Document:

EX-10.8

 Exhibit 10.8 
 SECOND AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT 
 OCWEN LOAN SERVICING, LLC,

 as Servicer (prior to the respective MSR Transfer Dates) 

HLSS HOLDINGS, LLC, 
 as Receivables Seller (and as Servicer on and after the respective MSR Transfer Dates) 
 AND 
 HLSS SERVICER ADVANCE FACILITY TRANSFEROR, LLC, 

as Depositor 

Dated as of September 13, 2012 
 HLSS SERVICER ADVANCE RECEIVABLES BACKED NOTES 

 TABLE OF CONTENTS 

 
  

							
	 	 	 	 	Page	 
	Section 1.	 	Definitions; Incorporation by Reference	 	 	4	  
	Section 2.	 	Transfer of Receivables	 	 	7	  
	Section 3.	 	OLS’s and HLSS’s Acknowledgment and Consent to Assignment	 	 	9	  
	 Section 4.
	 	 Representations, Warranties and Certain Covenants of OLS, as Servicer (prior to the related

MSR Transfer Date) and as Initial Receivables Seller (prior to the related MSR Transfer Date)
	 	 	10	  
	Section 5.	 	 Representations, Warranties and Certain Covenants of HLSS, as Servicer (on or after the

related MSR Transfer Date) and as Receivables Seller
	 	 	17	  
	Section 6.	 	Termination	 	 	26	  
	Section 7.	 	 General Covenants of OLS, as Initial Receivables Seller (prior to the final MSR Transfer

Date) and Servicer (prior to the final MSR Transfer Date)
	 	 	26	  
	Section 8.	 	General Covenants of HLSS, as Receivables Seller and Servicer	 	 	29	  
	Section 9.	 	Grant Clause	 	 	32	  
	Section 10.	 	Conveyance by Depositor; Grant by Issuer	 	 	33	  
	Section 11.	 	Protection of Indenture Trustee’s Security Interest in Trust Estate	 	 	33	  
	Section 12.	 	Indemnification by OLS	 	 	34	  
	Section 13.	 	Indemnification by HLSS	 	 	35	  
	Section 14.	 	Miscellaneous	 	 	37	  
			
	Schedule 1-A	 	Form of Assignment of Receivables	 			
	Schedule 1-B	 	Form of Assignment of Receivables	 			

  
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 This SECOND AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT (as may be amended,
supplemented, restated or otherwise modified from time to time, this “Agreement”) is made as of September 13, 2012 (the “Effective Date”), by and among OCWEN LOAN SERVICING, LLC (“OLS”),
a Delaware limited liability company, as initial receivables seller (prior to the respective MSR Transfer Dates) and as servicer (prior to the respective MSR Transfer Dates), HLSS HOLDINGS, LLC (“HLSS”), a Delaware limited
liability company, as receivables seller and as servicer (on and after the respective MSR Transfer Dates), and HLSS SERVICER ADVANCE FACILITY TRANSFEROR, LLC, a Delaware limited liability company, as depositor (the
“Depositor”). 
 RECITALS 

(a) The Depositor is a special purpose Delaware limited liability company. The Depositor and OLS are parties to that certain Receivables
Sale Agreement (the “Original Receivables Sale Agreement”), dated as of August 31, 2010 (the “Original Closing Date”). The Original Receivables Sale Agreement was amended and restated in its
entirety by that certain Amended and Restated Receivables Sale Agreement (the “Amended and Restated Receivables Sale Agreement”), dated as of March 5, 2012 (the “Amended and Restated Closing
Date”), among the Depositor, HLSS and OLS. Pursuant to Section 14(a) of the Amended and Restated Receivables Sale Agreement, HLSS, OLS and the Depositor may amend the Amended and Restated Receivables Sale Agreement by written
instrument provided that: (i) so long as the Notes are outstanding, more than 50% of the Holders of all Outstanding Notes, each Supplemental Credit Provider and each Liquidity Provider provide their prior written consent, (ii) HLSS shall
have delivered to the Indenture Trustee an officer’s certificate to the effect that HLSS reasonably believes that any such amendment will not have an Adverse Effect on the Noteholders, and (iii) OLS shall promptly notify each Note Rating
Agency of any such amendment and shall furnish a copy of any such amendment to each such Note Rating Agency. The Depositor, OLS and HLSS wish to amend and restate in its entirety the Amended and Restated Receivables Sale Agreement in accordance with
Section 14(a) of the Amended and Restated Receivables Sale Agreement, pursuant to the terms set forth in this Agreement. 

(b) OLS is the “Servicer” under certain pooling and servicing agreements, sale and servicing agreements, and servicing
agreements (each, as may be amended, supplemented, restated, or otherwise modified from time to time, a “Servicing Agreement” and, collectively, the “Servicing Agreements”). Certain Servicing
Agreements will be designated as described herein for inclusion under this Agreement, the Receivables Pooling Agreement and the Indenture (each, as may be amended, supplemented, restated, or otherwise modified from time to time, a
“Designated Servicing Agreement” and, collectively, the “Designated Servicing Agreements”). 
 (c) OLS has sold and is selling the economics associated with the servicing rights under the Designated Servicing Agreements to HLSS, which is wholly owned by Home Loan Servicing Solutions, Ltd., an
exempted company formed under the laws of the Cayman Islands. On the Amended and Restated Closing Date or the Effective Date, as applicable, and until the MSR Transfer Date with respect to any Designated Servicing Agreement, OLS shall continue to
(i) be the “Servicer” under such Designated Servicing Agreement, (ii) have the obligation to make the required Advances under such Designated Servicing Agreement, (iii) have the right to collect the related Receivables in
reimbursement of such Advances, and (iv) have the right to 

 
collect Receivables in existence on the Amended and Restated Closing Date or the Effective Date, as applicable, related to Advances. Upon its disbursement of an Advance pursuant to a Designated
Servicing Agreement, OLS, as servicer (until the related MSR Transfer Date), becomes the beneficiary of a contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing Agreement. Immediately,
upon their creation, OLS shall sell the related Receivables to HLSS for cash purchase prices equal to 100% of their respective Receivable Balances pursuant to this Agreement (until the related MSR Transfer Date) and the Purchase Agreement (defined
below), and HLSS shall sell and/or contribute the Receivables it purchases from OLS, to the Depositor as described in Paragraph (g) below. 
 (d) When all required consents and ratings agency letters required for a formal change of the named servicer under a Designated Servicing Agreement from OLS to HLSS shall have been obtained, OLS shall
sell to HLSS all of the servicing rights and obligations under such Designated Servicing Agreement (the “MSR Transfer Date”) pursuant to the Master Servicing Rights Purchase Agreement, dated as of February 10, 2012, and
related Sale Supplements, dated as of February 10, 2012, May 1, 2012, August 1, 2012 and September 13, 2012, by and between OLS and HLSS (as may be amended, supplemented, restated, or otherwise modified from time to
time and including any future sale supplements, the “Purchase Agreement”). Following the MSR Transfer Date for any Designated Servicing Agreement, HLSS shall be the “Servicer” under such Designated Servicing
Agreement, and HLSS shall thereafter (i) be the “Servicer” under such Designated Servicing Agreement, (ii) have the obligation to make the required Advances under such Designated Servicing Agreement, (iii) have the right to
collect the related Receivables in reimbursement of such Advances, and (iv) have the right to collect Receivables in existence on the MSR Transfer Date related to Advances. Upon its disbursement of an Advance pursuant to a Designated Servicing
Agreement, HLSS, as servicer (on and after the related MSR Transfer Date), becomes the beneficiary of a contractual right to be reimbursed for such Advance in accordance with the terms of the related Designated Servicing Agreement. OLS will
initially be engaged by HLSS as subservicer for all of the Designated Servicing Agreements as to which the related MSR Transfer Date has occurred under a subservicing agreement (as may be amended, supplemented, restated or otherwise modified from
time to time, a “Subservicing Agreement”). Other subservicers may be appointed for some or all of the Designated Servicing Agreements or for other servicing rights acquired by HLSS from time to time in compliance with
Section 5(a)(xxxiii) hereof. 
 (e) HLSS Servicer Advance Receivables Trust (formerly known as HomEq Servicer
Advance Receivables Trust 2010-ADV1 (the “Issuer”), HLSS, as servicer (on and after the related MSR Transfer Date) and as Administrator, OLS, as servicer (until the related MSR Transfer Date) and as subservicer (on the
related MSR Transfer Date), Deutsche Bank National Trust Company, as Indenture Trustee (the “Indenture Trustee”), as Calculation Agent, as Paying Agent and as Securities Intermediary, Barclays Bank PLC
(“Barclays”), as administrative agent, Sheffield Receivables Corporation and Ocwen Financial Corporation entered into an Amended and Restated Indenture, dated as of March 5, 2012 (as amended, supplemented, restated, or
otherwise modified until the date hereof, the “Amended and Restated Indenture”), amending and restating that certain Indenture, dated as of August 31, 2010 (the “Original Indenture”). 

  
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 (f) Pursuant to the Original Indenture, the Issuer issued term amortizing asset-backed
notes in four classes and a variable funding note, all collateralized by the Receivables. On the Amended and Restated Closing Date, pursuant to the Amended and Restated Indenture, the Series 2010-ADV1 Class D Term Notes were paid in full and
retired. The remaining Series 2010-ADV1 Notes were amended to have terms consistent with those set forth in the Amended and Restated Indenture. On the Effective Date, pursuant to a Second Amended and Restated Indenture (as may be amended,
supplemented, restated or otherwise modified from time to time and including any indenture supplement, the “Indenture”), among the Issuer, HLSS, as servicer (on and after the related MSR Transfer Date) and as Administrator,
OLS, as servicer (until the related MSR Transfer Date) and as subservicer (on the related MSR Transfer Date), the Indenture Trustee, as Indenture Trustee, as Calculation Agent, as Paying Agent and as Securities Intermediary, Barclays, as
administrative agent and sole Holder of the Series 2010-ADV1 Notes and Wells Fargo Securities, LLC, as administrative agent, the Amended and Restated Indenture will be amended and restated to provide for, among other things, the Issuer’s
authority to issue different Series of Advance Receivables Backed Notes from time to time, on the terms and conditions set forth in the Indenture. Such Advance Receivables Backed Notes shall be collateralized by the Aggregate Receivables and related
property and certain monies in respect thereof now owned and to be hereafter acquired by the Issuer. 
 (g) HLSS, as receivables
seller, desires to sell and/or contribute, assign, transfer and convey to the Depositor all its contractual rights (A) to reimbursement pursuant to the terms of a Designated Servicing Agreement for an Advance (other than Servicing Fee Advances)
made by the Servicer (including any predecessor servicer) pursuant to such Designated Servicing Agreement, which Advance has not previously been reimbursed, or (B) to payment pursuant to the terms of a Designated Servicing listed on the
Servicing Fee Advance Designated Servicing Agreement Schedule for a Servicing Fee Advance owed the Servicer pursuant to the terms of a Designated Servicing Agreement listed on the Servicing Fee Advance Designated Servicing Agreement Schedule for a
Servicing Fee Advance owed to the Servicer pursuant to such Designated Servicing Agreement which has been accrued by the Servicer but not paid, and including in either case all rights of the Servicer (including any predecessor Servicer) to enforce
payment of such obligation under the related Servicing Agreement and which it either acquires from OLS (before the related MSR Transfer Date) or creates itself as described in (A) or (B) above (on or after the related MSR Transfer Date),
from the date hereof through the Receivables Sale Termination Date, under the Designated Servicing Agreements (a “Receivable” and, collectively, the “Receivables”), pursuant to the terms of this
Agreement. The Depositor will contemporaneously enter into a Second Amended and Restated Receivables Pooling Agreement, dated as of even date herewith (as may be amended, supplemented, restated or otherwise modified from time to time, the
“Receivables Pooling Agreement”), amending and restating that certain Amended and Restated Receivables Pooling Agreement dated as of March 5, 2012 (the “Amended and Restated Receivables Pooling
Agreement”), which in turn amended and restated that certain Receivables Pooling Agreement dated as of August 31, 2010 (the “Original Receivables Pooling Agreement”), to sell and/or contribute, assign,
transfer and convey to the Issuer all Receivables acquired by the Depositor from HLSS, as receivables seller, immediately upon the Depositor’s acquisition of such Receivables pursuant to this Agreement; provided, however, that all Receivables
in existence on the Amended and Restated Closing Date shall have been transferred from OLS to the Depositor under the Original Receivables Sale Agreement and from the Depositor to the Issuer under the Original Receivables Pooling Agreement prior to
the Amended and Restated Closing Date. For the avoidance of doubt, a Receivable 

  
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 (h) In consideration of each transfer by HLSS, as receivables seller, to the Depositor of
the Transferred Assets on the terms and subject to the conditions set forth in this Agreement, the Depositor has agreed to pay to HLSS a purchase price equal to 100% of the fair market value thereof on each Sale Date. To the extent the purchase
price actually paid in cash by the Depositor for the Transferred Assets is less than 100% of the fair market value thereof, the consideration for such excess fair market value shall be an increase in the value of the membership interest of the
Depositor, 100% of which is held by HLSS, by the amount by which the fair market value of such Receivable exceeds the cash purchase price actually paid therefor. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the above premises and of
the mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Definitions; Incorporation by Reference. 

(a) This Agreement is entered into in connection with the terms and conditions of the Indenture. Any capitalized term used but not defined
herein shall have the meaning given to it in the Indenture. 
 Additional Receivables: As defined in Section 2(a)(iii).

 Administrative Agent: As defined in the Indenture. 
 Aggregate Receivables: (i) All Initial Receivables under a Designated Servicing Agreement sold and/or contributed by OLS, as receivables seller, to the Depositor under the Original Receivables
Sale Agreement and (ii) all Additional Receivables under a Designated Servicing Agreement sold and/or contributed by HLSS, as receivables seller, to the Depositor hereunder (including any such Receivables acquired by HLSS from OLS prior to the
MSR Transfer Date). 
 Agreement: As defined in the Preamble. 
 Amended and Restated Closing Date: As defined in the Recitals. 
 Amended and Restated
Receivables Pooling Agreement: As defined in the Recitals. 
 Amended and Restated Receivables Sale Agreement: As defined in the
Recitals. 
 Assignment of Receivables: Each agreement documenting an assignment by OLS to HLSS substantially in the form set forth on
Schedule 1-A, and each agreement documenting an assignment by HLSS to the Depositor substantially in the form set forth on Schedule 1-B. 
 Barclays: As defined in the Recitals. 
 Depositor: As defined in the Preamble.

  
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 Designated Servicing Agreement and Designated Servicing Agreements: As defined in the
Recitals. 
 Effective Date: As defined in the Preamble. 
 HLSS: As defined in the Preamble. 
 HLSS Purchase Price: As defined in
Section 2(b). 
 HLSS Related Documents: As defined in Section 5(a)(iii). 

Indemnification Amounts: As defined in Section 13(c). 
 Indemnified Party: As defined in Section 13(c). 
 Indenture: As defined
in the Recitals. 
 Indenture Trustee: As defined in the Recitals. 
 Initial Receivables: As defined in Section 2(a)(i). 
 Initial RSA: As
defined in the Recitals. 
 Issuer: As defined in the Recitals. 
 MSR Transfer Date: As defined in the Recitals. 
 Notes: As defined in the Recitals.

 OLS: As defined in the Preamble. 
 OLS Additional Receivables: As defined in Section 2(a)(ii). 
 OLS
Indemnification Amounts: As defined in Section 12(c). 
 OLS Indemnified Party: As defined in Section 12(c).

 OLS Related Documents: As defined in Section 4(a)(iii). 
 OLS Transferred Assets: As defined in Section 2(a)(ii). 
 Original Closing
Date: As defined in the Recitals. 
 Original Indenture: As defined in the Recitals. 

Original Receivables Pooling Agreement: As defined in the Recitals. 
 Original Receivables Sale Agreement: As defined in the Recitals. 
 Original Transferred
Assets: As defined in Section 2(a)(i). 

  
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 Purchase: Each purchase by the Depositor from HLSS, as receivables seller, of Transferred Assets.

 Purchase Agreement: As defined in the Recitals. 
 Purchase Price: As defined in Section 2(c). 
 Receivable and
Receivables: As defined in the Recitals. 
 Receivables Pooling Agreement: As defined in the Recitals. 

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

Removed Servicing Agreement: As defined in Section 2(d). 
 Sale Date: (i) With respect to the Initial Receivables, each date from and including the Original Closing Date to the Effective Date on which such Initial Receivable was sold and/or
contributed, assigned, transferred and conveyed by OLS, as receivables seller, to the Depositor pursuant to the terms of the Original Receivables Sale Agreement and (ii) with respect to any Additional Receivables, each date from and including
the Effective Date to the Receivables Sale Termination Date on which such Additional Receivable is sold and/or contributed, assigned, transferred and conveyed by HLSS, as receivables seller, to the Depositor pursuant to the terms of this Agreement.

 Series: As defined in the Indenture. 
 Series 2010-ADV1 Notes: As defined in the Indenture. 
 Servicing Agreement and
Servicing Agreements: As defined in the Recitals. 
 Stop Date: As defined in Section 2(d). 

Subservicer: OLS or other subservicers that may be engaged by HLSS as subservicer for all of the Designated Servicing Agreements or for other
servicing rights acquired by HLSS from time to time. 
 Subservicing Agreement: As defined in the Recitals. 

Transferred Assets: As defined in Section 2(a)(iii). 
 UCC: As defined in Section 2(a)(i). 
 (b) The Designated
Servicing Agreement Schedule, as may be amended, supplemented, restated, or otherwise modified from time to time in accordance with the Transaction Documents, is incorporated by this reference into this Agreement. 

  
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 Section 2. Transfer of Receivables. 

(a) Transferred Assets. 
 (i) From the Original Closing Date to the Amended and Restated Closing Date, OLS sold and/or contributed, assigned, transferred, and conveyed to the Depositor, and the Depositor acquired from OLS, without
recourse except as provided under the Original Receivables Sale Agreement, all of OLS’s right, title and interest, whether now owned or hereafter acquired, in, to and under each Receivable (1) in existence on the Original Closing Date and
in existence on any Business Day after the Original Closing Date and prior to the Amended and Restated Closing Date that is listed as a “Designated Servicing Agreement” on the Designated Servicing Agreement Schedule as of the date such
Receivable is created (the “Initial Receivables”), and (2) all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the
Uniform Commercial Code in effect in all applicable jurisdictions (the “UCC”)), together with all rights of OLS to enforce such Initial Receivables (collectively, the “Original Transferred Assets”).

 (ii) Commencing on the Amended and Restated Closing Date, and until the opening of business on the MSR
Transfer Date for each Designated Servicing Agreement, pursuant to the Purchase Agreement, OLS will sell to HLSS, for a cash purchase price equal to 100% of the Receivable Balances thereof, (1) each Receivable, in existence on any Business Day
on or after the Amended and Restated Closing Date and until the opening of business on the related MSR Transfer Date, that arises under any Servicing Agreement that is listed as a “Designated Servicing Agreement” on the Designated
Servicing Agreement Schedule as of the date such Receivable is created (“OLS Additional Receivables”) for which the MSR Transfer Date has not yet occurred, and (2) all monies due or to become due and all amounts received
or receivable with respect thereto and all proceeds (including “proceeds” as defined in the UCC), together with all rights of HLSS to enforce such OLS Additional Receivables (collectively, the “OLS Transferred
Assets”). 
 (iii) Commencing on the Amended and Restated Closing Date, and until the close of
business on the Receivables Sale Termination Date, subject to the provisions of this Agreement, HLSS, as receivables seller, hereby sells and/or contributes, assigns, transfers, and conveys to the Depositor, and the Depositor acquires from HLSS,
without recourse except as provided herein, all of HLSS’s right, title and interest, whether now owned or hereafter acquired, in, to and under (1) each Receivable in existence on any Business Day on or after the Amended and Restated
Closing Date and prior to the Receivables Sale Termination Date (including the OLS Additional Receivables) that arises under any Servicing Agreement that is listed as a “Designated Servicing Agreement” on the Designated Servicing Agreement
Schedule as of the date such Receivable is created (“Additional Receivables”), and (2) all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including
“proceeds” as defined in the UCC) (including the OLS Transferred Assets), together with all rights of HLSS to enforce such Additional Receivables (collectively, the “Transferred Assets”). Until the Receivables Sale
Termination Date, HLSS shall, 

  
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automatically and without any further action on its part, sell and/or contribute, assign, transfer and convey to the Depositor, on each Business Day, each Additional Receivable not previously
transferred to the Depositor and the Depositor shall purchase each such Additional Receivable together with all of the other Transferred Assets related to such Receivable. 
 (b) HLSS’s Purchase Price to OLS. In consideration of the sale to HLSS of the OLS Additional Receivables and related OLS Transferred Assets, on the terms and subject to the conditions set
forth in this Agreement and pursuant to the Purchase Agreement, HLSS will, on each Sale Date, pay and deliver to OLS, in immediately available funds on the related Sale Date, or otherwise promptly following such Sale Date if so agreed by OLS, as
initial receivables seller (prior to the related MSR Transfer Date), and HLSS, a cash purchase price (the “HLSS Purchase Price”) equal to (i) in the case of one Receivable sold, assigned, transferred and conveyed on such
Sale Date, 100% of its Receivable Balance on such Sale Date or (ii) in the case more than one Receivable is sold, assigned, transferred and conveyed on such Sale Date, the aggregate of 100% of their Receivables Balances on such Sale Date,
payable in cash. 
 (c) Depositor’s Purchase Price. In consideration of the sale and/or contribution, assignment,
transfer and conveyance to the Depositor of the Aggregate Receivables and related Transferred Assets, on the terms and subject to the conditions set forth in this Agreement, the Depositor shall, on each Sale Date, pay and deliver to HLSS, in
immediately available funds on the related Sale Date, or otherwise promptly following such Sale Date if so agreed by HLSS, as receivables seller, and the Depositor, a purchase price (the “Purchase Price”) equal to (i) in
the case of one Receivable sold, assigned, transferred and conveyed on such Sale Date, the fair market value of such Receivable on such Sale Date or (ii) in the case more than one Receivable is sold, assigned, transferred and conveyed on such
Sale Date, the aggregate of the fair market values of such Receivables on such Sale Date, payable in cash to the extent of funds available to the Depositor, plus an increase in the value of the membership interest of the Depositor, to the
extent the Purchase Price exceeds the cash paid. 
 (d) Removal of Designated Servicing Agreements and Receivables. On
any date on or after the satisfaction of all conditions specified in Section 2.1(c) of the Indenture, HLSS may remove a Designated Servicing Agreement from the Designated Servicing Agreement Schedule (each such Servicing Agreement so removed, a
“Removed Servicing Agreement”). Upon the removal of a Designated Servicing Agreement from the Designated Servicing Agreement Schedule, (i) all Receivables related to such Removed Servicing Agreement previously
transferred to the Depositor and Granted to the Indenture Trustee for inclusion in the Trust Estate, shall remain subject to the lien of the Indenture unless purchased for the aggregate of the Receivables Balances for such Receivables by a Person
not affiliated with the Servicer or the Receivables Seller or by a Person that is a bankruptcy remote special purpose entity, as evidenced by an opinion of counsel acceptable to the Administrative Agent, and (ii) all Receivables related to such
Removed Servicing Agreement arising on or after the date that the related Servicing Agreement was removed from the Designated Servicing Agreement Schedule (the “Stop Date”) shall continue to be sold and/or contributed by HLSS
to the Depositor (and, prior to the related MSR Transfer Date, by OLS to HLSS) until all Receivables related to such Removed Servicing Agreement included in the Trust Estate are paid in full or sold pursuant to the terms of the Indenture;
provided, however, that such Receivables sold and/or contributed to the Depositor on or after the Stop Date shall not constitute Additional Receivables. 

  
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 (e) OLS Marking of Books and Records. Prior to the related MSR Transfer Date, OLS
shall, at its own expense, on or prior to the applicable Sale Date, in the case of OLS Additional Receivables, indicate in its books and records (including its computer records) that the Receivables arising under each Designated Servicing Agreement
and the related OLS Transferred Assets have been sold to HLSS in accordance with this Agreement. OLS shall not alter the indication referenced in this paragraph with respect to any Receivable during the term of this Agreement (except in accordance
with Section 9(a)). If a third party, including a potential purchaser of a Receivable, should inquire as to the status of the Receivables, OLS shall promptly indicate to such third party that the Receivables have been sold and OLS
(except in accordance with Section 9(a)) shall not claim any right, title or interest (including, but not limited to ownership interest) therein. 
 (f) HLSS Marking of Books and Records. HLSS shall, at its own expense, on or prior to the applicable Sale Date, in the case of Additional Receivables, indicate in its books and records (including
its computer records) that the Receivables arising under each Designated Servicing Agreement and the related Transferred Assets have been sold and/or contributed, assigned, transferred and conveyed to the Depositor in accordance with this Agreement.
HLSS shall not alter the indication referenced in this paragraph with respect to any Receivable during the term of this Agreement (except in accordance with Section 9(b)). If a third party, including a potential purchaser of a
Receivable, should inquire as to the status of the Receivables, HLSS shall promptly indicate to such third party that the Receivables have been sold and/or contributed, assigned, transferred and conveyed and HLSS (except in accordance with
Section 9(b)) shall not claim any right, title or interest (including, but not limited to ownership interest) therein. 
 Section 3. OLS’s and HLSS’s Acknowledgment and Consent to Assignment. 
 (a) Acknowledgment and Consent to Assignment. Each of OLS and HLSS hereby acknowledges that the Depositor has sold and/or contributed, assigned, transferred and conveyed to the Issuer, and that the
Issuer has Granted to the Indenture Trustee, on behalf of the Noteholders, the rights (but not the obligations) of the Depositor under this Agreement, including, without limitation, the right to enforce the obligations of each of OLS and HLSS
hereunder. Each of OLS and HLSS hereby consents to such Grant by the Issuer to the Indenture Trustee pursuant to the Indenture and acknowledges that each of the Issuer and the Indenture Trustee (on behalf of itself, the Noteholders, any Supplemental
Credit Enhancement Provider and any Liquidity Provider) shall be a third party beneficiary in respect of the representations, warranties, covenants, rights, indemnities and other benefits arising hereunder that are so Granted by the Issuer.
Moreover, each of OLS and HLSS hereby authorizes and appoints as its attorney-in-fact the Depositor, the Issuer and the Indenture Trustee, as the Issuer’s assignee, on behalf of the Depositor, to execute and deliver such documents or
certificates as may be necessary in order to enforce its rights under this Agreement and its rights to collect the Aggregate Receivables. 

  
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 (b) Access to Records. In connection with the conveyances hereunder, each of OLS and
HLSS hereby grants to the Depositor (and its assigns) an irrevocable license to access all records relating to the Aggregate Receivables, without the need for any further documentation in connection with any conveyance hereunder; provided,
however, that the Depositor (and its assigns) may not exercise any right under such license until an Event of Default has occurred and is continuing. In connection with such license, and subject to the foregoing proviso, each of OLS and HLSS
hereby grants to the Depositor (and its assigns) an irrevocable, non-exclusive license (subject to the restrictions contained in any license with respect thereto) to use, without royalty or payment of any kind, all software used by OLS or HLSS, as
receivables seller or as servicer, as the case may be, to account for the Aggregate Receivables, to the extent necessary to administer the Aggregate Receivables and such software is owned by OLS or HLSS, as the case may be. With respect to software
owned by others and used by OLS or HLSS, as the case may be, under license agreements, OLS or HLSS, as the case may be, shall cooperate with the Depositor (and its assigns) to identify such software and the applicable licensors thereof and provide
such other information available to it and reasonably necessary in order for the Depositor to obtain its own licenses with respect to such software. The licenses granted by OLS or HLSS, as the case may be, pursuant to this Section 3 with
respect to software owned by it shall be irrevocable and shall terminate, with respect to OLS, on the last MSR Transfer Date, and with respect to HLSS, on the Receivables Sale Termination Date. 

Section 4. Representations, Warranties and Certain Covenants of OLS, as Servicer (prior to the related MSR Transfer Date) and
as Initial Receivables Seller (prior to the related MSR Transfer Date). 
 OLS, as initial receivables seller (prior to
the related MSR Transfer Date) and as servicer (prior to the related MSR Transfer Date), hereby makes the following representations and warranties for the benefit of HLSS, on which HLSS is relying in purchasing the OLS Additional Receivables and
executing this Agreement. The representations are made as of the date of this Agreement, and as of each Sale Date prior to the related MSR Transfer Date, except as set forth herein with respect to the representations of OLS in its capacity as
Subservicer. Such representations and warranties shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables and any other related OLS Transferred Assets to HLSS. 

(a) General Representations, Warranties and Covenants. 

(i) Organization and Good Standing. OLS is a limited liability company organized and validly existing under the
laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and now has and so long as any
Notes are outstanding until the MSR Transfer Date, will continue to have, power, authority and legal right to acquire, own, hold, transfer, assign and convey the Receivables. 

(ii) Due Qualification. OLS is and will continue to be duly qualified to do business as a limited liability company
in good standing, and has obtained and will keep in full force and effect all necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such
qualifications, licenses, permits or approvals and as to which the failure to obtain or to keep in full force and effect such licenses, permits or approvals would have a material and adverse impact upon the value or collectability of the
Receivables. 

  
 10 

 (iii) Power and Authority. From the Effective Date until the MSR
Transfer Date, OLS has and will continue to have all requisite limited liability company power and authority to own the Receivables, and OLS has and will continue to have all requisite limited liability company power and authority to execute and
deliver this Agreement, the initial Designated Servicing Agreement Schedule and each subsequent Designated Servicing Agreement Schedule, each other Transaction Document to which it is a party and any and all other instruments and documents necessary
to consummate the transactions contemplated hereby or thereby (collectively, the “OLS Related Documents”), and to perform each of its obligations under this Agreement and under the OLS Related Documents, and to consummate the
transactions contemplated hereby and thereby. The execution and delivery of this Agreement by OLS, and the execution and delivery of each of the OLS Related Documents by OLS, the performance by OLS of its obligations hereunder and thereunder, and
the consummation of the transactions contemplated hereby and thereby have each been duly authorized by OLS and no further limited liability company action or other actions are required to be taken by OLS in connection therewith. 

(iv) Valid Transfer. Upon the execution and delivery of this Agreement, each Assignment of Receivables and the
Designated Servicing Agreement Schedule by each of the parties hereto, this Agreement shall evidence a valid sale and/or contribution, transfer, assignment and conveyance of the OLS Additional Receivables as of the applicable Sale Date to HLSS prior
to the MSR Transfer Date, which is enforceable against creditors of and purchasers from OLS except as such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 

(v) Binding Obligation. This Agreement and each of the other Transaction Documents to which OLS is a party has
been, or when delivered will have been, duly executed and delivered and constitutes the legal, valid and binding obligation of OLS, enforceable against OLS, in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency or similar laws and by equitable principles. 
 (vi) Good Title. Immediately prior to each
Purchase of Receivables hereunder, OLS is the legal and beneficial owner of each such Receivable and the related OLS Transferred Assets with respect thereto, free and clear of any Adverse Claims; and immediately upon the transfer and assignment
thereof, HLSS and its assignees will have good and marketable title to, with the right to sell and encumber, each Receivable, whether now existing or hereafter arising, together with the related OLS Transferred Assets with respect thereto, free and
clear of any Adverse Claims. 
 (vii) Perfection. 

(A) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the OLS
Additional Receivables and the related OLS Transferred Assets with respect thereto in favor of HLSS, which security interest is prior to all other Adverse Claims, and is enforceable as such against creditors of and purchasers from OLS; 

  
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 (B) OLS has caused the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under the UCC in order to perfect the security interest in the OLS Additional Receivables and the related OLS Transferred Assets granted to HLSS hereunder; and 

(C) OLS has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the OLS Additional
Receivables and the related OLS Transferred Assets, other than under this Agreement and the Purchase Agreement, except pursuant to any agreement that has been terminated prior to the date hereof. OLS has not authorized the filing of and is not aware
of any financing statement filed against it, or HLSS covering the OLS Additional Receivables and the related OLS Transferred Assets other than those filed in connection with this Agreement, the Purchase Agreement and the other Transaction Documents
and those that have been terminated prior to the date hereof or for which the lien with respect to the Receivables has been released. OLS is not aware of any judgment or tax lien filings against it. 

(viii) No Violation. Neither the execution, delivery and performance of this Agreement, the other Transaction
Documents or the OLS Related Documents by OLS, nor the consummation by OLS of the transactions contemplated hereby or thereby nor the fulfillment of or compliance with the terms and conditions of this Agreement, the OLS Related Documents or the
other Transaction Documents to which OLS is a party (A) will violate the organizational documents of OLS, (B) will constitute a default (or an event which, with notice or lapse of time or both, would constitute a default), or result in a
breach or acceleration of, any material indenture, agreement or other material instrument to which OLS or any of its Affiliates is a party or by which it or any of them is bound, or which may be applicable to OLS, (C) constitutes a default
(whether with notice or lapse of time or both), or results in the creation or imposition of any Adverse Claim upon any of the property or assets of OLS under the terms of any of the foregoing, or (D) violates any statute, ordinance or law or
any rule, regulation, order, writ, injunction or decree of any court or of any public, governmental or regulatory body, agency or authority applicable to OLS or its properties. 

(ix) No Proceedings. There is no action, suit or proceeding before or by any court or governmental agency or body,
domestic or foreign, now pending, or to OLS’s knowledge, threatened, against or affecting OLS (A) in which a third party not affiliated with the Indenture Trustee or a Noteholder asserts the invalidity of any of the Transaction Documents,
(B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the Transaction Documents, or (C) seeking any determination or ruling that should reasonably be expected to affect
materially and adversely the performance by OLS or its Affiliates of their obligations under, or the validity or enforceability of, any of the Transaction Documents. 

  
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 (x) All Consents Obtained. All approvals, authorizations, consents,
orders or other actions of any persons or of any governmental body or official required in connection with the execution and delivery by OLS of this Agreement and the Transaction Documents to which OLS is a party, the performance by OLS of the
transactions contemplated by this Agreement and the other Transaction Documents to which it is a party and the fulfillment by OLS of the terms hereof and thereof, including without limitation, the transfer of Receivables from OLS have been obtained.

 (xi) All Taxes, Fees and Charges Relating to Transaction and Transaction Documents Paid. Any taxes,
fees and other governmental charges due and payable by OLS in connection with the execution and delivery of this Agreement and the transactions contemplated hereby have been or will be paid by OLS at or prior to the date of this Agreement.

 (xii) No Broker, Finder or Financial Adviser Other Than Barclays. None of OLS nor any of its officers,
directors, employees or agents has employed any broker, finder or financial adviser or incurred any liability for fees or commissions to any person other than Barclays (including Affiliates of Barclays) in connection with the offering, issuance or
sale of the Notes of any Class. 
 (xiii) Solvency. OLS, both prior to and after giving effect to each
sale of Receivables with respect to the Designated Servicing Agreements on each Sale Date prior to the MSR Transfer Date, (1) is not, and will not be, “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy Code),
(2) is, and will be, able to pay its debts as they become due, and (3) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. 

(xiv) Information to Note Rating Agencies. All information provided by OLS to any Note Rating Agency is true and
correct in all material respects. 
 (xv) No Fraudulent Conveyance. OLS is selling the OLS Additional
Receivables to HLSS in furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its creditors. 
 (xvi) Ability to Perform Obligations. OLS does not believe, nor does it have any reasonable cause to believe, that it cannot perform each and every covenant contained in this Agreement. 

(xvii) Information. No document, certificate or report furnished by OLS, in writing pursuant to this Agreement, any
other Transaction Document or in connection with the transactions contemplated hereby or thereby contains or will contain when furnished any untrue statement of a material fact. There are no facts relating to and known by OLS which when taken as a
whole may impair the ability of OLS to perform its obligations under this Agreement or any other Transaction Document, which have not been disclosed herein or in the certificates and other documents furnished by or on behalf of OLS pursuant hereto
or thereto specifically for use in connection with the transactions contemplated hereby or thereby. 

  
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 (xviii) Fair Consideration. The aggregate consideration received by
OLS, as initial receivables seller, pursuant to this Agreement is fair consideration having reasonably equivalent value to the value of the OLS Additional Receivables and the performance of the obligations of OLS, as initial receivables seller,
hereunder. 
 (xix) Bulk Transfer. No sale, contribution, transfer, assignment or conveyance of
Receivables by OLS, as initial receivables seller, to HLSS contemplated by this Agreement will be subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. 

(xx) Name. The legal name of HLSS is as set forth in this Agreement and OLS does not have any trade names,
fictitious names, assumed names or “doing business” names. 
 (xxi) Default. As of the Effective
Date and until the MSR Transfer Date, OLS is not in default (or subject to termination as servicer (on or after the MSR Transfer Date)) under any material agreement, contract, instrument or indenture to which such Person is a party or by which it or
its properties is or are bound (including without limitation, each Designated Servicing Agreement, excluding those as a result of a breach of a Collateral Performance Test in respect of which no notice of termination has been sent), or with respect
to any order of any court, administrative agency, arbitrator or governmental body which should reasonably be expected to have a material adverse effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse
of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any court, administrative agency, arbitrator or governmental body. 

(xxii) Repayment of Receivables. OLS has no reason to believe that, at the time of the transfer of any Receivables
to HLSS pursuant hereto prior to the MSR Transfer Date, such Receivables will not be paid in full. 
 (xxiii)
Designated Servicing Agreements. Each Designated Servicing Agreement, as amended, is in full force and effect and no default (other than such an event resulting solely from the failure of a Collateral Performance Test under the related
Servicing Agreement) exists thereunder and, each of the Designated Servicing Agreements is a Facility Eligible Servicing Agreement until the MSR Transfer Date. 
 (xxiv) Eligible Subservicer. With respect to any Designated Servicing Agreement, on and after each MSR Transfer Date, OLS is an Eligible Subservicer. 

(xxv) No Change in Condition of OLS. Since June 30, 2012, there has been no change in the business,
operations, financial condition, properties or assets of OLS which would have a material adverse effect on its ability to perform its obligations under this Agreement or any other Transaction Document or materially adversely affect the transactions
contemplated under this Agreement or any other Transaction Document. 

  
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 (xxvi) Fannie and Freddie Approved. OLS is an approved servicer of
residential mortgage loans for Fannie Mae and Freddie Mac. OLS is in good standing to service mortgage loans for Fannie Mae and Freddie Mac and no event has occurred which would make OLS unable to comply with eligibility requirements or which would
require notification to either Fannie Mae or Freddie Mac. 
 (xxvii) Compliance With Laws. OLS has
complied or shall comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions or decrees to which it may be subject, except where the failure to so comply should not be reasonably expected to have an
Adverse Effect or a material adverse effect on the financial condition or operations of OLS, or the ability of OLS to perform its obligations hereunder or under any of the other Transaction Documents. 

(xxviii) Accounting. OLS accounts for the transactions contemplated by this Agreement as a sale from OLS to HLSS,
except to the extent that such sales are not recognized under GAAP due to consolidated financial reporting. 
 (b)
Representations, Warranties and Covenants of OLS Concerning the Receivables. 
 OLS makes the following representations,
warranties and covenants until the MSR Transfer Date: 
 (i) Facility Eligible Receivables. Each
Receivable sold by OLS is payable in United States dollars and has been created pursuant to a Designated Servicing Agreement that is a Facility Eligible Servicing Agreement, in accordance with the terms of such Designated Servicing Agreement and
with the customary procedures and in the ordinary course of business of OLS. Each such Receivable sold by OLS arises from an Advance for which OLS is entitled to reimbursement pursuant to a Designated Servicing Agreement. 

(ii) Assignment Permitted under Servicing Agreements. Each Receivable sold by OLS arising under a Designated
Servicing Agreement is fully transferable and such transfer will not violate the terms of, or require the consent of any Person under the related Designated Servicing Agreement or any other document or agreement to which OLS is a party or to which
its assets or properties are subject. 
 (iii) Reserved. 

(iv) No Fraud. As of any Sale Date through the MSR Transfer Date, with respect to the Receivables sold by OLS
transferred on such date, no such Receivable has been identified by OLS or reported to OLS by the related MBS Trustee as having resulted from fraud perpetrated by any Person. 

(v) No Impairment of OLS’s Rights. As of the Effective Date, or as of any Sale Date with respect to any
Receivables sold by OLS through the MSR Transfer Date sold on such date, neither OLS nor any other Person has taken any action that, or failed to take any action the omission of which, would materially impair its rights or the rights of its
assignees, with respect to any such Receivables. 

  
 15 

 (vi) No Defenses. As of the related Sale Date through the MSR
Transfer Date, each Receivable sold by OLS represents valid entitlement to be paid, has not been repaid in whole or in part or been compromised, adjusted, extended, satisfied, subordinated, rescinded, waived, amended or modified, and is not subject
to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, waiver, amendment or modification by any Person. 
 (vii) No Action to Impair Collectability. OLS has not taken (or omitted to take) and will not take (or omit to take), and has no notice that any other Person has taken (or omitted to take) or will
take (or omit to take) any action that could impair the collectability of any Receivable sold by OLS. 
 (viii)
No Government Receivables. No Receivable sold by OLS is due from the United States of America or any state or from any agency, department or instrumentality of the United States of America or any state thereof. 

(ix) No Pending Proceedings. There are no proceedings pending, or, to the best of OLS’s knowledge, threatened,
wherein any governmental agency has (A) alleged that any Receivable sold by OLS is illegal or unenforceable, (B) asserted the invalidity of any Receivable sold by OLS or (C) sought any determination or ruling that might adversely
affect the payment or enforceability of any Receivable sold by OLS. 
 (x) OLS’s Reporting
Obligations. With respect to each Receivable sold by OLS, OLS is not aware of any circumstances which could reasonably be expected to make it unable to perform its reporting obligations as set forth in the Indenture in any material respect.

 (xi) UCC Classification. No Receivable sold by OLS is secured by “real property” or
“fixtures” or evidenced by an “instrument” under and as defined in the UCC. The OLS Additional Receivables constitute “general intangibles,” “accounts” or “payment intangibles” within the meaning of
the applicable UCC. 
 (xii) Enforceability; Compliance with Laws. Each Receivable sold by OLS is
enforceable in accordance with its terms set forth in the related Designated Servicing Agreement. Each Advance made by OLS complied with all applicable laws, including those relating to consumer protection, is valid and enforceable and, at the time
it is sold to HLSS, will not be subject to any set-off, counterclaim or other defense to payment by the Obligor, the related MBS Trust, MBS Trustee or any other party. 

(xiii) No Consent Required. Each Receivable sold by OLS is assignable by OLS, and by HLSS and its successors and
assigns, without the consent of any other Person (except any such consent that shall have been obtained), and upon acquiring such Receivables HLSS will have the right to transfer such Receivables without the consent of any other Person and without
any other restrictions on such transfer. 
 (c) Survival. It is understood and agreed that the representations and
warranties set forth in Section 4(a) and Section 4(b) shall continue throughout the term of this Agreement. 

  
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 It is understood and agreed that the representations and warranties made by OLS, as initial
receivables seller (prior to the related MSR Transfer Date) and as servicer (prior to the related MSR Transfer Date), pursuant to this Agreement, on which HLSS, the Depositor and the Issuer are relying in accepting the Receivables, on which HLSS and
the Depositor are relying in executing this Agreement, on which the Issuer is relying in executing the Receivables Pooling Agreement and on which the Noteholders are relying in purchasing the Notes, and the rights and remedies of HLSS and its
assignees under this Agreement against OLS pursuant to this Agreement, inure to the benefit of the Depositor, the Issuer, the Indenture Trustee and the Noteholders, as the assignees of HLSS’s rights hereunder. Such representations and
warranties and the rights and remedies for the breach thereof shall survive the sale of any Receivables from OLS to HLSS and its assignees, and the conveyance thereof by HLSS to the Depositor and its assignees, and the pledge thereof by the Issuer
to the Indenture Trustee for the benefit of the Noteholders and shall be fully exercisable by the Indenture Trustee for the benefit of the Noteholders. 
 (d) Remedies Upon Breach. OLS shall inform HLSS promptly, in writing, upon the discovery of any breach of its representations, warranties or covenants hereunder. Unless such breach shall have been
cured or waived within thirty (30) days after the earlier to occur of the discovery of such breach by OLS or receipt of written notice of such breach by OLS, such that, in the case of a representation and warranty, such representation and
warranty shall be true and correct in all material respects as if made on such day, and OLS shall have delivered to HLSS an officer’s certificate describing the nature of such breach and the manner in which the relevant representation and
warranty became true and correct or the breach was otherwise cured, OLS shall either repurchase the affected Receivables or indemnify its assignees (including HLSS, the Depositor, the Issuer, the Indenture Trustee and each of their respective
assignees), against and hold its assignees (including HLSS, the Depositor, the Issuer, the Indenture Trustee and each of their respective assignees) harmless from any cost, liability and expense, including, without limitation, reasonable
attorneys’ fees and expenses, whether incurred in enforcement proceedings between the parties or otherwise, incurred as a result of, or arising from, such breach (each such repurchase or indemnification amount to be paid hereunder, an
“Indemnity Payment”), the amount of which shall equal the Receivables Balance of any affected Receivable; provided, that any unpaid amount shall be payable at such time only if the Collateral Test is not satisfied, to
the extent necessary to satisfy the Collateral Test. This Section 4(d) sets forth the exclusive remedy for a breach of representation, warranty or covenant by OLS, as servicer (prior to the related MSR Transfer Date), pertaining to a
Receivable sold by OLS. Notwithstanding the foregoing, the breach of any representation, warranty or covenant shall not be waived by the Issuer under any circumstances without the consent of the Administrative Agent and the Majority Holders of the
Outstanding Notes of each Series. 
 Section 5. Representations, Warranties and Certain Covenants of HLSS, as
Servicer (on or after the related MSR Transfer Date) and as Receivables Seller. 
 HLSS, as receivables seller and as
servicer (on or after the related MSR Transfer Date), hereby makes the following representations and warranties for the benefit of the Depositor, the Issuer, the Indenture Trustee and the Noteholders, on which the Depositor is relying in purchasing
the Aggregate Receivables and executing this Agreement, on which the Issuer is relying in purchasing the Aggregate Receivables and executing the Receivables Pooling 

  
 17 

 
Agreement, and on which the Noteholders are relying in purchasing the Notes. The representations are made as of the date of this Agreement, and as of each Sale Date. Such representations and
warranties shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables and any other related Transferred Assets to the Depositor and the Issuer. 

(a) General Representations, Warranties and Covenants. 

(i) Organization and Good Standing. HLSS is a limited liability company organized and validly existing under the
laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and now has and so long as any
Notes are outstanding, will continue to have, power, authority and legal right to acquire, own, hold, transfer, assign and convey the Receivables. 
 (ii) Due Qualification. HLSS is and will continue to be duly qualified to do business as a limited liability company in good standing, and has obtained and will keep in full force and effect all
necessary licenses, permits and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, licenses, permits or approvals and as to which the failure to obtain or to
keep in full force and effect such licenses, permits or approvals would have a material and adverse impact upon the value or collectability of the Receivables. 
 (iii) Power and Authority. HLSS has and will continue to have all requisite limited liability company power and authority to own the Receivables, and HLSS has and will continue to have all
requisite limited liability company power and authority to execute and deliver this Agreement, the initial Designated Servicing Agreement Schedule and each subsequent Designated Servicing Agreement Schedule, each other Transaction Document to which
it is a party and any and all other instruments and documents necessary to consummate the transactions contemplated hereby or thereby (collectively, the “HLSS Related Documents”), and to perform each of its obligations under
this Agreement and under the HLSS Related Documents, and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement by HLSS, and the execution and delivery of each of the HLSS Related Documents by
HLSS, the performance by HLSS of its obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby and thereby have each been duly authorized by HLSS and no further limited liability company action or other
actions are required to be taken by HLSS in connection therewith. 
 (iv) Valid Transfer. Upon the
execution and delivery of this Agreement, each Assignment of Receivables and the Designated Servicing Agreement Schedule by each of the parties hereto, this Agreement shall evidence a valid sale and/or contribution, transfer, assignment and
conveyance of the Additional Receivables as of the applicable Sale Date to the Depositor, which is enforceable against creditors of and purchasers from HLSS except as such enforceability may be limited by bankruptcy, insolvency or similar laws and
by equitable principles. 

  
 18 

 (v) Binding Obligation. This Agreement and each of the other
Transaction Documents to which HLSS is a party has been, or when delivered will have been, duly executed and delivered and constitutes the legal, valid and binding obligation of HLSS, enforceable against HLSS, in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency or similar laws and by equitable principles. 
 (vi)
Good Title. Immediately prior to each Purchase of Receivables hereunder, HLSS is the legal and beneficial owner of each such Receivable and the related Transferred Assets with respect thereto, free and clear of any Adverse Claims; and
immediately upon the transfer and assignment thereof, the Depositor and its assignees will have good and marketable title to, with the right to sell and encumber, each Receivable, whether now existing or hereafter arising, together with the related
Transferred Assets with respect thereto, free and clear of any Adverse Claims. 
 (vii) Perfection.

 (A) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the
Aggregate Receivables and the related Transferred Assets with respect thereto in favor of the Depositor, which security interest is prior to all other Adverse Claims, and is enforceable as such against creditors of and purchasers from HLSS;

 (B) HLSS has caused the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under the UCC in order to perfect the security interest in the Aggregate Receivables and the related Transferred Assets granted to the Depositor hereunder; and 

(C) HLSS has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Aggregate
Receivables and the related Transferred Assets, other than under this Agreement, except pursuant to any agreement that has been terminated prior to the date hereof. HLSS has not authorized the filing of and is not aware of any financing statement
filed against it, the Depositor or the Issuer covering the Aggregate Receivables and the related Transferred Assets other than those filed in connection with this Agreement and the other Transaction Documents and those that have been terminated
prior to the date hereof or for which the lien with respect to the Receivables has been released. HLSS is not aware of any judgment or tax lien filings against it. 

(viii) No Violation. Neither the execution, delivery and performance of this Agreement, the other Transaction
Documents or the HLSS Related Documents by HLSS, nor the consummation by HLSS of the transactions contemplated hereby or thereby nor the fulfillment of or compliance with the terms and conditions of this Agreement, the HLSS Related Documents or the
other Transaction Documents to which HLSS is a party (A) will violate the organizational documents of HLSS, (B) will constitute a default (or an event which, with notice or lapse of time or both, would constitute a default), or result in a
breach or acceleration of, any material indenture, agreement or other material instrument to which HLSS or any of its Affiliates is a party or by which it or any of them 

  
 19 

 
is bound, or which may be applicable to HLSS, (C) constitutes a default (whether with notice or lapse of time or both), or results in the creation or imposition of any Adverse Claim upon any
of the property or assets of HLSS under the terms of any of the foregoing, or (D) violates any statute, ordinance or law or any rule, regulation, order, writ, injunction or decree of any court or of any public, governmental or regulatory body,
agency or authority applicable to HLSS or its properties. 
 (ix) No Proceedings. There is no action, suit
or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or to HLSS’s knowledge, threatened, against or affecting HLSS (A) in which a third party not affiliated with the Indenture Trustee or a
Noteholder asserts the invalidity of any of the Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the Transaction Documents, (C) seeking any
determination or ruling that should reasonably be expected to affect materially and adversely the performance by HLSS or its Affiliates of their obligations under, or the validity or enforceability of, any of the Transaction Documents or
(D) relating to HLSS or its Affiliates and which should reasonably be expected to affect adversely the federal income tax attributes of the Notes. 
 (x) Ownership of Depositor. As of the Amended and Restated Closing Date, HLSS acquired from OLS 100% of the membership interest in the Depositor. No Person other than HLSS has any rights to acquire
membership interests in the Depositor. 
 (xi) Ownership of Issuer. 100% of the Owner Trust Certificate of
the Issuer is owned by the Depositor. No Person other than the Depositor has any rights to acquire all or any portion of the Owner Trust Certificate in the Issuer. 

(xii) No Violation of Exchange Act or Regulations T, U or X. None of the transactions contemplated in the
Transaction Documents (including the use of the proceeds from the sale of the Notes) will result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Board of
Governors of the Federal Reserve System, 12 C.F.R., Chapter II. 
 (xiii) All Consents Obtained. All
approvals, authorizations, consents, orders or other actions of any persons or of any governmental body or official required in connection with the execution and delivery by HLSS, or the Depositor of this Agreement and the Transaction Documents to
which HLSS, the Depositor or the Issuer is a party, the performance by HLSS of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party and the fulfillment by HLSS of the terms hereof and thereof,
including without limitation, the transfer of Receivables from HLSS to the Depositor and from the Depositor to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee, have been obtained. 

  
 20 

 (xiv) Not an Investment Company. None of HLSS, the Depositor, the
Issuer nor the Trust Estate is an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act, and none of the execution, delivery or performance of
obligations under this Agreement or any of the Transaction Documents, or the consummation of any of the transactions contemplated thereby (including, without limitation, the sale and contribution of the Transferred Assets hereunder) will violate any
provision of the Investment Company Act, or any rule, regulation or order issued by the Securities and Exchange Commission thereunder. 
 (xv) All Taxes, Fees and Charges Relating to Transaction and Transaction Documents Paid. Any taxes, fees and other governmental charges due and payable by HLSS, the Depositor or the Issuer in
connection with the execution and delivery of this Agreement and the transactions contemplated hereby have been or will be paid by HLSS or the Depositor at or prior to the date of this Agreement. 

(xvi) No Broker, Finder or Financial Adviser Other Than Barclays. None of HLSS nor any of its officers, directors,
employees or agents has employed any broker, finder or financial adviser or incurred any liability for fees or commissions to any person other than Barclays (including Affiliates of Barclays) in connection with the offering, issuance or sale of the
Notes of any Class. 
 (xvii) Solvency. HLSS, both prior to and after giving effect to each sale and
contribution of Receivables with respect to the Designated Servicing Agreements on each Sale Date, (1) is not, and will not be, “insolvent” (as such term is defined in § 101(32)(A) of the Bankruptcy Code), (2) is, and will
be, able to pay its debts as they become due, and (3) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. 

(xviii) Information to Note Rating Agencies. All information provided by HLSS to any Note Rating Agency is true and
correct in all material respects. 
 (xix) No Fraudulent Conveyance. HLSS is selling and contributing the
Aggregate Receivables to the Depositor in furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its creditors. 
 (xx) Ability to Perform Obligations. HLSS does not believe, nor does it have any reasonable cause to believe, that it cannot perform each and every covenant contained in this Agreement. 

(xxi) Information. No document, certificate or report furnished by HLSS, in writing pursuant to this Agreement, any
other Transaction Document or in connection with the transactions contemplated hereby or thereby contains or will contain when furnished any untrue statement of a material fact. There are no facts relating to and known by HLSS which when taken as a
whole may impair the ability of HLSS to perform its obligations under this Agreement or any other Transaction Document, which have not been disclosed herein or in the certificates and other documents furnished by or on behalf of HLSS pursuant hereto
or thereto specifically for use in connection with the transactions contemplated hereby or thereby. 

  
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 (xxii) Fair Consideration. The aggregate consideration received by
HLSS, as receivables seller, pursuant to this Agreement is fair consideration having reasonably equivalent value to the value of the Aggregate Receivables and the performance of the obligations of HLSS, as receivables seller, hereunder. 

(xxiii) Bulk Transfer. No sale, contribution, transfer, assignment or conveyance of Receivables by HLSS, as
receivables seller, to the Depositor contemplated by this Agreement or by the Depositor to the Issuer pursuant to the Receivables Pooling Agreement will be subject to the bulk transfer or any similar statutory provisions in effect in any applicable
jurisdiction. 
 (xxiv) Name. The legal name of HLSS is as set forth in this Agreement and HLSS does not
have any trade names, fictitious names, assumed names or “doing business” names. 
 (xxv)
Default. None of HLSS, the Depositor or the Issuer is in default (or, with respect to HLSS, subject to termination as servicer (on or after the MSR Transfer Date)) under any material agreement, contract, instrument or indenture to which such
Person is a party or by which it or its properties is or are bound (including without limitation, each Designated Servicing Agreement, excluding those as a result of a breach of a Collateral Performance Test in respect of which no notice of
termination has been sent), or with respect to any order of any court, administrative agency, arbitrator or governmental body which should reasonably be expected to have a material adverse effect on the transactions contemplated hereunder, and no
event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any court, administrative agency, arbitrator or
governmental body. 
 (xxvi) Repayment of Receivables. HLSS has no reason to believe that at the time of
the transfer of any Receivables to the Depositor pursuant hereto, such Receivables will not be paid in full. 

(xxvii) Designated Servicing Agreements. Each Designated Servicing Agreement, as amended, is in full force and
effect and no default (other than such an event resulting solely from the failure of a Collateral Performance Test under the related Servicing Agreement) exists thereunder and, each of the Designated Servicing Agreements is a Facility Eligible
Servicing Agreement. 
 (xxviii) [Reserved]. 

(xxix) No Change in Condition of HLSS. Since June 30, 2012, there has been no change in the business,
operations, financial condition, properties or assets of HLSS which would have a material adverse effect on its ability to perform its obligations under this Agreement or any other Transaction Document or materially adversely affect the transactions
contemplated under this Agreement or any other Transaction Document. 

  
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 (xxx) Fannie and Freddie Approved. The Subservicer is an approved
servicer of residential mortgage loans for Fannie Mae and Freddie Mac. The Subservicer is in good standing to service mortgage loans for Fannie Mae and Freddie Mac and no event has occurred which would make the Subservicer unable to comply with
eligibility requirements or which would require notification to either Fannie Mae or Freddie Mac. 
 (xxxi)
Compliance With Laws. HLSS has complied or shall comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions or decrees to which it may be subject, except where the failure to so comply should
not be reasonably expected to have an Adverse Effect or a material adverse effect on the financial condition or operations of HLSS, or the ability of HLSS, the Depositor or the Issuer to perform their respective obligations hereunder or under any of
the other Transaction Documents. 
 (xxxii) Accounting. HLSS accounts for the transactions contemplated by
this Agreement as a sale from HLSS to the Depositor, except to the extent that such sales are not recognized under GAAP due to consolidated financial reporting. 
 (xxxiii) Appointment of Subservicers. HLSS shall not appoint any Subservicer other than OLS unless and until each rating agency that rated the related mortgage-backed securities as stated in the
documentation for the related MBS Trust, shall have delivered written confirmation that the appointment of such Subservicer will not result in a reduction of the then-current ratings of such securities, if rating agency confirmation is required for
the appointment of a subservicer under the related Servicing Agreement. 
 (b) Representations, Warranties and Covenants of
HLSS Concerning the Receivables. 
 (i) Facility Eligible Receivables. Each Receivable is payable in
United States dollars and has been created pursuant to a Designated Servicing Agreement that is a Facility Eligible Servicing Agreement, in accordance with the terms of such Designated Servicing Agreement and with the customary procedures and in the
ordinary course of business of HLSS. Each Receivable arises from an Advance for which HLSS is entitled to reimbursement pursuant to a Designated Servicing Agreement. 

(ii) Assignment Permitted under Servicing Agreements. Each Receivable arising under a Designated Servicing
Agreement is fully transferable and such transfer will not violate the terms of, or require the consent of any Person under the related Designated Servicing Agreement or any other document or agreement to which HLSS is a party or to which its assets
or properties are subject. 
 (iii) Schedule of Receivables. The information set forth in the Schedule of
Receivables hereto shall be true and correct as of the date of this Agreement and each Funding Date. 
 (iv)
No Fraud. As of any Sale Date, with respect to the Receivables transferred on such date, no Receivable has been identified by HLSS or reported to HLSS by the related MBS Trustee as having resulted from fraud perpetrated by any Person.

  
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 (v) No Impairment of HLSS’s Rights. As of the Effective Date, or
as of any Sale Date with respect to any Receivables sold on such date, neither HLSS nor any other Person has taken any action that, or failed to take any action the omission of which, would materially impair its rights or the rights of its
assignees, with respect to any Receivables. 
 (vi) No Defenses. As of the related Sale Date, each
Receivable represents valid entitlement to be paid, has not been repaid in whole or in part or been compromised, adjusted, extended, satisfied, subordinated, rescinded, waived, amended or modified, and is not subject to compromise, adjustment,
extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, waiver, amendment or modification by any Person. 
 (vii) No Action to Impair Collectability. HLSS has not taken (or omitted to take) and will not take (or omit to take), and has no notice that any other Person has taken (or omitted to take) or will
take (or omit to take) any action that could impair the collectability of any Receivable. 
 (viii) No
Government Receivables. No Receivable is due from the United States of America or any state or from any agency, department or instrumentality of the United States of America or any state thereof. 

(ix) No Pending Proceedings. There are no proceedings pending, or, to the best of HLSS’s knowledge,
threatened, wherein any governmental agency has (A) alleged that any Receivable is illegal or unenforceable, (B) asserted the invalidity of any Receivable or (C) sought any determination or ruling that might adversely affect the
payment or enforceability of any Receivable. 
 (x) HLSS’s Reporting Obligations. With respect to
each Receivable, HLSS is not aware of any circumstances which could reasonably be expected to make it unable to perform its reporting obligations as set forth in the Indenture in any material respect. 

(xi) UCC Classification. No Receivable is secured by “real property” or “fixtures” or evidenced
by an “instrument” under and as defined in the UCC. The Aggregate Receivables constitute “general intangibles,” “accounts” or “payment intangibles” within the meaning of the applicable UCC. 

(xii) Enforceability; Compliance with Laws. Each Receivable is enforceable in accordance with its terms set forth
in the related Designated Servicing Agreement. Each Advance complied with all applicable laws, including those relating to consumer protection, is valid and enforceable and, at the time it is sold to the Depositor, will not be subject to any
set-off, counterclaim or other defense to payment by the Obligor, the related MBS Trust, MBS Trustee or any other party. 
 (xiii) No Consent Required. Each Receivable is assignable by HLSS, and by the Depositor and its successors and assigns, without the consent of any other Person (except any such consent that shall
have been obtained), and upon acquiring the Receivables the Issuer will have the right to pledge the Receivables without the consent of any other Person and without any other restrictions on such pledge. 

  
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 (c) Survival. It its understood and agreed that the representations and warranties
set forth in Section 5(a) and Section 5(b) shall continue throughout the term of this Agreement. 
 It
is understood and agreed that the representations and warranties made by HLSS, as receivables seller (and as servicer on or after the related MSR Transfer Date), pursuant to this Agreement, on which the Depositor and the Issuer are relying in
accepting the Receivables, on which the Depositor is relying in executing this Agreement, on which the Issuer is relying in executing the Receivables Pooling Agreement and on which the Noteholders are relying in purchasing the Notes, and the rights
and remedies of the Depositor and its assignees under this Agreement against HLSS pursuant to this Agreement, inure to the benefit of the Depositor, the Issuer, the Indenture Trustee and the Noteholders, as the assignees of HLSS’s rights
hereunder. Such representations and warranties and the rights and remedies for the breach thereof shall survive the sale and/or contribution, assignment, transfer and conveyance of any Receivables from HLSS to the Depositor and its assignees, and
the pledge thereof by the Issuer to the Indenture Trustee for the benefit of the Noteholders and shall be fully exercisable by the Indenture Trustee for the benefit of the Noteholders. 

(d) Remedies Upon Breach. HLSS shall inform the Indenture Trustee and the Administrative Agent promptly, in writing, upon the
discovery of any breach of its representations, warranties or covenants hereunder. Unless such breach shall have been cured or waived within thirty (30) days after the earlier to occur of the discovery of such breach by HLSS or receipt of
written notice of such breach by HLSS, such that, in the case of a representation and warranty, such representation and warranty shall be true and correct in all material respects as if made on such day, and HLSS shall have delivered to the
Indenture Trustee an officer’s certificate describing the nature of such breach and the manner in which the relevant representation and warranty became true and correct or the breach was otherwise cured, HLSS shall either repurchase the
affected Receivables or indemnify its assignees (including the Depositor, the Issuer, the Indenture Trustee and each of their respective assignees), against and hold its assignees (including the Depositor, the Issuer, the Indenture Trustee and each
of their respective assignees) harmless from any cost, liability and expense, including, without limitation, reasonable attorneys’ fees and expenses, whether incurred in enforcement proceedings between the parties or otherwise, incurred as a
result of, or arising from, such breach (each such repurchase or indemnification amount to be paid hereunder, an “Indemnity Payment”), the amount of which shall equal the Receivables Balance of any affected Receivable;
provided, that any unpaid amount shall be payable at such time only if the Collateral Test is not satisfied, to the extent necessary to satisfy the Collateral Test. This Section 5(d) sets forth the exclusive remedy for a breach of
representation, warranty or covenant by HLSS pertaining to a Receivable. Notwithstanding the foregoing, the breach of any representation, warranty or covenant shall not be waived by the Issuer under any circumstances without the consent of the
Majority Holders of the Outstanding Notes of each Series and the Administrative Agent. 

  
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 Section 6. Termination. 

This Agreement (a) may not be terminated prior to the termination of the Indenture and (b) may be terminated at any time
thereafter by either party hereto upon written notice to the other party. 
 Section 7. General Covenants of OLS, as
Initial Receivables Seller (prior to the final MSR Transfer Date) and Servicer (prior to the final MSR Transfer Date). 

OLS covenants and agrees that, from the date of this Agreement until the final MSR Transfer Date: 

(a) Bankruptcy. OLS agrees that it shall comply with Section 14(k). OLS has not engaged in and does not expect to
engage in a business for which its remaining property represents an unreasonably small capitalization. OLS will not transfer any of the OLS Additional Receivables with an intent to hinder, delay or defraud any Person. 

(b) Legal Existence. OLS shall do or cause to be done all things necessary on its part to preserve and keep in full force and
effect its existence as a limited liability company in the jurisdiction of its formation, and to maintain each of its licenses, approvals, registrations and qualifications in all jurisdictions in which its ownership or lease of property or the
conduct of its business requires such licenses, approvals, registrations or qualifications, except for failures to maintain any such licenses, approvals, registrations or qualifications which, individually or in the aggregate, would not reasonably
be expected to have a material adverse effect on the financial conditions, operations or the ability of OLS to perform its obligations hereunder or under any of the other Transaction Documents. 

(c) Compliance With Laws. OLS shall comply in all material respects with all laws, rules, regulations and orders of any
governmental authority applicable to its operation, the noncompliance with which would reasonably be expected to have a material adverse effect on the financial condition, operations or the ability of OLS to perform its obligations hereunder or
under any of the other Transaction Documents. 
 (d) Taxes. OLS shall pay and discharge all taxes, assessments and
governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property or any part thereof, before the same shall become in default; provided that OLS shall not be required to pay and discharge any such
tax, assessment, charge or levy so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings, or so long as the failure to pay any such tax, assessment, charge or levy would not have a material adverse effect
on the ability of OLS to perform its obligations hereunder. OLS shall have set aside on its books adequate reserves with respect to any such tax, assessment, charge or levy so contested. 

(e) Compliance with Representations and Warranties. OLS covenants that it shall conduct its business such that it will continually
comply with all of its representations and warranties made in Section 4(a). 

  
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 (f) Amendments to Designated Servicing Agreements. OLS hereby covenants and agrees,
until the MSR Transfer Date, not to amend the Designated Servicing Agreements except for such amendments that would have no adverse effect upon the collectability or timing of payment of any of the OLS Additional Receivables or the performance of
OLS’s obligations under the Transaction Documents or otherwise adversely affect the interest of the Noteholders, any Supplement Credit Enhancement Provider or any Liquidity Provider, without the prior written consent of the Administrative
Agent, the Majority Holders of the Outstanding Notes of each Series and of each Supplemental Credit Enhancement Provider and each Liquidity Provider. OLS will, within five (5) Business Days following the effectiveness of such amendments,
deliver to the Indenture Trustee copies of all such amendments. 
 (g) Maintenance of Security Interest. OLS shall from
time to time, prior to the MSR Transfer Date, at its own expense, execute and file such additional financing statements (including continuation statements) as may be necessary to ensure that at any time, the interest of HLSS in all of the OLS
Additional Receivables is fully protected in accordance with the UCC. 
 (h) Keeping of Records and Books of Account. OLS
shall maintain accurate, complete and correct documents, books, records and other information which is reasonably necessary for the collection of all OLS Additional Receivables (including, without limitation, records adequate to permit the prompt
identification of each new Receivable and all collections of, and adjustments to, each existing Receivable). 
 (i) Fidelity
Bond and Errors and Omissions Insurance. OLS, as servicer or subservicer, shall obtain and maintain at its own expense and keep in full force and effect so long as any Notes are outstanding prior to the final MSR Transfer Date, a blanket
fidelity bond and an errors and omissions insurance policy with one or more insurers covering its officers and employees and other persons acting on its behalf in connection with its activities under the Transaction Documents meeting the criteria
required by the Designated Servicing Agreements. Coverage of OLS, as servicer or subservicer, under a policy or bond obtained by an Affiliate of OLS and providing the coverage required by this subsection (i) shall satisfy the
requirements of this subsection (i). OLS will promptly report in writing to HLSS any material changes that may occur in its fidelity bonds, if any, and/or its or the Depositor’s errors and omissions insurance policies, as the case may
be, and will furnish to HLSS copies of all binders and polices or certificates evidencing that such bonds, if any, and insurance policies are in full force and effect. 
 (j) No Adverse Claims, Etc. Against Receivables and Trust Property. OLS hereby covenants that, except for the transfer hereunder and as of any date on which OLS Additional Receivables are
transferred, it will not sell, pledge, assign or transfer to any other Person, or grant, create, incur or assume any Adverse Claim on any of the OLS Additional Receivables, or any interest therein. OLS shall notify HLSS and its designees of the
existence of any Adverse Claim (other than as provided above) on any Receivable immediately upon discovery thereof; and OLS shall defend the right, title and interest of HLSS and its assignees in, to and under the Receivables against all claims of
third parties claiming through or under it; provided, however, that nothing in this Section 7 shall be deemed to apply to any Adverse Claims for municipal or other local taxes and other governmental charges if such taxes or
governmental charges shall not at the time be due and payable or if OLS shall currently be contesting the validity thereof in good faith by appropriate Proceedings. OLS shall take all actions as may be necessary to ensure that the ownership of the
Receivables is conveyed to HLSS pursuant to this Agreement. In addition, OLS shall take all actions as may be necessary to ensure that, if this Agreement were deemed to 

  
 27 

 
create, or does create, a security interest in the Receivables and the other OLS Transferred Assets, such security interest would be a perfected security interest of first priority under
applicable law and will be maintained as such until the Receivables Sale Termination Date. 
 (k) Taking of Necessary
Actions. OLS shall perform all actions necessary to sell and/or contribute, assign, transfer and convey the OLS Additional Receivables to HLSS and its assigns, including, without limitation, any necessary notifications to the MBS Trustees or
other parties. 
 (l) Ownership. OLS will take all necessary action to establish and maintain, irrevocably in HLSS, legal
and equitable title to the OLS Additional Receivables and the related OLS Transferred Assets, free and clear of any Adverse Claim (including, without limitation, the filing of all financing statements or other similar instruments or documents
necessary under the UCC (or any comparable law) in all appropriate jurisdictions to perfect HLSS’s interest in such OLS Additional Receivables and related OLS Transferred Assets and such other action to perfect, protect or more fully evidence
the interest of HLSS may reasonably request). 
 (m) HLSS’ Reliance. OLS acknowledges that the Depositor, the
Issuer, the Indenture Trustee and the Noteholders are entering into the transactions contemplated by the Transaction Documents in reliance upon HLSS’s identity as a legal entity that is separate from OLS. Therefore, from and after the date of
execution and delivery of this Agreement, OLS will take all reasonable steps to maintain HLSS’s identity as a separate legal entity and to make it manifest to third parties that HLSS is an entity with assets and liabilities distinct from those
of OLS. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, OLS (i) will not hold itself out to third parties as liable for the debts of HLSS nor purport to own the OLS Additional
Receivables and other related OLS Transferred Assets, (ii) will take all other actions necessary on its part to ensure that the facts and assumptions regarding it set forth in the opinion issued by Kramer Levin Naftalis & Frankel LLP,
dated as of the Effective Date, relating to substantive consolidation issues remain true and correct at all times. 
 (n)
Name Change, Offices and Records. In the event OLS makes any change to its name (within the meaning of Section 9-507(c) of any applicable enactment of the UCC), type or jurisdiction of organization or location of its books and records,
it shall notify HLSS thereof and (except with respect to a change of location of books and records) shall deliver to HLSS not later than thirty (30) days after the effectiveness of such change (i) such financing statements (Forms UCC1 and
UCC3) which may reasonably request to reflect such name change, or change in type or jurisdiction of organization, (ii) if HLSS shall so request, an opinion of outside counsel to OLS, in form and substance reasonably satisfactory to HLSS, as to
the grant or assignment from OLS to HLSS of a security interest in the OLS Additional Receivables, if the transfers thereof by OLS to HLSS are determined not to be true sales, and as to the perfection and priority of HLSS’s security interest in
the OLS Additional Receivables in such event, and (iii) such other documents and instruments that HLSS may reasonably request in connection therewith and shall take all other steps to ensure that HLSS continues to have a first priority,
perfected security interest in the Initial Aggregate Receivables and the related OLS Transferred Assets. 

  
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 (o) Location of Jurisdiction of Organization and Records. In the case of a change in
the jurisdiction of organization of OLS or in the case of a change in the “location” of OLS for purposes of Section 9-307 of the UCC, OLS must take all actions necessary or reasonably requested by HLSS to amend its existing financing
statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested by HLSS to further perfect or evidence the rights, claims or security interests of any of OLS or any assignee or
beneficiary of the HLSS’s rights under this Agreement. 
 (p) Amendments to the Purchase Agreement. OLS, hereby
covenants and agrees not to amend the Purchase Agreement in any way that relates to the sale and/or contribution, assignment, transfer, and conveyance of Receivables hereunder, without the prior written consent of the Administrative Agent.

 Section 8. General Covenants of HLSS, as Receivables Seller and Servicer. 

HLSS covenants and agrees that, from the date of this Agreement until the termination of the Indenture: 

(a) Change of Control. It shall not enter into any transaction the result of which would be a Change of Control (as defined in the
Indenture). 
 (b) Bankruptcy. HLSS agrees that it shall comply with Section 14(k). HLSS has not engaged in
and does not expect to engage in a business for which its remaining property represents an unreasonably small capitalization. HLSS will not transfer any of the Aggregate Receivables with an intent to hinder, delay or defraud any Person. 

(c) Legal Existence. HLSS shall do or cause to be done all things necessary on its part to preserve and keep in full force and
effect its existence as a limited liability company in the jurisdiction of its formation, and to maintain each of its licenses, approvals, registrations and qualifications in all jurisdictions in which its ownership or lease of property or the
conduct of its business requires such licenses, approvals, registrations or qualifications, except for failures to maintain any such licenses, approvals, registrations or qualifications which, individually or in the aggregate, would not reasonably
be expected to have a material adverse effect on the financial conditions, operations or the ability of HLSS, the Depositor or the Issuer to perform its obligations hereunder or under any of the other Transaction Documents. 

(d) Compliance With Laws. HLSS shall comply in all material respects with all laws, rules, regulations and orders of any
governmental authority applicable to its operation, the noncompliance with which would reasonably be expected to have a material adverse effect on the financial condition, operations or the ability of HLSS, the Depositor or the Issuer to perform
their obligations hereunder or under any of the other Transaction Documents. 
 (e) Taxes. HLSS shall pay and discharge
all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property or any part thereof, before the same shall become in default; provided that HLSS shall not be required to
pay and discharge any such tax, assessment, charge or levy so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings, or so long as the failure to pay any such tax, assessment, charge or levy would not
have a material adverse effect on the ability of HLSS to perform its obligations hereunder. HLSS shall have set aside on its books adequate reserves with respect to any such tax, assessment, charge or levy so contested. 

  
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 (f) Compliance with Representations and Warranties. HLSS covenants that it shall
conduct its business such that it will continually comply with all of its representations and warranties made in Section 5(a). 
 (g) Amendments to Designated Servicing Agreements. HLSS, hereby covenants and agrees not to amend the Designated Servicing Agreements except for such amendments that would have no adverse effect
upon the collectability or timing of payment of any of the Aggregate Receivables or the performance of HLSS’s, the Depositor’s or the Issuer’s obligations under the Transaction Documents or otherwise adversely affect the interest of
the Noteholders, any Supplement Credit Enhancement Provider or any Liquidity Provider, without the prior written consent of the Administrative Agent, the Majority Holders of the Outstanding Notes of each Series and of each Supplemental Credit
Enhancement Provider and each Liquidity Provider. HLSS will, within five (5) Business Days following the effectiveness of such amendments, deliver to the Indenture Trustee copies of all such amendments. 

(h) Maintenance of Security Interest. HLSS shall from time to time, at its own expense, execute and file such additional financing
statements (including continuation statements) as may be necessary to ensure that at any time, the interest of the Depositor, the Issuer, the Indenture Trustee and the Noteholders and any Supplemental Credit Enhancement Provider and any Liquidity
Provider in all of the Aggregate Receivables is fully protected in accordance with the UCC. 
 (i) Keeping of Records and
Books of Account. HLSS shall maintain accurate, complete and correct documents, books, records and other information which is reasonably necessary for the collection of all Aggregate Receivables (including, without limitation, records adequate
to permit the prompt identification of each new Receivable and all collections of, and adjustments to, each existing Receivable). 
 (j) Fidelity Bond and Errors and Omissions Insurance. HLSS, as servicer, shall obtain and maintain at its own expense and keep in full force and effect so long as any Notes are outstanding, a
blanket fidelity bond and an errors and omissions insurance policy with one or more insurers covering (i) its officers and employees and other persons acting on its behalf in connection with its activities under the Transaction Documents, and
(ii) the officers and employees of the Depositor and other persons acting on the Depositor’s behalf in connection with the Transaction Documents, in each case meeting the criteria required by the Designated Servicing Agreements. Coverage
of HLSS, as servicer, and of the Depositor under a policy or bond obtained by an Affiliate of HLSS and providing the coverage required by this subsection (j) shall satisfy the requirements of this subsection (j). HLSS will
promptly report in writing to the Indenture Trustee any material changes that may occur in its or the Depositor’s fidelity bonds, if any, and/or its or the Depositor’s errors and omissions insurance policies, as the case may be, and will
furnish to the Indenture Trustee copies of all binders and polices or certificates evidencing that such bonds, if any, and insurance policies are in full force and effect. 
 (k) No Adverse Claims, Etc. Against Receivables and Trust Property. HLSS hereby covenants that, except for the transfer hereunder and as of any date on which Additional Receivables are transferred,
it will not sell, pledge, assign or transfer to any other Person, or grant, create, incur or assume any Adverse Claim on any of the Aggregate Receivables, or any 

  
 30 

 
interest therein. HLSS shall notify the Depositor and its designees of the existence of any Adverse Claim (other than as provided above) on any Receivable immediately upon discovery thereof; and
HLSS shall defend the right, title and interest of the Depositor and its assignees in, to and under the Receivables against all claims of third parties claiming through or under it; provided, however, that nothing in this
Section 8 shall be deemed to apply to any Adverse Claims for municipal or other local taxes and other governmental charges if such taxes or governmental charges shall not at the time be due and payable or if HLSS shall currently be
contesting the validity thereof in good faith by appropriate Proceedings. HLSS shall take all actions as may be necessary to ensure that the ownership of the Receivables is conveyed to the Depositor pursuant to this Agreement. In addition, HLSS
shall take all actions as may be necessary to ensure that, if this Agreement were deemed to create, or does create, a security interest in the Receivables and the other Transferred Assets, such security interest would be a perfected security
interest of first priority under applicable law and will be maintained as such until the Receivables Sale Termination Date. 

(l) Taking of Necessary Actions. HLSS shall perform all actions necessary to sell and/or contribute, assign, transfer and convey
the Aggregate Receivables to the Depositor and its assigns, including the Issuer, including, without limitation, any necessary notifications to the MBS Trustees or other parties. 

(m) Ownership. HLSS will take all necessary action to establish and maintain, irrevocably in the Depositor, legal and equitable
title to the Aggregate Receivables and the related Transferred Assets, free and clear of any Adverse Claim (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or
any comparable law) in all appropriate jurisdictions to perfect the Depositor’s interest in such Aggregate Receivables and related Transferred Assets and such other action to perfect, protect or more fully evidence the interest of the Depositor
or the Indenture Trustee (as the Depositor’s assignee) may reasonably request). 
 (n) Depositors’ Reliance.
HLSS acknowledges that the Indenture Trustee and the Noteholders are entering into the transactions contemplated by the Transaction Documents in reliance upon the Depositor’s and Issuer’s identity as a legal entity that is separate from
it. Therefore, from and after the date of execution and delivery of this Agreement, HLSS will take all reasonable steps to maintain each of the Depositor’s and Issuer’s identity as a separate legal entity and to make it manifest to third
parties that each of the Depositor and the Issuer is an entity with assets and liabilities distinct from those of HLSS. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, HLSS (i) will not
hold itself out to third parties as liable for the debts of either the Depositor or the Issuer nor purport to own the Aggregate Receivables and other related Transferred Assets, (ii) will take all other actions necessary on its part to ensure
that the facts and assumptions regarding it set forth in the opinion issued by Kramer Levin Naftalis & Frankel LLP, dated as of the Effective Date, relating to substantive consolidation issues remain true and correct at all times.

 (o) Name Change, Offices and Records. In the event HLSS makes any change to its name (within the meaning of
Section 9-507(c) of any applicable enactment of the UCC), type or jurisdiction of organization or location of its books and records, it shall notify the Depositor and the Indenture Trustee thereof and (except with respect to a change of
location of books and 

  
 31 

 
records) shall deliver to the Indenture Trustee not later than thirty (30) days after the effectiveness of such change (i) such financing statements (Forms UCC1 and UCC3) which the
Indenture Trustee (acting at the direction of the Administrative Agent) may reasonably request to reflect such name change, or change in type or jurisdiction of organization, (ii) if the Indenture Trustee shall so request, an opinion of outside
counsel to HLSS, in form and substance reasonably satisfactory to the Indenture Trustee, as to the grant or assignment from the Receivables Seller to the Depositor of a security interest in the Aggregate Receivables, if the transfers thereof by HLSS
to the Depositor are determined not to be true sales, and as to the perfection and priority of the Depositor’s security interest in the Aggregate Receivables in such event, and (iii) such other documents and instruments that the Indenture
Trustee (acting at the direction of the Administrative Agent) may reasonably request in connection therewith and shall take all other steps to ensure that the Depositor continues to have a first priority, perfected security interest in the Aggregate
Receivables and the related Transferred Assets. 
 (p) Location of Jurisdiction of Organization and Records. In the case
of a change in the jurisdiction of organization of HLSS or in the case of a change in the “location” of HLSS for purposes of Section 9-307 of the UCC, HLSS must take all actions necessary or reasonably requested by the Depositor, the
Issuer, the Administrative Agent or the Indenture Trustee to amend its existing financing statements and continuation statements, and file additional financing statements and to take any other steps reasonably requested by the Depositor, the Issuer,
the Administrative Agent or the Indenture Trustee to further perfect or evidence the rights, claims or security interests of any of HLSS, the Depositor, the Issuer or any assignee or beneficiary of the Issuer’s rights under this Agreement,
including the Indenture Trustee on behalf of the Noteholders under any of the Transaction Documents. 
 (q) Amendments to the
Purchase Agreement. HLSS, hereby covenants and agrees not to amend the Purchase Agreement in any way that relates to the sale and/or contribution, assignment, transfer, and conveyance of Receivables hereunder, without the prior written consent
of the Administrative Agent. 
 Section 9. Grant Clause. 

(a) It was intended that the conveyances by OLS of OLS’s right, title and interest in, to and under the Initial Receivables and of
the Original Transferred Assets to the Depositor pursuant to this Agreement constituted, and shall be construed as, sales and not as grants of security interests to secure one or more loans. Further, it is intended that the conveyances by OLS on and
after the Amended and Restated Closing Date of OLS’s right, title and interest in, to and under the OLS Additional Receivables and of the OLS Transferred Assets to HLSS pursuant to this Agreement shall constitute, and shall be construed as,
sales and not as grants of security interests to secure one or more loans. However, if any of such conveyances are deemed to be in respect of a loan, it is intended that: (a) the rights and obligations of the parties shall be established
pursuant to the terms of this Agreement; (b) OLS has granted to the Depositor a first priority security interest in all of its right, title and interest in, to and under the Initial Receivables and Initial Transferred Assets conveyed hereunder
prior to the Amended and Restated Closing Date, and (c) OLS hereby grants to HLSS a first priority security interest in all of its right, title and interest in, to and under, whether now owned or hereafter acquired, such OLS Additional
Receivables and the OLS Transferred Assets to secure payment of such loan(s); and (d) this 

  
 32 

 
Agreement shall constitute a security agreement under applicable law. OLS will, to the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if
this Agreement were deemed to create a security interest in such Receivables and the OLS Transferred Assets, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such
throughout the term of this Agreement. OLS will, at its own expense, make all initial filings on or about the Effective Date. 

(b) It is intended that the conveyance of HLSS’s right, title and interest in, to and under the Additional Receivables and the other
Transferred Assets to the Depositor pursuant to this Agreement shall constitute, and shall be construed as, a sale of such Additional Receivables and the other Transferred Assets and not a grant of a security interest to secure a loan. However, if
such conveyance is deemed to be in respect of a loan, it is intended that: (a) the rights and obligations of the parties shall be established pursuant to the terms of this Agreement; (b) HLSS hereby grants to the Depositor a first priority
security interest in all of its right, title and interest in, to and under, whether now owned or hereafter acquired, the Additional Receivables and the other Transferred Assets to secure payment of such loan; and (c) this Agreement shall
constitute a security agreement under applicable law. HLSS will, to the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the
Additional Receivables and the other Transferred Assets, such security interest would be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. HLSS will, at its own
expense, make all initial filings on or about the Effective Date, and shall forward a copy of such filing or filings to the Indenture Trustee. 
 Section 10. Conveyance by Depositor; Grant by Issuer. 
 Each of
the Depositor and the Issuer shall have the right, upon notice to but without the consent of HLSS, to Grant, in whole or in part, its interest under this Agreement with respect to the Receivables to the Issuer and to the Indenture Trustee,
respectively, and the Indenture Trustee then shall succeed to all rights of the Depositor under this Agreement. All references to the Depositor in this Agreement shall be deemed to include its assignee or designee, specifically including the Issuer
and the Indenture Trustee. 
 Section 11. Protection of Indenture Trustee’s Security Interest in Trust
Estate. 
 (a) HLSS shall maintain accounts and records as to each Receivable accurately and in sufficient detail to
permit the reader thereof to know at any time following reasonable prior notice delivered to it, the status of such Receivable, including payments and recoveries made and payments owing. 

(b) HLSS shall maintain its records so that, from and after the time of the Granting of the security interest under the Indenture in the
Receivables to the Indenture Trustee, HLSS’s records as the case may be (including computer records any back-up archives) that refer to any Receivables indicate clearly the interest of the Indenture Trustee in such Receivables and that the
Receivable is held by the Indenture Trustee on behalf of the Noteholders. Indication of the Indenture Trustee’s interest in a Receivable shall be deleted from or modified on HLSS’s records when, and only when, the Receivable has been paid
in full or released from the lien of the Indenture pursuant to the Indenture. 

  
 33 

 Section 12. Indemnification by OLS. 

(a) Without limiting any other rights that an OLS Indemnified Party may have hereunder or under applicable law, OLS agrees to indemnify
each OLS Indemnified Party from and against any and all OLS Indemnification Amounts which may be imposed on, incurred by or asserted against an OLS Indemnified Party in any way arising out of or relating to any breach of OLS’s obligations under
this Agreement or the ownership of the Initial Receivables, OLS Additional Receivables or in respect of any such Receivable, excluding, however, OLS Indemnification Amounts to the extent resulting from (1) the negligence or willful misconduct
on the part of such OLS Indemnified Party or (2) the failure of a particular MBS Trust to generate sufficient cash flow to pay the Receivables attributable to that MBS Trust. 

(b) Without limiting or being limited by the foregoing, OLS shall pay on demand to each OLS Indemnified Party any and all amounts
necessary to indemnify such OLS Indemnified Party from and against any and all OLS Indemnification Amounts relating to or resulting from: 
 (i) reliance on any representation or warranty made by OLS under or in connection with this Agreement, any other Transaction Document, any report or any other information delivered by it pursuant hereto,
which shall have been incorrect in any material respect when made or deemed made or delivered; 
 (ii) the
failure by OLS to comply with any term, provision or covenant contained in this Agreement, or any agreement executed by it in connection with this Agreement or any other Transaction Document or with any applicable law, rule or regulation with
respect to any Receivable, or the nonconformity of any Receivable with any such applicable law, rule or regulation; or 
 (iii) the failure of this Agreement to vest and maintain vested in HLSS, or to transfer, to HLSS, legal and equitable title to and ownership of the OLS Additional Receivables which are, or are purported
to be, Receivables, together with all collections in respect thereof, free and clear of any adverse claim (except as permitted hereunder) whether existing at the time of the transfer of such Receivable or at any time thereafter. 

(c) Any OLS Indemnification Amounts subject to the indemnification provisions of this Section 12 shall be paid to the OLS
Indemnified Party within five (5) Business Days following demand therefor. “OLS Indemnified Party” means any of HLSS, the Depositor, the Issuer, the Indenture Trustee and the Noteholders. “OLS Indemnification
Amounts” means any and all claims, losses, liabilities, obligations, damages, penalties, actions, judgments, suits, and related reasonable costs and reasonable expenses of any nature whatsoever, including reasonable attorneys’ fees
and disbursements, incurred by an OLS Indemnified Party with respect to this Agreement as a result of a breach by OLS, as described in Section 12(a), including without limitation, the enforcement hereof. 

  
 34 

 (d) (i) Promptly after an OLS Indemnified Party shall have been served with the summons or
other first legal process or shall have received written notice of the threat of a claim in respect of which an indemnity may be claimed against OLS under this Section 12, the OLS Indemnified Party shall notify OLS in writing of the
service of such summons, other legal process or written notice, giving information therein as to the nature and basis of the claim, but failure so to notify OLS shall not relieve OLS from any liability which it may have hereunder or otherwise except
to the extent that OLS is prejudiced by such failure so to notify OLS. 
 (ii) OLS will be entitled, at its own
expense, to participate in the defense of any such claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such OLS Indemnified Party, and, after notice from OLS to such OLS
Indemnified Party that OLS wishes to assume the defense of any such action, OLS will not be liable to such OLS Indemnified Party under this Section 12 for any legal or other expenses subsequently incurred by such OLS Indemnified Party in
connection with the defense of any such action unless, (A) the defendants in any such action include both the OLS Indemnified Party and OLS, and the OLS Indemnified Party (upon the advice of counsel) shall have reasonably concluded that there
may be legal defenses available to it that are different from or additional to those available to OLS, or one or more OLS Indemnified Parties, and which in the reasonable judgment of such counsel are sufficient to create a conflict of interest for
the same counsel to represent both OLS and such OLS Indemnified Party, (B) OLS shall not have employed counsel reasonably satisfactory to the OLS Indemnified Party to represent the OLS Indemnified Party within a reasonable time after notice of
commencement of the action, or (C) OLS shall have authorized the employment of counsel for the OLS Indemnified Party at OLS’s expense; then, in any such event, such OLS Indemnified Party shall have the right to employ its own counsel in
such action, and the reasonable fees and expenses of such counsel shall be borne by OLS; provided, however, that OLS shall not in connection with any such action or separate but substantially similar or related actions arising out of
the same general allegations or circumstances, be liable for any fees and expenses of more than one firm of attorneys at any time for all OLS Indemnified Parties. Each OLS Indemnified Party, as a condition of the indemnity agreement contained
herein, shall use its commercially reasonable efforts to cooperate with OLS in the defense of any such action or claim. 
 (iii) OLS shall not, without the prior written consent of any OLS Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such OLS Indemnified Party is or
could have been a party and indemnity could have been sought hereunder by such OLS Indemnified Party, unless such settlement includes an unconditional release of such OLS Indemnified Party from all liability on claims that are the subject matter of
such proceeding or threatened proceeding. 
 Section 13. Indemnification by HLSS. 

(a) Without limiting any other rights that an Indemnified Party may have hereunder or under applicable law, HLSS agrees to indemnify each
Indemnified Party from and against any and all Indemnification Amounts which may be imposed on, incurred by or asserted against an Indemnified Party in any way arising out of or relating to any breach of HLSS’s obligations under this Agreement
or the ownership of the Aggregate Receivables or in respect of any Receivable, excluding, however, Indemnification Amounts to the extent resulting from (1) the negligence or willful misconduct on the part of such Indemnified Party or
(2) the failure of a particular MBS Trust to generate sufficient cash flow to pay the Receivables attributable to that MBS Trust. 

  
 35 

 (b) Without limiting or being limited by the foregoing, HLSS shall pay on demand to each
Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all Indemnification Amounts relating to or resulting from: 

(i) reliance on any representation or warranty made by HLSS under or in connection with this Agreement, any other
Transaction Document, any report or any other information delivered by it pursuant hereto, which shall have been incorrect in any material respect when made or deemed made or delivered; 

(ii) the failure by HLSS to comply with any term, provision or covenant contained in this Agreement, or any agreement
executed by it in connection with this Agreement or any other Transaction Document or with any applicable law, rule or regulation with respect to any Receivable, or the nonconformity of any Receivable with any such applicable law, rule or
regulation; or 
 (iii) the failure of this Agreement to vest and maintain vested in the Depositor, or to
transfer, to the Depositor, legal and equitable title to and ownership of the Aggregate Receivables which are, or are purported to be, Receivables, together with all collections in respect thereof, free and clear of any adverse claim (except as
permitted hereunder) whether existing at the time of the transfer of such Receivable or at any time thereafter. 
 (c) Any
Indemnification Amounts subject to the indemnification provisions of this Section 13 shall be paid to the Indemnified Party within five (5) Business Days following demand therefor. “Indemnified Party” means
any of the Depositor, the Issuer, the Indenture Trustee and the Noteholders. “Indemnification Amounts” means any and all claims, losses, liabilities, obligations, damages, penalties, actions, judgments, suits, and related
reasonable costs and reasonable expenses of any nature whatsoever, including reasonable attorneys’ fees and disbursements, incurred by an Indemnified Party with respect to this Agreement as a result of a breach by HLSS, as described in
Section 13(a), including without limitation, the enforcement hereof. 
 (d) (i) Promptly after an Indemnified Party
shall have been served with the summons or other first legal process or shall have received written notice of the threat of a claim in respect of which an indemnity may be claimed against HLSS under this Section 13, the Indemnified Party
shall notify HLSS in writing of the service of such summons, other legal process or written notice, giving information therein as to the nature and basis of the claim, but failure so to notify HLSS shall not relieve HLSS from any liability which it
may have hereunder or otherwise except to the extent that HLSS is prejudiced by such failure so to notify HLSS. 

  
 36 

 (ii) HLSS will be entitled, at its own expense, to participate in the defense of any such
claim or action and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party, and, after notice from HLSS to such Indemnified Party that HLSS wishes to assume the defense of any
such action, HLSS will not be liable to such Indemnified Party under this Section 13 for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense of any such action unless, (A) the
defendants in any such action include both the Indemnified Party and HLSS, and the Indemnified Party (upon the advice of counsel) shall have reasonably concluded that there may be legal defenses available to it that are different from or additional
to those available to HLSS, or one or more Indemnified Parties, and which in the reasonable judgment of such counsel are sufficient to create a conflict of interest for the same counsel to represent both HLSS and such Indemnified Party,
(B) HLSS shall not have employed counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of commencement of the action, or (C) HLSS shall have authorized the
employment of counsel for the Indemnified Party at HLSS’s expense; then, in any such event, such Indemnified Party shall have the right to employ its own counsel in such action, and the reasonable fees and expenses of such counsel shall be
borne by HLSS; provided, however, that HLSS shall not in connection with any such action or separate but substantially similar or related actions arising out of the same general allegations or circumstances, be liable for any fees and
expenses of more than one firm of attorneys at any time for all Indemnified Parties. Each Indemnified Party, as a condition of the indemnity agreement contained herein, shall use its commercially reasonable efforts to cooperate with HLSS in the
defense of any such action or claim. 
 (iii) HLSS shall not, without the prior written consent of any
Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such
settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding or threatened proceeding. 
 Section 14. Miscellaneous. 
 (a) Amendment. This
Agreement may not be amended except by an instrument in writing signed by OLS (prior to the final MSR Transfer Date), HLSS and the Depositor. In addition, so long as the Notes are outstanding, this Agreement may not be amended without the prior
written consent of the Administrative Agent, the Majority Holders of the Outstanding Notes of each Series, each Supplemental Credit Enhancement Provider and each Liquidity Provider unless (i) the amendment is for a purpose for which the
Indenture could be amended without any Noteholder consent and (ii) HLSS shall have delivered to the Indenture Trustee an officer’s certificate to the effect that HLSS reasonably believes that any such amendment will not have an Adverse
Effect on the Holders of the Notes. Any such amendment requested by HLSS shall be at its own expense. HLSS shall promptly notify each Note Rating Agency of any amendment of this Agreement or of the Receivables Pooling Agreement, and shall furnish a
copy of any such amendment to each such Note Rating Agency. 
 (b) Binding Nature; Assignment. The covenants, agreements,
rights and obligations contained in this Agreement shall be binding upon the successors and assigns of OLS (prior to the final MSR Transfer Date) and HLSS and shall inure to the benefit of the successors and assigns of HLSS and the Depositor, and
all persons claiming by, through or under HLSS or the Depositor. 

  
 37 

 (c) Entire Agreement. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to
the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 (d) Derivative Instrument. The parties hereto mutually acknowledge and agree that HLSS shall have the right under this Agreement, at any time and from time to time, to convey to the Depositor a
prepaid derivative, credit enhancement agreement or similar instruments, without the consent of the Holders of the Notes. 
 (e)
Severability of Provisions. Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or
non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction. 
 (f) Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES HERETO, AND/OR
THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 (g) Counterparts. This Agreement may be
executed in several counterparts and all so executed shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties have not signed the original or the same counterpart. Any counterpart hereof signed by a party
against whom enforcement of this Agreement is sought shall be admissible into evidence as an original hereof to prove the contents thereof. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic
means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (h) Indulgences; No
Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege preclude any other or future exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it
is in writing and is signed by the party asserted to have granted such waiver. 

  
 38 

 (i) Headings Not to Affect Interpretation. The headings contained in this Agreement
are for convenience of reference only, and they shall not be used in the interpretation hereof. 
 (j) Benefits of
Agreement. Nothing in this Agreement, express or implied, shall give to any Person, other than the parties to this Agreement and their successors hereunder, any benefit of any legal or equitable right, power, remedy or claim under this
Agreement. 
 (k) No Petition. Each of OLS and HLSS, by entering into this Agreement, agrees that it will not at any time
prior to the date which is one year and one day, or, if longer, the applicable preference period then in effect, after the payment in full of all of the Notes, institute against the Depositor or the Issuer, or join in any institution against the
Depositor or the Issuer of, Insolvency Proceedings or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes or this Agreement, or
cause the Depositor or the Issuer to commence any reorganization, bankruptcy proceedings, or Insolvency Proceedings under any applicable state or federal law, including without limitation any readjustment of debt, or marshaling of assets or
liabilities or similar proceedings. This Section 14(k) shall survive termination of this Agreement. 
 [Signature
Pages Follow] 

  
 39 

 IN WITNESS WHEREOF, the parties hereto have caused this Receivables Sale Agreement to be
duly executed as of the date first above written. 
  

			
	HLSS HOLDINGS, LLC, as Receivables Seller (and as Servicer on or after the respective MSR Transfer Dates)
	
	By: Home Loan Servicing Solutions, Ltd., its sole member
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	OCWEN LOAN SERVICING, LLC, as Initial Receivables Seller (prior to the respective MSR Transfer Dates) and as Servicer (prior to the respective MSR Transfer
Dates)
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signatures continue] 

[HLSS - Signature Page to HLSS Second Amended and Restated Receivables Sale Agreement] 

 
			
	HLSS SERVICER ADVANCE FACILITY TRANSFEROR, LLC, as Depositor
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signatures continue] 

[HLSS - Signature Page to HLSS Second Amended and Restated Receivables Sale Agreement] 

 Acknowledged and Agreed as of the date first above written: 

 

			
	BARCLAYS BANK PLC, as Administrative Agent and Sole Holder of the Series 2010-ADV1 Notes
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	WELLS FARGO SECURITIES, LLC, as Administrative Agent
		
	By:	 	 
	Name:	 	
	Title:	 	

 [End of signatures] 
 [HLSS - Signature Page to HLSS Second Amended and Restated Receivables Sale Agreement] 

 Schedule 1-A 

ASSIGNMENT OF RECEIVABLES 

Dated as of [                      ], 2012

 This Assignment of Receivables (this “Assignment”) is a schedule to and is hereby incorporated by
this reference into a certain Second Amended and Restated Receivables Sale Agreement (the “Agreement”), dated as of September 13, 2012, by and among Ocwen Loan Servicing, LLC, a Delaware Limited Liability Company, as
initial receivables seller (prior to the MSR Transfer Date) and as servicer (prior to the MSR Transfer Date) HLSS Holdings, LLC, a Delaware limited liability company, as receivables seller and servicer (on and after the MSR Transfer Date)
(“HLSS”), and HLSS Servicer Advance Facility Transferor, LLC, a Delaware limited liability company (the “Depositor”). All capitalized terms used herein shall have the meanings set forth in, or referred
to in, the Agreement. 
 By its signature to this Assignment, OLS hereby sells, assigns, transfers and conveys to HLSS and its
assignees, without recourse, but subject to the terms of the Agreement, all of its right, title and interest in, to and under its rights to reimbursement for Receivables arising under each Designated Servicing Agreement listed on
Attachment A attached hereto, existing on the date of this Assignment and any OLS Additional Receivables arising under each Designated Servicing Agreement listed on Attachment A, the other OLS Transferred Assets related to such
Receivables described in Section 2(a) of the Agreement, pursuant to the terms of the Agreement, and HLSS hereby accepts such sale and/or contribution, assignment, transfer and conveyance and agrees to transfer to OLS, as receivables
seller, the consideration set forth in the Agreement. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed as
of the date first above written. 
  

			
	OCWEN LOAN SERVICING, LLC as Initial Receivables Seller (prior to the MSR Transfer Date) and as Servicer (prior to the MSR Transfer Date)
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [Signatures continue] 

[HLSS - Signature Page to Schedule 1 to HLSS Second Amended and Restated Receivables Sale Agreement - Assignment of Receivables]

 
			
	HLSS HOLDINGS, LLC, as Receivables Seller (and as Servicer on or after the respective MSR Transfer Dates)
	
	By: Home Loan Servicing Solutions, Ltd., its sole member
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [HLSS - Signature Page to Schedule 1 to HLSS Second Amended and Restated Receivables Sale
Agreement - Assignment of Receivables] 

 Acknowledged and Agreed as of the date first above written: 

 

			
	BARCLAYS BANK PLC, as Administrative Agent and sole Holder of the Series 2010-ADV1 Notes
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	WELLS FARGO SECURITIES, LLC, as Administrative Agent
		
	By:	 	 
	Name:	 	
	Title:	 	

 [End of signatures] 
 [HLSS - Signature Page to Schedule 1 to HLSS Second Amended and Restated Receivables Sale Agreement - Assignment of Receivables] 

 Schedule 1-B 

ASSIGNMENT OF RECEIVABLES 
 Dated as of [                    ], 2012 

This Assignment of Receivables (this “Assignment”) is a schedule to and is hereby incorporated by this reference
into a certain Second Amended and Restated Receivables Sale Agreement (the “Agreement”), dated as of September 13, 2012, by and between among Ocwen Loan Servicing, LLC, a Delaware limited liability company, as initial
receivables seller (prior to the MSR Transfer Date) and as servicer (prior to the MSR Transfer Date) HLSS Holdings, LLC, a Delaware limited liability company, as receivables seller and servicer (on and after the MSR Transfer Date)
(“HLSS”), and HLSS Servicer Advance Facility Transferor, LLC, a Delaware limited liability company (the “Depositor”). All capitalized terms used herein shall have the meanings set forth in, or referred
to in, the Agreement. 
 By its signature to this Assignment, HLSS hereby sells and/or contributes, assigns, transfers and
conveys to the Depositor and its assignees, without recourse, but subject to the terms of the Agreement, all of its right, title and interest in, to and under its rights to rights (i) to all OLS Additional Receivables and the related OLS
Transferred Assets acquired by HLSS from OLS pursuant to the Purchase Agreement on or before the related Receivables Sale Termination Date and (ii) to reimbursement for Receivables arising as a result of Advances made by HLSS from time to time
under each Designated Servicing Agreement listed on Attachment A attached hereto, existing on the date of this Assignment and any Additional Receivables arising under each Designated Servicing Agreement listed on Attachment A, on
or before the related Receivables Sale Termination Date, and the other Transferred Assets related to such Receivables described in Section 2(a) of the Agreement, pursuant to the terms of the Agreement, and the Depositor hereby accepts
such sale and/or contribution, assignment, transfer and conveyance and agrees to transfer to HLSS, as receivables seller, the consideration set forth in the Agreement. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed as
of the date first above written. 
  

			
	HLSS HOLDINGS, LLC, as Receivables Seller (and as
Servicer on or after the respective MSR Transfer Dates)
	
	 By: Home Loan Servicing Solutions, Ltd., its sole
 member

		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signatures continue] 

 
			
	 HLSS SERVICER ADVANCE FACILITY
 TRANSFEROR, LLC, as Depositor

		
	By:	 	 
	Name:	 	
	Title:	 	

 [End of signatures] 

 Attachment A to Schedule 1-A and Schedule 1-B 

DESIGNATED SERVICING AGREEMENTS RELATED TO ADDITIONAL RECEIVABLES10.1 - RPMG Amended and Restated Agmt

Confidential Treatment Requested. Confidential portions of this document have been redacted and have been separately filed with the Commission. 

MEMBER AMENDED AND RESTATED
ETHANOL MARKETING AGREEMENT

THIS AGREEMENT, entered into as of this 27th day of August, 2012,  and effective as of October 1, 2012 ("Effective Date") by and between RPMG, Inc., a Minnesota corporation ("RPMG"); and Golden Grain Energy, LLC, an Iowa Corporation ("Member").

WITNESSETH:

WHEREAS, RPMG is a Minnesota corporation engaged in the business of marketing ethanol for the members of Renewable Products Marketing Group, LLC ("LLC") and others; and

WHEREAS, Member is the operator of a plant in Iowa for the production of ethanol (the "Facility") and is a member of LLC; and

WHEREAS, as a condition to its membership in LLC, Member has agreed to market all of the ethanol intended for fuel use produced by Member at the Facility ("Ethanol") through RPMG and RPMG has agreed to market such Ethanol production; and

WHEREAS, the parties desire to enter into this Agreement, for purposes of setting out the terms and conditions of the marketing arrangement;

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereto agree as follows:

1.    Exclusive Marketing Representative. RPMG shall, subject to the terms and conditions of this Agreement, be the sole marketing representative for the entire Ethanol production of Member at the Facility during the term of this Agreement other than limited sales of E85 or other blendstock locally.

2.    Ethanol Specifications. All of the Ethanol produced by Member at the Facility for marketing by RPMG will, when delivered to a common carrier by Member, conform to the specifications described in the bill of lading, which may be A.S.T.M. D-4806 or such other specifications that may be, from time to time, promulgated by the industry for Ethanol.

3.    Purchaser/Seller. Except as otherwise provided in Section 1, Member shall sell to RPMG and RPMG shall purchase and market all Ethanol produced by Member at the Facility during the term of this Agreement. Delivery by Member to RPMG of all such Ethanol shall be made at the time the Ethanol crosses the loading flange at the Facility to either a railcar and/or tank truck; provided, however, if the annual production capacity at the Facility is in excess of 80 million gallons then delivery by Member to RPMG for Ethanol shipped by unit train ("Large Facility Unit Train") shall be made when RPMG receives the shipping documentation for the Large Facility Unit Train. Title to the Ethanol shall pass to RPMG when delivered as provided in this Section 3. The Ethanol will be marketed by RPMG as described in Section 7 below.

4.    Risk of Loss. RPMG shall be responsible for and shall bear the risk of loss of (subject to the terms of this Agreement) the Ethanol marketed for Member by RPMG from the time the product crosses the loading flange at the Facility in either a railcar or tank truck, provided that for Large Facility Unit Trains RPMG shall be responsible for and shall bear the risk of loss for Ethanol shipped by Large Facility Unit Train from the time that RPMG receives the shipping documentation for the Large Facility Unit Train.

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5.    Specific Marketing Tasks. RPMG shall be responsible for and shall have complete discretion in the marketing, sale and delivery of all Ethanol produced by the Facility during the term of this Agreement, including, but not limited to:

		
	•
	Scheduling sufficient railcar, tank trucks and other transport;

		
	•
	Negotiating the rates and tariffs to be charged for delivery of production to the customer;

		
	•
	Promoting and advertising the sale of Ethanol;

		
	•
	Tracking delivery;

		
	•
	Negotiation of all purchase agreements with customers and any complaints in connection therewith;

		
	•
	Accounting for all sales and related expenses and collection of accounts, including any legal collection procedures as may be necessary; and

		
	•
	Hedging long and short Ethanol positions for the benefit of all Member participants and non-member participants in the Corridor Marketing Model.

6.    Negotiation of Ethanol Price. RPMG will use commercially reasonable efforts to obtain the best price for all Ethanol sold by it subject to the terms of this Agreement. RPMG shall have complete discretion to fix the price, terms and conditions of the sale of Member's Ethanol production that is sold and marketed as Indexed Gallons. RPMG shall obtain Member's prior approval of all sales of Ethanol from the Facility on a fixed price.

7.    Ethanol Marketing. A Member may elect in accordance with RPMG' s fixed price program prior to the delivery of Ethanol to have RPMG market and purchase Ethanol from Member on a fixed price ("Fixed Price Gallons"), or, if no such election is made with respect to any Ethanol, RPMG shall market and purchase the Ethanol production of Member as Indexed Gallons. All Ethanol other than Fixed Price Gallons shall be deemed "Indexed Gallons,"

(a)     Fixed Price Gallons. For the Fixed Price Gallons, RPMG shall purchase Fixed Price Gallons of Ethanol from the Member at a price per net gallon as agreed upon by RPMG and Member. Member's confirmation of the sale terms of Fixed Price Gallons shall be provided by SharePoint, e-mail or other written communication means (the "Confirmation"). RPMG shall pay Member for Fixed Price Gallons in an amount equal to the FOB fixed price multiplied by the number of Fixed Price Gallons of Ethanol delivered by Member to RPMG for the period less any applicable costs allocated to the Fixed Price Gallons calculated in the same manner as determined under the then applicable Corridor Netback Model (the "Net Fixed Price"). In addition to any other rights or remedies set forth herein, if Member fails to deliver any or all of the Fixed Price Gallons on the terms set forth on a Confirmation, RPMG shall be entitled to all remedies available at law or in equity, including damages, specific performances and/or attorneys' fees and costs, and RPMG shall be under a duty to mitigate damages.

(b)    Indexed Gallons. RPMG will market the aggregate production of the Indexed Gallons of contracting producers participating in the Corridor Netback Model based on the estimated production levels of all participants in the model by corridor. Determination of a producer's share of net revenue, allocation of expenses and payment shall be made by RPMG according to the Corridor Netback Model (the "Corridor Netback Model"). The Corridor Netback Model shall be used in calculating netback payments to Member and other LLC members and non-member participants in the Corridor Netback Model for all Ethanol sold by RPMG on behalf of Member, all other LLC member participants and non-member participants in the Corridor Netback Model (the "Netback Price"). Management of RPMG may make changes to the Corridor Netback Model to reflect changing economic circumstances on a monthly basis. Except as provided below, any changes shall be final 

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and binding on all contracting producers participating in the Corridor Netback Model. In the event of a material loss of budgeted production due to shutdowns or slowdowns of participants in the Corridor Netback Model, management of RPMG may propose to the Corridor Committee alternative costs allocations in the Corridor Netback Model that reflect allocation of costs based on Production (as defined in Section 14 below), rather than actual production.

(c)    Payment of the Advance Rate. Each calendar month, RPMG shall estimate for Member (in good faith) the Netback Price per gallon of all Ethanol that RPMG has committed to sell to its customers through operation of the Corridor Netback Model and the Net Fixed Price per gallon of all Ethanol that RPMG has sold to its customers on a fixed price (the "Advance Rate"). For Ethanol shipped by truck, single manifest railcars, or unit trains (other than Large Facility Unit Trains), RPMG, on a weekly basis, will pay Member on an average net 10-day basis (e.g. payment on Wednesday shall be for Ethanol delivered during the seven-day period ending on the previous Wednesday) an amount equal to the Advance Rate multiplied by the number of Fixed Price Gallons or Indexed Gallons delivered by Member to RPMG for the period. For Ethanol shipped by Large Facility Unit Train, RPMG shall pay Member within two (2) business days from the time that RPMG receives the shipping documentation for the Large Facility Unit Train.

(d)    Reconciliation to the Actual Netback Price or Net Fixed Price. At the end of each calendar month, promptly after the information necessary to calculate the Netback Price becomes available, RPMG will calculate the actual Netback Price for the preceding month under the Corridor Netback Model to reflect the actual selling price for all Indexed Gallons sold during the month and the actual expenses incurred during the period (the "Actual Netback Price") and RPMG will calculate the actual Net Fixed Price. Within ten (10) business days after the end of each month, RPMG shall furnish to Member a reconciliation of the Advance Rate to the Actual Netback Price or Net Fixed Price for the preceding month. If the Advance Rate paid to Member exceeded the applicable Actual Netback Price or Net Fixed Price, Member will refund to RPMG the overpayment within ten (10) days after receipt of the reconciliation. On the other hand, if the Advance Rate paid was less than the applicable Actual Netback Price or Net Fixed Price owed to Member, then RPMG will pay Member the additional amount owed to Member within ten (10) days after the completion of the reconciliation. In lieu of Member directly refunding any amounts to RPMG by separate payment, and RPMG directly refunding any amounts to Member by separate payment, under this Section 7 the parties by mutual agreement may offset or apply such amounts to subsequent payments to be made within RPMG's standard billing and payment cycle.

(e)    ***

(f)    Other Adjustments. For Indexed Gallons, Member shall be charged monthly directly through a reduction in the Netback Price for any demurrage charges incurred by RPMG for railcars and other direct distribution expenses that result from actions taken by Member and that are not reflected in the Corridor Netback Model. For Fixed Price Gallons, Member shall be charged monthly directly through a reduction in payments from RPMG for any demurrage charges incurred by RPMG for railcars and other direct distribution expenses that result from actions taken by Member.

(g)    The Corridor Committee. If Member disagrees with a decision of RPMG management, the Advance Rate, or the Netback Price as generated by the Corridor Netback Model, it may within ten (10) business days after the decision of RPMG management, or the distribution date of the Advance Rate or Netback Price, as applicable, appeal by written notice the decision to the Corridor Committee who shall approve or modify the decision of RPMG management or approve or modify the Advance Rate or Netback Price by a majority vote of all the members of the Corridor Committee. The Corridor 

*** Confidential material redacted and filed separately with the Commission.
3

Committee shall deliver such determination in a written response to Member within ten (10) business days of the written notice of appeal. Any modification in the Advance Rate or Netback Price approved by the Corridor Committee shall be promptly presented to all contracting producers participating in the Corridor Netback Model. The Corridor Committee shall consist of at least one representative from each of the primary corridor markets (as determined based on delivery destination in the Corridor Netback Model) in which there are more than two members in such corridor market and one representative who shall collectively represent all members who are in corridor markets in which there are two or few members. The members of LLC, voting by corridor market group, shall elect Corridor Committee representatives annually, provided that if a Corridor Committee representative is no longer a member of the primary corridor market that he or she was elected to represent he or she shall no longer serve as a Corridor Committee representative and the members of such corridor market shall elect a new Corridor Committee representative.

(h)    Appeal. If Member disagrees with a decision of the Corridor Committee, it may within ten (10) business days after the decision of the Corridor Committee, appeal the decision by written notice to LLC's Board of Governors, which shall approve or modify the decision of the Corridor Committee by a majority vote of all the governors of the Board that represent LLC members participating in the Corridor Netback Model. The decision of the Board of Governors shall be final and binding.

(i)    Audit. Within ninety (90) days following the end of RPMG's fiscal year end, Member shall have the right to inspect the books and records of RPMG for the purpose of auditing calculations of the aggregate netback paid to member participants and non-member participants in the Corridor Netback Model for the preceding year. Member shall give written notice to RPMG of its desire to conduct an audit and RPMG shall provide reasonable access to all financial information necessary to complete such audit and shall allow Member to meet with RPMG's auditors to review such information. The audit shall be completed within forty-five (45) days after the completion of RPMG's annual audit, but no later than one hundred fifty (150) days following the end of RPMG's fiscal year. The cost of the audit shall be the responsibility of Member unless the auditor determines that RPMG underpaid Member by more than *** for the period audited, in which case RPMG shall pay the cost of the audit. If the auditor determines that RPMG underpaid Member, RPMG shall promptly pay such underpayment to Member and if the auditor determines that RPMG overpaid Member, Member shall promptly pay the overpayment to RPMG. The determination of the auditor shall be final and binding on both parties. If Member fails to exercise its right to audit as provided in this Section 7 for any year, it shall be deemed to have waived any claim to dispute the Actual Netback Price paid for such year, unless Member has provided notice to RPMG of a claim to dispute the Actual Netback Price paid for such year.

8.    Marketing Fee. Member shall pay to RPMG a Marketing Fee equal to ***. The Marketing Fee shall be paid on a monthly basis. In lieu of Member directly paying any amounts to RPMG by separate payment, the parties may offset or apply such amounts to subsequent payments to be made within RPMG's standard billing and payment cycle.

9.    Committed Sales. ***, Member has the right to declare, in writing, the volume of its eligible gallons of Ethanol projection to produce and sell during the calendar quarter. If Member does not notify RPMG in writing, the volume of Member's eligible gallons of Ethanol for sale each month in the calendar quarter will be deemed to be an amount equal to Member's last twelve month sales divided by twelve. *** Member acknowledges that from time to time RPMG may enter into forward contracts to sell Ethanol beyond the current calendar quarter. Member acknowledges that such commitments are in the best interest of all 

*** Confidential material redacted and filed separately with the Commission.
4

members and non-member participants. Nothing set forth in this Section 9 shall relieve or modify a Member's obligation to deliver any or all of the Ethanol set forth on a Confirmation for the sale of Fixed Price Gallons.

10.    Ethanol Shortage/Open Market Purchase. If (i) Member fails to deliver any or all of the Ethanol set forth on a Confirmation for the sale of Fixed Price Gallons; (ii) ***; (iii) ***;  (iv) ***, RPMG may purchase Ethanol in the marketplace at such reasonable price and in such reasonable quantity as is required to meet its delivery obligations; provided, however, that prior to making such purchases RPMG shall communicate the terms and conditions of such purchases to Member and Member shall have the right to meet such terms and conditions or fulfill its original commitment. If Member is unable or unwilling to deliver the required Ethanol on such terms and conditions, RPMG may complete the purchase. If RPMG does so, and as a result thereof incurs a financial loss, including incidental costs, Member will reimburse RPMG for any such loss or RPMG may elect to set off such financial loss against future payments to Member over a period not to exceed twenty four (24) months. In addition to the foregoing, if Member fails to deliver any or all of the Ethanol set forth on a Confirmation for the sale of Fixed Price Gallons, RPMG shall be entitled to all remedies available at law or in equity, including damages, specific performances and/or attorneys fees and costs, and RPMG shall be under a duty to mitigate damages.

11.    Obligation to Deliver after Termination. Notwithstanding termination of this Agreement under Sections 13(a) through 13(d), Member shall be obligated to deliver to RPMG for marketing by RPMG in accordance with this Agreement, for the *** following termination of this Agreement, all of the Ethanol produced by Member.  Notwithstanding termination of this Agreement, Member shall be obligated to deliver to RPMG Ethanol to cover Member's percentage of any committed production of Indexed Gallons as set forth in Sections 9 and 10 during the *** following termination of this Agreement and any fixed price contracts for which a Member has delivered a Commitment.

12.    Term. The term of this Agreement shall commence on the Effective Date and shall continue until terminated as provided in Section 13.

13.    Termination. This Agreement may be terminated under the circumstances set out below.

(a)    Termination of Membership. This Agreement shall automatically terminate when Member ceases to be a member of LLC.

(b)    Termination for Intentional Misconduct. If either party engages in intentional misconduct reasonably likely to result in significant adverse consequences to the other party, the party harmed or likely to be harmed by the intentional misconduct may terminate this Agreement immediately, upon written notice to the party engaging in the intentional misconduct.

(c)    Termination for Uncured Breach. If one of the parties breaches the terms of this Agreement, the other party may give the breaching party a notice in writing which specifically sets out the nature and extent of the breach, and the steps that must be taken to cure the breach. After receiving the written notice, the breaching party will then have thirty (30) days to cure the breach, if the breach does not involve a failure to market and distribute Ethanol as required by this Agreement. If the breach involves a failure to market and distribute Ethanol as required by this Agreement, then the breaching party will have five (5) days after receiving the written notice to cure the breach. If the breaching party does not cure any breach within the applicable cure period, then the non-breaching party will have the right to terminate this Agreement immediately.

(d)    Member Insolvency, etc. RPMG may terminate this Agreement if Member becomes insolvent, has a receiver appointed over its business or assets and such receiver is not discharged 

*** Confidential material redacted and filed separately with the Commission.
5

within thirty (30) days, files a petition in bankruptcy or has a petition in bankruptcy filed against it which, in either case, is not dismissed within thirty (30) days, or ceases to produce Ethanol for thirty (30) days or more.

(e)    Termination by Mutual Written Agreement. This Agreement may also be terminated upon any terms and under any conditions which are mutually agreed upon in writing by the parties.

(f)    Termination by Member. Member may terminate this Agreement for any reason upon at least *** advance notice to RPMG.

14.    Effect of Termination. The termination of this Agreement shall constitute a Triggering Event (as defined in LLC's Member Control Agreement) requiring LLC to redeem all of Member's Interest (as defined LLC's Member Control Agreement) in RPMG on the terms set forth in the Member Control Agreement. In addition, upon the conclusion of Member's delivery obligations to RPMG under Section 11, Member shall accept assignment from RPMG of the lease or leases for the number of 28,800 gallon capacity railcars (or such equivalent number of gallons of larger capacity railcars) determined as follows:

***

***

***

*** Under all circumstance from and after termination of this Agreement, Member shall hold RPMG harmless for any direct or indirect damage, claim or loss with respect to the assignment or subletting of railcars to Member.

15.    Licenses and Permits; Records. Member at all times shall have and maintain all of the licenses and permits necessary to operate the Facility. Member shall comply with all laws, regulations, rules and requirements of governmental authorities, including but not limited to the Renewable Fuels Standard of RINS reporting. In addition, Member shall establish record keeping and reporting systems compatible with RPMG's load out reporting system, currently ETS and AccuLoad III.

16.    Good and Marketable Title. Member represents that it will have good and marketable title to all of the Ethanol marketed for it by RPMG and that all Ethanol delivered will be free and clear of all liens and encumbrances.

17.    Subordination. In order to satisfy the payment obligations in Section 7 of this Agreement, RPMG may be required to obtain working capital from financing resources. Member agrees and acknowledges that the payment terms in this Agreement are a benefit to Member and agrees that it will subordinate its right to payment hereunder to the rights of any lender providing working capital to RPMG, provided that all members of LLC are required to agree to such subordination. Member shall execute such subordination agreement and other documents as may be necessary to evidence this undertaking.

18.    Independent Contractor. Nothing contained in this Agreement will make RPMG the agent of Member for any purpose whatsoever. RPMG and its employees shall be deemed to be independent contractors with full control over the manner and method of performance of the services they will be providing on behalf of Member under this Agreement.

19.    Samples. Member will take and retain for a minimum of 60 days at least 2 samples of product per day at the point of delivery. At the request of RPMG, Member agrees to provide RPMG with samples of 

*** Confidential material redacted and filed separately with the Commission.
6

its Ethanol produced at the Facility so that it may be tested for product quality on a regular basis.

20.    Insurance. During the entire term of this Agreement, Member will maintain insurance coverage with insurance companies having at least an AM Best Company rating of A -7. At a minimum, Member's insurance coverage must include:

(a)    Commercial general product and public liability insurance, with liability limits of at least $5 million in the aggregate or umbrella insurance with at least $5 million in the aggregate;

(b)    Workers' compensation/employers liability and auto liability insurance to the extent required by law; and

(c)    RPMG, Inc. and Renewable Products Marketing Group, LLC shall be added as an additional insured with primary and non-contributory status under the commercial general product and public liability insurance policy, automobile liability insurance policy and umbrella policy, as applicable. Member also agrees to waive and will require its Commercial General Liability, Automobile Liability, Umbrella Liability and Workers' Compensation insurers to waive all rights of subrogation under such policies as against RPMG, Renewable Products Marketing Group, LLC and their directors, officers, and employees as it relates to this Agreement.

Member will not change its insurance coverage during the term of this Agreement if such change results in a failure to maintain the minimums set out above, and the policies shall provide that they may not be cancelled, nonrenewed or terminated without at least 30 days prior written notice to RPMG.

21.    Indemnification and Hold Harmless - Member. If a third party makes a claim against RPMG or any person or organization related to it as the result of the actions or omissions of Member or any person or organization related to Member including, but not limited to, claims relating to the quality of Ethanol produced by Member or the performance of its obligations under this Agreement, Member shall indemnify RPMG and its related persons and organizations and hold them harmless from any liabilities, damages, costs and/or expenses, including costs of litigation and reasonable attorneys fees which they incur as a result of any such claims.
    
22.    Indemnification and Hold Harmless - RPMG. The indemnification obligations of the parties under this Agreement will be mutual and RPMG, therefore, makes the same commitment to indemnify Member and its related persons or organizations to the extent any claim is made against Member or its related person arising out of any action or omission of RPMG.

23.    Survival of Terms/Dispute Resolution. All representations, warranties and agreements made in connection with this Agreement will survive the termination of this Agreement. The parties will, therefore, be able to pursue claims related to those representations, warranties and agreements after the termination of this Agreement, unless those claims are barred by the applicable statute of limitations. Similarly, any claims that the parties have against each other that arise out of actions or omissions that take place while this Agreement is in effect will survive the termination of this Agreement. This means that the parties may pursue those claims even after the termination of this Agreement, unless applicable statutes of limitation bar those claims. The parties agree that should a dispute between them arise in connection with this Agreement, the parties will, in good faith, attempt to mediate the dispute prior to the filing of any action in any court. Such mediation session shall occur at a place that is mutually agreeable, and shall be conducted by a mediator to be selected by mutual agreement of the parties.

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24.    Choice of Law. This Agreement shall be governed by, interpreted under and enforced in accordance with Minnesota law, without regard to conflicts of law principles.

25.    Assignment. Member may not assign its rights or obligations under this Agreement, whether by way of a sale of all or substantially all of its assets, merger, sale of equity interests, a change of control or as a matter of law, without the prior written consent of RPMG, which consent may be withheld in the sole discretion of RPMG. Member shall be entitled to collaterally assign its rights under this Agreement solely for financing purposes, and RPMG shall agree to such collateral assignment provided that the lender accepts the terms of this Agreement or other mutually agreeable terms.

26.    Entire Agreement. This Agreement constitutes the entire agreement between the parties covering everything agreed upon or understood in the transaction and supersedes any other preexisting agreement between the parties with respect to the same subject matter. There are no oral promises, conditions, representations, understandings, interpretations, or terms of any kind as conditions or inducements to the execution hereof or in effect between the parties, except as expressed in this Agreement. No change or addition shall be made to this Agreement except by a written document signed by both parties hereto.

27.    Execution of Counterparts. This Agreement may be executed by the parties on any number of separate counterparts, and by each party on separate counterparts, each of such counterparts being deemed by the parties to be an original instrument; and all of such counterparts, taken together, shall be deemed to constitute one and the same instrument.

28.    Duplicate Counterpart Includes Facsimile. The parties specifically agree and acknowledge that a duplicate hereof shall include, but not be limited to, a counterpart produced by virtue of a facsimile ("fax") machine or a .pdf copy.

29.    Binding Effect. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, personal representatives, successors and assigns.

30.    Confidential Information. The parties acknowledge that they will be exchanging information about their businesses under this Agreement which is confidential and proprietary, and the parties agree to handle that confidential and proprietary information in the manner described in this Section 30.

(a)    Definition of Confidential Information. For purposes of this Agreement, the term "Confidential Information" will mean information related to the business operations of Member or RPMG that meets all of the following criteria:

(i)    The information must not be generally known to the public and must not be a part of the public domain;

(ii)    The information must belong to the party claiming it is confidential and must be in that party's possession;

(iii)    The information must have been protected and safeguarded by the party claiming it is confidential by measures that were reasonable under the circumstances before the information was disclosed to the other party;

(iv)    Written information must be clearly designated in writing as "Confidential Information" by the party claiming it is confidential before it is disclosed to the other party, except that all information about costs and prices will always be considered Confidential 

8

Information under this Agreement without the need for specifically designating it as such; and

(v)    Verbal Confidential Information which is disclosed to the other party must be summarized in writing, designated in writing as "Confidential Information" and transmitted to the other party within ten (10) days of the verbal disclosure.

(b)    Limitations on the Use of Confidential Information. Each party agrees that it will not use any Confidential Information that it obtains about the other party for any purpose other than to perform its obligations under this Agreement.

(c)    The Duty not to Disclose Confidential Information. The parties agree that they will not disclose any Confidential Information about each other to any person or organization, other than their respective legal counsel and accountants, without first getting written consent to do so from the other party. Notwithstanding the foregoing, if a party or anyone to whom such party transmits Confidential Information in accordance with this Agreement is requested or required (by deposition, interrogatories, requests for information or documents in legal proceedings, subpoenas, civil investigative demand or similar process, SEC filings or administrative proceedings) in connection with any proceeding, to disclose any Confidential Information, such party will give the disclosing party prompt written notice of such request or requirement so that the disclosing party may seek an appropriate protective order or other remedy and/or waive compliance with the provisions of this Agreement, and the receiving party will cooperate with the disclosing party to obtain such protective order. The fees and costs of obtaining such protective order, including payment of reasonable attorney's fees, shall be paid for by the disclosing party. If such protective order or other remedy is not obtained or the disclosing party waives compliance with the relevant provisions of this Agreement, the receiving party (or such other persons to whom such request is directed) will furnish only that portion of the Confidential Information which, in the opinion of legal counsel, is legally required to be disclosed, and upon the disclosing party's request, use commercially reasonable efforts to obtain assurances that the confidential treatment will be accorded to such information. This will be the case both while this Agreement is in effect and for a period of five (5) years after it has been terminated.

(d)    The Duty to Notify the Other Party in Cases of Improper Use or Disclosure. Each party agrees to immediately notify the other party if either party becomes aware of any improper use of or any improper disclosure of the Confidential Information of the other party at any time while this Agreement is in effect, and for a period of five (5) years after it has been terminated.

(e)    Protection of the Confidential Information. Each party agrees to develop effective procedures for protecting the Confidential Information that it obtains from the other party, and to implement those procedures with the same degree of care that it uses in protecting its own Confidential Information.

(f)    Return of the Confidential Information. Immediately upon the termination of this Agreement, each party agrees to return to the other party all of the other party's Confidential Information that is in its possession or under its control.

31.    Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be considered delivered in all respects when it has been delivered by hand or mailed by first class mail postage prepaid, addressed as follows:

        

9

TO:    RPMG, Inc.
1157 Valley Park Drive South, Suite 100 
Shakopee, MN 55379

With a copy to: 

TO:    Member

With a copy to: 
    
[Intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first written above.

	
		
	 
	RPMG, INC.

	 
	 

	 
	By: /s/ Douglas E. Punke

	 
	Its: CEO

	 
	 

	 
	 

	 
	MEMBER:

	 
	 

	 
	Golden Grain Energy, LLC

	 
	 

	 
	By: /s/ Walter Wendland

	 
	Its: President/CEO

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