200
 Irvine, CA 92612

		  		  	Attention: James Palda, President
		  		  	Telephone: (949) 420-9766
		  		  	Facsimile: (702) 924-5779
		  		  	Email: jim.palda@inspirehomeloans.com
			
	Buyer’s Name, Address, Telephone,	  	24.2	  	Branch Banking and Trust Company
	Facsimile Number, Email Address	  		  	Mortgage Warehouse Lending Division
	and Name and Title of Contact Person	  		  	102 W. Pineloch Avenue, Suite 18
		  		  	Orlando, FL 32806
		  		  	 Attention: Julie S. Glass, Senior Vice

                    President/Managing
Director

		  		  	Telephone: (407) 835-6700
		  		  	Facsimile: (407) 812-9184
		  		  	Email: jglass@bbandt.com
			
		  		  	with an additional copy to:
			
		  		  	Branch Banking and Trust Company
		  		  	Mortgage Warehouse Lending Division
		  		  	1425 Seminole Trail, 3rd Floor
		  		  	Charlottesville, VA 22901
		  		  	Attention: Samuel W. Bryan, Senior Vice President
		  		  	Telephone: (434) 422-9613
		  		  	Facsimile: (434) 973-9237
		  		  	Email: sbryan@bbandt.com

  
 APPENDIX 1-3 

					
	Buyer’s Attorney’s Name, Address, Telephone, Facsimile Number, and Email Address and Name and Title of Contact Person	  	24.3    	  	 Bradley Arant Boult Cummings LLP
 One Federal
Place
 1819 Fifth Avenue North

		  		  	Birmingham, AL 35203
		  		  	Attention: L. Susan Doss, Esq.
		  		  	Telephone: (205) 521-8635
		  		  	Facsimile: (205) 488-6635
		  		  	Email: sdoss@bradley.com

  
 APPENDIX 1-4 

 APPENDIX 2 

TO MASTER REPURCHASE AGREEMENT 

(Effective as of the Effective Date) 

MRA Cross-Referenced Data 
  

					
	 	  	 Item #
	  	 Data Input

	Approved Loan Types	  	2.2.2.1	  	 •    Conforming Mortgage Loans (as defined in Annex A)

			
		  		  	 •    Wet Mortgage Loans (as defined in Annex B)

			
		  		  	 •    Aged Mortgage Loans (as defined in Annex C)

			
		  		  	 •    Jumbo Mortgage Loans (as defined in Annex D)

			
		  		  	 •    BB&T Correspondent Mortgage Loans (as defined in Annex
E)

			
	Approved Sublimits	  	2.2.2.2	  	 •    Conforming Mortgage Loans Sublimit

			
		  		  	 •    Wet Mortgage Loans Sublimit

			
		  		  	 •    Aged Mortgage Loans Sublimit

			
		  		  	 •    Jumbo Mortgage Loans Sublimit

			
		  		  	 •    BB&T Correspondent Mortgage Loan Sublimit

			
	 Buyer’s Margin Percentage, Purchase
 Value
and Repurchase Period
	  	2.2.2.3	  	 The Buyer’s Margin Percentages, Purchase

		  		  	 Values and standard Repurchase Periods are as set forth in the chart below:

  

							
	 Type of Mortgage

Loan
	  	 Buyer’s Margin Percentage
	  	 Purchase Value
	  	 Standard

Repurchase Period

	Conforming Mortgage Loans	  	98%	  	(A) the Buyer’s Margin Percentage for Conforming Mortgage Loans multiplied by (B) the lesser of (1) the purchase price to be paid by an Approved Investor in the Investor Commitment applicable to such Mortgage Loan, or (2) the
Principal Balance of such Mortgage Loan	  	sixty (60) days after the applicable Purchase Date
				
	Wet Mortgage Loans	  	The percentage applicable to the underlying Type of Mortgage Loan funded by the relevant Transaction	  	The amount equal to the Purchase Value applicable to the underlying Type of Mortgage Loan funded by the relevant Transaction	  	seven (7) days after the applicable Purchase Date

  
 APPENDIX 2-1 

							
	Aged Mortgage Loans	  	(A) if such Mortgage Loan was originally a Conforming Mortgage Loan or a BB&T Correspondent Mortgage Loan that also met the definitional requirements of a Conforming Mortgage Loan, 90%, except 85% if the Cumulative Loan-to-Value
Ratio of such Mortgage Loan is more than 100% and such Mortgage Loan is a Government Sponsored Loan; or (B) if such Mortgage Loan was originally a Jumbo Mortgage Loan or a BB&T Correspondent Mortgage Loan that also met the definitional
requirements of a Jumbo Mortgage Loan, 90%, except 85% if the Cumulative Loan-to-Value Ratio of such Mortgage Loan is more than 95%	  	(A) the Buyer’s Margin Percentage for Aged Mortgage Loans multiplied by (B) the lesser of (1) the outstanding Purchase Price of such Mortgage Loan immediately prior to the transfer of such Mortgage Loan to the Aged Mortgage
Loans Sublimit from the applicable other Approved Sublimit, or (2) if an Investor Commitment applies to such Aged Mortgage Loan, the purchase price to be paid by an Approved Investor for such Aged Mortgage Loan under such Investor Commitment	  	thirty (30) days after the applicable Transfer Date
				
	Jumbo Mortgage Loans	  	97%, except 90% if the Cumulative Loan-to-Value Ratio is more than 95%	  	(A) the Buyer’s Margin Percentage for Jumbo Mortgage Loans multiplied by (B) the lesser of (1) the purchase price to be paid by an Approved Investor in the Investor Commitment applicable to such Mortgage Loan, or (2) the
Principal Balance of such Mortgage Loan	  	sixty (60) days after the applicable Purchase Date
				
	BB&T Correspondent Mortgage Loans	  	(A) if such Mortgage Loan also meets the definitional requirements of a Conforming Mortgage Loan, 98%; or (B) if such Mortgage Loan also meets the definitional requirements of a Jumbo Mortgage Loan, 97%, except 90% if the
Cumulative Loan-to-Value Ratio is more than 95%	  	(A) the Buyer’s Margin Percentage for BB&T Correspondent Mortgage Loans multiplied by (B) the lesser of (1) the purchase price to be paid by the Buyer in the Investor Commitment applicable to such Mortgage Loan, or (2) the
Principal Balance of such Mortgage Loan	  	sixty (60) days after the applicable Purchase Date

  

					
	Commitment Amount	  	2.2.2.4	  	$25,000,000.00
			
	Termination Date	  	2.2.2.5	  	April 9, 2018
			
	 Applicable Index & Index Reset Period and

Applicable Margins
	  	2.2.3.1	  	The Applicable Indexes (and reset periods) and Applicable Margins are as set forth in the chart below:

  
 APPENDIX 2-2 

					
	 Type of Mortgage Loan
	  	 Applicable Index &

Index Reset Period
	  	 Applicable Margin (or, with respect to Past
Due Mortgage
Loans,
 the Past Due Margin)

	Conforming Mortgage Loans, Wet Mortgage Loans, Jumbo Mortgage Loans	  	LIBOR, floating daily	  	2.625% (262.5 basis points)
			
	Aged Mortgage Loans	  	Prime Rate, floating daily	  	1.00% (100 basis points)
			
	BB&T Correspondent Mortgage Loans	  	LIBOR, floating daily	  	2.375% (237.5 basis points)
			
	Extended Wet Mortgage Loans and Past Due Mortgage Loans	  	Prime Rate, floating daily	  	3.00% (300 basis points)

  

					
	LIBOR Floor Rate	  	2.2.3.2        	  	0.00% (zero basis points). Notwithstanding anything in this Agreement to the contrary, the LIBOR Floor Rate shall never be less than zero percent (0.0%).
			
	Prime Floor Rate	  	2.2.3.3        	  	5.50% (550 basis points)
			
	Sublimit Maximum Amounts	  	2.5.2.1        	  	The maximum amount of each Approved Sublimit is as set forth in the table below:

  

					
	 Sublimit
	  	 Maximum Amount is the lesser of (A) or
(B)

	  	 Dollar Amount (A)
	  	 Percentage of Commitment (B)

	 Conforming Mortgage Loans Sublimit
	  	$25,000,000.00	  	100%
			
	 Wet Mortgage Loans Sublimit
	  	 $15,000,000.00

on the first five and last five Banking Days of each month, and

$12,500,000.00
 at all other
times
	  	 60%

on the first five and last
 five
Banking Days of each
 month, and

50%
 at all other
times

			
	 Aged Mortgage Loans Sublimit
	  	$1,250,000.00	  	5%
			
	 Jumbo Mortgage Loans Sublimit
	  	$3,750,000.00	  	15%
			
	 BB&T Correspondent Mortgage Loans Sublimit
	  	$12,500,000.00	  	50%

  
 APPENDIX 2-3 

					
	 Collateral Processing Fee
	  	2.10.1.1	  	$45.00 per Mortgage Loan
			
	 Endorsement Fee
	  	2.10.1.2	  	$10.00
			
	 Non-Usage Average Daily Availability Rate
	  	2.10.1.3	  	fifty percent (50%)**
			
	 Non-Usage Fee Rate
	  	2.10.1.4	  	0.125% (12.50 basis points)**

  

	**	Notwithstanding the foregoing, the Buyer waives the Non-Usage Fee for each calendar quarter through and including the calendar quarter ending on September 30, 2017. The Buyer will first have the right to charge
the Non-Usage Fee (if the Non-Usage Fee is then due and payable in accordance with this Agreement) with respect to the calendar quarter ending on December 31, 2017. 

 

					
	 Reinstatement Fee
	  	2.10.1.5	  	$5.00
			
	 Wire Transfer Fee
	  	2.10.1.6	  	$10.00 per outgoing wire transfer
			
	 Account Maintenance Fee
	  	2.10.1.7	  	Not applicable
			
	 Other Fees
	  	2.10.1.8	  	Not applicable
			
	 Date of Latest Audited Financial Statements
	  	2.16.1.1	  	December 31, 2016
			
	 Date of Latest Unaudited Financial Statements
	  	2.16.1.2	  	January 31, 2017
			
	 Maximum Liability Amount
	  	2.17.1.1	  	$500,000.00
			
	 Beginning Date of Minimum Balance
	  	2.17.14.1	  	The Effective Date
	 Requirement (Cash Collateral Account)
	  		  	
			
	 Minimum Balance (Cash Collateral Account)
	  	2.17.14.2	  	The greater of (a) $750,000.00 or (b) three percent (3%) of the Commitment amount
			
	 Intercreditor Agreements
	  	2.17.16.1	  	None in effect as of the Effective Date
			
	 Other Approved Facilities
	  	2.18.2	  	None in place as of the Effective Date

  
 APPENDIX 2-4 

					
	 Adjusted Tangible Net Worth
	  	2.18.19.1	  	$4,000,000.00
			
	 Leverage Ratio
	  	2.18.19.2	  	12.0:1.0
			
	 Current Ratio
	  	2.18.19.3	  	1.0:1.0
			
	 Minimum Liquidity Amount
	  	2.18.19.4	  	$1,500,000.00
			
	 Net Income Testing Period
	  	2.18.19.5	  	for the previous calendar quarter, tested quarterly as at the end of each calendar quarter***
			
	 Net Income Amount
	  	2.18.19.6	  	$1.00***

  

	***	Notwithstanding the foregoing, the Buyer shall not test the Net Income covenant for any calendar quarter through and including the calendar quarter ending on June 30, 2017. The Buyer will first test the Net
Income covenant with respect to the calendar quarter ending on September 30, 2017. 

  

					
	 Additional Financial Covenants
	  	2.18.19.7	  	Not applicable
			
	 Per Loan Limit
	  	2.EL.1	  	$1,000,000.00

  
 APPENDIX 2-5 

 EXHIBIT A 

FORM OF OFFICER’S CERTIFICATE WITH COMPUTATIONS 

TO SHOW COMPLIANCE OR NON-COMPLIANCE WITH 

CERTAIN FINANCIAL COVENANTS 
  

			
	BUYER:	  	BRANCH BANKING AND TRUST COMPANY
		
	SELLER:	  	INSPIRE HOME LOANS INC.
		
	SUBJECT PERIOD:	  	{            } ended {            }
		
	DATE:	  	{            }

 This certificate is delivered to the Buyer under that certain Master Repurchase Agreement dated as of
April 10, 2017 (as supplemented, amended or restated from time to time, the “Repurchase Agreement”), by and between the Seller and the Buyer from time to time party thereto. Unless they are otherwise defined in this certificate, terms
defined in the Repurchase Agreement have the same meanings here as there. 
 The undersigned officer of the Seller certifies to the Buyer
that on the date of this certificate: 
 1. The undersigned is an incumbent officer of the Seller, holding the title stated below the
undersigned’s signature below. 
 2. The Seller’s financial statements that are attached to this certificate were prepared in
accordance with GAAP (except that interim — i.e., other than annual — financial statements exclude notes to financial statements and statements of changes to stockholders’ (or owners’) equity and are subject to year-end
adjustments) and (subject to the aforesaid proviso as to interim financial statements) present fairly the Seller’s financial condition and results of operations as of
{                    , 20            }, for that month (the “Subject
Period”) and for the year to that date. 
 3. The undersigned officer of the Seller supervised a review of the Seller’s activities
during the Subject Period in respect of the following matters and has determined the following: (a) except to the extent that (i) a representation or warranty speaks to a specific date or (ii) the facts on which a representation or
warranty is based have changed by transactions or conditions contemplated or expressly permitted by the Facility Papers, the representations and warranties of the Seller in the Repurchase Agreement and the other Facility Papers are true and correct
in all material respects, other than the changes, if any, described on the attached Annex A; (b) the Seller has complied with all of its obligations under the Facility Papers, other than the deviations, if any, described on the attached
Annex A; (c) no Event of Default has occurred that has not been declared by the Buyer in writing to have been cured or waived, and no Potential Default has occurred that has not been cured before it became an Event of Default, other than
those Events of Default and/or Potential Defaults, if any, described on the attached Annex A and (d) whether there has been compliance by the Seller with the financial covenants in Section 18.19 of the Repurchase Agreement is
accurately calculated on the attached Annex A. 
  

			
	INSPIRE HOME LOANS INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Ex. A-1 

 ANNEX A TO OFFICER’S CERTIFICATE 

1. Describe deviations from representations, if any — clause 3(a) of attached Officer’s Certificate — if none, so state: 

2. Describe deviations from compliance with obligations, if any — clause 3(b) of attached Officer’s Certificate — if none, so
state: 
 3. Describe Potential Defaults or Events of Default, if any — clause 3(c) of attached Officer’s Certificate — if
none, so state: 
 4. Calculate compliance with covenants in Section 18 — clause 3(d) of attached Officer’s Certificate: 

(a) Adjusted Tangible Net Worth. Adjusted Tangible Net Worth, tested monthly as at the end of each calendar month, to be
not less than $4,000,000.00. 
 (b) Leverage Ratio. Leverage Ratio, tested monthly as at the end of each calendar
month, to be not greater than 12.0:1.0. 
 (c) Current Ratio. Current Ratio, tested monthly as at the end of each
calendar month, to be not less than 1.0:1.0. 
 (d) Minimum Liquidity. The Seller’s Liquidity, tested monthly as
at the end of each calendar month, to be not less than $1,500,000.00. 
 (e) Net Income. The Seller’s net income,
determined in accordance with GAAP, for the previous calendar quarter, tested quarterly as at the end of each calendar quarter, to be not less than $1.00. 

(f) The Seller has not declared or paid any dividend or distribution, as applicable, directly or indirectly to the
Seller’s stockholders (or other equity owners) when, or immediately after, the payment of which, any Potential Default or Event of Default existed. 

(g) The Seller has not directly or indirectly made any advance to (or declined or deferred any payment due from) any
stockholder (or other equity owner) where at the time of or immediately after such action any Potential Default or Event of Default existed or would exist. 

  
 Ex. A-2 

 EXHIBIT B 

ELIGIBILITY CHANGE NOTICE 
 {Date}

 Inspire Home Loans Inc. 
 19600 Fairchild Road, Suite 200

 Irvine, CA 92612 
 Attention: James Palda, President 

Dear Mr. Palda: 
 Pursuant to that certain
Master Repurchase Agreement, dated as of April 10, 2017, as amended or modified from time to time in accordance with the terms thereof (the “Repurchase Agreement,” the capitalized terms used herein and not otherwise defined having the
meanings given to such terms in said Repurchase Agreement), by and between INSPIRE HOME LOANS INC., a Delaware corporation, as Seller, and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation, as Buyer, we hereby amend {Appendix 2,
Item 2.2.2.2 (Approved Loan Types)}{Schedule EL (Eligible Loans)}{Annex A, B, C, D and/or E} of the Repurchase Agreement and advise you that, commencing on the {effective date} and at all times thereafter (unless further amended by a subsequent
Eligibility Change Notice), the {Appendix 2, Item 2.2.2.2 (Approved Loan Types)}{Schedule EL (Eligible Loans}{Annex A, B, C, D and/or E} attached hereto shall be deemed applicable to and amend the corresponding {Schedule}{Appendix
Item}{Annexes} in the Repurchase Agreement without any further act or consent from the Seller or any other Person. This Eligibility Change Notice replaces and supersedes any and all prior Eligibility Change Notices with respect to
the{Schedule}{Appendix Item}{Annex(es)} amended hereby. 
  

			
	Sincerely,
	
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Ex. B-1 

 SCHEDULE CN 

FORM OF CHANGE NOTICE 
 [On
Letterhead of the Seller] 
 [Date] 

BRANCH BANKING AND TRUST COMPANY 
 Mortgage Warehouse Lending
Division 
 102 W. Pineloch Avenue, Suite 18 
 Orlando, FL 32806

 Ladies and Gentlemen: 
 Pursuant to that
certain Master Repurchase Agreement, dated as of April 10, 2017, as amended from time to time (the “Repurchase Agreement,” the capitalized terms used herein and not otherwise defined having the meanings given to such terms in said
Repurchase Agreement), by and between INSPIRE HOME LOANS INC., a Delaware corporation, as Seller (the “Seller”), and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation, as Buyer (the “Buyer”), we
hereby amend the list of Authorized Seller Representatives only as set forth herein and advise you that, effective as of the date hereof, (1) each of the following persons is hereby designated as an additional “Authorized Seller
Representative” for purposes of the Repurchase Agreement and, as such, each and all are hereby authorized and empowered in the name of and on behalf of the Seller, inter alia, to initiate Purchase Requests under the Repurchase
Facility and, in connection therewith, to execute and deliver to the Buyer such documents substantially in the forms attached to or otherwise permitted in the Repurchase Agreement, and the Buyer shall be fully entitled to rely upon the foregoing
authorization in so doing: 
 Additional Authorized Seller Representative(s) 

 

					
	Name	 	Title/Position	  	Specimen Signature
	                                    	 	                                    	  	                                    

	                                    	 	                                    	  	                                    

 and (2) each of the following persons (if any) is hereby deleted as an “Authorized Seller Representative” for
purposes of the Repurchase Agreement (list only deletions, if any): 
  

 
  

 
 This notice is in addition to list
of Authorized Seller Representatives and/or each prior Notice of Change of Authorized Seller Representative(s) delivered by the Seller to the Buyer and, other than as amended hereby, the list of Authorized Seller Representatives, as amended from
time to time, remains in full force and effect and are ratified hereby. 
 DATED this
{        } day of {                    ,
20        }. 
  

			
	SELLER:
	
	INSPIRE HOME LOANS INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Schedule CN-1 

 SCHEDULE DQ 

DISQUALIFIERS 

“Disqualifier” means any of the following events; after the occurrence of any Disqualifier, unless the Buyer shall have waived it,
or declared it cured, in writing, the Market Value of the affected Purchased Loan shall be deemed to be zero (and the Buyer shall be deemed to have marked such Purchased Loan to market): 

1. Any event occurs, or is discovered to have occurred, after which the affected Purchased Loan fails to satisfy any element of the definition
of “Eligible Loan” that is applicable to such Type of Purchased Loan. 
 2. In respect of any Purchased Loan, for any reason
whatsoever any of the Seller’s special representations concerning Purchased Loans set forth in Section 16.2 applicable to that type of Purchased Loan shall become untrue, or shall be discovered to be untrue, in any respect that is
material to the value or collectability of that Purchased Loan, considered either by itself or together with other Purchased Loans. 
 3.
Any Purchased Loan (other than an Aged Mortgage Loan) shall become In Default. 
 4. Any Purchased Loan (other than an Aged Mortgage Loan)
for any reason shall cease to be covered by an Investor Commitment acceptable to the Buyer, and the Seller shall fail to cause such Purchased Loan to be covered by another Investor Commitment acceptable to the Buyer on or before ten
(10) Banking Days after such initial coverage is lost. 
 5. The Wet Mortgage Loan Period shall have elapsed after the Purchase Date
upon which a Wet Mortgage Loan has been sold to the Buyer without all of such Wet Mortgage Loan’s Required Documents having been received by the Buyer; provided, that if such Wet Mortgage Loan’s Required Documents were received by
the Buyer, but were found by the Buyer to have been deficient in some manner which, in the Buyer’s reasonable determination represents a condition correctable by the Seller within ten (10) days’ time and the Buyer then returns each
affected Required Document to the Seller for such corrective action, then such Purchased Loan shall not be disqualified by this provision for correction, collection or other action. 

6. Any Purchased Loan shall be assumed by (or otherwise become the liability of) — or the real property securing it shall become owned by
— any corporation, partnership or any other entity that is not a natural person or a trust for natural persons unless payment in full of such Purchased Loan is guaranteed by a natural person. The Buyer may rely on the Seller’s
representation and warranty that no Purchased Loans have been so assumed by (or otherwise become the liability of) such a Person except as otherwise specified by written notice(s) to the Buyer. 

7. Any Purchased Loan shall be assumed by (or otherwise become the liability of) — or the real property securing it shall become owned by
— an Affiliate of the Seller or any of the Seller’s or its Affiliates’ directors, managers, members or officers. The Buyer may rely on the Seller’s representation and warranty that no Purchased Loans have been so assumed by (or
otherwise become the liability of) such a Person except as otherwise specified by written notice(s) to the Buyer. 
 8. Any Purchased Loan
shipped to an investor or, if applicable, the Certificating Custodian shall not be paid for or returned to the Buyer on or before forty-five (45) days after it is shipped. 

9. The applicable Repurchase Period shall have elapsed with respect to any Purchased Loans. 

  
 Schedule DQ-1 

 SCHEDULE EL 

ELIGIBLE LOANS 
 “Eligible
Loan” means and includes each Mortgage Loan as to which each of the following statements is true and correct: 
 (1) Such Mortgage Loan
is secured by a first priority mortgage, deed of trust or deed to secure debt, as applicable, on the Property securing such Mortgage Loan; 

(2) Unless otherwise approved by the Buyer from time to time, in its sole discretion and in writing, the improvements on the Property securing
such Mortgage Loan shall consist of any one of the following: (i) a detached, one-family dwelling, (ii) a detached two-to-four family dwelling, (iii) a one-family dwelling in a condominium or townhouse project, or (iv) a detached
one-family dwelling or townhouse in a planned unit development, none of which (x) is a co-operative or a mobile or manufactured home unless, in the case of a mobile or manufactured home, it is affixed to the real property and is encumbered by a
first priority mortgage (or deed of trust or deed to secure debt) both on such real property and on such mobile or manufactured home that has priority over any other Lien on such mobile or manufactured home, whether or not arising under applicable
real property law; (y) does not constitute real property under applicable state law, or (z) contains any commercial operations (other than in the nature of an in-home office); 

(3) Such Mortgage Loan is free of any material default (other than as otherwise permitted in the Agreement) of any party thereto (including
the Seller); 
 (4) Except in the case of an Aged Mortgage Loan, no payment under such Mortgage Loan is more than thirty (30) days past
due the payment due date set forth in the underlying promissory note and mortgage (or deed of trust or deed to secure debt); 
 (5) Such
Mortgage Loan is in compliance with all applicable Laws and regulations governing the same, including the federal Consumer Credit Protection Act of 1968, as amended from time to time, and the regulations promulgated thereunder, the federal
Truth-in-Lending Act, as amended from time to time, and the regulations promulgated thereunder, the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008, as amended from time to time, and the regulations promulgated thereunder, the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended from time to time, and the regulations promulgated thereunder, and all applicable usury laws and restrictions; and all notices, disclosures and other statements or
information required by law or regulation to be given, and any other act required by law or regulation to be performed, in connection with such Mortgage Loan have been given and performed as required; 

(6) All advance payments and other deposits on such Mortgage Loan have been paid in cash, and no part of such sums has been loaned, directly
or indirectly, by the Seller to the Customer thereon; 
 (7) The Property securing such Mortgage Loan is insured against loss or damage by
fire and all other hazards normally included within standard extended insurance coverage (including flood plain insurance if such Property is located in a federally designated flood plain) in accordance with the provisions of such Mortgage Loan with
the Seller named as a loss payee thereon; 
 (8) The Property securing such Mortgage Loan is free and clear of all Liens except Liens in
favor of the Seller and Permitted Encumbrances; 
 (9) Except in the case of an Aged Mortgage Loan, if the promissory note for such Mortgage
Loan (or any other documentation relating thereto) has been withdrawn from the possession of the Buyer, on terms and subject to conditions set forth herein, (i) such note or other documentation has been released to the Seller for purposes of
correcting clerical or other non-substantive documentation problems pursuant to a trust receipt as permitted herein, and such release has occurred within the immediately preceding ten (10) days; or (ii) the promissory note and any related
documentation for such Mortgage Loan have been shipped by the Buyer directly to 

  
 Schedule EL-1 

 
an Approved Investor for purchase or, if applicable, to the Certificating Custodian for inclusion in a pool of Mortgage Loans supporting an Agency MBS, as permitted herein, and such shipment has
occurred within the immediately preceding forty-five (45) days; 
 (10) Except as otherwise waived by the Buyer, in the event the
Loan-to-Value Ratio of such Mortgage Loan exceeds eighty percent (80%), such Mortgage Loan is either guaranteed by VA or insured by FHA or is covered by a private mortgage insurance policy issued in favor of the Seller by an insurer approved by
Fannie Mae, Freddie Mac, Ginnie Mae or the Approved Investor issuing the Investor Commitment for such Mortgage Loan; 
 (11) Except in the
case of an Aged Mortgage Loan, the date of the promissory note for such Mortgage Loan is no earlier than sixty (60) days (or ninety (90) days in the case of any Mortgage Loan which is purchased by the Seller from a third party
correspondent) prior to the Purchase Date for any Mortgage Loan that becomes a Purchased Loan or, if the interest rate applicable to such Mortgage Loan has converted to a fixed rate, the date of such conversion is no earlier than sixty
(60) days prior to the Purchase Date for such Mortgage Loan that becomes a Purchased Loan; 
 (12) If such Mortgage Loan is FHA insured
or VA guaranteed, such insurance or guaranty is in full force and effect (or such Mortgage Loan is eligible for such insurance or guaranty and said insurance or guaranty has been or will be applied for within thirty (30) days from the date of
funding of such Mortgage Loan), and/or fully conforms to all underwriting and other requirements of Fannie Mae, Freddie Mac, Ginnie Mae, FHA or VA; 

(13) Except in the case of an Aged Mortgage Loan, such Mortgage Loan is subject to a valid and binding Investor Commitment to purchase such
Mortgage Loan or, if applicable, an Agency MBS backed by such Mortgage Loan, and the following requirements are met: (i) such Investor Commitment is fully enforceable in accordance with its terms; (ii) such Investor Commitment will be
assigned to the Buyer on the Purchase Date in respect of any Mortgage Loan that becomes a Purchased Loan; (iii) the Seller and the applicable Mortgage Loan are in full compliance with such Investor Commitment; and (iv) if such Investor
Commitment is not a Best Efforts Commitment, such Mortgage Loan is covered by a Hedging Arrangement that mitigates interest rate risk; 

(14) Except for the existence of a commitment to sell such Mortgage Loan on a servicing-released basis, such Mortgage Loan is not subject to
any servicing arrangement with any Person other than the Seller nor are any Servicing Rights relating to such Mortgage Loan subject to any lien, claim, interest or negative pledge in favor of any Person and such Servicing Rights have not been sold,
transferred, assigned, conveyed, pledged, mortgaged or hypothecated to any Person, other than as permitted hereunder; 
 (15) The initial
principal amount of such Mortgage Loan does not exceed the amount set forth in Appendix 2, Item 2.EL.1 (the “Per Loan Limit”), unless otherwise approved by the Buyer, in its sole discretion, from time to time, in respect
of any Mortgage Loan that becomes a Purchased Loan; 
 (16) Such Mortgage Loan is originated directly by the Seller and is not purchased
from a third party correspondent, unless otherwise approved by the Buyer in its sole discretion and, if so approved by the Buyer in respect of a Mortgage Loan that becomes a Purchased Loan, the Required Documents and, if the Buyer has so requested,
the other Loan Papers for such Mortgage Loan must be delivered to the Buyer or its designee on or prior to the date of the Transaction, accompanied by a bailment letter acceptable to the Buyer and applicable wiring instructions; 

(17) If such Mortgage Loan was directly or indirectly acquired by the Seller from a mortgage broker or a correspondent, such Mortgage Loan was
purchased for fair value and the Seller took possession of such Mortgage Loan in the ordinary course of its business, without knowledge that such Mortgage Loan was subject to any security interest; 

(18) The Property securing such Mortgage Loan is (i) located in a state in which the Seller has all necessary licenses to conduct its
mortgage banking business; and (ii) improved by completed improvements; 
 (19) Except in the case of an Aged Mortgage Loan, no
Disqualifier exists as to such Mortgage Loan; 

  
 Schedule EL-2 

 (20) Such Mortgage Loan is covered by an ALTA mortgage title insurance policy or such other form
of title insurance as is acceptable to Fannie Mae or Freddie Mac, issued by and constituting the valid and binding obligation of a title insurer that is (1) generally acceptable to prudent mortgage lenders who regularly originate or purchase
Mortgage Loans comparable to such Mortgage Loan, and (2) is qualified to do business in the jurisdiction where the relevant Mortgaged Premises are located, insuring the Seller, its successors and assigns, as to the first priority (subject to
Permitted Encumbrances) of the Lien of the Mortgage on the related Mortgaged Premises, in an amount equal to the original principal amount of such Mortgage Loan. No claims have been made under such policy and no prior holder of such Mortgage Loan,
including the Seller, has done, by act or omission, anything that would impair the coverage of such policy. The Seller is the sole named insured of such mortgage title insurance policy, the assignment to the Buyer of the Seller’s interest in
such policy does not require the consent of or notice to the insurer (or such consent has been obtained or notice given), and such policy is and will be in full force and effect and inure to the benefit of the Buyer if, as and when such Mortgage
Loan is sold to the Buyer; 
 (21) Such Mortgage Loan’s Mortgage contains an enforceable provision for acceleration of the maturity of
the unpaid principal balance thereof in the event that the Mortgaged Premises are sold or transferred without the prior written consent of the holder thereof; 

(22) Such Mortgage Loan does not contain provisions pursuant to which monthly payments are paid in whole or in part with funds deposited in
any separate account established by the Seller, the Customer or anyone on behalf of the Customer, or paid by any source other than the Customer, nor any other similar provisions currently in effect that effectively constitute a “buydown”
provision; 
 (23) Such Mortgage Loan is not subject to a bankruptcy plan nor is the Customer or any guarantor of such Mortgage Loan (or any
portion thereof) a debtor in a bankruptcy or insolvency proceeding; 
 (24) As to such Mortgage Loan and/or its Loan Papers: 

(a) the Seller has not waived any default, breach, violation or event permitting acceleration except payment delinquencies that
have not been outstanding long enough to cause such Mortgage Loan to be In Default; 
 (b) the Loan Papers contain customary
and enforceable provisions so as to render the rights and remedies of their holder adequate for the realization of the benefits of the security intended to be provided by it; 

(c) none of its makers or mortgagors is an Affiliate of the Seller or any of its or its Subsidiaries’ directors or
officers; 
 (d) there is only one original executed Mortgage Note, and, except in the case of Wet Mortgage Loans, that
original has been delivered to the Buyer; 
 (e) the Mortgage Note and Mortgage for such Mortgage Loan that becomes a
Purchased Loan, including Wet Mortgage Loans, has been duly (i) endorsed by the last endorsee or assigned to the Seller and (ii) endorsed or assigned by the Seller in blank (or if requested by the Buyer, to the Buyer)—endorsement in
blank of a Mortgage Assignment is not required when MERS is designated in the Mortgage as the original mortgagee or the nominee of the original mortgagee, its successors and assigns—and delivered (or in the case of Wet Mortgage Loans are in the
process of being delivered) to the Buyer; 
 (f) the Mortgage Assignment for such Mortgage Loan that becomes a Purchased Loan
is or will be in proper and sufficient form for recording in the appropriate government office in the U.S. jurisdiction where the related Mortgaged Premises are located (no such Mortgage Assignment is required for any Mortgage that has been
originated in the name of MERS and registered under the MERS® System); and upon and after delivery to the Buyer of the Mortgage Note evidencing such Mortgage Loan, the Buyer will have a duly
perfected first priority possessory ownership interest in such Mortgage Loan, and for so long as the Buyer or another bailee for the Buyer retains possession of such Mortgage Note, the Buyer will have a duly perfected first priority possessory
ownership interest in such Mortgage Loan; 

  
 Schedule EL-3 

 (g) all taxes, governmental assessments, insurance premiums, water, sewer and
municipal charges, leasehold payments or ground rents that have previously become due have been paid, or an escrow of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has been assessed but
is not yet due. The Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds by any Person other than the applicable Customer, directly or indirectly, for the payment of any amount required under the related
Loan Papers, except for interest to accrue from the date of such Mortgage Loan or the date of disbursement of its proceeds (whichever is greater) to the day that precedes by a month the due date of such Mortgage Loan’s first installment of
principal and interest; 
 (h) if an escrow of funds has been established for such Mortgage Loan, it is not prohibited by
applicable Law, all escrow deposits and escrow payments have been collected in full compliance with applicable Law and are in the possession of the Seller or have been applied to pay their proper and intended purposes, no escrow deposits or escrow
payments or other charges or payments due in respect of such Mortgage Loan have been capitalized under its Mortgage Note or Mortgage and no deficiencies exist in connection therewith for which customary arrangements for payment have not been made;

 (i) all interest rate adjustments, if any, in respect of such Mortgage Loan have been made in strict compliance with
applicable Law and the terms of the related Mortgage Note, and any interest required to be paid pursuant to applicable Law has been properly paid and credited; 

(j) no Customer in respect of such Mortgage Loan has notified the Seller, and the Seller has no knowledge, of any relief
requested by or allowed to such Customer under the Servicemembers’ Civil Relief Act of 2003; 
 (k) the Mortgage is a
Lien on the Mortgaged Premises and Property described in it, and the description of the Mortgaged Premises in such Mortgage is legally adequate and such Mortgage Loan has been fully advanced in its face amount; 

(l) no default, and no event that with notice or lapse of time or both would become a default, has occurred and is continuing
in respect of such Mortgage Loan except as to which the Seller has given written notice to the Buyer with respect thereto if such Mortgage Loan has become a Purchased Loan (by reporting Purchased Loans that are delinquent Mortgage Loans); 

(m) the Seller’s acquisition, disposition and collection practices with respect to such Mortgage Loan are and have been in
all material respects in accordance with industry custom and practice, and in all respects legal and proper; and 
 (n) all
Hazard Insurance Policies covering the Mortgaged Premises encumbered by such Mortgage Loan: 
 (1) name and will continue to
name the Seller or the applicable Servicer as the insured under a standard mortgagee clause and, in the event such Mortgage Loan becomes a Purchased Loan, inures to the benefit of the Buyer; 

(2) are and will continue to be in full force and effect; 

(3) are in the amount of the full insurable value of the Mortgaged Premises on a replacement cost basis or the unpaid principal
amount of such Mortgage Loan, whichever is less; 
 (4) are the valid and binding obligation of the insurer; 

  
 Schedule EL-4 

 (5) have all premiums due thereon paid; 

(6) are required by the related Mortgage to be maintained on relevant Mortgaged Premises at the Customer’s cost and
expense, failing which the holder of such Mortgage is authorized by the express terms of such Mortgage to obtain and maintain such insurance at such Customer’s cost and expense and to obtain reimbursement of such cost from such Customer; and

 (7) afford and will continue to afford insurance against fire and such other risks as are usually insured against in the
broad form of extended coverage insurance from time to time available, as well as insurance against flood hazards if required by the terms of any applicable private mortgage insurance or by any applicable Requirements of Law. 

(25) Such Mortgage Loan or, as applicable, all Loan Papers relating to such Mortgage Loan: 

(a) were originated by a duly licensed mortgage loan originator or mortgage lender in the ordinary course of its business; 

(b) have been made and originated in compliance with all applicable requirements of the Real Estate Settlement Procedures Act
of 1974, the Equal Credit Opportunity Act of 1974, the federal Truth-In-Lending Act of 1968, the Fair Credit Billing Act of 1974, the Fair Credit Reporting Act of 1970, the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008, the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, each as amended from time to time, and the related statutes and regulations and all applicable Requirements of Law under usury, truth-in-lending, equal credit opportunity and all
other Laws, and, in respect of such Mortgage Loan if, as and when it becomes a Purchased Loan, the continued compliance of the Purchased Loan is not affected by its sale to the Buyer; 

(c) are the legal, valid and binding obligations of the Customer(s) who made them and are and will continue to be in full force
and effect and valid and binding obligations of such Customer(s), enforceable in accordance with their terms, without and free from any claim, right of rescission, counterclaim, defense or offset, including any claim or defense of usury, except as
such enforceability may be limited by bankruptcy and other laws affecting the rights of creditors generally and by principles of equity, excepting rights that, by applicable Law, cannot be waived, and neither the operation of any of their respective
contract terms nor the exercise of any right thereunder will render any of them partly or wholly unenforceable or subject to any such claim, right of rescission, counterclaim, defense or offset, and no such claim, right of rescission, counterclaim,
defense or setoff has been asserted; 
 (d) have not been modified or amended and none of their requirements has been waived,
except as expressly and completely reflected in the applicable Loan Papers furnished to the Buyer; 
 (e) were not originated
in, and are not subject to the laws of, any jurisdiction whose laws (i) make unlawful their sale to the Buyer pursuant to this Agreement, or (ii) render such Mortgage Loan unenforceable; 

(f) are in full force and effect and have not been satisfied or subordinated in whole or in part or rescinded, and the
Mortgaged Premises securing such Mortgage Loan have not been partially or completely released from the Lien of the Mortgage; 

(g) are each secured by a valid first Lien in favor of the Seller on the real property securing the amount owed by the
Customer(s) under the related Mortgage, subject only to Permitted Encumbrances, that to the best of the Seller’s knowledge, has a fair market value equal to or greater than the loan value that will be attributed or allocated under this
Agreement to such Mortgage Loan secured thereby; 
 (h) are each executed in full accordance with all requirements of the
applicable Laws of the jurisdiction in which the related Mortgaged Premises are located, with the Mortgage being (1) duly acknowledged and sealed by such official and in such manner and form as to be both recordable and

  
 Schedule EL-5 

 
effective under such Laws to give such constructive notice to all Persons as shall be necessary to establish and continue the Lien of such Mortgage and (2) so recorded, and with the Mortgage
Note, Mortgage and all related papers executed with the genuine original signature(s) of the Customer(s) obligated on such Mortgage Loan, and all parties to such Mortgage Loan had full legal capacity to execute it; 

(i) the Seller has not sold, assigned, transferred, hypothecated or pledged such Mortgage Loan to any Person (excluding
assignments to MERS as nominee for the Seller, its successors and assigns); 
 (j) are (except where the applicable Agency
guidelines do not require an Appraisal) the subject of a Current Appraisal of which the Seller has possession and will make available to the Buyer on request, and the Seller has in its possession and will make available to the Buyer on request
evidence of such value and how it was determined; and 
 (k) are not in violation of the Home Ownership and Equity Protection
Act of 1994; 
 (26) As to the Mortgaged Premises related to such Mortgage Loan: 

(a) the Mortgaged Premises securing such Mortgage Loan are capable of being lawfully occupied under applicable Laws, and all
inspections, licenses and certificates required to be made or issued with respect to all occupied portions of such Mortgaged Premises and, with respect to the use and occupancy of the same, including certificates of occupancy and fire underwriting
certificates, have been made or obtained from the appropriate Governmental Authority; 
 (b) the Mortgaged Premises securing
such Mortgage Loan, if located in a special flood hazard area designated as such by the Secretary of HUD, are and shall continue to be covered by special flood insurance as required by the National Flood Insurance Program or its successor program;

 (c) based on customary residential mortgage industry practices and, to the knowledge of the Seller, the Mortgaged Premises
securing such Mortgage Loan are free from any and all toxic and hazardous substances and there exists no violation of any applicable environmental Law; 

(d) to the best of the Seller’s knowledge, no liens or claims have been filed for work, labor or materials affecting the
related Mortgaged Premises which are undischarged; and 
 (e) the related Mortgaged Premises are, to the best of the
Seller’s knowledge, free of material damage and in good repair and the Seller has no actual knowledge that any such Mortgaged Premises have suffered material fire, storm or other casualty damage that is not covered by a Hazard Insurance Policy.

 Notwithstanding anything to the contrary herein, this Schedule EL may be revised from time to time by the Buyer, in its sole discretion based on,
among other things, prevailing market conditions or changes in the Buyer’s internal underwriting standards, by delivery to the Seller of a notice thereof. 

  
 Schedule EL-6 

 SCHEDULE 11 

copy of 
 EXHIBIT A

 to UCC-1 Financing Statement 
  

					
	Seller:	  	Inspire Home Loans Inc.	  	
		  	19600 Fairchild Road, Suite 200	  	
		  	Irvine, CA 92612	  	
			
	Buyer:	  	Branch Banking and Trust Company	  	
		  	102 W. Pineloch Avenue, Suite 18	  	
		  	Orlando, FL 32806	  	
		  	Attention: Mortgage Warehouse Lending Division	  	

 The UCC Financing Statement to which this Exhibit A is attached and forms a part, covers all of the
Seller’s right, title and interest in, to and under each of the following items of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located (capitalized terms are defined in Annex I to
this Exhibit A): 
 (a) Purchased Loans. 

(1) All Purchased Loans; 
 (2)
all Purchased Loans Support; 
 (3) all rights to deliver Purchased Loans to investors and other purchasers and all proceeds resulting from
the disposition of Purchased Loans pursuant thereto, including the Seller’s right and entitlement to receive the entire purchase price paid for Purchased Loans sold; 

(4) all Hedging Arrangements relating to or constituting any and all of the foregoing or relating to the Obligations, including all rights to
payment arising under such Hedging Arrangements; 
 (5) all Servicing Rights in respect of any of the Purchased Loans and all rights and
benefits (but not the obligations) of Seller in Servicing Agreements or subservicing agreements pursuant to which Purchased Loans are being serviced or subserviced, respectively; and 

(6) all of the Seller’s rights now or hereafter existing in, to or under any MBS secured by, created from or representing any interest
in any of the Purchased Loans, whether now owned or hereafter acquired by the Seller, and whether such MBS are evidenced by book entry or certificate (the Buyer’s ownership interest and security interest in each MBS created from, based on or
backed by Purchased Loans shall automatically exist in, attach to, cover and affect all of the Seller’s right, title and interest in that MBS when issued and its proceeds and the Buyer’s ownership interest and security interest in the
Purchased Loans from which such MBS was so created shall automatically terminate and be released when such MBS is issued, subject to automatic reinstatement if such issuance is voided or set aside by any court of competent jurisdiction), all right
to the payment of monies and non-cash distributions on account of any of such MBS and all new, substituted and additional securities at any time issued with respect thereto. 

(b) Related Accounts, Payment Intangibles, General Intangibles. 

(1) All accounts, payment intangibles, general intangibles, instruments (including promissory notes), documents (including documents of
title), software, chattel paper, letters of credit rights, supporting obligations, contract rights and proceeds, whether now or hereafter existing (including all of the Seller’s present and future rights to have and receive interest and other
compensation, whether or not yet accrued, earned, due or payable), under or arising out of or relating to the Purchased Loans; 
 (2) all
instruments, documents or writings evidencing any such accounts, payment intangibles, general intangibles or proceeds or evidencing any monetary obligation under, or security interest in, any of the Purchased Loans, all other papers delivered to
Buyer, and all other rights transferred to Buyer, in respect of any of the Purchased Loans, including, without limitation, the right to collect, have and receive all insurance proceeds (including, but not limited to, casualty insurance, mortgage
insurance, pool insurance and title insurance 

  
 Schedule 11-1 

 
proceeds) and condemnation awards or payments in lieu of condemnation which may be or become payable in respect of the Mortgaged Premises securing or intended to secured any Purchased Loan, and
other personal property of whatever kind relating to any of the Purchased Loans, in each case whether now existing or hereafter arising, accruing or acquired; 

(3) all security for or claims against others in respect of the Purchased Loans; 

(4) all proceeds and rights to proceeds of any sale or other disposition of any or all of the Purchased Loans; and 

(5) the nonexclusive right to use (in common with the Seller and any other secured party that has a valid and enforceable security interest
therein and that agrees that its security interest is similarly nonexclusive) the Seller’s operating systems to manage and administer the Purchased Loans and any of the related data and information described above, or that otherwise relates to
the Purchased Loans, together with the media on which the same are stored to the extent stored with material information or data that relates to property other than the Purchased Loans (tapes, discs, cards, drives, flash memory or any other kind of
physical or virtual data or information storage media or systems, and the Seller’s rights to access the same, whether exclusive or nonexclusive, to the extent that such access rights may lawfully be transferred or used by the Seller’s
permittees), and any computer programs that are owned by the Seller (or licensed to the Seller under licenses that may lawfully be transferred or used by the Seller’s permittees) and that are used or useful to access, organize, input, read,
print or otherwise output and otherwise handle or use such information and data. 
 (c) Deposit Accounts. The Investor Funding
Account, the Loan Funding Account, the Administrative Account, the Operating Account and any other deposit accounts with the Buyer (or any Affiliate thereof), and all sums from time to time on deposit in each of such accounts. 

(d) Custodial Account. The Custodial Account and all MBS and other securities from time to time held in such account and all sums from
time to time on deposit in such account. 
 (e) Purchased Loans Records. All Purchased Loans Records. 

(f) Other Rights. All rights to have and receive any of the Purchased Loans described above, all accessions or additions to and
substitutions for any of such Purchased Loans, together with all renewals and replacements of any of such Purchased Loans, all other rights and interests now owned or hereafter acquired by the Seller in, under or relating to any of such Purchased
Loans or referred to above and all products and proceeds of any of the foregoing. 
 (g) Claims and Causes of Actions. All claims and
causes of actions in which the Seller has or may have against any Person, including but not limited to, tort claims, arising out of or relating to any of the foregoing, and the products and proceeds thereof. 

(h) Proceeds. All products and proceeds of the foregoing. 

IT IS THE EXPRESS INTENTION OF SELLER AND BUYER THAT THE TRANSACTIONS UNDER THE MASTER REPURCHASE AGREEMENT ARE PURCHASES AND SALES. THIS FINANCING STATEMENT
IS INTENDED TO PERFECT (1) ANY OF THE ABOVE-DESCRIBED PROPERTY TO THE EXTENT THAT ANY OF SUCH PROPERTY CAN BE PERFECTED BY FILING UPON A SALE THEREOF, AND (2) A FIRST AND PRIOR SECURITY INTEREST IN ANY OF THE ABOVE-DESCRIBED PROPERTY IF,
CONTRARY TO THE PARTIES’ INTENT, ONE OR MORE TRANSACTIONS UNDER THE MASTER REPURCHASE AGREEMENT ARE RECHARACTERIZED AS LOANS BY ANY COURT OF COMPETENT JURISDICTION. 

This Financing Statement is to be filed in the office of the Secretary of State of the State of Delaware. A list of all Purchased Loans then subject to this
Financing Statement is available upon reasonable request from Buyer at its above-stated address. 

  
 Schedule 11-2 

 ANNEX I 

to EXHIBIT A 
 to UCC-1
Financing Statement 
 Definitions 

“Administrative Account” shall have the meaning set forth in the Master Repurchase Agreement. 

“Affiliate” means and includes, with respect to a specified Person, any other Person directly or indirectly controlling,
controlled by or under common control with, such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Buyer” means Branch Banking and Trust Company, a North Carolina banking corporation, and its successors and assigns. 

“Custodial Account” shall have the meaning set forth in the Master Repurchase Agreement. 

“Eligible Loans” shall have the meaning set forth in the Master Repurchase Agreement. 

“Facility Papers” shall have the meaning set forth in the Master Repurchase Agreement. 

“Fannie Mae” means the Federal National Mortgage Association, and any successor thereof. 

“Freddie Mac” means the Federal Home Loan Mortgage Corporation, and any successor thereof. 

“Ginnie Mae” means the Government National Mortgage Association, and any successor thereof. 

“Hazard Insurance Policy” shall have the meaning set forth in the Master Repurchase Agreement. 

“Hedging Arrangements” shall have the meaning set forth in the Master Repurchase Agreement. 

“Investor Funding Account” shall have the meaning set forth in the Master Repurchase Agreement. 

“Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any
conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest). 

“Loan Funding Account” shall have the meaning set forth in the Master Repurchase Agreement. 

“Loan Papers” means the Mortgage Note and all of the other papers related to the establishment of a Purchased Loan and the
creation, perfection and maintenance of its Lien on the Mortgaged Premises, including the Required Documents and any papers securing, guaranteeing or otherwise related to or delivered in connection with any Purchased Loan, in a form acceptable to
the Buyer (including any guaranties, lien priority agreements, security agreements, mortgages, deeds of trust, collateral assignments of the Seller’s interest in underlying obligations or security, subordination agreements, negative pledge
agreements, loan agreements and title, mortgage, pool and casualty insurance policies), as any such Loan Paper may be supplemented, amended, restated or replaced from time to time. 

“Margin Call” shall have the meaning set forth in the Master Repurchase Agreement. 

“Master Repurchase Agreement” means the Master Repurchase Agreement dated as of April 10, 2017, by and between the
Seller and Buyer, as supplemented, amended or restated from time to time. 

  
 Schedule 11-3 

 “MBS” means a mortgage pass-through security, collateralized mortgage
obligation, Real Estate Mortgage Investment Conduit or other security that (i) is based on and backed by an underlying pool of Mortgage Loans and (ii) provides for payment by its issuer to its holder of specified principal installments
and/or a fixed or floating rate of interest on the unpaid balance and for all prepayments to be passed through to the holder, whether issued in certificated or book-entry form and whether or not issued, guaranteed, insured or bonded by Ginnie Mae,
Fannie Mae, Freddie Mac, an insurance company, a private issuer or any other investor. 
 “Mortgage” means a mortgage, deed
of trust, deed to secure debt, security deed or other mortgage instrument or similar evidence of lien legally effective in the United States jurisdiction where the relevant real property is located to create and constitute a valid and enforceable
Lien, subject only to Permitted Encumbrances, on the fee simple or long term ground leasehold estate in improved real property. 

“Mortgage Loan” means any loan evidenced by a Mortgage Note and includes all right, title and interest of the lender or
mortgagee of such Mortgage Loan as a holder of both the beneficial and legal title to such Mortgage Loan, including (i) all loan documents, files and records of the lender or mortgagee for such Mortgage Loan, including the Loan Papers,
(ii) the monthly payments, any prepayments, insurance and other proceeds, (iii) the rights to service such Mortgage Loan and (iv) all other rights, interests, benefits, security, proceeds, remedies and claims in favor or for the
benefit of the lender or mortgagee arising out of or in connection with such Mortgage Loan. 
 “Mortgage Note” means a
promissory note secured by a Mortgage. 
 “Mortgaged Premises” means the Property securing a Mortgage Loan. 

“Obligations” shall have the meaning set forth in the Master Repurchase Agreement. 

“Operating Account” shall have the meaning set forth in the Master Repurchase Agreement. 

“Permitted Encumbrances” shall have the meaning set forth in the Master Repurchase Agreement. 

“Person” means and includes any corporation, natural person, firm, joint venture, partnership, limited liability company,
trust, unincorporated organization, government or any political subdivision, department, agency or instrumentality of any government. 

“Property” means any interest of a Person in any kind of property, whether real, personal or mixed, tangible or intangible.

 “Purchased Loan” means a Mortgage Loan sold by the Seller to the Buyer under the Repurchase Facility. In addition, the
term “Purchased Loans” shall also include all assets and properties described in EXHIBIT A of this UCC Financing Statement. 

“Purchased Loans Records” means books, records, ledger cards, files, papers, documents, instruments, certificates, appraisal
reports journals, reports, correspondence, customer lists, information and data that describes, catalogs or lists such information or data, computer printouts, media (tapes, discs, cards, drives, flash memory or any other kind of physical or virtual
data or information storage media or systems) and related data processing software (subject to any licensing restrictions) and similar items that at any time evidence or contain information relating to any of the Purchased Loans, and other
information and data that is used or useful for managing and administering the Purchased Loans, together with the nonexclusive right to use (in common with the Seller and any other secured party that has a valid and enforceable security interest
therein and that agrees that its security interest is similarly nonexclusive) the Seller’s operating systems to manage and administer any of the Purchased Loans and any of the related data and information described above, or that otherwise
relates to the Purchased Loans, together with the media on which the same are stored to the extent stored with material information or data that relates to property other than the Purchased Loans (tapes, discs, cards, drives, flash memory or any
other kind of physical or virtual data or information storage media or systems), and the Seller’s rights to access the same, whether exclusive or nonexclusive, to the extent that such access rights may lawfully be transferred or used by the
Seller’s permittees, and any computer programs that are owned by the Seller (or licensed to the Seller under licenses that may lawfully be transferred or used by the Seller’s permittees) and that are used or useful to access, organize,
input, read, print or otherwise output and otherwise handle or use such information and data. 

  
 Schedule 11-4 

 “Purchased Loans Support” means all property (real or personal) assigned,
hypothecated or otherwise securing obligations in respect of Purchased Loans and includes any security agreement or other agreement granting a lien or security interest in such real or personal property, including: 

(i) all Loan Papers, whether now owned or hereafter acquired, related to, and all private mortgage insurance on, any Purchased Loans, and all
renewals, extensions, modifications and replacements of any of them; 
 (ii) all rights, liens, security interests, guarantees, insurance
agreements and assignments accruing or to accrue to the benefit of the Seller in respect of any Purchased Loan; 
 (iii) all of the
Seller’s rights, powers, privileges, benefits and remedies under each and every paper now or hereafter securing, insuring, guaranteeing or otherwise relating to or delivered in connection with any Purchased Loan, including all guarantees, lien
priority agreements, security agreements, deeds of trust, Purchased Loans assignments, subordination agreements, negative pledge agreements, loan agreements, management agreements, development agreements, design professional agreements, payment,
performance or completion bonds, title and casualty insurance policies and mortgage guaranty or insurance contracts; 
 (iv) all of the
Seller’s rights, to the extent assignable, in, to and under any and all commitments issued by (1) Ginnie Mae, Fannie Mae, Freddie Mac, another mortgage company or any other investor or the Buyer or a securities issuer to guarantee,
purchase or invest in any of the Purchased Loans or any MBS based on or backed by any of them or (2) any broker or investor to purchase any MBS, whether evidenced by book entry or certificate, representing or secured by any interest in any of
the Purchased Loans, together with the proceeds arising from or pursuant to any and all such commitments; 
 (v) all rights under every
Hazard Insurance Policy relating to the improvements securing a Purchased Loan for the benefit of the lender or mortgagee under such Purchased Loan, the proceeds of all errors and omissions insurance policies and all rights under any blanket hazard
insurance policies to the extent they relate to any Purchased Loan or its security and all hazard insurance or condemnation proceeds paid or payable with respect to any of the Purchased Loans and/or any of the Property securing payment of any of the
Purchased Loans or covered by any related instrument; 
 (vi) all present and future claims and rights of the Seller to have, demand,
receive, recover, obtain and retain payments from, and all proceeds of any nature paid or payable by, any governmental, quasi-governmental or private mortgage guarantor or insurer (including VA, FHA or any other Person) with respect to any of the
Purchased Loans; and 
 (vii) all tax, insurance, maintenance fee and other escrow deposits or payments made by the Customers under such
Purchased Loans (the Buyer acknowledges that the Seller’s rights in such deposits are limited to the rights of an escrow agent and such other rights, if any, in and to such deposits as are accorded by the Purchased Loans and related papers).

 “Repurchase Facility” shall have the meaning set forth in the Master Repurchase Agreement. 

“Required Documents” shall have the meaning set forth in the Master Repurchase Agreement. 

“Seller” means Inspire Home Loans Inc., a Delaware corporation, and its successors and assigns. 

“Servicer” means, collectively, with respect to each Purchased Loan, any Person who owns or holds the rights to service such
Purchased Loan (the “Servicing Rights”), and any Person who as a servicer or subservicer is primarily responsible for performing the servicing functions for such Purchased Loan, which is identified in a Real Estate Settlement Procedures
Act of 1974, 12 U.S.C. § 2602, as amended, notification letter as the Person to whom the applicable Customer sends scheduled loan payments. 

  
 Schedule 11-5 

 “Servicing Agreement” means, with respect to any Person, the arrangement —
whether or not in writing — pursuant to which that Person acts as a Servicer of Mortgage Loans, whether owned by that Person or by others. 

“Servicing Rights” is defined in the definition of “Servicer”. 

“Subsidiary” means, with respect to any Person (herein referred to as the “parent”), any corporation,
association or other business entity of which more than fifty percent (50%) of the securities or other ownership interests having ordinary voting power is, or with respect to which rights to control management (pursuant to any contract or other
agreement or otherwise) are, at the time as of which any determination is being made, owned, controlled or held by the parent or one or more subsidiaries of the parent. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of Florida; provided, that if by
reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of any security interest granted or deemed granted pursuant to the Master Repurchase Agreement or the continuation, renewal or enforcement thereof is
governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of Florida, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or effect of perfection or non-perfection. 

  
 Schedule 11-6 

 ANNEX A 

DEFINITION OF CONFORMING MORTGAGE LOAN 

“Conforming Mortgage Loan” means a Mortgage Loan as to which each of the following statements is true and correct: 

(i) such Mortgage Loan is an Eligible Loan; and 

(ii) such Mortgage Loan (a) fully conforms to all underwriting and other requirements of Fannie Mae or Freddie Mac, or (b) is a
Government Sponsored Loan (or is eligible for such insurance or guaranty and application therefor has been made or will be made within 30 days from the date of the closing of such Mortgage Loan). 

  
 Annex A-1 

 ANNEX B 

DEFINITION OF WET MORTGAGE LOAN 

“Wet Mortgage Loan” means a Mortgage Loan: 

(i) that has been closed by a title agency or closing attorney, funded and would qualify without exception as an Eligible Loan except that some
or all of its Required Documents are in transit to, but have not yet been received by, the Buyer so as to satisfy all requirements to permit the Seller to sell it pursuant to this Agreement without restriction; 

(ii) that is not a third party correspondent loan; 

(iii) that the Seller reasonably expects to fully qualify as an Eligible Loan meeting the criteria of one of the other Approved Loan Types
when the original Required Documents have been received by the Buyer; 
 (iv) as to which the Seller actually and reasonably expects that
such full qualification can and will be achieved on or before seven (7) Banking Days after the relevant Purchase Date (and the Seller hereby agrees to take such steps as are reasonably necessary to ensure it achieves full qualification as an
Eligible Loan); and 
 (v) for which the Seller has delivered to the Buyer a Purchase Request on or before the Purchase Date, submission of
which to the Buyer shall constitute the Seller’s certification to the Buyer that a complete document file as to such Mortgage Loan, including the Required Documents, exists and that such document file is in the possession of either the title
agent or closing attorney that closed such Mortgage Loan, the Seller or the Seller’s Servicer for such Mortgage Loan, or that such document file has been shipped to the Buyer. 

Each Wet Mortgage Loan that satisfies the foregoing requirements shall be an Eligible Loan subject to the condition subsequent of physical
delivery of its Mortgage Note, Mortgage and all other Required Documents (and, if requested by the Buyer, other Loan Papers), together with a revised Loan Schedule to be attached to the related Purchase Request, to the Buyer on or before seven
(7) Banking Days after the relevant Purchase Date. Each Wet Mortgage Loan sold by the Seller shall be irrevocably deemed purchased by the Buyer and shall automatically become a Purchased Loan effective on the date of the related Purchase
Request, and the Seller shall take all steps necessary or appropriate to cause the sale to the Buyer and delivery to the Buyer of such Wet Mortgage Loan and its Required Documents to be completed, perfected and continued in all respects, including
causing the original promissory note evidencing such Purchased Loan to be physically delivered to the Buyer within seven (7) Banking Days after the relevant Purchase Date, and, if requested by the Buyer, to give written notice to any title
agent, closing attorney or other Person in possession of the Required Documents for such Wet Mortgage Loan of the Buyer’s purchase of such Wet Mortgage Loan. Upon the Buyer’s receipt of the Required Documents relative to a Wet Mortgage
Loan accompanied by its Purchase Request with its attached Loan Schedule revised to recharacterize such Wet Mortgage Loan as a Dry Mortgage Loan, such Wet Mortgage Loan shall no longer be considered a Wet Mortgage Loan and shall be recharacterized
as a Dry Mortgage Loan of the applicable Approved Loan Type. 

  
 Annex B-1 

 ANNEX C 

DEFINITION OF AGED MORTGAGE LOAN 

“Aged Mortgage Loan” means a Mortgage Loan as to which each of the following statements is true and correct: 

(i) such Mortgage Loan is an Eligible Loan; 

(ii) such Mortgage Loan meets the requirements set forth in one of the following: (a) paragraph (ii) of the definition of Conforming
Mortgage Loan, or (b) paragraphs (ii) and (iv) of the definition of Jumbo Mortgage Loan; 
 (iii) if the promissory note for
such Mortgage Loan (or any other documentation relating thereto) has been withdrawn from the possession of the Buyer on terms and subject to the conditions set forth in this Agreement, (i) such note or other documentation has been released to
the Seller pursuant to a trust receipt as permitted under this Agreement and such release has occurred within the immediately preceding ten (10) days or (ii) such note or other documentation has been released to an attorney, trustee or
other third party conducting foreclosure proceedings on behalf of the Seller (for purposes of prosecuting such foreclosure proceedings) pursuant to a bailee letter as permitted under this Agreement; 

(iv) the Seller has delivered (or caused to be delivered) to the Buyer the Required Documents and, if requested by the Buyer, any other Loan
Papers for such Mortgage Loan prior to the related Transaction; 
 (v) the Seller has delivered (or caused to be delivered) to the Buyer, if
requested by the Buyer, a copy of the most recent Appraisal; 
 (vi) following the transfer of such Mortgage Loan to the Aged Mortgage Loans
Sublimit, the Repurchase Period applicable to Aged Mortgage Loans shall not have elapsed with respect to such Mortgage Loan; and 
 (vii)
such Mortgage Loan was originally funded in a Transaction under an Approved Sublimit (other than the Aged Mortgage Loans Sublimit), and either (a) except for the expiration of the Repurchase Period applicable to such Mortgage Loan prior to the
transfer of such Mortgage Loan to the Aged Mortgage Loans Sublimit from the applicable other Approved Sublimit, such Mortgage Loan would continue to be eligible under the Repurchase Facility as an Approved Loan Type (other than an Aged Mortgage
Loan), or (b) such Mortgage Loan has been rejected or currently is not eligible for purchase by an Approved Investor as an Approved Loan Type (other than an Aged Mortgage Loan), as a result of an issue other than fraud. 

  
 Annex C-1 

 ANNEX D 

DEFINITION OF JUMBO MORTGAGE LOAN 

“Jumbo Mortgage Loan” means a Mortgage Loan as to which each of the following statements is true and correct: 

(i) such Mortgage Loan is an Eligible Loan; 

(ii) such Mortgage Loan is a full documentation loan and either (a) fully conforms to all Agency underwriting and other requirements for
“A” Mortgage Loans, except loan size; or (b) is approved by the Buyer, in its sole and absolute discretion, for funding under the Repurchase Facility, and is eligible for sale to more than one Approved Investor; 

(iii) such Mortgage Loan is subject to a Best Efforts Commitment, and prior to funding any Purchase Request relating to such Mortgage Loan,
Buyer shall have received with respect to such Mortgage Loan a copy of the interest rate lock and the underwriting approval of the applicable Approved Investor (provided, however, if Seller has delegated underwriting authority from
such Approved Investor, evidence of such delegated underwriting authority, together with a copy of the interest rate lock and Seller’s underwriting, will be sufficient); and 

(iv) the Cumulative Loan-to-Value Ratio for such Mortgage Loan does not exceed 100%. 

  
 Annex D-1 

 ANNEX E 

DEFINITION OF BB&T CORRESPONDENT MORTGAGE LOAN 

“BB&T Correspondent Mortgage Loan” means a Mortgage Loan as to which each of the following statements is true and
correct: 
 (i) such Mortgage Loan is an Eligible Loan; 

(ii) such Mortgage Loan meets all of the requirements set forth in the definition of Conforming Mortgage Loan or all of the requirements set
forth in the definition of Jumbo Mortgage Loan; and 
 (iii) the Approved Investor under the Investor Commitment covering such Mortgage Loan
is the BB&T Correspondent Lending Division or another division or Affiliate of BB&T (should such Mortgage Loan be recommitted to another investor, such Mortgage Loan shall no longer be eligible as a BB&T Correspondent Mortgage Loan, but
may be transferred, as applicable, to the Conforming Mortgage Loans Sublimit if it remains eligible therefor as a Conforming Mortgage Loan or to the Jumbo Mortgage Loans Sublimit if it remains eligible therefor as a Jumbo Mortgage Loan). 

  
 Annex E-1

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